TCRAP_Public/080616.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

             Monday, June 16, 2008, Vol. 11, No. 118

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: S&P Lowers Rating to 'BB+/Watch Neg/B'
BABCOCK & BROWN: Says It is Not in Default of Debt Covenants
BERMA INVESTMENTS: Commences Liquidation Proceedings
CALVERT INVESTMENTS: Liquidator Presents Wind-Up Report
COSO PTY: Commences Liquidation Proceedings

COUDERT BROS: 5 Ex-Partners Oppose Amended Disclosure Statement
EXBT LIMITED: To Declare Dividend on June 17
EXFH LIMITED: To Declare Dividend on June 17
J EVANS: Members to Receive Wind-Up Report on June 17
LINTER GROUP: To Declare Dividend on June 17

LINTER TEXTILES: To Declare Dividend on June 17
SPERSEA PTY: To Declare Dividend on June 17
TIVOLAY PTY: Declares Dividend for Creditors
TSQ SERVICE: Liquidator Presents Wind-Up Report


C H I N A

CHINA CONSTRUCTION: To Raise CNY40 Billion of Bonds for Capital
INNER MONGOLIA BAOTOU: Paying CNY0.1 Dividends on June 17
PACIFICNET INC: Kabani & Company Expresses Going Concern Doubt
SHANGHAI PUDONG: Denies Sale of Additional Stake to Citigroup
SHANGHAI PUDONG: Signs MOU with Shandong-Based Trust Company


H O N G  K O N G

AMPLE INT'L: Court to Hear Wind-Up Proceedings on July 6
BEST LEADER: Court to Hear Wind-Up Proceedings on June 25
CO-WIN: Court to Hear Wind-Up Proceedings on July 16
FER TECHNOLOGIES: Appoints New Liquidator
FRIGARD HK & TRADERS : Members & Creditors to Meet on June 17

FLX (HK) LIMITEDF: Creditors' Proofs of Debt Due June 27
FORWARD SUPER: Court to Hear Wind-Up Proceedings on June 18
SIN WEALTH: Court to Hear Wind-Up Proceedings on July 2
SUM YEUNG: Court to Hear Wind-Up Proceedings on July 23
SUPERB SOUND: Court to Hear Wind-Up Proceedings on June 25


I N D I A

DEE DEVELOPMENT: CRISIL Rates Rs.115.0 Mil. Term Loan at “C”
DELHI GURGAON: CARE Suspends D Rating on Rs.78.3 Crore NCDs
HASTI FINANCE: Auditor Quits, Plans to End BSE Listing
LOK HOUSING: CRISIL Reaffirms “D” Rating on Rs.170 Mil. NCDs


J A P A N

AOZORA BANK: Millea's Unit Liquidates 6% Stake in Company
DAIEI INC: To Hike U.S. Beef Lineup on Resolved Safety Issues
DAIWA SEC: Joins World Bank to Offer CER-Linked Uridashi Bond
DELPHI CORP: Trial on US$2.55BB Lawsuit to Begin in April 2009
DELPHI CORP: Gets New Bid for Power Biz; 54 Pacts Part of Sale

DELPHI CORP: Amends US$4.1BB Facility to Raise Available Amount
LEHMAN BROTHERS: Names Mr. McDade, President; Mr. Lowitt CFO


M A L A Y S I A

ARK RESOURCES: Kumpulan Wang Files Summons Against Subsidiary
CNLT (FAR EAST): Securities to be Delisted on June 20
LIQUA HEALTH: Appoints Leong & Co. to Assist Audit Committee
SATANG: Bourse Rejects Appeal Extending Annual Report Filing


N E W  Z E A L A N D

ACTIVE CIVIL: Commences Liquidation Proceedings
CGS LIMITED: Commences Liquidation Proceedings
KEMS LIMITED: Court to Hold Liquidation Hearing Today
LAKEVIEW INT'L: Court to Hold Liquidation Hearing Today
NATIONAL GOLF: Court to Hold Liquidation Hearing Today

NO. 1 LIVE LOBSTER: Commences Liquidation Proceedings
*NEW ZEALAND: Retail Sales Up 1% in April, Trend Flat


P A K I S T A N

PAKISTAN: Accounts Deficit Prompts Moody's Ratings Downgrade


P H I L I P P I N E S

BENPRES HOLDINGS: Wants to Sell 1/3 Stake in Tollways Corp.
MIC HOLDINGS: Resets Annual Stockholders' Meeting to Nov. 20


                         - - - - -


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

BABCOCK & BROWN: S&P Lowers Rating to 'BB+/Watch Neg/B'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Babcock & Brown International Pty Ltd. to 'BB+/Watch Neg/B' from
'BBB/Watch Neg/A-3' following a continued rapid slide in the
share price of its listed parent Babcock & Brown Ltd.  The
ratings remain on CreditWatch with negative implications, where
they were initially placed on June 12, 2008.

"The ratings downgrade reflects a potential significant
weakening in B&B International's operating and financial
flexibility," Standard & Poor's credit analyst Sharad Jain said.
"The recent decline in B&B Ltd.'s and its satellite funds' share
prices marks a substantive loss of confidence by the equity
market in B&B Ltd.'s ability to deliver on its business model.
The loss of investor confidence would likely affect B&B group's
future earnings stream due to potentially constrained growth in
transactional revenues and upward pressure on B&B
International's borrowing costs.  We believe that a loss of
investor confidence would also affect investor interest in
satellite assets managed by B&B."

The fall in B&B Ltd.'s capitalization to below AU$2.5 billion on
June 12, 2008 allows B&B International's bankers to call a
"review event" under the company's AU$2.8 billion facility from
a 25-bank consortium.  This exposes B&B International to a
degree of uncertainty—something that Standard & Poor's does
not expect in an investment-grade-rated company.  B&B
International also remains exposed to refinancing requirements
at Babcock & Brown Power that have not been completely
finalized.

Mr. Jain added: "We will closely monitor ongoing developments,
in particular, the response of B&B International's 25-bank
consortium.  The B&B International rating is likely to be
further lowered—potentially by several notches—should the
banking consortium serve notice of a review event.  The 'BB+'
rating on B&B International is supported by the group's quality
assets that continue to operate satisfactorily.  However, to
affirm the rating at 'BB+', we would require certainty
concerning the group's future business structure and funding
arrangements, and the restoration of market confidence in the
group."

Standard & Poor's understands that a fall in market
capitalization to below AU$2.5 billion does not constitute an
event of default for the facility; rather it may trigger a
review event, under which B&B International will be entitled to
negotiate in good faith over a four-month period to reach an
agreement on a remedy or resolution.  B&B International may
continue to draw funds from the facility during this period.  If
no agreement is reached at the end of the four-month
consultation period, the lenders may ask that the facility be
repaid within 90 days.


                    About Babcock & Brown Ltd

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is engaged in the  
creation, syndication and management of investment products for
itself, as a principal, and its investor clients; management of
specialised listed and unlisted funds, and advising and
arranging leasing, project financing and structured finance
transactions.  It has five segments: real estate, which engages
in principal investment and investment management activities in
the real estate sector; infrastructure, which engages in
financial advisory, principal finance and funds management
activities in the infrastructure and project finance sector;
corporate and structured finance, which is engaged in the
origination, structuring and participation in and management of
equity and debt investments, and operating leasing, which is
engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-
conductor equipment.  In October 2007, it acquired Bluewater.  
In November 2007, it acquired Coinmach Service Corp.


BABCOCK & BROWN: Says It is Not in Default of Debt Covenants
------------------------------------------------------------
Babcock & Brown Limited reconfirmed, following commentaries in
relation to its debt facility, that the market capitalization
clause in its corporate facility does not constitute a default
or breach of covenant.

Babcock & Brown's AU$2.8 billion three year evergreen facility
was reviewed, extended to 2011 and signed off by its banking
syndicate in April 2008.

The market capitalization clause, provides for the facility
banks to have the right  to call for a review of their position
under the facility rather than any specified action.  The
facility banks have not yet made a decision as to whether such a
review action is appropriate.

Babcock & Brown said it formally meets with its banks and will
update the market when it has further information.  A decision
may take some time in line with normal banking syndicate
processes.

According to Babcock & Brown, if the banks call for a review it
would entail a four month consultation period with lenders
during which time the company would continue to operate as
normal with no impact on access to is corporate debt facility.

                 Comment on S&P's Rating Action

Commenting on Standard & Poor's rating action, Babcock & Brown
said the downgrade was not based on any information provided to
S&P by Babcock & Brown or the facility lenders.  The change in
S&P rating, the company says, does not constitute a review event
or event of default, or otherwise entitle any lender to require
a prepayment of any financing facility with the Babcock & Brown
Group.  The downgrade according to Babcock & Brown was
consistent with S&P's move to downgrade other financial related
stocks around the world.

                      Listed Funds Review

Babcock & Brown intends to accelerate the current strategic
review of its listed funds through the appointment of external
advisors.  Babcock & Brown said it will work with the funds and
the appointed advisors to review the current arrangements to
remove the gap between the underlying asset values and the
current trading prices and to respond to market concerns
regarding the listed fund structure.  The results of the review
being carried out, will be presented to the Boards of the funds
for consideration.  

                 Independent Chairmen Appointment

Babcock & Brown, in its capacity as manager, intends to
immediately recommend the appointment of independent chairmen to
the Boards of the four Australian listed funds that do not
already have independent chairmen, namely Babcock & Brown
Infrastructure, Babcock & Brown Power, Babcock & Brown Wind
Partners and Babcock & Brown Residential Land Partners.

Phil Green, Chief Executive of Babcock & Brown said, “We will
move as quickly as possible to restore investor confidence in a
decisive yet orderly manner.”

                        Capital Recycling

Mr. Green added “Babcock & Brown will continue the asset
recycling and freeing up of capital that has previously been
outlined to the market; de-leveraging our balance sheet and,
further, will move to narrow our investment focus to core
activities including development and co-investment.”

Babcock & Brown has a significant pipeline of assets in
greenfield development including wind (16,000 MW), solar (1,400
MW) and gas fired power generation (3,360 MW) assets, and power
transmission assets; and PPP projects in countries around the
world including selected countries in Europe, North America and
Australia.  

During this week, Babcock & Brown will receive first round
indicative offers for the unique portfolios of European wind
energy assets.  Based on the level of interest received and
current indications, these sales are expected to be finalized in
the third quarter and reach financial close either
simultaneously or early in the fourth quarter of 2008.  This
process is being conducted in conjunction with Babcock & Brown
Wind Partners.

                    About Babcock & Brown Ltd

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is engaged in the  
creation, syndication and management of investment products for
itself, as a principal, and its investor clients; management of
specialised listed and unlisted funds, and advising and
arranging leasing, project financing and structured finance
transactions.  It has five segments: real estate, which engages
in principal investment and investment management activities in
the real estate sector; infrastructure, which engages in
financial advisory, principal finance and funds management
activities in the infrastructure and project finance sector;
corporate and structured finance, which is engaged in the
origination, structuring and participation in and management of
equity and debt investments, and operating leasing, which is
engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-
conductor equipment.  In October 2007, it acquired Bluewater.  
In November 2007, it acquired Coinmach Service Corp.


BERMA INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
During an extraordinary meeting held on April 8, 2008, the
members of Berma Investments Pty Ltd resolved to voluntarily
liquidate the company's business.

Raphael Graham Mendels was appointed as liquidator.

The Liquidator can be reached at:

          Raphael Graham Mendels
          7th Floor
          131 York Street
          Sydney Australia


CALVERT INVESTMENTS: Liquidator Presents Wind-Up Report
-------------------------------------------------------
G. G. Woodgate, Calvert Investments Pty. Ltd.'s estate
liquidator, met with the company's members on May 30, 2008, and
provided them with property disposal and winding-up reports.

The liquidator can be reached at:

          G. G. Woodgate
          Woodgate & Co
          Telephone: (02) 9233 6088


COSO PTY: Commences Liquidation Proceedings
-------------------------------------------
Coso Pty Limited's members agreed on April 9, 2008, to
voluntarily liquidate the company's business.  Graham P. Brown
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          John cunningham
          MoonCunningham
          6-10 Tooronga Terrace
          Beverly Hills NSW 2209
          Australia


COUDERT BROS: 5 Ex-Partners Oppose Amended Disclosure Statement
---------------------------------------------------------------
The first amended disclosure statement describing Coudert
Brothers LLP's bankruptcy plan faced objection from five of the
firm's former partners, Bankruptcy Law 360 reports.

The former partners asserted that the changes in the disclosure
statement do not agree with what was discussed at a hearing,
Bankruptcy Law says.

The objecting party presented to the U.S. Bankruptcy Court for
the Southern District of New York on Wednesday their proposed
amendments to the Debtor's disclosure statement, Bankruptcy Law
adds.

A copy of the Debtor's first amended disclosure statement is
available for free at
http://www.kccllc.net/impDateDocs.asp?D=2315

A copy of the Debtor's first amended plan is available for free
at http://www.kccllc.net/impDateDocs.asp?D=2316

As reported in the Troubled Company Reporter on June 9, 2008,
the Court indicated that the Debtor's disclosures statement
describing its amended chapter 11 plan of liquidation needed
further revision before it can be approved.

The Hon. Robert D. Drain said he is already inclined to give a
thumbs up to the Debtor's disclosure statement at a hearing
expected to take place in the second week of June 2008.  Judge
Drain, added that the Debtor's disclosure statement already
contains adequate information relating to changes that he had
suggested.

                     About Coudert Brothers

Coudert Brothers LLP was an international law firm specializing
in complex cross border transactions and dispute resolution.  
The firm had operations in Australia and China.  The Debtor
filed for Chapter 11 protection on Sept. 22, 2006 (Bankr.
S.D.N.Y. Case No. 06-12226).  John E. Jureller, Jr., Esq., and
Tracy L. Klestadt, Esq., at Klestadt & Winters, LLP, represent
the Debtor in its restructuring efforts.  Kurtzman Carson
Consultants LLC is the Debtor's claims and notice agent.  Brian
F. Moore, Esq., and David J. Adler, Esq., at McCarter & English,
LLP, represent the Official Committee Of Unsecured Creditors.  
In its schedules of assets and debts, Coudert listed total
assets of US$29,968,033 and total debts of US$18,261,380.  The
Debtor's exclusive period to file a plan expired on May 20,
2007.  The Debtor proposed a plan confirmation hearing to be
held on Aug. 15, 2008, at 10:00 a.m.


EXBT LIMITED: To Declare Dividend on June 17
--------------------------------------------
EXBT Limited will declare dividend on June 17, 2008.

Only creditors who were able to file their proofs of debt by
June 10, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lindsay Philip Maxsted
          McGrathNicol
          Level 8, IBM Centre
          60 City Road
          Southbank VIC 3006
          Australia
          Website: www.mcgrathnicol.com


EXFH LIMITED: To Declare Dividend on June 17
--------------------------------------------
EXFH Limited will declare dividend on June 17, 2008.

Only creditors who were able to file their proofs of debt by
June 10, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lindsay Philip Maxsted
          McGrathNicol
          Level 8, IBM Centre
          60 City Road
          Southbank VIC 3006
          Australia
          Website: www.mcgrathnicol.com


J EVANS: Members to Receive Wind-Up Report on June 17
-----------------------------------------------------
Riad Tayeh, J Evans Plumbing Pty Ltd's appointed estate
liquidator, will meet with the company's members at 11:00 a.m.
on June 17, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Riad Tayeh
          Level 3, 95 Macquarie Street,
          Parramatta NSW
          Australia


LINTER GROUP: To Declare Dividend on June 17
--------------------------------------------
Linter Group Limited will declare dividend on June 17, 2008.

Only creditors who were able to file their proofs of debt by
June 10, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lindsay Philip Maxsted
          McGrathNicol
          Level 8, IBM Centre
          60 City Road
          Southbank VIC 3006
          Australia
          Website: www.mcgrathnicol.com


LINTER TEXTILES: To Declare Dividend on June 17
-----------------------------------------------
Linter Textiles Limited will declare dividend on June 17, 2008.

Only creditors who were able to file their proofs of debt by
June 10, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lindsay Philip Maxsted
          McGrathNicol
          Level 8, IBM Centre
          60 City Road
          Southbank VIC 3006
          Australia
          Website: www.mcgrathnicol.com


SPERSEA PTY: To Declare Dividend on June 17
-------------------------------------------
Spersea Pty Ltd will declare dividend on June 17, 2008.

Only creditors who were able to file their proofs of debt by
June 10, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lindsay Philip Maxsted
          McGrathNicol
          Level 8, IBM Centre
          60 City Road
          Southbank VIC 3006
          Australia
          Website: www.mcgrathnicol.com


TIVOLAY PTY: Declares Dividend for Creditors
---------------------------------------------
Tivolay Pty Limited, which is in liquidation, declared its
dividend for its creditors.

Only creditors who were able to file their proofs of debt by
May 5, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          C. M. Chamberlain
          Chamberlain's S.B.R.
          Chartered Accountants
          Suite 103, 1st Floor
          Wollundry Chambers
          Johnston Street
          Wagga Wagga NSW 2650
          Australia


TSQ SERVICE: Liquidator Presents Wind-Up Report
-----------------------------------------------
David Anthony Hurst and Andrew Hugh Jenner Wily, TSQ Service
Centre Pty. Ltd.'s estate liquidator, met with the company's
members on April 17, 2008, and provided them with property
disposal and winding-up reports.

The liquidator can be reached at:

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



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

CHINA CONSTRUCTION: To Raise CNY40 Billion of Bonds for Capital
---------------------------------------------------------------
China Construction Bank Corp.'s shareholders has approved a plan
to sell as much as CNY40 billion (US$5.8 billion) of
subordinated bonds to raise capital, Helen Yuan of Bloomberg
reports.

The bank, the report relates, may issue CY5 billion of the debt
in Hong Kong as part of the sale.  China Construction Bank
didn't disclose interest rates for the bonds.

The bonds have maturity terms of at least 10 years, the report
says.

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

                          *     *     *

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


INNER MONGOLIA BAOTOU: Paying CNY0.1 Dividends on June 17
---------------------------------------------------------
Inner Mongolia BaoTou Steel Union Co. will pay a dividend of
CNY0.1 (before tax) on June 17, 2008 to shareholders of record
on June 11, 2008, for every one they hold, Reuters reports.

Meanwhile, the report says, the company has named Mr. Cui Chen
as Chairman of the Board.

Based in Baotou, Inner Mongolia Autonomous Region, Inner
Mongolia BaoTou Steel Union Co., Ltd. --
http://www.baoganggufen.com-- is principally engaged in the  
steel industry and offers steel plates, heavy tracks, square
steel, seamless steel pipes, universal I beams and columns,
steel rods and other steel products.  The company also handles
metallurgical mechanical equipment and spare parts, as well as
provides iron and steel production-related consulting services.

Xinhua Far East China Ratings gave the company a BB issuer
credit rating on December 27, 2004.


PACIFICNET INC: Kabani & Company Expresses Going Concern Doubt
--------------------------------------------------------------
Kabani & Company Inc. raised substantial doubt about the ability
of PacificNet Inc. to continue as a going concern after it
audited the company's financial statements for the year ended
Dec. 31, 2007.  

The auditing firm reported that during the year ended Dec. 31,
2007, the company incurred net losses of US$14,195,000.  In
addition, the company had a negative cash flow in operating
activities amounting to negative US$1,079,000 in the year ended
Dec. 31, 2007, and the company’s accumulated deficit was
US$65,070,000 as of Dec. 31, 2007.  In addition, the company is
in default on its convertible debenture obligation and three
holders of Convertible Subordinated Debentures filed an
involuntary petition for Chapter 11 relief in federal bankruptcy
court on Saturday, March 22, 2008, in Wilmington, Del.

             Convertible Debenture Obligations

On April 30, 2007, the company entered into a sale and purchase
agreement to dispose of its interest in Guangzhou3G for a
consideration of US$6 million.  The deal was subsequently
reopened for renegotiation in November 2007.

On May 15 & 20, 2007, the company entered into various
definitive agreements to divest and reduce its equity interests
in certain unprofitable subsidiaries to below 20% equity
interest, namely: Linkhead, Clickcom, PacTelso, PacSo and
PacPower.

On March 27, 2008, three holders of PACT's Convertible
Subordinated Debentures filed an involuntary petition for
Chapter 11 relief in federal bankruptcy court on March 22, 2008,
in Wilmington, Del.  The company has retained counsel to oppose
the filing because the petition fails to meet the standard for
invoking an involuntary bankruptcy and fails to take into
consideration other agreements between the company and the
petitioning creditors.  The company intends to vigorously oppose
the petition and move for dismissal of the filing, and if
successful will seek damages and attorney fees.  Subsequently,
PACT also received default notice from all but one of the
debenture holders including Iroquois Master Fund Ltd., Alpha
Capital AG, Whalehaven Capital Fund Limited, DKR Soundshore
Oasis Holding Fund Ltd., Basso Fund Ltd., Basso Multi-Strategy
Holding Fund Ltd., and Basso Private Opportunities Holding Fund
Ltd. from the same Convertible Subordinated Debentures related
to the private offering of US$8,000,000 principal amount
variable debentures consummated on March 13, 2006, and due March
2009.

PACT has retained counsel to oppose the above petition.  The
amount of the debt in question is as follows: Iroquois Master
Fund Ltd. US$2.5 million, Whalehaven Capital Fund Limited
US$958,000, Alpha Capital AG US$685,000 DKR Soundshore Oasis
Holding Fund Ltd US$960,000, and Basso Fund Ltd., Basso Multi-
Strategy Holding Fund Ltd., and Basso Private Opportunities
Holding Fund Ltd., a combined amount of US$500,000.

                            Financials

The company posted a net loss of US$14,195,000 on total net
revenues of US$18,994,000 for the year ended Dec. 31, 2007, as
compared with a net loss of US$12,415,000 on total net revenues
of US$29,073,000 in the prior year.

At Dec. 31, 2007, the company's balance sheet showed
US$24,720,000 in total assets, US$20,208,000 in total
liabilities, and US$2,792,000 in total stockholders' equity.  

The company's consolidated balance sheet at Dec. 31, 2007,
showed strained liquidity with US$16,419,000 in total current
assets available to pay US$13,241,000 in total current
liabilities.

The Company incurred accumulated losses of US$65.million and
US$51 million as of December 31, 2007 and 2006 respectively.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2e00

                       About PacificNet Inc.

Headquartered in Beijing, China, PacificNet Inc., (NasdaqGM:
PACT) -- http://www.pacificnet.com-- provides gaming and mobile  
game technology worldwide.  The company, through its
subsidiaries, offers solutions in casino equipment supply; and
the development, installation, and support of systems and game
content for the casino, lottery, and amusement with prizes (AWP)
markets.  The company was founded in 1987 and has additional
offices in Hong Kong, Shanghai, Shenzhen, Guangzhou, Macau, and
Zhuhai, China; the United States; and the Philippines.

Iroquois Master Fund Ltd., Whalehaven Capital Fund Ltd. and
Alpha Capital AG filed for involuntary Chapter 11 petition
against the Debtor on March 22, 2008, (Bank. D. Del. Case No.
08-10528.)  Adam Friedman, Esq. at Olshan Grundman, et al. and
Robert S. Brady, Esq. and Ian S. Fredericks, Esq. at Young
Conaway, et al. represent the petitioners in this case.


SHANGHAI PUDONG: Denies Sale of Additional Stake to Citigroup
-------------------------------------------------------------
Shanghai Pudong Development Bank Co. Limited denied rumors that
it has started talks with Citigroup Inc. to allow the U.S.
company to raise its stake, Victoria Ruan of Dow Jones Newswires
reports, citing President Fu Jianhua.

Citigroup, the report recounts, held a stake of 3.8% in Pudong
Development at the end of last year, with an option to raise its
holding to a maximum of 19.9%, the limit for a single foreign
investor to hold in a Chinese bank.

"The issue isn't on our agenda yet," the news agency cited Mr.
Jianhua as saying.

Mr. Jianhua told Dow Jones that domestic stock market conditions
aren't the reason both banks haven't started talks, but declined
to elaborate.  

Citigroup and Pudong Development Bank, the report says, will
discuss jointly issuing yuan debit cards.

                      About Shanghai Pudong

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial  
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

The bank, as of June 13, 2008, still carries Moody's Investors
Service's Ba1 financial strength rating,and Fitch Ratings' D
individual rating.


SHANGHAI PUDONG: Signs MOU with Shandong-Based Trust Company
------------------------------------------------------------
Shanghai Pudong Development Bank Company signed a Memorandum of
Understanding with a Shandong-based trust company, Reuters
reports.

Reuters did not disclose the identity of the Shandong-based
trust company.

The report relates that the company's move is for equity
investment, complementary of financial function, sharing of
channels and customer resources, and design and development of
financial products.

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial  
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

The bank, as of June 13, 2008, still carries Moody's Investors
Service's Ba1 financial strength rating,and Fitch Ratings' D
individual rating.



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

AMPLE INT'L: Court to Hear Wind-Up Proceedings on July 6
--------------------------------------------------------
On May 30, 2008, Chinese Estates (Harcourt House) Limited, filed
a petition to have Ample International World Limited's
operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
July 6, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          S. Y. Wong & Co.
          The Center, 31st Floor, Room 3108
          99 Queen's Road Central
          Hong Kong


BEST LEADER: Court to Hear Wind-Up Proceedings on June 25
---------------------------------------------------------
On April 22, 2008, Chan Yiu Transportation Limited, filed a
petition to have Best Leader Engineering Limited's operations
wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 25, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          Tsang & Lee
          Nan Fung Tower, 15th Floor, 1510-12
          173 Des Voeux, Road Central
          Hong Kong


CO-WIN: Court to Hear Wind-Up Proceedings on July 16
----------------------------------------------------
On May 14, 2008, Fong Chun Sin, filed a petition to have Co-Win
Restaurant Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 16, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

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


FER TECHNOLOGIES: Appoints New Liquidator
-----------------------------------------
The members of Fer Technologies Limited appointed Desmond Chung
Seng Chiong and John Robert Lees as the company's liquidators.

The liquidators can be reached at:

          Desmond Chung Seng Chiong
          John Robert Lees
          Hong Club Building, 14th Floor
          3A Charter Road, Central
          Hong Kong


FRIGARD HK & TRADERS : Members & Creditors to Meet on June 17
-------------------------------------------------------------
Frigard HK & Traders Limited will hold a joint meeting for its
creditors and contributors at 2:00 p.m. and 2:30 p.m,
respectively on June 17, 2008.  During the meeting, the
company's liquidator, Chen Yung Ngai, Kenneth will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

            Chen Yung Ngai, Kenneth
            Caroline Centre, 29th Floor
            Lee Garden Two, 28 Yu Ping Road
            Hong Kong


FLX (HK) LIMITEDF: Creditors' Proofs of Debt Due June 27
--------------------------------------------------------
Creditors of FLX (HK) Limited are required to file their proofs
of debt by June 27, 2008, to be included in the company's
dividend distribution.


The company's liquidator is:

         Kennic Lai Hang LUI
         Ho Lee Commercial Building, 5th Floor
         38-44 D'Aguilar Street, Central
         Hong Kong


FORWARD SUPER: Court to Hear Wind-Up Proceedings on June 18
-----------------------------------------------------------
On February 21, 2008, Sydala International Trading Holdings
S.L., filed a petition to have Forward Super Printing (Macau)
Company Limited's operations wound up.

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

The petitioners' solicitors can be reached at:

          Fan Wong & Tso
          Tower II, 8th Floor, Room 803
          Lippo Centre, 89 Queensway
          Hong Kong


SIN WEALTH: Court to Hear Wind-Up Proceedings on July 2
-------------------------------------------------------
On April 30, 2008, MO Yuk Ling Joyse, filed a petition to have
Sin Wealth Trading (Int'l) Co. Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
July 2, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          Steve Y. F. Wong
          27th Floor, Queensway Government Offices
          66 Queensway, Hong Kong


SUM YEUNG: Court to Hear Wind-Up Proceedings on July 23
-------------------------------------------------------
On May 21, 2008, Pioneer Time Investment  Limited, filed a
petition to have Sum Yeung Investment Company Limited's
operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
July 23, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          S. Y. Wong & Co.
          The Center, 31st Floor, Room 3108
          99 Queen's Road Central
          Hong Kong


SUPERB SOUND: Court to Hear Wind-Up Proceedings on June 25
----------------------------------------------------------
On March 20, 2008, Hovon Watch & Jewellery Company Limited,
filed a petition to have Superb Sound Products Limited's
operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 25, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          Cheun, Chan & Chung
          5505, 55th Floor
          183 Queen's Road East
          Wanchai, Hong Kong



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

DEE DEVELOPMENT: CRISIL Rates Rs.115.0 Mil. Term Loan at “C”
------------------------------------------------------------
CRISIL has assigned its ratings of “C/P4” to these bank
facilities of Dee Development Engineers Private Limited (DDEPL):

     -- Rs.190.0 Million Cash Credit Limit C(Assigned)
     -- Rs.80.00 Million Export Packing Credit* C(Assigned)
     -- Rs.115.0 Million Term Loan  C(Assigned)
     -- Rs.125.00 Million Bank Guarantee  P4(Assigned)
     -- Rs.90.0 Million Letter of Credit  P4(Assigned)

* Interchangeable with cash credit

The ratings are constrained by DDEPL’s intensive working capital
operations. Company’s reliance on short term debt to meet the
funding requirements for working capital and aggressive future
capex plans are expected to strain its financial risk profile
further.  These weaknesses are partially offset by the company’s
established market position and healthy growth expected in the
end user industry.

                          About DDEPL

DDEPL was incorporated in 1988, primarily for design of steam
and other process piping.  However, the company later
diversified into manufacture and supply of piping systems and
pipe fittings.  DDEPL earlier operated from its plants located
in Faridabad.  But, due to strong growth and capacity constraint
of the plant, the company commissioned a new plant with total
area measuring around 8 acres in Tatarpur (Palwal) and gradually
shifted to the new plant.  The manufacture and sales of spools,
a main product of DDEPL, accounts for around 80 per cent of the
company’s revenue.  The remaining 20 per cent comes from the
sales of pipe fittings.  Spools are basically pipes fitted with
various pipe fitting equipments like elbows, tees, reducers,
caps crosses & stub ends etc.  The fitting equipment vary
according to each customer’s requirements. Spools and pipe
fittings are mainly used by sectors such as power, oil, gas,
sugar, boiler manufacturing and other process industries.


DELHI GURGAON: CARE Suspends D Rating on Rs.78.3 Crore NCDs
-----------------------------------------------------------
Credit Analysis and Research Limited has suspended the rating of
‘CARE D’ [Single D] assigned to the outstanding Non Convertible
Debentures (NCDs) issued by Delhi Gurgaon Super Connectivity
Ltd. (DGSL) aggregating Rs.78.3 crore.

CARE has also withdrawn the outstanding project grading ‘CP2’
for the project.  The same follows CARE’s inability to carry out
a rating surveillance in view of DGSL not providing the relevant
information to CARE.

Delhi Gurgaon Super Connectivity Limited operates the Delhi–
Gurgaon Expressway, a ‘fully access controlled’ highway project
and one of the largest BOT (Build Operate Transfer) road project
on the National Highways of India.


HASTI FINANCE: Auditor Quits, Plans to End BSE Listing
------------------------------------------------------
Hasti Finance Ltd.'s Board of Directors approved to call
an extraordinary general meeting on July 1, 2008.

The company disclosed in a regulatory filing that as the
existing auditors has expressed their inability to continue
to act as auditors of company, the company has recommended
M/s. Vivek Kumar Agarwal & Co., Chartered Accounts, Chennai
for conducting the audit for the financial year 2007-2008
and to hold office until the conclusion of the next annual
general meeting of the company.

Hasti Finance considers re-issuance/sale of 3,77,400 forfeited
shares of the company for raising capital through re-issue/sale
for further expansion of business.

In addition, the company said trading of its shares in the
Ahmedabad & Madras Stock Exchanges have not been active
for the past few years.  However, shares of the company is
trading actively in the Bombay Stock Exchange Ltd.  Hasti
says it is considering de-listing of the shares from both
exchanges.


LOK HOUSING: CRISIL Reaffirms “D” Rating on Rs.170 Mil. NCDs
------------------------------------------------------------
CRISIL has reaffirmed its rating on Lok Housing & Constructions
Ltd’s non-convertible debenture programme:

   -- Rs.170 Million Non-Convertible Debentures, “D”(Reaffirmed)

The rating continues to indicate that the instrument is in
default.  The arrears on interest and principal payments have
not been entirely cleared.

India-based Lok Housing & Constructions Ltd. --
http://www.lokhousing.com/-- is engaged in real estate  
development, which includes homes, villas and commercial units.
The Company has two segments: construction & real estate
development and cement product division. It has developed 40
mini and mega residential complexes, commercial centres, single
storey bungalows, 16 storey towers, simple flats, pent houses
and plush condominiums comprised of its 17000 units.



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

AOZORA BANK: Millea's Unit Liquidates 6% Stake in Company
---------------------------------------------------------
Millea Holdings Inc.'s subsidiary, Tokio Marine & Nichido Fire
Insurance Co., sold its 6% stake, worth US$253 million, in
Aozora Bank Ltd., Takahiko Hyuga of Bloomberg News reports.

Tokio Marine did not identify the buyer or the proceeds it
obtained from the sale.

Millea Holdings, the report relates, decreased its stake in in
the bank to 6% from 9.09% in April, and Hiroshi Amemiya, a
managing director at Millea's main casualty insurance unit,
stepped down from the bank's board last month.

According to Bloomberg, Aozora Bank reported a 93% decline in
annual profit in 2007 due to losses on subprime mortgage
investments and has declined 41% in Tokyo trading in the past 12
months.

Aozora chairman Kimikazu Noumi, who joined from Norinchukin Bank
Ltd., resigned on May 21, the report notes.

Millea's Tokio Marine joined Softbank Corp. and Orix Corp. in
taking over Aozora, then called Nippon Credit Bank Ltd., from
Japan's government in 2000, the report recounts.  Softbank sold
its Aozora shares to Cerberus in 2003, and the U.S. fund raised
its holding to 45% from 37% last month, Bloomberg says.

                       About Aozora Bank

Aozora Bank (formerly Nippon Credit Bank) --
http://www.aozorabank.co.jp/-- was the second Japanese credit  
bank nationalized in the wake of Asia's financial crisis after
the Long-Term Credit Bank of Japan (now Shinsei Bank).  Bad
loans and Japan's "Big Bang" financial deregulation added to the
bank's troubles.  Traditionally a lender to small and midsized
businesses, before the takeover it had started closing overseas
branches and expanding its financial services.  Aozora has a
network of some 20 branches in Japan and four offices overseas.
US investment fund Cerberus now owns 62% of the company after
buying Softbank's stake (49%) in spring of 2003.  Orix Corp and
Millea Holdings each own 15%, and the Japanese government also
owns a stake.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 2,
2008, that Fitch Ratings affirmed Japan's Aozora Bank's Long-
term foreign and local currency Issuer Default Ratings at 'A-',
Short-term foreign and local currency IDRs at 'F1', Individual
'C', Support '3', Support Rating Floor 'BB+' and senior
unsecured notes 'A-'.  The Outlook remains Stable.


DAIEI INC: To Hike U.S. Beef Lineup on Resolved Safety Issues
-------------------------------------------------------------
Daiei Inc. brought its sale of American-imported beef back to
the levels from before April, when imported cattle parts were
found to be at risk of mad cow disease, Dow Jones Newswire
reports, citing The Nikkei.

The rumors, the report relates, caused the supermarket chain to
drastically cut down on its sales.  However, the company said
that the safety problem has been resolved, and so will expand
its lineup of U.S. beef from two items at present to five, the
report notes.  Daiei will increase its beef imports from the
Dakota City, Neb., facility of U.S. firm Tyson Foods Inc.

Meanwhile, the company started procuring products from two
locations of National Beef Packing Co., the supplier of the beef
found to have contained the risky parts last month, the report
adds.

Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/-- is a Japan-based securities company.  
The company primarily is engaged in the securities, investment,
financing and service businesses.  Daiwa Securities Group is
comprised of 46 consolidated subsidiaries and five associated
companies, which are engaged in the securities, investment
trust, information service, real estate leasing, venture
capital, financing and other businesses.  The company with its
subsidiary and associated companies has operations in both
domestic and overseas markets, including Japan, the United
Kingdom, the United States, the Netherlands, Hong Kong and
Singapore.

                          *     *     *

As of June 13, 2008, the company still holds Mikuni Credit
Ratings' B Mortage Debt rating, CCC Senior Debt rating, and M-5
Short Term Rating.


DAIWA SEC: Joins World Bank to Offer CER-Linked Uridashi Bond
-------------------------------------------------------------
Daiwa Securities Group and the World Bank launched the market's
first Certified Emission Reduction (CER*) Linked Uridashi Bond.
The issuer for the bonds is the World Bank (International Bank
for Reconstruction and Development- IBRD, rated Aaa/AAA).  The
USD denominated bond offers investors 100% principal protection
in US dollar.  It will have a fixed rate coupon for an initial
period, and then a coupon linked to the future performance of
CER market prices and the actual versus estimated delivery of
CERs that will be generated by a hydropower plant located in the
Guizhou Province in China.

By purchasing this bond, investors can indirectly participate in
the market for greenhouse gas emission reductions.  Investors
will also be supporting demand for CERs generated from a
specific UNFCCC-registered clean energy project.  The market for
CERs contributes to a reduction of global greenhouse gas
emissions and the transition to a low carbon growth economy.

In the Japanese market, this issue will be referred to as the
"CO2L Bond (**)", or, the "'Cool' Bond".

This is the first Uridashi that references the emission
reductions generated from a specific project under the framework
defined by the Kyoto Protocol.  The issue is underwritten by
Daiwa Securities SMBC Europe Limited, arranged by Daiwa
Securities SMBC Co. Ltd., the wholesale securities firm under
Daiwa Securities Group, and distributed by Daiwa Securities to
Japanese investors.
The World Bank and Daiwa Securities Group are each committed to
providing products that respond to investors looking for
investment opportunities that contribute to sustainable
development.

                 Summary Terms of the Bond

Description:                 CER-Linked US dollar denominated ]   
                             Uridashi Bond

Amount:                      US$25,000,000.00

Maturity Date:               September 30, 2013

Offering period              June 9, 2008 - June 24, 2008

Issue Date:                  June 26, 2008

Coupon:                      After an initial 15-month period
                             with a fixed coupon of 3%, the note
                             will pay a variable interest rate
                             The variable rate is linked to the
                             future performance of CER market
                             prices and the actual versus
                             estimated delivery of CERs that
                             will be generated by a hydropower
                             plant located in the Guizhou
                             Province in China.

Denomination:                US$100,000.00

Settlement:                  Euroclear

Listing / Law:               Unlisted / English Law

                      About Daiwa Securities

Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/-- is a Japan-based securities company.  
The company primarily is engaged in the securities, investment,
financing and service businesses.  Daiwa Securities Group is
comprised of 46 consolidated subsidiaries and five associated
companies, which are engaged in the securities, investment
trust, information service, real estate leasing, venture
capital, financing and other businesses.  The company with its
subsidiary and associated companies has operations in both
domestic and overseas markets, including Japan, the United
Kingdom, the United States, the Netherlands, Hong Kong and
Singapore.

                          *     *     *

As of June 13, 2008, the company still holds Nice Ratings' BB-
Subordinated Unsecured Debt.


DELPHI CORP: Trial on US$2.55BB Lawsuit to Begin in April 2009
--------------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York approved on June 10, 2008, the
trial and discovery schedule for Delphi Corporation's
US$2,550,000,000 lawsuit against Appaloosa Management, LP, et
al.

After negotiations, a mutually acceptable schedule was reached
by the parties, which include Delphi Corp., and other
defendants, the Official Committee of Equity Security Holders,
and the Official Committee of Unsecured Creditors.  The parties
met on June 3, 2008, and thereafter, to discuss an appropriate
schedule for the progress of the adversary proceedings.  

Edward Friedman, Esq., at Friedman, Kaplan, Seiler and Adelman,
in New York, informed the Court the Plan Investors rejected
Delphi's contention of its right to seek specific performance of
all or portions of the contractual obligations under the Equity
Purchase and Commitment Agreement, and Delphi insisted that the
actions should proceed in an expedited manner to preserve its
claimed right to obtain that remedy.

The parties have acknowledged that in setting an expedited
schedule, each will be seeking a significant volume of pre-trial
documentary and testimonial discovery necessary for the
adjudication of the claims, counterclaims, if any, and defenses
in the Actions.

As a result of the agreed schedule, Delphi is withdrawing its
prior request for an expedited discovery and trial.  The parties
have agreed and stipulated:

  (1) Each party to the Actions may take discovery on all
      relevant matters.  The Official Committees may participate
      in the discovery;

  (2) Discovery and related matters will be governed by this
      schedule:

         (i) Each party will serve its initial disclosures
             required by Rule 26(a)(1) of the Federal Rules of
             Civil Procedure not later than June 11, 2008;
        
        (ii) The Plan Investors will each either answer or file
             a motion in response to the complaints in the
             Actions by June 20, 2008, and will coordinate with
             respect to any motions they file to avoid
             duplicative papers;

       (iii) The parties will serve initial sets of document
             requests not later than June 13, 2008.  Each party  
             will serve written document responses and
             objections on all parties within 21 days of the
             service of the document requests;

        (iv) Document production will begin on July 1, 2008, and
             must be complete by August 12, 2008.  The parties
             are not prohibited from making further request for
             additional documents beyond the Initial Requests,
             provided that responses to the requests will not be
             due before August 12, 2008;

         (v) Notices of deposition may be served at any time.
             A party or third-party deposition may commence on
             or after September 3, 2008.  If any party fails to
             complete its document production by August 12,
             2008, the other parties reserve the right to move
             to modify the commencement date for depositions and  
             subsequent deadlines set forth, and for other  
             appropriate relief;
                
                (a) Delphi may take up to 30 depositions of    
                    fact witnesses;

                (b) The Plan Investors may take up to 50
                    depositions of fact witnesses; and

                (c) The parties agree to attempt in good faith
                    to schedule all depositions as expeditiously
                    as possible, at the rate of three days of
                    depositions a week;

        (vi) Delphi and the Plan Investors may as a group, each
             take the deposition of up to two natural persons on
             dates to be agreed upon between August 12, 2008,
             and August 22, 2008;

       (vii) Each party may serve interrogatories not earlier
             than June 13, 2008, and not later than 30 days
             before the fact discovery deadline;

        (vi) Each party may serve any requests to admit not
             earlier than June 13, 2008, and not later than 30
             days before the fact discovery deadline;

      (viii) With respect to the Court's order authorizing the
             Debtors to issue subpoenas directing expedited oral
             examinations of and production of documents by
             certain investors dated March 17, 2008, the parties
             agree that any further discovery taken pursuant to
             the order under Rule 2004 of the Federal Rules of
             Bankruptcy Procedure will be subject to the limits,
             procedures and schedules;

        (ix) All discovery will be completed by Dec. 31, 2008;

         (x) Any expert report will be served within 30 days of
             the fact discovery deadline, and rebuttal expert
             reports will be filed within 30 days after service
             of initial reports.  Depositions of expert
             witnesses will be completed within 30 days
             following the service of the last rebuttal expert
             report;

        (xi) Any party may move subject to Local Bankruptcy Rule
             7056-1, for summary judgment or partial summary
             judgment at any time;

       (xii) Each party reserves the right to move for
             injunctive relief and each party reserves its
             rights to oppose or object to any motion; and

      (xiii) Except as otherwise ordered by the Court, the
             Actions will be trial ready by 90 days following
             the fact discovery deadline.

                    Trial to Begin April 2009

As previously reported, Delphi targeted an August 9 trial to its
lawsuit seeking specific performance by the Plan Investors on
the EPCA, which is needed for the consummation of Delphi's
Court-confirmed reorganization plan.  Counsel pointed out that
Delphi has proposed a longer schedule than was the case in other
recent litigations also involving multibillion dollar disputes
such as the Solutia Inc. case in this district and the Clear
Channel Communications case in the New York State Court.

Judge Drain, however, affirmed the Plan Investors' contentions
and ruled that the schedule was "too ambitious," despite Delphi
counsel's claims that two years of tremendous efforts to achieve
a confirmed plan will be wasted if the the adversary proceedings
against the Plan Investors are not immediately resolved.

Mr. Friedman, special litigation counsel to Delphi, noted that
by virtue of waivers previously granted by the Pension Benefit
Guaranty Corp. and the Internal Revenue Service, Delphi has a
window of opportunity to emerge from Chapter 11 between June 15
and Sept. 30, 2008, without the need to go back to those
agencies and obtain new waivers.  In that light, Delphi is
pursuing an August 1 trial to be able to emerge on September 30
at the very very latest.

At the May 29 conference, attorneys already debated on the
merits of the lawsuit, as to whether Delphi is currently
entitled to specific performance by Plan Investors.

Mr. Friedman noted that on April 4, when the EPCA was scheduled
for closing, Delphi satisfied the prerequisites for funding by
Appaloosa, et al. -- General Motors Corp., the exit lenders, all
other parties necessary for the consummation of the plan were
ready and able to close, and Delphi was able to raise funds from
the rights offering.

The Plan Investors, however, argued that Delphi is not entitled
to specific performance because they no longer satisfy the terms
of the EPCA -- funds received from investors in the rights
offering have been returned, the US$6,000,000,000 exit debt
financing agreements have been terminated, and it has lost its
debt ratings.

Mr. Friedman, however, explained that Delphi is currently not in
full compliance because of the Plan Investors' wrongful conduct
and contractual breaches.  He cited, among other things, Delphi
made the decision to return funds received from the rights
offering in accordance with its fiduciary duties when the Plan
Investors' conduct made the closing impossible.

He avers that Delphi will be in compliance with all conditions
if the Court agrees that the remedy of specific performance is
warranted.  He said Delphi, among other things, would re-
initiate the rights offering, and would redevelop the
commitments for the exit financing, which it expects to be
completed within 30 to 40 days after judgment.  

Delphi's theory -- after an order on specific performance, it
could restart its rights offering, raise public debt, and try to
put the whole plan back together -- is fundamentally flawed and
violates New York law, argued counsel for Appaloosa, Christopher
Shore, Esq., at White & Case LLP, in New York.

Counsel for UBS Securities, LLC, Jeffrey Rosenthal, Esq., at
Cleary Gottlieb Steen & Hamilton LLP, in New York, added,
"[Delphi] hasn't cited a single case that says that being ready,
willing, and able in the past allows them to get specific
performance in the future."

"Granted the debtors have not cited cases on this point, but it
seems to me that if a contract party's breach is preventing the
debtors from being ready, willing, and able they don't
necessarily have to do more than show that they could be able to
perform if that impediment, that breach were resolved," Judge
Drain said.  But he admitted the Debtors have not provided any
evidence showing that the exit loan lenders would be able to
advance in the future.

Mr. Friedman acknowledged at the conference that in an effort to
mitigate damages, Delphi is pursuing alternative steps to try to
develop a modified plan, which will require re-solicitation and
will be materially adverse to the stakeholders.

"The goal is to emerge from Chapter 11 by the end of the third
quarter if that's humanly possible either by means of
consummation of the plan that has already been confirmed, or if
the Court rejects Delphi's claims, then Delphi and the
stakeholders will be in the unfortunate position of pursuing a
modified plan," Mr. Friedman said.

                        About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 133; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)   


DELPHI CORP: Gets New Bid for Power Biz; 54 Pacts Part of Sale
--------------------------------------------------------------
Delphi Corp. and certain of its subsidiaries and affiliates
obtained a competing bid for their power products business.  
Delphi, however, did not identify the bidder in documents
submitted to the U.S. Bankruptcy Court for the Southern District
of New York.

In connection with their continuous evaluation of their product
portfolio, the Debtors have determined that the power products
business no longer fit within their future product portfolio.

Following extensive marketing efforts, on May 27, 2008, Delphi
and certain non-debtor affiliates entered into a master sale and
purchase agreement with Strattec Security Corporation, Witte-
Velbert GmbH & Co. Kg, Vehicle Access Systems Technology LLC,
and certain of their affiliates for the sale of certain assets
related to the Power Products Business.

Under the Agreement, the Strattec Buyers would purchase the
Power Products Business for US$7,800,000, subject to certain
adjustments.

Because the Purchase Price does not exceed US$10,000,000, the
Debtors did not file with the Court a motion for approval of the
asset sale, and were allowed, pursuant to the Court-approved
procedures for selling de minimis assets, to sell those types of
assets, after notice with the Court and parties interested in
those assets, among other parties.

The Debtors served notice of the Power Products Sale on May 27,
which notice provides that the sale of would be consummated with
the Strattec Buyers unless written objections, bids, or requests
for additional time were received by the Debtors by June 3,
2008.

The Debtors received the competing bid from the unidentified
bidder on June 3.  The Debtors are currently in the process of
evaluating the bid, says John Wm. Butler, Jr., Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois.  He adds
that if the Debtors, in their sole discretion, determine that
this bid, or subsequent bid, constitutes the highest value bid,
then Delphi will seek relief from the Court to assume and assign
contracts related to the Power Products Business to the
competing bidder, instead of the Strattec Buyers.

            Assumption and Assignment of U.S. Contracts

Under Section 6.3 of the Strattec Agreement, as soon as
practicable after the Agreement was signed, Delphi was obligated
to seek the Court's authority to assume and assign to the
Strattec Buyers certain contracts identified by the parties.

Accordingly, by this motion, the Debtors ask the Court to enter
an order authorizing and approving the assumption and assignment
of 54 executory contracts in connection with the sale of their
Power Products Business to the Strattec Buyers, or the competing
bidder.

Mr. Butler notes the Assumed U.S. Contracts are important to the
operation of the Power Products Business, and the Strattec
Buyers would not purchase the Power Products Business unless the
Assumed U.S. Contracts are transferred to them.  Thus, the
Debtors' assumption of the Assumed U.S. Contracts and assignment
of the contracts to the Strattec Buyers is necessary to enable
the Sellers to consummate the sale of the Power Products
Business to the Strattec Buyers.

The approximate cost to cure the Assumed U.S. Contracts related
to the Power Products Business is US$347,010.  Pursuant to the
order establishing procedures for solicitation of votes and
support on Delphi's Joint Plan of Reorganization, each non-
Debtor party to the 54 Assumed U.S. Contracts that are material
supply agreements already has received a cure notice.

The Plan Cure Notice stated, with respect to each Assumed U.S.
Contract, the cure amount that the Debtors believe is necessary
to assume the contract pursuant to Section 365 of the Bankruptcy
Code.  The Plan Cure Notice provided parties to these Assumed
U.S. Contracts with an opportunity to object to the Cure Amount,
and notified each party that such party's contract was to be
assumed under the Plan.

Of the 54 parties to the Assumed U.S. Contracts for which the
Debtors served a Plan Cure Notice, only four parties objected to
the Debtors' proposed Cure Amount.  Unless the Selling Debtor
Entities and the non-Debtor party to an Assumed U.S. Contract
agree otherwise to the Cure Amount or the Cure Amount is
otherwise resolved in accordance with Solicitation Procedures
Order or other order of the Court, the Cure listed on the Plan
Cure Notices control the amounts required to cure all defaults
under the Assumed U.S. Contracts that are material supply
contracts.

The Assumed U.S. Contracts would be assumed at the earlier of
the closing of the sale of the Power Products Business or the
Debtors' emergence date from the Chapter 11 cases.

Nonetheless, prior to the Closing Date or the Emergence Date,
the Selling Debtor Entities may revise their decision with
respect to the assumption and assignment of any Assumed U.S.
Contract and provide notice amending the information provided,
Mr. Butler notes.

The Assumed U.S. Contracts are:

    Contract To Be
    Assumed & Assigned                Non-Debtor Contract Party
    ------------------                -------------------------
    D0550076639                       AMTECH INDUSTRIES LLC
                                      (JV Amtech & Intec)

    D0550064001                       AMTEK MEXICO SA DE CV EFT

    D0550022116                       AUTOLIV ASP INC

    D0550022243                       AUTOLIV ASP INC EFT

    D0550076293                       AVON AUTOMOTIVE INC      

    D0550022971                       CAMCAR DIV OF TEXTRON INC

    D0550037665                       CAPSTAN ATLANTIC

    D0550059940                       CAPSTAN ATLANTIC

    D0550022122                       CASCADE DIE CASTING     

    D0550022830                       CHERRY ELECTRICAL
                                      PRODUCTS

    D0550052192                       COLLINS & AIKMAN PRODS CO

    D0550074455                       FOAMEX

    D0550074456                       FOAMEX

    D0550074457                       FOAMEX

    D0550074563                       FOAMEX

    D0550074564                       FOAMEX

    D0550079225                       FOAMEX

    D0550080330                       FUJIKURA AMERICA INC

    PO#OR3V0002 between General       GENERAL MOTORS CORP.
    Motors Corporation and Delphi S&I -
    Mount Sterling; Dated 8/25/2005;
    Amendment #002; Valid 3/28/2004 -
    8/1/2008; Part #10376548.

    D0550052145                         GKN SINTER METALS EFT

    D0550076310                         HANGZHOU TRANSAILING EFT

    D0550022536                         HYLAND MACHINE CO EFT

    D0550022842                         IN2CONNECT INC

    D0550023223                         IN2CONNECT INC

    D0550024506                         INTASCO USA INC

    D0550087191                         INT'L RESISTIVE CO

    D0550022592                         INTIER AUTOMOTIVE
                                        INTERIORS

    Grant of Security Int. in Patent    JP MORGAN CHASE BANK
    Rights between Delphi Technologies,
    Inc and JPMorgan Chase Bank, N.A.
    dated 06-14-05   

    D0550035472                         KOSTAL MEXICANA SA DE CV

    D0550026051                         L & W ENGINEERING CO INC

    D0550061252                         L & W ENGINEERING CO INC

    D0550024156                         LDI INCORPORATED

    D0550025201                         LDI INCORPORATED

    D0550022596                         MAC ARTHUR CORP

    D0550079811                         MAC ARTHUR CORP

    D0550023568                         MULTEX FLEXIBLE CIRCUITS

    D0550056439                         MULTIBASE INC

    D0550076391                         PRECISION RESOURCE
                                        CONNECTICUT

    D0550057079                         RED SPOT PAINT &     
                                        VARNISH EFT CO INC

    D0550057092                         RED SPOT PAINT & VARNISH

    D0550078829                         ROBIN INDUSTRIES INC

    D0550056677                         SOLVAY ENGINEERED
                                        POLYMERS EFT

    D0550077738                         SPARTECH POLYCOM       

    D0550056314                         TEKNOR APEX CO

    D0550056383                         TEKNOR APEX CO

    D0550056423                         TEKNOR APEX CO EFT

    D0550074858                         TESSY PLASTICS CORP

    D0550074860                         TESSY PLASTICS CORP

    Letter of Intent bet. Tjing Ling    TJING LING RESEARCH AND
    Research & Development Center Co.,  DEVELOPMENT CENTER CO.
    Ltd. and Delphi Thermal & Interior  LTD
    Division of Delphi Autom. Systems
    LLC dated 5/18/2005.                  

    D0550053417                         TRW VEHICLE SAFETY SYSTS

    D0550070364                         TRW VEHICLE SAFETY SYSTS

    D0550023217                         TYCO ELECTRONICS CORP     

    D0550074552                         WOORY INDUSTRIAL CO LTD     

    D0550074553                         WOORY INDUSTRIAL CO LTD     

    D0550074554                         WOORY INDUSTRIAL CO LTD
     
    D0550080042                         WOORY INDUSTRIAL CO LTD     

    D0550074776                         ZOHAR JACOBS ACQUISITION
                                        LLC

                        About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 132; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)   


DELPHI CORP: Amends US$4.1BB Facility to Raise Available Amount
---------------------------------------------------------------
The Honorable Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York has entered a written order
approving Delphi Corp.'s US$4,350,000,000 DIP facility.  Due to
the oversubscription during the syndication of the loans, Delphi
sought to amend its US$4,100,000,000 loan package by:

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

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

The DIP Facility matures Dec. 31, 2008.

According to the Amended and Restated Revolving Credit, Term
Loan and Guaranty Agreement dated May 9, 2008, these financial
institutions took part in arranging the loan:

   -- JPMORGAN CHASE BANK, N.A., as Administrative Agent,

   -- CITICORP USA, INC., as Syndication Agent,

   -- BANK OF AMERICA, N.A., GENERAL ELECTRIC CAPITAL
      CORPORATION and WACHOVIA CAPITAL FINANCE CORPORATION as
      Co-Documentation Agents for Tranche A and Tranche B,

   -- J.P. MORGAN SECURITIES INC., CITIGROUP GLOBAL MARKETS INC.
      and GE CAPITAL MARKETS, INC. as Joint Lead Arrangers for
      Tranche A and Tranche B,

   -- JPMORGAN SECURITIES INC., CITIGROUP GLOBAL MARKETS INC.,
      GE CAPITAL MARKETS, INC. and BANK OF AMERICA, N.A., as
      Joint Bookrunners for Tranche A and Tranche B,

   -- DEUTSCHE BANK SECURITIES INC., as Documentation Agent for
      Tranche C,
   
   -- J.P. MORGAN SECURITIES INC., CITIGROUP GLOBAL MARKETS INC.
      and DEUTSCHE BANK SECURITIES INC. as Joint Lead Arrangers
      for Tranche C, and

   -- J.P. MORGAN SECURITIES INC., CITIGROUP GLOBAL MARKETS INC.
      and DEUTSCHE BANK SECURITIES INC. as Joint Bookrunners for
      Tranche C.

The Amended Credit Agreement also provides for these changes:

   -- Lenders will fund the US$254,179,760 addition Tranche C
      Loan on June 9.

   -- The Debtors will pay for the additional Tranche C loan a
      commitment fee computed (on the basis of the actual number
      of days elapsed over a year of 360 days) at the rate of
      2.625% per annum on the additional loan.

   -- Conditions precedent to the additional Tranche C Loan,
      include, JPMorgan, as administrative agent, will have
      received an amendment fee for the account of each Tranche
      C Lender in an amount equal to 200 basis points of the
      additional Tranche C commitments of each lender.

   -- Any Lender may assign to one or more special purpose
      funding vehicles all or any portion of its funded Tranche
      A Loans and may grant any SPV the option to fund all or
      any part of any Tranche A Loans that the Lender would
      otherwise be obligated to fund pursuant to the Credit
      Agreement.

A full-text copy of the Amended Credit Agreement is available
for free at
http://bankrupt.com/misc/Delphi_May2008_DIP_Accord.pdf

                        About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 132; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)   


LEHMAN BROTHERS: Names Mr. McDade, President; Mr. Lowitt CFO
------------------------------------------------------------
Lehman Brothers Holdings Inc. disclosed that Herbert (Bart) H.
McDade III will succeed Joseph Gregory as president and chief
operating officer of the Firm, and Ian Lowitt will succeed Erin
Callan as the firm's chief financial officer.  Mr. Lowitt will
join the firm's Executive Committee.  These management changes
are effective immediately.

"[Mr. McDade], who has been my partner for 25 years and has
proven himself to be the firm's best operator, is the right
individual to take on this responsibility and lead the Firm to
the next level.  His experience in both Fixed Income and
Equities Capital Markets will benefit the firm, especially
during these challenging times," Richard S. Fuld, Jr., Lehman
Brothers’ chairman and chief executive officer, said.  

"[Mr. Gregory] has been my partner for over 30 years and has
been a driving force behind who we are today and what we have
achieved as a Firm.  This has been one of the most difficult
decisions either of us has ever had to make," Mr. Fuld
continued.

Ms. Callan, who has served as the firm's chief financial officer
since December 2007, will be rejoining the Investment Banking
Division in a senior capacity.  Prior to his appointment as
president and chief operating officer, Mr. McDade, 48, was the
global head of the firm's Equities Division, a position he has
held since June 2005.  He served as global head of the Fixed
Income Division from 2002 to 2005 and as co-head of the Fixed
Income Division from 2000 to 2002.  He is a member of Lehman
Brothers' Executive Committee.  Mr. McDade joined the Firm in
1983 in Corporate Bond Trading.  He was named head of the Firm's
Corporate Bond Department in 1991.  In 1998, he was named global
head of Debt Capital Markets in the Investment Banking Division.
Mr. McDade received a B.A. from Duke University and an M.B.A.
from the University of Michigan.

Since October 2006, Mr. Lowitt, 44, has been the firm's Co-CAO.  
In this role, he was responsible for the global oversight of
Corporate Real Estate, Expense and Sourcing Services,
Finance, Operations, Productivity and Process Improvement, Risk
Management, and Technology.  Prior to his Co-CAO position, Mr.
Lowitt was the CAO of Lehman Brothers Europe.  He has also
served as global treasurer and global head of Tax.  Before
becoming global treasurer, he was the firm's head of Strategy
and Corporate Development.  Mr. Lowitt joined Lehman Brothers in
1994 from McKinsey & Company.  Mr. Lowitt has a B.Sc. and an
M.Sc. from the University of the Witwatersrand.  He also has a
B.A. and an M.Sc. from the University of Oxford, which he
attended as a Rhodes Scholar.

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- an    
innovator in global finance, serves the financial needs of
corporations, governments and municipalities, institutional
clients, and high net worth individuals worldwide.  Founded in
1850, Lehman Brothers maintains leadership positions in equity
and fixed income sales, trading and research, investment
banking, private investment management, asset management and
private equity.  The firm is headquartered in New York, with
regional headquarters in London and Tokyo, and operates in a
network of offices around the world.

As reported by the Troubled Company Reporter on June 10, Lehman
Brothers Holdings Inc. disclosed that continued challenging
market conditions will result in an expected net loss of
approximately US$2.8 billion for the second quarter ended
May 31, 2008, compared to net income of US$489.0 million for the
first quarter of fiscal 2008 and US$1.3 billion for the second
quarter of fiscal 2007.

According to the Wall Street Journal, this expected net loss far
exceeded the US$300 million net loss predicted by analysts.



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

ARK RESOURCES: Kumpulan Wang Files Summons Against Subsidiary
-------------------------------------------------------------
Kumpulan Wang Simpanan Pekerja has filed summons before the
Magistrate’s Court, Kuala Lumpur against Ark Construction Sdn.
Bhd., a wholly owned subsidiary of Ark Resources Berhad, for
outstanding payments amounting to MYR112,830.

Ark Resources said it will take the necessary steps to reconcile
the claim amount and resolve the matter.

The interim hearing date for the legal suit has been scheduled
for June 23, 2008.  In this regard, the company will appoint a
solicitor to represent Ark Construction.

                    About ARK Resources Berhad

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

                          *     *     *

On April 24, 2006, Lankhorst was classified as an affected
listed issuer under the Bourse's Practice Note 17/2005.  It was,
therefore, required to submit and implement a plan to regularize
its financial condition category.


CNLT (FAR EAST): Securities to be Delisted on June 20
-----------------------------------------------------
CNLT (Far East) Berhad has received a Notice of Suspension from
Bursa Malaysia Securities Berhad informing that the trading of
the company's securities of CNLT will be suspended on June 20,
2008, pursuant to paragraphs 8.14C and 16.02 of the Listing
Requirements of Bursa Securities.

The Notice of Suspension was given because the company has
failed to comply with the extended timeframe granted by Bursa
Securities to submit its regularization plans to the Securities
Commission and other relevant authorities for approval by
June 10, 2008, and no further extension of time was granted by
Bursa Securities.

CNLT also disclosed that:

   (a) it has been accorded five market days by Bursa Securities
       to make written representations to Bursa Securities as to
       why its securities should not be removed from the
       Official List of Bursa Securities;

   (b) in the event Bursa Securities decides to de-list the
       company, the securities of CNLT will be removed from the
       Official List of Bursa Securities upon the expiry of
       seven market days from the date of notification of the
       decision to de-list the company or upon such other date
       as may be specified by Bursa Securities unless an appeal
       is made within the prescribed timeframe; and

   (c) in the event Bursa Securities decides not to de-list the
       company, other appropriate action/penalty(ies) may be
       imposed pursuant to paragraph 16.17 of the Listing
       Requirements of Bursa Securities.

                   About CNLT (Far East) Berhad

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

                          *     *     *

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

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

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


LIQUA HEALTH: Appoints Leong & Co. to Assist Audit Committee
------------------------------------------------------------
Liqua Health Corporation Berhad has appointed Messrs. Megat
Najmuddin Leong & Co, Advocates & Solicitors, to undertake an
extended scope of work in relation to the investigation of the
transaction disclosed in the company’s quarterly announcement
for the financial period ended December 31, 2007, and to assist
the Audit Committee to identify and advise on the options and
legal recourse available to the company.

Liqua Health Corporation Berhad is principally engaged in the
businesses of investment holding and provision of management
services.  Its core business is direct selling of health food
and related products, through its subsidiaries.  Liqua Health
and Liqua Spirulina are the two core health products of the
company.  The company�s subsidiaries include Liqua Health
Marketing (M) Sdn. Bhd., which is engaged in direct selling of
health food and general merchandise; Packcon (Asia) Sdn. Bhd,
which is engaged in marketing packaging materials and general
trading; Liqua Biotech Sdn. Bhd formerly known as Liqua Heath
Dairy Marketing & Supplies Sdn. Bhd.), which is engaged in
research and development; Quantum Healing Centre Sdn. Bhd
(dormant), which is engaged in the trading and marketing of
health food and general merchandise.  In February 2007, Liqua
Health Marketing acquired the remaining 51% interest in Liqua
Health Chain.

                          *     *     *

The company was classified as an Affected Listed Issuer as it
has triggered Paragraph 2.1 of the Amended PN17 as the
consolidated shareholders' fund has dropped to approximately
MYR5.9 million which is below the 25% of the paid-up share
capital which stands at MYR144.3 million and the minimum issued
and paid up capital of MYR60 million required under paragraph
8.16A(1) of the Listing Requirements.


SATANG: Bourse Rejects Appeal Extending Annual Report Filing
------------------------------------------------------------
The Bursa Malaysia Securities Berhad, through its letter dated
June 10, 2008, rejected Satang Holdings Berhad's appeal of
application for an extension of time from April 1 until June 5,
2008, to submit the 2007 Annual Report.

On February 19, 2008, the company appointed Messrs. Anuarul
Azizan Chew & Co. as an independent auditor to undertake the
audit investigations relating to the company's financial
results.  AAC had commenced work on February 21, 2008, and was
completed on April 21, 2008.  The company has submitted its
outstanding Annual Audited Accounts for the financial year ended
September 30, 2007 on April 30, 2008, which was due to be
submitted to Bursa Securities for public release on or before
January 31, 2008.

As a result of the delay, the company is not able to hold the
Annual General Meeting for the calendar year 2008 by March 31,
2008.  An application for extension of time till June 30, 2008,
to hold the AGM has been sought from the Companies Commission of
Malaysia on February 29, 2008, however CCM had vide their letter
dated March 27, 2008, rejected the application.  The company had
sent an appeal for the extension of time to hold the AGM for the
calendar year 2008 on April 15, 2008, and CCM had via their
letter dated April 22, 2008, rejected the appeal.

Satang also disclosed that it submitted its outstanding Annual
Report for the financial year ended September 30, 2007 on
June 5, 2008, which was due to be submitted to Bursa Securities
for public release on or before March 31, 2008.

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

                          *     *     *

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



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

ACTIVE CIVIL: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Hamilton held a hearing on June 3, 2008,
to consider an application putting Active Civil Construction
Limited into liquidation.

The application was filed on April 28, 2008, by Hirepool
Limited.

The plaintiff can be reached at:

          Credit Consultants Debt Services NZ Limited
          Level 3, 3-9 Church Street
          (PO Box 213 or DX SX 10069)
          Wellington
          Telephone: (04) 470 5972

DIANNE S. LESTER is the plaintiff’s solicitor.


CGS LIMITED: Commences Liquidation Proceedings
----------------------------------------------
The High Court at Hamilton convened a hearing on June 3, 2008,
to consider an application putting C.G.S Limited into
liquidation.

The application was filed on April 29, 2008, by Kiwi Property
Holdings Limited.

The plaintiff can be reached through:

          Simpson Grierson, Solicitors
          Level 24, HSBC Tower
          195 Lambton Quay, Wellington

J. SHACKLETON is the plaintiff’s solicitor.


KEMS LIMITED: Court to Hold Liquidation Hearing Today
-----------------------------------------------------
The High Court at Christchurch will hold a hearing at
10:00 a.m. today, June 16, 2008, to consider an application
putting Kems 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.


LAKEVIEW INT'L: Court to Hold Liquidation Hearing Today
-------------------------------------------------------
The High Court at Rotorua will hold a hearing at 10:45 a.m.
today, June 16, 2008, to consider an application putting
Lakeview International Golf Resort 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 0416
          Facsimile: (07) 959 7614

Rachel L. Scott is the plaintiff’s solicitor.


NATIONAL GOLF: Court to Hold Liquidation Hearing Today
------------------------------------------------------
The High Court at Rotorua will hold a hearing at 10:45 a.m.
today, June 16, 2008, to consider an application putting The
National Golf Club Limited fka Mamaku Golf Club 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 0416
          Facsimile: (07) 959 7614

Rachel L. Scott is the plaintiff’s solicitor.


NO. 1 LIVE LOBSTER: Commences Liquidation Proceedings
-----------------------------------------------------
The High Court at Gisborne held a hearing on June 10, 2008,
to consider an application putting No. 1 Live Lobster Company
Limited into liquidation.

The application was filed on April 7, 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.


*NEW ZEALAND: Retail Sales Up 1% in April, Trend Flat
-----------------------------------------------------
Seasonally adjusted total retail sales rose 1.0 percent (NZ$52
million) in April 2008.  This followed a 1.2 percent fall in
March 2008. Core retail sales, which excludes the vehicle-
related industries, fell 0.5 percent (NZ$19 million), Statistics
New Zealand said.

The total retail sales trend, which has been rising since June
1998 at an average rate of 0.5 percent per month, has flattened
to an average of 0.1 percent between February 2008 and April
2008.

Fourteen of the 24 retail industries recorded higher sales in
April 2008 than in March 2008.  Motor vehicle retailing rose 8.1
percent ($51 million). This rise was partly offset by a fall of
3.6 percent ($43 million) in supermarket and grocery stores.

The total retail sales trend for the North Island has been
decreasing an average of 0.2 percent per month since February
2008.  The trend for the South Island has started to flatten.

Easter has the potential to affect the seasonally adjusted
retail trade figures when it falls in March rather than April,
as it has in 2008.  An analysis determined that the effect of
Easter was minimal in relation to the normal level of
variability in the Retail Trade series.  Accordingly, no
explicit adjustment for Easter has been made in the Retail Trade
series.



===============
P A K I S T A N
===============

PAKISTAN: Accounts Deficit Prompts Moody's Ratings Downgrade
------------------------------------------------------------
According to a new report from Moody's Investors Service,
sharply widening deficits in Pakistan's fiscal and current
accounts are reversing a multi-year trend of fiscal
consolidation and debt reduction.  Concurrently, renewed
political discord is unlikely to provide the stable and orthodox
policy framework necessary for quickly limiting these
macroeconomic imbalances.

The report also highlights growing reliance by the government on
short-term central bank financing of budgetary operations which
has heightened inflationary pressures.

"These have resulted in a deterioration of important credit-
metrics, which led to the downgrade of Pakistan's sovereign bond
ratings from B1 to B2 in May 2008," said Aninda Mitra, a Moody's
VP / Senior Analyst and author of the report.

"Despite the strong investment-driven economic growth of recent
years, Pakistan's economic base is narrow and somewhat prone to
macroeconomic instability" said Mitra.  "These vulnerabilities
are compounded by the government's stagnant tax base that weighs
on the country's low national savings and hinders domestic
financing of the sizable budget deficits," he added.

Other serious problems highlighted by the report as reasons for
the sovereign bond rating downgrade to B2 are Pakistan's weak
governance, embedded political tensions and weaknesses in the
rule of law.

"These factors have weakened the scope for strengthening
institutions and sustaining policy adjustments, while also
heightening the risks of sudden shifts in private investor
confidence," notes Mitra.

Mr. Mitra drew attention to Pakistan's investment friendly
policy regime and large inflows of foreign direct investment as
well as remittances from overseas Pakistani workers.  However,
he also noted these inflows were not strong enough to offset
weak export performance or adequately finance the widening trend
in the current account deficit.

The report also notes that the stable outlook on Pakistan's B2-
rated government bonds reflects the structure of government debt
which largely consists of long-tenor credits from official
bilateral and multilateral creditors, which adds stability and
reduces rollover risks.  Additionally, the prospect of external
assistance from bilateral donors and multilateral institutions
is expected to provide some degree of balance of payment and
budget support.

Further sustained macroeconomic adjustments, however, are still
needed to shore up credit fundamentals and ease pressure on the
State Bank of Pakistan (SBP), the country's central bank, the
report notes.



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

BENPRES HOLDINGS: Wants to Sell 1/3 Stake in Tollways Corp.
-----------------------------------------------------------
BENPRES Holdings Corp. wants to sell its 1/3 stake in Manila
North Tollways Corp. to raise US$100 million that will be used
to service debt, Business World reports.

According to the report, the company has tapped Macquarie
Securities as underwriter for the undertaking.

"We have two options: a private placement or an offering wherein
we will be the selling shareholder.  But given the status of the
market, it is hard to give you the exact timetable," Chief
Operating Officer Angel S. Ong was quoted by the Business World
as saying.

Mr. Ong also told the news agency that the company is trying to
bring down debts to a half in a year and since August 2007, have
submitted a proposal with creditors on how to pay them over a
period of over 12 years.

Business World notes that 67% of Manila North Tollways's stake
is owned by First Philippine Infrastructure Development Corp.,
which in turn is 49% owned by Benpres with First Philippine
Holdings Corp. owning the remaining 51% stake.

                          About Benpres

Headquartered in Pasig City Philippines, Benpres Holdings
Corporation -- http://www.benpres-holdings.com/-- is a 56.22%-    
owned subsidiary of Lopez, Inc.  Both entities were incorporated
in the Philippines.  Benpres Holdings and its subsidiaries are
mainly involved in investment holdings, broadcasting and
entertainment, and water distribution.  The company's associates
are involved in telecommunications, power generation and
distribution, cable television, real estate development and
infrastructure.

Starting in 2002, Benpres Holdings defaulted on its principal
and interest payments on its long-term direct obligations and
guarantees and commitments.  As proposed in the company's
Balance Sheet Management Plan, all of Benpres' liabilities were
computed as of May 31, 2002.  Also as proposed in the BSMP, the
company would make good faith semi-annual payments on its direct
and contingent obligations.  The first payment was made on
December 2, 2002, and succeeding payments were made in June and
December 2003, June and November 2004, and May and November
2005.

                         *     *     *

Sycip Gorres Velayo & Co. commented on the company's financial
results for the year ended December 31, 2007, that the ability
of the company to continue operating as a going concern depends
on the success of its Balance Sheet Management Plan.  This
condition indicates the existence of a material uncertainty,
which may cast significant doubt about the company's ability to
continue operating as a going concern.  Manila Electric Company,
an associate of First Philippine Holdings Corporation, has
pending real property tax assessments and cases.  The Toll
Regulatory Board directed Manila North Tollways Corporation MNTC
(a subsidiary of First Philippine Infrastructure, Inc.(an
associate of the company accounted for under the equity method)
to defer the imposition of Value Added Tax on toll fees.  Thus,
MNTC deferred and continues to defer the imposition of VAT from
the motoring public.  MNTC, together with other toll road
operators, is in discussion with the concerned government
agencies on the issue of VAT.  The ultimate outcome of these
matters cannot presently be determined, and no provision for any
additional liability that may result from additional cases in
the event of an adverse decision on these cases has been made in
the financial statements of MERALCO.

As of December 31, 2007, the company recorded total assets of
PHP48.33 billion while total stockholders' equity at year-end
stood at PHP16.13 billion.


MIC HOLDINGS: Resets Annual Stockholders' Meeting to Nov. 20
------------------------------------------------------------
MIC Holdings Corporation has reset its annual stockholders'
meeting to November 20, 2008, due to lack of certainty of
quorum.

                       About MIC Holdings

MIC Holdings Corporation (MET) was originally incorporated on
March 20, 1933 as Metropolitan Insurance Company to engage in
the insurance business, which included non-life insurance
business covering risks such as fire, fidelity and surety, motor
car, marine and casualty, and personal accident.  On
February 15, 1999, the Board of MET approved the change in its
corporate name to the present one and the change in primary
purpose from insurance to that of a holding company.  Since the
change of the purpose of MET to a holding company, the main
thrust of MET had been to look for potential investments that
would make MET adapt to the changing business environment.  
Thus, MET focused on looking for possible investments in the
field of telecommunications, as well as internet-related
businesses.

In February 2001, MET purchased the Uniform Resource Locator
domain www.mapcentral.ph or MapCentral from Cybersoft Integrated
Geoinformatics, Inc.  Since then, MET was able to leverage on
its Philippine map database of roads, political boundaries up to
the barangay level, establishments and landmarks from MapCentral
to forge tie-ups with applications developers that needed
geographic data to complete their location-based products and
services.  These products and services with MapCentral tie-ups
consisted of Find Precinct Online, Precinct Locator, Person
Finder, Establishment Finder, Safe Taxi and Wow Philippines
Finder.  MET was also engaged by Asian Navigation and Tracking
System (ANTS) to provide for continued access to MET's
geographic service for the service that ANTS provides to its
clients that would require the use of geographic reference data
outside Metro Manila.

                          *     *     *

KPMG Laya Mananghaya & Co., the company's independent auditors,
has raised substantial doubt on the company's ability to
continue as a going concern noting the company's losses of
PHP2.3 million and PHP0.5 million as of December 31, 2007 and
2006, respectively, resulting in a capital deficiency.

The company has been incurring three consecutive net losses for
the years ended December 31: PHP5.82 million in 2007;
PHP9.19 million in 2006 and PHP7.41 million in 2005.

                         *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Marites M. Claro, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S.
Abangan, and Peter A. Chapman, Editors.

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





                 *** End of Transmission ***