TCRAP_Public/080620.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, June 20, 2008, Vol. 11, No. 122

                            Headlines

A U S T R A L I A

ACN 083 198 047: To Declare Dividend on June 26
ADVANCED MORTGAGE: Final Meeting Scheduled Today
BKN COMPUTER: Liquidator Gives Wind-Up Report
CANBERRA VISTA: Declares Dividend for Creditors
CHASE CONSULTING: To Declare Dividend on  July 4

JAMES HARDIE: ATO Seeks Reinstatement of Former Unit
JOHYOL INVESTMENTS: Liquidators Presents Wind-Up Report
K & C GIBSON: Placed Under Voluntary Liquidation
KELKEEN PTY: Liquidator Presents Wind-Up Report
MIDNIGHT GLASS: Appoints De Vries and Tayeh as Liquidators

NIREX PTY: Commences Liquidation Proceedings
QANTAS AIRWAYS: Cuts/Changes Schedules Due to Rising Fuel Prices
RAAMA PTY: To Declare Dividend on July 4
ROLA ROOF: Liquidator Presents Wind-Up Report
ST GEORGE: Raises AU$1.48 Billion Funding Requirements


C H I N A

ICBC: To Restructure Hong Kong Subsidiaries
HARCOURT COMPANIES: Names Zhenyu Hu as Board Director
HARCOURT: To Buy Beijing Yanyuan's 60% Outstanding Securities
SHENZHEN: Two Shareholders Promise to Exercise Call Warrant SFC2


H O N G  K O N G

BRIGHT SMOOTH: Liquidator Quits Post
CLOTHING TECHNOLOGY: Members To Meet on July 14
GWA INTERNATIONAL: Liquidators Quit Post
GOH HONG: Liquidators Quit Post
HOLY MOST: Liquidator Quits Post

IDS CREATION: Members To Meet on July 19
KAI WING: Members To Meet on July 15
LINUX PROFESSIONAL: Creditors' Proofs of Debt Due on July 12
PATERIGHT DEV'T: Members To Meet on July 14
SRE GROUP: S&P Lowers Credit Rating to 'B+' with Stable Outlook


I N D I A

BELGAUM FINANCIERS: RBI Cancels Certificate of Registration
HARYANA SAVING: RBI Cancels Certificate of Registration
MICROLAND INVESTMENTS: RBI Cancels Certificate of Registration
NATIONAL ALUMINIUM: Strike Leads to “Very Serious” Fuel Shortage
SHREE SANYEEJI ISPAT: CRISIL Rates Rs.140MM Cash Credit at “BB”

SHREE SANYEEJI STEEL: CRISIL Rates Rs.382.5MM Term Loan at “D”
* INDIA: RBI Defers Issuance of Credit Derivatives Guidelines


I N D O N E S I A

ANEKA TAMBANG: Raises Bid for Herald at AU$2.80/Share
MEDCO ENERGI: Sells Apexindo Shares for US$333 Million


J A P A N

MITSUBISHI: Partners With PSA Peugeot for US$730MM Russian Plant
MITSUBISHI UFJ: Inks Trust Services Deal With First Hawaiian
SANYO ELECTRIC: To Double Annual Production of Batteries
YOSHINOYA NEW YORK: Files for Ch. 11 After Rent Cancellation


K O R E A

MOCOCO INC: Converts Seventh Convertible Bonds into Shares
TAE GWANG: Inks Microwave Detectors Supply Deal with Hanil
* KOREA: March 2008 Industry Loans Up by 5.9% to KRW465.8 Tril.
* KOREA: Corporate Bankruptcies Fell in May


M A L A Y S I A

RANHILL BHD: Proposed MYR3.50/Share Offer May Not Be Changed
SOLUTIA INC: Pays Executive Emergence Bonuses in Stock, Not Cash
SOLUTIA INC: Faces Suit for PCB Contamination in Pensacola
SOLUTIA INC: Unit to Halt Wales Manufacturing by Year-End
SOLUTIA INC: PHLX Commences Trading of 12 New Options

UBG BHD: Proposed Regularization Scheme Approval Moved to Jul 31


N E W  Z E A L A N D

649535 LIMITED: Court Sets June 30 Liquidation Hearing
AHT LIMITED: Commences Liquidation Proceedings
AIR NEW ZEALAND: S&P Withdraws 'BB/Stable' Credit Rating
ANTONACCI INVESTMENTS: Claims Filing Deadline is June 30
ARTISTIX PAINTING: Liquidators Appointed

BIG PIZZA: Proofs of Claim Due June 30
DJR LIMITED: Creditors Can File Claims Until July 18
FLOWERWORKS NZ: Commences Liquidation Proceedings
GENEVA FINANCE: Settles Customer Dispute With NZ$510,966 Refund
HANMI (NZ): Commences Liquidation Proceedings

NEW ZEALAND NUTRACEUTICALS: Proofs of Claim Due June 25
NORTHSPAN CONSTRUCTION: Liquidation Hearing Slated for June 27
PUREDEPTH INC: Apr. 30 Balance Sheet Upside-Down by US$2,127,771
SB CENTRAL: Creditors Can File Claims Until June 30
SME BUSINESS: Court Sets July 18 Liquidation Hearing

WAKEFIELD TOWER: Commences Liquidation Proceedings
WEBBING AND TRIMMING: Commences Liquidation Proceedings
WINNING INVESTMENTS: Commences Liquidation Proceedings
ZYDECO CAFE: Commences Liquidation Proceedings
* NEW ZEALAND: May Retail Electronic Card Spending Up by 1.2%


P H I L I P P I N E S

* PHILIPPINES: Registers PHP7 Billion Fiscal Surplus in May


S I N G A P O R E

CONTINENTAL CHEMICAL: S&P Holds 'B+' Corporate Credit Rating
SKY TECHNOLOGY: Pays First & Final Dividend
TANG’S CONSTRUCTION: Pays First & Final Dividend to Creditors


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

ACN 083 198 047: To Declare Dividend on June 26
-----------------------------------------------
ACN 083 198 047 Pty Ltd formerly North West Arm Roofing  will
declare dividend on June 26, 2008.

Only creditors who were able to file their proofs of debt by
May 27, 2008, will be included in the company's dividend
distribution.

The company's liquidators are:

          Stephen Wesley Hathway
          Terry Grant Van Der Velde
          Suite 6.03, Level 6
          135 King Street
          Sydney NSW 2000
          Australia


ADVANCED MORTGAGE: Final Meeting Scheduled Today
------------------------------------------------
Advanced Mortgage Advisers (Australia) Pty Ltd.  will hold a
final meeting for its members and creditors at 9:00 a.m. today,
June 20, 2008.  During the meeting, the company's liquidator,
Frank Lo Pilato at RSM Bird Cameron Partners, will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

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


BKN COMPUTER: Liquidator Gives Wind-Up Report
---------------------------------------------
P. Ngan, BKN Computer Maintenance Express  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


CANBERRA VISTA: Declares Dividend for Creditors
-----------------------------------------------
Canberra Vista Laser Eye Clinics Pty Limited, which is in
liquidation, declared its dividend for its creditors.

Only creditors who were able to file their proofs of debt by
May 27, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

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


CHASE CONSULTING: To Declare Dividend on  July 4
------------------------------------------------
Chase Consulting Australia Pty. Ltd will declare dividend
on July 4, 2008.

Only creditors who were able to file their proofs of debt by
June 27, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          R. J. Porter
          Moore Stephens
          Level 6, 460 Church Street
          Parramatta NSW 2150
          Australia


JAMES HARDIE: ATO Seeks Reinstatement of Former Unit
----------------------------------------------------
The Australian Taxation Office has commenced proceedings in the
Federal Court of Australia seeking the reinstatement of James
Hardie Australia Finance Pty Limited (JHAF) in James Hardie
Industries NV.

JHAF is a former subsidiary of James Hardie Industries that was
deregistered on August 23, 2005, following a member’s voluntary
winding up.

The ATO has been conducting an audit of certain Australian
income tax returns lodged by James Hardie group for the year
ended March 31, 2002, and James Hardie has been in confidential
discussions with the tax agency concerning finalization of the
2002 tax audit.  

The company said the reinstatement of JHAF is a necessary pre-
requisite to the ATO issuing an amended assessment in respect of
one of the issues that has been the focus of the ATO’s inquiries
during the 2002 tax audit, and that the ATO is taking that step
notwithstanding the continuation of settlement discussions.

The company’s Chief Financial Officer, Russell Chenu, said “We
understand that the ATO is taking this action as a preliminary
step to issuing an amended assessment in respect of at least one
of the matters on which the ATO’s views as to the tax payable
differs from the position taken in the tax return.”

Based on ATO's calculations, the primary tax due in respect of
JHAF is AU$101.5 million.  Any assessment could also be expected
to include penalties estimated at AU$50.8 million and general
interest charges estimated at AU$88 million.

Any reinstatement of JHAF would be likely to involve the
appointment of a new liquidator, who would need to determine,
among other things, whether and to what extent JHAF was able to
put itself in a position to meet any ultimate tax liability
assessed in respect of it.

The company said it is considering its position with respect to
the ATO proceedings, the merits of the ATO’s tax claim and its
position with respect to any obligations of JHAF to the ATO
given its prior winding up.

Mr. Chenu said that, in the event that the company is found to
have, or otherwise accepts, any liability for tax assessed
solely against JHAF or is required to make payments on account
of that tax while in dispute, the company expects to have
available cash and existing unutilised debt facilities to meet
any payment obligations.  The accounting treatment of any
assessments or other payments would be the subject of further
consideration once the company has further information.

                2008 4th Qtr and Full Year Results

James Hardie recorded a US$20.1 million net operating profit,
excluding asbestos, asset impairments and tax adjustments for
the quarter ended March 31, 2008, a decrease of 61% compared to
the same period last year.

For the quarter, net operating loss including asbestos, asset
impairments and tax adjustments was US$146.9 million compared to
a net operating profit of US$103.1 million for the same quarter
last year.

For the full year, net operating profit excluding asbestos,
asset impairments and tax adjustments decreased 20% to US$169.7
million from US$211.8 million.  Including asbestos, asset
impairments and tax adjustments, the company incurred a net
operating loss of US$71.6 million for the full year compared to
a net operating profit of US$151.7 million for last year.

Fourth quarter net sales decreased 13% to US$312.9 million,
gross profit was down 20% to US$107.2 million and EBIT excluding
asbestos and asset impairments was 39% lower at US$43.2 million.  
EBIT including asbestos and asset impairments improved from a
loss of US$215.8 million to a loss of US$181.5 million.

For the full year, net sales decreased 5% to US$1,468.8 million,
gross profit was down 8% to US$530.0 million and EBIT excluding
asbestos and asset impairments decreased 12% to US$281.7
million.  EBIT including asbestos and asset impairments
increased 58% from an EBIT loss of US$86.6 million in fiscal
year 2007 to an EBIT loss of US$36.6 million in fiscal year
2008.

                   Effect of U.S. Housing Slump

In its latest financial results, James Hardie disclosed that the
slump in the US housing market, its largest market, deepened
during the fourth quarter as builders continued to reduce the
pace of new home construction in an environment of weak sales
and high inventories of new homes for sale.

Notwithstanding, James Hardie said the business was able to
partly offset the impact of the much weaker housing market
during the year through market penetration against alternative
materials.  USA Fibre Cement net sales fell 20% for the quarter
and 9% for the full year.  EBIT was down 41% to US$50.3 million
and 13% to $313.6 million for the quarter and full year,
respectively, due to lower volumes and higher costs, partially
offset by lower SG&A spending for the full year.

Commenting on the results, James Hardie’s CEO, Mr. Louis Gries
said: “Overall, our major businesses performed relatively well
for the year in very challenging market conditions, particularly
in the United States.  However, fourth quarter results were
disappointing.  In the US, the housing market continued to
deteriorate in all four quarters of this past year.  New housing
starts were down 37% from last year and 55% from their peak in
2006.”

“Indicators of future housing construction activity suggest some
further weakness is to be expected.  However, early first
quarter sales for the US business indicate a slight pick up in
demand, although not to the extent experienced in previous
years,” Mr. Gries said.

                   Shares Tumbles to 7-Year Low

Bloomberg News relates that James Hardie slumped to its lowest
in almost seven years in Sydney trading after news of the ATO
action.

According to Bloomberg, James Hardie shares fell 4.1 percent to
AU$4.69 at 12:30 p.m. on the Australian stock exchange, the
lowest since December 2001.  

The company's stock has lost almost half its value over the past
12 months, taking its market value to AU$2 billion, Bloomberg
says.

                About James Hardie Industries N.V.

Headquartered in Sydney, Australia, James Hardie Industries N.V.
(ASX:JHX) -- http://www.ir.jameshardie.com.au/-- is an  
international building materials group, which produces a range
of fiber cement building materials used in the exterior and
interior of residential and commercial buildings, from exterior
cladding and internal lining to pipes, bracing, decorative
elements and fencing.  The company's segments include USA Fibre
Cement, Asia Pacific Fibre Cement and the Other segment. USA
Fibre Cement manufactures and sells fiber cement interior
linings, exterior siding and related accessories products in the
United States.  Asia Pacific Fibre Cement includes all fiber
cement manufactured in Australia, New Zealand and the
Philippines and sold in Australia, New Zealand and Asia.  Other
includes the manufacture and sale of fiber cement products in
Chile, the manufacture and sale of fiber cement reinforced pipes
in the United States, fiber cement operations in Europe and
roofing operations in the United States.  The roofing plant was
closed and the business ceased opera.

James Hardie underwent a corporate restructuring and redomiciled
in the Netherlands in the second half of 2001.  The company's
securities ceased trading under the Australian Securities
Exchange code 'HAH' on October 12, 2001, and commenced trading
under a new ASX code 'JHX' on October 15. 2004.


JOHYOL INVESTMENTS: Liquidators Presents Wind-Up Report
-------------------------------------------------------
Riad Tayeh, Johyol Investments Pty Ltd's estate liquidator, met
with the company's members on May 14, 2008, and provided them
with property disposal and winding-up reports.

The liquidators can be reached at:

          Antony de Vries
          Riad Tayeh
          de Vries Tayeh
          Level 3, 95 Macquarie Street
          Parramatta NSW 2124
          Australia


K & C GIBSON: Placed Under Voluntary Liquidation
-------------------------------------------------
K & C Gibson & Sons Pastoral Co Pty. Ltd.'s members agreed on
Feb. 24, 2008, to voluntarily liquidate the company's business.  
Geoffrey Stewart Turner was appointed to facilitate the sale of
its assets.

The liquidator can be reached at:

          Geoffrey Stewart Turner
          Chartered Accountant
          G.S. Turner & Co.
          Level 6, 12-14 Ormonde Parade
          Hurstville, NSW
          Australia


KELKEEN PTY: Liquidator Presents Wind-Up Report
-----------------------------------------------
P. Ngan, Kelkeen 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


MIDNIGHT GLASS: Appoints De Vries and Tayeh as Liquidators
----------------------------------------------------------
Midnight Glass & Glazing Pty. Ltd.'s members agreed on April 16,
2008, to voluntarily liquidate the company's business.  Antony
de Vries and Riad Tayeh were appointed to facilitate the sale of
its assets.

The liquidator can be reached at:

          Antony de Vries
          Riad Tayeh
          de Vries Tayeh
          Level 3, 95 Macquarie Street
          Parramatta NSW 2124
          Australia


NIREX PTY: Commences Liquidation Proceedings
--------------------------------------------
Nirex Pty. Ltd.'s members agreed on April 14, 2008, to
voluntarily liquidate the company's business.  Ralph W. Merrell
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Ralph W. Merrell
          Merrell Associates Pty Ltd
          Suite 3, 571 Military Road
          Mosman NSW 2088
          Australia


QANTAS AIRWAYS: Cuts/Changes Schedules Due to Rising Fuel Prices
----------------------------------------------------------------  
The Qantas Group announced additional capacity and network
changes, focusing on QantasLink's regional operations in New
South Wales and Victoria.

The Chief Executive Officer of Qantas, Mr. Geoff Dixon, said the
changes followed similar measures already announced for Qantas
and Jetstar's domestic and international operations over the
past fortnight due to unprecedented increases in oil prices.

Mr. Dixon said the changes were:

   -- the accelerated retirement of QantasLink's six remaining            
      Dash 8 100 36-seat aircraft by August 2008;

   -- the closure of QantasLink's Mildura maintenance base
      on August 15, 2008;

   -- exiting the loss-making Melbourne-Wollongong route from
      July 18, 2008; and

   -- the permanent withdrawal from previously suspended
      QantasLink services between Newcastle and both
      Melbourne and Sydney.

Mr. Dixon said the retirement of the older Dash 8 100 series
aircraft would result in the closure of the maintenance base in
Mildura.

“We will work closely with the affected staff in Mildura to
minimise redundancies by offering alternative job opportunities
at other QantasLink locations,” he said.

Mr. Dixon said the Melbourne-Wollongong services had been
underperforming for some time, and record fuel prices now made
it difficult for QantasLink to continue to operate the older
Dash 8 aircraft on the route.

In the case of Newcastle, the Qantas Group will remain the
largest operator through Jetstar's 56 services a week to and
from Melbourne, Brisbane and the Gold Coast.

QantasLink's affiliate partner, Aeropelican, also currently
offers up to eight services a day between Sydney and Newcastle.

Mr. Dixon said QantasLink would maintain its existing flight
operations, cabin and ground crew bases in Melbourne and Mildura
to service its remaining network in Victoria, which included
services between Melbourne and Mildura, Devonport, Launceston
and Canberra.

                 International Schedule Changes

The Qantas Group disclosed changes to its international services
as it continues to manage the impact of high oil prices.

Mr. Dixon said the changes, which follow previous announcements
regarding domestic services, included market exits, capacity
cuts and the replacement of Qantas services with Jetstar
services on a number of routes.

Mr. Dixon said the cost of fuel had changed the way the Qantas
Group had to do business over the next two years.

“We have to look closely at each individual market, including
the number of frequencies we operate and which of our flying
businesses is better suited to serve those destinations.”

Mr. Dixon said Japan and South East Asia would be the most
affected markets by the schedule changes.

“The Japan-Far North Queensland market has also been
particularly difficult for Qantas for a number of years.  At
current fuel prices, the Group would lose more than $100 million
operating to Japan under our existing schedule.”

Mr. Dixon said Qantas would engage the tourism industry at
seeking better ways of offering viable options for inbound
tourism into the future.

Mr. Dixon said the changes to the Japan schedule included:

   -- the withdrawal of Qantas' thrice-weekly Melbourne-Tokyo
      (Narita) A330 return services from September 2008;

   -- a reduction in Qantas' Sydney-Tokyo(Narita) A330 return
      services from nine to seven return services per week
      from September 2008;

   -- Jetstar's withdrawal from the Cairns-Osaka-Nagoya route
      from December 2008;

   -- the replacement of Qantas' 14 weekly B767 Cairns-Tokyo
      (Narita) services with a daily Jetstar non-stop A330
      two-class service from December 2008; and

   -- the introduction of new Gold Coast-Tokyo(Narita)
      services five times per week, operated by Jetstar
      with two-class A330s from December 2008, in addition
      to Jetstar's daily Sydney-Gold Coast-Osaka services.

Mr. Dixon said that under the new schedules, the Qantas Group
would continue to offer significant capacity – more than 11,500
seats per week – between Japan and Queensland.

             Capacity Cut in Response to Fuel Prices

In response to continuing high fuel prices the Qantas Group
announces a range of cost saving measures including cancellation
of five per cent of Available Seat Kilometres (ASKs) – the
equivalent of grounding six aircraft.

Mr. Dixon said Qantas' fuel bill would increase by more than $2
billion in 2008 and 2009, representing around 35 per cent of the
company's total expenditure.

“The fact is that fuel prices are something we have no control
over, so we have to look harder at areas where we do have
control,” Mr. Dixon said.

“Despite our fuel hedging strategy, fuel surcharges, two
separate across-the-board fare increases and a recruitment
freeze, we are not bridging the widening gap between the actual
increase in the cost of fuel and the amount we offset.”

Mr. Dixon said the Qantas Group would manage the reduction in
ASKs by:

   -- retiring one B737 aircraft;

   -- grounding two B767 aircraft and one Jetstar A320
      aircraft;

   -- cancelling the delivery of one Jetstar A321 aircraft;

   -- accelerating the retirement of its four B747-300
      aircraft, currently operating trans-continental
      services to Perth, by December, and

   -- adjusting the flying patterns of other aircraft,
      including reducing the utilization of the B747-400
      fleet.

In the domestic market, Mr. Dixon said:

   -- Qantas would exit its Gold Coast-Sydney and Ayers
      Rock-Melbourne routes and reduce Ayers Rock-Sydney
      services from August;

   -- Jetstar would exit its Sydney-Whitsunday Coast,
      Adelaide-Sunshine Coast, and Brisbane-Hobart routes
      from July; and

   -- Jetstar would reduce services on some Adelaide,
      Avalon and Cairns routes by August.

“Wherever possible, we have tried to minimize the overall impact
of the changes.  For example, Jetstar will continue to offer
more than 140 return services to the Gold Coast each week,
including up to 10 services a day on the Sydney-Gold Coast
route.

“Qantas remains a fundamentally strong company, with a good
balance sheet and a commitment to investment that includes a $35  
billion order for aircraft,” Mr. Dixon said.

“We must make these hard decisions now, however, if we are to
ensure the ongoing strength of Qantas, preserve the jobs of the
vast majority of our current workforce, and position ourselves
for growth when the trading environment improves.”

Mr. Dixon said that the magnitude of the changes would require a
reduction in staff numbers.

Mr. Dixon said in addition:

   -- the pay for all of the company's senior executive
      group would be frozen; and

   -- the normal July pay review for the remaining 1,000
      executives would be deferred.

                 Engineers to Stage Strike

Bloomberg News reports that Qantas will cancel some flights in
the face of a strike planned for next week by engineers seeking
higher pay.

Bloomberg says Qantas engineers have held stop-work meetings and
limited overtime for more than a month in a bid to win a 5
percent pay increase.

Maintenance workers will walk off the job in Melbourne and
Sydney on Monday for four hours, union secretary Steve Purvinas
told Bloomberg in an interview.  The action will spread to other
airports in Australia later in the week.

According to Bloomberg, the airline said it is seeking ways to
limit disruptions but that the timing of the strikes by the
Australian Licensed Engineers' Association made the cancellation
of flights inevitable.

“We have already begun planning schedule adjustments and will
monitor our operations closely,” the Sydney-based airline said
in a statement delivered to Bloomberg by e-mail.  “We expect to
get all customers to their destinations on the day they choose
to fly.”

                      About Qantas Airways

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company  
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training, catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering. Qantas acquired 18 % of Pacific
Airlines Joint Stock Aviation Company via a controlled entity on
July 31, 2007.  On July 2, 2007, Qantas acquired, via a
controlled entity, 67.27% of DPEX Transport Group Pte Ltd.  On
July 2, 2007, it also acquired Asia Express Holdings Pte Ltd.  
On March 20, 2007, it acquired a 75% interest in Tour East
Australia Pty Limited.  The investment in Air New Zealand
Limited was sold in June 2007.


RAAMA PTY: To Declare Dividend on July 4
----------------------------------------
Raama Pty. Ltd will declare dividend on July 4, 2008.

Only creditors who were able to file their proofs of debt by
June 27, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          R. J. Porter
          Moore Stephens
          Level 6, 460 Church Street
          Parramatta NSW 2150
          Australia


ROLA ROOF: Liquidator Presents Wind-Up Report
---------------------------------------------
S. A. Fittler, Rola Roof Racks (Australia) Pty Ltd's estate
liquidator, met with the company's members on June 11, 2008, and
provided them with property disposal and winding-up reports.

The liquidators can be reached at:

          S. A. Fittler
          HLB Mann Judd (NSW) Pty Limited
          Level 19, 207 Kent Street
          Sydney NSW 2000
          Australia


ST GEORGE: Raises AU$1.48 Billion Funding Requirements
------------------------------------------------------
St. George Bank announced that it has now completed 100 per cent
of its financial year 2008 term wholesale funding requirements.  
In addition, St.George has now already raised approximately
AU$1 billion of its estimated AU$11-$12 billion term wholesale
funding requirements for 2009.

St.George Chief Financial Officer, Michael Cameron said, “We are
very pleased to have completed our term wholesale funding
requirements for this financial year well ahead of time and have
now made an early start on funding for 2009.”

Overnight in London, St.George priced a new EUR 900 million
(AU$1.48 billion) benchmark issue of Fixed Rate Notes with a
term of 5 years. The Fixed Rate Notes will settle on June 24 ,
2008, and mature on June 24, 2013.  JPMorgan and UBS Investment
Bank acted as Joint Lead Managers and Bookrunners for the
transaction.

The Fixed Rate Notes were priced to yield 6.518%, equivalent to
140 basis points over the five year Euro mid swap rate which
compares favorably to recent comparable trades.

The issue met extensive demand from over 80 investors throughout
Europe, particularly the UK and Germany. Managed Funds, Asset
Managers and Central Banks dominated the order book.

St.George has 13 per cent of its committed term funding maturing
in the next six months. The weighted average maturity of its
committed term funding is over 2 years.

                      About St. George Bank

Headquartered in Kogarah, New South Wales, Australia --
http://www.stgeorge.com.au-- St. George Bank Limited is a         
banking company.  The Company operates in four business
segments: Retail Bank (RB), Institutional and Business Banking
(IBB), BankSA (BSA) and Wealth Management (WM).  RB is
responsible for residential and consumer lending, provision of
personal financial services including transaction services, call
and term deposits, small business banking and financial
planners.  This division manages retail branches, call centers,
agency networks and electronic channels, such as electronic
funds transfer at point of sale (EFTPOS) terminals, automated
teller machines (ATMs) and Internet banking.

On September 28, 2007, it disposed of its 100% interest in
Scottish Pacific Business Finance Holdings Pty. Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on May 13, 2008, Moody's Investors Service reviewed, with
direction uncertain, the ratings of St.George Bank.  It is rated
Aa2 for deposits and senior debt, Prime-1 for short-term
obligations and carries a bank financial strength rating (BFSR)
of B.

In addition, Fitch Ratings placed St.George Bank Limited's
'B' Individual Rating and 'BB+' Support Rating Floor on Rating
Watch Positive.



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

ICBC: To Restructure Hong Kong Subsidiaries
-------------------------------------------
The Industrial and Commercial Bank of China (ICBC) plans to
restructure its Hong Kong subsidiaries to enhance
competitiveness in Hong Kong, Reuters reports, citing NewsTrak
Daily.

ICBC has three Hong Kong subsidiaries:

   -- Industrial & Commercial International Capital Ltd (ICIC),  
   -- ICEA Finance Holdings Limited;
   -- a joint venture company between ICBC and the Bank of East
      Asia (BEA).

According to the report, ICBC will split ICEA into two
divisions.  The bank's individual securities and retail futures
business will be integrated into ICBC (Asia), while the
investment banking and corporate financing business will be
merged with a new investment banking subsidiary, named ICBC
International Capital, the report says.

                            About ICBC

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn/-- is the largest state-owned commercial  
bank, and is authorized by the State Council and the People's
Bank of China. ICBC conducts operations across China as well as
in major international financial centers.

On Sept. 18, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings affirmed ICBC's Individual D/E
rating.

                          *     *     *

On May 4, 2007, with the implementation of the new
methodologies, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The long-term Foreign
Currency Deposit Rating is A2.  The short-term Foreign Currency
Deposit Rating is P-1.  The outlook for the long-term deposit
rating is positive.


HARCOURT COMPANIES: Names Zhenyu Hu as Board Director
-----------------------------------------------------
The Hartcourt Companies Inc. has appointed Zhenyu Hu as a member
of its Board of Directors, effective June 13, 2008.  Mr. Hu is
President of Beijing Yanyuan Rapido Education Company, a company
recently acquired by Hartcourt.   

Mr. Hu will bring to the Board a valuable perspective as an
successful business executive and seasoned board member.  His
leadership skills, coupled with his considerable background and
knowledge in education and training area, make him a welcome
addition to the Board of Hartcourt.

Mr Hu is the editor of the magazine "Successful Way," and the
director of the Science Park of Peking University.  He is also a
well-known speaker in the education and training areas.  He has
appeared in numerous newspaper articles and television programs,
and has published many articles and books on education.

Mr Hu is the inventor of Beijing Yanyuan's training program that
helps students rapidly improve their school grades, which has
been proven to be effective.   His business experience and
reputation have allowed Beijing Yanyuan Rapido Education Company
to become a national leading training institution.

With the recent appointment of Mr Hu, and acquisition of Beijing
Yanyuan, Hartcourt will further its relationship with Peking
University, a top University in the Country, and be able to
acquire teaching resources of the University.   The appointment
of Mr. Hu is an important step of Hartcourt in implementing its
strategy to enter into and focus on education/training market in
China.

                About The Hartcourt Companies

Headquartered in Shanghai, China, The Hartcourt Companies, Inc.
-- http://www.hartcourt.com-- was incorporated in Utah.  The     
company specializes in the Chinese information technology
market.  In August 2006, the company decided to enter the post-
secondary education market in China.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on Sept. 18, 2007,
Kabani & Company Inc., expressed substantial doubt about
Hartcourt Companies Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended May 31, 2007.  The auditing firm
noted that the company incurred net losses and experienced
negative cash flows from operations in the last six years.  As
of May 31, 2007, the company accumulated deficit of
approximately US$69 million.  


HARCOURT: To Buy Beijing Yanyuan's 60% Outstanding Securities
-------------------------------------------------------------
The Hartcourt Companies Inc. has signed a definitive agreement
to purchase 60 % of outstanding securities of Beijing Yanyuan
Rapido Education Company ("Beijing Yanyuan") for approximately
CNY25 Million (US$3.4 Million), payable in 69 Million restricted
common shares of Hartcourt.

Under the terms of the definitive agreement executed between
Beijing Yanyuan and Hartcourt, Beijing Yanyuan committed that
its net profit would exceed CNY6 million (US$827,000) for the
year 2008,  CNY10 million (US$1.379 million) for the year 2009,
and  CNY14 million (US$1.931 million) for the year 2010.  The
restricted common shares issued for the Acquisition will be
released to previous shareholders of Beijing Yanyuan in three
installments based on the profit realized over a three-year
period.

Founded by the Science Park of Peking University, Beijing
Yanyuan is a well-known training institution. Beijing Yanyuan
offers a program to help students rapidly improve their school
grades.  The program was invented by Mr Zhenyu Hu, president of
Beijing Yanyuan, and has been proven to be effective.  Beijing
Yanyuan is the sole general agent appointed by the Science Park
of Peking University to promote and market this training
program.  Peking University (PKU) was the first national
university in Chinese modern history, with a high reputation in
and outside China.  Owing to the background of Peking
University, abundant teaching resources, management team
consisting of education experts and professors, Beijing Yanyuan
has rapidly built its brand and increased its market share to
become a leading training institution nationwide.

Education and training is one of the fastest-growing areas in
China.  China has one of the largest education systems in the
world in terms of number of students.  The Chinese highly value
education and seem willing to spend money on programs that would
improve students' academic performance.

Mr. Victor Zhou, CEO of Hartcourt, states, "with Beijing
Yanyuan's relationship with Peking University, experience in
education and recognizable brand, this acquisition is a pivotal
milestone of Hartcourt in implementing its strategy to enter
into and focus on education/training market in China.  After the
acquisition, Beijing Yanyuan will become a platform for
Hartcourt to further acquire more schools."

Mr. Hu, President of Beijing Yanyuan, comments, "For the last
several years, we have been building our brand name, operation
and market share, waiting for the right timing to break out
nationwide.  We think the leadership of Hartcourt will help us
do precisely that.  We believe the synergies derived from the
combination of Beijing Yanyuan and Hartcourt will provide us
opportunities for additional growth in the future."

                  About The Hartcourt Companies

Headquartered in Shanghai, China, The Hartcourt Companies, Inc.
-- http://www.hartcourt.com-- was incorporated in Utah.  The     
company specializes in the Chinese information technology
market.  In August 2006, the company decided to enter the post-
secondary education market in China.

                        Going Concern Doubt

As reported in the Troubled Company Reporter on Sept. 18, 2007,
Kabani & Company Inc., expressed substantial doubt about
Hartcourt Companies Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended May 31, 2007.  The auditing firm
noted that the company incurred net losses and experienced
negative cash flows from operations in the last six years.  As
of May 31, 2007, the company accumulated deficit of
approximately US$69 million.  


SHENZHEN: Two Shareholders Promise to Exercise Call Warrant SFC2
----------------------------------------------------------------
Shenzhen Development Bank Company Ltd.'s first and fourth
largest shareholders, Newbridge Asia AIV, L.P. and Haitong
Securities, promised to exercise the bank's call warrant SFC2 ,
regardless of its A shares price, Sinocast News reports.

The last trading week for the SFC2 is from June 23 to 27, 2008.

In the period, the report relates, holders of the call warrant
will have the right to buy the bank's A shares at CNY19 apiece.
However, the A share closed at CNY21.18 apiece on June 13, when
the SFC2 closed at CNY 4.26 apiece, Sinoccast says.

According to the report, besides, 346 million restricted shares
of Shenzhen Development Bank will be allowed to be tradable
today, June 20, 2008, and is possible of further decreasing the
share price.

In addition, China Electronics Shenzhen Company decided to
exercise the call warrant if the bank's A shares would exceed
CNY19 apiece, the report notes.

As of June 12, the report adds, the bank had issued 104,337,917
SFC2s, among which, 584,100 ones had been exercised.

                 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.



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

BRIGHT SMOOTH: Liquidator Quits Post
-----------------------------------
On June 4, 2008, Pang Wai Kui stepped down as liquidator for
Bright Smooth Development Limited.


CLOTHING TECHNOLOGY: Members To Meet on July 14
-----------------------------------------------
The members of Clothing Technology Demonstration Centre Company
Limited will have their final general meeting on July 14, 2008,
at Two International Finance Centre, 18th Floor, 8 Finance
Street, Central, in Hong Kong to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidators can be reached at:

         Stephen Lui Yui Keung
         Chan Wai Hing
         Two International Finance Centre
         18th Floor, 8 Finance Street
         Central, Hong Kong


GWA INTERNATIONAL: Liquidators Quit Post
----------------------------------------
On June 13, 2008, Nathalia Seng Sze Ka Mee and Cynthia Wong Tak
Yee stepped down as liquidators for GWA International (Hong
Kong) Limited.


GOH HONG: Liquidators Quit Post
-------------------------------
On June 13, 2008, Rainier Hok Chung Lam and John James Toohey
stepped  down as liquidators for Goh Hong Kong Limited.


HOLY MOST: Liquidator Quits Post
--------------------------------
On June 3, 2008, Gerhad Tesan BINTI stepped down as liquidator
for Holy Most Limited.


IDS CREATION: Members To Meet on July 19
----------------------------------------
The members of IDS Creation Limited will have their final
general meeting on July 19, 2008, at Tesbury Centre, 16th Floor,
28 Queen's Road East, Admiralty, 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:

         Au Chun Fai Jeffrey
         Tesbury Centre, 16th Floor
         28 Queen's Road East, Admiralty
         Hong Kong


KAI WING: Members To Meet on July 15
------------------------------------
The members of Kai Wing Estates Limited will have their final
general meeting on July 15, 2008, at Chow Sang Building, 1st
Floor, 229 Nathan Road, Kowloon, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators can be reached at:

         Lai Ching
         Wong Yu Lau
         Chow Sang Building, 1st Floor
         229 Nathan Road, Kowloon
         Hong Kong


LINUX PROFESSIONAL: Creditors' Proofs of Debt Due on July 12
------------------------------------------------------------
The creditors of Linux Professional Limited are required to file
their proofs of debt by July 12, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 10, 2008.

The company's liquidators is:

         NG Sau Wa, Sylvia
         Sing Pao Building, 24th Floor
         Room 2402, 101 King's Road
         Fortress Hill, Hong Kong


PATERIGHT DEV'T: Members To Meet on July 14
-------------------------------------------
The members of Pateright Development Limited will have their
final general meeting on July 14, 2008, at Kwan Chart Tower, 6th
Floor, 6 Tonnochy Road, Wanchai, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator can be reached at:

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


SRE GROUP: S&P Lowers Credit Rating to 'B+' with Stable Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services had lowered its long-term
corporate credit rating on SRE Group Ltd. to 'B+' from 'BB-'.   
The outlook is stable.  At the same time, Standard & Poor's
lowered its issue rating on the company's US$200 million
senior unsecured notes due 2013 to 'B+' from 'BB-'.

"The downgrade reflects SRE's deteriorated credit metrics,
following rapid expansion and acquisitions.  A significant
improvement in the credit metrics towards a 'BB–' level is
likely to be constrained by uncertain presales in a weakening
real estate market, significant capital expenditure for the
development of a rental property portfolio, and the need to
replenish its land bank," said Standard & Poor's credit analyst
Christopher Lee.

We expect SRE's credit metrics will improve in 2008 compared
with 2007, but the improvement will unlikely be sufficient to
support a 'BB–' rating.  The rating on SRE reflects the
execution risks to its expansion into Shenyang (a new market),
heavy investment in hotels and commercial rental properties, its
historically volatile financial performance, and low cash flow
protection.

These weaknesses are moderated by its well-located and low-cost
land bank, and a good track record and branding in Shanghai.

SRE's credit metrics deteriorated in 2007, such that its EBITDA
interest cover declined to 1.1x from 4.0x while its ratio of
debt to EBITDA rose to 13.6x from 3.7x.

SRE's liquidity cushion could be depleted if its 46%-owned
associate China New Town Development Co. Ltd.  (CNTD) fails to
redeem a convertible bond at the request of bondholders in
September 2008.  SRE is required to buy all or some of the bond,
which had an outstanding principal of Chinese renminbi
1.24 billion at the end of 2007, at a 135% premium.  At this
stage, CNTD appears to have adequate resources to substantially
meet the redemption request.  Hence the pressure on SRE is not
likely to be material.

Although we treat CNTD as a separate entity from SRE, we believe
CNTD is strategically important to SRE because it has access to
a large land reserve.  SRE's credit ratios would be
significantly weaker if CNTD were proportionately consolidated.



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

BELGAUM FINANCIERS: RBI Cancels Certificate of Registration
-----------------------------------------------------------
The Reserve Bank of India cancelled the certificate of
registration granted to Belgaum Financiers Private Limited for
carrying on the business of a non-banking financial institution
as the company has opted to exit from the business of a non-
banking financial institution.

Following cancellation of the registration certificate, Belgaum
Financiers Private Limited, cannot transact the business of a
non-banking financial institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank
of India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of
a non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

Belgaum Financiers Private Limited's registered office is at
No.28, Aditya Arcade, Above Cairo Dusk, Beside Hotel Hanuman,
P.B. Road, in Nehru Nagar, Belgaum.


HARYANA SAVING: RBI Cancels Certificate of Registration
-------------------------------------------------------
The Reserve Bank of India cancelled the certificate of
registration granted to Haryana Saving Units Private Limited for
carrying on the business of a non-banking financial institution
as the company has opted to exit from the business of a non-
banking financial institution.

Following cancellation of the registration certificate, Haryana
Saving Units Private Limited, cannot transact the business of a
non-banking financial institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank
of India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of
a non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

Haryana Saving Units Private Limited's registered office is at
'SER House' No.31/61, II Main Road, Vyalikaval, above State Bank
of Mysore, in Bangalore.


MICROLAND INVESTMENTS: RBI Cancels Certificate of Registration
--------------------------------------------------------------
The Reserve Bank of India cancelled the certificate of
registration granted to Microland Investments Private Limited
for carrying on the business of a non-banking financial
institution as the company has opted to exit from the business
of a non-banking financial institution.

Following cancellation of the registration certificate,
Microland Investments Private Limited, cannot transact the
business of a non-banking financial institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank
of India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of
a non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

Microland Investments Private Limited's registered office is at
No.1B, Ecospace, Belandur Outer Ring Road, in Bangalore.


NATIONAL ALUMINIUM: Strike Leads to “Very Serious” Fuel Shortage
----------------------------------------------------------------
National Aluminium Co. may shut plants as a strike by coal
truckers has led to a “very serious shortage” of fuel for its
power station, Bloomberg News reports citing Chairman C.R.
Pradhan.

According to Bloomberg, striking truck drivers at a unit of Coal
India have halted shipment of the fuel from Talcher to Angul
district, where Nalco's power plant is based.

“The shortage is a very serious issue and if it continues for a
few more days then we may have to take the drastic measure of
shutting operations,” Mr. Pradhan said in a phone interview with
Bloomberg.  Nalco has coal reserves for another three days, he
said.

The company has cut output from its 960-megawatt power plant
after supplies from Coal India Ltd. were curtailed in the past
three days, Mr. Pradhan told Bloomberg. The company needs 14,000
metric tons of coal daily to run its aluminum smelter and
alumina refinery at full capacity, he said.

Meanwhile, Bloomberg relates that Rakesh Arora, an analyst at
Macquarie Group, rated the Nalco stock an “underperformer”
because of the lack of security of coal supply, saying that
“coal supply has been a recurring issue for Nalco.”

Headquartered in Bhubaneswar, India, National Aluminium Company
Limited (BOM:532234) -- http://www.nalcoindia.com/-- is an  
integrated aluminium complex, encompassing bauxite mining,
alumina refining, aluminium smelting and casting, power
generation, rail and port operations.  The company operates in
two segments: Chemicals and Aluminium. Chemicals include
calcined alumina, alumina hydrate and other related products.
Aluminium includes aluminum ingots, wire rods, billets, strips
and other related products.  Bauxite and power are produced for
captive consumption.


SHREE SANYEEJI ISPAT: CRISIL Rates Rs.140MM Cash Credit at “BB”
---------------------------------------------------------------
CRISIL has assigned its ratings of ‘BB/Stable/P4’ to the various
bank facilities of Shree Sanyeeji Ispat Ltd (Sanyeeji Ispat),
part of the Sanyeeji group.

   * Rs.140 Million Cash Credit  BB/Stable(Assigned)

   * Rs.20 Million Letter of Credit
        and Bank Guarantee        P4(Assigned)

The ratings are constrained by the group’s recent delays in
repayment of its loans, the expected weakening in its financial
risk profile on account of debt-funded capital expenditure
plans, and inherent cyclicality in the steel business.  These
weaknesses are partly mitigated by the increasing integration in
the group’s operations, leading to a moderate market position.

For arriving at the ratings, CRISIL has taken a consolidated
view of Shree Sanyeeji Ispat Ltd (Sanyeeji Ispat), M/s Shiv Sai
Steel Industries (Shiv Sai), and Shree Sanyeeji Steel & Power
Ltd (Sanyeeji Steel).  All the billets produced by Shiv Sai are
used by Sanyeeji Ispat for making TMT bars, and Sanyeeji Ispat
has guaranteed all the loans of Sanyeeji Steel.

Outlook: Stable

CRISIL expects the Sanyeeji group’s revenue to increase in the
medium term backed by increase in capacities. The outlook may,
be revised to ‘Positive’ if the group’s profitability improves
substantially and there is a track record of timely debt
repayments. Conversely, the outlook may be revised to ‘Negative’
if there are substantial debt-funded capital expenditure plans
undertaken by the group, or if the group’s profitability reduces
further.

Sanyeeji Ispat, Shiv Sai, and Sanyeeji Steel are part of the
Guwahati, Assam-based Sanyeeji Group founded by Mr Jai Prakash
Jaiswal.  In 1991 he established a 3,000 metric tonnes per annum
(mtpa) scrap-based rolling mill in Guwahati in the name of
Sanyeeji Ispat.  A second ingot-based rolling mill with a
capacity of 18,000 mtpa was established in 1996 which was
converted into a TMT bar-cum-coil rolling mill in 1998.  In 2000
a third rolling mill with a 72,000 mtpa capacity was set up for
TMT rods.  For backward integration, a billet manufacturing unit
with a capacity of 70,000 mtpa was set up in 2006 in the name of
Shiv Sai, a partnership firm.  A third integrated steel project
was started under the name of Sanyeeji Steel in 2007 in Bankura,
West Bengal.  This unit currently has three induction furnaces
with concast mills for producing billets (present installed
capacity 148,500 mtpa).  The group has a combined capacity to
manufacture 72,000 mtpa of TMT Rods and 218,000 mtpa of billets.

For 2006-07 (refers to financial year, April 1 to March 31), the
Sanyeeji group posted an operating income of Rs.870 million
(Rs.663 million in the previous year) and profit after tax of
Rs.120 million (Rs.74 million in the previous year).


SHREE SANYEEJI STEEL: CRISIL Rates Rs.382.5MM Term Loan at “D”
--------------------------------------------------------------
CRISIL has assigned its ratings of ‘D/P5’ to the various bank
facilities of Shree Sanyeeji Steel and Power Ltd, part of the
Sanyeeji group.  The company is in default on its debt
repayments.

   Rs.167 Million Cash Credit  D(Assigned)
   Rs.382.5 Million Term Loan  D(Assigned)
   Rs.33 Million Bank Guarantee  P5(Assigned)
   Rs.75 Million Letter of Credit  P5(Assigned)

Shree Sanyeeji Ispat Ltd (Sanyeeji Ispat), M/s Shiv Sai Steel
Industries (Shiv Sai) and Shree Sanyeeji Steel & Power Ltd
(Sanyeeji Steel) are part of the Guwahati, Assam-based Sanyeeji
Group founded by Mr. Jai Prakash Jaiswal.  In 1991 he
established a 3,000 metric tonnes per annum (mtpa) scrap-based
rolling mill in Guwahati in the name of Sanyeeji Ispat.  A
second ingot-based rolling mill with a capacity of 18,000 mtpa
was established in 1996 which was converted into a TMT bar-cum-
coil rolling mill in 1998.  In 2000 a third rolling mill with a
72,000 mtpa capacity was set up for TMT rods.  For backward
integration, a billet manufacturing unit with a capacity of
70,000 mtpa was set up in 2006 in the name of Shiv Sai, a
partnership firm.  A third integrated steel project was started
under the name of Sanyeeji Steel in 2007 in Bankura, West
Bengal.  This unit currently has three induction furnaces with
concast mills for producing billets (present installed capacity
148,500 mtpa).  The group has a combined capacity to manufacture
72,000 mtpa of TMT Rods and 218,000 mtpa of billets.

For 2006-07 (refers to financial year, April 1 to March 31), the
Sanyeeji Group posted an operating income of Rs.870 million
(Rs.663 million in the previous year) and profit after tax of
Rs.120 million (Rs.74 million in the previous year).


* INDIA: RBI Defers Issuance of Credit Derivatives Guidelines
-------------------------------------------------------------
The Reserve Bank of India has decided to keep in abeyance the
issuance of the final guidelines on introduction of credit
derivatives in India.  The decision has been taken so as to be
able to draw upon the experience of the financial sector of some
of the developed countries, particularly in the current
circumstances, in which the entire dimensions of the recent
credit market crisis have not yet been gauged.

It may be recalled that the Reserve Bank of India had issued the
‘Draft Guidelines for Introduction of Credit Derivatives in
India’, on March 26, 2003, inviting comments from banks and
other stake holders.  However, taking into account the status of
the risk management practices then prevailing in the banking
system, the issuance of final guidelines had been deferred.

Subsequently, it was announced in the Annual Policy Statement
for 2007-08 (paragraph 175) that as a part of the gradual
process of financial sector lilberalisation in India, it was
considered appropriate to introduce credit derivatives in a
calibrated manner.  Modified draft guidelines on Credit Default
Swaps were, therefore, issued on May 16, 2007.  Based on the
feedback received on draft guidelines, these were revised and a
second draft of the guidelines was issued, on October 17, 2007,
for another round of consultation.

However, in view of certain adverse developments witnessed in
different international financial markets, particularly the
credit markets, resulting in considerable volatility in the
recent past, such as mounting losses suffered by banks on
account of sub-prime crisis, need for the central banks of those
countries to inject liquidity into the system, as also the level
of risk management systems and possible non-adherence to the
regulatory guidelines on complex products such as credit
derivatives, time is not considered opportune to introduce the
credit derivatives in India, for the present.



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

ANEKA TAMBANG: Raises Bid for Herald at AU$2.80/Share
-----------------------------------------------------
PT Aneka Tambang Tbk and its joint venture partner, Shenzhen
Zhongjin Lingnan Nonfemet Co. Ltd., have increased their bid to
AU$2.80/share for Herald Resources Ltd, putting it on par with
the offer of PT Bumi, Reuters News reports.

Herald Resources is now assessing the Antam-Shenzhen Zhongjin
offer, the report said.

The Business Spectator relates that both bidders seek to gain
control of Herald's key asset, the US$US220 million (AU$231.9
million) Dairi zinc-lead project in north Sumatra.

Antam and Shenzhen Zhongjin are bidding through a subsidiary,
Tango Mining Pte Ltd, the Business Spectator report says.

                       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.


MEDCO ENERGI: Sells Apexindo Shares for US$333 Million
------------------------------------------------------
PT Medco Energi Internasional has sold its stake in Apexindo for
US$333 million, below the price offered by several other
suitors, Reuters News reports citing sources familiar with the
deal.

The decision to accept a lower price raises questions to the
minority shareholders of  Medco, which is  controlled by the
Panigoro family, the news agency said.

"We cannot comment, because there is a confidentiality clause,"
Nusky Suyono was quoted by the Reuters as saying when asked for
the reason of the company's decision.

According to Reuters, among the companies that have offered
higher bids were: Mitra Rajasa that paid 2,450 rupiah per share
for a 48.7% stake in Apexindo; Pertamina which offered a higher
price but declined to give the price offered; and Northern
Offshore Ltd which also offered a higher price of 2,600 rupiah
per share.

Mr. Suyono told Reuters that the proceeds from selling the stake
will be used to finance several projects, including upstream
activities and geothermal development, including an upstream
energy project in Libya.

Headquartered in Jakarta, Indonesia, Medco Energi Internasional
Tbk PT (JAK:MEDC) -- http://www.medcoenergi.com/-- is an   
integrated energy company.  The company is engaged in oil and
gas exploration and production, drilling services, methanol
production and the power generation industry.  The company holds
working interests in various exploration and production blocks
in Indonesia and overseas, producing more than 21 million barrel
of oil and 61 million cubic feet of gas annually.  In addition,
it has 10 onshore rigs and four offshore rigs (swamp barge) and
operates one methanol plant, one liquefied petroleum gas plant
and three power plants.  The company's Indonesian operations
span from Aceh in Indonesia's western border to Papua in the
eastern territory.

The company's subsidiary, PT Apexindo Pratama Duta Tbk, is a
heavy equipment provider.  Apexindo Pratama has five
subsidiaries, namely PT Antareja Jasatama, Apexindo Asia Pacific
B.V., Apexindo Khatulistiwa B.V., Apexindo Offshore Pte. Ltd.
and Apexindo Raniworo Pte. Ltd.

                          *     *     *

As of June 11, 2008, Medco Energi continues to carry Moody's
“B1” long-term corporate family rating and Standard & Poor's
“B+” long-term foreign and local issuer credit ratings.  All
ratings have negative outlook.



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

MITSUBISHI: Partners With PSA Peugeot for US$730MM Russian Plant
----------------------------------------------------------------
Mitsubishi Motors Corporation and France's PSA Peugeot Citroen
will initially invest EUR470 million (US$730 million) in a joint
venture in Russia to produce cars from 2011, Reuters reports.

Mitsubishi Motors will own 30% of the venture, while
Peugeot Citroen will own the rest.

According to the report, the factory in Kaluga, 180 km (110
miles) southwest of Moscow, will produce mid-range SUVs for the
Mitsubishi, Peugeot and Citroen brands, as well as mid-size
Peugeot and Citroen vehicles, with an overall capacity of
160,000 vehicles on three shifts.

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 29, 2008, Moody's Investors Service upgraded the senior
unsecured ratings of Mitsubishi Motors Corporation (MMC) and its
supported subsidiaries, Mitsubishi Motors Credit of America,
Inc., and MMC International Finance (Netherlands) B.V., to Ba2
from Ba3.  The rating outlook is positive.  The action concludes
the review initiated on February 22, 2008.


MITSUBISHI UFJ: Inks Trust Services Deal With First Hawaiian
------------------------------------------------------------
Mitsubishi UFJ Trust and Banking Corp. teamed up with First
Hawaiian Bank in testamentary trust services for Japanese
individuals with assets in Hawaii, Guam and Saipan, Reuters
reports, citing Jiji Press.

According to the report, the new service took effect last
June 2, 2008.

The latest move, the report relates, is designed to extend the
testamentary trust services to areas in the U.S. that are not
covered by the existing tie-ups.

Mitsubishi UFJ Trust and Banking Corp. --
http://www.tr.mufg.jp/english/-- is one of Japan's leading     
asset-management companies with JPY28 trillion in managed
assets, Mitsubishi UFJ Trust and Banking meets the needs of
international investors with a variety of creative investment
products.

Fitch Ratings upgraded Mitsubishi UFJ Trust and Banking's
individual rating to C from C/D.


SANYO ELECTRIC: To Double Annual Production of Batteries
--------------------------------------------------------
Sanyo Electric plans to double annual production of AA and AAA
size rechargeable batteries as more consumers prefer the  
economical and environmentally friendly option, Reuters reports.

According to the report, investors have recently been picking up
shares in battery makers as they see an increasingly rosier
future for rechargeable and car batteries amid surging oil
prices and worries about global warming.

The company, the report relates, plans to expand output of
nickel-metal hydride rechargeable batteries to 50 million a year
at its existing plant in the current business year that started
on April 1.

The company aims to lift sales at its rechargeable battery and
solar cell operations by 50% to JPY600 billion (US$5.6 billion)
under its current three-year business plan, the report says.

                       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.


YOSHINOYA NEW YORK: Files for Ch. 11 After Rent Cancellation
------------------------------------------------------------
Yoshinoya Holdings Co., which operates "gyudon" beef-on-rice
dish restaurants, said Wednesday that U.S. subsidiary Yoshinoya
New York Inc. has decided to file for the Chapter 11 bankruptcy
proceedings.

Yoshinoya New York opted for the step to facilitate its
negotiations on the cancellation of a rent contract following
restaurant closure in November 2006, according to the parent
firm. The negotiations have hit a snag, it said.

The unit's liabilities totaled $1.41 million as of the end of
December last year.

Yoshinoya New York will continue operating its gyudon restaurant
in Times Square, the sole outlet for the firm now.

Besides the New York restaurant, the Yoshinoya group has 83
outlets in the United States, most of which are on the West
Coast.  

                     About Yoshinoya Holding

Yoshinoya Holdings Co., Ltd. -- http://www.yoshinoyausa.com/ --
is a Japan-based restaurant chain operator. It has five business
segments.  The Beef Bowl-related segment operates a nationwide
restaurant chain, which offers beef bowls, pork bowls, set meals
and other dishes.  This segment also offers food materials such
as meat, rice and sauce, as well as food packing materials, such
as lunch boxes, and other related fixtures.  The Sushi-related
segment operates sushi outlets and conveyor-belt type sushi
restaurants. The Snack-related segment operates Japanese-style
fast-food outlets that serve mainly takoyaki (octopus ball) and
okonomiyaki (Japanese-style pancake).  This segment is also
manufactures and sells Japanese confectioneries.  The Others
Food Business segment offers curry rice, noodles and take-out
prepared dishes at food counters, as well as delivery services
for western and Chinese food.  The others provides facilities
construction work and real estate leasing services.



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

MOCOCO INC: Converts Seventh Convertible Bonds into Shares
----------------------------------------------------------
Mococo Inc.'s seventh convertible bonds have been converted for
99,200 shares of the company at the conversion price of KRW 500
per share, Reuters reports.

Mococo Inc. -- http://www.mococo.com/-- is a Korea-based  
company engaged in the development, consulting and supply of
software.  The company has two main business divisions:
enterprise application integration (EAI) business division,
which provides MQSeeries, multiple terminal emulator (MTE),
midas integration (MI), MPower, electric data interchange (EDI)
solutions, MC Cube and EAI services, and mobile business
division, which develops mobile phones and supplies solutions,
designs and games.  Its main clients are SK telecom, KT Freetel,
Shinhan Financial Group, hanarotelecom incorporated, LG
Electronics and LG Innotek.

                          *     *     *

As of June 19, 2008, Mococo Inc. carries a “B-” credit rating
placed by Korea Ratings on June 3, 2008.


TAE GWANG: Inks Microwave Detectors Supply Deal with Hanil
----------------------------------------------------------
Tae Gwang E&C Co. Ltd. signed a contract with Hanil STM Co. Ltd.
to supply microwave detectors for airport remodeling, Reuters
reports.

Reuters says the contract amount is KRW 303,930,000.

Last month, Tae Gwang was awarded a patent covering oscillator
using dielectric resonator and controlling frequency synthesizer
with oscillator, according to a report by Reuters.

Tae Gwang E&C Co., Ltd. specializes in the provision of electric
automation control systems. The Company has three main
businesses: preventive diagnosis system business, which provides
preventive diagnosis systems including acoustic measuring
intelligent diagnosis (AMID) systems, coupling sensor measuring
intelligent diagnosis (CMID) systems, UHF measuring intelligent
diagnosis (UMID) systems and others; satellite solution
business, which offers overseas satellite services such as
Internet, enterprise resource planning (ERP), virtual private
network (VPN), analog and voice over Internet protocol (VOIP)
telephones, and backtone tracking services, and wire/wireless
remoter observation control business, which provides dam and
reservoir floodgate management systems.

                          *    *     *

Tae Gwang E&C Co. Ltd. carries a “B-” credit rating placed by
Korea ratings on May 30, 2008, with a stable outlook.


* KOREA: March 2008 Industry Loans Up by 5.9% to KRW465.8 Tril.
---------------------------------------------------------------
The outstanding amount of loans to industry by commercial &
specialized banks stood at KRW465.8 trillion as of the end of
March 2008, the Bank of Korea says.  This represents an increase
of KRW25.8 trillion (+5.9%) in the first quarter of 2008,
reflecting expansion of loans to large corporations and blue
chip Small- and Medium-sized Enterprises (SMEs).

This also represents an accelerated pace of increase from both
the preceding quarter (KRW19.8 trillion, +4.7%) and the same
quarter of the preceding year (KRW15.2 trillion, +4.3%).

The pace of increase in loans to industry was much bigger than
that in loans to households (KRW4.0 trillion, +1.1%).

By industry, loans to the manufacturing sector (KRW10.0
trillion, +6.7%), those to the construction sector (KRW3.5
trillion, +7.8%), and those to the services sector (KRW11.8
trillion, +5.3%) all exhibited solid growth.

Loans to the manufacturing sector, in particular, also posted
relatively conspicuous growth.

By purpose, the working funds (KRW18.7 trillion, +5.6%) and
facilities investment funds (KRW7.0 trillion, +6.6%) both showed
growth.

Growth in the facilities investment funds surpassed that in the
working funds. However, the pace of increase in the facilities
investment funds slowed down.

By industry, the growth in loans to the services sector (KRW4.0
trillion, +7.9%) still surpassed that in loans to the
manufacturing sector (KRW2.4 trillion, +6.1%). Consequently, the
share of loans to the services sector out of the facilities
investment funds increased to 48.0%.

Separately, Korea's producer price index rose by 2.4% from the
previous month in May 2008, an 11.6% year-on-year increase.  
This month-on-month rise stemmed from a sustained upward
movement in prices of industrial products (3.6%), influenced by
hikes in international prices of raw materials, including crude
oil, as well as from a rise in service fees (1.1%), centering
around transportation and professional service fees, both of
which more than offset a decline in prices of agricultural,
forestry and marine products (-3.0%), centering around
vegetables and fruits.


* KOREA: Corporate Bankruptcies Fell in May
-------------------------------------------
South Korea's corporate bankruptcies fell in May mainly because
those among manufacturers and builders decreased, Yonhap reports
citing the Bank of Korea.

According to central bank figures cited by Yonhap, the number of
businesses that went belly-up reached 202 last month, down 32
from a month earlier while the number of failed manufacturers
declined by 18 to 60 and builders' bankruptcies fell by 16 to
38.

Meanwhile, Yonhap says the default rate on corporate bills --
bonds, checks and promissory notes -- reached 0.04 percent, down
0.02 percentage point in the previous month.



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

RANHILL BHD: Proposed MYR3.50/Share Offer May Not Be Changed
------------------------------------------------------------
Ranhill Bhd is expected to stick to its proposed offer price of
MYR3.50 a share to buy out the remaining 87.17 million shares in
Ranhill Utilities Bhd (RUB) despite some resistance from
minority shareholders, the Edge Daily reports.

The news agency recounts that some minority shareholders of RUB
were unhappy with the MYR3.50 cash offered for each share and
had taken their case to the Minority Shareholders Watchdog
Group.

However, the rationale of the proposal and how it arrived at the
offer price will be explained to the company's stakeholders, a
company source told the Edge Daily, adding that the long-term
interest of the investors was looked into.

Earlier this month, Ranhill together with LOSB Cayman Ltd
announced a proposed takeover of the remaining 29.6% stake in
RUB for MYR305.11 million.  The offer would be financed solely
by LOSB Cayman, which is a wholly owned subsidiary of Lambang
Optima Sdn Bhd, according to the Edge Daily.

Ranhill holds a 70% stake in RUB and Lambang Optima, 0.39%, the
news agency added.

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

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
June 13, 2008, Fitch Ratings affirmed the company's Long-term
foreign currency Issuer Default rating at 'B' and the senior
unsecured rating on Ranhill's US$220 million notes at 'B-'.  The
Outlook is Stable.


SOLUTIA INC: Pays Executive Emergence Bonuses in Stock, Not Cash
----------------------------------------------------------------
The Executive Compensation and Development Committee of the
board of directors of Solutia Inc. approved, during a May 20,
2008 meeting, a recommendation to pay out in company stock,
rather than cash, awards earned under the Emergence Incentive
Bonus Program to certain executive officers, who are
participants of the program, Rosemary L. Klein, Solutia's senior
vice president, general counsel and secretary, disclosed in a
regulatory filing with the U.S. Securities and Exchange
Commission.

The ECDC also approved restricted stock awards pursuant to the
2007 Management Incentive Plan to certain executive officers.  
The restricted stock vests on May 19, 2009.

                               No. of Shares     Total No. of
     Executive Officer            Awarded        Shares Owned
     -----------------         -------------     ------------
     Jeffry N. Quinn                 130,075          330,075
     James M. Sullivan                49,624          120,519
     Luc De Temmerman                 47,368           87,368
     Jonathon P. Wright               47,368           87,368
     James R. Voss                    46,805           89,305

In a separate filing, Ms. Klein disclosed that Kent J. Davies,  
senior vice president and president CPFilms, acquired 37,556
shares of Solutia common stock.  Mr. Davies has a total of  
75,556 shares.

According to Ms. Klein, in approving the awards, the ECDC
considered, among other factors:

    -- the strong financial performance of the Company which has
       led to over $1,000,000,000 increase in net sales and more
       than tripling earnings before interest expense, income
       taxes, depreciation and amortization and reorganization
       items from 2004 to 2007;

    -- the strategic repositioning and enhancement of the
       company's portfolio which formed the basis for the
       Solutia's successful emergence from bankruptcy;

    -- the continuing strategic initiatives being led by senior
       management to enhance shareholder value;

    -- the overall design features and intentions of the
       company's existing Emergence Incentive Bonus Program; and

    -- the desire to retain and continue to motivate superior
       financial performance and strengthening of the company's
       market leading positions.

On May 21, 2008, the company determined it would adopt a Solutia
Inc. Supplemental Savings and Investment Plan for certain
management and executive employees, effective for compensation
payable beginning Jan. 1, 2009.  The adoption is aimed at
restoring benefits lost as a result of IRS limits on qualified
plans, Ms. Klein related.

Pursuant to the Supplemental SIP:

     * participants will be able to defer up to 35% of their
       base salary and annual bonus;

     * the company will provide matching contributions at 7%,
       the same rate of matching contributions that the
       participants are eligible to receive under the Solutia
       Inc. Savings and Investment Plan.  The matching
       contributions are based on the amount of a participant's
       salary and bonus that is in excess of the qualified plan
       limits established by the Internal Revenue Code --
       $230,000 in 2008;

     * a participant's deferral and the company's matching
       contribution will be deemed invested in investment
       options selected by a participant, which are expected to
       be similar to the investment options currently provided
       under the SIP, and will be credited to a participant's
       plan account with earnings or losses that match the
       earnings or losses for those investment options; and

     * participants will be entitled to receive a distribution
       of their account balance in accordance with the terms and
       conditions of the Supplemental SIP, which may include
       payment in installments or a lump sum, depending upon the
       participant's particular circumstances.

The Supplemental SIP will be filed by the company with SEC as an
exhibit to its next periodic report once all of its terms and
conditions have been finalized, Ms. Klein said.

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,    
manufactures and sells chemical-based materials, which are used
in consumer and industrial applications worldwide including
Malaysia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03-
17949).  When the Debtors filed for protection from their
creditors, they listed $2,854,000,000 in assets and
$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No. 127;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,  
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's $400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed $400 million unsecured notes, which have been replaced
by the bridge facility in Solutia's capital structure.


SOLUTIA INC: Faces Suit for PCB Contamination in Pensacola
----------------------------------------------------------
MSNBC reported that a suit against Monsanto Company, Pharmacia
Corporation, Solutia Inc., and Solutia's Pensacola, Florida
plant manager was filed on June 6, 2008, alleging
polychlorinated biphenyl contamination of surrounding waters.

The suit was filed in Pensacola, Florida circuit court on behalf
of 50 plaintiffs living near Escambia Bay.  According to news
reports, the plaintiffs allege that Solutia's Pensacola plant on
Old Chemstrand Road is the source of the PCB contamination,
which has affected surrounding waters and fish.

The plaintiffs are seeking unspecified damages and the clean-up
of the water.  They claim that property values have and will
continue to decline due to the PCB contamination, Pensacola News
Journal said.

Anniston, Alabama-based attorney Donald Stewart is representing
the 50 plaintiffs.  Mr. Stewart previously represented around
3,500 plaintiffs in Anniston, Alabama, which case was later
combined with another case with 17,000 plaintiffs, in a PCB suit
against Monsanto, which was settled in 2003 for $600,000,000,
according to MSNBC.

Monsanto spokesman Glynn Young told PNJ that PCBs were never
manufactured at the Pensacola plant, and that pursuant to an
agreement between Solutia and Monsanto, Monsanto is responsible
for the suit.

The plant was previously operated by Monsanto, which was founded
in 1901.  Monsanto was acquired by Pharmacia in 2000.  Solutia
spun-off Monsanto in 1997 and has been operating the Pensacola
plant since then.

"The plant, like most of American industry, used PCBs in
transformers, as hydraulic fluids and in other applications
until the late 1970s," PNJ quoted Mr. Young.

According to Solutia spokesman Dan Jenkins, "Any alleged PCB
contamination related to the plant stems from a leak that
occurred in 1969, nearly 30 years before Solutia existed."

"That discharge predates Solutia's existence, so any tort is
Monsanto's responsibility," Mr. Jenkins said, TMCnet reported.

"The tiny amounts of PCBs reportedly found in the Escambia River
and bay pose no threat to human health, wildlife or the
environment," Mr. Young stated, according to PNJ.

PNJ reported that researchers from the University of West
Florida recently found that PCB levels in mullet and other fish
taken from Escambia Bay were higher than state and federal
thresholds.

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,    
manufactures and sells chemical-based materials, which are used
in consumer and industrial applications worldwide including
Malaysia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03-
17949).  When the Debtors filed for protection from their
creditors, they listed $2,854,000,000 in assets and
$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No. 127;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,  
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's $400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed $400 million unsecured notes, which have been replaced
by the bridge facility in Solutia's capital structure.


SOLUTIA INC: Unit to Halt Wales Manufacturing by Year-End
---------------------------------------------------------
Solutia Inc. said that its Flexsys(r) subsidiary intends to
cease manufacturing at its facility in Ruabon, Wales, by the end
of 2008, with complete site exit by the end of 2011.

"This action is part of our strategy to strengthen the
profitable, market-leading positions that Flexsys holds across
most of its portfolio, while taking steps to limit our exposure
in smaller product lines where Flexsys is no longer cost
competitive," said Jim Voss, president of Flexsys and senior
vice president of Solutia Inc.

Mr. Voss added, "Our Ruabon site makes three product lines for
which the market is over-supplied due to emerging competition
from Far Eastern producers.  Despite the significant steps our
Ruabon management and employees have taken to improve the
position of the site, it is unfortunately no longer cost
competitive on a global scale.  We will work to ensure the
employees impacted by this change are treated the right way, and
that our customers have a smooth transition to a new supply
arrangement."

Once Flexsys ceases its manufacturing operations at Ruabon, it
will no longer participate in the market for the three product
lines currently manufactured at that site: Santogard(r) PVI pre-
vulcanization inhibitors; Perkacit(r) DPG, which is used as a
secondary accelerator in the rubber vulcanization process; and
Flectol(r) TMQ and Flectol(r) HPG, which protect against
oxidative aging.

Flexsys products play an essential role in the manufacturing of
tires and other rubber products, such as belts, hoses, seals,
and footwear.  Flexsys is a global business with offices,
manufacturing facilities and technology centers around the
world.  Flexsys has annual sales of over $650,000,000, about
two-thirds of which take place outside the United States.

                          *     *     *

In a regulatory filing with the U.S. Securities and Exchange
Commission, Rosemary L. Klein, Solutia's senior vice president,
general counsel and secretary, relates the company expects the
phase out of the Ruabon Facility will result in estimated pre-
tax charges to income from continuing operations of
approximately $45,000,000 to $60,000,000 over the next four
years, beginning in the second quarter of 2008.

According to Ms. Klein, in connection with the phase-out,
Solutia expects to incur:

   (a) severance and employee benefits of $17,000,000 to
       $22,000,000;

   (b) indirect residual costs, which Solutia is contractually
       obligated to incur to continue providing third party
       operations at the site for the next two years of
       approximately $13,000,000 to $16,000,000; and

   (c) other costs, including clean-out and demolition of
       approximately $15,000,000 to $22,000,000.

The negative impact on Solutia's income from continuing
operations before income taxes is expected to be $3,000,000 to
$7,000,000 in 2008, Ms. Klein says.

The aggregate net cash impact of the phase out of the Ruabon
facility occurring between 2008 and 2011 is expected to be
significantly less than the major type of charges, primarily due
to working capital benefits realized; the elimination of cash
losses currently being generated by these businesses; and
proceeds from site-related asset dispositions, Ms. Klein states.

The shutdown of these businesses will reduce annual revenue by
approximately $50,000,000, according to Ms. Klein.  The
annualized benefit to income from continuing operations before
income taxes is estimated to be $8,000,000 to $12,000,000, which
is expected to be fully realized in 2011, she adds.

        Wrexham Council Concerned Over Site Contamination

Wrexham council leader Aled Roberts told BBC News of concerns
over contamination at Flexsys factory sites in Wrexham, the
largest town in North Wales.

Mr. Roberts said that clean-up "might have to be dealt with by
the UK government," BBC reported.

Chemicals have been stored on-site over the years, which might
have contaminated nearby areas, Mr. Roberts said.  According to
the Environment Agency, certain areas in the vicinity of the
site is inhabitable, BBC reported.

The specialized rubber chemicals factory has been in operation
since the 1930s.  The factory, locally known as the Ruabon
Works, is one of the oldest industrial sites in Wrexham, BBC
said.

               Flexys Seeks Asia-Pacific Expansion

Solutia said that its Flexsys subsidiary is seeking to expand
its Crystex(r) insoluble sulfur manufacturing capacity in the
Asia-Pacific region and is currently evaluating sites to
determine the most suitable location.  Flexsys presently has
seven plants worldwide that produce Crystex insoluble sulfur,
including facilities in Kuantan, Malaysia, and Kashima, Japan.

"Flexsys is strengthening its commitment to the Asia-Pacific
region.  The Asian market, specifically China and India,
continues to be an important and rapidly growing market for
Flexsys," said Jim Voss, president of Flexsys and senior vice
president of Solutia Inc.  "Expanding in the Asia-Pacific region
demonstrates our strong commitment to our customers to provide
more localized service, support, and delivery of our products."  
He added, "We will continue to invest in capacity expansions and
new technology to provide our customers with the innovative
products that they have come to expect from Flexsys."

Global demand for tyres continues to rise around the world.  It
is estimated that by 2010, global annual tyre production will
reach 1.7 billion, up from 1.4 billion in 2005.  Asia has become
an increasingly important center for tyre production based on
strong local demand and as an exporter to other world areas.  
Most of that growth in Asia comes from China and India.

"We want to help our customers seize the enormous opportunity in
this region," said Tim Wessel, vice president of Crystex and
Antidegradants, Flexsys.  "We are seeing increased demand for
our Crystex HD (High Dispersion) grade of insoluble sulfur.  In
order to meet the long-term needs of our customers, we will be
investing in additional capacity."

Crystex insoluble sulfur is the vulcanizing agent of choice for
critical applications in the tyre industry, providing the
highest level of quality and performance.  In addition, Crystex
HD insoluble sulfur offers tyre manufacturers improved
productivity and safety in their manufacturing processes.

Flexsys products play an essential role in the manufacturing of
tyres and other rubber products, such as belts, hoses, seals,
and footwear.  Flexsys is a global business with offices,
manufacturing facilities and technology centers around the
world.  Flexsys has annual sales of over $650 million, about
two-thirds of which take place outside the United States.

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,    
manufactures and sells chemical-based materials, which are used
in consumer and industrial applications worldwide including
Malaysia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03-
17949).  When the Debtors filed for protection from their
creditors, they listed $2,854,000,000 in assets and
$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No. 127;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,  
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's $400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed $400 million unsecured notes, which have been replaced
by the bridge facility in Solutia's capital structure.


SOLUTIA INC: PHLX Commences Trading of 12 New Options
-----------------------------------------------------
The Philadelphia Stock Exchange began trading of 12 new options
of Solutia Inc. on June 9, 2008.  The first 10 options were
allocated to Citadel Derivatives Group, LLC:

     * Market Vectors Russia ETF Trust (option/stock symbol:
       RSX) will trade on the February expiration cycle with
       initial expiration months of June, July, August and
       November.  Position and exercise limits have been set at
       7,500,000 shares.

     * Methanex Corp. (option/stock symbol: MEOH) will trade on
       the January expiration cycle with initial expiration
       months of June, July, October and January.  Position and
       exercise limits have been set at 7,500,000 shares.

     * Sadia SA (option/stock symbol: SDA) will trade on the
       March expiration cycle with initial expiration months of
       June, July, September and December.  Position and
       exercise limits have been set at 15,000,000 shares until
       September 2008, where limits revert to 5,000,000 shares.

     * SASOL LTD (option/stock symbol: SSL) will trade on the
       March expiration cycle with initial expiration months of
       June, July, September and December.  Position and
       exercise limits have been set at 25,000,000 shares.

     * Frontline LTD New (option/stock symbol: FRO) will trade
       on the February expiration cycle with initial expiration
       months of June, July, August and November.  Position and
       exercise limits have been set at 25,000,000 shares.

     * Energen Corp(option/stock symbol: EGN) will trade on the
       January expiration cycle with initial expiration months
       of June, July, October and January.  Position and
       exercise limits have been set at 7,500,000 shares.

     * China Direct Inc. (option/stock symbol: CDS) will trade
       on the March expiration cycle with initial expiration
       months of June, July, September and December.  Position
       and exercise limits have been set at 7,500,000 shares.

     * Auxilium Pharmaceuticals Inc. (option/stock symbol: AUXL)
       will trade on the March expiration cycle with initial
       expiration months of June, July, September, December and
       January.  Position and exercise limits have been set at
       20,000,000 shares.

     * American Water Works Co, Inc. (option/stock symbol: AWK)
       will trade on the March expiration cycle with initial
       expiration months of June, July, September and December.
       Position and exercise limits have been set at 7,500,000
       shares.

     * Solutia, Inc. (option/stock symbol: SOA) will trade on
       the March expiration cycle with initial expiration months
       of June, July, September and December.  Position and
       exercise limits have been set at 5,000,000 shares.

     The final two options were allocated to Timber Hill LLC:

     * Logictech International (option/stock symbol: LOGI) will
       trade on the March expiration cycle with initial
       expiration months of June, July, September, December and
       January.  Position and exercise limits have been set at
       25,000,000 shares.

     * KKR Financial Corp. (option/stock symbol: KFN) will trade
       on the January expiration cycle with initial expiration
       months of June, July, October and January.  Position and
       exercise limits have been set at 25,000,000 shares.

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,    
manufactures and sells chemical-based materials, which are used
in consumer and industrial applications worldwide including
Malaysia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03-
17949).  When the Debtors filed for protection from their
creditors, they listed $2,854,000,000 in assets and
$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No. 127;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,  
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's $400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed $400 million unsecured notes, which have been replaced
by the bridge facility in Solutia's capital structure.


UBG BHD: Proposed Regularization Scheme Approval Moved to Jul 31
----------------------------------------------------------------
UBG Berhad together with PPES Works (Sarawak) Sdn Bhd and
Sarawak Economic Development Board have mutually agreed to
extend for two months or until July 31, 2008, to fulfill all the
necessary approvals for its Proposed Regularization Scheme,
which includes:

   * Proposed acquisition of 100% equity interest in CMS Roads
     Sdn. Bhd. from PPES Works (Sarawak) Sdn Bhd. and Sarawak
     Economic Development Corporation;

   * Proposed acquisition of 100% equity interest in CMS
     Pavement Tech Sdn Bhd from PPES Works;

   * Proposed acquisition of 49.21% equity interest in Putrajaya
     Perdana from Swan Symphony;

   * Proposed acquisition of 37.56% equity interest in Loh & Loh
     Corporation from Binary Bestari;

   * Proposed issuance of 182,640,800 new ordinary shares of
     MYR0.25 each in UBG to Majestic Masterpiece Sdn Bhd at an
     issue price of MYR2.50 per new UBG Share; and

   * Mandatory offer by UBG for the remaining shares in
     Putrajaya Perdana and Loh & Loh Corporation not held by UBG
     upon completion of the Proposed Putrajaya Perdana
     Acquisition and Proposed Loh & Loh Corporation Acquisition
     at the offer price of MYR4.85 per Putrajaya Perdana share
     and Loh & Loh Corporation share.

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

                          *     *     *

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
operations.



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

649535 LIMITED: Court Sets June 30 Liquidation Hearing
------------------------------------------------------
The High Court at Hamilton will hold a hearing on June 30, 2008
at 10:45 a.m. to consider an application putting 649535 Limited
(formerly MBH 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 5, 2008, by the Commissioner of
Inland Revenue.

The plaintiff can be reached at:

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

Kay S. Morgan is the plaintiff’s solicitor.


AHT LIMITED: Commences Liquidation Proceedings
----------------------------------------------
Pursuant to Section 3, 255(2)(b) of the Companies Act 1993,
it was resolved that AHT Limited be liquidated and that Graeme
Cullen, chartered accountant of Tauranga, be appointed
liquidator.

The liquidation commenced on May 8, 2008.

The Liquidator can be reached at:

          Cronin Cullen Egan Limited
          97 Edgecumbe Road, Tauranga
          Telephone: (07) 571 8081
          Facsimile: (07) 571 8119


AIR NEW ZEALAND: S&P Withdraws 'BB/Stable' Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services had withdrawn its unsolicited
'BB/Stable' credit rating and outlook on Air New Zealand Ltd.

According to S&P, the airline's strategic and commercial
response to the very high fuel prices is an important credit
consideration in the current volatile environment.  Without the
full interaction of the company in the rating process, S&P said
it feels it is no longer able to provide a credit opinion.


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

Peri Micaela Finnigan and Boris van Delden, insolvency
practitioners of Auckland, are the appointed liquidators of the
company.

The Liquidators can be reached at:

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


ARTISTIX PAINTING: Liquidators Appointed
----------------------------------------
Pursuant to Section 255(2) of the Companies Act 1993
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of Artistix Painting &
Decorating Limited by order of the High Court at Rotorua.

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


BIG PIZZA: Proofs of Claim Due June 30
--------------------------------------
Creditors of Big Pizza Limited have until June 30, 2008, to
prove their debts or claims and to establish any title they may
have to priority under section 312 of the Companies Act 1993.

Peri Micaela Finnigan and Boris van Delden, insolvency
practitioners of Auckland, are the appointed liquidators of the
company.

The Liquidators can be reached at:

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


DJR LIMITED: Creditors Can File Claims Until July 18
----------------------------------------------------
Creditors of D.J.R. Limited have until July 18, 2008, to make
their claims and to establish any priority their claims may have
under section 312 of the Act.

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

The Liquidators can be reached at:

          D.J.R. Limited
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          (PO Box 243), Wellington
          Telephone: (04) 462 7044
          Facsimile: (04) 462 7492


FLOWERWORKS NZ: Commences Liquidation Proceedings
-------------------------------------------------
Flowerworks NZ Limited, along with Winning Investments (Manukau
Road) Limited, Wakefield Tower Limited and Webbing and Trimming
(NZ) Limited, was placed under liquidation on May 16, 2008.

Vivien Judith Madsen-Ries, insolvency specialist, and David
Stuart Vance, chartered accountant, were appointed liquidators
jointly and severally of the companies.

For information relating to the liquidations, contact:

          PPB McCallum Petterson
          Level 11, Forsyth Barr Tower
          55-65 Shortland Street
          Auckland
          Postal Address: PO Box 6916
          Wellesley Street, Auckland
          Telephone: (09) 336 0000
          Facsimile: (09) 336 0010


GENEVA FINANCE: Settles Customer Dispute With NZ$510,966 Refund
---------------------------------------------------------------
Customers of Geneva Finance Limited have received more than
NZ$500,000 in refunds, following an out-of-court settlement with
the Commerce Commission.

Under the settlement, Geneva Finance has refunded NZ$510,966 to
3700 customers.  The finance company admitted that it breached
the Credit Contracts and Consumer Finance Act 2003 (CCCF Act) by
not providing a large number of debtors with rebates on payment
protection insurance premiums when loans were repaid between
April 2005 and December 2007.

When debtors repay loans before the end of their term, they are
entitled to receive a rebate of any payment protection insurance
policy premium which has been included in the initial loan
balance.

These policies are usually put in place to ensure that regular
repayments required under the credit contracts will be met if
debtors are unable to meet those loan repayments due to, for
example, accident, sickness or redundancy.

A Commerce Commission investigation found that, in a large
number of cases, when debtors repaid their loans early, Geneva
Finance failed to provide in the final loan balance the rebates,
or the correct amount of the rebates, for the payment protection
insurance premiums.  During the period approximately 24,000
loans were repaid early or terminated by Geneva Finance, of
which approximately 3700 did not receive the correct rebate.

Chair of the Commission Paula Rebstock said, "Geneva Finance has
been cooperative and started providing rebates to the affected
customers as soon as the issue was identified."

The refund payments were completed by the end of April 2008 with
approximately NZ$408,000 being direct credited to the bank
accounts of affected customers and a further NZ$102,000 being
refunded by cheque.

"Many consumer finance companies require customers to take out
payment protection insurance. The commissions from those
policies represent a source of revenue to the finance companies.
When customers wish to repay their loans early they rely on
creditors to calculate the correct settlement balance, including
any rebates due to them.  We expect others in the industry to
ensure that they are not making the same mistakes Geneva Finance
made," said Ms. Rebstock.

                       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.


HANMI (NZ): Commences Liquidation Proceedings
---------------------------------------------
Pursuant to Section 241(2)(c) of the Companies Act 1993,
the High Court at Auckland appointed Damien Grant and Steven
Khov, insolvency practitioners of Auckland, as joint and several
liquidators of Hanmi (NZ) Co. Limited on May 16, 2008.

The Liquidators can be reached at:

          Waterstone Insolvency
          PO Box 352, Auckland
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI


NEW ZEALAND NUTRACEUTICALS: Proofs of Claim Due June 25
-------------------------------------------------------
Creditors of New Zealand Nutraceuticals Limited have until
June 25, 2008, to prove their debts or claims and to establish
any title that they may have to priority under section 304 of
the Companies Act 1993.

Kim S. Thompson, insolvency practitioner of Hamilton, is the
appointed liquidator
of the company.

The Liquidator can be reached at:

          PO Box 1027, Hamilton
          Telephone: (07) 834 6813
          Facsimile: (07) 834 6104


NORTHSPAN CONSTRUCTION: Liquidation Hearing Slated for June 27
--------------------------------------------------------------
The High Court at Auckland will hold a hearing on June 27, 2008
at 10:45 a.m. to consider an application putting Northspan
Construction Limited into liquidation.

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

The application was filed on April 11, 2008, by Speedwall
Interiors Limited.

The plaintiff can be reached at:

          Whitlock & Co.
          c/o Level 2
          Baycorp House
          15 Hopetoun Street
          Auckland

MALCOLM DAVID WHITLOCK is the plaintiff’s solicitor.


PUREDEPTH INC: Apr. 30 Balance Sheet Upside-Down by US$2,127,771
----------------------------------------------------------------
PureDepth Inc.'s consolidated balance sheet at April 30, 2008,
showed $4,650,041 in total assets and $6,777,812 in total
liabilities, resulting in a $2,127,771 total stockholders'
deficit.

At April 30, 2008, the company's consolidated balance sheet also
showed strained liquidity with $1,681,737 in total current
assets available to pay $4,627,938 in total current liabilities.

The company reported a net loss of $1,544,069 on total revenue
of $297,552 for the first quarter ended April 30, 2008, compared
with a net loss of $1,978,243 on total revenue of $231,598 in
the corresponding period ended April 30, 2007.

Full-text copies of the company's consolidated financial
statements for the quarter ended April 30, 2008, are available
for free at http://researcharchives.com/t/s?2e33

                       Going Concern Doubt

Stonefield Josephson Inc., in San Francisco, exressed
substantial doubt about PureDepth Inc.'s ability to continue as
a going concern after auditing the company's consolidated
financial statements for the year ended Jan. 31, 2008.  The
auditor pointed to the company's significant operating losses.

                      About PureDepth Inc.

Headquartered in Redwood City, Calif., PureDepth Inc. (OTC BB:
PDEP) -- http://www.puredepth.com/-- and its subsidiaries  
engage in the development, marketing, licensing, and support of
Multi-Layer Display (MLD) technology and related products and
services. The company's MLD technology provides a method of
displaying multiple windows on which different data or images
can be overlapped displaying 3D content.  

Its technology has applications in location-based entertainment
devices; computer monitors; public information display systems;
mobile devices; flat panel televisions; and automotive, defense,
and other vertical markets. The company also manufactures
prototype MLD-enabled display devices.  PureDepth has operations
in the United States and New Zealand.


SB CENTRAL: Creditors Can File Claims Until June 30
---------------------------------------------------
Creditors of SB Central Otago Limited have until June 30, 2008,
to make their claims and to establish any priority their claims
may have, under section 312 of the Companies Act 1993 (as
amended).

Stephen John Tubbs, chartered accountant, and Colin Anthony
Gower, insolvency practitioner, both of Christchurch, are the
appointed joint liquidators of the company.

The Liquidators can be reached at:

          BDO Spicers
          Level 6, Spicer House
          148 Victoria Street
          Christchurch
          Postal Address: PO Box 246
          Christchurch
          Telephone: (03) 379 5155
          Facsimile: (03) 353 5526


SME BUSINESS: Court Sets July 18 Liquidation Hearing
----------------------------------------------------
The High Court at Auckland scheduled a hearing on July 18, 2008
at 10:00 a.m. to consider an application putting SME Business
Media Limited into liquidation.

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

The application was filed on March 26, 2008, by the Commissioner
of Inland Revenue.

The plaintiff can be reached at:

          Inland Revenue Department
          Legal and Technical Services
          1st Floor Reception
          224 Cashel Street (PO Box 1782)
          Christchurch 8140
          Telephone: (03) 968 0807
          Facsimile: (03) 977 9853

Julie Newton is the plaintiff’s solicitor.


WAKEFIELD TOWER: Commences Liquidation Proceedings
--------------------------------------------------
Wakefield Tower Limited, along with Winning Investments (Manukau
Road) Limited, Flowerworks NZ Limited and Webbing and Trimming
(NZ) Limited, was placed under liquidation on May 16, 2008.

Vivien Judith Madsen-Ries, insolvency specialist, and David
Stuart Vance, chartered accountant, were appointed liquidators
jointly and severally of the companies.

For information relating to the liquidations, contact:

          PPB McCallum Petterson
          Level 11, Forsyth Barr Tower
          55-65 Shortland Street
          Auckland
          Postal Address: PO Box 6916
          Wellesley Street, Auckland
          Telephone: (09) 336 0000
          Facsimile: (09) 336 0010


WEBBING AND TRIMMING: Commences Liquidation Proceedings
-------------------------------------------------------
Webbing and Trimming (NZ) Limited, along with Winning
Investments (Manukau Road) Limited, Wakefield Tower Limited and
Flowerworks NZ Limited, was placed under liquidation on May 16,
2008.

Vivien Judith Madsen-Ries, insolvency specialist, and David
Stuart Vance, chartered accountant, were appointed liquidators
jointly and severally of the companies.

For information relating to the liquidations, contact:

          PPB McCallum Petterson
          Level 11, Forsyth Barr Tower
          55-65 Shortland Street
          Auckland
          Postal Address: PO Box 6916
          Wellesley Street, Auckland
          Telephone: (09) 336 0000
          Facsimile: (09) 336 0010


WINNING INVESTMENTS: Commences Liquidation Proceedings
------------------------------------------------------
Winning Investments (Manukau Road) Limited, along with Wakefield
Tower Limited, Flowerworks NZ Limited and Webbing and Trimming
(NZ) Limited, was placed under liquidation on May 16, 2008.

Vivien Judith Madsen-Ries, insolvency specialist, and David
Stuart Vance, chartered accountant, were appointed liquidators
jointly and severally of the companies.

For information relating to the liquidations, contact:

          PPB McCallum Petterson
          Level 11, Forsyth Barr Tower
          55-65 Shortland Street
          Auckland
          Postal Address: PO Box 6916
          Wellesley Street, Auckland
          Telephone: (09) 336 0000
          Facsimile: (09) 336 0010


ZYDECO CAFE: Commences Liquidation Proceedings
----------------------------------------------
Zydeco Cafe and Bar Limited resolved, pursuant to section
241(2)(a) of the Companies Act 1993, on May 14, 2008 to be put
into liquidation.

Paul William Gerrard Jenkins and Wayne John Deuchrass were
appointed liquidators jointly and severally.

The Liquidators can be reached at:

          Insolvency Management Limited
          Level 1, 148 Victoria Street
          (PO Box 13401), Christchurch


* NEW ZEALAND: May Retail Electronic Card Spending Up by 1.2%
-------------------------------------------------------------
The retail Electronic Card Transaction (ECT) series increased
1.2 percent in May 2008 compared with April 2008, Statistics New
Zealand said.

The main contributors to this increase were the vehicle-related
and consumables industries. There were also significant
increases in May in the value of retail ECT transactions for the
durables and hospitality industries, on a seasonally adjusted
basis.

The trend for the retail ECT series was 6.0 percent higher in
May 2008 compared to May 2007. This annual increase was the
smallest since the series began in October 2002. The apparel,
durables and services industries have contributed noticeably to
an easing of the trend in recent months.

Easter generally falls in April but occasionally occurs in
March, as it did this year. The timing of Easter may have
contributed to the movements in the ECT series in March, April
and May.

In May 2008, there were 86 million electronic transactions in
the total ECT series totalling $4.7 billion.

The Electronic Card Transaction series measures the number and
value of debit, credit and charge card transactions with New
Zealand-based merchants. It is a census of all card transactions
processed within New Zealand. Transactions by overseas card-
holders in New Zealand are included; transactions by New Zealand
card-holders overseas are excluded.

The data is released as an experimental series and Statistics NZ
acknowledges the cooperation of the private sector in providing
the data for publication.



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

* PHILIPPINES: Registers PHP7 Billion Fiscal Surplus in May
-----------------------------------------------------------
The January to May 2008 fiscal deficit of the National
Government reached PHP18.8 billion while the National Government
registered a surplus in May amounting to PHP7.0 billion,
according to the Bureau of the Treasury.

                        Revenue Performance

Revenue collections reached PHP106.9 billion for the month of
May.  It grew by 14% compared to the same period of last year’s
PHP94.1 billion.  For January to May, revenues grew by 12%
compared to the same period last year from PHP432.6 billion.

The Bureau of Internal Revenue and Bureau of Customs registered
a growth of 16% and 23%, respectively for the month of May
compared to same month last year.  Actual collections for the
month were recorded at PHP77.7 billion for BIR and
PHP21.5 billion for BOC.  Likewise, the Bureau of the Treasury
income was recorded at PHP3.5 billion while other offices,
registered an income of PHP4.1 billion.

For the January to May period, BIR and BOC cash collections
reached to PHP335.7 billion and PHP92.1 billion, respectively.
BTr income amounted to PHP25.3 billion, and other offices
PHP29.3 billion.

                          Expenditures

For January to May 2008, total disbursements amounted to
PHP501.2 billion, 6% higher than the comparable disbursements in
2007.  Excluding interest payments, total disbursements
increased by 5%.  Actual disbursements in May amounted to
PHP99.9 billion.

                    Primary Surplus/(Deficit)

Netting out the interest payments in the expenditures, the
National Government recorded a primary surplus for the month
amounting to PHP21.0 billion.  Cumulatively, the primary surplus
reached to PHP114.2 billion for January to May.



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

CONTINENTAL CHEMICAL: S&P Holds 'B+' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Singapore-based Continental Chemical Holdings
Ltd.  (CCHL) group and revised the outlook to negative from
stable.

The outlook revision reflects continual delays in the completion
of the company's second plant in Zhuhai, China, which is now
expected to be ready by late third quarter of 2008, compared
with initial forecast completion toward the end of 2007.

The delays were reportedly due to inadequate basic
infrastructural developments in Zhuhai, which affected
transportation of materials and equipment needed for the
construction of the production facility.

"Any further delay in the completion of this plant, particularly
if coupled with a prolonged ramp-up period of this production
capacity, would affect the availability of additional cash flows
and weaken CCHL's financial risk profile," said Standard &
Poor's credit analyst Lay Peng Tan.

The company's diversification into biodiesel production was also
affected by rapid rises in feedstock prices (crude palm oil) and
CCHL switched into refining of glycerine for part of 2007.  CCHL
also aborted its plan to construct a second biodiesel plant in
Singapore for an estimated US$30 million, which was to be pre-
funded by proceeds from a syndicated facility obtained in June
2007.

"The company's financial risk profile is expected to remain
aggressive in the near term," Ms. Tan said.  "It has not
committed to any major capital expenditure plans for 2009 to
2010."


SKY TECHNOLOGY: Pays First & Final Dividend
-------------------------------------------
Sky Technology Pte Ltd. has paid its first and final dividend on
May 27, 2008.

The company paid 17.46% to all received claims.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


TANG’S CONSTRUCTION: Pays First & Final Dividend to Creditors
-------------------------------------------------------------
Tang’s Construction Pte Ltd., which is in liquidation, paid the
first and final dividend to its creditors on June 5, 2008.

The company paid 13.171% to all received claims.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118



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

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

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

AUSTRALIA      

ADVANCE HEALTHCA                  AHG      15.65       -6.78
ALLSTATE EXPLORA                  ALX      18.20      -42.78
AUSTINDO RES                      ARX      62.77      -15.88
AUSTAR UNITED                     AUN     525.67     -234.87
ANTARES ENERGY L                  AZZ      16.20       -4.36    
BIRON APPAREL LT                  BIC      19.71       -2.22
CROESUS MINING                    CRS      16.00      -13.81
EVANS & TATE LTD                  ETWDA   103.76      -50.22
INTELLECT HLDGS                   IHG      15.25      -10.88
KH FOODS LTD                      KHF      38.40       -6.79
LAFAYETTE MIN                     LAF     105.24     -190.86
METAL STORM LTD                   MST     16.47        -2.90
RENISON CONSOLID                  RSN     38.83        -3.94
TOOTH & CO LTD                    TTH    120.47       -87.64


CHINA

HISENSE ELEC-H                    921    604.98        -86.3
SHENZ SEG DASH-A               000007    101.02        -1.14
SHENZ CHINA BI-A               000017     29.38      -244.53
SHENZHEN SHENXIN               000034     44.99      -113.37
CHINA KEJIAN-A                 000035     65.12      -167.31
SHENZHEN KONDA-A               000048    155.01       -24.45
HUNAN ANPLAS CO                000156     84.00       -81.35
ZHANGJIAJIE TO-A               000430     51.01        -8.25
DANDONG CHEM F-A               000498    115.94       -91.60
SUCCESS INFORMAT               000517     30.12       -14.83
GUANGDONG MEIYA                000529     66.44       -62.41
GUANGXIA YINCH-A               000557     53.46       -61.33
CHANG LING GROUP               000561     49.68      -115.81
QINGHAI SALT L-A               000578    105.64        -4.91
GUANGMING GRP FU               000587     62.37       -12.08
FUJIAN CFC IND-A               000592     24.20       -19.62
YUEYANG HENGLI-A               000622     40.27       -14.34
LAN BAO TECH INF               000631     29.44       -22.70
CHINA LIAONING-A               000638     15.43        -5.70
CHENGDU UNION-A                000693     59.53        -0.19
JIAOZUO XIN'AN-A               000719     50.82       -25.45
FUJIAN SANNONG-A               000732     64.42       -90.24
CHONGWING INTL-A               000736     24.75       -13.38
SICHUAN DIRECT-A               000757    128.55      -102.62
CHINESE.COM LOGI               000805     12.72       -20.57
SHENZHEN DAWNC-A               000863     36.85      -142.58
STELLAR MEGAUNIO               000892     64.93      -162.46
HUNAN AVA HOLDIN               000918    176.94       -11.26
GUANGDONG KEL-A                000921    604.98       -86.30
ANHUI KOYO GROUP               000979     64.28       -30.78
SHENZ CHINA BI-B               200017     29.38      -244.53
AMOI ELECTRONICS               600057    414.93       -30.4
SUNTIME INTERN-A               600084    372.80       -50.59
SHANG WORLDBES-A               600094    327.98      -175.17
MIANYANG GAO-A                 600139     30.66       -12.44
HEBEI BAOSHUO CO               600155    313.38      -212.29
HUATONG TIANXI-A               600225     73.84       -41.14
TAIYUAN TIANLON                600234     12.69       -51.58
TIBET SUMMIT IND               600338     73.5        -16.42
CHONGQING CHANG                600369     98.87        -0.06
QINGHAI SUNSHI-A               600381     47.31       -49.66
WINOWNER GROUP C               600681     21.50       -81.28
HEBEI JINNIU C-A               600722    379.3         -2.89
SUNTEK TECHNOLOG               600728     44.69       -22.95
FUJIAN START-A                 600734    105.66       -14.34
TIANJIN MARINE                 600751     75.44       -26.6
TOPSUN SCIENCE-A               600771    232.68      -131.98
XIAMEN OVERSEAS                600870    433.19       -13.78
HUDA TECHNOLOG-A               600892     18.46        -1.9
TIANJIN MARINE-B               900938     75.44       -26.6
SHANG WORLDBES-B               900940    327.98       -17.17


HONG KONG

CHIA TAI ENTERPR               121       316.11       -40.95
CHINA BEST GROUP               370        55.54        -1.84
ASIA TELEMEDIA L               376        16.97        -7.53
WELLING HOLDING                382       303.95       -44.65
NEW CITY CHINA                 456       110.83        -6.78
PALADIN LTD                    495       167.43        -6.23
MAXX BIOSCIENCE                512        25.48        -5.36
CHINA HEALTHCARE               673        25.44        -3.37
PLUS HOLDINGS LT               1013       10.40       -10.21
SUNCORP TECH LTD               1063       31.94       -35.07
FE GOLDEN RES                  1188       52.49        -9.92
WAH SANG GAS                   8035       53.52       -87.70
BRILLIANT ARTS                 8130       11.62        -2.32
VIAGOLD CAPITAL                VIA        15.49        -3.11


INDONESIA

ARGO PANTES                    ARGO       217.96      -15.70
PRIMARINDO ASIA                BIMA        11.56      -22.57
BUKAKA TEKNIK UT               BUKK        44.45     -107.00
DAYA SAKTI UNGGU               DSUC        30.76       -6.51
ERATEX DJAJA                   ERTX        31.06       -2.42
FATRAPOLINDO NUS               FPNI        25.81       -0.72
JAKARTA KYOEI ST               JKSW        30.89      -41.37
KARWELL INDONESI               KARW        32.21       -2.26
PANCA WIRATAMA                 PWSI        31.46      -31.94
STEADY SAFE TBK                SAFE        22.30       -8.31
SURABAYA AGUNG                 SAIP       283.40      -75.78
TEIJIN INDONESIA               TFCO       279.56      -10.58
TRI POLYTA INDON               TPIA       234.49      -51.58
UNITEX TBK                     UNTX        17.77      -18.88


INDIA   

ANDREW YULE & CO               ANY         81.41      -30.90
ARTSON ENGR                    ART         10.31       -0.71
ASHIMA LTD                     ASHM        96.57      -42.59
BHAGHEERATHA ENG               BGEL        22.65      -28.20
BALAJI DISTILLER               BLD         45.66      -74.20
CFL CAPITAL FIN                CEATF       24.03      -43.8
CORE HEALTHCARE                CPAR       185.37 241.91
DIGJAM LTD                     DGJM        98.77      -14.62
DISH TV INDIA                  DITV       239.48      -12.62
ELQUE POLYESTERS               ELQP        13.04      -22.66
GANESH BENZOPLST               GBP         82.16      -38.25
SURAT TEXTILE MI               GCTY        15.97       -8.85
GUJARAT SIDHEE                 GSCL        59.44       -0.66
GUJARAT STATE FI               GSF         43.60     -195.24
HIMACHAL FUTURIS               HMFC       603.36      -13.34
HMT LTD                        HMT        316.41     -175.33
HINDUSTAN PHOTO                HPHT        95.12     -953.35
IFB INDS LTD                   IFBI        40.50      -70.82
INDIA STEEL WORK               ISI         56.76       -1.47
JCT ELECTRONICS                JCTE       117.60      -50.17
JK SYNTHETICS                  JKS        17.99        -2.61
JENSON & NIC LTD               JN         14.81       -81.79
KALYANPUR CEMENT               KCEM       38.11       -48.48
LML LTD                        LML        86.80       -27.97
LLOYDS METALS                  LYDM       70.72       -10.25
LLOYDS STEEL IND               LYDS      404.38       -86.45
MODI RUBBER LTD                MDR        39.76       -24.30
MAFATLAL INDS                  MFI        95.67       -85.81
MILLENNIUM BEER                MLB        38.26        -3.52
PAREKH PLATINUM                PKPL       59.66       -75.55
PANCHMAHAL STEEL               PMS        51.02        -0.33
PANYAM CEMENTS                 PYC        17.18       -18.32
ROLLATAINERS LTD               RLT        22.97       -22.24
REMI METALS GUJA               RMM        45.06       -51.10
RPG CABLES LTD                 RPG        51.43       -20.19
SIL BUSINESS ENT               SILB       12.46       -19.96
SANDUR MANGANESE               SMIO       32.57        -2.61
SIMPLEX REALTY                 SPLX       16.49        -0.44
SHREE RAMA MULTI               SRMT       71.22       -29.91
TATA TELESERVICE               TTLS      657.28       -73.89
TVS ELECTRONICS                TVSEL      30.73        -1.57
UB ENGINEERING                 UBE        31.43        -2.86
USHA INDIA LTD                 USHA       12.06       -54.51
JOG ENGINEERING                VMJ        50.08       -10.08
VXL INSTRUMENT                 VXLI       12.20        -0.62
YASHRAJ CONTAINE               YRCT       17.49        -2.09


JAPAN

HEIWA OKUDA CO L               1790       82.68        -6.66
CHOYA CORP                     3592       75.46        -2.24
CASIO MICRONICS                6760      184.29       -31.13
AIREX INC                      6944       44.25        -7.05
SUMIYA CO                      9939       70.82       -10.21


MALAYSIA

CNLT FAR EAST                  CNLT       42.36        -6.34
FOREMOST HLDGS                 FMST       11.04        -0.11
HARVEST COURT                  HAR        10.68        -5.71
LITYAN HLDGS BHD               LIT        23.33       -26.71
MANGIUM INDUSTRI               MANG       14.36       -18.65
PUTERA CAP BHD                 PCAP       10.56        -4.70
PANGLOBAL BHD                  PGL       179.11      -170.79
SUNWAY INFRASTRU               SIB       399.84       -10.80
TECHVENTURE BHD                TECH       37.23       -11.29
WEMBLEY INDS                   WMY       125.94      -283.62
WONDERFUL WIRE                 WW         22.80        -2.47


PHILIPPINES

APEX MINING-A                  APX        55.27        -1.97
APEX MINING 'B'                APXB       55.27        -1.97
BENGUET CORP-A                 BC         83.36       -30.59
BENGUET CORP 'B'               BCB        83.36       -30.59
CENTRAL AZUC TAR               CAT        35.74        -1.80
CYBER BAY CORP                 CYBR       14.85       -74.30
FIL ESTATE CORP                FC         43.03       -10.93
FILSYN CORP "A"                FYN        24.84       -11.37
FILSYN CORP. "B"               FYNB       24.84       -11.37
GOTESCO LAND-A                 GO         18.68       -10.86
GOTESCO LAND-B                 GOB        18.68       -10.86
MRC ALLIED                     MRC        14.95        -0.75
PICOP RESOURCES                PCP       105.66       -23.33
PRIME ORION PHIL               POPI       99.69       -82.12
EAST ASIA POWER                PWR        72.74      -136.68
UNIVERSAL RIGHTF               UP         45.12       -13.48
UNITED PARAGON                 UPM        27.11       -36.05
UNIWIDE HOLDINGS               UW         65.66       -57.31
VICTORIAS MILL                 VMC       175.01       -38.64


SINGAPORE

ADV SYSTEMS AUTO               ASA       21.96         -7.54
CHUAN SOON HUAT                CSH       42.09         -3.64
FALMAC LTD                     FAL       10.57         -4.70
GUL TECHNOLOGIES               GUL      172.80         -3.04
HL GLOBAL ENTERP               HLGE     123.41         -7.36
INFORMATICS EDU                INFO      29.09         -3.48
LINDETEVES-JACOB               LJ       198.91        -66.97
L&M GROUP INV                  LNM       56.91        -10.59
PACIFIC CENTURY                PAC       80.01        -10.54


SOUTH KOREA

ORICOM INC                     010470    82.65        -40.04
UNICK CORP                     011320    36.54         -4.45
STARMAX CO LTD                 017050    73.13         -5.54
DAISHIN INFO                   020180   740.50       -158.45
TONG YANG MAGIC                023020   355.15        -25.77
NANO MINING CO L               036270    26.64        -29.46
E-RAE ELECTRONIC               045310    45.47        -10.37
COSMOS PLC                     053170    19.31         -4.95
SEJI CO LTD                    053330    37.25         -0.31
MEDIACORP INC                  053890    53.31        -32.22
DAHUI CO LTD                   055250   186.00         -1.50


TAIWAN

CHIEN TAI CEMENT               1107     213.25         -8.62
PROTOP TECHNOLOG               2410      55.69        -13.46
YEU TYAN MACHINE               8702      39.57       -271.07


THAILAND

BANGKOK RUBBER                 BRC       89.62        -81.26
BANGKOK RUBBER-F               BRC/F     89.62        -81.26
BANGKOK STEEL IN               BSI      458.73       -136.44
BANGKOK STEEL-F                BSI/F    458.73       -136.44
CIRCUIT ELEC PCL               CIRKIT    24.60        -94.26
CIRCUIT ELEC-FRN               CIRKIT/F  24.60        -94.26
CENTRAL PAPER IN               CPICO     13.25       -241.78
CENTRAL PAPER-F                CPICO/F   13.25       -241.78
THAI-DENMARK PCL               DMARK     19.57         -3.20
THAI-DENMARK-F                 DMARK/F   19.57         -3.20
DATAMAT PCL                    DTM       17.55         -1.72
DATAMAT PLC-F                  DTM/F     17.55         -1.72
ITV PCL                        ITV       44.70        -73.07
ITV PCL-FOREIGN                ITV/F     44.70        -73.07
K-TECH CONSTRUCT               KTECH/F   83.20         -5.69
NEW PLUS KNITT                 NPK       10.08         -2.03
NEW PLUS KNITT-F               NPK/F     10.08         -2.03
KUANG PEI SAN                  POMPUI    18.78        -14.07
KUANG PEI SAN-F                POMPUI/F  18.78        -14.07
QUALITY CONSTRUC               QCON      76.13       -293.83
QUALITY CONSTR-F               QCON/F    76.13       -293.83
SAFARI WORLD PUB               SAFARI   128.58        -13.64
SAFARI WORLD-FOR               SAFARI/F 128.58        -13.64
SIAM GEN FACTOR                SGF       30.18         -6.79
SIAM GEN FACT-F                SGF/F     30.18         -6.79
SAHAMITR PRESSUR               SMPC      27.26        -34.59
SAHAMITR PRESS-F               SMPC/F    27.26        -34.59
SRI THAI FOOD &                SRI       18.29        -43.37
SRI THAI FOOD -F               SRI/F     18.29        -43.37
TUNTEX THAILAND                TUNTEX   252.49        -41.58
TUNTEX THAILAN-F               TUNTEX/F 252.49        -41.58
UNIVERSAL STARCH               USC      103.61        -48.62
UNIVERSAL STAR-F               USC/F    103.61        -48.62

                         *********

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

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

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


                            *********


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

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





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