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

                     A S I A   P A C I F I C

            Wednesday, June 18, 2008, Vol. 11, No. 120

                            Headlines

A U S T R A L I A

ALLCO FINANCE: Sells U.S. Wind Interests for US$325 Million
AUXON PTY: Liquidator Gives Wind-Up Report
BENDIGO AND ADELAIDE: Fitch Lifts Support Rating Floor to BB
FERN HILL: Members to Hear Wind-Up Report on June 20
HT & LI: Liquidator Presents Wind-Up Report

K DOHERTY: Liquidators Present Wind-Up Report
LRP ENTERPRISES: Liquidator Gives Wind-Up Report
PVL UJDUR: Declares Dividend for Creditors
QUINN SURFACING: Liquidators Present Wind-Up Report
RAUSTIN PTY: Liquidator Presents Wind-Up Report

ZINIFEX LIMITED: Shareholders Approve Merger with Oxiana
* PWC REPORT: Liquidity Proves Slippery for Australian Banks
* PWC REPORT: Miners Face a Challenging Future


C H I N A

EXPEDIA INC: Mulls Offering US$500MM of Senior Unsecured Notes
EXPEDIA INC: S&P Rates Proposed US$500 Million Senior Notes 'BB'
EXPEDIA INC.: Moody's Rates US$500 Million Senior Notes at Ba2
JIANGXI COPPER: To Invest CNY1 Billion to Build Local Plant
JINAN IRON: Sees 50% Increase in Net Profit for First-Half 2008

KONKA GROUP: Denies Plan to Add Chuanghwa Pictures as Investor
NEO-CHINA LAND: S&P Removes 'B' Long-Term Credit Rating
SHIMAO PROPERTY: No Plans to Join Buyout Talks, Company Says
XINHUA FINANCE:PR Newswire Alliance Partners With AmCham-China


H O N G  K O N G

DRAGONA.COM LIMITED: Creditors' Proofs of Debt Due on June 20
CHUNG HING: Members & Creditors To Meet on June 20
FOK & CHAN: Creditors' Proofs of Debt Due on July 15
FOKA DEVELOPMENT: Members To Meet on July 16
H2 HONG KONG: Commences Liquidation Proceedings

HKS (GUANGDONG): Creditors' Proofs of Debt Due on July 2
HOLIDAY INNS: Commences Liquidation Proceedings
SHUN LOONG: Creditors' Proofs of Debt Due on July 14
WORLDWIDW TECHNOLOGY: Members To Meet on July 14
UFI TELECOM: Commences Liquidation Proceedings


I N D I A

FILMCITY MEDIA: Board to Discuss Equity Shares Allotment Today
GMAC LLC: Moody's Downgrades Senior Long-Term Rating to B3
NILACHAL REFRACTORIES: To Release FY 2008 Results on June 30
SAHARA INDIA: Can't Take New Deposits Maturing Beyond June 2011
UNIMIN INDIA: Settles US$2.75 Million Term Loan

VENDANTA: Moody's Puts (P)Ba1 Rating on Proposed US$ Notes
VEDANTA RESOURCES: Fitch Rates Proposed Bond Issue at 'BB+'


I N D O N E S I A

PERUSAHAAN GAS: Shareholders Approve 5-for-1 Stock Split
PERUSAHAAN GAS: Forecasts 15% Increase in 2008 Net Profit
PERUSAHAAN GAS: Appoints Prio Santoso as President Director


J A P A N

DELPHI CORP: IRS Wants District Court to Hear $26 Mil. Tax Case
FORD MOTOR: Sells Atlanta Assembly Plant to Jacoby Development
FORD MOTOR: Tracinda Corp. Reports Final Results of Tender Offer
FORD MOTOR: Sells Mo. Assembly Plant to Panattoni Development
NIPPON SHEET: Sees JPY9 Bil. Sales from Investment Securities

NIPPON: Sells MAG CO.'s Shares for JPY1.75BB to Saint-Gobain
NOMURA HOLDINGS: Unit Discloses Internal Investigation Results


M A L A Y S I A

APL INDUSTRIES: Proposed Capital Reconstruction Gets SC Okay
LITYAN HOLDINGS: To Shorten Life of Philippine Subsidiary
WWE HOLDINGS: Receives Summons from Sub-Contractor


N E W  Z E A L A N D

A2 CORP: Incurs NZ$6.3 Million Net Loss in FY2008
CENTRAL OTAGO: Liquidators Appointed
CHARCOAL HOLDINGS: Liquidators Appointed
CHOOK'S BAR: Court Sets August 18 Liquidation Hearing
DRIFT NZ: Creditors' Claims Filing Deadline is June 20

FREEDOM FITNESS: Shareholders Appoint Liquidator
MW2 LIMITED: Court Schedules Liquidation Hearing on June 30
PARTS IMPORTS: Liquidators Set June 30 Claims Bar Date
PEARSON AND WAY: Liquidation Hearing Set on August 8
STARLIGHT YACHTING: Claims Filing Deadline is June 30

V. DIRECT: Shareholders Appoint Liquidator
WEDGE CONSTRUCTION: Liquidators Appointed


P H I L I P P I N E S

MANILA ELECTRIC: To Lose PHP7 Bil. on Proposed Lower Power Rates


S I N G A P O R E

JACUZZI SINGAPORE: Creditors' Proofs of Debt Due on July 15
JCDECAUX NEONLIGHT: Creditors' Proofs of Debt Due on July 7
LE ROYAUME: Court Enters Wind-Up Order
XIN HEFENG: Court Enters Wind-Up Order


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ALLCO FINANCE: Sells U.S. Wind Interests for US$325 Million
-----------------------------------------------------------
Allco Finance Group and a consortium comprising the US-based
Archlight Capital Partners and Terra-Gen Power, have agreed to
the sale and purchase of Allco's and its co-investors' US wind
energy interests for a total sale price of US$325 million.  The
interest being sold comprise a circa 3100MW wind development
project in Tehachapi, California, one of the largest wind
development projects in the world.

Allco and its co-investment partners will realize significant
liquidity and profitability from the sale which is part of a
previously announced Allco asset sales program.

Nick Bain, Allco's Head of Infrastructure, said, “This sale has
delivered to Allco and its co-investment partners a highly
profitable outcome in a relatively short time frame, a result of
Allco's decision two years ago to establish its global wind
energy business.”

Steen Stavnsbo, Allco's Head of Wind Energy, added “In
Tehachapi, we have benefited greatly from our relationship with
our development partner, Oak Creek Energy Systems, a subsidiary
of Japanese Marubeni Corporation, who has played a pivotal role
in the development of the project to date.”

Allco's after tax share of sale proceeds is expected to be
approximately AU$165 million, which it will use to further pay
down its senior debt facilities with its banking syndicate.  In
addition, on closing of the sale, Allco will be released from
certain letter of credit obligations totalling AU$65 million.  
Allco's corporate senior debt and contingent commitments are
expected to be reduced by approximately AU$230 million in total
as a result of the sale, based on current exchange rates.

Allco's current drawn borrowings and contingent commitments
under its senior debt facilities is AU$935 million.  As a result
of the Tehachapi sale and other asset sales, Allco will be
targeting a senior debt level of AU$675 million by July 31,
2008.

The sale is subject to certain regulatory approvals which are
expected to be satisfied by the end of July 2008.

The Tehachapi wind development project is the largest single
wind development in the U.S. under one controlling entity.  The
project is supported by a landmark 1550MW power purchase
agreement with the Southern California Edison that was
negotiated and announced by Allco in December 2006.

                       About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management. The Company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private
equity and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities. It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.  In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.
The Company is a vendor of Momentum Investment Finance Pty
Limited and Allco Financial Services.  In July 2007, it acquired
Allco Equity Partners Ltd.  In December 2007, it completed the
acquisition of the remaining 79.6% stake of Rubicon Holdings
(Aust) Limited.

                          *     *     *

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
puttings its operations in the hands of administrators.
According to The Age, Allco board is faced with four problems:

     -- Meeting a fast-approaching deadline to refinance at
        least US$250 million in debt.

     -- Ensuring there is enough cash to cover its continuing,
        and much larger, loan commitments.

     -- Renegotiating or pulling out of a recently announced
        joint venture deal to buy US$1.7 billion of US power
        stations, of which Allco would fund half by debt and
        equity.

     -- Signing the company's accounts, for which they will be
        personally liable, that would allow the suspension on
        Allco's beleaguered shares to be lifted.


AUXON PTY: Liquidator Gives Wind-Up Report
------------------------------------------
Blair Pleash, Auxon  Pty Ltd's estate liquidator, met with the
company's members and creditors on June 2, 2008, and provided
them with property disposal and winding-up reports.

The liquidators can be reached at:

          Blair Pleash
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000
          Australia


BENDIGO AND ADELAIDE: Fitch Lifts Support Rating Floor to BB
------------------------------------------------------------
Fitch Ratings has affirmed Bendigo and Adelaide Bank Limited's
Long-term Issuer Default Rating at 'BBB+', Short-term IDR at
'F2', Individual at 'B/C', upgraded its Support rating to '3'
from '4' (to reflect the bank's increased size and importance in
the Australian banking system), upgraded the bank's Support
Rating Floor to 'BB' from 'B+' and removed them from Rating
Watch Positive.  The Outlook is Stable.

Assigning a Stable Outlook to BABL's Long-term IDR reflects the
agency's view that, although the merger of the two banks will
have positive benefits in the longer term, the merged group
faces a number of near-term challenges.  BABL is a more
diversified institution, both in terms of product and geographic
presence, but tighter credit market conditions have affected the
smaller financial institutions strongly, particularly those that
have relied significantly on wholesale markets and
securitisation for funding - as was the case with Adelaide Bank
Limited.  With difficult funding market conditions likely to
persist for some time, the merged group will be limited to
relying on Bendigo Bank Limited's very strong retail deposit
franchise to fund loan growth.

A further differentiating aspect of ABL's model is a relatively
high reliance on third party originators, to which the bank
delegates underwriting authority.  Fitch considers this to be a
more risky approach compared to a centralised system of control,
but notes that performance of the underwriters is closely
monitored and asset quality has been very good.  As at 31
December 2007, the ratio of gross impaired loans to gross loans
(securitised and non-securitised) for the merged group was a
very low 0.10% (FYE07: 0.13%).  While asset quality is very
strong in historical and comparative terms, Fitch expects to see
a mild deterioration during FY09 as higher interest rates add
pressure to some small businesses and highly geared Australian
households.

In December 2007, BBL purchased 100% of ABL's ordinary shares,
and BBL was subsequently renamed BABL.  The merger creates
Australia's seventh-largest bank with total assets of AU$49
billion at 31 December 2007.  The group is well-represented
across Australia with 382 branches, the majority of which are in
the former BBL's home state of Victoria.  This network consists
of former BBL Community Bank branches (56%), bank-owned retail
branches (37%), and ABL's bank-owned retail branches (7%) (all
of which are in South Australia).


FERN HILL: Members to Hear Wind-Up Report on June 20
----------------------------------------------------
E. M. Senatore, Fern Hill Technology Park Limited's appointed
estate liquidator, will meet with the company's members at
11:00 a.m. on June 20, 2008, to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          E. M. Senatore
          SBR Insolvency & Reconstruction
          Level 7, 28 University Avenue
          Canberra ACT 2601
          Australia


HT & LI: Liquidator Presents Wind-Up Report
-------------------------------------------
Blair Pleash, HT & LI 2 Pty Ltd's estate liquidator, met with
the company's members and creditors on June 2, 2008, and
provided them with property disposal and winding-up reports.

The liquidators can be reached at:

          Blair Pleash
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000


K DOHERTY: Liquidators Present Wind-Up Report
---------------------------------------------
Andrew H. J. Wily and David A. Hurst , K Doherty Consultants
Pty. Ltd.'s estate liquidators, met with the company's members
and creditors on May 28, 2008, and provided them with property
disposal and winding-up reports.

The liquidators can be reached at:

          Andrew H. J. Wily
          David A. Hurst
          Armstrong Wily
          Chartered Accountants
          Level 5, 75 Castlereagh Street
          Sydney NSW 2000
          Australia


LRP ENTERPRISES: Liquidator Gives Wind-Up Report
------------------------------------------------
P. V. Nevell, LRP Enterprises' estate liquidator, met with the
company's members and creditors on June 2, 2008, and provided
them with property disposal and winding-up reports.

The liquidators can be reached at:  

          P. V. Nevell
          WHK Camerons
          107 West High Street
          Coffs Harbour NSW 2450
          Australia


PVL UJDUR: Declares Dividend for Creditors
------------------------------------------
PVL Ujdur Pty Limited, which is in liquidation, declared its
dividend for its creditors.

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

The company's liquidator is:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Chartered Accountants
          GPO Box 200
          Canberra ACT 2601
          Australia
          Telephone: (02) 6247 5988


QUINN SURFACING: Liquidators Present Wind-Up Report
---------------------------------------------------
At the general meeting of the members and creditors of Quinn
Surfacing Pty Ltd held May 18, 2008, Schon G. Condon RFD and
David P. Watson , the appointed liquidators, presented an
account showing the manner in which the winding up has been
conducted and the property of the company disposed.

The liquidators can be reached at:

          Schon G. Condon RFD
          David P. Watson
          Condon Associates Chartered Accountants
          Level 6, 87 Marsden Street
          Parramatta NSW
          Australia
          Telephone: (02) 9893 9499


RAUSTIN PTY: Liquidator Presents Wind-Up Report
-----------------------------------------------
At the general meeting of the members and creditors of Raustin  
Pty Ltd held May 30, 2008, M. F. Anderson, the appointed
liquidator, presented an account showing the manner in which the
winding up has been conducted and the property of the company
disposed.

The liquidator can be reached at:

          M. F. Anderson
          Isis Partners
          Certified Public Accountants
          Suite A9, 4 Central Avenue
          Thornleigh NSW 2120
          Australia


ZINIFEX LIMITED: Shareholders Approve Merger with Oxiana
--------------------------------------------------------
Zinifex Limited shareholders voted in favor of the Scheme which,
subject to the approval of the Supreme Court of Victoria being
obtained, will result in the implementation of the merger of
Zinifex with Oxiana Limited.

A hearing to approve the Scheme is scheduled before the Supreme
Court of Victoria on Friday, June 20, 2008.  

If the Court approves the Scheme, Zinifex shares will be
suspended from the close of trading on Australian Stock Exchange
on June 20, 2008.

New Oxiana shares will commence trading on ASX on deferred
settlement basis on June 23, 2008.

New Oxiana shares commences trading on a normal settlement basis
on ASX on July 7, 2008.

                        Proposed New Name

The proposed name is OZ Minerals Limited.  Shareholder approval
of the new name will be sought at an Oxiana extraordinary
general meeting on July 18, 2008.  The proposed ASX code for the
new company is OZL.

OZ Minerals is a strong name representing the powerful heritage
and achievements of both companies.  Taking the first letters
from the names of both companies also symbolises this merger of
equals.

Oxiana's Managing Director and CEO Owen Hegarty said “OZ
Minerals is a bold name reflecting the coming together of two
successful companies.  OZ Minerals will have an enhanced
position in the global mining sector.

“With its new scale and capability OZ Minerals will be poised
for growth and will work rapidly to capitalize on the
opportunities presented by continuing strong fundamentals for
commodities.”

                         About Oxiana Ltd.

Oxiana Ltd. -- http://www.oxiana.com.au/-- is an international  
mining and exploration company, produces gold and copper from
two mines in Laos and studies are also underway to expand both
these operations. The Golden Grove zinc/copper mine in West
Australia was purchased in mid 2005 while the Prominent Hill
copper/gold project in South Australia is targeting a 2008
start-up. An aggressive exploration program is underway at all
the above as well as in China and Thailand.

                         About Zinifex Ltd.

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in   
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company
also has a zinc smelter in the Netherlands and the United
States.  The company sells a range of zinc metal, lead metal,
and associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Dec. 18, 2007, that Fitch Ratings affirmed Zinifex Limited's
'BB+' long-term foreign currency Issuer Default Rating (IDR),
following the announcement of an all cash offer for Allegiance
Mining NL (Allegiance).  Fitch's Web site as of April 21, 2008,
says the rating outlook is positive.


* PWC REPORT: Liquidity Proves Slippery for Australian Banks
------------------------------------------------------------
A joint PricewaterhouseCoopers/CSFI survey confirms the
extraordinary shift in the risk landscape facing banks in recent
times.  Liquidity - which has never featured as a top 10 risk in
the survey’s 12 year history - was identified as the number one
risk.

According to the global ‘Banking Banana Skins’ poll, volatile
credit spreads and a fear of credit losses rounded out the top
three concerns among 376 bankers, observers and regulators.

But despite the global bedlam arising from the liquidity and
credit crunch, Australia’s banks have fared relatively well.

Michael Codling, PricewaterhouseCoopers Banking Leader said,
"Australia’s banking system proved to be more resilient than
overseas, partly as a result of careful planning and good risk
management practices introduced by regulators and banks.”

However, as several respondents to the survey said, a
fundamental issue is that trust has been weakened across the
industry, and it is likely to be a long and painful road to
rebuild it.

Mr. Codling said "There was plenty of concern about the lack of
transparency of where residual risk was ending up, especially
where securitised instruments are involved.  This contributed to
the loss of trust and confidence.  The debate about the level of
industry disclosure will continue for some time.”

The survey also revealed that banks are feeling more anxious
about the general risk environment.  The Banana Skins Index, an
indicator of banks’ anxiety levels reached an all-time high,
having now been tracked for ten years.

Mr. Codling said "The nature and rapidity of the turmoil
certainly shook the banks’ confidence and the markets remain
jittery.  I think we’re now in for a period of traditional
conservative banking for the immediate future.”

                            Liquidity

The critical liquidity shortage in financial markets emerged as
the top risk for Australian and global banks for the first time
in the survey’s 12 year history. Respondents generally believed
risk management systems and banking regulations failed to
anticipate its devastating effect.

Mr. Codling said: "Not surprisingly liquidity was the banks’
chief concern, given the survey was conducted during February
and March at the height of the market crisis.  But liquidity is
not a new issue.  In recent years international events such as
the Asian currency crisis, September 11 and the London subway
bombings triggered significant liquidity challenges across
global financial markets.”

"Having said that, the risk landscape has changed dramatically
in the past 12 months as illustrated by Northern Rock - the
first run on a UK bank in over 150 years - and the US government
bail out of Bear Stearns.”

Australian banks felt better prepared.  According to the survey,
more than half (53 percent) of Australian banks felt they were
"well” prepared to handle the risks as compared to around a
quarter (24 percent) of their international counterparts.

Mr. Codling said "The relative optimism of Australia’s banks
appears to have been well founded, given their most recent
results.  There is no doubt that our Australian financial system
has responded relatively well.”

"Early stress testing by financial institutions and supervisory
bodies encouraged greater attention on the banking system’s high
dependency on wholesale and securitisation funding programs.  
Their investment in general resilience planning also paid off.”

"While we’re certainly not yet through the storm, it will be
interesting to see how the banks and regulators respond to the
learnings from this episode” he said.

                           Credit risks

Fear of heavy credit losses was the second highest risk
identified by respondents in Australia.  Mr. Codling said "Again
it’s not surprising given some of the high profile corporate
collapses we’ve had in Australia.  The consumer portfolios seem
to be holding up well but there is considerable uncertainty over
the impact of high interest rates and a slowing economy on
business customers.”

According to the survey, the US sub-prime collapse will have
long-lasting impacts on how loans are structured and
distributed.

"There was more than one major flaw in the US sub-prime business
model. Banks were way too far up the risk curve, lending to
people who couldn’t afford to repay, and they really got caught
when property prices dived” Mr. Codling said.

"The way in which the loans were funded also meant that the
banks had limited accountability for their actions.  The risks
they had originated were widely distributed to people investing
in securitisation vehicles.”

A number of respondents to the survey are now predicting an end
to the "originate-to-distribute” business model.

"This has significant ongoing ramifications for some of our
banks” added Mr Codling "and it could be a while before the
industry innovates and develops alternative business models.”

                       Too Much Regulation

Regulatory excess, which ranked as the number one risk in the
two prior Banking Banana Skins surveys, fell to eighth and 10th
place (global and Australia respectively) as more urgent
concerns took precedence.

Many respondents, particularly bankers, still fear a ‘knee jerk’
reaction by authorities following the debt market turmoil.

"It is interesting to reflect how recent regulation and the
responses of regulators and central bankers have helped banking
systems through the current market turmoil. Financial
institutions are not opposed to further regulation, so long as
it is balanced and addresses the right issues” Mr. Codling said.

"The key for future regulatory reform is understanding which
regulatory levers were pulled and worked, what levers remain to
be used and what additional levers will help in future”.

Very recent announcements by the Australian Government in
relation to its current thinking on the regulation of mortgages,
margin lending, debentures and property spruikers have been
broadly welcomed by the industry.

                            Technology

Just shy of the top ten, technology risk was one regarded as a
far more significant risk in Australia (11th) than globally
where it ranked 15th.

"Our banks certainly have some significant technology challenges
with their old legacy systems, but this is not unique to
Australia.  The relative significance given to technology risk
in Australia reflects its front-of-mind importance to our banks
who are now taking active steps to tackle these issues” Mr.
Codling said.

                   Local vs Global Banana Skins

The top 10 Banking Banana Skins identified by Australian bankers
were:

    * Liquidity
    * Credit spreads
    * Credit risk
    * Equities
    * Derivatives
    * Interest rates
    * Macro-economic trends
    * Risk management techniques
    * Hedge funds
    * Too much regulation

The top 10 Banking Banana Skins identified globally were
(previous ranking in brackets):

    * Liquidity (-)
    * Credit risk (2)
    * Credit spreads (-)
    * Derivatives (3)
    * Macro-economic trends (14)
    * Risk management techniques (10)
    * Equities (12)
    * Too much regulation (1)
    * Interest rates (5)
    * Hedge funds (7)


* PWC REPORT: Miners Face a Challenging Future
----------------------------------------------
Australia’s mid-tier miners face a challenging future despite
impressive financials achieved from strong commodity prices,
according to a new PricewaterhouseCoopers report.

The analysis of the Australian and global mining sectors for the
year ended 31 December 2007, shows that Australia’s Mid-tier 50
had another spectacular year with revenues up 51 per cent, and
profits rising 42 per cent. The world’s top 40 resource giants
displayed similar results, posting revenue gains of 32 per cent
and profit growth of 21 per cent.

Tim Goldsmith, Australian and Global Mining Leader for
PricewaterhouseCoopers said, "Australian and global miners
continued to perform strongly in 2007. High commodity prices and
sustained growth in emerging economies helped buffer miners from
the impact of the global credit crunch”.

Australia’s mid-tier 50 significantly increased its market
capitalisation too during 2007, outperforming the ASX All
Ordinaries Index by a factor of 10 to 1 (68.5 per cent versus
6.4 per cent). This group’s aggregated market capitalisation
rose from US$38.4 billion to US$64.7 billion. Similarly, market
capitalisation for the global top 40 grew by 54 per cent to
reach an astounding US$1.388 trillion.

                       As good as it gets?

"While it seems the industry will continue the strong run of the
past five years, several indicators suggest that the rate of
growth may slow. Declining margins caused by rising costs,
procurement constraints, power shortages and ongoing skills
shortfalls have made the environment far more challenging,” Mr
Goldsmith says.

Operating costs for global miners reached a staggering US$51
billion in 2007 up from US$37 billion in 2006. Escalating
energy, labour, materials, and transportation costs combined to
drive down net profit margins from 28 per cent in 2006 to 26 per
cent in 2007 - the first fall in profit margins since 2003.

"For some industry participants, it seems the best years may be
behind them. For established players with low cost long, life
operations, the future outlook is very positive. Global demand
for resources remains robust, and commodity prices continue to
soar - conditions are still highly profitable,” he says.

According to the report, the strain on resources to support the
mining industry continues to be a critical issue. To capitalise
on rising mineral prices, companies are rushing to expand
operations, revitalise previously abandoned assets, and
aggressively pursue acquisition opportunities.

"Securing supply will be a key battle among miners. Investing in
initiatives that bring new supply to the market will become a
priority. We are likely to see M&A activity in the sector
intensify as players rush to secure supply producing assets.”
said Mr Goldsmith.

                        Resource windfall

Shareholders of Australia’s Mid-tier 50 were rewarded with a 24
per cent increase in dividend payouts in 2007. However pay-out
ratios decreased as a result of companies re-investing some
earnings into development and exploration initiatives to drive
future production growth.

Equally impressive was the total shareholder returns of the
global top 40. On average, investors in these companies each
received a return of 119 per cent compared to 55 per cent for
the prior year. The high yield was largely driven by the
performance of companies in emerging nations such as China.

                        Chinese investment

Chinese companies increased their interests in Australian mining
companies, particularly in the iron ore sector in 2007. For
Australia’s Mid-tier 50, the highest profile of these proposed
investments is Sinosteel Corporation’s $1.3 billion bid for
Midwest and its West Australian iron ore assets. The Chinese
steelmaker already owns 40 per cent of the iron ore group.

Other Chinese interests include Anshan Iron and Steel’s 12.9 per
cent stake in Gindalbie Metals; MCC’s imminent purchase of Cape
Lambert’s iron ore project, and the recent Sinosteel purchase of
a stake in Murchison Metals.

"China’s growing resource presence comes at a time of increased
scrutiny of investments of sovereign wealth funds and other
state-owned organisations. Chinese investment in Australian
industry is significant and continues to grow”, Mr Goldsmith
says.

"While some have concerns these investments pose a threat to the
national interest, a significant portion of the resource sector
is foreign owned which has generated substantial returns for the
economy”.

"Foreign investment is vital for Australia. Ownership concerns
and other issues should be assessed on a case-by-case basis,
determined by commercial considerations”.

"The significant change to the global commodities outlook has
largely been due to Chinese demand. It is certainly fair to
allow them ownership of Australian mining assets, particularly
when they want to open mines that might not otherwise have been
developed,” said Mr Goldsmith.

                         Key commodities

Copper remains the dominant source of revenue for the world’s
top 40 mining companies, accounting for 28 per cent of total
revenue (US$87.36 billion). Coal and iron ore (12 per cent each)
rounded out the top three commodities for revenue generation.
Margins for these commodities remain strong.

In contrast to the strong performance of the top three
commodities, the gold sector was relatively weak. Despite large
in-flows of speculative money from depressed equity markets,
margins on gold were down in 2007. To address this, a number of
gold companies have commenced exiting their hedging commitments
to receive greater exposure to rising gold prices.



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

EXPEDIA INC: Mulls Offering US$500MM of Senior Unsecured Notes
--------------------------------------------------------------
Expedia Inc. plans to privately offer US$500 million of senior
unsecured notes guaranteed by certain of its subsidiaries.  The
Notes are expected to have a maturity of eight years, and the
timing of the closing of the offering will be subject to market
conditions.

Expedia Inc. plans to use the net proceeds of the offering for
general corporate purposes and to repay borrowings of US$330
million  outstanding under its credit facility.

Based in Bellevue, Washington, Expedia Inc. (NASDAQ: EXPE) --
http://www.expediainc.com/-- is an online travel company.
Expedia's companies operate internationally with sites in
Australia, Canada, France, Germany, Italy, Japan, the
Netherlands, Norway, Spain, Sweden, the United Kingdom and
China, through its investment in eLong (TM).


EXPEDIA INC: S&P Rates Proposed US$500 Million Senior Notes 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'BB' rating to
Expedia Inc.'s proposed US$500 million senior notes due 2016.  
The company expects to use proceeds to pay off the current
balance on the company's $1 billion unsecured revolving credit
facility and for general corporate purposes.  The notes will be
senior unsecured obligations of the company and will rank pari
passu with all present and future senior indebtness.  The 'BB'
corporate credit rating on Expedia is affirmed.
     
At the same time, S&P assigned a '3' recovery rating to the
proposed senior notes, indicating our expectation of meaningful
(50% to 70%) recovery in the event of a payment default.  
     
The rating on Expedia Inc. reflects the intense competitiveness
of the online travel agency market, shifting supplier dynamics,
and a tolerance for potentially high debt leverage to
accommodate returns to shareholders.  Expedia's leading market
share, broad portfolio of brands and services, and good
discretionary cash flow generation partially offset these
factors.
     
Expedia offers, on a stand-alone or packaged basis, travel
products and services provided by airlines, lodging properties,
car rental companies, cruise lines, and others.  The company's
portfolio of brands includes Expedia, Hotels.com, Hotwire.com,
Classic Vacations, eLong, and TripAdvisors.  Total debt
outstanding as of March 31, 2008, was $740 million.
     
Expedia had a good first quarter with revenue up 25% year-over-
year propelled by increased worldwide merchant hotel revenue and
advertising and media revenue.  The European market is still the
largest contributor to growth with a gross bookings increase of
34% in the first quarter of 2008.  North America gross bookings
increased 15%.  The EBITDA margin compressed a little bit during
the quarter because of higher sales and marketing expenses.  The
second half of 2008 could be somewhat challenging for the entire
travel sector with the global economy showing signs of a
slowdown.  However, with Expedia's strong brands, diverse
product offering, and still modest debt leverage, the company is
in a good position to deal with the uncertainty.

Ratings List
Ratings Affirmed

Expedia Inc.
Corporate Credit Rating                          BB/Stable/--       
Senior Unsecured
  Local Currency                                  BB                 
  Recovery Rating                                 3                  

New Rating
Expedia Inc.
$500 million senior unsecured notes due 2016     BB
  Recovery Rating                                 3     

Based in Bellevue, Washington, Expedia Inc. (NASDAQ: EXPE) --
http://www.expediainc.com/-- is an online travel company.
Expedia's companies operate internationally with sites in
Australia, Canada, France, Germany, Italy, Japan, the
Netherlands, Norway, Spain, Sweden, the United Kingdom and
China, through its investment in eLong (TM).


EXPEDIA INC.: Moody's Rates US$500 Million Senior Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service affirmed Expedia, Inc.'s Ba2 corporate
family rating and assigned a Ba2 rating to the company's new
US$500 million senior notes due 2016.  The rating outlook for
Expedia has been revised to stable from negative based on the
company's demonstrated ability to generate high levels of
sustained free cash flow and Moody's view that the current Ba2
rating can accommodate modest-sized acquisition activity and
shareholder friendly actions.

Expedia's Ba2 CFR is supported by the company's leading position
in the consumer online travel agency market and strong cash flow
(for the twelve months ended March 31, 2008, EBITDA and free
cash flow on a Moody's adjusted basis were $808 million and
$636 million, respectively).  The rating is constrained by
aggressive financial policies with regard to share repurchases,
exposure to ongoing competition from supplier-owned and other
third party online travel sites, and the concentrated voting
control of Barry Diller and Liberty Media.

The stable outlook reflects the company's strong operating
performance amidst the current economic slowdown in the U.S.  
For the twelve months ended March 31, 2008, revenues increased
by over 20% year-over-year to $2.8 billion.  While Moody's
expects air and hotel bookings to come under pressure during the
remainder of 2008 as a result of increased airfares (driven by
rising fuel prices and airline capacity reductions) and
declining hotel rates, Moody's believe Expedia will still
generate at least $500 million in free cash flow for the year,
which would comfortably position the company at the Ba2 rating
level.

Furthermore, given the current credit climate, Moody's believe
that event risk arising from significant acquisition activity
and additional shareholder friendly actions will be limited in
the near to intermediate term.  Accordingly, Moody's expect
leverage to remain well below the 2.5x threshold that could
trigger downward rating pressure.

The Speculative Grade Liquidity Rating has been upgraded to SGL-
1 from SGL-2 due to the company's robust free cash flow and
ample cash balance (approximately $700 million at March 31,
2008).  In addition, the company has sufficient external
liquidity sources available in the form of its $1 billion
revolving credit facility that expires in August 2010.  
Subsequent to the bond offering, the company will repay the
amount drawn on its revolver ($330 million currently
outstanding), which would make the full $1 billion available.

Ratings affirmed:

  -- Corporate family rating Ba2;
  -- Probability-of-default rating Ba2;
  -- $500 million senior unsecured notes, due August 2018 Ba2
     (LGD 4, 51%)

Rating assigned:

  -- $500 million senior unsecured notes due 2016 Ba2 (LGD 4,
51%)

Rating upgraded:

  -- Speculative Grade Liquidity Rating to SGL-1 from SGL-2

Based in Bellevue, Washington, Expedia Inc. (NASDAQ: EXPE) --
http://www.expediainc.com/-- is an online travel company.
Expedia's companies operate internationally with sites in
Australia, Canada, France, Germany, Italy, Japan, the
Netherlands, Norway, Spain, Sweden, the United Kingdom and
China, through its investment in eLong (TM).


JIANGXI COPPER: To Invest CNY1 Billion to Build Local Plant
-----------------------------------------------------------
Jiangxi Copper Co. Limited will invest CNY1 billion to build a
sulphuric acid plant in Ruichang, Jiangxi province, XFN-ASIA
News reports, citing China Nonferrous Metals News.

The new plan, the report relates, will have the capacity to
produce 800,000 tonnes of sulphuric acid and 350,000 tonnes of
pyrite concentrates per year, and power generation facilities
for up to 78 million kilowatthours per year.

The new facility will be built in two phases, with construction
of the first phase due to start in September, the report says.

Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an  
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

                          *     *     *

As of June 17, 2008, the company still holds Xinhua Far East
China Ratings' BB+ issuer credit rating.


JINAN IRON: Sees 50% Increase in Net Profit for First-Half 2008
---------------------------------------------------------------
Jinan Iron & Steel Co. Limited expects a 50% increase in net
profit for the first half of 2008, Steel Guru News reports.

The increase of the guidance, the report relates, is based on:

   -- the company vigorously promoted the energy saving and
      emission reduction; and

   -- the steel products prices have gone up substantially in
      the first half of the year.

Jinan Iron and Steel Company posted a net profit of
CNY672143517.4 or CNY 0.5 per share for 2007.

As reported by the Troubled Company Reporter-Asia Pacific on
April 30, 2008, the company paid a dividend of CNY6(before tax)
for every 10 shares held by shareholders.

                         About Jinan Iron

Headquartered in Jinan, Shandong Province, China, Jinan Iron &
Steel Co., Ltd is principally engaged in the manufacture and
sale of iron and steel products.  The company mainly offers
medium to heavy steel plates and deformed steel bars.

                          *     *     *

As of June 17, 2008, the company still holds Xinhua Far East
China Ratings' BB+ issuer credit rating.


KONKA GROUP: Denies Plan to Add Chuanghwa Pictures as Investor
--------------------------------------------------------------
Konka Group Co. Limited denied rumors that it was planning to
introduce Taiwan-based Chuanghwa Picture Tubes as new strategic
investor through a private placement, Sinocast News reports.

However, the report relates, Konka spokesperson confirmed that
it has been in talks with various firms, including Chuanghwa
Picture Tubes, regarding the establishment of a LCD joint
venture.  But so far Konka Group and Chunghwa Pictures have made
no cooperation in any sectors, the spokesperson said.

Chuanghwa Picture Tubes' plant in Shenzhen was put into
production in the fourth quarter of 2006, with a capacity of
200,000 pieces of LCD panels, and as for Konka, it also hopes to
ensure upstream supply, Industry Analysts told the news agency.

                         About Konka Group

Headquartered in Shenzhen, Guangdong Province, the People's
Republic of China, Konka Group Co., Ltd. --
http://www.konka.com/-- is a manufacturer of electronics and   
telecommunications products.  The Company has established five
manufacturing bases, located in Mudanjiang, Shaanxi Province,
Dongguan, Anhui Province and Chongqing.  It also has a
nationwide sales and services network, with 300 sales branches,
7,000 retailers and 30,000 services centers.

                           *     *     *

As of June 17, 2008, the company still holds Xinhua Far East
China Ratings' BB+ issuer credit rating.


NEO-CHINA LAND: S&P Removes 'B' Long-Term Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services removed the 'B' long-term
corporate credit rating on Neo-China Land Group (Holdings) Ltd.
and the 'B' issue rating on the company's US$400 million senior
unsecured notes due 2014 from Credit Watch, where they were
placed with negative implications on Feb. 1, 2008.  Both ratings
are affirmed.  The outlook on the corporate credit rating is
negative.

The CreditWatch action follows Neo-China's announcement that
Deloitte Touche Tohmatsu has resigned as its auditor.  Neo-China
has appointed CCIF CPA Ltd. as a replacement.

"The negative outlook reflects increasing uncertainty over Neo-
China's future operations, given a worsening overall situation.   
Based upon our discussions with the company, we understand its
current operations and liquidity have yet to be affected," said
Standard & Poor's credit analyst Bei Fu.  "Persistent risks,
however, include Neo-China's deteriorating financial
flexibility, which partly stems from the prolonged suspension of
share trading in the company.  In addition, Neo-China's
corporate governance practices remain questionable despite its
own efforts, which include commissioning an external review of
its Hong Kong operations and internal control systems."

The rating reflects the company's weak corporate governance
measures, its aggressive growth strategy, and execution risks
associated with operating on a significantly larger scale and
entering new markets.  The rating also takes into consideration
the company's thin cash flow protection, its exposure to the
cyclical and competitive Chinese real estate industry,
regulatory risk, and key-man risk.  The rating affirmation
factors in the negative impact of the earthquake in May 2008 on
Neo-China's development project in Chengdu, Sichuan.

These weaknesses are tempered by Neo-China's diversified and
low-cost land bank.  The company has a reasonable development
track record for the rating category.


SHIMAO PROPERTY: No Plans to Join Buyout Talks, Company Says
-------------------------------------------------------------
Shimao Property Holdings Limited and its subsidiaries have no
plans to participate in any talks related to acquisition of a
stake in Television Broadcasts Ltd or Shaw Brothers (Hong Kong)
Ltd., Sinocast News reports.

"The board wishes to clarify that neither the company nor any of
its subsidiaries has any plan to participate in any negotiation
relating to the acquisition of interest in Television Broadcasts
Ltd or Shaw Brothers (Hong Kong) Ltd," the company said in a
statement cited by the report.

Sinocast News relates that Company Chairman Hui Wing-mau was
reportedly trying to raise funds to make a bid for Shaw
Brothers, which owns 26% of TVB.  Hui's 60% interest in Shimao
is worth about HK$25 billion, but he needs to arrange bank loans
as tycoon Run Run Shaw wants to be paid in cash for his majority
stake in Shaw Brothers, the Sinocast notes, citing media
reports.

According to Sinocast, analysts have speculated that Run Run
Shaw has been attempting to unload his stake in TVB as no one in
his family appears interested in taking over the business.

                      About Shimao Property

Shimao Property Holdings Limited -- http://www.shimaogroup.com/    
-- is a large-scale developer of real estate projects in China,
specializing in high-end developments in prime locations.  The
company's business portfolio comprises the development of
residential properties, retail properties, offices and hotels.
The company has 15 projects at various stages of development
located in Shanghai, Beijing, Harbin, Wuhan, Nanjing, Fuzhou,
Kunshan, Changshu, Shaoxing and Wuhu.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 17, 2008, Moody's Investors Service changed the outlook for
Shimao Property Holdings Limited's Baa3 issuer and bond ratings
to negative from stable.  The rating action followed Shimao's
announcement that it acquired new property projects in Hangzhou
and Dalian for CNY3.07 billion and CNY1.65 billion respectively.

"The negative outlook is due to concerns that the aggressive
nature of Shimao's strategy for acquiring land could increase
its financial leverage and weaken its liquidity profile in the
near term," said Peter Choy, a Moody's Vice President and Senior
Credit Officer.

In July 2007, Fitch Ratings assigned a Long-term Foreign
Currency Issuer Default Rating of 'BB+' to China-based Shimao
Property Holdings Limited.  Simultaneously,Fitch assigned issue
ratings of 'BB+' to Shimao's US$350 million senior notes due
2016 and USD250m senior floating
rate notes due 2011, respectively.  The Outlook for the IDR is
Stable.

In June 2007, Standard & Poor's Ratings Services said
that its rating on Shimao Property Holdings Ltd. (BB+/Stable/--)
was not immediately affected by the company's recent proposal to
inject most of its retail and commercial assets into A-
sharelisted Chinese property company, Shanghai Shimao Co. Ltd.,
in return for ultimate controlling ownership in the company.


XINHUA FINANCE:PR Newswire Alliance Partners With AmCham-China
--------------------------------------------------------------
Xinhua PR Newswire, an alliance created between Xinhua Finance
and PR Newswire, has entered into an agreement with the American
Chamber of Commerce in the People's Republic of China ("AmCham-
China").  Under the agreement, XPRN and AmCham-China will work
together to extend the reach of business information across
China while helping AmCham-China's members to succeed in the
growingly competitive Chinese market.

The agreement covers several key projects designed to facilitate
the flow of information to each of AmCham-China's members and
beyond.  Through the agreement, AmCham-China will be able to
take full advantage of XPRN's unrivaled dominance in news
release distribution in China.  With XPRN's media network
reaching more than 10,000 journalists from over 3,000 media
outlets across China, AmChina will have a perfect platform to
benefit its more than 1,100 corporate members.

Also, as part of the agreement, XPRN and AmCham-China will
collaborate in offering public discussions and seminars aimed at
helping AmCham-China's members improve their understanding of
the media and communications landscape in China so that they
could communicate more effectively with the local media and
general public.

"Businesses today know the importance of developing and
delivering clear and concise messages about their products,
services, values and activities," said Jim Ruderman, vice
president of communications, AmCham-China.  "Still, many Western
companies operating in the fast-changing Chinese market are
unsure about the best way to get their message out most
effectively.  By leveraging Xinhua PR Newswire's well-developed
distribution network and their knowledge of the local media, we
and all of our members now have a far more effective platform to
raise our visibility among our customers, the business community
and the general public here."

"During the past two decades, thousands of American companies
have started doing business in China," said Yujie Chen, director
of Xinhua PR Newswire, "We are committed to bringing these
companies closer together with the Chinese market.  The
partnership with AmCham-China is not only an acknowledgment of
our unique competence but also provides a good channel for us to
better understand clients' needs."

                       About AmCham-China

The American Chamber of Commerce in the People's Republic of
China (AmCham-China) is the largest Beijing-based foreign
business association. A non-profit organization, AmCham-China is
dedicated to improving the business climate in China. Its
membership includes more than 2,600 individuals from more than
1,100 companies of all sizes, representing virtually every
industry. It has more than 40 industry- and issue-specific
forums and committees, offers unique business information and
services and interacts frequently with US and Chinese officials
to discuss challenges and opportunities facing US firms doing
business in China.

                     About Xinhua PR Newswire

Xinhua PR Newswire (XPRN), an alliance created between Xinhua
Finance and PR Newswire, assists companies and organizations in
delivering their news releases to the media, individual and
institutional investors, and the general public worldwide, with
clipping, monitoring, measurement and media intelligence
services.  Utilizing PR Newswire's global news distribution
network, Xinhua PR Newswire can send clients' press releases to
170 countries in 40 languages.  Visit http://www.xprn.comfor  
further information.

                  About Xinhua Finance Limited

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

                       *     *     *

As of June 17, 2008, the company still holds Moody's “B2” LT
Family and Senior Unsecured Debt Ratings.   It also currently
holds S&P's LT Credit Rating at “B.”



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

DRAGONA.COM LIMITED: Creditors' Proofs of Debt Due on June 20
-------------------------------------------------------------
The creditors of Dragona.com  Limited are required to file their
proofs of debt by June 20, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 30, 2008.

The company's liquidator is:

         Paul Marinus Van Eyl
         Sathorn Road, #12BA Bangkok
         10500, Thailand


CHUNG HING: Members & Creditors To Meet on June 20
--------------------------------------------------
Chung Hing Transportation and Godown Company Limited will hold a
joint meeting for its members and creditors at 3:00 p.m. on
June 20, 2008.

No liquidator information was disclosed.


FOK & CHAN: Creditors' Proofs of Debt Due on July 15
----------------------------------------------------
The creditors of Fok & Chan CPA Limited are required to file
their proofs of debt by July 15, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 5, 2008.

The company's liquidators are:

         Leung Shu Yin
         William
         Kai Tak Commercial Building, 9th Floor
         Rooms 904-908, Des Voeux Road Central
         Hong Kong
         

FOKA DEVELOPMENT: Members To Meet on July 16
---------------------------------------------
The members of Foka Development Limited will have their final
general meeting on July 16, 2008, at Shop No. 101, 1st Floor,
328 Sha Tsui Road, Tsuen Wan, N. T., in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator can be reached at:

         Tam Shing Yan
         Shop No. 101, 1st Floor
         328 Sha Tsui Road, Tsuen Wan, N. T.
         Hong Kong


H2 HONG KONG: Commences Liquidation Proceedings
-----------------------------------------------
H2 Hong Kong Limited's members agreed on May 30, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Nathalia K M Seng and Susan Y H Lo to facilitate the
sale of its assets.

The liquidators can be reached at:

          Nathalia K M Seng
          Susan Y H Lo
          Level 28, Three Pacific Place
          1 Queens Road East, Hong Kong


HKS (GUANGDONG): Creditors' Proofs of Debt Due on July 2
--------------------------------------------------------
The creditors of HKS (Guangdong) Limited are required to file
their proofs of debt by July 2, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

         Chan Sun Kwong
         Oriental Centre, Room 102
         67-71 Chatman Road
         Tsimshatsui, Kowloon
         Hong Kong


HOLIDAY INNS: Commences Liquidation Proceedings
-----------------------------------------------
Holiday Inns (Casablanca) Limited's members agreed on June 2,
2008, to voluntarily liquidate the company's business.  The
company has appointed Mesdames Nathalia Seng Sze Ka Mee and
Cheng Pik Yuk to facilitate the sale of its assets.

The liquidators can be reached at:

          Mesdames Nathalia Seng Sze Ka Mee
          Cheng Pik Yuk
          Level 28, Three Pacific Place
          1 Queen's Road, East Hong Kong
           

SHUN LOONG: Creditors' Proofs of Debt Due on July 14
----------------------------------------------------
The creditors of Shun Loong Nominees Limited are required to
file their proofs of debt by July 14, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 2, 2008.

The company's liquidator is:

         Lo Wai
         Park-In Commercial Centre, Room 1901-2
         56 Dundas Street, Mongkok Kowloon
         Hong Kong
         

WORLDWIDW TECHNOLOGY: Members To Meet on July 14
------------------------------------------------
The members of Worldwide Technology Partners (H.K.) Limited will
have their final general meeting on July 14, 2008, at Kwan Chart
Tower, 6th Floor, 6 Tonnochy Road, Wanchai, in Hong Kong to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator can be reached at:

         Puen Wing Fai
         Kwan Chart Tower, 6th Floor,
         6 Tonnochy Road, Wanchai


UFI TELECOM: Commences Liquidation Proceedings
----------------------------------------------
UFI Telecom Limited's members agreed on May 31, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Leung Chung Yin and Wing Lai to facilitate the sale of
its assets.

The liquidators can be reached at:

          Leung Chung Yin
          Wing Lai
          Eton Building, Unit C, 7th Floor
          288 Des Voeux Road, Central, Hong Kong



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

FILMCITY MEDIA: Board to Discuss Equity Shares Allotment Today
--------------------------------------------------------------
Filmcity Media Ltd's Board of Directors will discuss on the
allotment of 4917909 Equity Shares on right basis at a meeting
set today, June 18, 2008.

In a letter to investors dated April 12, 2008, Filmcity Media
offered to issue 49,17,909 equity shares of Re.1/- each for cash
at par aggregating to Rs. 49,17,909 /- on rights basis to the
existing equity shareholders of the company in the ratio of one
equity shares for every 11 equity shares of Re. 1/- each held on
the record date April 15, 2008.

Last month, the company's Board resolved and constituted a
committee consisting of four directors for the issue of Global
Depository Receipts/Foreign Currency Convertible Bonds up to
US$10 million and other matters related to GDR / FCCB.

Filmcity Media Limited engages in producing and telecasting
television programs in India.  It produces countdown programs,
daily soaps, and other entertainment programs, as well as health
related programs.  The company was incorporated in 1994 and is
based in Mumbai, India.

                          *     *     *

For the year ended March 31, 2007, Filmcity Media Ltd incurred a
net loss of Rs. 5.07 million on net sales of Rs. 17.41 million.

For the last three quarters in year 2007, the company also
incurred consecutive net losses:

   Period                        Net Loss
   ------                        --------
   Quarter Ended June 30, 2007   Rs. 0.11 million
   Quarter Ended Sept. 30, 2007  Rs. 0.58 million
   Quarter Ended Dec. 31, 2007   Rs. 0.49 million


GMAC LLC: Moody's Downgrades Senior Long-Term Rating to B3
----------------------------------------------------------
Moody's Investors Service downgraded the senior long-term rating
of GMAC LLC to B3 from B2.  The outlook is negative.  The
downgrade is based on GMAC's increased exposure to Residential
Capital LLC, GMAC's residential mortgage finance subsidiary
(senior unsecured affirmed at Ca), and also reflects growing
pressure on GMAC's auto finance asset quality and profitability.

GMAC and ResCap have recently concluded a restructuring of debt
and bank facilities that, while beneficial to ResCap's
liquidity, results in GMAC's committed credit extensions to
ResCap increasing to a total of US$4.6 billion from US$750
million at the end of the first quarter of 2008. This includes a
new US$3.5 billion secured line, of which US$750 million is a
first loss participation that is expected to be funded by GM and
Cerberus (through one of its managed funds).  Extensions also
include US$1 billion of incremental credit made necessary by a
larger than previously anticipated shortfall in ResCap's cash
funding requirements.  GMAC has also contributed to ResCap
certain ResCap debt that GMAC acquired through open-market
purchases, in exchange for ResCap preferred interests.  Moody's
estimates that on a March 31, 2008 pro-forma basis, common and
preferred interests in ResCap and total credit extensions
represent 84% of GMAC's net worth, compared with 46% at the end
of 2007. Given the continuing operating uncertainties at ResCap,
the increase in exposure weakens GMAC's stand-alone credit
profile, in Moody's view.

GMAC's credit extensions are supported by a ResCap pledge of
assets, giving it a priority position in a ResCap bankruptcy;
however, Moody's believes there is some uncertainty regarding
the extent of asset recovery.  GMAC's preferred interests in
ResCap are exchangeable after January 2009 for equivalent
interests in IB Finance Holding LLC, the parent of GMAC Bank,
which provides financing for both residential mortgages and auto
loans.  owever, GMAC's control of the bank past November 2008 is
also subject to uncertainty, as FIM Holdings (the investor
consortium led by Cerberus) is party to a disposition agreement
with the FDIC that could result in Cerberus disposing of its
ownership interest in the bank by that date.

The downgrade also reflects growing pressure on the
profitability of GMAC's auto finance operations, arising from
higher average borrowing costs and weakening asset quality.
Asset quality is being affected by a marked decline in used
vehicle values in recent quarters, which decreases expected
recoveries from loan defaults and reduces residual realization
on retail leases.  In the last half of 2007, GMAC tightened its
loan underwriting, which resulted in improved delinquency in the
first quarter of 2008.  Nevertheless, higher unemployment and
declining consumer credit alternatives are likely to result in
higher loan defaults in Moody's view.

The credit extensions and capital injections from GMAC to ResCap
have also increased the demands on GMAC's liquidity and capital
ratios. GMAC has obtained a new US$11.4 billion three-year
senior secured bank facility that replaces its $6 billion
unsecured credit facilities.  The facility steps down to US$7.9
billion after two years.  The new facility provides added
funding capacity to GMAC, but usage encumbers GMAC's assets,
resulting in structural subordination of senior unsecured
creditors.  Moody's believes that asset coverage of unsecured
creditors has weakened in recent quarters. Moody's also said
that GMAC's leverage continues to be higher than auto captive
peers.

The negative outlook on the GMAC rating reflects the continued
operating uncertainty at ResCap, as well as the challenging
operating environment for the core consumer auto finance
operations.

                      About GMAC LLC

GMAC LLC is a Detroit-based provider of retail and wholesale
auto financing, auto insurance, and warranty products.  GMAC
owns Residential Capital LLC, which is engaged in residential
mortgage finance.  GMAC reported a first quarter 2008
consolidated net loss of US$589 million.

In Asia, the company has operations in Australia, China, India,
New Zealand and Thailand.


NILACHAL REFRACTORIES: To Release FY 2008 Results on June 30
------------------------------------------------------------
Nilachal Refractories Limited disclosed in a regulatory filing
that it is arranging to polish its fiscal year 2008 audited
results within a period of three months of closure of accounting
year 2007-2008 i.e. until June 30, 2008.

Accordingly, the company's un-audited results for the last
quarter ended March 31, 2008, will not be published.

Based in Kolkata, India, Nilachal Refractories Limited --
http://www.nilachalrefractories.com/-- formerly IPITATA  
Refractories Ltd., came into being way back in 1977 as IPIBEL
Refractories which was promoted as a joint venture by Industrial
Promotion Investment Corporation of Orissa Ltd. (IPICOL) and the
then Belpahar Refractories Ltd.  The objective was to cater to
the growing refractories demand of the country emerging out of
growth in ferrous,non-ferrous, cement, petrochemicals and
chemical industries.

                         *     *     *

For the year ended March 31, 2007,  Nilachal Refractories
Limited incurred a net loss of Rs. 19.92 million on net sales of
Rs. 71.57 million.

For the last three quarters of year 2007, the company also
incurred consecutive net losses:

   Period                        Net Loss
   ------                        --------
   Quarter Ended June 30, 2007   Rs. 3.91 million
   Quarter Ended Sept. 30, 2007  Rs. 14.38 million
   Quarter Ended Dec. 31, 2007   Rs. 2.46 million


SAHARA INDIA: Can't Take New Deposits Maturing Beyond June 2011
---------------------------------------------------------------
The Reserve Bank of India had, by its order dated June 4, 2008,
prohibited Sahara India Financial Corporation Ltd from accepting
deposits from the public and  directed SIFCL, inter alia, to
repay the depositors on maturity and comply with the directions
of RBI.  

SIFCL filed a Writ Petition before the Honourable Lucknow Bench
of the High Court of Judicature at Allahabad and obtained on
June 5, 2008, an order staying the operation of the order dated
June 4, 2008 issued by RBI.  

In the Special Leave Petition filed by RBI on June 6, 2008, the
Honourable Supreme Court by its order dated June 9, 2008,
observed that RBI had complied with the rules of natural justice
while passing the order dated June 4, 2008, but felt that it was
appropriate to provide a personal hearing to SIFCL and pass a
fresh order.

Pursuant to the directions of the Honourable Supreme Court,
personal hearing was given to the officials of SIFCL on June 12,
2008 and June 16, 2008.  After taking into consideration all the
oral and written submissions made by SIFCL, on being satisfied
that to protect the interests of depositors and in public
interest, it is necessary and expedient so to do, RBI  passed a
fresh  order containing these directions:

   (i) SIFCL is directed not to accept any new  deposit
       which matures beyond June 30, 2011, and to stop
       accepting  installments of existing deposit
       accounts also with effect from that date.  The
       Aggregate Liability to Depositors (ALD) will
       not exceed Rs.15,000 crore (rounded off) as of
       June 30, 2009, Rs.12,600 crore (rounded off)  
       as of June  30, 2010 and Rs.9,000 crore
       (rounded off) as of June 30, 2011.

  (ii) SIFCL shall repay the deposits as and when
       they mature and bring the ALD to zero on or
       before June 30, 2015.

(iii) SIFCL shall not treat non-payment of installments
       under any running daily deposit or other
       recurring deposit schemes by depositors after
       June 30, 2011, as a default by depositor and
       SIFCL shall be liable to pay the agreed rate
       of interest on the amounts actually held by it
       for the entire term of the deposit as if there
       was no default.

  (iv) SIFCL shall continue to comply with the
       requirements of directed investments under
       paragraph 6 of RNBC Directions with respect to
       its ALD.

   (v) SIFCL shall ensure 100% compliance with KYC
       norms for all new deposits.

  (vi) SIFCL shall strictly comply with the requirements
       of all the applicable provisions of the RBI Act,
       the directions, guidelines, instructions and
       circulars issued by RBI from time to time until
       such time as all the deposits are repaid with
       interest in full.  For repaying the depositors,
       SIFCL shall first apply its income and
       investments other than the investments it
       is required to maintain under paragraph 6
       of RNBC Directions.

(vii) SIFCL shall be entitled to carry on its
       other business activities in accordance
       with law.

(viii) SIFCL shall submit a comprehensive business
       plan before the close of business on
       August 16, 2008.”

RBI has incorporated in its order, the offer made during the
personal hearing by the Managing Worker & Chairman of SIFCL and
the senior executives of SIFCL.  Keeping in view quality
corporate governance, they offered to:

   (a) reconstitute the Board of Directors of SIFCL
       within a period of thirty days from June 16, 2008
       so that the Board shall consist of 50% of such
       independent directors as are acceptable to      
       Reserve Bank of India;

   (b) get the appointment of these independent directors  
       ratified at the ensuing Annual General Meeting
       of the company and to continue the said
       arrangement until such time as all depositors are
       repaid in full; and

   (c) appoint  statutory auditors from the panel of
       auditors suggested by Reserve Bank of India at
       the ensuing Annual General Meeting of the
       company envisaged by August 31, 2008 and to  
       continue to appoint statutory auditors each year
       from the panel suggested by Reserve Bank of India
       until all depositors are repaid in full.  

                          About SIFCL

Sahara India Financial Corporation Ltd. is a residuary non-
banking company.  Its registered office is at 1, Sahara Bhavan,
Kapoorthala Complex, in Aliganj, Lucknow-226024.


UNIMIN INDIA: Settles US$2.75 Million Term Loan
-----------------------------------------------
Unimin India Limited disclosed in a regulatory filing that
it has completed the full and final settlement and liquidation
of all its loans from banks and institutions.  This includes the
full and final closure of a
US$2.75 million term loan that the company had availed from the
Asian Finance & Investment Corporation Ltd., (AFIC) Singapore,
which was originally an affiliate of the Asian Development Bank
and is now a part of ACTIS, UK.

The company said it is now confidently poised to obtain
approvals for its revival plans from the BIFR and the same will
include financial restructuring within the approvals already
granted by the shareholders unanimously at the last AGM of the
company on the December 22, 2007.

Separately, Unimin India's Board of Directors will hold a
meeting on June 30, 2008, to consider:

   1. finalization of the Audited Accounts for the
      Financial Y.E. March 31, 2008 and to declare
      dividend if any; and

   2. finalization of the Unaudited Accounts for
      the Quarter ending June 30, 2008.

Headquartered in Mumbai, India, Unimin India Limited --
http://www.uniminindia.com/-- offers polypropylene spun bonded  
nonwoven fabrics in India and internationally.  The company
offers its products in a range of colors, such as white, beige,
black, grey, red, light blue, navy blue, and green.  Its
products are used in various applications, such as agriculture
and landscaping; personal care and hygiene; construction,
furniture, and bedding; bags and ladies purses; and apparel and
accessories.

                          *     *     *

The company incurred two consecutive annual losses.  For the
year ended March 31, 2008, Unimin India Limited incurred a net
loss of Rs. 25.14 million on net sales of Rs. 10.06 million.  
For the year ended March 31, 2007, the company incurred a net
loss of Rs. 23.5 million on net sales of Rs. 41.94 million.


VENDANTA: Moody's Puts (P)Ba1 Rating on Proposed US$ Notes
----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba1
senior unsecured foreign currency debt rating to the proposed
US$ notes to be issued by Vedanta Resources plc (Vedanta).  The
outlook on the rating is stable.

The provisional rating is based on review of documentation as at
15/6/2008.  It is expected that a definitive rating of Ba1 will
be assigned upon review of final documentation.

The (P)Ba1 debt rating is notched down from the Baa3 corporate
family rating reflecting structural and legal subordination for
note holders.  The new notes will rank pari-passu with the
existing US$600 million 6.625% senior unsecured notes due Feb
2010 issued by Vedanta Resources plc.

Proceeds from the proposed debt issuance will be used for
capital expenditures, working capital, repayment of existing
debt and other general corporate purposes.

The Baa3 corporate family rating reflects Vedanta's

A) low cost position, particularly in zinc and copper, supported
   by captive mines;
B) enhanced diversity following the entry into the iron ore
   business via the Sesa Goa acquisition, and its entry into the
   US copper market via the recently-announced offer to acquire
   Asarco;
C) solid and growing track record in implementing capacity
   expansions,
D) low financial leverage, benefiting from its growing base
   metal capacity and above average prices, and 5) strong
   liquidity profile.

At the same time, the corporate family rating reflects

a) the volatile nature of base metal prices,
b) aggressive growth strategy, and
c) execution risk associated with the substantial growth
   projects underway, including the build-up of commercial power
   generation, which introduces material operating challenges.

In addition, the rating takes into consideration the company's
complex corporate structure, as Vedanta does not wholly own its
major operating entities, including its respective 60% and 51%
shareholding in Sterlite and Sesa Goa, but fully consolidates
these subsidiaries for accounting purposes.

Over the long term, positive rating pressure could emerge if
Vedanta demonstrates a strong financial profile, including
Operating Cash Flow (less Dividends)/Adjusted Debt of at least
35%-40%, Adjusted Debt to EBITDA falling below 2.0x, and EBIT
interest coverage of at least 8x.

On the other hand, the rating could be downgraded if Vedanta

1) experiences an extended decline in profitability due to
   further sustained weaknesses in base metals prices;
2) undertakes further acquisitions or investments involving
   large incremental debt; and/or
3) fails to effectively execute its expansion projects. Credit
   metrics that Moody's would consider for a rating downgrade
   include Operating Cash Flow (less dividends)/Adjusted Debt
   falling below 20%, Adjusted Debt to EBITDA exceeding 3.5x, or
   EBIT interest coverage declining to 4.5x or less on a
   sustained basis.

                     About Vedanta Resources

Headquartered in London, UK, Vedanta Resources plc is a metals
and mining company focused on integrated zinc and
alumina/aluminum as well as copper smelting and refining
operations predominantly located in India.  The company is
listed on the London Stock Exchange and is 54% owned by Volcan
Investments Ltd.


VEDANTA RESOURCES: Fitch Rates Proposed Bond Issue at 'BB+'
-----------------------------------------------------------
Fitch ratings has assigned an expected 'BB+' rating to UK-based
Vedanta Resources PLC's proposed senior, unsubordinated
unsecured bond issue.  The final rating is contingent upon
receipt of documents conforming to information already received.  
At the same time, Fitch has also affirmed Vedanta's Long-term
foreign currency Issuer Default rating at 'BBB-' with Stable
Outlook and Vedanta's US$600m bonds at 'BB+'.

The rating action commentary updates the same published by Fitch
on 13 June 2008.  The proceeds of the senior, unsubordinated
bond issue will be used partly to refinance existing debt,
invest in Vedanta's ongoing capital expenditure programme and
provide the company with additional financial flexibility.

                     About Vedanta Resources

Headquartered in London, UK, Vedanta Resources plc is a metals
and mining company focused on integrated zinc and
alumina/aluminum as well as copper smelting and refining
operations predominantly located in India.  The company is
listed on the London Stock Exchange and is 54% owned by Volcan
Investments Ltd.



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

PERUSAHAAN GAS: Shareholders Approve 5-for-1 Stock Split
--------------------------------------------------------
The shareholders of PT Perusahaan Gas Negara Tbk have approved a
proposed 5-for-1 stock split, IOG News reports citing the
company's corporate secretary Heri Yusuf.

According to the report, the stock split will be carried out by
cutting the nominal price per share to 100 rupiah (US$ 0.010)
from the current 500 rupiah.

IOG News notes that a company typically undertakes a stock split
to increase the liquidity of its stock and attract more
investors by making the share price more affordable.

                      About Perusahaan Gas

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is         
comprised of two core businesses: distribution and transmission.  
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.   The company is 59.4% owned by the
Government of Indonesia.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 26, 2007, Standard & Poor's Ratings Services raised its
corporate credit ratings on PT Perusahaan Gas Negara (Persero)
Tbk. to 'BB-' from 'B+'.  The outlook on the rating is stable.  
At the same time, Standard & Poor's raised the rating on the
senior unsecured debt issued by PGN Euro Finance 2003 Ltd.
(guaranteed by PGN) to 'BB-' from 'B+'.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 18, 2007, Moody's Investors Service affirmed the Ba2
corporate family rating of PT Perusahaan Gas Negara (Persero)
Tbk.  At the same time, Moody's affirmed the Ba3 debt ratings of
PGN Euro Finance 2003 Ltd, which is guaranteed by PGN.  The
ratings outlook is stable.  

As reported in the Troubled Company Reporter-Asia Pacific on
June 28, 2006, Fitch Ratings Agency placed PT Perusahaan Gas
Negara Tbk's Long-term foreign and local currency Issuer Default
Ratings at 'BB-'.  Fitch also placed PGN Euro Finance 2003
Limited's IDR1.12-trillion notes due 2014 and IDR1.35-trillion
notes due 2013 guaranteed by PGN and its subsidiaries at 'BB-'.


PERUSAHAAN GAS: Forecasts 15% Increase in 2008 Net Profit
---------------------------------------------------------
PT Perusahaan Gas Negara Tbk has projected its net profit this
year to increase by 15 percent compared to last year`s
audited net profit of IDR1.6 trillion, which was down by
16.9 percent compared to 2006, IOG News reports citing the
company's secretary, Heri Yusup.

Mr. Yusup told the news agency that the decline in the company`s
2007 net profit were caused by:

   -- an increase in exchange rate loss of IDR504.2 billion
      compared to the IDR318.8 billion exchange rate gain in
      2006; and

   -- an increase in interest from IDR248.4 billion in 2006 to
      IDR410.1 billion in 2007.

Mr. Yusup also told IOG News that the net profit increased
following the completion of the South Sumatra - West Java gas
transmission line project this year, which raised the gas sales
from 442 million cubic feet per day to 716 million cubic feet
per day.

                      About Perusahaan Gas

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is         
comprised of two core businesses: distribution and transmission.  
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.   The company is 59.4% owned by the
Government of Indonesia.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 26, 2007, Standard & Poor's Ratings Services raised its
corporate credit ratings on PT Perusahaan Gas Negara (Persero)
Tbk. to 'BB-' from 'B+'.  The outlook on the rating is stable.  
At the same time, Standard & Poor's raised the rating on the
senior unsecured debt issued by PGN Euro Finance 2003 Ltd.
(guaranteed by PGN) to 'BB-' from 'B+'.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 18, 2007, Moody's Investors Service affirmed the Ba2
corporate family rating of PT Perusahaan Gas Negara (Persero)
Tbk.  At the same time, Moody's affirmed the Ba3 debt ratings of
PGN Euro Finance 2003 Ltd, which is guaranteed by PGN.  The
ratings outlook is stable.  

As reported in the Troubled Company Reporter-Asia Pacific on
June 28, 2006, Fitch Ratings Agency placed PT Perusahaan Gas
Negara Tbk's Long-term foreign and local currency Issuer Default
Ratings at 'BB-'.  Fitch also placed PGN Euro Finance 2003
Limited's IDR1.12-trillion notes due 2014 and IDR1.35-trillion
notes due 2013 guaranteed by PGN and its subsidiaries at 'BB-'.


                      About Perusahaan Gas

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is         
comprised of two core businesses: distribution and transmission.  
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.   The company is 59.4% owned by the
Government of Indonesia.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 26, 2007, Standard & Poor's Ratings Services raised its
corporate credit ratings on PT Perusahaan Gas Negara (Persero)
Tbk. to 'BB-' from 'B+'.  The outlook on the rating is stable.  
At the same time, Standard & Poor's raised the rating on the
senior unsecured debt issued by PGN Euro Finance 2003 Ltd.
(guaranteed by PGN) to 'BB-' from 'B+'.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 18, 2007, Moody's Investors Service affirmed the Ba2
corporate family rating of PT Perusahaan Gas Negara (Persero)
Tbk.  At the same time, Moody's affirmed the Ba3 debt ratings of
PGN Euro Finance 2003 Ltd, which is guaranteed by PGN.  The
ratings outlook is stable.  

As reported in the Troubled Company Reporter-Asia Pacific on
June 28, 2006, Fitch Ratings Agency placed PT Perusahaan Gas
Negara Tbk's Long-term foreign and local currency Issuer Default
Ratings at 'BB-'.  Fitch also placed PGN Euro Finance 2003
Limited's IDR1.12-trillion notes due 2014 and IDR1.35-trillion
notes due 2013 guaranteed by PGN and its subsidiaries at 'BB-'.


PERUSAHAAN GAS: Appoints Prio Santoso as President Director
-----------------------------------------------------------
At an extraordinary meeting, the shareholders of Perusahaan Gas
Negara Tbk agreed to appoint former finance director Prio
Santoso as the company's new president director.

The company's Board of Directors now consists of:

President Director

   * Hendi Prio Santoso

Directors

   * Sutikno;
   * Michael Baskoro PN;
   * Bambang Banyudoyo;
   * M Riza Pahlevi Tabrani; and
   * Djoko Pramono

Board of Commissioners

Chief Commissioner

   * TN Mahmud

Commissioners

   * Kardaya Warnika;
   * Ilyas Saad;
   * Ki Agus Ahmad Badarudin; and
   * Nenny Miryani Saptadji

                       About Perusahaan Gas

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is         
comprised of two core businesses: distribution and transmission.  
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.   The company is 59.4% owned by the
Government of Indonesia.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 26, 2007, Standard & Poor's Ratings Services raised its
corporate credit ratings on PT Perusahaan Gas Negara (Persero)
Tbk. to 'BB-' from 'B+'.  The outlook on the rating is stable.  
At the same time, Standard & Poor's raised the rating on the
senior unsecured debt issued by PGN Euro Finance 2003 Ltd.
(guaranteed by PGN) to 'BB-' from 'B+'.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 18, 2007, Moody's Investors Service affirmed the Ba2
corporate family rating of PT Perusahaan Gas Negara (Persero)
Tbk.  At the same time, Moody's affirmed the Ba3 debt ratings of
PGN Euro Finance 2003 Ltd, which is guaranteed by PGN.  The
ratings outlook is stable.  

As reported in the Troubled Company Reporter-Asia Pacific on
June 28, 2006, Fitch Ratings Agency placed PT Perusahaan Gas
Negara Tbk's Long-term foreign and local currency Issuer Default
Ratings at 'BB-'.  Fitch also placed PGN Euro Finance 2003
Limited's IDR1.12-trillion notes due 2014 and IDR1.35-trillion
notes due 2013 guaranteed by PGN and its subsidiaries at 'BB-'.



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

DELPHI CORP: IRS Wants District Court to Hear $26 Mil. Tax Case
---------------------------------------------------------------
The dispute between Delphi Corp. and the United States of
America in connection with US$26,058,130 in tax payments has
been assigned to District Court Judge Kevin Castel after the
U.S. Government filed a motion for withdrawal of the reference
to the U.S. Bankruptcy Court for the Southern District of New
York, pursuant to 28 U.S.C. Section 157(d).

As previously reported, Delphi Corp., Delphi Automotive Systems
LLC, and Delphi Automotive Systems Services LLC filed an
adversary proceeding against the U.S. Government to demand the
return of US$26,058,130 in overpayments of Federal Insurance
Contributions Act taxes and related interest.

Delphi paid those taxes in connection with lump-sum bonuses to
its union-affiliate employees upon ratification of collective
bargaining agreements in 1999 and 2003.  Delphi contends that
the CBA ratification payments were not "wages" under the
Internal Revenue Code, and so it did not owe employment taxes on
them.

Delphi asserts that the U.S. Internal Revenue Service's formal
interpretation of the term "wages" is contrary to both the
Internal Revenue Code and Treasury Regulations, and constitutes
a "revocation" of other guidance that had been in force since
the 1950s.

According to Matthew L. Schwartz, Assistant United States
Attorney, the resolution of that claim -- a purely legal one --
will require the court that decides this case to examine
difficult questions of tax law, but not to wrestle with the
Bankruptcy Code at all.

He notes that beyond interpreting the meaning of the term
"wages," for example, the court will likely have to consider
what level of deference should be afforded an IRS Revenue Ruling
in light of recent Supreme Court precedent.  The court may also
have to consider when a Revenue Ruling can permissibly be
applied retroactively, as was done here.  And the court hearing
this case will also have to consider factually significant
questions, like whether these payments were made in
consideration for services, or whether they were really
ratification bonuses that were not contingent on services at
all, as Delphi contends.

"All of these are substantial questions that implicate pure tax
and administrative law; they have virtually nothing to do with
either the administration of this bankruptcy or with the
bankruptcy laws generally," Mr. Schwartz said.  "And the
questions at the center of this case -- the validity of the
IRS's 2004 Revenue Ruling and whether payments to union members
for ratifying a collective bargaining agreement constitute
taxable wages -- are ones of first impression."

Mr. Schwartz adds the issues are questions of national
importance that the automotive industry is litigating nationwide
-- Ford, General Motors, and Saturn have all filed similar
refund cases elsewhere.

Accordingly, the IRS asserts that the case should be heard by
the District Court.  Mr. Schwartz notes that:

   -- Withdrawal of the reference is mandatory when resolution
      of the proceeding requires the court to decide substantial
      questions of non-bankruptcy law; and

   -- Withdrawal is permitted upon a showing of cause that turns
      mostly on considerations of judicial economy.  As the case
      is not a "core proceeding", the Bankruptcy Court is only
      allowed to make recommendations, but the district court
      will ultimately decide the case.  Withdrawal of the
      reference will therefore streamline the litigation by
      having the District Court address these non-core issues in
      the first instance.  In addition, having a magistrate
      judge to oversee discovery and promptly resolve any
      disputes that may arise will help move this case along and
      serve the interests of judicial economy.

Judge Castel has yet to issue a ruling on the Motion to
Withdraw.

                       2009 Trial Agreed

Representing Delphi, John Wm. Butler, Jr., Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, informed
the Bankruptcy Court at a May 27 omnibus hearing that the
parties have agreed to a scheduling order.

According to Mr. Butler, the parties have reached an agreement
that would propose that the trial of the proceeding be
bifurcated with the initial trial addressing whether there's
been an overpayment of tax by the Debtors.  "That is trying the
issue of liability first and then once the liability is
determined, trying the issue with respect to the amount of
damages if the parties were unable to agree after the liability
issue is resolved."

He adds the parties, if they're not able to agree upon the
liability phase of the trial, would propose procedures to the
Bankruptcy Court for a disposition of a dispute over the amount
of damages.  The schedule begins with initial disclosures on  
July 3, 2008, and ends with a trial date that would be set at a
pretrial conference, a further pretrial conference in February
2009.

                        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
$11,446,000,000
in total assets and $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)   


FORD MOTOR: Sells Atlanta Assembly Plant to Jacoby Development
--------------------------------------------------------------
Ford Motor Company disclosed the sale of its Atlanta Assembly
Plant in Hapeville, Georgia, to Jacoby Development Inc.

Jacoby will redevelop the 122-acre site adjacent to Hartsfield-
Jackson Atlanta International Airport into an "aerotropolis" –
an aviation-intensive business district that is expected to
include office, retail, restaurant, hotel and airport parking.

Ford worked with the city of Hapeville, Hartsfield-Jackson
Atlanta International Airport and the Federal Aviation
Administration to ensure the best use of the site.  Ford did not
disclose terms of the sale.

"This is a unique property with great development potential,"
Jay Gardner, director, Real Estate, Ford Land, said.  "We are
delighted we were able to engage all of the stakeholders -– the
cities, counties, airport and FAA –- and select a buyer able to
deliver a viable and exciting development.  We are confident
Jacoby's project will serve the community well."

"Just as the Ford assembly plant has been an economic engine for
the region for more than half a century, this redevelopment will
build on the powerful economic engine that is Hartsfield-Jackson
Atlanta International Airport," Jim Jacoby, Chairman and CEO of
Jacoby Development Inc. added.

The redevelopment of the Atlanta Assembly Plant site will likely
have a global focus to capitalize on the airport's future
international terminal.

Jacoby's experience redeveloping large brownfield sites,
including their mixed-use Atlantic Station development in
Midtown Atlanta, was an important consideration for Ford.

"We are pleased that the redevelopment of the Ford assembly
plant site will serve as the touchstone for the Southside that
Atlantic Station has been for Midtown," Hapeville Mayor Alan
Hallman said.  "The new development will bring thousands of jobs
to our community."

Atlanta Assembly opened in 1947 and built a variety of
historical models including the Ford Fairlane, Fairmont, Falcon,
Galaxie, Grananda, LTD, Rachero, Torino, Thunderbird, Marquis,
Sable and Taurus.  It closed in October 2006.

                    About Ford Motor Company

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

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

                          *     *     *

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

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

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

Moody's also affirmed Ford Motor Credit Company's B1 senior
unsecured rating, and changed the outlook to Stable from
Negative.

These rating actions follow Ford's announcement of the details
of the newly ratified four-year labor agreement with the United
Auto Workers.


FORD MOTOR: Tracinda Corp. Reports Final Results of Tender Offer
----------------------------------------------------------------
Tracinda Corporation disclosed the final results of its cash
tender offer for up to 20,000,000 shares of Ford Motor Company
common stock, which expired at 5:00 p.m., New York City time, on
Monday, June 9, 2008.

Based on the final tabulation by Mellon Investor Services LLC,
the depositary for the tender offer, 826,223,862 shares of
Ford's common stock were properly tendered and not withdrawn in
the tender offer, resulting in a proration factor of
approximately 2.42%.  Tracinda will purchase 20,000,000 shares
of Ford's common stock in the tender offer at a purchase price
of $8.50 per share, for a total purchase price of $170,000,000.  
Mellon Investor Services LLC will promptly issue payment for the
shares validly tendered and accepted for payment and will return
all other shares tendered.

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

                 Trancinda Owner To Meet Ford Execs

Kirk Kerkorian, Trancinda Corp.'s owner, is set to meet
executive chairman William C. Ford Jr. and CEO Alan Mulally,
this week, indicating that the major shareholder stands by the
management and its turnaround strategy, The New York Times,
citing sources familiar with the matter, reports.

                        About Ford Motor

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

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

                          *     *     *

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

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

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

Moody's also affirmed Ford Motor Credit Company's B1 senior
unsecured rating, and changed the outlook to Stable from
Negative.

These rating actions follow Ford's announcement of the details
of the newly ratified four-year labor agreement with the United
Auto Workers.


FORD MOTOR: Sells Mo. Assembly Plant to Panattoni Development
-------------------------------------------------------------
Ford Motor Company sold its St. Louis Assembly Plant in
Hazelwood, Missouri, to Panattoni Development Company, Inc.

Panattoni plans to demolish the existing structure and add new
buildings totaling approximately 2.6 million square feet of
warehouse, distribution and light industrial space on the 155-
acre site.

Panattoni is a commercial real estate development company based
in Sacramento, California, specializing in industrial, office
and retail projects.  In the past three years the company has
developed more 2.8 million square feet with a total value in
excess of $135 million in St. Louis.

Ford worked closely with the city of Hazelwood and the state of
Missouri to find a buyer who would develop the site in a way
that benefits the community.  Ford did not disclose the terms of
the sale.

"We are pleased that the sale of the property to Panattoni will
result in a new development that will serve the community and
preserve a positive legacy for Ford Motor Company," Jay Gardner,
director, Real Estate Services, Ford Land, said.

"This is a unique site, and we are delighted to be involved in
its redevelopment," Mark Branstetter, senior vice president for
Panattoni, said.  "Through a shared vision and strong
cooperation by all parties we were able to accomplish this
acquisition.  We are very excited to be building again in the
City of Hazelwood."

Hazelwood Mayor T.R. Carr was pleased that Panattoni will
spearhead the redevelopment of the property.

"When discussing the future of the site with Ford last year, I
expressed my vision to see the building demolished and the area
restored so that it would once again be an employment and
business center," Mr. Carr said.  "Ford accepted that vision and
with the sale to Panattoni, new career opportunities will be
made available and Hazelwood will remain a strong, viable
community. We are proud to welcome Panattoni to Hazelwood."

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

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

                          *     *     *

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

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

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

Moody's also affirmed Ford Motor Credit Company's B1 senior
unsecured rating, and changed the outlook to Stable from
Negative.

These rating actions follow Ford's announcement of the details
of the newly ratified four-year labor agreement with the United
Auto Workers.


NIPPON SHEET: Sees JPY9 Bil. Sales from Investment Securities
-------------------------------------------------------------
NSG Group will dispose certain investment securities, the sale
of which will give rise to extraordinary income in the financial
year to 31 March 2009.

The Group will sell a part of its investment securities (stocks
listed on the Tokyo Stock Exchange) in the market.  The proceeds
from these sales are expected to be approximately JPY 9 billion.

Consequently, it is estimated that the Group will recognize
extraordinary income of approximately JPY7 billion on both a
consolidated and non-consolidated basis in its result for the
first quarter of the financial year to 31 March 2009.

Headquartered in Tokyo, Nippon Sheet Glass Company, Limited --
http://www.nsg.co.jp-- Company operates in four business    
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display (LCD) products and others.  Its
Glass Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

                           *     *    *

As of June 17, 2008, Nippon Sheet carries Mikuni Credit Rating's
BB rating.  


NIPPON: Sells MAG CO.'s Shares for JPY1.75BB to Saint-Gobain
------------------------------------------------------------
NSG Group sold its holding, a total of 5,564,000 shares, in
affiliate MAG CO Ltd., for JPY1,75 billion to Saint-Gobain
Kaisha.

The company said that this transaction contributes to the
development of MAG's business as well as contributing to
enhanced value for the Group's shareholders.

It is estimated that the Group will recognize an extraordinary
gain on a non-consolidated basis of JPY0.8 billion and on a
consolidated basis of JPY4.6 billion in its result for the first
quarter of the year to March 31, 2009.

The consolidated gain includes the reversal of certain
consolidation adjustments, booked previously to eliminate profit
on transactions between the Group and MAG.

                       About Nippon Sheet

Headquartered in Tokyo, Nippon Sheet Glass Company, Limited --
http://www.nsg.co.jp-- Company operates in four business    
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display (LCD) products and others.  Its
Glass Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

                          *     *     *

As of June 17, 2008, Nippon Sheet carries Mikuni Credit Rating's
BB rating.  


NOMURA HOLDINGS: Unit Discloses Internal Investigation Results
--------------------------------------------------------------
Nomura Securities Co. Ltd., a subsidiary of Nomura Holdings
Inc., has disclosed the result of its internal investigation
into the suspected insider trading case, Reuters reports.

According to the report, a special investigation committee,
consisting of external members, stated that as a company, there
was no inadequacy at Nomura Securities for the violation of
insider trading case.

Nomura Securities Co., Ltd. -- http://www.nomura.co.jp/-- is a  
wholly owned subsidiary of Nomura Holdings, Inc. (NHI), which
forms part of the Nomura Group. NSC plays a central role in the
securities business, the Group's core business. Established
December 25, 1925, it is the oldest brokerage firm in Japan. It
is named after its founder Tokushichi Nomura II, a wealthy
Japanese stockbroking tycoon.

                          *     *     *

As of June 17, 2008, the company still holds Fitch Ratings' C
individual rating.



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

APL INDUSTRIES: Proposed Capital Reconstruction Gets SC Okay
------------------------------------------------------------
The Securities Commission, in its letter dated June 12, 2008,
approved APL Industries Berhad's Proposals that includes:

   -- Proposed Capital Reconstruction; and
   -- Proposed Rights Issue

The Securities Commission's approval is subject to these
conditions:

   * RHB Investment Bank to fully comply with the relevant
     requirements of the Securities Commission’s Policies and
     Guidelines on Issue/Offer of Securities in relation to the
     implementation of the Proposals;

   * APL should comply with the Bumiputera equity condition
     imposed previously by the Foreign Investment Committee
     (FIC) on its letter dated February 25, 2000, unless a
     waiver from having to comply with the said condition is
     obtained from FIC and to inform the Securities Commission
     on the status of the compliance; and

   * RHB Investment Bank/APL to inform the Securities Commission
     upon completion of the Proposals.

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

                          *     *     *

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


LITYAN HOLDINGS: To Shorten Life of Philippine Subsidiary
---------------------------------------------------------
Lityan Holdings Berhad has taken the necessary action to shorten
the corporate life of its foreign subsidiary, Lityan Philippines
Inc. to three years with effect from May 31, 2008, due to its
deteriorating financial position.

The company currently holds 98% of the equity interest in Lityan
Philippines, which is held through its wholly owned subsidiary,
Lityan Overseas Sdn. Bhd.

Mr. Ramon F. Garcia of Makati City, Philippines has been
appointed to assist Lityan Philippines to shorten its corporate
life.

             Rationale for Shortening Corporate Life

The payphone industry in the Philippines has been on the
declining trend mainly due to the threats from the mobile phone
industry resulting in Lityan Philippines suffering heavy losses
from its business activities.  As at December 31, 2007, Lityan
Philippines has accumulated losses of PHP1,465,207,834
(approximately MYR117.4 million) and a negative shareholders’
fund of PHP1,247,976,134.00 (approximately MYR100 million).  As
Lityan Philippines is unable to sustain its day-to-day
operations due to its negative net cashflow position,  Lityan is
of the opinion that the business of Lityan Philippines is no
longer able to move forward or continue its business operations
in the current condition.  Lityan would then be able  utilize
its resources on other viable businesses and activities.

              Effects of Shortening Corporate Life

The shortening of Lityan Philippines’s corporate life will have
a positive impact towards the future earnings of Lityan Group as
the financial results of Lityan Philippines will be
deconsolidated from the financial results of the Group.

The shortening of corporate life will not have any significant
impact on the issued and paid up share capital and substantial
shareholders’ shareholdings of the Group for the financial year
ending December 31, 2008.

                     About Lityan Philippines

Lityan Philippines was incorporated on August 27, 1997, and
currently has a paid up capital of PHP217,231,700.00
(approximately MYR17.4 million).  The principal activities of
Lityan Philippines are to provide support services for the
installation, repair, operation and maintenance of pay telephone
system equipment, accessories and parts.

                      About Lityan Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

                          *     *     *

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


WWE HOLDINGS: Receives Summons from Sub-Contractor
--------------------------------------------------
WWE Holdings Bhd had been served with a Writ of Summons and
Summons in Chambers by its sub-contractor -- Tebing Aur Sdn Bhd.

Tebing Aur was appointed by the company as a sub-contractor for
the Jelutong Sewage Project and is claiming the final claim for
the sum of MYRll8,810,023.97 in addition to the injunction
relating to the payment from the Government of Malaysia of up to
MYR10 million.

Pending the disposal of the Court Proceedings, there is no
financial and operational impact of the Court Proceedings to the
company, save for the contingent liability it presents.

The company is disputing the claim by Tebing Aur and will seek
legal advice to defend for case and will update Bursa Malaysia
Securities Berhad on all further developments of the case.

                      About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.



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

A2 CORP: Incurs NZ$6.3 Million Net Loss in FY2008
-------------------------------------------------
A2 Corporation disclosed its annual results for the year ended
March 31, 2008, highlighting the company’s continued positive
business momentum including significant gains in milk sales in
Australia and substantial progress in the development of a2
Milk(TM) licensing opportunities in other key target markets.

As a result of the continuing investment in new markets, A2
Corporation experienced a Group pre-tax loss of NZ$6.298 million
(unaudited), compared to NZ$5.125 million to March 31, 2007.

Key to this continued investment was expenses such as marketing
and intellectual property costs associated with the Company’s
ongoing expansion into North America, Australia, and Asia.

Cliff Cook, Chairman of A2C says that “The loss was primarily
due to investment in key parts of the Company’s business which
will in the long term benefit the Group through increased
revenue streams and ultimately the generation of profits. A2C is
still in the important building phase where we have to keep
investing in our key assets, our joint ventures, and meet
marketing costs to establish new markets and grow our main
existing market of Australia. We are confident that these
investments and our focus on value added functional products
will deliver profits for the Company.”

                 Key Highlights – Australia

In June 2007, the A2 Australian business, previously owned
solely by A2C transitioned into a 50/50 joint venture with
Freedom Nutritional Products Ltd (ASX:FNP)(Freedom), a leading
Australian manufacturer, marketer and distributor of functional
and nutritional products.

A2C CEO Anthony Lawler says there were some outstanding
highlights for the new joint venture including a large increase
in the volume of a2 Milk(TM) sold in Australia, presently A2C’s
largest market.

“Our monthly sales volume went from 305,000 litres per month in
April 2007 to 600,000 in March 2008, which is a 97% percent
increase.  Furthermore our May 2008 sales have increased to over
870,000 litres, which is almost triple the sales versus a year
ago (on a monthly basis).  We see this increase in sales as a
significant step towards the Company’s goal of attaining
sustainable future profitability in Australia,” says Lawler.

Lawler also notes that the achievement in Australia has been a
result of a large investment in brand building advertising,
extensive positive publicity for a2 Milk(TM) and a growing
consumer awareness of the benefits of a2 Milk(TM) for medical
conditions such as heart disease, autism and the reduction in
the incidence of childhood diabetes.

Freedom’s excellent relationships with retailers and their
expertise in reducing supply chain and distribution costs have
been and will continue to be beneficial to the Australian
business.  The new “No Ordinary Cow, No Ordinary Milk” media
campaign has increased both sales volume and consumer awareness
of a2 Milk(TM).  This successful campaign also helped consumers
in general to focus on a2 Milk’s(TM) “specially selected cows”
that produced high quality milk with a great taste.  The dual
message haspositioneda2 Milk(TM)as a dairy product that appeals
to mainstream consumers who are increasingly health conscious,
as well as consumers with particular health conditions.  This
broader marketing message gives us great confidence going
forward into new international markets.” added Lawler.

                        South Korea

South Korea is seen as a key Asian market due to its high per
capita consumption of milk and dairy products, especially its
growing consumer demand for premium offerings.

In October 2007, A2C signed an exclusive fresh milk license with
Lotte Milk, a large South Korean dairy company with annual
turnover of over NZNZ$400 million and one of the most recognised
and respected brands in South Korea.  Lotte Milk’s milk, yoghurt
and drinking yoghurt products are distributed nationwide via
leading supermarkets and convenience stores.  Lawler comments
that “since late last year we have been working closely with
Lotte Milk to assist in the launch of Lotte a2 Milk(TM) in the
next three months.  Lotte has committed to both a guaranteed
royalty level as well as a guaranteed marketing spend to promote
the Lotte a2 Milk(TM) brand.  The initial licence arrangement
with Lotte Milk will generate positive cash flows from Korea
almost immediately and we expect there is opportunity to expand
this relationship further into other dairy products in
partnership with Lotte.”

Lawler added “we see South Korea as a showcase to other Asian
countries on the benefits of a2 Milk(TM).”

                       North America

The North American market continues to provide valuable consumer
feedback for A2C’s joint venture, A2 Milk Company (A2MC) since
the test launch of a2 Milk(TM) in April 2007.

Lawler says that A2C management believes that “A2MC is making
good progress understanding the US market via its test market in
the American Mid-West and we were very excited when A2MC’s
licencee, The Original Foods Company (TOFC) received the award
for “Best New Product of 2007 (special needs category)” from the
prestigious “Dairy Foods” magazine for TOFC’s a2 Milk(TM)
product. We better understand the dynamics of the American
market, in particular the consumer response to different forms
of publicity & advertising. We now also know the response to
different retail price points and most importantly the consumer
and retailer response to a new value added milk.

                            Japan

Lawler says that “A2C is actively working on expansion into
Japan via our joint venture with Freedom. We have used Freedom’s
extensive experience in Japan to identify potential licencees in
Japan. We are very pleased to have the advantage of Freedom’s
expertise in the Japanese market to engage with multiple dairy
and food companies regarding the a2 Milk(TM) opportunity. We see
Freedom’s networks in Japan allowing us to expedite our
commercialisation of a2 Milk(TM).”

               European Food Safety Authority Review

In February 2008, the New Zealand Food Safety Authority (NZFSA)
announced two reviews relating to A1/A2 milk. Firstly a
“structural” review was conducted for the NZFSA by Dr. Slorach,
(a former senior executive of the European Food Safety
Authority). This report was released in April 2008 and focused
on the NZFSA’s handling of the initial 2004 review of the health
effects of A1 and A2 milk. A2C supports Dr Slorach’s findings
that there were shortcomings in the procedures of the NZFSA’s
handling of the 2004 review and that the NZFSA did not take any
specific action to encourage more debate.

Secondly and most significantly, the European Food Safety
Authority has announced that it will review the science around
health claims of A1 and A2 milk and the effects of dietary milk
intake. Lawler stated “that we look forward to the outcome of
this comprehensive and independent review undertaken by such a
recognised and highly regarded food safety authority.”

The author of the initial 2004 NZFSA report, Professor Boyd
Swinburn, Professor of Population Health, Deakin University in
Melbourne has recently stated in an open letter to New Zealand
dairy farmers that while more research is required “the evidence
is certainly strong enough [for dairy farmers] to take action by
shifting herds to the A2 variant.”

              Strategic Review and Capital Raising

Cook notes “Over the last 12 months A2C has undertaken an in
depth strategic review of its current business and future
business objectives relating in part to the need to raise
additional capital. The A2C Board has reviewed the various
alternatives carefully. “The final form of the proposed capital
raising is yet to be finalized but should be made known to
shareholders in the next 2 - 3 weeks.”

                    About A2 Corporation

New Zealand-based A2 Corporation Ltd. (NZAX: ATM)  --
http://www.a2corporation.com/-- is engaged in the sale and
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  a2 milk is naturally produced to contain
maximum amounts of a milk protein variant that is associated by
a number of studies with potential benefits in some individuals.
A2 Corporation Ltd receives royalty income from sales of A2 Milk
products and testing for A2 cattle, and shares in the profits or
losses of associates and subsidiaries formed for those purposes.

                           *     *     *

The company suffered consecutive net losses of NZ$5.08 million
and NZ$448,800 for the years ended March 31, 2007 and 2006,
respectively.


CENTRAL OTAGO: Liquidators Appointed
------------------------------------
Central Otago House Limited was ordered by the High Court at
Dunedin, pursuant to section 241(2)(c) of the Companies Act
1993, to be put into liquidation.

Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed liquidators of the company.

The liquidators can be reached at:

          c/o Insolvency Management Limited
          3rd Floor, Burns House
          10 George Street (PO Box 1058)
          Dunedin


CHARCOAL HOLDINGS: Liquidators Appointed
----------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993,
Dennis Clifford Parsons and Katherine Louise Kenealy
were appointed joint and several liquidators of Charcoal
Holdings Limited.

The Liquidators can be reached at:

          Indepth Forensic Limited
          PO Box 278, Hamilton
          Telephone: (07) 957 8674


CHOOK'S BAR: Court Sets August 18 Liquidation Hearing
-----------------------------------------------------
The High Court at Rotorua will convene a hearing on August 18,
2008, at 10:45 a.m. to consider an application putting Chook’s
Bar Limited into liquidation.

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

The application was filed on May 15, 2008, by Ingrid Ramari
Anderson Ruck.

The plaintiff can be reached at:

          Kevin McDonald & Associates, Solicitors
          Level 11, Takapuna Towers
          19-21 Como Street (PO Box 331065 or DX BP 66086)
          Takapuna, Auckland
          Telephone: (09) 486 6827
          Facsimile: (09) 486 5082

KEVIN PATRICK MCDONALD is the plaintiff’s solicitor.


DRIFT NZ: Creditors' Claims Filing Deadline is June 20
------------------------------------------------------
Creditors of Drift NZ Limited and Crystal Dreams Limited have
until June 20, 2008, to prove their debts or claims and to
establish any title they may have to priority under section 312
of the Companies Act 1993.

Grant Bruce Reynolds, the appointed liquidator, can be reached
at:

          Reynolds & Associates Limited
          PO Box 259059
          Greenmount, Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


FREEDOM FITNESS: Shareholders Appoint Liquidator
------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Freedom Fitness Limited resolved that Rowan
Kingstone, chartered accountant of KDB Chartered Accountants
Limited, Auckland, be appointed liquidator of the company.

The liquidator can be reached at:

          KDB Chartered Accountants Limited
          Level 2, 123 Carlton Gore Road
          Newmarket, Auckland
          Telephone: (09) 524 0791
          Facsimile: (09) 524 0271


MW2 LIMITED: Court Schedules Liquidation Hearing on June 30
-----------------------------------------------------------
The High Court at Christchurch scheduled a hearing on June 30,
2008, at 10:00 a.m. to consider an application putting MW2
Limited into liquidation.

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

The application was filed on May 6, 2008, by Douglas Furniture
Limited.

The plaintiff can be reached at:

          Whitlock & Co.
          Level 2, Baycorp House
          15 Hopetoun Street, Auckland

MALCOLM DAVID WHITLOCK is the plaintiff’s solicitor.


PARTS IMPORTS: Liquidators Set June 30 Claims Bar Date
------------------------------------------------------
In accordance with section 255(2) of the Companies Act 1993, the
High Court at Auckland appointed John Trevor Whittfield and
Boris van Delden, insolvency practitioners of Auckland, jointly
and severally as liquidators of Parts Imports Co Limited.

The liquidators fixed June 30, 2008, as the last day for
creditors of the company to prove their debts or claims and to
establish any title they may have to priority under section 312
of the Companies Act 1993.

The Liquidators can be reached at:

          McDonald Vague
          PO Box 6092
          Wellesley Street Post Office
          Auckland
          Telephone: (09) 303 0506
          Facsimile: (09) 303 0508


PEARSON AND WAY: Liquidation Hearing Set on August 8
----------------------------------------------------
The High Court at Auckland will convene a hearing on August 8,
2008 at 10:00 a.m. to consider an application putting Pearson
and Way Boatbuilders Limited into liquidation.

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

The application was filed on April 29, 2008, by Gunnersen
Limited.

The plaintiff can be reached at:

          Kevin McDonald & Associates, Solicitors
          Level 11, Takapuna Towers
          19-21 Como Street (PO Box 331065 or DX BP 66086)
          Takapuna, Auckland
          Telephone: (09) 486 6827
          Facsimile: (09) 486 5082

KEVIN PATRICK MCDONALD is the plaintiff’s solicitor.


STARLIGHT YACHTING: Claims Filing Deadline is June 30
-----------------------------------------------------
Creditors of Starlight Yachting Limited have until June 30,
2008, to prove their debts or claims and to establish any title
they may have to priority, under section 312 of the Companies
Act 1993.

John Trevor Whittfield and Boris van Delden, the liquidators of
the company, can be reached at:

          McDonald Vague
          PO Box 6092
          Wellesley Street Post Office
          Auckland
          Telephone: (09) 303 0506
          Facsimile: (09) 303 0508


V. DIRECT: Shareholders Appoint Liquidator
------------------------------------------
Pursuant to section 241(2)(a) of the Companies Act 1993,
the shareholders of V. Direct Specialist Limited
resolved that the company be liquidated and that
Grant Bruce Reynolds, insolvency practitioner of
Auckland, be appointed liquidator.

The Liquidator can be reached at:

          Grant Reynolds
          PO Box 259059
          Greenmount, Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


WEDGE CONSTRUCTION: Liquidators Appointed
-----------------------------------------
Pursuant to section 241(2)(a) of the Companies Act 1993,
Wedge Construction Limited was placed under liquidation and
Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed liquidators of the company.

The liquidators can be reached at:

          Insolvency Management Limited
          3rd Floor, Burns House
          10 George Street
          (PO Box 1058), Dunedin



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

MANILA ELECTRIC: To Lose PHP7 Bil. on Proposed Lower Power Rates
----------------------------------------------------------------
Manila Electric Co. will have to absorb nearly PHP7 billion in
losses if proposals to reduce power rates are implemented,
Manila Standard reports citing Meralco president Jesus
Francisco.

Mr. Francisco told the news agency that the meter deposit refund
of PHP2.8 billion will have a minimal impact to the company.  
But if lumped together with the other proposals, that includes,
absorption of the lifeline subsidy and capping the system loss,
Meralco’s finances would suffer heavily.

According to the report, Mr. Francisco said capping the system
loss at 8.5% would result in a loss of PHP1.3 billion for the
company.

Moreover, the report says, the company will have to absorb
additional losses of PHP2.68 billion annually or PHP224 million
a month if the ERC approves the petition of the Bureau of Trade
Regulation and Consumer Protection on the lifeline subsidies.

Ivanna dela Peña, Meralco's vice president for utility economics
said in the report that absorbing the lifeline subsidy would
further impact on the company’s bottom line.

“Last year, our return on rate base is 6.9 percent, which means
we are not earning a reasonable return,” Ms. dela Peña was
quoted by the news agency as saying .

Manila Standard notes that the hearing on the petition of the
bureau to refund the system loss and lifeline subsidy was held
June 16, 2008.

On the meter refund, Mr. Francisco said that Meralco would abide
by the decision of the regulator.

“At the earliest, we can do it by November.  It has to go
through publication first and we are still in the process of
identifying the eligible customers,” Mr. Francisco was quoted by
the news agency as saying.

                    About Manila Electric Co.

Headquartered in Ortigas, Pasig City, the Manila Electric
Company aka Meralco -- http://www.meralco.com.ph/-- is
engaged in the distribution and sale of electric energy through
its distribution network facilities in its franchise area.  The
franchise area of Meralco covers specific areas in Luzon,
consisting of 25 cities and 86 municipalities, with a size
of approximately 9,337 square kilometers.  This includes
Metro Manila, industrial estates and urban and suburban areas
of adjacent provinces.  The principal sources of power of
Meralco include the National Power Corporation, First Gas Power,
Quezon Power and the Wholesale Electricity Spot Market.

Meralco's subsidiaries are Meralco Industrial Engineering
Services Corporation, Corporate Information Solutions Inc.,
Rockwell Land Corporation, Meralco Energy Inc., e-Meralco
Ventures Inc., and Meralco Financial Services Corporation.
These companies are engaged in various businesses such as
engineering and construction services, information technology
services, integrated business solutions and property
development.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Dec. 14, 2007, that Standard & Poor's Ratings Services revised
the outlook on its ratings on Meralco to stable from negative.
The 'B-' long-term issuer credit rating on Meralco was affirmed.



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

JACUZZI SINGAPORE: Creditors' Proofs of Debt Due on July 15
-----------------------------------------------------------
Jacuzzi Singapore Pte. Ltd., which is in voluntary liquidation,
requires its creditors to file their proofs of debt by July 15,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


JCDECAUX NEONLIGHT: Creditors' Proofs of Debt Due on July 7
-----------------------------------------------------------
The creditors of Jcdecaux Neonlight Asia (Holding) Pte Ltd are
requiered to file their proofs of debt by July 7, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

         Lim Siew Soo
         c/o 137 Telok Ayer Street
         #04-01 Singapore 068602


LE ROYAUME: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order to have Le Royaume
Petroleum Pte. Ltd.'s operations wound up.

Hong Fatt Oil Trading Pte. Ltd filed the petition against the
company.

Le Royaume's liquidator is:

         M/s Lee T H & Partners
         The Official Receiver
         Insolvency & Public Trustee’s Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


XIN HEFENG: Court Enters Wind-Up Order
--------------------------------------
On June 6, 2008, the High Court of Singapore entered an order to
have Xin Hefeng Metal Engineering Pte Ltd's operations wound up.

Oversea-Chinese Banking Corporation Limited filed the petition
against the company.

Xin Hefeng's liquidator is:

          Rajah & Tann LLP
          The Official Receiver
          Insolvency & Public Trustee’s Office
          The URA Centre, East Wing
          45 Maxwell Road #06-11
          Singapore 069118



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

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

                   Featured Conferences

Renaissance American Management and Beard Conferences presents

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

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

                     *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

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

                     *      *      *

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                         *********

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

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

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


                            *********


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

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





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