TCRAP_Public/080626.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, June 26, 2008, Vol. 11, No. 126

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Unit Inks Wind Power Sale Deal With Delmarva
CEM OFFCUT: Liquidators Present Wind-Up Report
CHEROKEE INVESTMENT: Declares Dividend for Creditors
CINVAD PTY: Liquidator Presents Wind-Up Report
ELVEDON PTY: Liquidator Gives Wind-Up Report

EXKAH LIMITED: Declares Dividend for Creditors
FUTURIS CORP: Lowers Profit Forecast for FY2008
FUTURIS CORP: CEO Les Wozniczka Quits Post
GOWRA CONSOLIDATED: Final Meeting Set on June 30
HEPTRON PTY: Liquidator Gives Wind-Up Report

PARIBAS GROUP: Declares Dividend for Creditors
POLL POSITION: Liquidators Present Wind-Up Report
SCHUTT PRODUCTIONS: Liquidator Presents Wind-Up Report
SG GROUP: Liquidators Present Wind-Up Report
SPRINGDALE GROUP: Liquidators Present Wind-Up Report

WAYKRAFT PTY: Appoints M.E. Slaven as Liquidator
YANDEE PTY: Commences Liquidation Proceedings


C H I N A

CHINA SOUTHERN: To Postpone Vietnam-Europe-US Cargo Flights
CHINA SOUTH: Passes Purchase Right of 3 Aircrafts to China Air
EASTMAN KODAK: Board OKs Repurchase of US$1 Billion Common Stock
EASTMAN KODAK: Stock Repurchase Won't Affect Moody's B1 CFR
HOPSON DEV'T: Moody's Downgrades Corporate Family Rating to Ba3

INTELSAT LTD: Units Propose Offerings of 7.04BB Senior Notes
INTELSAT LTD: Moody's Affirms Caa1 Corporate Family Rating
XINHUA FINANCE: Says Consumer Confidence Inches Up in June


H O N G  K O N G

ASAT HOLDINGS: To Delist from Nasdaq; OTC Trading to Continue
BRAWORKD HK: Members To Meet on July 3
GOLD LEADER: Members To Meet on July 25
GOODWILL INVESTMENT: Commences Liquidation Proceedings
HANTEX INDUSTRIAL: Members & Creditors to Meet on June 23

HENDERSON INVESTMENT: Commences Liquidation Proceedings
JUMBO PIONEER: Members' Final Meeting Set on July 21
KAI NGAI: Members To Meet on July 8
RAZORBACK INT'L: Members' Final Meeting Set on July 25
ROLFORD DEV'T: Commences Liquidation Proceedings

STAR MARINE: Creditors' Proofs of Debt Due on July 25


I N D I A

BROADCAST INITIATIVES: Share Capital Increased to Rs. 30 Crores
CEE BEE INVESTMENTS: RBI Cancels Registration Certificate
SHRI B.J. KHATAL: Insolvency Prompts RBI to Cancel License
VORA CONSTRUCTIONS: Board to Convene on June 27
* INDIA: RBI Raised its Benchmark “Repo” Lending Rate to 8.5%


I N D O N E S I A

GARUDA INDONESIA: Plans to Fly from Medan to Jeddah in 2009
PT CENTRAL: Fitch Holds 'B+' Rating on US$325MM Senior Notes
PT PERTAMINA: Set to Control 54.28% of Lube Oil Market
* INDONESIA: Plans to Lower Tax Rate on Dividends to 15%


J A P A N

AOZORA BANK: Stock Slides Amid Doubts on Cerberus-Led Strategy
SURUGA CORP: JPY62 Billion Loan Default Spurs Bankruptcy Filing
SUGURA CORPORATION: JCR Downgrades CCC Ratings to D
* JAPAN: Moody's Has Stable Outlook on Chemical Industry


M A L A Y S I A

LIQUA HEALTH: Taps PricewaterhouseCoopers to Review Past Deals
SATANG HOLDINGS: Unit Receives Contract Worth MYR1.37 Million
SUNWAY INFRASTRUCTURE: Re-Designates Hashim as Chairman


M O N G O L I A

KHAN BANK: Fitch Affirms 'B+' Issuer Default Rating


N E W  Z E A L A N D

123 METALS: Placed Under Liquidation
ABBOTSLEIGH RETIREMENT: Liquidation Hearing Slated for June 30
AIR NEW ZEALAND: Carried 6% More Passengers in May 2008
ESTATE HOMES: Court Sets July 25 Liquidation Hearing
KOHA SEAFOODS: Commences Liquidation Proceedings

MALTON LTD: Liquidation Hearing Scheduled on June 30
MENINGITIS TRUST: Creditors Can File Claims Until July 4
OXFORD NZ: Court Sets July 11 Liquidation Hearing
PARNELL STORAGE: Winding Up Hearing Scheduled on August 8
WA & MJ CAWTHORN: Court Sets July 14 Liquidation Hearing

WATERSIDE OBC: Commences Liquidation Proceedings
* NEW ZEALAND: Households Continue to Drive Energy Demand


P H I L I P P I N E S

GEOGRACE: Approves Exploration and Option Agreement With Vale
* PHILIPPINES: Pays PHP331.53 Bil. of Debts in Jan.-May Period
* PHILIPPINES: S&P Reaffirms "Stable” Outlook


                         - - - - -


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

BABCOCK & BROWN: Unit Inks Wind Power Sale Deal With Delmarva
-------------------------------------------------------------
Bluewater Wind Delaware LLC, a subsidiary of Babcock & Brown
Ltd., has signed a 25-year contract with Delmarva Power to sell
the utility up to 200 megawatts of power from an offshore wind
farm that will be built 11.5 miles off the coast of Rehoboth
Beach in Delaware.

“This contract is a significant step toward developing
Delaware’s first offshore wind farm, which will almost certainly
be the first offshore wind farm in the country,” said Hunter
Armistead, head of Babcock & Brown’s North American
energy group.

“This offshore wind farm will harness the strong winds off the
coast of Delaware to bring clean and renewable energy, stable
power rates and new jobs to the area.”

“This is an historic day for our country,” said Peter
Mandelstam, founder and President of Bluewater Wind.

“By signing this first-ever formal contract in the United States
for the sale of pollution-free, stable-priced energy generated
from our offshore wind farm, Bluewater Wind and Delmarva Power
will usher in a new era of power generation that benefits from
utility-scale power plants located far from our shores. We now
expect even greater interest in offshore wind farms, the
development of which will help reduce our dependence on
foreign sources of fuel and will serve to aid in the fight
against climate change and sea level rise.”

Delmarva Power has agreed to purchase 200-megawatts of the power
produced by the wind farm that is expected to have an output of
up to 600 megawatts.  Bluewater Wind will determine the final
size of the wind farm within two years, during which time the
company will seek additional buyers of power.

In addition to its contract with Delmarva Power, Bluewater Wind
has entered into a Memorandum of Understanding with the Delaware
Electric Municipal Corporation for the sale of approximately
100,000 to 150,000 megawatt hours of power and 17 megawatts of
capacity to its nine municipal members.

                    About Babcock & Brown Ltd

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is engaged in the
creation, syndication and management of investment products for
itself, as a principal, and its investor clients; management of
specialised listed and unlisted funds, and advising and
arranging leasing, project financing and structured finance
transactions.  It has five segments: real estate, which engages
in principal investment and investment management activities in
the real estate sector; infrastructure, which engages in
financial advisory, principal finance and funds management
activities in the infrastructure and project finance sector;
corporate and structured finance, which is engaged in the
origination, structuring and participation in and management of
equity and debt investments, and operating leasing, which is
engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-
conductor equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on June 16, 2008, Standard & Poor's Ratings Services lowered its
ratings on Babcock & Brown International Pty Ltd. to 'BB+/Watch
Neg/B' from 'BBB/Watch Neg/A-3' following a continued rapid
slide in the share price of its listed parent Babcock & Brown
Ltd.  The ratings remain on CreditWatch with negative
implications, where they were initially placed on June 12, 2008.


CEM OFFCUT: Liquidators Present Wind-Up Report
----------------------------------------------
Cem Offcut Pty. Ltd. held a final meeting for its members and
creditors on May 29, 2008.  At the meeting, the company's
liquidators, R. M. Sutherland and Sule Arnautovic at Jirsch
Sutherland, provided the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

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


CHEROKEE INVESTMENT: Declares Dividend for Creditors
----------------------------------------------------
Cherokee Investment Group, formerly trading as The Macquarie
Arms Hotel, which is in subject to deed of company arrangement,
declared its dividend for its creditors.

Only creditors who were able to file their proofs of debt by
May 9, 2008, were included in the company's dividend
distribution.

The company's deed administrator is:

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


CINVAD PTY: Liquidator Presents Wind-Up Report
----------------------------------------------
Cinvad Pty. Ltd.'s estate liquidator, met with the company's
members on  June 30, 2008, and provided them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          55 Berry Street
          Wagga Wagga NSW 2650
          Australia
          Telephone: (02) 6921 9055
          Facsimile: (02) 6921 9032


ELVEDON PTY: Liquidator Gives Wind-Up Report
--------------------------------------------
Elvedon Pty. Ltd.'s estate liquidator, met with the company's
members on  May 29, 2008, and provided them with property
disposal and winding-up reports.

The liquidator can be reached at:

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


EXKAH LIMITED: Declares Dividend for Creditors
----------------------------------------------
Exkah Limited and EXNT Limited, which are in liquidation,
declared dividend for their creditors.

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

The companies' liquidator is:

          Lindsay Philip Maxsted
          McGrathNicol
          Level 8, IBM Centre
          60 City Road
          Southbank VIC 3006
          Australia
          Web site: www.mcgrathnicol.com


FUTURIS CORP: Lowers Profit Forecast for FY2008
-----------------------------------------------
Futuris Corp. has revised expectations of fiscal year 2008
underlying earnings downwards from that announced on May 6,
2008, as a consequence of slower than anticipated MIS sales, the
prospect of a negative contribution from AAco and higher
interest expense.

The company said guidance given on May 6 foreshadowed underlying
profit to shareholders of approximately AU$100 million; subject
to good continuing rainfall and MIS sales, and with the
expectation of a positive mark to market for the six months to
June 30, 2008.

Rainfall conditions, while below average for most of
agricultural Australia, have been adequate.  Elders Rural
Services has recorded strong merchandise sales and is on track
to record strong growth in underlying EBIT and its best
financial result to date.

Demand for MIS products in the year to date has proven to be
significantly weaker than in the previous year.  As is
customary, daily sales levels are accelerating as the peak
selling period approaches.  However, on the basis of sales to
date, it appears improbable that ITC’s 2008 MIS sales will match
the level recorded in the previous year.

At this stage, a MIS sales result in the range of approximately
AU$35 million to AU$45 million appears the most probable.  The
company’s equity accounted share of earnings from AAco are now
also expected to be negative.  Performance from Elders Financial
Services and Futuris Automotive are in line with expectations.

While it is not possible to predict the final MIS sale and AACo
result, a continuation of current trends is expected to result
in an fiscal year 2008 underlying net profit after tax result of
approximately AU$80 million to AU$85 million.  FY08 EBIT is
forecast to fall within the range of current market expectations
of AU$166 million to AU$182 million.

The level of MIS sales achieved in the current period will also
influence fiscal year 2009 earnings.

Assuming MIS sales fall within the range of AU$35 million to
AU$45 million forecast, it is expected that the company’s
underlying profit to shareholders would increase in 2009 to a
range of approximately AU$85 million to AU$90 million, subject
to the customary qualifications.

Fiscal year 2009 EBIT is forecast to fall within the lower end
of the range of current market expectations of AU$178 million to
AU$191 million.  Outperformance above forecast is achievable in
2009 through MIS sales recovery, ongoing improvement in seasonal
conditions, better then anticipated results from Elders Rural
Services and Elders Financial Services and reduced interest
expense as a result of the divestment of non-core and non-
performing assets.

In respect of the latter, the company committed to an
acceleration of the noncore asset rationalization process over
the coming year, with the intention that funds raised will be
applied to the balance sheet.  Futuris will report the MIS sales
result on July 1, 2008, and announce its financial results for
the 2008 financial year on August 14, 2008.

              Shares Slump on Lower Earnings Forecast

Bloomberg News reports that Futuris Corp. fell the most in more
than 20 years in Sydney trading yesterday following news on
lower 2008 earnings forecast.

According to Bloomberg, Futuris dropped 36.5 cents, or 27
percent, to 97 Australian cents on the Australian stock exchange
at the 4:10 p.m. close of trade in Sydney, its biggest fall
since the 33 percent drop on Oct. 30, 1987.  The stock has
slumped 64 percent in the past year, Bloomberg says.

“They are certainly getting walloped today, as any company that
announces profit downgrades in this environment is,” Michael
Heffernan, a senior client adviser with Austock Securities Ltd.
told Bloomberg yesterday.  “If you want a good, solid stock in
the diversified, industrial, agricultural sector, I don't think
Futuris is what you would be looking for.”

                       About Futuris Corp.

Adelaide, Australia-based Futuris Corporation Limited --
http://www.futuris.com.au/-- generates the major share of its
income from the Australian primary production and rural sector,
where it owns or has shareholdings in leading businesses.  The
company's interests include Elders – a rural service company and
Integrated Tree Cropping -- manager of a hardwood plantation
estate.  The company also holds a 27% interest in Webster
Limited which owns 28% of Australia's largest salmon aquaculture
operation.  Telecommunications is a growing contributor to the
company's income through Amcom, which owns 22% stake in iinet,
an independent service provider and Elders telecommunications, a
specialist retailer of voice and data services to rural and
regional Australia.  Futuris is also engaged in automotive
component manufacturing through Futuris (Air International), a
supplier of seating and interior systems for passenger vehicles.
Futuris has approximately 6,000 employees.  The company is
traded on the Australian Stock Exchange under the ticker code
FCL.

                          *     *     *

On Nov. 20, 2007, the Troubled Company Reporter-Asia Pacific's
distressed bonds column listed Futuris Corporation's bond with a
7.000% coupon, a December 31, 2007 maturity date, and a trading
price of AU$2.46.


FUTURIS CORP: CEO Les Wozniczka Quits Post
------------------------------------------
The Futuris Corporation Limited Board announced that it has
accepted the resignation of Chief Executive and Managing
Director and CEO, Les Wozniczka, effective upon completion of an
international search for a successor.

Chairman Stephen Gerlach said: “Following the disappointing,
revised earnings guidance announced to the market, Les Wozniczka
and I have had discussions about the initiatives that the
company needs to take for sustainable earnings growth and to
achieve satisfactory market recognition for the value of
its core businesses.

“While there is general agreement between us on the steps that
need to be taken, Les has come to the view, and the board agrees
with him, that it is time for a new leader to drive that
process.

“Employed by Elders in 1995 to create a banking strategy and
joining Futuris in 1999 and appointed Chief Executive in 2003,
Les recognized the deep potential value of the businesses within
our flagship Elders franchise and significant management changes
have been made within the Elders businesses to respond to that
value opportunity. He has also sought to leverage that value by
building diversified agricultural businesses around the Elders
core to derive multiple earnings streams from upswing in global
soft commodities and the resultant economic growth in regional
and rural Australia.

“Unfortunately, the market has not been convinced of the merits
of the initiatives taken by the company. Shareholders are
rightly disappointed with the resultant share price performance
as are we.  In the eyes of the market our company has not made
satisfactory progress on building the core businesses and
reducing debt through the realization of the substantial capital
tied up in non-core and underperforming businesses and assets.

“We are now mutually agreed that it is in the shareholders’
interests that a fresh set of eyes and new leadership be brought
to the Futuris management team.

“We will move as quickly as possible to find a successor, but
will conduct a thorough search.  We expect significant interest
in the role given the outlook for the sector and the opportunity
that exists within Futuris’ core businesses and assets today,”
Mr. Gerlach said.

Mr. Gerlach said that, in the interim, the board and corporate
management would remain focused on acceleration of the non-core
asset rationalization process over the coming year, with the
intention that funds raised will be applied to the balance
sheet.

There would also be no interruption to the program of
reinvestment and reinvigoration in the Elders Rural Services
business to ensure it remains at the forefront of the regional
and rural Australian agricultural economy.

Mr. Wozniczka said he took full responsibility for the market’s
assessment of the company and believed that a change of
leadership is in the interests of the company and its
shareholders.

“I have worked hard to put together many pieces of the jigsaw
that will ultimately make up a very successful diversified
agricultural services business, centered around Elders, and
would very much have liked to opportunity to finish that
picture.

“However, it has become increasingly clear that the market is
looking for a different approach to the same task and recent
share price performance, especially after yesterday’s earnings
revision, suggests that I no longer have the market support
needed to carry on.

“Futuris is a great company with some fantastic assets and a
great deal of unrealized value and I am sure that this value
will ultimately be realized for shareholders.

“My successor will be supported by a very good management team
strongly committed to our strategic vision and I take this
opportunity to thank them for their support during my leadership
of the company,” Mr. Wozniczka said.

                        About Futuris Corp.

Adelaide, Australia-based Futuris Corporation Limited --
http://www.futuris.com.au/-- generates the major share of its
income from the Australian primary production and rural sector,
where it owns or has shareholdings in leading businesses.  The
company's interests include Elders – a rural service company and
Integrated Tree Cropping -- manager of a hardwood plantation
estate.  The company also holds a 27% interest in Webster
Limited which owns 28% of Australia's largest salmon aquaculture
operation.  Telecommunications is a growing contributor to the
company's income through Amcom, which owns 22% stake in iinet,
an independent service provider and Elders telecommunications, a
specialist retailer of voice and data services to rural and
regional Australia.  Futuris is also engaged in automotive
component manufacturing through Futuris (Air International), a
supplier of seating and interior systems for passenger vehicles.
Futuris has approximately 6,000 employees.  The company is
traded on the Australian Stock Exchange under the ticker code
FCL.

                          *     *     *

On Nov. 20, 2007, the Troubled Company Reporter-Asia Pacific's
distressed bonds column listed Futuris Corporation's bond with a
7.000% coupon, a December 31, 2007 maturity date, and a trading
price of AU$2.46.


GOWRA CONSOLIDATED: Final Meeting Set on June 30
------------------------------------------------
Gowra Consolidated Pty Ltd will hold a joint meeting for its
members and creditors at 10:30 a.m. on June 30, 2008.  During
the meeting, the company's liquidator, Stephen R. Dixon at BDO
Kendalls Chartered Accountants, will provide the attendees with
property disposal and winding-up reports.

The company's liquidator can be reached at:

          Stephen R. Dixon
          BDO Kendalls
          Chartered Accountants
          Level 30, 525 Collins Street
          Melbourne VIC 3000
          Australia


HEPTRON PTY: Liquidator Gives Wind-Up Report
--------------------------------------------
Heptron Pty. Ltd.'s estate liquidator, met with the company's
members on  May 29, 2008, and provided them with property
disposal and winding-up reports.

The liquidator can be reached at:

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


PARIBAS GROUP: Declares Dividend for Creditors
----------------------------------------------
Paribas Group Australia Ltd, which is in liquidation, declared
its dividend for its creditors.

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

The company's liquidator is:

          John Melluish
          Ferrier Hodgson
          GPO Box 4114
          Sydney NSW 2001
          Australia


POLL POSITION: Liquidators Present Wind-Up Report
-------------------------------------------------
Poll Position Motorcycles  Pty. Ltd. held a final meeting for
its members and creditors on May 29, 2008.  At the meeting, the
company's liquidators, R. M. Sutherland and Sule Arnautovic at
Jirsch Sutherland, provided the attendees with property disposal
and winding-up reports.

The liquidator can be reached at:

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


SCHUTT PRODUCTIONS: Liquidator Presents Wind-Up Report
------------------------------------------------------
Schutt Productions Pty. Ltd.'s estate liquidator, met with the
company's members on  May 29, 2008, and provided them with
property disposal and winding-up reports.

The liquidator can be reached at:

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


SG GROUP: Liquidators Present Wind-Up Report
--------------------------------------------
SG Group International Pty. Ltd. held a final meeting for its
members and creditors on May 29, 2008.  At the meeting, the
company's liquidators, R. M. Sutherland and Sule Arnautovic at
Jirsch Sutherland, provided the attendees with property disposal
and winding-up reports.

The liquidator can be reached at:

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


SPRINGDALE GROUP: Liquidators Present Wind-Up Report
----------------------------------------------------
Springdale Group Pty. Ltd. held a final meeting for its
members and creditors on May 29, 2008.  At the meeting, the
company's liquidators, R. M. Sutherland and Sule Arnautovic at
Jirsch Sutherland, provided the attendees with property disposal
and winding-up reports.

The liquidator can be reached at:

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


WAYKRAFT PTY: Appoints M.E. Slaven as Liquidator
------------------------------------------------
During a general meeting held on May 2, 2008, the members
of Waykraft  Pty Ltd resolved to voluntarily liquidate the
company's business.

Michael Edward Slaven was appointed as liquidator.

The Liquidator can be reached at:

          Michael Edward Slaven
          Kazar Slaven
          Unit 12, Level 3
          Engineering House, 11 National Circuit
          Barton ACT
          Australia


YANDEE PTY: Commences Liquidation Proceedings
---------------------------------------------
During a general meeting held on May 8, 2008, the members
of Yandee  Pty Ltd resolved to voluntarily liquidate the
company's business.

Frank Lo Pilato was appointed as liquidator.

The Liquidator can be reached at:

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



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

CHINA SOUTHERN: To Postpone Vietnam-Europe-US Cargo Flights
-----------------------------------------------------------
China Southern Airlines Co. Limited will postpone the launch of
cargo flights from Vietnam to Europe and US, due to the exchange
rates of their currencies, Sinocast News reports, citing Wang
Weixiong, general manager of the company's office in Ho Chi Minh
City.

According to the report, the lower exchange of the Vietnam dong
against the US dollar and continuous dropping exchange of the US
dollar against the Chinese yuan stroke the airline, which keeps
accounts in renminbi.

The higher aviation oil price in Vietnam, CNY2,000-CNY3,000 per
ton than Guangzhou, and inflation, which makes wages less
valuable, are also the reasons to lash the airline's confidence
to open freight operation in the country, the report says.

                       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 SOUTH: Passes Purchase Right of 3 Aircrafts to China Air
--------------------------------------------------------------
China Southern Airlines Co. Limited's Board of Directors
approved the transfer the purchase right of three A321-200
aircraft to China Aircraft Leasing (HK) Company Limited (CAL),
and subsequently procure the aircrafts through operating lease
from CAL.

Following the approval of the Board, the company entered into a
letter of intent with CAL to transfer the purchase right of the
three A321-200 to CAL, and subsequently procure the aircrafts
through operating lease from CAL (the “LOI”).

However, CAL, because of its own reason, is unable to complete
the operating lease arrangement for one of the A321-200
aircrafts, in order to ensure the timely introduction of the
aircraft to the Company.

On June 12, 2008, the Board, pursuant to articles 177 of the
Company's articles of association and by way of written
resolution, approved:

(a) the termination of the LOI with CAL; and

(b) the entering into an operating lease agreement with CBD
    Leasing Co., Ltd. (“CLC”) to transfer the purchase right of
    the said one A321-200 aircraft to CLC and subsequently
    procure the aircrafts through operating lease from CLC.

All 12 Directors participated in considering and approving the
above resolutions.  The format and procedure for passing the
resolutions were in compliance with the Company Law of the PRC
and the company's articles of association.

                       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.


EASTMAN KODAK: Board OKs Repurchase of US$1 Billion Common Stock
----------------------------------------------------------------
Eastman Kodak Company's board of directors authorized a stock
repurchase program totaling as much as US$1 billion of the
company's outstanding common stock.  At recent prices, the
purchase of US$1 billion of Kodak stock would represent
approximately 25% of the shares outstanding.

The company also received a tax refund from the U.S. Internal
Revenue Service of US$581 million.  The refund is related to the
audit of certain claims filed for tax years 1993-1998, and is
composed of a refund of past federal income taxes paid of
US$306 million and US$275 million of interest earned on the
refund.

The company plans to fund the majority of the stock repurchase
program, which is authorized through the end of 2009, from the
tax refund, with the remainder to come from available cash on
hand. The repurchase will commence  soon as practicable, in
accordance with the rules and regulations of the U.S. Securities
and Exchange Commission that govern such purchases.

"Our board's decision to authorize this repurchase initiative
underscores the rising confidence we have in Kodak's product
portfolio, in our financial position, and in the execution of
our strategy," Antonio M. Perez, chairman and chief executive
officer, Eastman Kodak Company, said.

"With our significant liquidity and strong balance sheet, we
continue to pursue a variety of long-term, value-creating growth
initiatives that are well funded,' Mr. Perez added.  "In
addition, we strongly believe that at the current price, the
purchase of our own stock is an appropriate use of our cash and
will further enhance long-term shareholder value."

Separately, as part of the discussion of its second-quarter
results on July 31, 2008, the company plans to update the
investment community on the magnitude of the expected full-year
net positive earnings impact from the following factors: the tax
refund, commodity prices and related company actions, and the
previously announced lengthening of the useful life assumptions
of its film and paper manufacturing assets.

The federal tax refund claim related primarily to a 1994 loss
recognized on the company's sale of stock of a subsidiary,
Sterling Winthrop Inc., which was originally disallowed under
IRS regulations in effect at that time.  The IRS subsequently
issued revised regulations that served as the basis for this
refund claim.

The refund will have a positive impact on the company's net
earnings for the second quarter of 2008 of US$574 million.  Of
the US$574 million increase in net earnings, US$300 million
relates to the 1994 sale of Sterling Winthrop Inc., which will
be reflected in earnings from discontinued operations, net of
income taxes.  The balance of US$274 million, which represents
interest, will be reflected in earnings from continuing
operations.

Because of tax-loss carryforwards and other tax attributes, the
company expects to retain US$575 million of the US$581 million
proceeds received, with the difference representing expected
payments in 2008 for state income taxes.

Under the terms of the repurchase program, the company may
repurchase shares in open market purchases or through privately
negotiated transactions.  The stock repurchase activities will
be conducted in compliance with the safe harbor provisions of
Rule 10b-18 of the Securities Exchange Act of 1934, as amended.

Kodak management will determine the timing and amount of any
repurchase based on its evaluation of market conditions and
other factors. Repurchases of common stock may also be made
under 10b5-1 plans, which would permit common stock to be
purchased when the company may otherwise be prohibited from
doing so under insider trading laws.

The share repurchase program does not obligate the company to
repurchase any dollar amount or number of shares of its common
stock, and the program may be extended, modified, suspended or
discontinued at any time.

                       About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.


EASTMAN KODAK: Stock Repurchase Won't Affect Moody's B1 CFR
-----------------------------------------------------------
Moody's commented that Eastman Kodak's B1 corporate family
rating with a stable outlook would not be affected by the
company's announcement that its Board of Directors has
authorized a stock repurchase program totaling as much as
US$1.0 billion of the company's outstanding common stock.

The authorization follows Kodak's receipt of US$581 million from
the Internal Revenue Service associated with a completed audit
of certain claims filed for tax years for the tax years 1993-
1998, and is composed of a refund of past federal income taxes
paid of $306 million and US$275 million of interest earned on
the refund.

At recent prices, the purchase of US$1.0 billion of Kodak stock
would represent approximately 25% of the shares outstanding.
The company plans to fund the majority of the stock repurchase
program, which is authorized through the end of 2009, from the
tax refund, with the remainder to come from available cash on
hand.

                       About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.


HOPSON DEV'T: Moody's Downgrades Corporate Family Rating to Ba3
---------------------------------------------------------------
Moody's Investors Service has downgraded Hopson Development
Holdings Limited's corporate family rating to Ba3.  At the same
time, Moody's has downgraded the company's senior unsecured bond
rating to B1.  The outlook for both ratings is stable. This
concludes the ratings review initiated on April 3, 2008.

"The downgrade of the corporate family rating to Ba3 reflects
Moody's expectation that Hopson's credit and liquidity profiles
will weaken because its aggressive approach towards business
development and land acquisitions earlier this year," says Kaven
Tsang, Moody's lead analyst for the company.

"Hopson has to rely on the successful achievement of its sales
target to generate the cash flow needed to meet its sizable
committed land payments.  However, in view of its sales progress
so far and the softer market situation, it will not be easy for
it to achieve these sales targets," says Tsang.

"As a result, it will have to draw on more debt and hence
increase balance sheet leverage and interest burden, but the
tight credit environment in China could affect the availability
of liquidity," adds Tsang.

Moody's understands that the company had around HK$4.8 billion
of onshore banking facilities available as of December 2007, and
is aware that these are not committed facilities.  The Ba3
rating factors in Moody's expectations that the company would
maintain access to them to fund the developments in view of its
established banking relationships and development track record.

Hopson's projected cash flow coverage metrics are expected to
weaken with increased leverage and funding costs. EBITDA
interest coverage will likely fall to 3-4x while operating cash
flow interest coverage is expected to remain at around 3-4x over
the next 2-3 years.  These projected ratios are considered
appropriate for Hopson's Ba3 rating level.

The Ba3 rating reflects Hopson established leadership and brand
equity in Guangdong province, underpinned by a successful track
record in large-scale residential developments.  It also has a
moderate level of geographical diversification with the 4 major
cities it covers located in different regions in China.

Hopson's senior unsecured bond rating is notched down to B1,
reflecting increased legal and structural subordination risks.
Hopson's secured and subsidiary debt-to-total assets ratio has
been maintained at around 17-20% level for an extended period of
time, and the likelihood that this ratio will be lowered deems
low.

This is because the company has to predominately rely on onshore
borrowings at the PRC subsidiary/project level to fund its
operation and investments in view of the weak international
capital markets.  As such, subsidiary and secured debt are
anticipated to increase to, and stay at, around 20% in the near
to medium term.

The stable outlook reflects Moody's expectation that Hopson will
preserve uninterrupted access to bank financing to meet its
working capital needs and committed capex.

The ratings could undergo a further downgrade if 1) Hopson
continues to execute an aggressive acquisition strategy; and/or
2) a slowdown in cash property sales materially impacts its
liquidity and financial positions.

The ratings will also experience downward pressure if there are
signs of weakened liquidity, such as a drop in cash to below
RMB1 billion on a sustained basis, or access to bank funding
falls.  Moody's will also consider adjusted leverage
consistently above 55% or EBITDA/interest under 3x as
indications for downward rating pressure.

Upward rating pressure could emerge if Hopson 1) consistently
achieves its planned sales; and 2) demonstrates strong financial
discipline and soundly monitors its business and financial
risks.  Moody's sees EBITDA/interest coverage above 5-6x as
indications of upward rating pressure.

                  About Hopson Development

Hopson Development Company Holdings Ltd is one of the largest
property developers in China.  Its principal businesses are
residential developments in 4 major cities -- Guangzhou,
Beijing, Shanghai and Tianjin -- and their surrounding areas.


INTELSAT LTD: Units Propose Offerings of 7.04BB Senior Notes
------------------------------------------------------------
Intelsat Limited's unit, Intelsat (Bermuda) Ltd. (Intelsat
Bermuda), intends to offer an aggregate principal amount of
approximately US$2.8 billion of 11-1/4% senior notes due 2017
and an aggregate principal amount of approximately US$2.2
billion of 11-1/2%/12-1/2% senior PIK election notes due 2017
(together, the "Intelsat Bermuda notes"), the net proceeds of
which, together with cash on hand, will be used to repay in full
Intelsat Bermuda's outstanding senior unsecured bridge loan
credit agreement and senior unsecured PIK election bridge loan
credit agreement, respectively.

Another company unit, Intelsat Intermediate Holding Company Ltd.
("Intermediate Holdco"), also intends to offer an aggregate
principal amount at maturity of approximately US$481.0 million
of 9-1/2% senior discount notes due 2015 (the "Intermediate
Holdco notes"), the net proceeds of which, together with cash on
hand, will be used to repay in full Intermediate Holdco's
outstanding senior unsecured backstop loan credit agreement.

Intelsat Subsidiary Holding Company, Ltd. ("Intelsat Sub
Holdco"), a subsidiary of Intelsat, also intends to offer an
aggregate principal amount of approximately US$883.3 million of
8-1/2% senior notes due 2013 and an aggregate principal amount
of approximately US$681.0 million of 8-7/8% senior notes due
2015 (together, the "Sub Holdco notes" and, together with the
Intelsat Bermuda notes and the Intermediate Holdco notes, the
"notes"), the net proceeds of which, together with cash on hand,
will be used to repay in full Intelsat Sub Holdco's outstanding
senior unsecured backstop loan credit agreements.

The bridge and backstop loans being repaid with the proceeds of
the notes were incurred :

(i) in connection with the funding of the acquisition (the
    "Acquisition") of Intelsat Holdings, Ltd., the indirect
    parent of Intelsat, Ltd., by an entity formed by funds
    advised by BC Partners Holdings Limited, Silver Lake
    Partners and certain other equity investors; and

(ii) in connection with the funding of the change of control
     offers required by Intelsat Sub Holdco and Intermediate
     Holdco as a result of the Acquisition.

The notes referred to above will be offered to qualified
institutional buyers under Rule 144A and to persons outside the
United States under Regulation S. The notes will not be
registered under the Securities Act of 1933, as amended (the
"Securities Act"), and, unless so registered, may not be offered
or sold in the United States except pursuant to an exemption
from, or in a transaction not subject to, the registration
requirements of the Securities Act and applicable state
securities laws.

                         About Intelsat

Intelsat is the leading provider of fixed satellite services
(FSS) worldwide, delivering advanced transmission access for
information and entertainment to some of the world's leading
media and network companies, multinational corporations,
Internet service providers and governmental agencies.  Intelsat
also offers seamless service for voice, data and video
transmission unmatched in the industry.  With the globalization
of content, broadband, telecom, HD and IPTV fueling next-
generation growth, the ever expanding universe of satellite
communications is the cornerstone of today's Intelsat.  Real-
time, advanced communications with people anywhere in the world
is closer, by far.

Intelsat has sales offices in Australia, China, Japan, and
Singapore.


INTELSAT LTD: Moody's Affirms Caa1 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service assigned ratings to approximately
US$7.1 billion of new debt instruments issued by Intelsat Ltd.
(Intelsat) through its subsidiaries, Intelsat (Bermuda), Ltd.,
Intelsat Intermediate Holding Company, Ltd. and Intelsat
Subsidiary Holding Company, Ltd.  Individual debt instrument
rating assignments and associated loss given default (LGD)
assessments are listed below.  At the same time, Moody's also
affirmed Intelsat's Caa1 corporate family rating (CFR) and SGL-3
speculative grade liquidity rating (indicating adequate
liquidity) while maintaining the stable ratings outlook.

This rating action is prompted by a refinancing transaction in
which the newly issued debts will be used by the respective
issuers to repay equivalently sized outstanding credit
facilities that were entered into to finance Intelsat's
acquisition by private equity investors and to finance the
required change of control offers for outstanding notes at both
Intelsat Subsidiary Holding Company, Ltd. and Intelsat
Intermediate Holding Company, Ltd. Since this transaction merely
substitutes one source of funding with a similarly sized and
structured instrument (albeit with minor modifications to
coupons that increase by 25 basis points in each instance), the
transaction is assessed as being neutral to Intelsat's existing
CFR and near-term default risk remains broadly consistent with
that assessed in January when the company's ratings were
revised. Given this background, Intelsat's Caa1 CFR was
affirmed, and, in those cases in which the newly issued notes
replace a rated debt issue, the new notes are rated at the same
levels as the instruments being refinanced (applicable ratings
of fully repaid instruments will be withdrawn in due course).
With no change to the credit profile of the company expected to
occur over the near term, the outlook continues to be stable.

Instruments rated:

* Issuer: Intelsat (Bermuda), Ltd.

....US$2,805 million Senior Notes due June 15, 2017, Rated Caa2
    (LGD5, 80%)

....US$2,231 million Senior PIK Election Notes due June 15,
    2017, Rated Caa2 (LGD5, 80%)

* Issuer: Intelsat Intermediate Holding Company, Ltd.

.... US$481 million 9.5% Senior Discount Notes due February 1,
     2015, Rated Caa1 (LGD4, 53%)

* Issuer: Intelsat Subsidiary Holding Co. Ltd.

.... US$883 million 8.5% Senior Notes due January 15, 2013,
     Rated B3 (LGD3, 32%)

.... US$681 million 8.875% Senior Notes due January 15, 2015,
      Rated B3 (LGD3, 32%)

                          About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat Ltd. (Intelsat) is
the world's leading fixed satellite service operator and is
privately held by BC Partners, a financial investor.

Intelsat has sales offices in Australia, China, Japan, and
Singapore.


XINHUA FINANCE: Says Consumer Confidence Inches Up in June
----------------------------------------------------------
Xinhua Finance eziData China Consumer Confidence Index (CCCI)
was updated yesterday, June 25, 2008, with the survey results
showing that although Chinese people in June were faced with a
series of negative factors such as continuous aftershocks of the
Wen Chuan earthquake, the financial crisis in Vietnam, and a re-
falling stock market, consumer confidence did not fall but
inched up by 0.2 point to 95.1. The stabilization, even slight
improvement in the overall consumer confidence was largely due
to the following two factors:

-- continuously easing general price rises which helped raise
   consumer sentiment on current conditions, and

-- the earthquake rescues in the last few weeks which encouraged
   patriotism  among average Chinese consumers and made them
   more enduring when facing the difficulties ahead.

In August 2005 when the United States was hit by Hurricane
Katrina, consumer confidence of the University of Michigan
showed a 12.2 fall in the following month.

Michigan's Institute of Social Research.  The survey this month
was conducted through 1,554 telephone interviews from
June 1 to 18, 2008.  April 2007 survey results are set as the
benchmark value of 100.

In June, consumer sentiment on current conditions rose by a
strong 2.5 points from the previous month as general price rises
continued to ease with the seasonal price falls with vegetables
and fruits.  Sentiment on both current personal finances and
durable goods purchases rebounded.  In terms of future
expectations, though the recent financial crisis in Vietnam had
triggered concerns on whether China could continue its economic
development in the time ahead, consumers' future expectations
index performed relatively well and fell only a modest 1.2
points in June, due to an enhancement in overall national
confidence developed from the earthquake rescues.

Among all components of the future expectations index,
expectations on business conditions five years from now declined
only 0.5 point, indicating that confidence still exists among
consumers in the long term economic development in China.  In
contrast, after Hurricane Katrina at the end of August 2005, the
September consumer confidence survey of the University of
Michigan showed a 10.1-point drop in consumers' sentiment on
current conditions and an even sharper 13.6-point fall in that
on future expectations.

As the Olympics approach and negative factors such as inflation
seem to be controllable within a certain period, the eziData
analyst believes that consumer confidence is not likely to fall
much in the next couple of months but should stabilize or rise
back.

Although the Shanghai Composite in June went all the way down to
break 3,000 points, consumer confidence in stock investment did
not collapse but stagnated at low levels.  Consumer sentiment on
expectations of stock investment returns in the next twelve
months remained unchanged from the previous month.  However, it
is perceived that the stagnation at low levels caused by
investors' hesitation and wait-and-see mindset may not last
long.  If the Shanghai Composite could not rise back to a level
above 3,000 points, it is very probable and the expectations on
stock investment in July will fall.

Although consumer expectations of future price changes kept
rising for several days following the Wen Chuan earthquake news
in May, expectations in June did not follow the same trend but
remained at the same level as in the last month, indicating that
the impact on general prices by the earthquake so far was only
about psychological expectations and has not constituted a real
impact on the economy.

In terms of major cities, consumer sentiment in June rose in
Beijing and Guangzhou, but fell in Shanghai.

Encouraged by an easing in the general price rises and inspired
by the upcoming Olympics, consumer confidence in Beijing surged
a full 9.9 points in June to 99.2 after a 5.9-point drop in the
previous month, getting back to the level of January and
becoming the highest reading among all three cities again.  All
five components of the overall confidence rose, with current
personal finances surging.

Sentiment among Shanghai consumers performed poorly in June, as
a drop in future expectations failed to offset a rebound in
current conditions and dragged the overall confidence down by
2.3 points, which was the second drop in a row following the May
decline. And among all five components of the consumer
confidence index, current personal finances rose and durable
purchase intentions remained basically unchanged, while all
three components of future expectations fell, especially the
five-year business outlook which had been rising in April and
May.

Consumer sentiment in Guangzhou rose another 0.8 point in June
following a rise in May.  Sentiment on current conditions rose,
with that on both current personal finances and durable goods
purchases surging.  Future expectations fell, mostly due to a
significant fall back in the one-year personal finances.

                   About Xinhua Finance Limited

Xinhua Finance Limited – http://www.xinhuafinance.com/-- is
China's premier financial information and media service provider
and is listed on the Mothers Board of the Tokyo Stock Exchange
(symbol: 9399) (OTC ADRs: XHFNY).  Xinhua Finance's proprietary
content platform, comprising Indices, Ratings, Financial News,
and Investor Relations, serves financial institutions,
corporations and re-distributors worldwide.  Through its
subsidiary Xinhua Finance Media Limited (NASDAQ: XFML), XFL
leverages its content across multiple distribution channels in
China including television, radio, newspaper, magazine and
outdoor media.  Founded in November 1999, XFL is headquartered
in Shanghai, with offices and news bureaus spanning 12 countries
worldwide.

                          *     *     *

As of June 17, 2008, the company still holds Moody's “B2” LT
Family and Senior Unsecured Debt Ratings.   It also currently
holds S&P's LT Credit Rating at “B.”



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

ASAT HOLDINGS: To Delist from Nasdaq; OTC Trading to Continue
-------------------------------------------------------------
ASAT Holdings Limited disclosed that its American Depositary
Shares will continue trading on the OTC Bulletin Board under the
symbol "ASTTY.OB".

The OTC Bulletin Board is a quotation service that displays
real-time quotes, last-sale prices and volume information in
over-the-counter securities.  The Financial Industry Regulatory
Authority, a self-regulatory organization of the securities
industry, oversees the OTC Bulletin Board.

Separately, the Nasdaq Stock Market announced that it will file
a Form 25 with the U.S. Securities and Exchange Commission to
formally complete the delisting of the company's ADS from The
Nasdaq Stock Market.  This action will have no impact on ASAT's
continued trading on the OTC Bulletin Board.

Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- provides semiconductor
package design, assembly and test services.  With 19 years of
experience, the company offers a definitive selection of
semiconductor packages and manufacturing lines.  ASAT's advanced
package portfolio includes standard and high thermal performance
ball grid arrays, leadless plastic chip carriers, thin array
plastic packages, system-in-package and flip chip.  ASAT was the
first company to develop moisture sensitive level one capability
on standard leaded products.

The company has operations in the United States, Hong Kong,
China and Germany.

                          *     *     *

Standard & Poor's placed ASAT Holdings Limited's long term
foreign and local issuer credit ratings at 'CCC-' in September
2007.  The outlook is negative.


BRAWORKD HK: Members To Meet on July 3
--------------------------------------
The members of Braworks HK Limited will have their final general
meeting on July 3, 2008, at Duke of Wondsor Social Service
Building, Room 202, No. 15 Hennessy Road, Wanchai, in Hong Kong
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator can be reached at:

         Steven Raymond Forbes
         Duke of Wondsor Social Service Building
         Room 202, No. 15 Hennessy Road
         Wanchai, Hong Kong


GOLD LEADER: Members To Meet on July 25
---------------------------------------
The members of Gold Leader Investment Limited will have their
final general meeting on July 25, 2008, at 409 Jardine House, 1
Connaught Place, Central, in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator can be reached at:

         Eric Hil Lan Chung
         409 Jardine House, 1 Connaught Place
         Central, Hong Kong


GOODWILL INVESTMENT: Commences Liquidation Proceedings
------------------------------------------------------
Goodwill Investment 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


HANTEX INDUSTRIAL: Members & Creditors to Meet on June 23
---------------------------------------------------------
Hantex Industrial Limited will hold a joint meeting for its
contributors and creditors at 9:30 a.m. and 9:45 a.m,
respectively on June 23, 2008.  During the meeting, the
company's liquidator, Kong Chi How, Johnson will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

            Kong Chi How, Johnson
            Wing On Centre, 25th Floor
            111 Connaught Road Central
            Hong Kong


HENDERSON INVESTMENT: Commences Liquidation Proceedings
-------------------------------------------------------
Henderson Investment Credit (2000) 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


JUMBO PIONEER: Members' Final Meeting Set on July 21
----------------------------------------------------
The members of Jumbo Pioneer Limited will have their final
general meeting on July 21, 2008, at Wing On House, 4th Floor,
Room 403, 71 Des Voeux Road Central, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator can be reached at:

         Tse Chiang Kwok, Nassar
         Wing On House, 4th Floor
         Room 403, 71 Des Voeux Road Central
         Hong Kong


KAI NGAI: Members To Meet on July 8
-----------------------------------
The members of Kai Ngai Printing and Paper Products Co Limited
will have their final general meeting on July 8, 2008, at 189
Des Voeux Road, Central, in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator can be reached at:

         Huen Ho Yin
         189 Des Voeux Road
         Central, in Hong Kong


RAZORBACK INT'L: Members' Final Meeting Set on July 25
------------------------------------------------------
The members of Razorback International Limited will have their
final general meeting on July 25, 2008, at Level 28, Three
Pacific Place, 1 Queen's Road, East, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator can be reached at:

         Natalia K.M. Seng
         Level 28, Three Pacific Place
         1 Queen's Road, East, Hong Kong


ROLFORD DEV'T: Commences Liquidation Proceedings
------------------------------------------------
Rolford Development 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


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

The company commenced liquidation proceedings on June 18, 2008.

The company's liquidator is:

         Wong Ming Wai, Rayson
         Tung Sun Comm Center, 9th Floor
         194-200 Lockhart Road, Hong Kong



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

BROADCAST INITIATIVES: Share Capital Increased to Rs. 30 Crores
---------------------------------------------------------------
Broadcast Initiatives Ltd's Board of Directors, at a meeting
held yesterday, June 24, 2008, decided to increase the
authorized share capital of the company from existing Rs. 25
Crores to Rs. 30 Crores.

The Board also decided to issue and allot on a preferential
allotment basis 60 lacs fully paid-up equity shares of Rs 10/-
each at a price up to Rs. 36.50 (Including Premium of Rs 26.50)
per equity share to HDIL Infra Projects Pvt Ltd (HIPPL).

An extraordinary general meeting of the company's shareholders
will be convened on July 23, 2008, for obtaining shareholders
approval for the increase in the authorized capital and the
preferential issue.

The Board noted that the proposed preferential allotment will
trigger an open offer to be made by HDIL Infra Projects Pvt Ltd
to the public shareholders to acquire a minimum of 20% of the
emerging voting capital i.e. 5,062,800 equity shares of the
company for a price that will be determined according to the
SEBI Guidelines.

In addition, the Board noted that the present promoter group of
the company has also entered into an agreement with HDIL Infra
Projects Pvt Ltd and other persons acting in concert (the
Acquirers) to transfer such number of shares in the company to
the Acquirers subject to the requisite approvals, consents and
permissions, so as to make sure that the Acquirers collectively
hold 51% of the emerging voting capital of the company i.e.
1,29,10,140 equity shares of the company including the shares to
be allotted on preferential basis, the shares to be acquired
through open offer and the shares to be acquired from the
present promoters.

Also, the Board noted that the allotment on a preferential basis
of equity shares in Sri. Adhikari Brothers Media Ltd and
Technocraft Media Pvt Ltd, will be made to the Acquirers,
pursuant to which these companies will cease to be subsidiaries
of Broadcast Initiatives Ltd.

               About Broadcast Initiatives Limited

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

                          *     *     *

For the year ended March 31, 2007, Broadcast Initiatives Limited
incurred a net loss of Rs. 131.79 million on net sales of Rs.
134.99 million.  The company is headed for another annual net
loss after reporting three consecutive quarterly losses:

               Quarter Ended           Net Loss
               -------------           --------
               Dec. 31, 2007       Rs. 111.17 million
               Sept. 30, 2007       Rs. 75.20 million
               June 30, 2007        Rs. 33.52 million


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

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

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

CEE BEE Investments Private Limited has its registered office at
No. 227, 1st Main Road, Chamarajpet, in Bangalore.


SHRI B.J. KHATAL: Insolvency Prompts RBI to Cancel License
----------------------------------------------------------
The Reserve Bank of India canceled the license of Shri B.J.
Khatal Janata Sahakari Bank Ltd., Sangamner, Maharashtra after
the close of business on June 11, 2008.  The bank  had ceased to
be solvent, all efforts to revive it in close consultation with
the Government of Maharashtra had failed and the depositors were
being inconvenienced by continued uncertainty.

The Registrar of Co-operative Societies, Maharashtra has also
been requested to issue an order for winding up the bank and
appoint a liquidator for the bank.  It may be highlighted that
on liquidation, every depositor is entitled to repayment of
his/her deposits up to a monetary ceiling of Rs.1,00,000/-
(Rupees One lakh only) from the Deposit Insurance and Credit
Guarantee Corporation (DICGC) under usual terms and conditions.

The bank was granted a licence by Reserve Bank on July 25, 1979
to commence banking business.  The statutory inspection of the
bank with respect to its position as on March 31, 2004 had
indicated that its financial position was impaired.

Based on the findings of the inspection as on March 31, 2005 it
was prohibited from acceptance of fresh deposits, allowing
premature withdrawals and granting fresh advances vide letter
dated March 28, 2006.  Subsequently, as the bank's financial
position deteriorated further, it was issued directions under
Section 35 A of the Banking Regulation Act, 1949 (As applicable
to Co-operative Societies) restricting its operations, including
placing a ceiling on withdrawal of deposits at Rs. 1000/-.

The statutory inspection of the bank with respect to its
position as on March 31, 2007 revealed that its financial
position was precarious.  The Reserve Bank of India issued a
notice to the bank on December 11, 2007 asking it to show cause
as to why the license granted to it to conduct banking business
should not be canceled.  The reply to the show cause notice was
examined.  The bank did not have a viable plan of action for its
revival.  In the absence of any viable proposal turn around and
achieve the required regulatory prescriptions the possibility of
revival of the bank was remote.  Therefore, the Reserve Bank of
India took the extreme measure of canceling license of the bank
in the interest of the bank's depositors. With the cancellation
of its license and commencement of liquidation proceedings, the
process of paying the depositors of Shri B.J.Khatal Janata
Sahakari Bank Ltd., Sangamner, Maharashtra, will be set in
motion subject to the terms and conditions of the Deposit
Insurance Scheme.

Consequent to the cancellation of its licence, Shri B.J. Khatal
Janata Sahakari Bank Ltd., Sangamner, Maharashtra is prohibited
from carrying on ‘banking business’ as defined in Section 5(b)
of the Banking Regulation Act, 1949 (AACS) including acceptance
and repayment of deposits.

For clarifications, contact:

          Shri P.K.Arora
          Deputy General Manager
          Urban Banks Department
          Reserve Bank of India, Mumbai
          Postal Address: Urban Banks Department
          Reserve Bank of India
          Mumbai Regional Office
          Second Floor, Garment House,
          Mumbai 400 018
          Telephone: (022) 2493 9930-49
          Direct No. (022) 2493 5348
          Fax Number: (022) 2493 5495


VORA CONSTRUCTIONS: Board to Convene on June 27
-----------------------------------------------
Vora Constructions Ltd's Board of Directors will hold a meeting
this Friday, June 27, 2008, inter alia, to consider and take on
record the change in directorship of the company.

Last week, Vora announced that its Board scheduled a meeting on
June 30, 2008, inter alia, to consider the following:

   1. To take on record the company's audited accounts
      for the year ended March 31, 2008.

   2. To increase the authorized share capital of the
      company.

   3. To issue equity shares/warrants/other instruments
      on preferential basis to Directors, Associates
      and to other prospective investors as the Board
      may deem fit, pursuant to Chapter XIII of SEBI
      (DIP) Guidelines, 2000.

   4. To discuss alternate business plans to diversify
      into other areas.

   5. To consider and deem fit to change the address
      of the company's registered office.

Vora Constructions Ltd posted net profit of Rs. 0.01 million
for the quarter ended Dec. 31, 2007, and zero net profits
for the quarters ended Sept. 30, 2007 and June 30, 2007.

For year ended March 31, 2007, the company posted net profit
of Rs. 0.24 million.  For the year ended March 31, 2006,
the company posted zero net profit.  For the years ended
March 31, 2005 and 2004, the company incurred net losses of
Rs.0.3 million and Rs.0.01 million respectively.


* INDIA: RBI Raised its Benchmark “Repo” Lending Rate to 8.5%
-------------------------------------------------------------
The Reserve Bank of India noted the important developments that
have taken place in recent weeks with regard to inflation.  To
assess these developments, RBI says it is important to recognize
the key forces at work.

According to RBI, the escalation in inflation last week mainly
reflects the pass-through of international crude prices to
domestic prices effected on June 5, 2008. Unlike in some mature
economies, however, the pass-through is not occurring on a
continuous basis in developing economies including India.  Thus,
the policy response to the escalation in crude prices could be
somewhat similar to other countries but tailored to suit our
conditions.

Besides oil prices, there are some underlying inflationary
pressures impacting inflation in India.  Inflation, based on
variations in the wholesale price index (WPI) on a year-on-year
basis, increased to 11.05 per cent as on June 7, 2008 from 7.75
per cent at end-March 2008 and 4.28 per cent a year ago.
Excluding the fuel sub-group, inflation rose to 9.61 per cent
from 5.92 per cent a year ago.  Excluding fuel and food,
inflation was 10.33 per cent as against 6.33 per cent in the
corresponding period of the preceding year.  Inflation based on
the consumer price index (CPI) for industrial workers (IW) and
urban non-manual employees (UNME) stood at 7.81 per cent and
6.99 per cent, respectively, on a year-on-year basis in April
2008 as compared with 6.67 per cent and 7.74 per cent a year
ago.  Inflation based on CPI for agricultural laborers (AL) and
rural laborers (RL) stood at 9.11 per cent and 8.84 per cent in
May 2008, respectively, as compared with 8.22 per cent and 7.90
per cent a year ago.  Therefore, it is important to recognize
that an adjustment of overall aggregate demand on an economy-
wide basis is warranted to ensure that generalized instability
does not develop and erodes the hard-earned gains in terms of
both outcomes of and positive sentiments on India's growth
momentum.

The urgency of this broader, albeit somewhat painful but timely
contraction has to be viewed in the context of the new reality
of high and volatile energy prices not necessarily being a
temporary phenomenon any longer.  Monetary policy recognizes the
need to smoothen and enable this adjustment so that inflation
expectations are contained, the RBI said.

The Reserve Bank has been acting pre-emptively from April 2008
onwards, keeping in view the lagged effects of such measures on
the economy.  Accordingly, the cash reserve ratio (CRR) was
raised by 25 basis points each from the fortnights beginning
April 26, May 10 and May 24, 2008.  On May 30, 2008 special
market operations were announced to alleviate the binding
financing constraints faced by public oil companies in importing
POL as also to minimize the potential adverse consequences for
financial markets in which these oil companies are important
participants.  Subsequent to the announcement of the oil price
hike, the repo rate was increased by 25 basis points on June 11,
2008.

This calibrated approach on an ongoing basis and in a timely
manner draws upon the lessons from managing these challenges in
the recent period.  Graduated monetary policy actions undertaken
since September 2004 to withdraw monetary accommodation have
successfully moderated signs of overheating that emerged in
2006-07 and continue to have some stabilizing influence on the
economy.  Supply management strategies undertaken by the
Government of India are also working through the economy.

However, on a year-on-year basis, money supply (M3) increased by
21.4 per cent as on June 6, 2008 over and above the growth of
21.0 per cent a year ago and well above the indicative
projection of 16.5-17.0 per cent set for 2008-09 in the Annual
Policy Statement of April 2008.  Similarly, reserve money
increased by 28.5 per cent on June 13, 2008 as compared with
24.6 per cent a year ago.  Aggregate deposits rose by 23.2 per
cent on a year-on-year basis on June 6, 2008 which is above the
indicative projection of 17.0 per cent for 2008-09.  Non-food
credit growth was 26.2 per cent and was also above the
indicative projection of 20.0 per cent.

At this juncture, the overriding priority for monetary policy is
to eschew any further intensification of inflationary pressures
and to firmly anchor inflation expectations.  Several positive
factors that currently exist need to be recognised. Relative to
several other emerging economies, the Indian economy has, by and
large, a reasonable supply-demand balance which provides some
insulation in managing this unprecedented shock from global oil
markets.  Domestic financial markets and institutions have been
largely secured against the contagion from the unsettled
conditions in international financial markets.  Furthermore,
India is somewhat de-coupled from the intensifying global food
crisis in view of the improvement in domestic agricultural
performance.  The external sector is strong and resilient with
modest current account deficits relative to the size of the
economy and has a comfortable level of foreign exchange
reserves.  Accordingly, the major focus of public policy at the
current juncture needs to be on dealing with the impact of the
escalation of international crude prices in a well-managed and
smooth adjustment that draws on demonstrated strengths and
positive outcomes. Moderating and managing aggregate demand so
that pressures on prices are not intensified is a critical
element of this approach.

In this regard, monetary policy has to urgently address
aggregate demand pressures which appear to be strongly in
evidence.  First, inflation has increased to a 13-year high and
inflation expectations have been driven up by unrelenting
pressures from international commodity prices, particularly
crude and metals.  Second, investment demand continues to be
strong, growing in the range of 14-19 per cent annually since
2002-03 and currently constituting 36 per cent of GDP.  This is
also reflected in the pick-up in the growth of domestic capital
goods production in April 2008 after some deceleration in
January-March.  Furthermore, consumption demand appears to be
reviving the production of consumer goods, with a turnaround in
the production of durables.  Third, with merchandise imports
running ahead of exports, the trade deficit widened sizeably in
2007-08 and has continued to expand in April 2008.  Although
large oil imports appear to be the main driver, non-oil imports
have also increased at a considerable pace, contributing more
than 60 per cent of the overall import growth in April 2008 and
reflecting the pressure of domestic demand.  There has also been
some tightening of external financing conditions in the ongoing
global financial turmoil.  Fourth, fiscal pressures are emerging
due to the possibility of enhanced subsidies on account of food,
fertiliser and POL as well as for financing deferred liabilities
relating to farm loan waivers with implications for additional
pressures on aggregate demand, and with potential spillovers
into the external sector.

The overall stance of monetary policy in 2008-09 was set in
terms of ensuring a monetary and interest rate environment that
accords high priority to price stability, well-anchored
inflation expectations and orderly conditions in financial
markets while being conducive to continuation of the growth
momentum with due emphasis on credit quality and credit
delivery.  It was resolved to respond swiftly on a continuing
basis to the evolving constellation of adverse international
developments and to the domestic situation impinging on
inflation expectations, financial stability and growth momentum,
with both conventional and unconventional measures, as
appropriate.

Consistent with the stance of monetary policy as set out above
and on the basis of incoming information on domestic and global
macroeconomic and financial developments, RBI decided to take
these measures:

    (a) The repo rate under the Liquidity Adjustment
        Facility (LAF) is increased from 8.00 per cent
        to 8.50 per cent with immediate effect.

    (b) The cash reserve ratio (CRR) of the scheduled
        commercial banks, regional rural banks (RRBs),
        scheduled state co-operative banks and scheduled
        primary (urban) co-operative banks is being
        increased by 50 basis points to 8.75 per cent
        in two stages, effective from specified fortnights
        as indicated below:


      Effective date          CRR on net demand
      (i.e., the fortnight    and time liabilities
      beginning from)         (per cent)
      --------------------    --------------------
      July 5, 2008            8.50
      July 19, 2008           8.75

In view of the criticality of anchoring inflation expectations,
a continuous heightened vigil over ensuing monetary and
macroeconomic developments is warranted to enable swift
responses with appropriate measures as necessary, consistent
with the monetary policy stance.



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

GARUDA INDONESIA: Plans to Fly from Medan to Jeddah in 2009
-----------------------------------------------------------
Garuda Indonesia plans to fly from Medan, North Sumatra, to
Jeddah, Saudi Arabia, next year to cater to the high demand for
air travel, Antara news reports.

"Admittedly, the plan is still a discourse.  But we want to tap
the market so Moslems in North Sumatra and Aceh do not need to
make a transit in Kuala Lumpur or Jakarta while on their way to
the Holy Land for umroh," Garuda district manager in Medan,
Muchwendi Harahap was quoted by the news agency as saying.

Suyatno, Garuda sales manager in Medan told Antara that if the
plan was realized, the national flag carrier would fly from
Medan to Jeddah once a week.

                     About Garuda Indonesia

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

                          *     *     *

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

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


PT CENTRAL: Fitch Holds 'B+' Rating on US$325MM Senior Notes
------------------------------------------------------------
Fitch Ratings has affirmed PT Central Proteinaprima Tbk's, an
Indonesia based shrimp-farmer, 'B+' Long-term foreign currency
Issuer Default Rating.  The Outlook on the rating remains
Stable.  At the same time, Fitch has affirmed the issue rating
of 'B+' and the Recovery rating of 'RR4' on the US$325 million
senior notes due in 2012, issued by Blue Ocean Resources Pte Ltd
and guaranteed by CPP and its subsidiaries.

The affirmation of CPP's ratings reflects the satisfactory
progress of its ongoing revitalisation of assets acquired from
the Dipasena group of companies, a distressed shrimp-farmer, in
July 2007.  As at end-2007, CPP had completed the revitalisation
of 4,709 ponds (in 5,000m2 equivalent basis) at Wahyuni Mandira,
one of the two acquired assets from Dipasena.  Following this,
CPP is expected to generate higher margins given that most of
the ponds in WM are company-owned.  Company-owned ponds
typically earn higher margins compared to smallholder-owned
plasma ponds.  However, CPP will still need to revive another
5,098 ponds (in 5,000m2 equivalent basis) at Aruna Wijaya Sakti,
the other asset acquired from Dipasena, by mid 2009 in order to
meet its goal of tripling its 2006 shrimp sales volume by 2009.

CPP's ratings are supported by its scale and vertical
integration, its use of advanced farming technologies and the
proven track record of its management in operating integrated
shrimp farm facilities.  The company has managed to achieve high
pond yields and maintain losses related to disease at a low
level, thanks to its modern farming facilities and strict
operating procedures.  CPP's vertically integrated business
model lends many benefits such as the full traceability of its
products and the ability to produce high-quality products that
enable the company to charge premium prices, and also underpins
CPP's position as one of the lowest-cost producers of quality
shrimp.  Traceability is particularly important in the shrimp
farming industry given the increased food safety concerns in
major importing countries such as the United States.

CPP's ratings are constrained by the general risks relating to
the shrimp farming industries, such as the threat of diseases,
vulnerability of yields towards variations in weather and the
potential use of trade barriers by major importers.
Furthermore, CPP's heavy dependence on its largest market, the
United States, which accounts approximately for 50% of its
frozen shrimp export revenue, may expose it to potential demand
slowdown should the United States experience a sustained
economic recession.  To mitigate this risk, however, CPP is
expanding into other markets, mainly in Europe.

CPP experienced a spike in its financial leverage in 2007
following US dollar notes issuance and the Dipasena acquisition,
registering a net debt/EBITDA ratio of 5.5x.  However, Fitch
expects the company to deleverage rapidly once the Dipasena
assets start generating cash flows.  Nonetheless, free cash flow
generation is expected to remain negative or marginal up until
2009 due to the large capex relating to the revitalisation
projects.  Cash balance at end Q108 was low at IDR241.6 billion
but capex for the year can be funded from the remaining
IDR805.8 billion proceeds that are expected from the disposal of
three power plants to an affiliate in H208.  Liquidity is not an
immediate concern as, other than USD11.6m of debt due in 2008,
CPP has no debt maturing up until 2012 when the US dollar notes
fall due.

The Stable Outlook reflects Fitch's expectations that CPP's
earnings trajectory will allow it to reduce its financial
leverage to a level more commensurate to its ratings.  Given
that the Dipasena asset revitalisation is still ongoing, and the
ratings constraints are not factors that can be addressed in the
near term, a positive rating action is not envisaged in the next
18 to 24 months.  However, if deleveraging does not proceed as
planned and net debt/EBITDA is sustained above 3.0x, a negative
rating action may be warranted.

Founded in 1980 by the Charoen Pokphand Group, a conglomerate
engaged in agro-industrial and aquaculture businesses in
Thailand, CPP is one of the world's largest shrimp producers and
processors.  It reported revenues and EBITDA of IDR 1,767.2
billion and IDR 215.1 billion, respectively, for the three
months ended March 2008.  The Jiaravanon family, which is the
controlling shareholder of CPG, has a 72.8% beneficial interest
in the company.


PT PERTAMINA: Set to Control 54.28% of Lube Oil Market
------------------------------------------------------
PT Pertamina is set to control a 54.28 percent share of the
total market of 700,000 kiloliters of lubricant oil in
Indonesiathis year, Antara News reports.

According to the report, a company official told the newspaper
Investor Daily that Pertamina hopes to sell 380,000 kiloliters
of lubricant oil this year and earn IDR400 billion (US$43.2
million) in profit.

Antara relates that marketing manager Hasto Wibowo said
Pertamina's share of the market value is expected to reach only
IDR5 trillion or 41.7 percent of lubricant oil market value of
IDR12 trillion.

                        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.


* INDONESIA: Plans to Lower Tax Rate on Dividends to 15%
--------------------------------------------------------
Indonesia plans to lower the tax rate on dividends to 15% from
20% in an effort to improve the investment climate and encourage
the development of financial markets, Reuters reports citing tax
chief, Darmin Nasution as saying.

The news agency relates that the government is hoping to draw
more people to put their funds in the market by cutting the tax
rate on dividends which currently is the same as that on bank
interest.

"The discussion is whether a tax rate of 15 percent would
provide a sufficient incentive", Mr. Nasution was quoted by the
news agency as saying.

According to the report, Indonesia's parliament is expected to
pass the tax bill in the third quarter.  The bill also proposes
to cut income tax levels for individuals and corporations in a
bid to attract investors to open businesses.



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

AOZORA BANK: Stock Slides Amid Doubts on Cerberus-Led Strategy
--------------------------------------------------------------
Aozora Bank's shares hit all-time lows amid uncertainty over its
strategy and despite Cerberus Group's control of the bank, The
Wall Street Journal reports, citing analysts.

The report relates that continuing volatility in its core
business areas, the resignation of Chief Executive Officer
Kimikazu Noumi, and the appointment of his successor, Federico
Sacasa, have done little to assuage concerns.

According to the report, while peers have seen their shares rise
by an average of 25% since prices on the Tokyo Stock Exchange
hit a low in mid-March, Aozora's stock has slid a further 14%,
which is now less than half its price in an initial public
offering 19 months ago.

Hiroyuki Fukunaga, chief executive of Investrust Inc., told the
news agency that "investors may be having a hard time
understanding what the bank is trying to do for business."

An Aozora spokesman, the report relates, said that the bank is
still using Mr. Noumi's strategy, that tries to accelerate the
setting up of a unique business model as a wholesale bank with
specialized retail capability.  However, the report notes,
investors are still unsure whether Aozora's focus on investment
banking can make it sufficiently profitable in times of market
uncertainty.

WSJ says that many Japanese banks saw their share prices tumble
due to the effect of the mortgage lending problem in the U.S.

According to Jiji Press, Aozora Bank incurred a group recurring
loss of JPY21,562 million for fiscal-year ended March 2007, from
a JPY62,405-million profit last year, due to losses linked to
the U.S. subprime mortgage crisis.  The bank's losses from its
investment in subprime-linked securities totaled JPY45.4 billion
in fiscal 2007, the Press relates.

Aozora, the Press notes, also booked JPY14.9 billion of loss
provision for loans to Cerberus for its acquisition of General
Motors Corp.'s financial services firm, GMAC LLC from General
Motors Corp.

Aozora's fiscal 2007 group net profit totaled JPY5,929 million,
down 92.7% from the previous year.

Meanwhile, according to a Troubled Company Reporter-Asia Pacific
report on April 21, 2008, Mr. Noumi's resignation was due to
standoff with Cerberus.   WSJ says, citing media reports, that
the former CEO and Cerberus had a disagreement on strategy after
Cerberus boosted its stake in April to 45.5% from 37.5% and
started to take a greater say in the running of the bank.

                        About Aozora Bank

Aozora Bank (formerly Nippon Credit Bank) --
http://www.aozorabank.co.jp/-- was the second Japanese credit
bank nationalized in the wake of Asia's financial crisis after
the Long-Term Credit Bank of Japan (now Shinsei Bank).  Bad
loans and Japan's "Big Bang" financial deregulation added to the
bank's troubles.  Traditionally a lender to small and midsized
businesses, before the takeover it had started closing overseas
branches and expanding its financial services.  Aozora has a
network of some 20 branches in Japan and four offices overseas.
US investment fund Cerberus now owns 62% of the company after
buying Softbank's stake (49%) in spring of 2003.  Orix Corp and
Millea Holdings each own 15%, and the Japanese government also
owns a stake.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 2,
2008, that Fitch Ratings affirmed Japan's Aozora Bank's Long-
term foreign and local currency Issuer Default Ratings at 'A-',
Short-term foreign and local currency IDRs at 'F1', Individual
'C', Support '3', Support Rating Floor 'BB+' and senior
unsecured notes 'A-'.  The Outlook remains Stable.


SURUGA CORP: JPY62 Billion Loan Default Spurs Bankruptcy Filing
---------------------------------------------------------------
Suruga Corporation sought bankruptcy protection from creditors
at the Tokyo district Court, after defaulting in debt of about
JPY62 billion (US$576 million), Taku Kato and Shigeru Sato of
Bloomberg report.

Reuters says the company was unable to secure new financing from
banks after staff at a land-purchasing firm were arrested in
March for alleged illegal operations aimed at getting tenants
out of a Suruga-owned building.  The company, Jiji Press
relates, allegedly asked people not qualified as lawyers to
negotiate the eviction of the tenants.

"We are unable to properly repay our debt or to conduct fund-
raising.  We will restore public trust and restructure our
business by considering the advice of our attorney and the
court," the company said in a statement cited by Bloomberg.

Nikkie News says Ernst & Young ShinNihon, auditor of the
company, refused to sign the company's fiscal 2007 financial
statement as well.

The company was the first corporate bond default since Mycal
Corp. filed for court protection from creditors in 2001.

Meanwhile, Reuters says, heavy selling hit shares in Japanese
property firms following the Suruga's news, on fears about the
health of a sector hurting after the global credit crunch.

The outstanding balance of existing Suruga bonds is JPY21
billion (US$194.8 million).

                    About Suruga Corporation

Suruga Corporation -- http://www.suruga.com/ -- is a Japan-
based real estate company engaged in two business segments. The
Construction segment is engaged in the contract construction and
civil engineering works for private clients and government
offices.  The Real Estate segment is engaged in the general
planning, architectural design, construction, sale and
management of mid-to-high-rise buildings, such as housing and
commercial facilities, as well as the leasing of real estates.
Headquartered in Kanagawa Prefecture, the company has four
subsidiaries and one associated company.


SUGURA CORPORATION: JCR Downgrades CCC Ratings to D
---------------------------------------------------
JCR has downgraded Sugura Corporation's ratings on senior debts,
shelf registration and bonds of the issuer from #CCC/Negative,
preliminary #CCC/Negative and #CCC/Negative to D.

Senior Debts: D

Issues  Amount(BB) Issue Date   Due Date   Coupon     Rating
bonds 1  JPY11     10/20/06     10/20/09   2.89%         D
bonds 2  JPY10      3/15/07      3/15/10   2.95%         D

Shelf Registration: D

Maximum: JPY39 billion

Valid: two years effective from September 28, 2007

                     About Sugura Corporation

Sugura Corporation -- http://www.suruga.com/ -- is a Japan-
based real estate company engaged in two business segments. The
Construction segment is engaged in the contract construction and
civil engineering works for private clients and government
offices.  The Real Estate segment is engaged in the general
planning, architectural design, construction, sale and
management of mid-to-high-rise buildings, such as housing and
commercial facilities, as well as the leasing of real estates.
Headquartered in Kanagawa Prefecture, the Company has four
subsidiaries and one associated company.


* JAPAN: Moody's Has Stable Outlook on Chemical Industry
--------------------------------------------------------
According to a new report by Moody's Investors Services, the
earnings of Japan's integrated chemicals companies have peaked,
due to ongoing increases in naphtha price and energy costs.

"The price of naphtha is now rising too fast for the current
pricing formula," writes Noriko Kosaka, Moody's VP-Senior
Analyst and author of the report, "and we consider rising prices
a major challenge to maintaining profitability in the
petrochemicals business."

The report, "Japan's Integrated Chemical Industry Outlook,"
notes that domestic ethylene production remains high, exceeding
7.5 million tons, with capacity utilization ratios of nearly
100%.  "We expect the same level of ethylene production in
calendar years 2008-2009, given the current market for all
olefin derivatives."

In the Middle East and Southeast Asia, production of olefin
products will expand gradually from the latter half of 2008.
"Companies are taking action in response to two legitimate
concerns: securing earnings of domestic ethylene complex
operation and pursuing growth opportunities in the Middle East
and Asia," writes Kosaka.  "Moody's believes that successfully
improving the cost competitiveness of domestic ethylene
production and enhancing market positions in growth areas
outside Japan will be one of the most important issues for
future credit fundamentals."

At the same time, enhancing the earnings of the non-
petrochemical product areas also remains key to mitigating
earnings volatility in the petrochemical segment and stabilizing
and improving overall earnings and cash flow.

"As one of the strengths of the Japan's integrated chemicals
companies is their diversified business portfolios, how these
companies can further fortify them -- particularly by
strengthening the non-petrochemical product areas -- will remain
key to stronger business fundamentals," according to Kosaka.

In Moody's view, the overall earnings of the rated integrated
chemicals companies will not drop to the bottom experienced in
FYE3/2002 -- when the industry suffered the worst earnings of
the last decade -- as they are now supported by the companies'
strong efforts of the last few years to strengthen their
ethylene complex cost structures, change the pricing system of
commodity products, and realign their business portfolios.

As a result, despite the negative environment, the rating
outlook for the rated integrated chemicals companies is stable,
supported by well structured business portfolios and adequate
financial cushions resulting from prudent financial policies.
Therefore, negative rating actions will be limited over the next
12-18 months, in Moody's view.



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

LIQUA HEALTH: Taps PricewaterhouseCoopers to Review Past Deals
--------------------------------------------------------------
Liqua Health Corporation Berhad has appointed
PricewaterhouseCoopers Advisory Services Sdn Bhd to review some
of the company's past transactions.  This exercise is to further
understand previous business activities and decisions as part of
the company’s risk management process.

The appointment of PricewaterhouseCoopers is consistent with the
company’s objective to promote greater governance.  The company
expects to further strengthen its internal controls and risk
management procedures resulting from this exercise.

                       About Liqua Health

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.


SATANG HOLDINGS: Unit Receives Contract Worth MYR1.37 Million
-------------------------------------------------------------
Satang Holdings Berhad's wholly owned subsidiary, Satang Jaya
Sdn Bhd, has received a letter of award for a contract with
Ministry of Defence Malaysia worth MYR1.37 million.

The contract is for the supply, delivery, affixation, testing
services and/or maintenance and provision of Explosive Ordnance
Disposal/Improvised Explosive Device Disposal Remotely Operated
Vehicle for the duration of one year.

The company said that the contract will contribute positively to
the earnings and net assets of the Group for the financial year
ending September 30, 2008, and beyond.  Notwithstanding this,
the letter of award is not expected to have any material effects
on the share capital and shareholding structure of the company.

                      About Satang Holdings

Satang Holdings Berhad, formerly Satang Jaya Holdings Berhad, is
engaged in the maintenance, repair and overhaul of aviation and
safety equipment and operations and principally in Malaysia.
Through its subsidiaries, the company is also engaged in the
supply and distribution of environmental products, providing
training and seminar in respect of environmental management
system and other related services; providing consultancy and
solution services and implementing of high-technology and
surveillance security systems and its related services;
supplying and servicing of pipe cleaning products and equipment,
and supplying and maintenance of marine safety and survival
equipment and accessories.  Its subsidiaries include Satang
Environmental Sdn. Bhd., Satang Cylinder Services Sdn. Bhd., SAR
Services (M) Sdn. Bhd., Satang Hi-Tech Security Sdn. Bhd.,
Satsang-ICS global Sdn Bhd. and Port Marine Safety Services Sdn.
Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, the company triggered Paragraph 2.1 of the Amended
Practice Note 17/2005 as its independent auditor, Anuarul Azizan
Chew & Co., has concluded in its Audit Investigative Reports
that out of the MYR39.27 million alleged overstated revenue of
the company, MYR35.43 million represents invalid sales which
should not be recorded in the books for the financial year ended
September 30, 2007.


SUNWAY INFRASTRUCTURE: Re-Designates Hashim as Chairman
-------------------------------------------------------
Dato' Mohammed Azlan bin Hashim has been re-designated to being
the Chairman & Director of Sunway Infrastructure Berhad.  Mr.
Azlan bin Hashim was previously the Executive Director of the
company.

Mr. Azlan bin Hashim is currently, the Chairman of PROTON
Holdings Berhad, D&O Ventures Berhad, Golden Pharos Berhad and a
Director of Scomi Group Berhad.

                    About Sunway Infrastructure

Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure
Berhad -- http://www.sunway.com.my/-- is an investment holding
company in Malaysia.  The Company's wholly owned subsidiary,
Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is
responsible for the construction of the Kajang Traffic Dispersal
Ring Road.  Silk's activities are the upgrading and widening of
existing roads; the design and construction of a new alignment,
and the operation of the Kajang Traffic Dispersal Ring Road,
including toll operations and maintenance.  Through SILK, the
Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd
mainly focuses on undertaking housing development for residents
whose dwellings are located on the land, on which the Kajang
Traffic Dispersal Ring Road is constructed or who are affected
by the construction of the Kajang Traffic Dispersal ring road.
On November 22, 2005, SILK disposed of Salient Million Sdn. Bhd.

                          *     *     *

The company is an affected listed issuer pursuant to the Amended
PN17 since its auditors have expressed a modified opinion with
emphasis on the company's going concern in the company's audited
financial statements for the year ended June 30, 2006, and since
the unaudited shareholders' equity of approximately MYR26.702
million based on its quarterly results for the period ended
September 30, 2006, is less than 50% of its issued and paid up
capital of MYR90 million.

In addition, the Troubled Company Reporter - Asia Pacific
reported on March 20, 2007, that its shareholders' equity on a
consolidated basis based on the unaudited results for the
quarter ended Dec. 31, 2006 of MYR7.173 million, is less than
25% of the issued and paid-up capital of the Company of MYR90
million and such shareholders' equity is less than the minimum
issued and paid-up capital as required under Paragraph 8.16A(1)
of the Listing Requirements of RM60 million, triggering another
listing criteria under Amended PN17 listing requirements.



===============
M O N G O L I A
===============

KHAN BANK: Fitch Affirms 'B+' Issuer Default Rating
---------------------------------------------------
Fitch Ratings has affirmed Mongolia-based Khan Bank's Long-term
foreign and local currency Issuer Default Ratings at 'B+',
Individual Rating at 'D' and Support Rating at '4'.  The Outlook
has been revised to Stable from Positive, as per that for
Fitch's IDRs on Mongolia's sovereign, noting that Khan Bank's
ratings are constrained by those on the sovereign.

As per Fitch's just released report on Khan Bank, profitability
remains very sound - return-on-average-assets of 4.1% in the
year to end-December 7, similar to that in FY06 - reflecting the
bank's high margins in an under-banked market.  Meanwhile,
capital is considerable (Tier I and Total CARs of around 10.9%
and 11.4% respectively) and asset quality good (90-day NPL level
of 0.7% with reserves coverage of 2.1x).

The revised Outlook on Mongolia's sovereign rating was partly
premised on sharply higher inflation (26% in the year to end-
April 2008 versus 11% for the year to end-August 2007), which is
likely to bring about higher interest rates that could impinge
upon loans quality system-wide, albeit with Khan Bank perhaps
somewhat less affected due to its still notable rural focus.



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

123 METALS: Placed Under Liquidation
------------------------------------
Pursuant to Section 241(2)(c) of the Companies Act 1993, the
High Court at Auckland appointed Damien Grant and Steven Khov,
insolvency practitioners of Auckland, as liquidators of 123
Metals Limited on May 23, 2008.

The Liquidators can be reached at:

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


ABBOTSLEIGH RETIREMENT: 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
Abbotsleigh Retirement Home Limited into liquidation.

The application was filed on May 6, 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.


AIR NEW ZEALAND: Carried 6% More Passengers in May 2008
-------------------------------------------------------
Air New Zealand Ltd. disclosed in a regulatory filing that the
passengers it carried across the Group were 6 percent higher
than in May 2007.

For the financial year-to-date, short haul passenger numbers
increased by 4.5 percent and long haul by 13.3percent on the
comparable period in the 2007 financial year.

The North American / UK passenger load factor was especially
pleasing, up 4.0 percentage points on May 2007 with a capacity
increase of 4.5 percent.

Air New Zealand's Vancouver service continued to perform well at
the seasonally adjusted frequency of three times a week.

Passengers carried in the domestic market increased 9.0 percent
compared with May 2007 on an 8.4 percent increase in capacity.
The Tasman / PI passenger load factor dropped 2.4 percentage
points on May 2007, largely due to less tactical pricing
promotions in May 2008.

Short haul load factors were down while long Haul load factors
increased on last year:

   - Short haul passenger load factors decreased 1.0
     percentage   points to 73.1 percent

   - Domestic passenger load factor was up 1.9 percentage
     points to 75.6 percent

   - Tasman / PI passenger load factor decreased by 2.4
     percentage points to 71.8 percent

   - Long haul passenger load factors increased 2.5
     percentage points to 73.8 percent

   - Asia / Japan / UK passenger load factor increased
     0.6 of a percentage point to 72.6 percent

   - North America / UK passenger load factor increased
     4.0 percentage points to 74.7 percent

Group-wide yields for the year-to-date were up 0.1 percent on
the same period last year.  Year-to-date short haul and long
haul yields were up on last year by 1.1 percent and 2.9 percent
respectively.  Removing the impact of foreign exchange, group-
wide yields were up 3.3 percent.

Over recent months Air New Zealand has announced a series of
price increases across its network.  At this stage it is too
early to assess the likely impact that these increases have had
on demand.  Air New Zealand said it continues to review all
aspects of its business including pricing, network and cost base
in response to the continued high cost of fuel and changes in
demand.

                        Fare Increase

Air New Zealand has announced that the price of domestic
airfares will rise by an average 4percent as will international
airfares sold in New Zealand, Australia and the Pacific Islands.
Domestic and short haul international increases were effective
from June 16 with long haul from June 20.

Air New Zealand also announced a number of tactical network
changes including:

   - Reducing services by one per week between Japan
     and New Zealand during the lower demand months
     of September, October (from nine to eight per week)
     and November (from 12 to 11 per week).

   - Removal of extra two-times per week Auckland-Hong Kong
     service operated seasonally during December and January.
     Hong Kong will continue to be serviced with its year
     round capacity of a daily 747-400 operating Auckland -
     London via Hong Kong.

   - As a result of continued strong passenger demand,
     from October several Auckland - San Francisco services
     per week will be up-gauged from a 313 seat 777-200 to
     a 379 seat 747-400.

   - Capacity on the Tasman has also been reviewed during
     lower demand months.

Between August and November services from Hamilton to Sydney
will reduce from three to two per week, and between September
and November services from Dunedin to Sydney will reduce from
three to two per week. Services on both routes will return to
three per week from late November. Services between
Wellington and Sydney during the month of August will reduce
from a total of 44 to 36.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd is the
country's flag air carrier, with domestic and international
passenger and freight operations, and an aviation engineering
business.  Air New Zealand flies to the United States, United
Kingdom, Canada, Europe and other Asian cities.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 20, 2008, Standard & Poor's Ratings Services removed its
unsolicited 'BB/Stable' credit rating and outlook on Air New
Zealand Ltd.

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

On Sept. 4, 2007, Moody's Investors Service affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  At the
same time, it changed the outlook on the rating to positive
from stable.


ESTATE HOMES: Court Sets July 25 Liquidation Hearing
----------------------------------------------------
The High Court at Auckland will convene a hearing at 10:45 a.m.
on July 25, 2008, to consider an application putting Estate
Homes 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 9, 2008, by Brookfields Lawyers
whose address for service is at 11th Floor, 19 Victoria Street
West, in Auckland.

V.T.M. BRUTON is the plaintiff's solicitor.


KOHA SEAFOODS: Commences Liquidation Proceedings
------------------------------------------------
The High Court at Whangarei held a hearing on June 23, 2008, to
consider an application putting Koha Seafoods Limited into
liquidation.

The application was filed on May 12, 2008, by Express Couriers
Limited.

The plaintiff can be reached at:

          Credit Consultants Debt Services NZ Limited
          Level 3, 3-9 Church Street
          (PO Box 213 or DX SX 10069), Wellington
          Telephone: (04) 470 5972

DIANNE S. LESTER is the plaintiff’s solicitor.


MALTON LTD: Liquidation Hearing Scheduled on 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
Malton Limited into liquidation.

The application was filed on 2 May 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.


MENINGITIS TRUST: Creditors Can File Claims Until July 4
--------------------------------------------------------
Creditors of Meningitis Trust Limited have until July 4, 2008,
to make their claims and to establish any priority their claims
may have under section 312.

Stephen Mark Lawrence and Anthony John McCullagh, insolvency
practitioners of Auckland, are the appointed liquidators of the
company.

For inquiries, contact the Liquidators at:

          Horwath Corporate (Auckland) Limited
          PO Box 3678, Auckland 1140
          Telephone: (09) 306 7424
          Facsimile: (09) 302 0536


OXFORD NZ: Court Sets July 11 Liquidation Hearing
-------------------------------------------------
The High Court at Auckland will hold a hearing on July 11, 2008
at 10:45 a.m. to consider an application putting Oxford NZ
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 date.

The application was filed on April 3, 2008, by Fuji Xerox
Finance Limited.

The plaintiff can be reached at:

          Credit Consultants Debt Services NZ Limited
          Level 3, 3-9 Church Street
          (PO Box 213 or DX SX 10069)
          Wellington
          Telephone: (04) 470 5972

DIANNE S. LESTER is the plaintiff’s solicitor.


PARNELL STORAGE: Winding Up Hearing Scheduled on August 8
---------------------------------------------------------
The High Court at Auckland will convene a hearing on August 8,
2008 at 10:45 a.m. to consider an application for the winding up
of Parnell Storage Lease Limited.

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

The application was filed on April 18, 2008, by Stor-Co Mini
Storage Systems Pty Limited, whose address for service is at the
offices of Guy & Toby Manktelow, 3rd Floor, AA Building, 29
Waterloo Road (PO Box 31265), in Lower Hutt.

G.W.D. MANKTELOW is the plaintiff’s solicitor.


WA & MJ CAWTHORN: Court Sets July 14 Liquidation Hearing
--------------------------------------------------------
The High Court at Rotorua will hold a hearing on July 14, 2008
at 10:45 a.m. to consider an application putting WA & MJ
Cawthorn 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 date.

The application was filed on May 3, 2008, by Accident
Compensation Corporation, whose address for service is at the
offices of Maude & Miller, 2nd Floor, McDonald’s Building,
Cobham Court (PO Box 50555 or DX SP 32505), in Porirua City.

DIANNE S. LESTER is the plaintiff’s solicitor.


WATERSIDE OBC: Commences Liquidation Proceedings
------------------------------------------------
The High Court at Wellington convened a hearing on June 16,
2008, to consider an application putting Waterside OBC Limited
(formerly Manhattan Lounge Limited) into liquidation.

The application was filed on April 2, 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 1133
          Facsimile: (04) 890 0009

Andrew Hamer Instone is the plaintiff’s solicitor.


* NEW ZEALAND: Households Continue to Drive Energy Demand
---------------------------------------------------------
In 2006, households accounted for nearly 31 percent of New
Zealand’s total energy demand, a report released by Statistics
New Zealand said.

According to Energy and the Economy: 1997–2006, this proportion
makes households the largest consumers of energy.  Most of the
energy used by households during this period was in the form of
petrol for private motor vehicles (56 percent).  The second
largest energy consumer was the transport and storage industry,
which accounted for 25 percent of total energy demand.

The report, Energy and the Economy: 1997–2006, reviews the
energy used by households, government and industry for the
period 1997 to 2006 and the links to economic activity.

From 1997 to 2006, New Zealand’s total energy demand increased
by 21 percent, while economic activity, as measured by gross
domestic product (GDP), increased by 33 percent.  These results
suggest that the growth of New Zealand’s economy is becoming
less reliant on energy use.



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

GEOGRACE: Approves Exploration and Option Agreement With Vale
-------------------------------------------------------------
During a meeting held on June 24, 2008, Geograce Resources
Philippines, Inc. approved the execution of an "Exploration and
Option Agreement" with Vale Exploration Philippines Inc, the
local subsidiary of Companhia Vale Do Rio Doce.  The said
"Exploration and Option Agreement" between Geograce and Vale
Exploration Philippines, Inc. were likewise signed during the
meeting.  Under the Agreement, Vale and Geograce agree to
cooperate on the exploration of seven mining claims located on
Masbate province amounting to approximately 84,046 hectares.

The Board of Director simultaneously approved the execution of
an "Exclusive Option Agreement" and "Irrevocable Special Power
of Attorney" with seven companies, which own the Masbate Claims.
The said agreements grant Geograce the exclusive right to
purchase all outstanding shares of the companies from their
current ownder under the terms and conditions, wcich the parties
may mutually agree upon, and appoints Geograce as their
attorney-in-fact to sign, execute and deliver the "Exploration
and Option Agreement" with Vale for the exploration of the
Masbate Claims.

Under the "Exploration and Option Agreement", Vale will conduct
preliminary exploration and evaluation of the Masbate Claims
while Geograce will be responsible for obtaining approvals of
the Exploration Permit Applications and maintaing the Masbate
Claims with the appropriate government agencies.  Vale also has
the option to form a joint venture for the develoment and
operation of mining activities on the Masbate Claims.  Geograce
and Vale may also enter nto a services agreement where Geograce
will be responsible for providing certain services to Vale.
These services will include but are not limited to the provision
by Geograce to Vale of logistics support, community relations
liaison, and geological services and other daily activities.

The exploration and evaluation of the Masbate Claims will be
solely funded and conducted by Vale, with Geograce providing
them exclusive access to its existing data on the claims and
facilitating Vale's activities in the local areas.  Under
Phase 1 and 2 of the "Exploration and Option Aggrement", Vale
has committed to fund exploration expenditures of up to
US$6 million.

After completing Phase 2, Vale shall have the option to create a
joint venture with Geograce to own, develop and operate the
Masbate Claims.  The terms and conditions of Vale and Geograce's
relationship after the exercise of the option will be governed
by a joint venture agreement, which will be used to conduct its
pre-feasibilty and bankable feasibility studies for the
implementation of a mining project on the Masbate Claims and
eventually develop and operate mine.

                    About Geograce Resources

Headquartered in Makati City, Philippines, Geograce Resources --
fka Global Equities, Inc. -- was originally incorporated as La
Suerte Gold Mining Corporation on April 20, 1970, primarily to
engage in the exploration, exploitation, and development of
mineral resources; to purchase, lease and otherwise acquire
mining claims and concessions anywhere in the Philippines; and
to carry on the business of mining, extracting, smelting,
treating, and otherwise producing and dealing in metals and
minerals of all kinds including all its products and by-

                          *     *     *

According to Geograce Resources' independent auditor, Sycip
Gorres Velayo and Co., the company's previous real estate
operations were affected by the downturn in the real estate
industry resulting in continuous losses and inability to pay
maturing loans.  The auditor says that there exists a material
uncertainty about the company’s ability to continue as a going
concern.  Geograce posted a net loss of PHP102,364,952 in the
fiscal year 2007.


* PHILIPPINES: Pays PHP331.53 Bil. of Debts in Jan.-May Period
--------------------------------------------------------------
The national government of the Philippines has paid
PHP331.53 billion to service maturing debts -- PHP133. billion
in interest and P198.53 billion in principal -- in the Jan. to
May 2008 period, the Philippine Daily Inquirer reports citing
the data by the Department of Finance.

According to the report, the paid amount increased by 1.1%
compared to the PHP327.95 billion paid in the same period in
2007, and comprises 53% of the PHP624.1 billion in debts that
the government hopes to settle this year.

The report adds that about PHP232.74 billion of the debt was
local and the remaining PHP98.79 billion was foreign.

The government has been borrowing mostly domestically to
minimize exposure to exchange rate volatility, the news agency
notes.


* PHILIPPINES: S&P Reaffirms "Stable” Outlook
---------------------------------------------
Standard & Poor’s reaffirmed the “stable” outlook rating on the
Philippines, the Philippine Star reports.

S&P senior analyst Agost Benard was cited as saying by the news
agency that the stable outlook balanced the increasingly robust
external liquidity and significant improvements in general
government and public-sector financial performance.

However, S&P warned that although its “stable” outlook rating is
still in place, stalling fiscal corrections could lower its
outlook rating to “negative”, especially if revenue erosion
becomes a problem because of regressive tax legislations, the
report said.

Mr. Benard also told the news agency that the outlook could be
revised to “positive” should there be evidence that revenue-
generating capacity has fundamentally improved.

On the whole, however, S&P said that while many Asia-Pacific
sovereigns are likely to continue to enjoy relatively robust
growth, some may neglect to apply prudent policy measures to
offset the potentially negative effects from slowing US economic
activity and ongoing financial market turmoil, the report adds.

“Uncomfortably high inflationary pressures are a key short-term
risk for the region, while other macroeconomic headaches also
remain intense,”... these include steeply rising oil and food
prices, and structural capacity constraints in energy,
infrastructure, and labor supply”, the news agency quoted S&P as
saying in its report.

According to Mr. Benard, the country’s specific strength was its
increasingly robust external liquidity, track record of
resilient economic growth and on-going reforms that have
alleviated fundamental fiscal weaknesses, the report notes.

On the other hand, the country’s main weakness was its high
public-sector debt stemming from a narrow tax base and
inefficient public enterprises as well as the heavy, albeit
easing, foreign-currency debt exposure, and consequent
vulnerability to adverse exchange rate changes.

Based on the first quarter growth, S&P expects the country’s
gross domestic product (GDP) to expand by about 5.5 percent this
year, underpinned by continued strong domestic demand and the
government’s capital-spending plans, the news agency recounts.

                         *********

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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