TCRAP_Public/080703.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, July 3, 2008, Vol. 11, No. 131

                            Headlines

A U S T R A L I A

101 GIPPS: Liquidator Presents Wind-Up Report
ABC LEARNING: Board Approves Director Salary Sacrifice Scheme
BABCOCK & BROWN: Unit Acquires Four German Wind Farms
BRILL & SALTER: Liquidator Presents Wind-Up Report
CENTRO PROPERTIES: Opts to Sell Shopping Centers   

ELDERSLIE FINANCE: Placed Into Receivership
ELDERSLIE MTN: S&P Slashes Class A, B & C Notes' Ratings to CC
G & R VEITCH: Placed Under Voluntary Liquidation
GAMESA CROOKWELL: Appoints Chesser as Liquidator
RG ELECTRONICS: Liquidator Presents Wind-Up Report

SALMON STREET: Declares Dividend for Creditors
SEIZA AUGUSTUS: S&P Places Class F Notes' B Rating on Watch Neg.
SNICKLEFRITZ PTY: Liquidator Presents Wind-Up Report
THEODOULOU: Declares Dividend for Creditors
WIGHT'S TRARALGON: Liquidator Presents Wind-Up Report

WINDSOR MARKETING: Members to Receive Wind-Up Report on July 10
* Moody's Says Outlook for Australia & NZ Power Sector Is Stable


C H I N A

CITIC GROUP: Unit Hits 15-Month Low on China Life's Stake Cut
FORD MOTOR: Eyes Dongfeng Motor as Partner for Volvo
ICBC: Provides CNY8.06BB Loans to Companies & Public Utilities
JIANGXI COPPER: To Expand Capacity at Dexing Copper Mine by 30%  


H O N G K O N G

ALLIED HARVEST: Members & Creditors to Meet on July 28
CIRCUS HOLDINGS: Members & Creditors to Meet on July 30
FASTUP GARMENT: Members' Final Meeting Set for July 30
GRANDTEL COMMUNICATIONS: Final Meeting Set for July 25
FOOTSTOP LIMITED: Creditors' Final Meeting Set for July 14

FORTRESS CAPITAL: Members & Creditors to Meet on July 28
FORTRESS CAP (Holdings): Members & Creditors to Meet on July 28
HENDERSON WAPWORKZ: Members' Final Meeting Set for July 28
SEARCH ASIAN: Members' Final Meeting Set for August 1
SOTA ELECTRONIC: Members' Final Meeting Set for July 28


I N D I A

GUPTA SYNTHETICS: Says Factory Fire Leads to Heavy Loss
SPICEJET: Posts Rs.5-7.5 Mil. Daily Losses on High Fuel Prices
* INDIA: Inks Bilateral Swap Arrangement With Japan


I N D O N E S I A

BANK MANDIRI: Acquires 51% Stake in Tunas Financindo
BERLIAN LAJU: S&P Junks Rating on US$400MM Sr. Unsecured Notes


J A P A N

PIONEER CORP: S&P Cuts Long-Term Corp. Credit Rating to 'BB+'
SOJITZ CORP: Dissolves Sojitz Satellite Corporation
ZEPHYR CO: JCR Withdraws Preliminary B+ Rating


M A L A Y S I A

ARK RESOURCES: Updates Bursa on Status of Unpaid Loans
LITYAN HOLDINGS: Unpaid Loans Total MYR38.29 Mil. as of June 30
LUSTER INDUSTRIES: Tan Sri Dato Quits as Chairman and Director
LUSTER INDUSTRIES: Discloses Results of Annual General Meeting
PECD BERHAD: TacamJaya Files Wind-Up Petition Against Unit

* MALAYSIA: Inflation to Hit 6%-7% in June, Says Zeti


N E W  Z E A L A N D

ADTRASH LTD: Wind-Up Petition Hearing Set for August 29
CHRISCOTT LTD: Creditors' Proofs of Debt Due on July 31
CHRISTCHURCH CHICKEN: Commences Liquidation Proceedings
GEORGETOWN HOLDINGS: New Liquidators Appointed
HEAVY DIESEL: Commences Liquidation Proceedings

METE CONSTRUCTION: Shareholders Place Company Under Liquidation
PROPERTYFINANCE: Incurs NZ$6.7MM Loss in FY 2008 Ended March 31
* NEW ZEALAND: Domestic Sales Down by 15.3% in May 2008
* Moody's Says Outlook for Australia & NZ Power Sector Is Stable


P H I L I P P I N E S

NIHAO MINERAL: Mina's Units Granted Permits by Gov. of Zambales
* PHILIPPINES: Registers US$2.6 Bil. Deficit in Balance of Trade


S I N G A P O R E

APEC M & E ENGINEERING: Wind-Up Petition Hearing Set for July 11
CHIJMES INVESTMENT: Creditors' Proofs of Debt Due by July 28
KS AUTOMOTIVE: Fixes July 27 as Last Day to File Claims
PRAISELAND REALTY: Creditors' Proofs of Debt Due on July 28
SANERGY JAYA: Requires Creditors to File Claims by July 25

TRANSGLOBAL ENERGY: Court to Hear Wind-Up Petition on July 11
WESTSTELLA INVESTMENT: Creditors' Proofs of Debt Due on July 27


                         - - - - -


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

101 GIPPS: Liquidator Presents Wind-Up Report
---------------------------------------------
Moshe Trebish, 101 Gipps Street Pty. Ltd.'s estate liquidator,
met with the company's members on May 16, 2008, and provided
them with property disposal and winding-up reports.

The liquidator can be reached at:

          Moshe Trebish
          Guests Pty Ltd
          234 Balaclava Road
          Caulfield VIC 3161
          Australia


ABC LEARNING: Board Approves Director Salary Sacrifice Scheme
-------------------------------------------------------------
A.B.C. Learning Centres Limited said that its Executive Director
Salary Sacrifice Scheme was approved at the 2007 Annual General
Meeting.  The issue of options to Executive Directors under the
Scheme may be in lieu of up to 100% of their fixed (cash) annual
remuneration.  Both Executive Directors of ABC have chosen to
participate in the Scheme for 2009:

   Executive  Salary available   Amount       No. of    Exercise
   Director   to be sacrificed  sacrificed    options   Price
   ---------- ----------------  ----------    --------  --------
   E S Groves   AU$1,600,000    AU$1,600,000  6,956,522  $0.92
   L A Groves   AU$  600,000    AU$  300,000  1,304,348  $0.92
              ----------------  ------------  --------- --------
   Total        AU$2,200,000    AU$1,900,000  8,260,870  $0.92

The company said that the options were granted on July 1, 2008,
and will vest and be exercisable from July 1, 2009.  The options
will lapse on July 1, 2011.  When the options are exercised, the
Executive Directors will pay AU$6.4 million and AU$1.2 million,
respectively for their shares.  The Board has discretion to
allow options to be settled with newly issued shares or shares
acquired on market.

The sacrifice by the Executive Directors under the Scheme aligns
their interests with those of the shareholders and puts “at-
risk” some, or all, of their fixed remuneration.

The Executive Directors will only obtain financial gain if the
share price exceeds $1.15 (the option price $0.92 plus the
option purchase price $0.23).

                      About ABC Learning

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

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

                          *     *     *

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


BABCOCK & BROWN: Unit Acquires Four German Wind Farms
-----------------------------------------------------
Babcock & Brown Wind Partners, a subsidiary of Babcock & Brown
Ltd, said it has acquired four wind farms located in Germany.

The wind farms have a combined total capacity of 19.6MW:

            Wind Farm            Total Capacity (MW)
            ---------            -------------------
            Coswig                      5.9
            Eschweiler                  4.0
            Sonnenberg                  1.7
            Calau                       8.0

            TOTAL                       9.6

The company said Coswig, Eschweiler and Sonnenberg wind farms
are fully operational and are expected to make a full year
contribution to net operating cash flow in FY09.  The wind farms
were acquired under the terms of the Gamesa Framework Agreement
which was extended to include 10 wind farms in Germany with a
total installed capacity of approximately 90MW.

The Calau wind farm is currently under construction and is
expected to be operational by early 2009. This wind farm was
acquired under the terms of the Plambeck Framework Agreement
which Babcock & Brown Wind Partners entered into on March 29,
2006 with Plambeck Neue Energien AG.

The company said these acquisitions will be funded from existing
resources.

               About Babcock & Brown Wind Partners

Babcock & Brown Wind Partners (ASX:BBW)--
http://www.bbwindpartners.com/-- is a global wind energy  
business, which owns and operates a portfolio of wind farms
spanning six countries and three continents.  BBW listed on the
Australian Securities Exchange on October 28, 2005, and has a
market capitalization of approximately A$1.4 billion.

BBW is a stapled entity comprising Babcock & Brown Wind Partners
Limited (ABN 39 105 051 616), Babcock & Brown Wind Partners
Trust (ARSN 116 244 118) and Babcock & Brown Wind Partners
(Bermuda) Limited (ARBN 116 360 715).

BBW’s portfolio comprises interests in 83 wind farms on three
continents that have a total installed capacity of approximately
3,206MW and are diversified by geography, currency, equipment,
supplier, off-take arrangements and regulatory regime.

BBW enjoys a strategic relationship with Babcock & Brown, a
global investment and advisory firm with almost 20 years of
experience in the wind energy sector.

                    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 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.


BRILL & SALTER: Liquidator Presents Wind-Up Report
--------------------------------------------------
Moshe Trebish, Brill & Salter Pty. Ltd.'s estate liquidator, met
with the company's members on May 16, 2008, and provided them
with property disposal and winding-up reports.

The liquidator can be reached at:  

          Moshe Trebish
          Guests Pty Ltd
          234 Balaclava Road
          Caulfield VIC 3161
          Australia


CENTRO PROPERTIES: Opts to Sell Shopping Centers   
------------------------------------------------
Centro Properties Group disclosed in a letter to investors, on
behalf of Centro MCS Manager Limited -- the responsible entity
of Centro MCS 9, ARSN 084 461 531 (Syndicate) -- that the Centro
MCS 9 Syndicate has achieved these results:

   * 14.1% Average Annual Total Return – on investment since
     since inception to Dec. 31, 2007.  Proactive asset
     management including significant redevelopment of all
     centers in the Syndicate have contributed to the solid
     return; and

   * AU$1.67 Net Asset Backing (NAB) – per unit based on
     Dec. 31, 2007, property valuation.  The Provisional
     NAB per unit as at June 30, 2008, is currently being
     finalized.  This is expected to be approximately
     AU$1.53 based on June 30, 2008, Directors valuations,
     reflecting current investment market conditions.

The Syndicate was launched in October 1998.

           Future Syndicate Performance and Strategy

According to Centro Properties, the Syndicate is now approaching
the end of its initial fixed term -- Oct. 5, 2008.  As part of
the 2009 financial year business plan, Centro MCS reviews the
performance of each of the centers and syndicates within the
Centro MCS portfolio taking into account current market
conditions and future potential of each syndicate and its
centers.  

The business plan for Centro MCS 9 has resulted in the
Responsible Entity deciding that it is in the best interests of
investors to market all properties in the Syndicate for sale and
if a satisfactory sale price can be achieved for all properties
then the Syndicate to be wound up.

"The current property market is characterized by tight credit
conditions and higher debt funding costs resulting in a lesser
amount of sales transactions occurring than was evident during
2007.  Notwithstanding this, certain properties listed for sale
are attracting solid investor interest and in these cases strong
sale prices are being achieved irrespective of credit market
constraints.  In other cases, prices significantly below market
value are being offered for certain assets," General Manager
Gerard Condon wrote.

Given these factors and in order to achieve an optimum unit
price for Syndicate investors, Mr. Condon says, the Responsible
Entity considers that the market should now be tested for all
the Syndicate properties.

"If a satisfactory sale price cannot be achieved for all of the
properties alternative strategies for the Syndicate will be
considered.  These may include:

   - selling some but not all of the Syndicate properties; and

   - convening an investor meeting to enable investors to
     vote to extend the Syndicate term for a further period
     up to three years to allow property sales to be
     considered (or the Syndicate exit NAB to be struck)
     at a time when market conditions are more favorable."

"If a satisfactory sale price can be achieved for all the
Syndicate properties, the assets will be sold and the Syndicate
will be wound up," Mr. Condon relates.

             Rationale for the Sale of the Properties
                and Potential Wind Up of Syndicate

Key reasons behind the rationale include:

   * Optimum time to sell certain assets – certain shopping
     centers recently offered for sale are achieving strong sale
     prices irrespective of tight credit conditions and rising
     interest costs.  The Responsible Entity considers that if a
     satisfactory sale price can be achieved now for any of the
     Syndicate shopping centers then a sale should occur;

   * Centro Gympie and Hamilton Developments Stabilized -
     the redevelopments at Centro Hamilton were completed
     in May and November 2007 respectively.  Since completion
     of the developments, center sales have stabilized and
     long term leases are in place with major retailers.
     This should positively impact on investment demand for
     these properties; and

   * High current occupancy levels – the Syndicate properties
     are approximately 99% occupied with minimal vacant shops
     to be leased further supporting the sale recommendation.

                          Sale Process

According to Mr. Condon, the shopping centers will be marketed
for sale through experienced Australian real estate agents.  The
sale campaign is expected to run from early July 2008 to early
August 2008.  "If a satisfactory sale price is achieved, then
allowing for a due diligence and notice period, the sale of some
or all of the properties is expected to be finalized by late
October 2008."

            Impact of a Sale on Syndicate Investments

Proceeds from the sale of the shopping centers will be used to
first retire outstanding Syndicate loan balances.  After
repayment of debt, fees and costs, the surplus will be
distributed to investors.  If all of the properties are sold
then the Responsible Entity intends to wind up the Syndicate
pursuant to the Corporations Act.  Any remaining capital will be
returned to unitholders at that time.  Mr. Condon notes that
Centro holds an approximate 6.3% look through interest in this
Syndicate via its holding in the Centro Direct Property Fund.

                     Investor Communication

Centro MCS said it will inform investors once the outcome of the
sale process is known and, if the sales are to proceed, will
provide guidance on the forecast return of capital and tax
position of unitholders along with the process to wind up the
Syndicate.

If the sales of all of the Syndicate assets are not to proceed,
then investors will be informed of alternative strategies for
the Syndicate, which strategies may include:

   * selling some but not all of the Syndicate properties; and

   * convening an investor meeting to enable investors
     to vote to extend the Syndicate term for a further
     period of up to three years to allow property sales
     to be considered (or the Syndicate exit NAB to be
     struck) at a time when market conditions are more
     favorable.

                     About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organisation specialising in the
ownership, management and development of retail shopping
centres.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of $24.9 billion.

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.  The
recent deadline extension given to the Group is December 15,
2008.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings to
'CCC+' with negative implications reflecting the potential of
the group's assets to be sold in softening market conditions,
particularly in the U.S.


ELDERSLIE FINANCE: Placed Into Receivership
-------------------------------------------
Elderslie Finance Corporation has been placed into receivership
following a Federal Court order allowing its trustee, Perpetual
Trustees WA Ltd, to appoint a receiver, after several rescue
plans for the ailing company fell through, various reports say.

According to the reports, Perpetual appointed Gregory Hall and
Philip Carter of PricewaterhouseCoopers as the receivers for
Elderslie Finance.

Perpetual had explored a series of options with Elderslie,
including a range of sale proposals, before deciding to appoint
a receiver, Business Day reports citing Perpetual General
Manager Chris Green.

"Unfortunately, a sale involving a significant cash injection
did not eventuate and we ultimately had no option but to take
enforcement action to protect the assets available to debenture
holders against any further erosion," Mr. Green said, Business
Day relates.  

Business Day further relates that according to evidence
presented by Perpetual, Elderslie failed to redeem some of its
debentures that have fallen due and cash flows are
deteriorating.  Without an injection of funds, Elderslie's
operations would result in further losses, endangering
investors' funds in the company, the report adds.

Various reports say that Elderslie asked for an adjournment of
the case to organize a separate bid to inject AU$15 million into
the company -- of which AU$12.6 million would be used to pay
creditors other than the debenture holders.  However, Justice
Kevin Lindgren rejected the request, saying the company's
financial position seems to be deteriorating, the reports
relate.

                     About Elderslie Finance

Elderslie Finance Corporation -- http://www.efc.com.au/index.php  
-- is an independent, Australian-owned structured finance and
investment management group.


ELDERSLIE MTN: S&P Slashes Class A, B & C Notes' Ratings to CC
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered the
ratings on the Class A, Class B and Class C notes issued by
Elderslie MTN Trust Series 2006-1 to 'CC' and placed the notes
on CreditWatch with negative implications.

This action follows Standard & Poor's having been informed that
there may not be sufficient cash available in the collection
account to meet the required payments to some classes of
noteholders on the payment date of July 2, 2008.

The trustee also informed S&P that: "There were insufficient
funds in the Collection Account on June 2, 2008, to pay all the
noteholders amounts due to them on that date.  The Trustee made
the necessary payments, nevertheless, acting in good faith and
on the direction of the Trust Manager.  The Trustee has not been
reimbursed for this payment.  Collections which are currently
being received by AIF (Australian Integrated Finance Pty Ltd.)
are now being applied to meet the overdraft on the Collection
Account in accordance with clause 12.4 of the Master Trust
Deed."

There has been no evidence of deterioration in the credit
quality of the assets to date.  Standard & Poor's has been
informed that there may not be sufficient funds available to
make the required payments, unless remedied prior to July 2,
2008; there is an expectation of interest payment default.
Further information will be analyzed as it comes to light to
determine whether there will be sufficient funds available to
meet any future interest and principal payments on rated notes.

Ratings Lowered

                Elderslie MTN Trust Series 2006-1

   Class          Rating to            Rating from
   -----          ---------            -----------
   A              CC/Watch Neg         AAA
   B              CC/Watch Neg         A
   C              CC/Watch Neg         BBB
  
              
G & R VEITCH: Placed Under Voluntary Liquidation
------------------------------------------------
G & R Veitch Pty. Ltd.'s members agreed on April 11, 2008, to
voluntarily liquidate the company's business.  Richard J. Murray
and Bruce M. Roberts were appointed to facilitate the sale of
its assets.   

The liquidators can be reached at:

          Richard J. Murray
          Bruce M. Roberts
          WHK Mahoney Archer
          89 Bromfield Street
          Colac VIC 3250
          Australia


GAMESA CROOKWELL: Appoints Chesser as Liquidator
------------------------------------------------
During a general meeting held on April 11, 2008, members of
Gamesa Crookwell Pty. Ltd. and  Gamesa Energy Australia Pty Ltd.
resolved to voluntarily liquidate the company's business.

Leanne Chesser was appointed as liquidator.

The liquidator can be reached at:

          Leanne Chesser
          KordaMentha, Level 24
          333 Collins Street
          Melbourne, VIC
          Australia


RG ELECTRONICS: Liquidator Presents Wind-Up Report
--------------------------------------------------
RG Electronics Pty. Ltd. held a joint meeting for its members on
May 30, 2008.  At the meeting, the company's liquidator, David
H. Scott at Scott Partners Consulting, provided the attendees
with property disposal and winding-up reports.

The liquidator can be reached at:

          David H. Scott
          Scott Partners Consulting
          Level 1, 173 Burke Road
          Glen Iris VIC 3146
          Australia


SALMON STREET: Declares Dividend for Creditors
----------------------------------------------
Salmon Street Services Pty Ltd, which is in liquidation,
declared a dividend for its creditors.

Only creditors who were able to file their proofs of debt by
May 23, 2008, were included in the company's dividend
distribution.

The company's liquidators are:

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


SEIZA AUGUSTUS: S&P Places Class F Notes' B Rating on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings assigned
to the Class D, Class E, and Class F notes issued by Seiza
Augustus Series 2007-1 Trust on CreditWatch with negative
implications.  This CreditWatch action follows recent losses in
the transaction, which have resulted in charge-offs to the
unrated note and weakening of the credit support position of the
Class D, E, and F notes.

"The overall portfolio performance has deteriorated," said
Standard & Poor's credit analyst Alisha Treacy.  "A significant
proportion of delinquent loans have moved into the more than 90
days in arrears category.  Loans in this category now make-up
more than 6% of the total portfolio.  Furthermore, the
proportion of loans in arrears by more than 300 days have
increased and this has resulted in further charge-offs to the
unrated note."

The ratings on the Class A, B, C, and M notes have been
affirmed.  The Class A, B, and C notes benefit from increased
credit enhancement as a result of the sequential pay structure,
which provides a buffer against future losses.  The interest and
principal payments on the Class M notes are made from the
collection of interest from the loans.

The CreditWatch negative action is expected to be resolved
within 90 days.

Seiza Augustus Series 2007-1 Trust

              Ratings Placed on CreditWatch Negative

   Class    Rating to       Rating from
   -----    ---------       -----------
   D        BBB/Watch Neg   BBB
   E        BB/Watch Neg    BB
   F        B/Watch Neg     B


                         Ratings Affirmed

   Class    Rating
   -----    ------
   A        AAA
   B        AA
   C        A
   M        A


SNICKLEFRITZ PTY: Liquidator Presents Wind-Up Report
----------------------------------------------------
At the general meeting of the members of Snicklefritz Pty Ltd
held May 30, 2008, Peter Goodin and Robyn Erskine, the appointed
liquidators, presented an account showing the manner in which
the wind-up has been conducted and the property of the company
has been disposed.

The liquidators can be reached at:

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


THEODOULOU: Declares Dividend for Creditors
--------------------------------------------
Theodoulou Transport Pty Ltd, which is in liquidation,
declared a dividend for its creditors.

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

The company's liquidator is:

          C. P. White
          HLB Mann Judd
          Chartered Accountants
          160 Queen Street, Level 1
          Melbourne VIC 3000
          Australia


WIGHT'S TRARALGON: Liquidator Presents Wind-Up Report
-----------------------------------------------------
Christopher James Fawcett, Wight's Traralgon Pty. Ltd.'s estate
liquidator, met with the company's members on May 29, 2008,
and provided them with property disposal and winding-up reports.


WINDSOR MARKETING: Members to Receive Wind-Up Report on July 10
---------------------------------------------------------------
Robert Lissauer, Windsor Marketing Company Pty Ltd's appointed
estate liquidator, will meet with the company's members on
July 10, 2008, at 10:00 a.m. to provide them with property
disposal and winding-up reports.  The meeting will be held at  
Level 6, 468 St. Kilda Road in Melbourne.


* Moody's Says Outlook for Australia & NZ Power Sector Is Stable
----------------------------------------------------------------
Stable cash flow generation and low business risk among Moody's-
rated Australian and New Zealand regulated electricity and gas
companies underpin the sector's stable outlook over the next 12
months, says a new report from Moody's Investors Service.

"While the sector does display relatively high financial
leverage, the regulatory regimes remain predictable and
supportive of the rated utilities' investment-grade profiles,"
says Clement Chong, a Moody's VP/Senior Analyst and author of
the report.

"Recent regulatory decisions highlight the consistency in
regulators' approaches.  In these instances, the regulators have
allowed appropriate returns and cost recoveries, and the
resultant financial impacts are largely manageable within the
credit profiles of the relevant rated companies," says Chong.

Leverage levels continue to be high and a material de-leveraging
is unlikely in the near term.  However, given the supportive
regulatory regimes and low business risks of the regulated
utilities, high leverage levels are manageable for now within
their current credit ratings.

Their capital structures will nonetheless need to be managed
more carefully in view of the challenging capital market
conditions, says the report.  That said, refinancing risk in the
sector is manageable for now given manageable debt maturity
levels, and rated utilities' demonstrated access to the debt
market.  So far the issue has been about higher interest costs
which have so been manageable within utilities' financial
profiles.

Near-term interest rate risk is unlikely to materially affect
the regulated utilities' financial profiles, because they have
(1) manageable levels of refinancing; (2) adequate hedging
levels over each regulatory reset period, and (3) regulatory
regimes which compensate utilities for cost of funds.

Merger & acquisition (M&A) activity -- which has challenged
rating stability during the past year -- has subsided for now.
Large-scale M&A transactions in the sector are not likely in the
short-term since consolidation has already occurred in recent
years.  In addition, tight credit conditions mean the cost of
funding has become prohibitively high to justify the return
targets of would-be acquirers.

In Moody's opinion, any consolidation in the power sector would
most likely occur in the unregulated segment of the industry, as
energy retailers pursue a more integrated strategy by building
up their upstream capabilities.



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

CITIC GROUP: Unit Hits 15-Month Low on China Life's Stake Cut
-------------------------------------------------------------
Shares of Citic Securities Co., a unit of CITIC Group, hit a 15-
month low after China Life Insurance Group trimmed its stake in
the brokerage to 4.97% from 5.32%, various reports say.

Zhao Yidi of Bloomberg reports that Citic Securities' shares
slumped 7.3% to CNY22.17 at the 3 p.m. market closing, sliding
for fourth consecutive day.

According to Reuters, China Life will earn CNY5.866 billion from
the 22,815,710 A shares of CITIC Securities it sold.  An analyst
said that China Life's move is aimed to bolster its first-half
results.

China's publicly traded brokerages, Bloomberg relates, have lost
about half their combined market value this year as a stock
market slump curbed share trading.  The average daily trading
volume on the Shanghai and Shenzhen exchanges almost halved to
5.8 billion shares in June from 11.2 billion in December, the
report says.

Citic Securities' revenue has fallen 50% this year, wiping out
about CNY147 billion (US$21.4 billion) of market value,
Bloomberg adds.

                        About Citic

State-owned conglomerate CITIC Group --
http://www.citic.com/wps/portal/-- oversees the government's  
international investments, as well as some domestic ones.  Its
approximately 45 subsidiaries on four different continents
include financial institutions -- more than 80% of its assets --
industrial concerns (satellite telecommunications, energy,
manufacturing), and service companies (construction,
advertising).  Holdings include stakes in CITIC Securities and
CITIC International Financial Holdings.

In February 2007, the Troubled Company Reporter-Asia Pacific
reported that Standard & Poor's Ratings Services removed the BB+
long-term and B short-term foreign currency counterparty credit
rating on CITIC Group from CreditWatch.  The outlook on the
ratings is developing.

At the same time, Standard & Poor's also removed the BB+ foreign
currency issue rating on the group's senior unsecured debt from
CreditWatch.


FORD MOTOR: Eyes Dongfeng Motor as Partner for Volvo
----------------------------------------------------
Ford Motor has held exploratory talks with China-based Dongfeng
Motor Group, as a potential partner for Volvo, a Swedish brand
Ford bought in 1999, various reports say.

As reported by the Troubled Company Reporter-Asia Pacific on
July 23, 2007, Ford, through a spokesperson, had dismissed
speculations that is considering selling its Volvo Cars business
in a deal that could be worth GBP3.9 billion.  The spokesman  
said: "Ford is not in discussions with  any companies in
relation to selling Volvo.  As we've been saying since last
year, we continue to assess all of our operations and are
looking at our strategic options."  

A senior Dongfeng executive, Reuters relates, said the matter
had not been discussed by his company's senior management.  But
there could be possibilities that informal initial talks may
have taken place with Dongfeng's subsidiaries, he said.

Meanwhile, CCTV.com News notes that Ford also talked to French
car maker Renault SA about the sale of Volvo, but the talks
ended quickly due to price differences.

According to Reuter's sources, although Ford said it has no
plans to sell Volvo, the automaker has been having informal
talks with interested parties.

Analysts, Reuters relates, have said that Ford, which is in the  
middle of a restructuring, could need additional cash in order
to sustain operations.

According to a separate TCR-AP report, Ford disclosed plans to
further reduce its capacity and workforce, and ramp up new
product introductions as it accelerates its North America "Way
Forward" turnaround plan.  The automaker will cut its North
American salaried-related work force by about a third and offer
buyout packages to all Ford and Automotive Components Holdings
hourly employees in the United States.  Reuters recounts that
Ford has also mortgaged its assets in 2006 to secure about US$23
billion in financing to help fund its turnaround plan.

According to Reuters, the automaker has already sold Aston
Martin, Jaguar and Land Rover, disbanding the Premier Automotive
Group, whose only remaining brand is Volvo.

                    About Dongfeng Motor Group

Dongfeng Motor Group Company Limited is engaged in the
manufacture and sale of commercial vehicles, passenger vehicles,
engines and auto parts, and also the manufacture of vehicle
manufacturing equipment.  The Dongfeng Motor Group has also
engaged in vehicle and vehicle manufacturing equipment
import/export business, finance business, insurance agency
business and used car business.  The principal products of the
Company include commercial vehicles (comprising heavy duty
trucks, medium trucks and light trucks, buses and auto engines,
and auto parts and vehicle manufacturing equipment), and
passenger vehicles (comprising basic passenger cars, multi-
purpose vehicle (MPVs) and sport utility vehicle (SUVs) and auto
engines, other auto parts and vehicle manufacturing equipment).

                        About Ford Motors

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

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

                          *     *     *

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

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

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

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


ICBC: Provides CNY8.06BB Loans to Companies & Public Utilities
--------------------------------------------------------------
The Industrial and Commercial Bank of China has provided CNY8.06
billion (US$1.17 billion) in loans to companies and public
utilities for reconstruction after the earthquake that struck
Sichuan Province, Shanghai Daily News reports.

Meanwhile, the report relates, the bank also signed a financing
agreement for supporting reconstruction projects with the
municipal government of Chengdu, the provincial capital.

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn/-- is the largest state-owned commercial   
bank, and is authorized by the State Council and the People's
Bank of China. ICBC conducts operations across China as well as
in major international financial centers.

                          *     *     *

As of July 2, 2008, the company still holds Fitch Ratings'
Individual D/E rating.

On May 4, 2007, with the implementation of the new
methodologies, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The long-term Foreign
Currency Deposit Rating is A2.  The short-term Foreign Currency
Deposit Rating is P-1.  The outlook for the long-term deposit
rating is positive.


JIANGXI COPPER: To Expand Capacity at Dexing Copper Mine by 30%  
---------------------------------------------------------------
Jiangxi Copper Company Limited plans to expand the capacity of
its Dexing Copper Mine by 30%, aiming to increase self-
sufficiency in raw materials, Bloomberg News reports.

According to the report, contractor China Enfi Engineering Corp.
said that the company plans to expand output to 130,000 metric
tons a day by 2011.

Jiangxi Copper, the report relates, is buying mines and
expanding output to cut reliance on imports of copper
concentrates needed to feed its smelters.  The Dexing Copper
Mine accounts for about 20% of total Chinese production.

Bloomberg says that the expansion will bring the mine's annual
copper metal production to 161,000 tons from 120,000 tons.

The expansion will extend the mine's shelf life by 8 years to 30
years, the report adds.

                       About Jiangxi Copper

Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an   
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

                          *     *     *

As of July 2, 2008, the company still carries Xinhua Far East
China Ratings' BB+ issuer credit rating.



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

ALLIED HARVEST: Members & Creditors to Meet on July 28
------------------------------------------------------
Allied Harvest Investment Limited will hold a joint meeting for
its contributors and creditors at 10:45 a.m. and 11:00 a.m,
respectively, on July 28, 2008.  During the meeting, the
company's liquidators, Lai Kar Yan (Derek) and Darach E.
Haughey, will provide the attendees with property disposal and
winding-up reports.

The company's liquidators can be reached at:

            Lai Kar Yan (Derek)
            Darach E. Haughey
            One Pacific Place, 35th Floor
            88 Queensway, Hong Kong


CIRCUS HOLDINGS: Members & Creditors to Meet on July 30
-------------------------------------------------------
Circus Holdings Limited will hold a joint meeting for its  
contributors and creditors at 10:00 a.m. and 10:05 a.m,
respectively, on July 30, 2008.  During the meeting, the
company's liquidator, Fung Wing Yuen, will provide the attendees
with property disposal and winding-up reports.

The company's liquidator can be reached at:

            Fung Wing Yuen
            447 Lockhart Road, Room 602
            Hong Kong


FASTUP GARMENT: Members' Final Meeting Set for July 30
------------------------------------------------------
Members of Fastup Garment Factory Limited will have their final
general meeting on July 30, 2008, in Room 602 at 447 Lockhart
Road, 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:

         Sze Sau Wan
         447 Lockhart Road, Room 602
         Hong Kong


GRANDTEL COMMUNICATIONS: Final Meeting Set for July 25
------------------------------------------------------
Creditors of Grandtel Communications Limited will have their
final general meeting on July 25, 2008, in Room 19A of Tung Hip
Commercial Building, at 248 Des Vouex Road in Central, Hong
Kong, to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ho Hon Chung, Ivan
         Tung Hip Commercial Building, Room 19A
         248 Des Vouex Road
         Central, Hong Kong


FOOTSTOP LIMITED: Creditors' Final Meeting Set for July 14
----------------------------------------------------------
Creditors of Footstop Limited will have their final general
meeting on July 14, 2008, on the 12th Floor of China Merchants
Tower, Shun Tak Centre, at 168-200 Connaught Road, in Central,
Hong Kong, to hear the liquidator's report on the company's
wind-up proceedings and property disposal.


FORTRESS CAPITAL: Members & Creditors to Meet on July 28
--------------------------------------------------------
Fortress Capital (Holdings) Limited will hold a joint meeting
for its contributors and creditors at 11:15 a.m. and 11:30 a.m,
respectively, on July 28, 2008.  During the meeting, the
company's liquidators, Lai Kar Yan (Derek) and Darach E.
Haughey, will provide the attendees with property disposal and
wind-up reports.

The company's liquidators can be reached at:

            Lai Kar Yan (Derek)
            Darach E. Haughey
            One Pacific Place, 35th Floor
            88 Queensway, Hong Kong


FORTRESS CAP (Holdings): Members & Creditors to Meet on July 28
---------------------------------------------------------------
Fortress Capital Investments Limited will hold a joint meeting
for its contributors and creditors at 10:00 a.m. and 10:15 a.m,
respectively, on July 28, 2008.  During the meeting, the
company's liquidators, Lai Kar Yan (Derek) and Darach E.
Haughey, will provide the attendees with property disposal and
wind-up reports.

The company's liquidators can be reached at:

            Lai Kar Yan (Derek)
            Darach E. Haughey
            One Pacific Place, 35th Floor
            88 Queensway, Hong Kong


HENDERSON WAPWORKZ: Members' Final Meeting Set for July 28
----------------------------------------------------------
Members of Henderson Wapworkz Company Limited will have their
final general meeting on July 28, 2008, on the 76th Floor of Two
International Finance Centre at 8 Finance Street in Central,
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:

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

SEARCH ASIAN: Members' Final Meeting Set for August 1
-----------------------------------------------------
Members of Search Asian Mezzanine Limited will have their final
general meeting on August 1, 2008, in Unit 1 on the 16th Floor
of Malaysian Building at 50 Gloucester Road, in Wanchai, 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:

         Wong Lam Kit Yee
         Malaysian Building, 16th Floor, Unit 1
         50 Gloucester Road
         Wanchai, Hong Kong


SOTA ELECTRONIC: Members' Final Meeting Set for July 28
-------------------------------------------------------
Members of Sota Electronics Company Limited will have their
final general meeting on July 28, 2008, in the ING Tower at 308
Des Voeux Road C, 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:

         Poon Ka Lee
         ING Tower
         308 Des Voeux Road C
         Hong Kong



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

GUPTA SYNTHETICS: Says Factory Fire Leads to Heavy Loss
-------------------------------------------------------
Gupta Synthetics Ltd disclosed in a regulatory filing that a
fire took place in its factory at Dadra, Silvasa on midnight of
June 29, 2008, and due to that the company's operations of
factory was disturbed and some of the operations were closed.

According to the company, it suffered a heavy loss/damages due
to the fire and the process of estimation of loss is still going
on.

The losses and damages are covered by the insurance, the company
said.

For the year ended March 31, 2008, Gupta Synthetics Ltd incurred
a net loss of Rs. 65.39 million on net sales of Rs. 3,783.42
million, compared to net profit of Rs. 133.22 million on net
sales of Rs. 3,415.96 million in the year ended March 31, 2007.

Mumbai-based Gupta Synthetics Limited is a yarns manufacturing
company.


SPICEJET: Posts Rs.5-7.5 Mil. Daily Losses on High Fuel Prices
--------------------------------------------------------------
SpiceJet Ltd is posting daily losses of 5-7.5 million rupees a
day on high jet fuel prices and will cut routes and delay plane
deliveries to trim losses, Reuters reports, citing the company's
executive chairman.

According to Reuters, Siddhanta Sharma told NDTV Profit
television that the company is "negotiating further capacities
and probably may not take delivery of two to three aircraft this
year."

Mr. Sharma also said that SpiceJet's present load factor, a
measure of how well it fills its planes, was at 65 percent,
about 8 percent lower than the year ago period, Reuters relates.

Reuters says SpiceJet stock has lost three-fourths of its value
this calender year, compared with the broader market index,
which has fallen more than a third, on investor worries the
carrier will continue to bleed on rising fuel prices and a
slowing economy.

On June 12, 2008, the Troubled Company Reporter-Asia Pacific,
citing moneycontrol.com, reported that SpiceJet plans to cut the
number of flights to just 100 per day from 117 by the first week
of July as the company's FY 2008 net loss is seen at nearly Rs
100 crore and breakeven is seen delayed by a year to March 2010.

SpiceJet Limited -- http://www.spicejet.com/-- is an airline
carrier in India. During the fiscal year ended May 31, 2007
(fiscal 2007), the company increased its fleet size to 11
aircrafts covering 14 destinations and operating 83 daily
flights. The aircrafts acquired during fiscal 2007, were the
next generation Boeing737-800. The company has also integrated
with Tata AIG Insurance Company Limited to commence travel
insurance sales, which was launched in May 2007.

                           *     *     *

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  The company
changed its financial year from June-May to April-March.  For
the ten months ended March 31, 2007, the airline carrier booked
a net loss of INR707.43 million.


* INDIA: Inks Bilateral Swap Arrangement With Japan
---------------------------------------------------
The Bank of Japan (BOJ), acting as the agent for the Minister of
Finance of Japan, and the Reserve Bank of India (RBI) concluded
a Bilateral Swap Arrangement (BSA) between Japan and India.  The
BSA was signed by Governor Masaaki Shirakawa of the BOJ and
Governor Yaga Venugopal Reddy of the RBI in Basel, Switzerland
and became effective as of June 29, 2008.

The BSA enables both countries to swap their local currencies
(i.e., either Japanese yen or Indian rupee) against US dollar
for an amount up to USD3 billion.

The arrangement aims at addressing short-term liquidity
difficulties and supplementing the existing international
financial arrangements, as one of the efforts in strengthening
mutual cooperation between Japan and India.

The BSA will be activated when an IMF-support programme already
exists or is expected to be established in the near future.  
Nevertheless, up to 20 per cent of the maximum amount of drawing
could be disbursed without an IMF-support program.

Both countries shall have biannual consultations on economic and
financial conditions of each country with the BSA in effect.

This arrangement is a milestone in mutual cooperation between
Japan and India and is expected to contribute to the stability
of financial markets.



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

BANK MANDIRI: Acquires 51% Stake in Tunas Financindo
----------------------------------------------------
PT Bank Mandiri Tbk BMRI.JK has acquired a 51 percent stake in
automotive financing firm PT Tunas Financindo Sarana for an
undisclosed amount, Reuters reports.

The report, citing the bank's statement, says that the bank aims
to control between 20-30 percent market share, measured in
revenue, of the country's financing business.

"A strategy to accelerate growth in the consumer financing
business, especially automotive financing, is to acquire
majority stake in a major multifinance company, which has a good
performance", the bank was quoted by Reuters as saying.

                      About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 7,
2007, that Fitch Ratings upgraded the Individual Rating of PT
Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and its
National Long-term rating to 'AA+ (idn)' from 'AA (idn)'.  The
outlook on the national rating remains stable.  

At the same time, Fitch affirmed the company's Long-term foreign
and local currency Issuer Default ratings at 'BB-' with a
Positive Outlook, Short-term IDR at 'B' and Support Floor at
'B+'.

On Oct. 19, 2007, Moody's Investors Service raised Bank
Mandiri's foreign currency senior/subordinated debt ratings        
to Ba2/Ba2 from Ba3/Ba3 and foreign currency long- term deposit
rating to B1 from B2.  


BERLIAN LAJU: S&P Junks Rating on US$400MM Sr. Unsecured Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services said its 'B' corporate credit
rating on PT Berlian Laju Tanker Tbk.(BLT) remains on
CreditWatch with negative implications.  At the same time,
Standard & Poor's is lowering to 'CCC+' from 'B' the ratings on
the US$400 million senior unsecured notes due 2014, and the
US$125 million five-year convertible bond due 2012, issued by
BLT Finance B.V., a wholly owned subsidiary of BLT.

The downgrade on the issue ratings is based on the notes'
subordination to the substantial secured loans on BLT's balance
sheet, which represent about 45% of the company's tangible
assets (after adjustments mentioned below).  These ratings also
remain on CreditWatch with negative implications.

Standard & Poor's considers BLT to be moving ahead in resolving
its covenant violation, under which a default declaration would
significantly stress its finances and potentially accelerate
debt obligations, challenging the standing of secured and
unsecured creditors alike.  Nevertheless, as the risk of this
happening is not totally removed, and BLT still has to refinance
approximately US$525 million in short-term debt, including
US$250 million maturing on Dec. 19, 2008, the ratings remain on
CreditWatch.

The covenant violation of the Indonesian rupiah IDR200 billion
unsecured local Sukuk bond will probably be resolved by July 15,
2008.  That gives way to the consideration of the outstanding
debts' structure.  Based on BLT's March 2008 results, the rating
agency's calculation (1) considers the mentioned US$250 million
loan as secured debt; (2) factors in payment of US$43 million in
rupiah bonds at maturity in May 28, 2008, from BLT's cash
reserves; and (3) excludes US$61.4 million of secured Indonesian
loans, to reflect only secured loans whose assets are located in
creditor-friendly jurisdictions.  According to S&P's
methodology, if priority obligations claiming ahead of unsecured
issues represent between 15% and 30% of tangible assets, the
unsecured rating is taken one notch below the corporate credit
rating; if such priority claims exceeds 30%, two notches are
subtracted.

Resolution of the CreditWatch will depend on how BLT deals with
the remaining covenant violation and its short-term debt. The
rating agency will also look for a firm refinancing plan for the
US$250 million loan by October 2008.



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

PIONEER CORP: S&P Cuts Long-Term Corp. Credit Rating to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB+' from 'BBB-'
its long-term corporate credit and senior unsecured ratings on
Pioneer Corp., reflecting the ongoing decline in cash flow and
weakening capitalization within the company as a result of the
sluggish performance of its plasma display business.  Standard &
Poor's expects the turnaround of the company's plasma display
business to take another two to three years.  The outlook on the
long-term corporate credit rating is stable, which reflects the
reduced risk of further material loss as impairment losses
of the plasma display business have for the most part been
recorded.

Pioneer has posted a net loss every year since fiscal 2004
(ended March 31, 2005), due to the sluggish performance of its
Home Electronics segment, of which the plasma display business
is a part.  The company's financial base is likely to continue
deteriorating since it is expected to record a fifth consecutive
net loss of JPY19 billion in fiscal 2008 (ending March 31,
2009), mainly due to restructuring costs.

Pioneer announced its structural reform plan in May 2008, in
which it laid out its strategy for improving the profitability
of its plasma display business through the closure of the
company's plasma display panel (PDP) plants and a reduction in
workforce.  Also under the plan, Pioneer envisages a recovery in
the profitability of its flat-panel TV business by fiscal 2010
(ending March 31, 2011).  However, due to the fierce competition
in the flat-panel TV market and the accompanying downward
pressure on prices, Standard & Poor's believes there is a
certain amount of downside risk involved.

Conversely, Standard & Poor's takes the view that the earnings
base of Pioneer's Home Electronics segment should stabilize over
the next three to five years.  This stabilization will come hand
in hand with progress towards the company's structural reform
goals, such as workforce reduction, reform of the sales system,
and withdrawal from plasma panel production.  The company
expects the reforms to produce savings of JPY23 billion.

Standard & Poor's will consider an upgrade if the company can
clearly demonstrate a recovery in the profitability of its flat-
panel TV business, as well as maintain the current level of
profitability in its Car Electronics segment.  On the other
hand, the ratings could be lowered further if there is any
indication that the earnings recovery in the Home Electronics
segment will be weak.  This could be as a result of a worsening
of the flat-panel TV business or a delay in the impact of
structural reform.  Also, deterioration in the earnings base of
the Car Electronics segment could increase downward pressure on
the ratings.

              Downgraded; CreditWatch/Outlook Action

                                 To                 From
   Pioneer Corp.
     Corporate Credit Rating
     Local Currency           BB+/Stable/--   BBB-/Negative/--


SOJITZ CORP: Dissolves Sojitz Satellite Corporation
----------------------------------------------------
Sojitz Corp. commenced actions related to the dissolution of its
unit, Sojitz Satellite Corporation.

Since 2005, Sojitz Satellite Corporation, with a JPY30 million
capital, has conducted business as a specialized planning and
marketing firm in the apparel field to support expansion of
Sojitz’s apparel business.  However, as Sojitz moves to improve
the efficiency of the textile business throughout the company,
from the viewpoint of economic rationalization Sojitz has
decided to transfer control of certain necessary operations of
the subsidiary and dissolve this subsidiary.

A resolution to dissolve Sojitz Satellite Corporation was
proposed last June 30, 2008, and dissolution procedures should
be complete by the end of October 2008.  The company said this
dissolution will have no material impact on Sojitz's projected
consolidated financial results for fiscal 2008, ending March 31,
2009.

                   About Sojitz Corporation

Headquartered in Tokyo, Japan, Sojitz Corporation --
http://www.sojitz.com/en/index.html-- is a trading company with  
eight offices across the U.S.  Sojitz operates in approximately
50 countries around the world through roughly 500 subsidiaries
and affiliated companies.  Sojitz's business activities are
wide-ranging, from machinery and aerospace to textiles and food.

                        *     *     *

As of July 2, 2008, the company carries Makuni Credit Ratings'
'B' Mortage Debt Rating and 'B' Senior Debt Rating.


ZEPHYR CO: JCR Withdraws Preliminary B+ Rating
----------------------------------------------
JCR has withdrawn its preliminary B+ rating on the shelf
registration of the issuer at the request of it in accordance
with the issuer's filing of statement of withdrawal of shelf
registration dated June 27, 2008.

   Shelf Registration:
   Maximum: JPY30 billion
   Valid: two years effective from September 25, 2007

Zephyr Co. Ltd. -- http://www.zephyr.co.jp/-- is a Japan-based  
real estate company.  The company has four business segments.
The Real Estate Property Sale segment is engaged in the
planning, development and sale of condominiums and detached
housing.  The Real Estate Liquidation segment sells investment
real estate properties.  The Construction Management (CM)
segment is engaged in the construction business, utilizing CM
method, and the planning and construction of commercial
buildings.  Through its subsidiaries, the Others segment is
involved in the general management of condominiums and buildings
for leasing, as well as the sale, leasing, and the provision of
agency businesses of real estate properties. Headquartered in
Tokyo, the company has 19 subsidiaries and five associated
companies.



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

ARK RESOURCES: Updates Bursa on Status of Unpaid Loans
------------------------------------------------------
Pursuant to Practice Note 1/2001 of Bursa Malaysia Securities
Berhad's Listing Requirements, Ark Resources Berhad disclosed
its status on default payments to several financial institutions
as of June 30, 2008:

  Lender                   Borrower              Amount Claimed
  ------                   --------              --------------
  CIMB Bank Bhd            Lankhorst Pancabumi    MYR25,321,245
                           Contractors S/B        MYR39,278,848
                                                     
  Prokhas Sdn Bhd          Lankhorst Pancabumi       MYR526,156
                           Contractors S/B

  Maybank                  Lankhorst Pancabumi    MYR15,632,230
                           Contractors S/B

  Affin-ACF Finance Bhd    ARK M&E Sdn Bhd           MYR136,114

CIMB Bank, Prokhas and Maybank are exposures to LPC but secured
against ARK’s corporate guarantee.  Under the salient terms and
conditions of the Proposed Corporate Restructuring Exercise,  
which was approved by the Securities Commission through its
letter dated April 30, 2007, these will be addressed:

   * the debts of Scheme Companies namely, the debt of ARK, ARK
     Hartanah Sdn Bhd, ARK M&E Sdn Bhd and ARK Development Sdn
     Bhd;

   * the debts of the Non-Scheme Companies but secured against
     ARK’s corporate guarantee; and

   * the liquidation of Non-Scheme Companies which will result
     in its debts being addressed by the respective liquidator.

ARK, on April 7, 2008, obtained an Order from the High Court of
Malaya at Kuala Lumpur sanctioning the Proposed Corporate
Restructuring Exercise pursuant to Section 176(3) of the
Companies Act, 1965.

                    About ARK Resources Berhad

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

                          *     *     *

On April 24, 2006, Lankhorst was classified as an affected
listed issuer under the Bourse's Practice Note 17/2005.  It was,
therefore, required to submit and implement a plan to regularize
its financial condition category.


LITYAN HOLDINGS: Unpaid Loans Total MYR38.29 Mil. as of June 30
---------------------------------------------------------------
In a regulatory filing with the Bursa Malaysia Securities Bhd,
Lityan Holdings Berhad disclosed the status of its payment
default on its credit facilities as of June 30, 2008.

As of end-June 2008, Lityan Holdings owes its creditors
MYR31,286,231.42 in aggregate:

                                             Total Principal and
  Lender              Type of Facility       Interest in Default
  ------              ----------------       -------------------
RHB Bank Berhad       Overdraft Facility           MYR333,030.29
                      of MYR225,000/-

RHB Bank Berhad       Overdraft Facility              667,714.04
                      of MYR450,000/-

Bank Islam Malaysia   Letter of Credit             18,063,973.77
Berhad Labuan         Facility/ Murabah
Offshore Branch       Working Capital
(Formerly known as    Financing/ Revolving
Bank Islam (L) Ltd)   Al-Bai-Bithaman-Ajil
                      Facility of US$10-Mil.
                      (Secured)

Bank Islam Malaysia   Revolving Al-Bai-            10,752,116.56
Berhad Labuan         Bithaman-Ajil Facility
Offshore Branch       of US$5 million
                      (secured)

Ambank Berhad         Overdraft Facility            1,469,396.76
                      of MYR1 million           ----------------
                                                MYR31,286,231.42

The three subsidiaries of Lityan, namely Lityan Systems Sdn.
Berhad, Digital Transmission Systems Sdn. Bhd. and Lityan (L)
Incorporated who have defaulted MYR29,816,834.66 out of the
MYR31,286,231.42 total amount default are not major subsidiaries
of the company.

In addition, Lityan, on April 4, 2008, had on via AmInvestment
Bank Berhad submitted its applications in relation to the
Proposed Restructuring Scheme to the Securities Commission and
the Equity Compliance Unit of the SC for approval.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

                          *     *     *

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


LUSTER INDUSTRIES: Tan Sri Dato Quits as Chairman and Director
--------------------------------------------------------------
Tan Sri Dato' Sri Izzuddin Dali has retired as Chairman of
Luster Industries Bhd.'s Audit Committee and as the company's
Chairman & Director.  

Dato' Abdul Rahim Bin Mokti and Dato' Ghazali Bin Saiboo have
also quit from their posts as  company directors.

Luster Industries Berhad is a Malaysia-based investment holding
company that provides management services to its subsidiaries.
The company is principally engaged in the manufacture of
precision plastic parts and components, and sub assembly and
full assembly of plastic parts and products.  During the year
ended December 31, 2005, the company acquired Mctronic Plastic
Sdn. Bhd., Mature Step International Limited and Poly Link
Limited.  On June 29, 2006, the company disposed of its
investment in its joint venture, Luster Nakazawa R&D Sdn Bhd,
representing 51% of Luster Nakazawa R&D Sdn Bhd.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 8, 2008, the company was considered as an affected listed
issuer of the Practice Note No. 17/2005 of Bursa Malaysia
Securities Berhad as the external auditors have expressed a
modified opinion on the company’s going concern and on its
consolidated shareholders’ equity amounting to MYR25,191,597,
which is less than 50% of its total issued and paid-up share
capital of MYR61,183,000.


LUSTER INDUSTRIES: Discloses Results of Annual General Meeting
--------------------------------------------------------------
Luster Industries Bhd. disclosed that during the company's
21st Annual General Meeting, these resolutions were carried out:

   * to re-elect Encik Abdul Gafoor @ Abdul Gafoor Khan;

   * to re-elect Mr. Chatar Singh A/L Santa Singh;

   * to re-elect Mr. Lau Theng Chim;

   * to approve and ratify the directors’ fees and Remuneration
     of MYr651,220.00 in respect of the year ending Dec. 31,
     2008;

   * to re-appoint Messrs. KPMG as Auditors;

   * to give power to issue shares pursuant to Section 132D; and

   * to approve Amendment To The Articles of Association

On the other hand, these resolutions were not carried out:

   * to re-elect Tan Sri Dato’ Sri Izzuddin Dali;

   * to re-elect Dato’ Ghazali Bin Saiboo; and

   * to re-elect Dato’ Abdul Rahim Bin Mokti.

Luster Industries Berhad is a Malaysia-based investment holding
company that provides management services to its subsidiaries.
The company is principally engaged in the manufacture of
precision plastic parts and components, and sub assembly and
full assembly of plastic parts and products.  During the year
ended December 31, 2005, the company acquired Mctronic Plastic
Sdn. Bhd., Mature Step International Limited and Poly Link
Limited.  On June 29, 2006, the company disposed of its
investment in its joint venture, Luster Nakazawa R&D Sdn Bhd,
representing 51% of Luster Nakazawa R&D Sdn Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 8, 2008, the company was considered as an affected listed
issuer of the Practice Note No. 17/2005 of Bursa Malaysia
Securities Berhad as the external auditors have expressed a
modified opinion on the company’s going concern and on its
consolidated shareholders’ equity amounting to MYR25,191,597,
which is less than 50% of its total issued and paid-up share
capital of MYR61,183,000.


PECD BERHAD: TacamJaya Files Wind-Up Petition Against Unit
----------------------------------------------------------
PECD Berhad disclosed that the company's subsidiary, PECD
Construction Sdn Bhd, has received a wind-up petition from
TacamJaya Technologies Sdn Bhd.

TacamJaya claimed for a sum MYR926,929.11, the alleged amount
owed by PECD Construction.  The petition is scheduled for
hearing on September 4, 2008, at the High Court of Malaya at
Shah Alam.

         Circumstances Leading to Filing of the Petition

   1) PECD Construction received a Notice pursuant to Section
      218 (2) (a) of the Companies Act, 1965 on March 28, 2008,
      from the petitioner's solicitors, Messrs. Goh Haslinda &
      Partners demanding payment of MYR926,929.11, the alleged
      amount due and owed under The Construction and Completion
      of the Proposed 6 Storey Private Hospital 3-Basement car
      park on Lot 290 & 291 Section 63, Jalan Tun Razak, Kuala
      Lumpur project; and

   2) The Petition was presented when payment were not made.

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

The Order is deemed to have been served on the Petitioner by way
of an advertisement in the New Straits Times and Berita Harian
Newspapers on May 16, 2008.

PECD Construction's solicitor believes that the service of the
Petition on the Subsidiary is a non-compliance of the Order and
the same has been notified by the subsidiary to the petitioner's
solicitor.

Pending the expiry of the Order and any extensions thereof, the
Petitioner and their solicitors will be restrained from
proceeding further with the petition.

                        About PECD Berhad

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

                          *     *     *

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

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

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


* MALAYSIA: Inflation to Hit 6%-7% in June, Says Zeti
-----------------------------------------------------
Malaysia's inflation is likely to have hit 6% to 7% in June, the
EdgeDaily reports citing central bank governor Tan Sri Dr Zeti
Akhtar Aziz.

"We expect inflation to rise, especially in the month of June
following one of the adjustments by the government -- the
reduction in subsidies.  Therefore, for the month of June,
inflation is likely to be between 6% to 7%," the news agency
quoted Mr. Zeti as saying.

The Edge Daily notes that costlier food and energy prices pushed
Malaysia's May inflation to a 22-month high of 3.8%, even before
the government raised domestic fuel prices in June.

According to the Daily, Mr. Zeto said they will monitor the
situation and the central bank will be prompted to take action
in the event that it becomes a generalized price increase.



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

ADTRASH LTD: Wind-Up Petition Hearing Set for August 29
-------------------------------------------------------
The High Court at Auckland will hear a petition to consider
putting Adtrash Limited into liquidation on August 29, 2008, at
10:00 a.m.

The application was filed on May 9, 2008, by  Rotational
Plastics Limited.

The plaintiff's address for service is at:

          Lovegroves
          11 Polygon Road
          St Heliers, Auckland.
          Telephone: (09) 575 6540

R. J. Burrell is the plaintiff’s solicitor.


CHRISCOTT LTD: Creditors' Proofs of Debt Due on July 31
-------------------------------------------------------
Pursuant to Section 241(2)(c) of the Companies Act 1993, the
High Court of Wellington has appointed John Howard Ross Fisk,
chartered accountant, and Craig Alexander Sanson, insolvency
practitioner as joint and several liquidators of Chriscott
Limited.

The creditors of Chriscott Limited are required to file their
proofs of debt by July 31, 2008, to be included in the company's
dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Chriscott Limited
          c/o PricewaterhouseCoopers
          Attn: Carl P. Messerschmidt
          113-119 The Terrace (PO Box 243)
          Wellington
          Telephone: (04) 462 7044
          Facsimile: (04) 462 7492


CHRISTCHURCH CHICKEN: Commences Liquidation Proceedings
-------------------------------------------------------
The High Court at Christchurch convened a hearing on June 30,
2008, to consider a petition putting Christchurch Chicken & Beef
Contractors Limited into liquidation.

The application was filed on May 14, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

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

Julie Newton is the plaintiff’s solicitor.


GEORGETOWN HOLDINGS: New Liquidators Appointed
----------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, Dennis
Clifford Parsons and Katherine Louise Kenealy were appointed
joint and several liquidators  of Georgetown Holdings Limited,  
Rafia Trading Company Limited and Able Engineering 2005 Limited.

Creditors and shareholders may direct their inquiries to:

          D. C. Parsons
          Indepth Forensic Limited
          PO Box 278
          Hamilton
          Telephone: (07) 957 8674
          Website: www.indepth.co.nz


HEAVY DIESEL: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Wellington convened a hearing on June 30,
2008, to consider a petition putting Christchurch Chicken & Beef
Contractors Limited into liquidation.

The application was filed on April 15, 2008, by  Elizabeth
Katherine Hazlitt Halliday.

The plaintiff's address for service is at:

          Thomas Dewar Sziranyi Letts
          2nd Floor
          1 Margaret Street (PO Box 31240)
          Lower Hutt

David Gerard Dewar is the plaintiff’s solicitor.


METE CONSTRUCTION: Shareholders Place Company Under Liquidation
---------------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Mete Construction Limited resolved, by
special resolution, that the company be liquidated and that
Dennis Clifford Parsons and Katherine Louise Kenealy, insolvency
practitioners of Auckland, be appointed liquidators.

Creditors and shareholders may direct their inquiries to:

          D. C. Parsons
          Indepth Forensic Limited
          PO Box 278
          Hamilton
          Telephone: (07) 957 8674
          Website: www.indepth.co.nz


PROPERTYFINANCE: Incurs NZ$6.7MM Loss in FY 2008 Ended March 31
---------------------------------------------------------------
Propertyfinance Group Limited reported a NZ$6.7 million loss for
the year ended March 31, 2008, compared with a NZ$134,000 loss
reported in the prior year.  

The company's total operating revenue decreased to NZ$19.5
million from $37.96 million.

At March 31, 2008, the company' balance sheet showed NZ$129.55
million in total assets, NZ$126,986 in total liabilities and
NZ$2.56 million in total stockholders' equity.

                   About Propertyfinance Group

Based in Christchurch, New Zealand (NZE:PFG) --
http://www.propertyfinance.co.nz/-- Propertyfinance Group  
Limited is engaged in lending on first mortgage.  The Company is
also involved in property related financial services. Some of
the Company’s subsidiaries include Property Finance Securities
Limited, Property Finance Holdings Limited, Property Finance
Operations CM-2006 Ltd, Property Finance Operations LS-2005 Ltd,
Property Finance Operations RML-2005 Ltd, Property Finance
Operations CM-2005 Ltd, Property Finance Operations RM-2005 Ltd,
Avon Number One Investments Limited and Avon Indemnity Company
Limited.

                          *     *     *

Propertyfinance Group Limited reported two consecutive annual
net losses of NZ$134,000 and NZ$935,000 for the years ended
March 31, 2007 and 2006, respectively.

The company's primary subsidiary, Propertyfinance Securities
Limited (PFSL), went into receivership last August 2007, owing
about 4000 retail investors $79 million in debentures.  The
parent company managed to pull its subsidiary out of
receivership in February 2008.


* NEW ZEALAND: Domestic Sales Down by 15.3% in May 2008
-------------------------------------------------------
The latest New Zealand Manufacturers and Exporters Association
(NZMEA) Survey of Business Conditions completed during June
2008, shows total sales in May 2008 decreased 3.71% (export
sales increased by 8.13% with domestic sales decreasing 15.3%)
on May 2007.

The NZMEA survey sample this month covered NZ$469m in annualised
sales, with an export content of 56%.

Net confidence dropped to -40, down from the -33 result reported
last month.

The current performance index (a combination of profitability
and cash flow) is at 100, up from the previous month’s 98, the
change index (capacity utilisation, staff levels, orders and
inventories) stayed at 100, and the forecast index (investment,
sales, profitability and staff) is at 101, up on the previous
month’s result of 99.8.Anything less than 100 indicates a
contraction.

The reported constraints were: 10% capacity, 20% staff and
markets 70%.

Staff numbers for May increased year on year by 7.46%.

“Comments from manufacturers and exporters indicate worries
about the future.  Sales are holding up now but there are few
forward orders and confidence figures are reflecting that
uncertain future.  The rising cost of raw materials, energy and
transport fuel are eating into profit margins for manufacturers
as they are for the rest of the economy,” says Chief Executive
John Walley.

“Concerns about the viability of thinning supply chains
affecting the cost and supply of goods required are continuing
as suppliers lose ‘critical mass’ and yet more activity moves
offshore. The relocation of some large manufacturers offshore
has made supply more difficult, reducing the international
competitiveness of New Zealand’s manufacturers.”

“Skilled staff shortages in the workforce, particularly
engineers and accountants, were identified as concerns.
The ‘brain drain’ to Australia was in the headlines when the
survey was open, contributing to this sentiment.  This must be a
major concern for our future.”

“Better returns on sales to Australia due to the improving
exchange rate are positive, underpinning the increased export
sales, but margins remain under pressure.  The reduction of
sales in the domestic sector reflects problems faced in the rest
of the economy.  Recent figures show a reduction in business
borrowing, indicating that pressures previously seen in the
tradeable sector have spread to the domestic sector.”
“There is a hope that the long period of pain due to high
exchange rates will come to an end, but that hope is edged with
sadness that the suffering will now be passed on to the domestic
sector.”

“Although the situation is improving for exporters, uncertainty
means that many are reluctant to invest in capacity expansion.  
A key question is - will it now be just once more around the
trade cycle or will there be a serious attempt to focus policy
on supporting the tradeable sector?”


* Moody's Says Outlook for Australia & NZ Power Sector Is Stable
----------------------------------------------------------------
Stable cash flow generation and low business risk among Moody's-
rated Australian and New Zealand regulated electricity and gas
companies underpin the sector's stable outlook over the next 12
months, says a new report from Moody's Investors Service.

"While the sector does display relatively high financial
leverage, the regulatory regimes remain predictable and
supportive of the rated utilities' investment-grade profiles,"
says Clement Chong, a Moody's VP/Senior Analyst and author of
the report.

"Recent regulatory decisions highlight the consistency in
regulators' approaches.  In these instances, the regulators have
allowed appropriate returns and cost recoveries, and the
resultant financial impacts are largely manageable within the
credit profiles of the relevant rated companies," says Chong.

Leverage levels continue to be high and a material de-leveraging
is unlikely in the near term.  However, given the supportive
regulatory regimes and low business risks of the regulated
utilities, high leverage levels are manageable for now within
their current credit ratings.

Their capital structures will nonetheless need to be managed
more carefully in view of the challenging capital market
conditions, says the report.  That said, refinancing risk in the
sector is manageable for now given manageable debt maturity
levels, and rated utilities' demonstrated access to the debt
market.  So far the issue has been about higher interest costs
which have so been manageable within utilities' financial
profiles.

Near-term interest rate risk is unlikely to materially affect
the regulated utilities' financial profiles, because they have
(1) manageable levels of refinancing; (2) adequate hedging
levels over each regulatory reset period, and (3) regulatory
regimes which compensate utilities for cost of funds.

Merger & acquisition (M&A) activity -- which has challenged
rating stability during the past year -- has subsided for now.
Large-scale M&A transactions in the sector are not likely in the
short-term since consolidation has already occurred in recent
years.  In addition, tight credit conditions mean the cost of
funding has become prohibitively high to justify the return
targets of would-be acquirers.

In Moody's opinion, any consolidation in the power sector would
most likely occur in the unregulated segment of the industry, as
energy retailers pursue a more integrated strategy by building
up their upstream capabilities.



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

NIHAO MINERAL: Mina's Units Granted Permits by Gov. of Zambales
---------------------------------------------------------------
The Office of the Provincial Governor of Zambales has granted
Small Scale Mining Permits to the subsidiaries of Mina Tierra
Gracia, Inc., which in turn is a wholly owned subsidiary Nihao
Mineral Resources International Inc.  The permits will enable
the subsidiaries to extract and remove 50,000 metric tons per
annum of Nickel.

Among Mina Tierra's subsidiaries that were granted permits were
Companhia Nube Minerale, Inc. and Companhia Minera Tierra, Inc.,
which were granted permits valid for two years, or from
June 13, 2008 to June 13, 2010.

Likewise during the meeting of the Board of Directors of Mina
Tierra held on July 1, 2008, the Board approved the execution of
a "Supplemental Agreement" with Saprolite Mining, Inc., to
clarify and affirm the intent of the "Deed of Assignment", and
the parties' respective rights and obligations thereunder.  
Under the "Deed of Assignment", Saprolite assigned in favor of
Mina Tierra all its rights, interests and previleges in a mining
claim llcated on the towns of Botolan and Iba, province of
Zambales then covered by Exploration Permit Application EPA-
000075-III filed with the Mines and Geosciences Bureau.

                       About NiHAO Mineral

Headquartered in Makati City, Philippines, NiHAO Mineral
Resources International Inc. was originally incorporated on July
9, 1975 as Summit Minerals Inc., a company engaged in mining
exploration.  On February 24, 1994, the Securities and Exchange
Commission approved the change in the company's primary purpose
to that of a holding company and the change in its corporate
name to Magnum Holdings Inc.  On June 28, 2007, the SEC approved
another change in the company's primary purpose to that of
exploration, development and operation of mineral properties and
the mining of metallic and non-metallic minerals.  The company
also subsequently changed its corporate name to NiHAO Mineral
Resources International Inc.

The operations of NiHAO have been suspended since August 2000.  
The suspension is for the purpose of minimizing the losses
occasioned by unfavorable business conditions.


* PHILIPPINES: Registers US$2.6 Bil. Deficit in Balance of Trade
----------------------------------------------------------------
Philippines' Balance of Trade in goods registered a deficit of
US$2.601 billion during the 4-month period in 2008, National
Statistics Office data showed.

According to the NSO, total external trade in goods for January
to April 2008 reached US$36.322 billion, representing a 10.6
percent increment from US$32.828 billion during the 4-month
period in 2007.  This growth is triggered by the 17.9 percent
growth of the total imports to US$19.462 billion from US$16.504
billion in the 4-month period of 2007.  Meanwhile, total exports
grew a modest growth of 3.3 percent during the 4-month period in
2008 to aggregate dollar revenue of US$16.860 billion from
US$16.325 billion during the same period in 2007.

Total merchandise trade for April 2008 grew by 8.4 percent to
US$9.180 billion from $8.467 billion in April 2007.  Dollar-
inflow generated by exports reached US$4.325 billion, or 4.9
percent higher from last year's US$4.124 billion.  Expenditures
for imported goods sustained its growth by 11.8 percent to
US$4.855 billion from US$4.343 billion in April 2007.  The
balance of trade in goods (BOT-G) recorded a deficit of
US$531 million in April 2008.

Accounting for 32.8 percent of the aggregate import bill,
payments for Electronic Products amounted to US$1.594 billion
down by 10.7 percent over last year's figure of
US$1.784 billion.  The same is true for the previous month's
level where purchases decreased by 15.4 percent from
US$1.884 billion.  Among the major groups of electronic
products, Components/Devices (Semiconductors) had the biggest
share of 24.9 percent, down by 15.2 percent to US$1.209 billion
from US$1.426 billion in April 2007.

Imports of Mineral Fuels, Lubricants and Related Materials in
April 2008 ranked second with a 21.4 percent share and posted a
positive growth of 13.7 percent to US$1.037 billion over the
previous year's level of US$912.08 million.

Transport Equipment, contributing 6.3 percent to the total bill,
was the RP's third top import for the month with payments placed
at US$304.07 million from last year's $222.88 million or an
increase of 36.4 percent.  This is due to the acquisition of
aeroplanes of an unladen weight exceeding 15,000 kg.

Cereals and Cereal Preparations, accounting for a 4.9 percent of
the total imports, ranked fourth as foreign bill amounted to
$239.95 million or a year-on-year growth of 222.9 percent from
$74.31 million last year.  

Industrial Machinery and Equipment ranked fifth recorded a share
of 4.2 percent at $203.04 million worth of imports, went up by
35.6 percent from its year ago level of $149.74 million.

Iron and Steel, comprising 2.8 percent of the total imports
registered $136.42 million worth of imports, up by 23.2 percent
from its year ago level of $110.70 million.

Singapore was the country's biggest source of imports for April
2008 with a 14.5 percent share of the total import bill or an
increase of 36.4 percent to US$702.99 million from US$515.31
million in April 2007.  Exports to Singapore amounted to
US$205.39 million, yielding a two-way trade value of US$908.39
billion and a trade deficit for RP at US$497.60 million.

United States of America followed as the second biggest source
of imports with an 11.7 percent share, recording payments worth
US$568.01 million, declined by 6.9 percent from US$610.06
million in April 2007.  Revenue from RP's exports to United
States of America, on the other hand, reached US$691.28 million,
generating a total trade value of US$1.259 billion and a
US$123.27 million trade surplus for the Philippines.

Japan came third, accounting for an 11.4 percent share of the
total import bill in April 2008, up by 7.5 percent to US$552.44
million from US$513.83 million during the same month in 2007.
Exports to Japan amounted to US$664.37 million resulting to a
total trade value of $1.217 billion and a trade surplus of
US$111.94 million.

Other major sources of imports for the month of April 2008 were
Saudi Arabia, US$424.24 million; People's Republic of China,
US$350.08 million; Taiwan, US$297.61 million; Republic of Korea,
US$222.08 million; Thailand, US$199.24 million; Malaysia,
US$173.25 million; and Hong Kong, US$172.92 million.



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

APEC M & E ENGINEERING: Wind-Up Petition Hearing Set for July 11
----------------------------------------------------------------
A petition to have Apec M & E Engineering Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
July 11, 2008, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on June 17, 2008.

United Overseas Bank's solicitors are:

         Rajah & Tann LLP
         4 Battery Road
         #26-01 Bank of China Building
         Singapore 049908


CHIJMES INVESTMENT: Creditors' Proofs of Debt Due by July 28
------------------------------------------------------------
Chijmes Investment Pte Limited, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by July 28, 2008, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


KS AUTOMOTIVE: Fixes July 27 as Last Day to File Claims
-------------------------------------------------------
The creditors of KS Automotive Suspensions Asia Pte Ltd are
required to file their proofs of debt by July 27, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

         Tam Chee Chong
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


PRAISELAND REALTY: Creditors' Proofs of Debt Due on July 28
-----------------------------------------------------------
The creditors of Praiseland Realty Pte Ltd are required to file
their proofs of debt by July 28, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


SANERGY JAYA: Requires Creditors to File Claims by July 25
----------------------------------------------------------
The creditors of Sanergy Jaya Marine Pte Ltd are required to
file their proofs of debt by July 25, 2008, to be included in
the company's dividend distribution.

The company's liquidator is:

         Lim Siew Soo
         c/o 137 Telok Ayer Street #04-01
         Singapore 068602


TRANSGLOBAL ENERGY: Court to Hear Wind-Up Petition on July 11
-------------------------------------------------------------
The High Court of Singapore will hear on July 11, 2008, at 10:00
a.m., a petition to have Transglobal Energy Funds Pte Ltd.'s
operations wound up.

Platinum Incorporation Pte Ltd and Platinum Energy Pte Ltd filed
the petition against the company on June 13, 2008.

Platinum's solicitor is:

         M/s WongPartnership LLP
         One George Street #20-01
         Singapore 049145


WESTSTELLA INVESTMENT: Creditors' Proofs of Debt Due on July 27
---------------------------------------------------------------
Weststella Investment Pte Ltd, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by July 27, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809

                         *********

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 ***