TCRAP_Public/080623.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, June 23, 2008, Vol. 11, No. 123

                            Headlines

A U S T R A L I A

ABC LEARNING: ACCC Sues Company Over Peppercon Acquisition
ACN 104 612 188: Appoints Robert Moodie as Liquidator
AGOSTINELLI KITCHENS: Taps Arnautovic as Liquidator
BABCOCK & BROWN POWER: Scraps Dividend Payment for 1st Half 2008
CENTRO PROPERTIES: Holds Dividend Payment for 1st Half of 2008

FABEY INVESTMENTS: Placed Under Voluntary Liquidation
FLASH BUILDING: Appoints Arnautovic as Liquidator
HAYES & LINCOLN: Liquidator Presents Wind-Up Report
IMPROVED STEEL: Liquidator Presents Wind-Up Report
K. SWADLING: Declares Dividend for Creditors

KEVMAR ENTERPRISES: Appoints Barton as Liquidator
L.V. HOPKINS: Placed Under Voluntary Liquidation
LANE COVE: Moody's Downgrades Underlying 'Ba3' Rating to 'B2'
MONGUT ENTERPRISES: Taps Robinson and Stephenson as Liquidators
PEDZ CONSTRUCTIONS: Appoints Kijurina as Liquidator

ZAMIGO PTY: Placed Under Voluntary Liquidation


C H I N A

CHINA SOUTHERN: Prepares for Flights Across Taiwan Strait
HAINAN AIRLINES: To Sell CNY2.7 Billion of Bonds to Repay Debt


H O N G  K O N G

CAMFORD PRINTING: Court to Hear Wind-Up Proceedings on August 6
CHASE WISE: Court to Hear Wind-Up Proceedings on July 23
FACTORY HOLDING: Court to Hear Wind-Up Proceedings on August 6
HANSTAR LIMITED: Court to Hear Wind-Up Proceedings on August 6
IDEAL FAMOUS: Court to Hear Wind-Up Proceedings on July 30

MIXER ELECTRONICS: Court to Hear Wind-Up Proceedings on July 23
VAFORD DEV'T: Court to Hear Wind-Up Proceedings on August 6
WING SHING: Court to Hear Wind-Up Proceedings on August 6


I N D I A

BANK OF BARODA: Schedules Shareholders' Meeting on July 28
INDO COUNT: Mohit Kumar Jain Resigns from Board
MULTIPLUS HOLDINGS: Board Recommends 5% Dividend for FY 2008
SRI BALAMBIKA TEXTILE: CRISIL Rates Bank Facilities at “BB”
* INDIA: Increases Debt Investment Limits


I N D O N E S I A

ANEKA TAMBANG: To Develop Nickel Deposits With BHP Billiton
ANEKA TAMBANG: Deal with BHP Raises Environmental Issue Concerns
TELEKOMUNIKASI SELULAR: In Talks With Qatar Telecom
* INDONESIA: Sells Additional US$2.2 Billion in Debt


J A P A N

FORD MOTOR: Tracinda Increases Shareholding to 6.49%
MITSUBISHI MATERIALS: Hemlock Semiconductor Begins Operations


N E W  Z E A L A N D

AUSTRAL PACIFIC: To Raise Up to US$7 Million Placement
CORNHILL BUILDERS: Commences Liquidation Proceedings
KWALITY CONSTRUCTION: Liquidation Hearing Scheduled on Aug. 27
LEATHERS HOLDINGS: Creditor Proofs of Claim Due June 27
LIVING ON SALISBURY: Commences Liquidation Proceedings

MR. X LIMITED: Proofs of Claim Filing Deadline is June 27
R OTENE LIMITED: Proofs of Claim Filing Deadline is June 27
UFFICIO AMMINISTRAZIONE: Commences Liquidation Proceedings
WORLD OF FREIGHT: Liquidator Sets July 4 Claims Bar Date


T A I W A N

SILICON PRECISION: Shareholders Okay NT$4.6 Dividend
* TAIWAN: Deutsche Bank Raises Economic Growth Estimate


T H A I L A N D

G STEEL: Moody's Confirms B3 Corporate Family & Bond Ratings


                         - - - - -


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

ABC LEARNING: ACCC Sues Company Over Peppercon Acquisition
----------------------------------------------------------
The Australian Competition and Consumer Commission commenced
proceedings in the Federal court in Melbourne against ABC
Learning Centres Ltd.

The ACC alleged that ABC persistently failed to comply with the
court-enforceable undertakings it gave to the ACCC in December
2004 following its acquisition of the Peppercon child care
group, by not divesting two child care centres as required.

The undertakings required ABC to divest a number of childcare
centres in various regions, including two centres in Geraldton,
Western Australia, namely the Kidz Retreat and Little Buccaneers
child care centres.

The ACCC alleged that between December 2004 and the present, ABC
did not divest the two Geraldton centres even though the ACCC
agreed to extend deadline several times, and this has resulted
in a breach of the undertakings.

The ACCC also alleged that ABC breached the undertakings by
interfering in the role of an agent (who was appointed in 2006
to expedite both sales) and by failing to reasonably assist that
person to divest the two centres.

A further alleged breach is that ABC failed to maintain the two
Geraldton centres as fully operational competitive going
concerns so as to preserve the goodwill in the centres.

The ACCC is seeking these remedies against ABC:

   * declarations that ABC breached its undertakings;

   * orders directing ABC to comply with the terms of
     the undertakings;

   * orders directing ABC to sell the two centres to a
     person approved by the ACCC or instead to sell one
     of the other long day care centres that it owns in
     Geraldton;

   * orders relating to compensation for losses incurred
     by potential purchasers of the two Geraldton centre;

   * penalties payable to the Commonwealth, and;

   * costs.

The Federal Court has scheduled a directions hearing at
9:30 a.m. on Aug. 8, 2008.

                   ABC Learning Responds

ABC Learning said in a regulatory filing that it has been in
discussions with the ACCC regarding the sale of two centres in
Geraldton, Western Australia since December 2004.  The
discussions included extensions of time to comply with the
Undertaking due to the difficulty of divesting the centres in
this location.

The company said it continues to use its best endeavors to
divest the two centres, the subject of the proceedings and will
continue its dialogue with the ACCC with a view to resolve the
matter.

ABC said it is disappointed that the ACCC has escalated the
issue without prior notice.

                       About ABC Learning

A.B.C. Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education.  The company operates in Australia, New Zealand, the
United States and the United Kingdom.  The company's
subsidiaries include A.B.C. Developmental Learning Centres Pty
Ltd, A.B.C. Early Childhood Training College Pty Ltd, Premier
Early Learning Centres Pty Ltd, A.B.C.  Developmental Learning
Centres (NZ) Ltd., A.B.C. New Ideas Pty. Ltd., A.B.C. Land
Holdings (NZ) Limited and Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific, the
company's Sydney trading on Feb. 26, 2008, plunged 43% after a
slump in earnings raised concerns it may struggle to repay debt.
The drop to AU$2.14 triggered margin calls on stakes held by
some directors.  Consequently, stock trading was halted as the
company entered talks on "indications of interest" for parts of
its business.  More than 96% of the remaining 21.9 million ABC
Learning shares owned by directors, equivalent to 4.6% of stock
outstanding, are held in margin lending arrangements that may
result in forced sales.


ACN 104 612 188: Appoints Robert Moodie as Liquidator
-----------------------------------------------------
During a general meeting held on April 17, 2008, the members of
ACN 104 612 188 Pty Ltd resolved to voluntarily liquidate the
company's business.

Robert Moodie was appointed as liquidator.

The liquidator can be reached at:

          Robert Moodie
          Rodgers Reidy
          Level 8, 333 George Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9262 1944
          Facsimile: (02) 9262 1933


AGOSTINELLI KITCHENS: Taps Arnautovic as Liquidator
---------------------------------------------------
Agostinelli Kitchens Pty. Ltd.'s members agreed on April 15,
2008, to voluntarily liquidate the company's business.  Sule
Arnautovic was appointed to facilitate the sale of its assets.

The liquidators can be reached at:

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


BABCOCK & BROWN POWER: Scraps Dividend Payment for 1st Half 2008
----------------------------------------------------------------
Babcock & Brown Power Fund said it will not make a distribution
for the six month period ending June 30, 2008, amongst a range
of capital initiatives it is investigating to strengthen its
balance sheet.

The company plans to strengthen and degear its balance sheet
from current levels of  approximately 68% towards the lower end
of the previously stated target range of 60-65%.

The company said it is working on the refinancing of the BBP
Holdings Pty Ltd corporate facility of up to AU$360 million
which is targeted for completion by the end of August as well as
the previously announced capital expenditure commitments.

Babcock & Brown Power expects distributions per security for
fiscal year 2009 to be in the range of 13 to 18 cents based on
its current portfolio of assets.

Babcock & Brown Power disclosed that it continues to monitor the
impact of gas supply  disruption from the Varanus Island
incident on the Alinta retail business.

The company expects the restoration of gas supplies to take
longer than two months.  In this regard, the company anticipates
that:

   -- Fiscal Year 2008 EBITDA will be in the range of
      AU$330 million to AU$340 million which is slightly below
      Alinta Scheme guidance taking into account pro-rata
      ownership of Alinta assets.

   -- Fiscal Year 2009 EBITDA is likely to be at the lower end
      of the known analyst forecast range of AU$439 million to
      AU$528 million.

               Shares Tumble on News of Dividend Cut

The Wall Street Journal reports that Babcock & Brown Power's
securities fell 20% to close at 72 Australian cents Thursday
last week.

According to WSJ, the company's securities slumped as much as
73% over the past month as it struggled to refinance AU$3.06
billion (US$2.89 billion) in debt and flagged asset sales to
help raise at least another AU$275 million for power-plant
upgrades.

Bloomberg News relates that ABN Amro cut their rating on the
stock to “hold” from “buy.”

“We have lost what little faith we had in management,” Sydney-
based ABN Amro Holding NV analysts Jason Mabee and William
Allott wrote in a note to Bloomberg News.

However, Bloomberg News cited Chief Executive Officer Paul
Simshauser as saying at a conference call held June 19 that a
“number” of shareholders are supportive of the decision to scrap
the second-half dividend payment.

                  AU$2.8 Bil. Debt Refinancing

The company said that following issue of draw-down notices on
June 12, final settlement on the recently executed AU$2.7
billion BBP Finance Australia Pty Ltd debt refinancing facility
was scheduled to be completed early last week.

According to the company, the draw-down and financial closure of
the refinancing facility follows assessment of the impact of the
recent Western Australian gas supply disruptions on the Alinta
business and discussions with the banks providing the facility.

                   About Babcock & Brown Power

Australia-based Babcock & Brown Power (ASX:BBP) is a power
generation business, with assets diversified by geographic
location, fuel source, customers, contract types and operating
mode.  The portfolio has interests in 14 operating power
stations representing over 4,000MW of installed generation
capacity and five power stations under construction.  BBP has
interests in a number of other associated power assets including
the WA retail assets Alinta.  Babcock & Brown has been
developing, operating and acquiring the generation portfolio
over a period of 10 years.

Babcock & Brown Power is a listed satellite of Babcock & Brown
Ltd.


CENTRO PROPERTIES: Holds Dividend Payment for 1st Half of 2008
--------------------------------------------------------------
CPT Manager Limited, as responsible entity for the Centro
Property Trust and Centro Properties Limited, will not be paying
a distribution to ordinary security holders for the six months
ended June 30, 2008.

Under the terms of Centro Property Trust' constitution, an
amount equivalent to the trust's taxable income is required to
be distributed.  However, no taxable income is forecast for the
fiscal year 2008.

While Centro expects to record an operating distributable profit
for the year, it has incurred significant non-operating
refinancing and adviser fees.  In addition, Centro's financial
arrangements are such that it is not in a position to fund a
distribution.

Centro currently anticipates that it will announce its annual
results to the ASX on August 28, 2008.

                     About Centro Properties

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

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

                          *     *     *

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


FABEY INVESTMENTS: Placed Under Voluntary Liquidation
-----------------------------------------------------
Fabey Investments Pty. Ltd.'s members agreed on April 18, 2008,
to voluntarily liquidate the company's business.  Peter Paul
Krejci was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Peter P. Krejci
          GHK Ferrier Green Krejci Silvia
          Level 13, 1 Castlereagh Street
          Sydney NSW 2000
          Australia


FLASH BUILDING: Appoints Arnautovic as Liquidator
-------------------------------------------------
During a general meeting held on April 21, 2008, the members of
Flash Building Contractors  Pty Ltd resolved to voluntarily
liquidate the company's business.

Sule Arnautovic was appointed as liquidator.

The Liquidator can be reached at:

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


HAYES & LINCOLN: Liquidator Presents Wind-Up Report
---------------------------------------------------
Hayes & Lincoln Pty. Ltd. held a final meeting for its members
and creditors on May 29, 2008. At the meeting, the company's
liquidator, Geoffrey Reidy at Rodgers Reidy provided the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Geoffrey Reidy
          Rodgers Reidy
          Level 8, 333 George Street
          Sydney NSW 2000
          Australia


IMPROVED STEEL: Liquidator Presents Wind-Up Report
--------------------------------------------------
Improved Steel Fabrication Pty. Ltd. held a final meeting for
its members and creditors on May 29, 2008. At the meeting, the
company's liquidator, Danny Vrkic at Jirsch Sutherland & Co.
provided the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Danny Vrkic
          Jirsch Sutherland & Co
          Wollongong, Level 1, 76 Market Street,
          Wollongong NSW
          Australia


K. SWADLING: Declares Dividend for Creditors
--------------------------------------------
K. Swadling Wholesale Timbers Pty Limited, which is subject to
deed of company arrangement, declared its dividend for its
creditors.

Only creditors who were able to file their proofs of debt by
May 20, 2008, were included in the company's dividend
distribution.

The company's deed administrator is:

          Peter P. Krejci
          GHK Ferrier Green Krejci Silvia
          Level 13, 1 Castlereagh Street
          Sydney NSW 2000
          Australia


KEVMAR ENTERPRISES: Appoints Barton as Liquidator
-------------------------------------------------
During a general meeting held on April 14, 2008, the members of
Kevmar Enterprises Pty Ltd resolved to voluntarily liquidate the
company's business.

Bruce Robert Barton was appointed as liquidator.

The Liquidator can be reached at:

          Bruce Robert Barton
          McLean Charge Partners
          Chartered Accountants
          30 Grose Street
          North Parramatta NSW 2151
          Australia


L.V. HOPKINS: Placed Under Voluntary Liquidation
------------------------------------------------
L.V. Hopkins (Holdings) Pty. Ltd.'s members agreed on April 4,
2008, to voluntarily liquidate the company's business.  Peter
Burton and Brian Allen were appointed to facilitate the sale of
its assets.

The liquidators can be reached at:

          Peter Burton
          Brian Allen
          Burton Glenn Allen
          Chartered Accountants
          Level 2, 57Grosvenor Street
          Neutral Bay NSW 2089
          Australia
          Telephone: (02) 9904 4644
          Facsimile: (02) 9904 9644


LANE COVE: Moody's Downgrades Underlying 'Ba3' Rating to 'B2'
-------------------------------------------------------------
Moody's Investors Service downgraded the underlying senior
secured rating of Lane Cove Tunnel Finance Company to B2 from
Ba3, after continued disappointing levels of traffic.  The
rating is on review with direction uncertain.

The rating on the senior bonds remains Aaa, on review for
possible downgrade, reflecting the rating of MBIA Insurance
Corporation (MBIA) (rated Aaa, on review for possible
downgrade).

The downgrade of the underlying rating to B2 follows continued
lower-than-forecast traffic volumes for May, even though traffic
volumes were up slightly on figures for March and April (which
were affected by seasonal factors including school holidays and
Easter).

Moody's does not currently believe that traffic volumes will
increase to sufficient levels for the company to service debt at
current levels.  However, Connector Motorways Group (Connector)
has sufficient liquidity to service all its cash calls until at
least mid 2009, and further traffic increases will extend this
period.

The B2 rating is on review with direction uncertain, reflecting
the fact that the company is developing a plan to re-capitalize
the company in the next few months.  If an appropriate re-
capitalisation plan can be achieved in a timely manner, then the
rating may be upgraded, depending on the particular terms and
ultimate capital structure.  On the other hand, if Connector
cannot achieve such an outcome, then the rating is likely to
come under further downward pressure, unless traffic volumes
experience a substantial improvement, which seems unlikely at
this stage.

                         About Lane Cove

The Lane Cove Tunnel Finance Company is the finance company for
the Connector Motorways Group, the owner of the Lane Cove Tunnel
and the Falcon Street Gateway, situated in the lower Northern
suburbs of Sydney, Australia.


MONGUT ENTERPRISES: Taps Robinson and Stephenson as Liquidators
---------------------------------------------------------------
Mongut Enterprises Pty. Ltd.'s members agreed on April 15, 2008,
to voluntarily liquidate the company's business.  Mark Robinson
and Graham Stephenson were appointed to facilitate the sale of
its assets.

The liquidator can be reached at:

          Mark Robinson
          Graham Stephenson
          PPB
          Level 46, 19 Martin Place
          Sydney NSW 2000
          Australia


PEDZ CONSTRUCTIONS: Appoints Kijurina as Liquidator
---------------------------------------------------
During a general meeting held on April 9, 2008, the members of
Pedz Constructions Pty Ltd resolved to voluntarily liquidate the
company's business.

Brent Kijurina was appointed as liquidator.

The liquidator can be reached at:

          Brent Kijurina
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000
          Australia


ZAMIGO PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Zamigo Pty. Ltd.'s members agreed on April 18, 2008, to
voluntarily liquidate the company's business.  Paul William
Gidley was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          P. W. Gidley
          Ferrier Hodgson
          Level 3, 2 Market Street
          Newcastle NSW 2300
          Australia
          Telephone: (02) 4908 4444
          Facsimile: (02) 4908 4499



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

CHINA SOUTHERN: Prepares for Flights Across Taiwan Strait
---------------------------------------------------------
China Southern Airlines Co. Limited is preparing for a weekend
chartered flights across the Taiwan Strait, Xinhua News reports.

The airline, the report relates, will sign a strategic
cooperation agreement with the Taiwan-based China Airlines in
Guangzhou and Taiwan on June 23.

According to the report, it has been agreed that Chinese
mainland will open five flight destinations at the beginning,
and Taiwan, eight.   Moreover,  under the same agreement,
Chinese mainland and Taiwan will also provide 18 round trips
every week, with additional routes and flights to be added based
on market demand, the report says.

Xinhua News notes that three months after cross-Strait weekend
chartered flights begin running, the two sides will discuss on
the opening of direct flights.

                      About China Southern

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

                           *    *    *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s “B+” Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable.


HAINAN AIRLINES: To Sell CNY2.7 Billion of Bonds to Repay Debt
--------------------------------------------------------------
Hainan Airlines Co. plans to sell CNY2.7 billion (US$393
million) worth of bonds to repay debt and replenish working
capital, Jiang Jianguo of Bloomberg News reports.

According to the report, the company will sell the five-year
bonds for trading on the Shanghai stock exchange.

The airline hasn't decided on an interest rate for the
securities, the report says.

Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/--
founded in 1993, is the fourth-largest carrier in China and the
largest non-government-owned airline in China.  Hainan Airlines
is known for its award-winning customer service, impeccable
safety record and on-time performance.  Hainan Airlines carries
more than 14 million passengers annually.  Hainan Airlines
currently flies to more than 60 domestic and international
cities, including the capitals of every Chinese province.
Hainan Airlines' international flights include Budapest,
Brussels, Osaka and St. Petersburg.

                         *      *      *

As of May 17, 2008, Hainan Air still holds Xinhua Far East China
Rating's "CC"issuer credit rating placed on October 31, 2005
with a negative outlook.



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

CAMFORD PRINTING: Court to Hear Wind-Up Proceedings on August 6
---------------------------------------------------------------
On May 29, 2008, Yuen Cheong Chan Paper Merchants Limited, filed
a petition to have Camford Printing and Manufacturing Company
Limited's operations wound up.

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

The petitioners' solicitors can be reached at:

          Ko and Co
          Wing On Centre, Room 1212
          11 Connaught Road, Central
          Hong Kong


CHASE WISE: Court to Hear Wind-Up Proceedings on July 23
--------------------------------------------------------
On May 16, 2008, Show Win Industries Limited, filed a petition
to have Chase Wise Limited's operations wound up.

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

The petitioners' solicitors can be reached at:

          Lee Chan Cheung
          Fung House, 16th Floor
          19-20 Connaught Road, Central
          Hong Kong


FACTORY HOLDING: Court to Hear Wind-Up Proceedings on August 6
---------------------------------------------------------------
On May 19, 2008, Lui Lai Seung Yvonee, filed a petition to have
Factory Holding Limited's operations wound up.

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

The petitioners' solicitors can be reached at:

          Fung, Wong, Ng & Lam
          New Henry House, Room 8
          14th Floor, 10 Ice House Street
          Central, Hong Kong


HANSTAR LIMITED: Court to Hear Wind-Up Proceedings on August 6
--------------------------------------------------------------
On May 30, 2008, China Merchants bank Company Limited, filed a
petition to have Hanstar Limited's operations wound up.

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

The petitioners' solicitors can be reached at:

          Paul, Hastings, Janofsky & Walker
          Bank of China Tower, 22nd Floor
          1 Garden Road, Hong Kong


IDEAL FAMOUS: Court to Hear Wind-Up Proceedings on July 30
----------------------------------------------------------
On May 28, 2008, Bank of China (Hong Kong) Limited, filed a
petition to have Ideal Famous Limited's operations wound up.

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

The petitioners' solicitors can be reached at:

          Gallant Y. T. Ho & Co.
          Jardine House, 5th Floor
          No. 1 Connaught Place, Central
          Hong Kong


MIXER ELECTRONICS: Court to Hear Wind-Up Proceedings on July 23
---------------------------------------------------------------
On May 21, 2008, The HongKong and Shanghai Banking Corporation
Limited, filed a petition to have Mixer Electronics Company
Limited's operations wound up.

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

The petitioners' solicitors can be reached at:

          JSM
          Prince's Building, 16th Floor
          10 Charter Road, Central
          Hong Kong


VAFORD DEV'T: Court to Hear Wind-Up Proceedings on August 6
-----------------------------------------------------------
On May 28, 2008, Bank of China (Hong Kong) Limited, filed a
petition to have Vaford Development Limited's operations wound
up.

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

The petitioners' solicitors can be reached at:

          Gallant Y. T. Ho & Co.
          Jardine House, 5th Floor
          No. 1 Connaught Place, Central
          Hong Kong


WING SHING: Court to Hear Wind-Up Proceedings on August 6
---------------------------------------------------------
On May 20, 2008, Bank of China (Hong Kong) Limited, filed a
petition to have Wing Shing Hong Property Holdings Limited's
operations wound up.

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

The petitioners' solicitors can be reached at:

          Gallant Y. T. Ho & Co.
          Jardine House, 5th Floor
          No. 1 Connaught Place, Central
          Hong Kong



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

BANK OF BARODA: Schedules Shareholders' Meeting on July 28
----------------------------------------------------------
Bank of Baroda's 12th Annual General Meeting of shareholders
will be held on July 28, 2008, inter alia, to discuss, approve
and adopt the Balance Sheet of the Bank as at March 31, 2008,
Profit and loss Account for the year ended March 31, 2008, the
report of the Board of Directors on the working and activities
of the Bank for the period covered by the Accounts and the
Auditors' Report on the Balance Sheet and Accounts.

The meeting will also consider declaration of dividend for the
year 2007-08.

                          FY 08 Results

For the year ended March 31, 2008, the bank posted a net profit
after Minority Interest, Share of Earnings in Associates of Rs
15483.80 million, as compared to Rs 11288.60 million for the
year ended March 31, 2007.

Total Income has increased from Rs 108128.10 million for the
year ended March 31, 2007 to Rs 143066.70 million for the year
ended March 31, 2008

                       About Bank of Baroda

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  Bank of Baroda has branches in the Bahamas,
Belgium, the Fiji Islands, Mauritius, Republic of South Africa,
Seychelles, Singapore, Sultanate of Oman, United Arab Emirates,
the United Kingdom, and the United States of America.

                          *     *     *

As of June 23, 2008, Bank of Baroda's long-term upper tier II
notes (original amount: US$300,000,000) maturing on May 25, 2022
still carries Fitch Ratings' and Standard & Poor's “BB”rating.
The notes are callable in year 2017.

In addition, the bank continues to carry a “C/--/--”
Bank Fundamental Strength Rating placed by S&P on July 10, 2007.


INDO COUNT: Mohit Kumar Jain Resigns from Board
-----------------------------------------------
Indo Count Industries Ltd disclosed in a regulatory filing that
Mr. Mohit Kumar Jain, has resigned from the company's Board of
Directors with effect from June 19, 2008.

                    Three Quarterly Net Losses

For the current fiscal year, the company incurred three
consecutive quarterly net losses.  For the quarter ended
Dec. 31, 2007, the company incurred a net loss of
Rs.16.10 million on net sales of Rs.771.50 million.  For the
quarter ended Sept. 30, 2007, the company incurred a net loss of
Rs.40.20 million on net sales of Rs.592.40 million.  For the
quarter ended June 30, 2007, the company incurred a net loss of
Rs.53.90 million on net sales of Rs.860.80 million

Indo Count said it will release its audited financial results
for the year ended March 31, 2008, before June 30, 2008.

                              Sick Unit

On September, 3 2007, Indo Count disclosed in a regulatory
filing that M/s. Pranavaditya Spinning Mills Ltd was declared as
sick unit under SICA by BIER vide its order dated September 18,
2006.  At the instance of the bankers, the company had agreed to
associate itself with the revival of the said sick unit by
lending management and financial support.  A proposal for such
revival (Draft Rehabilitation Scheme i.e. DRS) as approved by
the Bank of Baroda, the Opera Agency, was submitted to BIFR for
its consideration and necessary orders.

The DRS was circulated by BIFR as per the provisions of SICA and
at its hearing held on June 26, 2007, the DRS was sanctioned,
approving induction of the company as Co-Promoters to the DRS of
M/s. Pranavaditya Spinning Mills Ltd.  A copy of the Order
received by the company was taken up for consideration at the
Board Meeting held by M/s. Pranavaditya Spinning Mills Ltd. on
August 31, 2007.

In terms of the said Order, the Board of Directors of M/s.
Pranavaditya Spinning Mills Ltd. inter alia, approved:

   a) Induction of the Company as co-promoter to
      the said sanctioned scheme

   b) Restructuring of its existing issued and
      paid up capital.

   c) Post restructuring of issued capital:

      1) convert unsecured loan aggregating Rs 296.13 lac
         of said sick unit into equity and allot such
         number of shares, at par, to the company as
         assignee of the said unsecured loan.

      2) issue of fresh equity shares to the Company
         aggregating to Rs 1508.89 lacs at par, on
         preferential basis by increasing authorized
         capital of the Company suitably.

As per the BIFR Order the sanctioned Scheme of Pranavaditya
Spinning Mills Ltd. will be implemented under the supervision of
the Operating Agency i.e. M/s. Bank of Baroda.

                 About Indo Count Industries Ltd.

Indo Count Industries Ltd. -- http://www.indocount.com/-- is an
India based manufacturer and exporter of cotton yarn and knitted
fabrics in both greige and dyed form.


MULTIPLUS HOLDINGS: Board Recommends 5% Dividend for FY 2008
------------------------------------------------------------
Multiplus Holdings Ltd's Board of Directors, at its meeting held
June 20, 2008, inter alia, decided to appoint Mr. Jignesh R.
Sheth as a managing director and accepted the resignation of Mr.
Suketu D. Shah as a director.

The Board also decided to increase the Authorised Share Capital
of the Company to 3 Crores subject to necessary approvals and
recommended 5% Dividend on Equity Share Capital for the Year
ending March 31, 2008.

For the quarters ended Dec. 31 and Sept. 30, 2007, Multiplus
Holdings Ltd did not record any profits and sales.

For the quarter ended June 30, 2007, the company incurred a net
loss of Rs.0.02 million on zero net sales.

Multiplus Holdings said it will be releasing its audited
financial results for year ended March 31, 2008, before June 30,
2008.


SRI BALAMBIKA TEXTILE: CRISIL Rates Bank Facilities at “BB”
-----------------------------------------------------------
CRISIL assigned its bank loan ratings of ‘BB/Stable/P4’
to the various bank facilities of Sri Balambika Textile
Mills Pvt Ltd:

   Rs.498.90 Mil. Long-Term Loan  BB/Stable(Assigned)
   Rs.125.00 Mil. Cash Credit  BB/Stable(Assigned)
   Rs.35.50 Mil. Letter of Credit  P4(Assigned)

The ratings reflect the company’s weak financial profile marked
by a highly-leveraged capital structure, and susceptibility of
its margins to volatility in prices of cotton.  These weaknesses
are partially offset by the company’s established position in
the market and strong operating capability.

CRISIL believes that Sri Balambika will fully utilise its
recently-expanded capacity, thereby improving its cash flows.
The outlook may be revised to ‘Positive’ if the company’s
financial profile improves substantially, reflecting in a
considerable improvement in gearing and operating margins.
Conversely, it may be revised to ‘Negative’ in case of
underutilisation of capacity or if the company is unable to pass
on increases in costs to its customers.

                   About Sri Balambika Textile

Promoted by Mr. M Rathnasamy, Sri Balambika started operations
in 1998 with an installed capacity of 6048 spindles at
Satyamangalam in Tamilnadu.  Since then, the company has been
increasing its capacity and at present it has 30,384 spindles.
The company manufactures hosiery yarn and compact yarn with
counts ranging from 20s to 60s.  It also outsources the
manufacturing of knitted fabrics; this segment accounts for less
than 3 per cent of its total revenues.  The company recently
went in for a capacity expansion programme involving an outlay
of Rs.620 million, of which 70 per cent was debt-funded.

Sri Balambika posted a profit after tax (PAT) of Rs.16.34
million on sales of Rs.220.58 million in 2006-07 (refers to
financial year, April 1 to March 31), as against a PAT of
Rs.15.33 million on sales of Rs.196.97 million in the previous
year.


* INDIA: Increases Debt Investment Limits
-----------------------------------------
The Government of India has reviewed the External Commercial
Borrowing policy and has increased the cumulative debt
investment limits from US$3.2 billion to US$5 billion and
US$1.5 billion to US$3 billion for FII investments in Government
Securities and Corporate Debt, respectively.

The enhanced limits have been allocated to the registered
entities on a ‘first come first served’ basis in terms of
Securities and Exchange Board of India's Circular dated
January 31, 2008, subject to a ceiling of US$200 million per
registered entity.  The list of the allottees and the allocated
limits are given in the Annexure.

After including the investments by FIIs in debt mutual funds in
corporate debt, the earlier permissible limit of US$1.5 billion
was overutilised and presently stands at US$1.527.billion.
Therefore, US$1.473 billion out of the enhanced corporate
debt limit has been allotted.

In terms of the aforementioned circular, in case the allocated
limits are not utilized by the allotted entities within 15 days,
the same shall be withdrawn and allotted to the entities in the
waitlist.  The waitlisted entities are also indicated.



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

ANEKA TAMBANG: To Develop Nickel Deposits With BHP Billiton
-----------------------------------------------------------
PT Antam Tbk disclosed the signing of a Joint Venture Agreement
(JVA) with BHP Billiton to develop nickel laterite resources in
Eastern Indonesia.  The joint venture ownership is envisioned as
50:50 between Antam and BHP Billiton.

The JVA was signed in Jakarta by Antam’s President Director, D.
Aditya Sumanagara and BHP Billiton Stainless Steel Materials
President, Jimmy Wilson.

The JVA is conditional, including approval by the Board of BHP
Billiton.  The Board of BHP Billiton expects to take a decision
on this matter within the next month.  The signing of the JVA
follows from the signing of a heads of agreement between the two
companies in Perth on February 2007.

This move is in line with Antam’s strategy to move into higher
technology and downstream metals processing activities.  This
strategic alliance with BHP Billiton is also expected to
mitigate the cost and risk of developing mineral deposits.

                       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.


ANEKA TAMBANG: Deal with BHP Raises Environmental Issue Concerns
----------------------------------------------------------------
The nickel mining partnership between PT Aneka Tambang and BHP
Billiton Ltd. have environmentalists raising concerns for the
marine life in the rich waters off Gag Island in West Papua
province, AFP reports.

AFP News cites Conservation International Indonesia director
Jatna Supriatna as saying that the irresponsible large-scale
mining could pose a major risk to the entire ecosystem.

"If they dump their tailing into the sea ... the tailings will
impact the Raja Ampat islands and destroy an area that has been
proposed by UNESCO as a World Heritage Site", Mr. Supriatna was
quoted by AFP News as saying.

Siti Maimunah, executive director of mining watchdog Jatam told
the news agency that it is a scandal for a company from a
developed country to mine an area with some of the richest
biodiversity in the world.

"The economy in the region will collapse.  Traditional fishing
will die and the locals will lose their land", Mr. Maimunah said
in the AFP report.

AFP News says the forests of Gag Island are technically
protected but in 2004 the government allowed exceptions for
certain companies to mine there.

According to AFP, the removal of the restrictions came amid
reports that BHP was pressuring Jakarta to drop environmental
obstacles to the island's exploitation, which BHP denied in the
past.

The news agency added that Jakarta has been desperate to boost
foreign direct investment, particularly in the mining sector
where companies have complained of confusing regulations and red
tape.

                       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.


TELEKOMUNIKASI SELULAR: In Talks With Qatar Telecom
---------------------------------------------------
PT Telekomunikasi Selular (Telkomsel) is in talks with Qatar
Telecom to start new businesses in the Middle East, Reuters
reports.

"For the new business, especially the transaction business, we
have our cooperation with Qatar Telecom in the Middle East",
Kiskenda Suriahardja, president director of Telkomsel was quoted
by Reuters as saying.

Mr. Suriahardja also told the news agency that he expects the
deal to be completed in the third quarter but gave no further
details.

                         About Telkomsel

PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/
-- is the leading operator of cellular telecommunications
services in Indonesia by market share.  By the end of June 2006,
Telkomsel had close to 29.3 million customers, which, based on
industry statistics, represented a market share of more than
50%.

Telkomsel provides GSM cellular services in Indonesia, through
its own nationwide Dual band 900/1800 MHz GSM network, an
internationally, through 259 international roaming partner in 53
countries as of June 2006.  The company provides its subscribers
with the choice between two prepaid cards-simPATI and kartuAs of
a pre-paid simPATI service, or the post-paid kartuHALO service,
as well as a variety of value-added services and programs.

                           *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 18, 2008, Fitch Ratings upgraded PT Telekomunikasi
Selular's long-term foreign currency issuer default rating to
'BB+' from 'BB'.  The outlook is stable.  At the same time,
Fitch affirmed Telkomsel's Long-term local currency IDR at
'BBB-' with a stable outlook.


* INDONESIA: Sells Additional US$2.2 Billion in Debt
----------------------------------------------------
Indonesia sold an additional US$2.2 billion worth of debt for
existing issues maturing in 2014, 2018, and 2038, a total nearly
50 percent more than originally expected, Reuters reports citing
a market source.

According to the report, the government sold US$300 million
worth of debt maturing in 2014 with a yield of 6.694 percent, or
302.7 basis points over corresponding U.S. Treasuries.

Reuters notes that an additional US$900 million in debt maturing
in 2018 brought a yield of 7.278 percent, or 306.1 basis points
over corresponding U.S. Treasuries.  The US$1 billion in
additional debt maturing 2038 has a yield of 8.154 percent, or
337.1 basis points over U.S. Treasuries.

The report adds that an initial estimates put the total size of
the sale at US$1.5 billion.

Credit Suisse, Deutsche Bank and Lehman Brothers managed the
sale, Reuters says.



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

FORD MOTOR: Tracinda Increases Shareholding to 6.49%
----------------------------------------------------
Kirk Kerkorian on Thursday revealed in a filing with the U.S.
Securities and Exchange Commission that his investment firm,
Tracinda Corp., had boosted its stake in Ford Motor Co. to 6.49
percent from 5.5 percent.  He now owns 140.8 million shares of
Ford.

On June 13, the firm purchased 20 million shares through a cash
tender offer that paid $8.50 a share.

On Tuesday, Mr. Kerkorian meet with executive chairman William
C. Ford Jr. and chief executive Alan Mulally.  The move
indicates that the major shareholder stands by the management
and its turnaround strategy, reports say.  Tracinda's regulatory
filing, though, reiterated its prior statement that it might
propose business strategies for Ford and has explored a possible
capital infusion.

Between Monday and Wednesday, Mr. Kerkorian bought another 20.8
million shares at an average of $6.46 per share.

Despite apparent support of Ford's major shareholder, the
company's shares were down most of the day before surging in the
last half-hour of trading to gain 10 cents, or 1.6 percent and
close at $6.32, the  Detroit Free Press noted.

                        About Ford Motor

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

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

                          *     *     *

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

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

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


MITSUBISHI MATERIALS: Hemlock Semiconductor Begins Operations
-------------------------------------------------------------
Hemlock Semiconductor Corporation, a joint venture of Mitsubishi
Materials Corp., Dow Corning Corporation, and Shin-Etsu Handotai
Co. Ltd., has begun production at its new polysilicon facility,
Reuters reports.

The venture company, the report relates, will nearly double its
output of polycrystalline silicon (polysilicon) to serve the
needs of the semiconductor and solar energy industries.

Headquartered in Tokyo, Mitsubishi Materials Corp. --
http://www.mmc.co.jp/english/-- was formed on Dec. 21, 1990,
from the merger of two firms, Mitsubishi Metal Mining Company
Limited and Mitsubishi Cement Limited.  The company manufactures
metals and ceramics products.

The company has international offices in the United States,
Canada, Brazil, Chile, France, Italy, Indonesia and the rest of
Asia.

                          *     *     *

As reported on Feb. 19, 2007, that Standard & Poor's Ratings
Services revised to positive from stable the outlook on its 'BB'
long-term corporate credit rating on Mitsubishi Materials Corp.
based on the company's increasing level and stability of cash
flows, and expectations for further improvement in the company's
financial profile.



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

AUSTRAL PACIFIC: To Raise Up to US$7 Million Placement
------------------------------------------------------
Austral Pacific Energy Ltd. said in a regulatory filing that it
reached agreement with a number of arms-length accredited
investors to privately place up to 14 million equity units at
US$0.50 each with each unit comprised of a common share and a 15
month half-warrant, each full warrant being exercisable at
US$1.00 per common share -- $5.61 million of the funds have been
received.  The transaction is expected to close today, June 23,
2008.

The company's agent, McDouall Stuart Securities of Wellington,
will receive a fee of 3% on the placement.  The funding is
subject to TSX Venture exchange approval.  No new insiders will
be created on account of the placement.

The funds will be used to fund the company's current and future
drilling programs and other working capital.  Results from the
Cheal A6 well are expected in the next week to ten days.

The shares and any shares issuable on exercise of the warrants
will be subject to a four month resale restricted period in
Canada.  These securities are not being offered or sold in the
United States and will not be registered under the US Securities
Act of 1933.  They will not be eligible for resale within the
United States except in accordance with available exemptions
from registration under that Act.

As reported in Troubled Company Reporter–Asia Pacific on
April 7, 2008, KMPG in Wellington, New Zealand, Austral Pacific
Energy Ltd.'s auditor noted that for the year ended December 31,
2007:

    -- the company had a net loss of $22,030,249 and accumulated
       deficit of $63,118,912;

    -- the company had a working capital deficit of $29,982,748
       and a shareholders' deficit of $3,290,102 as at
       December 31, 2007;

    -- the company has been unable to generate net cash from
       operating activities for each of the years in the three
       year period ended December 31, 2007;

    -- the company's cash balances and working capital are not
       sufficient to fund all of its obligations with respect to
       its ongoing work program requirements related to certain
       exploration permits; and

    -- the company is in breach of several covenants relating to
       its Investec Bank (Australia) Ltd loan facility following
       delays in completing a project in accordance with
       established timelines. Accordingly the loan facility and
       hedging arrangements have been disclosed as current
       liabilities.

These factors raise substantial doubt about the company's
ability to continue as a going concern for a reasonable period
of time, KMPG said.

In a regulatory filing with the U.S. Securities and Exchange
Commission, Austral Pacific Energy's management said its plans
for securing sufficient sources of liquidity include:

    (1) Issuance of additional common shares in a private
        placement in order to raise $15,000,000.  The Company
        completed this private placement on February 28, 2008.
        As at February 29, 2008, the unaudited equity position
        is approximately $7.3 million;

    (2) The conditional sale of the Company's interests in the
        PNG Stanley and PRL 5 assets for US$3.5 million;

    (3) Rectifying the covenant breaches relating to its loan
        facility with Investec.  A key to rectifying the breach
        is the drilling of at least two further wells to satisfy
        the "completion test" under the facility.  The
        "completion test" requires certain proven and probable
        reserves and associated production rates to be achieved,
        together with certain related forward looking financial
        ratios; and

    (4) A mix of further capital raising and sales of joint
        venture interests.

The Company has prepared a cash flow forecast which leads
management to conclude that the Company can continue to meet its
ongoing obligations for a reasonable period of time.

The Company and Investec have agreed to restructure the
facility, with the key financial terms requiring payments at
certain dates.  The interest rate margin will increase by an
additional 2% on the total principal outstanding for the period
January 31 to June 30, 2008, inclusive.  In addition Investec
will be issued with shares to the value of US$750,000 based on
the Austral share price at March 19, 2008.

Austral Pacific Energy Ltd is a limited liability company
incorporated in British Columbia under the Business Corporations
Act (British Columbia).  The Company domiciles in New Zealand.
The Company is primarily engaged in the acquisition,
exploration, appraisal and development of oil and gas properties
in New Zealand and Papua New Guinea.


CORNHILL BUILDERS: Commences Liquidation Proceedings
----------------------------------------------------
The High Court at Rotorua held a hearing on June 16, 2008, to
consider an application putting Cornhill Builders Taupo Limited
into liquidation.

The application was filed on May 3, 2008, by Carters, a division
of Carter Holt Harvey Limited.

The plaintiff can be reached at:

          Edmund Lawler & Associates
          PO Box 25931
          St Heliers, Auckland

EDMUND LAWLER, of Edmund Lawler & Associates, is the plaintiff’s
solicitor.


KWALITY CONSTRUCTION: Liquidation Hearing Scheduled on Aug. 27
--------------------------------------------------------------
The High Court at Auckland will convene a hearing on August 27,
2008 at 10:45 a.m. to consider an application putting Kwality
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 May 13, 2008, by Madill & Smeed
Limited.

The plaintiff can be reached at:

          Parker & Associates
          Level 4, 40 Johnson Street
          Postal Address: PO Box 23270
          Wellington
          Facsimile: (04) 499 0391

D. J. S. PARKER is the plaintiff’s solicitor.


LEATHERS HOLDINGS: Creditor Proofs of Claim Due June 27
-------------------------------------------------------
Creditors of Leathers Holdings Limited, trading as Habitat, have
until June 27, 2008, to make their claims and to establish any
priority their claims may have under section 312 of the
Companies Act 1993.

Karen Betty Mason and Michael Lamacraft, insolvency
practitioners, are the appointed liquidators of the company.

The liquidators can be reached at:

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


LIVING ON SALISBURY: Commences Liquidation Proceedings
------------------------------------------------------
The High Court at Christchurch convened a hearing on June 16,
2008, to consider an application putting Living on Salisbury
Limited into liquidation.

The application was filed on May 9, 2008, by Smith Crane &
Construction Limited.

The plaintiff can be reached at:

          Credit Services (NZ) Limited
          Level 6, 138 Victoria Street
          Christchurch

A. M. HUTTON is the plaintiff’s solicitor.


MR. X LIMITED: Proofs of Claim Filing Deadline is June 27
---------------------------------------------------------
Creditors of Mr. X Limited have until June 27, 2008, to make
their claims and establish any priority their claims may have.

Henry David Levin, insolvency specialist, and David Stuart
Vance, chartered accountant, are the appointed liquidators of
the company.

For information relating to the liquidation, contact:

          Jennifer Ji
          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


R OTENE LIMITED: Proofs of Claim Filing Deadline is June 27
-----------------------------------------------------------
Creditors of R Otene Limited and Bricklayers Auckland Limited
have until June 27, 2008, to make their claims and establish any
priority their claims may have.

Vivien Judith Madsen-Ries, insolvency specialist, and David
Stuart Vance, chartered accountant, are the appointed
liquidators 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


UFFICIO AMMINISTRAZIONE: Commences Liquidation Proceedings
----------------------------------------------------------
Ufficio Amministrazione Limited, Inverno Investments Limited,
Colfosco Enterprises Limited, Arabba Investments Limited and
Fitout Services 2006 Limited were placed under liquidation.

On May 22, 2008, the companies' shareholders, pursuant to
section 241(2)(a) of the Companies Act 1993, appointed Robert
Laurie Merlo, insolvency practitioner of Auckland, as liquidator
of the companies.

The liquidator fixed today, June 23, 2008, as the last day for
creditors of the companies to prove their debts or claims.

The Liquidator can be reached at:

          Merlo Burgess & Co. Limited
          PO Box 51486
          Pakuranga, Auckland
          Telephone: (09) 520 7101
          Facsimile: (09) 529 1360


WORLD OF FREIGHT: Liquidator Sets July 4 Claims Bar Date
--------------------------------------------------------
The liquidator of World of Freight Limited fixed July 4, 2008,
as the last day for creditors of the company to make their
claims and establish any priority their claims may have under
section 312 of the Companies Act 1993.

The liquidator, Curtis John Mountfort, chartered accountant of
Auckland, was appointed on May 22, 2008.

The Liquidator can be reached at:

          Mountfort & Associates, Chartered Accountants
          PO Box 82161, Auckland
          Telephone: (09) 272 2241
          Facsimile: (09) 272 2251



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T A I W A N
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SILICON PRECISION: Shareholders Okay NT$4.6 Dividend
----------------------------------------------------
Siliconware Precision Industries Co. Ltd. held a shareholders'
meeting, at which the shareholders approved the proposal for
distribution of 2007 profits.

At the meeting, the company's shareholders approved the 2007
Business Report.  Net sales for 2007, were NT$64,622 million,
and net income was NT$17,489 million with diluted EPS of
NT$5.77 per share.

The shareholders also approved a proposal for distribution of
2007 profits:

(A) A dividend of NT$4.6 per share will be distributed to the
    common shareholders, including a cash dividend of NT$4.5 per
    share and a stock dividend of NT$0.1 per share.

(B) Employees' bonuses will be distributed in both cash and
    stock, including NT$1,100 million distributed in cash and
    NT$471 million distributed in stock.

(C) After the distribution, SPIL's total outstanding shares will
    increase by approximately 77.9 million shares.

In addition, the shareholders approved to elect nine Directors
and three Supervisors.

The Directors elected are:

   * Bough Lin, Chi-Wen Tsai,
   * Wen-Lung Lin, Yen-Chun Chang,
   * W en-Jung Lin, Hsiu-Li Liu,
   * Ing-Dar Liu, Jing-Shan Aur,
   * Jerome Tsai (Representative of Pei-Sheng
     Cultural Educational Foundation).

The Supervisors elected are:

   * Wen-Lung Cheng,
   * Fu-Mei Tang,
   * Teresa Wang (Representative of Siliconware
     Investment Company).

                            About SPIL

Siliconware Precision Industries Ltd.-- http://www.spil.com.tw
-- is a leading provider of comprehensive semiconductor assembly
and test services. SPIL is dedicated to meeting all of its
customers' integrated circuit packaging and testing
requirements, with turnkey solutions that range from design
consultations, modeling and simulations, wafer bumping, wafer
probe and sort, package assembly, final test, burn-in, to drop
ship. Products include advanced leadframe and substrate
packages, which are widely used in personal computers,
communications, Internet appliances, cellular phones, digital
cameras, cable modems, personal digital assistants and LCD
monitors. SPIL supplies services and support to fabless design
houses, integrated device manufacturers and wafer foundries
globally.

                           *     *     *

The company's long-term foreign and local issuer credit carries
Standard and Poors' BB+ rating.


* TAIWAN: Deutsche Bank Raises Economic Growth Estimate
-------------------------------------------------------
Deutsche Bank AG raised its growth estimate for Taiwan's
economy, Tim Culpan of Bloomberg News reports, citing
President Ma Ying-jeou's policies to invest in infrastructure,
expand ties with China and develop the service sector.

Deutsche Bank, in a report, said that Taiwan's gross domestic
product will rise 4.3% this year, from an earlier estimate of
3.8% , Bloomberg relates.  The economy will expand 4.4% next
year, up from an earlier prediction of 4%, the Deutsche report
said.

According to Bloomberg, Mr. Ma was recently elected on a pledge
to boost Taiwan's economy, which slowed under his predecessor
from the Democratic Progressive Party, Chen Shui-bian.

This month, the government signed a deal with China to expand
non-stop flights across the Taiwan Strait and plans to spend
NT$3.99 trillion (US$132 billion) on infrastructure projects
over the next eight years, Bloomberg notes.

"KMT's Ma administration is proposing a few key initiatives to
revitalize Taiwan's economy.   This vision is considered
aggressive relative to past performance under the DPP
administration" Taipei-based analysts Julian Wang, Elizabeth Lin
and Lorraine Kuo wrote in the Deutsche report, the report
relates.

Taiwan's growth will cool to 4.78% this year, from 5.72% in
2007, Bloomberg says, citing the statistics bureau said last
month.



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T H A I L A N D
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G STEEL: Moody's Confirms B3 Corporate Family & Bond Ratings
------------------------------------------------------------
Moody's Investors Service confirmed G Steel's B3 corporate
family and bond ratings.  At the same time, Moody's changed the
ratings outlook to negative from stable.

The confirmation concludes the review for possible downgrade
initiated on November 1, 2007, following protracted negotiations
over the company's refinancing of a US$120 million bridge loan
which matured on October 31, 2007.

"The ratings confirmation reflects G Steel's improved
performance over the last 2 quarters and the reduction in the
extent of its short-term liquidity risk, given its repayment of
US$20 million and its successful terming out of the bridge loan
to a 30-month amortizing loan due in 2010," says Kathleen Lee,
Moody's lead analyst for the company.

"On the other hand, the hefty size of the semi-annual repayments
and increased pricing of the amortizing loan have raised the
company's overall interest burden and constrained its
liquidity," says Lee.

"In addition, liquidity is further stretched because of G
Steel's commitment to a 2-year expansion program -- which seeks
to raise production capacity by end-2009 -- and because the
necessary investment of US$250 million remains only partly
funded," adds Lee.

"Refinancing risk will also become significant in 2010 when
US$45 million, representing the final installment of the
amortizing loan, falls due, while US$170 million in bonds will
also mature," adds Lee.

Furthermore, as the terms and conditions of the amortizing loan
have not been fully disclosed, there is a risk that the cross-
default provisions on the unsecured bond would be triggered if G
Steel fails to comply with its loan covenants.

The change in outlook to negative from stable reflects therefore
this situation of tight liquidity, the presence of refinancing
risk, and the lack of corporate transparency.

A rating upgrade is unlikely, given the negative outlook, but a
reversion of the rating outlook to stable could occur if the
company improves its liquidity profile and lowers its
refinancing risk.

Such developments could be achieved via increased equity
injections or improved profitability -- arising in turn from a
satisfactory completion of its capex program -- and the
emergence of synergies from its strategic alliance with G J
Steel (previously Nakornthai Strip Mill), resulting in positive
free cashflows.

On the other hand, downward pressure could occur if its
operating and liquidity profiles weaken further due to an
increase in working capital requirements, an inability to pass
on rising production costs, or a fall-off in domestic demand.
Increases in unplanned capex -- arising from cost escalations
and/or project delays -- would also pressure the ratings.
Moody's expects the company to maintain average EBIT/Interest
above 1x, and adjusted debt/EBITDA below 6x on a sustained
basis, failing which downward rating pressure would emerge.

                   About G Steel Public

Headquartered in Bangkok, G Steel Public Company Limited is
Thailand's second largest hot rolled coil (HRC) steel
manufacturer and distributor.  It was founded in 1995. It
recovered from a corporate rehabilitation program in September
2003 with its restructured debt subsequently pre-paid and an IPO
completed in January 2006.

                         *********

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.

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