TCRAP_Public/080724.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, July 24, 2008, Vol. 11, No. 146

                            Headlines

A U S T R A L I A

ALLCO FINANCE: Sells Australian Wind Farms for AU$12.5 Mil.
B.E.T. MANAGEMENT: Members and Creditors to Meet on August 1
BEECHWOOD HOMES: Sale Deal Failed, Receiver Warns Liquidation
BELLA DEVELOPMENTS: Joint Meeting Set for August 12
CHG AUSTRALIA: Members' Final Meeting Slated for August 4

CHG AUSTRALIA (FINANCE): Final Meeting Set for August 4
CHG BRIGHTON: Members' Final Meeting Set for August 4
CHG GRAND: Liquidator to Give Wind-Up Report on August 4
CHG PAYNEHAM: Liquidator to Give Wind-Up Report on August 4
DIRECT SECURITY: Liquidators to Give Wind-Up Report on August 1

LD MANAGEMENT: Members and Creditors to Meet on August 1
OCEAN VIEW: Liquidator to Present Wind-Up Report on August 1
TANBY DEVELOPMENTS: Members' Final Meeting Set for August 1
VOGUE HOMES: Members and Creditors to Meet on August 1
* GENWORTH: Hardship Programs Vital as Mortgage Stress Grows

* AUSTRALIA: May 2008 RBMS Reaches All-Time High, S&P Reports


C H I N A

BOE TECHNOLOGY: To Raise CNY2.25 Billion for TFT-LCD Production
CHINA EASTERN: Taps Radware to Build Network Infrastructure
COASTAL GREENLAND: Moody's Keeps “B1” CFR Under Review
COASTAL GREENLAND: S&P Holds “B+” L-T Corporate Credit Rating
COASTAL GREENLAND: Posts HK$364.7 Million FY 2008 Net Profit

SINO-FOREST CORP: Closes Convertible Sr. Note Offering
SINO-FOREST CORP: S&P Puts BB Rating on Proposed US$300MM Notes
* CHINA: NPL Balance & Ratio at Commercial Banks Decreases


H O N G K O N G

CHIA TAI HAINAN: Placed Under Voluntary Liquidation
GROUP ASIA: Appoints Arboit and Blade as Liquidators
HER ASSET: Final General Meeting Set for August 20
INFOPLAN (HONG KONG): Appoints Arboit and Blade as Liquidators
J.D. EDWARDS: Members' Final General Meeting Set for August 19

KAM MOOM: Requires Creditors to File Claims by August 8
LOWE DIGITAL: Appoints Arboit and Blade as Liquidators
MCCAN HEALTHCARE: Appoints Arboit and Blade as Liquidators
ORVIETO COMPANY: Appoints Arboit and Blade as Liquidators
ZH033 ENGINEERING: Appoints Mee and Yee as Liquidators


I N D I A

ARSS INFRASTRUCTURE: CARE Assigns “IPO Grade 2”
ASARCO LLC: Wants Plan Confirmation Protocol Approved
INDIAN SUGAR: CRISIL Rates Bank Loan Ratings at “B-”
NEOTERIC INFOMATIQUE: CRISIL Assigns “2/5” IPO Grade
VISHAL INFORMATION: CARE Assigns “IPO Grade 3”


I N D O N E S I A

INDOSAT: Indosat Finance Commences Offer to Purchase 2010 Notes
* INDONESIA: Debt Swap Receives Positive Response
* INDONESIA: Pays IDR41.4 Tril. Interest on Foreign & Local Debt


J A P A N

GOODWILL GROUP: JCR Lowers Senior Debts Ratings to B+/Negative
* JAPAN: Government Lowers Economic Growth Forecast to 1.3%


M A L A Y S I A

LIQUA HEALTH: Served with Writ of Summons by Wynsum Healthy
PAN MALAYSIAN: To Hold General Meeting on August 7


N E W  Z E A L A N D

ANTLER PROPERTY: Commences Liquidation Proceedings
ARMSTRONG MONITORING: Shareholders Appointed Irwin as Liquidator
BLUE THUNDER: Placed Under Liquidation
COMPUDIGM INTERNATIONAL: Commences Liquidation Proceedings
GLOBAL CONSTRUCTION: Brown and Rodewald Appointed as Liquidators

GREAT WALL: Commences Liquidation Proceedings
HANOVER FINANCE: Working on a Business Restructuring Plan
MARBLEWOOD RENTALS: Commences Liquidation Proceedings
OCEANIA DEVELOPMENTS: Commences Liquidation Proceedings
PJM WHOLESALE: Shareholders Appointed Fisher as Liquidator

SPECIAL EFFECTS: Placed Under Liquidation
SURVEILLANCE AGENCY: Mason and Hayward Appointed as Liquidators
YOUNG WHITE: Commences Liquidation Proceedings


P H I L I P P I N E S

* PHILIPPINES: Jan-June 2008 Fiscal Deficit Down by Php23.0 Bil.


S I N G A P O R E

AY INVESTMENT: Creditors' Proofs of Debt Due on August 17
CELLONICS INCORPORATED: Court Enters Wind-Up Order
CONTINENTAL CHEMICAL: S&P Withdraws “B” Corporate Credit Rating
MOBALEX (SINGAPORE): Court to Hear Wind-Up Petition on August 1
STATS CHIPPAC: Extends Tender Offer & Solicitation for Sr. Notes


                         - - - - -


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

ALLCO FINANCE: Sells Australian Wind Farms for AU$12.5 Mil.
-----------------------------------------------------------
Allco Finance Group and AGL Energy Limited have agreed to the
sale and purchase of Allco's Australian wind energy interests
for a total sale price of AU$12.5 million.  The interest being
sold comprises seven projects at various stages of development
in Queensland, New South Wales and South Australia, with a total
potential capacity of up to 1,120MW.

Mr. Nick Bain, Allco's Global Head of Infrastructure, said "This
sale of a broad portfolio of local wind development assets
follows recent sales of Allco's US and European wind assets and
will contribute further liquidity and profitability for the
business, as Allco implements its business restructure plan."

AGL Managing Director Michael Fraser said the transaction was
consistent with AGL's strategy of developing a pipeline of
renewable projects to meet its long-term obligations under the
Mandatory Renewable Energy Target (MRET) scheme.

The net sale proceeds (after any tax payable) will be used by
Allco for further senior debt repayments.

                        About AGL Energy

AGL Energy Ltd (ASX:AGK) -- http://www.agl.com.au/ -- is an  
integrated energy company.  The company is engaged in the sale
of gas and electricity; power generation and energy processing
infrastructure; development of natural gas production
facilities; exploration, extraction, production and sale of coal
seam methane gas (CSM); extraction and sale of liquid petroleum
gas (LPG), and extraction and sale of crude oil.  In January
2007, the company acquired Queensland Government's Sun Gas
retail business, which includes approximately 70,800 residential
and industrial and commercial customers.  In March 2007, it
completed the acquisition of Powerdirect Australia from the
Queensland Government.  In March 2007, it completed the
acquisition of a 27.5% interest in Queensland Gas Company.  In
December 2007, the Company completed the sale of its 33%
interest in AlintaAGL to Babcock and Brown Power.  In May 2008,
the company announced that it has sold its wholly owned Chilean
gas distribution business (GasValpo) and related entities.

                       About Allco Finance

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

                          *     *     *

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

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

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

As reported in the Troubled Company Reporter-Asia Pacific on  
July 18, 2008, Rubicon agreed to sell its GSA I portfolio, a 14
property portfolio covering 3.1 million square feet, to Urban
America for US$515.0 million.  The sale is projected to close on  
September 15, 2008.  It is anticipated that the net proceeds,
after providing for taxes payable, will be applied to reduce
Rubicon’s overall borrowing.


B.E.T. MANAGEMENT: Members and Creditors to Meet on August 1
------------------------------------------------------------
B.E.T. Management Services Pty Ltd will hold a final meeting for
its members and creditors at 9:30 a.m. on Aug. 1, 2008.  During
the meeting, the company's liquidator, Robyn Erskine at Brooke
Bird Insolvency Practitioners, will provide the attendees with
property disposal and winding-up reports.

The company's liquidator can be reached at:

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


BEECHWOOD HOMES: Sale Deal Failed, Receiver Warns Liquidation
-------------------------------------------------------------
Negotiations to sell Beechwood Homes failed Monday, intensifying
fears that unsecured creditors of NSW's biggest home builder
will be left with nothing, the The Australian Business reports.

The deal did not progress because potential buyers were
struggling to obtain funding for the deal amid the credit
crunch, the report says.

Deloitte receiver Chris Campbell told the Australian that "If I
don't get a sale away very soon, I'll have to close the
business.

According to the Australian, if Beechwood is closed, home
building warranty insurance is expected to partly fund the
completion of 300 more incomplete homes.  However, if Deloitte
can't finalize a deal to sell the company, hundreds of tradesmen
who are owed millions of dollars between them would receive
nothing.

Meanwhile, Mr. Campbell said that if Deloitte was forced to
close the company, it would not be placed in liquidation for
more than three weeks pending investigation into the business
dealings of Beechwood founder Larry King by administrators
Armstrong Wily

The Australian relates that in a report earlier this month,
Armstrong Wily found that the most significant factor behind
Beechwood's collapse was a AU$40 million loss relating to a
failed thoroughbred breeding syndicate associated with Mr. King.

As reported in the Troubled Company Reporter – Asia Pacific on
July 21, 2008, ABC News said that there are two strong bidders
for Beechwood Homes, and its receiver, Deloitte, is hopeful of
reaching a deal to sell the company early this week.

According to the report, the receiver made the announcement
at a creditors meeting held July 17, wherein more than 100
Beechwood creditors attended.

Also in that meeting, Beechwood's administrators reported on the
company's financial status.

Beechwood Homes is an Australian owned family home building
company that was started in the early 1980s.  Beechwood's
collapse affected about 300 people who were building homes and
approximately 500 who had project home plans prepared by the
company, ABC News said.

As reported in the Troubled Company Reporter – Asia Pacific on
July 21, 2008, ABC News said Beechwood Homes is an Australian
owned family home building company that was started in the early
1980s.  Beechwood's collapse affected about 300 people who were
building homes and approximately 500 who had project home plans
prepared by the company.


BELLA DEVELOPMENTS: Joint Meeting Set for August 12
---------------------------------------------------
Bella Developments Pty Ltd will hold a final meeting for its
members and creditors at 11:00 a.m. on Aug. 12, 2008.  During
the meeting, the company's liquidator, A. S. R. Hewitt at Grant
Thornton, will provide the attendees with property disposal and
winding-up reports.

The company's liquidator can be reached at:

          A. S. R. Hewitt
          Grant Thornton
          Level 2
          215 Spring Street
          Melbourne, Victoria
          Australia


CHG AUSTRALIA: Members' Final Meeting Slated for August 4
---------------------------------------------------------
G. G. Woodgate, CHG Australia Pty Ltd's estate liquidator, will
meet with the company's members at 10:00 a.m. on Aug. 4, 2008,
to provide them with property disposal and winding-up reports.  

The liquidator can be reached at:

          Woodgate & Co.
          Level 14
          25 Bligh Street
          Sydney, New South Wales
          Australia
          Telephone: (02) 9233 6088


CHG AUSTRALIA (FINANCE): Final Meeting Set for August 4
-------------------------------------------------------
G. G. Woodgate, CHG Australia (Finance) Pty Ltd's estate
liquidator, will meet with the company's members at 10:00 a.m.
on Aug. 4, 2008, to provide them with property disposal and
winding-up reports.  

The liquidator can be reached at:

          Woodgate & Co.
          Level 14
          25 Bligh Street
          Sydney, New South Wales
          Australia
          Telephone: (02) 9233 6088


CHG BRIGHTON: Members' Final Meeting Set for August 4
-----------------------------------------------------
G. G. Woodgate, CHG Brighton Metro Property Pty Ltd's estate
liquidator, will meet with the company's members at 10:00 a.m.
on Aug. 4, 2008, to provide them with property disposal and
winding-up reports.  

The liquidator can be reached at:

          Woodgate & Co.
          Level 14
          25 Bligh Street
          Sydney, New South Wales
          Australia
          Telephone: (02) 9233 6088

CHG GRAND: Liquidator to Give Wind-Up Report on August 4
--------------------------------------------------------
G. G. Woodgate, CHG Grand Junction Property Pty Ltd's estate
liquidator, will meet with the company's members at 10:00 a.m.
on Aug. 4, 2008, to provide them with property disposal and
winding-up reports.  

The liquidator can be reached at:

          Woodgate & Co.
          Level 14
          25 Bligh Street
          Sydney, New South Wales
          Australia
          Telephone: (02) 9233 6088


CHG PAYNEHAM: Liquidator to Give Wind-Up Report on August 4
-----------------------------------------------------------
G. G. Woodgate, CHG Payneham Property Pty Ltd's estate
liquidator, will meet with the company's members at 10:00 a.m.
on Aug. 4, 2008, to provide them with property disposal and
winding-up reports.  

The liquidator can be reached at:

          Woodgate & Co.
          Level 14
          25 Bligh Street
          Sydney, New South Wales
          Australia
          Telephone: (02) 9233 6088


DIRECT SECURITY: Liquidators to Give Wind-Up Report on August 1
---------------------------------------------------------------
Direct Security Services Pty Ltd will hold a final meeting for
its members and creditors at 9:30 a.m. on Aug. 1, 2008.  During
the meeting, the company's liquidators, Robyn Erskine and Peter
Goodin at Brooke Bird Insolvency Practitioners, will provide the
attendees with property disposal and winding-up reports.

The company's liquidators can be reached at:

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


LD MANAGEMENT: Members and Creditors to Meet on August 1
--------------------------------------------------------
LD Management & Secretarial Services Pty Ltd will hold a final
meeting for its members and creditors at 9:30 a.m. on Aug. 1,
2008.  During the meeting, the company's liquidator, Robyn
Erskine at Brooke Bird Insolvency Practitioners, will provide
the attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

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


OCEAN VIEW: Liquidator to Present Wind-Up Report on August 1
------------------------------------------------------------
Ocean View Hotels Pty Ltd will hold a final meeting for its
members and creditors at 9:30 a.m. on Aug. 1, 2008.  During the
meeting, the company's liquidator, Robyn Erskine at Brooke Bird
Insolvency Practitioners, will provide the attendees with
property disposal and winding-up reports.

The company's liquidator can be reached at:

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


TANBY DEVELOPMENTS: Members' Final Meeting Set for August 1
-----------------------------------------------------------
Michael Dunne, Tanby Developments Pty Ltd's estate liquidator,
will meet with the company's members at 10:00 a.m. on Aug. 1,
2008, to provide them with property disposal and winding-up
reports.  

The liquidator can be reached at:

          Michael Dunne
          Cooper Grace Ward Lawyers
          PO Box 834
          Brisbane QLD 4001
          Australia
          Telephone: (07) 3231 2428
          Facsimile: (07) 3231 8428


VOGUE HOMES: Members and Creditors to Meet on August 1
------------------------------------------------------
Vogue Homes Pty Ltd will hold a final meeting for its members
and creditors at 10:30 a.m. on Aug. 1, 2008.  During the
meeting, the company's liquidator, K. A. Strickland at
SimsPartners, will provide the attendees with property disposal
and winding-up reports.

The company's liquidator can be reached at:

          K. A. Strickland
          SimsPartners
          Level 12, 40 St George's Terrace
          Perth WA 6000
          Australia


* GENWORTH: Hardship Programs Vital as Mortgage Stress Grows
------------------------------------------------------------
More than one in four borrowers expect to struggle to pay their
mortgage at some time during the next year, almost double that
of two years ago, according to the latest Mortgage Trends Report
released by lenders mortgage insurer, Genworth Financial
(Genworth).

Following four official cash rate increases, and numerous
unofficial interest rates in the 12 months preceding the survey,
rising interest rates has overtaken a change in personal
circumstances (such as job loss or illness) as the biggest
concern for borrowers in meeting their repayments – nominated by
44% in 2008 compared to 26% last year.

"Despite these concerns highlighted through the survey, analysis
of our portfolio shows that it still takes a defined event, such
as a loss of income or illness, for a borrower to default on
their mortgage.  However when borrowers are already stretched to
capacity, the defined event only has to be small to have serious
implications," says Peter Hall, Country Executive of Genworth.

The survey, conducted by research group, Retail Finance
Intelligence (RFI), found 4% of borrowers are under severe
mortgage stress and expect to find difficulty meeting their
mortgage commitments every month, with 23% anticipating a
struggle during some months.

While a significant majority of borrowers – 73% - were more
positive about their ability to make repayments, the report
confirms rising levels of mortgage stress.  The 27% who expect
to have a problem in at least some months is up from 18% in 2007
and 15% in 2006.

Commenting on the report, Mr. Hall said it was now even more
important that borrowers starting to slip behind in their
payments, seek help early from their mortgage provider so
strategies could be developed to keep them in their homes.

Mr. Hall said Genworth had approved more than 1,800 requests for
assistance under its Hardship Solutions program since its
inception in November, 2006.

"Through our Hardship Solutions Team, almost 90% of requests for
hardship assistance have been approved, and of these the
majority of borrowers were able to get back on their feet." he
said.

The report also found that the banks are increasing their
dominance in the mortgage market, with these institutions
providing 72% of loans (up from 68% in 2007), with 16% coming
from a non-bank mortgage originator and 9% from a credit union
or building society.  Data from Genworth’s portfolio also shows
a similar trend.

The report found rising interest rates are having an inevitable
impact on how consumers choose a loan, with 50% of respondents
indicating price – in the form of a low ongoing rate and low
fees - was the most important factor followed by loan
flexibility (44%).  In the previous two surveys loan flexibility
and having existing products with the lender were the top
reasons for choosing a lender.

However, the number of borrowers who rely on brokers to save
time and get them the best deal remains steady on 39%, and a
large majority of those who used a broker – 92% – were satisfied
with the service.

"Despite some concerns that the Australian mortgage broker
industry suffers from lack of regulation and uniformity, it
seems that the majority of borrowers who have used a broker are
satisfied," the report said.

Mr. Hall said the report clearly identified affordability and
low awareness among potential home buyers of the products
available to assist them as continuing problems in the
Australian market.

Despite the challenges for those outside the property market,
the report proves that the great Australian dream of owning a
home is still alive, "While 46% of non-property owners would
ideally like to purchase property in the next 12 months, only
15% said they would be in a financial position to do so," the
report said.

With debate continuing about how to make home ownership more
affordable, it was also important to canvass the popularity of
innovative products. The survey found that:

   -- Family guarantee products, requiring a parent
      or family member to go guarantor for a loan have
      traditionally lacked support, however opportunities
      are available in the current market for prudent
      lenders who embrace this product.

   -- Longer term mortgages which reduce the monthly
      repayment but increase overall interest paid by
      extending the loan period, usually to 35 or 40 years,
      were popular with 51% of respondents.


* AUSTRALIA: May 2008 RBMS Reaches All-Time High, S&P Reports
-------------------------------------------------------------
Prime borrowers are experiencing mortgage stress in record
numbers, according to the latest statistics on the Australian
mortgage market published by Standard & Poor's Ratings Services.
Arrears on residential mortgages underlying Australian prime
mortgage-backed securities (RMBS) reached an all-time high in
May 2008.
     
The S&P's Australian Prime SPIN, rose by one basis point to
1.49% in May 2008.  This is the sixth consecutive monthly rise.  
Despite climbing arrears levels, the total balance of loans upon
which the SPIN calculations are made is falling, due to the
slow-down in the underlying mortgage market.
     
Within the Prime mortgage pool, full-documentation loans
continue to out-perform their LoDoc equivalents.  The Prime
FullDoc SPIN fell slightly in May to 1.29%, from its record high
of 1.30% in April.  The Prime LoDoc SPIN rose to a new high in
May; up 27 basis points to 2.86%.
     
According to S&P's credit analyst Vera Chaplin, the record
arrears on LoDoc loans mirrors the high level of arrears being
experienced by non bank originators.  "The Non Bank Originator
SPIN is quite high at the moment.  Non bank originators tend to
sell a large proportion of low documentation loans so it stands
to reason that the LoDoc SPIN will be high when the Non Bank
Originator SPIN is also high," Ms. Chaplin said.
     
Ms. Chaplin noted that recent interest rate rises have had a
clear impact on borrowers.  The analyst added, "Mortgage lenders
have increased their lending rates, independent of official rate
rises, due to the ongoing high cost of wholesale funding.  This
has meant that there has been no relief to borrowers in recent
times."
     
Arrears for subprime and nonconforming loans fell to 14.52% in
May from 14.62% in April.  This is partly due to the inclusion
of 2008's first subprime deal: GPAC Series 2008-AN1 Trust, which
launched in May.  The proportion of subprime borrowers with
loans that are more than 90 days in arrears remains high at
7.90%.  
      
"LoDoc loans are often extended to self-employed borrowers who
tend to feel tough economic conditions more than other
borrowers.  A large proportion of subprime and nonconforming
RMBS are LoDoc loans.  If the economy slows, and living costs
continue to rise, then it is likely that Australian borrowers
will be put under more stress.  This may result in the Prime
LoDoc and Subprime SPIN maintaining high levels or even rising
higher," said Ms. Chaplin.
     
S&P's Mortgage Performance Index (SPIN) measures the weighted-
average arrears more than 30 days past due on residential
mortgage loans on both publicly and privately rated Australian
RMBS transactions.  The SPIN is calculated for prime and
subprime residential mortgage loans.  The indices identify the
proportion of loans in arrears in each of the 31–60 days, 61–90
days, and 90+ days' arrears categories.  SPIN is calculated on a
monthly basis using information provided to S&P by the issuers
of RMBS transactions.



=========
C H I N A
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BOE TECHNOLOGY: To Raise CNY2.25 Billion for TFT-LCD Production
---------------------------------------------------------------
BOE Technology Group plans to issue an additional 411 million
shares to establish its 4.5 generation production lines of TFT-
LCD for CNY2.25 billion, repay the bank loans of Beijing BOE
Optoelectronics Technology, and for additional capital, China
Tech News reports.

The company, the report relates, said the additional shares
target at Chengdu Industry Investment Group, Chengdu Hi-Tech
Investment Group and Beijing Economic-Technological Investment &
Development Corp.  All of these shares will be subscribed by
cash.

According to the report, with the additional shares, Chengdu
Industry and Chengdu Hi-Tech will become the third and the
fourth biggest shareholders of BOE with stakes of 6.13% and
3.90%, respectively. Beijing Economic-Technological will be the
eighth biggest shareholder of BOE with a 2.51% stake.

The construction of the production lines will cost the company
CNY3.11 billion and its construction cycle is eighteen months,
China Tech News says.  Apart from the company registered capital
of CNY2.2 billion, the project will gain the other CNY910
million through financial institutions, the report notes.

                      About BOE Technology

Based in Beijing, BOE Technology Group Co., Ltd. (BOE) is a
manufacturer of display devices and digital products. Based in
Beijing, the People's Republic of China, the Company operates
seven key divisions: Thin-Film Transistor-Liquid Crystal Display
(TFT-LCD); Monitor & Panel Television (TV), offering cathode ray
tube (CRT) monitors, TFT-LCD monitors, TFT-LCD TVs and plasma
display panel (PDP) TVs; Mobile Display System, providing super
twisted nematic-LCD (STN-LCD) and organic light-emitting display
(OLED); Special Application Display, supplying vacuum
fluorescent display (VFD) and light-emitting display (LED); CRT,
producing CRTs together with Toshiba and Panasonic; Precision
Electronic Component & Material, and Digital Display Product &
Display Application System.

                           *     *     *

The company currently holds Xinhua Far East China Ratings' CC
issuer credit rating.


CHINA EASTERN: Taps Radware to Build Network Infrastructure
-----------------------------------------------------------
China Eastern has successfully deployed Radware's APSolute
application delivery controller solution combining AppXcel,
LinkProof, and SecureFlow with Radware's application & network
security product, DefensePro to optimize the e-commerce and web
applications at the core of its mission-critical business
applications.

China Eastern has used Radware's complete ADC solution to build
its next-generation network infrastructure to effectively
resolve network access delays and IS problems.  As such, it has
increased user access response rates and enhanced the
monitoring, control and management of its entire e-commerce
system.  This has enabled China Eastern to provide more
efficient services to its passengers and meet challenges
presented by the organization of the Olympic Games.

With steady economic growth in China, an upsurge of the tourism
industry on the mainland and the upcoming Olympic Games, China
Eastern has been facing tremendous pressure to handle an
unprecedented volume of network access.  The airline had an
urgent need to upgrade its network to increase the utilization
of multiple Internet links and enable a fast response-rate for
different ISP users without affecting the operation and
stability of the existing intranet, extranet, Internet and
wireless local area networks.  At the same time, the airline
also needed to implement an effective protection mechanism
against DoS/DDoS attacks to ensure high availability,
performance and security network access for all business-
critical applications throughout the Olympic Games and holiday
season.

To address these needs, China Eastern turned to Radware, who
proposed and deployed a total ADC solution inclusive of its
LinkProof, SecureFlow, AppXcel and DefensePro products.

* LinkProof, not only provides availability of the Internet at
   all times and optimizes the use of these links but also
   enables intelligent load balancing between ISPs without the
   need to coordinate between them. LinkProof selects the best
   ISP link that will give China Eastern customers the fastest
   access to data across the Internet;

* SecureFlow, uses granular application intelligence to
   optimize the performance of best-of-breed content inspection,
   anti-virus, VPN, IDS and firewall security tools. Its
   unified, scalable, switch architecture ensures 24/7 security
   policy enforcement, high availability, fast response time and
   transparent, cost-effective scaling of the full range of data
   center security devices at China Eastern;

* AppXcel boosts application response times for the airline's
   end users through a comprehensive set of acceleration
   technologies including compression, caching, HTTP
   multiplexing, TCP optimization and more;

* Radware's award-winning DefensePro protects from external
   intrusion, scans in high-speed, in-depth and real-time
  application traffic, protecting and preventing China Eastern's
  website from threats and attacks.

                       About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal         
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry.  Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training.  The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

                          *     *     *

On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-.  Fitch said the outlook on the IDRs is stable.

On November 16, 2005, Xinhua Far East China Ratings gave the
company a BB+ issuer credit rating with a stable outlook.

All ratings still hold to date.


COASTAL GREENLAND: Moody's Keeps “B1” CFR Under Review
------------------------------------------------------
Moody's Investors Service will continue to review Coastal
Greenland Limited's B1 corporate family rating and B2 foreign
currency senior unsecured rating for possible downgrade, pending
the finalization of terms of the company's announced business
restructuring in April 2008.

Moody's had earlier placed the ratings on review for possible
downgrade after the announcement of CGL's restructuring due to
concerns over potential fund leakage and increased subordination
risks.

The proposed restructuring will involve CGL injecting all its
residential development projects and selling its brand name to
Shanghai Fenghwa Group Co. Ltd. (Fenghwa), a 21%-owned
associate.  In return, CGL will obtain an additional interest of
around 55-59% in Fenghwa and hence will continue to hold the
residential projects through Fenghwa.

"The extended review reflects uncertainties associated with
potential changes to the restructuring in light of material
changes in the market environment after the announcement, and
the fact that approvals from the relevant regulatory bodies have
not yet been obtained," says Kaven Tsang, a Moody's AVP/analyst.

"The review will continue to focus on the development and
approval progresses of the restructuring.  Moody's will also
review the terms of the transaction and assess the associated
impact on CGL's credit profile," adds Tsang.

                   About Coastal Greenland

Coastal Greenland Limited is a Chinese property developer
focusing on medium- and high-end residential and commercial
property developments.  It has an attributable land bank of 4.6
million sqm in six major economic areas in China.  Founded in
1990, the company was listed on the Hong Kong Stock Exchange in
1997 and has a market capitalization of HK$2.5billion.


COASTAL GREENLAND: S&P Holds “B+” L-T Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B+'
long-term corporate credit rating on Coastal Greenland Ltd.  The
outlook is negative.  At the same time, S&P affirmed its 'B'
issue rating on CGL's outstanding senior unsecured notes.  Both
ratings were removed from CreditWatch, where they were placed
with negative implications on April 10, 2008.
     
"The negative outlook reflects the possible deterioration in the
company's liquidity and cash flow adequacy metrics over the next
12 months, as a result of a weaker market and a potential
organizational restructuring.  The rating is supported by CGL's
less-aggressive growth strategy and geographically diversified
projects," said S&P's credit analyst Bei Fu.
     
S&P believes CGL's cash flow protection and liquidity may weaken
if it proceeds with the proposed injection of its core
residential real estate assets into Shanghai-listed Fenghwa
Group Ltd.  The introduction of an intermediate holding company
will further subordinate cash flow up to CGL to meet its
financial obligations and will restrict its financial
flexibility.  The cash flow to CGL from its existing residential
projects will be diluted, although Fenghwa's existing
residential development projects could partly compensate for
this.  Furthermore, Fenghwa's cumulative losses of about Chinese
renminbi 270 million could reduce its ability to pay dividends
to CGL up to this amount.  While taking over control of a
Shanghai-listed company could provide an additional funding
channel to the enlarged group -- through access to the Chinese
equity markets -- the immediate benefit is likely to be limited,
given the currently unfavorable market environment and tighter
government controls over the fund-raising activities of real
estate developers.
     
S&P believes the good results in 2008 may not be repeated in
fiscal 2009, although they should still be an improvement from
the weak levels in 2006-2007.  CGL's credit strength will be
exposed to heightened market uncertainty following the Sichuan
earthquake, as the company is materially exposed to the affected
area.  Cash flow protection should, however, be appropriately
managed due to CGL's scaled-back growth strategy.  It plans to
delay the construction of more capital-intensive commercial
projects and scale back planned land acquisitions.


COASTAL GREENLAND: Posts HK$364.7 Million FY 2008 Net Profit
------------------------------------------------------------
Coastal Greenland Limited disclosed annual results for the
year ended March 31, 2008.  For the year under review, the Group
reported revenue of approximately HK$3,722.2 million,
representing an increase of 85% against HK$2,012.2 million of
the last financial year.  Net profit attributable to
shareholders surged 188% to HK$364.7 million (2006/07: HK$126.7
million) despite that there was a net non-operating charge of
HK$172.7 million arising from fair value adjustment for the
derivative liability in connection with the issue of the
convertible bonds and warrants.  Before interest, taxation,
depreciation and the net non-operating charge of the HK$172.7
million, the profit for the Group is about HK$1,281.9 million,
an increase of about 105% as compared to that of last year on a
same basis.  Basic earnings per share were HK13.81 cents
(2006/07: HK5.69 cents).  Due to the increase in selling price
of the properties completed during the review period, the
Group's gross profit margin improved from 24% last year to 33%.

As at March 31, 2008, net debt to total equity ratio, which is
expressed as a percentage of net borrowings over total equity of
the Group, decreased by 25% to 91% against 116% last year.  The
improvement was mainly attributable to the issue of new shares
pursuant to the conversion of convertible bonds and the exercise
of the granted shares options and more importantly, the
significant profit was made during the financial year.

Mr. Chan Boon Teong, Chairman of Coastal Greenland, said,
"Thanks to the rising housing demand in China and the country's
growingly affluent urban dwellers, we achieved encouraging
results for the year, with revenue and net profit better than
those of the previous year. Coastal Greenland is also proud to
have been named by an authoritative PRC real estate research
team among the top 10 most valuable Chinese real estate company
brands for four consecutive years between 2004 and 2007.  All
these achievements are proof of the Group's success in
delivering to home buyers projects that built in healthy
residential features over the years and gaining recognition in
the competitive mainland property market."

The Group continues to reach the new height of its property
sales segment, registering sales revenue growing 85% from
HK$2,002.7 million last year to HK$3,710.7 million.  The revenue
was mainly generated from the sales of Phase III and V of
Beijing Silo City, Phase I of Shanghai Riviera Garden, Phases I
and II of Dongguan Riviera Villa, Phase I of Wuhan Silo City and
Phase III of Jiangxi Riviera Garden.  For the year under review,
the Group completed development projects of total gross floor
area of approximately 795,800 sq. m., about 63% more than in the
previous year, of which approximately 762,675 sq. m. were
attributable to the Group.

In addition, the disposal of 80% equity interest in the
residential development project in Shenyang to a strategic
partner was completed by the Group and brought approximately
HK$40.8 million gain to the Group.  The disposal of 20% equity
interest in the commercial development project in Shenyang is
expected to be completed in late July this year and will be
booked in the next financial year ending March 31, 2009.

For the year under review, the Group raised US$150 million by
the issue of certain 12% guaranteed senior notes due 2012.  The
net proceeds raised was used to redeem US$77.5 million senior
notes due 2008, and to finance the Group's acquisition of new
development projects and general corporate use.

Moreover, it also indicated the positive view and confidence
that the institutional investors have on the
Group's future development.

With proven track records, diverse geographic coverage and
strong financial resources, Coastal Greenland is well prepared
to capture every new opportunity in the property market.  
Currently the Group had land reserve with total gross floor area
of approximately 4.6 million sq. m.  It is the Group's intention
to maintain land bank reserve that is sufficient for the Group's
rolling three to four years property development needs.  The
Group will also build a quality commercial property investment
portfolio to include offices, retail shops and hotels at prime
locations in major cities in the PRC and increase the proportion
of investment properties to about 30% of the Group's total
property portfolio in the next three to five years so as to
generate recurring income and capture potential value
appreciation of the properties.

"Looking to the future, we believe the various macro economic
control measures implemented by the Chinese government will help
stabilize the property market and ensure its sustainable
development in the long run.  That will work in favour of
developers like Coastal Greenland with rich resources and
capital, allowing us to consolidating our standing in the
industry.  Riding on the strategic plans already in place, we
hope to maintain steady growth and deliver the maximum value to
our shareholders in the years ahead," Mr. Chan concluded.

                About Coastal Greenland

Established in Hong Kong in 1990, Coastal Greenland Limited has
been investing in the Mainland China property market for over 16
years.  The Group's investment is focused mainly in major cities
of six major economic regions in the PRC, namely Northeastern
Region, Northern Region, Central Region, Eastern Region,
Southern Region and Southwestern Region.  Coastal Greenland has
received many awards for its prominent presence in the PRC  
property market, including the "Top 10 Most Valuable Real Estate
Company Brand in China" ranked by the "China Real Estate Top 10
Research Team" for four consecutive years since 2004.  It also
made the list of the most influential brands in China published
by the World Brand Lab in 2005 and 2006. In addition, Coastal
Greenland was awarded the "2007 China Blue Chip Real Estate
Corporation" title.


SINO-FOREST CORP: Closes Convertible Sr. Note Offering
------------------------------------------------------
Sino-Forest Corporation disclosed the closing of its US$300
million of convertible senior note offering.   The notes will
bear interest at a rate of 5.0% per annum, payable semi-annually
and shall mature on August 1, 2013.  The notes will be
convertible into common shares of the company at a
conversion price of US$20.29 (Cdn$20.32) per share, equivalent
to a conversion rate of 49.2974 shares per US$1,000 principal
amount of notes, subject to customary adjustments.  

Merrill Lynch, Pierce, Fenner & Smith Incorporated and Credit
Suisse Securities (USA) LLC were the underwriters in connection
with the offering and have an over-allotment option to acquire
up to an additional US$45 million of convertible senior notes
exercisable until August 22, 2008.

The net proceeds of the offering are intended to be used for the
acquisition of commercial plantation forests in the Fujian
Province, subject to the specific terms and conditions of the
purchases to be determined upon the execution of definitive
agreements between the relevant parties.  The net proceeds of
the offering are also intended to be used to lease land and
plant with Jatropha trees, with the balance of the net proceeds
being employed for general corporate purposes.

The company has received conditional approval to list the common
shares issuable on conversion of the notes on the TSX, which
listing is subject to the fulfillment of certain conditions by
the company.

The notes have been assigned a provisional (P)Ba2 rating by
Moody's Investors Service.

Sino-Forest is a holding company listed in Toronto, Canada.  It
is engaged in forestry ownership and plantation management in
China as well as the sale of timber, wood logs and other wood
products in that country.


SINO-FOREST CORP: S&P Puts BB Rating on Proposed US$300MM Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB' issue
rating to Sino-Forest Corp.'s proposed US$300 million, 5%
convertible senior unsecured notes due 2013.  At the same time
the 'BB' long-term corporate credit rating on Sino-Forest was
affirmed, and the outlook confirmed as stable.
     
The ratings on Sino-Forest reflect the company's relatively
strong financial profile for the rating, which is supported by
its solid balance sheet, good liquidity, and cash flow coverage.
The company's pro forma adjusted debt-to-EBITDA ratio is under
2x, and the ratio of total debt to total capitalization is
around 40%.  However, Sino-Forest's ambitious growth plan for
the next two years would continue to require substantial capital
expenditure, which is likely to keep the company in a negative
free cash flow position for the next two years.
     
The rating on Sino-Forest is constrained by the company's
business risk profile -- primarily the regulatory risk in China,
increasing competition, and management's ability to establish a
more sustainable business model that will ensure reoccurring
cash-flow generation.  These risks are balanced by the favorable
market condition for wood products in China, the improving
diversity of the company's asset portfolio, and better-than-
average profitability.


* CHINA: NPL Balance & Ratio at Commercial Banks Decreases
----------------------------------------------------------
Data from the China Banking Regulatory Commission showed that
both the outstanding balance and ratio of non-performing loan at
domestic commercial banks have maintained a downward trend,
People's Daily Online reports, citing International Finance
News .

The report relates that as of the end of June, the outstanding
balance and ratio of NPLs at commercial banks, including state-
owned commercial banks (SOCBs), joint-stock commercial banks
(JSCB), city commercial banks, rural commercial banks and
foreign banks, were respectively reduced to CNY1.24 trillion and
5.58%.  State-owned commercial banks have the highest proportion
of bad loans, the report says.

According to the report, the total assets of domestic financial
organizations, in terms of both local and foreign currencies,
reached CNY57.7 trillion, up 19.0% over the same period last
year.



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

CHIA TAI HAINAN: Placed Under Voluntary Liquidation
---------------------------------------------------
On July 10, 2008, Chia Tai Hainan Development Company Limited
was placed under voluntary liquidation on July 10, 2008.  Pang
Siu Chik, Alick was appointed as liquidator.

The liquidator can be reached at:

          Pang Siu Chik, Alick
          China Merchants Buiding, Room 804
          152-155 Connaught Road Central
          Hong Kong


GROUP ASIA: Appoints Arboit and Blade as Liquidators
----------------------------------------------------
The members of Group Asia Limited met on July 14, 2008, and
appointed Bruno Arboit and Simon Richard Blade as the company's
liquidators.

The liquidators can be reached at:

          Bruno Arboit
          Simon Richard Blade
          Baker Tilly Hong Kong
          China Merchants Tower, 12th Floor
          Shun Tak Centre
          168-200 Connaught Road
          Central, Hong Kong


HER ASSET: Final General Meeting Set for August 20
--------------------------------------------------
HFR Asset Management (Hong Kong) Limited will hold a final
general meeting on August 20, 2008, at 10:00 a.m., at Level 28
of Three Pacific Place, in 1 Queen's Road East, Hong Kong.  

At the meeting, Paul David Stuart Moyes and Betty Yuen Yeung,  
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


INFOPLAN (HONG KONG): Appoints Arboit and Blade as Liquidators
--------------------------------------------------------------
The members of Infoplan (Hong Kong) Limited met on July 14,
2008, and appointed Bruno Arboit and Simon Richard Blade as the
company's liquidators.

The liquidators can be reached at:

          Bruno Arboit
          Simon Richard Blade
          Baker Tilly Hong Kong
          China Merchants Tower, 12th Floor
          Shun Tak Centre
          168-200 Connaught Road
          Central, Hong Kong


J.D. EDWARDS: Members' Final General Meeting Set for August 19
--------------------------------------------------------------
J.D. Edwards (Hong Kong) Limited will hold a final general
meeting for its members on August 11, 2008, at 11:00 a.m., at
the 22nd Floor of Prince's Building, in Central, Hong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KAM MOOM: Requires Creditors to File Claims by August 8
-------------------------------------------------------
The creditors of Kam Moom Tong Restaurant Limited, which is in
voluntary liquidation, requires its creditors to file their
proofs of debt by August 8, 2008, to be included in the
company's dividen distribution.

The companys liquidator is:

          Yuen Shu Tong
          Malaysia Building
          Unit 301, 3rd Floor
          50 Gloucester Road
          Wanchai, Hong Kong


LOWE DIGITAL: Appoints Arboit and Blade as Liquidators
------------------------------------------------------
The members of Lowe Digital Hong Kong Limited met on July 14,
2008, and appointed Bruno Arboit and Simon Richard Blade as the
company's liquidators.

The liquidators can be reached at:

          Bruno Arboit
          Simon Richard Blade
          Baker Tilly Hong Kong
          China Merchants Tower, 12th Floor
          Shun Tak Centre
          168-200 Connaught Road
          Central, Hong Kong


MCCAN HEALTHCARE: Appoints Arboit and Blade as Liquidators
----------------------------------------------------------
The members of McCan Healthcare HK Limited met on July 14, 2008,
and appointed Bruno Arboit and Simon Richard Blade as the
company's liquidators.

The liquidators can be reached at:

          Bruno Arboit
          Simon Richard Blade
          Baker Tilly Hong Kong
          China Merchants Tower, 12th Floor
          Shun Tak Centre
          168-200 Connaught Road
          Central, Hong Kong


ORVIETO COMPANY: Appoints Arboit and Blade as Liquidators
---------------------------------------------------------
At an extraordinary general meeting held on July 14, 2008, the
members of Orvieto Company Limited appointed Bruno Arboit and
Simon Richard Blade as the company's liquidators.

The liquidators can be reached at:

          Bruno Arboit
          Simon Richard Blade
          Baker Tilly Hong Kong
          China Merchants Tower, 12th Floor
          Shun Tak Centre
          168-200 Connaught Road
          Central, Hong Kong


ZH033 ENGINEERING: Appoints Mee and Yee as Liquidators
------------------------------------------------------
At an extraordinary general meeting held on July 9, 2008, the
members of ZH033 Engineering Design Limited appointed Natalia
Seng Sze Ka Mee and Cynthia Wong Tak Yee as the company's
liquidators.

The liquidators can be reached at:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong



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

ARSS INFRASTRUCTURE: CARE Assigns “IPO Grade 2”
-----------------------------------------------
CARE assigned ‘CARE IPO Grade 2’ grading to the proposed Initial
Public Offering (IPO) of ARSS Infrastructure Projects Limited.  
CARE IPO Grade 2 indicates ‘below average fundamentals’.  CARE’s
IPO grading assigned to any individual issue represents a
relative assessment of the fundamentals of the issuer.

The grading factors in the experience of promoters and
management team of the company, healthy and diversified order
book position, impressive client portfolio, satisfactory project
completion track record, improving financial position &
profitability, favourable outlook for the sector and continuous
thrust being given by the Government for infrastructure
development.  SBI taking active interest in the company by
virtue of acquiring an equity stake also supports the grading.

However, the grading is constrained by relatively smaller size
of the company, few pending litigations against the company
and/or the promoters, limited geographical diversification, high
fragmentation in the domestic construction sector leading to
intense competition thereby impairing profitability and
relatively low level of automation in the sector resulting in
labour intensiveness.

While the company is, by and large, in compliance with the
regulatory requirement pertaining to corporate governance
practices, it may be too early to comment on the same in view of
company taking major initiative in this regard only in the
recent past.

ARSS was incorporated on May 17, 2000 as ARSS Stones Pvt. Ltd.,
by Shri Subhash Agarwal of Bhubaneswar and his three brothers,
for executing construction projects in the railway sector.  In
the initial years, ARSS operated mainly in the state of Orissa.  
It gradually expanded its operations to other states, but to a
limited extent, and diversified its activities to other
construction segments such as development and construction of
roads, highways, bridges and irrigation projects.  The company
also has crusher plants at four locations in different districts
of Orissa for quarrying and crushing stones to produce various
sizes of rock products required for execution of contracts.  In
January, 2008, SBI took a 7.97% stake in the company.

The company is, by and large, in compliance with the applicable
provisions of the listing agreement and clause 49 pertaining to
corporate governance, although the entire initiative to this
effect has been taken by the company only recently.  There are
few pending litigations against the company and also a criminal
case against one of the promoters.

Although ARSS is a relatively small sized construction company,
the volume of activity witnessed a considerable increase mainly
in FY08.  The company has successfully executed over 60 projects
over a span of seven years.  Its contract completion track
record is satisfactory.  For the last few years, the company has
also entered into joint ventures with few national and
international players to bid for large contracts.  ARSS has an
impressive client portfolio with a healthy order book position
of about Rs.1,350 crore as on April 1, 2008.

In FY08, the company earned PBILDT of Rs.51.2 crore and PAT
(before defd. tax provision) of Rs.28.7 crore on gross contract
revenue of Rs.312.8 crore.  The gross contract revenue witnessed
a phenomenal growth during the last two years mainly on account
of huge flow of orders coupled with continuous improvement in
bidding eligibility.  Growth in revenue coupled with efficient
contract management resulted in cost saving, leading to a higher
growth in PBILDT. Capital charge however, increased at a
relatively lower rate vis-ŕ-vis PBILDT resulting in significant
improvement in PAT.

Despite increase in borrowings, both long-term debt equity ratio
and overall gearing improved over the years owing to increase in
networth base.  Interest coverage during the last three years
has also been comfortable due to higher PBILDT coupled with
lower increase in interest expenses.


ASARCO LLC: Wants Plan Confirmation Protocol Approved
-----------------------------------------------------
ASARCO LLC and its debtor-affiliates propose and ask the U.S.
Bankruptcy Court for the Southern District of Texas to establish
these dates to govern the confirmation process of their plan of
reorganization, which, they say, will be filed by July 31, 2008:

   * July 22, 2008 -- Record date for determining whether an
                      entity is a holder of a claim or interest
                      for the purposes of (a) receiving notice
                      of hearings on all disclosure statements
                      and plans of reorganization; and (b)
                      voting to accept or reject any
                      reorganization plan;

   * Sept. 10, 2008 -- Deadline to file Disclosure Statement
                       objections;

   * Sept. 24, 2008 -- Hearing to consider the approval of any
                       Disclosure Statement filed on or before
                       Aug. 27, 2008;

   * Nov. 17, 2008 -- Plan Confirmation Hearing.

The Debtors ask that the plan confirmation schedules and
protocol also apply to any disclosure statement or plan filed by
Asarco Incorporated.

The Debtors' reorganization plan will include the proposed sale
of substantially all of their assets to Sterlite Industries
(India) Limited for $2,600,000,000.  Proceeds from the sale will
finance the Debtors' plan.

The Court had allowed Asarco Inc., the 100% equity owner of
ASARCO LLC, to file a competing reorganization plan.  Asarco
Inc. stated that its plan will be a full-payment plan.  Asarco
Inc.'s Plan, according to Bloomberg News, will be financed by a
$2,700,000,000 guarantee from American Mining Corporation, and
$1,000,000,000 cash ASARCO LLC has on hand.

The Debtors propose to provide copies of any plans and
disclosure statements filed in their Chapter 11 cases to their
counsel, counsel for the Official Committee of Unsecured
Creditors for ASARCO LLC, the Official Committee of the Asbestos
Subsidiary Debtors, the Future Claims Representative, the
Examiner, Asarco Inc. and Americas Mining Corporation, the U.S.
Trustee for Region 7, the Securities and Exchange Commission,
and any party-in-interest who requests in writing a copy of the
disclosure statement or plan.  The Balloting Agent will also
serve notice of the Disclosure Statement Hearing on each of the
Debtors' creditors, equity security holders and other parties-
in-interest who, as of the Record Date, either (i) has filed a
proof of claim or interest, (ii) is listed in the Debtors'
Schedules of Assets and Liabilities, or (iii) has filed a notice
of appearance in the Chapter 11 Cases requesting service of
pleadings.

The Debtors propose to provide notice of the Disclosure
Statement Hearing to bondholders either through known record
holders or through the various indenture trustees.  The
Indenture Trustees would then be responsible in forwarding
materials to the bondholders.  Jack L. Kinzie, Esq., at Baker
Botts, L.L.P., in Dallas, Texas, explains that numerous
individuals or corporations hold the ASARCO LLC-issued bonds,
thus identifying each of them is difficult and time-consuming.

For tort claimants, the Debtors propose to serve the Disclosure
Statement Hearing Notice on the creditors' attorneys of record,
if known, in lieu of serving the individual creditors.  If, to
the best of the Debtors' knowledge, a Tort Claimant is not
represented by legal counsel, the Debtors will serve the notice
directly to the creditor, Mr. Kinzie says.

                        About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/           
-- is an integrated copper mining, smelting and refining
company.  Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.  
The Company filed for chapter 11 protection on Aug. 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207).  James R. Prince, Esq.,
Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker
Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A.
Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden,
Womble & Culbreth, P.C., represent the Debtor in its
restructuring efforts.  Lehman Brothers Inc. provides the ASARCO
with financial advisory services And investment banking
services.  Paul M. Singer, Esq., James C. McCarroll, Esq., and
Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the
Official Committee of Unsecured Creditors and David J. Beckman
at FTI Consulting, Inc., gives financial advisory services to
the Committee.  When the Debtor filed for protection from its
creditors, it listed $600 million in total assets and $1
billion in total debts.

The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-
20521 through 05-20525).  They are Lac d'Amiante Du Quebec Ltee,
CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304),
Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex.
Case No. 05-21346) also filed for chapter 11 protection, and
ASARCO has asked that the three subsidiary cases be jointly
administered with its chapter 11 case.  On Oct. 24, 2005,
Encycle/Texas' case was converted to a Chapter 7 liquidation
proceeding.  The Court appointed Michael Boudloche as
Encycle/Texas, Inc.'s Chapter 7 Trustee.  Michael B. Schmidt,
Esq., and John Vardeman, Esq., at Law Offices of Michael B.
Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774
to 06-20776).

ASARCO and its debtor-affiliates have until Aug. 1, 2008 to file
a plan of reorganization.  (ASARCO Bankruptcy News, Issue No.
77; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


INDIAN SUGAR: CRISIL Rates Bank Loan Ratings at “B-”
----------------------------------------------------
CRISIL has assigned its bank loan ratings of ‘B-/Stable’ to the
various bank facilities of Indian Sugar Manufacturing Co Ltd
(Indian Sugar).

Rs.386.2 Million Term Loan  B-/Stable (Assigned)
Rs.140 Million Cash Credit Limit  B-/Stable (Assigned)

According to CRISIL, the ratings are constrained by the risks
associated with greenfield projects, the company’s weak
financial risk profile due to high leverage, and the adverse
industry scenario.  The industry also faces a high degree of
regulatory risk.  These weaknesses are partially offset by the
expectation that the company will achieve moderate operating
efficiencies after its proposed project comes on stream mainly
due to 9-MW bagasse-based cogeneration power plant.

Outlook: Stable

CRISIL believes that Indian Sugar’s capital structure will stay
weak over the medium term because of the high debt component in
the funding mix of the proposed sugar plant. Profitability too
is expected to remain depressed due to low sugar prices.  The
outlook may be revised to ‘Positive’ in case of a stronger-than-
expected financial performance.  Conversely, it may be revised
to ‘Negative’ in case of lower-than-expected profitability,
mostly due to prolonged depression in the industry, or if the
company undertakes more debt-funded projects.

                       About Indian Sugar

Indian Sugar was incorporated in 2000.  The company is in the
process of commissioning a 2500 tonnes crushed per day (TCD)
sugar plant and a bagasse-based 9 megawatt (MW) co-generation
power plant at Havinal taluk of Karnataka.  The company has
acquired a 105-acre plot and has completed the civil
construction.  It has also placed an order for the plant and
machinery, and the project is expected to be commissioned by
December 2008.  The project cost of Rs.515 million is proposed
to be funded in a debt-to-equity ratio of 3:1. About one-third
of the power generated will be utilised in-house, while the
remainder will be sold to the Karnataka State Electricity Board
(KSEB).


NEOTERIC INFOMATIQUE: CRISIL Assigns “2/5” IPO Grade
----------------------------------------------------
CRISIL has assigned a CRISIL IPO Grade "2/5" (pronounced "two on
five") to the proposed initial public offer of Neoteric
Infomatique Ltd.  This grade indicates that the fundamentals of
the issue are below average relative to other listed equity
securities in India.  However, this grade is not an opinion on
whether the issue price is appropriate in relation to the issue
fundamentals.  The offer price for the issue may be higher or
lower than the level justified by its fundamentals.

The grade is not a recommendation to buy/sell or hold the graded
instrument, the graded instrument's future market price or its
suitability for a particular investor.

The grading factors in Neo's market position as one of the top
10 IT-Hardware distributors in India and the increased
relationships with some of the key IT Hardware vendors in the
past 3 years.  The grading also takes into cognizance the
favourable volume driven growth expected in the computer
hardware industry especially in the laptops and the TFT monitors
segment.

The grading is however constrained by the inherent risks
attached to the distribution business which is characterized by
thin margins and undifferentiated nature of the products.  

In addition, the anticipated pressure on margins due to expected
increase in competition and due to the underlying risk
associated with technology driven products is expected to limit
the company's ability to improve profitability in the long term.  

The grading also reflects the crucial role played by the
promoter for developing vendor relationships.  

Notably also, the company's stated use of around 20-25 per cent
of the IPO proceeds for setting up corporate office might not be
the optimum use of the investors money as this is likely to
suppress the Return on Equity.

The company aims to raise approximately Rs. 470 million to Rs.
480 million through the fresh issuance of 6.97 million shares.

                     About CRISIL IPO Grading

CRISIL IPO (Initial Public Offering) Grading is an opinion on
the fundamentals of the graded issue that reflects CRISIL's
independence and expertise.  This opinion is expressed as a
relative assessment in relation to other listed equity
securities in India.  The assessment is based on a grading
exercise carried out by industry specialists from CRISIL
Research.  A CRISIL IPO Grade 5/5 indicates strong fundamentals
and a CRISIL IPO Grade 1/5 indicates poor fundamentals. CRISIL
IPO Grading reflects its assessment of the graded company's
equity fundamentals as distinct from an assessment of debt
fundamentals.  A CRISIL IPO Grade should not be construed to
mean a comment on the price of the graded security nor is it a
recommendation to invest or not to invest in the graded
security.

                  About Neoteric Infomatique Ltd

Neoteric Infomatique Ltd (Neo) is into the business of
distribution of IT-Hardware products.  The company started as a
reseller in 1991 and thereafter in the year 1997, commenced the
business of distribution.  Neo caters to the domestic market and
has network of 36 branches, 4 logistic centres and 4 additional
warehouses catering to over 7,200 channel partners in around 350
cities.  Neo primarily operates in the domestic market.  
Monitors, PCs, components such as hard disks, motherboard, RAM
and peripherals such as printers form its key offerings.  Neo
has relationship with around 20 vendors and its key vendors
include Samsung, Apple, HP, Hitachi, Logitech, BenQ, Wipro,
Lenovo and Moserbaer.

Neoteric is the sixth largest IT Hardware distributor in India.  
The company's revenues grew at a compounded rate of 40 per cent
between 2004-05 and 2006-07.  This was largely driven by the
growth in volumes of computer hardware products and due to the
increase in the number of relationships with some of the key IT
Hardware vendors.  In 2006-07, the company reported a net profit
of Rs 36.8 million on a turnover of Rs 4,885.4 million.  The
company's return on capital employed (RoCE) and return on equity
(RoE) was 28.4 per cent and 28.6 per cent, respectively, in
2006-07.


VISHAL INFORMATION: CARE Assigns “IPO Grade 3”
----------------------------------------------
CARE has assigned a ‘CARE IPO Grade 3’ to the proposed Initial
Public Offer (IPO) of Vishal Information Technologies Ltd.  
‘CARE IPO Grade 3’ indicates Average Fundamentals.  CARE assigns
IPO grades on a scale of Grade 5 to Grade 1, with Grade 5
indicating strong fundamentals and Grade 1 indicating poor
fundamentals.

VITL proposes an initial public offer of 27.9 lakh equity shares
of Rs.10 each including an offer for sale of 10 lakh equity
shares.

The grading factors in VITL’s experienced and well qualified
management team, company’s established relationship with
renowned international organizations, stable revenue growth
recorded in the past, good profitability and encouraging
industry prospects.

The grading is however constrained by VITL’s small size of
operations in a low end Information Technology Enabled Services
(ITES) segment characterized by low entry barriers, relatively
high client concentration risk and unproven ability to generate
revenue from its foray into digital library and Print-on-Demand
(POD) markets.

The grading is also constrained by the challenges of operating
in a highly competitive environment.

VITL was established in 1994 by Mr.Sunil Parekh and his family.  
The current promoter company Tutis Technologies Ltd (Tutis)
acquired VITL in 1999 and currently holds 51.5% shareholding.  
VITL has a subsidiary viz. Basiz Fund Services Pvt. Ltd., a
company incorporated in 2006 and engaged in sub-fund accounting
and administration services for hedge funds, mutual funds and
managed accounts.

VITL is mainly engaged in the business of data digitization and
e-publishing which involve processing physical records such as
texts and images into a tagged electronic file.  Presently, VITL
has the capacity of processing 15000 pages a day.

In 2007, VITL extended its activities into related areas such as
digital library and print-on-demand (POD) business segments.
VITL has been working with a UK based non governmental
organization (NGO) for the blind in creating a digital library
for visually impaired in UK.

VITL is aiming at membership in digital library and earnings
from subscription. In the POD segment, VITL has an agreement
with one of the world’s largest POD companies-Lightning Source
(LS) and aims to earn from publishing out-of-copyright classic
titles.

VITL’s clients are largely government organizations,
universities, courts, and nongovernment organizations from US
and UK. Top  four clients accounted for as high as 70% of VITL’s
revenue in FY08.  The company employed about 210 personnel as at
the end of Mar’08, of which about 125 are on contract/temporary
basis.  In addition, VITL also works through a channel of 800
vendors.

VITL has now envisaged various expansion plans including
facility expansion at Chennai, setting up quality infrastructure
and marketing office in Mumbai and setting up subsidiaries in UK
and US.

Apart from the IPO proceeds, equity investment received recently
from IDBI Capital Market Services would be used to fund the
projects.  It may be noted that company has not entered into any
definitive agreement for purchasing a property in Chennai and
Mumbai.  Even in respect of setting up subsidiaries, the company
is waiting for the IPO proceeds before initiating any work.

Total income registered a CAGR of 22.2% during the last four
years and was Rs.31cr in FY07.  Profitability margins were high
and have expanded at the operating level in the last four years
to 36.61% in FY07.  Consequently, PAT grew during the same
period at 46.2% CAGR and stood at Rs.10.3cr in FY07.  With
depreciated assets and sharp rise in profits, RoCE and RoNW were
quite high at 37.7% and 32.1% respectively for FY07.  In FY08
(provisional), VITL reported a PAT of Rs.11.8cr on an income of
Rs.38cr.

Although digital publishing is an evolving business and has a
promising growth potential, competition is highly intense from
established large players as also from publishers who are
choosing to perform the work on their own.

In addition, with minimal investments required and the
relatively less knowledge intensive nature of the business,
entry barriers are very low.  While VITL would have to deal with
this reality, it is faced with a different set of challenges in
its POD foray.  Here, VITL’s target is the classic (out-
ofcopyright) series titles which is an open source where the
same title can be e-published by any other company.  VITL is
betting on its low cost structure to deal with competition.
In its digital library foray, how successfully the NGO, with
whom VITL has tied-up, is able to market the product to its
members and public libraries in UK and more importantly, the end
users’ response to a fee based access to information remain to
be seen.

Overall, the company’s ability to sustain the business volume
growth from its existing clients and capturing new clientele in
its data digitization business and its ability to generate
revenue from its POD and digital library foray will be key
determinants of the company’s long term fundamentals.



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

INDOSAT: Indosat Finance Commences Offer to Purchase 2010 Notes
---------------------------------------------------------------
PT Indosat Tbk., Indosat Finance Company B.V. and Indosat
International Finance Company B.V. disclosed that, in connection
with the indirect acquisition by Qatar Telecom (Qtel) of
2,217,590,000 Series B Common Shares of Indosat, representing
40.81% of its outstanding Series B Common Shares, Indosat
Finance has notified holders of its 7.75% Guaranteed Notes due
2010 (2010 Notes) that it has commenced an offer to purchase the
2010 Notes at a purchase price equal to 101% of the principal
amount thereof (US$1,010 per US$1,000 principal amount), plus
accrued and unpaid interest up to the date of settlement and any
additional amounts.  Indosat International Finance has
notified holders of its 7.125% Guaranteed Notes due 2012 "2012
Notes" and, together with the 2010 Notes, that it has commenced
an offer to purchase the 2012 Notes at a purchase price equal to
101% of the principal amount thereof (US$1,010 per US$1,000
principal amount), plus accrued and unpaid interest up to the
date of settlement and any Additional Amounts and together with
the 2010 Purchase Price.

The terms and conditions of the Change of Control Offers are
described in detail in the Change of Control Offers, each dated
July 22, 2008, issued by Indosat Finance and Indosat
International Finance.  The indentures governing the Notes
require Indosat Finance and Indosat International Finance to
make the Change of Control Offers.  Each of the change of
Control Offers will expire at 5:00 p.m., New York City time, on
September 16, 2008.

Tenders of Notes may be validly withdrawn at any time up until
10:00 a.m., New York City time, on September 18, 2008.  Tenders
of Notes may not be validly withdrawn after the Withdrawal Date,
unless required by law.  Holders that validly tender their Notes
prior to the Expiration Date and whose tendered Notes are
accepted for purchase by each issuer will receive the Purchase
Price.  Payment of the Purchase Price for such Notes validly
tendered will be made on September 19, 2008.  Each issuer will
be deemed to have accepted validly tendered Notes in the
Change of Control Offer when, as and if the issuer has given
oral or written notice thereof to the Information and Tender
Agent.

D.F. King & Co., Inc. has been retained to serve as the
information and tender agent for the Change of Control Offers.

Requests for documents and questions regarding the tendering of
Notes may be directed to D.F. King & Co., Inc. at +1 (800) 967-
7635 (toll free).  Banks and brokers call collect at +1 (212)
269-5550.

                          About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a    
telecommunication and information service provider in Indonesia
that provides cellular services (Mentari, Matrix and IM3), fixed
telecommunication services or fixed voice (IDD 001, IDD 008 and
FlatCall 01016, fixed wireless service StarOne and I-Phone).
Indosat also provides Multimedia, Internet & Data Communication
Services (MIDI) through its subsidiary company, Indosat
Mega Media (IM2) and Lintasarta.  Indosat also provides 3.5 G
with HSDPA technology.  Indosat's shares are listed in the
Indonesia Stock Exchange (IDX:ISAT) and its American Depository
Shares are listed in the New York Stock Exchange (NYSE:IIT).

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 11, 2008, Moody's Investors Service placed on review for
possible downgrade the Ba1 local currency corporate family
rating of PT Indosat Tbk (Indosat), and the Ba2 foreign currency
senior unsecured bond rating of Indosat Finance Company B.V. and
Indosat International Finance Company B.V., which are guaranteed
by Indosat.

The rating action was prompted by the announcement that
Singapore Technologies Telemedia (STT), a wholly owned unit of
Singapore government's investment firm Temasek Holdings, agreed
to sell its interest in Indosat to its business partner Qatar
Telecom.  Qatar Telecom will pay US$1.8 billion for the 40.8%
stake in Indosat held by Asia Mobile Holdings, a joint
venture between Qatar Telecom and STT.  Upon completion of the
transaction, STT will no longer have any involvement in Indosat.

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings assigned a stable outlook on PT
Indosat Tbk's BB- rating.  EBITDA margins are likely to be
stable overall.  Fitch Ratings said that its overall outlook
for the Asia Pacific telecommunication sector in 2008 is stable,
with 24 out of its total 28 rated telecommunications issuers
bearing a Stable Outlook.  Highlighting its newly published
"Asia-Pacific Telecoms Credit Outlook 2008" 20 page report, the
agency outlines its expectations on how key financial metrics
will move for 26 operators across Asia-Pacific in 2008,
concluding that while revenue growth is likely to slow, cash
flow from operations and free cash flow after dividends are
likely to rise on aggregate.  Nevertheless the agency cautioned
that it expects FCF to actually fall for half of its rated
operators across Asia Pacific.


* INDONESIA: Debt Swap Receives Positive Response
-------------------------------------------------
Indonesia's offer to swap short-term debt for 14-year paper on
Tuesday received a strong response from the market, as investors
swapped IDR4.425 trillion (US$483.5 million) of debt maturing in
2009-2013 with 14-year bonds coded FR0035, much more than in the
previous debt swap in February when the government attracted
just IDR146 billion, Reuters reports.

Reuters says the 14-year bond was priced to yield 12.90247
percent in the debt swap.

Analysts, according to the report, believed that the debt swap
will help smooth out the maturity of the country's debt profile
as well as increase trading liquidity in longer-dated bonds
which should help the government to reduce its borrowing cost
over the longer term.

The report noted that analysts attributed the strong demand for
the longer-term paper to expectations that inflation is likely
to ease.


* INDONESIA: Pays IDR41.4 Tril. Interest on Foreign & Local Debt
----------------------------------------------------------------
In the first semester of 2008, the government of Indonesia paid
IDR41.4 trillion interest on its foreign and domestic debt or
45.7 percent of the IDR94.7 trillion ceiling amount, Antara News
reports citing a finance ministry official.

"The payments were made before the total of the payable interest
increased to IDR97 trillion," Widjanarko, ministry`s director
for settlements, accountancy and evaluation was qouted by the
Antara News as saying.

Mr. Widjanarko told Antara that the payments of interest on
state debentures at home reached IDR30.7 trillion or about
46.6 percent of the interest ceiling of IDR65.8 trillion.



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

GOODWILL GROUP: JCR Lowers Senior Debts Ratings to B+/Negative
--------------------------------------------------------------
JCR has downgraded its rating on senior debts of Goodwill Group
Inc. from BB-/Negative to B+/Negative, continuing placing it
under Credit Monitor with Negative direction.

Goodwill Group Inc. is a pure holding company of Goodwill Group.  
The company has been rebuilding the operations with the support
of Promontoria Investments I B.V. (consortium of Cerberus and
Morgan Stanley).  

JCR downgraded its rating on the company to BB- and decided to
continue the Negative direction to the Credit Monitor on June 2,
2008 in order to grasp the impact of the lowered trustworthiness
on the performance of the engineer-dispatch operation in
addition to the more-than-expected deterioration in earnings of
the subsidiary, Goodwill Inc.  

Discontinuance of all operations of Goodwill Inc. was decided
subsequently.  There have been concerns about influences of the
business closure on the earnings and financial structures of the
company including the recording of extraordinary loss.

The company has announced the downward revision of the earnings
forecasts for the fiscal year ended June 30, 2008.  The net loss
will increase to JPY30 billion from JPY9 billion in the previous
forecast.  

JCR downgraded the rating on the company this time, judging that
it can not avoid falling into insolvency, namely a situation of
liabilities in excess of assets.  

JCR determined to continue placing the rating on the company
under Credit Monitor in order to ascertain impact on the
performance of the engineer-dispatch operation and
implementation of debt equity swap slated in December 2008.  The
direction to Credit Monitor is Negative.  

The company will announce its medium-term management plan
together with announcement of financial statements scheduled to
be toward the end of August this year.  JCR will pay attention
to the details of the plan.

                     About Goodwill Group

The Goodwill Group, Inc. is a Japan-based company mainly engaged
in manpower dispatching and contracting business.  The company
operates in three business segments. The Manpower Dispatching
and Contracting segment provides manpower dispatching services
and contracting services that address customer needs.  The
Nursing-care and Medical Support segment is engaged in the
provision of home-care services, care services in facilities and
dental examination services at home, as well as the sale of
nursing-care goods and equipment, among others.  The Others
segment is engaged in the senior residence business, restaurant
business, recruitment support business, employee assistance
program (EAP) business, pet care business such as the planning,
designing and management of pet care facilities and the
operation of pet care shops, as well as child-care business such
as the operation and management of nurseries and the provision
of baby-sitting services.


* JAPAN: Government Lowers Economic Growth Forecast to 1.3%
-----------------------------------------------------------
Japan's Cabinet Office lowered its economic growth forecast for
FY2008 to 1.3% from the previous outlook of 2% on a strong yen
and sagging U.S. demand for Japanese exports could take some
steam out of the economy, Takashi Nakamichi of Wall Street
Journal reports.

The Cabinet Office, the report relates, also projected larger
budget deficits in the years ahead.

According to the report, the slowing of the economy is
influenced by moderating global demand and the spiraling import
costs of oil and other commodities weigh on companies' bottom
lines, and aided by slowing tax-income growth.   "Very tough
economic conditions have been continuing since the start of the
year," Economy Minister Hiroko Ota was quoted by WSJ as saying.

The Cabinet Office predicted that Japan's economy will grow an
inflation-adjusted 1.3% in the fiscal year ending March 2009.
The figure is lower than the government's official 2% forecast
made in January and the 1.6% growth logged in the fiscal year
ended March 2008, the report says.

The Cabinet Office, WSJ notes, expects such investment to rise
only 0.6%, compared with the government's previous forecast for
a 3.3% gain.

It forecast that consumers will increase their spending only 1%,
rather than 1.3%, because of expensive food and oil products.
The consumer-price index, including often-volatile fresh food,
will climb 1.7%, it predicted, much higher than the initial
forecast for a 0.3% increase, the report notes.

According to WSJ, the office also forecast that the nominal
growth rate, which isn't adjusted for inflation and usually
moves in tandem with tax revenues, will be 0.3%.

The outlook for diminished tax revenues casts a pall over the
country's budgetary rehabilitation plans.

The Cabinet Office also said that the economy is unlikely to be
dragged into stagflation because slow wage growth is preventing
high oil and commodity prices from causing rises in prices of
other goods, the report says.

WSJ adds that with the price of oil up about 50% from the
beginning of the year and other commodity prices higher, some
economists say Japan might enter stagflation -- where inflation
rises and the economy stops growing -- for the first time since
1974.



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

LIQUA HEALTH: Served with Writ of Summons by Wynsum Healthy
-----------------------------------------------------------
Liqua Health Corporation Berhad has been served with a Writ of
Summons on July 21, 2008, by Wynsum Healthy Living Sdn Bhd.  

The Writ was filed in the Kuala Lumpur High Court on July 11,
2008, by Wynsum versus Stevigroup Corporation Limited and 10
others.  Liqua as well as its wholly-owned subsidiary, Liqua
Health Marketing (M) Sdn Bhd, have been named as the Sixth and
Fifth Defendant respectively in the Writ.

Under the Writ, Wynsum is claiming against the Defendants for
specific damages in the amount of MYR389,153,551, general
damages, cost, other relief deemed appropriate by the court and
an interest at the rate of 8% per annum on all sums found to be
due to it.

The allegation by Wynsum is that the Defendants had acted
together with the common intent to injure Wynsum and cause its
losses by unlawful means and to interfere with Wynsum’s
contractual relations under the relevant Distribution
Agreements.

Liqua and its subsidiary are currently in consultation with its
solicitors in respect of the Writ and on the next course of
action to be taken.

                       About Liqua Health

Liqua Health Corporation Berhad is principally engaged in the
businesses of investment holding and provision of management
services.  Its core business is direct selling of health food
and related products, through its subsidiaries.  Liqua Health
and Liqua Spirulina are the two core health products of the
company.  The company's subsidiaries include Liqua Health
Marketing (M) Sdn. Bhd., which is engaged in direct selling of
health food and general merchandise; Packcon (Asia) Sdn. Bhd,
which is engaged in marketing packaging materials and general
trading; Liqua Biotech Sdn. Bhd formerly known as Liqua Heath
Dairy Marketing & Supplies Sdn. Bhd.), which is engaged in
research and development; Quantum Healing Centre Sdn. Bhd
(dormant), which is engaged in the trading and marketing of
health food and general merchandise.  In February 2007, Liqua
Health Marketing acquired the remaining 51% interest in Liqua
Health Chain.

                          *     *     *

The company was classified as an Affected Listed Issuer as it
has triggered Paragraph 2.1 of the Amended PN17 as the
consolidated shareholders' fund has dropped to approximately
MYR5.9 million which is below the 25% of the paid-up share
capital which stands at MYR144.3 million and the minimum issued
and paid up capital of MYR60 million required under paragraph
8.16A(1) of the Listing Requirements.
  

PAN MALAYSIAN: To Hold General Meeting on August 7
--------------------------------------------------
Pan Malaysian Industries Berhad will hold its extraordinary
general meeting on August 7, 2008, at 4:00 p.m., at the Crystal
Ballroom, Corus hotel Kuala Lumpur, in Jalan Ampang, 50450 Kuala
Lumpur.

At the meeting, these resolutions will be passed:

   Ordinary Resolution 1

   * Proposed Renounceable restricted offer for sale of 26.56%
     equity interest comprising 515,405,240 ordinary shares of
     MYR1.00 each in Malayan United Industries Berhad by Pan
     Malaysian Industries Berhad (PMI) and its subsidiaries to
     the existing shareholders of PMI at an offer price of
     MYR0.27 per MUI share based on their respective
     shareholdings in PMI on a basis and at an entitlement
     date to be determined later;

   Ordinary Resolution 2

   * Proposed Acquisition of a 15-storey office building located
     at No. 2, Jalan Changkat Ceylon, 50200 Kuala Lumpur by
     PMI from Pan Malaysia Holdings Berhad (PMH) for a cash
     consideration of MYR39.0 million; and

   Ordinary Resolution 3

   * Proposed Acquisition of 385,000 ordinary shares of
     MYR1.00 each representing the entire issued and paid-up
     share capital of Two Holdings Sdn Bhd by PMI from Mui
     Properties Berhad (MPB) for a cash consideration of
     MYR9.3 million.

Pan Malaysian Industries Berhad is an investment holding
company.  The Company operates through two business segments:
Retailing and Property and investment holding.

The company is an Affected Listed Issuer pursuant to PN17 of the
Boursa Malaysia as it has a deficit in its unaudited adjusted
shareholders' equity on a consolidated basis of MYR17.55 million
as of December 31, 2005, computed on the basis stated in PN17.
The said deficit in the company's unaudited shareholders' equity
on a consolidated basis was mainly due to the net loss of the
PMI Group of MYR163.13 million for the unaudited nine month
financial period ended December 31, 2005 due mainly to the
sharing of losses of associated companies which comprised
substantially of impairment losses.

                          *     *     *

Pan Malaysian Industries Bhd's balance sheet as of
June 30, 2007, went upside down by MYR29.1 million on total
assets of MYR643.76 million and total liabilities of MYR672.85
million.


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

ANTLER PROPERTY: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Auckland held a hearing on July 2, 2008, to
consider an application putting Antler Property Development
Limited into liquidation.

The application was filed on May 15, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          (PO Box 1462)
          Wellington
          Telephone: (04) 890 1127
          Facsimile: (04) 890 0009

Julia Marie Snelson is the plaintiff's solicitor.


ARMSTRONG MONITORING: Shareholders Appointed Irwin as Liquidator
----------------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Armstrong Monitoring Limited has appointed
Lyle Richmond Irwin, chartered accountant of Auckland, as
liquidator of the company.

Only creditors who were able to file their proofs of debt on
July 18, 2008, were included in the company's dividend
distribution.

The liquidator can be reached at:

          Lyle Richmond Irwin
          Prince & Partners
          PO Box 3685
          Auckland 1001
          Telephone: (09) 379 5324
          Facsimile: (09) 307 0778
          Email: office@prince.co.nz


BLUE THUNDER: Placed Under Liquidation
--------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Blue Thunder Racing Limited resolved
that the company be liquidated and appointed Barry White, of
White Limited, Auckland, as liquidator.

Creditors and shareholders may direct their inquiries to:

          Barry White
          PO Box 37315
          Parnell, Auckland 1151
          Telephone: (09) 366 7277
          Facsimile: (09) 366 7276


COMPUDIGM INTERNATIONAL: Commences Liquidation Proceedings
----------------------------------------------------------
The High Court at Wellington convened a hearing on June 30,
2008, to consider an application putting Compudigm International
Limited into liquidation.

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

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay (PO Box 1462)
          Wellington
          Telephone: (04) 890 1127
          Facsimile: (04) 890 0009

Andrew Hamer Instone is the plaintiff's solicitor.


GLOBAL CONSTRUCTION: Brown and Rodewald Appointed as Liquidators
----------------------------------------------------------------
On June 9, 2008,  Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as liquidators of Global Construction Worldwide
Limited.

The liquidators can be reached at:

          K. P. Brown
          Rodewald Hart Brown Limited
          127 Durham Street (PO Box 13380)
          Tauranga
          Telephone: (07) 571 6280
          Website: www.rhb.co.nz


GREAT WALL: Commences Liquidation Proceedings
---------------------------------------------
The High Court at Auckland held a hearing on July 4, 2008, to
consider an application putting The Great Wall Aluminum Limited
into liquidation.

The application was filed on May 7, 2008, by Powell Webber &
Associates.

The plaintiff's address for service is at:

          Powell Webber & Associates
          Level 11, Peace Tower
          2 St Martins Lane
          Auckland

Laurence Grant Powell, is the plaintiff's solicitor.


HANOVER FINANCE: Working on a Business Restructuring Plan
---------------------------------------------------------
The Board of Hanover Finance Limited said it would suspend
acceptance of new investments and repayment of existing deposits
as it worked with trustees on a plan to restructure the business
going forward.

Hanover Finance, which continues to meet its Trust Deed
obligations and has ongoing financial capacity to trade, says it
is acting early to preserve value in the business as market
conditions continue to deteriorate and uncertainty mounts over
borrowers abilities to repay as forecast.

Shareholder Mark Hotchin said "Against a backdrop of global
credit uncertainties, falling property prices and lower
reinvestment rates, the industry model has collapsed.  Alternate
financiers are increasingly unwilling to step in, and we are
also now starting to see borrowers trying to take advantage of
the uncertainty to delay payments - further compounding the
situation.

Hanover said Mark Hotchin and fellow shareholder Eric Watson
have pledged continued support for the business and will also
work closely with the trustees to deliver the restructure
arrangement.

Mr. Hotchin said the suspension of capital and interest
repayments, effective yesterday, will enable the business to be
managed in a measured way as it works through a restructure plan
to allow investors to be repaid over an agreed time period.  The
action also applies to investments with Hanover Finance
subsidiary United Finance Limited, and sister company Hanover
Capital Limited.

According to Hanover, a detailed proposal will be presented to
investors, targeted for late August but with the exact timing to
be determined in consultation with the trustees - New Zealand
Guardian Trust for Hanover Finance, and Perpetual Trust for
United Finance and Hanover Capital.

"We are disappointed to take this action given that the business
is still projecting a cash positive position.  But, given the
future uncertainty for the industry and the impacts now being
felt by even the most well-established finance companies, we
believe it is prudent to act early to preserve value for all,"
Mark Hotchin said.

"Hanover Finance is now becoming caught up in this widespread
uncertainty around borrowers ability to meet their obligations.  
In this environment, we think it's sensible to take some time to
work through all this in an orderly way.  It also gives us more
time to realize value from all borrowers," Mark Hotchin said.

The Hanover Finance book comprises approximately 13,000
investors with NZ$465 million in debentures.  United Finance has
around 2,400 investors with NZ$65 million in debentures.  And
Hanover Capital, offering secured preferential bonds, has around
1,100 investors with NZ$24 million worth of bonds.

As a consumer finance business FAI Finance Limited, which is
also a Hanover Finance subsidiary, is not proposed to be
included in the restructure.

As reported in the Troubled Company Reporter – Asia Pacific on
April 21, 2008, Fitch Ratings affirmed the ratings of Hanover
Finance Limited (HFL) at Long-term foreign currency Issuer
Default Rating (IDR) 'BB+', Short-term IDR 'B', Individual
rating 'C/D' and Support rating '5'. It has also assigned a
Support Rating Floor of 'NF' to HFL.  The Outlook is Stable.  At
the same time, Fitch has affirmed and simultaneously withdrawn
Hanover Financial Services Limited's (HFSL) ratings of 'BB+'
Long-term foreign currency IDR with Stable Outlook, 'B' Short-
term IDR, 'C/D' Individual and '5' Support rating. HFSL is
effectively a holding company with no rating requirements.

HFL is NZ's third-largest privately-owned finance company with
total assets of NZD796 million at 31 December 2007. The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


MARBLEWOOD RENTALS: Commences Liquidation Proceedings
-----------------------------------------------------
The High Court at Auckland convened a hearing on July 11, 2008,
to consider an application putting Marblewood Rentals Limited
into liquidation.

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

The plaintiff's address for service is at:

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

Michael Kinlim Yan is the plaintiff's solicitor.


OCEANIA DEVELOPMENTS: Commences Liquidation Proceedings
-------------------------------------------------------
The High Court at Auckland held a hearing on July 11, 2008, to
consider an application putting Oceania Developments Limited
into liquidation.

The application was filed on March 27, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

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

Michael Kinlim Yan is the plaintiff's solicitor.


PJM WHOLESALE: Shareholders Appointed Fisher as Liquidator
----------------------------------------------------------
In accordance with Section 122 of the Companies Act 1993, the
shareholders of PJM Wholesale Limited has appointed Douglas Kim
Fisher, chartered accountant of Auckland, as liquidator of the
company.

Only creditors who were able to file their proofs of debt on
July 14, 2008, were included in the company's dividend
distribution.

The liquidator can be reached at:

          Douglas Kim Fisher
          Private Bag MBE M215
          Auckland
          Telephone: (09) 630 0491
          Facsimile: (09) 638 6283


SPECIAL EFFECTS: Placed Under Liquidation
-----------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Special Effects Panel & Paint Limited  resolved
that the company be liquidated and appointed Barry White, of
White Limited, Auckland, as liquidator.

Creditors and shareholders may direct their inquiries to:

          Barry White
          PO Box 37315
          Parnell, Auckland 1151
          Telephone: (09) 366 7277
          Facsimile: (09) 366 7276


SURVEILLANCE AGENCY: Mason and Hayward Appointed as Liquidators
---------------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993,
Karen Betty Mason and Lloyd James Hayward, insolvency
practitioners, were appointed liquidators of  Surveillance
Agency Limited on April 2, 2008.

The liquidators can be reached at:

          Attn: Lloyd Hayward
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302
          Wellesley Street
          Auckland 1141
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152


YOUNG WHITE: Commences Liquidation Proceedings
----------------------------------------------
The High Court at Wellington convened a hearing on July 14,
2008, to consider an application putting YoungWhite Group
Limited into liquidation.

The application was filed on May 27, 2008, by Jones & Sandford
Joinery Limited.

The plaintiff's address for service is at:

         Attn: Catherine Chetwin
         Govett Quilliam
         The Lawyers
         1 Dawson Street
         New Plymouth

A. R. Laurenson is the plaintiff's solicitor.



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

* PHILIPPINES: Jan-June 2008 Fiscal Deficit Down by Php23.0 Bil.
----------------------------------------------------------------
The January to June fiscal deficit of the National Government
reached Php18.0 billion, Php23.0 billion lower than the
programmed ceiling of Php41 billion Bureau of the Treasury data
show.  

The lower than expected deficit can be attributed to the Php8.3
billion excess over the first semester revenue program of
Php561.7 billion and Php14.7 billion lower spending.  The
National Government registered a surplus in June amounting to
Php0.77 billion.

                      Revenue Performance

Revenue collections reached Php570 billion for the first
semester.  It grew by 12% compared to the same period of last
year’s Php510.3 billion.  The Bureau of Internal Revenue and
Bureau of Customs registered a growth of 16% and 27%,
respectively for the first semester compared to same period last
year.  Actual collections for the semester were recorded
at Php389.8 billion for BIR and Php117.0 billion for BOC.      
Likewise, the Bureau of the Treasury income was recorded at
Php29.5 billion while other offices, registered an income of
Php33.7 billion.  Revenue collections reached Php87.6 for the
month of June.  Actual collections for the month were recorded
at Php54.1 billion and Php24.9 billion for BIR and BOC,
respectively.  Bureau of the Treasury income and collections
from other offices for the month was recorded at Php4.2 billion
and Php4.4 billion, respectively.

                        Expenditures

Actual disbursements for the first semester amounted to
Php588 billion, 7% higher than the comparable disbursements in
2007.  Excluding interest payments, total disbursements
increased by 6%.  Actual disbursements in June amounted to
Php86.8 billion.

                   Primary Surplus/(Deficit)

Netting out the interest payments in the expenditures, the
National Government recorded a primary surplus for the month of
June amounting to Php8.7 billion.  Cumulatively, the primary
surplus reached to Php123.0 billion for January to June.



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

AY INVESTMENT: Creditors' Proofs of Debt Due on August 17
---------------------------------------------------------
Ay Investment Holding Pte Ltd, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by August 17, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Aaron Loh Cheng Lee
          c/o One Raffles Quay
          North Tower, Level 18
          Singapore 048583


CELLONICS INCORPORATED: Court Enters Wind-Up Order
--------------------------------------------------
On July 11, 2008, the High Court of Singapore entered an order
to have Cellonics Incorporated Pte Ltd's operations wound up.

The company's liquidator is located at:

          Insolvency & Public Trustee’s Office
          45 Maxwell Road #05-11/#06-11
          The URA Centre (East Wing)
          Singapore 069118


CONTINENTAL CHEMICAL: S&P Withdraws “B” Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B+' long-
term corporate credit rating on Continental Chemical Holdings
Ltd. at the company's request.  The company has no rated debt
outstanding.


MOBALEX (SINGAPORE): Court to Hear Wind-Up Petition on August 1
---------------------------------------------------------------
On July 8, 2008, the High Court of Singapore will hear a
petition to have Mobalex (Singapore) Pte Ltd's operations wound
up.

Edmund Yong Kin Kwong filed the petition against the company on
July 8, 2008.

Edmund Yong's solicitors are:

          Messrs. Wong Thomas & Leong
          No. 23 New Bridge Road #03-01
          Singapore 059389


STATS CHIPPAC: Extends Tender Offer & Solicitation for Sr. Notes
----------------------------------------------------------------
STATS ChipPAC Ltd. disclosed the amendments to the pending cash
tender offer and consent solicitation in respect of its
US$150 million of 7.5% Senior Notes due 20101 and its
US$215 million of 6.75% Senior Notes due 20112.  In particular,
the company is: (i) extending the Expiration Date of the Tender
Offer and Consent Solicitation to 5:00 p.m., New York City time,
on August 8, 2008, unless the date is further extended or
earlier terminated and (ii) extending the Final Settlement Date
to an expected date of August 15, 2008.  In connection with
these extended deadlines, the company is permitting Holders to
validly withdraw tenders of Existing Notes from the date of this
announcement through 5:00 p.m., New York City time, on July 25,
2008.  Holders that tender Existing Notes through the Amended
Expiration Date will be eligible to receive the applicable Total
Consideration.

As of the Consent Deadline, 5:00 p.m., New York City time, on
Wednesday, July 2, 2008, 98.09% of the principal amount of the
2010 Notes and 98.51% of the principal amount of the 2011 Notes
have been validly tendered and the related consents have been
validly delivered.

Except for the amendments described above, all other terms and
conditions of the Tender Offer and Consent Solicitation in
respect of each series of Existing Notes, as set forth in the
company’s Offer to Purchase and Consent Solicitation Statement,
remain the same, including, among other things, the company
obtaining adequate debt financing to fund the tender offer and
consent solicitation and the proposed cash distribution on terms
and conditions acceptable to it.

Credit Suisse and Deutsche Bank are acting as the Dealer
Managers and Lucid Issuer Services Limited as the Tender and
Information Agent for the Tender Offer and Consent Solicitation.
Requests for documents may be directed to the Tender and
Information Agent at:

          Yves Theis or Sunjeeve Patel
          Telephone: +44 20 7704 0880
          Facsimile: +44 20 7067 9098,
          Web site: http://statschippac@lucid-is.com.

Any questions or requests for assistance regarding the tender
offer and consent solicitation may be directed to the Dealer
Managers.

                     About STATS ChipPAC Ltd.

Headquartered in Singapore, STATS ChipPAC Ltd. --
http://www.statschippac.com/en-US/s-- is a service provider of
semiconductor packaging design, bump, probe, assembly, test and
distribution solutions.  It provides a range of semiconductor
packaging and test solutions to a customer base servicing the
computing, communications, consumer, automotive and industrial
markets.  The company's services include packaging services,
test services and pre-production and post-production services.
The services offered by the company are customized to the needs
of its individual customers.  During the year ended Dec. 31,
2006, 73.8% of its net revenues were derived from packaging
services, and 26.2% were derived from test and other services.
In June 2006, STATS ChipPAC Ltd. entered into a strategic joint
venture with CR Logic for the assembly and test of select
products in Wuxi, China, in connection with which it acquired a
25% shareholding in Micro Assembly Technologies Limited with CR
Logic owning a 75% interest.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on  
June 24, 2008, Standard & Poor's Ratings Services assigned its
'BB+' issue rating to the proposed issue of medium-term
benchmark-sized senior unsecured notes by STATS ChipPAC Ltd.  
(BB+/Stable/--).

                         *********

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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