TCRAP_Public/080701.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, July 1, 2008, Vol. 11, No. 129

                            Headlines

A U S T R A L I A

117 196 586 PTY: Liquidator Gives Wind-Up Report
ACN 094 804 118: Declares Dividend for Creditors
AGILE KITCHENS: Appoints  Sule Arnautovic as Liquidator
ABC LEARNING: Mulls Single Transaction Sale of UK Businesses
BABCOCK & BROWN: Lenders Remove Review on Debt Facility

BANK OF SCOTLAND: Moody's Cuts B+ Financial Strength Rating to B
CITY PACIFIC: Won't Pay Final Dividend for FY2008
CITY PACIFIC: Will Pay Interim Dividend in Installment
FININVEST AUSTRALIA: Liquidator Gives Wind-Up Report
LOCKIES TRANSPORT: Liquidator Presents Wind-Up Report

MARBLIZED PRODUCTS: Liquidator Presents Wind-Up Report
M.PAGE: Liquidator Presents Wind-Up Report
MANNING: Liquidator Gives Wind-Up Report
NASK PTY: Liquidator Gives Wind-Up Report
OZ WRAP: Liquidator Gives Wind-Up Report

PASTA RESISTANCE: Liquidator Gives Wind-Up Report
PLUS CORPORATION: Liquidator Gives Wind-Up Report
ROAN CONSTRUCTIONS: Liquidator Presents Wind-Up Report
SAMSON HYDRAULICS: Liquidator Gives Wind-Up Report
SG GROUP: Liquidator Presents Wind-Up Report

SWINTON ENTERPRISES: Liquidator Presents Wind-Up Report
VAMIFI PTY: Liquidator Presents Wind-Up Report
WARGIN PTY: Liquidator Presents Wind-Up Report
WONDERVIEW PTY: Declares Dividend for Creditors


C H I N A

AMERICAN AXLE: Moody's Cuts Corporate Family Rating to B1
CONEXANT SYSTEMS: Bendush, Massengill Joins Board of Directors
HOPSON DEVELOPMENT: Fitch Puts 'BB' Ratings Under Negative Watch
TITAN PETROCHEM: Moody's Eyes Further Cut on Junked Bond Rating


H O N G  K O N G

AGILE PROPERTY: S&P Affirms 'BB' LT Corporate Credit Rating
CARBO ANGLO-CHINESE: Liquidator Quits Post
FIRSTAR TRADE: Creditors' Proofs of Debt Due on July 27
GOLDEN CRAFT: Members & Creditors to Meet on July 29
HELLY-HANSEN: Commences Liquidation Proceedings

KLEINWORT BENSON: Members' Final Meeting Set on July 28
MBF PROPERTIES: Creditors' Proofs of Debt Due on July 31
PENTAD CONSTRUCTION: Liquidator Quits Post
SINO ORIENT: Members' Final Meeting Set on July 28
TOTAL SATISFACTION: Creditors' Proofs of Debt Due on July 31

UNIVERSAL INT'L: Commences Liquidation Proceedings


I N D I A

CHEROKEE INTERNATIONAL: David Robbins Joins Board of Directors
HIMATSINGKA SEIDE: Incurs Rs. 23.99 Cr. Net Loss in FY 2008
POLAR INDUSTRIES: Board Sets Aug. 12 Annual General Meeting
TATA MOTORS: Nano Project to Continue Despite Cost Overrun


I N D O N E S I A

BANK INTERNASIONAL: S&P Keeps 'B+/B' Rating Under Pos. Watch
EXCELCOM: Moody's Keeps Ba2 Rating Despite TMI's Debt Issue


J A P A N

DELPHI CORP: Solicits Offers for Exhaust Business
FORD MOTOR: Begins Plant-by-Plant Employee Buyouts to Cut Costs
* JAPAN: Corp. Bond Risk Rises, Credit-Default Swap Traders Say
* JAPAN: Banks' Fiscal Year Profits Fall 34% to JPY2.3 Trillion


M A L A Y S I A

CNLT: Court To Hear Proceedings Against Saghal on July 16
IDAMAN UNGGUL: Intan Proposes MYR6 Mil. Wiragain Buyout Deal
MANGIUM INDUSTRIES: Unit's Loan Default Reaches MYR39MM in May
SATANG HLDG: Unit Bags MYR350,000 Worth of Contract With MINDEF
TALAM CORPORATION: Earns MYR9.25 Mil. in Quarter Ended April 30


N E W  Z E A L A N D

A.C.T. CONTAINER: Commences Liquidation Proceedings
BEDFORD INVESTMENTS: Commences Liquidation Proceedings
DOMINION FINANCE: Suspends Payment of Interest on Capital Notes
MARLBOROUGH FOODS: Members Place Company Under Liquidation
PATONS PANEL: Shareholders Place Company Under Liquidation

RAUARUHE LTD: Commences Liquidation Proceedings
RESORT DEVELOPMENTS: Commences Liquidation Proceedings
STRONGHOLD THEATRE: Commences Liquidation Proceedings
WINDFLOW TECH: Agrees to Sell 19.95% Stake to Mighty River
* NEW ZEALAND: Housing Consents Drop in May 2008


X X X X X X X X

* BOND PRICING: For the Week June 23-June 27, 2008


                         - - - - -


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

117 196 586 PTY: Liquidator Gives Wind-Up Report
------------------------------------------------
R. M. Sutherland, 117 196 586 Pty. Ltd.'s estate liquidator, met
with the company's members and creditors on May 30, 2008, and
provided them with property disposal and winding-up reports.

The liquidator can be reached at:

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


ACN 094 804 118: Declares Dividend for Creditors
------------------------------------------------
ACN 094 804 118 Pty Ltd, which is in liquidation, declared its
dividend for its creditors.

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

The company's liquidator is:

          Danny Vrkic
          Jirsch Sutherland
          Chartered Accountants
          Level 1, 76 Market Street
          Wollongong NSW 2500
          Australia
  

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

The liquidator can be reached at:

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

  
ABC LEARNING: Mulls Single Transaction Sale of UK Businesses
------------------------------------------------------------
A.B.C. Learning Centres Limited disclosed in a regulatory filing
that it is now considering selling its UK nurseries business
with the Vouchers business and the UK property assets in a
single transaction.

According to the company, a number of highly conditional
indicative proposals for the entire UK business have been
received.  A sale process has commenced and discussions are
continuing with the interested parties.  The details of any
successful transaction will be advised to the market.  The
current sale process envisages that the transaction will
complete in the first half of the 2009 financial year and the
profit recognized as a one-off item.

The company said it has given previous guidance of an
approximate AU$100 million profit on the sale of the Vouchers
business.  If the company concludes a sale for the entire UK
business the profit would be lower as the sale would crystallize
into cash the previously recognized AU$51.1 million discount on
the acquisition of the Leapfrog Nurseries business.  The company
is unable to give any further guidance at this early state of
the process.

                       About ABC Learning

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

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

                          *     *     *

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


BABCOCK & BROWN: Lenders Remove Review on Debt Facility
-------------------------------------------------------
Babcock & Brown Ltd. disclosed in a regulatory filing that it
has been advised by its banking syndicate that the market
capitalization review clause will be removed altogether from its
corporate facilities.  The syndicate has also agreed to waive
its right to a review of Babcock & Brown.

Phil Green, CEO of Babcock & Brown said, “We are pleased that
our banking syndicate was able to move quickly not only to waive
their right to a review but also to remove this clause altogther
from our facilities.  The banking syndicate was provided with an
update of the business and detailed financial information.

“The decision by the banks underscores the strength of our
business and the banks commitment to Babcock & Brown,” Mr. Green
said.

The banking syndicate and Babcock & Brown worked constructively
together over the last two weeks to remove the market
capitalization clause.  Babcock & Brown has agreed to a pricing
change of 50 basis points to a 200 point margin under its
corporate facility which it does not expect to have a material
impact on its overall cost of capital.  The revised corporate
facility provides for a reduction in pricing if Babcock &
Brown's previous S&P rating of BBB is reinstated in the future.

Additionally and in line with Babcock & Brown's stated objective
of deleveraging the balance sheet, the company will repay the
corporate facilities by approximately AU$400 million from
previously announced asset sales once these transactions are
closed.  The balance of proceeds from these asset sales will
increase corporate liquidity.

                Strategy to Address Changing
                 Capital Market Environment

With the market capitalization clause now successfully resolved,
Mr. Green said management will focus on:

   -- Continued reduction of gearing levels through
      the Group's normal asset recycling program;

   -- sale of non-core investments;

   -- directing balance sheet utilization towards primary
      business and co-investment and development activities
      within those businesses;

   -- further raising and investing committed unlisted
      institutional capital and third party capital for
      direct co-investment opportunities.

“Babcock & Brown and its listed funds have already initiated
a number of actions aimed at closing or removing gap between
the underlying value of the fund's assets and the current
trading prices of the securities,” he said.

“Our primary businesses of infrastructure, real estate and
transport operating leasing have strong, global market positions
and demonstrated competitive advantages.  We are examining
additional ways to capitalize on these strengths for the benefit
of both investors in Babcock & Brown and the various funds we
manage,” Mr. Green said.

As part of these efforts, Mr. Green confirmed that Babcock &
Brown is looking to appoint international investment banks to
provide external advice to the company.

“We expect to update the market on progress with this process
over the next few months,” Mr. Green said.

                       No Loan Default

As reported in the Troubled Company Reporter-Asia Pacific on
June 16, 2008, Babcock & Brown reconfirmed, following
commentaries in relation to its debt facility, that the market
capitalization clause in its corporate facility does not
constitute a default or breach of covenant.

Babcock & Brown's AU$2.8 billion three year evergreen facility
was reviewed, extended to 2011 and signed off by its banking
syndicate in April 2008.

The market capitalization clause, provides for the facility
banks to have the right to call for a review of their position
under the facility rather than any specified action.  

                    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.

                    Babcock & Brown Comments

Commenting on Standard & Poor's rating action, Babcock & Brown
said the downgrade was not based on any information provided to
S&P by Babcock & Brown or the facility lenders.  The change in
S&P rating, the company says, does not constitute a review event
or event of default, or otherwise entitle any lender to require
a prepayment of any financing facility with the Babcock & Brown
Group.  The downgrade according to Babcock & Brown was
consistent with S&P's move to downgrade other financial related
stocks around the world.


BANK OF SCOTLAND: Moody's Cuts B+ Financial Strength Rating to B
----------------------------------------------------------------
Moody's downgraded the Bank Financial Strength Rating (from B+
to B) and the senior debt and deposit ratings (from Aaa to Aa1)
of Royal Bank of Scotland plc and the senior debt rating of
Royal Bank of Scotland Group plc (RBS) from Aa1 to Aa2.  The
outlook on all ratings is stable.  The ratings of Ulster Bank
and First Active have not been affected by this rating action
and a separate press release will follow on the ratings of RBS'
rated US subsidiaries.  This concludes the review for downgrade
that was initiated on April 22, 2008 following the announcement
that RBS estimates that it will take an additional GBP5.9
billion of writedowns (pre-tax) in 2008 on certain credit market
exposures, and also raise GBP12 billion through a rights issue.

The downgrade reflects the higher volatility that Moody's
expects to continue in RBS' earnings from its investment banking
activities as well as the greater risk of impairments in the UK,
and both these developments align the bank's financial strength
rating more closely with B BFSR peers.  The capital position has
been strengthened significantly by the GBP12 billion rights
issue, but even with the additional capital, RBS' capital ratios
are in line with B BFSR peers.  Moody's also noted that the
bank's regulatory capital still relies more heavily on
preference shares, although management's target is to gradually
return to a more reasonable proportion of 25% of Tier 1 over the
next 2 years.

Moody's considers the GBP5.9 billion of writedowns announced by
RBS as part of its capital plan to be prudent and largely in
line with Moody's own estimates of current mark-to-market
valuations.  But, in part due to the acquisition of ABN AMRO,
RBS still has large credit exposures to manage down, and Moody's
considers it possible the bank could experience further
writedowns given continuing difficult market conditions for
structured assets.

In addition, as a leading retail and commercial bank in the UK,
RBS is exposed to the worsening economic outlook for the UK. The
assets Moody's considers most vulnerable to higher impairment
charges are commercial property lending in the UK (as well as
the US and Northern Ireland).  Moody's will continue to monitor
these exposures closely, but currently expects any deterioration
to be absorbed within the bank's capital cushion and earnings.
However, trading book writedowns or loan impairments in excess
of the bank's capital cushion and earnings would lead to
negative rating pressure.

RBS' B/Aa1 ratings are supported by the breadth of RBS'
franchise, which reduces the concentration to a particular
business line or asset class, as well as the strength of the
bank's liquidity thanks to its stable retail and commercial
deposit base.  The acquisition of ABN AMRO in the middle of a
turbulent global financial environment will tax the group's
management more than initially expected, but Moody's notes that
RBS has demonstrated to date that it can achieve planned revenue
and cost synergies.

                      About Royal Bank

Based in Edinburgh, Royal Bank of Scotland plc reported total
assets of GBP1,901 billion as of December 31, 2007.


CITY PACIFIC: Won't Pay Final Dividend for FY2008
-------------------------------------------------
City Pacific Limited provided an update of its current market
conditions and their impact on the company's fiscal year 2008
operations.

The company advised that fiscal year 2008 operating earnings of
between AU$30 million and AU$35 million (excludes non-operating
profits/losses and is subject to finalization of full year
audited financial statements and acceptance by the Board) net
profit after tax is forecast, prior to any potential write downs
that may result from the impact of the market conditions and the
asset review.

The sustained deterioration of financial market conditions over
the second half of fiscal year 2008 has been reflected in the
continued strain on financial stocks.  City Pacific's core
business operations focus on the financial services resulting in
an exposure to the effects of the slowing global economy and
credit tightening.

According to City Pacific the circumstances of the current
global economy have brought about:

   - a slowdown in domestic and international economic
     activity;

   - a significant decrease in the availability of capital;
  
   - an increase in the cost of capital;

   - decreased housing affordability; and

   - extreme volatility in the share market.

Due to these exceptional market conditions, City Pacific said it
has been and continues to undertake a strategic view of
operations, its property and other assets and gearing levels in
a process designed to strengthen the company's financial
position.  This consolidation phase will, in due course, provide
the company with a platform from which it will take advantage of
opportunities that will inevitably arise out of the volatile
market conditions.

                          Dividends

The Board of City Pacific said it has made the decision that a
final dividend will not be paid for fiscal year 2008.  This
prudent decision was made with consideration to these factors:

   * the on going deterioration of financial markets;

   * the company's strategy to focus on reducing its
     gearing level; and

   * to allow for the completion of the company's
     consolidation phase.

The company said its directors believe shareholders would agree
that in the current market it is in the best interest of
shareholders and the company to take this course of action.

               Asset Review and Realization Program

In response to the tightening of credit and rising cost of
capital, City Pacific considered it necessary to undertake an
asset realization program to divest certain assets in order to
decrease the company's gearing which is currently 32% of total
assets.  A decrease in the company's gearing will avail it to
opportunities and shield if from the effects relating to the
current market conditions associated with the credit and
capital.

The first stage of the asset realization program has seen City
Pacific enter into contracts to sell its Townsville assets,
being Breakwater Marina and its rights to the Townsville Future
Developments Area.  These transactions are expected to settle in
July and will result in the retirement of approximately AU$30
million of debt.

City Pacific continues confidential and commercially sensitive
negotiations with a range of parties who have expressed interest
in several of the company's other assets.  In line with the
continuous disclosure obligations, City Pacific will update the
market once any potential transactions crystallize.

Through the strategic review of its non property assets, City
Pacific has determined that certain adjustments to carrying
values of these assets may be necessary.  These potential write
downs center on intangible assets such as goodwill and property
related investments such as City Pacific's investment in CP1
Limited (ASX:CPK) and Indigo Pacific Capital Limited (ASX: IPA).

City Pacific is currently working with its advisors and auditors
to determine the expected financial impact of these adjustments
and will be in a position to inform the market after the end of
the financial year.

            Fund Management: City Pacific First
                  Mortgage Fund (the Fund)

The tightening of global credit compounded by the negative
market sentiment towards the mortgage fund sector caused
redemption levels by investors in the Fund in the early March to
exceed those forecast under normal operating conditions.

As a result of the redemption requests exceeding those
forecasts, the Directors of City Pacific Limited, the
responsible entity for the Fund, resolved to defer the payment
of redemptions from the Fund by up to 180 days.  This decision
was made by the Board to ensure the preservation of quality and
value of the assets in the Fund.

A consequence of the deferral of redemptions was that the Fund
ceased to accept new investments from retail investors thereby
impacting its ability to write new loans and reducing City
Pacific's earnings from loan establishment fees.  The
availability and rising cost of capital has seen a second half
slowdown in the repayment of loans to the Fund, which has in
turn impacted the timing of the Fund's reduction of its debt
facility.

In light of the difficult market conditions City Pacific's
management team have balanced the interests of investors,
commitments to borrowers and the Fund's obligation to reduce its
financier's bank facility.  This balance is represented by the
following achievements:

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

   * the continued funding of ongoing obligations to
     existing borrowers to allow for the completion
     of projects in their ordinary course; and

   * the reduction of the Fund's bank facility from
     AU$240 million to AU$130 million representing
     a gearing level for the AU$1 billion Fund of
     13 percent.

CEO Mr. Sullivan stated “City Pacific remains focused on
preserving the quality of the Fund's assets through the
effective management of the Fund's loan portfolio.  Research
shows that despite the sluggishness in the wider market
residential developments located in South East Queensland have
continued to perform well due to this market being driven by
sound fundamentals, such as continued population growth.”

City Pacific stands behind the strength of the loan portfolio
for the Fund which comprises quality projects primarily located
in South East Queensland where the property market and
population growth figures remain strong.

              Investments in Property Associated
                   Companies: CPK and IPA

City Pacific holds 30.6% of CP1 Limited (CPK) and 26.8% of
Indigo Pacific Capital Limited(IPA).

CPK has previously contributed to City Pacific's property
segments results through sales at its Martha Cove development on
the Mornington Peninsula in Victoria.  CPK recently announced
forecast break even result for financial year 2008, emanating
from a slowdown in the market and the settlement of sales at
Martha Cove.  City Pacific has therefore not included a
contribution from CPK for FY2008.

The current share prices of both CPK and IPA are below the
carrying values at which City Pacific has these investments
recorded on its balance sheet.  Although City Pacific considers
the carrying values of these investments to be appropriate based
on the high quality of the underlying assets, certain
adjustments may be required in line with the Australian
accounting standards, even though such adjustments may only be
temporary.  City Pacific will be in a position to determine the
financial effect of these adjustments after the full year audit.
       
          Financial Services: Residential and Commercial
                  Mortgage Broking and Management

The global crisis has had a significant impact on the overall
performance of the residential and commercial finance industry
with the Australian mortgage broking and non-bank sectors being
particularly volatile.  The increased cost of funds has made it
difficult for non-bank lenders to source funds at rates
competitive with the major banks which has increased the bank's
dominance in lending with their share of new housing loans
reaching their highest level in 13 years.  This coupled with a
significant decrease in the availability of funds will have an
impact on the quantity of loans settled by City Pacific's
mortgage management business.

Concerns about housing affordability and interest rate rises
have eroded consumer confidence and contributed to an overall
reduction in the level of financing being sought by consumers.  
This has further impacted the mortgage management business and
reduced the volume of loan inquiries made through the company's
broker network.

As part of its asset review, City Pacific has determined that
the goodwill value attributable to the financial services
businesses may require adjustment and City Pacific will be in a
position to determine the financial impact, if any, after the
end of the financial year.

                            Outlook

CEO Mr. Phil Sullivan stated “The exceptional market conditions
have presented a challenging year for City Pacific, our
investors and our shareholders and we recognized the importance
and the need to reduce, what is normally considered low gearing,
even further in both City Pacific and the Fund.”

“We have implemented a program of debt reduction which we
continue to pursue in cooperation with our financier.  In
respect to City Pacific this program is being achieved through
the divestment of certain property assets and in relation to the
Fund through the repayment of loans by borrowers in the usual
course of its business.”

“Our management team and Board remain focused on reducing debt,
strengthening the company's financial position and meeting the
markets expectations of companies in light of the global credit
crisis.”

“Whilst the company is focused on reducing its gearing level we
are mindful of the opportunities that exist as a result of the
current market and we will continue to consider those
opportunities as they present themselves.”

                          Loan Extension

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

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

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

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

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

                  AU$100 Mil. Corporate Facility

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

                       About City Pacific

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

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


CITY PACIFIC: Will Pay Interim Dividend in Installment
------------------------------------------------------
In a regulatory filing, City Pacific Limited advised
shareholders that following the payment of the first 3 cent
installment of the 15 cent interim dividend on May 30, 2008, the
schedule for the remaining monthly installments of the dividend
will now be as follows:

            Payment Date                     Amount
            ------------                     ------
            July 31, 2008              3 cents per share
            Aug. 29, 2008              3 cents per share
            Sept. 30, 2008             3 cents per share
            Oct. 31, 2008              3 cents per share

City Pacific said it has varied the payment schedule for the
interim dividend due to the following factors continuing to
impact operations in the last quarter:

   - the continued deterioration and volatility in the
     financial markets in the last quarter of financial
     year 2008;

   - the slowing global economy; and

   - credit tightening.

These factors have had an impact on the timing of a number of
transactions which were scheduled to occur by June 30, 2008.  
The directors believe it is no longer prudent to rely on the
timing of the completion of these transactions in order to meet
the interim dividend payment due on June 30, 2008.

                       About City Pacific

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

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


FININVEST AUSTRALIA: Liquidator Gives Wind-Up Report
----------------------------------------------------
R. M. Sutherland, Fininvest Australia (NSW) Pty. Ltd.'s estate
liquidator, met with the company's members and creditors on
May 30, 2008, and provided them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


LOCKIES TRANSPORT: Liquidator Presents Wind-Up Report
-----------------------------------------------------
Lockies Transport Pty Ltd held a final meeting for its members
and creditors on May 29, 2008.  At the meeting, the company's
liquidator, R. M. Sutherland at Jirsch Sutherland, provided the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:
          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


MARBLIZED PRODUCTS: Liquidator Presents Wind-Up Report
------------------------------------------------------
Marblized Products Australia Pty Ltd held a final meeting for
its members and creditors on May 29, 2008.  At the meeting, the
company's liquidator, R. M. Sutherland at Jirsch Sutherland,
provided the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

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


M.PAGE: Liquidator Presents Wind-Up Report
------------------------------------------
Andrew Bowcher, M.D. Page  Pty. Ltd.'s estate
liquidator, met with the company's members on May 30, 2008,
and provided them with property disposal and winding-up reports.

The liquidator can be reached at:

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


MANNING: Liquidator Gives Wind-Up Report
----------------------------------------
R. M. Sutherland, Manning and Manning Pty. Ltd.'s estate
liquidator, met with the company's members and creditors on
May 30, 2008, and provided them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


NASK PTY: Liquidator Gives Wind-Up Report
-----------------------------------------
R. M. Sutherland, NASK Pty. Ltd.'s estate liquidator, met with
the company's members and creditors on May 30, 2008, and
provided them with property disposal and winding-up reports.

The liquidator can be reached at:

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


OZ WRAP: Liquidator Gives Wind-Up Report
----------------------------------------
R. M. Sutherland, Oz Wrap (International) Pty. Ltd.'s estate
liquidator, met with the company's members and creditors on
May 30, 2008, and provided them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


PASTA RESISTANCE: Liquidator Gives Wind-Up Report
--------------------------------------------------
R. M. Sutherland, Pasta Resistance Franchise Pty. Ltd.'s estate
liquidator, met with the company's members and creditors on
May 30, 2008, and provided them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


PLUS CORPORATION: Liquidator Gives Wind-Up Report
-------------------------------------------------
R. M. Sutherland, Plus Corporation Pty. Ltd.'s estate
liquidator, met with the company's members and creditors on
May 30, 2008, and provided them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


ROAN CONSTRUCTIONS: Liquidator Presents Wind-Up Report
------------------------------------------------------
Roan Constructions Pty Ltd held a final meeting for its members
and creditors on May 29, 2008.  At the meeting, the company's
liquidator, R. M. Sutherland at Jirsch Sutherland, provided the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:
          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


SAMSON HYDRAULICS: Liquidator Gives Wind-Up Report
--------------------------------------------------
R. M. Sutherland, Samson Hydraulics Pty. Ltd.'s estate
liquidator, met with the company's members and creditors on
May 30, 2008, and provided them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


SG GROUP: Liquidator Presents 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 liquidator, R. M. Sutherland at Jirsch Sutherland,
provided the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:
          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


SWINTON ENTERPRISES: Liquidator Presents Wind-Up Report
-------------------------------------------------------
Swinton Enterprises Pty Ltd held a final meeting for its members
and creditors on May 29, 2008.  At the meeting, the company's
liquidator, R. M. Sutherland at Jirsch Sutherland, provided the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:
          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


VAMIFI PTY: Liquidator Presents Wind-Up Report
----------------------------------------------
Vamifi Pty Ltd held a final meeting for its members and
creditors on May 29, 2008.  At the meeting, the company's
liquidator, R. M. Sutherland at Jirsch Sutherland, provided the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:
          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


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

The liquidator can be reached at:

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


WONDERVIEW PTY: Declares Dividend for Creditors
-----------------------------------------------
Wonderview Pty Ltd, which is in liquidation, declared its
dividend for its creditors.

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

The company's liquidator is:

          Danny Vrkic
          Jirsch Sutherland
          Chartered Accountants
          Level 1, 76 Market Street
          Wollongong NSW 2500
          Australia



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

AMERICAN AXLE: Moody's Cuts Corporate Family Rating to B1
---------------------------------------------------------
Moody's Investors Service lowered American Axle & Manufacturing
Holdings, Inc.'s Corporate Family Rating to B1 from Ba3, as well
as the senior unsecured rating to B1 from Ba3 on American Axle &
Manufacturing, Inc.'s notes and term loan.  The outlook is
stable.  The Speculative Grade Liquidity Rating also has been
lowered to SGL-3 from SGL-2.

In taking the rating action, Moody's noted that American Axle's
new labor agreement meaningfully improves the company's cost
position and is considered a positive credit development.  

However, "even with the benefits of its new labor agreement,
American Axle's significant exposure to declining truck/SUV
volumes at Big-3 U.S. auto makers will result in near term
financial metrics that are more consistent with the B1 rating
category," Tim Harrod, vice-president of Moody's, said.

The rating action concludes the ratings review initiated on
April 2, 2008 as the company's UAW work stoppage at five
facilities in Michigan and New York involving approximately
3,650 UAW employees neared its sixth week.

The underlying issues involved, among other items, American
Axle's goal of reducing its all-in hourly labor cost, estimated
to be approximately $73.48, to levels competitive with other
domestic automotive suppliers.  The strike concluded with the
ratification of new labor agreements on May 23, 2008 that
significantly lowered the company's labor costs.

According to American Axle, the new labor agreements are
expected to generate over $300 million in annual cost
reductions, in part due to the reduction of all-in hourly labor
costs by about 50% on a blended average basis, to a range of $30
to $45 per hour.

The company should also benefit from structural cost reductions
stemming from a reduction of about 2,000 hourly positions over
the next year through a combination of buyouts, early retirement
incentives, and plant closings.

The cost of implementing the workforce reduction is expected to
range from $400 million to $450 million, the majority of which
should be incurred during 2008.  In implementing this program,
American Axle will receive $215 million in financial assistance
from its principal customer, General Motors.

The reduced labor costs achieved with the new labor contract
could mark a watershed event in American Axle's history and
meaningfully enhance the company's long term competitiveness as
an auto parts supplier.  However, given the current market
conditions, the full benefits of the new contract may not be
realized for several years.

American Axle's business is heavily concentrated in the supply
of drivetrain components for light trucks and SUV's,
particularly for North American manufacturers such as General
Motors.  Recent new business awards should increase
diversification into passenger cars and crossover vehicles, and
include important new relationships with non-US auto makers.

Nevertheless, for the foreseeable future, over 60% of revenues
will continue to be derived from North American light truck
volumes.  Given the continuing erosion of demand for SUV's and
light trucks in the wake of high fuel costs, American Axle has
faced, and may continue to face, large reductions in order
volumes from key North American auto makers, which will continue
to weigh on its financial results.

In light of the potential for sustained weakness in revenues,
and the likelihood that restructuring and headcount reduction
initiatives will consume cash during the near term, Moody's
anticipates that American Axle's financial metrics will not
support maintenance of the Ba3 rating over the next 12 to 18
months resulting in the rating downgrade.

The Speculative Grade Liquidity Rating to SGL-3, reflects the
expectation of negative free cash flow over the next 12 months
as a result of restructuring costs and the weakening automobile
production in North America.  At March 31, 2008 the company
reported $315 million of cash and had $572 million of
availability under the company's $600 million revolving credit
facility.

Principal financial covenants measure net debt to EBITDA and net
worth.  Both covenants exclude special/one-time items such as
the impact of the work stoppages and costs related to
restructuring under the new labor agreement.  However, cushions
under the financial covenants are expected to diminish over the
second half of 2008 reflecting the impact of lower production in
North America on the company's key platforms.  Covenant cushions
should improve into 2009 as the benefits of the new labor
agreements more favorably impact operations.

However, this improvement could be tempered if vehicle
production pressure in North America persists.  All of the
company's bank obligations and notes are currently unsecured,
which establishes some flexibility to generate alternative
liquidity, subject to lien baskets and sale/leaseback
limitations in the respective indentures.

While near term financial metrics will remain under pressure,
the rating outlook is stable at the B1 rating level reflecting
Moody's expectation that with the improved cost structure
provided by its new labor agreement, American Axle should be
able to achieve improved financial performance during 2009.

The rating anticipates that recent new business wins should
enable the company to reduce its reliance on the North American
light truck market and enhance its long term business position.  
Importantly, the rating anticipates that American Axle will
maintain adequate liquidity and financial flexibility to execute
the business transition that should yield improved financial
metrics by 2009.

Ratings lowered:

American Axle & Manufacturing Holdings, Inc.

  -- Corporate Family, to B1 from Ba3
  -- Probability of Default, to B1 from Ba3
  -- Unsecured guaranteed convertible note, to B1 (LGD4, 54 %)
     from Ba3 (LGD4, 56%)

American Axle & Manufacturing, Inc.

  -- Unsecured guaranteed notes, to B1 (LGD4, 54 %) from Ba3
     (LGD4, 56%)

  -- Unsecured guaranteed term loan, to B1 (LGD4, 54 %) from Ba3
     (LGD4, 56%)

  -- Speculative Grade Liquidity Rating to SGL-3 from SGL-2

Holdings' obligations are guaranteed by American Axle and vice
versa.

The last rating action was on April 2, 2008 when American Axle's
ratings were placed under review and the Speculative Grade
Liquidity Rating was lowered to SGL-2.

American Axle & Manufacturing, Inc., headquartered in Detroit,
MI, manufactures, designs, engineerings and validates driveline
systems and related components and modules, chassis systems, and
metal formed products for light truck, SUV's and passenger cars.  
The company has manufacturing locations in the USA, Mexico, the
United Kingdom, Brazil, China and Poland.  The company reported
revenues of $3.2 billion in 2007.


CONEXANT SYSTEMS: Bendush, Massengill Joins Board of Directors
--------------------------------------------------------------
William E. Bendush and Matthew E. Massengill have been appointed
to Conexant Systems, Inc.'s board of directors.  With the
addition of Messrs. Bendush and Massengill, the company now has
eight directors.

"I'd like to welcome Bill and Matt to the Conexant board," Scott
Mercer, Conexant's chief executive officer, said.  "We are
fortunate that two seasoned executives with public-company board
experience have chosen to join us as our newest directors.  I am
confident that Bill and Matt will provide invaluable counsel and
insight as we work to improve our competitive position and
deliver increased value to shareholders."

Mr. Bendush, 59, will serve as chairman of the board's Audit
Committee and will sit on the Board Governance and Composition
Committee.  Most recently, he was senior vice president and
chief financial officer at Applied Micro Circuits Corporation.  
Prior to that, he served in the same capacity at Silicon
Systems, Inc. for 15 years.  Previously, he held senior
financial management positions at AM International, Inc. and
Gulf & Western Industries, Inc.  Bendush also worked in finance-
related positions at certified public accounting firms Gould,
Inc. and Blackman, Kallick & Company.  He is currently a member
of the board of directors at Microsemi Corporation and is a
former director of Smartflex Systems, Inc.  Mr. Bendush earned a
bachelor's degree in accounting from Northern Illinois
University and is a certified public accountant.

Mr. Massengill, 47, will sit on the Board Governance and
Composition Committee, and on the Compensation and Management
Development Committee.  He spent 22 years with Western Digital
Corporation, serving most recently as chairman of the board and
chief executive officer.  Prior to joining Western Digital,
Massengill spent three years with the Ford Aerospace and
Communications Corporation as a research engineer.  He currently
serves on the boards of Western Digital and Microsemi
Corporation.

In addition, he is a director of the Orange County Technology
Action Network, the South Coast Repertory, and THINK Together.  
Mr. Massengill earned a bachelor's degree in engineering from
Purdue University.

The other members of Conexant's board of directors are Steven J.
Bilodeau, Dwight W. Decker, who serves as non-executive
chairman, F. Craig Farrill, Balakrishnan S. Iyer, D. Scott
Mercer, and Jerre L. Stead.

                          About Conexant

Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -- http://www.conexant.com/-- has a   
comprehensive portfolio of innovative semiconductor solutions
includes products for Internet connectivity, digital imaging,
and media processing applications.  Conexant is a fabless
semiconductor company that recorded revenues of US$809 million
in fiscal year 2007.

Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.

                      *     *     *

Conexant currently carries Standard & Poor's Ratings Services'
B- rating with a negative outlook.

Moody's Investor Service placed Conexant Systems Inc.'s long
term corporate family and probability of default ratings at
'Caa1' in October 2006.  The ratings still hold to date with a
stable outlook.


HOPSON DEVELOPMENT: Fitch Puts 'BB' Ratings Under Negative Watch
----------------------------------------------------------------
Fitch Ratings has placed Hopson Development Holdings Limited's
Long-term foreign currency Issuer Default rating and senior
unsecured debt rating of 'BB' on Rating Watch Negative.

The RWN reflects Fitch's increasing concern over the impact of
the new austerity measures launched by the Chinese government
since 2007 on the performance of Hopson, especially given the
latter's continued aggressive stance in land bank acquisition.  
Due to the strict regulatory polices, the market has seen price
correction and a slowdown in transactions in different regional
markets.  Hopson's portfolio is largely concentrated on the
regions susceptible to volatility, such as Guandong and Beijing.  
As the regulations are primarily targeted at residential
property sector, Hopson, as a leading residential developer,
will not be immune from cooling down measures.

Fitch may consider notching down Hopson's senior unsecured debt
rating from the IDR if an increase in secured debt and senior
unsecured debt at the operating subsidiaries' level are to
worsen the structural subordination status of the senior
unsecured lenders at the parent level (these include the
bondholders of the CNY1,830 million convertible bonds due 2010
and US$350 million senior notes due 2012).

The RWN also takes into consideration Hopson's weakening
liquidity position.  The major capital commitments incurred in
2008 and sluggish contracted sales are likely to result in
weakened financial flexibility; the company's capital
commitments in 2008 are reportedly expected to reach CNY9
billion, together with existing short-term debt facilities with
an outstanding amount of HK$2.9 billion.  At FYE07, the company
had available undrawn banking facilities of HK$4.8 billion and
non-restricted cash balance of approximately HK$2 billion.  
Contracted sales were reportedly CNY3 billion in the first five
months of 2008, in line with the same in 2007.  Should this
trend continue, the expected available cash inflow would be
insufficient to meet the capital commitment requirement and
current debt service.

Additionally, the company's expansion generated large working
capital requirements which put further pressure on its
liquidity.   Fitch will monitor developments in the company's
presales orders, capital commitments and working capital over
the next few months and seek clarification from Hopson's
management on its strategy before resolving the Rating Watch.

Hopson is one of the largest mainland China-based property
developers with total revenue of HK$11.1 billion in FY07.  The
company's business comprises property development, property
investment, property management and hotel operations.  Property
development takes a predominant position in Hopson's entire
business portfolio, with a share of 96% in FY07 by revenue,
while other businesses only accounted for c.4%.  Hopson's
business portfolio is focused on three relatively advanced
regions of China, i.e. Pearl River Delta, Bohai Rim and Yangtze
River Delta.


TITAN PETROCHEM: Moody's Eyes Further Cut on Junked Bond Rating
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Titan Petrochemicals Group Ltd's to B3 and its bond
rating to Caa1.  The ratings will continue to be on review for
possible downgrade.

"The downgrade of Titan's corporate family rating to B3 has been
driven by the uncertainty and high execution risk associated
with its businesses," says Peter Choy, a Moody's Vice President
and Senior Credit Officer.

"Although the recently announced business restructuring
initiatives may improve the company's business profile in the
medium term, they are to be carried out at a time when the
company already faces tight cash flow and high capital
expenditure," says Choy, adding "the restructuring plan may pose
potential negative impact on the company's financial and
liquidity profiles."

As part of the restructuring, Titan intends to focus on its
shipyards and oil storage businesses.  Although currently low
contribution to the company's business and financial profiles
from the two businesses, it is expected to ramp up upon
successful completion of the capital expenditure programs.  The
initiative will also see Titan scale down its oil supply
interests.

Given its current weak operating cash flow, the company will
have to rely on debt and/or asset sale to fund its planned
capital expenditures.

"As a result, Titan's financial position is expected to
deteriorate over the next two years as EBITDA expected from the
shipyard and onshore oil storage businesses may not be
sufficient to offset potential income loss from the discontinued
businesses.  EBITDA could also decrease if there are assets
sales," notes Choy.

"At the same time, its high interest expense will rise
commensurately with its increased debt as Titan funds the
development of the core businesses.  Furthermore, the company
does not have an established earnings track record from its
shipyard and oil storage businesses, which are still at the
initial phases of development," comments Choy.

Titan's credit metrics are projected to weaken to Debt/EBITDA of
12x -- 15x and EBITDA/interest to decline to 0.9x -- 0.7x, which
match a lower-end B3 rating.

The one notch difference between the bond and corporate family
ratings reflects continued legal subordination risk to holders
of the unsecured bond, given that Titan's secured debt to total
asset ratio is 23%.  This ratio may increase with the addition
of secured debt to fund Titan's capital expenditure over the
next two years.

In its review, Moody's will focus on:

(1) the company's financing arrangement for the capital
    expenditure associated with its shipyard and onshore oil   
    storage businesses;

(2) the plan's implications for the company's liquidity profile;

(3) confirmed order and growth prospects of the shipyard
    business;

(4) implication of the business restructuring on Titan's
    compliance with its bond and loan indentures, as well as
    waivers on covenant breaches on some loans which will be
    reviewed shortly; and

(5) whether the current notching sufficiently reflects the legal
    subordination risks, as the company's secured borrowings are
    set to increase.

                    About Titan Petrochemicals

Titan Petrochemicals Group Ltd is an oil storage and shipyard
operator in China.  It was listed on the Hong Kong Stock
Exchange in May 2002 through the takeover of a listed garment
firm.  After the recent announcement of a business restructuring
which will scale down its oil supply business, Titan's core
businesses will now include floating storage units ("FSU"), on-
shore storage facilities in Guangdong, Fujian and Shanghai,
bunkering businesses in Singapore, Malaysia, Hong Kong and
Mainland China, and a shipyard in Quanzhou, Fujian.



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

AGILE PROPERTY: S&P Affirms 'BB' LT Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services had revised its outlook on
Agile Property Holdings Ltd. to stable from positive, and
affirmed its 'BB' long-term corporate credit rating on the
company.  At the same time, Standard & Poor's affirmed the 'BB'
issue rating on Agile's outstanding bond issue.

"The outlook revision reflects the combination of more adverse
market conditions in the areas where Agile operates and the
company's weaker-than-expected liquidity buffers.  These issues
have materially reduced the probability that the rating on Agile
will be raised over the next six to 12 months," said Standard &
Poor's credit analyst Bei Fu.

The rating affirmation reflects our expectation that Agile will
maintain an adequate level of liquidity, underpinned by a
recently scaled-back land expansion plan, itself reflecting a
reassuring degree of strategic flexibility on the part of
management in the face of changing market conditions.  The
company's key financial metrics should be managed at the current
rating level, supported by a sizable, low-cost land bank and an
established presence in the Pearl River Delta region of China.

These strengths are partly offset by Agile's limited revenue
source diversity, ongoing risk associated with project execution
in new cities, and the evolving regulatory environment in China.

Agile's sizable land bank reduces the risk of a depleting land
bank to support future business growth.  The land reserve of
28.8 million square meters as at April 30, 2008 should be
sufficient to support future development for at least eight
years.  The low-cost land bank also provides Agile with a good
financial buffer when selling prices contract.  The heightened
market pressure triggered by the government's credit-tightening
measures should have some impact on Agile's overall sales
performance.  This mainly reflects the company's heavy revenue
concentration in the Peal River Delta region, an area that the
recent credit measures have particularly affected.

Execution risk associated with Agile's expansion into new cities
has declined, given the company's good one-year track record.
Nevertheless, any benefit may be overshadowed by the uncertainty
over the projects being developed in Chengdu and Chongqing,
following the recent earthquake in Sichuan.

                       About Agile Property

With principal offices in Kowloon, Hong Kong, Agile Property
Holdings Limited -- http://www.agile.com.cn-- is a land     
developer of Guangdong Province, China.  It was established in
1985 as a furniture maker in Zhongshan City, and entered the
property business in 1992.  On December 15, 2005, Agile Property
was listed on the Hong Kong Stock Exchange.  Agile holds a range
of properties, such as villas, duplexes, apartments and
condominiums.  Besides residential property business, Agile is
also engaged in the development of commercial properties,
including retail shops and commercial complexes.


CARBO ANGLO-CHINESE: Liquidator Quits Post
------------------------------------------
On June 13, 2008, Chou Yui Keung down as liquidators for Carbo
Anglo-Chinese Kindergarten Limited.


FIRSTAR TRADE: Creditors' Proofs of Debt Due on July 27
-------------------------------------------------------
The creditors of Firstat Trade Services Limited are required to
file their proofs of debt by July 27, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 16, 2008.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Fegruson Bruce
         Gloucester Tower, 8th Floor
         The Landmark, 15 Queen's Road
         Central, Hong Kong
         

GOLDEN CRAFT: Members & Creditors to Meet on July 29
----------------------------------------------------
Golden Craft Garment Limited will hold a joint meeting for its  
contributors and creditors at 3:00 p.m. and 3:30 p.m,
respectively on July 29, 2008.  During the meeting, the
company's liquidator, Wong Ka Lam King will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

            Kong Chi How, Johnson
            Double Building, 2nd Floor
            22 Stanley Street, Central
            Hong Kong


HELLY-HANSEN: Commences Liquidation Proceedings
--------------------------------------------------
Helly Hansen (Far East) Limited's members agreed on June 17,
2008, to voluntarily liquidate the company's business.  The
company has appointed Paul David Stuart to facilitate the sale
of its assets.

The liquidator can be reached at:

          Paul David Stuart
          Level 28, Three Pacific Place
          1 Queen's Road East, Hong Kong
          

KLEINWORT BENSON: Members' Final Meeting Set on July 28
-------------------------------------------------------
The members of Kleintwort Benson (Hong Kong) Trustess Limited
will have their final general meeting on July 28, 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 liquidators can be reached at:

         Ying Hing Chui
         Chung Mui Yin, Diana
         Level 28, Three Pacific Place
         1 Queen's Road East, Hong Kong


MBF PROPERTIES: Creditors' Proofs of Debt Due on July 31
--------------------------------------------------------
The creditors of MBF Properties Holdings (HK) Limited are
required to file their proofs of debt by July 31, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

         Ha Man Kit Marcus
         Room 2302, 99 Hennessey Road
         Wan Chai, Hong Kong


PENTAD CONSTRUCTION: Liquidator Quits Post
------------------------------------------
On June 27, 2008, John Robert Lees down as liquidators for
Pentad Construction Limited.


SINO ORIENT: Members' Final Meeting Set on July 28
--------------------------------------------------
The members of Sino Orient Limited will have their final general
meeting on July 28, 2008, at Two International Finance Centre,
76th Floor, Central, in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidators can be reached at:

         Cheung Fong Ming
         Two International Finance Centre
         76th Floor, Central, Hong Kong
        

TOTAL SATISFACTION: Creditors' Proofs of Debt Due on July 31
------------------------------------------------------------
The creditors of Total Satisfaction International Industries
Limited are required to file their proofs of debt by July 31,
2008, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on June 20, 2008.

The company's liquidator is:

         Sze Sau Wan
         Room 602, 447 Lockhart Road
         Hong Kong


UNIVERSAL INT'L: Commences Liquidation Proceedings
--------------------------------------------------
Universal International Limited's members agreed on June 16,
2008, to voluntarily liquidate the company's business.  The
company has appointed Philip Brendan Gilligan to facilitate the
sale of its assets.

The liquidator can be reached at:

          Philip Brendan Gilligan
          Alexandra House, 7th Floor
          18 Charter Road, Central
          Hong Kong



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

CHEROKEE INTERNATIONAL: David Robbins Joins Board of Directors
--------------------------------------------------------------
Cherokee International Corp. disclosed the appointment of David
H. Robbins of GSC Group to its Board of Directors effective
June 25, 2008.

Mr. Robbins joined GSC Group at its inception in 1999 and is
responsible for sourcing, evaluating and executing control
distressed debt investments.  He was involved in the formation
of GSC's European Mezzanine Group working in its London office
for three years focused on analyzing and executing a variety of
mezzanine transactions.  He was previously with The Blackstone
Group, in the Principal Investment and Mergers and Acquisitions
Groups, where he worked on a variety of private equity and
advisory transactions.  Mr. Robbins is on the board of ATSI
Holdings, International Wire Group, Inc., Kolmar Labs Group, and
Neucel Specialty Cellulose. Mr. Robbins graduated Summa Cum
Laude from the University of Pennsylvania, with a B.S. degree in
Economics.

"We are very fortunate to have David Robbins join our Board of
Directors and continue to represent GSC Group," Jeffrey M.
Frank, Cherokee's president and chief executive officer, said.  
"David's international experience working with GSC's European
Mezzanine Group in London will be very helpful as we continue to
evaluate business opportunities here and abroad.  We welcome his
knowledge and perspective and look forward to his advice and
counsel."  

                   Mr. Lukas Resigns from Board

On June 17, 2008, Daniel Lukas resigned from the board of
directors of Cherokee International.  Mr. Lukas' decision to
resign was not the result of any disagreement relating to the
Company's operations, policies or practices.

                   About Cherokee International

Based in Tustin, California, Cherokee International Corp.
(NASDAQ:CHRK) -- http://www.cherokeellc.com/-- is a designer    
and manufacturer of a range of switch mode power supplies for
original equipment manufacturers in the telecommunications,
networking, high-end workstations and other electronic equipment
industries.  The company has offices and manufacturing plants in
Tustin and Irvine, California, Wavre, Belgium, Bombay, India,
Guadalajara, Mexico, and Penang, Malaysia.

                         Going Concern Doubt

Mayer Hoffman McCann P.C. in Orange County, California,
expressed substantial doubt about the company's ability to
continue as a going concern after auditing the consolidated
financial statements of Cherokee International Corporation and
subsidiaries as of Dec. 30, 2007, and Dec. 31, 2006.  The
company's management anticipates that there will be insufficient
cash balances available to repay the outstanding debt at its
maturity.


HIMATSINGKA SEIDE: Incurs Rs. 23.99 Cr. Net Loss in FY 2008
-----------------------------------------------------------
Himatsingka Seide Limited disclosed that its revenues for the
year ended March 31, 2008 stood at Rs. 892.32 Cr versus Rs.
244.58 Cr during the previous year, a growth of 264.84 % while
its consolidated net loss for the period stood at Rs. 23.99 Cr.
versus a consolidated Net Profit of Rs. 61.43 Cr. during the
previous year.

Consolidated results for the period include a Rs. 40.28 Cr loss
from the new Bed linen manufacturing facility which was
commissioned on October 12th 2007.  Further, the company
incurred Rs. 9.50 Cr of expenses incurred during the first half
of the fiscal that relate to the Bed linen facility prior to the
commencement of commercial production.

During the Year the company through its wholly owned subsidiary,
Himatsingka America Inc. (HimA), concluded the acquisitions of
Divatex Home Fashions Inc. USA and DWI Holdings Inc. USA.  HimA
acquired a 80% and 100% stake respectively in the two firms.  
Consequently, the consolidated results also include one time M&A
related expenses of Rs.2.20 Cr.

Exceptional items include Rs. 27.77 Cr towards a mark to market
provision for a Foreign Exchange Derivative contract, Rs 1.32 Cr
pertaining to one off expenses incurred relating to the closure
of the Portugal Subsidiary of Giuseppe Bellora SpA and a gain of
Rs 3.43 Cr on account of profit on dilution of stake by Giuseppe
Bellora SpA, in one of its subsidiary company.

                       4th Quarter Results

For the fourth quarter ended March 31, 2008, Himatsingka Seide's
incurred a consolidated net loss of Rs. 41.09 Cr. on
consolidated revenues of Rs. 285.14 Cr.

According to the company, the consolidated results during the
quarter were primarily impacted by a net loss of Rs 22.43 Cr
from the new Bed Linen manufacturing facility at the Hassan SEZ
in Karnataka.  The facility was commissioned on Oct. 12, 2007.  
As the new Bed Linen facility has just been commissioned and is
being ramped up, capacity utilization was low during the quarter
and stood at 53%.  

Exceptional items for the Quarter includes Rs 27.77 Cr towards a
mark to market provision for a Foreign Exchange Derivative
Contract.

                        Significant Events

Consequent to the acquisition of a 70% stake in Giuseppe Bellora
SpA during February 2007, the company acquired an 80% stake in
Divatex Home Fashions Inc on June 30, 2007, and a 100% stake in
DWI Holdings on October 18, 2007.

On October 12, 2007, the company commissioned its Bed linen
Facility Located at the Hassan SEZ.  The total investment made
in the new facility stands at Rs. 437 Cr.

Himatsingka Wovens Private Limited, a wholly owned subsidiary,
which owns the Atmosphere brand, launched its Singapore store
during October 2007.  The store was launched through its 100%
subsidiary Himatsingka Singapore Pte Limited.

During the quarter, the shareholding of Giuseppe Bellora S.p.A.
(GB), in one of its subsidiary companies, BP Venture Srl (BPV)
has reduced from 57.3% to 15.1%.  This is in line with the
strategic intent of GB to consolidate its retail operations. The
reduction in the shareholding is a result of lower participation
in fresh infusion of capital of BPV.  Consequentially, BPV and
its subsidiary are no longer subsidiaries of the Group and hence
not consolidated in the results.

In view of the rising energy prices, the company is executing a
coal based co-generation captive power plant of a capacity of
12.5 MW.  The plant is expected to be commissioned in Q2 2009.  
Post commissioning, the company expects to benefit on account of
lower steam and power costs.

Mr. Shrikant Himatsingka, Executive Director, Himatsingka Seide,
said “Having committed investments of Rs. 1000 crores in M&A,
green field initiatives and organic expansions over the last 18
months, Himatsingka is now a truly integrated global home
textile company.  Our focus going forward would be to stabilize
our Greenfield facility at Hassan, to enhance synergies with our
acquired entities and continue to explore growth opportunities
in emerging markets on the Retail and Distribution front.”

                          Dividend Cut

Himatsingka Seide's Board, at its meeting held June 29, 2008,
did not recommend any dividend for the year 2007-08.

             Foreign Exchange Derivative Transactions

On May 19, 2008, the company disclosed in a regulatory filing
that during the year ended March 31, 2008, apart from forward
contracts, based on advice from bankers, the company entered
into some foreign exchange derivative contracts.

The company was subsequently advised that one of the contracts
is void, being inter alia contrary to the provisions of current
Exchange Control Regulations including RBI Master Circulars and
Guidelines on Derivatives.

Accordingly, the company filed a suit in the Bangalore City
Civil Court for declaring the contract as void.  The counter
party in the contract, HDFC Bank Ltd, filed a claim against the
company in the Debt Recovery Tribunal, Bangalore for recovery of
Rs 4.53 crores allegedly due to them under the contract.

HDFC Bank had advised the company that the mark to market loss
on the contract is about Rs 175 crores as on March 10, 2008,
being the last communication in this regard from the bank.

                 About Himatsingka Seide Limited

Headquartered in Bangalore, India, Himatsingka Seide Limited
(BOM:514043) -- http://www.himatsingka.co.in/-- is engaged in  
the manufacture of a range of silk and silk-blended furnishings,
apparel fabric, and silk and blended yarn.  The Company has 12
stores located across India.  Its silk yarns and fabrics are
offered across Germany, France, England, Italy, South America,
Australia and United States.  Three fabric lines, which include
decorative, bridal and fashion are offered by its weaving
division.  Yarns of both the traditional variety and new blends
are manufactured by Himatsingka Filati, its spinning division.


POLAR INDUSTRIES: Board Sets Aug. 12 Annual General Meeting
-----------------------------------------------------------
Polar Industries Ltd's Board of Directors, at its meeting held
June 28, 2008, accepted the withdrawal of the nomination of Mr.
S S Dabas as director of the company.

In addition, the Board approved the closure of Roorkee Division,
Uttaranchal, due to downsized operations and to curtail various
other cost involved.

The Board also approved the issue and allotment of:

   -- 30,74,300 Equity Shares to Asset Reconstruction Company
      of India Ltd., as part conversion of their debts; and

   -- 4,00,000 Convertible Warrants to Eight Capital India
      (M) Ltd, a Mauritius based Company, at a price to
      be determined.

The Board scheduled an annual general meeting on August 12,
2008, for the purpose of approval of the issues and allotments
by the company's members.

Based in Noida, India, Polar Industries Ltd engages in the
manufacture and sale of electrical fans in India and
internationally.  It also offers home appliances, such as coffee
makers and water purification systems, as well as compact
florescent lamps and luminaries, and pumps.  The company has a
strategic alliance with Asia Pacific Brands India, Ltd.

                          *     *     *

Polar Industries Ltd incurred four consecutive annual net
losses.  For the year ended Mar. 31, 2008, the company incurred
a net loss of Rs. 88.37 million on net sales of Rs. 885.84  
million.  For the half year ended Mar. 31, 2007, the company
incurred a net loss of Rs. 235.34 million on net sales of Rs.
449.51 million.  For the years ended Mar. 31, 2006 and 2005, the
company incurred net losses of Rs. 397.34 million and Rs. 78.94
million on net sales of Rs. 917.21 million and Rs. 895.53
million, respectively.


TATA MOTORS: Nano Project to Continue Despite Cost Overrun
----------------------------------------------------------
Tata Motors Limited remains optimistic that its Nano project
could be rolled out from its Singur facility by October this
year despite cost overrun, various reports say, citing
Managing Director Ravi Kant.

Mr. Kant told reporters during a meeting with West Bengal Chief
Minister Buddhadev Bhattacharjee in Kolkata that the entire
project had been reworked at the plant site at Singur due to
floods last year which had led to the cost escalation.

Express India relates that the cost of the project has gone up
further by Rs 300 crore, the third time that the company has
revised the project’s cost since Singur was selected as the
location for the plant in 2006.

The initial project cost of Rs 1,000 crore was later revised to
Rs 1,500 crore and then to Rs 1,700 crore in January this year,
Express India says.

The company is also facing violent protests by villagers who had
lost land to the project and demanding jobs at the plant.

Commenting on the protests, Mr. Kant said “We are not here to do
get involved in any politics but we are here to manufacture the
product and work with everybody and we are free for discussion
with any body.”

Tata's Nano, a four-seater which uses two-cylinder gasoline
engine, has a length of 3.1 metres, width of 1.5 metres and
height of 1.6 metres.  

A trial production of the Rs1 lakh car is set to start this
July.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2008, Moody's Investors Service downgraded the
corporate family rating of Tata Motors Ltd to Ba2 from Ba1
following the completion of its acquisition of Ford's Jaguar
Land Rover.  The rating outlook is negative.

As reported in the Troubled Company Reporter-Asia Pacific on
April 8, 2008, Standard & Poor's Ratings Services lowered its
corporate credit ratings on India's Tata Motors Ltd. to 'BB'
from 'BB+'.  At the same time, Standard & Poor's lowered to
'BB' from 'BB+' the ratings on all Tata Motors' rated debt.
These ratings remain on CreditWatch with negative implications.



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

BANK INTERNASIONAL: S&P Keeps 'B+/B' Rating Under Pos. Watch
------------------------------------------------------------
Standard & Poor's Ratings Services said the 'B+/B' counterparty
credit ratings on PT Bank Internasional Indonesia Tbk (BII)
remain on CreditWatch, where they were placed with positive
implications on March 28, 2008.

The ratings on BII were placed on CreditWatch after the
announcement that Malaysia's Malayan Banking Bhd. (Maybank, A-
/Stable/A-2) is to acquire a controlling stake of 56% in BII for
US$1.5 billion and would make an offer for the remaining 44% for
about US$1.2 billion. Standard & Poor's expects BII to become a
strategically important entity for the Maybank Group, and
Indonesia an important overseas market if Maybank acquires
majority ownership and substantially increases it through the
open offer.

We are likely to resolve the CreditWatch listing within two to
three months when Maybank obtains key regulatory approvals and
management control of BII and when the outcome of the open offer
becomes clear.  We will continue to monitor the situation
closely and have discussions with Maybank.

                  About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--   
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.


EXCELCOM: Moody's Keeps Ba2 Rating Despite TMI's Debt Issue
-----------------------------------------------------------
Moody's Investors Service said that the recent announcement by
Telekom Malaysia International Berhad ("TMI") to raise US$1.8
billion in debt to fund its investment in a 19% stake in Spice
Communications/Idea Cellular will have no impact on the Ba2
local currency family rating of PT Excelcomindo Pratama Tbk
("XL").

"The net impact of the investment will not impact the support
level given that XL will continue to remain a core overseas
investment and as such the final rating of XL will not be
affected," says Laura Acres, a Moody's Vice President.

TMI is currently an 83.8% shareholder in XL and as a result of
the application of the Joint Default Analysis approach, XL's
final rating of Ba2 benefits from a one notch uplift due to
support from TMI.

In Moody's view, the one notch uplift can be sustained despite
TMI incurring additional debt with a resultant weakened credit
profile.

                 About Excelcomindo Pratama

Excelcomindo Pratama Tbk is the third largest cellular provider
in Indonesia; as at 31st March 2008, the company had a market
share of approximately 15.5% and 18.4 million subscribers of
which approximately 97% were prepaid.



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

DELPHI CORP: Solicits Offers for Exhaust Business
-------------------------------------------------
Delphi Corporation said Friday that it is seeking buyers for its
global exhaust business as part of the company's transformation
plan.

The business to be sold relates to the design and manufacture of
the exhaust system front exhaust module including catalytic
converters and exhaust manifolds.  The business serves more than
10 major customers and includes sites in Blonie, Poland;
Clayton, Australia; Gurgaon, India; and Port Elizabeth, South
Africa; as well as joint venture interests in Shanghai, China;
and Monterrey, Mexico; and technical centers in Auburn Hills and
Flint, Michigan; and Bascharage, Luxembourg.

According to Detroit Free Press, the exhaust business is part of
Delphi's powertrain components business.

Delphi has not yet sought the U.S. Bankruptcy Court for the
Southern District of New York's approval to sell the exhaust
business or hold an auction for the business.

Delphi said in a news release that although it is divesting its
exhaust business, it intends to continue to provide full engine
management systems, including air and fuel management, and
combustion and valve-train technology.

Additionally, Delphi's non-equity based alliance with Belgium-
based Bosal Group to offer complete exhaust systems will be
terminated by mutual agreement.  The alliance was announced in
the spring of 2005.  Delphi and Bosal together provided
customized exhaust systems for automotive and commercial vehicle
manufacturers worldwide to meet stringent exhaust emissions
standards and reduce engine noise.

Pending Court approval, Delphi will retain Lincoln
International, a leading global mid-market investment bank, to
explore sale opportunities. Parties interested in Delphi's
exhaust business should contact Robert Satow at (+1)
212.277.8102 or rsatow@lincolninternational.com.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle    
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
$11,446,000,000 in total assets and $23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide $2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News, Issue No. 135; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)      


FORD MOTOR: Begins Plant-by-Plant Employee Buyouts to Cut Costs
---------------------------------------------------------------
Ford Motor Company has initiated hourly employee buyouts to cut
costs at U.S. plants that produce sports utility vehicles and
pickup trucks as sales of these products drop, reports Jeff
Bennett of Dow Jones Newswires, citing Ford spokeswoman Ann
Marie Gattari.  The automaker has started offering incentive
packages to workers at Louisville Assembly Plant, Kentucky Truck
Plant, and transmission plants in Batavia and Sharonville in
Ohio.

The company had targeted around 8,000 employees to be bought out
plant-by-plant, with around 4,200 people accepting the buyouts
earlier this year, according to a report by Matthew Dolan and
Neal Boudette of the Wall Street Journal, citing company
executives during a meeting with United Auto Workers
representatives.

WSJ relates that according to people privy with Ford's plans,
the automaker did not specify its target for overtime cutbacks,
but additional costs related to excess capacity at more than
half of its plants have pushed company officials to believe
overtime control is paramount.

During the meeting, Ford officials said the company would need
to manufacture lesser trucks and shift production to smaller
vehicles -- in response to rising demand in fuel-efficient cars.

"The world has changed dramatically over the past few months for
our business and our industry," Joe Hinrichs, Ford's
manufacturing chief, was quoted by WSJ as saying.  "We know we
must move swiftly to face those challenges -- and we are."

As reported in the Troubled Company Reporter on June 23, 2008,
Ford announced further reductions to its North American truck
production plan while adding more small cars, crossovers and
fuel-efficient powertrains, as the company responds to the
continued deterioration in the U.S. business environment and the
accelerated shift away from large trucks and SUVs.

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

Ford said it will provide more details on changes to its overall
plan when it announces second-quarter financial results in July.  
In the meantime, one shift of production will be eliminated at
Louisville Assembly Plant for mid-size SUVs in the third quarter
and the line speed for large pickups at Kentucky Truck Plant
will be reduced in the third quarter.

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

The company has operations in Japan in the Asia Pacific region,
through Ford Japan Limited.

                          *     *     *

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

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

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

Moody's also affirmed Ford Motor Credit Company's B1 senior
unsecured rating, and changed the outlook to Stable from
Negative.  These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the United Auto Workers.


* JAPAN: Corp. Bond Risk Rises, Credit-Default Swap Traders Say
---------------------------------------------------------------
Traders of credit-default swaps say the cost of protecting
Japanese corporate bonds from default increased, Bloomberg News
reports.

The Markit iTraxx Japan index rose 6 basis points to 143 basis
points as of 9:07 a.m. in Tokyo, according to Morgan Stanley
data cited by Bloomberg News.  The benchmark of 50 investment-
grade Japanese companies, including All Nippon Airways Co. and
Japan Tobacco Inc., increases as investors' perceptions of
credit quality deteriorate, Bloomberg News says.

The Markit iTraxx Australia index traded unchanged at 143 basis
points, Credit Suisse Group prices cited by Bloomberg show.  The
benchmark is tied to the debt of 25 companies, including Qantas
Airways Ltd. and BHP Billiton Ltd, the report says.


* JAPAN: Banks' Fiscal Year Profits Fall 34% to JPY2.3 Trillion
---------------------------------------------------------------
Japanese bank profits fell 34% to JPY2.3 trillion (US$22
billion) in the year ended March 31 on investment losses,
Bloomberg News reports, citing the Japanese Bankers Association.

According to the report, Mitsubishi UFJ Financial Group Inc.
and other domestic lenders saw revenue rise 8 percent to 24.5
trillion yen, while operating costs increased 18 percent.  Bank
income from fees fell 6 percent and the value of their stock
holdings declined.

Bloomberg News relates that the number of employees at Japan's
124 banks rose to 286,181 from 282,101, and branches increased
to 13,534 from 13,522 in Japan.

Meanwhile, Bloomberg News says Mitsubishi UFJ's full-year profit
fell 28 percent to 636.6 billion yen because of losses at a
credit card unit and writedowns of investments in mortgage
securities.



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

CNLT: Court To Hear Proceedings Against Saghal on July 16
---------------------------------------------------------
CNLT (Far East) Berhad diclosed that the High Court of Malaya at
Kuala Lumpur fixed a July 16, 2008 hearing for the substantive
motion for contempt proceedings against Dato’ Prem Krishna
Saghal, Managing Director of the company, in refusing to comply
with the Order appointing the provisional liquidators.

The Court also fixed the hearing of the company’s application
for Validation Order to pay salary of its employees on the same
date.

The company’s application to set aside the appointment of the
provisional liquidators and a stay of the winding up proceedings
is also fixed for mention on July 16.

                  About CNLT (Far East) Berhad

CNLT (Far East) Berhad is engaged in the manufacture and sale of
yarn.  Its subsidiary includes Indosen S.A., which is engaged in
the manufacture and sale of textiles and apparel.  The company
operates in Malaysia and Senegal.

                          *     *     *

The company was admitted into the Amended PN17 listing criteria
of the Bursa Malaysia Securities Bhd as it has triggered
Paragraph 2.1(e) of the bourse's listing requirements:

     (i) Based on the unaudited quarterly results of CNLT for
         the first quarter ended March 31, 2007, as announced
         to Bursa Securities, the shareholders' equity on a
         consolidated basis is less than 50% of the issued and
         paid up capital of the company ; and

    (ii) The auditors of CNLT have expressed a modified opinion
         with emphasis on the Company's going concern in its
         latest audited accounts for the financial year ended
         December 31, 2005.


IDAMAN UNGGUL: Intan Proposes MYR6 Mil. Wiragain Buyout Deal
------------------------------------------------------------
Idaman Unggul Berhad has received an offer from Intan Kuala
Lumpur Sdn. Bhd. indicating its interest to acquire the land,
building and 60% share in the plant and machinery of Wiragain
Sdn. Bhd., for a total consideration of MYR6 million free from
encumbrances and subject to the satisfaction of the due
diligence results.

Wiragain is one of the companies identified for sale under the
restructuring exercise held for Idris Hydraulic (Malaysia) Bhd
in November 2003, whereby Idris Hydraulic is being held through
Lambang Pertama Sdn Bhd, the SPV created for Idris Hydraulic's
residual companies.  Under the restructuring exercise, any
proceeds generated from the disposal of Idris Hydraulic residual
companies will be utilized to redeem the RSLS issued.

Wiragain’s shares and assets are charged under RSLS-C series.
The RSLS-C Holders are Danaharta Managers Sdn Bhd and Malaysian
Industrial Development Finance Berhad.  The proceeds from the
sale of Wiragain will be utilized to partially redeem RSLS-C
thereby reducing the total outstanding RSLS.

The company is currently in discussion with Intan on the terms
and conditions of the SPA and will make the announcement on the
full details of the Proposed Disposal once the definitive SPA
has been executed.

                       About Idaman Unggul

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

                          *     *     *

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


MANGIUM INDUSTRIES: Unit's Loan Default Reaches MYR39MM in May
--------------------------------------------------------------
Mangium Industries Bhd.'s wholly owned subsidiary, Mangium
Sawmill Sdn Bhd, defaulted in its repayments on facilities
granted by Standard Chartered Bank Malaysia Berhad and CIMB Bank
Berhad, which are unsecured and Alliance Bank Malaysia Berhad
which is secured.  As of May 31, 2008, Mangium Sawmill defaulted
a total of MYR39,480,219.48.

In a regulatory filing, Mangium Industries said that the cause
of default was due to the unfavorable timber market and
depressed prices for timber and timber related products
throughout Asia since the financial crisis in the year 1997.

To address the default, the company is currently working on
other alternatives since the Proposed Debt Settlement &
Restructuring Scheme was abandoned on February 27, 2007.

                 About Mangium Industries Berhad

Mangium Industries Berhad's principal activities are the
manufacture and trade of timber and timber related products.
Other activities include provision of printing services,
publisher, printer consultants and advertisers, trading of
alcoholic beverages, general trading of office furniture,
operation and development of the plantation and investment
holding.  Operations of the Group are carried out in Malaysia.

                         *     *     *

The TCR-AP reported that Mangium Industries, on May 22, 2007,
became an affected listed issuer pursuant to the provisions of
Amended Practice Note 17/2005, as its shareholders' equity on
consolidated basis is less than 25% of its issued and paid-up
capital.  As an affected listed issuer, Mangium is required to
formulate and implement a plan to regularize its financial
condition within a time frame stipulated by relevant
authorities.


SATANG HLDG: Unit Bags MYR350,000 Worth of Contract With MINDEF
---------------------------------------------------------------
Satang Holdings Berhad, in its regulatory filing with the Bursa
Stock Exchange, said that its wholly owned subsidiary, Satang
Jaya Sdn Bhd, has received a letter of award from the Ministry
of Defence Malaysia for a contract with MINDEF worth MYR350,000.
The contract is for the supply of non-proprietary spare parts,
components and any related equipments for the Royal Malaysian
Air Force Aircraft for the duration of three years commencing on
June 20, 2008.

The company clarified that the letter of award is expected to
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. There are no significant
risks in fulfilling the contract obligation.

                      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.


TALAM CORPORATION: Earns MYR9.25 Mil. in Quarter Ended April 30
---------------------------------------------------------------
Talam Corporation Berhad's net profit increased to
MYR9.25 million in the quarter ended April 30, 2008, as compared
to the recorded profit of MYR480,000 in the same quarter of
2007.

The group recorded a pre-tax profit for the current quarter of
MYR11.9 million, an increase by 205.1% from a pre-tax profit of
MYR3.9 million in the immediate preceding quarter mainly due to
recognition of compensation arising from government acquisition
of land and reversal of finance cost over provided.

The group’s revenue increased by 122.09% to MYR50.9 million from
MYR22.9 million as recorded in the corresponding quarter of the
preceding year mainly due to the recognition of progress
billings on the revival of certain development projects with the
appointment of IJM Construction Sdn Bhd as the principal
contractor.

As of April 30, 2008, the company's balance sheet showed
MYR3.11 billion of total assets, MYR2.75 billion of total
liabilities resulting to a shareholders' equity of
MYR354.98 million.

                            Prospects

The Securities Commission approved the group’s regularization
Plan.  The implementation of the Regularization Plan will enable
the Group to restructure its defaulted borrowings and address
the accumulated losses of the Group thus significantly improved
its capital structure and gearing position.  This coupled with
the appointment of IJM Construction Sdn Bhd as the principal
contractor for construction works to development projects of the
Group, is expected to enhance the income stream of the Group to
further strengthen the Group’s financial position.

Considering the recent developments in the Group and barring
unforeseen circumstances arising from the recent price hike in
fuel and construction materials, upon the completion of the
Regularization Plan and with the commencement of construction
works undertaken by IJM Construction Sdn Bhd in all the projects
of the Group, the Board is cautiously optimistic of the prospect
of the Group for the current financial year.

                     About Talam Corporation

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.



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

A.C.T. CONTAINER: Commences Liquidation Proceedings
---------------------------------------------------
The High Court at Auckland held a hearing on June 27, 2008, to
consider an application putting A.C.T. Container Devanning
Limited into liquidation.

The application was filed on April 7, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way (PO Box 76198)
          Manukau, Auckland 2241
          Telephone: (09) 985 7274
          Facsimile: (09) 985 9473

Sandra Joy North is the plaintiff’s solicitor.   


BEDFORD INVESTMENTS: Commences Liquidation Proceedings
------------------------------------------------------
The High Court at Auckland held a hearing on June 27, 2008, to
consider an application putting Bedford Investments Limited into
liquidation.

The application was filed on April 10, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way (PO Box 76198)
          Manukau, Auckland 2241
          Telephone: (09) 985 7274
          Facsimile: (09) 985 9473

Sandra Joy North is the plaintiff’s solicitor.


DOMINION FINANCE: Suspends Payment of Interest on Capital Notes
---------------------------------------------------------------
Dominion Finance Holdings Limited and its subsidiaries disclosed
in a regulatory filing that they are progressing various matters
with professional advisors, as they work towards developing
detailed terms for proposed moratoriums to present to investors
in coming weeks.

The company said that the directors of North South Finance
Limited and Dominion Finance Group Limited have determined that,
pending a decision being made on the terms of the proposed
moratoriums, interest due on debenture stock on June 30, 2008,
will continue to accrue through to September 30, 2008, but will
not be paid out at this stage.

Further, the company stated that the directors have suspended
payment of interest on the listed Capital Notes.

Dominion Finance Holdings' 2008 Annual Report is expected to be
filed in accordance with statutory requirements but it is
unlikely that the company will be able to lodge the Annual
Report within the NZX timelines.

          Needs Time to Work on Proposed Moratorium

As reported in the Troubled Company Reporter – Asia Pacific on
June 25, 2008, Dominion Finance Holdings Limited, parent company
of Dominion Finance Group Limited and North South Finance
Limited, is pro-actively exploring the prospect of entering into
a moratorium.

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

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

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

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

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

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

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

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

                      About Dominion Finance

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


MARLBOROUGH FOODS: Members Place Company Under Liquidation
----------------------------------------------------------
On May 28, 2008, the members of Marlborough Foods Limited placed
the company under liquidation and appointed Murray G. Allott,
chartered accountant of Christchurch, as liquidator.

Pursuant to Section 245 of the Companies Act 1993, the
liquidator will dispense with a meeting of creditors in order to
keep costs to a minimum and maximize returns to creditors.

The Liquidator can be reached at:

          111 Bealey Avenue, Christchurch 8013
          Postal Address: PO Box 29432
          Christchurch 8540
          Telephone: (03) 365 1028
          Facsimile: (03) 365 6400
          Email: murray@profitco.co.nz


PATONS PANEL: Shareholders Place Company Under Liquidation
----------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Patons Panel & Paint (2002) Limited resolved, by
special resolution, that the company be liquidated and that
Grant Bruce Reynolds, insolvency practitioner of Auckland, be
appointed liquidator.

Creditors and shareholders may direct their inquiries to:

          Grant Reynolds
          Insolvency Practitioners
          PO Box 259059
          Greenmount, Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


RAUARUHE LTD: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Auckland held a hearing on June 27, 2008, to
consider an application putting Rauaruhe Limited into
liquidation.

The application was filed on March 19, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way (PO Box 76198)
          Manukau, Auckland 2241
          Telephone: (09) 985 7274
          Facsimile: (09) 985 9473

Sandra Joy North is the plaintiff’s solicitor.


RESORT DEVELOPMENTS: Commences Liquidation Proceedings
------------------------------------------------------
The High Court at Auckland held a hearing on June 27, 2008, to
consider an application putting Resort Developments Limited into
liquidation.

The application was filed on April 3, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way (PO Box 76198)
          Manukau, Auckland 2241
          Telephone: (09) 985 7274
          Facsimile: (09) 985 9473

Sandra Joy North is the plaintiff’s solicitor.    


STRONGHOLD THEATRE: Commences Liquidation Proceedings
-----------------------------------------------------
The High Court at Auckland held a hearing on June 27, 2008, to
consider an application putting Stronghold Theatre Company
Limited into liquidation.

The application was filed on April 3, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way (PO Box 76198)
          Manukau, Auckland 2241
          Telephone: (09) 985 7274
          Facsimile: (09) 985 9473

Sandra Joy North is the plaintiff’s solicitor.


WINDFLOW TECH: Agrees to Sell 19.95% Stake to Mighty River
----------------------------------------------------------
Windflow Technology Ltd has signed agreements with Mighty River
Power Ltd for the purchase of a 19.95% cornerstone shareholding
in the company by Mighty River.

The placement is subject to shareholder approval and is expected
to raise in excess of NZ$7 million and is based on the expected
shareholder capital post the upcoming options exercise in
September 2008.

Mighty River Power has also signed a “turnkey” agreement with
Windflow to build its first wind farm near Wellington using
Windflow 500 wind turbines (subject to resource consent).

“It is a significant step forward in Windflow Technology’s
growth plans to be able to announce such a high profile New
Zealand company as both a customer and shareholder,” said Mr.
Geoff Henderson, Chief Executive of Windflow Technology.

Acting Mighty River Power Chief Executive William Meek said,
“Windflow Technology is a progressive New Zealand company with
exciting wind turbine technology – the smaller turbine is easily
transportable and suited to New Zealand’s terrain and wind
conditions.”

“Given the increasing value of wind as a renewable energy
source, both domestically and internationally, the company has
promising growth prospects,” Mr. Meek added.

Mr. Henderson said the additional equity capital investment
“will enable Windflow to accelerate its development of new
variants of the Windflow 500 wind turbine and entry into new
market sectors.”

“We are very pleased to have the Windflow 500 wind turbine’s
technical and competitive advantages recognized in its selection
by Mighty River Power as the basis of their entry into the
exciting field of wind power,” said Mr. Henderson.

“This is the first Windflow wind farm project with Mighty River
Power on a very high wind speed site, where the advanced
technical features, low visual and environmental impact are
strong attributes of the Windflow 500 Turbine.”

Mighty River Power are currently investigating a number of other
sites which may be suitable for the Windflow 500 wind turbine.

                         About Windflow

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in wind power   
development.  As of June 30, 2006, the company held a 20%
shareholding in Windpower Otago Limited.  The principal activity
of Windpower Otago Limited is the development of wind farms.
During the fiscal year ended June 30, 2006 (fiscal 2006),
Windflow Technology Limited, held a 42.99% shareholding in NZ
Windfarms Limited.  The principal activity of NZ Windfarms
Limited is the development of wind farms.  Its other
subsidiaries and associates include Pacific Windfarms Limited,
Wind Blades Limited and Windpower Maungatua Limited.

                          *     *     *

Windflow Technology incurred a net loss of NZ$3.28 million in
the financial year ended June 30, 2007, compared with the
INR2.22-million loss booked in the prior financial year.


* NEW ZEALAND: Housing Consents Drop in May 2008
------------------------------------------------
Building consents statistics show there were 1,653 new housing
units authorised in May 2008, a decrease of 669 units compared
with May 2007, Statistics New Zealand said.

There were 105 apartment units authorised, down five units
compared with May 2007.

Excluding apartments, there were 1,548 new housing units
authorised in May 2008, down 664 units. The trend has been
declining since June 2007.

In thirteen of New Zealand's 16 regions, there were fewer new
housing units authorised in May 2008 compared with May 2007,
with 437 fewer in the North Island, and 232 fewer in the South
Island.

Residential building consents issued in May 2008 were valued at
$553 million, down $181 million from May 2007.

Non-residential building consents issued in May 2008 were valued
at $356 million, down $36 million from May 2007.



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

* BOND PRICING: For the Week June 23-June 27, 2008
--------------------------------------------------


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

   AUSTRALIA &
   NEW ZEALAND
   -----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.60
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.95
Allco Hit Ltd                  9.000%  08/17/09     AUD    14.01
Antares Energy                10.000%  10/31/13     AUD     0.55
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    32.00
BBI Ntwrks NZ Limited          8.000%  11/30/12     NZD    29.00
Becton Property Group          9.500%  06/30/10     AUD     0.57
Bounty Industries Limited     10.000%  06/30/10     AUD     0.16
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    14.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.70
China Century                 12.000%  09/30/10     AUD     0.66
Cit Group Au Ltd               6.000%  03/03/11     AUD    73.96
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.12
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.25
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.70
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     3.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.25
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    15.00
Infrastructure & Utilities     8.500%  09/15/13     NZD     9.45
Jem Warehouse                  3.000%  08/01/14     AUD    71.71
LongReach Group Limited       10.000%  10/31/08     AUD     0.35
Nylex Ltd.                    10.000%  12/08/09     AUD     1.50
Macquarie Comm                 2.500%  08/23/13     AUD    74.58
Metal Storm Ltd               10.000%  09/01/09     AUD     0.09
Minerals Corp                 10.500%  09/30/08     AUD     0.75
Publ & Broad Fin               6.280%  05/06/11     AUD     9.76
Record Funds Man              11.000%  09/01/10     AUD    46.65
Speirs Group Ltd.             13.160%  06/30/49     NZD    55.00
ST Laurence Prop               9.250%  07/15/10     NZD    34.91
South Canterbury              10.430%  12/15/12     NZD     0.97
TrustPower Ltd                 8.300%  12/15/08     NZD    11.00
TrustPower Ltd                 8.500%  09/15/12     NZD     8.65
TrustPower Ltd                 8.500%  03/15/14     NZD     9.30

   CHINA
   -----
China Govt Bond                4.860%  08/10/14    CNY      0.00
Cosco Shipping                 0.800%  01/28/14    CNY     73.19
GD Power Develop               1.000%  05/07/14    CNY     73.26
Kangmei Pharm                  0.800%  05/08/14    CNY     71.43
Tsingtao Brewery               0.800%  04/02/14    CNY     72.15

   INDIA
   -----
India Gov't                    6.130%  06/04/28    INR     72.17
India Gov't                    6.010%  03/25/28    INR     71.18
India Gov't                    5.870%  08/28/22    INR     74.94
India Gov't                    5.970%  09/25/25    INR     72.56
  
   INDONESIA
   ---------

Indonesia Gov't                9.750%  05/15/37    IDR     70.48
Indonesia Gov't                9.500%  07/15/23    IDR     73.93
Indonesia Gov't               10.000%  02/15/28    IDR     74.45


   JAPAN
   -----

Shinsei Bank Ltd.              5.625%  12/29/49     GBP    71.73

   KOREA
   -----
Korea Dev. Bank                7.310%  11/08/21     KRW    46.11
Korea Dev. Bank                7.350%  10/27/21     KRW    48.21
Korea Dev. Bank                7.400%  11/02/21     KRW    46.16
Korea Dev. Bank                7.450%  10/31/21     KRW    46.18
Korea Dev. Bank                8.450%  12/15/26     KRW    70.79
Korea Elec Pwr                 7.950%  04/01/96     USD    67.73

   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.05
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.91
Berjaya Land Bhd               5.000%  12/30/09     MYR     4.02
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/16/08     MYR     1.05
Eastern & Orient               8.000%  07/25/11     MYR     1.76
EG Industries Berhad           5.000%  06/16/10     MYR     0.26
Equine Capital                 3.000%  08/26/08     MYR     1.63
Greatpac Holdings              2.000%  12/11/08     MYR     0.11
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.36
Insas Berhad                   8.000%  04/19/09     MYR     0.45
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.24
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.30
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.45
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.33
Lebuhraya Kajang               2.000%  06/12/19     MYR    67.75
Lebuhraya Kajang               2.000%  06/12/20     MYR    64.97
Lebuhraya Kajang               2.000%  06/12/21     MYR    62.27
Media Prima Bhd                2.000%  07/18/08     MYR     1.17
Mithril Bhd                    3.000%  04/05/12     MYR     0.57
Mithril Bhd                    8.000%  04/05/09     MYR     0.11
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.37
Pelikan International          3.000%  04/08/10     MYR     1.31
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.09
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.78
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.11
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.68
Silver Bird Group              1.000%  02/15/09     MYR     0.56
Southern Steel                 5.500%  07/31/08     MYR     2.85
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.90
Tradewinds Corp.               2.000%  02/08/12     MYR     0.55
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.20
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.33
Wah Seong Corp.                3.000%  05/21/12     MYR     4.22
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.48
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.50

   SINGAPORE
   ---------

Sengkang Mall                  4.880%  11/20/12     SGD     1.50
   
   SRI LANKA
   ---------
Sri Lanka Govt                7.500%  08/15/18     LKR     63.03
Sri Lanka Govt                6.850%  04/15/12     LKR     72.40
Sri Lanka Govt                6.850%  10/15/12     LKR     70.13
Sri Lanka Govt                8.500%  07/15/13     LKR     74.38
Sri Lanka Govt                8.500%  07/15/18     LKR     68.14
Sri Lanka Govt                8.500%  02/15/18     LKR     68.48
Sri Lanka Govt                7.500%  08/01/13     LKR     69.67
Sri Lanka Govt                7.500%  11/01/13     LKR     69.05
Sri Lanka Govt                7.000%  10/01/23     LKR     57.13
Sri Lanka Govt                8.500%  07/15/13     LKR     73.13

                         *********

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

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

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


                            *********


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

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





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