TCRAP_Public/080624.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

            Tuesday, June 24, 2008, Vol. 11, No. 124

                            Headlines

A U S T R A L I A

ACN 000 656 271: Liquidator to Present Wind-Up Report on June 27
ANDREW S: Placed Under Voluntarily Liquidation
ANDREW S: Declares Dividend for Creditors
BABCOCK & BROWN POWER: WA Gas Tariffs to Increase on July 1
CITY PACIFIC: Mortgage Fund Pays Off AU$50 Mil. Bank Facility

HOMERS BURGERS: Placed Under Voluntarily Liquidation
J R GLOBAL: To Declare Dividend on June 26
JAMES HARDIE: IRS Asserts US$49 Million Tax Liabilities
LEND LEASE: In Talks With FKP on Securities Acquisition
LEND LEASE: Moody's May Cut Ratings Due to Doubt on FKP Purchase

LEVEL 7: Appoints Ozem Kassem as Liquidator
MANLY ENTERPRISES: Liquidator Presents Wind-Up Report
MEN IN BLACK: Commences Liquidation Proceedings
MJO ENTERPRISES: Placed Under Voluntary Liquidation
OZZIE GLOBAL: Placed Under Voluntary Liquidation

QUAMBY EAST: Final Meeting Slated for June 25
ROSETTI & STONE: To Declare Dividend on June 26
SHERIFF DEVELOPMENTS: Placed Under Voluntarily Liquidation
SKATEPRINT PTY: Appoints David Leigh as Liquidator
WAJIH HASSAN: Placed Under Voluntarily Liquidation


C H I N A

CHINA EVERBRIGHT: To Sell CNY2BB of 10-Year Subordinated Bonds
CHINA SOUTHERN: Hits Lowest Level in Over a Year
SHENZHEN BANK: Sees 85-95% Increase in Net Profit for 1H 2008


H O N G  K O N G

BOMA INVESTMENT: Commences Liquidation Proceedings
CAPITAL WAY: Commences Liquidation Proceedings
CELLON HONG KONG: Creditors' Proofs of Debt Due on July 11
DEFOND POWERTOOL: Members to Meet on July 21
ELICON FOOTWARE: Creditors' Proofs of Debt Due on July 21

NGO KEE: Creditors' Proofs of Debt Due on July 7
PACIFIC NOMINEES: Members to Meet on July 25
PAUL BENNET: Commences Liquidation Proceedings
SINCO TRADE: Creditors' Proofs of Debt Due on July 25
TUXHOUSE HOLDINGS: Creditors' Proofs of Debt Due on July 21


I N D I A

BROADCAST INITIATIVES: Board Meeting Scheduled Today
DHANWANTI INVESTMENT: RBI Cancels Certificate of Registration
GANESH BENZOPLAST: Board Meeting Moved Earlier to June 28
GANGOTRI IRON & STEEL: Tax Probe Delays Annual Report Filing
HMT LIMITED: HMT Machine's Rehabilitation Scheme Sanctioned

LA-MERE APPARELS: Major Assets Up for Sale or Lease
MAITHRI FINANCIAL: RBI Cancels Certificate of Registration
NARAYANA CAPITALS: RBI Cancels Certificate of Registration
TATA POWER: Earns Rs8699.00 Mil. In Year Ended March 31, 2008


I N D O N E S I A

GARUDA INDONESIA: Inks Cooperation Pact With Singapore Airlines
* INDONESIA: Can Save IDR200 Tril. in Next 2 Yrs., Says VP Kalla


J A P A N

FORD MOTOR: Moody's Affirms 'B3' Corporate Family Rating
SANYO ELECTRIC: Free Oven Repairs Could Cost Company JPY1-2 Bil.


M A L A Y S I A

IDAMAN UNGGUL: Terminates Proposed 51% Stake Sale in Anscan
PECD BHD: Wind-Up Petition Hearing Against Unit Fixed on Aug. 19
PAN MALAYSIAN: Tan Sri Dato’ Mohd Resigns as Director
RANHILL BERHAD: Completes Rationalization Exercise


N E W  Z E A L A N D

ABC 62 LIMITED: Creditors' Proofs of Claim Due on June 30
AMUR PROPERTIES: Peter John Brannigan Appointed as Liquidator
BAY CHASSIS: Creditors' Proofs of Claim Due on July 2
BISHOP-EVANS PRINT: Creditors' Proofs of Claim Due July 2
CITILAND LTD: Court Sets July 25 Liquidation Hearing

CUSTOMS TRUSTEE: Commences Liquidation Proceedings
DAAWAT (JOHNSONVILLE): Commences Liquidation Proceedings
SIX INVESTMENTS: Last Day to File Claims is on June 27
THE APPAREL INDEX: Proofs of Claim Due on August 23


P H I L I P P I N E S

PICOP RESOURCES: LandBank Wants Court Nod Over Temporary Control
* PHILIPPINES: Delay in Balanced Budget Won’t Affect Ratings


S I N G A P O R E

AVAGO TECH: Moody's Upgrades Corporate Family Rating to 'B1'
DEVELOPMENT MANAGEMENT: Court Enters Wind-Up Order
MILLENNIUM-WESTMONT: Creditors' Proofs of Debt Due on July 4
MP-BILT PTE: Creditors' Proofs of Debt Due on July 19
PLANET FITNESS: Requires Creditors to File Claims by July 21

STATS CHIPPAC: S&P Rates Proposed Sr. Unsecured Notes at 'BB+'


T A I W A N

CMC MAGNETIC: To Raise Additional Capital of US$200 Million


X X X X X X X X

* BOND PRICING: For the Week June 17-June 23, 2008


                         - - - - -


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

ACN 000 656 271: Liquidator to Present Wind-Up Report on June 27
----------------------------------------------------------------
Roman Vincent Mizia, ACN 000 656 271 Pty Ltd's appointed estate
liquidator, will meet with the company's members on June 27,
2008, to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          Roman Vincent Mizia
          24 Cranbrook Avenue
          Cremorne NSW 2090
          Australia


ANDREW S: Placed Under Voluntarily Liquidation
----------------------------------------------
Andrew S Beavon Pty. Ltd.'s members agreed on April 17, 2008, to
voluntarily liquidate the company's business.  Bradley Tonks and
John Vouris were appointed to facilitate the sale of its assets.

The liquidators can be reached at:

          B. J. Tonks
          Lawler Partners
          Chartered Accountants
          Level 9, 1 O'Connell Street
          Sydney NSW 2000
          Australia


ANDREW S: Declares Dividend for Creditors
-----------------------------------------
Andrew S Beavon Pty Ltd, which is in liquidation, 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 liquidator is:

          B. J. Tonks
          Lawler Partners
          Chartered Accountants
          Level 9, 1 O’Connell Street
          Sydney NSW 2000
          Ausralia


BABCOCK & BROWN POWER: WA Gas Tariffs to Increase on July 1
-----------------------------------------------------------
Babcock & Brown Power Fund disclosed in a regulatory filing that
the Western Australian State Government has confirmed that it
will increase the cap on gas tariffs for residential and small
business customers from July 1, 2008.

BBP said the increases are in line with its expectations.

According to BBP, for residential customers in the South-West
and Mid-West the increase in gas tariff will range from 5.4% for
smaller gas users to 16.5% for bigger users, with the median
increase approximately 9%.

BBP earlier 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.

                          Dividend Cut

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, which include refinancing of BBP Holdings Pty
Ltd's corporate facility of up to AU$360 million.

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

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.

                   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.


CITY PACIFIC: Mortgage Fund Pays Off AU$50 Mil. Bank Facility
-------------------------------------------------------------
City Pacific Ltd. confirmed in a regulatory filing that City
Pacific First Mortgage Fund paid AU$50 million off its bank
facility on June 20, 2008.  With this payment the Fund has
reduced its bank facility from AU$240 million in January down to
AU$130 million.  The Fund's remaining bank debt represents
gearing level for the AU$1 billion Fund of 13 percent.

The Fund provides loans to both third party external property
developers and to related entities in which City Pacific has an
equity interest of no greater than 50%.

As at December 31, 2007, the loans to external third parties
represented 82.6% and loans to related entities represented
17.4% of the total loan portfolio of the Fund.

All loans made by the Fund are secured and registered first
mortgages over Australian real property and are on normal
commercial terms and conditions.

The Fund received a loan repayment of AU$60 million on June 19,
2008, bringing the total funds repaid by borrowers to the Fund
this financial year to approximately AU$855 million (AU$340
million since December 31, 2007).  Of the AU$855 million
received by the Fund $655 million was advanced to borrowers in
order to complete existing projects in the usual course of their
developments.

City Pacific stands behind the strength of the loan portfolio
for the Fund which has historically turned over an average of
80 percent per annum and comprises quality projects located in
areas where property market and population growth figures remain
strong.

Over the past four months loan repayments coming back to the
Fund through the normal course of the Fund's operations have
allowed for:

   -- the reduction of the Fund's bank facility by
      AU$110 million to AU$130 million;

   -- the continued payment of monthly and quarterly
      distributions to investors; and

   -- the continued funding of ongoing obligations to
      existing borrowers to allow for the completion
      of projects in order to preserve the value of
      the Fund.

                          Loan Extension

As reported in the Troubled Company Reporter-Asia Pacific on
June 6, 2008, the Fund's financier agreed to extend the date of
repayment of the facility until July 31, 2008.

The facility has been reduced from AU$240 million to
AU$180 million through its usual business operations.  The loan
to value ratio for this facility currently stands at 13.2% of
the Fund's assets.

According to City Pacific, the AU$700 million to be repaid by
the end of this calendar year relates to loans due to be repaid
to the Fund by borrowers and is not funds due to be repaid by
the Fund.

The Fund has a number of loans scheduled to be repaid during
this month which will enable it to reduce its obligations to its
bankers, City Pacific said.

City Pacific noted that the cooperation of its bankers in
managing its cashflows to reduce the company's debt levels has
been necessary over the last few months as the turnover of
borrowings being repaid to the Fund has fallen behind expected
levels.  “This slowdown is not a reflection on the quality of
the assets but rather a reflection of the impact of the global
credit situation,” City Pacific said.

The directors of City Pacific remain confident of continuing to
reduce debt levels and implementing appropriate arrangements in
respect of any residual debt prior to July 31, 2008.  However,
the company says if major delays in settlements returning funds
continue to occur this could impact on investors' ability to
redeem their funds in September when restrictions on redemptions
are due to be lifted.

                  AU$100 Mil. Corporate Facility

City Pacific's corporate facility is scheduled to be repaid in
October 2008 and the Directors are confident of significantly
reducing the facility prior to the repayment date.  The
reduction will be made through a number of transactions
including the sale or joint venture arrangements of certain
assets held by City Pacific.

                            CEC Deal

City Pacific gave CEC Group Limited until July 2, 2008, to
complete its due diligence inquiries with regards to the
company's future development area -- the Townsville Ocean
Terminal project.

City Pacific said it has not received formal notice from
CEC, a North Queensland developer, that the sale of
the project will not proceed.

The company said it will negotiate with other interested
parties during the due diligence period and may terminate
the agreement with CEC should it receive an acceptable offer
for the Townsville project.

The development, acquired by City Pacific on June 30, 2006,
includes a dedicated cruise ship terminal and wharf area and the
reclamation of land which will feature up to 700 luxury
waterfront lots and units including a retail precinct.

                       About City Pacific

City Pacific Limited (ASX: CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.

City Pacific, a non-bank loan provider, has AU$5 billion
in mortgage assets under advice, comprising over AU$1 billion
funds under management in the City Pacific First Mortgage
Fund, City Pacific Income Fund, City Pacific Managed Fund
and City Pacific Private Fund, a residential loan book of
AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.


HOMERS BURGERS: Placed Under Voluntarily Liquidation
----------------------------------------------------
Homers Burgers, Seafood & Chickens Pty. Ltd.'s members agreed on
Feb. 18, 2008, to voluntarily liquidate the company's business.
Ozem Kassem and Daniel Juratowitch were appointed to facilitate
the sale of its assets.

The liquidators can be reached at:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10, 76-80 Clarence Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 8221 8433
          Facsimile: (02) 8221 8422


J R GLOBAL: To Declare Dividend on June 26
------------------------------------------
J R Global Holdings Pty. Limited will declare dividend on
June 26, 2008.

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

The company's liquidator is:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10, 76-80 Clarence Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 8221 8433
          Facsimile: (02) 8221 8422


JAMES HARDIE: IRS Asserts US$49 Million Tax Liabilities
-------------------------------------------------------
James Hardie Industries NV said that the US Internal Revenue
Service (IRS) has issued a Notice of Proposed Adjustment (NOPA)
that concludes that the company is not in compliance with the
United States–Netherlands Treaty Limitation on Benefits (LOB)
provision for the years 2006 and 2007 and that it is not
entitled to reduced withholding tax rates on payments from the
United States to The Netherlands.

The company said that the relevant LOB provisions became
effective at the beginning of 2006, following the ratification
in November 2004 of a new protocol in the US–Netherlands tax
treaty.

James Hardie’s Chief Financial Officer, Russell Chenu, said
James Hardie does not agree with the conclusions reached by the
IRS.  “We will contest the IRS’ findings through the continuing
audit process and, if necessary, we will exercise our rights to
an impartial hearing before the Appeals Division of the IRS to
resolve this matter,” he said.  “At that stage, if we are not
satisfied with the settlement offer from the Appeals Division,
we would consider the option of litigating our position in the
US Tax Court.”

If the IRS position ultimately prevails, James Hardie would be
liable for withholding taxes of 30% on dividend, royalty and
interest payments from its US subsidiaries to its Netherlands
companies for calendar years 2006 and 2007.  The tax increase
attributable to the NOPA consists of primary tax of
US$37 million, estimated penalties of approximately US$7 million
and estimated interest of approximately US$5 million.

Because the proposed adjustment is still subject to the
continuing audit process, there is no requirement at this time
for any payment of these taxes.  If an agreement cannot be
reached with the IRS during this audit process and the company
opts to exercise its appeal rights, there still would not be a
requirement to pay any of the contested tax amounts during the
appeal process.  However, interest will continue to accrue on
the proposed tax deficiency for the period of time that the un-
agreed issue remains outstanding, until the date that a
settlement agreement is signed with either the IRS auditor, the
appeals officer or, if litigated, a decision is entered by the
US Tax Court.  The company can also opt to post a bond to stop
the running of interest.

The accounting treatment of the NOPA received from the IRS will
be the subject of review during the preparation of the company’s
financial statements for the year ending March 31, 2009.

James Hardie is also facing another lawsuit filed by the
Australian Taxation Office.  As reported in the Troubled Company
Reporter-Asia Pacific on June 20, 2008, the ATO 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.

                   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.

                   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.

                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.


LEND LEASE: In Talks With FKP on Securities Acquisition
-------------------------------------------------------
Lend Lease Corporation Limited confirmed that it had discussions
with FKP Property Group (“FKP”) regarding the potential
acquisition of all of the issued securities in FKP.

Lend Lease said it is disappointed that the Board of FKP has
rejected its proposal.

The price proposed of AU$5.00 per FKP security (plus retention
of the final FKP distribution of 15.7 cents) would represent a
substantial 65% premium to the 3 month volume weighted average
FKP security price on the day prior to Lend Lease's initial
approach to FKP.

Lend Lease believes the combination of the two companies would
have provided an exciting opportunity to create a leading ASX
listed, globally diversified property group with significant
benefits for shareholders of Lend Lease and FKP.

If combined, the group would become Australia's leading
integrated developer, owner and operator of retirement villages
and a leading developer of master planned urban communities.

With Lend Lease's strong balance sheet and low gearing, the
combined group would have enhanced capacity to fund FKP's
development pipeline and to fund future growth.

Lend Lease remains open to continuing discussions with FKP.

Given Lend Lease's strong financial position, Lend Lease will
continue to evaluate strategic opportunities which it considers
will create value for its shareholders.

                      About Lend Lease

Lend Lease Corporation, headquartered in Sydney, Australia, is
involved in various property related activities in Asia Pacific,
USA and Europe.  The company's operations are diversified into
retail and residential property development, construction
activities and funds management.

FKP is a Queensland-based property company with total asset of
AU$3.8 billion as at December 2007.


LEND LEASE: Moody's May Cut Ratings Due to Doubt on FKP Purchase
----------------------------------------------------------------
Moody's Investor Services said that it is closely monitoring
developments following Lend Lease's announcement that it was in
discussion with FKP Property Group regarding the potential
acquisition of all of the issued securities in FKP.

Moody's is not taking any rating action at this stage since no
formal offer has been made and the initial approach has been
rejected by FKP.  There is therefore no certainty that any
further action will occur.

"To the extent that a formal takeover offer is made, Lend
Lease's Baa3 ratings could be placed under review for possible
downgrade", said Clement Chong, VP/Senior Analyst, adding, "Such
a rating action would reflect significant uncertainties
surrounding the offer, including the quality of FKP's assets,
integration risk, funding strategy, and financial policy of the
combined group"

                      About Lend Lease

Lend Lease Corporation, headquartered in Sydney, Australia, is
involved in various property related activities in Asia Pacific,
USA and Europe.  The company's operations are diversified into
retail and residential property development, construction
activities and funds management.

FKP is a Queensland-based property company with total asset of
AU$3.8 billion as at December 2007.


LEVEL 7: Appoints Ozem Kassem as Liquidator
-------------------------------------------
Level 7 Cafe Pty. Ltd.'s members agreed on March 28, 2008, to
voluntarily liquidate the company's business.   Ozem Kassem was
appointed to facilitate the sale of its assets.

The liquidators can be reached at:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10, 76-80 Clarence Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 8221 8433
          Facsimile: (02) 8221 8422


MANLY ENTERPRISES: Liquidator Presents Wind-Up Report
-----------------------------------------------------
Warren White, Manly Enterprises Pty. Ltd.'s estate liquidator,
met with the company's members on June 6, 2008, and provided
them with property disposal and winding-up reports.

The liquidator can be reached at:

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


MEN IN BLACK: Commences Liquidation Proceedings
-----------------------------------------------
Men In Black Building Company  Pty. Ltd.'s members agreed on
April 10 2008, to voluntarily liquidate the company's business.
John Frederick Lord and Atle Crowe-Maxwell were appointed to
facilitate the sale of its assets.

The liquidators can be reached at:

          Atle Crowe-Maxwell
          PKF
          Level 10, 1 Margaret Street
          Sydney NSW 2000
          Australia


MJO ENTERPRISES: Placed Under Voluntary Liquidation
---------------------------------------------------
MJO Enterprises Pty. Ltd.'s members agreed on April 17 2008, to
voluntarily liquidate the company's business.   Ken Whittingham
and Atle Crowe-Maxwell were appointed to facilitate the sale of
its assets.

The liquidators can be reached at:

          Ken Whittingham
          PKF
          Level 10, 1 Margaret Street
          Sydney NSW 2000
          Australia


OZZIE GLOBAL: Placed Under Voluntary Liquidation
------------------------------------------------
Ozzie Global Pty. Ltd.'s members agreed on April 10, 2008, to
voluntarily liquidate the company's business.  Bradley Tonks and
Stewart Free were appointed to facilitate the sale of its
assets.

The liquidators can be reached at:

          B. Tonks
          Lawler Partners
          Chartered Accountants
          Level 9, 1 O’Connell Street
          Sydney NSW 2000
          Australia


QUAMBY EAST: Final Meeting Slated for June 25
---------------------------------------------
Quamby East Pastoral Company Pty Ltd will hold a final meeting
for its members at 10:00 a.m. on June 25, 2008.  During the
meeting, the company's liquidator, Sule Aarnautovic at Jenkins
Peake Chartered Accountants, will provide the attendees with
property disposal and winding-up reports.

The company's liquidator can be reached at:

          Sule Arnautovic
          Jenkins Peake
          Chartered Accountants
          PO Box 1570
          Geelong VIC 3220
          Australia
          Telephone: (03) 5223 1000
          Facsimile: (03) 5221 4938


ROSETTI & STONE: To Declare Dividend on June 26
------------------------------------------------
Rosetti & Stone (Aust) Pty. Limited will declare dividend
on June 26, 2008.

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

The company's liquidator is:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10, 76-80 Clarence Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 8221 8433
          Facsimile: (02) 8221 8422


SHERIFF DEVELOPMENTS: Placed Under Voluntarily Liquidation
----------------------------------------------------------
Sheriff Developments Pty. Ltd.'s members agreed on March 14,
2008, to voluntarily liquidate the company's business.  Ozem
Kassem and Bruno Secatore were appointed to facilitate the sale
of its assets.

The liquidators can be reached at:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10, 76-80 Clarence Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 8221 8433
          Facsimile: (02) 8221 8422


SKATEPRINT PTY: Appoints David Leigh as Liquidator
--------------------------------------------------
Skateprint Pty. Ltd.'s members agreed on April 17, 2008, to
voluntarily liquidate the company's business.  David Leigh was
appointed to facilitate the sale of its assets.

The liquidators can be reached at:

          David Leigh
          PPB
          Level 2, 75-77 Clarence Street
          Port Macquarie NSW 2444
          Australia
          Telephone: (02) 6580 0400


WAJIH HASSAN: Placed Under Voluntarily Liquidation
--------------------------------------------------
Wajih Hassan Group Pty. Ltd.'s members agreed on March 14, 2008,
to voluntarily liquidate the company's business.  Ozem Kassem
and Bruno Secatore were appointed to facilitate the sale of its
assets.

The liquidators can be reached at:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10, 76-80 Clarence Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 8221 8433
          Facsimile: (02) 8221 8422



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

CHINA EVERBRIGHT: To Sell CNY2BB of 10-Year Subordinated Bonds
--------------------------------------------------------------
China Everbright Bank plans to sell CNY2 billion (US$291
million) of 10-year subordinated bonds in the interbank market
as it prepared for an IPO, Reuters reports.

As reported by the Troubled Company - Asia Pacific on June 19,
2008, the bank has applied for a domestic public offering
through the country's stock regulator.  The bank had met the
basic requirements for the A share initial public offering.

The issue, Reuters relates, is expected to boost Everbright
Bank's capital adequacy ratio.

According to Reuters, the 10-year subordinated bonds, to be
priced this Friday and issued through June 30, will pay a fixed
coupon for the first five years.  If the bonds are not called by
the issuer after five years, the coupon will rise by 3
percentage points, the report says.

                    About China Everbright Bank

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

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

                          *     *     *

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

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


CHINA SOUTHERN: Hits Lowest Level in Over a Year
------------------------------------------------
China Southern Airlines Co. Limited's shares gapped open lower
on June 20, and have been drifting lower since then, Reuters
reports.

According to the report, the stock is currently trading at
US$21.80 down $1.62 from Thursday's close.

With the decline, the report notes, the stock has extended
recent losses and has fallen to its lowest level in over a year.

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.


SHENZHEN BANK: Sees 85-95% Increase in Net Profit for 1H 2008
-------------------------------------------------------------
Shenzhen Development Bank Company Ltd. sees a 85 and 95%
increase in its net profit in the first half of 2008, to
CNY2.08-2.19 billion (US$302-318 million), Andrew Torchia of
Reuters reports.

The bank, the report relates, cited growth in lending, expanding
interest margins, development of its intermediary business, a
fall in bad loans and a lower effective tax rate.  Deposits grew
much faster than loans because of government quotas on loan
growth, the bank said.

As reported by the Troubled Company Report-Asia Pacific on
April 17, 2008, Shenzhen Development Bank's first quarter net
profit rose 80-90% to CNY535 million from a year earlier.  The
company estimated its earnings per share would rise 56 to 63%
from the year-ago result of CNY0.27.

According to Reuters, the estimate does not take into account
the possible exercise of more warrants late this month.
Investors will be able to exercise the warrants at CNY19.00 per
share to buy as many as 104 million new shares, the report
notes.

                 About Shenzhen Development Bank

Headquartered 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
================

BOMA INVESTMENT: Commences Liquidation Proceedings
--------------------------------------------------
Boma Investment Management Limited's members agreed on June 6,
2008, to voluntarily liquidate the company's business.  The
company has appointed Nathalia Seng Sze Ka Mee and Cynthia Wong
Tak Yeeto facilitate the sale of its assets.

The company's liquidators are:

         Nathalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three pacific Place
         1 Queen's Road East, Hong Kong


CAPITAL WAY: Commences Liquidation Proceedings
-----------------------------------------------
Capital Way International Limited's members agreed on June 11,
2008, to voluntarily liquidate the company's business.  The
company has appointed Billy Li Sze Kuen to facilitate the sale
of its assets.

The liquidator can be reached at:

          Billy Li Sze Kuen
          12th Floor, No. 3 Lockhart Road
          Wanchai, Hong Kong


CELLON HONG KONG: Creditors' Proofs of Debt Due on July 11
----------------------------------------------------------
The creditors of Cellon Hong Kong Limited are required to file
their proofs of debt by July 11, 2008, to be included in the
company's dividend distribution.

The company's liquidators is:

         Cosimo Borrelli
         1401, Level 14, Tower 1
         Admiralty Centre, 18 Harcourt Road
         Hong Kong


DEFOND POWERTOOL: Members to Meet on July 21
--------------------------------------------
The members of Defond Powertool Components Limited will have
their final general meeting on July 21, 2008, at Cahiwan
Industrial Centre, 5th Floor, 20 Lee Chung Street, Chai Wan, 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:

         Tsang Ming Chit Stanley
         Cahiwan Industrial Centre
         5th Floor, 20 Lee Chung Street
         Chai Wan, Hong Kong


ELICON FOOTWARE: Creditors' Proofs of Debt Due on July 21
---------------------------------------------------------
The creditors of Elicon Footware (Hong Kong) Limited are
required to file their proofs of debt by July 21, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 10, 2008.

The company's liquidators is:

         Kenneth Raymond Deayton
         Tower One, 38th Floor
         Lippo Centre, 89 Queensway
         Hong Kong


NGO KEE: Creditors' Proofs of Debt Due on July 7
------------------------------------------------
The creditors of Ngo Kee Enterprises Limited are required to
file their proofs of debt by July 7, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 12, 2008.

The company's liquidator is:

         Loo Wun Loong John
         Braga Circuitm 3rd Floor
         Kardoorie Hill, Kowloon


PACIFIC NOMINEES: Members to Meet on July 25
--------------------------------------------
The members of Pacific Nominees Limited will have their final
general meeting on July 25, 2008, at 1902 MassMutual Tower, 38
Gloucester 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:

         Ngan Lin Chun Esther
         1902 MassMutual Tower
         38 Gloucester Road, Wanchai
         Hong Kong


PAUL BENNET: Commences Liquidation Proceedings
----------------------------------------------
Paul Bennet (H.K.) Limited's members agreed on June 13, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Raineier Hok Chung and John James Toohey to facilitate
the sale of its assets.

The liquidators can be reached at:

          Raineier Hok Chung
          John James Toohey
          Prince's Building, 22nd Floor
          Central, Hong Kong


SINCO TRADE: Creditors' Proofs of Debt Due on July 25
-----------------------------------------------------
The creditors of Sinco Trade Limited are required to file their
proofs of debt by July 25, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 13, 2008.

The company's liquidator is:

         Kong Chi How, Johnson
         Wing On Centre, 25th Floor
         No. 111 Connaught Road, Central
         Hong Kong


TUXHOUSE HOLDINGS: Creditors' Proofs of Debt Due on July 21
-----------------------------------------------------------
The creditors of Tuxhouse Holdings Limited are required to file
their proofs of debt by July 21, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 10, 2008.

The company's liquidators is:

         Nathalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three pacific Place
         1 Queen's Road East, Hong Kong



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

BROADCAST INITIATIVES: Board Meeting Scheduled Today
----------------------------------------------------
Broadcast Initiatives Ltd's Board of Directors scheduled a
meeting today June 24, 2008, inter alia, to consider the options
for raising funds by way of issue of equity shares/equity share
warrants convertible into equity shares or any other financial
instruments which would be converted into or exchanged with
equity shares at a later date, to individuals/corporate bodies
under the provisions of the Companies Act, 1956 and SEBI
(Disclosure and Investor Protection) Guidelines, 2000.

Headquartered in Mumbai, India, Broadcast Initiatives Limited
(BOM:532816) -- http://www.liveindia.tv/-- fka Sri Adhikari
Brothers News & Television Network Limited, is a media firm.
The company owns the Hindi language television news channel
Janmat, which was launched on April 30, 2006.  The company is a
group company of Sri Adhikari Brothers Television Network
Limited.

                          *     *     *

For the quarter ended Dec. 31, 2007, the company incurred a net
loss of Rs.111.17 million on net sales of Rs.35.62 million.  For
the quarter ended Sept. 30, 2007, the company incurred a net
loss of Rs.75.20 million on net sales of Rs.29.16 million.  For
the quarter ended June 30, 2007, the company incurred a net loss
of Rs.33.52 million on net sales of Rs.35.72 million.  For the
year ended March 31, 2007, the company incurred a net loss of
Rs.121.30 million on net sales of Rs.134.58 million.


DHANWANTI INVESTMENT: RBI Cancels Certificate of Registration
-------------------------------------------------------------
The Reserve Bank of India cancelled the certificate of
registration granted to Dhanwanti Investment 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,
Dhanwanti Invetment 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.

Dhanwanti Investment Limited's registered office is at 17/104,
Rayaji Street in Nellore.


GANESH BENZOPLAST: Board Meeting Moved Earlier to June 28
---------------------------------------------------------
Ganesh Benzoplast Limited disclosed in a regulatory filing that
due to pre-occupancy of its directors, the Board meeting will be
held on "June 28, 2008" instead of "June 30, 2008" to consider
the audited financial results of the company for the year ended
March 31, 2008.

At the meeting, the Board will also consider appointment of an
independent director.

In March, Shri. Gyan Chordia resigned as director of the
company.
A Board meeting was scheduled on April 10, 2008, to consider and
approve the resignation of Shri. Gyan Chordia from the Board.

Ganesh Benzoplast Limited -- http://www.ganeshgroup.com/-- is
engaged in food, pharmaceuticals, Lubricants, paint, rubber and
plastic industries.

                          *     *     *

Ganesh Benzoplast Limited incurred four consecutive annual net
losses.  For the year ended March 31, 2007, the company incurred
a net loss of Rs.237.98 million on net sales of Rs.453.65
million.  For the year ended March 31, 2006, the company
incurred a net loss of Rs.813.18 million on net sales of
Rs.407.95 million.
For the year ended March 31, 2005, the company incurred a net
loss of Rs.1143 million on net sales of Rs.289.48 million.  For
the year ended March 31, 2004, the company incurred a net loss
of Rs.1365.99 million on net sales of Rs.292.77 million.


GANGOTRI IRON & STEEL: Tax Probe Delays Annual Report Filing
------------------------------------------------------------
Gangotri Iron & Steel Company Ltd disclosed in a regulatory
filing that
a survey u/s 133A of the Income Tax Act, 1961 was conducted in
the company's office premises at Patna and Kolkata on June 11,
2008 by the Income Tax Department.

According to Gangotri, the department seized/impounded several
books of accounts, documents, registers and computer hard discs
of the company and the matter is still under investigation.

The company said it is yet to be provided copies of the
documents and records impounded by the IT department.

Consequently, the company said it is unable to present the
audited accounts for the year ended March 31, 2008 before the
board of directors by June 30, 2008.  Hence the company is
unable to publish the audited financial results within the due
date. The company said it is taking necessary steps to publish
the financial results as early as possible.

Gangotri Iron & Steel Co. Ltd. (GISC:BSE), fka Esskayjay Ispat
Ltd., manufactures and distributes steel products.  The company
was founded in 1992 and is based in Patna, Bihar.


HMT LIMITED: HMT Machine's Rehabilitation Scheme Sanctioned
-----------------------------------------------------------
The Rehabilitation Scheme of HMT Machine Tools Ltd, a wholly
owned subsidiary of HMT Ltd, was sanctioned for immediate
implementation by the Board for Industrial and Financial
Reconstruction vide Order dated June 13, 2008.

The Rehabilitation Scheme is based on the Revival Plan of HMT
Machine Tools Ltd approved by the Government of India during
March 2007 envisaging funds Infusion in the form of Equity and
Preference Shares Conversion of Government of India Loans into
Equity and waiver of Interest on Government of India Loan.

The Rehabilitation Scheme also envisages various concessions and
relief's from various stakeholders like Banks, Creditors,
Investors, statutory authorities etc. apart from the Merger of
Praga Tools Ltd, Hyderabad, another Subsidiary of HMT Ltd, with
HMT Ltd effective April 1, 2007.

Headquartered in Bangalore, India, HMT Limited --
http://www.hmtindia.com/--  manufactures and sells tractors and
food processing machines.  The company is also involved in the
manufacture of watches, printing machinery, metal forming
presses, die casting and plastic processing machinery, computer
numerically controlled (CNC) systems and bearings.  The
company’s subsidiaries include: HMT Machine Tools Limited, HMT
Watches Limited, HMT-CHINAR Watches Limited, HMT (International)
Limited, HMT Bearings Limited and Praga Tools Limited. HMT
Limited also has a joint venture with SUDMO-HMT Process
Engineers (India) Limited.

HMT Limited incurred five consecutive quarterly losses.

       Quarter Ended      Net Loss
       -------------      --------
         31-Dec-07   Rs.157.50 million
         30-Sep-07   Rs.32.40 million
         30-Jun-07   Rs.109.10 million
         31-Mar-07   Rs.163.5 million
         31-Dec-06        Rs.44.90 million


LA-MERE APPARELS: Major Assets Up for Sale or Lease
---------------------------------------------------
La-Mere Apparels Ltd's Board of Directors, at a meeting held
June 21, 2008, approved the sale, lease or disposal of the
company's plant, machinery, land and building.

At the meeting, the Board also agreed to shift the registered
office of the company from 84, Village Khoda, Ta. Sanand,
Ahmedabad to 702, Silicon Tower, Near Samartheshwar Mahadev
Temple, Law Garden, Ahmedabad.

                         Reduction Order

On January 22, 2008, La-Mere Apparels said it received an order
from the Honourable Gujarat High Court at Ahmedabad approving
the scheme of reduction of share capital. The scheme of
reduction was effected by a special resolution passed in the
company's annual general meeting held on August 25, 2007.

The paid up share capital of the company as a result of
reduction was expected to be reduced from Rs 19,99,83,000/- to
Rs 4,99,95,750/- which reduction will be effected by canceling
the capital to the extent of Rs 7.50 per equity share i.e. Rs
14,99,87,250/- in respect of 1,99,98,300 fully paid up equity
shares of Rs 10/- each and by reducing the nominal amount of all
the shares in the Company's capital from Rs 10/- each to Rs 2.50
per equity share.

After the reduction being effected, the resulting 1,99,98,300
fully paid up equity shares of Rs 2.5 each will be consolidated
into 49,99,575 Equity Shares of Rs 10/- each fully paid up by
issue of one new share of Rs 10/- each against 4 shares of Rs
2.5 each.

In March, La-Mere Apparels' Board allotted 49,99,575 equity
shares to its eligible shareholders pursuant to the scheme of
reduction of the shares.

                    About La-Mere Apparels Ltd

La Mere Apparels Ltd. -- http://www.la-mere.com/-- is engaged
in readymade garments industry.  The company has a fully owned
subsidiary in the name of Sanblue enterprises Pvt. Ltd, engaged
in development and promotion of an exclusive Information based
portal for the global Garment & Textile industry
www.fibre2fashion.com.

                          *     *     *

For the year ended March 31, 2008, the company incurred a net
loss of Rs.0.04 million on net sales of Rs.0.86 million.  For
the year ended March 31, 2007, the company reported a net profit
of Rs.0.02 million on net sales of Rs.10.65 million. For the
year ended March 31, 2006, the company zero profit on net sales
of Rs.17.80 million.  For the year ended March 31, 2005, the
company incurred a net loss of Rs.0.11 million on net sales of
Rs.11.38 million.


MAITHRI FINANCIAL: RBI Cancels Certificate of Registration
----------------------------------------------------------
The Reserve Bank of India cancelled the certificate of
registration granted to Maithri Financial Services Limited for
carrying on the business of a non-banking financial institution.

Following cancellation of the registration certificate, Maithri
Financial Services Limited, cannot transact the business of a
non-banking financial institution.

By the powers conferred under 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.

Maithri Financial Services Limited's registered office is at
H.No.6-3-661/6, Plot No.12, Sangeeth Nagar, Somajiguda, in
Hyderabad.


NARAYANA CAPITALS: RBI Cancels Certificate of Registration
----------------------------------------------------------
The Reserve Bank of India cancelled the certificate of
registration granted to Narayana Capitals Limited for carrying
on the business of a non-banking financial institution.

Following cancellation of the registration certificate, Narayana
Capitals Limited, cannot transact the business of a non-banking
financial institution.

By the powers conferred under 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.

Narayana Capitals Limited's registered office is at 8-3-677/15,
S.K.D. Nagar, Srinagar Colony, in Hyderabad.


TATA POWER: Earns Rs8699.00 Mil. In Year Ended March 31, 2008
-------------------------------------------------------------
Tata Power Company Ltd posted a net profit after tax of
Rs 8699.00 million for the year ended March 31, 2008 as compared
to Rs 6968.00 million for the year ended March 31, 2007.  Total
income has increased from Rs 50593.10 million for the year ended
March 31, 2007 to Rs 63817.50 million for the year ended
March 31, 2008.

On a consolidated basis, the Group has posted a net profit after
statutory appropriations of Rs 9964.80 million for the year
ended March 31, 2008 as compared to Rs 7367.80 million for the
year ended March 31, 2007.  Total Income increased from
Rs 67427.10 million for the year ended March 31, 2007 to
Rs 113695.10 million for the year ended March 31, 2008.

Commenting on the results, Mr. Prasad Menon, Tata Power Managing
Director said: “The company continues to consolidate its growth
plans through capacity expansion and has achieved significant
milestones this fiscal by completing financing of its two key
projects under implementation -- 4000 MW Mundra project and
1050 MW Maithon project and synchronization of its first unit at
Haldia power plant.  On an encouraging note, all our units are
running at high plant load factor leading to higher generation
and profitability as a result of our continued focus on
optimizing operational efficiencies.  It is our endeavour to
continue to perform on a sustained basis through robust
performance and cost-focus and by setting industry benchmarks
through enhanced efficiency.”

                    Board Recommends Dividend

Tata Power's Board of Directors, at its meeting held on June 23,
2008, inter alia, recommended a dividend at 105% (Rs 10.50 per
share) to the shareholders for the year ended March 31, 2008.

The Company's Register of Members & Share Transfer Books will
remain closed from August 21, 2008 to September 10, 2008 for the
purpose of payment of dividend and annual general meeting of the
company to be held on September 10, 2008.

                  About Tata Power Company Ltd

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds have been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.



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

GARUDA INDONESIA: Inks Cooperation Pact With Singapore Airlines
---------------------------------------------------------------
PT Garuda Indonesia has carried out a cooperation agreement with
Singapore Airlines for flight operations and ticket sales to
lure more foreign tourists flying to Bali through Singapore,
Antara News reports.

"In the first stages of the cooperation with Singapore Airlines,
flights cover the Bali-Singapore route vice versa once a day
starting on August 1, 2008," Emirsyah Satar, Garuda CEO was
quoted by the Antara News as saying.

Mr. Satar also told Antara News that under the special prorate
agreeement, Garuda can sell its tickets to several parts of
world through Singapore Airlines.

Under the agreement, the company sets its load factor at an
average of 80 percent, the news agency relates citing Mr. Satar
as saying.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 18,
2008, that PT Garuda Indonesia is slated to complete the
restructuring of its US$800 million debts, including US$500
million to the European Credit Agency, in the first semester of
this year.  As part of efforts to boost efficiency, since
Jan. 15, Garuda had halted the operation of its budget-carrier
Citilink pending a reorganization of the division.

The TCR-AP reported on Sept. 6, 2007, that Garuda was saddled
with a debt of around US$750 million of which US$475 million was
owed to the European Credit Agency.  The airline was affected by
plunging arrivals on the resort island of Bali, where tourists
have been killed in bomb attacks in 2002 and 2005.  It also
suffered from soaring global oil prices, a weakening of the
Indonesian rupiah and rising interest rates.


* INDONESIA: Can Save IDR200 Tril. in Next 2 Yrs., Says VP Kalla
----------------------------------------------------------------
Indonesia might be able to save its budget up to IDR200 trillion
in the coming two years as there is an increase use of coals as
fuel to fire power plant, IOGNews reports citing Vice President
Jusuf Kalla as saying during a regional leadership meeting.

According to the report, Mr. Kalla said the coal deposits in the
country had the potentials to produce power and to develop PLTUs
as one of the relatively cheap energy sources.

"The development of PLTUs continue to increase in the country
from time to time so that it is not impossible for the country
to save a huge amount of its budget and spendings," Mr. Kalla
was quoted by the IOGNews as saying.



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

FORD MOTOR: Moody's Affirms 'B3' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed the B3 Corporate Family
Rating and Probability of Default Rating of Ford Motor Company,
but changed the rating outlook to negative from stable.  The
company's Speculative Grade Liquidity rating remains SGL-1.  The
rating outlook for Ford Credit has also been changed to negative
from stable, reflecting parent level concerns and deteriorating
asset quality.  The negative outlook for Ford reflects the
increasingly challenging environment faced by its and the other
domestic auto manufacturers as the outlook for US vehicle demand
falls, and as high fuel costs drive US consumers away from light
trucks and SUVs and toward more fuel efficient vehicles.  As a
result of these eroding market fundamentals Ford announced that:

1) its automotive performance for 2008, will be worse than that
   of 2007, in which it had a pre-tax loss of US$1.8 billion
   excluding Jaguar and Land Rover, and special items;

2) Ford Credit will incur a pre-tax operating loss for 2008;

3) the company is unlikely to achieve break even performance
   during 2009; and

4) the two-year pace of automotive operating cash burn for 2008
   and 2009 will exceed the previously estimated level of US$12
   to US$14 billion.

The negative outlook for Ford Credit reflects the business and
ownership connections with Ford and the impact of declining used
vehicle values (in particular, trucks and SUVs) on the firm's
asset quality.  These declining used vehicle values are expected
to result in higher credit costs and additional depreciation
expense at Ford Credit, pressuring operating results. Ford
Credit expects to report a pre-tax loss in 2008, excluding any
potential payment related to Ford's profit maintenance
agreement.  Ford Credit is the beneficiary of a profit support
agreement from Ford, who has indicated that it will take no
distributions from Ford Credit during 2008, in contrast to
previous expectations.  This, in combination with Ford Credit's
committed borrowing facilities, cash flow from short-duration
assets, cash balances, and access to the secured debt markets,
should provide the firm adequate resources to meet short-term
demands on cash.

Ford's operational response to the US shift in consumer demand
includes: reducing production of trucks and SUVs while
increasing the production of cars and crossover vehicles;
extending further buyout offers to hourly workers in order to
reduce manned capacity; delaying the launch of the F-150 truck;
and, introducing many of its successful European small cars and
crossovers to the US market.  Despite the prudence of these
initiatives, the massive shift in the production and product
profile being contemplated by Ford is a complex, long-term
undertaking.  Consequently, the future pace and degree of
success of these initiatives remain highly uncertain.  An
additional area of uncertainty is the company's ability to build
a reasonable level of profitability for mid-size and small cars
in the US -- classes of vehicles that have historically
generated losses for Ford, and that have had to be priced at
significant discounts relative to comparably equipped vehicles
made by Japanese manufacturers.

Bruce Clark, senior vice president with Moody's said,
"Maintaining adequate liquidity will be one of the most critical
challenges Ford faces as it attempts to reshape its US product
profile and manufacturing base during the next two years."
Clark noted that, "Ford is going to burn a considerable amount
of cash until it adequately expands its fleet of fuel efficient
cars and convinces consumers that these vehicles offer
competitive value relative to Japanese product.  The pace of
cash consumption will also remain high until Ford begins to
harvest the health care cost savings of its new UAW contract in
2010."

At March 31, Ford had a sizable US$40.6 billion liquidity
position that consisted of US$28.7 billion in cash and $11.9
billion in availability under committed credit facilities. This
liquidity position was further enhanced by approximately $2.3
billion in proceeds from the sale of Land Rover and Jaguar.
During 2008 and 2009, Ford's key liquidity requirements will
include the following: operating losses and restructuring
expenditures that could exceed US$14 billion; ongoing minimum
levels of cash required to fund intra-month working capital
requirements that can approximate 5%-6% of revenues in the
automotive OEM sector; debt repayments of approximately US$1.5
billion; UAW-related VEBA contributions of US$2.8 billion;
pension contributions; over $4 billion in payments to Ford Motor
Credit Company that will bring Ford's subvention payment terms
with its finance operation more in line with industry norms; and
the possibility that the pace of cash outflow could increase
depending on delays in implementing the company's repositioning
efforts and further erosion in the demand characteristics in the
US market.

A key factor supporting Ford's B3 corporate family rating and
SGL-1 liquidity rating is the ample size of the company's
liquidity position relative to the cash requirements it will
likely face during the coming twelve months. However, Ford will
continue to face a sizable cash burn through 2009. Consequently
the current liquidity cushion will continue to narrow, and the
SGL-1 is unlikely to be sustainable absent any substantial
source of new liquidity.  Over the coming quarters, this
narrowing of Ford's liquidity position will likely contribute to
reductions in the Speculative Grade Liquidity rating and may
also contribute to a review for possible downgrade of the B3
long-term rating.  Moreover, any acceleration in the company's
pace of cash consumption would accelerate downward pressure on
both the SGL and long-term ratings.

                         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.


SANYO ELECTRIC: Free Oven Repairs Could Cost Company JPY1-2 Bil.
----------------------------------------------------------------
Sanyo Electric Co. will offer free repairs of more than 880,000
microwave ovens sold in Japan because of a possible wiring flaw
that might cause a fire, The Herald Tribune reports.

The repairs, the report relates, could cost the company JPY1
billion to JPY2 billion (US$9.3 million to US$18.5 million).

According to the report, the repairs involve 31 models of
microwave and electric ovens manufactured between June 2000 and
September 2007.  The problem, which involves a faulty electrical
contact in the power cord, could lead to overheating, and in the
worst case cause a fire, the report notes.

Sanyo Electric spokesman Ryo Hagiwara told the news agency that
the company has been informed of three cases of fires earlier
this year, all involving models manufactured in 2003.

                    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.



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

IDAMAN UNGGUL: Terminates Proposed 51% Stake Sale in Anscan
-----------------------------------------------------------
Idaman Unggul Bhd has aborted its proposed sale of a 51% stake
in Anscan International Ltd, which has a concession agreement to
develop a hydroelectric project in Laos, to O’Keeffe, which was
first proposed in 2004 for MYR7 million, the Edge Daily reports.

According to the report, the company did not state the reason
for the termination of the agreement but will explore, together
with other Anscan shareholder, Encrown International Ltd, for
other available options ahead.

                       About Idaman Unggul

Idaman Unggul Berhad is an investment holding company, whose
principal activity is the provision of corporate, administrative
and management support to its subsidiaries.  The company
operates in two segments: insurance, which includes underwriting
of life insurance and all classes of general insurance business,
and other, which includes investment holding.  Idaman Unggul's
subsidiaries include Tahan Insurance Malaysia Berhad, F.T. Land
Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution Sdn. Bhd. and
Straight Effort Sdn. Bhd.  On July 12, 2006, the company
disposed Advanced Electronics (M) Sdn. Bhd. to Elevale Temasek
Sdn. Bhd.  On July 3, 2006, Tahan Insurance Malaysia Berhad
disposed of its Life Insurance Business to AXA Affin Life
Insurance Berhad. Waikiki Beach Hotel Sdn. Bhd., a wholly owned
subsidiary of Idaman Unggul, was also divested as part of the
Life Insurance Business disposal.  On January 17, 2007, the
company disposed IUB Asset Management Sdn Bhd to Capital
Intelligence Holdings Sdn Bhd.

                          *     *     *

As reported by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company was classified as an Affected
Listed Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' fund has dropped to MYR41.204 million
which is lower than the 25% of the paid-up share capital and
minimum issued and paid up capital of MYR60 milion required
under the Listing Requirements.


PECD BHD: Wind-Up Petition Hearing Against Unit Fixed on Aug. 19
----------------------------------------------------------------
The High Court of Shah Alam will hear on August 19, 2008, the
wind-up petition served by Sime Darby Offshore Engineering Sdn
Bhd against PECD Construction Sdn Bhd, a subsidiary of PECD
Berhad

The winding up petition was presented on April 10, 2008.  Sime
Darby claimed for a sum MYR7,574,126.65 together with a
continuing interest at 8% per annum on the sum of
MYR5,243,079.87 from April 9, 2008, till the full realization.

          Circumstances Leading to the Petition Filing

      i)Sime Darby brought a claim against PECD Construction,
        vide Shah Alam High Court for MYR5,743,079.87 pertaining
        to alleged breaches on several letters of award for
        various sub- contract works under the Engineering,
        Procurement, Construction and Commissioning of the
        Marine Terminal Facilities for the Melut Basin Oil
        Development Project ,Sudan;

    ii) Sime Darby had obtained a judgment pursuant to a summary
        judgment application before the Senior Assistant
        Registrar on July 24, 2007;

   iii) PECD Construction filed an Appeal to the Judge in
        Chambers on July 30, 2007, against the said judgment and
        the hearing for the Appeal is currently fixed on
        November 12, 2008;

    iv) PECD Construction received a Notice pursuant to Section
        218 (2) (a) of the Companies Act, 1965 on March 4, 2008
        from Sime Darby’s solicitors, Syarikat K.L Rekhraj
        demanding payment; and

     v) The petition was presented when payments were not made.

PECD and its subsidiary had obtained a restraining order from
the court on May 9, 2008, to stay all further proceedings in any
action or proceeding, suits, winding-up, execution and
arbitration proceedings as well as any intended or future
proceedings against them for a period of 60 days.

                        About PECD Berhad

PECD Berhad is engaged in investment holding and provision of
management services.  The company operates in four business
segments: construction, EPCC oil and gas, property development
and others.  Its wholly owned subsidiaries include Peremba
Construction Sdn. Bhd., which is engaged in general construction
and investment holding and Wong Heng Engineering Sdn. Bhd.,
which is engaged in investment holding and engineering,
procurement, construction and commissioning emphasizing in the
oil and gas, as well as the power sectors.  PECD Berhad's 70%-
owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is
engaged in property development, construction and investment
holding.

                          *     *     *

Malaysian Rating Corp. Bhd downgraded PECD Berhad's
MYR200-million serial fixed rate bonds to BB+ from BBB-.
The rating outlook remains negative.

The downgrade reflects the major operational and strategic
challenges currently faced by PECD as well as continued
deterioration in its credit metrics, and recognizes the
increased execution challenges confronting management as it
pursues its turnaround strategy.

The Troubled Company Reporter-Asia Pacific reported on
March 7, 2008, that the company was classified as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' equity deficit reached MYR914.9 million
as at December 31, 2007.


PAN MALAYSIAN: Tan Sri Dato’ Mohd Resigns as Director
-----------------------------------------------------
On June 20, 2008, Tan Sri Dato’ Mohd Ibrahim bin Mohd Zain
tendered his resignation as the director of Pan Malaysian
Industries Berhad.

Pan Malaysian Industries Berhad is an investment holding
company.  The Company operates through two business segments:
Retailing and Property and investment holding.

The company is an Affected Listed Issuer pursuant to PN17 of the
Boursa Malaysia as it has a deficit in its unaudited adjusted
shareholders' equity on a consolidated basis of MYR17.55 million
as of December 31, 2005, computed on the basis stated in PN17.
The said deficit in the company's unaudited shareholders' equity
on a consolidated basis was mainly due to the net loss of the
PMI Group of MYR163.13 million for the unaudited nine month
financial period ended December 31, 2005 due mainly to the
sharing of losses of associated companies which comprised
substantially of impairment losses.

Pan Malaysian Industries Bhd's balance sheet as of
June 30, 2007, went upside down by MYR29.1 million on total
assets of MYR643.76 million and total liabilities of MYR672.85
million.


RANHILL BERHAD: Completes Rationalization Exercise
--------------------------------------------------
Ranhill Berhad has completed a rationalization exercise to
re-strategize its oil and gas business in Indonesia with a view
to downstream engineering activities and investment in proven
and producing oil and gas assets, so that risks will be
mitigated and cash commitments will be reduced on its
exploration activities.

In line with this, the wholly-owned subsidiary, Ranhill Energy
Sdn Bhd through its subsidiary, West Java Energy Pte Ltd has
entered into an agreement with Pan Orient Energy Holdings Ltd to
dispose of the entire equity in Bumi Parahyangan Ranhill Energi
Citarum Pte Ltd, which holds 60% participating interest in the
Citarum PSC.

              Details of Bumi Parahyangan Disposal

Bumi Parahyangan was incorporated in Singapore on January 20,
2006, to be the operating company for the Citarum PSC in
Indonesia, with an issued and paid up share capital of
USD250,000 of which the equity holders were:

   * West Java – 60%
   * Bumi Parahyangan Energi - 20%
   * Mitra Energi Citarum Pte Ltd – 20%

Bumi Parahyangan's Disposal involves:

   (a) a Conditional Share Sale Purchase Agreement for the
       disposal of West Java’s entire equity interests in Bumi
       Parahyangan for a sale consideration of USD6.5 million
       cash and an equivalent of USD3 million in shares of Pan
       Orient Energy Corporation, a company listed on the
       Toronto-Venture Stock Exchange, and transfer of 9% of
       Bumi Parahyangan’s participating interest in the Citarum
       PSC to Pan Orient.  Ranhill, in its capacity as the
       ultimate holding company, is acting as the Guarantor to
       guarantee the performance of all covenants given by West
       Java  as the vendor;

   (b) An Agreement entered for the restructuring of Bumi
       Parahyangan whereby Ranhill Energy or its nominee will
       hold 72.72% equity in Bumi Parahyangan;

   (c) West Java and PT Bumi Parahyangan entered into a
       subscription of shares in Bumi Parahyangan, in which West
       Java will subscribe for 7,272 shares in Bumi Parahyangan
       for a consideration of SGD1.00 each, the result of which
       West Java shall hold 72.72% equity in Bumi Parahyangan;
       and

   (d) It is a condition of the Citarum SPA that Pan Orient
       enters into a Carried Interest Agreement with Bumi
       Parahyangan in which Pan Orient shall carry Bumi
       Parahyangan’s 11% participating interest until commercial
       production.

            Rationale for Bumi Parahyangan's Disposal

The revised strategy is taken in view of the very high cost
commitments of exploration.  The disposal of the subsidiaries in
Indonesia which holds the oil blocks reduces the Group’s cash
commitments to exploration thereby reducing the risks to
exploration activities.

Since exploration activities have already commenced on the
Citarum PSC, the company's interests are reduced to the extent
that the Group is still involved in exploration activities but
are carried by POA until commercial production.  There is
further upside potential by partnering with POE which is an
established and leading oil and gas producer.

Notwithstanding the disposal of subsidiaries in Indonesia, the
Group will continue to retain a minority participating interest
in the oil blocks which will be carried by POE until commercial
production, hence freeing up the Group’s cash commitments and
improving liquidity.  With the completion of the rationalization
exercise, the Group’s participating interests in the Indonesian
oil blocks will be:

   * Citarum PSC – 8%;
   * Jambi Batu Gajah PSC – 7%; and
   * Pamai Taluk – 7%

                      About Ranhill Berhad

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.



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

ABC 62 LIMITED: Creditors' Proofs of Claim Due on June 30
---------------------------------------------------------
Creditors of ABC 62 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.

Kevin D. Newson, chartered accountant of Wellington, is the
appointed liquidator of ABC 62.

The Liquidator can be reached at:

          PO Box 15130
          Wellington
          Telephone/Facsimile: (04) 973 9991


AMUR PROPERTIES: Peter John Brannigan Appointed as Liquidator
-------------------------------------------------------------
By way of special resolution pursuant to section 241(2)(a) of
the Companies Act 1993, Peter John Brannigan, chartered
accountant of Auckland, was appointed liquidator of Amur
Properties and Construction Limited on May 28, 2008.

The Office of the Liquidator is at 20 Heritage Drive, in St
Heliers, Auckland.


BAY CHASSIS: Creditors' Proofs of Claim Due on July 2
-----------------------------------------------------
Creditors of Bay Chassis Works Limited have until July 2, 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


BISHOP-EVANS PRINT: Creditors' Proofs of Claim Due July 2
---------------------------------------------------------
Creditors of Bishop-Evans Print Limited have until July 2, 2008,
to make their claims and to establish any priority their claims
may have under section 312 of the Companies Act 1993.

Gareth Russel Hoole and Kevin David Pitfield are the appointed
liquidators pursuant of the company.

The Liquidators can be reached at:

          Staples Rodway Limited, Chartered Accountants
          PO Box 3899, Auckland
          Telephone: (09) 309 0463


CITILAND LTD: Court Sets July 25 Liquidation Hearing
----------------------------------------------------
The High Court at Auckland scheduled a hearing at 10:45 a.m. on
July 25, 2008, to consider an application putting Citiland
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 2, 2008, by Commercial Factors
Limited.

The plaintiff can be reached at:

          Ellis Law, Level 6,
          43 High Street, Auckland

B.R. Ellis is the plaintiff’s solicitor.


CUSTOMS TRUSTEE: Commences Liquidation Proceedings
--------------------------------------------------
Pursuant to Section 255(2) of the Companies Act 1993,
John Michael Gilbert was appointed liquidator of
Customs Trustee Limited on May 26, 2008.

The liquidator fixed June 23, 2008, as the last day for
creditors of the company to make their claims.

The Liquidator can be reached at:

          C & C Strategic Limited
          Private Bag 47927
          Ponsonby, Auckland
          Telephone: (09) 376 7506
          Facsimile: (09) 376 6441


DAAWAT (JOHNSONVILLE): Commences Liquidation Proceedings
--------------------------------------------------------
The High Court at Wellington held a hearing on June 16, 2008,
to consider an application putting Daawat (Johnsonville) Limited
into liquidation.

The application was filed on May 8, 2008, by the Commissioner of
Inland Revenue.

The plaintiff can be reached at:

          Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          (PO Box 1462), Wellington
          Telephone: (04) 890 3203
          Facsimile: (04) 890 0009

Amy Jean York is the plaintiff’s solicitor.


SIX INVESTMENTS: Last Day to File Claims is on June 27
------------------------------------------------------
Creditors of Six Investments Limited have until June 27, 2008,
to make their claims and to establish any priority their claims
may have under section 312.

Anthony Charles Harris, insolvency practitioner of Tauranga, is
the appointed liquidator of the company.

The Liquidator can be reached at:

          Harris Neil and Associates Limited
          PO Box 14216, Tauranga
          Telephone: (07) 571 6384


THE APPAREL INDEX: Proofs of Claim Due on August 23
---------------------------------------------------
Creditors of Wayne Blake Builders Limited, White Water Services
Limited and The Apparel Index Limited have until August 23,
2008, to make their claims and to establish any priority their
claims may have under section 312 of the Act.

Vivian Judith Fatupaito, insolvency practitioner, and Colin
Thomas McCloy, chartered accountant, both of Auckland, are the
appointed liquidators of the companies.

The Liquidator can be reached at:

          PricewaterhouseCoopers
          188 Quay Street
          Private Bag 92162, Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013



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

PICOP RESOURCES: LandBank Wants Court Nod Over Temporary Control
----------------------------------------------------------------
The Land Bank of the Philippines has sought a court approval to
temporarily take majority control of Picop Resources Corp. ,
Philippine Daily Inquirer reports citing a well-informed banking
source.

The source told the news agency that the proposed ownership
would be temporary after the conversion of some of the company’s
debts into equity.

The report adds that Land bank is willing to sell to a white
knight willing to infuse equity into Picop to revive its
business.

As reported by the Troubled Company Reporter-Asia Pacific on
June 17, 2008, Picop was subject to Land Bank's corporate
rehabilitation petition when together with its unit, New Paper
Industries Corp., failed to pay over Php1 billion in debt.

Land Bank was able to secure a stay order from the court
preventing the dissipation of Picop’s assets.  The hearing is
set on July 16, the news agency says citing its source.

                    About PICOP Resources Inc.

PICOP Resources Inc. was incorporated in 1952 as Bislig
Industries Inc.  It was renamed Paper Industries Corporation of
the Philippines in 1963 and to Picop Resources, Inc. in 1994.
The company was privatized in March 1994 through a public
bidding that covered 183.1 million shares representing 90% of
the government's stakes.  Since 1994, control of the company
changed hands three more times.  At present, the company is
under the control of TP Holdings, Inc.

The company has two wholly owned subsidiaries, namely New Paper
Industries Corporation and Hinatuan Forest Plantations, Inc.
The financial reports of these subsidiaries are consolidated
with the financial report of the parent company Picop Resources,
Inc.  NPIC was incorporated in the Philippines to buy and sell
pulp, paper, and paper boards of every kind and description, and
the supplies used in the manufacture of thereof.  In 2003, the
parent company and NPIC entered into a Deed of Exchange whereby
the parent company will transfer and unto NPIC all titles,
rights and interests to certain assets and equipment as payment
for the parent company's subscription to the latter's shares of
stock.  This resulted to parent company gaining control of NPIC
by owning 99% of the total voting stocks effective upon issuance
of the shares of stock.  Hinatuan, on the other hand, was formed
to engage in the production of plywood material sourced from its
plantation.  Hinatuan temporarily suspended operations in
January 1997 and management is currently evaluating the status
and prospects of the company.

                          *     *     *

PICOP Resources Inc. posted a net loss of PHP1.72 billion for
the year ending December 31, 2007, against PHP31.385 million
net loss for the year ending December 31, 2006.  For the years
ending 2005 and 2004, the company also incurred
PHP366.574 million and PHP237.609 million net losses,
respectively.


* PHILIPPINES: Delay in Balanced Budget Won’t Affect Ratings
------------------------------------------------------------
The Philippine Star has cited Bangko Sentral ng Pilipinas
Governor, Amando M. Tetangco Jr. as saying that the country’s
credit ratings are not likely to be affected by the government’s
decision to delay balancing its budget or the downscaling of
certain macro-economic projections.

Mr. Tetangco told the news agency that feedback from credit
rating agencies indicated no adverse reaction to the latest
developments in macroeconomics and fiscal performance of the
Arroyo administration.

“Just last week, Moody’s reiterated that the positive outlook on
our ratings has already factored the slight deviation from the
fiscal target,” the news agency quotes Mr. Tetangco as saying.

According to the report, the country is still rated below
investment-grade by all but Moody’s, which has upgraded the
outlook from “negative” to “stable” and finally to “positive”.

“Right now, we have the most stable macro fundamentals we have
had in the past two to three decades”, Mr. Tetangco was quoted
by the news agency as saying.

The Philippine Star relates that Mr. Tetangco said the Bangko
Sentral ng Pilipinas (BSP) continued to see indications of
sustained growth in specific economic sectors such as mining and
business process outsourcing.

Mr. Tetangco said that the only serious risks to the growth
momentum are the expected slowdown in the global economy and the
rapid rise in the prices of oil in the world market, the news
agency notes.



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

AVAGO TECH: Moody's Upgrades Corporate Family Rating to 'B1'
------------------------------------------------------------
Moody's Investors Service upgraded Avago Technologies Finance
Pte. Ltd.'s corporate family and long-term debt ratings.
Simultaneously, Moody's affirmed the company's SGL-1 speculative
grade liquidity rating.  The outlook remains positive.

These ratings were upgraded:

-- Corporate Family Rating to B1 from B2

-- Probability of Default Rating to B1 from B2

-- US$375 Million Senior Secured Revolving Credit Facility due
   2011 to Ba1 (LGD-1, 8%) from Ba2

-- US$453 Million Senior Unsecured Fixed and Floating Rate Notes
   due 2013 to B1 (LGD-4, 51%) from B2

-- US$250 Million Senior Unsecured Subordinated Notes due 2015
   to B3 (LGD-5, 89%) from Caa1

This rating was affirmed:

-- Speculative Grade Liquidity Rating -- SGL-1

The upgrade reflects Avago's continued improvement in market
position, operating profile and financial performance, despite
current weakness in the company's addressable end markets.  It
also considers good internal execution towards building a
sustainable business model with a low operating cost structure
since the November 2005 LBO and spin-off from Agilent
Technologies.

Prior uncertainty surrounding growth prospects in Avago's wired
infrastructure and industrial market segments has been
alleviated by the company's ability to demonstrate positive
quarter-over-quarter revenue growth versus negative growth
experienced by its addressable markets.  This, combined with the
company's solid growth in the wireless communications segment
compared to the market's contraction, helped to offset Avago's
under-performance in the consumer and computer peripherals
segment, which has been impacted by the weak macro-economic
environment and subsequent pullback in consumer discretionary
spending.  Moody's notes Avago's market share gains have been
fueled by targeted R&D investments that have enabled it to
develop products across multiple applications from the same core
technology, coupled with a significant increase in design wins.
Collectively, these activities are starting to deliver ROI
benefits as customers increasingly adopt Avago's leading-edge IC
technologies.

The upgrade also considers Avago's continued implementation of
cost reduction programs and expansion of its 'asset-lite'
strategy by outsourcing an increasing share of its manufacturing
needs to foundry partners, thus enabling it to efficiently
allocate more resources to R&D initiatives as labor and capex
costs subside.  Moody's expects the company to review further
opportunities to reduce its manufacturing footprint and
corporate infrastructure expense.  Additionally, the company has
successfully repositioned and strengthened its business profile
by selling non-core operations and entering new markets with
better growth prospects through strategic acquisitions.

Finally, the upgrade takes into account Avago's enhanced debt
protection measures and focus on financial leverage improvement
through EBITDA expansion, interest expense reduction and solid
free cash flow generation applied to debt reduction. Financial
leverage, as measured by debt to EBITDA (Moody's adjusted),
declined to 2.3x in the second quarter LTM period versus 3.1x at
fiscal year end 2007 (ended 10/31/07) and free cash flow to debt
(Moody's adjusted) advanced to 21% from 11%. Moreover, both
metrics also support the positive rating outlook given that the
ratios are nearly comparable to Ba3 rated industry peers.

The positive rating outlook reflects Moody's expectations that
Avago will continue to deliver gross and operating margin
expansion as a result of market share gains driven by increased
design win activity and product introductions, chiefly in
enterprise ASICs (wired infrastructure segment) and high-end
wireless communications (WCDMA), which should drive future
revenue growth and translate into higher gross profit dollars in
fiscal 2009/2010.  It also anticipates improvement in credit
protection measures over the next year as a result of ongoing
focus on cost reductions, enhanced EBITDA and de-leveraging via
debt repayment with free cash flow generation.

Factors that would contribute to a ratings upgrade include
continued market share gains, principally through organic
growth, and cost improvements resulting in sustained gross and
operating margins above 45% and 15% (non-GAAP), respectively,
consistent free cash flow generation at or above current levels,
prudent financial policies targeting balance sheet de-
leveraging, reduced working capital volatility and enhanced
liquidity.  The CFR factors Moody's continued expectations of a
conservative acquisition strategy in view of the company's
stated desire to use strategic acquisitions as a complementary
growth engine.  To date, all acquisitions have been relatively
small in size and funded with internal cash.

The SGL-1 rating reflects Avago's very good liquidity position.
Internal liquidity has strengthened owing to better working
capital management, solid levels of free cash flow generation
(US$160 million for the twelve months ended May 4, 2008) and
roughly US$83 million of balance sheet cash.  External liquidity
is bolstered by its US$375 million secured revolving credit
facility, which is currently drawn to US$17 million for bankers'
guarantees (letters of credit).  The company, which maintains a
US$200 million accordion feature on its credit facility, has
sufficient cushion under its bank covenants (maintenance and
incurrence tests) and is expected to remain covenant compliant
over the next twelve months.

                     About Avago Tech

Headquartered in San Jose, California with principal operations
in Singapore, Avago designs, develops, manufactures and sells a
broad array of semiconductor components for consumer and
commercial electronic applications.  Net revenues and EBITDA
(Moody's adjusted) for the twelve months ended May 4, 2008 (LTM)
were US$1.6 billion and US$332 million, respectively.


DEVELOPMENT MANAGEMENT: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Singapore on April 24, 2008, entered an order
to have Development Management Pte Ltd's operations wound up.

RAJ Bhisham Chotrani filed the against the company.

Development Management's liquidator is:

         Don Ho Mun-Tuke
         c/o M/s Don Ho & Associates
         20 Cecil Street
         #12-02/03 Equity Plaza
         Singapore 049705


MILLENNIUM-WESTMONT: Creditors' Proofs of Debt Due on July 4
------------------------------------------------------------
Millennium-Westmont Pte Ltd, which is in liquidation, requires
its creditors to file their proofs of debt by July 4, 2008, to
be included in the company's dividend distribution.

The company's liquidator is:

         Ong Yew Huat
         c/o One Raffles Quay
         North Tower, Level 18
         Singapore 048583


MP-BILT PTE: Creditors' Proofs of Debt Due on July 19
-----------------------------------------------------
MP-Bilt Pte Ltd requires its creditors to file their proofs of
debt by July 19, 2008, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 10, 2008.

The company's liquidators are:

         Steven Tan Chee Chuan
         Douglas Tan Kay Yeow
         25 International Business Park
         #04-22/26 German Centre
         Singapore 609916


PLANET FITNESS: Requires Creditors to File Claims by July 21
------------------------------------------------------------
The creditors of Planet Fitness Pilates Pte. Ltd. are required
to file their proofs of debt by July 21, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

         Catherine Lim Siok Ching
         Low Mei Mei Maureen
         c/o 18 Cross Street
         #07-02 Marsh & McLennan Centre
         Singapore 048423


STATS CHIPPAC: S&P Rates Proposed Sr. Unsecured Notes at 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue
rating to the proposed issue of medium-term benchmark-sized
senior unsecured notes by STATS ChipPAC Ltd.  (BB+/Stable/--).
This issue rating is subject to final documentation and
verification of details.

The proceeds from the bond issue should significantly contribute
to the company's capital-reduction exercise, which comprises:
(1) refinancing most existing debt; and (2) funding the
company's proposed distribution of about US$813 million in cash
to shareholders.

The proposed notes would rank legally as senior unsecured debt.
In calculating the company's secured debt, Standard & Poor's:
(1) capitalizes operating leases; (2) assumes full drawdown of
the company's proposed revolving credit facility of US$150
million; and (3) factors in the debt repayment schedule of the
proposed term loan.  In calculating the company's total asset
base, Standard & Poor's excludes goodwill and intangible assets
and includes our estimated capital expenditure of about US$200
million to US$300 million per year.

Standard & Poor's expects the company's ratio of secured debt to
total assets to be about 20% by the end of 2008. By the end of
2009, this ratio should decline to about 17% and further to
about 12.7% by the end of 2010.

Hence, STATS ChipPAC's ratio of secured debt to total assets is
likely to be below 15% on a sustainable basis.  Given the
current breach in this ratio, the company has limited ability to
take on additional secured debt in the short-to medium term
without affecting the issue rating on the proposed medium-term
senior unsecured bond issue.

                      About STATS ChipPAC Ltd.

Headquartered in Singapore, STATS ChipPAC Ltd. --
http://www.statschippac.com/en-US/s-- is a service provider of
semiconductor packaging design, bump, probe, assembly, test and
distribution solutions.  It provides a range of semiconductor
packaging and test solutions to a customer base servicing the
computing, communications, consumer, automotive and industrial
markets.  The company's services include packaging services,
test services and pre-production and post-production services.
The services offered by the company are customized to the needs
of its individual customers.  During the year ended Dec. 31,
2006, 73.8% of its net revenues were derived from packaging
services, and 26.2% were derived from test and other services.
In June 2006, STATS ChipPAC Ltd. entered into a strategic joint
venture with CR Logic for the assembly and test of select
products in Wuxi, China, in connection with which it acquired a
25% shareholding in Micro Assembly Technologies Limited with CR
Logic owning a 75% interest.



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

CMC MAGNETIC: To Raise Additional Capital of US$200 Million
-----------------------------------------------------------
CMC Magnetics Corporation will raise additional capital of
US$200 million from target investors,  Jimmy Hsu of Digi Times
News reports.

According to the report, the company recently approved its
respective fund-raising plans at their respective shareholders
meetings.

Company Chairman Robert Wong, the report notes, said the company
has a relatively conservative view about production of blank
Blu-ray Disc (BD) discs mainly because more than 20 companies
own BD-related patents and royalty charging schemes are not
certain yet.

                        About CMC Magnetics

CMC Magnetics Corporation, headquartered in Taiwan, is one of
the world's largest optical storage media manufacturers. The
company is listed on the Taiwan Stock Exchange.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
June 13, 2008, Moody's Investors Service changed the outlook
from stable to negative for both CMC Magnetics Corporation's
(CMC) B1 corporate family rating and its Ba2.tw national scale
issuer rating.  This  rating action reflects the current
difficult operating environment in the optical media storage
industry but also new business opportunities.



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

* BOND PRICING: For the Week June 17-June 23, 2008
--------------------------------------------------

   Issuer                      Coupon  Maturity  Currency  Price
   ------                      ------  --------  --------  -----

   AUSTRALIA &
   NEW ZEALAND
   -----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.72
A&R Whitcoulls Group           9.500%  12/15/10     NZD    13.00
Allco Hit Ltd                  9.000%  08/17/09     AUD    14.01
Antares Energy                10.000%  10/31/13     AUD     0.71
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    45.00
BBI Ntwrks NZ Limited          8.000%  11/30/12     NZD    22.50
Becton Property Group          9.500%  06/30/10     AUD     0.60
Bounty Industries Limited     10.000%  06/30/10     AUD     0.08
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    11.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.65
China Century                 12.000%  09/30/10     AUD     0.60
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.21
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.50
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     3.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.25
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    15.00
Infrastructure & Utilities     8.500%  09/15/13     NZD     9.60
Jem Warehouse                  3.000%  08/01/14     AUD    70.39
LongReach Group Limited       10.000%  10/31/08     AUD     0.34
Nylex Ltd.                    10.000%  12/08/09     AUD     1.72
Macquarie Comm                 2.500%  08/23/13     AUD    67.37
Metal Storm Ltd               10.000%  09/01/09     AUD     0.12
Minerals Corp                 10.500%  09/30/08     AUD     0.80
Publ & Broad Fin               6.280%  05/06/11     AUD     9.78
Record Funds Man              11.000%  09/01/10     AUD    46.65
Record Funds Man              11.500%  09/01/10     AUD    54.00
Speirs Group Ltd.             13.160%  06/30/49     NZD    55.00
South Canterbury              10.430%  12/15/12     NZD     0.99
TrustPower Ltd                 8.300%  12/15/08     NZD    10.50
TrustPower Ltd                 8.500%  09/15/12     NZD     8.80
TrustPower Ltd                 8.500%  03/15/14     NZD     9.10
Vero Insurance                 6.150%  09/07/25     AUD    74.43

   CHINA
   -----
China Govt Bond                4.860%  08/10/14    CNY      0.00
Cosco Shipping                 0.800%  01/28/14    CNY     73.60
GD Power Develop               1.000%  05/07/14    CNY     73.44
Kangmei Pharm                  0.800%  05/08/14    CNY     72.15
Tsingtao Brewery               0.800%  04/02/14    CNY     72.73

   INDIA
   -----
India Gov't                    6.010%  03/25/28    INR     74.27

   INDONESIA
   ---------
Indonesia Gov't                9.750%  05/15/37    IDR     70.60
Indonesia Gov't                9.500%  07/15/23    IDR     73.49


   JAPAN
   -----
Cent Japan Rail                1.310%  03/18/33     JPY    74.13
NIS Group                      2.730%  02/25/10     JPY    72.78
Osaka Perfecture               1.900%  08/29/14     JPY     1.81
Shinsei Bank Ltd.              5.625%  12/29/49     GBP    71.48
Japan Gov't                    1.100%  03/20/33     JPY    74.76
Urban Corp                     2.960%  12/21/09     JPY    73.17

   KOREA
   -----
Korea Dev. Bank                7.310%  11/08/21     KRW    46.16
Korea Dev. Bank                7.350%  10/27/21     KRW    48.26
Korea Dev. Bank                7.400%  11/02/21     KRW    46.21
Korea Dev. Bank                7.450%  10/31/21     KRW    46.23
Korea Dev. Bank                8.450%  12/15/26     KRW    70.76
Korea Elec Pwr                 7.950%  04/01/96     USD    67.66

   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.05
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.93
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.92
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/16/08     MYR     1.25
Cagamas Berhad                 3.610%  10/10/08     MYR     7.00
Eastern & Orient               8.000%  07/25/11     MYR     2.45
EG Industries Berhad           5.000%  06/16/10     MYR     0.32
Equine Capital                 3.000%  08/26/08     MYR     1.63
Greatpac Holdings              2.000%  12/11/08     MYR     0.29
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.36
Insas Berhad                   8.000%  04/19/09     MYR     0.46
Jimah Energy Ventures Sdn Bhd  8.200%  11/11/16     MYR    15.00
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.26
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.25
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.48
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.33
Lebuhraya Kajang               2.000%  06/12/19     MYR    67.75
Lebuhraya Kajang               2.000%  06/12/20     MYR    64.97
Lebuhraya Kajang               2.000%  06/12/21     MYR    62.27
Malaysian Gov't                4.053%  12/04/12     MYR    62.00
Media Prima Bhd                2.000%  07/18/08     MYR     1.29
Mithril Bhd                    3.000%  04/05/12     MYR     0.57
Mithril Bhd                    8.000%  04/05/09     MYR     0.11
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.35
Pelikan International          3.000%  04/08/10     MYR     1.60
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.09
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.78
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.13
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.73
Silver Bird Group              1.000%  02/15/09     MYR     0.56
Southern Steel                 5.500%  07/31/08     MYR     3.04
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.22
Tradewinds Corp.               2.000%  02/08/12     MYR     0.58
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.20
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.30
Wah Seong Corp.                3.000%  05/21/12     MYR     4.30
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.48
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.60

   SINGAPORE
   ---------

Sengkang Mall                  4.880%  11/20/12     SGD     1.00
Sengkang Mall                  8.000%  11/20/12     SGD     1.00

   SRI LANKA
   ---------
Sri Lanka Govt                7.500%  07/15/13    LKR      73.61
Sri Lanka Govt                7.500%  08/15/18     LKR     63.99
Sri Lanka Govt                6.850%  04/15/12     LKR     72.47
Sri Lanka Govt                6.850%  10/15/12     LKR     70.34
Sri Lanka Govt                8.500%  07/15/13     LKR     74.71
Sri Lanka Govt                8.500%  07/15/18     LKR     69.16
Sri Lanka Govt                8.500%  02/15/18     LKR     69.49
Sri Lanka Govt                7.500%  08/01/13     LKR     70.13
Sri Lanka Govt                7.500%  11/01/13     LKR     69.58
Sri Lanka Govt                7.000%  10/01/23     LKR     57.17

                         *********

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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