TCRAP_Public/080714.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

            Monday, July 14, 2008, Vol. 11, No. 138

                           Headlines

A U S T R A L I A

A G S PLUMBING: Members to Hear Wind-Up Report on July 23
BRISBANE PROPERTY: Final Meeting Slate for  July 23
CRANE HOLDINGS: Members to Receive Wind-Up Report on July 23
ELLISON MEDICAL: Members to Hear Wind-Up Report on July 23
EVERNEW FASHIONS: Final Meeting Set on July 23

HARDY MARINE: Final Meeting Slated for July 15
JOSH-CARR PTY: Proofs of Debt Due July 15
KURRI EARTHMOVING: Members to Hear Wind-Up Report on July 23
M.J. & G. JOINERY: Final Meeting Slated for July 23
MONARCH GOLD: Appoints Voluntary Administrators

MORTON SELF: Member's Meeting Slated for July 23
OCTAVIAR LIMITED: CEO's Stake Caught Up in Primebroker Collapse
PAN PHARMACEUTICALS: Proofs of Debt Due on July 15
S & A WHEELER: To Declare Dividend on July 15
WHEELER HOLDINGS: To Declare Dividend on July 15

* AUSTRALIA: Debt Levels Set to Rise as Families Turn to Credit


C H I N A

CHINA SOUTHERN: June Passengers Down 3.3% to 4.2MM from 2007
TEKNI-PLEX INC: Taps Mr. Schafer as Interim CFO; CEO Joins Board
TEKNI-PLEX INC: Offers to Buy Back 10.875% Senior Secured Notes
XINING SPECIAL: To Seek CNY300MM Loan from Hua Xia Bank
ZTE CORP: Sees 61% Increase in Mobile Phone Global Sales

ZTE CORP: Signs Deal to Develop Ethiopia Nationwide Network


H O N G K O N G

ALBO TOWN: Appoints New Liquidator
ALL SHINE: Appoints New Liquidator
BIK FUNG: Appoints New Liquidator
EXPANDITE INTERWISS: Creditors' Proofs of Debt Due on August 4
FOREVER EARNING: Liquidator Quits Post

GREAT UNIVERSE: Creditors' Proofs of Debt Due on July 20
PHAROS INDUSTRIAL: Members' Final Meeting Set on July 14
SONY ELECTRONIC: Members' Final Meeting Set on August 5
WING TIM: Liquidator Quits Post
YING MING: Liquidator Quits Post


I N D I A

GENERAL MOTORS: Has No Thoughts of Bankruptcy, CEO Wagoner Says
GENERAL MOTORS: Wants Set-Off & Recoupment Claims Declared
M/S ROYAL PACIFIC: RBI Cancels Certificate of Registration
SHIVAM INDIA: CRISIL Junks Rating on Rs.260 Million Loan


J A P A N

AMPEX CORP: Seeks to Extend Plan Confirmation Hearing to Aug. 15
KOBE STEEL: Sells North American Unit to Hoganas Inc
JAPAN AIRLINES: Mulls Abolishing Flights to China & South Korea
* JAPAN: Consumer Sentiment in June Worst on Price Hikes


K O R E A

HYNIX SEMICONDUCTOR: Fitch Cuts ID & Unsec. Debt Ratings to BB-
PIXELPLUS CO: KPMG Samjong Expresses Going Concern Doubt


N E W  Z E A L A N D

AIR NEW ZEALAND: Freezes Senior Exec Salaries, to Reduce Jobs
ALAN DUFF: Court Enters Wind-Up Order
BLUE CHIP: Faces Deal Breach and Ellis Law-Led Investor Suits
BMC REALTY: Wind-Up Petition Hearing Scheduled Today
CABTAL PROPERTIES: Liquidators Set July 16 as Claims Bar Date

CEDAR VALLEY: Liquidators Set Sept. 6 as Claims Bar Date
COROMANDEL SECURITY: Commences Liquidation Proceedings
DEVICE SERVICES: Commences Liquidation Proceedings
FIVE STAR: Companies Office Sues 3 Directors in Auckland Court
JAYING CONSTRUCTION: Commences Liquidation Proceedings

KARIKA ANGEL: Wind-Up Petition Hearing Scheduled Today
NOMYK PLASTERING: Court Enters Wind-Up Order
TAURANGA SHUTTLES: Wind-Up Petition Hearing Set for Today
* NEW ZEALAND: Property Market Decline Continues in June


P H I L I P P I N E S

IMPERIAL RESOURCES: To Venture Again Into Mining Business
* PHILIPPINES: FDI Level Reaches US$820 Million in January–April


S I N G A P O R E

GIKEN SAKATA: Auditor Expresses Going Concern Doubt
* SINGAPORE: SGX Incorporates Changes to Listing Rules


T A I W A N

BENQ CORP: Unit's Administrator Seeks Talks on Identified Claims
QUANTA COMPUTER: To Pay NT$3,500 Dividend on August 20


                        - - - - -


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

A G S PLUMBING: Members to Hear Wind-Up Report on July 23
---------------------------------------------------------
Richard Judson, A G S Plumbing Service Pty Ltd's appointed
estate liquidator, will meet with the company's members at
11:15 a.m. on  July 23, 2008, to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

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


BRISBANE PROPERTY: Final Meeting Slate for  July 23
---------------------------------------------------
Richard Judson, Brisbane Property Management Specialists Pty
Ltd's appointed estate liquidator, will meet with the company's
members at 10:15 a.m. on  July 23, 2008, to provide them with
property disposal and winding-up reports.

The liquidator can be reached at:

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


CRANE HOLDINGS: Members to Receive Wind-Up Report on July 23
------------------------------------------------------------
Richard Judson, Crane Holdings Pty Ltd's appointed estate
liquidator, will meet with the company's members at 10:450 a.m.
on July 23, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


ELLISON MEDICAL: Members to Hear Wind-Up Report on July 23
----------------------------------------------------------
Richard Judson, Ellison Medical Pty Ltd's appointed estate
liquidator, will meet with the company's members at 10:00 a.m.
on July 23, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


EVERNEW FASHIONS: Final Meeting Set on July 23
----------------------------------------------
Richard Judson, Evernew Fashions Pty Ltd's appointed estate
liquidator, will meet with the company's members at 10:30 a.m.
on  July 23, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


HARDY MARINE: Final Meeting Slated for July 15
----------------------------------------------
Hardy Marine Deisel Services Pty Ltd will hold a final meeting
for its members at 1:00 p.m. on July 15, 2008.  During the
meeting, the company's liquidator, Edwin Hillier will provide
the attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

         Edwin Hillier
         1st Floor, 572 Pacific Highway
         Belmont NSW 2280
         Australia


JOSH-CARR PTY: Proofs of Debt Due July 15
-----------------------------------------
Josh-Carr Pty Limited will declare dividend on July 15, 2008.

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

The company's liquidator is:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Chartered Accountants
         GPO Box 200
         Canberra ACT 2601
         Australia
         Telephone: (02) 6247 5988


KURRI EARTHMOVING: Members to Hear Wind-Up Report on July 23
------------------------------------------------------------
Richard Judson, Kurri Earthmoving Pty Ltd's appointed estate
liquidator, will meet with the company's members at 11:00 a.m.
on July 23, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


M.J. & G. JOINERY: Final Meeting Slated for July 23
---------------------------------------------------
Richard Judson, M.J. & G. Joinery Works Pty Ltd's appointed
estate liquidator, will meet with the company's members at
11:30 a.m. on  July 23, 2008, to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

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


MONARCH GOLD: Appoints Voluntary Administrators
-----------------------------------------------
The Board of Monarch Gold Mining Company Limited has appointed
Bryan Kevin Hughes and Christopher John Munday of Pitcher
Partners as Voluntary Administrators to the company and 12 of
its subsidiaries:

  - Mt. Ida Gold Operations Pty Ltd.
  - Mt. Ida Gold Pty Ltd.
  - Ida Gold Operations Pty Ltd.
  - Pilbara Metals Pty Ltd
  - Siberia Gold Operations Pty Ltd
  - Siberia Mining Corporation Limited
  - Minjar Gold Pty Ltd
  - Davyhurst Gold Pty Ltd
  - Monarch Nickel Pty Ltd
  - Monarch Gold Pty Ltd
  - Mount Magnet Gold Pty Ltd
  - Monarch Gold Mining Company Limited

                        Package Funding

Monarch Gold said a clear go forward funding package has been
put in place to underpin the operations of the Mount Ida and
Mount Magnet gold projects.

As part of the funding package, the Board of Monarch said it
will undertake a AU$25 million capital raising at 25 cents per
share with a one-for-one attaching free 25 cent option.  As part
of the AU$25 million raising, the founder Chairman and major
shareholder Michael Kiernan's family will provide an interest
free AU$15 million loan which subject to shareholder approval
will be converted to equity on the same terms of the capital
raising.  The balance of the capital raising of AU$10 million
will be underwritten, at no cost, by the Kiernan family.

In addition, Monarch said it expects to raise AU$5 million from
the sale of Minjar gold asset.

“Recent times have proved to be difficult for Monarch, and on
behalf of the Board, I'd like to express our thanks and
gratitude for the people who have supported our company.
Securing a significant funding package is a serious achievement
for shareholders and we look forward to operating our two gold
projects – Mt Ida and Mt Magnet – in the robust gold market of
the future” Monarch Managing Director Michael Kiernan said.

“Following an equity placement, Harmony Gold Mining Company,
from which Monarch acquired the Mt Magnet Gold Project, will
retain a 23% interest in Monarch.  It is a testament to the
quality of Monarch's management, gold assets and strength of the
gold market that a company the size of Harmony will retain a
large shareholding in Monarch.”

                     Mt Ida Gold Project

Going forward, Monarch expects Mt Ida to produce 50,000 oz per
year, at an average grade of 16g/t, with projected cash costs
below AU$500.

Over the next 12 months, Monarch propose to sink another shaft
(at an approximate cost of AU$5 million) to increase the annual
production to a projected 75,000 ounces per year.  Monarch plans
to treat the Mt Ida ore at a third party’s plant.

                    Mt Magnet Gold Project

Since taking over the Project, Monarch has identified 30 prime
targets, optimised 23 and prioritised seven for a closer
geological analysis.  All targets are based on open pit models.

Monarch plans to recommence operations mid 2009 to produce
100,000oz per year with a projected cash cost below AU$600.

A break down of the revised transaction terms as agreed with
Harmony are set out below:

  Cash deposit (paid)      AU$5 million
  Settlement payment
  (following shareholder
  approval)                AU$10 million
  Deferred payment
  (three years)            AU$10 million
  Monarch equity
  (100 m shares at
  25 cents)                AU$25 million
  3 year 5% convertible
  note (convertible at
  25 cents)                AU$15 million
                           -------------
                           AU$65 million

                    Shareholders' Meeting

A shareholders' meeting is proposed to be held at the end of
August to ratify the share issue and capital raising.  In
addition, shareholders will be asked to approve the acquisition
of the Mount Magnet Project, the issue of shares to Harmony and
the Kiernan family.

Monarch’s securities will remain suspended until after the
meeting of shareholders.

                       Road to Collapse

Monarch collapsed into administration July 10 after the failure
of a last-ditch attempt to recapitalise the company, Jamie Freed
of The Sydney Morning Herald reports.

According to the report, Monarch is believed to owe about AU$25
million combined to junior miners Territory Resources and India
Resources.

The Herald says hours before Monarch entered administration,
India Resources said it remained in talks with Monarch about a
AU$3.5 million outstanding loan balance and there was no reason
to suggest Monarch would not meet its obligations.

Meanwhile, Monarch's administrator, Brian Hughes, of Pitcher
Partners, told the Herald Mr. Kiernan had paid AU$1.75 million
of the AU$21.5 million it owe Territory Resources and was
progressing with a deal, but the detailed terms became too
onerous.

Andrew Simpson, the chairman of Territory Resources and India
Resources, told the Herald that he was "extremely surprised"
that Monarch had entered voluntary administration.  He said
Territory Resources had been in the process of finalising a
revised loan repayment schedule that would have allowed Monarch
to stay afloat.

                      About Monarch Gold

Headquartered in West Perth, Australia, Monarch Gold Mining
Company Limited (ASX:MON) -- http://www.monarchgold.com.au-- is
engaged in mineral exploration and evaluation activities on its
portfolio of gold mining tenements located within Western
Australia.  The company's projects include Davyhurst gold
project, Riverina Gold project, Mt Ida Gold project, Minjar Gold
Project and Bellevue Gold Project.  In February 2007, the
company acquired, on a 70% joint venture basis, the mining
rights for the Mt Ida gold mine.  The project is located in
Western Australia and consists of the Meteor, Whinnen, Baldock
and Timoni ore bodies and associated mine and camp
infrastructure.  On Aug. 6, 2007, the company announced the
acquisition of tenements comprising the Riverina gold project.


MORTON SELF: Member's Meeting Slated for July 23
------------------------------------------------
Richard Judson, Morton Self Storage Pty Ltd's appointed estate
liquidator, will meet with the company's members at 9:45 a.m. on
July 23, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


OCTAVIAR LIMITED: CEO's Stake Caught Up in Primebroker Collapse
---------------------------------------------------------------
After placing Primebroker Securities Limited into receivership,
the Australia and New Zealand Banking Group Limited began
seizing and selling off shares in 13 different companies subject
to a stock lending agreement with the lending firm.

One of the target equities is Octaviar Limited CEO Chris Scott's
shares in Octaviar, Ben Butler of Herald Sun reports.

According to Herald Sun, it is not clear exactly how much of Mr.
Scott's 4.64 per cent of Octaviar is now controlled by the ANZ,
but on April 1, Octaviar told the stock exchange 3.56 per cent
of the shares on issue belonging to Mr. Scott were subject to a
margin loan arrangement.

The Herald Sun relates that it is believed Mr. Scott's margin
lending account had breached loan-to-valuation requirements, but
Chimaera Financial Group -- Primebroker's parent -- had not made
a margin call which would have required him to tip in more cash
or sell stock to make up the difference.

                       AU$1 Billion Debt

As reported in the Troubled Company Reporter-Asia Pacific on
June 27, 2008, Octaviar Limited is working out on ways to settle
its mounting debts including continued discussions with its
largest creditors.

The Public Trustee of Queensland (PTQ)is seeking winding up
orders against Octaviar and three subsidiaries in relation to
unsecured notes and interest totalling approximately AU$351
million.

The Octaviar companies deny that the monies currently due and
are opposing the winding up applications.  At an initial court
hearing on June 20, 2008, the applications were transferred to
the Commercial Causes List of the Supreme Court of Queensland
and have been set down for hearing September 9 and 10, 2008.

Octaviar also recognized a liability of AU$52.5 million in its
financial accounts at December 31, 2007, regarding income tax
for the year ended June 30, 2007.  No assessment has been
received from the ATO.

On June 19, 2008, the company received a statutory demand from
the ATO for approximately AU$56 million, being deemed unpaid
income tax due and approximately AU$4 million in general
interest charges.

In addition to the AU$50 million claimed under a support
mechanism, the Responsible entity for Premium Income Fund
has now claimed damages against Octaviar Limited and an Octaviar
subsidiary for AU$147.5 million in relation to investments made
by PIF.  A claim of this nature was noted as a possibility in
the notes to the financial statements at December 31, 2007.

Furthermore, provisions was made in the financial statements of
the Octaviar Group at December 31, 2007, for an obligation of
AU$246 million to OPI Pacific Finance Limited under a Put
Option.  An initial amount of AU$20 million was paid by Octaviar
Limited in March 2008.

On June 19, 2008, OPI Pacific Limited advised of a damages claim
for approximately AU$270 million against both Octaviar Limited
and an Octaviar subsidiary which provides managements and other
services.

Moreover, an Octaviar subsidiary issued AU$100 million in
unlisted bonds originally due to mature in 2011 and the
Bondholders have commenced legal action in relation to these
unlisted bonds.  The hearing date was set for July 21, 2008.

The winding up applications subsequently brought by the PTQ have
triggered an event of default in relation to the unlisted bonds
and the company has agreed with the Bondholders that the
Bondholders now have the ability to make the bonds due and
payable.  The litigation regarding additional guarantees that
the Bondholders assert they are entitled to received continues.
The hearing date of July 21, 2008, remains relevant for these
remaining matters.

The NAB demand for AU$40 million from Octaviar Limited pursuant
to a guarantee regarding the NAB advance to Octaviar's former
unit, Living and Leisure Australia Group, remains unsatisfied.

LLA have recently announced further developments in the Arctic
Capital proposal to recapitalize LLA and refinance its NAB debt.
The company has reached an in principle agreement with Arctic
Capital regarding the sale to Arctic Capital of the Octaviar
subsidiary which is the responsible entity of the LLA Trust.
That agreement is conditional on the release of the Octaviar
Limited guarantee to NAB.

                         About Chimaera

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 Primebroker

Primebroker Securities Limited, Chimaera Financial Group's
margin lending business, was placed into receivership on July 4,
2008, by ANZ due to further deterioration in Primebroker’s
position.

                     About Octaviar Limited

Headquartered in Southport, Queensland, Australia, Octaviar
Limited (ASX:OCV) -- http://www.mfsgroup.com.au-- operates as
an Investment Management business with a portfolio of businesses
and assets, including: operating businesses in the leisure and
childcare sectors; real estate portfolio; 35% interest in the
Stella Group; operating businesses which hold AFSL licenses and
act as Responsible Entity for a number of Managed Investment
Schemes.


PAN PHARMACEUTICALS: Proofs of Debt Due on July 15
--------------------------------------------------
Pan Pharmaceuticals Pty Limited will declare dividend on
July 16, 2008.

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

The company's liquidator is:

         A. G. McGrath
         McGrathNicol
         Level 9, 10 Shelley Street
         Sydney NSW 2000
         Australia
         Website: www.mcgrathnicol.com


S & A WHEELER: To Declare Dividend on July 15
---------------------------------------------
S & A Wheeler Properties Pty Limited will declare dividend on
July 15, 2008.

Only creditors who were able to file their proofs of debt by
July 7, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

         Michael Bingham
         Suite 11, 303 Pacific Highway
         Lindfield NSW 2070
         Australia


WHEELER HOLDINGS: To Declare Dividend on July 15
------------------------------------------------
Wheeler Holdings Pty Limited will declare dividend on July 15,
2008.

Only creditors who were able to file their proofs of debt by
July 7, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

         Michael Bingham
         Suite 11, 303 Pacific Highway
         Lindfield NSW 2070
         Australia


* AUSTRALIA: Debt Levels Set to Rise as Families Turn to Credit
---------------------------------------------------------------
One third of Australians expect to have higher household debt
levels in three months time and a growing number of those with
children expect to rely on credit cards to make ends meet
according to the latest Dun & Bradstreet (D&B) Consumer Credit
Expectations Survey.

The D&B survey, conducted by Newspoll* focused on Australians'
expectations for credit applications, credit usage and debt
performance over the September quarter.

The survey found:

  * There has been a jump in the number of Australians
    expecting to have higher debt levels in three months
    time, up six percentage points on the June quarter
    and 14 percentage points since the question was first
    asked in October 2007.

  * Families are showing the most significant signs of
    problematic credit card use with 30 per cent of
    those with children indicating they will turn to
    credit cards to pay for items they otherwise couldn't
    afford (up from 21 per cent in the June quarter)
    and 10 per cent indicating they will miss a bill
    payment in the next three months

  * Credit demand remains strong with the 18-34 age
    group and those with families leading applications
    for new credit or credit limit increases.

           Expectations for Higher Debt Levels

Dun & Bradstreet CEO Christine Christian believes the turning of
the credit cycle is now showing clear signs of impacting family
budgets.

"Over the last four quarters we have seen fears of increased
debt levels continuing to escalate across the board," said Ms.
Christian.

"However the latest survey reveals that a clear gap is
developing between different segments of the community.  The
considerably increased debt levels expected by blue collar
households and those with families show that high interest rates
and fuel, food and energy price rises are hurting the hip
pockets of some demographics more significantly than others."

                          Debt Levels

One third (34 per cent) of respondents expect their level of
household debt to be higher in three months time, up from 20 per
cent in the December 2007 quarter. Blue collar households have
seen the greatest increase in household debt expectations over
the quarter - jumping nine percentage points to 43 per cent.
Those aged 50 and over also recorded a significant rise in debt
expectations, with 37 per cent now anticipating household debt
will be higher by September (up from 31 per cent in the June
quarter).

                        Credit Card Use

When examining expectations for credit card use, one in four
Australians (23 per cent) expect to use their credit card to
cover purchases they otherwise couldn't afford in the next three
months. This figure jumps to 30 per cent for families with
children and those in the 35-49 age group, nine and seven
percentage point jumps respectively for these two groups.
Meanwhile 29 per cent of 18-34 year olds anticipate they will
turn to credit to cover otherwise unaffordable expenses in the
September quarter.

                        Missed Payments

Ten per cent of families anticipate they will miss a bill
repayment in the coming quarter and the same number of 18-34
year olds share this expectation.  Australians earning less than
AU$70,000 also have significant expectations for missed payments
with nine per cent anticipating they will skip a bill in the
September quarter.

                         Credit Demand

Credit demand expectations provide further evidence that certain
demographics are being forced to turn to credit to make ends
meet, with the number of people intending to apply for a new
credit facility or a credit limit increase highest in the
younger age groups and for those with children.  Twenty four per
cent of 18-34 year olds and 18 per cent of Australian households
with children expect to apply for some form of credit facility
in the coming three months - the national average is 15 per
cent.

                      Credit Applications

White collar households have higher expectations than blue
collar households for credit applications or increases in the
September quarter.  Seventeen per cent of white collar
households expect to make an application, while this figure
drops four percentage points for blue collar households.

However in a sign consumers are concerned their credit
commitments may make it harder to access credit in the future,
there has been a dramatic jump in the number of Australians
ordering copies of their own credit report to check their
financial health before making a new credit application.  Dun &
Bradstreet data reveals a 118 per cent jump in the number of
consumers checking their credit file between December 2007 and
April 2008.

According to Ms. Christian the survey highlights that a
significant proportion of the Australian community are really
feeling the squeeze.

"That a substantial number of Australians have signalled they
will need to use credit to get by in the coming months provides
a strong warning to lenders that thorough credit checks must be
conducted prior to the extension of funds to ensure consumer
over indebtedness is prevented," said Ms. Christian.

"It is also important that consumers - particularly young people
and those with children - are careful with their finances.  Both
groups are showing signs of debt stress, with the potential for
future trouble evident in their high expectations for credit
applications."

"Expectations for missed bill payments reveal another layer of
potential trouble with many people unaware of the implications
of defaults on their ability to access future affordable,
mainstream credit."

Payment defaults are listed on a consumers' credit file for up
to seven years.

While recently released Reserve Bank of Australia data has
showed a slowing in credit growth, this new data suggests there
are some demographics where demand for credit remains strong.
With indications that the groups seeking new or additional
credit are the same demographics that anticipate missing bill
payments or covering otherwise unaffordable expenses with
credit, these new applications could be a concern.

In an environment where some consumers are facing high levels of
indebtedness and problematic credit card use, ensuring that
credit providers have the best possible information on which to
base lending decisions could not be more important.  The
introduction of a comprehensive credit reporting system, which
would allow for additional data elements to be included on
credit reports, is critical to this process.

"The evidence supporting reform is overwhelming.  A
comprehensive credit reporting system has the potential to
significantly reduce default rates and improve access to credit
for under-served sections of the community," said Ms. Christian.



=========
C H I N A
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CHINA SOUTHERN: June Passengers Down 3.3% to 4.2MM from 2007
------------------------------------------------------------
China Southern Airlines Co. Ltd's June passengers decreased 3.3%
to 4.20 million from the same month last year, XFN News reports.

The airline, the report relates, said it carried 63,160 tons of
cargo last month, down 6.3% year-on-year.

According to the report, passenger load factor in June was
71.4%, down 0.1 percentage point from a year earlier, while the
overall load factor was up 1.4 percentage point at 64.4%.

In the first half to June, the report says the airline carried
27.96 million passengers, up 5.7 pct year-on-year, and 427,700
tons of cargo, up 5.5%.

                      About China Southern

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

                         *     *     *

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


TEKNI-PLEX INC: Taps Mr. Schafer as Interim CFO; CEO Joins Board
----------------------------------------------------------------
The board of directors of Tekni-Plex Inc. appointed Gary Schafer
to serve as interim Chief Financial Officer of the company.

Mr. Schafer is a Director at AlixPartners, LLP, and has been
serving as interim controller for a division of the company
since February 2008.  AP Services, which provides consulting
services to the company, is a subsidiary of AlixPartners.

On June 30, 2008, Tekni-Plex entered into an amendment to a
letter agreement with AP Services, LLC, dated Dec. 17, 2007.
Mr. Schafer performed various services for the company pursuant
to the Engagement Letter.  Pursuant to the Amended Engagement
Letter, Mr. Schafer will serve as interim CFO of the company,
effective July 1, 2008.

Under the terms of the Amended Engagement Letter, the company
will continue to pay AP Services a monthly rate of US$133,300
for Mr. Schafer's services as interim CFO.

                   CEO Employment Agreement

On June 27, 2008, Paul Young was elected by written consent of
the shareholders of the company to serve on the Board.  No
determination has been made at this time with respect to the
committees of the Board to which Mr. Young may be named.

The company entered into an employment agreement with Mr. Young,
in connection with his services as the company's CEO and as a
member of the company's Board of Directors.  Mr. Young has
served as the company's CEO, since June 1, 2008 and as a member
of the Board since June 27, 2008.

Under the terms of the Agreement, Mr. Young will be entitled to
receive an annual base salary of US$500,000 and will be eligible
to receive a performance-based annual bonus in a range of 50% to
100% based on achievement of targets set by the Board in
consultation with Mr. Young.  For the fiscal year ending June
30, 2009, Mr. Young is guaranteed a minimum bonus of US$200,000
provided he is not discharged for cause and does not voluntarily
quit (except for good reason) during that period.  In addition,
Mr. Young will be granted stock options pursuant to an incentive
stock option plan representing 3.5% of the company's Common
Stock at various strike prices.

                     About Tekni-Plex Inc.

Based in Coppell, Texas, Tekni-Plex Inc. -- http://www.tekni-
plex.com/ -- manufactures packaging, packaging products and
materials as well as tubing products.  The company primarily
serves the food, healthcare and consumer markets.  It has built
leadership positions in its core markets, and focuses on
vertically integrated production of highly specialized products.
Tekni-Plex has operations in the United States, Europe, China,
Argentina and Canada.

Tekni-Plex Inc.'s consolidated balance sheet at March 28, 2008,
showed US$620.1 million in total assets and US$1.05 billion in
total liabilities, resulting in a US$427.0 million total
stockholders' deficit.

                          *    *    *

As reported in the Troubled Company Reporter on Dec. 27, 2007,
Moody's Investors Service downgraded the Corporate Family
Ratings of Tekni-Plex Inc. to Caa3 from Caa1.


TEKNI-PLEX INC: Offers to Buy Back 10.875% Senior Secured Notes
---------------------------------------------------------------
Tekni-Plex, Inc. commenced a change of control offer to purchase
any or all of its 10.875% Senior Secured Notes due 2012
outstanding under the Indenture, dated June 10, 2005, by and
among the company, the guarantors and HSBC Bank USA, National
Association, as trustee.  The company is offering to repurchase
the notes at a purchase price in cash equal to 101% of the
aggregate principal amount of the notes or portion of notes
validly tendered for payment thereof, plus accrued and unpaid
interest due through Aug. 22, 2008, upon the terms and subject
to the conditions of the offer.  The offer will expire at
5:00 p.m., New York City time on Aug. 19, 2008, unless extended
by the company in its sole discretion.  As of the date of the
commencement of the Offer, US$150.0 million aggregate principal
amount of Notes were outstanding.

                       Recapitalization

As of May 30, 2008, the company completed a recapitalization,
pursuant to which investment funds managed by affiliates of
Oaktree Capital Management L.P. and Avenue Capital Group
obtained a controlling interest of over 80% of the outstanding
common stock, par value US$0.01 per share, in exchange for the
surrender of an aggregate principal amount of US$246,081,000 of
the company's outstanding 12.75% Senior Subordinated Notes due
2010, which constituted a "change of control" under the
Indenture.

The company is currently engaged in discussions with certain of
its stockholders to finance the consideration and its
obligations under the Offer.  The company also anticipates
seeking financing proposals from third parties.  If the company
is not able to obtain financing, it will not be able to
consummate the Offer.

The company has provided recipients of the offer with certain
unaudited pro forma condensed consolidated financial information
regarding the company that gives effect to the recapitalization.

A copy of the unaudited pro forma condensed consolidated
financial information is available for free at:

             http://ResearchArchives.com/t/s?2f5a

                       Colorite Inquiry

On June 12, 2008, the Board of Directors of the company
initiated an internal investigation into allegations raised by a
current employee that, for the fiscal years ending 2000 to 2006,
the company may have incorrectly recorded certain inventory and
accounts receivables in the Colorite Plastics Company, a
division of the company.  The employee did not raise any
allegations concerning the accuracy of Colorite's current
inventory and accounts receivables.  The Board has retained
Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel to
lead the investigation and to direct forensic accounting
consultants retained to assist in the investigation.

On June 26, 2008, the company placed the Chief Financial Officer
and the Corporate Controller -- who have been in their
respective roles during some or all of the period relevant to
the investigation -- on paid leave pending the outcome of the
investigation.  Other members of management will continue to
serve in their current roles, including Paul Young, who has been
serving as Chief Executive Officer since June 1, 2008, and James
A. Mesterharm of AP Services, LLC and a Managing Director at
AlixPartners, LLP, who has been serving as Chief Restructuring
Officer since Dec. 17, 2007.  Gary E. Schafer, 56, a Director at
Alix Partners, who has been serving as interim controller for a
division of the company since February 2008, will serve as
interim Chief Financial Officer.  AP Services, LLC will be
providing additional resources to perform the duties of
corporate controller in the interim.

The company has voluntarily reported these matters to the United
States Attorney's Office for the Southern District of New York,
and to the Staff of the Northeast Regional Office of the
Securities and Exchange Commission.  The board also has expanded
the scope of the investigation beyond the Colorite division to
determine whether any improper accounting practices occurred in
other divisions of the company.  The company cannot predict at
this time whether the investigation will conclude that
adjustments to prior periods' financial statements are
necessary; to the extent that such adjustments are determined to
be necessary, the adjustments could be material to the prior
periods' financial statements.  The investigation is ongoing and
the company cannot estimate at this time when the investigation
will conclude.

                     About Tekni-Plex Inc.

Based in Coppell, Texas, Tekni-Plex Inc. -- http://www.tekni-
plex.com/ -- manufactures packaging, packaging products and
materials as well as tubing products.  The company primarily
serves the food, healthcare and consumer markets.  It has built
leadership positions in its core markets, and focuses on
vertically integrated production of highly specialized products.
Tekni-Plex has operations in the United States, Europe, China,
Argentina and Canada.

Tekni-Plex Inc.'s consolidated balance sheet at March 28, 2008,
showed US$620.1 million in total assets and US$1.05 billion in
total liabilities, resulting in a US$427.0 million total
stockholders' deficit.

                         *     *     *

As reported in the Troubled Company Reporter on Dec. 27, 2007,
Moody's Investors Service downgraded the Corporate Family
Ratings of Tekni-Plex Inc. to Caa3 from Caa1.


XINING SPECIAL: To Seek CNY300MM Loan from Hua Xia Bank
-------------------------------------------------------
http://uk.reuters.com/business/quotes/keyDevelopments?symbol=600
117.SS
(rousel/revise)

Xining Special Steel Co. Ltd will apply to Xi'an Branch of Hua
Xia Bank for a CNY300 million comprehensive line of credit,
Reuters reports.

Based in Xining, Qinghai Province, Xining Special Steel Co.,
Ltd. is principally engaged in the smelting and processing of
special steel products and offers alloy structural steel, alloy
tool steel, carbon structural steel, bearing steel, spring
steel, carbon tool steel, stainless steel, high-temperature
steel and other steel products.

The company continues to carry a "BB" issuer credit rating
placed by Xinhua Far East China Ratings on August 25, 2006.


ZTE CORP: Sees 61% Increase in Mobile Phone Global Sales
--------------------------------------------------------
ZTE Corporation Vice President Xiong Hui forecasted a 61%
increase in its global sales of mobile phones to 50 million
units this year, SinoCast News reports.

According to the report, the company gained 1.3% growth in its
mobile phone revenues in the first quarter of this year.

Meanwhile, the report says, ZTE will seek booming growths in the
coming two years thanks to China's telecom industry regrouping
and the to-be-expanded TD-SCDMA networks.

SinoCast News relates that Lehman Brothers said the company will
gain CNY11 billion revenues from the telecom industry regrouping
in 2009 because China Telecom and China Unicom will spend more
money on network upgrading.

Moreover, the report notes that if the third-generation mobile
license is granted, ZTE will obtain CNY6 billion revenues at
least next year thanks to the 3G infrastructure construction.

                         About ZTE Corp.

Headquartered in Shenzhen, China, ZTE Corphas established close
partnerships with over 500 operators in more than 120 countries,
and has completed several large-scale backbone transmission
network projects in different countries.  Its optical networking
products have been widely deployed by several countries and
regions globally, such as Europe, Latin America, South Asia,
Commonwealth of Independent States, Africa and Middle East.
According to the latest statistics released by Ovum RHK, ZTE is
ranked second in terms of global market share for LH Dense
Wavelength Division Multiplexing (DWDM), with high potential of
maintaining its positive growth in the market.

                          *    *     *

The Troubled Company Reporter-Asia Pacific reported on April 24,
2008, that Fitch Ratings affirmed ZTE Corporation's Long-term
foreign currency and local currency Issuer Default Ratings at
'BB+'.  The rating Outlook remains Stable.

In December 2006, Fitch Ratings assigned ZTE Corp. Long-term
foreign and local currency Issuer Default ratings of 'BB+'.  The
rating Outlook is Stable.


ZTE CORP: Signs Deal to Develop Ethiopia Nationwide Network
-----------------------------------------------------------
ZTE Corporation is exclusively developing Ethiopia's nationwide
network to cover 14 major cities in Ethiopia, including Addis
Ababa, the capital of Ethiopia.  This cooperation marks ZTE's
continuous success in penetrating Ethiopia, after reaching an
agreement with ETC to help construct IP-backbone network late
last year.

As part of the agreement, ZTE will help ETC establish two
separate networks that will allow ETC to provide NGN and BTS
related network services by deploying ZTE's GSM bearer network
optical solutions.  ZTE will play a role in helping ETC to
establish Metropolitan Area Network (MAN) by deploying ZXMP M800
high-end optical transmission equipment, and Access Network by
using ZXMP M600, Coarse Wavelength Division Multiplexer (CWDM)
system with Fixed Service Access Gateway (SAG).

ZTE's ZXMP M600 is a highly integrated CWDM transmission system,
supporting 18 wavelengths and a maximum rate of 2.7 Gb/s. It
features an open multi-service access model and high flexibility
in consolidating voice and data services.

Moreover, it can be widely deployed at the convergence and
access layers of large-scale metro network, the backbone,
convergence and access layers of small to medium sized metro
network, as well as the private network of utility
infrastructure.  With its high deployment flexibility and large
capacity, ZXMP M600 helps telecom carriers lower operating cost.

"With our state-of-the-art optical transmission solution, we
believe we can provide a smooth transmission route for
Ethiopia's telecom network to help them satisfy their customers'
demands for multi-service transmission within GSM, CDMA, IP and
fixed line.  ZTE is committed to playing a key role in
bolstering Ethiopia's telecom infrastructure, and in return,
boost its economic growth," said Han Ling, ZTE's vice president
and general manager, optical network products.

                        About ZTE Corp.

Headquartered in Shenzhen, China, ZTE Corphas established close
partnerships with over 500 operators in more than 120 countries,
and has completed several large-scale backbone transmission
network projects in different countries.  Its optical networking
products have been widely deployed by several countries and
regions globally, such as Europe, Latin America, South Asia,
Commonwealth of Independent States, Africa and Middle East.
According to the latest statistics released by Ovum RHK, ZTE is
ranked second in terms of global market share for LH Dense
Wavelength Division Multiplexing (DWDM), with high potential of
maintaining its positive growth in the market.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 24,
2008, that Fitch Ratings affirmed ZTE Corporation's Long-term
foreign currency and local currency Issuer Default Ratings at
'BB+'.  The rating Outlook remains Stable.

In December 2006, Fitch Ratings assigned ZTE Corp. Long-term
foreign and local currency Issuer Default ratings of 'BB+'.  The
rating Outlook is Stable.



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

ALBO TOWN: Appoints New Liquidator
----------------------------------
The members of Albo Town Company Limited appointed Sandy Yung
Sheung as the company's liquidator.

The liquidator can be reached at:

         Sandy Yung Sheung
         Sun Hung Kai Centre, 45th Floor
         30 Harbour Road, Hong Kong


ALL SHINE: Appoints New Liquidator
----------------------------------
The members of All Shine Investments Limited appointed Sandy
Yung Sheung as the company's liquidator.

The liquidator can be reached at:

         Sandy Yung Sheung
         Sun Hung Kai Centre, 45th Floor
         30 Harbour Road, Hong Kong


BIK FUNG: Appoints New Liquidator
---------------------------------
The members of Bik Fung Development Limited appointed Sandy Yung
Sheung as the company's liquidator.

The liquidator can be reached at:

         Sandy Yung Sheung
         Sun Hung Kai Centre, 45th Floor
         30 Harbour Road, Hong Kong


EXPANDITE INTERWISS: Creditors' Proofs of Debt Due on August 4
--------------------------------------------------------------
The creditors of Expandite Interwiss Limited are required to
file their proofs of debt by August 4, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 25, 2008.

The company's liquidators are:

        Andrew Corkhill
        Iain Fegurson Bruce
        8th Floor, Gloucester Tower
        15 Queen's Road
        Central, Hong Kong


FOREVER EARNING: Liquidator Quits Post
--------------------------------------
On June 25, 2008, Ngan Lin Chun Esther stepped down as
liquidator for Forever Earning Investments Limited.


GREAT UNIVERSE: Creditors' Proofs of Debt Due on July 20
--------------------------------------------------------
The creditors of Great Universe (Hong Kong) Limited are required
to file their proofs of debt by July 20, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

        Andrew George Hung
        Yau Sun Yu, Sonia
        16th Floor of Grand Centre
        Room 1603, 8 Humphrey Avenue
        Tsimshatsui, Hong Kong


PHAROS INDUSTRIAL: Members' Final Meeting Set on July 14
--------------------------------------------------------
The members of Pharos Industrial Limited will have their final
general meeting on July 14, 2008, at Room 202, Duke of Windsor
Social Service Building, No. 15 Hennessey Road, in Hong Kong to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator can be reached at:

        Lun Chi King, Edwin
        Room 202, Duke of Windsor Social Service Bldg
        No. 15 Hennessey Road, Hong Kong


SONY ELECTRONIC: Members' Final Meeting Set on August 5
--------------------------------------------------------
The members of Sony Electronic Devices Limited will have their
final general meeting on August 5, 2008, at Level 28, Three
Pacific Place, 1 Queens Road East, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator can be reached at:

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


WING TIM: Liquidator Quits Post
-------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Wing Tim Development Limited.


YING MING: Liquidator Quits Post
--------------------------------
On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator
for Ying Ming Development Company Limited.



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

GENERAL MOTORS: Has No Thoughts of Bankruptcy, CEO Wagoner Says
---------------------------------------------------------------
General Motors Corp. Chief Executive Officer Rick Wagoner, in a
speech to the Dallas Chamber of Commerce, said the company has
"no thoughts whatsoever" of bankruptcy, Margot Habiby and Jeff
Green at Bloomberg News report.  Mr. Wagoner, the report
relates, said GM's cash will remain "robust" in 2008, and the
company would be able to secure additional funds as needed.

As reported by the Troubled Company Reporter on July 3, 2008,
Merrill Lynch analyst John Murphy said a bankruptcy filing for
GM is not impossible "if the market continues to deteriorate and
significant incremental capital is not raised."  Mr. Murphy, in
a research note, said GM will need to raise US$15,000,000,000 in
capital to fund its operations for the next two years.  Mr.
Murphy, according to the reports, warned GM is burning through
cash faster than investors realize.

The next day, the TCR reported, JPMorgan analyst Himanshu Patel
said in a conference call that GM is not "in danger of an
imminent bankruptcy" and that bankruptcy fears have been
overblown.  Mr. Patel, however, said GM will need to raise about
US$10,000,000,000 to weather the downturn in U.S. auto sales,
according to an Associated Press report.

According to the TCR, Mr. Patel believes GM doesn't need cash
immediately, since it has enough to fund what Mr. Patel expects
will be an US$18,000,000,000 cash burn through 2009. Patel also
believes GM will attempt to raise funds and announce further
restructuring in the third quarter of 2008.

Bloomberg relates that Pete Hastings, a fixed-income analyst at
Morgan Keegan & Co., said GM will need capital late in 2009 or
early 2010, and "a lot can happen between now and then."  Mr.
Hastings, according to Bloomberg, said "With GM's liquidity,
near-term bankruptcy talk is overdone, so Wagoner is right to
dismiss it."

"When things like this happen, some of the critics call this the
end of the U.S. auto industry as we know it," Bloomberg quotes
Mr. Wagoner as saying.  "We're taking the tough but necessary
actions to keep GM competitive over the long, long term."

According to Bloomberg, GM Chief Financial Officer Ray Young
said on May 13 that the compay had US$24,000,000,000 in cash and
marketable securities and access to about US$7,000,000,000 in
undrawn U.S. loans on March 31.  Mr. Young said the amount is at
least US$6,000,000,000 more than it expected would be needed
during a U.S. sales slide, Bloomberg continues.

Mr. Wagoner also confirmed that the Hummer is the only one of
GM's eight U.S. brands being studied for a possible sale or
shutdown, Bloomberg says.  According to Mr. Wagoner, the company
doesn't have any plans to eliminate more brands, Bloomberg adds.

                      About General Motors

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

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

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

                         *     *     *

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

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

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


GENERAL MOTORS: Wants Set-Off & Recoupment Claims Declared
----------------------------------------------------------
General Motors Corporation asks the United States Bankruptcy
Court Eastern District of Michigan to declare that it has
"allowed set-off and recoupment claims" as defined in the joint
Chapter 11 plan of liquidation of Blue Water Automotive Systems
Inc. and its debtor affiliates, in an amount to be determined by
the Court.

As reported in the Troubled Company Reporter on May 26, 2008,
the Debtors' Plan contemplates the sale of substantially all of
the Debtors' assets and equity interests.  The Plan will be
effective when:

  1. The Court approves the sale of the Business;

  2. The Court enters an order confirming the Plan; and

  3. The purchaser closes on the sale.

A full-text copy of the Disclosure Statement is available for
free at http://bankrupt.com/misc/bw_disclosurestat.pdf

A full-text copy of the Plan of Liquidation is available for
free at http://bankrupt.com/misc/bw_planofliquidation.pdf

The Debtors and the Official Committee of Unsecured Creditors,
through a Court-approved stipulation, agreed to lift the
automatic stay to allow GM to file an adversary proceeding.

Before the Petition Date, GM entered into various contracts and
purchase orders with the Debtors for the production of component
parts as well as the acquisition of tooling for GM's production
of its component parts.

According to Daniel W. Linna, Jr., Esq., at Honigman Miller
Schwatz and Cohn, LLP, in Detroit, Michigan, the Debtors are the
sole source suppliers to GM of the Component Parts.  He adds
that the Component Parts are essential to GM's manufacturing and
assembly operations.  Without sufficient quantities of the
Component Parts, GM cannot maintain production and an alternate
source of supply of the Component Parts is not readily available
because the Debtors manufacture the Component Parts using
specially manufactured, unique Tooling.

The Debtors allege that GM owes them US$2,584,430 for a
prepetition payable out of their performance of the Purchase
Orders.

Immediately after the Petition Date, the Debtors were unable to
perform under the Purchase Orders and thus were in breach of
them, Mr. Linna contends.  He adds that the Debtors further
incurred breaches of the Purchase Orders when they entered into
the Accommodation Agreement with Ford Motor Company.  He asserts
that the Debtors anticipatorily breached the Purchase Orders by,
among others, advising GM that they could not or would not
perform their obligations under the Purchase Orders without the
financial accommodations, not shipping GM its production
requirements of Component Parts, informing GM that they had
stopped producing the Component Parts, and by proposing to
reject the Purchaser Orders pursuant to their Amended Joint Plan
of Liquidation.

Mr. Linna says GM's damages to protect its supply of Component
Parts and mitigate its damages exceed US$4,900,000, which
damages include:

  -- about US$2,600,000 in price increases, of which about
     US$1,865,000 has been paid to Debtors as of the date of
     July 2, 2008;

  -- about US$1,874,736 in damages relating to the Inventory
     Bank, including US$560,983 paid directly to Debtors as
     Incremental Bank Costs and about US$1,313,753 above the
     applicable Purchase Order price to transport, handle, and
     store the Inventory Bank;

  -- about US$78,750 of un-recovered Tooling costs paid
     directly to tool vendors, which amount Debtors were
     obligated to pay; and

  -- US$435,379 of unrecovered legal and professional fees
     arising from Debtors' insolvency, bankruptcy filing, and
     breaches of the Purchase Orders.

Mr. Linna adds that GM will incur additional damages if Debtors
reject the Purchase Orders as GM will be forced to purchase
Component Parts from alternate suppliers at higher prices.  GM
will also incur additional damages if it is compelled to fund
Debtors' wind-down expenses, as provided in the GM Accommodation
Agreement.  Furthermore, he contends that GM's damages will
likely include warranty claims and other ordinary course
commercial claims that are not currently liquidated.

                 About Blue Water Automotive

Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry.  The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies.  They are
supported by full-service design, program management,
manufacturing and tooling capabilities.  With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
USUS$200 million.  The company's headquarters and technology
center is located in Marysville, Mich.  The company has
operations in Mexico.

In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction.  In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies.  KPS then set about reorganizing the
company.  The company implemented a program to improve operating
performance and address its liquidity issues.  During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.

Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case
No. 08-43196).  Judy O'Neill, Esq., and Frank DiCastri, Esq., at
Foley & Lardner, LLP, serve as the Debtors' bankruptcy counsel.
Administar Services Group LLC acts as the Debtors' claims,
noticing, and balloting agent.  Blue Water's bankruptcy petition
lists assets and liabilities each in the range of US$100 million
to US$500 million.

The Debtors filed their Liquidation Plan on May 9, 2008.  The
Plan contemplates a sale of substantially all of the Debtors'
assets and equity interests, except for a piece of real property
located at Yankee Road, in St. Clair, Michigan, on or before
June 30, 2008.  The Court will hold a hearing June 18, 2008, to
consider confirmation of the Plan.  (Blue Water Automotive
Bankruptcy News, Issue No. 22, Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)  

                      About General Motors

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

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

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

                         *     *     *

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

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

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


M/S ROYAL PACIFIC: RBI Cancels Certificate of Registration
----------------------------------------------------------
The Reserve Bank of India cancelled the certificate of
registration granted to M/s Royal Pacific Finance Private
Limited for carrying on the business of a non-banking financial
institution.

Following cancellation of the registration certificate, M/s
Royal Pacific Finance Private Limited, cannot transact the
business of a non-banking financial institution.

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

M/s Royal Pacific Finance Pvt. Ltd. has its registered office at
8 Usha Chamber, 1st floor, 37-38 Central Market, Ashok Vihar, in
Delhi.


SHIVAM INDIA: CRISIL Junks Rating on Rs.260 Million Loan
--------------------------------------------------------
CRISIL has assigned bank loan ratings of ‘C/P4’ to the various
bank facilities of Shivam India Ltd (Shivam India).

  Rs.260 Million Working Capital Demand Loan “C” (Assigned)
  Rs.53 Million Letter of Credit “P4” (Assigned)
  Rs.5 Million Bank Guarantee    “P4” (Assigned)

According to CRISIL, the ratings are constrained by Shivam
India’s small presence in the steel industry, weak operating
efficiencies, and lack of track record in managing cyclicality
in the steel business.  These weaknesses are partially offset by
the expected improvement in Shivam India’s sales volumes on the
back of a gradual stabilisation of capacities, CRISL says.

                     About Shivam India

Shivam India was incorporated on December 13, 1999 as Shivam
India Pvt Ltd as a coke manufacturing company.  In 2004-05
(refers to financial year, April 1 to March 31), it was
converted into a public limited company, and acquired its
present name. The company discontinued its coke business and
commenced the production of steel products in 2005-06.  Shivam
India produces billets and TMT bars, rods, wires, and coils.



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

AMPEX CORP: Seeks to Extend Plan Confirmation Hearing to Aug. 15
----------------------------------------------------------------
Ampex Corporation and certain of its U.S. subsidiaries entered
into a Letter Agreement dated June 24, 2008, with certain of
their creditors amending the Plan Support Agreement filed with
the United States Bankruptcy Court for the Southern District of
New York.

The letter agreement extends until Aug. 15, 2008, the deadline
to hold the confirmation hearing for the Debtors' chapter 11
Plan of Reorganization.  There are a number of risks and
uncertainties relating to confirmation of the Plan and the
bankruptcy process generally.  Accordingly, there can be no
assurance that the Plan will be confirmed by the extended
deadline or that the Debtors will be able to satisfy all of the
other conditions of the Plan Support Agreement.

The Letter Agreement Amending the Plan Support Agreement is
addressed to the Consenting Holders that are Party to the Plan
Support Agreement, dated March 30, 2008.  The Letter confirms
these agreements:

    1. Section 8.1(e) of the Plan Support Agreement is hereby
       amended and restated in its entirety to read as:
       "a hearing to consider the Confirmation Order has not
       been scheduled to occur on or before August 15, 2008;"

    2. Except as expressly provided herein, the Plan Support
       Agreement shall continue in full force and effect in
       accordance with the provisions thereof.

A copy of the Plan Support Agreement is available for free at
http://ResearchArchives.com/t/s?29d6

Headquartered in Redwood City, California, Ampex Corp. --
http://www.ampex.com/-- (Nasdaq:AMPX) is a licensor of visual
information technology.  The company has two business segments:
Recorders segment and Licensing segment.  The Recorders segment
primarily includes the sale and service of data acquisition and
instrumentation recorders (which record data and images rather
than computer information), and to a lesser extent mass data
storage products.  The Licensing segment involves the licensing
of intellectual property to manufacturers of consumer digital
video products through their corporate licensing division.

On March 30, 2008, Ampex Corp. and six affiliates filed for
protection under Chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of New York (Case
Nos. 08-11094 through 08-11100).  Matthew Allen Feldman, Esq.,
and Rachel C. Strickland, Esq., at Willkie Farr & Gallagher LLP,
represent the Debtors in their restructuring efforts.  The
Debtors have also retained Conway Mackenzie & Dunleavy as their
financial advisors.  In its schedules of assets and liabilities
filed with the Court, Ampex Corp. disclosed total assets of
$9,770,089 and total debts of $82,488,054.

The Debtors have nine foreign affiliates that are incorporated
in seven countries -- one each in the United Kingdom, Japan,
Belgium, Colombia and Brazil and two each in Germany and Mexico.
With the exception of the affiliates located in the U.K. and
Japan, none of the other foreign affiliates conduct meaningful
business activity.  As of March 30, 2008, none of the foreign
affiliates have commenced insolvency proceedings.


KOBE STEEL: Sells North American Unit to Hoganas Inc
----------------------------------------------------
Kobe Steel Ltd. has reached agreement to sell the business of
its US-based subsidiary Kobelco Metal Powder of America Inc.
("KOMPA") to North American Hoganas Inc., a subsidiary of
Sweden's Hoganas AB.  The agreement was signed on July 9 in
Pennsylvania, USA.

The agreement calls for KOMPA, located in Seymour, Indiana, to
shift production and marketing of its steel powder to North
American Hoganas over a brief period as customers transition to
the material made by the subsidiary of the Swedish group.
During this period, KOMPA will produce steel powder products
under consignment from North American Hoganas.  KOMPA expects to
cease powder production in spring 2009 upon completion of
transitioning its customers' requirements to North American
Hoganas.

To support the smooth transition to North American Hoganas,
KOMPA and North American Hoganas will form a new company called
KHTech Inc.  This joint venture company will provide technical
services and sales support primarily to KOMPA's Japanese
customers in the United States as well as to its other current
U.S. customers.  KHTech shall be owned two-thirds by North
American Hoganas and one-third by KOMPA.

                        About Hoganas AB

Founded in 1797, Hoganas is enganged in the iron and metal
powder industry.  End products are mainly used by the automotive
industry and home appliances, lawn and garden and hand-tools.
In 2007 the turnover was MSEK 5 838 (5 123) and income before
tax MSEK 562 (525).  Hoganos is listed on the Nordic Stock
Exchange's Mid Cap list.

                        About Kobe Steel

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel
Limited -- http://www.kobelco.co.jp/english/corp/index.html--
is one of Japan's leading steel makers, as well as the top
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.  Kobe Steel has
offices in New York, Singapore, Bangkok and Beijing.

                         *     *     *

Kobe Steel Limited continues to carry Mikuni Credit Rating's
"BB" Mortage Debt and Senior Debt ratings.


JAPAN AIRLINES: Mulls Abolishing Flights to China & South Korea
---------------------------------------------------------------
Japan Airlines is planning to abolish some flights between Japan
and the two East Asian countries of China and South Korea by
March 2009, Jiji Press reports.

The airline, the report relates, is considering reducing flight
services due to the soaring fuel costs and a fall in
profitability amid weakening travel demand.

International flights subject to the abolishment plan include
those between Narita International Airport and Xian in China,
Chubu International Airport and South Korea's Pusan, and Fukuoka
Airport and Shanghai, the report says.

The airline, the report adds, is also negotiating with parties
concerned on its plan to quit domestic flight service between
Kansai International Airport and Akita Airport.

                     About Japan Airlines

Tokyo-based Japan Airlines International Company Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                         *     *     *

In April 2008, Fitch Ratings revised the Outlook on Japan
Airlines Corporation and its wholly owned operating subsidiary,
JAL International Co., Ltd.'s Long-term Issuer Default ratings
to Stable from Negative.  At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'.  The Outlook revision follows JAL's operational
turnaround and better liquidity.

In February 2007, Standard & Poor's Ratings Services affirmed
its 'B+' long-term corporate credit and issue ratings on Japan
Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan.  S&P said
the outlook on the long-term corporate credit rating is
negative.


* JAPAN: Consumer Sentiment in June Worst on Price Hikes
--------------------------------------------------------
Japan's consumer sentiment in June fell to the worst level in 26
years, largely affected by rises in prices for gasoline, food
and other daily goods, Kyodo News reports, citing the Cabinet
Office.

According to the report, the index of confidence among
households made up of two or more people came to 32.6, down from
33.9 in May and the lowest since the government began collecting
comparable data in June 1982.



=========
K O R E A
=========

HYNIX SEMICONDUCTOR: Fitch Cuts ID & Unsec. Debt Ratings to BB-
---------------------------------------------------------------
Fitch Ratings has downgraded Hynix Semiconductor Inc.'s Long-
term foreign currency Issuer Default Rating and its outstanding
senior unsecured debt to 'BB-' from 'BB'.  The IDR Outlook
remains Stable.

The downgrade reflects Fitch's concern over Hynix's ongoing
generation of negative free cash flow and the deterioration of
the company's credit metrics over the past 18 months, reflecting
a combination of the steep decline in memory product prices and
heavy capital spending.  The company reported consolidated
revenue of KRW8,643.6 billion and operating profit of KRW513.7
billion in 2007, with its revenue growth slowing to 11.8% from
the previous year's 29.8%, and its operating profit margin
falling to 5.9% from 26.8%.  In particular, Q407 and Q108 proved
to be challenging, with Hynix reporting negative operating
margins of 17% and 30%, respectively.  Capital expenditure
increased to KRW5,160 billion in 2007 from KRW4,623 billion in
2006, and negative FCF generation deteriorated to KRW1,706
billion from KRW1,309 billion in 2006.

Consequently, Hynix's adjusted net debt/EBITDAR leverage
increased to 1.2x from 0.5x and its funds from operations fixed
charge coverage fell to 10.8x from 16x.

While memory prices may have stabilized compared to Q208, Fitch
believes a meaningful recovery in terms of operating
profitability is likely to be limited in the near term.  In the
DRAM segment, supply and demand imbalances appear to have
alleviated somewhat, thanks to DRAM makers lowering their
capital spending budgets for 2008 and the PC market showing a
slight recovery in Q108.  However, the current price
stabilization is still not enough for Hynix to cover its high
DRAM operating costs, following its heavy capital spending over
the past two years.

Of greater concern is the uncertain timing of a recovery in the
NAND flash memory market, as there are currently no new killer
applications to drive demand like MP3 players and digital
cameras have done historically.  Moreover, the demand shift to
mobile phones is not as fast as originally expected while a
meaningful adoption of Solid State Disks as a major high density
storage device in PCs is not likely to take place until 2010 due
to the considerable price gap that still exists between SSD and
HDD devices.  Compounding these demand problems, on the supply
side Hynix is facing a widened technology gap with its key
competitors in the NAND Flash business, given that its
percentage of production from 12 inch wafers is still well below
that of its competitors, implying lower efficiency and
profitability levels.

Consequently, for 2008 Fitch expects Hynix to report flat to
slightly negative revenue growth, with a marginally negative
operating profit margin.  Even after taking into consideration
the company's 50% lower capital expenditure budget (W2.6tn for
2008E compared to an actual spend of W5.2tn in 2007), the agency
expects Hynix's negative FCF to still exceed KRW1trn in 2008,
and, consequently, its adjusted net debt/EBITDAR leverage to
exceed 2x.

The Stable Outlook reflects Fitch's expectation that memory
prices are likely to be more favorable in H208, and that the
company will return to recording positive operating margins
(compared to Q108's negative operating margin of 30%).  Fitch
may downgrade Hynix further if the current weak DRAM/NAND
pricing environment is protracted and Hynix continues to report
negative EBIT margins on a quarterly basis, and/or its adjusted
net debt/EBITDAR leverage exceeds 3x.

Alternatively, Fitch may upgrade Hynix if the company is able to
generate positive FCF and reduce its adjusted net debt/EBITDAR
leverage to below 1.5x on a sustainable basis.  Upward pressure
could also arise from industry consolidation, which would
enhance Hynix's position and result in a more rational DRAM/NAND
pricing environment.  A sale of the group of creditor banks'
controlling 36% stake in Hynix to an entity that could provide
significant operational synergies and financial support may also
contribute to positive rating action.

Hynix is a leading manufacturer of memory semiconductor
products. The company is the world's second-largest DRAM maker
and third-largest NAND Flash memory producer with 21.3% and 17%
of market shares, respectively.  However, as the memory
semiconductor industry entails large ongoing capital expenditure
and price volatility, Hynix's profitability and cash flow
exhibit considerable fluctuation across the industry cycle.


PIXELPLUS CO: KPMG Samjong Expresses Going Concern Doubt
--------------------------------------------------------
KPMG Samjong Accounting Corp. in Seoul, Korea, raised
substantial doubt about Pixelplus Co. Ltd.'s ability to continue
as a going concern after auditing the company's financial
statements for the year ended Dec. 31, 2007.  The auditing firm
pointed to the company's recurring losses from operations making
a significant decrease in net capital.

The company posted net loss of KRW7,856,000,000 (US$8,395,000)
on total revenues of KRW17,590,000,000 (US$18,797,000) for the
year ended Dec. 31, 2007, as compared with a net loss of
KRW17,369,000,000 on total revenues of KRW31,996,000,000 in the
prior year.

Cash used in operating activities was KRW4,200,000,000 in 2007,
which principally reflects the company's net loss of
KRW7,900,000,000 and positive cash flow adjustments such as a
KRW2,000,000,000 decrease in inventories and a KRW1,8000,000,000
decrease in accounts receivables.

The company's working capital balance as of Dec. 31, 2007, was
KRW5,000,000,000 compared with KRW12,200,000,000 as of Dec. 31,
2006.  The decrease of KRW7,200,000,000 in the company's working
capital balance was primarily due to a KRW11,600,000,000
decrease in cash and cash equivalent and a decrease in
inventories and accounts receivables, caused by a delay in the
launch schedule for  its new products.

For investing activities, the company used cash of about
KRW5,730,000,000 in 2007 compared with KRW3,139,000,000 in 2006.
Cash outflow in 2007 was mainly due to a cash outflow of
KRW5,055,000,000 used for increase of restricted deposit and
KRW2,850,000,000 used for purchase of property and equipment.
Also, the company received proceeds of KRW1,400,000,000 from
disposal of memberships in 2007.  For financing activities, the
company used KRW1,638,000,000 in 2007, compared with
KRW2,918,000,000 in 2006.  Cash used in financing activities for
both years were mainly due to the net repayment of borrowings,
which amounted to KRW1,829,000,000 in 2007 and KRW3,118,000,000
in 2006.

The company's highly customized new third generation PO4010 CIF
image sensors based on PlusPixel2(TM) technology is expected to
be featured in the mobile camera phones of Samsung Electro-
Mechanics Co., Ltd., and Pantech Co, Ltd.  In December 2007, the
company started shipment of its PO4010 CIF image sensors to
Samsung Techwin Co, Ltd., which will assemble and supply
completed modules incorporating these image sensors for use in
upcoming mobile camera phones of SEMC.  Separately, the company
started shipment of its third generation image sensors to KTF
Technologies, Inc., through MCNEX Co., Ltd., as well as to
certain other module companies.  Although there are no firm
purchase commitments, sales of the company's PO4010 CIF image
sensors are projected to steadily increase in 2008; monthly
sales during the four-month period ending April 2008 doubled
each month with total sales for the period of nearly US$1,100
thousand.  Accordingly, management expects to record around
US$19 million in sales for fiscal year 2008.

Outside of Korea, the company started to introduce its new third
generation image sensors to the overseas markets.  Specifically,
in an effort to improve business operations in China, the
company closed its office in Shanghai and established a new
entity in Shenyang, Pixelplus Electronics Shenyang Co., Ltd, to
reduce administration costs.  The company also launched its
other new third generation PO6030 VGA image sensors and PS7030
VGA Bayer image sensors and continues to engage in activities
with large companies having significant market share in China
and Taiwan in an effort to penetrate these markets.

In addition, a prominent game manufacturing company located in
China tested and conducted trials of the company's PO5030 VGA
image sensor, which the company co-developed with Sharp
Corporation of Japan.  Based on its tests and trials, this
Chinese game manufacturing company selected the company’s co-
developed PO5030 to be used in their products.

Currently, the company is also developing new products in the
security and surveillance market, which includes CCTV, toy
cameras, door phone cameras, and other related security and
surveillance video cameras.  The United States National
Television Systems Committee/Phase Alternation by Line image
sensor is well suited for these cameras.  The company has
supplied its NTSC/PAL image sensors to the domestic and Chinese
markets since 2004.  The company's NTSC/PAL is highly
integrated, delivers an advanced level of image quality, and
operates well under low light conditions.  This product also
offers a single chip solution that will enable manufacturing of
this product to be simple, efficient, and cost-effective.

With NTSC/PAL and new line of third generation products, the
Company expects to achieve an increase in revenues starting in
the second half of fiscal 2008.  Due to a steady increase in
demand worldwide, including Korea, China, Europe, and Central
and South America, the company continues to focus on penetrating
these markets with its new third generation image sensors.

Compared to 2006, the company's productivity in terms of the
number of chips per wafer increased in 2007.  Moreover, the
company has considered and implemented various methods to reduce
costs by working closely with fabrication foundries.  Also,
since the beginning of 2007, the company has restructured its
subsidiaries and downsized its employees to control expenses and
cut costs.  Separately, the company is contemplating certain
alternatives to improve its cash position including sale of
tangible assets, borrowing additional funds from banks and
issuance of convertible bonds or bonds with warrants amounting
to KRW3,000,000,000 in the third quarter of 2008.

                         Balance Sheet

At Dec. 31, 2007, the company's balance sheet showed
KRW19,203,000,000 (US$20,521,000) in total assets,
KRW8,563,000,000 (US$9,150,000) in total liabilities, and
KRW10,640,000,000 (US$11,371,000) in total stockholders' equity.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2f71

                      About Pixelplus Co.

Pixelplus Co. Ltd. (NasdaqGM: PXPL) -- http://www.pixelplus.com/
-- offers complementary metal oxide semiconductor image sensor
devices that are used to capture and convert images into digital
signals for display or transmission in mobile camera phones,
personal computer cameras, and security and surveillance
systems.  It also provides engineering, technology, and other
services, including CMOS image sensor design, product
customization services, manufacturing process consulting,
product probe testing, customer support, and technical services.
The company, through its subsidiaries, manufactures modules
purchased from the company into CMOS image sensors, as well as
distributes the company's products in the form of wafers, chips,
or modules. It sells its products to designers and manufacturers
of mobile phones, camera modules, and other electronic imaging
products through direct sales force, as well as through a
network of authorized international sales agents and
distributors.  Pixelplus operates in the Republic of Korea, the
People's Republic of China, other Asian countries, and the
United States.  The company was founded in 2000 and is based in
Suwon-si, South Korea.



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

AIR NEW ZEALAND: Freezes Senior Exec Salaries, to Reduce Jobs
-------------------------------------------------------------
Air New Zealand Ltd is freezing senior executive salaries and
reviewing non-essential operations as fuel costs soar and demand
for seats slows, Tracy Withers writes for Bloomberg News.

Chief Executive Officer Rob Fyfe said in a statement e-mailed to
Bloomberg News
that the salary freeze applies to himself and executives who
report directly to him.  He said other managers' income will
fall this year because bonuses are linked to the airline's
financial performance.

Pay increases for managers on individual agreements will be
achieved through a headcount reduction or increased
productivity, Mr. Fyfe said in the statement cited by Bloomberg
News.

The decision on executive pay would be reviewed when business
conditions improved, "hopefully" some time in 2009, the New
Zealand Herald reports, citing the chief executive.

The Associated Press relates that Air New Zealand has 20 top
executives in New Zealand who earn more than NZ$250,000
(US$189,000) a year.

As the airline faces one of its most challenging periods, Mr.
Fyfe challenged each division to identify opportunities to
review non-essential activity and reduce employee numbers
through attrition and non-replacement of roles that are not
operationally critical.

Meanwhile, Bloomberg says Air New Zealand is trying to achieve
fair settlements for workers employed under collective
agreements, although it will be “increasingly difficult” to lift
wages in line with inflation if conditions continue to
deteriorate.

According to the Herald, 4000 out of the airline's nearly 11,000
staff are members of the Engineering, Printing and Manufacturing
Union, 1700 of which are engineers who had just achieved a 4.5
per cent settlement per year for two years.

                     About Air New Zealand

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

                         *     *     *

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

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

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


ALAN DUFF: Court Enters Wind-Up Order
-------------------------------------
On May 29, 2008, the High Court at Napier, entered an order for
the winding up of Alan Duff Productions Limited's operations and
appointed Wayne John Deuchrass and Paul William Gerrard Jenkins
as liquidators.

Creditors and shareholders may direct their inquiries to:

         Insolvency Management Limited
         3rd Floor, Burns House
         10 George Street
         PO Box 1058
         Dunedin


BLUE CHIP: Faces Deal Breach and Ellis Law-Led Investor Suits
-------------------------------------------------------------
Consolidated Technologies Development filed a case against
the private interests of Blue Chip boss Mark Bryers for breach
of a sale and purchase agreement pertaining to 49 plots of land
lining fairways at Mr. Bryers' Gulf Harbour Country Club and
golf course at Whangaparaoa, north of Auckland, Kris Hall of The
Dominion Post reports.

The case was heard before the High Court at Auckland July 10
with Justice Judith Potter reserving her decision.

The Post says Consolidated Technologies is seeking about NZ$13.6
million in compensation, plus interest of nearly NZ$7000 a day
since late October, amid claims it was stuck with the land
despite agreeing on a sale.

Representing Consolidated Technologies, lawyer Murray Tingey
said the terms of the agreement clearly set out there was going
to be a sale.

However, the Post says, Mr. Bryers' lawyer, Phillip Rice, argued
certain terms of the contract were under question and, as such,
there was no obligation to see the contract through.

Separately, The New Zealand Herald reports that the developers
of a 157-unit Auckland apartment complex have been trying to
pressure victims of the Blue Chip collapse into signing over
their deposits.

According to the Herald, Bianco off Queen, near the top of Queen
St, is being developed by the interests of property developer
Tim Manning, known for his association with leaky home
developments.  It is due for completion in October.

However, the Herald says dozens of the short-stay apartments
were sold through Blue Chip, to investors who have no ability to
stump up the funds.  The investors put 10 per cent deposits on
the future apartments, on the understanding that Blue Chip would
buy the units when they were finished and pay the investors for
the use of their money in the interim.  The collapse of the
property investment scheme has left the investors liable for
completing the sale and purchase agreements. They are
challenging the contracts through their lawyers.

Acting for the investors, Ellis Law said it is working very hard
on getting proceedings issued and they will be issued very
shortly, Nikki Preston of Waikato Times reports.

Brian Ellis, principal of Ellis Law, told the Times that any
victims approached by people on behalf of developers should
refer them to their lawyers and talking to the so-called
"consultant" could compromise their situation.

He also said that developers should be trying to get back-up
buyers, but not at the risk of Blue Chip investors' deposits.

                      About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions:
financial services and leasing services.  The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients.  The
leasing activities division is engaged in rental of residential
property.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.  Blue Chip New Zealand is a subsidiary of the
company formerly known as Blue Chip Financial Solutions.


BMC REALTY: Wind-Up Petition Hearing Scheduled Today
----------------------------------------------------
The High Court at Rotorua will hold a hearing today, July 14,
2008, at 10:45 a.m., to consider an application putting BMC
Realty Limited fka Rent Specialists Rotorua Limited into
liquidation.

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

The plaintiffs' address for service is at:

         Inland Revenue Department
         Legal and Technical Services
         1 Bryce Street (PO Box 432)
         Hamilton
         Telephone: (07) 959 0416
         Facsimile: (07) 959 7614

Rachel L. Scott, is the plaintiff's solicitor.


CABTAL PROPERTIES: Liquidators Set July 16 as Claims Bar Date
-------------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders has appointed Bernard Spencer Montgomerie and
Stuart James Cunningham, insolvency practitioners of Auckland,
as liquidators of Cabtal Properties Limited.

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

Creditors and shareholders may direct their inquiries to:

         Montgomerie & Associates
         Insolvency Practitioners
         PO Box 65
         Auckland 1140
         Telephone: (09) 368 7672
         Facsimile: (09) 307 0174
         Email: bsm@montgomerie.co.nz


CEDAR VALLEY: Liquidators Set Sept. 6 as Claims Bar Date
--------------------------------------------------------
Pursuant to Section 241(2)(c) of the Companies Act 1993, the
High Court at Auckland, has appointed Vivian Judith Fatupaito,
insolvency practitioner, and Colin Thomas McCloy, chartered
accountant, both of Auckland, as liquidators of Cedar Valley
Pictures Limited.

The Liquidators set Sept. 6, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

         Attn: Adrienne Stone
         PricewaterhouseCoopers
         188 Quay Street
         Private Bag 92162
         Auckland
         Telephone: (09) 355 8000
         Facsimile: (09) 355 8013


COROMANDEL SECURITY: Commences Liquidation Proceedings
------------------------------------------------------
The High Court at Hamilton held a hearing on June 30, 2008, to
consider an application putting Coromandel Security Limited into
liquidation.

The application was filed on May 5, 2008, by the Commissioner of
Inland Revenue.

The plaintiffs' address for service is at:

         Inland Revenue Department
         Legal and Technical Services
         1 Bryce Street
         PO Box 432
         Hamilton
         Telephone: (07) 959 0373
         Facsimile: (07) 959 7614

Kay S. Morgan is the plaintiff's solicitor.


DEVICE SERVICES: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Auckland held a hearing on June 20, 2008, to
consider an application putting Device Services Limited fka
Ocean Reef Investments Limited into liquidation.

The application was filed on May 6, 2008, by Speirs Group
Limited (trading as Speirs Finance).

The plaintiffs' address for service is at:

         Gibson Sheat, Lawyers
         Level 3, Gibson Sheat Centre,
         1 Margaret Street, Lower Hutt

Documents may be:

  (a) posted to the solicitor at Gibson Sheat, Lawyers,
      Private Bag 31905, Lower Hutt; or

  (b) left for the solicitor at the document exchange
      for direction to Gibson Sheat, Lawyers,
      DX RP 42008, Lower Hutt; or

  (c) transmitted to the solicitor by facsimile to
      Gibson Sheat, Lawyers, on (04) 569 1571.

Edward Michael Somers Cox is the plaintiff's solicitor.


FIVE STAR: Companies Office Sues 3 Directors in Auckland Court
--------------------------------------------------------------
The Companies Office has laid criminal charges in the Auckland
District Court against Marcus MacDonald, Anthony Bowden and
Nicholas Kirk, the Directors of Five Star Finance Limited and
Five Star Debenture Nominee Limited, Ministry of Economic
Development said.

"The charges relate to securities being offered and allotted to
members of the public without there being a registered
prospectus, investment statement or trustee appointed," said
Registrar of Companies Neville Harris.

The prosecution is being carried out by the National Enforcement
Unit of the Companies Office.

The defendants are due to appear in the Auckland District Court
on August 4, 2008.

Mr. Harris said the case was now before the Court and it would
not be appropriate to comment further.

The Securities Commission and the Serious Fraud Office are
conducting separate investigations into the affairs of the Five
Star group, and the agencies have been liaising closely as
appropriate.

                        The Charges

The Directors of Five Star Finance Limited (in receivership and
liquidation), and the Directors of Five Star Debenture Nominee
Limited (in liquidation) are charged with offering and allotting
debenture stock to members of the public without having a
registered prospectus or investment statement.

                        Penalties

If convicted on these Securities Act charges, the directors and
promoters are liable to a fine not exceeding NZ$300,000.

                      About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.


JAYING CONSTRUCTION: Commences Liquidation Proceedings
------------------------------------------------------
The High Court at Auckland held a hearing on July 2, 2008, to
consider an application putting Jaying Construction Limited
into liquidation.

The application was filed on May 20, 2008, by Carters (a
division of Carter Holt Harvey Limited).

The plaintiffs' address for service is at:

         Edmund Lawler & Associates
         PO Box 25931
         St. Heliers
         Auckland

Edmund Lawler is the plaintiff's solicitor.


KARIKA ANGEL: Wind-Up Petition Hearing Scheduled Today
------------------------------------------------------
The High Court at Rotorua will hold a hearing today, July 14,
2008, at 10:45 a.m., to consider an application putting Karika
Angel Trust Limited into liquidation.

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

The plaintiffs' address for service is at:

         Inland Revenue Department
         Legal and Technical Services
         1 Bryce Street
         PO Box 432
         Hamilton
         Telephone: (07) 959 0416
         Facsimile: (07) 959 7614

Rachel L. Scott is the plaintiff's solicitor.


NOMYK PLASTERING: Court Enters Wind-Up Order
--------------------------------------------
On June 4, 2008, the High Court at Invercargill entered an order
to have Nomyk Plastering Limited's operations wound up and
appointed Iain Andrew Nellies and Paul William Gerrard Jenkins
as liquidators.

Creditors and shareholders may direct their inquiries to:

         Insolvency Management Limited
         3rd Floor, Burns House
         10 George Street
         PO Box 1058
         Dunedin


TAURANGA SHUTTLES: Wind-Up Petition Hearing Set for Today
---------------------------------------------------------
The High Court at Tauranga will hold a hearing today, July 14,
2008, at 10:45 a.m., to consider an application putting Tauranga
Shuttles Limited (as a trustee in the PARNZA Trading Trust) into
liquidation.

The application was filed on May 6, 2008, by the Commissioner of
Inland Revenue.

The plaintiffs' address for service is at:

         Inland Revenue Department
         Legal and Technical Services
         1 Bryce Street
         PO Box 432
         Hamilton
         Telephone: (07) 959 0416
         Facsimile: (07) 959 7614

Rachel L. Scott, is the plaintiff's solicitor.


* NEW ZEALAND: Property Market Decline Continues in June
--------------------------------------------------------
The decline in the residential property market in New Zealand
increased in June with Auckland, Wellington and a number of
other provinces showing the biggest decreases, according to the
Real Estate Institute of New Zealand (Inc).

Sales were down again, from 4,372 in May to 4,305 in June and it
now takes nearly two months to sell the average property, with
days to sell up from 49 days in May to 53 in June, according to
REINZ National President Mr. Murray Cleland.

“The market trend is consistent with the current environment and
other key economic indicators, and as with the latest business
confidence statistics, there isn’t a lot of confidence in the
residential property market at present.”

Mr. Cleland said that winter was always a quiet period for real
estate, but sales in June had hit a new low; more than 3,000
transactions lower than the June 2007 figure of 7,474 sales.

“However in relative terms the decline is pretty gradual and
probably not as pronounced as predicted by some commentators.
The market is finding its own level quite well and there is
certainly no indication of any significant slump in values.”

“People are generally deciding to stay put and deferring
decisions on buying and selling until a clearer trend emerges.
Where values are weaker, the explanation is often that people
are selling because they are on employment transfer and our
agents report that price expectations are having to be lowered
to facilitate faster sales.

“However, at the current rate of easing in prices, there is a
possibility that the market may bottom out in the next couple of
months and then rally a little in spring.”

The lower end of the property market was relatively liquid,
which contributed to the national median price falling from
NZ$345,000 in May to NZ$340,000 in June.

Sales of properties under NZ$400,000 were up slightly from 2,680
in May to 2,708 in June, but sales of properties valued at
between NZ$400,000 and NZ$599,999 were down from 1,041 in May to
1,039 and properties between NZ$600,000 and NZ$999,999 were down
from 508 to 427.

Sales of properties worth NZ$1 million and over were down from
143 to 131.

The national median price is now 2.15 per cent lower than the
figure for June 2007 of NZ$347,500 with the biggest regional
decline being recorded by Manawatu and Wanganui down 13.81 per
cent from NZ$248,000 to NZ$213,750.

Auckland and Wellington were close to the national average
decrease at 2.24 per cent and 2.26 percent respectively; while
Central Otago Lakes District was the exception, trading at 22.38
per cent higher than a year ago.

The Auckland median price was down from NZ$447,500 to
NZ$435,000, with the Metropolitan Auckland median down from
NZ$451,000 to NZ$440,000.

Wellington was similarly affected, down from NZ$389,500 in May
to NZ$366,500 in June.

Provinces showing the most marked declines in median prices
included Northland down from NZ$310,000 in May to NZ$302,750 in
June, Manawatu and Wanganui down from NZ$224,500 in May to
NZ$213,750 in June, Otago down from NZ$240,000 in May to
NZ$225,000 in June and Southland which was down from NZ$200,000
to NZ$182,500 in June.

However three regions recorded increased medians, including
Waikato and Bay of Plenty up from NZ$310,000 to NZ$316,000.
This was despite a fall in the Hamilton City median from;
NZ$337,500 to NZ$323,000, and a drop in the Tauranga median from
NZ$376,500 to NZ$363,000.

However pushing the district median up were Mount Maunganui and
Papamoa up from NZ$395,500 to NZ$398,000 and Gisborne City up
from NZ$200,000 to NZ$220,000.

Hawkes Bay was down from NZ$265,000 to NZ$261,000, and Taranaki
dipped from NZ$285,000 to NZ$255,000, however Canterbury and
Westland went against the trend with their median up slightly
from NZ$296,000 to NZ$299,000.



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

IMPERIAL RESOURCES: To Venture Again Into Mining Business
---------------------------------------------------------
Imperial Resources Inc. will refocus its business into mining
and energy-related by finalizing some negotiations for mineral
and metal mining properties in the Philippines and Indonesia,
Business World reports.

"We will focus on copper, manganese, gold, asphalt bitumen and
gold," Imperial President Oliverio G. Laperal, Sr. was cited by
Business World as saying.  The company also plans to deal in all
kinds of ores, metals and minerals, hydrocarbons, acids and
chemicals, he said.

Mr. Laperal also told the news agency that the company planned
to put up a technology vocational school to address local and
foreign demand for world-class welders, electricians, plumbers,
pipe fitters and carpenters.

Currently, the company is in the business of forming a
corporation to operate educational centers.  However, in 2000,
the company focused on the information technology business.
Prior to that, upon the company's incorporation in 1969, its
primary business involves mining and oil exploration, according
to the Philippine Stock Exchange.

The company has been incurring three consecutive annual net
losses (2007:PHP20,740,054), (2006:PHP7,587,003) and
(2005:PHP7,081,560).


* PHILIPPINES: FDI Level Reaches US$820 Million in January–April
----------------------------------------------------------------
Net inflows of foreign direct investments (FDIs) in April 2008
rose by more than fourfold to US$269 million as all FDI
components posted hefty increases over their year-ago levels.
This positive development brought the aggregate four-month FDI
level to US$820 million, data from the Bangko Sentral ng
Pilipinas show.

All FDI components for the period January–April 2008 posted net
inflows but the levels were lower compared to those in the same
period a year ago, due to the generally sluggish economic growth
in major investor countries, particularly the United States, and
the prevailing cautious investor sentiment amid global
uncertainties.  FDI flows into the country came from a high base
last year due to a big-ticket investment in a local beverage
company.

In April 2008, FDI net inflows in equity capital more than
doubled from last year’s level to reach US$106 million, due
mainly to higher gross equity capital placements aggregating
US$127 million.  Reinvested earnings and other capital also
posted significant gains, recording higher net inflows of US$31
million and US$132 million, respectively (from US$10 million and
US$2 million in April 2007).

Year-to-date, net inflows in equity capital amounted to US$299
million.  Gross equity capital placements from January–April
2008 reached US$411 million and were mainly channeled to
manufacturing (shipbuilding and repair, auto electronics parts &
components), services (recreational/cultural), mining,
construction (hotel/resort development, power plant facility),
real estate, and financial institutions.  Investments came
mainly from Japan, Singapore, Germany, Malaysia, U.S., and South
Korea.

Meanwhile, reinvested earnings in the first four months of the
year amounted to US$131 million.  This level was 7.7 percent
lower than the level posted during the comparable period in
2007, as local companies repatriated some profits to their
foreign investors.

The other capital account—which consists largely of intercompany
borrowing/lending between foreign direct investors and their
subsidiaries/affiliates in the Philippines—also registered a net
inflow of US$390 million in the first four months of the year,
although lower relative to the US$573 million net inflow in the
same period last year.  This was due mainly to lower net loan
availments by local subsidiaries from their foreign/parent
companies.



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

GIKEN SAKATA: Auditor Expresses Going Concern Doubt
---------------------------------------------------
Ernst & Young said material uncertainties exist which may cast
significant doubt about Giken Sakata (S) Limited's and its group
of subsidiary companies' abilities to continue as going
concerns.

The auditor noted that the company and its subsidiary group
incurred a net loss of SG$1,489,000 and SG$2,710,000 (2007:
SG$12,165,000 and SG$5,931,000) respectively for the financial
year ended March 31, 2008, and as at that date, the subsidiary
group's and company's current liabilities exceeded their current
assets by SG$8,462,000 and SG$6,339,000 (2007: SG$7,386,000 and
SG$4,632,000) respectively.

In addition, the auditor noted that the company has breached
certain covenants of its short-term bank loan agreement, the
consequence of which is that the financial institution has the
right to demand immediate repayment of the balance outstanding.

The auditor warned that if the company and its subsidiary group
are unable to continue in operational existence for the
foreseeable future, they may be unable to discharge their
liabilities in the normal course of business and adjustments may
have to be made to reflect the situation that assets may need to
be realised other than in the normal course of business and at
amounts which may differ significantly from the amounts at which
they are currently recorded in the balance sheets.

In addition, the auditor said the company and the group may have
to reclassify non-current assets and liabilities as current
assets and liabilities.

                       Debt Restructuring

In February, Giken Sakata signed an investment agreement with
Miyoshi Precision Limited which contained proposed restructuring
arrangements of the company's liabilities.

Subsequently, the company entered into a debt restructuring
agreement with its lenders which provided for a 72 equal monthly
installment payment scheme on Giken Sakata's SG$11,583,923.27
loan.  The first installment payment is due on September 30,
2008.

Giken Sakata said the company and its subsiary group continue to
face a competitive and challenging operating environment due to
the economic slowdown in the US and the uncertainty in the
global financial markets which may affect demand for its
products.  The company said it may also be affected by higher
material prices and other operating cost that may be caused by
the increase in oil prices.

Giken Sakata scheduled its 28th annual general meeting on
July 28, 2008.

                      About Giken Sakata

Giken Sakata (S) Limited is a Singapore-based company engaged in
the manufacture and sale of microshafts and other precision
parts and assembly of mechanisms used in computers and a range
of electronic products.  The company is organized into two
segments: mechanisms division and microshafts division.  Other
operations include marketing and provision of sales support
services.  Giken Sakata (S) Limited's subsidiaries include P.T.
Giken Precision Indonesia, GPM Engineering (JB) Sdn. Bhd, Giken
Japan Corporation (Japan), Changzhou Giken Precision Co., Ltd.
and Giken Precision Vietnam (HCMC) Co., Ltd.  The company’s
associate company, Kyogi Precision (S) Pte Ltd, is engaged in
the manufacture of machined parts.


* SINGAPORE: SGX Incorporates Changes to Listing Rules
-------------------------------------------------------
The Singapore Exchange Ltd (SGX) is inviting public comment on
its latest proposed changes to securities listing rules.  The
changes arise from one of the more extensive annual rule reviews
and demonstrate SGX’s commitment to market-oriented regulation.
The Exchange is consistently seeking to keep its rules relevant
with industry’s needs and development.

The proposed new rules allow for more alternatives that will
widen the range of companies and product types listed on SGX.
In addition to the diversity of listings, changes to existing
rules will enable better disclosure and increased transparency
for the benefit of investors.

A. To allow more listing alternatives

In response to the interest of the marketplace, the Exchange
proposes new rules to introduce the listings of:

  a) Life-science companies with no financial track record.
     Life science companies at the stage of bringing products
     to the market will now be able to list on the Exchange if
     they demonstrate their ability to attract funds from
     professional investors and to generate revenue.  After
     listing, the companies are required to provide quarterly
     disclosure on the use of funds to ensure transparency and
     timely disclosure of material information.

  b) New classes of investment funds.  Investment funds in the
     private equity space and 'blind pool funds' that have not
     identified specific investments but have stated investment
     strategies can now be listed on the Exchange.  The
     introduction of rules catering to these funds brings a
     wider selection of product offerings to the market.

  c) New classes of non-tradable funds will be subjected to
     current hedge fund listing rules.


B. Revised IPO distribution requirement

The wider range of companies and product types will cater to the
needs of various groups of investors.  To enable issuers and
issue managers to more effectively target their investor groups,
the Exchange proposes greater flexibility in terms of IPO
distribution.  As such, the shareholding distribution for IPOs
is now revised to a minimum number of 500 public shareholders,
and for secondary listings, a minimum number of 500 shareholders
worldwide.


C. Better disclosure of material information

  * Waivers granted to be disclosed and Exceptions to Certain
     Rules

For transparency, waivers granted need to be disclosed.  An
issuer that receives any waiver by the Exchange is required to
announce these:

  -- the details of the waiver granted;
  -- reasons for seeking the waiver; and
  -- the conditions (if any) imposed by the Exchange.

In addition, the Exchange is introducing practical exceptions to
certain listing rules.  For example, when an issuer is listed
close to the deadline of financial results reporting, and may
not have sufficient time to prepare the financial statements,
the Exchange will grant the issuer 30-days from its date of
listing to announce its results.

  * Improved transparency and enhanced disclosures of changes
    in capital

When placements are made through a placement agent, companies
are required to disclose the types of investors being targeted
or excluded, and how shareholders’ interests have been taken
into account.  Where no placement agent has been appointed, the
issuer will have to explain how the placees were identified and
the number of shares placed to them.  In addition, the issuer
will disclose the percentage of placement proceeds allocated for
each stated use.

  * Timely disclosure of details relating to profit guarantees

The Exchange proposes new disclosure requirements for
acquisition of businesses and assets where profit guarantees are
provided by vendors.  Timely and adequate disclosure of material
information will enable investors to make informed decisions.
These disclosures will also secure accountability by the board
of directors of the issuer when making acquisitions based on
profit guarantees.  Such disclosures will serve to better
safeguard interests of shareholders.

  * Fundamental Change of Principal Business

An issuer seeking a fundamental change in its principal business
is required to obtain shareholders’ approval before such change
is effected.  Where an issuer intends to set up an investment
fund or undertake any businesses in investment fund management,
the issuer must first demonstrate to the Exchange that it
satisfies the listing requirements for investment funds.

The Exchange also proposes to remove the limit on the number of
new shares arising from the exercise/conversion of outstanding
convertibles.  Issuers will continue to seek shareholders’
approval on issue of company warrants or convertible securities
when it is required and make the necessary disclosure

More proposed amendments to provide greater clarity to the
listing rules are available on SGX's website at:
http://www.sgx.com.

Market participants and members of the public are encouraged to
participate in this public consultation.  The consultation paper
which sets out the proposed amendments to the listing rules will
be available from July 10, 2008, to August 7, 2008.  All
feedback and suggestions for the proposed changes should reach
SGX by August 7, 2008 via e-mail and either by post/courier or
fax.



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

BENQ CORP: Unit's Administrator Seeks Talks on Identified Claims
----------------------------------------------------------------
The insolvency administrator of BenQ Corp. Inc.'s unit, BenQ
Mobile Germany, plans to enter talks with Siemens, the former
parent company of BenQ Mobile, about "claims identified by the
insolvency administration" against Siemens, Alexander Becker of
Dow Jones Newswires reports.

No exact amounts of the identified claims were provided, but,
recent media reports cited by Dow Jones said Martin Prager, the
administrator, is seeking a three-digit million euro sum from
Siemens in claims linked to the valuation of some of BenQ Mobile
assets.

"If an agreement can't be reached, the insolvency administration
will file a claim against Siemens," Dow Jones cited Mr. Prager
as saying.

A Siemens spokeswoman, the report relates, said the company has
always been open for talks and won't change this policy now.

                  About BenQ Corporation

Headquartered in Taiwan, Republic of China, BenQ Corp. Inc.
-- http://www.benq.com/-- is principally engaged in
manufacturing developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

In June 2007 the company announced that it will change its name
to Qisda.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                         *     *     *

BenQ Corp. Inc. continues to carry Taiwan Ratings Corp.'s long-
term twBB+ and short-term twB corporate credit ratings.  The
outlook on the long-term rating is negative.

The company also carries Taiwan Ratings' twBB+ issue rating on
its existing NT$7.05 billion unsecured corporate bonds due 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


QUANTA COMPUTER: To Pay NT$3,500 Dividend on August 20
------------------------------------------------------
Quanta Computer Inc. will pay a cash dividend of NT$3,500 to
every 1,000 shares, or NT$12,163,438,700 in total and a stock
dividend of 30 shares to every 1,000 shares, or NT$1,742,580,460
in total on August 20, 2008, Reuters reports.

The report relates that the dividend will be paid to the
shareholders of record on August 4, 2008.

The company's shares will trade ex-dividend and ex-dividend on
July 29, 2008, the report says.

Headquartered in Taoyuan, Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is principally engaged in the
manufacture, research, development and sale of laptop computers
and components.  The company offers laptops, cellular
telephones, liquid crystal display televisions, servers, LCD
monitors, computer peripherals, computer components, wireless
local area network (WLAN) bridges and communications products.
It serves overseas markets, predominantly the Americas, Asia and
Europe.

                         *     *     *

The company continues to carry Fitch Ratings's BB long-term
foreign currency issuer default rating.

                        *********

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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