TCRAP_Public/080619.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, June 19, 2008, Vol. 11, No. 121

                            Headlines

A U S T R A L I A

ARLONE PTY: Placed Under Voluntary Liquidation
CENTRO PROPERTIES: Board Appoints Paul Cooper as New Chairman
CHESTER STREET: Appoints G.D.D. Raffan as Liquidator
ELDERSLIE FINANCE: Risks Receivership if No Funding Comes
ELKE INVESTMENTS: Liquidator Presents Wind-Up Report

ESHO HOLDINGS: Liquidator Presents Wind-Up Report
IMPRESS GROUP: Liquidator to Present Wind-Up Report on June 20
JORAE ENTERPRISES: Liquidator Gives Wind-Up Report
LMW ENTERPRISES: Final Meeting Set for June 20
METRO MUSIC: Final Meeting Slated for June 20

MOR PERFORMANCE: Liquidator Presents Wind-Up Report
NEW MEATS: Final Meeting Set for June 20
RPH SOLICITORS: Members and Creditors to Meet on June 20
THANAE INVESTMENTS: Appoints Dunphy  as Liquidator
TIN WOR: Commences Liquidation Proceedings

TRANS UNION: Final Meeting Slated for June 20


C H I N A

CHINA EVER: To Launch IPO After Scratching US$2.1BB of Bad Loans
CHINA MINSENG: 11% Stake to Become Tradable Next Week
SHENZHEN DEV'T BANK: Inks New Loan Product With Alibaba.Com
TANK SPORTS: Kabani & Company Expresses Going Concern Doubt
VALENCE TECH: PMB Helin Donovan Raises Going Concern Doubt


H O N G  K O N G

ABP TRADECOM: Creditors' Proofs of Debt Due on July 14
CFM GOBAL: Members & Creditors to Meet on July 15
GLOBAL BRANDS (FOOTBALL): Liquidators Quit Post
GLOBAL BRANDS (S.E. ASIA): Liquidators Quit Post
HONTINI (HK): Members To Meet on July 14

KINGTIME (H.K.): Members To Meet on July 14
RETAIL STRATEGIES: Liquidators Quit Post
REUTERS BASIS: Members To Meet on July 15
TAURUS NAVIGATION: Liquidators Quit Post
THE SAM: Creditors' Proofs of Debt Due on June 30


I N D I A

BHARTI AIRTEL: Partners w/ Pacnet on "Gateway to India" Project
DISH TV: Incurs Rs.1150.64M Net Loss in Qtr Ended March 31, 2008
UNION BANK OF INDIA: To Issue US$2 Billion Medium Term Notes
UNION BANK OF INDIA: S&P Rates Proposed Tier II Notes at 'BB'
UNION BANK OF INDIA: Moody's Outlook on All Ratings is “Stable”

WEST CORP: Affiliate Completes Tender Offer for Genesys' Shares


I N D O N E S I A

ANEKA TAMBANG: Signs Nickel Project Deal with BHP Billiton


J A P A N

CITIGROUP INC: Japan Unit Offers Exit Plan to 1,350 Staff
CLAIRE'S STORES: Posts $35.6MM Net Loss in 1st Qtr. Ended May 3
SANYO: Mulls Partnership With Ford & Honda for Battery Dev't


K O R E A

ARIRANG SF: Korea Ratings Assigns Company a “B” Rating
GENERAL MOTORS: GM Daewoo to Launch New Winstorm SUV Model
HANSUNG ENTERPRISE: Gets “B” Rating from Korea Ratings
ILSUNG CONSTRUCTION: Korea Ratings Holds “B+” CP Rating
MIJU STEEL: Converts Bonds Into 3,225 Shares

NEXSCIEN CO: To Establish Indonesia Company in September


M A L A Y S I A

GOLD BRIDGE: Reprimanded Due to Delay in Annual Report Filing
HARVEST COURT: Aims to Complete Corporate Revamp by End of 2008


N E W  Z E A L A N D

ABSOLUTE HOME: Court Sets September 5 Liquidation Hearing
AVIEMORE MGT: Liquidators Fix July 18 Claims Bar Date
BLAIRBUILD LTD: Creditors Can File Claims Until July 4
CDS ELECTRICAL: Commences Liquidation Proceedings
DOMINION FINANCE: Board Doubts Liquidity Position of Two Units

GENEVA FINANCE: Incurs NZ$7,877,000 Loss in FY 2008
HAMSTER GOLF: Claims Filing Deadline is June 20
LIZ JONES: Creditors Can File Claims Until June 26
PROFESSIONAL RECRUITMENT: Claims Bar Date is June 25
R&L DONLEY: Liquidators Appointed

ROOM 7 INVESTMENTS: Liquidator Appointed
THE HERBALIST: Liquidators Appointed


P H I L I P P I N E S

BENGUET CORP: To List Additional 5,760 Class A Shares Today
SEAFRONT RESOURCES: Reappoints SGV & Co. as External Auditors
NIHAO MINERAL: Approves Stock Rights Offering


S I N G A P O R E

2006 JV: Fixes July 14 as Last Day to File Claims
CH ALLIANCE PTE: Final Meeting Slated for July 10
LEAP HONG: Pays Second and Final Dividend
LEE KEE: Creditors' Proofs of Debt Due on July 14


T A I W A N

AU OPTRONICS: Fitch Lifts LT Foreign & Local Currency IDR to BB+


                         - - - - -


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

ARLONE PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
Arlone Pty. Ltd.'s members agreed on April 18, 2008, to
voluntarily liquidate the company's business.  Brian P. Dunphy
was appointed to facilitate the sale of its assets.

The liquidators can be reached at:

          Brian P. Dunphy
          Freshwater Management Pty Ltd
          PO Box 663
          Harbord NSW 2096
          Australia


CENTRO PROPERTIES: Board Appoints Paul Cooper as New Chairman
-------------------------------------------------------------
Centro Properties Group disclosed in a regulatory filing that
the Board has unanimously elected Paul Cooper as Chairman,
effective upon the retirement of Brian Healey, who retired from
the Centro Board effective June 30, 2008.  

“Paul's experience has made him a valued member of the Board
since joining in 2006,” said Brian Healey.  “The Board look
forward to the benefits Paul's experience will bring to Centro
as Chairman.”

Centro Chief Executive Officer Glenn Rufrano said he looks
forward to working with Mr. Cooper as Centro continues to work
to reduce its debt and execute its strategic and business plans.

Commenting on Mr. Healey's contribution to Centro, Mr. Cooper
said, “Brian has served Centro for more than fifteen years.  
During this time he has seen considerable change and evolution
both at Centro and in the marketplace.  His guidance and
leadership have seen Centro through both prosperous and
difficult times.

“Throughout his tenure on the Centro Board, Brian made a point
of knowing and being in touch with all levels of staff.  His
presence will be missed throughout the company, and we wish him
well in retirement.”

Mr. Cooper will assume the Chairmanship of Centro Properties Ltd
and CPT Manager Ltd as responsible entity of Centro Propery
Trust.

Centro has also appointed Gerard Condon and Ross Johnston to its
Executive Committee effective immediately.  Mr. Condon and Mr.
Johnston join recently appointed CFO Tony Clarke as the newest
members of Centro's Executive Committee.


                    About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--   
is a retail investment organisation specialising in the
ownership, management and development of retail shopping
centres.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of $24.9 billion.

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.  The
recent deadline extension given to the Group is December 15,
2008.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings to
'CCC+' with negative implications reflecting the potential of
the group's assets to be sold in softening market conditions,
particularly in the U.S.


CHESTER STREET: Appoints G.D.D. Raffan as Liquidator
----------------------------------------------------
Chester Street Pty. Ltd.'s members agreed on April 18, 2008, to
voluntarily liquidate the company's business.  George Duff
Downie Raffan was appointed to facilitate the sale of its
assets.

The liquidators can be reached at:

          G. D. D. Raffan
          Level 6, 8 West Street
          North Sydney NSW 2060
          Australia


ELDERSLIE FINANCE: Risks Receivership if No Funding Comes
---------------------------------------------------------
Elderslie Finance Corporation has been given until July 1, 2008,
to finalize a AU$10 million cash injection, without which, the
company risks being placed in receivership, various reports say.

The Australian relates that private investor Nigel Purves, who
became a director of Elderslie in April, has undertaken to
inject the AU$10 million required to ensure short-term solvency
while four more companies had agreed to invest a further AU$49.2
million in Elderslie in coming months.

Reports say that investors' funds in Elderslie have been
temporarily frozen after its trustee, Perpetual Trustees WA Ltd,
took the company to court following a report by Pricewaterhouse
Coopers that Elderslie was or "would become" insolvent unless it
was sold or received "significant cash injections".

According to The Australian, Perpetual had appointed PwC to
examine the finances of Elderslie in April after the group
failed to meet tough new reporting benchmarks set down by the
corporate regulator.

Meanwhile, Company Chairman John Hewson along with Directors
James Garrett and Andrew Vaughan have resigned from the board
amid reports the company is on the brink of collapse.

                     About Elderslie Finance

Elderslie Finance Corporation -- http://www.efc.com.au/index.php
-- is an independent, Australian owned structured finance and
investment management group.  


ELKE INVESTMENTS: Liquidator Presents Wind-Up Report
----------------------------------------------------
M. J. M. Smith, Elke Investments Pty Ltd's estate liquidator,
met with the company's members on May 30, 2008, and provided
them with property disposal and winding-up reports.

The liquidators can be reached at:

          M. J. M. Smith
          Smith Hancock
          Level 4, 88 Phillip Street
          Parramatta NSW 2150
          Australia


ESHO HOLDINGS: Liquidator Presents Wind-Up Report
-------------------------------------------------
P. Ngan, Esho Holdings Pty Ltd's estate liquidator, met with the
company's members on May 30, 2008, and provided them with
property disposal and winding-up reports.

The liquidators can be reached at:

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


IMPRESS GROUP: Liquidator to Present Wind-Up Report on June 20
--------------------------------------------------------------
Robert Elliott, Impress Group Pty Limited's appointed estate
liquidator, will meet with the company's members and creditors
at 10:30 a.m. on June 20, 2008, to provide them with property
disposal and
winding-up reports.

The liquidator can be reached at:

          Robert Elliott
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2001
          Australia


JORAE ENTERPRISES: Liquidator Gives Wind-Up Report
--------------------------------------------------
I. J. Purchas, Jorae Enterprises Pty Ltd's estate liquidator,
met with the company's members on June 2, 2008, and provided
them with property disposal and winding-up reports.


LMW ENTERPRISES: Final Meeting Set for June 20
----------------------------------------------
LMW Enterprises Pty Ltd will hold a final meeting for its
members and creditors at 10:00 a.m. on June 20, 2008.  During
the meeting, the company's liquidator, Geoffrey Mcdonald at Hall
Chadwick, will provide the attendees with property disposal and
winding-up reports.

The company's liquidator can be reached at:

          Geoffrey Mcdonald
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000
          Australia


METRO MUSIC: Final Meeting Slated for June 20
---------------------------------------------
Metro Music (Australia) Pty Ltd will hold a final meeting for
its members and creditors at 10:00 a.m. on June 20, 2008.  
During the meeting, the company's liquidator, Blair Pleash at
Hall Chadwick, will provide the attendees with property disposal
and winding-up reports.

The company's liquidator can be reached at:

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


MOR PERFORMANCE: Liquidator Presents Wind-Up Report
---------------------------------------------------
At the general meeting of the members and creditors of Mor
Performance Pty Ltd held May 30, 2008, Geoffrey Mcdonald , 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 liquidators can be reached at:

          Geoffrey Mcdonald
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000
          Australia


NEW MEATS: Final Meeting Set for June 20
----------------------------------------
Roderick Sutherland, New Meats Pty Limited's appointed estate
liquidator, will meet with the company's members and creditors
at 10:00 a.m. on June 20, 2008, to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Roderick Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Australia
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


RPH SOLICITORS: Members and Creditors to Meet on June 20
--------------------------------------------------------
RPH Solicitors Pty Ltd will hold a meeting for its members and
creditors at 10:00 a.m. on June 20, 2008.  During the meeting,
the company's liquidator, M. J. M. Smith at Smith Hancock, will
provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

          M. J. M. Smith
          Smith Hancock
          Level 4, 88 Phillip Street
          Parramatta NSW 2150
          Australia


THANAE INVESTMENTS: Appoints Dunphy  as Liquidator
--------------------------------------------------
Thanae Investments Pty. Ltd.'s members agreed on April 16, 2008,
to voluntarily liquidate the company's business.  Brian P.
Dunphy was appointed to facilitate the sale of its assets.

The liquidators can be reached at:

          Brian P. Dunphy
          Freshwater Management Pty Ltd
          PO Box 663
          Harbord NSW 2096
          Australia


TIN WOR: Commences Liquidation Proceedings
------------------------------------------
Tin Wor Investments Pty. Ltd.'s members agreed on April 18,
2008, to voluntarily liquidate the company's business.  Arthur
Yip was appointed to facilitate the sale of its assets.


TRANS UNION: Final Meeting Slated for June 20
---------------------------------------------
Trans Union Advantage Pty Ltd will hold a final meeting for its
members and creditors at 11:00 a.m. on June 20, 2008.  During
the meeting, the company's liquidator, Murray Smith at
McGrathNicol, will provide the attendees with property disposal
and winding-up reports.

The company's liquidator can be reached at:

          Murray Smith
          McGrathNicol
          Level 9, 10 Shelley Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9338 2666
          Website: www.mcgrathnicol.com



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

CHINA EVER: To Launch IPO After Scratching US$2.1BB of Bad Loans
----------------------------------------------------------------
China Everbright Bank Company has applied for a domestic public
offering through the country's stock regulator, Xinhua News
reports.

The bank, the report relates, had met the basic requirements for
the A share initial public offering.

According to the report, China Everbright has raised its capital
adequacy ratio to more than 8%, the lowest level required by the
banking regulator, and lowered its non-performing loans ratio to
less than 2% after disposing of CNY14.2 billion (US$2.1 billion)
of bad loans.

The group did not provide details of the IPO, the report says.

Meanwhile, Xinhua notes that Everbright Securities, Everbright
Group's securities unit, had also applied to the China
Securities Regulatory Commission (CSRC) for domestic listing.

"The timing of the two listings will depend on the CSRC's
approval process and performance of the capital market,"  Xinhua
cited Everbright Group Chairman Tang Shuangning as saying.

Analysts said in the Xinhua report that the CSRC might postpone
the listings with the slumping share prices, on concerns any
approval would add liquidity pressures on the equity market.

                 About China Everbright Bank

Headquartered in Beijing, China, China Everbright Bank Company
-- http://www.cebbank.com/-- is the first state-owned  
commercial bank with shares held by international financial
institutions.

Everbright Bank is 21%-owned by Hong Kong-listed China
Everbright Ltd, an Everbright Group unit.  The Asian Development
Bank is the only foreign stakeholder, with 2%.

                          *     *     *

As of June 18, 2008, the bank still holds Moody's “Ba1” Foreign
LT Bank Deposit rating and “D” bank Financial Strength rating.

The Troubled Company Reporter-Asia Pacific stated on Aug. 9,
2007, that China approved China Everbright Bank's plan for
financial restructuring, paving the way for a capital injection
and eventual listing.

China Everbright Bank is saddled with debts partly because of
its takeover of the troubled China Investment Bank in the late
1990s.  The bank planned an IPO later this year to improve its
capital.  Despite receiving CNY20 billion of fresh capital from
China's central bank, Everbright's capital is still lower
than the regulatory minimum of 8% for domestic listing.


CHINA MINSENG: 11% Stake to Become Tradable Next Week
-----------------------------------------------------
Minsheng Banking Corp.'s 11% stake, a total of 2.1 billion
shares, will become tradable next week as a lockup period ends,
Jiang Jianguo of Bloomberg reports.

According to the report, the shares will probably be sold by the
the five holders, which include Ping An Insurance (Group) Co.

The bank still has 974.6 million non- tradable shares.

The stock, the report relates, is worth CNY12.5 billion (US$1.8
billion), based on June 17's closing price of CNY5.96.

China Minsheng Banking Corporation Ltd.'s principal activity is
the provision of commercial banking services that include
absorbing public deposits, providing short term, medium term,
and long term loans, making domestic and international
settlement, discounting bills and issuing financial bonds.

The Troubled Company Reporter-Asia Pacific reported that on
July 13, 2007, Fitch Ratings upgraded China Minsheng Banking
Corp.'s individual rating to "D" from "D/E" while it affirmed
its support rating at "4".


SHENZHEN DEV'T BANK: Inks New Loan Product With Alibaba.Com
-----------------------------------------------------------
Shenzhen Development Bank cooperated with Alibaba.com to boost
new loan product, that focuses on the financing of small and
middle enterprises in China, Asia Pulse reports.

According to the report, the product provides loans with a
maximum amount of CNY15 million (US$2.17 million) and the
longest repaying term of 10 years, as well as low interest
ratio.

Alibaba.com, the report relates, is expected to promote the
product by connecting information, logistics, cash flow, payment
methods and human resources together, with its established
electronic commerce system.

Asia Pulse says statistics show that China had 42 million small
and middle enterprises by the end of 2006, with their joint
venture adding for a 59% of China's GDP.

However, about 30% of the enterprises broke down each year, and
62% of the bankruptcies resulted from financing difficulties,
the report says.

               About Shenzhen Development Bank

Based in Shenzhen, Guangdong, People's Republic of China,
Shenzhen Development Bank Company Ltd.'s --
http://www.sdb.com.cn/-- provides local and foreign currency  
deposits and loan services.  Other activities include foreign
currencies exchanging, foreign currency deposit and remittances,
acts as an agent for issuing foreign currency value-bearing
securities, management of letters of credit and operation of
both an international and a domestic discounting service.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that
Moody's Investors Service, on May 4, 2007, assigned E+ for the
bank's Financial Strength Rating.  The long-term Foreign
Currency Deposit Rating is Ba3.  The short-term Foreign Currency
Deposit Rating is NP.  Moody's said the outlook for all ratings
is positive.


TANK SPORTS: Kabani & Company Expresses Going Concern Doubt
-----------------------------------------------------------
Los Angeles-based Kabani & Company Inc. raised substantial doubt
about the ability of Tank Sports Inc. to continue as a going
concern after it audited the company’s financial statements for
the year ended Feb. 29, 2008.  The auditor pointed to the
company’s accumulated deficit of $6,788,710 as of Feb. 29, 2008,
and a net loss of $5,744,719 during the year ended February 29,
2008.

                         Management's Plan

The continuing losses have adversely affected the liquidity of
the Group.  Losses might continue for the immediate future.  The
Group faces some business risks, which includes but not limited
to, its ability to maintain vendor and supplier relationships by
making timely payments when due.

Management has taken many steps to revise its operating and
financial requirements, which it believes are sufficient to
provide the company with the ability to continue as a going
concern.  The acquisition and consolidation measures have
strengthen its market position, included, but not limited to,
restructuring of management and labor forces, consolidation of
regional marketing facility, ERP system integration, better
inventory control, further development of marketing promotion
and sales network, and improvement of customer service
infrastructure.  The management has taken steps to upgrade the
company’s product line with more advanced engine technologies by
collaborating with National Motor in Taiwan and Jianshe Motor
Industry in China.  With all steps taken, the management
believes that it will significantly increase its overall
productivity and revenues, reduce unnecessary costs and
expenses, and achieve a goal of high profit margin with the
controlled budget.  Management has devoted considerable effort
to build up “Tank”, “Redcat” and Dazon brand names; set up more
dealers to increase sales; liquidate less profitable products,
and focus on selling more profitable products; strive to reduce
product costs and operating expenses through fully functioning
of manufacturing capacity in Shanghai; increase product range by
utilization of R&D capacity; and obtain additional equity.  
Management believes that these actions will allow the Group to
continue operations through the next fiscal year.

                          Notes Payable

On February 29, 2008, the company borrowed $1,500,000 from a
non-related party with an interest rate of 4.41%. This unsecured
note payable was due on Feb. 28, 2009.  The note payable was
subordinated to the line of credit of $7,280,000. .

On Feb. 15, 2007, the company signed the “Second Amended and
Restated Promissory Note and Security Agreement” with Hexagon
Financial, LLC.  The company is indebted to the Payee of
$882,839, which reflected the book value of the Payee’s
inventory in related to the acquisition of Redcat as of Jan. 28,
2007.  The note has a fixed interest rate of 5% per annum.  
Pursuant to the agreement, the company shall make $100,000
payments on April 5, 2007, and April 10, 2007, and $300,000
immediately upon the closing of the line of credit with United
Commercial Bank but no later than August 1, 2007.  And then the
company should make payments of $50,000 for every month starts
in June 1, 2007, and ends on January 31, 2008.  Any default
amount under this agreement bears interest at a rate equal to
ten percent (10%) per annum.  In November 2007, the Payee
promised to reduce the outstanding note payable to $275,000 and
to amend the payment schedule if the company adheres to the new
payment schedule and the stock repurchase agreement, as defined
in Note 20.  As of Feb. 29, 2008, the company has a payable of
$500,740 due the Payee. In May 2008 the company and the Payee
negotiated the terms of the settlement of the stock repurchase
agreement and the note settlement.  As a result of such
negotiations, the company paid $250,000 on May 10, 2008, and
$180,000 on May 30, 2008, to complete the settlement.  The
company bought back 137,669 shares at $1.05 a share and recorded
another treasury shares acquisition for $144,552 and applied
$285,448 as final settlement of the Payee’s debt of $500,740.

                           Financials

The company posted a net loss of $5,744,719 on net revenues of
$11,610,750for the year ended Feb. 29, 2008, as compared with a
net loss of $249,325 on net revenues of $9,588,238 in the prior
year.

At Feb. 29, 2008, the company’s balance sheet showed
$18,665,077 in total assets and $19,423,473 in total
liabilities, resulting in $758,396 stockholders' deficit.  

The company’s consolidated balance sheet at Feb. 29, 2008, also
showed strained liquidity with $10,279,517 in total current
assets available to pay $19,124,075 in total current
liabilities.

A full-text copy of the company’s 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2e32

                         About Tank Sports

Headquartered in El Monte, California, Tank Sports Inc.
(OTCBB: TNSP) -- http://www.tank-sports.com/-- develops,   
engineers, and markets high-performance on-road motorcycles &
scooters, off-road all-terrain vehicles (ATVs), dirt bikes and
Go Karts through OEMs in China.  The company's motorcycles and
ATVs products are manufactured in China and Mexico.


VALENCE TECH: PMB Helin Donovan Raises Going Concern Doubt
----------------------------------------------------------
PMB Helin Donovan LLP expressed substantial doubt about the
ability of Valence Technology Inc. to continue as a going
concern after it audited the company’s financial statements for
the year ended March 31, 2008.  The auditor pointed to the
company’s recurring losses from operations, negative cash flows
from operations and net stockholders’ capital deficiency.

                      Management’s Statement

The management stated that the company has incurred operating
losses each year since its inception in 1989 and had an
accumulated deficit of $536.3 million as of March 31, 2008. For
the years ended March 31, 2008 and 2007, the Company sustained
net losses available to common stockholders of $19.6 and
$22.4 million, respectively

Valence Technology Management said "We have planned for an
increase in sales and, if we experience sales in excess of our
plan, our working capital needs and capital expenditures would
likely increase from that currently anticipated."   In
particular, the Valence Technology's recently announced contract
with The Tanfield Group, PLC, will require the company to expend
additional amounts for inventory and capital equipment, in
advance of any revenues.  The company's ability to meet this
additional customer demand would depend on its ability to
arrange for additional equity or debt financing since it is
likely that cash flow from sales will lag behind these increased
working capital requirements.  

All of the company's assets are pledged as collateral under
various loan agreements with Valence Technology, Inc., Chairman
Carl Berg or related entities.  If the company fails to meet its
obligations pursuant to these loan agreements, these lenders may
declare all amounts borrowed from them, together with accrued
and unpaid interest thereon, to be due and payable. If this were
to occur, the company would not have the financial resources to
repay its debt and these lenders could proceed against its
assets.

“We have and will continue to have a significant amount of
indebtedness and other obligations.  As of March 31, 2008, we
had approximately $75.1 million of total consolidated
indebtedness. Included in this amount are $34.6 million of loans
outstanding, net of discount, to an affiliate of Carl Berg,
$21.5 million of accumulated interest associated with those
loans and $19.0 million of principal and interest outstanding
with a third party finance company.  We also have an upcoming
obligation to redeem our outstanding shares of Series C-1
Convertible Preferred Stock and Series C-2 Convertible Preferred
Stock held by affiliates of Carl Berg for up to $8,610,000, plus
accrued dividends, which, as of March 31, 2008, were $431,000.  
Our substantial indebtedness and other obligations could
negatively impact our current and future operations,” the
management added.

                  Liquidity and Capital Resources

At March 31, 2008, the company’s principal sources of liquidity
were cash and cash equivalents of $2.6 million.  The company
does not expect that its cash and cash equivalents will be
sufficient to fund its operating and capital needs for the next
12 months following March 31, 2008, nor does the company
anticipate product sales during fiscal 2009 will be sufficient
to cover its operating expenses.  Historically, the company has
relied upon management’s ability to periodically arrange for
additional equity or debt financing to meet the company’s
liquidity requirements.

Unless the company’s product sales are greater than management
currently forecasts or there are other changes to its business
plan, the company will need to arrange for additional financing
within the next three to six months to fund operating and
capital needs.  This financing could take the form of debt or
equity.  Given the company’s historical operating results and
the amount of its existing debt, as well as the other factors,
the company may not be able to arrange for debt or equity
financing from third parties on favorable terms or at all.

The company’s cash requirements may vary materially from those
now planned because of changes in the company’s operations
including the failure to achieve expected revenues, greater than
expected expenses, changes in OEM relationships, market
conditions, the failure to timely realize the company’s product
development goals, and other adverse developments.  These events
could have a negative impact on the company’s available
liquidity sources during the next 12 months.

                            Financials

The company posted a net loss of $19,440,000 on total revenues
of $20,777,000 for the year ended March 31, 2008, as compared
with a net loss of $22,251,000 on total revenues of $16,674,000
in the prior year.

At March 31, 2008, the company’s balance sheet showed
$27,158,000 in total assets and $94,475,000 in total
liabilities, resulting in $67,317,000 stockholders' deficit.  

A full-text copy of the company’s 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2e30

                About Valence Technology Inc.

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



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

ABP TRADECOM: Creditors' Proofs of Debt Due on July 14
------------------------------------------------------
The creditors of ABP Tradecom 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 6, 2008.

The company's liquidators is:

         Puen Wing Fai
         Lo Yuek Ki, Alice
         Kwan Chart Tower, 6 Tonnochy Road
         Wanchai, Hong Kong


CFM GOBAL: Members & Creditors to Meet on July 15
-------------------------------------------------
CFM Global manufacturing Limited will hold a joint meeting for
its creditors and contributors at 10:00 a.m, on July 15, 2008.  
During the meeting, the company's liquidator, John Robert Lees
will provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

            John Robert Lees
            1904 Hong Kong Club Building
            3A Charter Road, Hong Kong


GLOBAL BRANDS (FOOTBALL): Liquidators Quit Post
-----------------------------------------------
On June 13, 2008, Ying Hing Chui and Chung Mui Yin, Diana down
as liquidators for Global Brands (Football) Limited.


GLOBAL BRANDS (S.E. ASIA): Liquidators Quit Post
------------------------------------------------
On June 13, 2008, Ying Hing Chui and Chung Mui Yin, Diana down
as liquidators for Global Brands (S.E. Asia) Limited.


HONTINI (HK): Members To Meet on July 14
----------------------------------------
The members of Hontini (HK) Limited will have their final
general meeting on July 14, 2008, at China Resources Building,
43rd Floor, 26 Harbour 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:

         Heng Poi Cher
         China Resources Building, 43rd Floor
         26 Harbour Road, Wanchai, in Hong Kong


KINGTIME (H.K.): Members To Meet on July 14
-------------------------------------------
The members of Kingtime (H.K.) Limited will have their final
general meeting on July 14, 2008, at Sunshine Kowloon bay Cargo
Centre, Ground Floor, in Kowloon to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator can be reached at:

         Chan Shui Kin
          Cargo Centre, Ground Floor
          Kowloon


RETAIL STRATEGIES: Liquidators Quit Post
----------------------------------------
On June 13, 2008, Ying Hing Chui and Chung Mui Yin, Diana down
as liquidators for Retail Strategies (Asia) Limited.


REUTERS BASIS: Members To Meet on July 15
-----------------------------------------
The members of Reuters Basis Point Publishing Limited will have
their final general meeting on July 15, 2008, at Greatmany
Centre, 14th Floor, 109-115 Queen's Road East, Wanchai, in Hong
Kong to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator can be reached at:

         Ho Lam Fat
         Greatmany Centre, 14th Floor
         109-115 Queen's Road East, Wanchai
         Hong Kong


TAURUS NAVIGATION: Liquidators Quit Post
----------------------------------------
On June 5, 2008, Cheng Seng Chong Edward and Leung Kwai Ying
down as liquidators for Taurus Navigation Corporation Limited.


THE SAM: Creditors' Proofs of Debt Due on June 30
-------------------------------------------------
The creditors of The Sam Cheong Company Limited are required to
file their proofs of debt by June 30, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 3, 2008.

The company's liquidator is:

         Lee Hing Tai, Ronald
         Malaysia Building, 10th Floor, Room 1002
         50 Gloucester Road, Wanchai, Hong Kong



=========
I N D I A
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BHARTI AIRTEL: Partners w/ Pacnet on "Gateway to India" Project
---------------------------------------------------------------
Following the signing of a network-to-network interface
agreement to interconnect their respective networks, expanding
connections to and from India, Pacnet and Bharti Airtel has
announced a special "Gateway to India" offering for STM-1 and
larger International Private Line circuits between the United
States and India.

Delivered in collaboration with Pacific Crossing the "Gateway to
Asia" offering will leverage the strengths of each company's
subsea assets to provide a fast, resilient end-to-end connection
for enterprise customers who have a large capacity requirement
between these markets.  The connections will utilize Bharti
Airtel's i2i system, Pacnet's EAC-C2C network and Pacific
Crossing's PC-1 cable system.

"This partnership marks a milestone in carrier collaboration,
embracing the strength of each participating service provider to
deliver high capacity IPL services that are being demanded by
enterprise customers around the world looking to connect into
and from India," said Dennis Muscat, Senior Vice President of
Sales, Pacnet South Asia.

"Pacific Crossing brings its strength as the leader in
reliability and performance in trans-Pacific transport to this
partnership," said Mark Simpson, Chief Executive Officer,
Pacific Crossing.  "Our March 2008 upgrade of the core network
platform, together with the realignment of our business
to focus on customer service and innovation, now offers
unparalleled support for our carrier customers looking to
connect Asia with the United States and beyond."

In today's competitive business environment, having the right
end-to-end connections can mean the difference between success
and failure, profit and loss.  This special global connectivity
offering enables enterprises to take advantage of a unique
collaborative offering by Pacnet, Bharti Airtel and Pacific
Crossing which combines cost savings with quality performance.

                          About Pacnet

Pacnet -- http://www.pacnet.com/-- is an independent  
telecommunications service provider, formed from the operational
merger of Asia Netcom and Pacific Internet.  Pacnet owns and
operates EAC-C2C, Asia's longest submarine cable infrastructure
at 36,800 km, with a design capacity of 10.24 Tbps. With a
comprehensive portfolio of city-to-city connectivity, data
communications and IP-based solutions and services, Pacnet
delivers solutions for carrier, large enterprises and
small/medium businesses.  The company is headquartered
in Hong Kong and Singapore with offices in all key markets in
Asia and North America.

                  About Pacific Crossing Limited

Pacific Crossing Limited -- http://www.pc1.com/-- owns and  
operates the world's only independent, trans-Pacific subsea
network connecting the U.S. and Japan.  The company's 21,000km
PC-1 submarine cable system offers the highest reliability and
the lowest latency across the Pacific.  Supported by extensive
backhauls into major U.S. and Japanese cities, PCL's
infrastructure offers seamless interconnection to virtually
every major international network operator for onward global
access.  The company delivers state-of-the-art capacity and
managed network services at competitive prices to a growing
customer base of carriers and Tier 1 network operators.  The
company is registered in Hamilton, Bermuda, with principal
offices in San Francisco, CA and Dallas, TX.

                   About Bharti Airtel Limited

Bharti Airtel Limited -- http://www.bhartiairtel.in/-- a group  
company of Bharti Enterprises, is an integrated telecom services
provider with an aggregate of over 69.15 million customers as of
end of May 2008, consisting of 66.82 million mobile customers.  
Bharti Airtel has been rated among the best performing companies
in the world in the BusinessWeek IT 100 list 2007.

Bharti Airtel is structured into three strategic business units
-- Mobile services, Telemedia services and Enterprise services.  
The mobile business provides mobile & fixed wireless services
using GSM technology across 23 telecom circles.  The Telemedia
business provides broadband & telephone services in 94 cities
and is foraying into the IPTV and DTH segments.  The Enterprise
business provides end-to-end telecom solutions to corporate
customers and national & international long distance services to
carriers.  All these services are provided under the Airtel
brand.  Airtel's high-speed optic fibre network currently spans
over 73,787 kms covering all the major cities in the country.  
The company has two international landing stations in Chennai
that connects two submarine cable systems -- i2i to
Singapore and SEA- ME-WE-4 to Europe.

                          *     *     *

As of June 6, 2008, Bharti Airtel continues to carry a “BB+”
Long Term Issuer Default Rating placed by Fitch on Nov. 19, 2007
with a Stable outlook.


DISH TV: Incurs Rs.1150.64M Net Loss in Qtr Ended March 31, 2008
----------------------------------------------------------------
Dish TV India Ltd posted a net loss of Rs 1150.64 million for
the quarter ended March 31, 2008 as compared to net loss of Rs
1001.78 million for the quarter ended March 31, 2007.  Total
Income has increased from Rs 666.35 million for the quarter
ended March 31, 2007 to Rs 1363.60 million for the quarter ended
March 31, 2008.

For the year ended March 31, 2008, the company posted a net loss
of Rs 4132.04 million as compared to net loss of Rs 2518.82
million for the year ended March 31, 2007.  Total Income has
increased from Rs 1943.13 million for the year ended
March 31, 2007 to Rs 4157.17 million for the year ended
March 31, 2008.

On a consolidated basis, the Group posted a net loss of Rs
4141.28 million for the year ended March 31, 2008 as compared to
net loss of Rs 2400.71 million for the year ended March 31,
2007.  Total Income has increased from Rs 1962.44 million for
the year ended March 31, 2007 to Rs 4161.76 million for the year
ended March 31, 2008.

Commenting on the results, Mr. Subhash Chandra, Chairman, said
“This entire year the focus has been on a three pronged strategy
of aggressive subcriber acquisition, improvement in quality of
subscribers and enhancement of customer experience at all
service touch points.  We're proud to have built an organization
that is leading the category from the front – innovating in more
ways than one.  In the last few months huge investments have
been made into brand building activities on two fronts – a
stronger affinity with the mother brand ZEE and thru our tie-up
with our brand ambassador Shah Rukh Khan who has taken our brand
promise to market very effectively.  Moreover, large strides
have also been made in our organization structure development
and service infra enhancement in order that we meet each
subscribers' needs efficiently and in the lowest possible turn
around time.  Dishtv continues to be the platform with the
widest content, packaged in most consumer friendly customizable
packages, which continues to be one of our biggest strengths and
product differentiator that is not easy to match.  We are
confident that with the coming of newer competition, dishtv is
all prepared to optimize the opportunity that lies ahead and
take the lion's share of the emerging market.”

Meanwhile, on May, 29 2008, Dish TV's authorized share Capital
was increased from Rs 73 Crores to Rs 100 Crores, and borrowing
limit was increased from Rs 1000 Crores to Rs 2000 Crores.

In April, Dish TV approved the grant of 184,500 options
convertible into 184,500 equity shares of Re 1/- each to two
employees of the company at an exercise price of Rs 63.95 being
the closing price at the highest traded Exchange (NSE) on
April 23, 2008, pursuant to the SEBI (ESOP) Guidelines 2000.

Also in April, Dish TV's Board of Directors approved the issue
of shares on Rights Basis to the Shareholders of the company,
upto Rs 1200 Crores.

                  About Dish TV India Limited

Dish TV India Limited -- http://www.dishtvindia.in/-- is  
engaged in the distribution of multiple television channels and
allied video/audio services to subscribers on a monthly
subscription basis.  As of December 31, 2007, the company
offered over 180 digital channels (including approximately 20
voice channels) to approximately three million subscribers
across India.  The company also provides various services like
Electronic Program Guide, Parental Lock, Sports Active, News
Active, Games and Near Video on Demand.  Its subscription
packages include Dish Maxi with 150 channels, Dish Welcome with
120 channels, Dish Freedom Plus with 96 channels, Dish Freedom
Offer with 90 channels.  It also offers multi-room pricing
ranging from Rupees 125 to Rupees 150, and package customization
to suit regional needs.  It operates in seven segments: Direct
to Home Services (DTH), Trading, Teleport Services, Subscriber
Management Services, Transponder Services, Public Mobile Radio
Trunking Services (PMRTS), and Services.


UNION BANK OF INDIA: To Issue US$2 Billion Medium Term Notes
------------------------------------------------------------
Union Bank of India disclosed in a regulatory filing that it
has established a Medium Term Note (MTN) Programme for
US$2 billion to raise funds in the International Market.  A
copy of the offering circular filed with the Singapore Stock
Exchange and its in-principle approval has been received.

The Bank says it has until now not issued any notes under the
said programme but would be issuing the notes in different
tranches depending upon the requirements of the bank.

Union Bank of India -- http://www.unionbankofindia.com/-- is an  
India-based scheduled commercial bank.  The Bank offers a range
of services, including personal banking, non-resident Indian
(NRI) banking, corporate banking and Internet banking. Personal
banking includes savings and deposit services, such as
cumulative deposit schemes, deposit reinvestment certificates,
monthly income schemes, Union Flexi Deposit Scheme, capital
gains exemption deposit schemes and senior citizen deposit
schemes; retail loans, such as Union Trade, Union Cash, Union
Health, Union Home, Union Miles and Union Education; cards,
including Union Home Plus, Union Life Guard and International
Debit Card; insurance and investment, including mutual fund and
Union Health Care; Dmat, which includes dematerialized (DMAT)
accounts and online trading of shares. The Bank operates in four
segments: treasury, corporate/wholesale banking, retail banking
and other banking business.


UNION BANK OF INDIA: S&P Rates Proposed Tier II Notes at 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-' long-term
and 'A-3' short-term counterparty credit ratings to Union Bank
of India (UBI).  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'C' bank fundamental strength
rating UBI.

Standard & Poor's also assigned the following ratings to UBI's
proposed debt issues under a US$2 billion medium-term notes
(MTN) program:

   -- 'BBB-' rating to the senior unsecured notes;
   -- 'BB+' rating to the lower Tier II subordinated notes; and
   -- 'BB' rating to the upper Tier II subordinated and hybrid
      Tier I notes.

The rating differential between the senior unsecured notes and
the lower Tier II subordinated notes reflects the latter's
subordinated nature.  The 'BB' rating on the upper Tier II
subordinated notes and hybrid Tier I notes reflects an interest
deferral option on these notes.

The ratings on UBI reflect the bank's comfortable liquidity and
funding profile, above-average profitability, and satisfactory
asset quality.  UBI's capitalization, which is currently
adequate, is likely to be pressured as the bank grows its loan
portfolio.

"We expect extraordinary government support to be available to
UBI in a distress situation due to its 55.4% government
shareholding and important position in the Indian banking
industry," said Standard & Poor's credit analyst Ritesh
Maheshwari.  "However, the current ratings do not incorporate
this support."

The stable outlook on the long-term counterparty credit rating
reflects our expectation that UBI will continue to benefit from
a majority government ownership and will maintain its stand-
alone profile.  The bank's capitalization is expected to weaken
but is expected to remain adequate to support its medium-term
growth initiatives.

While the stand-alone credit profile might decline with
significant deterioration in asset quality or profitability, a
rating downgrade is unlikely due to the expected extraordinary
support from the government of India, which is not yet
incorporated in the rating.  For the same reason, the rating
will move up if the sovereign credit rating on India (BBB-
/Stable/A-3) is raised.

                 About Union Bank of India

Headquartered in Mumbai, Union Bank of India reported total
assets of INR1,223.5 billion (US$30.7 billion) at the end of
March 2008.


UNION BANK OF INDIA: Moody's Outlook on All Ratings is “Stable”
---------------------------------------------------------------
Moody's Investors Service has assigned a Baa2 rating to the
foreign currency senior, subordinated and junior subordinated
notes to be issued by Union Bank of India under its US$2 billion
Medium Term Note (MTN) programme.  At the same time, Moody's has
assigned a Baa3 rating to any perpetual non-cumulative notes to
be issued under the same programme.

The latter two hybrid securities (junior subordinated debt and
perpetual non-cumulative notes) to be issued under the programme
bear the characteristics specified in the Reserve Bank of
India's (RBI) guidelines on debt capital instruments and will be
considered by the RBI to be Upper Tier II and Hybrid Tier I
instruments, respectively.

Moody's has rated any senior and subordinated notes to be issued
under the MTN programme at Baa2, constrained by the foreign
currency debt ceiling for India (Baa2).  "Considering the bank's
A3 global local currency (GLC) deposit rating, such instruments
would normally have been rated at least one notch higher were it
not for transfer risk," explains Nondas Nicolaides, Vice
President -- Senior Analyst at Moody's Limassol office.  The
Baa3 rating on the perpetual non-cumulative notes (Hybrid Tier
I) reflects the more junior ranking and non-cumulative features
of this instrument and is unconstrained.  For banks having a
BFSR in the 'D' range, Moody's usually rates such Hybrid Tier I
instruments three notches below their GLC deposit rating.

"All ratings incorporate the bank's standalone financial
strength and also the high likelihood of support from the
Government of India in the event of need given the bank's
majority government ownership and importance to the banking
system," adds Mr Nicolaides.  Union Bank of India's standalone
financial strength is represented by its 'D+' bank financial
strength rating (BFSR) with a baseline credit assessment (BCA)
of Ba1, and is supported by a broad-based lending and deposit
franchise through a country-wide branch network.  The rating
takes also into account the bank's good profitability and
capitalisation, which are in line with those of its Indian rated
peers, as well as its improved asset quality and relatively
conservative risk profile.  The outlook for all Union Bank of
India's ratings is stable.

                 About Union Bank of India

Headquartered in Mumbai, Union Bank of India reported total
assets of INR1,223.5 billion (US$30.7 billion) at the end of
March 2008.


WEST CORP: Affiliate Completes Tender Offer for Genesys' Shares
---------------------------------------------------------------
West Corporation disclosed the definitive results of the tender
offer made by West International Holdings Limited, its
subsidiary, for Genesys.

As reported in the Troubled Company Reporter on Feb. 26, 2008,
West Corporation sought to acquire Genesys and combine it with
InterCall Inc., its subsidiary.  West made a cash offer of
EUR2.50 per ordinary share and for the American Depositary
Shares at the U.S. dollar equivalent.  The total transaction
value, excluding transaction expenses, is approximately
EUR182.9 million or approximately $268.8 million.

These results indicate that, as of the expiration of the
subsequent offering period on June 6, 2008, in aggregate an
additional 4,629,112 Genesys ordinary shares had been tendered
into the offer during the subsequent offering period, including
an additional 1,922,791 Genesys ordinary shares represented by
Genesys ADSs tendered during the subsequent offering period of
the offer in the United States.

When combined with the 64,224,366 Genesys shares tendered into
the offer during the initial offering period that ended on
May 7, 2008, and the 1,608,202 Genesys shares that WIH purchased
on the market during the subsequent offering period, these
results indicate that WIH will hold 70,461,680 Genesys shares
representing 96.63% of the share capital and voting rights of
Genesys, based on 72,921,019 shares and voting rights
outstanding as of June 6, 2008.

WIH will accept all of the Genesys ordinary shares tendered into
the offer during the subsequent offering period and expects that
the settlement of the subsequent offer and the delivery of the
offer consideration in accordance with the terms of the
subsequent offer will occur, in respect of tendered Genesys
ordinary shares on Wednesday, June 25, 2008, and in respect of
Genesys ADSs tendered into the subsequent offer no later than
Monday, June 30, 2008, to allow for necessary foreign exchange
conversions.

               Squeeze-Out for the Shares of Genesys

Having obtained greater than 95% of the total share capital and
voting rights of Genesys, WIH will request the implementation of
a mandatory acquisition  or squeeze-out of the Genesys shares
held by minority shareholders.  The AMF is expected to report
the date of implementation of the squeeze-out within the next
several days.

Trading of Genesys shares on the Eurolist market of Euronext
Paris has been suspended as of the publication by the AMF of the
results of the subsequent offering period, and Genesys shares
will be delisted from the Eurolist upon implementation of the
squeeze-out.

                         About Genesys

Founded in 1986, Genesys (Euronext Eurolist: FR0004270270) --
http://www.genesys.com/-- is a provider of converged   
collaboration and communication services to thousands of
organizations, including more than 250 of the Fortune Global
500.  The company's flagship product, Genesys Meeting Center,
provides an integrated multimedia conferencing solution that is
easy to use and available on demand.  With offices in more than
20 countries across North America, Europe and Asia Pacific.  

                     About West Corporation

Headquartered in Omaha, Nebraska,  West Corporation --
http://www.west.com/-- is a provider of outsourced  
communication solutions to many companies, organizations and
government agencies.  West has a team of 42,000 employees based
in North America, Europe, and Asia.  West helps its clients
communicate effectively, maximize the value of their customer
relationships and drive greater profitability from every
interaction.  

InterCall Inc. -- http://www.intercall.com/-- is a subsidiary  
of West Corporation, is a service provider in the world
specializing in conference communications.  Founded in 1991,
InterCall helps people and companies be more productive by
providing advanced audio, event, Web and video conferencing
solutions that are easy-to-use and save them time and money.  
Along with a team of over 600 Meeting Consultants, the company
employs more than 1,500 operators, customer service
representatives, call supervisors, accounting, marketing and IT
professionals. InterCall's U.S. presence, which includes four
call centers and 26 sales offices, extends to Canada, Mexico,
Latin America, the Caribbean, the United Kingdom, Ireland,
France, Germany, Australia, New Zealand, India, Hong Kong,
Singapore and Japan.

As reported in the Troubled Company Reporter on Feb. 4, 2008,
the company's Dec. 31, 2007, balance sheet for the year showed a
stockholders' deficit of $2.2 million.

                          *     *     *

As reported in the Troubled Company Reporter on May 27, 2008,
Standard & Poor's Ratings Services affirmed its 'BB-' loan
rating on the senior secured first-lien bank facility of West
Corp. (B+/Stable/--), after the report that the company will add
$134 million to its first-lien term loan.  



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

ANEKA TAMBANG: Signs Nickel Project Deal with BHP Billiton
----------------------------------------------------------
PT Aneka Tambang has signed an agreement with BHP Billiton Ltd.
to study two nickel deposits in Indonesia, Bloomberg News
reports.

"We have entered into conditional agreements with Antam to form
a 50:50 alliance to evaluate two nickel laterite resources in
eastern Indonesia," Melbourne-based BHP spokeswoman Emma Meade
said in an e-mailed statement to Bloomberg News.

The agreements are subject for approval of BHP's board.

As reported by the Troubled Company Reporter-Asia Pacific on
September 24, 2007, the two companies agreed in February last
year to jointly study development of nickel deposits in the
areas around Buli in North Maluku.

                       About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 17, 2008, Moody's Investors Service upgraded PT Aneka
Tambang (Persero) Tbk's corporate family rating to Ba3 from B1.
The action concluded the review for possible upgrade which
commenced on October 22, 2007.

On Dec. 4, 2006, that Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Indonesian state-owned
miningcompany PT Antam Tbk. to 'B+' from 'B'.  The outlook is
stable.  At the same time, Standard & Poor's also raised to
'B+', from 'B', the rating on the senior unsecured notes issued
by Antam Finance Ltd. and guaranteed by Antam.



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

CITIGROUP INC: Japan Unit Offers Exit Plan to 1,350 Staff
---------------------------------------------------------
CFJ KK, Citigroup Inc.'s Japanese unit, has offered early
retirement, with two months' pay, to its 1,350 employees as the
company withdraws its operations from Japan, Takahiko Hyuga of
Bloomberg News reports.

CFJ Labour Union Chairman Akihito Kawamura, The Financial
Express News relates, said that CFJ distributed memo to its
employees on June 16, stating Citigroup's offer.

Citigroup said earlier this month that it would shut its
remaining 32 consumer lending outlets and 540 unmanned loan
machines in Japan, The Express notes.  The company is revising
global operations after reporting losses and writedowns from the
U.S. subprime mortgage crisis totaling US$42.9 billion, more
than any other bank, according to data compiled by Bloomberg.

Employees will have until July 15 to apply for the early
retirement plan.  The union representing the affected employees,
however, has asked CitiGroup to raise its offer.  "We can't
accept this offer.  We've asked all employees not to accept
this, and we plan to negotiate with management," Mr. Kawamura
was cited by Bloomberg as saying.

Mr. Kawamura, according to The Express report, said "employees
who worked at the company for two years and those who worked for
twenty years are both offered the same package."  The union
would likely press the company to increase the offer to two
years worth of wages, he added.

Reportedly, Citigroup spokeswoman Atsuko Yoshitsugu said: "CFJ
ensures employees are treated fairly and made aware of the
options open to them."  

Meanwhile, another unit of Citigroup, Nikko Citigroup Ltd., is
also planning to layoff as many as 170 of its 1,700 employees,
according to Bloomberg, citing two Citigroup officials.

Citigroup sold its Tokyo headquarters to a Morgan Stanley real
estate fund in February for JPY48 billion yen (US$445 million),
Bloomberg says.

                       About Citigroup Inc.

Citigroup Inc. (Citigroup)is a diversified global financial
services holding company whose businesses provide a range of
financial services to consumer and corporate customers. The
Company is a bank holding company.  As of March 31, 2008,
Citigroup was organized into four major segments: Consumer
Banking, Global Cards, Institutional Clients Group (ICG) and
Global Wealth Management (GWM).  The Company has more than 200
million customer accounts and does business in more than 100
countries.  In July 2007, the Company merged with Citigroup
Japan Investments LLC, a 100% subsidiary of the Company.  In
March 2008, Citigroup reorganized its consumer group into two
global businesses: Consumer Banking and Global Cards.  In May
2008, the Company has reorganised its equity and debt business
in Japan.  Nikko Citigroup Ltd, the Company's Japan investment
banking unit, merged its equity and debt underwriting teams into
one.


CLAIRE'S STORES: Posts $35.6MM Net Loss in 1st Qtr. Ended May 3
---------------------------------------------------------------
Claires Stores Inc. reported Tuesday its financial results for
the 2008 first quarter ended May 3, 2008.  

The company reported a net loss of $35.6 million for the 2008
first quarter, compared with net income of $28.8 million in the
2007 first quarter.

The company reported net sales of $327.0 million for the 2008
first quarter, a 4.0% decrease from net sales of $340.6 million
in the 2007 first quarter.  The company attributed the decrease
to a decline in same store sales, partially offset by the growth
in new store base and the effect of foreign currency
translation.

Consolidated same store sales declined 8.4% in the 2008 first
quarter consisting of a 3.7% increase in average transaction
value that was offset by a 12.5% decrease in the average number
of transactions.  In North America, same store sales decreased
12.3%, with sales at the company's Claire's stores declining
less than at the company's Icing stores.  European same store
sales were essentially flat with a decline of 0.2%.

Commenting on first quarter results, chief executive officer
Gene Kahn said, "We are genuinely disappointed with our first
quarter results.  The challenging retail environment continues
to impact our sales with mall traffic declining, and consumers'  
discretionary spending being crimped by large price increases in
food and gasoline."

Throughout this quarter, we have made significant progress in
improving our organizational model and bolstering our
merchandise offense by recruiting people to the business with
strong industry, management and leadership experience.  We have
confidence that our improved team, combined with the benefits
from the implementation of the Pan European Transformation (PET)
project, will create momentum and drive improvement in our sales
during the second half of this year.  PET will allow us, for the
first time, to have three separate, dedicated merchandising
teams focused on Claire's in North America, Icing, and Claire's
in Europe.

We began 2008 with an expense structure that anticipated same
store sales growth.  Given the current retail environment and
economic conditions, we carefully reviewed our cost structure
and estimate that we can save $40 million annually.  We have
begun to execute against a number of the identified
opportunities and expect that we can save $15 million in this
fiscal year, with the full annualized savings achieved in fiscal
2009.

Our same store sales, while still negative, have shown
improvement in the second quarter.  We are encouraged that the
new merchandise organization, combined with our cost savings
initiatives, will drive improved performance during the second
half of this year."

Adjusted EBITDA in the 2008 first quarter was $34.3 million
compared to $60.6 million in the 2007 first quarter.  The
company defines Adjusted EBITDA as earnings before interest,
income taxes, depreciation and amortization, excluding the
impact of transaction related costs incurred in connection with
its May 2007 acquisition and other non-recurring or non-cash
expenses, and normalizing occupancy costs for certain rent-
related adjustments.

At May 3, 2008, the company's $200 million revolving credit
facility was undrawn and fully available aside from an ongoing
$5.9 million letter of credit.  Cash and cash equivalents were
$68.0 million.

During the 2008 first quarter, cash used by operating activities
was approximately $1.4 million, compared with cash provided by
operating activities of $20.3 million during the 2007 first
quarter.  The change in cash provided by operating activities
was primarily impacted by a decrease in operating income and an
increase in interest paid on the debt incurred to fund the
acquisition, offset by a decrease in working capital.  

Capital expenditures during the 2008 first quarter were
$16.0 million, of which $11.7 million related to store openings
and remodeling projects.  Capital expenditures during the 2007
first quarter were $22.3 million.

                          Balance Sheet

At May 3, 2008, the company's consolidated balance sheet showed
$3.3 billion in total assets, $2.8 billion in total liabilities,
and $581.7 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended May 3, 2008, are available for
free at http://researcharchives.com/t/s?2e0f

                      About Claire's Stores

Headquartered in Pembroke Pines, Florida, Claire's Stores Inc.
(NYSE: CLE) -- http://www.clairestores.com/-- is a specialty  
retailer of value-priced jewelry and accessories for girls and
young women through its two store concepts: Claire's and Icing.  
While the latter operates only in North America, Claire's
operates worldwide.  As of May 3, 2008, Claire's Stores, Inc.
operated 3,053 stores in North America and Europe.  Claire's
Stores Inc. also operates through its subsidiary, Claire's
Nippon Co. Ltd., 201 stores in Japan as a 50:50 joint venture
with AEON Co. Ltd.  The company also franchises 169 stores in
the Middle East, Turkey, Russia, South Africa, Poland and
Guatemala.

                          *     *     *

As reported in the Troubled Company Reporter on May 6, 2008,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Claire's Stores Inc. to 'B-' from 'B'.  At the same
time, S&P lowered the ratings on the company's $1.65 billion
senior secured credit facilities to 'B' from 'B+', its
$600 million senior unsecured notes to 'CCC+' from 'B-', and its
$335 million senior subordinated notes to 'CCC' from 'CCC+'.  
The outlook is negative.


SANYO: Mulls Partnership With Ford & Honda for Battery Dev't
-------------------------------------------------------------
Sanyo Electric Co. Ltd. may partner with Honda Motor Co. and
Ford Motor Co. in developing lithium-ion batteries for next-
generation hybrid vehicles, Jiji Press reports, citing Sanyo
President Seiichiro Sano.

Mr. Sano told the news agency that the company may develop such
batteries with the two firms if the products serve the needs of
the Japanese and U.S. automakers.

The report notes that Sanyo recently agreed on joint lithium-ion
battery development with German-automaker Volkswagen AG.  The
Japanese firm currently supplies nickel-metal hydride batteries
to Honda and Ford for vehicles sold in the North American
market, the report relates.

According to the report, Mr. Sano said the company will have to
team up with a wide range of Japanese and foreign automakers to
achieve its target of raising its share of the global lithium-
ion battery market to at least 40% by 2015.

Meanwhile, regarding the company's goal to double overseas sales
at its solar cell business, Mr. Sano said Sanyo has already
started negotiating with academic and other institutes in
Hungary.  The company may consider joint development projects,
but any such moves may come after the Hungarian tie-ups produce
concrete results, he said.

                      About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading     
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                           *     *     *

As of June 18, 2008, the company still holds Standard & Poor's
Ratings' 'BB' long-term corporate credit rating.  The company is
also currently holding Fitch Ratings' BB+ LT Issuer Credit and
Unsecured Debt ratings.



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

ARIRANG SF: Korea Ratings Assigns Company a “B” Rating
------------------------------------------------------
On June 16, 2008, Korea Ratings assigned an initial “B” Rating
on Arirang SF Co. Ltd.'s Series K CFR.   


GENERAL MOTORS: GM Daewoo to Launch New Winstorm SUV Model
----------------------------------------------------------
General Motors Corp.'s South Korean unit, GM Daewoo Auto &
Technology Co., will launch a redesigned version of its Winstorm
sport-utility vehicle in July to strengthen its SUV lineup, Dow
Jones Newswires reports citing Rick LaBelle, vice president of
GM Daewoo's sales, marketing and aftersales.

According to the report, the new five-seater Winstorm MaXX model
will come with a 2.0-liter diesel engine.

Without providing target sales figures, Dow Jones says GM Daewoo
will go ahead with the domestic launch of the vehicle even
though diesel has risen to the same price as gasoline.

"There is still demand for diesel engines.  There are some
significant environmental benefits for diesel engines versus
(gasoline) as well as power performance," Dow Jones quoted Mr.
LaBelle as saying.

However, analysts told Yonhap News that the introduction of
Winstorm Maxx looks unfortunate, as sales of gas-guzzling cars
have declined in South Korea amid soaring diesel costs.

                          About GM Daewoo

GM Daewoo Auto & Technology Company (formerly Daewoo Motor) --
http://www.gmdaewoo.co.kr/-- now part of General Motors'  
family, produces GM branded vehicles (such as Buick, Chevrolet,
Holden, Opel, Pontiac, and Vauxhall) at is manufacturing and
assembly plants located in Korea and Vietnam.  Cadillacs and
Saabs are imported and sold through GM AutoWorld retailers.  The
company also provides GM assembly vehicle kits to manufacturing
facilities in China, Columbia, India, Thailand, and Venezuela.

                            About GM

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

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

                          *     *     *

As related in the Troubled Company Reporter on June 5, 2008,
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (B/Negative/B-3) are not immediately
affected by the company's announcement that it will cease
production at four North American truck plants over the next two
years.  These closures are in response to the re-energized shift
in consumer demand away from light trucks.  GM previously said
only one shift was being eliminated at each of the four truck
plants.  Production is being increased at plants producing small
and midsize cars, but the cash contribution margin from these
smaller vehicles is far less than that of light trucks.


HANSUNG ENTERPRISE: Gets “B” Rating from Korea Ratings
------------------------------------------------------
On June 16, 2008, Korea Ratings changed the initial CP rating of
Hansung Enterprise Co. Ltd.  from B- to B.

Hansung Enterprise Co. Ltd -- http://www.han-sung.co.kr/-- is a  
Korea-based company engaged in the production and distribution
of seafood-related products. The Company operates two main
businesses: Marine Products business, which provides tunas,
pollacks and other fishes, and Processed Seafood business, which
provides processed crabmeat products, pickled seafood, frozen
food and processed fish. During the year ended December 31,
2007, Marine products and Processed Seafood businesses accounted
for approximately 38% and 61% of the Company's total revenue,
respectively.


ILSUNG CONSTRUCTION: Korea Ratings Holds “B+” CP Rating
-------------------------------------------------------
On June 16, 2008, Korea Ratings affirmed the “B+” initial CP
rating of Ilsung Construction Co. Ltd. which was placed on
Dec. 31, 2007.

Ilsung Construction Co. Ltd. -- http://www.ilsungconst.co.kr/--  
specializes in the provision of construction and engineering
services. The Company has two main divisions: Construction
division, which constructs buildings, stadiums and condominiums,
and Engineering Works division, which builds highways, subways,
tunnels and bridges.  It also provides services in other
sectors: Social Overhead Capital (SOC) business, which collects
toll fees to recoup its investment in the construction of
tunnels, environment and energy plants; Plant business, which
constructs waste treatment facilities and sewage systems;
Housing business, which constructs apartment, mansions and
villas, and Gardening business, which constructs golf clubs,
parks and landscape architecture.


MIJU STEEL: Converts Bonds Into 3,225 Shares
--------------------------------------------
Miju Steel Co. Ltd. converted its 21st convertible bonds
into 3,225 shares of the company at the conversion price
of KRW930 per share, according to a report by Reuters.

Miju Steel Mfg Co. Ltd. -- http://www.mijusteel.com/-- is a  
Korea-based company engaged in the provision of steel pipes.  
The company produces under three products categories: electric
resistance welded (ERW) carbon steel pipes which are used for
water supply facilities, buildings, bridges, bicycles, telegraph
poles and hand rails; stainless steel pipes, which are used for
textile, chemical, paper, pharmaceutical, food and semiconductor
factories, and spirally-welded steel pipes, which are used for
foundation of buildings, bridges and harbors.  During the year
ended December 31, 2007, the company had a production capacity
of 301,200 tons of steel pipes and its actual output was 178,369
tons of steel pipes.  In 2007, stainless steel pipes, spirally-
welded steel pipes and ERW pipes accounted for approximately
39%, 33% and 25% of the Company’s total revenue, respectively.

                          *     *     *

As of June 18, 2008, Miju Steel Mfg Co. Ltd.  carries a B+
(Stable) rating placed by Korea Ratings on June 10, 2008.


NEXSCIEN CO: To Establish Indonesia Company in September
--------------------------------------------------------
Nexscien Co. Ltd. will establish an Indonesia-based joint
venture company Pt.Nexscien Ganda PrimaCoal, with Pt. Ganda Alam
Makmur, on September 5, 2008, Reuters reports.

In April, Reuters reported that Nexscien established a
subsidiary company in China, which was capitalized at KRW
293,490,000.

Nexscien Co. Ltd. -- http://www.nexscien.com/-- is a Korea-
based company engaged in the semiconductor test equipment
business and electronics manufacturing service (EMS) business.
The Company operates its business under two segments: System and
Digital media. Its System business manufactures testers for
surface mounted devices (SMDs), which include continuous
conduction mode (CCM) module test handlers, device test
handlers, memory module test handlers, automated optical
inspectors and three-dimension solder paste inspection system,
among others. Its Digital media segment is involved in EMS
business, offering liquid crystal display (LCD) monitors, multi-
chip package (MCP) semiconductors, digital television (TV)
boards and radio frequency identification (RFID) couplers.

                          *     *     *

As of June 18, 2008, Nexscien Co. Ltd. carries a B (Stable)
rating placed by Korea Ratings on June 13, 2008.



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

GOLD BRIDGE: Reprimanded Due to Delay in Annual Report Filing
-------------------------------------------------------------
On June 17, 2008, Bursa Malaysia Securities Berhad publicly
reprimanded Gold Bridge Engineering & Construction Berhad for
breach of paragraph 9.23(a) of the Bursa Securities Listing
Requirements -- which states that a listed issuer must ensure
that the annual report shall be issued to the listed issuer’s
shareholders and given to Bursa Securities within a period not
exceeding six months from the close of the financial year of the
listed issuer.

In addition, due to the breach of the company's Paragraph
16.11(b) -– which states that a director of a listed issuer must
not permit, either knowingly or where he had reasonable means of
obtaining such knowledge, a listed issuer to commit a breach of
the Bursa Securities' Listing Requirements -- Bursa Securities
has imposed fines to these directors:

       Name of Director                  Penalties Imposed
       ----------------                  -----------------
   * Dato’ Nadzir bin Hj Sheikh Fadzir       MYR5,800
   * Dato’ Abdul Aziz bin Hj Sheikh Fadzir   MYR29,000
   * Dato’ Abdul Manaf bin Abdul Hamid       MYR11,600
   * Ishak @ Abd Rahman bin Mohamad          MYR11,600
   * Rosli bin Rashid                        MYR11,600
   * Baba Zain bin Baba Ein                  MYR11,600

Bursa Securities views the contraventions seriously and hereby
cautions the company's Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.

                   Previous Public Reprimand

On February 21, 2008, Bursa Securities has imposed these
penalties on the company:

   -- Public reprimand on the company for breach of
      paragraph 9.23(b) of the Bursa Securities Listing
      Requirements for failing to submit the annual audited
      accounts for the financial year ended June 30, 2007, by
      the due date of October 31, 2007.  The company has only
      submitted the Annual Report 2007 to Bursa Securities on
      March 28, 2008; and

   -- Public reprimand and fine of MYR5,000 for breach of
      paragraph 9.22(1) of the Bursa Securities Listing
      Requirements for failing to submit the quarterly report
      for the financial period ended September 31, 2007, by the
      due date of November 30, 2007.  The company only submitted
      the 1ST QR 2008 to Bursa Securities for public release on
      December 7, 2007.

Headquartered in Kuala Lumpur, Malaysia, Gold Bridge Engineering
& Construction Berhad develops residential and commercial
properties and provision of civil engineering and general
construction services.  The Company's other activities include
boat building and repairing of ships, manufacturing and
supplying of ready-mixed concrete and provision of related
services, management of golf and beach resort and investment
holding.  Operations are carried out principally in Malaysia.
The Company has incurred losses in the past.  It also defaulted
on several loan facilities, which caused it to fall under Bursa
Malaysia Securities Berhad's Practice Note 1/2001 category.

                         *     *     *

Ernst & Young have expressed a significant doubt about the
group's and the company's abilities to continue as going
concerns after auditing annual consolidated audited accounts for
the year ended June 30, 2007.  The auditor pointed to the group
and the company's net losses attributable to equity holders of
MYR49,234,514 and MYR24,346,767 respectively and net current
liabilities of the group and of the company of MYR115,806,799
and MYR25,919,289 respectively.  Furthermore, the group and the
company have defaulted in the repayment of bank borrowings
totaling to MYR6,311,782 and MYR4,178,366 respectively, while
the group and the company have also not paid their tax
liabilities of MYR73,380,810 and MYR22,951,425 respectively.


HARVEST COURT: Aims to Complete Corporate Revamp by End of 2008
---------------------------------------------------------------
Harvest Court Industries Bhd, an affected issuer under Practice
Note 17, hopes to complete its corporate revamp and pare its
debts to MYR600,000 from MYR40 million by the end of this year,
the Edge Daily reports.

“We hoped the scheme will be completed by the third quarter, as
the six bankers have agreed in principle with the terms and
basic figures of the proposed corporate and debt restructuring
scheme,” Harvest Court's managing director Ng Swee Kiat was
quoted by the Edge Daily as saying.

The news agency notes that the company had not been able to
sustain sales orders since its bank credit lines came under a
moratorium following the corporate restructuring exercise
proposal, resulting in lower turnover in its first quarter to
March 31, 2008.

The company said in its corporate disclosure that it hopes for a
steady growth in the revenue of its timber products
manufacturing division, following the approval of its
regularization plan, namely the Proposed Corporate and Debt
Restructuring Scheme by the Securities Commission.

                  About Harvest Court Industries

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln    
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.

                          *     *     *

The Group has defaulted on several loan facilities because of a
reduction in sales from 2002 onwards due to a weak global market
as a result of the Iraqi and the severe acute respiratory
syndrome, or SARS, as well as its inability to raise funds via
the equity market due to weak market sentiment.  Due to its
financial position, Harvest Court had embarked on an exercise to
restructure, including a debt restructuring and capital
reduction.  The Company's proposed corporate exercise was
rejected by the Securities Commission in November 2005, on
grounds that the proposals are not comprehensive and are not
capable of resolving all its financial problems.  Its appeal to
reconsider the rejection was also junked by the Commission on
February 24, 2006.  The Harvest Court Board continues talks with
lenders and major creditors for its next course of action.

Harvest Court Industries Bhd's unaudited balance sheet as of
June 30, 2007, went upside down by MYR16.49 million.



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

ABSOLUTE HOME: Court Sets September 5 Liquidation Hearing
---------------------------------------------------------
The High Court at Auckland scheduled a hearing at 10:00 a.m. on
September 5, 2008, to consider an application putting Absolute
Home Entertainment (2004) 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 7, 2008, by Cardlink Systems
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.


AVIEMORE MGT: Liquidators Fix July 18 Claims Bar Date
-----------------------------------------------------
Creditors of Aviemore Management Limited (trading as Depenz)
have until July 18, 2008, to make their claims and to establish
any priority their claims may have under section 312 of the
Companies Act 1993.

John Howard Ross Fisk, chartered accountant, and Craig Alexander
Sanson, insolvency practitioner, both of Wellington, were
appointed joint and several liquidators of the company.

Forward claims to:

          Aviemore Management Limited
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          (PO Box 243), Wellington
          Telephone: (04) 462 7489
          Facsimile: (04) 462 7492


BLAIRBUILD LTD: Creditors Can File Claims Until July 4
------------------------------------------------------
Creditors of Blairbuild Limited have until July 4, 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.

Peri Micaela Finnigan and John Trevor Whittfield, insolvency
practitioners of Auckland, the appointed liquidators, can be
reached at:

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


CDS ELECTRICAL: Commences Liquidation Proceedings
-------------------------------------------------
The High Court at Auckland convened a hearing on June 13, 2008,
to consider an application putting C.D.S. Electrical 2002
Limited into liquidation.

The application was filed on February 12, 2008, by Commissioner
of Inland Revenue.

The plaintiff can be reached at:

          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way (PO Box 76198)
          Manukau, Auckland 2241
          Telephone: (09) 985 7274
          Facsimile: (09) 985 9473

Sandra Joy North is the plaintiff’s solicitor.


DOMINION FINANCE: Board Doubts Liquidity Position of Two Units
--------------------------------------------------------------
Dominion Finance Holdings Limited disclosed in a regulatory
filing that its Board has become concerned about the liquidity
position of its two wholly owned subsidiaries, Dominion Finance
Group Limited and North South Finance Limited (NSFL), and
primarily the ability of those companies to meet their ongoing
payment obligations to their respective debentureholders in
respect of the payment of both principal and interest.

The primary source for the liquidity pressure, in the Board's
opinion, has been the impact of the international credit crisis
on the confidence of DFG and NZFL's investor base, and the
inability of DFG's and NSFL's borrowing clients to refinance or
repay the debt facilities previously provided by DFG and NSFL to
those borrowers.

The Board has entered into discussions with the bankers,
auditors, and Trustee's of DFG and NSFL respectively, with a
view to exploring the prospect of those two companies entering
into a Moratorium with their respective debentureholders.

Under the prospective moratorium, DFG and NSFL would seek the
suspension of the obligation to make payments to
debentureholders for a yet to be determined period of time with
a view to enabling those companies the opportunity to
restructure in order to alleviate the liquidity pressures and
ensure the maximum realization of investor's investment in DFG
and NSFL. The final details of the prospective Moratorium
have yet to be determined.

                      About Dominion Finance

Dominion Finance Group Limited (DFH:NZX) --
http://www.dominionfinance.co.nz/--engages in the provision of  
financial services through the raising of debenture stock. The
Company operates through its wholly owned subsidiaries Dominion
Finance Group Limited and North South Finance Limited, and
investment vehicle Dominion Investment Fund Limited. Both
Dominion Finance Group Limited and North South Finance Limited
accept debenture stock investments and apply them (in
conjunction with its own funds) towards the provision of certain
loans and other financial accommodation.


GENEVA FINANCE: Incurs NZ$7,877,000 Loss in FY 2008
---------------------------------------------------
For the year ended March 31, 2008, Geneva Finance Limited
reported NZ$7,877,000 loss attributable to security holders,  
NZ$28,405,000 revenue from ordinary activities and
NZ$7,877,000 loss from ordinary activities after tax
attributable to security Holders.

The company did not declare any interim/final dividend.

CEO Shaun Riley said the result reflected several factors:

   -- the impact of the closure of the branch network;
   -- the restructure costs associated with the moratorium;
   -- the increase to provisioning levels related to the
      adoption of IFRS;
   -- historical lending performance; and
   -- the disruption of collection activities during the
      moratorium.

"Each of these factors was disclosed and discussed in the
Capital Reconstruction Offer Document that received investor
approval on 28 April 2008," Mr. Riley said.  "The causes of the
result have been fully disclosed and the board remains committed
to delivering on the forecasts per the Capital Reconstruction
Offer Document."

The impact of the March result and including the transactions
that have occurred as part of and subsequent to the Capital
Reconstruction, results in a net asset backing (NAB) as at
May 1, 2008, of 34.7c per share against a forecast of 36.5c per
share.  The directors are intending to issue shares at no cost
to the new shareholders to make up the difference between the
forecast NAB and the actual NAB.

Mr. Riley confirmed that as set out in the Capital
Reconstruction Offer Document, shareholders are set to benefit
from the purchase by Geneva of Stellar Collections Limited and
Quest Insurance Limited, which was formalized on June 13, 2008.

The purchase will give an additional NZ$1.9 million of security
to debenture holders and subordinated note holders.  Geneva will
issue shares to acquire Stellar Collections, which provides debt
collection services to Geneva and other institutions, and Quest,
an insurance company which provides products to Geneva
customers.

Mr. Riley said, "While the debenture holders of Geneva currently
have a charge over the shares, with this purchase, Geneva will
have direct access to the profits and equity.  This transaction
significantly strengthens Geneva."

The value of NZ$1.9 million is the liquidation value of the
shares; the going concern value is NZ$4 million.

                       About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/--  
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2008, Standard & Poor's Ratings raised its long-term
counterparty credit rating on New Zealand finance company Geneva
Finance Ltd. (Geneva) to 'CCC' from 'CC'.  The three-rating-
notch upgrade follows Geneva debtholders' acceptance of a
recapitalization and new funding proposal, and Geneva's banker
support to the proposal.  The proposal will provide more funding
certainty in the short term, and will materially strengthen the
company's capitalization.   At the same time, the rating was
removed from CreditWatch with developing implications, where it
was initially placed on Nov. 5, 2007.  The outlook on the rating
is negative.


HAMSTER GOLF: Claims Filing Deadline is June 20
-----------------------------------------------
Creditors of Hamster Golf Limited have until June 20, 2008,
to make their claims and establish any priority their claims may
have.

Murray G. Allott, chartered accountant of Christchurch,
the appointed liquidator, can be reached at:

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


LIZ JONES: Creditors Can File Claims Until June 26
--------------------------------------------------
Creditors of Liz Jones Services Limited have until
June 26, 2008, to make their claims and to establish any
priority their claims may have under section 312 of the
Companies Act 1993.

Andrew Marchel Oorschot, the appointed liquidator of
the company, can be reached at:

          Ashton Wheelans & Hegan, Chartered Accountants
          PO Box 13042, Christchurch
          Telephone: (03) 366 7154)


PROFESSIONAL RECRUITMENT: Claims Bar Date is June 25
----------------------------------------------------
Creditors of Professional Recruitment Services Limited
and Rahul & Aakash Enterprises Limited have until
June 25, 2008, to make their claims and to establish
any priority their claims may have, under section 312
of the Companies Act 1993.

Christopher Robert Ross Horton and John Albert Price,
the appointed liquidators, can be reached at:

          Horton Price Limited
          PO Box 9125
          Newmarket, Auckland 1149
          Telephone: (09) 366 3700
          Facsimile: (09) 366 3705


R&L DONLEY: Liquidators Appointed
---------------------------------
The liquidation of R&L Donley Personnel Limited
is being overseen by Iain Bruce Shephard and Christine Margaret
Dunphy, the appointed liquidators of the company.

The Liquidators can be reached at:

          Shephard Dunphy Limited
          Level 2, Zephyr House
          82 Willis Street, Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748
          Postal Address: Shephard Dunphy Limited
          PO Box 11793, Wellington


ROOM 7 INVESTMENTS: Liquidator Appointed
----------------------------------------
By special resolution of Room 7 Investments Limited's
shareholders, the company was placed under liquidation
and Paul Alexander Glass, chartered accountant of Dunedin,
was appointed liquidator.

The Liquidator can be reached at:

          44 York Place, Dunedin
          Telephone: (03) 477 5432
          Facsimile: (03) 474 1564


THE HERBALIST: Liquidators Appointed
------------------------------------
The liquidation of The Herbalist Limited is being overseen by
Kenneth Peter Brown and Kim Scott Thompson, the appointed
liquidators of the company.

The Liquidators can be reached at:

          Rodewald Hart Brown Limited
          127 Durham Street (PO Box 13380)
          Tauranga
          Telephone: (07) 571 6280



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

BENGUET CORP: To List Additional 5,760 Class A Shares Today
-----------------------------------------------------------
Benguet Corporation will list additional 5,760 common Class A
shares availed of under the company's SOP today, June 19, 2008.  
This brings the number of common shares listed under the
company's SOP to a total of 185,800 common Class A shares and
19,200 common Class B shares.

The Philippine Stock Exhange approved the company's application
on April 8, 2008, based on the representation and documents it
submitted to list additional 4,202,400 common Class A shares,
with a par value of PHP3.00 per share at an exercise price of
PHP8.50 per share and 2,801,600 common Class B shares with a par
value of PHP3.00 per share at an exercise price of PHP29.07 per
share, to cover the company's Stock Option Plan.

Thus, a total of 5,760 common Class A shares have been availed
of and fully paid under the company's SOP.

The Designated Stock Transfer Agent is authorized to record in
its books the above number of shares.

Benguet Corporation -- http://www.benguetcorp.com/-- was
organized to primarily engage in gold mining.  It expanded into
chromite and copper production, and then into the fields of
general engineering and industrial construction, agriculture,
shipping, banking and finance, real estate and forestry-based
ventures.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 11,
2007, that Jaime F. Del Rosario at Sycip Gorres Velayo and Co.
raised significant doubt on Benguet Corporation's ability to
continue as a going concern saying that the group has incurred
cumulative losses of PHP4.6 billion and PHP4.2 billion in 2006
and 2005.  The company booked a capital deficiency of
PHP2.2 billion and PHP1.9 billion as of December 31, 2006, and
2005, respectively.  The group's current liabilities exceeded
its current assets by PHP3.6 billion and PHP3.4 billion as of
December 31, 2006, and 2005, respectively.  In addition, the
group was unable to pay its maturing bank loans and related
interests.


SEAFRONT RESOURCES: Reappoints SGV & Co. as External Auditors
-------------------------------------------------------------
At an Annual Stockholders' Meeting held on June 17, 2008,  
Seafront Resources Corporation disclosed that the firm of SGV &
Co. was reappointed as external auditors for the fiscal year
ending 2008.  

Also at the meeting, these individuals were elected members of
the company's Board of Directors for the year 2008-2009:

   * Teodoro Q, Pena – Independent Director;
   * Helen Y. Dee;
   * Nicasio I. Alcantara -  Independent Director;
   * Alfonso S. Yuchengco, Jr.;
   * Rizalino S. Navarro;
   * Albert S. Yuchengco;
   * Milagros V. Reyes;
   * Perry Y. Uy; and
   * Yvonne S. Yuchengco

Immediately after the Annual Stockholders' Meeting, the Board of  
Directors held its Organizational Meeting and appointed these
officers:

   * Rizalino S. Navarro – Chairman;
   * Milagros V. Reyes – President;
   * Perry Y. Uy – Treasurer; and
   * Atty. Samuel V. Torres – Corporate Secretary

In the same meeting, the Board constituted these committees and
appointed the corresponding chairmen and members:

Nomination Committee

   * Chairperson – Helen Y. Dee
   * Members     - Rizalino S. Navarro
                 - Nicasio I. Alcantara (Independent Director)

Compensation and Remuneration Committee

   * Chairperson – Perry Y. Uy
   * Members     - Helen Y. Dee
                 - Teodoro Q. Pena (Independent Director)

Audit Committe

   * Chairman    - Teodoro Q. Pena (Independent Director)
   * Members     - Alfonso S. Yuchengco, Jr.
                 - Nicasio I. Alcantara

Headquartered in Pasig City, Metro Manila, Seafront Resources
Corporation (SPM) was originally incorporated on April 16, 1970
as an oil exploration and production company. On October 18,
1996, the company changed its primary purpose from engaging in
the business of oil exploration and production into a holding
company and to include the oil exploration and production
business as one of its secondary purposes.

SPM has an investment of P100 million with about P30 million
payable upon call of subscription payment to Hermosa Ecozone
Development Corporation (HEDC), a corporation which will develop
certain land areas for mixed use purposes in Bataan. The Hermosa
project has industrial, leisure and commercial centers for
locators, which make it a self-contained community.

                          *     *     *

Seafront Resources' net income dropped almost 80% to
Php2,813,958 for the year ended December 31, 2007, from
Php10,954,019 in the year ended December 31,  2006.


NIHAO MINERAL: Approves Stock Rights Offering
---------------------------------------------
The directors of Nihao Mineral Resources International Inc.
approved the terms and conditions of the company's Stock Rights
Offering, where each eligible investor will be entitled to
subscribe to five rights shares for every one share of Nihao
held, to wit:

   (a) that proceeds from the Stock Rights Offering will be used
       to finance the exploration, project development and
       working capital of its Botolan and Manticao Nickel
       Projects and to settle the advances made from
       shareholders; and

   (b) that Banco de Oro Unibank, Inc. shall be the receiving
       agent and the custodian bank for the Stock Rights
       Offering.

The directors of Nihao also approved the adoption of the Fit and
Proper Rule for the selection of corporate directors and
officers, and the execution of an undertaking authorizing the
Securities and Exchange Commission to resolve conflicting issues
regarding the selection of independent directors.

Nihao accepted the resignations of:

   * Brandon Chia Tzu Chern as Director and Member of the
     Nomination Committe;

   * Jerry C. Angping as Compliance Officer

According to Nihao, the resignation of Mr. Chern and Mr. Angping
was not due to any disagreements with Nihao on any matter
relating to the company's operations, policies or practices.

The company named Bertrand C. Yao as new Compliance Officer
and Chief Finance Officer to serve as such for the ensuing year
and until the election and qualification of his successor.

                       About NiHAO Mineral

Headquartered in Makati City, Philippines, NiHAO Mineral
Resources International Inc. was originally incorporated on July
9, 1975 as Summit Minerals Inc., a company engaged in mining
exploration.  On February 24, 1994, the Securities and Exchange
Commission approved the change in the company's primary purpose
to that of a holding company and the change in its corporate
name to Magnum Holdings Inc.  On June 28, 2007, the SEC approved
another change in the company's primary purpose to that of
exploration, development and operation of mineral properties and
the mining of metallic and non-metallic minerals.  The company
also subsequently changed its corporate name to NiHAO Mineral
Resources International Inc.

The operations of NiHAO have been suspended since August 2000.  
The suspension is for the purpose of minimizing the losses
occasioned by unfavorable business conditions.



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

2006 JV: Fixes July 14 as Last Day to File Claims
-------------------------------------------------
The creditors of 2006 JV Pte. Ltd. are required to file their
proofs of debt by July 14, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


CH ALLIANCE PTE: Final Meeting Slated for July 10
-------------------------------------------------
The members of CH Alliance Pte. Ltd. will have their final
meeting on July 10, 2008, at 9:30 a.m., for the purposes set out
in sections 308 and 320(3) of the Companies Act, Cap. 50

The meeting will be held at 10 Jalan Besar, #11-05 Sim Lim
Tower, Singapore 208787.

Akber Ali S/O Thajudeen, CPA is the company's liquidator.


LEAP HONG: Pays Second and Final Dividend
-----------------------------------------
Leap Hong Construction Co. Pte Ltd, which is in compulsory
liquidation, paid the second and final dividend to its creditors
on June 18, 2008.

The company paid 30.89 percent to all admitted preferential
claims.

The company's liquidator is:

          Tay Swee Sze
          c/o Tay Swee Sze & Associates
          137 Telok Ayer Street #04-01
          Singapore 048546


LEE KEE: Creditors' Proofs of Debt Due on July 14
-------------------------------------------------
The creditors of Lee Kee Industries Pte. Ltd. are required to
file their proofs of debt by July 14, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

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



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

AU OPTRONICS: Fitch Lifts LT Foreign & Local Currency IDR to BB+
----------------------------------------------------------------
Fitch Ratings has upgraded Taiwan-based AU Optronics
Corporation's Long-term foreign and local currency Issuer
Default ratings to 'BB+' from 'BB', and its National Long-term
rating to 'A-(twn)' from 'BBB+(twn)'.  The Outlook is Positive.

"The rating upgrades chiefly reflect the strengthened market
position and uplifted financial profile of AUO, as well as the
reduced business volatility of the thin film transistor liquid
crystal display panel sector," said Kevin Chang, Associate
Director in the agency's Asia-Pacific telecom, media and
technology team.

Fitch notes the Positive Outlook reflects its expectation that
AUO is also likely to present greater stability of free cash
flow and leverage with prudent capex and dividend payments going
forward.  Moreover, AUO's strong competitiveness and market
position are likely to strengthen its ability to weather
operating volatility.

In Q108, AUO's shipment and revenues of large-size TFT-LCD
panels ranked number two (global market share: 20%) and number
three (19.2%) respectively in the world.  The enhancement of its
market standing is supported by AUO's organic growth with a
rising production capability, together with its acquisition of
plants previously operated by Quanta Display Inc. and subsequent
efficiency improvements thereto.

Fitch points out that AUO has substantially reduced its
financial risks.  Its leverage in terms of net debt/EBITDA fell
to 0.4x at end-Q108 from 2.7x as at end-2006, reflecting higher
operating profits and repayment of debt.  For the first time
sine 2003, AUO reported positive free cash flow in 2007.  FCF
debt service coverage hit a record high of 2.3x in 2007.

"AUO's solid core competence supported by economies of scale and
a wide array of product lines has enabled the company to supply
to diversified market segments and attract a solid customer
base, while maintaining its sound profitability," added Mr.
Chang.  Fitch believes AUO's financial flexibility has risen
with its enhanced operating efficiency and market position.

Fitch notes that AUO's ratings are constrained by the business
risks associated with competition against rivals, the sector
cyclicality that could affect its profitability, and substantial
capex influencing its FCF.  Nevertheless, the agency believes
the LCD business volatility has decreased over the past several
years with higher industry maturity and discipline as a result
of higher LCD penetration, progressive output increase, as well
as alliances, mutual investments and supply agreements within
the flat display industry.

Fitch points out that AUO has maintained the highest EBITDA
margin among the world's large-size dedicated TFT-LCD panel
makers since 2005.  AUO's liquidity is well-supported by its
strong cash position that covered all debts due within a year
and its
TW$27.7 billion undrawn uncommitted bank facilities as at end-
Q108.

In spite of a 13.8% decrease in average selling price, AUO's
consolidated sales rose 63.8% yoy to TW$480.2 billion in 2007
thanks to an increase in demand and larger size panel shipment.  
The expansion of its first G7.5 fabrication lines and
acquisition of QDI's plants in October 2006 supported the growth
of AUO's TFT-LCD panel capacity, which rose to nearly 1.39
million square meters per month in Q108 from 0.86m square meters
in Q306.

                         *********

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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