TCRAP_Public/080709.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, July 9, 2008, Vol. 11, No. 135

                            Headlines

A U S T R A L I A

A G S PLUMBING: To Declare Dividend on July 16
AAMTRANS PTY: Final Meeting Slated for July 16
ALLCO FINANCE: Sells Singaporean Real Estate Business
BILL EXPRESS: Cash Injection Deal Failed, To Tap Administrators
BLUE ENERGY: May Lose 31.1% Shares After Chimaera Fallout

BRISBANE PROPERTY: To Declare Dividend on July 16
BUCKET ‘O’ BEEF: Members to Hear Wind-Up Report on July 11
COMPUTER WORLD: Proofs of Debt Due July 15
ELLISON MEDICAL: To Declare Dividend on July 16
EVERNEW FASHIONS: To Declare Dividend on July 16

GIFFORD HOLDINGS: Members to Hear Wind-Up Report on July 11
HOME ENTERTAINMENT: Members to Hear Wind-Up Report on July 11
JENDARA PTY:  To Declare Dividend on July 16
KWELL AUSTRALIA: To Declare Dividend on July 16


C H I N A

BANK OF COMMUNICATIONS: S&P Affirms 'C' Strength Rating
CITIC BANK: Sees 150% Increase in Profit for 1st Half of 2008
CHINA MINSHENG: Estimates 1H Net Profit to Increase 110%
FORD MOTOR: China Sales Up 21%, But Growth Slows in 2Q
* CHINA: External Debts for March Reaches US$392.59 Billion


H O N G K O N G

BERYL FINANCE: Fitch Cuts Ratings on Two Note Issues to “B-”
CHINA FISHERY: Acquires Pesquera Mistral for US$11.7 Million
THE H. CONDOMINUIM: Liquidator Quits Post
HIWANA TRADING: Liquidator Quits Post
HONG LOK: Liquidator Quits Post

HONG YIP: Liquidator Quits Post
JABARDO COMPANY: Liquidator Quits Post
KWOK FONG: Liquidator Quits Post
KATAKENT COMPANY: Liquidator Quits Post
KAY CHAK: Liquidator Quits Post

KOTA CHIEF: Liquidator Quits Post
LIMMEX INVESTMENT: Liquidator Quits Post


I N D I A

SPICEJET: May Dump Kingfisher Deal on Valuation Concerns
TARAI FOODS: Working on Settling its Debt Obligations
TATA MOTORS: S&P Holds Negative Watch on 'BB' Credit Rating
UNIMIN INDIA: Board Puts Company Under Rehabilitation


I N D O N E S I A

PT BERLIAN: Fitch Affirms 'B+' ID Rating After Chembulk Buyout
* Fitch: Indonesian Banks Operating Conditions Tougher This Year


J A P A N

NIPPON STEEL: Accepts Increase in Iron Ore Price from BHP
* JAPAN: Corporate Bankruptcies Up 11.6% in First-Half 2008
* JAPAN:  Advertising Revenue Down 5.5% in May


M A L A Y S I A

FOREMOST HOLDINGS: Appoints Lee Chee Kheng as Director
PESAKA ASTANA: Court to Hear Dispute with Bondholders on July 14
* MALAYSIA: Market Outlook Bleak, Says Analyts


N E W  Z E A L A N D

1236114 BATHROOMS: Commences Liquidation Proceedings
CAIRO HOLDINGS: Liquidators Set July 11 as Claims Bar Date
CLEVER TILING: Liquidators Set July 11 as Claims Bar Date
DAVID KNEE: Commences Liquidation Proceedings
DOMINION FINANCE: Trading of Shares Suspended

L C & D: Commences Liquidation Proceedings
MODERN DRYWALL: Commences Liquidation Proceedings
NEWBY HOLDINGS: Commences Liquidation Proceedings
PACIFIC MARINE: Commences Liquidation Proceedings
VERITAS HOLDINGS: Commences Liquidation Proceedings

* NEW ZEALAND: Treasury Warns of Technical Recession
* NEW ZEALAND: Economic Stagnation and High Inflation Underway


P H I L I P P I N E S

BENGUET CORP: To List Additional 5,760 Class A Shares Today
* PHILIPPINES: GIR Up by US$0.5 Bil. to US$36.7 Bil. in June
* PHILIPPINES: Bangko Sentral Okays US$500MM Overseas Borrowing
* Fitch Affirms Ratings on Five Philippine Banks


S I N G A P O R E

ADAM HAWA: Court Enters Wind-Up Order
SOH HOLDINGS: Creditors' Proofs of Debt Due on August 4
TRANS-TEC SERVICES: Requires Creditors to File Claims by Aug. 4


T A I W A N

MARKS & SPENCER: Poor Sales Prompt Closure of Taiwan Stores


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

A G S PLUMBING: To Declare Dividend on July 16
----------------------------------------------
A G S Plumbing Service Pty Ltd will declare first and final
dividend on July 16, 2008.

Creditors are required to file their proofs of debt by July 16,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192
          Australia


AAMTRANS PTY: Final Meeting Slated for July 16
----------------------------------------------
Aamtrans Pty Limited will hold a final meeting for its members
and creditors at 11:00 a.m. on July 16, 2008.  During the
meeting, the company's liquidator, Michael G. Jones at Jones
Partners, will provide the attendees with property disposal and
winding-up reports.

The company's liquidator can be reached at:

          Jones Partners
          Insolvency & Business Recovery
          Level 13, 189 Kent Street
          Sydney NSW
          Australia
          Telephone: (02) 9251 5222


ALLCO FINANCE: Sells Singaporean Real Estate Business
-----------------------------------------------------
Allco Finance Group Limited has sold part of its Singaporean
real estate arm for SG$180 million (approximately AU$138
million) to Frasers Centrepoint Limited.

The sale, which comprises Allco's 17.7% interest (125,651,319
units) in the Allco Commercial REIT and 100% interest in the
Manager of Allco REIT, Allco (Singapore)Limited, will generate
proceeds in excess of AU$90 million, after repaying loans
associated with the investment.  The proceeds will be used to
further reduce Allco's senior debt as well as providing Allco
with further operating liquidity.

Managing Director and Chief Executive Officer of Allco, Mr.
David Clarke said, “This is an excellent result for a business
that is less than three years old, but one which has continued
to deliver returns for unitholders.  The sale delivers a good
profit result for Allco and releases a significant amount of
cash, which will be directed towards lowering group debt and
providing additional operating cash to support Allco's core
business activities.”

“This sale, combined with other recent asset sales, means Allco
has significantly progressed its restructuring plans to a
refocused strategy built around our core capabilities of
sourcing and managing aviation, shipping and rail assets,
managing the funds that own those assets and private equity,”
Mr. Clarke added.

The Singaporean sale is currently expected to be completed on
Aug. 6, 2008, subject to the Monetary Authority of Singapore not
raising an objection to Frasers Centrepoint Limited acquiring
Allco (Singapore) Limited, approval of the Foreign Investment
Review Board in Australia and the satisfaction of other closing
conditions.

With Allco's primary focus now on its core capabilities, Allco
has appointed JPMorgan to conduct a strategic review of its
remaining property funds management activities.

                      About Frasers Centrepoint

Based in Singapore, Frasers Centrepoint Limited --
http://www.fraserscentrepoint.com/--  a wholly owned subsidiary  
of Fraser and Neave, Limited (F&N), is a property company with a
strong global foothold in property development, property
investment, serviced residences and investment funds.

                       About Allco Finance

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

                          *     *     *

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
putting its operations in the hands of administrators.

As reported in the Troubled Company Reporter-Asia Pacific, Allco
Finance Group has until July 31, 2008, to pay its AU$250 million
bridge facility.

The company has agreed to sell its Tehachapi wind project in the
U.S. for US$325 million to further debt repayments and releases
from contingent commitments.

Allco's managed vehicle, Rubicon American Trust, anticipated
breach of financial covenants as a consequence of its asset
revaluations.  The Trust, citing continued dislocation of global
credit markets and the consequential negative impact on asset
valuations, reduced the value of its real estate portfolio as of
June 30, 2008, by approximately US$97.5 million (or 7%).


BILL EXPRESS: Cash Injection Deal Failed, To Tap Administrators
---------------------------------------------------------------
Bill Express Ltd said it has received confirmation from a
subsidiary of the Al Othman Group that it has withdrawn its
proposal for the recapitalization and restructuring of the
company.  

The proposal was to include a substantial capital injection and
new bank guarantees combined with a restructuring of the
existing liabilities of the company.  In addition, the Board and
management of the company were to be substantially restructured.

As a consequence of the withdrawal, the exclusivity arrangements
between the company and Al Othman Group are now concluded.

The company initiated talks with its financiers and major
suppliers regarding the impact of the withdrawal on their
standstill agreements.

In June, Bill Express and its financiers and major suppliers
agreed to extend their standstill agreements until Aug. 22,
2008.

However, at a meeting held yesterday, the suppliers and
financiers indicated that they are not willing to continue the
standstill arrangements or otherwise support the company's
continued trading.

Accordingly, the company's directors resolved to appoint
administrators to the company.

On June 27, 2008, the Troubled Company Reporter-Asia Pacific
cited a report by Mark Hawthorne of The Age which said that Bill
Express is facing more than AU$180 million in debts amid claims
and counterclaims of suspect deals and related-party
transactions at board level that resulted in cash allegedly
being siphoned off into private companies and bank accounts not
controlled by the company.

Ian Christiansen, the company's chief executive, denied that the
company's debt was in excess of AU$180 million.

The Age report related that Australia and New Zealand Banking
Group Limited, one of the company's key creditors, appointed a
team led by Ben Steinberg to investigate the financial situation
of Bill Express and its holding company, On Q, after both listed
companies have been suspended from trading since April, with no
announcement to shareholders or the market about the financial
position of either company.

Bill Express Ltd. (ASX:BXP) -- http://www.billexpressltd.com/--   
is engaged in the management and development of an electronic
distribution system for pre-paid products and services across in
excess of 14,000 locations around Australia, automated ordering,
delivery and inventory control for pre-paid services including
mobile, landline and Internet services.  It also processes
payments for bills and services, including bills that are
presented for payment to its outlets across Australia.  The
company has an in-store media, which is a network that promotes
Bill Express Limited's and other products at the point of sale
and in-store aisles.


BLUE ENERGY: May Lose 31.1% Shares After Chimaera Fallout
---------------------------------------------------------
Blue Energy Limited said it requested a trading halt in its
shares pending clarification of the possible effect of the
receivership of Primebroker Securities Limited on Blue Energy
Shareholder shares held under margin lending facilities of
Chimaera Capital Limited and Primebroker.

As reported in the Troubled Company Reporter-Asia Pacific on
July 7, 2008, Australia and New Zealand Banking Group Limited,
citing further deterioration in Primebroker’s position,  
appointed Paul Kirk and Stephen Longley of
PricewaterhouseCoopers as receivers and managers of Primebroker,
Chimaera Financial Group's margin lending business.

As at July 4, 2008, a total of 114,356,042 shares of Blue Energy
were registered in the name ANZ Nominees Limited.  ANZ Nominees
previously advised Blue Energy it does not have a relevant
interest in those shares.

According to Blue Energy, Chimaera Financial Group has advised
that 138,220,376 shares, representing 31.1% of Blue Energy's
issue shares, are subject to financial arrangements over which
ANZ Nominees has security.

The company said it has also been advised that included in the
shares mentioned are 27,850,000 shares in which non executive
director Sharif Oussa has a relevant interest and 128,000 in
which Nick Stretch, also a non executive director has an
interest.

Blue Energy said it has endeavored to determine from ANZ and the
ANZ appointed receiver, details as to the number of shares
affected and the terms of the security arrangements including
the right of sale, if any.  The Receiver told the company that
he is not currently in a position to confirm the number of
shares that may be affected nor the terms under which any
security is held.

Blue Energy is also taking advice on whether the acquisition of
the shares by the ANZ or sale of a share block in excess of 20%
of the company's issued capital is prevented by the takeover
provisions of the Corporations Act.

The company said it does not have any financing facility nor
arrangements with any entity in the Chimaera Group and is fully
funded to undertake its current drilling and explorations
program.

                     About Chimaera Financial

Headquartered in Melbourne, Australia, The Chimaera Financial
Group -- http://www.chimaeracapital.com/ccl/contact.aspx/-- is   
a private merchant bank, which is licensed to conduct business
in the areas of investments, securities financing and trading as
well as providing custodian and Responsible Entity services for
direct investors and managed investment schemes.

                        About Blue Energy

Based in West Perth, Australia, Blue Energy Limited (ASX:BUL) --   
http://www.blueenergy.com.au-- is a specialist energy company  
that undertakes the exploration, evaluation and development of
coal bed methane (CBM) and conventional oil and gas resources
primarily within eastern Australia.  On March 31, 2006, the
Company acquired all the issued shares in Blue Energy (Qld) Pty
Ltd (BEP). The shares in BEP’s wholly owned subsidiaries Eureka
Petroleum Pty Ltd (EPP), Komliment Pty Ltd (KPL) and Everdue Pty
Ltd (EPL) were transferred to the Company on March 31, 2006.  

                          *     *     *

Blue Energy Limited reported two consecutive annual net losses
of AU$3,593,122 and AU$1,312,318 for the years ended June 30,
2007 and 2006, respectively.


BRISBANE PROPERTY: To Declare Dividend on July 16
------------------------------------------------
Brisbane Property Management Specialists Pty Ltd will declare
first and final dividend on July 16, 2008.

Creditors are required to file their proofs of debt by July 16,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192
          Australia


BUCKET ‘O’ BEEF: Members to Hear Wind-Up Report on July 11
----------------------------------------------------------
Julie Williams, Bucket ‘O’ Beef Pty Ltd's appointed estate
liquidator, will meet with the company's members at 11:30 a.m.
on July 11, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Julie Williams
          Insolvency and Turnaround Solutions
          Level 4, 360 Queen Street
          Brisbane QLD 4000
          Australia
          Telephone: (07) 3221 7433
          Facsimile: (07) 3221 7437


COMPUTER WORLD: Proofs of Debt Due July 15
------------------------------------------
Computer World (Victoria)Pty Ltd will declare first and final
dividend on Aug. 5, 2008.

Creditors are required to file their proofs of debt by July 15,
2008, to be included in the company's dividend distribution.

The company's deed administrator is:

          A. S. R. Hewitt
          Grant Thornton
          Rialto Towers
          Level 35, North Tower
          525 Collins Street
          Melbourne VIC 3000
          Australia


ELLISON MEDICAL: To Declare Dividend on July 16
-----------------------------------------------
Ellison Medical Pty Ltd will declare first and final dividend on
July 16, 2008.

Creditors are required to file their proofs of debt by July 16,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192
          Australia


EVERNEW FASHIONS: To Declare Dividend on July 16
------------------------------------------------
Evernew Fashions Pty Ltd will declare first and final dividend
on July 16, 2008.

Creditors are required to file their proofs of debt by July 16,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192
          Australia

     
GIFFORD HOLDINGS: Members to Hear Wind-Up Report on July 11
-----------------------------------------------------------
Scott Francis Fleay, Gifford Holdings Pty Ltd's appointed estate
liquidator, will meet with the company's members at 10:30 a.m.
on July 11, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Scott Francis Fleay
          Munro's
          308 Fitzgerald Street
          North Perth WA 6006
          Australia
          Telephone: (08) 9427 5200


HOME ENTERTAINMENT: Members to Hear Wind-Up Report on July 11
-------------------------------------------------------------
The Home Entertainment Group Pty Ltd's members will hold a final
meeting at 9:00 a.m. on July 11, 2008, at KPMG, 18 Smith Street
in Darwin.  During the meeting, the company's liquidator, G. D.
Finch, will provide the attendees with property disposal and
winding-up reports.


JENDARA PTY:  To Declare Dividend on July 16
--------------------------------------------
Jendara Pty Ltd will declare first and final dividend on
July 16, 2008.

Creditors are required to file their proofs of debt by July 16,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192
          Australia


KWELL AUSTRALIA: To Declare Dividend on July 16
-----------------------------------------------
Kwell Australia Pty Ltd will declare first and final dividend on
July 16, 2008.

Creditors are required to file their proofs of debt by July 16,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192
          Australia



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

BANK OF COMMUNICATIONS: S&P Affirms 'C' Strength Rating
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed Bank of
Communications Co. Ltd.'s (BoCom) fundamental strength rating at
'C'.  At the same time, the rating agency raised the bank's
foreign currency long-term counterparty credit rating to 'BBB+'
from 'BBB'.  The outlook is stable.

"The rating action reflects BoCom's preserved capitalization,
stemming from its less aggressive loan growth strategy and
enhanced capacity to generate internal capital," said Standard &
Poor's credit analyst Qiang Liao.  "It also reflects the bank's
ongoing improvements to its risk management, which, along with
its commitment to internal reforms, is likely to increase
management's awareness of risks associated with rapid loan
expansion."

BoCom's asset expansion has been less aggressive since the
fourth quarter of 2007 than S&P previously expected.  This is
mainly due to tightened government controls on domestic credit
growth and subtle changes to the bank's business expansion
strategy.  Although BoCom still aims to expand its market
share, it is more likely to do so in non-lending areas.  Future
balance sheet growth is therefore more likely to be liability
driven.

The bank's credit costs are very likely to rise as the corporate
sector is experiencing protracted inflationary pressure and
limited access to credit.  Nevertheless, S&P expects BoCom's
profitability to remain sound for the next 12 to 18 months
because its widening net interest margin is likely to largely
offset the rise in its credit costs.

BoCom's asset quality has continued to improve.  Its
nonperforming loan ratio improved to 1.94% at the end of first
quarter of 2008 from 2.66% at the end of 2006.  But latent
credit risks remain an important rating factor, given BoCom's
unseasoned risk management system and rapid loan growth in the
past few years.

The bank's entrenched domestic franchise and implicit government
support ratings continue to underpin the rating.  The rating
also takes into consideration the strong likelihood that BoCom's
partnership with Hongkong and Shanghai Banking Corp. Ltd.
(AA/Stable/A-1+), the bank's second-largest shareholder, will
further improve its competitiveness in retail banking and
risk management.


CITIC BANK: Sees 150% Increase in Profit for 1st Half of 2008
-------------------------------------------------------------
China CITIC Bank forecasts first-half net profit to increase
150% from CNY3.2 billion (US$457 million) in the same period
last year, Xinhua News reports.

The bank, the report relates, said it had a good business run in
the first half, with the net interest income increasing
remarkably, intermediary business revenues rapidly expanding and
the effective income tax rate falling.

According to the report, the bank also forecasts non-performing
loan ratio to stay below 1.45% in the first half while the
coverage ratio of provision for bad loans would be above 115%.

Meanwhile, analyst Wang Yifeng from TX Investment Consulting
told Xinhua News that the whole banking sector would see a
profit growth of 70% in the first half.  The gain is attributed
to dramatic increases of the net interest income and commission
fees for business such as bank cardissuing, plus lower income
tax rates, he said.

Mr. Yifeng predicted that the profit growth of Chinese banks
will slow to 50% in 2008 and 20% in 2009.

                         About CITIC Bank

CITIC Bank Co Ltd, formerly China CITIC Bank, is a wholly owned
subsidiary of the state conglomerate Citic Group.  With 41b
branches, CITIC Bank had total assets of CNY689.5 billion at the
end of September 2006.

                          *     *     *

As of July 9, 2008, the bank continues to carry Fitch Ratings'
“D” Individual Strength Rating.

In addition, the bank still carries a “D” Bank Financial
Strength Rating placed by Moody's on July 30, 2007.


CHINA MINSHENG: Estimates 1H Net Profit to Increase 110%
--------------------------------------------------------
China Minsheng Banking Corporation Ltd. estimated its first-half
net profit to increase at least 110% due to "stable and rapid
development" of its lending, investment and wealth management
businesses, Andrew Torchia of Reuters reports.

According to the report, in the first half of last year, the
bank's profit was CNY2.82 billion (US$412 million), while in the
first quarter of this year, its profit rose 122% from a year
earlier.

Minsheng Bank is due to announce first-half earnings in August.

                      About China Minsheng

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

                           *     *     *

As of July 9, 2008, China Minsheng Banking Corp. continues to
carry a "D" individual rating from Fitch Ratings.


FORD MOTOR: China Sales Up 21%, But Growth Slows in 2Q
------------------------------------------------------
Ford Motor Co.'s first-half sales in China rose 21% to 172,133
vehicles, indicating slower growth during the second quarter,
Bill Koenig of Bloomberg News reports.

Reuters relates that first-half sales of Ford brand passenger
cars and commercial vehicles reached 103,698 units, a 15-percent
year-over-year increase.

"Despite challenging events that had significant impact in China
and on the economy as a whole this year, we were still able to
achieve healthy growth through the first six months," Robert
Graziano, president and CEO of Ford Motor China, was cited by
Reuters as saying.

Ford said in an e-mailed statement cited by Bloomberg News that
it is aiming to increase sales in China as it compete with
rivals such as General Motors Corp. and Volkswagen AG that
established plants there sooner.

According to Bloomberg News, Ford's first-half results included
a 25% increase in passenger-car sales by a joint venture with
Chongqing Changan Automobile Co. and Mazda Motor Corp. to
116,903 vehicles.  The joint venture's first-quarter increase
was 57%.

In addition, Bloomberg News says for the first half of 2008 and
2007 and earlier figures for the first quarter of those years,
Ford's second-quarter sales excluding Land Rover and Jaguar were
84,801 vehicles.  That's an increase of about 14% from 74,698 a
year earlier including those brands, the report notes.

For the first quarter, Bloomberg News says Ford reported a 47%
gain to 90,791, including the brands that were sold while     
sales for that period excluding Jaguar and Land Rover were
87,332.

                       About Ford Motors

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

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

                          *     *     *

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

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

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

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


* CHINA: External Debts for March Reaches US$392.59 Billion
-----------------------------------------------------------
China's outstanding foreign debts rose by US$18.97 billion in
the first quarter to reach US$392.59 billion by the end of
March, Xinhua News reports, citing the State Administration of
Foreign Exchange.

SAFE figures, the report relates, showed China incurred medium
and long-term foreign debts of US$7.75 billion in the first
three months this year, up 15.04% from the same period last
year.

According to the report, the outstanding medium and long-term
foreign debt reached US$155.86 billion, up US$2.33 billion from
the end of last year.

During the same period, the report notes that short-term foreign
debt stood at US$236.73 billion, up US$16.64 billion from the
previous quarter.

Xinhua says that SAFE has pledged to tighten oversight of the
cross-border money flow, notably the outstanding short-term
foreign debt, in a bid to curb rampant hot money inflow from
investors speculating on rising currency and asset prices, and
exacerbating excessive liquidity and worsening inflation.



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

BERYL FINANCE: Fitch Cuts Ratings on Two Note Issues to “B-”
------------------------------------------------------------
Fitch Ratings has downgraded two Beryl Finance Series credit
linked notes and removed them from Rating Watch Negative, as:

  -- US$114.465 million Beryl Finance Series 2006-10 credit
     linked notes due 2009 and extendable to 2013 (Beryl 2006-
     10): downgraded to 'B-' from 'A-', removed from RWN; and

  -- US$18.005 million Beryl Finance Series 2006-11 credit
     linked notes due 2012 (Beryl 2006-11): downgraded to 'B-'
     from 'A', removed from RWN.

The two transactions are synthetic corporate single-tranche CDOs
referencing the same portfolio of primarily investment grade
corporate obligations.

Since the transactions were placed on RWN on May 22 2008, the
portfolio has experienced further negative rating migration
mainly due to the downgrades of 16 entities, resulting in an
aggregate 28 notch downgrade, while 10 entities were upgraded
resulting in an aggregate 14 notch upgrade.

Other key drivers of both the transactions' credit risks
include:
  -- Portfolio credit risk with an average portfolio quality of
     'BB+' compared with 'BBB'/'BBB-' at closing in September
     2006 and 'BBB-'/'BB+' at the last review in May 2008.  
     Since closing, the percentage of the portfolio rated below
     investment grade has increased to 29.35% from 16.13%, with
     13.55% of the portfolio in the 'BB' category, 10.00% in the
     'B' category and 5.81% in the 'CCC' and below categories;

  -- Portfolio migration risk with 6.77% of the portfolio on RWN
     and 26.45% of the portfolio with a Negative Outlook; and

  -- Industry concentration of 46.13% in the three largest
     industries, made up of 27.74% in Banking & Finance, 11.29%
     in Telecommunications and 7.1% in Utilities.

  -- The portfolio is concentrated in the US which represents
     57.20% of the portfolio.

Given Fitch's view of concentration and the current credit
quality of the portfolio, the initial credit enhancement levels
of 6.50% for Beryl 2006-10 and 5.7% for Beryl 2006-11 are not
sufficient to justify the current ratings of these notes.  To
date, there has been one default event, namely Quebecor World
Inc, which represented 0.65% of the portfolio.  As a fixed
recovery rate of 40% applies to both transactions, the available
credit enhancement as a percentage of original portfolio
notional for both has decreased by 0.39%.

At close, proceeds from the issuance of the notes were used to
collateralise credit default swaps between the issuer and Lehman
Brothers Special Financing Inc. (guaranteed by Lehman Brothers
Holdings Inc. ('A+' /'F1'/Negative Outlook).  The charged assets
were used to invest into Lehman US Dollar Liquidity Fund
Institutional Reserve Accumulation Class ('AAA'/'V1+') or
qualifying collateral.

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

Fitch has previously noted that its review will be focused first
on ratings most exposed to risks it has highlighted in its
updated criteria.  As such, the two transactions were placed on
RWN on
May 22, 2008.  As previously indicated, resolution of the Rating
Watch status depends on any plans managers/arrangers may choose
to modify either the structure or the portfolio.  In this case,
the arranger has confirmed that it does not intend to make any
modifications.


CHINA FISHERY: Acquires Pesquera Mistral for US$11.7 Million
------------------------------------------------------------
China Fishery Group Limited is paying US$11.7 million to acquire
fishing company Pesquera Mistral S.A.C., a transaction which
will give the Group 3 purse seine fishing vessels with a
combined fish hold capacity of 550 m3.  This brings China
Fishery's fleet size in Peru to 37 vessels, and aggregate fish
hold capacity to 9,945 m3 or 5.6% of the Peruvian industry
total.  

The Group plans to finance the Acquisition through a combination
of internal resources and bank borrowings.

Since establishing operations in Peru in May 2006, China Fishery
has maintained an active lookout for acquisitive opportunities
to increase its access to fishery resources in the country,
which is the world's largest wild-catch fishery.  To this end,
Management has consolidated more than ten small-scale local
fishing companies in order to boost the Group's aggregate
fishing capacity in Peru.  

Presently, China Fishery stands as one of Peru's largest fishing
and fishmeal processing operators.  The latest purchase is
executed just as Peru is announcing a change to its fishing
system from an "Olympic"system to the Individual Transferable
Quota ("ITQ") system, which is targeted at enhancing the
competitiveness of the Peruvian fishing industry.  

Under the new fishing system, fishing companies currently
holding valid licensed fishing vessels in Peru are entitled to a
share of fishing quotas, which will be determined by the
government at a later stage.  The implementation timeline for
the new ITQ system will be announced subsequently.

Commenting on the acquisition, Group Managing Director Ng Joo
Siang says, "The primary focus of our strategy in Peru has
always been to acquire more vessels so as to boost our fishing
capacity.  The impending change to the fishing system is likely
to present yet more opportunities for us as the Peruvian fishing
industry rationalises, so we will continue to maintain a lookout
for suitable acquisition targets."

"The Peruvian Anchovy is an underutilised fish species which is
used almost entirely for fishmeal processing right now due to
the relatively lower quality of catch that tends to result from
the race for fish under an "Olympic"fishing system. With the
implementation of the ITQ system, we can look forward to a more
streamlined operation whereby the quality of catch can be
improved.  Thus, we can expect to realise our plans of
encouraging increased human consumption of the Peruvian Anchovy
over the broader term.  We intend to do this by channelling some
of the fish catch into canned products, for instance,"added Mr.
Ng.

In April 2008, the Group also announced the acquisition of its
8th fishmeal plant in Central-South Peru, which was aimed at
enhancing the geographical dispersion of its processing
facilities along the Peruvian coast, so as to improve operating
efficiencies in its fishing and fishmeal processing operations.

                       About China Fishery

China Fishery Group Ltd's main operations are deep-sea
industrial fishing in the Pacific and the provision of
management services for fishing vessels.  It employs over 600
crew and officers.  Its catches are processed onboard and
frozen, packed and delivered to market.  It recently acquired
Alexandra SAC, which operates in Peru's fishing and fishmeal
processing markets.

                           *     *     *

As of July 9, 2008, China Fishery Group Limited continues to
carry Moody's “B1” Long-Term Corporate Family Rating.  The
rating, which was affirmed by Moody's on Feb. 16, 2007, has a  
stable outlook.

In a report dated March 5, 2008, Moody's noted that China
Fishery Group Limited's financial strategy is aggressive.  


THE H. CONDOMINUIM: Liquidator Quits Post
------------------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for The H. Condominium Limited.


HIWANA TRADING: Liquidator Quits Post
-------------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Hiwana Trading Company Limited.


HONG LOK: Liquidator Quits Post
-------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Hong Lok Yuen Estates Limited.


HONG YIP: Liquidator Quits Post
-------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Hong Yip Properties Agency (China) Limited.


JABARDO COMPANY: Liquidator Quits Post
-------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Jabardo Company Limited.


KWOK FONG: Liquidator Quits Post
--------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Kwok Fong Investment Company Limited.


KATAKENT COMPANY: Liquidator Quits Post
---------------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Katakent Company Limited.


KAY CHAK: Liquidator Quits Post
-------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Kay Chak Development Company Limited.


KOTA CHIEF: Liquidator Quits Post
---------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Kota Chief Limited.


LIMMEX INVESTMENT: Liquidator Quits Post
----------------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Limmex Investments Limited.



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

SPICEJET: May Dump Kingfisher Deal on Valuation Concerns
--------------------------------------------------------
SpiceJet Limited may abandon a deal with Vijay Mallya's
Kingfisher Airlines after both carriers had a conflict on
SpiceJet's valuation.

Talks are still going on but The Economic Times says SpiceJet
has shifted focus to billionaire US investor Wilbur Ross as it
feels the price offered by Kingfisher was too low.

A person close to the development told The Economic Times that
Kingfisher valued SpiceJet on the basis of the average share
price of the airline in the past three months and a control
premium, which valuation was rejected by the SpiceJet promoters.

Mr. Mallya, the source added, is believed to have said that the
proposed value of the low-cost airline was well in line with the
current market scenario.

On Monday, the Troubled Company Reporter-Asia Pacific reported
that SpiceJet is close to sealing a share-swap deal with
Kingfisher that would give SpiceJet shareholders one share of
the merged entity for every three SpiceJet shares they own.

Reuters said shares of SpiceJet rose as much as 14 percent on
Friday on news of the share-swap deal.

The Times of India reported that Kingfisher's executive vice
president Hitesh Patel said he would not comment on the issue,
but added: "I can see additional consolidation in the industry
in next 12 to 18 months.  All these airlines won't be hanging
around that long.  If as predicted, crude hits US$178 to a
barrel in September, it will kill some players.... The access to
funds of Kingfisher is strong and the backing of UB Group is a
strong plus."

Just recently, Spicejet clarified in a regulatory filing that
the company's Board met June 30, 2008 and did not discuss on any
issues relating to the Kingfisher deal.  

Spicejet however reiterated that it has appointed merchant
banker to arrange fresh funding for the company.

As reported yesterday in the Troubled Company Reporter-Asia
Pacific, SpiceJet has received a US$100 million offer from
private equity investor, WL Ross & Co LLC, for the airline’s
working capital requirements.

According to The Hindu Business Line, SpiceJet is learnt to be
keen on accepting the offer from WL Ross as the company is known
to be a turnaround specialist -- something the airline needs
badly after three straight years of losses.

Reports say that Paramount Airways, Jet Airways and Anil
Dhirubhai Ambani Group have previously indicated their interest
in SpiceJet, however, Spicejet clarified in a regulatory filing
that “the Company has till date not received any formal
communication from any party.”

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

                          *     *     *

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

The Hindu Business Line reported that SpiceJet posted a loss of
Rs 133.51 crore during 2007-08, which was about 98 per cent more
than the previous year.


TARAI FOODS: Working on Settling its Debt Obligations
-----------------------------------------------------
Tarai Foods Ltd disclosed in a regulatory filing that it has
approached financial institutions and banks offering them one
time settlement towards their dues.

In addition, Tarai Foods said that the company and its Promoter
Director cum managing Director Mr. G S Sandhu have received
Notices under Rule 4 (1) of SEBI (Procedure for Holding Inquiry
and Imposing Penalties by Adjudicating Officer) Rules, 1995 from
Securities and Exchange Board of India.

Mr. G S Sandhu also received show cause notice under Section 11
and 11 B of the SEBI Act, 1992 read with Regulation 3(d) of the
SEBI (Prohibition of Fraudulent and Unfair Trade Practices
relating to Securities Market) Regulations, 2003 Section 12A(d)
and (e) of the SEBI Act, 1992 and Regulations 3(i) and 4 of the
SEBI (Prohibition of Insider Trading) Regulations, 1992.

Tarai Foods has been reporting consecutive annual net losses
since May 31, 2000.  For the year ended March 31, 2008, the
company incurred a net loss of Rs. 74.89 million on net sales of
Rs. 21.79 million as against a net loss of Rs. 59.12 million on
net sales of Rs. 23.23 million for the year ended March 31,
2007.

Headquartered in New Delhi, India, Tarai manufactures, processes
and distributes frozen fruit and vegetables.


TATA MOTORS: S&P Holds Negative Watch on 'BB' Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB' corporate
credit rating on India's Tata Motors Ltd. on CreditWatch with
negative implications, pending finalization of the long-term
financing plans for funding the company's purchase of Jaguar and
Land Rover from Ford Motor Co. (B/Watch Neg/--).  At the same
time, Standard & Poor's ratings on all Tata Motors' rated debt
remain on CreditWatch with negative implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata
Motors has paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford has contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

"To fund the initial transaction, Tata Motors raised short-term
bridge facilities of US$3 billion, which it plans to repay
through a mix of fresh equity infusion, liquidation of
investments, and long-term debt," said Standard & Poor's credit
analyst Anshukant Taneja.

The company has obtained a board approval to raise up to US$1.05
billion through a rights issue of equity shares, up to US$750
million of optionally convertible preference shares, and US$500
million-US$600 million through a separate issuance of securities
in overseas markets.

The CreditWatch status is expected to be resolved as greater
clarity and certainty is established on the long-term financing
arrangements.

The likelihood of the rating being lowered further is low
assuming: (1) the overall credit metrics remain consistent with
the current rating; (2) the bridge facility is refinanced
through proposed equity inflows and long-term funds, and (3)
Tata Motors' capital expenditure commitments to its domestic
operations and to JLR remain broadly at the levels given by the
company.


UNIMIN INDIA: Board Puts Company Under Rehabilitation
-----------------------------------------------------
Unimin India Ltd's Board of Directors will be submitting a draft
rehabilitation scheme to the Board for Industrial and Financial
Reconstruction (BIFR) shortly.

The Board has not recommended any dividend for the year in view
of the company's losses.  Unimin has been reporting consecutive
annual net losses since the year ended March 31, 2002.  For the
year ended March 31, 2008, the company incurred a net loss of
Rs. 25.14 million on net sales of Rs. 10.06 million compared to
a net loss of Rs. 23.5 million on net sales of Rs. 41.94 million
for the year ended March 31, 2007.

Unimin's Board also noted that with the investment and
commitment of the promoters and their associates, the company
had successfully liquidated all its loans and liabilities.

As reported in the Troubled Company Reporter-Asia Pacific on
June 18, 2008, Unimin's satisfied loans included the full and
final closure of a US$2.75 million term loan that the company
had availed from the Asian Finance & Investment Corporation
Ltd., (AFIC) Singapore, which was originally an affiliate of the
Asian Development Bank and is now a part of ACTIS, UK.

Headquartered in Mumbai, India, Unimin India Limited --
http://www.uniminindia.com/-- offers polypropylene spun bonded   
nonwoven fabrics in India and internationally.  The company
offers its products in a range of colors, such as white, beige,
black, grey, red, light blue, navy blue, and green.  Its
products are used in various applications, such as agriculture
and landscaping; personal care and hygiene; construction,
furniture, and bedding; bags and ladies purses; and apparel and
accessories.



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

PT BERLIAN: Fitch Affirms 'B+' ID Rating After Chembulk Buyout
--------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based shipping company, PT
Berlian Laju Tanker Tbk's Long-term foreign and local currency
Issuer Default Ratings at 'B+'.  The Outlook for the ratings is
Stable.  At the same time, the agency has downgraded the
Recovery Rating on the US$400 million notes due 2014 issued by
BLT Finance B.V and guaranteed by BLT, to 'RR5' from 'RR4'.  
With this, BLT's senior unsecured rating on the notes is
downgraded to 'B' from 'B+'.

The affirmation of BLT's IDRs is based on the agency's view that
the company can de-leverage after the debt-funded acquisition of
Chembulk Tankers LLC in December 2007.  This is predicated upon
the currently high charter hire rates and the robust outlook for
the chemical tanker segment, as well as BLT's modern fleet of
vessels which will position the company to benefit from new
maritime regulations.  The acquisition of Chembulk has broadened
its geographic diversity in revenues and places the company as
the world's third-largest stainless steel chemical tanker
operator.

BLT's leverage was high at end-FY2007 at 8.6x with the addition
of acquisition-related debt of US$750 million and no
contribution to EBITDA from Chembulk.  Its de-leveraging plan,
announced following the Chembulk acquisition, is running behind
schedule with only three of five oil tankers sold to date and
the sale-and-lease back of four chemical tankers still under
negotiation.  The company expects to conclude the oil tanker
sales and sale-and-lease back of at least two chemical tankers
before end-2008 - this should generate net proceeds of around
US$150 million.  

The sale-and-lease back transactions are leverage-neutral under
Fitch's methodology of capitalising charter hire costs. But the
proceeds from these transactions should help to reduce the
company's secured indebtedness.  Taking into consideration the
consolidated EBITDA generation, Fitch is of the view that BLT
will be in a position to maintain its leverage below 5.0x for
2008, even after factoring in further delays on the asset sales.

The company's liquidity position is relatively tight in 2008
with high debt maturities, which includes the US$250 million
bridge financing obtained to fund the Chembulk acquisition and
capex of around US$130 million.  However, Fitch is of the view
that this is manageable with BLT's strong operating cash flows,
cash balances of around US$300 million and undrawn-credit
facilities of around US$35m as of now.  Furthermore, the company
has resolved the covenant breach on the Indonesian rupiah notes
by adjusting the financial ratios on the covenants, which now
provide substantial head room.

The downgrade of the Recovery Rating reflects BLT's increased
secured indebtedness following the secured debt obtained to fund
the acquisition of Chembulk and the assumed finance lease
obligations of Chembulk.  The US$250 million bridge loan has
been converted into a secured facility on 19 June 2008 but will
have to be repaid by 19 December 2008.  Should the planned asset
sales be further delayed, there is a possibility of this
facility being at least partially refinanced with fresh secured
facilities - however, Fitch expects the company to reduce its
secured debt levels in 2009 with its strong free cash flow
generation, which can be positive for the Recovery Rating of the
notes.  BLT's Recovery Ratings benefit from its modern fleet of
chemical tankers which are likely to have higher than industry
recovery values.

The Stable Outlook is based on Fitch's expectation of BLT
reducing its leverage to below 5.0x by end-2008.  Thus, negative
rating action can be taken if BLT's leverage is more than 5.0x
at end-2008 and above 4.5x at end-2009.  Conversely, its ratings
can benefit if the company improves is leverage on a sustained
basis below 3.5x - but positive rating action is not expected
over the next 24 months.


* Fitch: Indonesian Banks Operating Conditions Tougher This Year
----------------------------------------------------------------
Fitch Ratings said that Indonesian banks' operating conditions
are expected to be tougher this year as the domestic economy
grapples with the impact of higher costs and weaker purchasing
power, despite the strong financial performance of these banks
in 2007 and Q108.  In a soon to be published report, 'Indonesian
Banks Review and Outlook', the agency notes that while the
experience in 2005-2006 provides some level of comfort - where
most of the large Indonesian banks weathered a brief bout of
economic weakness relatively well - caution is still warranted
given that the worst is probably yet to come.

Fitch is expecting real GDP growth for Indonesia to slow to
around 6.0% in 2008 from 6.3% in 2007.  The policy interest rate
is expected to rise by another 100bp to 9.5% from 8.5% at end-
June 2008 suggesting that domestic interest rate levels are not
expected to reach the high levels seen in 2006.  Hence, credit
conditions will still be broadly supportive of the Stable
Outlook on the banks' international ratings.

Most of the large Indonesian banks have seen an improvement in
their balance sheets, thanks to strong profitability, lower NPLs
and higher reserves cover.  A stress test by the agency,
applying harsher write-offs and assuming higher new NPLs,
indicates that about 20% of capital or about three percentage
points of total CAR may be impaired under more distressed
conditions.  However, the average CAR of the Indonesian banks
remained reasonably high at 18.3% at end-2007, providing a
reasonable buffer against deterioration in credit quality.

Indonesian banks are expected to apply the Standardised Approach
when Basel II is implemented from January 2009.  In the absence
of regulatory details, the impact on the banks' capital ratio is
not entirely clear.  Discussions with a few of the larger banks
suggest that deduction for operational risks will be about 2%,
while the capital charge for credit risks may vary quite widely
with the more retail-based banks likely to benefit from lower
risk weights on retail exposures like housing loans and small
business loans.

Meanwhile, the management of loan quality will continue to be a
key challenge for Indonesian banks as they are still rebuilding
their loan books following the Asian financial crisis.  While
loan growth post-crisis has focused on more well-diversified and
secured retail and SME lending, growth has been rapid and credit
standards largely untested.  Larger corporate loans, shunned in
the aftermath of the crisis, will feature more prominently with
the pick-up in domestic investment activity and increased
infrastructure development.  This suggests that concentration
risk and foreign exchange exposure will need to be monitored
more closely.



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

NIPPON STEEL: Accepts Increase in Iron Ore Price from BHP
---------------------------------------------------------
Nippon Steel Corp. accepted a record increase in iron ore prices
from BHP Billiton Ltd., matching a doubling of prices agreed
last month with Rio Tinto Group, Yoshifumi Takemoto and Dave
McCombs of Bloomberg report.

The steelmaker will pay BHP as much as 97% more for ore, Masato
Suzuki, a spokesman for the Tokyo-based company, told the news
agency.

                        About Nippon Sheet

Headquartered in Tokyo, Nippon Sheet Glass Company, Limited --
http://www.nsg.co.jp-- Company operates in four business     
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display (LCD) products and others.  Its
Glass Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

                          *     *     *

Nippon Sheet continues to carry Mikuni Credit Rating's “BB”
rating.   


* JAPAN: Corporate Bankruptcies Up 11.6% in First-Half 2008
-----------------------------------------------------------
The number of corporate bankruptcies in Japan in the first half
of 2008 increased 11.6% to 6,022 from a year earlier,  Jiji
Press reports, citing Teikoku Databank Ltd.

The report relates that the total amount of liabilities involved
rose 17.4% to JPY3,019,464 million.

In June alone, Jiji Press says the number of corporate
bankruptcies rose 8.1 pct to 1,065 while liabilities rose 40.3
pct to JPY471,920 million.

Meanwhile, in a May 2008 bankruptcy report, Teikoku Databank
reported that the number of bankruptcies totaled 994 cases
(1,013 cases in April, and 1,016 cases in the year-ago period),
showing a year-on-year decrease for the first time in five
months.  However, the number has stayed high nearly 1,000 cases
and in the increasing trend.

The total liabilities came to JPY481,073 million (JPY725,441
million in the April, and JPY344,387 million in the year-ago
period), increasing by 39.7% from the same period of last
year.  The number of corporate failures with liabilities of
JPY1 billion or more reached 74 cases (57 cases in the year-
ago period).

By industry, Teikoku said the construction industry (271 cases,
up 13.4% year-on-year), the service industry (179 cases, up
1.7%) and the transportation & communications industry (37
cases, up 8.8%) recorded a year-on-year increase in the number
of business failures.

By main cause, the number of recession-induced bankruptcies
totaled 778 cases (786 cases in the previous month, and 790
cases in the year-ago period), whose percent distribution is
78.3% (77.6% in the previous month, and 77.8% in the year-ago
period).  The high percentage approaching 80 has remained.

By size of liabilities, the number of bankruptcies of small to
medium and minute enterprises with liabilities less than 100
million yen hit 602 cases (percent distribution: 60.6%, down
1.1% year-on-year), exceeding 60% in percent distribution
after four months.

By region, four out of nine regions posted a year-on-year rise
in the number of corporate failures.  Among them, Kanto (381
cases, up 13.4% year-on-year) recorded the highest number
since April 2005.

In May 2008, Teikoku said two publicly-quoted companies:
Miyazaki-based Arisaka Co., Ltd., an operator of amusement
facilities, and Tokyo-based Tosco Co., Ltd., the biggest hemp
spinner, filed for protection under the corporate rehabilitation
law with liabilities of JPY21,332 million and JPY3,273 million  
respectively.


* JAPAN:  Advertising Revenue Down 5.5% in May
----------------------------------------------
Advertising revenue in May fell 5.5% from a year before to
JPY411,169 million, down for the third straight month, Jiji
Press reports, citing the Ministry of Economy, Trade and
Industry.

The report relates that ad revenue from the four main media
categories of television, radio, magazines and newspapers
decreased 7.9 pct, while Internet advertising increased 14.0
pct.

According to Jiji Press, the ministry also said that revenue at
information service companies rose 2.2% to JPY683,063 million,
the fifth straight increase.



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

FOREMOST HOLDINGS: Appoints Lee Chee Kheng as Director
------------------------------------------------------
Foremost Holdings Berhad has appointed Lee Chee Kheng as the
company's non-executive director.

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.

Foremost was classified as an affected listed issuer under Bursa
Malaysia Securities Berhad's Practice Note 17 because it has
"insufficient financial position to warrant continued listing".
As an affected issuer, the Company is required to draft a plan
to regularize its finances to avoid being delisted from the
Official List.


PESAKA ASTANA: Court to Hear Dispute with Bondholders on July 14
----------------------------------------------------------------
The dispute between the holders of Pesaka Astana (M) Sdn Bhd’s
bonds and the company itself will finally be put to trial when
the hearing at the High Court begins on Monday, July 14, 2008,
the Edge Daily reports.

According to the report, the High Court reaffirmed July 7 to 11
for plaintiffs to start their submissions in the case of
Malaysia Discounts Bhd and nine others against Pesaka Astana and
11 others after turning down the request from the opposing
counsels for a later trial date due to the volume and complexity
of the case.

The news agency notes that the main defendants are Pesaka
Astana, its CEO Datuk Mohd Rafie Sain, its director Datin
Murnina Sujak, Mayban Trustees and KAF Discounts.  They also
included seven companies (mostly with paid-up capital of MYR2)
from the Amdac Group whose main shareholders are Rafir and
Murnina.

The plaintiffs, which composes of -- a) Malaysia Discounts;
b) Bumiputra-Commerce Bank; c) Abrar Discounts; d) Avenue
Invest; Bank Muamalat Malaysia; e) Commerce Life Assurance; f)
Malaysian Assurance Alliance; g) Southern Investment Bank; h)
Universal Trustee (M); and i) BHLB Trustee -- had invested in a
corporate bond issued by Pesaka Astana in the MYR140 million Al
Bai’ Bithaman Ajil Islamic debt securities in April 2004, the
news agency recounts.

The bonds were backed by Pesaka Astana’s MYR150 million contract
to supply the government with military and fire-fighting
vehicles and other commercial vehicles, the news agency relates.

The bonds, with a tenure of two and a half years, carried a
profit rate of 5.7% to 6.2% and were rated A+ by Malaysian
Rating Corp Bhd (MARC).  The bond issue trustee was Mayban
Trustees Bhd while KAF Discounts Bhd was the lead arranger.

However, in March 2005, Pesaka Astana missed its first MYR34.2
million payment into the sinking fund for bondholders, and had
blamed it on the late payment from the government, the news
agency says.

In Sept. 30, 2005, Mayban Trustees declared an event of default
and MARC downgraded Pesaka’s bonds from investment grade A+ to
D, the Edge Daily notes.

The plaintiffs are now seeking MYR157.8 million from Pesaka
Astana, Mayban Trustees and KAF Discounts, while unspecified
general damages from the other defendants, the report adds.

The plaintiffs also claimed, among other things, that Mayban
Trustees acted in breach of obligation when it failed to ensure
that it was, at all material times, the sole signatory to the
three trustee accounts it was monitoring, the report says.


* MALAYSIA: Market Outlook Bleak, Says Analyts
----------------------------------------------
The outlook for the local stock exchange, as with other regional
markets, remains bleak as rising crude oil prices continue to
create a ripple effect on the global economy, the Edge Daily
reports, citing analysts.

According to analysts cited by the report, though the domestic
economy may remain supported by crude palm oil (CPO) exports and
the boom in the oil and gas sector, selling pressures will
continue in the short term amid political uncertainties.

The news agency notes that the Kuala Lumpur Composite Index’s
(KLCI) losing streak continued last Friday, falling as much as
33.73 points to 1,119.97 after a one-day equities trading halt
as a result of a multiple hardware failure.

"Unless there is a fall in crude oil prices, the domestic and
global economies remains bleak," the Edge Daily quoted an
analyst as saying.

MIMB Investment acting head of research Shahril Anas said amid
weak market sentiments, investors may find support in commodity-
based stocks.  "Plantation stocks may see more gains as the
stocks would find support at current CPO price levels," Mr. Anas
was quoted by the Edge Daily as saying.

On the other hand, the report, citing CIMB Research, said that
it maintained a neutral stance on KLCI as the Malaysian politics
was in a state of flux.  CIMB Research stated that the market
may enjoy a boost from the traditional pre-Umno party election
rally, which would provide trading opportunities for investors
with high-risk tolerance.

Meanwhile, an OSK Research cited by the Daily said investors
were cautious of the downside risk to the bourse on the
prevailing uncertainties in the market. “While many claim that
valuations are already cheap, they could only get cheaper amid
the weak sentiment,” it said.



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

1236114 BATHROOMS: Commences Liquidation Proceedings
----------------------------------------------------
The High Court at Auckland held a hearing on July 4, 2008, to
consider an application putting 1236114 Bathrooms Limited into
liquidation.

The application was filed on March 20, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150
          Takapuna, Auckland
          Telephone: (09) 984 1514
          Facsimile: (09) 984 3116

Michael Kinlim Yan is the plaintiff’s solicitor.


CAIRO HOLDINGS: Liquidators Set July 11 as Claims Bar Date
----------------------------------------------------------
The High Court of Auckland has appointed David Stuart Vance and
Barry Phillip Jordan, chartered accountants, as joint and
several liquidators of Cairo Holdings Limited.

The 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:

          Logan Nicholls
          Deloitte, Deloitte House,
          10 Brandon Street
          Wellington
          Postal Address: PO Box 1990
          Wellington
          Telephone: (04) 472 1677
          Facsimile: (04) 472 8023


CLEVER TILING: Liquidators Set July 11 as Claims Bar Date
---------------------------------------------------------
Pursuant to Section 255(2) of the Companies Act 1993, the
shareholders of Clever Tiling Limited has appointed  
Iain Bruce Shephard and Christine Margaret Dunphy as the joint
and several liquidators of the company.

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:

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


DAVID KNEE: Commences Liquidation Proceedings
---------------------------------------------
The High Court at Auckland convened a hearing on June 27, 2008,
to consider an application putting David Knee Contracting
Limited into liquidation.

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

The plaintiff's address for service is at:

          Meredith Connell
          Level 17, Forsyth Barr Tower
          55-65 Shortland Street
          PO Box 2213 or DX CP 24063
          Auckland

S. J. Eisdell Moore is the plaintiffs' solicitor.


DOMINION FINANCE: Trading of Shares Suspended
---------------------------------------------
The New Zealand Stock Exchange Regulation suspended the trading
of Dominion Finance Holdings Limited's shares after the company
failed to submit its annual report on the July 7, 2008 deadline.

As reported in the Troubled Company Reporter–Asia Pacific on
July 2, 2008, NZX warned trading suspension of Dominion
Finance's shares if the company fails to submit its annual
report by the extended deadline.

Dominion Finance's annual report for the period ending March 31,
2008, was due for submission to NZX on June 30, 2008.

                      About Dominion Finance

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

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2008, the company's Board of Directors had become
concerned about the liquidity position of its two subsidiaries
-- Dominion Finance Group Limited and North South Finance
Limited -- and primarily the ability of these companies to meet
their ongoing payment obligations to their respective debenture
holders both in respect of interest and principal.

The company is facing liquidity pressure from the impact of the
international credit crisis on the confidence of Dominion
Finance Group and North South Finance's investor base, and the
inability of the company's borrowing clients to refinance or
repay the debt facilities previously provided to those
borrowers.

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

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


L C & D: Commences Liquidation Proceedings
------------------------------------------
The High Court at Auckland held a hearing on June 20, 2008, to
consider an application putting LC & D Company Limited into
liquidation.

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

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150
          Takapuna, Auckland
          Telephone: (09) 984 1514
          Facsimile: (09) 984 3116

Michael Kinlim Yan is the plaintiff’s solicitor.


MODERN DRYWALL: Commences Liquidation Proceedings
-------------------------------------------------
The High Court at Auckland held a hearing on July 4, 2008, to
consider an application putting Modern Drywall Limited into
liquidation.

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

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150
          Takapuna, Auckland
          Telephone: (09) 984 1514
          Facsimile: (09) 984 3116

Michael Kinlim Yan is the plaintiff’s solicitor.


NEWBY HOLDINGS: Commences Liquidation Proceedings
-------------------------------------------------
The High Court at Whangarei convened a hearing on June 23, 2008,
to consider an application putting Newby Holdings Limited (now
known as Farmland Developments Limited) into liquidation.

The application was filed on Feb. 13, 2008, by Kevin Wilfred
Ball Family Trust, Cyril Alexander Ball Family Trust and Thomson
Wilson Trustees Limited.

The plaintiffs' address for service is at:

          PO Box 1042 or DX AP 24512
          Whangarei

M. J. Badham is the plaintiffs' solicitor.


PACIFIC MARINE: Commences Liquidation Proceedings
-------------------------------------------------
The High Court at Whangarei convened a hearing on June 23, 2008,
to consider an application putting Pacific Marine Boat Builders
Limited into liquidation.

The application was filed on May 12, 2008, by Nuplex Industries
Limited.

The plaintiff's address for service is at:

          Receivables Management (NZ) Limited
          Level 8
          7 City Road, Auckland
          Postal Address: PO Box 5519
          Wellesley Street, Auckland
          Facsimile: (09) 919 3697

Amy Marie Hutton is the plaintiff’s solicitor.


VERITAS HOLDINGS: Commences Liquidation Proceedings
---------------------------------------------------
The High Court at Auckland held a hearing on July 4, 2008, to
consider an application putting Veritas Holdings NZ Limited into
liquidation.

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

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150
          Takapuna, Auckland
          Telephone: (09) 984 1514
          Facsimile: (09) 984 3116

Michael Kinlim Yan is the plaintiff’s solicitor.


* NEW ZEALAND: Treasury Warns of Technical Recession
----------------------------------------------------
The Treasury warned of a possible “technical recession in the
first half of 2008" as sharp slowing of growth in early 2008
point to further weakness in the June 2008 quarter.

Two successive recordings of negative quarterly growth would
officially mean that the economy is in recession.

The country's economic activity declined 0.3 percent in the
March 2008 quarter, with agriculture and construction industries
as the main contributors to the decline.  

According to Xinhua News, the Treasury has already downgraded
its expectations for the next year, predicting the economy will
grow by just 1 percent during the year to the end of March 2009,
half a percentage point lower than its budget prediction.

Consumer confidence rating is at a record low of 82 points, down
5.6 points since mid June and 39.4 points lower than this time
last year, research group Roy Morgan said.

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

Building consents statistics show there were 1,653 new housing
units authorised in May 2008, a decrease of 669 units compared
with May 2007, Statistics New Zealand said.

Westpac Bank chief economist Brendan O'Donovan told The
Associated Press that there was a 90 percent probability a
recession had begun.  "The economy has been hit by four shocks
simultaneously," he said, listing fuel prices, credit market
dislocation, a sharp housing market decline and the drought.


* NEW ZEALAND: Economic Stagnation and High Inflation Underway
--------------------------------------------------------------
Results from The New Zealand Institute of Economic Research
(NZIER)’s Quarterly Survey of Business Opinion (QSBO) for the
June 2008 quarter paint a picture of negative economic growth
and strong, persistent inflationary pressures.

Statistics New Zealand recently reported that real Gross
Domestic Product (GDP) fell by 0.3% in the March 2008 quarter.
Indicators of domestic trading activity from the latest QSBO
suggest economic activity declined further in the June quarter
and is likely to decline again in the September quarter which
will make it three quarters of negative economic growth in a
row.

On a seasonally adjusted basis, a net 18% of firms reported a
decline in their own activity and a net 18% expect their trading
activity to fall in the next three months.  These figures are at
their most negative since June 1998 and December 1982,
respectively.  The movements in the trading activity indicators
reflect the movements in real Gross Domestic Product (GDP)
closely over time.  

While there has been a notable easing in the difficulty finding
labor, other indicators of inflation (capacity utilization,
pricing and cost experiences and intentions) suggest that strong
inflationary pressures will persist, which will increase the
Reserve Bank’s discomfort in relation to pricing intentions and
inflationary expectations.

Nine Six percent of the responses to the latest survey were
received within three weeks of the Reserve Bank’s announcement
on June 5, that it was leaving the Official Cash Rate (OCR)
unchanged at 8.25%.  Virtually all the responses to the survey
were in the mail before the June 27 release of data showing a
0.3% decline in real GDP in the March quarter.  On average, this
decline in real GDP was expected by the financial market
participants.

Although indicators of activity have dropped sharply in the
latest survey, indicators of confidence about the general
business situation improved slightly.  They remain near low
levels compared with historical experience, however.  On a
seasonally adjusted basis, a net 54% of firms expect the general
business situation to deteriorate in the next six months.  This
compares with a net balance of 56% of firms which expected a
deteriorating business situation in the March survey.  The 56%
figure was the highest expecting deterioration since December
2005.

Excluding seasonal adjustment, the business confidence statistic
has improved for manufacturers and builders but deteriorated
slightly for merchants and service firms.  The depreciation of
the currency over the quarter is likely to have contributed
significantly to the improvement in manufacturers’ confidence.   
The slowing domestic consumer demand as households have had to
deal with increased fuel costs, higher interest rates on
mortgages and higher food prices, while paying increased
taxation due to fiscal drag, is likely to have been a
significant factor in the declines in merchants and service
firms’ confidence indicators.

                   Firms’ Own Trading Activities

   * On a seasonally adjusted basis, the net balance of
     firms reporting a decrease in their own activity in
     the June quarter was 18%.  Last quarter a net 7%
     reported a decline.  The 18% figure is the highest
     reporting a decrease since June 1998.

   * On a seasonally adjusted basis, a net balance of 18%
     of firms recorded that they expect their own trading
     activity to decrease in the next three months from
     its level in the June 2008 quarter.  Last quarter
     the net balance was 8% expecting a decline. This 18%
     figure is the equal highest expecting a decrease
     since December 1982. The previous occasion the
      figure was 18% was March 1991.

            Pricing Intentions and Cost Conditions

   * The net balance of firms intending to increase
     selling prices in the next three months has
     increased. The balance was 45% in the March survey
     and 49% in the June survey. The 49% figure is the
     highest since March 1987.

   * The net balance expecting an increase in costs
     has increased from 62% in March to 71% in June.
     The 71% figure is the highest since December 1986.

                Expectations about General
                    Business Situation

   * The seasonally unadjusted business confidence
     statistic remained steady in all of the three
     geographically based regions we separately analyse.
     Among the regions there was very little variation
     relating to the general business situation measure.

                    Labor Market Outlook

   * A net 6% of firms intend to decrease staff over
     the next three months, compared with a net 3% of
     firms that actually decreased staff in the past
     three months and a net 0% of firms that planned to
     decrease staff in the last survey.

   * There has been a notable easing in the difficulty
     finding skilled and unskilled labor.

   * A net balance of 19% of firms reported in the June
     survey it had become harder to find skilled labor.
     In the previous survey, the corresponding figure
     had been 36%. The 19% figure is the lowest since
     June 1999.

   * The net balance of firms reporting it had become
     harder to find unskilled labor went from 33% in
     the December 2007 survey to 22% in the March 2008
     survey.  In the latest survey, the statistic has
     changed to a net 6% of firms reporting it had
     become easier to find unskilled labor. The
     previous occasion a net balance of firms reported
     it had become easier to find unskilled labor was
     September 1999.

   * The percentage of firms identifying demand
     (i.e. sales) as the major factor limiting output
     expansion has increased since the March survey.
     In the June survey, 59% of firms identified that
     sales were the major factor, while 34% pointed to
     supply-side factors (18% labour, 7% capacity,
     7% finance, and 2% materials). In the previous
     survey, 49% identified sales as the major factor,
     and 44% the supply-side factors.

                   Capacity Utilization

   *  In the June 2008 survey, capacity utilisation
      was 92.4%. This is a small decrease from the
      92.6% recorded in the March survey. The March
      figure was the equal highest rate recorded since
      the series began in 1961. The previous occasion
      the figure was 92.6% was in December 2004.

                Interest Rate Expectations

   * A net 8% of financial services firms expect interest
     rates to be lower over the next twelve months compared
     with the year just gone. This figure compares with
     the net 56% expected interest rates to be higher in
     the March survey.



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

BENGUET CORP: To List Additional 5,760 Class A Shares Today
-----------------------------------------------------------
Benguet Corporation will list today, July 9, 2008, the
additional 5,760 common Class A shares availed of under the
company's SOP.

The company's application to list additional 4,202,400 common
Class A shares was approved by the Philippine Stock Echange on
April 8, 2008.  The Class A shares has a par value of PHP3.0 per
share at an exercise price of PHO8.50 per shaqre and 2,801,600
common Class B shares with a par value of PHP3.00 per dhare at
an exercise price of PHP29.07 per share, to cover the company's
Stock Option Plan.

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

                          *     *     *

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


* PHILIPPINES: GIR Up by US$0.5 Bil. to US$36.7 Bil. in June
------------------------------------------------------------
The country’s gross international reserves (GIR) rose to
US$36.7 billion as of end-June 2008, up by US$0.5 billion from
the previous month’s level of US$36.2 billion, a data from
Bangko Sentral ng Pilipinas shows.

According to the data, the increase in reserves was attributed
mainly to the deposit by the Power Sector Assets and Liabilities
Management Corporation (PSALM) of proceeds from the
privatization program of the National Power Corporation (NPC),
as well as the Bangko Sentral’s income from its investments
abroad, credits from foreign financial counterparties, and
revaluation gains.  

These receipts were partly offset, however, by outflows arising
mainly from payments of maturing foreign currency-denominated
obligations of the NG and the BSP, and prepayments of NPC’s
various foreign loans.
  
The current GIR level can cover 6.0 months of imports of goods
and payments of services and income.  It was also equivalent to
5.1 times the country’s short-term external debt based on
original maturity and 2.9 times based on residual maturity.

The level of net international reserves (NIR) as of end-June
2008, including revaluation of reserve assets and reserve-
related liabilities, remained steady at US$36.2 billion.  NIR
refers to the difference between the BSP’s GIR and total short-
term liabilities.


* PHILIPPINES: Bangko Sentral Okays US$500MM Overseas Borrowing
---------------------------------------------------------------
The Bangko Sentral ng Pilipinas approved the US$500-million
overseas borrowing of the national government that could help
ease the pressure on the foreign exchange, the Manila Standard
reports.

The board approved the US$500-million debt in principle to give
the government flexibility to tap foreign funding when the
opportunity arises, the news agency's sources said.

The sources told the news agency that the US$500-million
borrowings was among the assumptions in the central bank’s
revised forecast of a US$2.5-billion surplus in the balance of
payments.

Manila Standard notes that the government initially planned to
tapped mainly the domestic credit market for its funding
requirements but the volatile situation in the world financial
markets and changing conditions prompted Manila to review its
tack.

The strong peso last year prompted the government to pre-pay
foreign debt while low domestic interest rates encouraged it to
tap local borrowing. With the falling currency, however, foreign
borrowings became attractive because they could shore up the
country’s foreign exchange reserves, the report added.


* Fitch Affirms Ratings on Five Philippine Banks
------------------------------------------------
Fitch Ratings has affirmed the ratings of these Philippine banks
as:

  -- China Banking Corporation (CBC): Long-term foreign and
     local currency Issuer Default Ratings at 'BB', National
     Long-term Rating at 'AA-(phl)', Individual at 'C/D',
     Support at '4' and Support Rating Floor at 'B+'.  The
     Outlook is Stable.

  -- Metropolitan Bank and Trust Company (Metro): Long-term
     foreign currency IDR at 'BB', Short-term foreign currency
     IDR at 'B', Individual at 'D', Support at '3' and Support
     Rating Floor at 'BB-'.  The Rating Outlook is Stable.


  -- Bank of the Philippine Islands (BPI): Individual at 'C' and
     Support at '3'.

  -- Banco De Oro Unibank, Inc (BDO): Individual at 'C/D' and
     Support at '3'.

  -- Philippine National Bank (PNB): Individual at 'D/E' and
     Support at '3'.

CBC's ratings are premised on the bank's good balance sheet
strength and core profitability, thanks to its strong franchise
among the Chinese-Filipino community.

Metro's ratings reflect its improved albeit still weak balance
sheet strength, moderate profitability and its size as the
largest bank in the country.

BPI's ratings reflect its stable profitability with a
diversified revenue base, its good franchise among the largest
Philippine banks and its satisfactory balance sheet strength.

After completing the legal merger with Equitable PCI Bank in May
2007, the ratings of the enlarged BDO reflect its improved,
though below-average, core profitability and modest balance
sheet strength.  With the operational rationalisation
substantially completed, a sustained improvement realised from
the merger would be among the key considerations for a ratings
upgrade in future.

PNB's Individual Rating reflects the bank's weak balance sheet
strength and limited profitability, even after taking into
account the impending merger with Allied Banking Corporation, as
the latter only has a slightly better credit profile than PNB's
and is about two-thirds the size of PNB.  Integration risk is a
factor although a successful merger of the two banks may provide
positive rating momentum, particularly if combined with capital
strengthening and a reduced exposure of impaired assets.

In general, despite the more challenging operating environment
ahead, the credit profile of the above Philippine banks is
expected to remain largely stable.



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

ADAM HAWA: Court Enters Wind-Up Order
-------------------------------------
On June 27, 2008, the High Court of Singapore entered an order
to have Adam Hawa Pte. Ltd.'s operations wound up.

Hong Leong Finance Limited filed the petition against the
company.

Adam Hawa's liquidator is:

         The Official Receiver
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


SOH HOLDINGS: Creditors' Proofs of Debt Due on August 4
-------------------------------------------------------
Soh Holdings Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by August 4,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

         Soh Chiew Yean
         Soh Chiew Hua
         c/o 18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


TRANS-TEC SERVICES: Requires Creditors to File Claims by Aug. 4
---------------------------------------------------------------
The creditors of Trans-Tec Services (Singapore) Pte Limited are
required to file their proofs of debt by August 4, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807



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

MARKS & SPENCER: Poor Sales Prompt Closure of Taiwan Stores
-----------------------------------------------------------
Marks & Spencer Group Plc will close three stores in Taiwan by
the end of August because of poor sales, Tim Culpan writes for
Bloomberg News.

The U.K. retail chain jointly operates the Taiwan store with
President Chain Store Corp.  President Chain, Taiwan's largest
retail operator, owns 40 percent of the venture, Bloomberg News
says citing an M&S spokeswoman.

According to the report, the closure of the stores will be the
second time Marks & Spencer will leave the Taiwan market after
exiting in 2001.

“Taiwan customers prefer larger outlets than the smaller stores”
operated by Marks & Spencer, Lillian Lin, spokeswoman for
Taipei-based President Chain, told Bloomberg News in a phone
interview.  

The three stores will be closed once stocks have been cleared
and Marks & Spencer will immediately inform all employees,
suppliers and affected parties and resolve any outstanding
matters, a company statement cited by Bloomberg News said.

Meanwhile, the company issued a profit warning Wednesday last
week pointing to
deteriorating consumer confidence levels and challenging market
conditions.

The update resulted in a one-day loss of almost 25% for the
company's shares, according to Sarah Turner of MarketWatch.

For the first quarter of fiscal year 2008-09, the retailer said
its UK sales dropped 0.5% while its UK like for like sales
dropped 5.3%.

“In this quarter, pressures on consumer spending and increased
competitor pricing and promotional activity, coupled with
changes in consumer buying patterns, have resulted in a
significantly weaker performance,” Chairman Stuart Rose said in
an interim management statement.

The company expects market conditions to continue to remain
difficult.

                About Marks & Spencer Group plc

Marks and Spencer Group plc is a retailer of clothing, food and
home products in the United Kingdom.  The company is the holding
company of the Marks & Spencer group of companies.  As of March
29, 2008, the company had 622 United Kingdom stores, including
Simply Food franchise stores, as well as an international
business.  Its core United Kingdom business comprises the
individual business units of womenswear, lingerie, menswear,
kidswear, home and food.  The International segment consists of
the company’s owned businesses in the Republic of Ireland, Hong
Kong, Taiwan, Greece, a number of other Balkan states,
Switzerland, the Czech Republic, Slovakia, Latvia and Lithuania,
together with franchised operations.  On February 28, 2008, the
company acquired 50% of the Marks and Spencer Marinopoulos B.V.  
On March 20, 2008, the company acquired 51% of the COMS a.s.



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

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           Bankruptcy and Restructuring Audio Conference CDs

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

                     *      *      *

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                         *********

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

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

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


                            *********


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

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





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