TCRAP_Public/080625.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

           Wednesday, June 25, 2008, Vol. 11, No. 125

                            Headlines

A U S T R A L I A

AGUILAR HOLDINGS: Placed Under Voluntary Liquidation
BELBORA PASTORAL: To Declare Dividend on June 27
CREATE SOLUTION: Commences Liquidation Proceedings
JAMES STEELE: Liquidator Gives Wind-Up Report
JAYVUE (QLD): Placed Under Voluntary Liquidation

L A T ENTERPRISES: Liquidator Presents Wind-Up Report
MCWILLIAM GROUP: Commences Liquidation Proceedings
MORE MONKEY: Placed Under Voluntary Liquidation
ROSS STEELE: Liquidator Presents Wind-Up Report
RUSSELL MURDOCH: Liquidator Presents Wind-Up Report

SHINE MA: Supreme Court Enters Wind-Up Order
WEITZ PTY : Placed Under Voluntary Liquidation
WORLDSPACE INC: Inks Amendment & Exchange Pact with Four Lenders
* AUSTRALIA: ASIC Unveils Areas of Focus in Financial Reporting


C H I N A

ASCALADE COMMUNICATIONS: Posts Default Status Statements
CHINA RECYCLING: Zhong Yi Expresses Going Concern Doubt
CHINA SOUTHERN: Seeks Regulatory OK to Raise Fuel Surcharges
CHINA SOUTHERN: Offers Flights Between Guangzhou & Kathmandu
CHINA SOUTHERN: Partners with China Air on Taiwan-China Flights

SHANGHAI PUDONG: Inks Energy-Saving Projects With IFC


H O N G  K O N G

BOKEN INVESTMENT: Commences Liquidation Proceedings
BUEHLER MOTOR: Commences Liquidation Proceedings
CATHAY TRADE: Liquidators Quit Post
GENTLEMAN GIVENCHY: Liquidators Quit Post
GOLD EAGLE: Commences Liquidation Proceedings

HENDERSON LAND: Commences Liquidation Proceedings
KENNEDY BURKHILL: Commences Liquidation Proceedings
POLYTRADE ASIA: Commences Liquidation Proceedings
RENOWN I.F.G.: Commences Liquidation Proceedings
TREASURE EAST: Creditors' Proofs of Debt Due on July 17


I N D I A

GENERAL MOTORS: 17,398 U.S. Hourly Workers Avail Attrition Plan
GENERAL MOTORS: Details Plant Production Schedule Adjustments
GENERAL MOTORS: S&P Places Corp. Credit Rating Under Neg Watch
GENERAL MOTORS: DBRS Places Ratings Under Negative Review
GILLANDERS ARBUTHNOT: June 30 Board Meeting Canceled

INDIAN CANE: CRISIL Rates Rs.1500 Million Term Loan at “BB+”
JAWAHAR SHETKARI: CRISIL Rates Bank Facilities at “B”
MAHARASHTRA POLYBUTENES: Board OKs Fractional Entitlements
SAMSONS DISTILLERIES: CRISIL Rates Rs.150 Mil. Credit at “BB+”
SHREE TATYASAHEB: CRISIL Rates Rs.2300.0 Mil. Credit at “BB+”

TATA POWER: Plans 10,000 MW Power Output Increase in 5 Years


I N D O N E S I A

INFOSIA TEK: Moody's Indonesia Downgrades Bond Ratings to B1.id
PERTAMINA (PERSERO): Inks Enhanced Oil Recovery Pact w/ Talisman


J A P A N

DAIWA SECURITIES: May Increase Stake in Saigon Securities to 10%
FORD MOTOR: Cuts Truck Production on Slow Demand
FORD MOTOR: S&P Places Corporate Credit Rating Under Neg Watch
FORD MOTOR: DBRS Reviews Ratings on Decline of Operations
SOFTBANK CORP: Receives JPY2.5BB Dividends From Yahoo Japan


M A L A Y S I A

LIQUA HEALTH: Incurs MYR939,000 in Quarter Ended March 31
* RAM: Developers to Face Challenges Amid Fuel-Price Hike
* RAM: Fuel Price Hikes – Low Impact on Consumer-Related Sectors


N E W  Z E A L A N D

AMADEUS RIVERBANK: Proofs of Claim Due July 28
BRIDGECORP LTD: Charges Against 2 Directors Up for Hearing
DAAWAT (LOWER HUTT): Placed Under Liquidation
DENNY'S CORPORATION: Discloses New Organizational Structure
DOMINION FINANCE: Needs Time to Work on Proposed Moratorium

FAR NORTH: Proofs of Claim Filing Deadline is Aug. 26
GLOBAL HOSPITALITY: Liquidation Hearing Slated for June 30
GUTTER KING: Creditors Can File Claims Until June 30
HAWKEYE NOMINEES: Placed Under Liquidation
NORTH CITY: Proofs of Claim Due June 26

SPENTA CONSULTANCY: Placed Under Liquidation
ST LAURENCE: Halts Lending Business to Avoid Loan Default
WEALAND INT'L: Liquidation Hearing Scheduled on July 25
ZURVAN INVESTMENTS: Placed Under Liquidation


P H I L I P P I N E S

* PHILIPPINES: IMF Forecasts Economic Growth at 5.2 Percent


S I N G A P O R E

KDLC LEASING: Creditors' Proofs of Debt Due on July 7
M-PRECISION CENTRE: Court to Hear Wind-Up Petition on July 4
STATS CHIPPAC: To Pursue US$365 Million Debt Financing Plan
STATS CHIPPAC: Moody's Assigns Ba1 Senior Unsecured Rating
TOOL MASTER: Wind-Up Petition Hearing Set for July 4

VISIONEX PTE: Creditors' Proofs of Debt Due on July 21


T A I W A N

AU OPTRONICS: Posts NT$44.3 Bil. Consolidated Revenue in May


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

AGUILAR HOLDINGS: Placed Under Voluntary Liquidation
----------------------------------------------------
Aguilar Holdings  Pty. Ltd.'s members agreed on March 28, 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


BELBORA PASTORAL: To Declare Dividend on June 27
------------------------------------------------
Belbora Pastoral Co Pty. Limited will declare dividend
on or before June 27, 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:

          R. W. Whitton
          Lawler Partners
          Chartered Accountants
          Level 9, 1 O'Connell Street
          Sydney NSW 2000
          Australia


CREATE SOLUTION: Commences Liquidation Proceedings
--------------------------------------------------
Create Solution (Aust)  Pty. Ltd.'s members agreed on March 7,
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


JAMES STEELE: Liquidator Gives Wind-Up Report
---------------------------------------------
James Steele & Son  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:

          S. W. Free
          Lawler Partners
          Chartered Accountants
          763 Hunter Street
          Newcastle West NSW 2302
          Australia


JAYVUE (QLD): Placed Under Voluntary Liquidation
------------------------------------------------
Jayvue (Qld)  Pty. Ltd.'s members agreed on April 3, 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


L A T ENTERPRISES: Liquidator Presents Wind-Up Report
-----------------------------------------------------
L A T 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:

          R. G. Tolcher
          Lawler Partners
          Chartered Accountants
          763 Hunter Street
          Newcastle West NSW 2302
          Australia


MCWILLIAM GROUP: Commences Liquidation Proceedings
--------------------------------------------------
McWilliam Group Pty. Ltd.'s members agreed on March 6, 2008, to
voluntarily liquidate the company's business.  Ozem Kassem and
Andrew Barnden were appointed to facilitate the sale of its
assets.

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


MORE MONKEY: Placed Under Voluntary Liquidation
------------------------------------------------
More Monkey Productions Pty. Ltd.'s members agreed on Feb. 26,
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


ROSS STEELE: Liquidator Presents Wind-Up Report
-----------------------------------------------
S. W. Free, Ross Steele 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:

          S. W. Free
          Lawler Partners
          Chartered Accountants
          763 Hunter Street
          Newcastle West NSW 2302
          Australia


RUSSELL MURDOCH: Liquidator Presents Wind-Up Report
---------------------------------------------------
Russell Murdoch Realty Pty. Ltd.'s estate liquidator, met with
the company's members on  May 30, 2008, and provided them with
property disposal and winding-up reports.

The liquidator can be reached at:

          S. W. Free
          Lawler Partners
          Chartered Accountants
          763 Hunter Streetv
          Newcastle West NSW 2302
          Australia


SHINE MA: Supreme Court Enters Wind-Up Order
--------------------------------------------
On April 15, 2008, the Supreme Court of South Australia entered
an order to have Shine Ma Developments Pty. Limited's operations
wound up.  Sule Arnautovic was appointed as liquidator.

The liquidator can be reached at:

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


WEITZ PTY : Placed Under Voluntary Liquidation
----------------------------------------------
Weitz  Pty. Ltd.'s members agreed on April 8, 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


WORLDSPACE INC: Inks Amendment & Exchange Pact with Four Lenders
----------------------------------------------------------------
WorldSpace, Inc. entered into an Amendment and Exchange
Agreement with each of the four holders of its existing 8%
convertible notes due May 31, 2010, and senior first lien bridge
notes due May 31, 2010.

Pursuant to the Exchange Agreements, effective June 13, 2008,
the company:

   (a) amended and restated its senior first lien notes in the
       aggregate principal amount of approximately
       $36.1 million,

   (b) amended and restated its convertible notes in the
       aggregate principal amount of $53.6 million, and

   (c) granted the Investors warrants to acquire an aggregate
       amount of 5,000,000 shares of Class A Common Stock of the
       company.

The aggregate amounts of the Amended and Restated Bridge Loan
Notes, the Second Amended and Restated Convertible Notes and the
New Warrants were allocated among the Investors on a pro rata
basis in accordance with their percentage ownership interest of
the existing first lien bridge notes.

a) Investor: Highbridge International LLC

   Aggregate Principal Amount of Second Amended and Restated
   Convertible Notes: $21,365,641.10

   Aggregate Principal Amount of Amended and Restated Bridge
   Notes: $12,826,032.59

   Number of Warrant Shares: 1,774,229

b) Investor: OZ Master Fund, Ltd.

   Aggregate Principal Amount of Second Amended and Restated
   Convertible Notes: $5,939,617.53

   Aggregate Principal Amount of Amended and Restated Bridge
   Notes: $3,497,497.71

   Number of Warrant Shares: 483,810

c) AG Offshore Convertibles, Ltd.

   Aggregate Principal Amount of Second Amended and Restated
   Convertible Notes: $864,446.58

   Aggregate Principal Amount of Amended and Restated Bridge
   Notes: $2,797,837.51

   Number of Warrant Shares: 387,026

D) Citadel Equity Fund Ltd.

   Aggregate Principal Amount of Second Amended and Restated
   Convertible Notes: $25,430,074.52

   Aggregate Principal Amount of Amended and Restated Bridge
   Notes: $17,023,993.78

   Number of Warrant Shares: 2,354,935

              Amended and Restated Bridge Loan Notes

The Amended and Restated Bridge Loan Notes bear interest at
LIBOR plus 6.5%, per annum payable quarterly and are repayable
in the aggregate principal amounts of approximately $18.65
million on June 30, 2008 (together with all accrued and unpaid
interest through the day of payment) and the remaining principal
amount on July 31, 2008 (together with all accrued and unpaid
interest through the day of payment).  The company is required
to prepay the Amended and Restated Bridge Loan Notes from any
new equity or debt financing, certain excess cash flow or the
cash proceeds of asset sales and casualty events, subject to
stipulated exceptions.  The Company may redeem the Amended and
Restated Bridge Loan Notes at any time prior to the repayment
dates.

The Amended and Restated Bridge Loan Notes remain secured by a
first priority security interest in the assets of the Company
and its subsidiaries.  As part of the transaction, the First
Lien Pledge and Security Agreement between the company, the
Guarantors, the Investors and The Bank of New York, as the First
Lien Collateral Agent was amended by the First Amendment to the
First Lien Collateral Agent.  The Amended and Restated Bridge
Loan Notes remain guaranteed by WorldSpace Systems Corporation,
WorldSpace Satellite Company Ltd., AsiaSpace Limited and
AfriSpace, Inc., each a direct subsidiary of the company,
pursuant to an Amended and Restated First Lien Guaranty between
the Guarantors, the Investors and the First Lien Collateral
Agent.  The Amended and Restated Bridge Loan Notes are subject
to events of default customary for a secured financing.

           Second Amended and Restated Convertible Notes

The Second Amended and Restated Convertible Notes bear interest
at 8.0%, per annum payable quarterly.  The Second Amended and
Restated Convertible Notes are repayable on Sept. 30, 2008, or
such earlier date as the company may elect upon 5 business days
written notice to each of the holders of the Convertible Notes,
subject to the company having obtained the stockholder approval
for certain conversions and exercises of warrants.  The Second
Amended and Restated Convertible Notes are repayable at a price
equal to the sum of the outstanding principal and accrued but
unpaid interest on such notes plus a prepayment fee equal to
1.5% of such outstanding principal and interest.  They are
convertible into shares of Class A Common Stock at a conversion
price of $2.00 per share, subject to customary anti-dilution
adjustments.

The Second Amended and Restated Convertible Notes are secured by
a second priority security interest in the assets of the company
and its subsidiaries pursuant to a Second Lien Pledge and
Security Agreement between the company, the Guarantors, the
Investors and The Bank of New York, as the Second Lien
Collateral Agent which was amended.  The Second Amended and
Restated Convertible Notes are guaranteed by the Guarantors
pursuant to an Amended and Restated Second Lien Guaranty between
the Guarantors, the Investors and the Second Lien Collateral
Agent.  The Second Amended and Restated Convertible Notes are
subject to events of default customary for convertible
securities and for a secured financing.

The company has also agreed to pay, by June 30, 2008, an
interest payment on the Second Amended and Restated Convertible
Notes that was originally scheduled to have been paid on May 31,
2008.

The relative rights and responsibilities of the first lien
secured party and the first lien collateral agent, on one hand,
and the second lien secured parties and the second lien
collateral agent, on the other hand, are set out in an
Intercreditor Agreement among the company, the Guarantors and
The Bank of New York, as First Lien Collateral Agent and Second
Lien Collateral Agent, as amended by the First Amendment to
Intercreditor Agreement.  The company may not grant a lien on
its assets with respect to any indebtedness other than the
Amended and Restated Bridge Loan Notes and the Second Amended
and Restated Convertible Notes while such notes are outstanding.
The company may borrow unlimited unsecured debt, as long as such
debt has a maturity date that is at least 91 days after the
maturity date of the Amended and Restated Convertible Notes and
pays cash interest at a rate of no more than 12% per annum.
Once the Amended and Restated Bridge Loan Notes are repaid, the
Second Amended and Restated Convertible Notes automatically gain
a first priority position as to all of the collateral.

The company is not permitted to make any mandatory or optional
prepayment on debt (other than permitted first priority secured
debt) while either the Amended and Restated Bridge Loan Notes or
the Second Amended and Restated Convertible Notes are
outstanding.

                          New Warrants

The New Warrants grant the holders the right to acquire shares
of Class A Common Stock at $1.55 per share, subject to certain
anti-dilution adjustments.  The New Warrants have a five-year
term.

In accordance with applicable rules of The Nasdaq Global Market,
the Second Amended and Restated Convertible Notes and the New
Warrants contain a cap on the exercise of conversion or exercise
rights, such that no more than an aggregate of 19.9% of the
company's outstanding shares may be issued pursuant to
conversions of the amended and restated convertible notes or
exercises of the warrants until the stockholder approval
required by The Nasdaq Global Market has been obtained.  The
company has agreed to solicit the requisite stockholder approval
for the issuance of the shares pursuant to the Second Amended
and Restated Convertibles Notes and the New Warrants at a
special meeting of stockholders to be held not later than
August 15, 2008.

Pursuant to a Voting Agreement among the company, Noah Samara,
the Chairman and Chief Executive Officer of the Company, Yenura
and TelUs Communications Inc., each of Mr. Samara, Yenura and
TelUS Communications have agreed to vote his shares,
constituting in the aggregate approximately 47.6% of the
outstanding Class A Common Stock in favor of the issuances.

                      About WorldSpace Inc.

Based in the Washington, DC metropolitan area, WorldSpace Inc.
(Nasdaq: WRSP) -- http://www.worldspace.com/-- is a media
and entertainment company that offers a satellite radio to
consumers in more than 130 countries with five billion people,
driving 300 million cars.  It operates WORLDSPACE Satellite
Radio, which delivers the latest tunes, trends and information
from around the world and around the corner.  WORLDSPACE offers
a combination of local programming, original WORLDSPACE content
and content from brands around the globe including the BBC, CNN
International, Virgin Radio UK, NDTV and RFI.  WORLDSPACE's
satellites cover two-thirds of the earth's population with six
beams.  WorldSpace has offices in Australia and France.

The company's balance sheet at March 31, 2008, showed total
assets of $323.7 million and total liabilities of $2.1 billion
and minority interest of $608,000, resulting in total
shareholders' deficit of $1.7 billion.

                        Going Concern Doubt

As reported in the The Troubled company Reporter on May 1, 2008,
Grant Thornton LLP in McLean, Virginia, raised substantial doubt
about WorldSpace Inc.'s ability to continue as a going concern
after auditing the company's consolidated financial statements
for the years ended Dec. 31, 2007, and 2006.  The auditing firm
pointed to the company's net loss, negative working capital, and
shareholders' deficit.  Grant Thornton also cited that the
company's management does not believe its cash on hand and cash
available is sufficient to meet its operating needs during the
coming year.


* AUSTRALIA: ASIC Unveils Areas of Focus in Financial Reporting
---------------------------------------------------------------
ASIC highlighted areas of focus for companies and auditors
preparing for the upcoming June 30, 2008, financial reporting
and auditing cycle.

“This reporting period will have significant challenges for
those involved with preparing and approving financial reports
and the accompanying audit,” said ASIC’s Chief Accountant, Mr.
Lee White.

“All participants involved with the reporting period will need
to approach their roles with a strong understanding of the
potential impact of the market turbulence and the liquidity
squeeze.”

“It is essential that companies understand the risks they face
and adequately assess and measure them, as well as having
appropriate responses in place. Disclosure should be a strong
focus and priority.”

“The current market turbulence places further emphasis on new
accounting standard AASB7 (Financial Instruments: Disclosures)
which requires detailed information on the various risks arising
from financial instruments and how these risks are being
managed. Good disclosure from this standard will assist in
keeping users of the financial reports well informed,” Mr. White
said.

Mr. White said there had been a wide range of international
research into the implications of market turbulence such as the
recent report by the Financial Stability Forum, which
recommended enhancements to increase the resilience of financial
markets.

Mr. White highlighted the following areas for the upcoming
reporting period:

   - The use of and disclosure of off balance sheet
     arrangements - international experience has revealed
     numerous off balance sheet arrangements where the
     market turbulence has returned substantially the risks
     to the initiator;

   - Impairment of asset values - there will be more
     pressure on understanding, measuring and documenting
     the triggers of impairment;

   - Determining fair market values - challenges in
     valuation practices and disclosures exist with the
     market turmoil and illiquid markets. There should be
     a focus on valuation methodologies and processes and
     the disclosure of key assumptions, risks and
     uncertainties;

   - Going concern - appropriateness of going concern
     assumption should be assessed and where relevant,
     disclosure of levels of uncertainty;

   - Significant judgements - all significant judgements
     used in preparing the financial statements and sources
     of estimation uncertainty should be disclosed;

   - Classification of debt - it is essential that the
     classification of the maturity of debt is accurate
     and loan covenants are well understood particularly
     in terms of triggers; and

   - Foreign currencies - there may be greater stress on
     currencies with wider, sharper movements bringing
     focus to foreign currency management and related
     hedging activities.

Other areas of focus for ASIC when reviewing financial reports
will be the reported timing recognition of revenue and deferred
expenses.



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

ASCALADE COMMUNICATIONS: Posts Default Status Statements
--------------------------------------------------------
In accordance with the Ontario Security Commission Policy 57-603
Defaults by Reporting Issuers in Complying with Financial
Statement Filing Requirements, Ascalade Communications Inc. --
except as disclosed in press statements dated April 2, 2008,
April 9, 2008, April 29, 2008, May 14, 2008 and May 21, 2008 --
confirms:

   1. there is no material change to the information set out in
      its initial default announcement filed pursuant to the OSC
      Policy on March 31, 2008.

   2. there has been no failure by the company to adhere to the
      "Alternative Information Guidelines" set out in the OSC
      Policy with respect to the financial statement filing
      default, and

   3. there is no other material information concerning the
      affairs of the company that has not been generally
      disclosed.

On April 29, 2008, the company reported that the Monitor, on
behalf of Ascalade and Ascalade Technologies Inc., had filed a
case under Chapter 15 of the U.S. Bankruptcy Code to seek a stay
of proceedings with respect to any actions which have or might
be brought against the two companies in the United States.

With respect to this filing, on June 10 2008, Judge Susan
Pierson  Sonderby of the United State Bankruptcy Court for the
Northern District of Illinois, Eastern Division, issued an Order
of Recognition and an Order for Joint Administration with
respect to filings made by the Monitor on behalf of the
companies to have the U.S. Court recognize the companies'
Creditors Arrangement Act proceedings under Chapter 15 of the
U.S. Bankruptcy Code.

Any recovery in the CCAA for creditors and other stakeholders of
the companies, including shareholders, is uncertain and is
highly dependent upon a number of factors, including the
recovery from the sale of the factory, equipment and inventory
in the PRC and the outcome of the Scheme in Hong Kong.

                About Ascalade Communications Inc.

Headquartered in Richmond, British Columbia, Ascalade
Communications Inc. (TSE:ACG) -- http://www.ascalade.com/-- is
an innovative product company that designs, develops and
manufactures digital wireless and communication products.  The
company delivers products by offering its partners and customers
complete vertical integration, from product design and
development to final production.

The company's products include digital cordless phones, Voice
over Internet Protocol phones, digital wireless baby monitors
and digital wireless conference phones.  Ascalade products have
been distributed in more than 35 countries and under 80 regional
brands.  Ascalade has facilities in Qingyuan, China, Hong
Kong and a sales office in Hertfordshire, United Kingdom.

On April 29, 2008, Jervis Rodrigues, senior vice-president of
Deloitte & Touche Inc., filed separate petitions for protection
under Chapter 15 of the U.S. Bankruptcy Code on behalf of
Ascalade Communications Inc. and its debtor-affiliate (Bankr.
N.D. Ill. Case Nos. 08-10612 and 08-10616).  Jeffrey G. Close,
Esq. At Chapman and Cutler LLP represents the Petitioner in the
Chapter 15 case.

Ascalade's financial condition as of Sept. 2007 showed
total assets of $99,630,000 and total debts of $40,410,000.


CHINA RECYCLING: Zhong Yi Expresses Going Concern Doubt
-------------------------------------------------------
China Recycling Energy Corporation, known as China Digital
Wireless, Inc., prior to March 8, 2007, filed with the U.S.
Securities and Exchange Commission on June 12, 2008, Amendment
No. 4 to its Form 10KSB/A for the year ended Dec. 31, 2006,
which was previously filed on March 17, 2008.

In a letter dated March 5, 2008, as to the effects of the
restatement, Zhong Yi (Hong Kong) C.P.A. Company Limited raised
substantial doubt about the ability of China Recycling Energy
Corporation to continue as a going concern after it audited the
company's financial statements for the year ended Dec. 31, 2006.
The auditor pointed the company's substantial losses.

As of Dec. 31, 2006, the company had a negative operating cash
flow of $4,079,333 and accumulated deficits of $2,512,696.

                        Subsequent Events

Share Purchase Agreement

On Jan. 24, 2007, a group of individuals entered a share
purchase agreement with a group of shareholders of the company
to purchase 12,911,835 shares of the company's common stocks
with $0.001 par value for an aggregate consideration of
$490,000.  Purchasers are Guohua Ku, Hanqiao Zheng, Ping Sun,
Qianping Huang, Xiaohong Zhang and Lixia Zhang.  Among them,
Guohua Ku and Hanqiao Zheng acquired 9,073,700 shares and
2,406,365 shares respectively.  As a result, they became the
beneficial owners of the majority voting shares of the company
and gained control of the company.

Change of Name

On March 8, 2007, the name of the company was changed to "China
Recycling Energy Corporation" and engages in recycling energy
business, providing energy saving and recycling products and
services.

Joint-Operation Agreement

On April 8, 2007, the company's Board of Directors approves and
makes effective a TRT Project Joint-Operation Agreement, which
is conditionally entered on Feb. 1, 2007, between Shanghai TCH
Data Technology Co., Ltd., (TCH) and Xi'an Yingfeng Science and
Technology Co., Ltd., (Yingfeng).  Yingfeng is a Chinese company
that is located in Xi'an, Shaanxi Province, China, and is
engaging in the business of designing, selling, installing, and
operating TRT systems and other renewable energy products.

Under the Joint-Operation Agreement, TCH and Yingfeng will
jointly pursue a top gas recovery turbine project, which is to
design, construct, install and operate a TRT system in Xingtai
Iron and Steel Company, Ltd.  This project was originally
initiated by a Contract to Design and Construct TRT System
entered by Yingfeng and Xingtai on Sept 26, 2006.  TCH provides
various forms of investments and properties into the Project
including cash, hardware, software, equipments, major components
and devices.  In return, TCH becomes entitled to all the rights,
titles, benefits and interests that Yingfeng originally had
under the Project Contract, including but not limited to the
cash payment made by Xingtai on regular basis and other property
rights and interests.
Yingfeng remains liable for providing all the manpower,
expertise and skills to design, construct, install, maintain and
operate the TRT system under the terms of the Project Contract
and also takes responsibility to manage the properties that TCH
possesses in this Project.  As for consideration, TCH will make
monthly payment of RMB30,000 (about $3,900) to Yingfeng as
compensation for their effort in managing TCH's properties.

                            Financials

The company posted a net loss of $10,577,418 on total revenues
of $2,889,436 for the year ended Dec. 31, 2006, as compared with
a net income of $1,811,107 on total revenues of $20,419,022 in
the prior year.

At Dec. 31, 2006, the company's balance sheet showed $4,464,612
in total assets, $1,117,975 in total liabilities, and $3,346,637
in total stockholders' equity.

A full-text copy of Amendment No. 4 of the company's 2006 annual
report is available for free at
http://ResearchArchives.com/t/s?2e56

                      About China Recycling

China Recycling Energy Corporation (OTC BB: CREG) currently
provides information services, cellular phone distribution and
advertising services through its Chinese operating subsidiaries.
In 2006 and in the first quarter of 2007, the company also began
to engage in recycling energy business, providing energy saving
and recycling products and services.  On March 8, 2007, China
Digital Wireless Inc. changed its name to China Recycling Energy
Corporation.  Its subsidiaries are Sifang Holdings Co., Ltd.,
Sifang Holdings Co., and Shanghai TCH Data Technology Co., Ltd.


CHINA SOUTHERN: Seeks Regulatory OK to Raise Fuel Surcharges
------------------------------------------------------------
China Southern Airlines Co. Limited is asking for permission to
increase fuel surcharges on domestic routes to offset the latest
rise in jet fuel prices, XFN News reports, citing Beijing Times.

According to the report, the government raised jet fuel prices
by CNY1,500 to CNY7,450 per ton, as it also raised the prices of
gasoline and diesel fuel.

Company Chairman Liu Shaoyong said in the report that jet fuel
accounts for about 40% of China Southern's operating costs.  The
latest price hike is expected to cost the airline industry CNY15
billion, he said.

                      About China Southern

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

                           *    *    *

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


CHINA SOUTHERN: Offers Flights Between Guangzhou & Kathmandu
------------------------------------------------------------
China Southern Airlines now offers nonstop flights between
Guangzhou in Southern China and Nepal's capital, Kathmandu, Asia
Travel News reports.

The airline, the report relates, has introduced two weekly
Boeing 757-200 flights between the cities, operating every
weekdays.

James Liu, general manager in Australia for China Southern
Airlines, said that the experiences in  Kathmandu are amazing
and the views are breathtaking.  Various sights and events
attracts tourists to this destination, he said.

                       About China Southern

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

                           *    *    *

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


CHINA SOUTHERN: Partners with China Air on Taiwan-China Flights
---------------------------------------------------------------
China Southern Airlines Co. Limited collaborated with China
Airlines to offer daily operations on direct flights between
Taiwan and the mainland, Sheena Lee of Reuters reports.

According to the report, China and Taiwan signed a business deal
last June 13, allowing Taiwan airlines to operate up to 18
round-trip flights every weekend, from Friday to Monday.

China Airline said that the two airlines will represent each
other's businesses in passenger, cargo, maintenance, and ground
handling operations, the report relates.

                      About China Southern

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

                           *    *    *

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


SHANGHAI PUDONG: Inks Energy-Saving Projects With IFC
-----------------------------------------------------
Shanghai Pudong Development Bank and IFC, a member of the World
Bank Group, signed an agreement to collaborate to support
energy-saving projects that will help reduce 3.5 million tons of
carbon dioxide emissions in China annually, the equivalent of
taking 250,000 cars off the country's roads each year.

The risk-sharing agreement falls under the second phase of IFC's
China Utility-based Energy Efficiency Finance program.  Under
the agreement, IFC will provide the Shanghai Pudong Development
Bank with a risk-sharing facility of CNY500 million (US$72.5
million) that will enable the bank to fund energy-efficiency
projects across the country totaling up to CNY1 billion (US$145
million).

Xie Wei, Deputy General Manager of Corporate and Investment Bank
Department of SPD Bank, said, "As a publicly listed company that
actively advocates corporate social responsibility, SPD Bank is
committed to promoting green financing to help build a
sustainable and resource-conservation society.  We look forward
to developing a strong partnership with IFC, so that we can
jointly contribute to China's energy efficiency and
environmental protection causes."

Mike Ipson, IFC Country Manager for China and Mongolia, noted,
"Addressing climate change challenges is an IFC priority.
Partnering with committed local institutions like SPD Bank and
providing training, advisory services, and financing enables us
to extend our reach and create lasting impacts.  Our model
proves that there are considerable business opportunities in
energy-efficiency financing across various sectors and
industries in China."

                      About Shanghai Pudong

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

                          *     *     *

The bank, as of June 13, 2008, still carries Moody's Investors
Service's “Ba1” financial strength rating,and Fitch Ratings' “D”
individual rating.



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

BOKEN INVESTMENT: Commences Liquidation Proceedings
---------------------------------------------------
Boken Investment Limited's members agreed on June 13, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Cheung Fong Ming to facilitate the sale of its assets.

The liquidator can be reached at:

          Cheung Fong Ming
          Two International Finance Centre, 72-76 Floor
          8 Finance Street, Central
          Hong Kong


BUEHLER MOTOR: Commences Liquidation Proceedings
------------------------------------------------
Buehler Motor China Limited's members agreed on June 13, 2008,
to voluntarily liquidate the company's business.  The company
has appointed Nathalia Seng and Susan Y. H. Lo to facilitate the
sale of its assets.

The liquidator can be reached at:

The company's liquidators are:

         Nathalia Seng Sze Ka Mee
         Susan Y. H. Lo
         Level 28, Three pacific Place
         1 Queen's Road East, Hong Kong


CATHAY TRADE: Liquidators Quit Post
-----------------------------------
On May 30, 2008, Natalia K. M. Seng and Susan Y.H. Lo down as
liquidators for Cathay Trade Services, Asia Limited.


GENTLEMAN GIVENCHY: Liquidators Quit Post
-----------------------------------------
On June 20, 2008, Ying Hing Chui and Chung Miu Yin, Diana
stepped down as liquidators for Gentleman Givenchy (Far East)
Limited.


GOLD EAGLE: Commences Liquidation Proceedings
---------------------------------------------
Gold Eagle Management Limited's members agreed on June 10, 2008,
to voluntarily liquidate the company's business.  The company
has appointed Lee King Yue to facilitate the sale of its assets.

The liquidator can be reached at:

          Lee King Yue
          Two International Finance Centre, 72-76 Floor
          8 Finance Street, Central
          Hong Kong


HENDERSON LAND: Commences Liquidation Proceedings
-------------------------------------------------
Henderson Land Credit (2001) Limited's members agreed on
June 13, 2008, to voluntarily liquidate the company's business.
The company has appointed Lee King Yue to facilitate the sale of
its assets.

The liquidator can be reached at:

          Lee King Yue
          Two International Finance Centre, 72-76 Floor
          8 Finance Street, Central
          Hong Kong


KENNEDY BURKHILL: Commences Liquidation Proceedings
---------------------------------------------------
Kennedy Burkhill (Hong Kong) Limited's members agreed on
June 10, 2008, to voluntarily liquidate the company's business.
The company has appointed Ching Neng Shyan and Sanford Y.T. Yung
to facilitate the sale of its assets.

The liquidators can be reached at:

          Ching Neng Shyan
          Sanford Y.T. Yung
          1011 Wing On Centre, 10th Floor
          111 Connaught Road, Central
          Hong Kong


POLYTRADE ASIA: Commences Liquidation Proceedings
-------------------------------------------------
Polytrade Asia Limited's members agreed on June 16, 2008, to
voluntarily liquidate the company's business.  The company has
appointed De Graaf, Michael to facilitate the sale of its
assets.

The liquidator can be reached at:

          De Graaf, Michael
          6B, Cameron Plaza
          23 Cameron Road, Tsimshatsui, Kowloon
          Hong Kong


RENOWN I.F.G.: Commences Liquidation Proceedings
----------------------------------------------
Renown I.F.G. Hong Kong 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


TREASURE EAST: Creditors' Proofs of Debt Due on July 17
-------------------------------------------------------
The creditors of Treasure East Limited are required to file
their proofs of debt by July 17, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 16, 2008.

The company's liquidator is:

         Leung Kae Lam, Kenneth
         46 Kewi Lin Street
         Shamshuipo, Kowloon
         Hong Kong



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

GENERAL MOTORS: 17,398 U.S. Hourly Workers Avail Attrition Plan
---------------------------------------------------------------
The special attrition plan for General Motors Corp. U.S. hourly
employees recently closed.  According to the Special Attrition
Plan Summary, a total of 17,398 U.S. hourly workers have taken
advantage of GM's attrition plan.  GM's Pontiac Assembly Plant
has the most number of workers availing the program at 1,055,
followed by workers at GM's Flint Assembly Plant at 880.

As disclosed in the Troubled Company Reporter on May 30, 2008,
most of the employees participating in the program will leave
the company no later than July 1, 2008.  GM would fill job
openings with current employees whenever possible, as spelled
out in the provisions of the GM-UAW national labor agreement.
In facilities where GM needs new employees, those individuals
would be hired in at the entry-level wage and benefit structure.
The extent of the new hiring at each facility will be determined
on a plant-by-plant basis.

A full-text copy of the Special Attrition Plan Summary is
available for free at http://bankrupt.com/misc/attrition.pdf

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

General Motors Corporation offers products under the Chevrolet
brand in India through its wholly owned subsidiary, General
Motors India.  GM India has 95 sales points and over 110 service
centers.

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

                          *     *     *

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


GENERAL MOTORS: Details Plant Production Schedule Adjustments
-------------------------------------------------------------
General Motors Corp. released a statement regarding production
schedule adjustments.

With the continuing shift of consumer demand moving from trucks
and sport-utility vehicles to cars and crossovers, GM needs to
balance its production to meet the shift in demand.

Accordingly, GM told employees at impacted plant facilities, as
of June 23, 2008, that GM will experience down weeks and remove
overtime at several of its truck plants, and add overtime to its
car plants.

Specifically, these car, crossover and van plants will add
Saturdays and overtime to their schedules:

     * Fairfax (Chevy Malibu and Saturn Aura)

     * Orion (Chevy Malibu and Pontiac G6)

     * Wentzville (Chevy Express and GMC Savanna)

     * Lansing Delta Township (Buick Enclave, GMC Acadia, Saturn
       Outlook)

Separately, Lordstown will increase their line-speed from three
shifts at 55 jobs-per-hour to three shifts at 62 jobs-per-hour.
(Chevy Cobalt, Pontiac G5)

These pick-up truck plants will take these scheduled down weeks:

     * Fort Wayne             July 7
     * Oshawa Truck           July 14
     * Silao                  July 14
     * Shreveport             July 14

These sport utility vehicle plants will take these scheduled
down weeks:

     * Arlington              July 14 and July 21
     * Janesville             July 14 and July 21
     * Moraine                July 14 (one shift only)

Additionally, several pick-up and sport utility plants will
decrease their line-speed and remove scheduled overtime.

Finally, several pick-up truck and sport utility vehicle
assembly plants will experience additional down weeks that will
be scheduled between now and the end of 2008.

     * Fort Wayne             Down 2 additional weeks
     * Oshawa Truck           Down 7 additional weeks
     * Silao                  Down 2 additional weeks
     * Arlington              Down 3 additional weeks
     * Janesville             Down 10 additional weeks

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

General Motors Corporation offers products under the Chevrolet
brand in India through its wholly owned subsidiary, General
Motors India.  GM India has 95 sales points and over 110 service
centers.

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

                          *     *     *

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


GENERAL MOTORS: S&P Places Corp. Credit Rating Under Neg Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services is placing its corporate
credit ratings on the three U.S. automakers, General Motors
Corp., Ford Motor Co., and Chrysler LLC, on CreditWatch with
negative implications, citing the need to evaluate the financial
damage being inflicted by deteriorating U.S. industry
conditions--largely as a result of high gasoline prices.
Included in the CreditWatch placement are the finance units Ford
Motor Credit Co. and DaimlerChrysler Financial Services Americas
LLC, as well as GM's 49%-owned finance affiliate GMAC LLC.

"We have renewed concerns about all three automakers' future
cash outflows in light of the prospects for U.S. sales for the
rest of 2008 and into 2009," said Standard & Poor's credit
analyst Robert Schulz.  The erosion of demand for SUVs and
pickups has been particularly troubling.  Although these
segments have been weak for some time, the exodus of demand that
began in April, caused by escalating gas prices and consumer
preferences for smaller vehicles, is gathering speed.  Despite
concerted, and in some cases successful, efforts to bolster
their line-ups of smaller vehicles and reduce costs, all three
Michigan-based automakers still rely on light trucks for a
disproportionate share of profitability and cash flow.

The companies' difficulty in anticipating the pace of market
deterioration was reflected in Ford's announcement that it
expects to use an even larger amount of cash this year and next
than it announced previously, its second negative guidance
revision in a month.  Ford plans to use more than $16 billion of
cash between 2007 and 2009 in its automotive operations,
including the cost of employee separation programs, unless the
economy rebounds next year.  The company also said this year's
pretax results will be worse than last year's, announced further
light-truck production cuts and shift reductions, and delayed
this fall's launch of the F-150 pickup by two months to clear
existing inventory.  Also worrisome is the dire state of the
vehicle finance market.  Ford said it expects Ford Motor Credit
to report a pretax loss for the year (before any infusion from
Ford) caused by weak used (residual) values, primarily for light
trucks.

Although GM and Chrysler have not publicly detailed their
expectations for cash use, all of the factors behind Ford's
weaker guidance also apply to the other U.S.-based automakers.
In addition to weak sales and adverse product mix shifts, the
list of challenges also includes less receptive capital markets,
higher costs for steel and other raw materials, lower residual
values that hurt profitability at the finance units and reduce
consumers' trade-in power, and increasing cash needs for
restructuring efforts.

S&P believe all three companies currently have ample liquidity
for at least the rest of 2008 as measured by cash balances,
available bank facilities, and in some cases unencumbered
assets.  But S&P now also believe deteriorating industry
fundamentals could reduce liquidity to undesirable levels by the
second half of 2009.

As part of its reviews, S&P will assess all three companies'
strategies for addressing the weak sales and shifts in demand
away from light trucks and maintaining liquidity at satisfactory
levels through 2009.


GENERAL MOTORS: DBRS Places Ratings Under Negative Review
---------------------------------------------------------
DBRS has placed the ratings of General Motors Corporation and
General Motors of Canada Limited Under Review with Negative
Implications.  The rating action reflects the structural
deterioration of the company's operations in North America
brought on by high oil prices and a slowing U.S. economy.
Negative developments include these:

(1) A slowing U.S. economy precipitated by the collapse in the
housing market has contributed to a sharp decline in the demand
for automobiles.

(2) Persistent high oil prices have accelerated the change in
consumer preference to more fuel-efficient vehicles, which are
the strength of the Asian manufacturers.  This has added to the
Company's challenge of stabilizing its market share.

(3) The sharp deterioration in residential construction has
further dampened the demand for pickup trucks, one of the
Company's more profitable products.  Worsening market conditions
in North America, especially for large sports utility vehicles
and pickup trucks, has added headwinds to GM's turnaround
efforts.

General Motors Corporation
Issuer Rating Under Review - Negative B (high)

General Motors Corporation
Commercial Paper Under Review - Negative R-5

General Motors Corporation
Long-Term Debt Under Review - Negative B

General Motors Corporation Ind. Dev.
Empower. Zone Rev. Bds., S2004 Under Review - Negative B

General Motors Corporation
Convertible Debentures Under Review - Negative B --

General Motors of Canada Limited
Commercial Paper Under Review - Negative R-5

General Motors of Canada Limited
Long-Term Debt Under Review - Negative


GILLANDERS ARBUTHNOT: June 30 Board Meeting Canceled
----------------------------------------------------
Gillanders Arbuthnot & Company Ltd disclosed in a regulatory
filing that the meeting of its Board of Directors scheduled on
June 30, 2008, has been canceled due to unforeseen
circumstances.

The meeting was called for approval of accounts, audited results
and declaration of dividend for the financial year ended
March 31, 2008.

The company said that a revised date of the meeting would be
announced in due course.

Meanwhile, on May 14, 2008, the Honorable High Court at Calcutta
sanctioned a Scheme of Amalgamation of GIS Cotton Mill Ltd with
Gillanders Arbuthnot.  The company did not state reasons for the
High Court's action.

In the limited review report of Gillanders Arbuthnot for the
quarter ended December 31, 2007, the company's auditors stated
among others that:

     "1. As indicated in Note 4 of the statement of
         Unaudited Financial Results, no provision
         has been considered in respect of loans
         amounting to Rs 1345.62 lacs as at
         December 31, 2007 in a Company, the extent
         of recoverability of which together with its
         effect on the period's results and period end
         net assets is currently not ascertainable in
         view of the reasons set out in the said note.

      2. As indicated in Note 8 of statement of the
         Unaudited Financial Results, current tax and
         deferred tax charge / release, if any, for
         the period under review has neither been
         ascertained by the management nor recognised
         for the purpose of compilation of the aforesaid
         Unaudited Financial Results.  Also Provision
         for Fringe Benefit Tax has been made on an
         estimated basis, resulting difference, if any,
         on actual calculation will be adjusted at the
         time of finalisation of the accounts for the
         year ending March 31, 2008.”

Headquartered in Calcutta, India, Gillanders Arbuthnot and
Company Limited -- http://www.gillandersindia.com/-- engages in
the ownership and management of real estates in India.  It also
manufactures and exports tea, as well as loose leaf binders,
indexes, and sheets.  In addition, the company manufactures
plastic containers and heavy inorganic chemicals, such as lead
oxide, white lead, and stabilizers of PVC Industry; as well as
deals in shares and securities, and rendering services.  It
offers its products through agencies and a network of sales
offices.  Gillanders Arbuthnot and Company Limited operates as a
subsidiary of G.D. Kothari Group of Companies.


INDIAN CANE: CRISIL Rates Rs.1500 Million Term Loan at “BB+”
------------------------------------------------------------
CRISIL has assigned its bank loan rating of ‘BB+/Positive’ to
the bank facility of Indian Cane Power Limited (ICPL).

   -- Rs.1500 Million Term Loan  BB+/Positive(Assigned)

For arriving at the rating, CRISIL has combined the business and
financial profiles of ICPL and Samsons Distilleries Pvt Ltd
(SDPL), as they are under a common management, share a common
treasury, and have financial fungibility, and inter-company
investments; there is also the likelihood of commercial
transactions between SDPL and ICPL, though at arm’s length.

The rating reflects the combined entity’s weak financial risk
profile constrained by high gearing, the high degree of
regulatory risks in the sugar and distillery industry, and
cyclicality in the sugar industry.  These weaknesses are
partially offset by the fact that SDPL is an established player,
with integrated power-generation capabilities.

Outlook:Positive

CRISIL expects ICPL to commence commercial production and
stabilise its operations in the ensuing sugar season.  The
ratings could be revised upwards if the financial risk profile
of the combined entity improves markedly from current levels
after the operations stabilise in ICPL.  Conversely, the outlook
may be revised to ‘Stable’ if a prolonged depression in the
industry impacts profitability, or if the combined entity takes
on more debt than expected to fund capital expenditure plans.

                           About SDPL

Incorporated in 1994 by Mr. Shamanur Shivashankarappa, SDPL
manufactures spirits and undertakes bottling of blended spirits.
SDPL is now an established player in the spirit business,
supplying to large Indian-made foreign liquor (IMFL) players.
SDPL’s business profile is strengthened by the integrated nature
of its operations through a bio-gas-based 2 megawatt (MW)
cogeneration (cogen) power plant.

For 2006-07 (refers to financial year, April 1 to March 31),
SDPL reported a profit after tax (PAT) of Rs.23 million on net
sales of Rs.344 million.

                           About ICPL

ICPL, incorporated in 2002, was acquired by Mr. Shivashankarappa
in 2006.  It has recently set up a 5000 tonnes crushed per day
(TCD) sugar unit together with a 28 MW bagasse-based cogen power
plant.  The commercial production of sugar is expected to begin
from the ensuing sugarcane harvest season, during the period
between August and September, 2008.


JAWAHAR SHETKARI: CRISIL Rates Bank Facilities at “B”
-----------------------------------------------------
CRISIL’s ratings on Jawahar Shetkari Sahakari Sakhar Karkhana
Ltd’s (Jawahar Sugar’s) bank loan facilities reflect the
society’s weak financial risk profile and average business risk
profile.

   * Rs.500.0 Million Term Loans
                     -- B/Stable(Assigned)
   * Rs.700.0 Million Sugar Pledge Cash Credit
                     -- B/Stable(Assigned)
   * Rs.300.0 Million Cash Credit for cane development
                     -- B/Stable(Assigned)

The ratings also factor in Jawahar Sugar’s working capital-
intensive nature of operations and high degree of regulatory
risks in the sugar industry.  These weaknesses are partially
mitigated by the society’s average business risk profile.

Jawahar Sugar has a weak financial risk profile as reflected in
its fluctuating revenues and profitability, low net worth, high
debt levels, and poor debt protection measures.  The society’s
net worth declined to Rs.198 million as on March 31, 2007, from
Rs.334 million as on March 31, 2006, impacted by losses due to a
sharp decline in sugar prices.  The society has traditionally
maintained high debt levels of over Rs.2.39 billion.
Consequently, its gearing levels have been high (12.23 times as
on March 31, 2007).  Jawahar Sugar rescheduled its loans in
2003-04 (refers to financial year, April 1 to March 31) and in
2007-08 as its cash generation was adversely impacted by
fluctuations in profitability and high interest payout.

CRISIL expects the society’s gearing levels to remain high and
debt protection measures weak in the medium term, as it is
planning a debt-funded capital expenditure programme to set up a
distillery and to increase its cane crushing capacity.  Jawahar
Sugar’s operating margins are lower than that of fully-
integrated players owing to the lack of high-margin ethanol or
distillery products in its product profile.

The society’s operations are working capital intensive due to
very high levels of sugar inventory.  Also, substantial
government intervention in the form of cane price fixation
without reference to sugar cost, and periodic export control
measures negatively impact the sugar industry.  Jawahar Sugar’s
profitability in the sugar business continues to be governed by
these regulatory risks.

These weaknesses are partially offset by Jawahar Sugar’s average
business risk profile.  The society benefits from easy and cost-
effective access to abundant raw material.  Jawahar Sugar’s
installed capacity of 7500 tonnes crushed per day (tcd) is
comparable to other sugar mills in the same region.  Its
revenues registered a compounded annual growth rate of 11.75 per
cent during the period between 2001-02 and 2005-06.  However,
the revenues declined by 3.7 per cent in 2006-07 on account of a
slump in sugar prices.

Meanwhile, its operating margins have been volatile in keeping
with sugar and cane prices.  Jawahar Sugar has a 25.5 mega watt
(MW) cogeneration facility which caters to its entire in-house
power requirements, while the balance is sold to the Maharashtra
State Electricity Board.  Jawahar Sugar does not have a
distillery facility and hence is unable to realise the benefit
of the Government of India’s favourable ethanol policy.
However, the society plans to set up a distillery over the
medium term.

Outlook: Stable

CRISIL expects Jawahar Sugar to sustain its average business
risk profile and maintain a weak financial risk profile over the
short to medium term owing to low sugar prices, comparatively
smaller scale of operations, and high levels of debt.  A
stronger-than-expected financial performance, due to early
recovery in sugar prices, leading to an improved credit profile
could result in the outlook being revised to ‘Positive’.
Conversely, a prolonged depression in the industry impacting the
society’s business, or any significant debt-funded capital
expenditure (capex) could result in the outlook being revised to
‘Negative’.

                        About the Society

Jawahar Sugar was established in January 1990 as a cooperative
society by the cane producers of Kolhapur, Maharashtra, who hold
close to 65 per cent of the society’s share capital; the rest
was contributed by the Government of Maharashtra.  In September
1990, Jawahar Sugar purchased the industrial licence of Godawari
Sugar Mills Ltd, Sakarwadi, along with machinery; it had a
capacity of 1016 tcd, which was later enhanced to 2500 tcd.  By
1999, Jawahar Sugar increased its crushing capacity to 5000 tcd,
and more recently to 7500 tcd.  In 1995, the company installed a
cogeneration capacity of 1.5 MW using bagasse (a by-product of
sugar) as fuel.  The cogeneration capacity was further increased
to 25.5 MW in 2001 by installing two turbines of 12 MW capacity
each.  In 2006-07, sale of sugar accounted for about 87 per cent
of Jawahar Sugar’s total sales, followed by power at 6 per cent,
with molasses and bagasse contributing the balance.

For the year ended March 31, 2008, Jawahar Sugar reported a net
profit of Rs.26 million (loss of Rs.131 million in 2006-07) on
net revenues of Rs.1971 million (Rs.2145 million in 2006-07).


MAHARASHTRA POLYBUTENES: Board OKs Fractional Entitlements
----------------------------------------------------------
Maharashtra Polybutenes Ltd's Board of Directors, at its meeting
held June 18, 2008, inter alia, have approved the allotment of
fractional entitlements after the reduction of 95% capital to a
person as may be entitled by the managing director of the
company and the eligibility of the fractional shares will be
distributed to the effective persons after selling the shares in
the market by way of cash.

The record date for the 95% reduction of equity share capital is
July 7, 2008, pursuant to an order by the Board for Industrial
and Financial Reconstruction (BIFR).

At the meeting, the Board also considered the matter and the
amount of auditor's remuneration as appearing in the profit and
loss accounts of the company as at March 31, 2008.

In addition, the Board decided to elect Mr. Brijmohan Rathi MD
as Chairman of the Board.

On June, 30 2004, Maharashtra Polybutenes disclosed in a
regulatory filing that it received an order dated May 11, 2004
from the BIFR sanctioning the Rehabilitation Scheme of the
company granting various relief and concessions by Operating
Agency viz. IDBI.

In that disclosure, Maharashtra Polybutenes said that consequent
to the non-renewal of a conversion contract by M/S IPCL/RIL
negotiations are being made with potential parties to enter into
contract in order to restart the operations of the company.

For the year ended March 31, 2008, the company reported net
profit of Rs.28.68 million on net sales of Rs.455.20 million
compared to a net loss of Rs.143.66 million on net sales of
Rs.75.16 million for the year ended March 31, 2007.

Maharashtra Polybutenes Ltd, fka Herdillia Polymers Ltd, --
http://www.maharashtrapolybutenes.com/-- manufactures
polybutenes through its plant in Navi Mumbai.  The company's
polybutenes are marketed under brand name of “HERMAVIS”.


SAMSONS DISTILLERIES: CRISIL Rates Rs.150 Mil. Credit at “BB+”
--------------------------------------------------------------
CRISIL has assigned its bank loan ratings of ‘BB+/Positive/P4’
to the various bank facilities of Samsons Distilleries Pvt Ltd
(SDPL).

   * Rs.150 Million Cash Credit Limits
                  -- BB+/Positive(Assigned)
   * Rs.5 Million Bank Guarantee Limits
                  -- P4(Assigned)

For arriving at the ratings, CRISIL has combined the business
and financial profiles of SDPL and Indian Cane Power Ltd (ICPL),
as they are under a common management, share a common treasury,
and have financial fungibility, and inter-company investments;
there is also the likelihood of commercial transactions between
SDPL and ICPL, though at arm’s length.

The ratings reflect the combined entity’s weak financial risk
profile constrained by high gearing, the high degree of
regulatory risks in the sugar and distillery industry, and
cyclicality in the sugar industry.  These weaknesses are
partially offset by the fact that SDPL is an established player,
with integrated power-generation capabilities.

Outlook:Positive

CRISIL expects ICPL to commence commercial production and
stabilise its operations in the ensuing sugar season.  The
ratings could be revised upwards if the financial risk profile
of the combined entity improves markedly from current levels
after the operations stabilise in ICPL.  Conversely, the outlook
may be revised to ‘Stable’ if a prolonged depression in the
industry impacts profitability, or if the combined entity takes
on more debt than expected to fund capital expenditure plans.

                           About SDPL

Incorporated in 1994 by Mr. Shamanur Shivashankarappa, SDPL
manufactures spirits and undertakes bottling of blended spirits.
SDPL is now an established player in the spirit business,
supplying to large Indian-made foreign liquor (IMFL) players.
SDPL’s business profile is strengthened by the integrated nature
of its operations through a bio-gas-based 2 megawatt (MW)
cogeneration (cogen) power plant.

For 2006-07 (refers to financial year, April 1 to March 31),
SDPL reported a profit after tax (PAT) of Rs.23 million on net
sales of Rs.344 million.

                           About ICPL

ICPL, incorporated in 2002, was acquired by Mr. Shivashankarappa
in 2006.  It has recently set up a 5000 tonnes crushed per day
(TCD) sugar unit together with a 28 MW bagasse-based cogen power
plant.  The commercial production of sugar is expected to begin
from the ensuing sugarcane harvest season, during the period
between August and September, 2008.


SHREE TATYASAHEB: CRISIL Rates Rs.2300.0 Mil. Credit at “BB+”
-------------------------------------------------------------
CRISIL placed these ratings on the various bank facilities of
Shree Tatyasaheb Kore Warana Sahakari Sakhar Karkhana Ltd
(Warana Sugar):

   Rs.300.0 Million Term Loans  BB+/Stable(Assigned)
   Rs.2300.0 Million Cash Credit  BB+/Stable(Assigned)
   Rs.20.0 Million Bank Guarantee  P4(Assigned)

CRISIL’s bank loan ratings reflect the society’s weak financial
risk profile, the working capital-intensive nature of its
operations, and the high degree of regulatory risks in the sugar
industry.  These weaknesses are mitigated by Warana Sugar’s
average operational efficiencies.

Warana Sugar has a weak financial risk profile.  Both revenues
and profitability have displayed high volatility in keeping with
sugar and sugarcane prices, and the cyclical nature of the sugar
industry.  Weak sugar prices in 2006-07 resulted in losses at
the net level for the society.  The society also had a low net
worth of Rs.209 million as on March 31, 2007 as most of its
surpluses (during times of high sugar prices) are distributed to
its farmer members in the form of additional sugarcane price.
Historically, Warana Sugar has also maintained high debt levels
on account of debt-funded capital expenditure (Rs. 200 million
in 2006-07 (April 1 to March 31) and Rs. 920 million in 2007-08)
and large sugar stocks.  Consequently, gearing levels have been
adverse (13.9 times as on March 31, 2007 and estimated at over
12 times as on March 31, 2008), while debt protection measures
too have been below par.

Sugarcane price fixation by the government, without reference to
sugar costs, severely affects the profitability of sugar mills.
Additionally, in response to domestic market conditions, the
government periodically imposes restrictions on the export of
sugar, as it had done in 2006-07.  Warana Sugar’s profitability
in the sugar business continues to be governed by these
regulatory risks.

The above weaknesses are mitigated by the society’s average
business risk profile. Warana Sugar’s 15,000-tonnes of cane
crushed per day (TCD) sugar manufacturing facility is located in
Kolhapur, a major and quality sugarcane growing area.
Besides, it has access to cane from both Maharashtra and
Karnataka, as Kolhapur is on the border of both states.  These
advantages are reflected in the society’s high utilisation rate
of over 90 per cent, as well as high recovery rate of over 12
per cent, since 2002-03.  Besides, Warana Sugar’s proximity to
ports helps it save on transportation costs for export of sugar.
Warana Sugar has also been able to achieve limited revenue
diversification by installing a distillery with capacity of 90
kilolitres per day (KLPD) which has been expanded to 135 KLPD in
2007-08. However, the society does not have a cogeneration
facility.  CRISIL believes that Warana Sugar’s business will
remain exposed to regulatory risks, though due to partly
integrated operations, it will be better placed compared with
standalone sugar units.

Outlook: Stable

CRISIL expects Warana Sugar to maintain its average business
risk profile and gradually improve its currently weak financial
risk profile over the short to medium term, supported by higher
sugar prices and moderate capital expenditure.  A stronger-than-
expected financial performance due to strong recovery in sugar
prices resulting in an improved credit profile, especially
gearing levels, could result in the outlook being revised to
‘Positive’.  Conversely, a prolonged depression in the industry
or any significant debt-funded capex impacting the credit
profile could result in the outlook being revised to ‘Negative’.

                        About Warana Sugar

Warana Sugar, a part of the Warana group of societies, was
incorporated in 1955 under the Maharashtra Co-operative
Societies Act, 1960.  Initially, the sugar factory was started
with 1000-TCD capacity during 1959-60.  Over the years, the
capacity was expanded to 7500 TCD.  The society has also taken
over on lease three sugar mills of 2500 TCD capacity each in the
nearby areas.  Further, the society is commissioning a sugar
refinery plant shortly which will produce low sulphur content
export-quality sugar.  Warana Sugar has a distillery of 135 KLPD
capacity and a 20 tonnes per day (tpd) paper mill. However,
sugar remains the highest contributor to overall revenues, at 93
per cent, in 2006-07.

For the year ended March 31, 2007, Warana Sugar reported a net
loss of Rs.102.8 million (net profit of Rs.93.0 million in 2005-
06) on net sales of Rs.3.67 billion (Rs.3.06 billion).


TATA POWER: Plans 10,000 MW Power Output Increase in 5 Years
------------------------------------------------------------
Tata Power Ltd. plans to increase its electric generation
capacity by 10,000 MW in the next five years.

The company has signed financing agreements for its 4000 MW
Mundra Ultra Mega Power Project, with an estimated cost of
INR17,000 Crores (US$4.2 billion) with the first of the five
units to be commissioned in September 2011.

Financing for the 1050 MW Maithon Joint Venture Project has also
been completed.  The project, estimated at a cost of Rs.4,450
Crores is being funded on a debt-equity ratio of 70:30.  The
promoters, Tata Power abd DVC, would bring in equity in a ratio
of 74% and 26% respectively.  The debt for the project is
Rs.3,115 Crores and is being financed by various banks led by
State Bank of India.

The company said its 250 MW (Unit 8) expansion project at
Trombay is progressing ahead of schedule and will be
commissioned by October 2008, while its 50.4 MW Khandke Wind
Farm Project has been completed.  Two additional wind projects
of 50.4 MW each are being developed in Jamnagar district at
Gujarat and Gadag district at Kartakana.

As to its Captive Power Projects for Tata Steel, the 120 MW
Power House #6 at Tata Steel Works, Jamshedpur will be
commissioned this financial year while the 120 MW Unit #5 at
Jojobera will be commissioned in the next financial year.

The Unit 1 of 2x45 MW Phase of Haldia Power Plant Project was
synchronized with the grid in April 2008, and the second unit is
scheduled to commission later this year.

Tata Power said it is actively pursuing setting up mega power
project in coastal Maharashtra and is in discussions with the
Government of Maharashtra for getting required assistance in
land acquisition.

The company completed the refinancing of its bridge loan taken
for the acquisition of 30% equity stakes in major Indonesian
thermal coal producers, PT Kaltim Prima Coal and PT Arutmin
Indonesia, as well as related trading companies owned by PT Bumi
Resources Tbk.  The company successfully refinanced US$860
million out of a total of US$950 million bridge loan taken at
the time of acquisition.

                         FY 2008 Results

As reported yesterday in the Troubled Company Reporter-Asia
Pacific, Tata Power 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.

All ratings still hold to date.



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

INFOSIA TEK: Moody's Indonesia Downgrades Bond Ratings to B1.id
---------------------------------------------------------------
PT Moody's Indonesia has downgraded PT Infoasia Teknologi Global
Tbk's (Infoasia) national scale corporate family and bond
ratings to B1.id from Ba2.id.  The ratings remain under review
for further possible downgrade.

"The rating action follows Infoasia's failure to make payment on
its 14th bond coupon interest of IDR2.6 billion due on June 23,
2008," says Joko Widodo, Moody's lead analyst for the company.

According to its trustee agreement, the company now has 14 days
from June 23 to meet the coupon payment before its bondholders
can make any calls, including for early repayment of the bonds.

"The ratings will be further downgraded if Infoasia fails to
make the payment within the given period," says Widodo.

The failure to make payment on June 23 indicates that the
company's liquidity profile could be weaker than expected,
thereby escalating refinancing risk in its IDR10 billion in
series B bonds.  These securities will mature in December 2008.

"As such, should the coupon payment be resolved within the 14-
day grace period, Moody's will still need to review the
company's liquidity and refinancing arrangements in order to
determine if further downward rating pressure exists," says
Widodo.

                     About Infoasia Teknologi

Infoasia started life as a distributor for IBM Computer Hardware
in 1996 under the name of PT Sejahtera Mandiri. It is now a
telecommunications company, providing network services and
system integration, network provider/internet services, as well
as telecommunications services and voice/data traffic
wholesaling from one country to another at competitive rates
versus its competitors. As at 31 December 2007, Infoasia was
owned by PT Infoasia Inti (51.4%), Eurochina Capital Pte Ltd
(15%), Soony Widjaja Wong (0.28%) and the public (33.3%).


PERTAMINA (PERSERO): Inks Enhanced Oil Recovery Pact w/ Talisman
----------------------------------------------------------------
PT Pertamina (Persero) and Talisman Energy have signed an MOU on
Enhanced Oil Recovery.  The MoU was signed by Pertamina's
Corporate Sr. Vice President Upstream, Karen Agustiawan and
Talisman's Acting Country Manager, Don Dibenedetto and witnessed
by Pertamina's Deputy President Director, Iin Arifin Takhyan and
CEO of Talisman Energy, John Manzoni.  The ceremony was held at
Pertamina Head Office on June 18, 2008.

The MOU would open areas for cooperation between the two
companies to jointly identify and evaluate the feasibility of
EOR projects in Pertamina's petroleum working areas, as
discussed and agreed by both parties.  In return, Talisman would
advise and offer to Pertamina forthcoming E&P projects of
comparable value in Talisman's working area in Indonesia or
other countries.  Talisman will provide opportunities for
training and development for Pertamina's technical staff,
including possible secondments.

"The signing of MOU between Pertamina and Talisman is no doubt a
very important and strategic step for both Pertamina and
Talisman", Pertamina's Deputy President Director, Iin Arifin
Takhyan, said.

Upon the MoU signing, both parties have committed to share and
exchange their best practises and experiences in the
implementation of this MOU.  CEO of Talisman Energy, John
Manzoni, also stated that the cooperation between Talisman and
Pertamina has lasted for years and will benefit both companies.

                        About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.



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

DAIWA SECURITIES: May Increase Stake in Saigon Securities to 10%
----------------------------------------------------------------
Daiwa Securities Group Inc. may raise its stake in Vietnam's
Saigon Securities Inc. to about 10% in a bid to expand in Asia,
Takahiko Hyuga of Bloomberg reports.

Chairman Akira Kiyota told the news agency that the company is
in talks with Saigon to increase the holding to strengthen its
retail network in Vietnam to underwrite public offerings.

The report relates that the company, who holds a 1.25% in
Saigon, agreed to form a capital alliance.  Akihiko Kanemura,
Daiwa Securities SMBC Co. executive, became a board member at
Saigon, the report says.

The firm, the report notes, aims to boost revenue from Asia
outside Japan to JPY100 billion (US$926 million) in five years'
time, almost 10 times what it makes in the region now.

                     About Daiwa Securities

Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/-- is a Japan-based securities company.
The company primarily is engaged in the securities, investment,
financing and service businesses.  Daiwa Securities Group is
comprised of 46 consolidated subsidiaries and five associated
companies, which are engaged in the securities, investment
trust, information service, real estate leasing, venture
capital, financing and other businesses.  The company with its
subsidiary and associated companies has operations in both
domestic and overseas markets, including Japan, the United
Kingdom, the United States, the Netherlands, Hong Kong and
Singapore.

                          *     *     *

As of June 13, 2008, the company still holds Nice Ratings' “BB-”
Subordinated Unsecured Debt Rating.


FORD MOTOR: Cuts Truck Production on Slow Demand
------------------------------------------------
Ford Motor Company is making further reductions to its North
American truck production plan while adding more small cars,
crossovers and fuel-efficient powertrains, as the company
responds to the continued deterioration in the U.S. business
environment and the accelerated shift away from large trucks and
SUVs.

"As gasoline prices average more than $4 a gallon and consumers
worry about the weak U.S. economy, we see June industry-wide
auto sales slowing further and demand for large trucks and SUVs
at one of the lowest levels in decades," Ford President and CEO
Alan Mulally, said.  "Ford has taken decisive action to respond
to this accelerating shift in customer demand away from large
trucks and SUVs to smaller cars and crossovers, and we will
continue to act swiftly moving forward."

Ford now expects U.S. industry volume in 2008 - including medium
and heavy vehicles - to be between 14.7 million and 15.2 million
units, compared with the previous assumption of 15 million to
15.4 million units.  Accordingly, in the third quarter, Ford now
plans to produce 475,000 vehicles, a reduction of 50,000 units
from previously announced plans and a decline of 25%  compared
with the 2007 third quarter.  In the fourth quarter, Ford plans
to produce 550,000 to 590,000 units, a reduction of 40,000 units
from previously announced plans and a decline of 8 to 14%
compared with the 2007 fourth quarter.

In parallel, Ford is adjusting the public introduction timing of
the new 2009 Ford F-150 by approximately two months due to the
industry-wide slowdown in the U.S. truck market and the need to
sell down dealer inventory of the current model. The new F-150
now will go on sale in late fall.

"The new 2009 F-150 raises the bar yet again on capability,
quality and durability, and we know core truck customers are
eagerly awaiting its arrival," said Mark Fields, Ford's
President of The Americas. "Our plan all along has been to
introduce the new F-150 after our dealers had a chance to sell
down inventory of the existing model, and -- with the current
slowdown in the marketplace -- we decided it was prudent to
adjust the start of public sale for the new truck by about two
months."

With these actions, Ford said it now is clear that 2008 pre-tax
Automotive results will be worse than 2007, cash outflows to
fund operating losses and restructuring will be greater than
previous guidance and, unless the economy improves, it will be
difficult for Ford to break even companywide on a pre-tax basis
in 2009, excluding special items. Ford North America still
expects to reduce annual operating costs by about $5 billion by
the end of 2008 -- at constant volume, mix and exchange, and
excluding special items -- compared with 2005.

Ford Motor Credit Company now will incur a pre-tax loss this
year -- excluding any potential payment related to Ford's profit
maintenance agreement -- primarily due to further weakness in
large truck and SUV auction values.  Ford Credit no longer is
planning a distribution payment to Ford in 2008.

Ford said it will provide more details on changes to its overall
plan when it announces second-quarter financial results in July.
In the meantime, Ford is taking the following production
actions:

   -- Production of the 2009 F-150 now will begin in August at
      Kansas City Assembly Plant and in September at Dearborn
      Truck.  One shift will be eliminated at both Kansas City
      (from two to one) and Dearborn (from three to two).
      Dearborn Truck will be idled most of the third quarter.

   -- Michigan Truck Plant will be idled for nine consecutive
      weeks beginning the week of June 23, in line with demand
      for the company's full-size SUVs.

   -- One shift of production will be eliminated at Louisville
      Assembly Plant for mid-size SUVs in the third quarter.

   -- The line speed will be reduced at Kentucky Truck Plant for
      large pickups in the third quarter.

   -- The line speed will be reduced at Chicago Assembly in the
      third quarter for full-size sedans.

   -- Production will wind down at Cuautitlan Assembly Plant in
      Mexico by the end of 2008.  The plant, which now produces
      large pickups, will be retooled for production of the new
      Fiesta small car for North America beginning in early
      2010.

Ford also is taking these actions to increase capacity in the
third quarter:

   -- Oakville Assembly will add a third shift for production of
      the Ford Edge, Lincoln MKX and all-new 2009 Ford Flex
      crossovers.

   -- Kansas City Assembly Plant's line that produces the Ford
      Escape, Escape Hybrid and Mercury Mariner and Mariner
      Hybrid small utility vehicles will add a third shift.

   -- Wayne Assembly Plant's body and paint shops will add a
      third shift, and the line-speed will be increased for
      final assembly production of the popular Ford Focus small
      car.

Production at Ford's stamping, engine and transmission plants is
being adjusted in line with the changes in assembly capacity.

"We view the move to smaller, more fuel-efficient vehicles as
permanent, and we are responding to customer demand," Mulally
said.  "In the near term, we are adjusting production to the
actual demand -- increasing small cars and crossovers and
reducing large trucks and SUVs.  For the long term, we are
moving fast to introduce more small cars, crossovers and fuel-
efficient powertrains -- including more hybrids -- and we will
adjust our manufacturing facilities to match our updated product
lineup."

Ford said it is uniquely positioned to build on its strength
today as a crossover vehicle leader, while leveraging its small
car expertise in Europe and bringing more of those vehicles to
North America.

In addition to hatchback and sedan versions of the European-
engineered Ford Fiesta small car that goes on sale in North
America in early 2010, Ford is announcing today that four- and
five-door versions of the next-generation European Ford Focus
small car will be produced in North America beginning in late
2010.

The new Focus will be common with Europe, South America and Asia
Pacific and represent the next generation of today's successful
European Focus.  Excellent fuel economy will be achieved through
new highly efficient direct-injection engine technology and a
new advanced six-speed transmission.

The new Focus and Fiesta -- as well as other small cars and
crossovers from Europe -- will be part of an unprecedented
period of new Ford product introductions that has only just
begun in North America.  The new Ford Flex crossover and Lincoln
MKS sedan went on sale this month, and the new F-150 goes on
sale in late fall.  New versions of the Ford Fusion, Mercury
Milan and Lincoln MKZ mid-size cars debut late this year, as do
all-new hybrid versions of the Fusion and Milan.

By the end of this year, 70% of all Ford, Lincoln and Mercury
products by volume in North America will be new or significantly
upgraded compared with the 2006 models.  By the end of 2010,
100% of the product lineup will be new, including in 2009 the
next-generation Mustang, new fuel-saving EcoBoost engines and
new European Transit Connect.

"We remain absolutely committed to accelerating the development
of the new products that customers want and value," Mr. Mulally
said.  "We sell some of the best smaller cars and utility
vehicles in the world in our profitable European and South
American operations, and our plan is to introduce these same
vehicles in North America as quickly as possible.  This is an
integral part of our plan to leverage our global assets and
achieve our goal of profitable growth."

                     About Ford Motor Company

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

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

                          *     *     *

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

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

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.  Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative.  These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the United Auto Workers.


FORD MOTOR: S&P Places Corporate Credit Rating Under Neg Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services is placing its corporate
credit ratings on the three U.S. automakers, General Motors
Corp., Ford Motor Co., and Chrysler LLC, on CreditWatch with
negative implications, citing the need to evaluate the financial
damage being inflicted by deteriorating U.S. industry
conditions--largely as a result of high gasoline prices.
Included in the CreditWatch placement are the finance units Ford
Motor Credit Co. and DaimlerChrysler Financial Services Americas
LLC, as well as GM's 49%-owned finance affiliate GMAC LLC.

"We have renewed concerns about all three automakers' future
cash outflows in light of the prospects for U.S. sales for the
rest of 2008 and into 2009," said Standard & Poor's credit
analyst Robert Schulz.  The erosion of demand for SUVs and
pickups has been particularly troubling.  Although these
segments have been weak for some time, the exodus of demand that
began in April, caused by escalating gas prices and consumer
preferences for smaller vehicles, is gathering speed.  Despite
concerted, and in some cases successful, efforts to bolster
their line-ups of smaller vehicles and reduce costs, all three
Michigan-based automakers still rely on light trucks for a
disproportionate share of profitability and cash flow.

The companies' difficulty in anticipating the pace of market
deterioration was reflected in Ford's announcement that it
expects to use an even larger amount of cash this year and next
than it announced previously, its second negative guidance
revision in a month.  Ford plans to use more than $16 billion of
cash between 2007 and 2009 in its automotive operations,
including the cost of employee separation programs, unless the
economy rebounds next year.  The company also said this year's
pretax results will be worse than last year's, announced further
light-truck production cuts and shift reductions, and delayed
this fall's launch of the F-150 pickup by two months to clear
existing inventory.  Also worrisome is the dire state of the
vehicle finance market.  Ford said it expects Ford Motor Credit
to report a pretax loss for the year (before any infusion from
Ford) caused by weak used (residual) values, primarily for light
trucks.

Although GM and Chrysler have not publicly detailed their
expectations for cash use, all of the factors behind Ford's
weaker guidance also apply to the other U.S.-based automakers.
In addition to weak sales and adverse product mix shifts, the
list of challenges also includes less receptive capital markets,
higher costs for steel and other raw materials, lower residual
values that hurt profitability at the finance units and reduce
consumers' trade-in power, and increasing cash needs for
restructuring efforts.

S&P believe all three companies currently have ample liquidity
for at least the rest of 2008 as measured by cash balances,
available bank facilities, and in some cases unencumbered
assets.  But S&P now also believe deteriorating industry
fundamentals could reduce liquidity to undesirable levels by the
second half of 2009.

As part of its reviews, S&P will assess all three companies'
strategies for addressing the weak sales and shifts in demand
away from light trucks and maintaining liquidity at satisfactory
levels through 2009.


FORD MOTOR: DBRS Reviews Ratings on Decline of Operations
---------------------------------------------------------
DBRS has placed the ratings of Ford Motor Company, Ford Motor
Credit Company LLC and Ford Credit Canada Limited Under Review
with Negative Implications.  The rating action reflects the
structural deterioration of the company's operations in North
America brought on by high oil prices and a slowing U.S.
economy.  Negative developments include these:

(1) A slowing U.S. economy precipitated by the collapse in the
housing market has contributed to a sharp decline in the demand
for automobiles.

(2) Persistent high oil prices have accelerated the change in
consumer preference to more fuel-efficient vehicles, which is
the strength of the Asian manufacturers.  This has added to the
Company's challenge to stabilize its market share.

(3) The sharp deterioration in residential construction has
further dampened the demand for pickup trucks, one of the
Company's more profitable products.  Worsening market conditions
in North America, especially for large sports utility vehicles
and pickup trucks, has added headwinds to Ford's turnaround
efforts.

Ford Motor Company

Issuer Rating Under Review - Negative B(low)
Long-Term Debt Under Review - Negative CCC(high)
Senior Secured Credit Facilities Under Review - Negative B(high)

Ford Motor Credit Company LLC
Issuer & Long-Term Debt Under Review - Negative B
Short-Term Debt Under Review - Negative R-4

Ford Credit Canada Limited
Long-Term Debt Under Review - Negative B

Ford Credit Canada Limited Commercial Paper Under Review -
Negative R-4


SOFTBANK CORP: Receives JPY2.5BB Dividends From Yahoo Japan
-----------------------------------------------------------
Sofbank Corporation received dividends from its consolidated
subsidiary, Yahoo Japan Corporation.

Sofbank received approximately JPY2.5 billion from Yahoo Japan
on June 10, 2008.

The company expects to record approximately JPY2.5 billion in
dividends received as non-operating income on a stand-alone
basis, for the fiscal year ending March 31, 2009.  As a result,
Softbank expects that the above mentioned dividends receipt will
contribute approximately JPY2.5 billion to ordinary income and
net income.

On a consolidated basis, dividends received from a consolidated
subsidiary will be eliminated as inter-company transaction.

                         About Softbank

Softbank is involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.  As of March 31, 2007, the company's paid-in
capital was JPY163.3 billion.

                          *     *     *

As of June 9, 2008, the company still holds Moody's “Ba2” Issuer
and Senior Unsecured Debt Ratings.  The outlook on the ratings
is stable.



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

LIQUA HEALTH: Incurs MYR939,000 in Quarter Ended March 31
---------------------------------------------------------
Liqua Health Corporation Berhad has incurred a net loss of
MYR939,000 in the first quarter ended March 31, 2008, as
compared to the MYR79,000 net profit in the same quarter of
2007.

The group’s sales revenue decreased about 22% to MYR8.69 million
for the quarter under review as compared to the corresponding
quarter in the preceding year of MYR11.169 million.  This is
mainly due to the decrease in turnover from the Group’s direct
sales activities and trading activities.

As of March 31, 2008, the company's balance sheet showed
MYR27.53 million of total assets and MYR22.60 million of total
liabilities, resulting to a shareholders' equity of
MYR4.93 million.

Liqua Health Corporation Berhad is principally engaged in the
businesses of investment holding and provision of management
services.  Its core business is direct selling of health food
and related products, through its subsidiaries.  Liqua Health
and Liqua Spirulina are the two core health products of the
company.  The company�s subsidiaries include Liqua Health
Marketing (M) Sdn. Bhd., which is engaged in direct selling of
health food and general merchandise; Packcon (Asia) Sdn. Bhd,
which is engaged in marketing packaging materials and general
trading; Liqua Biotech Sdn. Bhd formerly known as Liqua Heath
Dairy Marketing & Supplies Sdn. Bhd.), which is engaged in
research and development; Quantum Healing Centre Sdn. Bhd
(dormant), which is engaged in the trading and marketing of
health food and general merchandise.  In February 2007, Liqua
Health Marketing acquired the remaining 51% interest in Liqua
Health Chain.

                          *     *     *

The company was classified as an Affected Listed Issuer as it
has triggered Paragraph 2.1 of the Amended PN17 as the
consolidated shareholders' fund has dropped to approximately
MYR5.9 million which is below the 25% of the paid-up share
capital which stands at MYR144.3 million and the minimum issued
and paid up capital of MYR60 million required under paragraph
8.16A(1) of the Listing Requirements.


* RAM: Developers to Face Challenges Amid Fuel-Price Hike
---------------------------------------------------------
The broad residential property sector is envisaged to face rough
waters ahead, Rating Agency Malaysia Berhad said.  While RAM
Ratings had earlier expected this sector to deliver a stable
performance in 2008 due to the balance between the supporting
factors ( a resilient domestic economy and the Government’s
liberalization of the industry) and some concerns (weaker
consumer sentiments due to escalating crude-oil prices and an
uncertain global economy), the recent steep hikes in domestic
fuel prices have tipped the scale towards the negative.

The much heftier fuel prices will have a profound impact on
consumer sentiments and spending patterns.  Although housing is
a basic necessity, the recent turn of events is expected to
affect consumption, especially on big-ticket items such as
property.  Among the various sub-segments of the residential
property industry, the low-to-medium end of the market is
envisaged to be the worst hit as it generally caters to the
masses, i.e. low-to-middle-income earners, who are more
sensitive to the precipitous fuel-price hikes and the consequent
higher cost of living.

Under the circumstances, RAM Ratings opines that single-project
companies without any geographical diversification or mass-
housing products will be adversely affected.  Similarly,
companies with projects in less vibrant areas are also expected
to experience more subdued sales.  As it is, some of them
already have a negative rating outlook due to the challenging
operating environment.

On a slightly more positive note, property developers with
geographical and product diversity as well as established
reputations are envisaged to fare better.  While there will be
adverse knee-jerk reactions to the recent steep spikes in fuel
prices while the general population adjusts to the higher cost
of living, RAM Ratings expects the impact to be less severe for
diversified property players or those targeting the higher-end
market and have already secured sales of such properties.  About
70% of RAM Ratings’ portfolio of property developers have a
stable rating outlook; the rating agency do not anticipate any
immediate impact on their ratings given their relatively
stronger business profiles and/or sturdy balance sheets.

On the other hand, property developers will still be burdened by
more costly raw materials following the recent liberalization of
cement and steel prices.  This may further compress their
margins as they seek to remain competitive amid the subdued
backdrop.  RAM Ratings notes that there have been cases of
delayed construction work due to the uncertain prices of
building materials.  Given the anticipated slower demand and
more expensive building materials, RAM Ratings do not discount
deferments in launches or changes in development plans until
market sentiment improves.

All said, however, RAM Ratings can only fully assess the credit
impact on these companies once it has completed their review
exercises; the appropriate announcements and/or rating actions
will be made available in due course.


* RAM: Fuel Price Hikes – Low Impact on Consumer-Related Sectors
----------------------------------------------------------------
The steep spikes in fuel prices and electricity tariffs are
believed to have knock-on effects vis-à-vis consumer sentiments
and spending power, Rating Agency Malaysia Berhad said.  On the
supply side, businesses are expected to face heftier
manufacturing and distribution costs.  All said, however, the
overall impact is expected to be minimal on RAM Ratings’
portfolio of consumer-related products/services companies,
although several issuers that rely on discretionary spending are
likely to be more vulnerable to any knee-jerk reaction from
consumers.

In regard of the above, rated companies in the food and beverage
(F&B), gaming, health care and media sectors are expected to
fare better than their counterparts in other industries.  In
particular, those in retailing, trading and information
technology (IT) are opined to face more challenging times.  RAM
Ratings will continue monitoring the situation and take the
appropriate rating actions (if any) upon better visibility of
the success (or lack thereof) of the adjustments made by these
companies and their consumers.

                      F&B and Consumer Goods

RAM Ratings expects minimal impact on the F&B companies within
our universe as demand is likely to be sustained, particularly
for manufacturers of staple foods.  Within the F&B sector,
companies with diversified product portfolios are viewed to have
stronger resilience against cost pressures. RAM Ratings  note
that several bigger players had already implemented cost
controls in recent years, thus enabling them to better absorb
the impact of higher fuel prices and electricity tariffs.
Meanwhile, companies with a higher percentage of
exports/overseas sales would be less affected by the recent
price hikes.

                          Retail Sector

Rated corporates dealing in discretionary goods such as
furniture and gift wares are likely to be more affected by the
recent steep price increases; attempts by these companies to
pass on rising costs may encounter stronger resistance from
consumers.  On the other hand, retailers offering lower-priced
alternatives (in the form of house brands) may benefit from
possible down trading by consumers.  Similarly, those whose
product mixes comprise or include daily essential goods like
food and household items will be better cushioned than others.

                Gaming, Healthcare, IT, and Media

RAM Ratings believes the minimal impact on rated companies in
the gaming and health care industries.  Both sectors are less
sensitive to price increases, supported by the addiction factor
and the chance of a windfall in gaming, and health care spending
on chronic ailments or non-deferrable treatments.  Elsewhere,
the rating agency anticipates mixed effects on issuers involved
in IT and the various media platforms.  Both IT and media
companies depend on corporate spending (IT upgrades, advertising
expenditure), which may be scaled back to save costs.
Nevertheless, front-runners in the media industry are better
poised to attract advertising expenditure while IT companies
with overseas projects will be less affected by the recent price
hikes.

                        Trading and Others

Given the generally thin margins of trading companies, any
increase in transportation/distribution costs would further
erode their profitability.  As with other consumer-related
companies, traders with extensive networks, broad customer
bases, diversified products and exposure to various industries
are likely to fare better.  Elsewhere, the rating agency
anticipates minimal impact for education-related businesses.
Given Malaysians’ strong emphasis on their children’s education,
spending cuts are less likely for this segment despite mounting
inflationary pressures.



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

AMADEUS RIVERBANK: Proofs of Claim Due July 28
----------------------------------------------
Creditors of Amadeus Riverbank Cafe Limited, WK Backhouse
Limited, Boyle Manufacturing Limited and Ace Mobile Welding
Limited have until July 28, 2008,
to make their claims and to establish any priority their claims
may have under section 312 of the Act.

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

For inquiries, contact:

          PricewaterhouseCoopers
          113-119 The Terrace
          (PO Box 243), Wellington
          Telephone: (04) 462 7489
          Facsimile: (04) 462 7492


BRIDGECORP LTD: Charges Against 2 Directors Up for Hearing
----------------------------------------------------------
The Registrar of Companies' National Enforcement Unit is
carrying out the prosecution of Bridgecorp Limited's two
executive directors, Rodney Petricevic and Robert Roest, who are
facing charges under the Securities Act and the Companies Act,
the New Zealand Herald reports.

Particularly, the report says, they are charged with making a
false statement to the trustee for the debenture holders when
they signed a directors' certificate on April 30, 2007.

The certificate cited in the Herald's report stated that
"interest due on and principal moneys of the securities has been
paid or otherwise satisfied on due date".

Messrs. Petricevic and Roest will appear in the Auckland
District Court on July 29, the Herald says.

The report relates that Bridgecorp is charged with allotting
debenture stock to members of the public while knowing that its
prospectus was false.  The prospectus claimed that Bridgecorp
had never missed an interest payment or, when due, a principal
repayment.

The charges on the company and its directors were laid in the
Auckland District Court on June 18.

If convicted on the Securities Act charge, the Herald says the
company and its two executive directors are liable to a fine not
exceeding NZ$300,000.  If convicted on the Companies Act charge
the two executive directors are liable to imprisonment for a
term not exceeding five years or to a fine not exceeding
NZ$200,000.

Bridgecorp's appointed receiver, John Waller of
PricewaterhouseCoopers, was cited by the Herald as saying that
the company's 14,500 investors should get an update by the end
of this month on what they are likely to get out of the wreckage
of the collapsed financier.

The Securities Commission and the Serious Fraud Office are
conducting separate investigations into Bridgecorp's affairs,
the report says.

                  Founder to Pay As Much as NZ$700,000

As reported in the Troubled Company Reporter-Asia Pacific on
June 6, 2008, Associate Judge Robinson awarded Bridgecorp a
summary judgment against Mr.  Petricevic for NZ$576,100.24, plus
interest of NZ$75,761.13 and legal costs.

Bridgecorp receivers Colin McCloy and Mr. Waller said they are
pleased with the judgment awarded against Mr. Petricevic.

Legal action was taken against Mr. Petricevic by Bridgecorp
Management Services Limited (In Receivership), part of the wider
Bridgecorp group of companies, to recover a debt relating to the
payment of Mr. Petricevic’s personal income
tax in 2006.

Mr. McCloy said he welcomes the ruling.  “This is the first
court proceeding taken by the Bridgecorp receivers in respect of
numerous investigative matters being analysed,” he said.  “[The]
judgment is a step towards resolving these matters and it is
pleasing to see such a swift result.”

He said further proceedings on other matters are before the
court and other actions are likely.

                          About Bridgecorp

New Zealand-based Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.


DAAWAT (LOWER HUTT): Placed Under Liquidation
---------------------------------------------
An application putting Daawat (Lower Hutt) Limited into
liquidation was heard before the High Court at Wellington on
June 16, 2008.

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.


DENNY'S CORPORATION: Discloses New Organizational Structure
-----------------------------------------------------------
Denny's Corporation redesigned its organizational structure to
support its ongoing transition to a franchise-focused business
model.

The company has completed an extensive review of its
organizational structure in comparison with many prominent
franchise systems.  In April, the company realigned its senior
leadership with three executive officers reporting to the Chief
Executive Officer.  The company has restructured the
organization under this leadership to effectively execute its
new strategic direction with primary emphasis on sales, brand
and franchise.

Additionally, the company has created four Regional Vice
Presidents of Operations positions that will have accountability
for the performance of both company and franchise restaurants
within a geographic region.  The RVP's and their support teams
will manage an integrated effort to drive guest counts, sales
and profitability while ensuring operational excellence.  The
company is also strengthening its marketing focus with resources
dedicated to sales, consumer insights, innovation and an
enhanced local marketing effort through a strategic
collaboration with Denny's operational leadership.

"Through the success of Denny's Franchise Growth Initiative, the
mix of franchised restaurants in the Denny's system is now up to
76%," Nelson Marchioli, President and Chief Executive Officer,
stated.  "In our quest to become a franchisor-of-choice in the
restaurant industry, we must continue to evolve our corporate
structure and mission to focus on driving sales, expanding the
brand and providing valuable support to our franchisees.  We
have determined that to be competitive in today's challenging
operating environment it is necessary to reallocate resources
and streamline our structure.  We see many opportunities ahead
for the Denny's brand and look forward to working with our
franchisees to capitalize on our growth prospects."

The new organizational structure increases brand and franchisee
support, but also allows for consolidation of certain
departments and job functions resulting in the near-term
elimination of approximately 50 positions.  As a result of these
staff reductions, the company expects to incur a restructuring
charge attributable to severance and other expense of
approximately $5 million in the second quarter of 2008, which
will be paid out over the next 12 months.  Additionally, the
company expects to realize annualized savings of approximately
$6 to $8 million in core general and administrative expense
(which excludes share-based compensation and annual incentive
compensation).  This expense reduction will phase in during the
second half of 2008.

Headquartered in Spartanburg, South Carolina, Denny's
Corporation (Nasdaq: DENN) -- http://www.dennys.com/-- is a
full-service family restaurant chain, consisting of 373 company-
owned units and 1,177 franchised and licensed units, with
operations in the United States, Canada, Costa Rica, Guam,
Mexico, New Zealand and Puerto Rico.

At March 26, 2008, the company's consolidated balance sheet
showed $384.8 million in total assets and $557.0 million in
total liabilities, resulting in a $172.2 total stockholders'
deficit.


DOMINION FINANCE: Needs Time to Work on Proposed Moratorium
-----------------------------------------------------------
Dominion Finance Holdings Limited, parent company of Dominion
Finance Group Limited and North South Finance Limited, disclosed
in a regulatory filing that it is pro-actively exploring the
prospect of entering into a moratorium.

According to the company, its Board had become concerned about
the liquidity position of Dominion Finance Group and North South
Finance, and primarily the ability of these companies to meet
their ongoing payment obligations to their respective debenture
holders both in respect of interest and principal.

The primary source of the liquidity pressure, in the Board's
opinion, has been the impact of the international credit crisis
on the confidence of Dominion Finance Group and North South
Finance's investor base, and the inability of the company's
borrowing clients to refinance or repay the debt facilities
previously provided to those borrowers.

The Board, on June 17, 2008, entered into discussions with the
bankers, auditors, and Trustee's of DFG and NSFL respectively,
with a view to exploring the prospect of those two companies
entering into a Moratorium with their respective
debentureholders.

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

A moratorium is basically a legal process providing a longer
period of time for a company to satisfy its obligations,
generally where all persons with the same class of claim are
treated equally.  At this stage the directors, and DFG and NSF's
advisers, are developing the proposed terms of
moratorium/capital restructure. Before the proposed moratorium
can become effective, DFG and NSF debenture holders would need
to vote in favor of it.

At this time the proposal to explore a moratorium appears to
have been well received by important stakeholders.  As a
practical matter, the commercial terms of the moratorium will
take some weeks to develop, as a number of stakeholders need to
be consulted including trustees, banks, and potential equity
providers, before stock holders are asked to vote.  In the
meantime, DFG and NSF are seeking the support of their
respective trustee to allow the company time to develop the
detailed terms of moratorium, rather than the trustee exercise
rights it has to appoint a receiver.

Early in the month Dominion Finance Holdings had engaged Korda
Mentha for strategic advice, and on June 18, DFH specifically
engaged them along with Chapman Tripp to provide expert
assistance to assist DFH and its operating subsidiaries DFG and
NSF in relation to the moratorium.

Notwithstanding, DFH said its two operating subsidiaries
continue to trade profitably and for the two months to May 31,
2008, DFH generated NZ$2.611 million Net Profit after tax.

                      About Dominion Finance

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


FAR NORTH: Proofs of Claim Filing Deadline is Aug. 26
-----------------------------------------------------
Creditors of Far North Engineering Limited have until August 26,
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 company.

The Liquidators can be reached at:

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


GLOBAL HOSPITALITY: Liquidation Hearing Slated for June 30
----------------------------------------------------------
The High Court at Christchurch will hold a hearing on Monday,
June 30, 2008, at 10:00 a.m. to consider an application putting
Global Hospitality 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 the Commissioner of
Inland Revenue.

The plaintiff can be reached at:

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

Julie Newton is the plaintiff’s solicitor.


GUTTER KING: Creditors Can File Claims Until June 30
----------------------------------------------------
Creditors of Gutter King 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.

Rachel Karen Mason and Jeffrey Philip Meltzer, insolvency
practitioners, are the appointed liquidators of the company.

The Liquidator can be reached at:

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


HAWKEYE NOMINEES: Placed Under Liquidation
------------------------------------------
The shareholders of Hawkeye Nominees Limited voted to liquidate
the company and distribute surplus assets.

In terms of section 241(2)(a) of the Companies Act 1993, the
shareholders resolved to appoint Rhys Michael Barlow, chartered
accountant of Wellington, as liquidator.

The Liquidator can be reached at:

          BDO Spicers (Wellington) Limited
             Chartered Accountants
          Level 2, BDO House
          99-105 Customhouse Quay
          (PO Box 10340 or DX SP 20033)
          Wellington
          Telephone: (04) 472 5850
          Facsimile: (04) 473 3582


NORTH CITY: Proofs of Claim Due June 26
---------------------------------------
Pursuant to Section 255(2) of the Companies Act 1993,
a special resolution of North City Applicances Limited's
shareholders appointed Iain Bruce Shephard and Christine
Margaret Dunphy as liquidators of the company.

The liquidators fixed tomorrow, June 26, 2008, as the last day
for creditors to make their claims and establish any priority
their claims may have.

The Liquidators can be reached at:

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


SPENTA CONSULTANCY: Placed Under Liquidation
--------------------------------------------
Pursuant to Section 241(2)(c) of the Companies Act 1993, Spenta
Consultancy Limited was put into liquidation and James Gregory
Eden and Bruce Carlaw Richards, chartered accountants of New
Plymouth, were appointed liquidators.

The liquidation commenced on May 23, 2008.

The Liquidators can be reached at:

          Staples Rodway Taranaki Limited
          109-113 Powderham Street
          New Plymouth
          Telephone: (06) 758 0956
          Facsimile: (06) 757 5081


ST LAURENCE: Halts Lending Business to Avoid Loan Default
---------------------------------------------------------
St. Laurence Limited said that it has decided to exit from its
money lending activities and is to withdraw its prospectus
immediately.  This decision results from rapid changes in the
property lending markets affecting many financiers and
investors.

St. Laurence's majority owner Mr. Kevin Podmore said that
although the company is not currently in default of its
obligations under its Trust Deed, given the current environment,
there is considerable risk that it might do so in the future.
St. Laurence Limited has advised its trustee, Perpetual Trust
Limited, of its intention to seek its debenture holders’
approval for a scheme of repayment and for that purpose, it has
commissioned an independent advisor’s report so that details of
the scheme can be sent out to investors in July.

The scheme will be a proposal to repay the principal amount of
debenture stock outstanding on an installment basis.  The Board
believes that this is the most prudent course of action to
protect investors’ funds as it exits its lending operations.
Debenture holders will continue to receive interest until they
have been repaid in full.

Mr. Podmore says “The decision is consistent with St Laurence's
philosophy of putting investors' interests first.  There is
simply too much risk and uncertainty on our investors for us to
continue our money lending operations.  We have not run out of
cash but cash flows are at risk.”

The decision has no affect on St. Laurence Property & Finance
Limited and holders of its debentures, bonds and mandatory
convertible notes.  Nor will it affect St. Laurence Limited's
role as manager of The National Property Trust or its other
various funds management activities in relation to individual
property syndicates.

                        About St Laurence

St Laurence Limited (NZX: DPC) --
http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over $1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.


WEALAND INT'L: Liquidation Hearing Scheduled on July 25
-------------------------------------------------------
The High Court at Auckland will convene a hearing at 10:45 a.m.
on July 25, 2008, to consider an application putting Wealand
International (NZ) Limited (trading as Graduate House and
International Student Employment Service) into liquidation.

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

The application was filed on May 7, 2008, by Complete First Aid
Supplies Limited.

The plaintiff can be reached at:

          Legal People, Unit 1
          5 Millais Street
          Grey Lynn, Auckland

BRENDON MADDEN-SMITH is the plaintiff’s solicitor.


ZURVAN INVESTMENTS: Placed Under Liquidation
--------------------------------------------
Pursuant to Section 241(2)(c) of the Companies Act 1993, Zurvan
Investments Limited was put into liquidation and James Gregory
Eden and Bruce Carlaw Richards, chartered accountants of New
Plymouth, were appointed liquidators.

The liquidation commenced on May 23, 2008.

For inquiries, contact:

          Staples Rodway Taranaki Limited
          109-113 Powderham Street
          New Plymouth
          Telephone: (06) 758 0956
          Facsimile: (06) 757 5081



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

* PHILIPPINES: IMF Forecasts Economic Growth at 5.2 Percent
-----------------------------------------------------------
The International Monetary Fund had cut its 2008 economic growth
forecast for the Philippines to 5.2 percent from 5.8 percent due
to slowing external demand and softening consumption, Reuters
reports.

According to Reuters, IMF said the country's growth is expected
to slow and inflation will likely remain elevated.

IMF noted in the Reuters report that inflation was likely to
stay close to double-digit levels in the coming months but the
central bank's monetary policy was appropriately hawkish.

The Philippine Star relates that IMF expressed satisfaction that
monetary authorities are ready to take additional actions as and
when necessary to address the threat of high inflation.

"Continued prudent macroeconomic policy management is needed to
navigate through the challenging times ahead," IMF was quoted by
Reuters as saying.

The government, according to the IMF, must adopt legislation,
possibly on reforming fiscal incentives and tax administration,
to recover lost revenues from recent reforms in personal income
taxation and a planned reduction in corporate income taxes in
2009.



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

KDLC LEASING: Creditors' Proofs of Debt Due on July 7
-----------------------------------------------------
KDLC Leasing Singapore Pte Ltd, which is in liquidation,
requires its creditors to file their proofs of debt by July 7,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

         Rasmasamy Subramaniam Iyer
         Goh Thien Phong
         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


M-PRECISION CENTRE: Court to Hear Wind-Up Petition on July 4
------------------------------------------------------------
A petition to have M-Precision Centre Pte Ltd's operations wound
up will be heard before the High Court of Singapore on July 4,
2008, at 10:00 a.m.

Etla Limited filed the petition against the company on June 10,
2008.

Etla Limited's solicitors are:

         M/s K S Chia Gurdeep & Param
         1 Finlayson Green #10-01
         Singapore 049246


STATS CHIPPAC: To Pursue US$365 Million Debt Financing Plan
-----------------------------------------------------------
STATS ChipPAC Ltd. intends to pursue a debt financing plan in
furtherance of its proposed capital reduction exercise that was
previously announced.  The debt financing is expected to consist
of a private placement of senior notes (the "New Notes") and
senior secured credit facilities (the "New Credit Facilities")
comprising a term loan and a revolving credit facility.  As part
of the debt financing plan, the Company has commenced a cash
tender offer and consent solicitation in respect of its US$150
million of 7.5% Senior Notes due 2010 and its US$215 million of
6.75% Senior Notes due 2011 (collectively, the "Existing
Notes").  The company intends to use the net proceeds from the
private placement, together with borrowings under the term loan,
to (1) fund its proposed cash distribution to shareholders (if
the capital reduction is effected), (2) fund the tender offer
and consent solicitation and repay certain of its other
indebtedness, (3) pay the costs associated with the foregoing,
and (4) for general corporate purposes.

                  Private Placement of New Notes

The company intends to offer, subject to market conditions and
other factors, the New Notes to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as
amended (the "Securities Act"), and to non-U.S. persons outside
the United States in reliance on Regulation S under the
Securities Act.  The New Notes are expected to consist of two
tranches and pay interest semi-annually.  The New Notes are
expected to constitute senior, unsecured obligations of the
company and to be guaranteed by certain wholly-owned
subsidiaries.  The company has applied for and expects to
receive approval in-principle from the Singapore Exchange
Securities Trading Limited (the "SGX-ST") for the listing and
quotation of the New Notes.

The SGX-ST assumes no responsibility for the correctness of any
of the statements made or opinions expressed in this release.
Admission of the New Notes to the Official List of the SGX-ST is
not to be taken as an indication of the merits of the company or
the New Notes.

                      New Credit Facilities

Concurrently with the private placement of the New Notes, the
company intends to enter into the New Credit Facilities for
US$450 million comprising (1) a three-year amortizing term loan
(the "Term Loan") and (2) a three-year revolving capital
expenditure credit facility (the "Capex Facility").  The Term
Loan is expected to be for US$300 million and the Capex Facility
is expected to be for US$150 million.  The New Credit Facilities
are expected to be guaranteed by all of the company's wholly-
owned subsidiaries (except its China subsidiaries and STATS
ChipPAC Korea Ltd.) and secured by substantially all of the
assets of the Company and its subsidiary guarantors, except as
prohibited by applicable law or the rules of any applicable
regulatory authorities.  The Term Loan is expected to be drawn
down concurrently with the completion of the private placement.
The Capex Facility is expected to initially be unutilized.

             Tender Offer & Consent Solicitation

In addition, concurrently with the private placement, the
company has commenced a cash tender offer for any and all of its
Existing Notes.  In conjunction with the tender offer, the
company is also soliciting consents of holders of the Existing
Notes to adopt proposed amendments to the respective indentures
governing the Existing Notes that would eliminate or modify
substantially all of the restrictive covenants, certain
reporting obligations, certain events of default and certain
other provisions under the respective indentures.

The tender offer expired at 5:00 p.m., New York City time,
yesterday, July 22, 2008, unless extended or earlier terminated
(the "Expiration Date").  Holders who validly tender their
Existing Notes at or prior to 5:00 p.m., New York City time, on
Wednesday, July 2, 2008, unless extended or earlier terminated
(the "Consent Deadline"), will receive the Total Consideration
(as defined below) and will be deemed to have delivered their
consents pursuant to the consent solicitation.  Holders who
validly tender their Existing Notes after the Consent Deadline
but on or prior to the Expiration Date will receive only the
Tender Consideration.

The company has the option to settle Existing Notes validly
tendered at or prior to the Consent Deadline on an early
settlement date.  If the company chooses to exercise this
option, it will make an announcement of this early settlement
date.

The tender offer and consent solicitation in respect of each
series of Existing Notes is conditional upon, among others, (1)
the company obtaining adequate debt financing to fund the tender
offer and consent solicitation and the proposed cash
distribution on terms and conditions acceptable to it and (2)
the receipt of the consents from holders of a majority in
aggregate principal amount of the outstanding Existing Notes to
amend the respective indentures governing the Existing Notes.
As described above, the company intends to fund the tender offer
and consent solicitation with a portion of the net proceeds from
the private placement of the New Notes together with borrowings
under the Term Loan.

The tender offer and consent solicitation in respect of one
series of Existing Notes is not conditional upon the tender
offer and consent solicitation in respect of the other series of
Existing Notes.  The terms and conditions of the tender offer
and consent solicitation, including the company's obligation to
accept and pay the applicable Total Consideration or the
applicable Tender Consideration, as the case may be, for
Existing Notes tendered, are set forth in the company's Offer to
Purchase and Consent Solicitation Statement dated June 20, 2008
(the "Offer to Purchase").  The company may amend, extend or
terminate the tender offer and consent solicitation at any time.

The company has appointed Credit Suisse and Deutsche Bank as the
Dealer Managers and Lucid Issuer Services Limited as the Tender
and Information Agent for the tender offer and consent
solicitation.

                       About STATS ChipPAC

STATS ChipPAC ranks fourth in the global outsourcing
semiconductor assembly and test industry ("OSAT").  It provides
full turnkey solutions to semiconductor businesses, including
foundries, integrated device manufacturers ("IDMs") and fabless
companies in the US, Europe and Asia.

For FY2007, packaging revenue accounted for 74.7% of the
company's sales, while test and other revenues accounted for the
balance; the communications, computers and consumer electronics
segments accounted for 52.5%, 15.5% and 32% of sales
respectively.


STATS CHIPPAC: Moody's Assigns Ba1 Senior Unsecured Rating
----------------------------------------------------------
Moody's Investors Service has assigned a Ba1 senior unsecured
rating to STATS ChipPAC's proposed issuance of senior unsecured
notes.  At the same time, Moody's has affirmed the company's Ba1
corporate family rating.  The outlook for the ratings is stable.

The proceeds from the notes will be used to fund a special
dividend distribution and repay existing debt.

"STATS ChipPAC's Ba1 is based on the company's underlying credit
strength of '13,' equivalent to a Ba3 on Moody's global rating
scale, and the credit support that we believe Temasek, through
Singapore Technologies Semiconductors Pte Ltd, is likely to
provide in a distress situation," says Wonnie Chu, Moody's lead
analyst for the company.

"The underlying credit strength of '13' further reflects the
company's sound liquidity profile, which is characterized by a
strong back-up liquidity arrangement of US$150 million, a long-
dated debt maturity profile, as well as its flexible and
moderating capex requirements," say Chu.

"The company's capability in cash flow generation is further
supported by its solid market position -- as the fourth largest
player in the OSAT industry -- its focus on the fast-growing
advanced technology packaging sector, and the favorable growth
prospects evident for the OSAT industry in general and in China
in particular," adds Chu.

"On the other hand, the rating considers STATS ChipPAC's
volatile operating profile, which in turn is driven by inherent
industry cyclicality, price fluctuations for raw materials --
which are a major cost in the assembly process -- and its
relatively concentrated customer base," she says.

Moody's overlays the company's stand-alone credit fundamental
with a joint-default analysis for government related issues, and
which involves estimating the likelihood that in the event of
pending failure by the company, Temasek -- through Singapore
Technologies Semiconductors -- would step in and prevent a
default.

The "Medium" support reflects STATS ChipPAC's importance within
Temasek, which through Singapore Technologies Semiconductors,
owns 83.8% of the company's issued shares.

Moody's also views as "Low" the level of dependence between
STATS ChipPAC and Singapore Technologies Semiconductors,
reflecting the former's diversified asset base and the fact that
most of its revenue is generated overseas.  This means that it
is less dependent on the state of the domestic economy.

The rating is unlikely to be upgraded in the near term as STATS
ChipPAC's leverage is in line with its current rating level and
de-leverage is unlikely in the near-term, given the newly placed
capital structure.

The rating could trend upwards over the long term if STATS
ChipPAC: 1) successfully implements its business strategies,
thereby growing its revenue base and profitability; 2) generates
free cash flow for permanent debt reduction, such that total
debt/total capitalization is less than 50-55% and
EBITDA/Interest rises above 6x on a sustained basis.

On the other hand, downward ratings pressure could evolve if
STATS ChipPAC: 1) sees reduced asset utilization, decreasing
profitability and cash flow-generating abilities; 2) suffers the
effect of an industry downturn, which materially impairs the
company's debt-servicing ability; and/or 3) gears up its balance
sheet due to any further debt-funded capital reduction programs,
a large capital expenditure or investment program, such that
Total Debt/Total Cap increases above 60-70% and EBITDA/Interest
declines below 3-4x over the cycle.

Furthermore, a significant reduction in Singapore Technologies
Semiconductors' controlling stake that weakens the support level
-- considered an unlikely scenario in the near term -- would
also be negative for the rating.

                    About STATS ChipPAC

STATS ChipPAC ranks fourth in the global outsourcing
semiconductor assembly and test industry ("OSAT").  It provides
full turnkey solutions to semiconductor businesses, including
foundries, integrated device manufacturers ("IDMs") and fabless
companies in the US, Europe and Asia.

For FY2007, packaging revenue accounted for 74.7% of the
company's sales, while test and other revenues accounted for the
balance; the communications, computers and consumer electronics
segments accounted for 52.5%, 15.5% and 32% of sales
respectively.


TOOL MASTER: Wind-Up Petition Hearing Set for July 4
----------------------------------------------------
The High Court of Singapore will hear on July 4, 2008, at 10:00
a.m., a petition to have Tool Master Pte Ltd's operations wound
up.

Tiger Steel Industry Co. Ltd filed the petition against the
company on June 10, 2008.

Tiger Steel's solicitor is:

          M/s Rodyk & Davidson LLP
          No. 80 Raffles Place
          #33-00 UOB Plaza 1
          Singapore 048624


VISIONEX PTE: Creditors' Proofs of Debt Due on July 21
------------------------------------------------------
The creditors of Visionex 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:

         Yeap Lam Kheng
         Bob Yap Cheng Ghee
         c/o 16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581



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

AU OPTRONICS: Posts NT$44.3 Bil. Consolidated Revenue in May
------------------------------------------------------------
AU Optronics Corp. disclosed its May 2008 revenue with
preliminary consolidated and unconsolidated basis of NT$44,339
million and NT$43,914 million.  It represented 4.6% and 4.4%
sequential increase, and 24.9% and 23.7% year-over-year growth.

Shipments of large-sized panels used in desktop monitor,
notebook PC, LCD TV and other applications for May 2008 totaled
7.7 million units, increased by 4.5% sequentially.  Small-and-
medium-sized panel shipments totaled 13.9 million units, a 4.2%
month-over-month decrease.

                        About AU Optronics

Taiwan-based AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat
panel displays.  The company's principal products are thin-film
transistor liquid crystal display (TFT-LCD) panels.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
June 19, 2008, Fitch Ratings has upgraded Taiwan-based AU
Optronics Corporation's Long-term foreign and local currency
Issuer Default ratings to 'BB+' from 'BB', and its National
Long-term rating to 'A-(twn)' from 'BBB+(twn)'.  The Outlook is
Positive.



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

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

                   Featured Conference

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

                     *      *      *

           Beard Audio Conferences presents

           Bankruptcy and Restructuring Audio Conference CDs

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

                     *      *      *

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

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

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

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

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

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

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

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

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

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

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

July 16, 2008
   AMERICAN CONFERENCE INSTITUTE
      Distressed M&A - Innovative Approaches for Expeditiously
         Maximizing Value in Chapter 11, § 363 Sales and
            Out-of-Court Divestitures
               The Carlton, New York, New York
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July 21, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Golf Tournament
         The Club at Bear Dance, Larkspur, Colorado
            Contact: 303-847-5026 or www.turnaround.org

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

Sept. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Four Seasons, Las Vegas, Nevada
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Aug. 27-28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA 4th Annual Northeast Regional Conference
         Gideon Putnam Resort & Spa, Saratoga Springs, New York
            Contact: www.turnaround.org

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                         *********

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

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

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


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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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