TCRAP_Public/080704.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

              Friday, July 4, 2008, Vol. 11, No. 132

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Unit to Acquire Two U.S. Gas Utilities
BADEGO PTY: Liquidator Presents Wind-Up Report
BIOVEND PTY: Liquidator Presents Wind-Up Report
BULLA TIP: Supreme Court Enters Wind-Up Order
C. & C. PERFORMANCES: Liquidator Presents Wind-Up Report

CBI METAL: Appoints Adrian Brown as Liquidator
ELDERSLIE MTN: S&P Lifts “CC” Rating on Class C Notes to “CCC”
GFC KILNS: Appoints G. S. Andrews as Liquidator
J.C. HYDRAULIC: Declares Dividend for its Creditors
MAGGIE & JACQUE: Placed Under Voluntary Liquidation

NATIONAL LEISURE: BNZA Facilities Extended Until July 31, 2009
SAXON LANE: Placed Under Voluntary Liquidation
TRIANGLE FASHIONS: Liquidator Presents Wind-Up Report


C H I N A

CHINA EASTERN: To Issue CNY1.4BB Short-Term Financing Bonds
XINHUA FINANCE: Inks Business Entity Data Deal With Avox


H O N G K O N G

EVEREST GLOBAL: Court to Hear Wind-Up Proceedings on July 23
GANGFORD INT'L: Court to Hear Wind-Up Proceedings on July 9
JUMBO CHINA: Members & Creditors to Meet on July 9
SHUN TAH: Members & Creditors to Meet on July 29
SOUTHWOOD LIMITED: Liquidators Quit Post

STAR CRUISES: Moody's May Downgrade B1 Corporate Family Rating
SUPERMASTER: Court to Hear Wind-Up Proceedings on July 23
UNISMART: Court to Hear Wind-Up Proceedings on July 23
YATIN DEV'T: Court to Hear Wind-Up Proceedings on Aug. 13


I N D I A

GENERAL MOTORS: Bankruptcy 'Not Impossible,' Merrill Says
M/S NAWANSHAHR DOABA: RBI Cancels Certificate of Registration
TATA MOTORS: June 2008 Vehicle Sales from Exports Down by 37%
VIJAYESWARI TEXTILES: Spinning Unit Under Strike Again


I N D O N E S I A

ANEKA TAMBANG: Signs Joint Venture Agreement With Oxiana
INDOSIAR VISUAL: Pefindo Puts Neg. Implication on "idBB+" Rating


J A P A N

MITSUBISHI MOTORS: To Start South Korea Vehicle Sales in October
MITSUBISHI MOTORS: Global Production Down 8.7% in May
MITSUBISHI MOTORS: Inks Tech Licensing Pact With China Harbin
SANYO ELECTRIC: To Build Rechargeable Battery Plant
* JAPAN: Moody's Has Stable Outlook for Steel Industry


M A L A Y S I A

PECD BERHAD: Mohd Noor Joins as Member of Remuneration Committee
PECD BERHAD: Fails to Pay Interests on Serial Fixed Rate Bonds


N E W  Z E A L A N D

AIR NEW ZEALAND: Hikes Airfares Due to Soaring Fuel Prices
AIR NEW ZEALAND: Appoints Paul Bingham as Director
COBHAM LIMITED: Liquidator Appointed
HABITAT CONSULTANCY: Placed Under Liquidation
JIAN HUA: Parsons and Kenealy Appointed as Liquidators

PLYMOUTH 22: Commences Liquidation Proceedings
RADIO 531: Shephard and Dunphy Appointed as Liquidators
SI HOLDINGS: Shareholders Placed Company Under Liquidation
ST LAURENCE: Suspends Principal Repayments to Investors
WHITTAKER CARRIERS: Commences Liquidation Proceedings


P H I L I P P I N E S

LODESTAR INVESTMENT: Virginia & Geraldine Gaisano Quit Posts
PHILCOMSAT: PMO to Take Over Govt.'s 35% Stake in Parent Company
* PHILIPPINES: Credit Basics Vulnerable to High Food Prices


S I N G A P O R E

SOON LAI: Creditors' Meeting Scheduled Today
TTS FOOD: Court Enters Wind-Up Order


V I E T N A M

ASIA COMMERCIAL: Fitch Affirms 'D' Individual Rating
BANK FOR FOREIGN: Fitch Holds 'Default' Individual Rating
BANK FOR INVESTMENT: Fitch Affirms 'D/E' Individual Rating
VIB: Moody's Assigns First-Time Ratings


X X X X X X X X

* ASIA: Moody's Has Stable Outlook for Asia Retailers
START V CLO: S&P Assigns BB+ Rating to Class B Notes
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

BABCOCK & BROWN: Unit to Acquire Two U.S. Gas Utilities
-------------------------------------------------------
Babcock & Brown Limited's Babcock & Brown Infrastructure Fund
North America (BBIFNA) has entered into a definitive agreement
with Dominion Resources Inc. to acquire The Peoples Natural Gas
Company and Hope Gas Inc. natural gas distribution utilities
located in Pennsylvania and West Virginia.

Under the agreement,  BBIFNA will purchase the utilities for
US$910 million inclusive of working capital and capital
expenditures, subject to certain purchase price adjustments.

“We have a strong understanding of Peoples Natural Gas and Hope
Gas and appreciation for their tradition of providing reliable
service to their customers,” said Michael Cyrus, Chief Operating
Officer of BBIFNA.  “We are committed to maintaining superior
customer service levels and to reinvesting in these businesses.”

“This opportunity perfectly fits our focus of making long-term
investments in high-quality infrastructure companies throughout
North America,” said Chris Kinney, Chief Executive Officer of
BBIFNA.  “We have made a strong commitment to the dedicated
employees of Peoples and Hope and we look forward to a smooth
transition for all employees and customers.”

The agreement is subject to regulatory approvals in Pennsylvania
and West Virginia, as well as clearance under the federal Hart-
Scott-Rodino Act and under the Exon-Florio provision of the
Omnibus Trade and Competitiveness Act.

                     About Dominion Resource

Richmond, Virginia-based Dominion Resources, Inc. (NYSE:D) --
http://www.dom.com/-- is a producer and transporter of energy.
The company’s portfolio of assets includes approximately 26,500
megawatts of generation, 6,000 miles of electric transmission
lines, 55,000 miles of electric distribution lines in Virginia
and North Carolina, 14,000 miles of natural gas transmission,
gathering and storage pipeline, 28,000 miles of gas distribution
pipeline, exclusive of service lines of two inches in diameter
or less, and 1.1 trillion cubic feet equivalent of natural gas
and oil reserves.  Dominion also owns the underground natural
gas storage system and operates over 975 billion cubic feet of
storage capacity and serves retail energy customers in eleven
states.  The Company operates in three segments: Dominion
Virginia Power (DVP), Dominion Generation and Dominion Energy.

              About Babcock & Brown Infrastructure

Babcock & Brown Infrastructure Fund North America (“BBIFNA”) is
a San Francisco-based infrastructure fund that owns and manages
energy and infrastructure companies throughout North America.
Investors in BBIFNA include public, employee and other pension
plans and insurance companies located throughout North America
and Europe. BBIFNA owns Trans Bay Cable, a 400 Megawatt high-
voltage direct current electric submarine cable connecting the
city of Pittsburg, California and San Francisco. BBIFNA also
owns an interest in ICS Logistics, a leading operator of break
bulk sea ports in Florida, Louisiana and Alabama.

BBIFNA is also a member of a Babcock & Brown consortium that
owns the controlling interest (80%) of the Natural Gas Pipeline
of America (NGPL) and partners with Knight Inc. (formerly Kinder
Morgan) which also serves as the 20% partner and asset operator.

                    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.


BADEGO PTY: Liquidator Presents Wind-Up Report
----------------------------------------------
At the final meeting of the members of Badego Pty Ltd held
May 22, 2008, John Bouwman, the appointed liquidator, presented
an account showing the manner in which the winding up has
been conducted and the property of the company disposed.

The liquidator can be reached at:

          John Bouwman
          Sinclair Wilson
          PO Box 217
          Warrnambool VIC 3280
          Australia


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

The liquidator can be reached at:

          Gideon Rathner
          Lowe Lippmann
          Chartered Accountants
          5 St. Kilda Road
          St. Kilda, Vic, 3182
          Australia


BULLA TIP: Supreme Court Enters Wind-Up Order
---------------------------------------------
On April 14, 2008, the Supreme Court of Victoria entered an
order to have Bulla Tip & Quarry Operations Pty. Limited's
operations wound up.

Adrian Brown and James Stewart were appointed as liquidators.

The liquidatorS can be reached at:

          James Stewart
          Ferrier Hodgson
          PO Box 290
          Collins Street West
          Melbourne VIC 8007
          Australia


C. & C. PERFORMANCES: Liquidator Presents Wind-Up Report
--------------------------------------------------------
A. L. Dunner, C. & C. Performances Pty. Ltd.'s estate
liquidator, met with the company's members on May 30, 2008, and
provided them with property disposal and winding-up reports.

The liquidator can be reached at:

          A. L. Dunner
          Andrew Dunner & Associates
          Chartered Accountants
          23 Erin Street
          Richmond


CBI METAL: Appoints Adrian Brown as Liquidator
----------------------------------------------
CBI Metal Industries Pty. Ltd.'s members agreed on
April 15, 2008, to voluntarily liquidate the company's business.
Adrian Lawrence Brown and George Georges were appointed to
facilitate the sale of its assets.

The liquidators can be reached at:

          Adrian Brown
          Ferrier Hodgson
          Level 29, 600 Bourke Street
          Melbourne VIC 3000
          Australia
          Telephone: (03) 9600 4922
          Facsimile: (03) 9642 5887


ELDERSLIE MTN: S&P Lifts “CC” Rating on Class C Notes to “CCC”
--------------------------------------------------------------
Standard & Poor's Ratings Services raised the ratings on the
Class A, Class B, and Class C notes issued by Elderslie MTN
Trust Series 2006-1 to 'A', 'BBB', and 'CCC' respectively.  The
ratings on each class have been raised from 'CC' and the
CreditWatch on each class has been revised to developing
implications from negative implications.

These rating actions reflect the transaction's improved outlook,
which has become evident due to the additional information that
was made available.  This information has provided more clarity
about the transaction's cash flow and management.  Both will
have a material impact on its future performance.

The ratings on the notes were lowered to 'CC/Watch Neg' on
June 26, 2008.  This occurred in response to Standard & Poor's
being notified that there were insufficient funds available in
the collection  account to make some of the required interest
payments to noteholders on the next payment date of July 2,
2008.  This has been remedied today and all required payments
that were due today have been made.

Despite this, AU$2.2 million from the underlying receivables has
still not been remitted to the trust collection account.  This
reduces the amount of cash flow that is available from the
transaction to repay the note principal.  The non-remittance of
the trust collection and appointment of a receiver to Elderslie
Finance Corporation Ltd. today leaves the transaction open to
future developments that could impact the future performance and
the management of the transaction.

To date, the transaction has benefited from the sufficiency of
the excess yield from the underlying collateral.  This has
allowed for the absorption of losses and, therefore, there has
been no charge-offs to the notes as a result of losses from the
underlying collateral.  For senior notes, the repayment of
principal has resulted in a build-up of credit support through
subordination.  There is a liquidity facility available to cover
any cash flow timing mismatch.

The CreditWatch developing status will remain whilst Standard &
Poor's continues to assess the potential impact that the recent
announcements may have on the ongoing performance and management
of the transaction.

Ratings Raised

                Elderslie MTN Trust Series 2006-1

  Class    Rating to        Rating from
  -----    ---------        -----------
  A        A/Watch Dev      CC/Watch Neg
  B        BBB/Watch Dev    CC/Watch Neg
  C        CCC/Watch Dev    CC/Watch Neg


GFC KILNS: Appoints G. S. Andrews as Liquidator
-----------------------------------------------
GFC Kilns International Pty. Ltd.'s members agreed on
April 11, 2008, to voluntarily liquidate the company's business.
Gregory Stuart Andrews was appointed to facilitate the sale of
its assets.

The liquidator can be reached at:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton VIC 3053
          Australia
          Telephone: (03) 9662 2666
          Facsimile: (03) 9662 9544


J.C. HYDRAULIC: Declares Dividend for its Creditors
---------------------------------------------------
J.C. Hydraulic Cylinder Services Pty Ltd, which is in
liquidation, declared dividend for its creditors.

Only creditors who were able to file their proofs of debt by
May 21, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          William Bernard Abeyratne
          Harrisons Insolvency
          Level 5, 150 Albert Road
          South Melbourne VIC 3205
          Australia
          Telephone: (03) 9696 2885


MAGGIE & JACQUE: Placed Under Voluntary Liquidation
---------------------------------------------------
Maggie & Jacque Pty. Ltd.'s members agreed on March 17, 2008, to
voluntarily liquidate the company's business.  Stirling L. Horne
and Petr Vrsecky were appointed to facilitate the sale of its
assets.

The liquidators can be reached at:

          P. Vrsecky
          Draper Dillon
          440 Collins Street
          Melbourne VIC 3000
          Australia


NATIONAL LEISURE: BNZA Facilities Extended Until July 31, 2009
--------------------------------------------------------------
National Leisure & Gaming Limited said it has successfully
extended its existing financing facilities, which expired on
June 30, 2008, with Bank of New Zealand Australia (BNZA), a
business division of National Australia Bank Limited, until
July 31, 2009.

The company said the extended facilities include approval for
CAPEX facility which, importantly, will allow NLG to continue
its capital works program.

National Leisure had been due to repay around AU$200 million in
loans that expired on June 30, the Australian reports.

According to the report, despite being one of Australia's
largest hotel operators, as well as the largest listed
specialist hotel and gaming operator, NLG's business and share
price have been hit by NSW smoking bans, negative sentiment
towards poker machines and falling hotel values.

A month ago, the Australian says NLG was forced to slash its
full-year earnings forecast for the third time in less than four
months with projected 2008 financial year EBITDA of only AU$6
million.

NLG recently sold a Port Macquarie tavern leasehold for AU$2.4
million to reduce debt, the Australian adds.

Sources told the Australian that with no buyers for the troubled
hotel group, National Australia Bank had no option but to allow
NLG to continue trading.

                      About National Leisure

Based in Melbourne, Australia, National Leisure and Gaming
Limited (ASX:NLG) -- http://www.nationalleisure.com.au/-- is
engaged in the acquisition and operation of leisure and gaming
venues.  It operated four hotels: Shamrock Hotel in Mackay,
Magnums Hotel in Airlie Beach, Wynnum Point Hotel in Brisbane
and Andergrove Tavern in Mackay.  During the fiscal year ended
June 30, 2007, it completed various acquisitions: Gladstone Reef
Hotel Motel, at Gladstone; Blue Pacific Hotel, at Bribie Island;
Hermit Park Hotel, at Townsville; Swell Tavern, at Burleigh
Heads; Sydney portfolio of three hotels at Belmore, Doonside &
Lalor Park; Grant Samuel Laundy Pub Fun portfolio of 10 hotels
in New South Wales and Gaming Asset Management Pty Ltd portfolio
of seven hotels in New South Wales.  On July 13, 2007, it
acquired the leasehold interest of the Iris portfolio of nine
hotels in the western suburbs of Sydney.  On July 9, 2007 and on
July 30 2007, it acquired the leasehold interest of Moonee Beach
Tavern, Coffs Harbour, and Tacking Point Tavern, Port Macquarie.


SAXON LANE: Placed Under Voluntary Liquidation
----------------------------------------------
Saxon Lane Pty. Ltd.'s members agreed on April 15, 2008, to
voluntarily liquidate the company's business. Gregory Stuart
Andrews was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton VIC 3053
          Australia
          Telephone: (03) 9662 2666
          Facsimile: (03) 9662 9544


TRIANGLE FASHIONS: Liquidator Presents Wind-Up Report
-----------------------------------------------------
At the final meeting of the members of Triangle Fashions Pty Ltd
held May 22, 2008, Stephen R. Dixon, the appointed liquidator,
presented an account showing the manner in which the winding up
has been conducted and the property of the company disposed.

The liquidator can be reached at:

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



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

CHINA EASTERN: To Issue CNY1.4BB Short-Term Financing Bonds
-----------------------------------------------------------
China Eastern Airlines Corp. Ltd. planned to issue not more than
CNY1.4 billion short-term financing bonds, SinoCast News
reports.

According to the report, the company said that it was hard to
forecast the performance in the whole year although it might
make profit in the first half.  However, Citibank and JP Morgan
Chase & Co. estimated on June 30 that the airline would lose
money this year.

Meanwhile, SinoCast News relates that the plan to cooperate with
Singapore Airlines has been in stagnancy since being vetoed by a
shareholders' meeting in 2007, putting the company into more
urgent need of capital.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 10, 2008, nearly 78% of China Eastern shareholders earlier
rejected a bid by Singapore Airlines and Temasek Holding Pte
Limited to buy a minority stake in China Eastern after rival Air
China and its parent, China National Aviation Corp., pledged a
higher offer.  However, on Feb. 25, China Eastern rejected Air
China's proposal and pledged to instead continue seeking another
strategic investor.

As reported in the Troubled Company Reporter-Asia Pacific on
May 19, 2008, Company Chairman Li Fenghua was cited by Bloomberg
News as saying that China Eastern Airlines is still in talks to
sell a stake to Singapore Airlines and it is very likely the two
carriers will complete a deal.

SinoCast News relates that the cooperation with Singapore
Airlines is expected to have no progress before the Beijing
Olympics because the major business of airlines in the country
is to ensure air transportation services during the sports meet.

                      About China Southern

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

                          *     *     *

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


XINHUA FINANCE: Inks Business Entity Data Deal With Avox
--------------------------------------------------------
Xinhua Finance Limited and Avox Limited signed an agreement
creating an exclusive strategic alliance providing worldwide
business entity data to financial institutions in mainland China
and Taiwan.  The partnership will allow users in the region to
utilize fully verified and timely international business entity
data, and in particular meet the increasing demand for reliable
data services from China's qualified domestic institutional
investors (QDIIs) who are investing overseas.

Avox's timely and complete business entity data is developed
through its global network of contributing clients including
some of the largest and most respected financial institutions in
the world, its first class research team, authoritative sources
and global news feed partners.  Data is updated daily, complete
with an Avox generated audit trail used to verify data accuracy,
in line with international regulatory requirements.  The Avox-
Xinhua Finance partnership enables Chinese financial
institutions to enhance the quality and continual availability
of their data, which is of significance in operational
efficiency, timely compliance, customer service and risk
control.  Clients are able to freely distribute the Avox
business entity data across business units and geographical
locations.

"We are delighted to find a partner like Xinhua Finance who
shares the same passion and ambition of bridging China's
financial markets and the world by promoting transparency," said
Ken Price, CEO of Avox.  "Moreover, given Xinhua Finance's in-
depth knowledge of the Chinese markets, strong sales
capabilities, and its impressive clientele of financial
institutions and corporations, we will be able to reach more
clients in mainland China and Taiwan, and at the same time
better understand client demand in the region."

"Business entity data has long been an overlooked area without
authoritative sources or generally accepted global standards.
Avox offers a compelling proposition filling the gap in the
market with its technology, data content and data governance
standards," said Dr. Chen Chunghsing, Head of Ratings and
Research, Xinhua Finance.  "Chinese firms who have gained
their QDII 'Foreign Trading' license are facing an increasing
challenge to access trustworthy international business entity
data. We believe that these Chinese QDII clients will be able to
make their investment, trading, partnership, and compliance
judgments with more confidence than ever, by leveraging Avox's
collaborative industry utility."

As the Chinese markets continue to open and evolve as part of
the global economy, the requirement to improve business entity
data accuracy and timeliness is intensified by global standards
such as Basel II, anti-money laundering (AML) and combating
financing of terrorism (CFT) regulations.  Financial
institutions will be required to prove that they have a
documented and auditable data management process as a part of
compliance.  The Avox-Xinhua Finance partnership addresses these
needs.

                           About Avox

Avox Limited utilizes an entirely new approach to validating,
correcting and enriching business entity data.  The firm has
established a shared pool of business entity data regularly
contributed by a growing number of clients including SWIFT,
Calyon, Citigroup, Bank of Scotland, Barclays Capital, Nomura
and Standard Bank.  This industry data is combined with up-to-
date content from other authoritative sources including
regulators, business registries and company filings.  Changes
made by any of Avox's clients to a data record are immediately
revalidated by an Avox analyst and, if proven correct, they are
broadcast, complete with a full audit trail, to all other
clients holding the same record.  The data in Avox includes
corporate hierarchies, address information, industry sector
codes, company identifiers, regulatory content
and links to issued securities.

                   About Xinhua Finance Limited

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

                          *     *     *

As of June 17, 2008, Xinhua Finance Limited continues to carry
Moody's "B2" LT Family and Senior Unsecured Debt Ratings.   The
company also carries S&P's "B" LT Credit Rating.



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

EVEREST GLOBAL: Court to Hear Wind-Up Proceedings on July 23
------------------------------------------------------------
On May 13, 2008, Dah Sing Bank Limited, filed a petition to have
Everest Global Trading Company operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
July 23, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          K.B. Chau & Co.
          Wing Lung bank Building, 16th Floor
          45 Des Voeux Road
          Central, Hong Kong


GANGFORD INT'L: Court to Hear Wind-Up Proceedings on July 9
-----------------------------------------------------------
On May 5, 2008, Keung, Keung Shing, filed a petition to have
Gangford International Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
July 9, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          Bernanrd Wong & Co.
          Takshing House, Rooms 1101-6
          20 Des Voeux Road
          Central, Hong Kong


JUMBO CHINA: Members & Creditors to Meet on July 9
--------------------------------------------------
Jumbo China Steel Enterprises Company  Limited will hold a joint
meeting for its  contributors and creditors at 2:30 p.m. and
3:30 p.m, respectively on July 9, 2008.  During the meeting, the
company's liquidators, Lui Tin Nang and Chung Cheuk Ming,  will
provide the attendees with property disposal and winding-up
reports.

The company's liquidators can be reached at:

            Lui Tin Nang
            Chung Cheuk Ming
            Double Building, Room 501
            22 Stanley Street
            Central, Hong Kong


SHUN TAH: Members & Creditors to Meet on July 29
------------------------------------------------
Shun Tah Industries Company Limited will hold a joint meeting
for its  contributors and creditors at 2:00 p.m. and 2:30 p.m,
respectively on July 29, 2008.  During the meeting, the
company's liquidator, Wong Ka Lam King will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

            Wong Ka Lam King
            Double Building, 2nd Floor
            22 Stanley Street
            Central, Hong Kong


SOUTHWOOD LIMITED: Liquidators Quit Post
----------------------------------------
On June 27, 2008, Gerard Dubois and Richard Alan Wallis stepped
down as liquidators for Southwood Limited.


STAR CRUISES: Moody's May Downgrade B1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service will continue to review the B1
corporate family rating of Star Cruises Limited (SCL) for
possible downgrade, awaiting further developments and
information disclosures with regard to SCL's potential
investment in the Philippine gaming market.

Moody's notes SCL has already paid US$100 million to Alliance
Global Group, Inc (AGI) as a refundable deposit for an extended
exclusivity period to conduct due diligence.

"Moody's had previously placed SCL's rating on review after the
company announced a heads of agreement with AGI to acquire from
the latter a 50% interest in Travellers International Hotel
Group Inc for US$335 million," says Kaven Tsang, Moody's lead
analysts for SCL, adding, "Furthermore, SCL and AGI will jointly
develop and operate hotel and casino complexes in the
Philippines."

"The review for possible downgrade reflects the situation that
these potential investments and the associated development capex
would increase SCL's debt financing requirements and thus weaken
its key credit metrics to a level that may not support its B1
rating," says Tsang.

Moody's also notes that SCL recently disposed of two vessels for
US$380 million.  The sale proceeds, together with its committed
banking facilities, have provided the company with the liquidity
to fund near-term financial obligations and part fund the above-
mentioned potential investments.

In the review, Moody's will focus on the structures and funding
arrangements of the Philippine project, the intended usage of
the vessel sale proceeds, and evaluate the associated impact on
the company's credit and liquidity profiles.

Moody's will also review the potential investment's impact on
SCL's ability to provide support to NCL Corporation Limited, of
which SCL owns 50%.

                        About Star Cruises

Star Cruises Limited, publicly listed in Hong Kong, is 19.3%
owned by Resorts World Bhd, which is in turn 48.4% owned by
Genting Berhad.


SUPERMASTER: Court to Hear Wind-Up Proceedings on July 23
---------------------------------------------------------
On May 19, 2008, Supermaster Limited, filed a petition to have
Supermaster Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
July 23, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          Christina Hadiwibawa
          Revenue Tower, 30th Floor
          5 Glouester Road
          Wanchai, Hong Kong


UNISMART: Court to Hear Wind-Up Proceedings on July 23
------------------------------------------------------
On May 13, 2008, Dah Sing Bank Limited, filed a petition to have
Unismart Industrial Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
July 23, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          K.B. Chau & Co.
          Wing Lung Bank Building, 16th Floor
          45 Des Vouex Road
          Central, Hong Kong


YATIN DEV'T: Court to Hear Wind-Up Proceedings on Aug. 13
---------------------------------------------------------
On June 5, 2008, Marble Holding Limited, filed a petition to
have Yatin Development Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
August 13, 2008, to hear the petition.

The petitioners' solicitors can be reached at:

          Sit Fung Kwong & Shum
          Gloucester Tower, 18th Floor
          The Landmark, 11 Pedder Street
          Central, Hong Kong



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

GENERAL MOTORS: Bankruptcy 'Not Impossible,' Merrill Says
---------------------------------------------------------
Merrill Lynch analyst John Murphy said a bankruptcy filing for
General Motors Corp. is not impossible "if the market continues
to deteriorate and significant incremental capital is not
raised," various reports say.

Mr. Murphy, in a research note, said GM will need to raise
US$15,000,000,000 in capital to fund its operations for the next
two years.  The amount is more than the between US$5,000,000,000
and US$10,000,000,000 analysts had previously forecast, Ed
Welsch and Cynthia Koons at Dow Jones Newswires say.

Mr. Murphy, according to the reports, warned GM is burning
through cash faster than investors realize.  Mr. Murphy said GM
may raise the US$15,000,000,000 from existing credit facilities
and through a combination of secured debt, asset sales or even
by borrowing from the United Auto Worker's independent trust
created to fund retiree health care.

In his post at MLive.com, Rick Haglund, citing an industry
expert, said GM could file for Chapter 11 for its North American
operations, similar to what Delphi Corp. did in 2005.  Mr.
Haglund said GM is profitable and growing in every other region
of the world in which it operates.

According to Dow Jones, Shelly Lombard, an auto analyst at Gimme
Credit, said while GM may need additional liquidity, some of the
money required may just be cash for an "emotional security
blanket" to assuage investors' anxiety.

Dow Jones also says GM could secure some of its more profitable
international operations to issue debt against.

According to Dow Jones, Kingman Penniman, president of KDP
Investment Advisors, pointed out that GM's existing term loans
outstanding are securitized by primarily domestic property,
plant and equipment.  "I don't know how much is left there as a
cushion.  We have the impression most of their foreign assets
have not been securitized for a debt package," Dow Jones quotes
Mr. Penniman as saying.

David Welch, in his post at BusinessWeek, noted that GM's stock
is trading at under US$10 a share and that the company's market
capitalization is roughly US$5,700,000,000.  Mr. Welch said
certain investors could buy control of GM for less than
US$3,000,000,000, pointing out that billionaire investor Kirk
Kerkorian could come up with that money, since he tabled a
US$4,500,000,000 bid for Chrysler LLC last year.  Mr. Kerkorian
is already invested in Ford, and hence not a candidate for a run
at GM, Mr. Welch added.

Dow Jones notes that, in its most recent earnings report, GM's
pretax earnings from international results -- helped by growth
in Asia and Latin America -- nearly doubled to US$1,000,000,000,
while its pretax losses in North America quadrupled to
US$812,000,000.

                       About General Motors

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

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

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

                          *     *     *

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS placed the ratings of General Motors Corporation and
General Motors of Canada Limited Under Review with Negative
Implications.  The rating action reflects the structural
deterioration of the company's operations in North America
brought on by high oil prices and a slowing U.S. economy.

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

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


M/S NAWANSHAHR DOABA: RBI Cancels Certificate of Registration
-------------------------------------------------------------
The Reserve Bank of India cancelled the certificate of
registration granted to M/s Nawanshahr Doaba Finlease Private
Limited for carrying on the business of a non-banking financial
institution.

Following cancellation of the registration certificate, M/s
Nawanshahr Doaba Finlease Private Limited, cannot transact the
business of a non-banking financial institution.

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

M/s Nawanshahr Doaba Finlease Pvt.Ltd. has its registered office
at Nawanshahr, Garshankar Road, in Nawanshahr.


TATA MOTORS: June 2008 Vehicle Sales from Exports Down by 37%
-------------------------------------------------------------
Tata Motors reported a total sale of 47,245 vehicles (including
exports) for the month of June 2008, a growth of 7% compared to
44,317 vehicles sold in June last year.  Cumulative sales for
the company at 131,733 nos., grew by 3%.

However, the company's sales from exports at 3,431 vehicles in
June 2008 declined by 37% compared to 5,482 vehicles in June
2007.  The cumulative sales from exports for the fiscal at 9,159
nos. declined by 34% over 13,822 nos. in the same period last
year.

The company’s sales of commercial vehicles in June 2008 in the
domestic market were 26,797 nos., a growth of 25% compared to
21,417 vehicles sold in June last year. M&HCV sales stood at
12,845 nos., a growth of 9% over June 2007, while LCV sales were
13,952 nos., a growth of 45% over June 2007.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 71,480 nos., a growth of 16% over last year.
Cumulative M&HCV sales stood at 35,835 nos., a growth of 10%
over last year, while LCV sales for the fiscal were 35,645 nos.,
a growth of 23% over last year.

Reuters reports that Tata Motors had raised prices of its
commercial vehicles by an average of 3 percent with immediate
effect on account of higher input prices.

For its passenger vehicle business, Tata Motors said it achieved
total sales of 17,017 vehicles in the domestic market in June
2008, a marginal decline of 2% over 17,418 nos. sold in June
2007.  The Indica reported sales of 8,560 nos., a decline of 27%
over June 2007.  The Indica, while being in its mature phase,
continues to see a significant portion of its volumes migrate to
the attractively priced Indigo CS sedan.  The Indigo family
recorded sales of 4,747 nos., a strong 102% growth over June
2007. The Sumo and Safari accounted for sales of 3,710 nos., a
growth of 11% compared to June 2007.  Growth could have been
higher but for the adverse impact of the sudden and unexpected
increase in excise duties in the latter half of the month.  The
Sumo recorded a 9% growth over June 2007, with sales of 2,196
nos.  Safari sales at 1,514 nos., grew by 15%.

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were 51,094 nos., a minor decline of 1% over the
same period last year.  Cumulative sales of the Indica at 25,676
nos., reported a decline of 26% with part of its sales moving to
the Indigo range.  Cumulative sales of the Indigo family were
13,052 nos., a strong growth of 81%.  Cumulative sales of Sumo
and Safari were 12,366 nos., a growth of 23%.  The Sumo recorded
a 34% growth with sales of 7,771 nos., while Safari sales at
4,595 nos. grew by 8%.

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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


VIJAYESWARI TEXTILES: Spinning Unit Under Strike Again
------------------------------------------------------
Vijayeswari Textiles Ltd said yesterday that its spinning unit
located at Puliampatti (Via), Pollachi, Coimbatore District is
under strike due to internal rivalry among its workers.

This strike follows a partial strike which occurred in the
spinning unit in April due to conflict among the unit's workers.
The partial strike was later lifted and workers resumed work on
May 20, 2008.

Vijayeswari Textiles Limited -- http://www.vtx.co.in/home.htm/
-- engages in the production and sale of cotton yarns and
textiles in India.  It offers bedroom products, including
quilts, blankets, matelasse, and coverlets under the brands
GossamerCotton and GenuisaCotton.  The company exports its
textile products to the United States, the United Kingdom,
Australia, New Zealand, and France.  It also exports its cotton
yarn to Spain, Italy, and Japan.  Vijayeswari Textiles Limited
was incorporated in 1953 and is based in Coimbatore, India.



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

ANEKA TAMBANG: Signs Joint Venture Agreement With Oxiana
--------------------------------------------------------
PT Antam Tbk aka Aneka Tambang has signed a memorandum of
understanding with Oxiana Limited.  The basis of the MOU with
Oxiana is to cooperate in examining opportunities and form joint
ventures or other cooperative ventures for the exploration,
development and operation of precious or base metal or bulk
commodity projects within Indonesia.

The first transaction under the MOU to be considered is for
Antam to acquire an interest in Oxiana’s Martabe gold and silver
project in the Indonesian province of North Sumatra.  The
Martabe gold project is owned by PT Agincourt Resources, in
which Oxiana holds a majority interest.

Antam’s new President Director, Alwin Syah Loebis said, "The
execution of the MOU with Oxiana is inline with our intention to
keep gold as an important part of our product mix and to offset
the depleting reserves of our gold mine at Pongkor.  Acquiring
gold and diversifying away from nickel are important parts of
our main strategy to create shareholder value in the medium
term.  We are pleased to make this alliance with Oxiana and hope
that it may be the starting point for creating other potentially
value-creating projects in Indonesia."

Under the MOU, Antam will purchase 10% of the Martabe project
for US$66.5 million as well as have an option to acquire a
further 10% of the Martabe project for a further
US$66.5 million, subject to adjustments for movements in the
market prices for gold and silver, operating and capital costs
and other matters on successful commissioning of the project.

Antam also was able to acquire a further 5% of the Martabe
project for a consideration based on the market value of the
project at the time.  This further option is subject to Oxiana
approving the expansion of the Martabe project to an annual
production rate of not less than 300,000 ounces (9 tons) of gold
equivalent production per annum.

The Martabe gold project involves the development the Martabe
gold and silver deposit in Northern Sumatra, Indonesia, at an
estimated capital cost of US$310 million.  Mining will be via
open-pit and is initially based on a resource of 6 million
ounces (187 tons) of gold and 60 million ounces (1,866 tons) of
sliver.

Planned annual production from Martabe will be 200,000oz
(6 tons) of gold and 2 million ounces (62 tons) of silver.
Commissioning and early production is on schedule for late 2009
with the first full year of production in 2010.  Initial mine
life at Martabe is 9 years with potential for extensions to
the deposit in the near mine environment and for the discovery
of further deposits in the greater 1600km2 Contract of Work
area.

Antam had considered investing in Martabe in 2006 but decided to
not pursue the acquisition beyond a certain price.  Now with
further evidence of the size of the deposit and by mitigating
the risk by partnering with Oxiana, Antam has decided to invest
in this attractive project.  Forming partnerships with high
quality mining companies is a key element of implementing
Antam’s growth strategy.

                       About Aneka Tambang

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

                          *     *     *

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

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


INDOSIAR VISUAL: Pefindo Puts Neg. Implication on "idBB+" Rating
----------------------------------------------------------------
Pefindo placed Creditwatch with negative implication on the
“idBB+” rating of PT Indosiar Visual Mandiri’s (IDSR) Bond
I/2003 amounting to IDR696.21 billion which will come due on
August 8, 2008.

According to Pefindo, although in the first quarter of 2008,
the company’s business performance has improved significantly,
the company’s capability to repay the maturing bonds will be
highly dependent on the new loan facility from the banks.  So
far, the company plans to repay the bond with a combination of
bank loans (IDR500 billion) and an equity injection (IDR200
billion).

Currently, Pefindo says the company is still negotiating with
several banks to obtain the loan and expects to get a commitment
by the middle of July 2008.  If the company fails to get a
commitment by then, the rating could be downgraded as the
company’s present liquidity for refinancing is insufficient.

As of March 31, 2008, the company’s cash and cash equivalent
only amounted to IDR10.74 billion.  Starting its commercial
operation in 1995, IDSR is the fifth private television-company
to enter the industry, which is now occupied by 10 private
national TV stations.

As at the end of March 31, 2008, IDSR’s share is mainly held by
PT Indosiar Karya Media Tbk. or IDKM (99.9908%) which in turn is
owned by PT Prima Visualindo (27.2366%), Citibank Singapore
(8.4994%), and the public (64.2640%).



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

MITSUBISHI MOTORS: To Start South Korea Vehicle Sales in October
----------------------------------------------------------------
Mitsubishi Motors Corporation, as one of the key elements of its
strategy for the Asian region in fiscal 2008, will enter the
built-up car sales business in Korea working through its sole
distributor in that country MMSK Corporation.

MMSK is a Japanese/Korean joint venture recently set up by
Daewoo Motor Sales Corp., Incheon, Seoul Metropolitan City,
Korea; President and CEO, Lee Dong-Ho), Mitsubishi Corporation
(Chiyoda-ku, Tokyo; president and CEO, Yorihiko Kojima) and
Mitsubishi Corporation (Korea) Ltd.  (Seoul, Metropolitan City,
Korea; president and CEO, Tsutomu Awaya).  MMSK will work to
grow and develop MMC's distribution, sales and after-sales
servicing businesses in Korea.

Starting in October 2008 MMSK plans to phase the introduction of
MMC's Lancer Evolution high-performance 4WD sedan, Outlander
mid-size SUV, Eclipse sports coupe, Lancer sports sedan and
Pajero all-round SUV models onto the Korean market.  MMSK aims
to sell 400 units in the first year and increase volume to 3,000
units by 2010.

The phased introduction of MMC's best-selling models into Korea
where the imported car market is currently growing very rapidly
will allow MMC to establish and boost penetration of the
Mitsubishi brand with its products meeting the needs of a wide
spectrum of customers.

                     About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 29, 2008, Moody's Investors Service upgraded the senior
unsecured ratings of Mitsubishi Motors Corporation (MMC) and its
supported subsidiaries, Mitsubishi Motors Credit of America,
Inc., and MMC International Finance (Netherlands) B.V., to Ba2
from Ba3.  The rating outlook is positive.  The action concludes
the review initiated on February 22, 2008.


MITSUBISHI MOTORS: Global Production Down 8.7% in May
-----------------------------------------------------
Mitsubishi Motors Corporation disclosed global production, as
well as domestic sales and export figures for May 2008.

* Production: total and in Japan

Total global production came in at 98,959 units, a decline of
8.7% over May last year and marking the third consecutive
monthly decrease.  Production volume in Japan at 62,039 units
was up 7.8%, the 20th consecutive month of year-on-year growth
and marking a new record for May since Mitsubishi Motors spun
off its truck and bus operations in 2003.  This growth was
driven by a 38.4% increase in output (25,852 units) of the new
Lancer for the Russian, North American, and Middle East and
African markets and by a 6.7% increase in output (14,165 units)
for export shipments of the new Outlander which continues to
sell briskly in European and Chinese markets.

* Sales in Japan

Vehicle sales in Japan in May totaled 11,782 units, a 18.7%
decrease year-on-year.  Passenger car (registrations and mini-
car) sales of 8,481 units and commercial vehicle sales of 3,301
units were 21.2% and 11.6% down respectively on the same month
last year.  Total registered vehicle sales were 24.5% down year-
on-year.  Total mini-car sales volume was 15.8% down despite a
2.0% increase in Pajero Mini sales.

* Production overseas

Overseas production volume totaled 36,920 units, 27.5% down over
May last year and the third consecutive monthly decline.  By
region, Asia came in with 26,327 units, a 21.4% decrease as
significant increases in production in the Philippines (MMPC)
and Indonesia (KRM) on the back of healthy sales failed to
offset declines in China and in Malaysia where production of MMC
models at Proton is shortly due to come to an end.  Production
in Europe at 2,495 units showed a 59.0% decline over May last
year.

* Export shipments from Japan

Total exports from Japan of 51,333 units were 6.1% up on May
2007, marking the 19th consecutive month of year-on-year
increases and setting a new record for May since Mitsubishi
Motors spun off its truck and bus operations in 2003.  Exports
to Asia at 4,404 units showed a healthy 51.7% rise over the same
period last year driven principally by shipments of the new
Outlander to China.  Exports to North America at 3,828 units
were 2.2% up.  Exports to Europe at 26,097 units were a strong
21.8% up on May 2007 and a record for the month since the 2003
spin off of the company's truck and bus operations.  This
increase was driven mainly by a 42.0% increase in exports to
Russia and the Ukraine.

                    About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 29, 2008, Moody's Investors Service upgraded the senior
unsecured ratings of Mitsubishi Motors Corporation (MMC) and its
supported subsidiaries, Mitsubishi Motors Credit of America,
Inc., and MMC International Finance (Netherlands) B.V., to Ba2
from Ba3.  The rating outlook is positive.  The action concludes
the review initiated on February 22, 2008.


MITSUBISHI MOTORS: Inks Tech Licensing Pact With China Harbin
-------------------------------------------------------------
Mitsubishi Motors Corporation signed a technology licensing
agreement with its powertrain JV enterprise in China Harbin
Dongan Automotive Engine Manufacturing Co., Ltd. (DAE) covering
production of 4- and 5-speed automatic transmissions.

DAE began construction work on a new factory in March this year
with a view to commence production in April 2010.  Plans call
for the new facility to have an annual production capacity of
150,000 units and to produce 50,000 units in its first year of
operation. Production capacity will be raised to meet future
increases in demand.

MMC made a 15.3 percent equity investment in DAE on its
establishment in 1998 and has to date provided engineering and
technical assistance covering the production of engines ranging
in size from 1.3-liter to 2.0-liter and of 5-speed manual
transmissions.  The automatic transmission license agreement
signed today will see a further handing on of Japan's
outstanding engineering technology and its commitment to
excellence in craftsmanship.  The technology transfer in
question will allow DAE to supply core automotive parts not only
its own group companies but also to other automobile
manufacturers in China and will contribute to further growth and
development of the Chinese automobile industry.  The building up
of a locally-based production system will allow MMC to meet AT
market needs which are expected to increase on the back of the
growth of the car market in China.

The signing of the licensing agreement was attended by, among
others, MMC President Osamu Masuko, Vice Chairman of Preparatory
Committee China Aviation Industry Corporation, Vice President
Liu Tao Avi China Industry & Technology Company Limited, Board
Chairman & President Ma ChuanLi DAE, Governor Li ZhanShu The
Peoples' Government of Heilongjang Province, Mayor Zhang
XiaoLian The General Office of the Peoples' Government of
Harbin, and Mitsubishi Corporation Motor Vehicle Business
Division COO Kozo Shiraji.

                     About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 29, 2008, Moody's Investors Service upgraded the senior
unsecured ratings of Mitsubishi Motors Corporation (MMC) and its
supported subsidiaries, Mitsubishi Motors Credit of America,
Inc., and MMC International Finance (Netherlands) B.V., to Ba2
from Ba3.  The rating outlook is positive.  The action concludes
the review initiated on February 22, 2008.


SANYO ELECTRIC: To Build Rechargeable Battery Plant
---------------------------------------------------
Sanyo Electric Co will build a new lithium-ion battery plant to
meet demand from makers of laptop computers and other devices,
Pavel Alpeyev and Junko Hayashi of Bloomberg News report.

Spokesman Hiroyuki Okamoto told the news agency that the
Minamiawaji-based factory will start operations in spring of
2009.

According to the report, the company will spend about JPY20
billion yen (US$189 million) on the plant.  Together with a
facility Sanyo is building in Osaka prefecture, the plants will
increase its output capacity of rechargeable batteries by 30% to
90 million units a month, the report says.

Moreover, Sanyo will invest JPY125 billion to boost production
of the batteries, or 25% more than its November plan, the report
notes.
                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

As of June 18, 2008, the company continues to carry Standard &
Poor's Ratings' 'BB' long-term corporate credit rating.  The
company also carries Fitch Ratings' BB+ LT Issuer Credit and
Unsecured Debt ratings.


* JAPAN: Moody's Has Stable Outlook for Steel Industry
------------------------------------------------------
The outlook for the Japanese integrated steel industry is
stable, according to a new report from Moody's Investors
Services, based on the ratings agency's expectations for the
industry's fundamental credit conditions over the next 12 to 18
months.

According to Tomomichi Nagaoka, Moody's SVP and author of the
report, Moody's view is "based primarily on the industry's solid
operating franchises, ongoing developments in technological
strategies, and improved financial profiles, although these are
offset by uncertainty regarding both the surging cost of raw
materials and potential investment opportunities."

Pricing strategies are also an important credit factor in light
of the rapid hikes and uncertainty with regard to the cost of
raw materials. Sector companies have successfully managed
product prices so far, but the ongoing vulnerability of raw
materials costs poses a risk to maintaining profitability.

"Successful management of product pricing, combined with
extensive cost cutting programs, is likely to sustain
fundamental profitability, although margins may be pressured"
writes Nagaoka.  "Free cash flow will be constrained by growing
capital expenditures and business investments over the next few
years, possibly resulting in higher debt."

Moody's expects that Japan's integrated steelmakers will
maintain their current business models -- with their focus on
selling high-quality steel to major manufacturing industries --
as they expand their investment programs to respond to the
evolving business environment.

In Moody's view, the companies' substantially improved financial
positions should provide reasonable cushions for these
investments. An ever-evolving global landscape -- the changing
geographical structure of supply and demand, surging raw
material costs, and industry consolidation -- will affect
Japanese integrated steelmakers' strategies, leading in
particular to increased investments.

In addition, Moody's expects the management teams of the rated
companies to maintain conservative financial policies and
properly manage their capital structures despite investment
needs and shareholder return expectations.



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

PECD BERHAD: Mohd Noor Joins as Member of Remuneration Committee
----------------------------------------------------------------
PECD Berhad's Board of Directors has appointed Dato' Hj Abdul
Rahman Hj Mohd Noor as member of the company's Nominating and
Remuneration Committee, following the resignation of Encik
Shakir Jamil Fisal as member of that committee.

The Board also appointed Encik Wan Azman Wan Salleh and Dato' Hj
Abdul Rahman Hj Mohd Noor as members of the Executive Committee
following resignation of Mr. Tai Keat Chai as member of that
committee.

Both committees are now composed of:

  Nominating and Renumeration Committee
  -------------------------------------
  Dato' Dr. Sheikh Awab Sheikh Abod       Chairman
  Dato' Yam Kong Choy, Michael            Member
  Tai Keat Chai                           Member
  Dato' Hj Abdul Rahman Hj mohd Noor      Member

  Executive Committee
  -------------------
  Dato' Dr. Sheikh Awab Sheikh Abod       Chairman
  Shakir Jamil Fisal                      Member
  Wan Azman Wan Salleh                    Member
  Dato' Hj Abdul Rahman Hj Mohd Noor      Member

                        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.


PECD BERHAD: Fails to Pay Interests on Serial Fixed Rate Bonds
--------------------------------------------------------------
PECD Berhad disclosed with the Kuala Lumpur Stock Exchange that
it has defaulted on these interest payments for its Serial Fixed
Rate Bonds (SFRB):

   * Coupon payment of MYR7.28 million due on June 30, 2008;

   * Principal payment of MYR25 million due on June 30, 2008;

   * Coupon payment of MYR7,399,999.99 due on December 31, 2007,
     with the overdue interest favor of MYR36,898.63.

The company's SFRB of MYR200 million was issued on June 23,
2005, with semi-annual coupon payment and annual principal
payment, which commenced on June 2008.

PECD is currently experiencing financial difficulties as a
result of pending outstanding claims due on projects overseas
and in Malaysia by its subsidiaries.  This has resulted in
constraints on its current cash flow from operations which are
insufficient to service the amounts due to the SFRB holders.

The company is currently undergoing debt restructuring exercise
and the outstanding amount under the SFRB will be included in
the proposed debt scheme.

The default in payment may result in a declaration of an event
of default under the trust deed.  At present, the SFRB holders
have not called an event of default.

The default herein has also given rise to possible recalls on
loan facilities obtained by the company’s subsidiaries, of which
the company is a guarantor.

                        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.



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

AIR NEW ZEALAND: Hikes Airfares Due to Soaring Fuel Prices
----------------------------------------------------------
Air New Zealand Ltd. is again increasing airfares across many of
its routes, for tickets bought from July 17, the New Zealand
Press Association reports.

According to the NZPA, fares on domestic and trans-Tasman will
rise by an average of 3 percent, and fares to North America,
Asia and the United Kingdom will increase by an average of 5
percent.

The airline could not continue to absorb the cost of fuel, with
jet fuel now above $US170 ($NZ227) a barrel, deputy chief
executive Norm Thompson was cited by NZPA as saying.

In June, the Troubled Company Reporter-Asia Pacific reported
that Air New Zealand increased the price of its domestic
airfares by an average 4 percent as well as its international
airfares sold in New Zealand, Australia and the Pacific Islands.

                      About Air New Zealand

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

                          *     *     *

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

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

On April 24, 2008, Moody's Investors Service affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  The
outlook on the rating is positive.


AIR NEW ZEALAND: Appoints Paul Bingham as Director
--------------------------------------------------
Air New Zealand Ltd has appointed Paul Bingham as an additional
non executive Director of the company's Board.

Mr. Bingham, 39, one of New Zealand's top tourism operators,
is the Managing Director of Black Cat Cruises, the award-winning
cruise operator based at Banks Peninsula, near Christchurch.

He is also a Board member of Tourism New Zealand and Chair of
Christchurch and Canterbury Tourism.

Air New Zealand Chairman John Palmer said the Air New Zealand
Board recognized the critical importance of tourism to the
national economy and the company.  "We deliberately set out to
find a hands-on operator who could bring some new and different
perspectives to our Board.  Paul's record in growing his
business, especially in the important environment area, was
exactly what we were looking for," he said.

Mr. Bingham has received a number of awards for his business
growth and innovation in environmental tourism.

Mr. Palmer said Mr Bingham's experience at regional tourism
forums and as a member of the Tourism New Zealand Board will
also provide valuable industry links for Air New Zealand.

Mr. Bingham has been Managing Director of Black Cat Cruises
since 1999.  Prior to his current position, he held a number of
senior marketing roles at Tourism Holdings Ltd and Air New
Zealand.

Mr. Bingham's appointment took effect on July 1.

                      About Air New Zealand

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

                          *     *     *

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

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

On April 24, 2008, Moody's Investors Service affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  The
outlook on the rating is positive.


COBHAM LIMITED: Liquidator Appointed
------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of Cobham Limited placed the company under
liquidation and appointed Iain McLennan, insolvency practitioner
of Auckland, as liquidator.

The Liquidator can be reached at:

          McLennan Associates, Insolvency Advisers
          Level 4, 143 Nelson Street, Auckland
          Postal Address: PO Box 5121
          Wellesley Street, Auckland
          Telephone: (09) 303 9512
          Facsimile: (09) 303 0508


HABITAT CONSULTANCY: Placed Under Liquidation
---------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Habitat Consultancy Services Limited resolved
that the company be liquidated and appointed Andrew James
Stewart, solicitor of Wellington, as liquidator.

Creditors and shareholders may direct their inquiries to:

         A. J. Stewart
         Level 19, Morrison Kent House
         105 The Terrace, Wellington
         New Zealand
         Telephone: (04) 472 0020
         Facsimile: (04) 472 7017


JIAN HUA: Parsons and Kenealy Appointed as Liquidators
------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, Dennis
Clifford Parsons and Katherine Louise Kenealy were appointed
liquidators of Jian Hua Property Limited on June 4, 2008.

The Liquidators can be reached at:

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


PLYMOUTH 22: Commences Liquidation Proceedings
----------------------------------------------
The High Court at Wellington held a hearing on June 30, 2008,
to consider an application putting Plymouth 22 West Limited fka
Hunt Developments Limited into liquidation.

The application was filed on May 16, 2008, by Design Network
Hutt Limited

The plaintiff's address for service is at:

          Collins & May Law Office
          4th Floor, 44 Queens Drive
          PO Box 30614
          Lower Hutt, New Zealand
          Telephone: (04) 566 5775.

Michael John Moohan is the plaintiff’s solicitor.


RADIO 531: Shephard and Dunphy Appointed as Liquidators
-------------------------------------------------------
Pursuant to Section 246 of the Companies Act 199, the High Court
at Auckland appointed Iain Bruce Shephard and Christine Margaret
Dunphy as liquidators of Radio 531 Pi Ltd.

The Liquidators can be reached at:

          Shephard Dunphy Limited
          Level 2, Zephyr House
          82 Willis Street
          Wellington, New Zealand
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


SI HOLDINGS: Shareholders Placed Company Under Liquidation
----------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of SI Holdings Limited resolved that the company be
liquidated and that Daran Nair, chartered accountant, be
appointed as liquidator.

Creditors are required to file their proofs of debt by
July 11, 2008, to be included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Daran Nair
          Nair & Associates Chartered Accountants Limited
          PO Box 74322
          Market Road, Auckland
          New Zealand
          Telephone: (09) 522 5182
          Facsimile: (09) 522 5183


ST LAURENCE: Suspends Principal Repayments to Investors
-------------------------------------------------------
St Laurence Limited has stopped repaying principal investments
ahead of a vote on a scheme of repayment due to be held late
this month, the New Zealand Herald reports.

According to the report, managing director Kevin Podmore
confirmed that the company had now halted repayments of
principal after it received legal advice which said all
debenture holders needed to be treated equally and fairly.

          Halts Lending Business to Avoid Loan Default

As reported in the Troubled Company Reporter on June 25, 2008,
St. Laurence Limited said that it has decided to exit from its
money lending activities and is to withdraw its prospectus
immediately.  This decision results from rapid changes in the
property lending markets affecting many financiers and
investors.

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

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

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

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

                        About St Laurence

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


WHITTAKER CARRIERS: Commences Liquidation Proceedings
-----------------------------------------------------
The High Court at Whangarei convened a hearing on June 23, 2008,
to consider an application putting Whittaker Carriers Ltd. into
liquidation.

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

The plaintiff's address for service is at:

          M. B. Smith
          Marsden Woods Inskip & Smith
          122 Bank Street
          PO Box 146
          Whangarei, New Zealand

P. J. Magee is the plaintiff’s solicitor.



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

LODESTAR INVESTMENT: Virginia & Geraldine Gaisano Quit Posts
------------------------------------------------------------
Lodestar Investment Holdings Corporations diclosed that Virginia
Gaisano and Geraldine April Gaisano tendered their resignation
as the company's Chairman and Directors respectively, citing
personal commitments and various business as reasons for their
resignation.

                         About Lodestar

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

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

                         *     *     *

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


PHILCOMSAT: PMO to Take Over Govt.'s 35% Stake in Parent Company
----------------------------------------------------------------
The government’s 35% stake in Philippine Communications
Satellite (Philcomsat), which owns 81% in Philcomsat Holdings
Corporation, will be taken over by the Privatization Management
Office (PMO) -- an attached agency of the Finance department,
Business World reports.

Presidential Commission on Good Government (PCGG) Director Jay
Miguel told Business World that they had written to the PMO
about the shares in Philcomsat, adding that it is up to PMO’s
decision now if they will sell it to a private sector.

In a phone interview, Philcomsat President Erlinda K. Illusorio-
Bildner told the news agency that the company's board of
directors are glad that the DoF would now be taking over the
company's shares.

Ms. Bildner also accused PCGG representatives of taking away
PHP1.5 billion from the firm, adding that Philcomsat has been
bankrupt since "corrupt" PCGG officials took over it 22 years
ago, the report says.

Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956.  During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.
The company has since withdrawn from oil exploration because
there was no commercial discovery of oil.  On January 10, 1997,
the company approved amendments to its Articles of
Incorporation, changing its primary purpose from embarking in
the discovery, exploitation, development and exploration of
mineral oils, petroleum in its natural state, rock or carbon
oils, natural oils and other volatile mineral substances to a
holding company.

According to a Troubled Company Reporter-Asia Pacific report
on May 18, 2006, Philcomsat Holdings has not declared dividends
for the past two fiscal years.  Philcomsat is involved in an
anomaly brought about by huge losses.  The company reported a
PHP6.965-million loss in 2004 and a PHP22-million loss in 2005.
The Philippine Senate has initiated an inquiry into the matter.
Moreover, according to press reports, a huge fraction of the
shareholdings of Philcomsat, which is said to be ill-gotten, had
been confiscated by the Government.


* PHILIPPINES: Credit Basics Vulnerable to High Food Prices
-----------------------------------------------------------
The country's credit fundamentals are vulnerable to the negative
impact of sustained high food prices and that there would be no
instant fix this time around, the Philippine Star reports citing
reports by credit rating agencies.

According to the Philippine Star, as food accounts for 65.6
percent of the consumer price index in the Philippines, Standard
& Poors Rating said that the prevailing regime of high food
prices is not a transitory phenomenon and countries like the
Philippines remain vulnerable to its long-term negative effects
albeit the country is among the least vulnerable, given its
foreign exchange surplus.

Agost Benard of S&P’s Sovereigns and International Public
Finance Ratings group was cited by the news agency as saying
that the price shock was primarily driven by the fact that
supply of food was declining while the demand was picking up
dramatically because of higher income and population.

“On the supply side, diverting crops and arable land away from
food production toward biofuel manufacturing and urban use
constitutes an inward supply shift that results in higher prices
for any quantity of food demanded,” Mr. Benard was quoted as
saying by the Philippine Star.

Mr. Benard, the Philippine Star relates, said the immediate
impact on vulnerable countries would be on external liquidity
since they have to use up foreign exchange to import food, and
on the fiscal balance since subsidies would eat up public
resources that could otherwise be spent on increasing domestic
production.

On the other hand, Mr. Benard said the rising incomes of an
expanding global population, together with changing dietary
habits (toward more crop-intensive foods), have been causing an
outward shift in demand of a permanent nature, which means that
higher quantities are demanded regardless of prices, which
results in pushing prices even higher.

Mr. Benard added that the government faces a long-term
adjustment problem, and in the interim credit quality could come
under pressure from one or a combination of fiscal, external,
and political sources.

Beyond the immediate inflationary impact, Mr. Benard said food-
price rises and the way in which authorities choose to deal with
it could also exacerbate fiscal, external, and political
pressures.



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

SOON LAI: Creditors' Meeting Scheduled Today
--------------------------------------------
Soon Lai Seng Teck Construction Pte Ltd, which is in compulsory
liquidation, will hold a meeting for its creditors on July 4,
2008, at 10:00 a.m., at 1 Raffles Place, #20-02 OUB Centre,
Singapore 048616.

At the meeting, the creditors will be asked to:

   -- receive an update on the progress of the liquidation;

   -- seek financial support to pursue claim(s) through legal
      proceedings;

   -- approve the liquidator’s remuneration; and

   -- consider any other matters which may properly be brought
      before the meeting.

The company's liquidator is:

         Abuthahir Abdul Gafoor
         c/o 1 Raffles Place
         #20-02 OUB Centre
         Singapore 048616


TTS FOOD: Court Enters Wind-Up Order
------------------------------------
On June 23, 2008, the High Court of Singapore entered an order
to have TTS Food Industries Pte. Ltd.'s operations wound up.

The petition against the company was filed by Hong Leong Finance
Limited.

TTS Food's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee’s Office
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118



=============
V I E T N A M
=============

ASIA COMMERCIAL: Fitch Affirms 'D' Individual Rating
----------------------------------------------------
Fitch Ratings has affirmed Asia Commercial Bank (Vietnam)'s
Individual rating at 'D' and Support rating at '5'.

ACB's Individual rating is based on its good profitability,
sound asset quality, adequate capitalisation and generally
prudent management, with a focus on liquidity.  However, it also
factors in risks arising from the bank's recent rapid growth and
a now volatile and challenging economic environment.  Given
ACB's relatively moderate size, Fitch believes that support from
the authorities, although possible, cannot be relied upon.
However, some liquidity/capital support from its 15.9% strategic
shareholder, Standard Chartered plc (rated 'A+'/Stable) may be
available.

"If the current high inflation and interest rate environment in
Vietnam persists, higher credit costs will likely arise, placing
pressure on ACB's Individual rating," said Sabine Bauer,
Director in Fitch's Financial Institutions team.

Like Vietnam's other private banks, ACB's loans growth has been
exceptionally strong in recent years (87% and 81% in 2007 and
2006, respectively) due to strong demand from the country's
rapidly growing private-business and consumer sectors, as well
as limited competition from Vietnam's four dominant state-owned
banks, which still maintain c.60% of system-wide assets (versus
5% for ACB, the fifth largest bank).


BANK FOR FOREIGN: Fitch Holds 'Default' Individual Rating
---------------------------------------------------------
Fitch Ratings has affirmed Vietnam's Bank for Foreign Trade of
Vietnam's Individual Rating at 'D' and its Support rating at
'4'.

Vietcombank's Individual Rating is based on good profitability
and adequate liquidity.  Historically focused on foreign trade,
the bank is somewhat more commercially oriented than its state-
owned peers and has a more established investor relation
function; the latter could be an advantage in the current
environment of tight liquidity.  The bank's high level of
unreserved impaired loans weighs on its Individual Rating.  The
authorities' propensity to support is extremely high, given the
bank's state ownership and franchise, but Fitch only expects a
limited probability of external support, as there are material
uncertainties about their ability to do so.

"At present, downward pressure on Vietcombank's Individual
rating arises from the potential for a deterioration in asset
quality through increasing defaults and declines in loan
collateral given the current difficult economic environment in
Vietnam," says Sabine Bauer, Director in the agency's Financial
Institutions team.  "To support its Individual Rating at the
current level, Fitch expects Vietcombank to improve its asset
quality and maintain sound internal capital generation," added
Ms. Bauer.

Vietcombank is the third-largest Vietnamese bank, with a share
of 13% of system assets at end-2007.  It focuses on corporate
banking, foreign-exchange transactions and international trade
finance.  As part of the Vietnamese government's plan to
privatise state-owned companies by 2010, Vietcombank was the
first state-owned bank to sell a stake to domestic shareholders
(6.3%; 7.5% including employees) at end-2007.


BANK FOR INVESTMENT: Fitch Affirms 'D/E' Individual Rating
----------------------------------------------------------
Fitch Ratings has affirmed Bank for Investment and Development
of Vietnam's Individual rating at 'D/E' and Support rating at
'4'.

BIDV's Individual rating reflects its established franchise,
good profitability and improved asset quality.  It also factors
in the bank's still weak capitalisation, concentrated loan book
and relatively unsophisticated risk management procedures.
Although the authorities' propensity to support the bank is
extremely high, given BIDV's state ownership and franchise,
Fitch expects a limited probability of external support owing to
uncertainties about the government's ability to do so.

"BIDV's Individual rating would benefit from stronger
capitalisation and from managing the bank more commercially,"
said Sabine Bauer, Director in Fitch's Financial Institutions
team.  "In turn, downward pressure could arise should any
significant deterioration in the bank's financials come to pass
as a result of the current volatile economic environment in
Vietnam."

BIDV is Vietnam's second-largest bank and had market shares of
around 12% of system loans and 13% of system assets at end-2007.
The bank is preparing for the privatisation of a 30% stake,
which Fitch does not expect before 2009.  BIDV also aims for an
international bank as a strategic partner to provide expertise
in retail banking and structured products for financial
institutions.


VIB: Moody's Assigns First-Time Ratings
---------------------------------------
Moody's Investors Service has assigned the following ratings to
Vietnam International Commercial Joint Stock Bank ("VIB"):

* B1 / Not-Prime long and short-term foreign currency deposits

* Ba2 / Not Prime long and short-term local currency deposits

* Ba2 / Not Prime long and short-term foreign currency Issuer
  Ratings

* Ba2 / Not Prime long and short-term local currency Issuer
  Ratings

* Bank Financial Strength Rating ("BFSR") of D-

The outlook for all ratings is stable, except for the foreign
currency deposit rating which carries a negative outlook, in
line with the negative outlook on the country's foreign currency
debt and deposit ceilings. This is the first time Moody's has
assigned ratings to VIB.

"The BFSR of D-, which translates into a Baseline Credit
Assessment ("BCA") of Ba3, reflects the bank's sound financials
and relatively modest but growing franchise -- in both Hanoi and
Ho Chi Minh City - as one of Vietnam's mid-size private-sector
banks", says Karolyn Seet, a Moody's AVP.

In addition, the rating captures the benefits of skills transfer
from VIB's potential strategic partner, which has yet to be
disclosed. The bank says that the eventual tie-up aims to
enhance VIB's retail business while strengthening its internal
controls and risk management infrastructure.

On the other hand, constraining factors include the volatility
inherent in VIB's operating environment, the bank's low loan
loss reserve coverage, extremely high credit risk concentration,
and rapid credit growth. Further, the bank's focus on gaining
market share in a competitive market with narrowing margins may
tempt management to ease its stringent credit policy.

In a medium support country like Vietnam, the probability of
systemic support for VIB in the event of a stress situation is
high.  This is due to the liquidity support mechanisms in
Vietnam's banking sector, and also due to the bank's importance,
given its above-average size in the private banking sector.
This results in a one-notch uplift to VIB's long-term deposit
rating, to Ba2 from its BCA of Ba3.

VIB is the eighth largest bank in Vietnam and the fourth-largest
private-sector bank.  Its main business is lending to small and
medium enterprises ("SMEs"), constituting 15% of the SME market.
VIB currently controls 1.7% of system deposits and 1.8% of
system loans, while its lending is weighted towards the
commercial and SME segments.  These comprised 14% and 58%,
respectively, of loans at end-2007.

While it has risk management procedures in place, the bank's
risk management function is still evolving.

As the regulatory focus in Vietnam shifts from a standard based
on a minimum absolute amount of capital, to one based on a
minimum capital ratio basis by 2010, VIB will raise capital in
the near term to provide a larger cushion to absorb losses.

VIB's capitalisation is currently adequate, although additional
capital funds may be needed to support the 30-40% loan growth
expected over the medium term.  In accordance with Basel I
calculations, the bank's current Tier 1 ratio is 9.9%, above
regional peer average of 9.0%. VIB plans to increase its
chartered capital to VND3 trillion from VND2 trillion by the end
of 2008.  The capital will be replenished by its existing
shareholders as well as its potential strategic partner.

VIB's BFSR of D- is based on the expectation that its capital
ratio will increase and will be maintained at a higher level in
the future.

VIB's profitability is strong on the back of a robust economy,
which has contributed to rising margins.  Amid a fiercely
competitive environment, the challenge remains of enhancing the
bank's retail franchise and fee-based income, while protecting
its interest margins.

Asset quality is sound and VIB reports non-performing loan
("NPL") ratios below those of its regional peer group.  However,
the bank's rapid credit growth (83% in 2007) raises the risk of
increased asset quality problems in the future.  This risk is
compounded by (i) an ineffective legal system, lowering recovery
rates on bad loans; (ii) poor credit data on smaller-scale
customers -- a sector which underpins VIB's franchise; (iii)
significant level of single-name borrower concentration in the
bank's loan books gives rise to uncertainty over its asset
quality; and (iv) low loan loss reserves coverage.  These
considerations act as a constraint on the BFSRs of all banks in
Vietnam.

Funding is mainly geared towards customer deposits, providing
the bank with a comfortable liquidity profile. Strong liquidity
is an important factor in emerging markets like Vietnam, where
deposits can be highly confidence sensitive.

Looking ahead, a BFSR upgrade is unlikely in the near term,
given (i) the bank's rapid growth plans, (ii) tight capital
management, (iii) Vietnam's challenging operating environment --
high inflation, and tightening monetary policy making access to
funding a major concern, and (iv) the threat of a global
recession.

On the other hand, a BFSR downgrade could be triggered by (i) a
reduction in Tier 1 capital ratio to less than 4%; (ii) a
significant deterioration in franchise value; (iii) a marked
rise in risk appetite; (iv) a severe deterioration in asset
quality, so that NPLs to Capital and Loan Loss Reserves rise
above 40%; and (v) more aggressive lending practices in the face
of harsh competition, leading to weakening profitability and
deteriorating asset quality.

                          About VIB

Established in 1996, VIB is the fourth-largest joint-stock
commercial bank in Vietnam.  Headquartered in Hanoi, the bank
reported total assets of VND39,499 billion (approximately US$2.4
billion) at December 31, 2007.



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

* ASIA: Moody's Has Stable Outlook for Asia Retailers
-----------------------------------------------------
Moody's Investors Service has a stable rating outlook for Asia
Pacific's retailing and consumer-product sectors over the next
12-18 months despite rising economic uncertainty in the region
and worldwide.

In a new report, Moody's says that slowing global growth poses
few negative rating implications for Asian issuers because they
sell primarily into domestic and regional consumer markets that
remain strong relative to those in the U.S. and Europe.
However, the report also notes that Australia's economy may grow
more slowly than originally forecast due to a variety of
factors, which may have longer-term implications for some of its
rated issuers.

One of the report's authors, Ian Lewis, a Moody's vice president
and senior analyst, says, "As policymakers in the region tighten
monetary policy, the resulting slower growth rates and higher
interest charges could hurt issuers' revenues, cash flows, and
margins."  He adds, "Most of the rated companies derive at least
some of their earnings from non-discretionary food and beverage
items, which provide a measure of protection in a weakening
economy.  Nevertheless, consumers may switch to lower-priced
products and away from, for example, premium beverages that have
driven substantial margin growth in recent years."

A second author, Renee Lam, a Moody's vice president and senior
analyst, expects issuers to maintain financial discipline in an
uncertain credit and macro environment.  She says, "Moody's
ratings already factor in the companies' growth strategies.
Going forward, these strategies will tend to focus more on
diversification and organic growth than the large acquisitions
that strained the finances of some issuers in the recent past."

However, Lam adds, "Continued high fuel, packaging, and input
costs—from barley for brewing beer to polyethylene terephthalate
for soft-drink bottles—are squeezing margins for issuers unable
to pass on higher costs to retailers, who generally enjoy
greater pricing power."

Lam and Lewis note that regulatory risks remain manageable, but
have potential, negative implications for issuers in Thailand
and Australia, which are in the midst of anti-alcohol campaigns,
and for China Fisheries Group, which has a license up for
renewal.  Lam says, "Thailand Beverage also faces higher excise
taxes," while Lewis adds, "The pricing behavior of Wesfarmers
and Woolworth's is under increased scrutiny from Australia's
competition and consumer commission, the "ACCC"."

According to the authors' research, the rated issuers generally
have good intrinsic liquidity and face no problems with overly
restrictive borrowing covenants.  However, several Australian
issuers have modest, but manageable, refinancing needs in the
next twelve months.


START V CLO: S&P Assigns BB+ Rating to Class B Notes
----------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
preliminary credit ratings to the US$45 million Class A and B
credit-linked notes to be issued by Start V CLO Ltd. and
Start V CLO LLC (co-issuer).

In addition to the two classes, the issue includes Class C
notes, which are a subordinated tranche and not rated, and Class
D notes, which are also not rated and not offered to investors.
The transaction is a partially funded synthetic balance-sheet
collateralized loan obligation (CLO) referencing a portfolio of
bank loans and other eligible obligations to predominantly
corporates and other eligible entities that are either publicly
rated or not rated by Standard & Poor's.  Standard Chartered
Bank (SCB) is the sole arranger and bookrunner for the
transaction.  SCB is also the sole lead manager for the
Class C and D notes, and is joint lead manager along with The
Royal Bank of Scotland PLC for the Class A and B notes.

"This is the first corporate-loan balance-sheet securitization
transaction undertaken by SCB this year, and is another critical
step in the bank's active portfolio management strategy,"
Standard & Poor's credit analyst Allan Redimerio explained.  "We
have conducted an annual mapping exercise since 2005 to match
the internal credit rating scores assigned by SCB on these
corporate loans to the rating scale of Standard & Poor's.  The
existing SCB balance-sheet CLOs we rate and maintain
surveillance have performed steadily to date; this is largely
attributed to the credit and structural enhancements provided in
these transactions, as well as the performance of the obligors."

SCB is one of the more active balance-sheet securitizers among
banks in Asia-Pacific.  The current transaction helps to inject
liquidity into SCB's balance sheet and increase its origination
and growth capacity.

The preliminary ratings assigned to the notes to be issued by
Start V CLO Ltd. and Start V CLO LLC (co-issuer) reflect:

   -- Standard & Poor's assessment of the credit risk of the
      reference portfolio;

   -- The actual credit support provided by the subordination
      amount to each class of notes under the credit default
      swap;

   -- The credit quality of SCB (A+/Stable/A-1) as swap
      counterparty, and SCB's undertaking to pay quarterly swap
      premium for Class A and Class B notes in advance;

   -- The credit quality of the authorized investments, and of
      SCB, London Branch (A+/Stable/A-1), as account bank in the
      transaction; and

   -- At closing, the expected structural and legal provisions
      in the transaction, including the bankruptcy remoteness of
      the issuer.

Standard & Poor's rating addresses the likelihood that
cumulative net losses in the reference portfolio will not exceed
the subordination amount under the credit default swap.  To
determine the credit-enhancement level, Standard & Poor's CDO
Evaluator has been used. Recovery levels have been assigned by
using Standard & Poor's standard criteria for synthetic CDO
transactions.

Preliminary Ratings Assigned
                                    Rating    Amount
                                             (Mil. US$)

Start V CLO Ltd. And Start V CLO LLC (Co-Issuer)
US$115 Million Portfolio Credit-Linked Notes

Class A                              BBB+      20.00
Class B                              BB+       25.00
Class C                              N.R.      57.50
Class D (not offered)                N.R.      12.50

The expected legal final maturity date for all classes of notes
is in January 2013.

* N.R.—Not rated.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
  Company                       Ticker    (US$MM)    (US$MM)
  -------                       ------     ------   ------------

AUSTRALIA

ADVANCE HEALTHCA                  AHG      15.65       -6.78
ALLSTATE EXPLORA                  ALX      18.20      -42.78
AUSTINDO RES                      ARX      62.77      -15.88
AUSTAR UNITED                     AUN     525.67     -234.87
ANTARES ENERGY L                  AZZ      16.20       -4.36
BIRON APPAREL LT                  BIC      19.71       -2.22
CROESUS MINING                    CRS      16.00      -13.81
EVANS & TATE LTD                  ETWDA   103.76      -50.22
INTELLECT HLDGS                   IHG      15.25      -10.88
KH FOODS LTD                      KHF      38.40       -6.79
LAFAYETTE MIN                     LAF     105.24     -190.86
METAL STORM LTD                   MST     16.47        -2.90
RENISON CONSOLID                  RSN     38.83        -3.94
TOOTH & CO LTD                    TTH    120.47       -87.64


CHINA

HISENSE ELEC-H                    921    604.98        -86.3
SHENZ SEG DASH-A               000007    101.02        -1.14
SHENZ CHINA BI-A               000017     29.38      -244.53
SHENZHEN SHENXIN               000034     44.99      -113.37
CHINA KEJIAN-A                 000035     65.12      -167.31
SHENZHEN KONDA-A               000048    155.01       -24.45
HUNAN ANPLAS CO                000156     84.00       -81.35
ZHANGJIAJIE TO-A               000430     51.01        -8.25
DANDONG CHEM F-A               000498    115.94       -91.60
SUCCESS INFORMAT               000517     30.12       -14.83
GUANGDONG MEIYA                000529     66.44       -62.41
GUANGXIA YINCH-A               000557     53.46       -61.33
CHANG LING GROUP               000561     49.68      -115.81
QINGHAI SALT L-A               000578    105.64        -4.91
GUANGMING GRP FU               000587     62.37       -12.08
FUJIAN CFC IND-A               000592     24.20       -19.62
YUEYANG HENGLI-A               000622     40.27       -14.34
LAN BAO TECH INF               000631     29.44       -22.70
CHINA LIAONING-A               000638     15.43        -5.70
CHENGDU UNION-A                000693     59.53        -0.19
JIAOZUO XIN'AN-A               000719     50.82       -25.45
FUJIAN SANNONG-A               000732     64.42       -90.24
CHONGWING INTL-A               000736     24.75       -13.38
SICHUAN DIRECT-A               000757    128.55      -102.62
CHINESE.COM LOGI               000805     12.72       -20.57
SHENZHEN DAWNC-A               000863     36.85      -142.58
STELLAR MEGAUNIO               000892     64.93      -162.46
HUNAN AVA HOLDIN               000918    176.94       -11.26
GUANGDONG KEL-A                000921    604.98       -86.30
ANHUI KOYO GROUP               000979     64.28       -30.78
SHENZ CHINA BI-B               200017     29.38      -244.53
AMOI ELECTRONICS               600057    414.93       -30.4
SUNTIME INTERN-A               600084    372.80       -50.59
SHANG WORLDBES-A               600094    327.98      -175.17
MIANYANG GAO-A                 600139     30.66       -12.44
HEBEI BAOSHUO CO               600155    313.38      -212.29
HUATONG TIANXI-A               600225     73.84       -41.14
TAIYUAN TIANLON                600234     12.69       -51.58
TIBET SUMMIT IND               600338     73.5        -16.42
CHONGQING CHANG                600369     98.87        -0.06
QINGHAI SUNSHI-A               600381     47.31       -49.66
WINOWNER GROUP C               600681     21.50       -81.28
HEBEI JINNIU C-A               600722    379.3         -2.89
SUNTEK TECHNOLOG               600728     44.69       -22.95
FUJIAN START-A                 600734    105.66       -14.34
TIANJIN MARINE                 600751     75.44       -26.6
TOPSUN SCIENCE-A               600771    232.68      -131.98
XIAMEN OVERSEAS                600870    433.19       -13.78
HUDA TECHNOLOG-A               600892     18.46        -1.9
TIANJIN MARINE-B               900938     75.44       -26.6
SHANG WORLDBES-B               900940    327.98       -17.17


HONG KONG

CHIA TAI ENTERPR               121       316.11       -40.95
CHINA BEST GROUP               370        55.54        -1.84
ASIA TELEMEDIA L               376        16.97        -7.53
WELLING HOLDING                382       303.95       -44.65
NEW CITY CHINA                 456       110.83        -6.78
PALADIN LTD                    495       167.43        -6.23
MAXX BIOSCIENCE                512        25.48        -5.36
CHINA HEALTHCARE               673        25.44        -3.37
PLUS HOLDINGS LT               1013       10.40       -10.21
SUNCORP TECH LTD               1063       31.94       -35.07
FE GOLDEN RES                  1188       52.49        -9.92
WAH SANG GAS                   8035       53.52       -87.70
BRILLIANT ARTS                 8130       11.62        -2.32
VIAGOLD CAPITAL                VIA        15.49        -3.11


INDONESIA

ARGO PANTES                    ARGO       217.96      -15.70
PRIMARINDO ASIA                BIMA        11.56      -22.57
BUKAKA TEKNIK UT               BUKK        44.45     -107.00
DAYA SAKTI UNGGU               DSUC        30.76       -6.51
ERATEX DJAJA                   ERTX        31.06       -2.42
FATRAPOLINDO NUS               FPNI        25.81       -0.72
JAKARTA KYOEI ST               JKSW        30.89      -41.37
KARWELL INDONESI               KARW        32.21       -2.26
PANCA WIRATAMA                 PWSI        31.46      -31.94
STEADY SAFE TBK                SAFE        22.30       -8.31
SURABAYA AGUNG                 SAIP       283.40      -75.78
TEIJIN INDONESIA               TFCO       279.56      -10.58
TRI POLYTA INDON               TPIA       234.49      -51.58
UNITEX TBK                     UNTX        17.77      -18.88


INDIA

ANDREW YULE & CO               ANY         81.41      -30.90
ARTSON ENGR                    ART         10.31       -0.71
ASHIMA LTD                     ASHM        96.57      -42.59
BHAGHEERATHA ENG               BGEL        22.65      -28.20
BALAJI DISTILLER               BLD         45.66      -74.20
CFL CAPITAL FIN                CEATF       24.03      -43.8
CORE HEALTHCARE                CPAR       185.37 241.91
DIGJAM LTD                     DGJM        98.77      -14.62
DISH TV INDIA                  DITV       239.48      -12.62
ELQUE POLYESTERS               ELQP        13.04      -22.66
GANESH BENZOPLST               GBP         82.16      -38.25
SURAT TEXTILE MI               GCTY        15.97       -8.85
GUJARAT SIDHEE                 GSCL        59.44       -0.66
GUJARAT STATE FI               GSF         43.60     -195.24
HIMACHAL FUTURIS               HMFC       603.36      -13.34
HMT LTD                        HMT        316.41     -175.33
HINDUSTAN PHOTO                HPHT        95.12     -953.35
IFB INDS LTD                   IFBI        40.50      -70.82
INDIA STEEL WORK               ISI         56.76       -1.47
JCT ELECTRONICS                JCTE       117.60      -50.17
JK SYNTHETICS                  JKS        17.99        -2.61
JENSON & NIC LTD               JN         14.81       -81.79
KALYANPUR CEMENT               KCEM       38.11       -48.48
LML LTD                        LML        86.80       -27.97
LLOYDS METALS                  LYDM       70.72       -10.25
LLOYDS STEEL IND               LYDS      404.38       -86.45
MODI RUBBER LTD                MDR        39.76       -24.30
MAFATLAL INDS                  MFI        95.67       -85.81
MILLENNIUM BEER                MLB        38.26        -3.52
PAREKH PLATINUM                PKPL       59.66       -75.55
PANCHMAHAL STEEL               PMS        51.02        -0.33
PANYAM CEMENTS                 PYC        17.18       -18.32
ROLLATAINERS LTD               RLT        22.97       -22.24
REMI METALS GUJA               RMM        45.06       -51.10
RPG CABLES LTD                 RPG        51.43       -20.19
SIL BUSINESS ENT               SILB       12.46       -19.96
SANDUR MANGANESE               SMIO       32.57        -2.61
SIMPLEX REALTY                 SPLX       16.49        -0.44
SHREE RAMA MULTI               SRMT       71.22       -29.91
TATA TELESERVICE               TTLS      657.28       -73.89
TVS ELECTRONICS                TVSEL      30.73        -1.57
UB ENGINEERING                 UBE        31.43        -2.86
USHA INDIA LTD                 USHA       12.06       -54.51
JOG ENGINEERING                VMJ        50.08       -10.08
VXL INSTRUMENT                 VXLI       12.20        -0.62
YASHRAJ CONTAINE               YRCT       17.49        -2.09


JAPAN

HEIWA OKUDA CO L               1790       82.68        -6.66
CHOYA CORP                     3592       75.46        -2.24
CASIO MICRONICS                6760      184.29       -31.13
AIREX INC                      6944       44.25        -7.05
SUMIYA CO                      9939       70.82       -10.21


MALAYSIA

CNLT FAR EAST                  CNLT       42.36        -6.34
FOREMOST HLDGS                 FMST       11.04        -0.11
HARVEST COURT                  HAR        10.68        -5.71
LITYAN HLDGS BHD               LIT        23.33       -26.71
MANGIUM INDUSTRI               MANG       14.36       -18.65
PUTERA CAP BHD                 PCAP       10.56        -4.70
PANGLOBAL BHD                  PGL       179.11      -170.79
SUNWAY INFRASTRU               SIB       399.84       -10.80
TECHVENTURE BHD                TECH       37.23       -11.29
WEMBLEY INDS                   WMY       125.94      -283.62
WONDERFUL WIRE                 WW         22.80        -2.47


PHILIPPINES

APEX MINING-A                  APX        55.27        -1.97
APEX MINING 'B'                APXB       55.27        -1.97
BENGUET CORP-A                 BC         83.36       -30.59
BENGUET CORP 'B'               BCB        83.36       -30.59
CENTRAL AZUC TAR               CAT        35.74        -1.80
CYBER BAY CORP                 CYBR       14.85       -74.30
FIL ESTATE CORP                FC         43.03       -10.93
FILSYN CORP "A"                FYN        24.84       -11.37
FILSYN CORP. "B"               FYNB       24.84       -11.37
GOTESCO LAND-A                 GO         18.68       -10.86
GOTESCO LAND-B                 GOB        18.68       -10.86
MRC ALLIED                     MRC        14.95        -0.75
PICOP RESOURCES                PCP       105.66       -23.33
PRIME ORION PHIL               POPI       99.69       -82.12
EAST ASIA POWER                PWR        72.74      -136.68
UNIVERSAL RIGHTF               UP         45.12       -13.48
UNITED PARAGON                 UPM        27.11       -36.05
UNIWIDE HOLDINGS               UW         65.66       -57.31
VICTORIAS MILL                 VMC       175.01       -38.64


SINGAPORE

ADV SYSTEMS AUTO               ASA       21.96         -7.54
CHUAN SOON HUAT                CSH       42.09         -3.64
FALMAC LTD                     FAL       10.57         -4.70
GUL TECHNOLOGIES               GUL      172.80         -3.04
HL GLOBAL ENTERP               HLGE     123.41         -7.36
INFORMATICS EDU                INFO      29.09         -3.48
LINDETEVES-JACOB               LJ       198.91        -66.97
L&M GROUP INV                  LNM       56.91        -10.59
PACIFIC CENTURY                PAC       80.01        -10.54


SOUTH KOREA

ORICOM INC                     010470    82.65        -40.04
UNICK CORP                     011320    36.54         -4.45
STARMAX CO LTD                 017050    73.13         -5.54
DAISHIN INFO                   020180   740.50       -158.45
TONG YANG MAGIC                023020   355.15        -25.77
NANO MINING CO L               036270    26.64        -29.46
E-RAE ELECTRONIC               045310    45.47        -10.37
COSMOS PLC                     053170    19.31         -4.95
SEJI CO LTD                    053330    37.25         -0.31
MEDIACORP INC                  053890    53.31        -32.22
DAHUI CO LTD                   055250   186.00         -1.50


TAIWAN

CHIEN TAI CEMENT               1107     213.25         -8.62
PROTOP TECHNOLOG               2410      55.69        -13.46
YEU TYAN MACHINE               8702      39.57       -271.07


THAILAND

BANGKOK RUBBER                 BRC       89.62        -81.26
BANGKOK RUBBER-F               BRC/F     89.62        -81.26
BANGKOK STEEL IN               BSI      458.73       -136.44
BANGKOK STEEL-F                BSI/F    458.73       -136.44
CIRCUIT ELEC PCL               CIRKIT    24.60        -94.26
CIRCUIT ELEC-FRN               CIRKIT/F  24.60        -94.26
CENTRAL PAPER IN               CPICO     13.25       -241.78
CENTRAL PAPER-F                CPICO/F   13.25       -241.78
THAI-DENMARK PCL               DMARK     19.57         -3.20
THAI-DENMARK-F                 DMARK/F   19.57         -3.20
DATAMAT PCL                    DTM       17.55         -1.72
DATAMAT PLC-F                  DTM/F     17.55         -1.72
ITV PCL                        ITV       44.70        -73.07
ITV PCL-FOREIGN                ITV/F     44.70        -73.07
K-TECH CONSTRUCT               KTECH/F   83.20         -5.69
NEW PLUS KNITT                 NPK       10.08         -2.03
NEW PLUS KNITT-F               NPK/F     10.08         -2.03
KUANG PEI SAN                  POMPUI    18.78        -14.07
KUANG PEI SAN-F                POMPUI/F  18.78        -14.07
QUALITY CONSTRUC               QCON      76.13       -293.83
QUALITY CONSTR-F               QCON/F    76.13       -293.83
SAFARI WORLD PUB               SAFARI   128.58        -13.64
SAFARI WORLD-FOR               SAFARI/F 128.58        -13.64
SIAM GEN FACTOR                SGF       30.18         -6.79
SIAM GEN FACT-F                SGF/F     30.18         -6.79
SAHAMITR PRESSUR               SMPC      27.26        -34.59
SAHAMITR PRESS-F               SMPC/F    27.26        -34.59
SRI THAI FOOD &                SRI       18.29        -43.37
SRI THAI FOOD -F               SRI/F     18.29        -43.37
TUNTEX THAILAND                TUNTEX   252.49        -41.58
TUNTEX THAILAN-F               TUNTEX/F 252.49        -41.58
UNIVERSAL STARCH               USC      103.61        -48.62
UNIVERSAL STAR-F               USC/F    103.61        -48.62







                         *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Marites M. Claro, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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