TCRAP_Public/080702.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, July 2, 2008, Vol. 11, No. 130

                            Headlines


A U S T R A L I A

3B CONSTRUCTION: Placed Under Voluntary Liquidation
ALLCO FINANCE: Banks Extends Deadline for AU$250 Mil. Facility
ALLCO FINANCE: Unit's Asset Revaluation Hints Breach of Covenant
BABCOCK & BROWN: Unit Appoints ABN AMRO as Advisors
BUMAR PTY: Liquidator Presents Wind-Up Report

CREWMEN GROUP: Appoints Arnautovic as Liquidator
EASTBROOK LANE: Liquidator Presents Wind-Up Report
EDEN DESIGN: Appoints Arnautovic as Liquidator
FERRING PTY: Placed Under Voluntary Liquidation
J G BROOKES: Placed Under Voluntary Liquidation

JERILDERIE NOMINEES: Appoints BJ Marchesi as Liquidator
SOFT STAR: Appoints Sutherland as Liquidator
* AUSTRALIA: Manufacturing Activity Falls in June 2008


C H I N A

CHINA EASTERN: Sees Increase in Profit for First-Half 2008
CHINA MERCHANTS BANK: Shareholders OK Wing Lung Stake Purchase
MINSHENG BANK: Plans to Raise CNY3.14 Billion Via Auction
PUDONG DEV'T BANK: Inks JV Insurance With BNP Paribas


H O N G K O N G

ASIA INTERNATIONAL: Liquidators Quit Post
BERYL FINANCE: Fitch Cuts Rating on US$15.03 Mil. Notes to BB+
BERYL FINANCE: Fitch Lowers AAA-Rated US$37.155MM Notes to 'BB'
BERYL FINANCE: Fitch Cuts Rating on US$49.675MM Notes to BB-
CENTRE ENTERPRISES: Creditors' Proofs of Debt Due on July 30

CHEERWAY INVESTMENT: Members' Final Meeting Set on August 1
COUNTRY FORD: Members' Final Meeting Set on July 28
LAND EAGLE: Commences Liquidation Proceedings
NISSHINBO HONG KONG: Commences Liquidation Proceedings
NITTA CORPORATION: Members' Final Meeting Set on July 28

PARASON LIMITED: Commences Liquidation Proceedings
RANK CENTURY: Commences Liquidation Proceedings
SAMTA SHIPPONG: Members' Final Meeting Set on July 28


I N D I A

JET AIRWAYS: Says Soaring Fuel Prices Affect Q4 FY '08 Results
M/S ANKIT TRADESEC: RBI Cancels Certificate of Registration
SHREE SAI PRAKASH: CRISIL Rates Bank Facilities at `BB+'
SHREE SAI SMELTERS: CRISIL Rates Bank Facilities at `BB+'
VEDANTA RESOURCES: Fitch Assigns 'BB+' Rating on $1,250MM Bonds


I N D O N E S I A

ANEKA TAMBANG: Inks Joint Venture Agreement with Jindal
BAKRIE SUMATERA: Expecting to Get a US$150 Mil. Loan This Month
PT INDOSAT: Bakrie Plans to Buy 10-15% Stake in Open Market
* INDONESIA: Manufacturing Sector Expected to Grow 5.6% in 2009


J A P A N

SKYLARK CO: To Keep Prices of Dumplings Despite High Costs
* JAPAN: Dev't Bank Posts JPY33.8BB Loss for FY Ended March


M A L A Y S I A

KOSMO TECHNOLOGY: Posts MYR2.54 Mil. Net Loss in 1st Qtr. 2008
TENGGARA OIL: Incurs MYR1.09MM Net Loss in Qtr. Ended April 30


N E W  Z E A L A N D

124 MARKET: Names John Francis Managh as Liquidator
BAIRDS ROAD: Appoints Grant and Khov as Liquidators
DOMINION FINANCE: Has Until July 7 to File Annual Report
FITOUT SERVICES: Court to Hear Wind-Up Petition on August 1
GENEVA FINANCE: Appoints New Directors

NORTHPROP PROJECTS: Fixes July 24 as Last Day to File Claims
RISK ADMINISTRATION: Taps Lawrence & McCullagh as Liquidators
STANSVILLE LTD.: Taps Grant and Khov as Liquidators


P H I L I P P I N E S

BENGUET CORPORATION: Unveils Status of Business Plan
EXPORT AND INDUSTRY: Still Finalizing Dec. 2007 Annual Report
LODESTAR INVESTMENT: Discloses Results of Annual Meeting
SWIFT FOODS: Elects Officers During Stockholders' Meeting
UNIVERSAL ROBINA: Repurchases 1,561,900 Shares


T A I W A N

TAIWAN BUSINESS: Fitch Affirms 'BB+' Issuer Default Rating


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars



                         - - - - -


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

3B CONSTRUCTION: Placed Under Voluntary Liquidation
---------------------------------------------------
3B Construction Group Pty. Ltd.'s members agreed on
April 14, 2008, to voluntarily liquidate the company's business.  
Ozem Kassem and Andrew Barnden were appointed to facilitate the
sale of its assets.
   
  
ALLCO FINANCE: Banks Extends Deadline for AU$250 Mil. Facility
--------------------------------------------------------------
Allco Finance Group disclosed in a regulatory filing that the
discussions with its senior banks continues in a positive
manner, with a further extension for both the AU$250 million
bridge facility and the review period consequent on the Review
Event agreed until July 31, 2008.  This extension comes as Allco
continues to demonstrate its ability to achieve good outcomes in
its asset realization program, as outlined in Allco's business
restructure program, and meet its debt repayment schedule that
targets lowering its senior debt to AU$400 million by September
2009.

The company said that a further AU$31.2 million was repaid to
its senior banks on June 30, 2008, from the proceeds of
completed asset sales, including a portfolio of European
operating wind farms, bringing the total repayments since April
2008 to AU$177.1 million.  Allco's drawn borrowings under its
senior debt facilities, after payment of the AU$31.2 million
noted above, will be AU$830.6 million.  Current contingent
commitments, such as letters of credit, under the facilities are  
AU$63.4 million.  This result in a net reduction of outstanding
senior debt and contingent commitments over the month of AU$31.6
million (after currency fluctuations).

According to the company, the recent agreement to sell the
Tehachapi wind project in the U.S. will, on closing of the sale,
contribute towards further debt repayments and releases from
contingent commitments.

Managing Director and Chief Executive Officer of Allco, Mr.
David Clarke said " We are working closely and very productively
with out banking syndicate to finalize the refinancing of our
senior debt facilities."

However, the company said that until negotiations are finalized
and restructuring documentation is signed, there can be no
assurance that a restructure of Allco's senior debt facilities
will be concluded successfully.

                       About Allco Finance

Allco Finance Group Ltd. (ASX: AFG) -- http://www.allco.com.au/
-- is an integrated global financial services business,
specializing in asset origination, funds creation and funds
management. The Company is a fund manager of alternative assets
in its core asset classes, which include aviation, rail,
shipping, infrastructure, property, private equity and financial
assets.  Its primary focus is on commercial property,
predominately completed office buildings and select development
opportunities. It also purchases new and existing commercial
passenger and cargo aircraft for lease to commercial airlines.  
In March 2007, Allco HIT Limited acquired Momentum Investment
Finance Pty Limited, Allco Financial Services and International
Mezzanine Funds Management (Australia) Limited.  The Company is
a vendor of Momentum Investment Finance Pty Limited and Allco
Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                         *     *     *

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
puttings its operations in the hands of administrators.
According to The Age, Allco board is faced with four problems:

     -- Meeting a fast-approaching deadline to refinance at
        least US$250 million in debt.

     -- Ensuring there is enough cash to cover its continuing,
        and much larger, loan commitments.

     -- Renegotiating or pulling out of a recently announced
        joint venture deal to buy US$1.7 billion of US power
        stations, of which Allco would fund half by debt and
        equity.

     -- Signing the company's accounts, for which they will be
        personally liable, that would allow the suspension on
        Allco's beleaguered shares to be lifted.


ALLCO FINANCE: Unit's Asset Revaluation Hints Breach of Covenant
----------------------------------------------------------------
Allco Finance Group-managed Rubicon American Trust gave an
update on its asset and financing arrangement.

Rubicon stated that in light of the continued dislocation of
global credit markets and the consequential negative impact on
asset valuations, Rubicon Asset Management Limited, the
responsible entity has commissioned an independent valuation of
all of the properties in its real estate portfolio.  It has also
undertaken an analysis of the impact of asset revaluations on
Rubicon's financing arrangements.

                        Asset Valuations

A valuation of the real estate portfolio has been undertaken by
CBRE.  A summary of the real estate valuation is shown below:

                No.              Purchase  Original   April 2007           
Portfolio/     of      Date      Price    Valuation  Valuation
Asset       Properties Acquired  US$M     US$M         US$M      
--------    ---------  --------  -------  --------   ----------
IPO Portfolio  3      Dec. 2004   69.3     70.1        84.4

Maitland       1      June 2005   29.6     30.1        33.5

GSA I         14      June 2005  482.0    487.0       559.4

Fiddlers
Green          1      Apr. 2006   77.0     79.0        87.0
   
GSA II
Portfolio     13      Apr. 2006  517.3    546.6       557.8


                Carrying Value        June 2008
Portfolio/      Dec. 2007            Valuation  
Asset              US$M                 US$M
--------       --------------        ----------                             
         
IPO Portfolio      85.1                 80.7

Maitland           34.5                 32.5

GSA I             563.3                508.7

Fiddlers
Green              87.0                 79.7
   
GSA II
Portfolio         558.0                528.7
  
In June 30, 2008, accounts, the real estate portfolio will be
valued at approximately US$1,230.4 million, representing a
reduction of approximately US$97.5 million (or 7%) relative to
the carrying value as at December 31, 2007. (US$94.8 million
after allowing for the 20% minority interest in five of the
properties).

                  Impact of Asset Revaluations

The responsible entity has undertaken an analysis of the impact
of the asset revaluations on:

   -- All senior debt at the property level;

   -- the Credit Suisse warehouse facility to Rubicon
      Finance America (RFA);

   -- a US$169 million of senior notes issued by Rubicon
      US REIT, Inc., (the REIT bonds); and

   -- US$100 million unsecured subordinated notes issued
      by Rubicon Finance America II, LLC, (RFA II) (the
      RFA II bonds).

A summary of the impact is set out below:

   Debt                        Impact of asset revaluations
   ----                        ----------------------------  
   Senior debt at the  
   property level                 No impact

   Credit Suisse warehouse
   facility                       No impact

   REIT bonds                     Breach of financial covenant

   RFA II bonds                   Breach of financial covenant

The estimated impact on the financial covenants of the asset
revaluation are:

                        Est. as at      Affected         
  Covenant     Hurdle   June 30, 2008   Issuer/Borrower  Breach
  --------     ------   -------------   ---------------  ------
  Debt/Equity  <=3.75   4.41 times      RFA II, US REIT   Yes
               times

  EBITDA/
  Interest     >=1.35   0.21 times      RFA II, US REIT    Yes  
  Cover        times

  Mininum Net  >=AU$350  AU$271         RFA II, US REIT    Yes
  Worth        million   million

  Adjusted
  Tangible Net >=US$300  US$362         RFA                No
  Worth (ATNW)   million million

  Indebtedness
  to ATNW      <=5:1     1.47:1         RFA                No                
                       

According to the company, the anticipated consequence of the
asset revaluations is that in the case of the subordinated debt
security issues where the issuers are RFA II and US REIT, the
undertakings to maintain financial covenants would be breached.  
In each case, this would give rise to an event of default if the
trustee or at least 25% of the bondholders in the issue were to
serve its issuer with a default notice and the default was not
cured within the applicable grace period.  Unless the default is
deemed not capable of a cure, the issuer would be allowed a 30
day period to cure the default.  In the absence of a cure within
this cure period (which commences when such default notice is
given), the trustee or 25% of the bondholders would then have
the right to accelerate the entire outstanding amount of the
principal evidenced by the issued notes, and demand immediate
and full repayment.  Simultaneously, the trustee would also have
the right to enforce the guarantee provided by RAT, which is
absolute and unconditional.  While an event of default exists,
each issuer has agreed that neither it nor RAT will pay
dividends, make distributions or make any payment on other debt
which ranks pari passu with the issued debt, and if this
covenant is breached the bondholders might try to take legal
action to prevent such payments from being made.

In the case of the Credit Suisse facility there is a cross
default provision such that if there is an event of default
under any other financing facility that is guaranteed by RAT for
principal amounts in excess of US$2 million this triggers an
event of default under the Credit Suisse facility.

The company said it is currently in discussions with the
bondholders of the two issues and with Credit Suisse, the
warehouse debt provider to RFA, in relation to a restructuring
of the financial covenants and the financial parameters of the
respective debt facilities/securities.

                       About Allco Finance

Allco Finance Group Ltd. (ASX: AFG) -- http://www.allco.com.au/
-- is an integrated global financial services business,
specializing in asset origination, funds creation and funds
management. The Company is a fund manager of alternative assets
in its core asset classes, which include aviation, rail,
shipping, infrastructure, property, private equity and financial
assets.  Its primary focus is on commercial property,
predominately completed office buildings and select development
opportunities. It also purchases new and existing commercial
passenger and cargo aircraft for lease to commercial airlines.  
In March 2007, Allco HIT Limited acquired Momentum Investment
Finance Pty Limited, Allco Financial Services and International
Mezzanine Funds Management (Australia) Limited.  The Company is
a vendor of Momentum Investment Finance Pty Limited and Allco
Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                          *     *     *

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
putting its operations in the hands of administrators.
According to The Age, Allco board is faced with four problems:

     -- Meeting a fast-approaching deadline to refinance at
        least US$250 million in debt.

     -- Ensuring there is enough cash to cover its continuing,
        and much larger, loan commitments.

     -- Renegotiating or pulling out of a recently announced
        joint venture deal to buy US$1.7 billion of US power
        stations, of which Allco would fund half by debt and
        equity.

     -- Signing the company's accounts, for which they will be
        personally liable, that would allow the suspension on
        Allco's beleaguered shares to be lifted.


BABCOCK & BROWN: Unit Appoints ABN AMRO as Advisors
---------------------------------------------------
Babcock & Brown Communities (BBC), a Babcock & Brown Ltd.'s
wholly owned subsidiary, said in a regulatory filing that its
board has appointed ABN AMRO as independent corporate advisors
to conduct a strategic review.

The company said that the review will be conducted for the
purpose of determining options to reduce the gap between
underlying asset values and its current market trading prices
with the goal of maximizing security holder value over time.

Babcock & Brown Communities independent Chairman Judith Sloan
said, "The board will work with the BBC's manager and ABN AMRO
to explore all avenues for value enhancement for security
holders.

"The board remains of the view that BBC's market trading prices
represents a significant discount to the value of BBC's
underlying assets.  BBC has a portfolio of highly quality
retirement villages and aged care facilities across Australia
and New Zealand.  There are few investment opportunities that
offer the same direct access to this market with strong growth
prospects underpinned by ageing demographics.  The board remains
focused on delivering value from these investments to all BBC
security holders," Ms. Sloan said.

The company said it expects to be able to update the market on
its response to ABN AMRO's recommendations in conjunction with
the announcement of the company's full year results in late
August 2008.

                About Babcock & Brown Communities

Babcock & Brown Communities Limited (ASX:BBC) --
http://www.bbcommunities.com-- is an integrated owner, operator  
and developer of senior living communities.  It owns and manages
a portfolio of 56 retirement villages and 29 aged care
facilities across Australia and New Zealand comprising
approximately 10,000 retirement units and 2,200 residential aged
care beds.  Within retirement portfolio, BBC has full exposure
to the deferred management fees of approximately 6,800 units and
receives management fees in relation to the remaining units.

BBC's growth is supported by its development pipeline of
approximately 2,200 retirement units and 344 aged care beds
which is expected to be delivered over the next six years.

                    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.


BUMAR PTY: Liquidator Presents Wind-Up Report
---------------------------------------------
Stephen R. Dixon, Bumar 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:

          Stephen R. Dixon
          BDO Kendalls Business Recovery & Insolvency
          (NSW-VIC) Pty Ltd
          Chartered Accountants
          Level 30, 525 Collins Street
          Melbourne VIC 3000
          Australia


CREWMEN GROUP: Appoints Arnautovic as Liquidator
------------------------------------------------
Crewmen Group Pty. Ltd.'s members agreed on April 21, 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
          Australia
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


EASTBROOK LANE: Liquidator Presents Wind-Up Report
--------------------------------------------------
Peter Goodin and Robyn Erskine, Eastbrook Lane 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:  

          Peter Goodin
          Robyn Erskine
          Brooke Bird Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East VIC 3123
          Australia
          Telephone: (03) 9882 6666


EDEN DESIGN: Appoints Arnautovic as Liquidator
----------------------------------------------
Eden Design & Development Pty. Ltd.'s members agreed on
April 18, 2008, to voluntarily liquidate the company's business.  
Ozem Kassem and Andrew Barnden were appointed to facilitate the
sale of its assets.


FERRING PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
Ferring  Pty. Ltd.'s members agreed on April 10, 2008, to
voluntarily liquidate the company's business.  Peter Goodin was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Brooke Bird Insolvency Practitioners
          471 Riversdale Road
          East Hawthorn VIC 3123
          Australia
          Telephone: (03) 9882 6666


J G BROOKES: Placed Under Voluntary Liquidation
-----------------------------------------------
J G Brookes Pty. Ltd.'s members agreed on April 16, 2008, to
voluntarily liquidate the company's business.  James Brookes was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

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


JERILDERIE NOMINEES: Appoints BJ Marchesi as Liquidator
-------------------------------------------------------
Jerilderie Nominees Pty. Ltd.'s members agreed on
April 14, 2008, to voluntarily liquidate the company's business.  
B. J. Marchesi was appointed to facilitate the sale of its
assets.

The liquidator can be reached at:

          B. J. Marchesi
          Bent & Cougle Pty Ltd
          Chartered Accountants
          Level 5, 332 St Kilda Road
          Melbourne VIC 3004
          Australia


SOFT STAR: Appoints Sutherland as Liquidator
--------------------------------------------
Soft Star Development Pty. Ltd.'s members agreed on
April 17, 2008, to voluntarily liquidate the company's business.  
Roderick Mackay Sutherland was appointed to facilitate the sale
of its assets.

The liquidator can be reached at:

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


* AUSTRALIA: Manufacturing Activity Falls in June 2008  
------------------------------------------------------
The slowdown in manufacturing activity intensified in June, with
the Australian Industry Group - PricewaterhouseCoopers
Australian Performance of Manufacturing Index Australian PMI(R)
falling by 4.2 points to 47.0 down from 51.2 points in May.  The
index fell below the key 50.0 level separating expansion from
contraction.  Production, employment and new orders all fell
solidly in June while inventory growth remained firm. Supplier
deliveries rose marginally.

Australian Industry Group (Ai Group) Chief Executive, Heather
Ridout, said the drop in manufacturing activity in June was not
unexpected, following the sharp deterioration in orders over the
past few months, reflecting emerging weakness in the current
economic climate.

"Pressures on manufacturers from factors such as the high dollar
and interest rates and the weaker global economy are being
compounded on the `supply side', by rapid increases in the costs
of fuel and other key inputs such as steel and agricultural
goods.  The decision by South Pacific Tyres to shut its factory
in Melbourne last week in part reflected these cost pressures
and the difficulty in competing with low cost, emerging
economies.

"These effects are squeezing profit margins and employment
prospects in the sector. As the construction sector and consumer
spending continues to soften over coming months, manufacturers
are likely to face further squeezing in activity and margin.  As
well, exporters are still finding it tough in this appreciating
Australian dollar environment.

"Economic policy will need to strike a fine balance between
engineering a slowdown in inflation and avoiding too sharp a
slowdown in economic growth and employment," Mrs Ridout said.

PricewaterhouseCoopers Global Leader of Industrial
Manufacturing, Graeme Billings, said "The decline in the
Australian PMI(R) for June signals that slower demand and rising
input costs are putting significant pressure on manufacturing
profitability.

"Aside from these cyclical pressures, the additional pressure
on profit margins from the ongoing strength in the Australian
dollar and its implications for manufacturers' competitiveness
in both domestic and export markets highlights the need for
stringent cost management and a renewed focus on raising
productivity," Mr. Billings said.



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

CHINA EASTERN: Sees Increase in Profit for First-Half 2008
----------------------------------------------------------
China Eastern Airlines Corporation Ltd. expects to post a profit
for the first half of 2008, Reuters reports.

According to XFN-Asia News, the company posted a net loss of
CNY305.62 million in the first half of 2007, compared with a
loss of CNY1.58 billion a year earlier.

As reported by the Troubled Company Reporter - Asia Pacific on  
May 1, 2008, China Eastern Airlines Corporation Limited, in a
filing with the Hong Kong Stock Exchange, said first-quarter net
profit attributable to shareholders was CNY210 million, up 142%
as compared with the same period in 2007.  Basic earnings per
share rose 134% to CNY0.0433.

                       About China Southern

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

                          *     *     *

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


CHINA MERCHANTS BANK: Shareholders OK Wing Lung Stake Purchase
--------------------------------------------------------------
Ninety-one percent of China Merchants Bank's shareholders
approved the plan to purchase stakes in Kong-based Wing Lung
Bank for more than CNY17 billion (US$2.5 billion), providing the
lender will have greater access to the Hong Kong market, Xinhua
News reports.

The report relates that the China Merchants has signed an
agreement with Wing Lung Bank on equity purchase, under which it
would invest CNY17.2 billion, or 2.91 times Wing Lung Bank's
audited net assets in 2007, to buy 53.12% of its equity.

China Merchants is currently waiting for approval from the
country's banking regulator.

Meanwhile, shareholders also approved China Merchants to
complete the deal with internal resources and to float CNY30
billion in domestic and international subordinated bonds to
enhance its adequacy ratio.

CMB President Ma Weihua told the news agency that Wing Lung Bank
had a good management team and many high-end customers.  This
was in line with CMB's development strategy, adding the two
companies' business could greatly complement each other as CMB
had set a global goal, he said.

Experts predicted CMB's adequacy ratio would still stand at 8%
after the deal, the report says.

                      About China Merchants

China Merchants Bank -- http://www.cmbchina.com/-- is the   
second largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002. The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
June 5, 2008, Moody's Investors Service has affirmed China
Merchants Bank's Baa3/P-3 long-term/short-term foreign currency
deposit ratings and D+ bank financial strength rating. The
affirmation follows CMB's planned purchase of Wing Lung Bank
("WLB", C+/A2).  The ratings' outlook remains stable.

On August 3, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings upgraded its Individual rating on
China Merchants Bank to 'D' from 'D/E'. At the same time, the
bank's Support rating was affirmed at '3'.


MINSHENG BANK: Plans to Raise CNY3.14 Billion Via Auction
---------------------------------------------------------
China Minsheng Banking Corporation Limited plans to raise at
least CNY3.14 billion (US$455 million) by auctioning its holding
in Haitong Securities after almost halving the previous asking
price, Shanghai Daily reports.

According to the report, Minsheng will sell a 3.26 stake, or 269
million shares, in Haitong Securities for at least CNY11.68 each
at an auction.

The floor price, the report relates, means a 52% discount to
Haitong's closing price last June 13.   Haitong tumbled to
CNY24.12 yuan by hitting the 10 percent daily trading cap.,
while the benchmark Shanghai Composite Index lost 3% to
2,868.80, the report says.

Minsheng, Xinhua relates, failed to draw bidders for Haitong
shares in an auction scheduled in May.  The initial price was
set at a 20% discount to the market price.

Analysts said that concerns that the stock market might worsen
led to the auction failure, the report adds.

                      About Minsheng Banking

China Minsheng Banking Corporation Ltd.'s principal activity is
the provision of commercial banking services that include
absorbing public deposits, providing short term, medium term,
and long term loans, making domestic and international
settlement, discounting bills and issuing financial bonds.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
July 13, 2007, Fitch Ratings upgraded China Minsheng Banking
Corp.'s individual rating to "D" from "D/E" while it affirmed
its support rating at "4".


PUDONG DEV'T BANK: Inks JV Insurance With BNP Paribas
-----------------------------------------------------
Shanghai Pudong Development Bank and BNP Paribas, together with
its China unit, BNP Paribas (China) Ltd., has entered into a
memorandum of understanding on the establishment of a Sino-
foreign insurance venture, SinoCast News reports.

As early as the end of 2006, the report relates, Pudong
Development Bank was appointed by BNP Paribas as its partner to
set up a joint venture insurer in China.

Mignonne Cheng, chairman and the legal representative of BNP
Paribas China told the news agency that both sides had been in
talks with each other for a long time and a MoU had been inked.

According to the report, in view of BNP Paribas' customer base
and business scope, the lender prefers to launch an insurance
joint venture in partnership with a Chinese bank.  BNP will
bring its abundant international experience and deep
understanding of professional knowledge to Pudong Development
Bank, meanwhile, the  will provide support with its wide
business network and sound customer base in China, the report
says.

Detailed regulations about the establishment of Sino-foreign
insurance ventures have not been released yet.

                      About Shanghai Pudong

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

                          *     *     *

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



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

ASIA INTERNATIONAL: Liquidators Quit Post
-----------------------------------------
On June 27, 2008, Jphn James Toohey and Rainier Hok Chung Lam
down as liquidators for Asia International Factoring Limited.


BERYL FINANCE: Fitch Cuts Rating on US$15.03 Mil. Notes to BB+
--------------------------------------------------------------
Fitch Ratings has downgraded the notes issued by Beryl Finance
Limited Series 2006-7, and removed them from Rating Watch
Negative, as:

  -- US$15,030,000 synthetic portfolio notes due December 2011:
     downgraded to 'BB+' from 'AAA', removed from RWN.

Beryl Finance Series 2006-7 is a fully funded static synthetic
CDO referencing a portfolio of primarily investment grade
corporate obligations.  The portfolio current notional amount is
US$1.67 billion.

Since the transactions were placed on RWN on May 28, 2008 the
portfolio has experienced further negative rating migration
mainly due to the downgrades of four reference entities in the
Buildings and Materials sector and two reference entities in the
Banking and Finance sector, reflecting the challenges afflicting
the US homebuilders and mortgage insurers.  The four downgraded
reference entities in the Buildings and Materials sector are:
Beazer Homes USA, Inc. ('B'/RWN), Centex Corporation
('BB+'/Negative Outlook), Lennar Corporation ('BBB-'/Negative
Outlook) and Pulte Homes, Inc. ('BBB-'/Negative Outlook).  
Furthermore, the other two reference entities, Toll Brothers
Inc. ('BBB'/Negative Outlook) and Standard Pacific Corporation
('B-'/RWN), are also in the same sector.  The two downgraded
reference entities in the Banking and Finance are PMI Group,
Inc. ('BBB+'/RWN) and MGIC Investment Corp. ('BBB+'/RWN).

Other key drivers of this transaction's credit risk include:

  -- Portfolio credit risk deteriorating to an average portfolio
     quality of 'BBB'/'BBB-'from 'BBB+'/'BBB' at last review in
     May 2007.  Currently, 14.1% of the portfolio is rated below
     investment grade, an increase from 10.6% in May 2007, with
     2.5% in the 'CCC+ or below ' rating category, 2.5% in the
     'B'rating category and 9.1% in the 'BB' rating category. -
     Portfolio migration risk with 6.9% of the portfolio on RWN
     and 23.1% of the portfolio on Negative Outlook.

  -- Industry concentration of 51.6% in the three largest, made
     up of 32.5 % in Banking & Finance, 12.2% in
     Telecommunications and 6.9% in Utilities.

  -- The portfolio is concentrated in the US which represents
     48.8% of the portfolio.

Given Fitch's view of concentration and the current credit
quality of the portfolio, the current level of credit
enhancement of 4.47% for the notes is not sufficient to justify
the current rating of these notes.

At close, proceeds from the issuance of the notes were used to
purchase the charged asset to collateralise CDS between the
issuer and Lehman Special Financing Inc., (guaranteed by Lehman
Brothers Holdings Inc., 'A+'/'F1'/Negative Outlook).  The
charged asset is an investment of US$15.03 million in shares of
the Lehman US Dollar Liquidity Fund ('AAA'/'V1+') Institutional
Reserve Accumulation Class.

Fitch released updated criteria on April 30, 2008 for corporate
CDOs and, at that time, noted it would be reviewing its ratings
accordingly to establish consistency for existing and new
transactions.  As part of this review, Fitch makes standard
adjustments for any names on RWN or Negative Outlook, reducing
such ratings for default analysis purposes by two and one notch,
respectively.  Fitch has noted its review will be focused first
on ratings most exposed to risks it has highlighted in its
updated criteria.  As such, this transaction was placed on RWN
on May 28, 2008.  As previously indicated, resolution of the
Rating Watch status depends on any plans managers/arrangers may
choose to modify either the structure or the portfolio.  In this
case, the arranger has confirmed that it does not intend to make
any modifications.


BERYL FINANCE: Fitch Lowers AAA-Rated US$37.155MM Notes to 'BB'
---------------------------------------------------------------
Fitch Ratings has downgraded the notes issued by Beryl Finance
Limited Series 2006-2, and removed them from Rating Watch
Negative, as:

  -- US$37,155,000 synthetic portfolio notes due October 2011:
     downgraded to 'BB' from 'AAA', removed from RWN.

Beryl Finance Series 2006-2 is a fully funded static synthetic
CDO referencing a portfolio of primarily investment grade
corporate obligations.  The portfolio current notional amount is
US$5.72 billion.

Since the transactions were placed on RWN on 28 May 2008, the
portfolio has experienced further negative rating migration
mainly due to the downgrades of three reference entities in the
Buildings and Materials sector and two reference entities in the
Banking and Finance sector, reflecting the challenges afflicting
the US homebuilders and mortgage insurers.  The three downgraded
reference entities in the Buildings and Materials sector are:
Centex Corporation ('BB+'), Lennar Corporation ('BBB-') and
Pulte Homes, Inc. ('BBB-').  All three companies, together with
another reference entity in the same sector, Toll Brothers Inc
('BBB'), are currently on Negative Outlook.  The two downgraded
reference entities in the Banking and Finance are PMI Group,
Inc. ('BBB+'/RWN) and MGIC Investment Corp ('BBB+'/RWN).

Other key drivers of this transaction's credit risk include:
  -- Portfolio credit risk deteriorating to an average portfolio
     quality of 'BBB'/'BBB-' (BBB minus) from 'BBB+'/'BBB' at
     last review in May 2007. Currently, 14% of the portfolio is
     rated below investment grade, an increase from 9% in May  
     2007, with 1% in the 'CCC+ or below ' rating category, 4%
     in the 'B' rating category and 9% in the 'BB' rating
     category;

  -- Portfolio migration risk with 6% of the portfolio on RWN
     and 21% of the portfolio on Negative Outlook.

  -- Industry concentration of 45% in the three largest, made up
     of 22 % in Banking & Finance, 12% in Utilities and 11% in
     Telecommunications;

  -- The portfolio is concentrated in the US which represents
     42% of the portfolio;

Given Fitch's view of concentration and the current credit
quality of the portfolio, the current level of credit
enhancement of 3.99% for the notes is not sufficient to justify
the current rating of these notes.

At close, proceeds from the issuance of the notes were used to
purchase the charged asset to collateralise CDS between the
issuer and Lehman Special Financing Inc., (guaranteed by Lehman
Brothers Holdings Inc., 'A+' /'F1'/Negative Outlook).  The
charged asset is an investment of US$37.2 million in shares of
Lehman US Dollar Liquidity Fund Institutional Reserve
Accumulation Class ('AAA'/'V1+').

Fitch released updated criteria on 30 April 2008 for corporate
CDOs and, at that time, noted it would be reviewing its ratings
accordingly to establish consistency for existing and new
transactions.  As part of this review, Fitch makes standard
adjustments for any names on RWN or Negative Outlook, reducing
such ratings for default analysis purposes by two and one notch,
respectively.  Fitch has noted its review will be focused first
on ratings most exposed to risks it has highlighted in its
updated criteria.

As such, this transaction was placed on RWN on May 28, 2008. As
previously indicated, resolution of the Rating Watch status
depends on any plans managers/arrangers may choose to modify
either the structure or the portfolio.  In this case, the
arranger has confirmed that it does not intend to make any
modifications.


BERYL FINANCE: Fitch Cuts Rating on US$49.675MM Notes to BB-
------------------------------------------------------------
Fitch Ratings has downgraded the notes issued by Beryl Finance
Limited Series 2006-1, and removed them from Rating Watch
Negative, as:

  -- US$49,675,000 synthetic portfolio notes due August 2011
     (ISIN: XS0243184198): downgraded to 'BB-' from 'AA',
     removed from RWN.

Beryl Finance Series 2006-1 is a fully funded static synthetic
CDO referencing a portfolio of primarily investment grade
corporate obligations.  The portfolio current notional amount is
US$4.97 billion.

Since the transactions were placed on RWN on May 28, 2008 the
portfolio has experienced further negative rating migration
mainly due to the downgrades of three reference entities in the
Buildings and Materials sector, which reflects the challenges
afflicting the US homebuilders, namely: Centex Corporation
('BB+'), Lennar Corporation ('BBB-') and Pulte Homes, Inc.
('BBB-' ) All three companies, together with another reference
entity in the same sector, Toll Brothers Inc.('BBB'), are
currently on Negative Outlook.

Other key drivers of this transaction's credit risk include:

  -- Portfolio credit risk deteriorating to an average portfolio
     quality of 'BBB-' (BBB minus)/'BB+' from 'BBB'/'BBB-' at
     last review in May 2007.  Currently, 26.6% of the portfolio
     is rated below investment grade, an increase from 17.5% in
     May 2007, with 2.1% in the 'CCC+ or below ' rating
     category, 8.3% in the 'B' rating category and 16.2% in the
     'BB' rating category.  This transaction has experienced one
     credit event to date, namely the bankruptcy of Dana
     Corporation filed in 2006, representing 1.0% of asset pool.

  -- Portfolio migration risk with 6.2% of the portfolio on RWN
     and 22.7% of the portfolio on Negative Outlook.

  -- Industry concentration of 47.4% in the three largest, made
     up of 24.0% in Banking & Finance, 13.0% in
     Telecommunications and 10.4% in Automobiles.

  -- The portfolio is heavily concentrated in the US which
     represents 56.2% of the portfolio.

Given Fitch's view of concentration and the current credit
quality of the portfolio, the current level of credit
enhancement of 6.5% for the notes is not sufficient to justify
the current rating of these notes.

At close, proceeds from the issuance of the notes were used to
purchase the charged asset to collateralise CDS between the
issuer and Lehman Special Financing Inc., (guaranteed by Lehman
Brothers Holdings Inc., 'A+' / 'F1'/Negative Outlook).  The
charged asset is an investment of US$49.7 million in shares of
Lehman US Dollar Liquidity Fund Institutional Reserve
Accumulation Class ('AAA'/'V1+').

Fitch released updated criteria on April 30, 2008 for corporate
CDOs and, at that time, noted it would be reviewing its ratings
accordingly to establish consistency for existing and new
transactions.  As part of this review, Fitch makes standard
adjustments for any names on RWN or Negative Outlook, reducing
such ratings for default analysis purposes by two and one notch,
respectively.  Fitch has noted its review will be focused first
on ratings most exposed to risks it has highlighted in its
updated criteria.  As such, this transaction was placed on RWN
on May 28, 2008.  As previously indicated, resolution of the
Rating Watch status depends on any plans managers/arrangers may
choose to modify either the structure or the portfolio.  In this
case, the arranger has confirmed that it does not intend to make
any modifications.


CENTRE ENTERPRISES: Creditors' Proofs of Debt Due on July 30
------------------------------------------------------------
The creditors of Centre Enterprises Limited are required to file
their proofs of debt by July 30, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

         Huen Ho Yin
         Li Po Chum Chambers, 8th Floor
         189 Des Voeux Road, Central
         Hong Kong


CHEERWAY INVESTMENT: Members' Final Meeting Set on August 1
-----------------------------------------------------------
The members of Cheerway Investment Limited will have their final
general meeting on August 1, 2008, at Alliance Building, Rooms
201-205, 2nd Floor, 130-136 Connaught Road, 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:

         Ng Kwok Tung
         Chan Wai Kee
         Alliance Building
         Rooms 201-205, 2nd Floor
         130-136 Connaught Road, Central
         Hong Kong


COUNTRY FORD: Members' Final Meeting Set on July 28
--------------------------------------------------
The members of Country Ford Limited will have their final
general meeting on July 28, 2008, at Gloucester Tower, 13th
Floor, The Landmark, 15 Queen's Road 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:

         Wong Kwok Man
         Alison Wong Lee Fung Ying
         Gloucester Tower, 13th Floor
         The Landmark, 15 Queen's Road Central
         Hong Kong


LAND EAGLE: Commences Liquidation Proceedings
---------------------------------------------
Land Eagle Development Limited's members agreed on June 20,
2008, to voluntarily liquidate the company's business.  The
company has appointed Lee King Yue to facilitate the sale of its
assets.

The liquidator can be reached at:

          Lee King Yue
          Two International Finance Centre
          8 Finance Street, Centra
          Hong Kong


NISSHINBO HONG KONG: Commences Liquidation Proceedings
------------------------------------------------------
Nisshinbo Hong Kong Limited's members agreed on June 23, 2008,
to voluntarily liquidate the company's business.  The company
has appointed Rainier Hok Chung Lam and John James Toohey to
facilitate the sale of its assets.

The liquidators can be reached at:

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


NITTA CORPORATION: Members' Final Meeting Set on July 28
--------------------------------------------------
The members of Nitta Corporation Limited will have their final
general meeting on July 28, 2008, at Room 1301, 13th Floor,
Henan Building, 90-92 Jaffe Road, Wanchai, in Hong Kong to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator can be reached at:

         Lam Wai Shan
         Room 1301, 13th Floor
         Henan Building, 90-92 Jaffe Road
         Wanchai, Hong Kong


PARASON LIMITED: Commences Liquidation Proceedings
--------------------------------------------------
Parason Limited's members agreed on June 18, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Shom Chun Po to facilitate the sale of its assets.

The liquidator can be reached at:

          Shom Chun Po
          Tung Hip Commercial Building, Room A
          19th Floor, 248 Des Vouex Road, Central
          Hong Kong


RANK CENTURY: Commences Liquidation Proceedings
-----------------------------------------------
Rank Century Limited's members agreed on June 20, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Ng Kwok Cheung, Bernanrd to facilitate the sale of its
assets.

The liquidator can be reached at:

          Ng Kwok Cheung, Bernanrd
          Flat B, 16th Floor
          Empire land Commercial Centre
          81-85 Lockhart Road
          Wanchai, Hong Kong


SAMTA SHIPPONG: Members' Final Meeting Set on July 28
-----------------------------------------------------
The members of Samta Shipping Company Limited will have their
final general meeting on July 28, 2008, at Chun Hoi Commercial
Building, 13th Floor, 688-690 Shanghai Street, Mongkok, Kowloon,
in Hong Kong to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator can be reached at:

         Chui Chi Hung
         Chun Hoi Commercial Building, 13th Floor
         688-690 Shanghai Street, Mongkok
         Kowloon, Hong Kong



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

JET AIRWAYS: Says Soaring Fuel Prices Affect Q4 FY '08 Results
--------------------------------------------------------------
Jet Airways (India) Ltd. said its fiscal 2008 fourth quarter
results were affected by soaring fuel prices.

The company presented the highlights for quarter and year ended
March 31, 2008.

        Quarter Ended March 31, 2008 vs. March 31, 2007

Operational

    * System-wide ASKMs of 7,684 million, up 64.2%  
    * System-wide RPKMs of 5,452 million, up 60.5%
    * System wide seat factor of 70.9% vs 72.6%
    * 3.17 million revenue passengers carried up 17%  

Financial

    * Revenue of Rs. 27,270 million (US$679.7 million),
      up 37.1%
    * Loss before tax Rs. 3,742 million (US$93.3 million)
      vs profit of Rs. 1,215 million (US$27.9 million)
    * Loss after tax of Rs. 2,212 million (US$55.1 million)
      vs profit of Rs. 880 million (US$20.3 million)

Exchange rate used 1 USD = INR 40.12

        Year ended March 31, 2008 vs. March 31, 2007

Operational

    * System-wide ASKMs of 24,447 million, up 38.1%  
    * System-wide RPKMs of 16,914 million, up 37.4%
    * System wide seat factor of 69.2% vs 69.5%
    * 11.43 million revenue passengers carried up 6.5%

Financial

    * Revenue of Rs. 94,815 million (US$2,363.3 million),
      up 28.1%
    * EBITDAR of Rs. 7,508 million (US$187.1 million),
      down by 25.5%
    * Loss before tax Rs. 4,126 million (US$102.8 million)
      vs profit of Rs. 514 million (US$11.8 million)
    * Loss after tax of Rs. 2,531 million (US$63.1million)
      vs profit of Rs.280 million (US$6.4 million)

Exchange rate used 1 USD = INR 40.12

                        Domestic Operations

Domestic operations accounted for 58% of operating revenues (Rs.
16,001 million
US$398.8 million) as compared to 76.3 % (or Rs. 15,094 million,
US $ 347.23) in the fourth quarter of last year, reflecting the
growing contribution of the Company's international operations
to total revenues.

The Company achieved a domestic seat factor of 74.0% in the
quarter ended March 2008 versus 70.3% in the same period a year
ago.

The ratio of its full-fare to discounted fare was approximately
25:75; yields (Incl YQ) have increased by 2.9% YoY for Domestic
operations.

The Company recorded a pre-tax loss on domestic operations of
Rs.1,108 million
(US$27.6 million) versus a profit of Rs. 1,183 million (US $
27.2 million) in the same period a year ago.

The key factors driving the domestic performance in the fourth
quarter included:

Rising fuel prices and Slowdown in demand in the domestic market

    * Over the past few months, the aviation industry
      worldwide has been facing the effects of continuing
      increases in crude oil prices.

    * The situation in India is further exacerbated by
      continuing overcapacity as well as the fact that
      the operating costs in the Indian environment have
      always been higher than other comparable countries.

    * These factors will have led to an overall industry
      loss of close to USD1.0 billion for FY 2008 and if
      the current trends in oil prices continue, the losses
      could well be close to USD 2.0 billion in FY 2009

    * The rate of capacity induction during this quarter
      and more generally in the market has started to slow
      down.  For the quarter ending March 2008, capacity
      grew by 18.1 % versus 36.7% during same period last
      fiscal.  The growth rates in the last few quarters
      have been close to 38%.

    * Jet Airways' capacity deployed during this quarter
      was in line with the same period last year due to the
      network rationalization initiatives.  This is an
      exercise which the company will continue to do going
      forward.  The company also reduced 1 row of J & Y
      class seats to improve passenger convenience on most
      of its flights.

    * The growth in demand has also tapered off to some
      extent due to increasing Fuel surcharges which have
      started affecting the lowest price paying segment of
      the market.  This market segment had contributed to
      very high growth rates in last few years.  The
      overall traffic growth in the market for Q4 was 11%  
      as compared to same period last year.

    * Fuel costs were higher by Rs. 1,284 million
      (US$32.0 million) versus the same period a year ago;
      this was largely due to higher rates of fuel and
      higher number of flights including increase in long
      haul sectors operated.  The average fuel rate was at
      Rs. 47.44 per litre as compared to Rs. 36.51 a year
      ago and Rs 44.19 per litre in the preceding quarter.

Increase in other operating costs

    * There was a charge close to of Rs. 690.1 million
      (US $ 17.2 million) on account of derivative
      transactions which were marked to market as on
      March 2008, and were extraordinary in nature.

    * Additional there were instances of aircraft on ground
      and not having been fully utilized for the quarter
      and the impact of such instances was Rs. 240.72 million
      (US$6.0 million).  These aircraft have been fully
      utilized in June 2008.

    * At the Company level, the average staff numbers
      increased from 10,590 to 12,777 on account of the
      expansion in level of international operations.  New      
      hires among pilots, engineers and cabin crew
      constituted the bulk part of this increase.

    * The increases in all other costs were in line with
      the increase in level of operation and in most
      instances even lower than that of the same period
      last year.

International operations

The revenues from International operations now account
for 42.% of operating revenues (Rs. 11,598 million,
US$289.1 million) as compared to 23.7% (Rs. 4,689 million,
US$107.86 million) in the fourth quarter of last year.

The Company achieved a seat factor in international
operations of 69.0% for the quarter (76.6% a year ago).

The pre-tax loss on international operations was Rs. 2,633
million (US $ 65.6) as against a pretax profit of Rs. 31 million
(US $ 0.7million) in the same period last year.  This was
largely on account of the start up nature of the new routes to
the USA, Gulf that we started during the last few months.

During the quarter, the company inducted 3 additional widebody
aircraft to the fleet in addition to the 3 narrow body aircraft
that we added to our domestic fleet.

International network has been further enhanced with more
codeshare agreements,
the principal amongst them being the ones with American
Airlines, Air Canada, ANA and Etihad more recently.

Outlook

The next few quarters is expected to be impacted negatively by
very high fuel prices as the company has seen in the months of
April, May and June and airlines across the world are reeling
under this "oil shock".  This is putting significant pressure on
airline operating costs

The current rate per liter of ATF is close to Rs. 70 as compared
to Rs. 39 in January 2007.  Though fuel surcharges in the
domestic operations have been increased consistently, basic
fares have been under pressure.

The domestic and International seat factors in the months of
April and May 2008 have been at around 74%  and  64 %
respectively.

The company said it has maintained its Market leadership
position consistently despite not adding any seat capacity and
its seat factors have been much higher than the industry
average.

The rate of capacity induction in the domestic environment has
seen a steady decrease quarter over quarter.  Airlines are
reportedly going slow on capacity addition and some airlines are
also reportedly pulling out of certain markets/ routes.  These
factors should help in bringing stability to the market and help
to increase yield.

Jet Airways has recently implemented a minimum selling price in
addition to increased YQ.  This will also help improve/ increase
yields.

During the first half of FY 2009, the company launched new
sectors including San Francisco, Hong Kong and Abu Dhabi.  It
plans to launch flights to Dubai and Saudi Arabia by October
2008, which will complete its first phase of International
expansion.

Though the very high oil prices are affecting demand on
International sectors to some extent, Jet Airways' forward
bookings on international routes are as per its expectations.

No major relief on input costs like Sales Tax or Excise has some
through except in some states.  The airlines have been actively
lobbying with the ministry on these issues and the company
awaits any decision in this regard, which it believes will be
positive for the industry.

Overall, the company expects the next few quarters to be very
challenging.

            Jet Lite's Q4 and Year Ended March 2008 Results

    * Achieved seat factor of 69.5% in Q4
      (vs 71.6% for Q3 FY08)

    * Achieved Revenues of Rs. 3,874 million
      (US$96.6 million) in Q4 and 15,055 million
      (US$375.2 million) for FY'08 v/s  
      Rs. 20,147 million (US $ 463.5 million) for FY 2007.

    * Negative EBITDAR of Rs. 832 Million (US$20.7 million)
      in Q4 and Rs. 1,457 million (US $ 36.3 million)
      for FY'08 v/s negative Rs. 2,809 million  
      (US$64.6 million) for FY 2007

    * Loss before tax of Rs. 1,633 million
      (US $ 40.7 million) in Q4 and Rs. 4,396 million
      (US $ 109.6 million) for FY'08 v/s loss of
      Rs. 6,877 million (US $ 158.2 million) for FY 2007.

    * Break even seat factor for FY'08 at  93.6  %
      (vs  92.5%  in FY 2007)

    * Revenue per RPKM Rs. 3.2 in Q4 and Rs. 3.4 in
      FY'08 (vs  Rs 4.6 in FY 2007)

    * Cost per ASKM Rs. 3.3 in Q4 vs Rs. 3.1 in Q3 only
      due to high fuel rate.

    * Cost per ASKM w/o Fuel is ~40% lower than previous
      year ( Rs.1.72 in FY'08 vs 2.85 in FY'07 )

Exchange rate used 1 USD = INR 40.12

                         About Jet Lite

Jet Lite currently operates a fleet of 24 aircraft, which
includes 17 Boeing B737 and 7 CRJs. Jet Lite operates around 135
flights daily.

Currently serves 31 destinations within India and also flies to
Colombo and Kathmandu.

                       About Jet Airways

Jet Airways currently operates a fleet of 84 aircraft, which
includes 10 Boeing 777-300ERs aircraft, 54 classic and next
generation Boeing 737-400/700/800/900 aircraft, 9 Airbus A330-
200 aircraft, and 11 modern ATR 72-500 turboprop aircraft. With
an average fleet age of 4.30 years, the airline has one of the
youngest aircraft fleet in the world. Jet Airways operates over
385 flights daily.

Jet Airways currently flies to 62 destinations that span the
length and breadth of India and beyond, including New York (JFK
and Newark), Toronto, Brussels, London Heathrow, Singapore,
Kuala Lumpur, Colombo, Bangkok, Dhaka, Kathmandu, Bahrain,
Kuwait, Doha Muscat, Abu Dhabi, Shanghai, and San Francisco. The
airline plans to extend its international operations to other
cities in North America, Europe, Africa and Asia in phases with
the introduction of wide-body aircraft into its fleet. Since its
inception in May 1993 to March 2008, Jet Airways has flown over
82.8 million passengers.

                          *     *     *

Bloomberg News reported yesterday, July 1, that Jet Airways
(India) Ltd. fell to a record low in Mumbai on concern higher
jet fuel prices will widen losses from an estimated US$1.5
billion this year.

Jet Airways slumped 11.3 percent to 380.75 rupees, extending its
decline for the year to 62 percent.   The decrease is the
carrier's lowest since it sold shares for 1,100 rupees apiece in
Feb. 2005.

"Jet Airways' shares have room to decline further as it's
expected to post losses for the next two years," Lokesh Garg, an
analyst with Kotak Securities Ltd., was cited by Bloomberg News
as saying.  "It may touch as low as 300 rupees."

Jet Airways and its budget-carrier unit may post a combined loss
of 20 billion rupees in the next two fiscal years, Citigroup
Inc.'s note to clients on June 26 said as cited by Bloomberg
News.


M/S ANKIT TRADESEC: RBI Cancels Certificate of Registration
-----------------------------------------------------------
The Reserve Bank of India canceled the certificate of
registration granted to M/s Ankit Tradesec Limited for carrying
on the business of a non-banking financial institution.

Following cancellation of the registration certificate, M/s
Ankit Tradesec Limited, cannot transact the business of a non-
banking financial institution.

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

M/s Ankit Tradesec Limited Cancelled has its registered office
at 384-M, 1st Floor, Dabholkar Wadi, Kalbadevi Road, in Mumbai.


SHREE SAI PRAKASH: CRISIL Rates Bank Facilities at `BB+'
--------------------------------------------------------
CRISIL has assigned its bank loan ratings of `BB+/Stable' to the
various bank facilities of Shree Sai Prakash Alloys Pvt Ltd, a
part of the Saiji group of industries.

   Rs.55.0 Million Cash Credit* BB+/Stable (Assigned)
   Rs.29.8 Million Term Loan  BB+/Stable (Assigned)

*Includes proposed facility of Rs 25.8 Million

The ratings reflect the liquidity constraints faced by the group
because of rising raw material prices and uncertain business
conditions in Meghalaya, and the cyclicality inherent to the
steel business.  These weaknesses are mitigated by the
increasing integration in the group's operations, which has
strengthened the group's market position.

For arriving at the ratings, CRISIL combined the financials of
Shree Sai Smelters (India) Ltd, Shree Sai Prakash Alloys Pvt
Ltd, Shree Sai Megha Alloys Ltd, and Shree Sai Rolling Mills
(India) Ltd.  All ingots produced by Shree Sai Smelters (India)
Ltd and Shree Sai Prakash Alloys Pvt Ltd are used by Shree Sai
Rolling Mills (India) Ltd, and Shree Sai Megha Alloys Ltd has
guaranteed all the loans of Shree Sai Smelters (India) Ltd and
Shree Sai Prakash Alloys Pvt Ltd.  All these entities are based
in Meghalaya.

Outlook: Stable

CRISIL expects the group to maintain its credit profile, backed
by increase in revenues as a result of increase in capacities.  
The outlook may be revised to `Positive' if the group's
liquidity position improves.  Conversely, the outlook may be
revised to `Negative' in case the group undertakes large debt-
funded capital expenditure, or in case the group's profitability
deteriorates further.

                        About the Group

Shree Sai Smelters (India) Ltd and Shree Sai Prakash Alloys Pvt
Ltd, based in Byrnihat, Meghalaya, are part of the Saiji group
of industries, promoted by Mr. J P Jaiswal and Mr. Sandeep
Bhagat.  The group has a manufacturing presence in Assam,
Meghalaya, West Bengal, and Arunachal Pradesh.  The group's
facilities have an installed capacity to produce 48,000 metric
tonnes per annum (mtpa) of rolling materials in Shree Sai
Rolling Mills (India) Ltd; 32,000 mtpa of ingots, and 7500 mtpa
of ferro-alloys in Shree Sai Smelters (India) Ltd; and 28,000
mtpa of ingots in Shree Sai Prakash Alloys Pvt Ltd.

For 2006-07 (refers to financial year, April 1 to March 31), the
group entities posted an operating income of Rs.457 million
(Rs.496 million in the previous year) and profit after tax of
Rs.27 million (Rs.29 million).


SHREE SAI SMELTERS: CRISIL Rates Bank Facilities at `BB+'
---------------------------------------------------------
CRISIL has assigned its bank loan ratings of `BB+/Stable' to the
various bank facilities of Shree Sai Smelters (India) Ltd, a
part of the Saiji group of industries.

  Rs.56.8 Million Cash Credit*  BB+/Stable (Assigned)
  Rs.4.5 Million Term Loan  BB+/Stable (Assigned)

* Includes proposed facility of Rs 25 million.

The ratings reflect the liquidity constraints faced by the group
because of rising raw material prices and uncertain business
conditions in Meghalaya, and the cyclicality inherent to the
steel business.  These weaknesses are mitigated by the
increasing integration in the group's operations, which has
strengthened the group's market position.

For arriving at the ratings, CRISIL combined the financials of
Shree Sai Smelters (India) Ltd, Shree Sai Prakash Alloys Pvt
Ltd, Shree Sai Megha Alloys Ltd, and Shree Sai Rolling Mills
(India) Ltd.  All ingots produced by Shree Sai Smelters (India)
Ltd and Shree Sai Prakash Alloys Pvt Ltd are used by Shree Sai
Rolling Mills (India) Ltd, and Shree Sai Megha Alloys Ltd has
guaranteed all the loans of Shree Sai Smelters (India) Ltd and
Shree Sai Prakash Alloys Pvt Ltd.  All these entities are based
in Meghalaya.

Outlook: Stable

CRISIL expects the group to maintain its credit profile, backed
by increase in revenues as a result of increase in capacities.  
The outlook may be revised to `Positive' if the group's
liquidity position improves.  Conversely, the outlook may be
revised to `Negative' in case the group undertakes large debt-
funded capital expenditure, or in case the group's profitability
deteriorates further.

                         About the Group

Shree Sai Smelters (India) Ltd and Shree Sai Prakash Alloys Pvt
Ltd, based in Byrnihat, Meghalaya, are part of the Saiji group
of industries, promoted by Mr. J P Jaiswal and Mr. Sandeep
Bhagat.  The group has a manufacturing presence in Assam,
Meghalaya, West Bengal, and Arunachal Pradesh.  The group's
facilities have an installed capacity to produce 48,000 metric
tonnes per annum (mtpa) of rolling materials in Shree Sai
Rolling Mills (India) Ltd; 32,000 mtpa of ingots, and 7500 mtpa
of ferro-alloys in Shree Sai Smelters (India) Ltd; and 28,000
mtpa of ingots in Shree Sai Prakash Alloys Pvt Ltd.

For 2006-07 (refers to financial year, April 1 to March 31), the
group entities posted an operating income of Rs.457 million
(Rs.496 million in the previous year) and profit after tax of
Rs.27 million (Rs.29 million).


VEDANTA RESOURCES: Fitch Assigns 'BB+' Rating on $1,250MM Bonds
---------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB+' to the UK-
based Vedanta Resources PLC's senior unsecured unsubordinated
US$1,250 million bond issue.  The issue comprises two series:
US$500 million bonds due January 2014 and US$750 million bonds
due July 2018.

The rating action follows the completion of the issue and
receipt of documents conforming to information already received.  
The rating is the same as the expected rating assigned on 16
June 2008.

Vedanta is a leading metals and mining company based in London,
and has operations spanning zinc, copper, iron ore and aluminium
in India, Zambia, and Australia; the bulk of Vedanta's earnings
and assets are in India.  The proceeds from the issue will be
partly used to invest in some of its ongoing capex programmes,
provide the company with additional financial flexibility and
refinance existing debt.



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

ANEKA TAMBANG: Inks Joint Venture Agreement with Jindal
-------------------------------------------------------
PT Aneka Tambang (Antam) and Jindal Stainless Limited have  
signed a Joint Venture Agreement to develop a nickel smelting
and stainless steel facility in North Konawe, South East
Sulawesi.  Antam will have a 55% interest in the project with
Jindal owning a 45% share.

Initially the project is planned to have a capacity of around
20,000 tonnes per annum (tpa) of contained nickel in ferronickel
and around 250,000 tpa for stainless steel, mainly the high
quality 300 Series.  Based on a proposed market survey to be
commissioned soon, the final end product may be stainless steel
slabs or possibly stainless steel long products.

Antam will contribute its mining and nickel processing expertise
as well as its local knowledge and experience while Jindal will
contribute its stainless steel processing and marketing
expertise as well as its global marketing network for the sales
and distribution of the joint venture's products.

The integrated project shall process nickel ore from Antam's
Mandiodo concession, which has an average nickel grade of about
1.5%.  In addition to nickel smelting and stainless steel, the
facility will also include its own coal-based captive power
plant, water treatment plant, seaport and other necessary
infrastructure including residential facilities for its
employees.  This project may be the first time any where in the
world where a stainless steel processing mill is located
together with a nickel plant and mine.  This arrangement may
result in very significant cost savings and shall make the
venture highly competitive.  Total investment is estimated at
about USD700 million which will be funded with an optimum mix of
Debt and Equity.

A Joint Team between the Companies is getting formed to
establish the Joint Venture Company which may be called as PT.
Antam Jindal Stainless Indonesia.  Construction activities of
the Complex may start from early of 2009.  The Complex is
expected to be commissioned by middle of 2011.

For Antam, this project is part of its business strategy of
product diversification to improve shareholders' value.  This
project also helps the industrial development of Indonesia as it
involves the processing of natural resources within the country,
creating maximum value compared to simply exporting ore.

As for Jindal, who already have a Stainless Steel Cold Rolling
Complex in Indonesia for several years, the development of the
project is part of their business strategy to become one of the
leading player in the Stainless Steel industry globally.

                       About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 17, 2008, Moody's Investors Service upgraded PT Aneka
Tambang (Persero) Tbk's corporate family rating to Ba3 from B1.
The action concluded the review for possible upgrade which
commenced on October 22, 2007.

On Dec. 4, 2006, that Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Indonesian state-owned
miningcompany PT Antam Tbk. to 'B+' from 'B'.  The outlook is
stable.  At the same time, Standard & Poor's also raised to
'B+', from 'B', the rating on the senior unsecured notes issued
by Antam Finance Ltd. and guaranteed by Antam.


BAKRIE SUMATERA: Expecting to Get a US$150 Mil. Loan This Month
---------------------------------------------------------------
PT Bakrie Sumatera Plantations hopes to receive a loan of
US$150 million from a bank syndicate in the middle of this
month, Antara News reports.

According to a company official cited by Antara News, the
company needs the fund to finance expansion of oil palm
plantations by 50,000 hectares in Riau and Kalimantan.

Antara cited Finance Director Harry M Nadir as saying that the
U.S. dollar loan from local and foreign banks will carry an
annual interest rate based on LIBOR.

Headquartered in Sumatra, Indonesia, PT Bakrie Sumatera
Plantations Tbk is Indonesia's third largest largest publicly
traded plantation company.  It is 54% owned by PT Bakrie &
Brothers Tbk, and its products include crude palm oil, palm
kernel oil and latex.  It was listed in 1990 on the Jakarta
Stock Exchange.

BSP carries Standard & Poor's Ratings Services' 'B' corporate
credit rating.  The outlook is stable.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 28, 2007, that Standard & Poor's Ratings Services affirmed
its 'B' corporate credit ratings on Indonesia's PT Bakrie
Sumatera Plantations Tbk.  S&P said the outlook is stable.

On Sept. 27, 2007, Moody's Investors Service has changed to
positive from stable the outlook for Bakrie Sumatera Plantations
Tbk's B2 corporate family rating and secured bond rating on its
US$160 million notes.


PT INDOSAT: Bakrie Plans to Buy 10-15% Stake in Open Market
-----------------------------------------------------------
Bakrie group plans to buy a 10-15 percent stake in PT Indosat in
the open market, Reuters reports citing sources familiar with
the deal.

"This is, in our opinion, the first sign of the much-awaited
consolidation in the telecom sector.  So this presents a good
opportunity, an attractive business opportunity for companies
like Bakrie Telecom," Dileep Srivastava, a director at Bakrie &
Brothers, was quoted by Reuters as saying.

One of Reuters' sources said that the deal, which will increase
Bakrie's stake, was still at an early stage.

Mr. Srivastava even called the planned stake acquisition as
"rumor" but added that the group are watching the development
closely, whether there's an opportunity to enhance the value for
Bakrie's telecom operation, the report adds.


* INDONESIA: Manufacturing Sector Expected to Grow 5.6% in 2009
---------------------------------------------------------------
Indonesia's manufacturing sector is expected to grow by 5.6%
percent in 2009 on spending ahead of a general election and as
industries are expected to recover from a recent fuel price
hike, Reuters reports citing industry minister Fahmi Idris as
saying.

"We expect the manufacturing sector to grow faster next year as
companies have started recovering from the fuel price hike,"
Mr. Idris told Reuters.

The news agency adds that according to Mr. Idris, the growth in
the manufacturing sector next year will be supported by the
machinery and transportation sector, including automotive and
motorcycles industries,.

The report also notes that government estimates manufacturing
output will grow 5% percent this year, less than 7.43% predicted
at the start of this year due to rising crude oil and
commodities prices.

The manufacturing industry is accounted for 27% of GDP in the
first quarter of 2008, the news agency recounts.



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

SKYLARK CO: To Keep Prices of Dumplings Despite High Costs
----------------------------------------------------------
Skylark Co. Limited said that its struggling "Bamiyan" Chinese
restaurant chain has moved the opening time of all its outlets
in Japan back one hour to 9 a.m. to attract customers for
breakfast, Jiji Press reports.

The company aims to appeal to elderly and women customers with
the new service at some 650 Bamiyan restaurants.  It has
expanded the menu beyond Chinese dishes for breakfast.

Bamiyan, the report says, will keep the prices of Chinese
dumplings unchanged this year despite the surging cost of
ingredients.

                     About Skylark Co

Headquartered in Tokyo, Japan, Skylark Co. Ltd. --
http://www.skylark.co.jp/-- operates a chain of family   
restaurants in Japan through the following divisions:
Restaurants and food; Construction and maintenance and Other.  
The Restaurants and food division engages in restaurant chain
operations, sale of food materials and prepared foods, food
transportation and cleaning.  The Construction division deals
with design, construction and repairs of restaurants and
maintenance of building facilities.  The Other business division
deals with wallpaper, manufacture and sale of automobile goods,
real estate buying and selling and hotels and condominium
operations.

The Troubled Company Reporter - Asia Pacific reported on
July 26, 2006, that Standard & Poor's Ratings Services had
lowered its long-term corporate credit and senior unsecured debt
ratings on Skylark Co. Ltd. by two notches to 'BB' from 'BBB-',
on expectations of weakening profitability and a deterioration
in he company's debt structure over the next one to two years,
due to an increase in bank borrowings to carry out a management
buyout and to enhance the profitability of its existing
restaurants.

At the same time, S&P removed Skylark's ratings from CreditWatch
where they were placed with negative implications on June 9,
2006, after its announcement that it would conduct an MBO
through a tender offer for Skylark shares, aimed at privatizing
the company.


* JAPAN: Dev't Bank Posts JPY33.8BB Loss for FY Ended March
-----------------------------------------------------------
The Development Bank of Japan posted JPY33.8 billion (US$318.4
million) in losses linked to the credit turmoil caused by the
subprime crisis for the fiscal year ended in March, the Wall
Street Journal reports.

The bank, the report relates, said that the losses, stemming
from securitized products owned by the bank and its
subsidiaries, tripled from the JPY11.4 billion reported at the
end of September.

Net profit on a parent basis fell 28% to JPY53.9 billion from
the year before, the report notes.

As reported by the Troubled Company Reporter - Asia Pacific on
July 1, 2008, Japanese bank profits fell 34% to JPY2.3 trillion
(US$22 billion) in the year ended March 31 on investment losses.



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

KOSMO TECHNOLOGY: Posts MYR2.54 Mil. Net Loss in 1st Qtr. 2008
--------------------------------------------------------------
Kosmo Technology Industrial Berhad posted a net loss of
MYR2.54 million on MYR1.61 million of revenues in the first
quarter ended March 31, 2008, as compared to MYR375,000 net
profit on MYR12.01 million of revenues in the same quarter of
2007.

For current quarter under review, turnover decreased by
MYR9.364 million as compared to the proceeding quarter of
RM10.974 million.  This represents a decrease of 85.32% due to
cancellation of order as a result of the poor payment history of
the customer.

As of March 31, 2008, the company's balance sheet showed
MYR7.23 million of current assets and MYR112.12 million of
current liabilities.

                      About Kosmo Technology

Kosmo Technology Industrial Bhd., formerly known as Orion Unggul
Sdn. Bhd., is a Malaysia-based investment holding company.  The
company operates through two business segments: investment
holding and car accessories, which is engaged in the manufacture
and sale of plastic injection mould car accessories.  The
company operates through its subsidiaries Kosmo Motor Company
Sdn. Bhd. and Hexariang Sdn. Bhd. Kosmo Motor Company Sdn. Bhd.
is engaged in importing, assembling, distributing and
maintaining commercial vehicles.  Hexariang Sdn. Bhd. is an
investment holding company.  Nagatrend Sdn. Bhd., which is a
subsidiary of Hexariang Sdn. Bhd. is engaged in the manufacture
and sale of car accessories.  The company also has a 30% equity
interest in M Dot Mobile Sdn. Bhd.

                         *     *      *

As reported by the Troubled Company Reporter-Asia Pacific on
May 14, 2008, Kosmo Technology Industrial Berhad has been
considered as an Affected Listed Issuer under Practice Note No.
17/2005 of the Bursa Malaysia Securities Berhad as the company
was unable to provide a solvency declaration.

The company is currently encountering cash flow problems and has
been unable to meet its obligations in payment of loans and to
creditors.  A notice of demand has been issued to Kosmo by Zul
Rafique & Partners for and on behalf of CapOne Berhad and
Malaysian Trustees Berhad for the repayment of the whole loan
facility together with all interest payable amounting to
MYR52,029,322.


TENGGARA OIL: Incurs MYR1.09MM Net Loss in Qtr. Ended April 30
--------------------------------------------------------------
Tenggara oil Berhad posted a net loss of MYR1.09 million in the
first quarter ended April 30, 2008, as compared to the recorded
MYR22.27 million net loss in the same quarter of 2007.

The Group's pre-tax loss in the current quarter at
MYR 1.091 million was lower  compared to the pre-tax loss of
MYR22.273 million in the corresponding quarter last year; a
decrease of MYR21.182 million.  The decrease in pre-tax losses
was primarily due to the deconsolidation of loss making
subsidiaries and the discontinuing of operations of other
subsidiaries in connection with the  Proposed Corporate and Debt
Restructuring Scheme that was registered in the previous
quarter.   

The Group did not have any revenue for the first quarter under
review due to the discontinued operations of its subsidiaries.   
Revenue for the corresponding quarter last year was MYR421,000.

As of April 30, 2008, the company's balance sheet was illiquid
with MYR8.8 million of current assets and MYR45.44 million of
current liabilities.

                        About Tenggara Oil

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of implementing a debt restructuring
scheme with relevant parties.


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

124 MARKET: Names John Francis Managh as Liquidator
---------------------------------------------------
The High Court Auckland appointed John Francis Managh as the
liquidator of 124 Market Ltd. on May 23, 2008.

the Liquidator can be reached at:

         John Francis Managh
         50 Tennyson Street
         PO Box 1022, Napier
         New Zealand
         Telephone/Facsimile: (06) 835 6280


BAIRDS ROAD: Appoints Grant and Khov as Liquidators
---------------------------------------------------
Damien Grant and Steven Khov were appointed liquidators of
Bairds Road Scrap Ltd. on May 30, 2008.

Only creditors who were able to file their proofs of debt by
June 27, 2008, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

         Damien Grant
         Steven Khov
         Waterstone Insolvency
         PO Box 352, Auckland
         New Zealand
         Freephone: 0800CLOSED
         Facsimile: 0800FAXWSI


DOMINION FINANCE: Has Until July 7 to File Annual Report              
--------------------------------------------------------
Dominion Finance Holdings Limited has not provided its annual
report for the period ending March 31, 2008, which under Listing
Rule 10.5.1 was due to be issued to NZX on June 30, 2008, New
Zealand Stock Exchange Regulation advised.

Pursuant to the policy set out in Footnote 2 of Listing Rule
5.4.3, if an Issuer has not issued its Annual report within 5
Business Days of the due date, quotation of that Issuer's
Securities will be suspended until the Issuer has issued its
Annual report in accordance with Listing Rules 10.5.1 and
10.5.2.

According to NZX, if Dominion Finance has not issued its report
by July 7, 2008, NZX gives notice that trading in DFH securities
will be suspended effective from the commencement of trading on
July 8, 2008.

                      About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
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.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 1, 2008, Dominion Finance Holdings Limited suspended
payment of interest on its listed Capital Notes.

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

According to the company, its Board of Directors had become
concerned about the liquidity position of its two subsidiaries -
- Dominion Finance Group Limited and North South Finance
Limited -- 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.


FITOUT SERVICES: Court to Hear Wind-Up Petition on August 1
-----------------------------------------------------------
The High Court at Auckland will hear on August 1, 2008, at
10:45 a.m., a petition to have Fitout Services 2006 Ltd.'s
operations wound up.

Forman Commercial Interiors Limited filed the petition on
April 29, 2008.

Forman Commercial's solicitor is:

         L. A. Clement
         PO Box 36636, Merivale
         Christchurch
         New Zealand
         Telephone:(03) 354 2920
         Facsimile:(03) 354 2930


GENEVA FINANCE: Appoints New Directors
--------------------------------------
Geneva Finance Limited has appointed Robin King and Phillip Bell
as directors, following the acceptance of its Capital
Reconstruction Proposal, and the first of its scheduled
repayments to investors.  Mr. King and Mr. Bell's appointments
come at a time of renewed activity which will see the company
list on the NZAX on July 1, 2008.

Managing director David O'Connell said the appointments were a
key stage in Geneva's successful navigation of New Zealand's
presently unstable financial climate.  "We are continuing to
meet our Capital Reconstruction Proposal obligations to
investors, and are on track for our listing."

"We understand that quality of management is a critical issue
for investors in all finance companies, as it should be, and we
are delighted to have directors of Robin and Phillip's calibre,
and financial and management expertise, with Geneva. They will
play a crucial role in our new team through their directorship,
and the business knowledge and experience they bring to
Geneva."

Mr. King was the founder and director of the successful building
services firm Robin King & Associates, which he operated for
more than 20 years and remained company accountant after selling
out in 1997.  He has extensive experience in investment and
management, and has held directorships with a number of
companies in both New Zealand and Australia.

Mr. Bell has 25 years' experience in the banking and finance
sector.  Since 1996 he has been joint owner of CapitalGroup
Limited, which provides advice and invests in New Zealand
business and property projects. He has degrees in law and
commerce, and previously held positions with Countrywide Bank in
New Zealand and Hill Samuel in London.      

                     About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/--    
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2008, Standard & Poor's Ratings raised its long-term
counterparty credit rating on New Zealand finance company Geneva
Finance Ltd. (Geneva) to 'CCC' from 'CC'.  The three-rating-
notch upgrade follows Geneva debtholders' acceptance of a
recapitalization and new funding proposal, and Geneva's banker
support to the proposal.  The proposal will provide more funding
certainty in the short term, and will materially strengthen the
company's capitalization.   At the same time, the rating was
removed from CreditWatch with developing implications, where it
was initially placed on Nov. 5, 2007.  The outlook on the rating
is negative.


NORTHPROP PROJECTS: Fixes July 24 as Last Day to File Claims
------------------------------------------------------------
The creditors of Northprop Projects Ltd. are required to file
their proofs of debt by July 24, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

         Damien Grant
         Steven Khov
         Waterstone Insolvency
         PO Box 352, Auckland
         New Zealand
         Freephone: 0800CLOSED
         Facsimile: 0800FAXWSI


RISK ADMINISTRATION: Taps Lawrence & McCullagh as Liquidators
-------------------------------------------------------------
On May 29, 2008, Stephen Mark Lawrence and Anthony John
McCullagh were appointed liquidators of Risk Administration
Services Ltd.

Creditors are required to file their proofs of debt by July 4,
2008, to be included in the company's dividend distribution.

The Liquidators can be reached at:

         Stephen Mark Lawrence
         Anthony John McCullagh
         c/o Horwath Corporate (Auckland) Limited
         PO Box 3678, Auckland 1140
         New Zealand
         Telephone:(09) 306 7425
         Facsimile:(09) 302 0536


STANSVILLE LTD.: Taps Grant and Khov as Liquidators
---------------------------------------------------
On May 30, 2008, Damien Grant and Steven Khov were appointed
liquidators of Stansville Ltd.

Only creditors who were able to file their proofs of debt by
June 27, 2008, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

         Damien Grant
         Steven Khov
         Waterstone Insolvency
         PO Box 352, Auckland
         New Zealand
         Freephone: 0800CLOSED
         Facsimile: 0800FAXWSI



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

BENGUET CORPORATION: Unveils Status of Business Plan
----------------------------------------------------
Benguet Corporation disclosed that after the company received
approval, it started to implement the Business Plan which
essentially positions the Sta. Cruz Nickel Project (SCNP) as
catalyst for the development of its other mining projects and
activities, and ITomwhich the Company expects to draw
substantial profit to bring about the reversal of its negative
stockholder's equity,

To date, the following developments on SCNP - given the DENR
stringent regulatory regime for large scale mining projects,
have been accomplished:

   * The geophysical survey conducted by Chinese consultants is,
     100% complete and the collection of geochemical samples is
     28.1% complete.  Simultaneous with the geophysical survey
     is the in-house geochemical survey and the results of
     which, correlated with the geophysical survey result,
     should be able to delineate anomalies for nickel and mark
     the bedrock topography.  The survey result would greatly
     reduce the cost to drill and allow the company to shorten
     the time in establishing ore reserve to be used for a
     feasibility study for a processing plant;

   * the host commuhity of the project, Barangay Guisguis and
     the Sangguniang Bayan of the Municipality of Sta. Cruz
     have given their favorable endorsement to the project.
     Permits to start initial mining have been issued by the
     DENR.  In preparation for mining operation, a dedicated
     road and port site have been acquired and are being
     developed.  The company presently has recovered total
     stockpile of 90,176 WMT with an average grade of 1.78%
     nickel and 11.25% iron.  Commercial shipments are targeted
     for the second half of 2008;

   * Office and living quarters at campsite have been
     constructed and ready for occupancy.  Other facilities
     under construction and nearing completion are the sample
     preparation building and assay building.  Assay equipment
     is awaiting delivery; and

   * On environment and community relations, slope stabilization
     of mined out area of illegal miners have been undertaken
     and three siltation dams (for pollution control) have been
     established in Area 1 while one in Area 3 is now 60%
     complete.  The company implemented a medical mission,
     interim supplementary feeding and anti-malnutrition program
     and offered a high school and vocational-technical
     scholarship program for the school year 2008-2009.  In the
     aftermath of typhoon "Cosme", the Company launched relief
     operations by distributing food and donating construction
     materials in the locality.

          Status of Other Mining Projects of the Company

    (i) Kingking Copper-Gold Project in Pantukan, Compostela
        Valley Province:

As operator of the project and in accordance with the extended
2-year exploration period granted by the DENR, the company
posted a performance bond with the Mines and Geosciences Bureau
(MGB) in the amount of PHPI81.5 million on February 22, 2008.  
The company started to implement the Extended Exploratin Work
Program which includes the preparation of the Bankable
Feasibility Study (BFS).  The company officially contracted SRK
Consulting, a leading engineering design firm based in
Australia, to complete the BFS.  The first phase of the
feasibility study will focus on mining the oxide portion of the
property, saving the sulfide portion for the second phase.  The
company expects to generate early revenue from the oxide portion
as the larger sulfide area is being studied.  The result of the      
BFS will be reported in accordance with the Philippine Mineral
Reporting Code (PMRC) standards.


   (ii) Gold Tailings Beneficiation Project:

The company is completing the feasibility study of Balatoc
Tailings Beneficiation Project in Itogon, 'Benguet Province.   
During the first quarter of 2008, the company has drilled six 4-
in diameter holes on Tailings Pond 1 in order to obtain
representative samples to be used in the metallurgical test in
Beijing General Research Institute for Mining and Metallurgy
(BGRIMM) of China, MGB Assay Laboratory and in-house
test in Balatoc, Itogon, Benguet.  The average grade of the
tailings sampltis is 0.922 grams of gold per tonne (versus the
initially reported grade of 0.87 grams of gold per tonne).  The
company has also applied for an amendment in the ECC with the
Environmental Management Bureau (EMB) for BTBP.  Moreover,
researches on the best mining approach, the re-utilization of
the Antamok mill, the most economical tailings disposal system
and the socio-political impact are in progress.  The detailed
feasibility studies will be completed by the fourth quarter of
this year.

   (iii) Surigao Coal Project:

The Coal Operating Contract for 12 coal blocks covering 12,000
hectares for the Company's Surigao Coal Project in Lianga,
Surigao del Sur, was extended by the Department of Energy (DOE)
up to May 22, 2011.  The project has an initial resource of 31.7
million metric tonnes with an average heating value of 7,333 BTU
per pound over 6 blocks of lignitic and sub-bituminous coal.  
The company continues to negotiate with local and foreign
parties who are interested in the coal property such as a coal
liquefaction project, a cement manufacturer, and a steel-makIng
plant, among others and have likewise presented to Global
Steel and General Electric.  The company foresees that the
demand for local coal will increase in the near to medium term
as higher quality coal supply from other countries tighten for
their own and China's huge requirements.  The company has
initiated activities to obtain ECC that would allow it to start
development and mining by open pit of an accessible 659,000
metric tonnes coal reserve at Block No. 206 at an initial
production rate of 60,000 metric tonnes per year.

The foregoing show that the company is implementing the Business
Plan as approved by the PSE on November 14, 2007.  Barring
unforeseen factors and unfavorable future events outside
the control of the company, such as those affecting nickel and
other metal prices as well as foreign exchange rate, the company
is optimistic of being able to accomplish its objective of
reporting a positive stockholder's equity by 2010, if not
sooner.

Benguet Corporation -- http://www.benguetcorp.com/-- was
organized to primarily engage in gold mining.  It expanded into
chromite and copper production, and then into the fields of
general engineering and industrial construction, agriculture,
shipping, banking and finance, real estate and forestry-based
ventures.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 11,
2007, that Jaime F. Del Rosario at Sycip Gorres Velayo and Co.
raised significant doubt on Benguet Corporation's ability to
continue as a going concern saying that the group has incurred
cumulative losses of PHP4.6 billion and PHP4.2 billion in 2006
and 2005.  The company booked a capital deficiency of
PHP2.2 billion and PHP1.9 billion as of December 31, 2006, and
2005, respectively.  The group's current liabilities exceeded
its current assets by PHP3.6 billion and PHP3.4 billion as of
December 31, 2006, and 2005, respectively.  In addition, the
group was unable to pay its maturing bank loans and related
interests.


EXPORT AND INDUSTRY: Still Finalizing Dec. 2007 Annual Report
-------------------------------------------------------------
Export and Industy Bank Inc said in its regulatory disclosure
with the Philippine Stock Exchange that the Bank's annual report
and financial statements for the peiod ending December 31, 2007,
could not be finalized as of June 30, 2008, as certain ancillary
agreements in relation to the sale of the Bank's remaining non-
core assets to EIB Realty Developers, Inc. have yet to be
completed.

The sale will be reflected in the Banks' audited financial
statements as it has substantial impact and the company's
auditors have required the submission of specific supporting
documents for this purpose.

Thus, the company requested that the trading of the Banks'
shares continue to be suspended until such time as its financial
statements and annual report have been submitted to its
regulatory agencies and disclosed accordingly.

                    About Export and Industry

Headquartered in Makati City, Manila, Export and Industry Bank,
Inc. -- http://exportbank.com.ph/-- has 50 branches and has
revived former Urban Bank unit under new names.  Its principal
activity is the provision of commercial banking services such as
deposit taking, loans and trade finance, domestic and foreign
fund transfers, treasury, foreign exchange and trust services.

Export and Industry Bank Inc. has posted a consolidated net loss
of PHP166.634 million in fiscal year 2006, its third annual net
loss following a PHP1.691-billion loss in 2005 and a
PHP459.07-million loss in 2004.


LODESTAR INVESTMENT: Discloses Results of Annual Meeting
--------------------------------------------------------
During the annual stockholders' meeting of Lodestar Investment
Holdings Corporation held on June 30, 2008, it was decided to
elect these persons as the company's directors for the year
ended 2008-2009:

   1. Alfonso S. Anggala
   2. Tian Anggala
   3. Virginia U. Gaisano
   4. Geraldine April U. Gaisano
   5. Johnny S. Anggala
   6. Chan Kok Bin (Independent Director)
   7. Tan Tian Siong (Independent Director)

At the same meeting, stockholders representing at least 2/3 of
the outstanding capital stock of the company approved and
ratified amendments to Section 2, Article III and ARticle VI of
the By-Laws of the company.

Punongbayan  & Araullo was appointed external auditor of the
company for the ensuing year.

During the organizational meeting of the newly-elected Board of
Directors of the company held immediately following the
stockholders' meeting, the following were elected officers of
the company:

   * Alfonso S. Anggala   - Chairman and President
   * Tian Anggala         - Vice Chairman
   * Aurora A. Chua       - Treasurer
   * Manuel Z. Gonzalez   - Corporate Sec. and Corporate Info.
                            Officer
   * Mia Jazmin M. Ormita - Asst. Corporate Secretary

The company also appointed these as member sof the commeeittees
of the Board of Directors:

   Audit Committee

   * Tan Tian Siong (Chairman)
   * Alfonso S. Anggala
   * Johnny S. Anggala

   Nomination Committee

   * Chan Kok Bin (Chairman)
   * Alfonso S. Anggala
   * Johnny S. Anggala

   Compensation Committee

   * Tan Tian Siong (Chairman)
   * Alfonso S. Anggala
   * Tian Anggala

                         About Lodestar

Lodestar Investment Holdings Corporation (LIHC) was originally
incorporated on January 3, 1974 as a mining and natural
resources exploration company under the name Lodestar Mining
Corporation. The company was engaged in the development of
several gold and chromite mining claims in Masbate, Cebu, Negros
Occidental and Palawan. In October 1991, due to unsuccessful
ventures in the development of mining claims, the company ceased
its exploratory mining operations. In August 2000, its Board and
stockholders approved the change in the company's corporate name
to its present one and primary purpose from a mining company to
an investment holding company. The Securities and Exchange
Commission approved the changes on October 3, 2003.

As an investment holding company, LIHC is evaluating various
business opportunities that are viable, growing, and profitable
business ventures. It is focused on investing on sectors that
currently promise the best growth potentials.

                         *     *     *
     
Based on Lodestar's financial statements for the
years ended December 31, 2007, Punongbayan & Araullo, the
company's independent auditor, has cast significant doubt on the
company's ability to continue as going concern, as the company
incurred a net loss of PHP1,930,980, PHP634,677 and PHP2,543,344
for the years ended December 31, 2007, 2006, and 2005,
respectively, and a capital defeciency of PHP529,833 and
PHP598,853 as of December 31, 2007 and 2006, respectively.  
Moreover, the company is dormant and does not engage on
commercial operations.


SWIFT FOODS: Elects Officers During Stockholders' Meeting
---------------------------------------------------------
During a stockholders' meeting held on June 26, 2008, Swift
Foods, Inc., the following were elected as directors:

   1. Jose Concepcion, Jr.
   2. Luis Bernardo A. Concepcion
   3. Francisco A. Segovia
   4. Felicisimo Nacino, Jr.
   5. Senen C. Bacani
   6. Antonette Palma-Angeles
   7. Alfredo Parungao
   8. Alejandrino Ferreria

Ms. Antonette Palma-Angeles, Messrs. Senen C. Bacani, Alfredo
Parungao and Alejandrino Ferreria qualify as Independent
Directors of the Issuer.

An Organizational Meeting of the Board ensued after the annual
stockholders' meeting where the following were elected officers
of the Issuer.

   * Jose S. Concepcion, Jr. Filipino -- Chairman of the Board/
                                         CEO

   * Luis Bernardo A. Concepcion      -- Director/President/COO;
   * Susan A. Kalalo                  -- Senior Vice -President;
   * Mildred C. Emlano                -- Chief Finance Officer
                                         & VP-Comptroller;
   * Eugenio B. Bayta, Jr.            -- AVP - National Broiler
                                         Operations Manager;
   * Ferdinand S. Sahagun Filipino    -- AVP - Cagayan de Oro
                                         Operations Manager;
   * Francisco A. Segovia             -- Treasurer;
   * Jose A. Bernas                   -- Corporate Secretary;
   * Marie Lourdes T. Sia-Bernas      -- Assistant Corporate
                                          Secretary
   * Mary Grace Tipones               -- Assistant Corporate
                                          Secretary

The company also appointed these personnel as members of these
committees:

                       Nomination Committe

Chairman: Jose S. Conception, Jr.
Member  : Senen C. Bacani
Member  : Luis Bernardo A. Conception

                         Audit Committee

Chairman: Senen C. Bacani
Member  : Alfredo B. Parungao
Member  : Luis Bernardo A. Conception

                      Compensation Committee

Chairman: Antonette Palma-Angeles
Member  : Jose S. Conception, Jr.
Member  : Alejandrino Ferreria
Member  : Felicisimo M. Nacino, Jr.

                  Strategic Planning Committee

Chairman: Alejandrino Ferreria
Member  : Senen C. Bacani
Member  : Alfredo B. Parungao

Non-Voting Members: Luis Bernardo A. Conception
                    Susan A. Kalalo

Mildred C. Emlano and Ana Karenina Reyes were appointed Officer
in Charge and Corporate Information Officer of the Issuer.

Sycip Gorres Velayo & Company was retained as the external
auditor of the Issuer.

                        About Swift Foods

Based in Mandaluyong City, Philippines,  Swift Foods Inc.
-- http://rfm.com.ph/swift/swift_foods/--  was incorporated on
June 6, 1994 to assume RFM's business of manufacturing,
marketing and distributing processed and canned meat products,
poultry products, and commercial feeds.  SFI was primarily
organized into two business divisions, namely, agribusiness
(poultry and feeds) and meat (meat processing and sales &
distribution) divisions.  In November 2001, employees of the
meat division went on a strike, which effectively caused the
closure of the Cabuyao plant. As a result, the Board of SFI
decided to transfer the marketing, selling and distribution
activities of the meat division to RFM Corporation to join the
latter's branded food group business effective October 1, 2002.

SFI's agribusiness division produces and sells poultry products,
namely, live and dressed/processed chicken.  About 70-80% of the
company's products are sold to its distributors which sell
mainly to downline accounts or wet markets.  The balance of 20-
30% are sold to both key and secondary accounts groups
representing mainly the supermarkets, groceries, hotels, and
restaurants, including the food service/fast food segment.  SFI
also produces feeds for the internal requirements of its poultry
business.  The company uses feeds in its farms and supplies
feeds to its contact growers nationwide.

                           *     *     *

Based on Swift Foods Inc.'s financial statements for the
years ended December 31, 2007 and 2006, indipendent auditor
Martin C. Guantes at Sycip Gorres Velayo & Co. noted that the
company has been able to reduce the excess of its current
liabilities over its current assets by PHP36.78 million from
PHP634.24 million in 2006 to PHP597.46 million in 2007.
However,  the auditor stated, which opinion the management
of the company shares, that the excess position of current
liabilities over current assets may have an effect on the
company's ability to continue operating in the normal
course of business.


UNIVERSAL ROBINA: Repurchases 1,561,900 Shares
----------------------------------------------
Pursuant to the buyback program of Universal Robina Corporation,
the company purchased these shares:

                                        Outstanding   Treasury
          Date of     Number of Price/ shares after shares after
Security  transaction  Shares   Share   transaction  transaction
--------  ----------  --------- -----   -----------  -----------
URC     June 27, 2008  300,000  Ph10.50 2,170,620,681 51,230,800
                       312,200  Ph10.25
                       949,700  Ph10.00
                       -------
                     1,561,900

Headquartered in Pasig City, Philippines, Universal Robina
Corporation -- http://www.urc.com.ph/-- is a branded food     
product company with presence in other Asian markets.  It was
founded in 1954 when Mr. John Gokongwei, Jr. established
Universal Corn Products, a cornstarch manufacturing plant, in
Pasig.  The Company has since expanded and is now involved in a
wide range of food businesses including the manufacture and
distribution of branded consumer foods, flour milling, as well
as, sugar milling and refining.  In addition, the Company
produces hogs and day-old chicks and manufactures animal and
fish feeds, glucose and veterinary compounds. These businesses
are operated through divisions and wholly or majority-owned
subsidiaries that are organized into three core business
segments, namely, branded consumer foods, agro-industrial
products and commodity food products.

The company is a core subsidiary of JG Summit Holdings, Inc.
(JGSHI), one of the largest business conglomerates listed in the
Philippine Stock Exchange.  JGSHI has substantial interests in
property development, hotel management, textiles, banking and
financial services, telecommunications, petrochemicals, air
transportation and power generation.  In addition, JGSHI has
significant interests in other sectors, including printing, and
packaging.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 15, 2008, Standard & Poor's Ratings Services placed its 'BB'
corporate credit rating on Philippines' Universal Robina Corp.
(URC) on CreditWatch with negative implications.  Standard &
Poor's also placed its 'BB' rating on the US$200 million senior
unsecured notes issued by URC's wholly owned subsidiary, URC
Philippines Ltd., on CreditWatch with negative implications.  
This action follows the CreditWatch placement on the 'B+'
ratings of JG Summit Holdings Inc., the majority shareholder of
the company.



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

TAIWAN BUSINESS: Fitch Affirms 'BB+' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has upgraded Taiwan Business Bank's Individual
Rating to 'D' from 'D/E'.  At the same time, the agency has
affirmed the bank's Long-term foreign currency Issuer Default
Rating at 'BB+', Short-term foreign currency IDR at 'B',
National Long-term rating at 'A-(twn)', National Short-term
rating at 'F2(twn)', Support Rating at '3', and Support Rating
Floor at 'BB+'.  The Outlooks on the Long-term IDR and National
Long-term rating remain Stable.

The rating upgrade reflects TBB's considerable improvement in
its financial performance following a write-off of unamortised
losses in 2002-2007, funded by rights issues at end-2006.  Its
long-and short-term ratings are based on the expected state
support, given the government's substantial shareholding (end-
2007: 40%) and the bank's sizable deposit market share (end-
2007: 3.4%).

TBB turned around its bottom line profitability in 2006 and
2007, and Fitch expects a sizable fall in loan loss provisions
in 2008 to improve it further.  The bank's unamortised losses
fell to TWD4.2 billion at end-2007 after significant write-offs
in 2002-2007.  The remaining unamortised losses will be spread
over 2008-2010 and Fitch expects them to have less of a negative
impact on profits than the annual amortised NPL losses of TWD5.8
billion in 2007.

The bank enhanced its core profitability in 2007 by shifting its
loan mix to SMEs (35% of total loans), mortgages (18%) and
reducing low-yield government lending (22%).  Its lending growth
of 11% yoy was above the industry average.  SME lending grew 18%
and mortgages 20%, while government lending fell 7%.  The bank's
net interest margin started to recover in mid-2007 and the
agency expects it to improve in 2008 due to continuous loan mix
adjustment and favourable loan re-pricing.

TBB's asset quality has improved steadily in 2002-2007 due to
its aggressive write-offs of problem exposures.  Its NPL ratio
fell to 2.2% at end-2007 from 5.5% at end-2004.  Capitalisation
at TBB remains adequate for its rating level, although its
capital ratios decreased over 2007, owing to 11% lending growth
and new capital charges for operational risks under Basel II.  
TBB's long term targets are a Tier 1 ratio above 7%, and a total
capital ratio above 10%.

Established in 1976, TBB is chartered by the Banking Act to
provide SME lending.  TBB had 125 nationwide branches and a 9.1%
market share in SME loans at end-1Q08.



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

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

                   Featured Conference

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

                     *      *      *

           Beard Audio Conferences presents

           Bankruptcy and Restructuring Audio Conference CDs

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

                     *      *      *

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

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

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

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

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

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

July 16, 2008
   AMERICAN CONFERENCE INSTITUTE
      Distressed M&A - Innovative Approaches for Expeditiously
         Maximizing Value in Chapter 11,  363 Sales and
            Out-of-Court Divestitures
               The Carlton, New York, New York
                  Contact: http://www.americanconference.com/

July 21, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Golf Tournament
         The Club at Bear Dance, Larkspur, Colorado
            Contact: 303-847-5026 or www.turnaround.org

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

Sept. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Aug. 27-28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA 4th Annual Northeast Regional Conference
         Gideon Putnam Resort & Spa, Saratoga Springs, New York
            Contact: www.turnaround.org

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                         *********

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

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

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


                            *********


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.





                 *** End of Transmission ***