TCRAP_Public/080725.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, July 25, 2008, Vol. 11, No. 147

                            Headlines

A U S T R A L I A

A.C.N. 055 252 376: To Declare Dividend on August 4
CENTRAL QUEENSLAND: Member's Final Meeting Set for August 4
CHG WATERLOO: Members' Final Meeting Slated for August 4
CHG WESTERN: Member's Final Meeting Set for August 4
EASTERN HOUSING: Liquidator to Give Wind-Up Report on August 4

FINCORP: Court Dissolves Asset Freeze Order on Former Directors
FORREST UNITS: Members and Creditors to Meet on August 4
MST DEVELOPMENT: Members' Meeting Set for August 4
OPES PRIME: Merrill Lynch Shows No Interest in Settlement
OPTIMA ICM: Three Subsidiaries Call In Administrators

PACIFIC ELECTRONICS: Member's Final Meeting Set for August 4
ROCKY IMAGING: Liquidator to Give Wind-Up Report on August 4
ROCKSTEAD FINANCIAL: Unit Placed Under Administration
SOCAMP PTY: Member's Final Meeting Set for August 4
ST GEORGE: ACCC Seeks Further Response on Merger Issues

TRONOX INC: Lenders Waive Leverage Ratio Financial Covenant


C H I N A

CHINA EASTERN: Denies Merger Talks with Shanghai Airlines
CHINA EASTERN: Taifook Securities Keeps Airline's "Buy" Rating
GAMMA PHARMA: LL Bradford & Co Expresses Going Concern Doubt
SINO-FOREST: Moody's Affirms Ba2 Senior Unsecured Rating
SPECTRUM BRANDS: Moody's Confirms Caa1 Corporate Family Rating

ZIRCON FINANCE: Fitch Cuts Rating on US$15MM Notes to BB from A
ZTE CORP: Plans to Penetrate Japan's WCDMA Market
ZTE CORP: To Issue CNY400 Million Short-Term Financial Bills


H O N G K O N G

AIRSTAFF HONG KONG: Wind-Up Petition Hearing Set for August 13
BEST SMOOTHNESS: Wind-Up Petition Hearing Set for September 10
DORIGHT LIMITED: Subject to Profit Richness' Wind-Up Petition
LEE SUN: Requires Creditors to File Claims by July 31
LUEN PAK: Creditors' Proofs of Debt Due on August 14

MEDA JEWELRY: Requires Creditors to File Claims by August 18
PAK MAN: Appoints Wai and Fun as Liquidators
WAI YIP:  Li Man Wai and Tsang Lai Fun


I N D I A

ANDREW YUL: To Divest 26.2% Stake in Tide Water Oil
BROADCAST INITIATIVES: Share Capital Increased to Rs.30 Crores
GENERAL MOTOR: Edward Altman's Z-score Model Predicts Bankruptcy
JABALPUR MUNICIPAL: Fitch Puts 'BB+(ind)' Nat'l LT Issuer Rating
NETWORK LTD: Board Approves Merger Share Exchange Ratio

POLAR INDUSTRIES: Ends Polar Product Distributorship Deal
TUTICORIN ALKALI: Extends Accounting Year Until March 31, 2009


I N D O N E S I A

BANK MANDIRI: Cuts 2008 Loan Growth Target to 18%


J A P A N

AMPEX CORP: Court Okays Modifications to Plan, D/S Supplement
CAPCOM CO: Plans to Establish New Unit Through CE Europe, Ltd.
FORD MOTOR: Edward Altman's Z-score Model Predicts Bankruptcy
NIPPON STEEL: Resumes Production at Kamaishi Works
NIPPON STEEL: Raises Plate Prices to Offset Surging Energy Cost

* S&P Sees 2 Japanese Transactions Affected by Zephyr Bankruptcy


K O R E A

INTERLINE RESOURCES: HJ & Associates Raises Going Concern Doubt


N E W  Z E A L A N D

AIR NEW ZEALAND: Resumes Non-Stop Service to Beijing
AIR NEW ZEALAND: Increases Airfares Amid Rising Fuel Prices
CASA MIA: Commences Liquidation Proceedings
CRAZY TOWN: Commences Liquidation Proceedings
DIVCO STEEL: Commences Liquidation Proceedings

EASI LAWN: Commences Liquidation Proceedings
HANOVER FINANCE: Commerce Commission Opens Investigation
LITTLE SCAFFOLDING: Commences Liquidation Proceedings
METER HOLDINGS: Shareholders Appointed Liquidators
ROOF COATING: Commences Liquidation Proceedings

SUCCESS PERSONNEL: Commences Liquidation Proceedings
TAUEKI TRANSPORT: Commences Liquidation Proceedings
TRIPLE ACT: Shareholders Taps Toon and Finnigan as Liquidators


P A K I S T A N

AZGARD NINE: Moody's Withdraws B2 Corporate Family Rating


P H I L I P P I N E S

* PHILIPPINES: Raises PHP70 Bil. From Retail Treasury Bond Offer
* PHILIPPINES: Prepays US$498 Mil. in Foreign Loans


S I N G A P O R E

SCOTTISH RE: Ernst & Young Expresses Going Concern Doubt


T H A I L A N D

* FITCH: Major Thai Banks' H1 Results Strong Amidst Econ. Shocks


X X X X X X X X

* Fitch Says Negative Rating Trend in Global Banks Persists
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

A.C.N. 055 252 376: To Declare Dividend on August 4
---------------------------------------------------
A.C.N. 055 252 376 Pty Ltd fka EMS Total Filtration Pty Ltd will
declare dividend on Aug. 4, 2008.

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

The liquidator can be reached at:

          Robert Colin Parker
          Freer Parker & Associates
          PO Box 6238, Halifax Street
          Adelaide SA 5000
          Telephone: (08) 8211 7177
          Facsimile: (08) 8212 4677
          Email: insolvency@freerparker.com.au


CENTRAL QUEENSLAND: Member's Final Meeting Set for August 4
------------------------------------------------------------
Michael Scales, Central Queensland Radiology Pty Ltd's estate
liquidator, will meet with the company's members at 9:00 a.m. on
Aug. 4, 2008, to provide them with property disposal and
winding-up reports.  

The liquidator can be reached at:
  
          Michael Scales
          Ernst & Young
          8 Exhibition Street
          Melbourne VIC 3000
          Australia
          Telephone: (03) 9288 8000


CHG WATERLOO: Members' Final Meeting Slated for August 4
--------------------------------------------------------
G. G. Woodgate, CHG Waterloo Station 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 WESTERN: Member's Final Meeting Set for August 4
-----------------------------------------------------
G. G. Woodgate, CHG Western 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


EASTERN HOUSING: Liquidator to Give Wind-Up Report on August 4
--------------------------------------------------------------
Simon Cathro and Salvatore Algeri, Eastern Housing and Tenancy
Limited'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:
  
          Simon Cathro
          Salvatore Algeri
          180 Lonsdale Street
          Melbourne VIC 3000
          Australia
          Telephone: (03) 9208 7000


FINCORP: Court Dissolves Asset Freeze Order on Former Directors
---------------------------------------------------------------
The Supreme Court of New South Wales has dissolved the asset
preservation orders against Peter Pengilley,Craig Gallie, Neil
Livingstone,Craig Stubbs and Graeme Byers, former directors of
Fincorp Investments Ltd and the proceedings against those
directors were dismissed.

ASIC had obtained a short extension of the orders on June 30,
2008, to allow the Board of Directors of Sandhurst Trustees
Limited to make a final decision in relation to a request from
the liquidators to provide funding to enable them to pursue
insolvent trading claims against these former directors.

ASIC sought the dissolution of the orders after having been
advised that Sandhurst had resolved, in the best interests of
secured note holders, not to agree to the request from the
Liquidators.

                           Background

The original defendants in these proceedings were Eric
Krecichwost, Peter Campbell Pengilley, Craig Robert Gallie,
Neil Livingstone, Craig John Stubbs, Mr. Graham Ronald Byers,  
Deborah Livingstone, Kaye Gallie, Tiffany Krecichwost, Macarthur
Investment Group Pty Ltd, Prime Consulting Group Pty Ltd, United
Investment Group Pty Ltd and Crest Capital Pty Ltd.

Asset preservation orders against these defendants were first
obtained on July 5, 2007 and continued under s1323 of the ASIC
Act.

The orders against Peter Pengilley, Craig Gallie, Neil
Livingstone, Craig Stubbs and Graeme Byers were, in large part,
obtained for the purpose of protecting the interests of the
liquidators, as aggrieved persons, to whom these former
directors may have become liable to pay money as a consequence
of any insolvent trading proceedings brought against them.

Macarthur Investment Group Pty Ltd and Prime Consulting Group
Pty Ltd subsequently went into liquidation.  The orders against  
Deborah Livingstone, Kaye Gallie and Tiffany Krecichwost were
dissolved on June 30, 2008.

The asset preservation orders against Eric Krecichwost, a former
director of Fincorp and two related companies, United Investment
Group Pty Limited and Crest Capital Pty Limited are still in
force and continue until September 29, 2008.  These orders
continue to restrain these parties from removing, or causing or
permitting to be removed all or any of their assets from New
South Wales and from Australia and from selling, charging,
mortgaging or otherwise dealing with or disposing of all or any
of their assets, apart from reasonable living and other
expenses.

                          About Fincorp

Fincorp Group -- http://www.fincorp.com.au/-- is a boutique  
funds management and property development business that
focuses on mortgage-backed and property products.  It is based
in Grosvenor Place, Sydney, with around 40 employees across New
South Wales, Victoria, and Queensland.

Two companies with the Fincorp Group (Fincorp Financial Services
Limited and Fincorp Managed Investments Limited) hold Australian
Financial Services Licenses and act as Responsible Entities
under the Corporations Act 2001.  Fincorp and its Funds are
regulated by the Australian Securities and Investment
Commission.

                          *     *     *

On March 27, 2007, the Troubled Company Reporter-Asia Pacific
reported that Fincorp Group went into administration with  
AU$290 million in debt, of which AU$200 million were owed to
investors and AU$90 million to external financiers.

David Winterbottom was appointed as administrator together with
Mark Korda and Lachlan McIntosh, partners at corporate recovery
firm KordaMentha.

Fincorp Group has reportedly been struggling under heavy inter-
company debt loads and negative cashflow, the TCR-AP cited a
report from The Australian, published on March 26, 2007.


FORREST UNITS: Members and Creditors to Meet on August 4
--------------------------------------------------------
Forrest Units Pty Ltd will hold a final meeting for its members
and creditors on Aug. 4, 2008.  During the meeting, the
company's liquidators, John Vouris at Lawler Partners, will
provide the attendees with property disposal and winding-up
reports.

The company's liquidators can be reached at:

          John Vouris
          Lawler Partners
          Charted Accountants
          Level 9, 1 O’Connell Street
          Sydney NSW 2000
          Australia


MST DEVELOPMENT: Members' Meeting Set for August 4
--------------------------------------------------
David Clement Pratt and Timothy James Cuming, MST Development
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:

          David Clement Prat
          Timothy James Cuming
          PricewaterhouseCoopers
          Level 15, 201 Sussex Street
          Sydney NSW 1171
          Australia


OPES PRIME: Merrill Lynch Shows No Interest in Settlement
---------------------------------------------------------
Merrill Lynch Australia chief executive Paul Masi has given a
strong indication that the firm is unlikely to participate in
any settlement deal over collapsed Opes Prime Group Ltd,
potentially leaving major lender ANZ Bank to strike its own deal
with the administrators, Katherine Jimenez of The Australian
reports.

The Australian cites Mr. Masi as saying, "You only settle
something if you think you have done something wrong."

"ANZ's situation is very different from ours and the fact that
they choose to try and join us together is their issue.  It's
got nothing to do with us," Mr. Masi said.

According to the Australian, his comments come as Opes Prime
administrator John Lindholm attempts to secure a settlement deal
with the financiers of the collapsed firm -- ANZ and Merrill --
over the next month.  But ANZ has said that any settlement is
conditional on all the key players, including Merrill, being
involved, the report relates.

However, the report says, with Merrill unlikely to participate
in a deal, expectations are building that ANZ may be in for a
settlement payout, possibly paying Opes' unsecured creditors 60c
to 70c on the dollar.

Mr. Masi said, "We think that once the matters are heard, we
will be shown to have done everything appropriately."  Mr. Masi
also pointed out that the default event for Merrill only
occurred when Opes was put into default by ANZ, the Australian
notes.

                        About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.


OPTIMA ICM: Three Subsidiaries Call In Administrators
-----------------------------------------------------
Optima ICM Limited said that the directors of its wholly owned
subsidiaries Optima Technology Solutions Pty Limited, Digital
City Group Pty Limited and 3CSHOP International Pty Ltd have
appointed David Mansfield and Rick Porter of Moore Stephens as
voluntary administrators for those companies.

Optima ICM said the company and its other subsidiaries are
continuing their operations and there is no intention to appoint
an administrator to these companies.

According to Optima ICM, Optima Technology's principal business
is of computer manufacturing and distribution which has been
operating under fierce competition from multinational vendors
for several years.  Optima Technology has had losses for some
time but suffered a major setback when it lost the preferred
supplier status to the Department of Education and Training in
both Queensland and New South Wales.

Meanwhile, Optima ICM said the business of Digital City, which
was acquired last year, has failed to meet the profit forecasts
and has been consistently experiencing losses.  Unfortunately
with the general downturn in retail sales, management have not
been able to turn this business around.

As a result of the uncertainty surrounding some of the assets of
Optima ICM and pursuant to Section 17.2 of the listing rule,
Optima ICM requests the trading suspension to be extended until
further notice.  

                   Multimedia Sues Digital City

Multimedia Technology has launched legal proceedings against
Optima ICM's retail subsidiary, Digital City, to recover
hundreds of thousands of dollars in debt, Nadia Cameron of ARN
reports.

Multi Media managing director, John Hassall told ARN that the
distributor had not been dealing directly with Optima but
confirmed it launched legal action against Digital City last
week through the county courts for failure to pay bills between
March and June 2008.

                   About Multimedia Technology

Multimedia Technology is one of Australia's premier IT
distributors.  It currently employs 85 staff across 4 states.  
The company's product range includes optical drives, graphic
cards, digital cameras, monitors, notebooks, data storage and
wireless networking products.  

                        About Optima ICM

Optima ICM Limited (ASX:OPI) -- http://www.optimaicm.com-- is  
engaged in computer assembly and distribution, provision of
computer related services, distribution of information
technology (IT) and consumer electronics products. The company
operates in three segments: computer assembly, IT product
distribution and associated services.  Its subsidiaries include
Optima Technology Solutions Pty Limited, Iocom Solutions Pty
Limited, Fortress Networks Pty Limited, OpenNet BI Pty Limited,
Internet Business Solutions Pty Limited and 3CShop International
Pty Limited.  In February 2006, the company launched a buying
group business called 3CSHOP, to provide group-buying services
to resellers to digital home markets.  Optima ICM Limited
operates predominantly in Australia.  In October 2007, the
company acquired electronics and imaging retailer, Digital City,
which gives Optima direct access to retail customers in
metropolitan areas.


PACIFIC ELECTRONICS: Member's Final Meeting Set for August 4
------------------------------------------------------------
Richard Rohrt, Pacific Electronics Pty Ltd's estate liquidator,
will meet with the company's members at 9:00 a.m. on Aug. 4,
2008, to provide them with property disposal and winding-up
reports.  

The liquidator can be reached at:
  
          Richard Rohrt
          Scott Partners Consulting
          Level 1, 173 Burke Road
          Glen Iris VIC 3146
          Australia


ROCKY IMAGING: Liquidator to Give Wind-Up Report on August 4
------------------------------------------------------------
Michael Scales, Rocky Imaging 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:
  
          Michael Scales
          Ernst & Young
          8 Exhibition Street
          Melbourne VIC 3000
          Australia
          Telephone: (03) 9288 8000


ROCKSTEAD FINANCIAL: Unit Placed Under Administration
-----------------------------------------------------
Rockstead Financial Services Limited's subsidiary, First Capital
Securities Limited, appointed Greg Maloney and Peter Geroff of
Ferrier Hodgson as voluntary administrators to FCSL on July 21,
2008.  As a consequence, The Public Trustee of Queensland,
pursuant to a charge over FCSL for the benefit of unsecured note
holders, appointed John Greig and Nicholas Harwood of Deloitte
as receivers and managers.  Rockstead has not had administrators
appointed to it.

Rockstead said that FCSL has been in the process of running out
its lending book since May 2007 and it has experienced
difficulties in recovering its four remaining loans, due to
reasons such as delays in building projects, builders becoming
insolvent and borrowers being unable to obtain refinance in the
current credit crisis.  This has strained the liquidity of FCSL
and Rockstead to ensure payments to note holders and work out
solutions was provided to assist on the loans.  FCSL has been
able to manage its financial obligations with the financial
support of its two Singapore majority shareholders.  
Unfortunately, this financial support was withdrawn on July 21.  
The four loans are all secured under first and second mortgages.

Rockstead said FCSL will continue to work with all relevant
parties for the benefit of note holders.

Meanwhile, Rockstead said that Ken Major resigned as a director
on July 17, 2008.

                      New Zealand Loan

Rockstead's subsidiary, First Capital Gulf Harbour Limited, has
to date been unable to secure full refinance for a loan held by
the New Zealand subsidiary of Allco HIT Limited subsidiary,
Strategic Finance Limited.

The First Capital Gulf loan facility from Strategic is under a
first mortgage with a guarantee from Rockstead.  An independent
valuer, valued the property at November 16, 2007, at NZ$23.8
million.  The Strategic loan is approximately NZ$13.53 million.  
The proposed incoming funder received similar valuation in
April 2008 for NZ$22.2 million.

Strategic have agreed to allow Rockstead and its Singapore
majority shareholders until July 24, to provide a firmer full
funding proposal to Strategic.  Strategic had previously served
a statutory demand on Rockstead that expired on July 18, 2008.  
Prior to this date, a full funding proposal with a construction
facility was obtained from an Australian based financier by
First Capital Gulf.  However, with the continuing deterioration
of the Australian and New Zealand credit market, coupled with
the collapse of approximately 22 finance companies in New
Zealand, the proposed incoming funder could only provide a
refinance amount which is less than the amount needed for full
refinance.

First Capital Gulf and Rockstead have been working to obtain
refinance for the Strategic loan and to complete the creation of
individual lots to advance the property for sale.  The
subdivision of lots of the property substantially increases the
property value to NZ$37 million under the valuation made in
April 2008 and reduced the overall loan to valuation ratio's to
assist with the sale.

First Capital Gulf, Rockstead and its majority Singaporean
shareholders are continuing to pursue refinancing options
despite the harsh market conditions.

Rockstead's Singaporean majority shareholders continue to
provide financial support to Rockstead.

                    About Rockstead Financial

Based in Subiaco, Australia, Rockstead Financial Services
Limited (ASX:RKS), formerly First Capital Group Limited, acts as
an investor in a range of businesses in the funds management,
property development and lending sectors.  On Feb. 8, 2007, the
company acquired a 30% interest in Explorer Group Limited (EGL).
On May 24, 2007, the company acquired a further 10% interest in
EGL bringing the company’s total shareholding in EGL to 40%.
Subsequent to June 30, 2007, the company sold its 40%
shareholding in EGL to Ascalon Capital Managers Limited.  Some
of its subsidiaries include First Capital Securities Limited,
First Capital Services Pty Ltd, First Capital Investments Pty
Ltd, First Capital New Zealand Limited and TaxBreak Calculators
Pty Ltd.


SOCAMP PTY: Member's Final Meeting Set for August 4
---------------------------------------------------
Michael Scales, Socamp Pty Ltd's estate liquidator, will meet
with the company's members at 11:00 a.m. on Aug. 4, 2008, to
provide them with property disposal and winding-up reports.  

The liquidator can be reached at:
  
          Michael Scales
          Ernst & Young
          8 Exhibition Street
          Melbourne VIC 3000
          Australia
          Telephone: (03) 9288 8000


ST GEORGE: ACCC Seeks Further Response on Merger Issues
-------------------------------------------------------
The Australian Competition and Consumer Commission issued a
Statement of Issues on the proposed acquisition of St George
Bank Limited by Westpac Banking Corporation.

The Statement of Issues seeks further information on certain
competition issues which have arisen from the ACCC's market
inquiries to date.

The ACCC said it invites further submissions from the market by
Aug. 6, 2008.  To allow for submissions in response to the
Statement Issues, the ACCC's final decision date will be
deferred until Aug. 20, 2008.

In a regulatory filing, St George said that the statement of
issues is an important step in the merger process and the
company looks forward to working with the ACCC to resolve the
issues raised.

                     Westpac Merger Proposal

As reported in the Troubled Company Reporter-Asia Pacific
on May 12, 2008, Westpac's merger proposal states that:

   * All Westpac and St.George brands, including Bank SA, and
     branch/ATM networks would be retained.  The intention is
     that there will be no net reduction in branch or ATM
     numbers. The focus will be on investing more in front-line
     services;

   * The combined 10 million customers would benefit from an
     enhanced offering in terms of product range, expanded
     distribution and financial strength while preserving their
     relationships with employees, products, customer
     touchpoints and branding; and

   * Shareholders would own the premier AA rated financial
     institution in Australia, with leading market positions
     across key lines of business, and share in the benefits of
     substantial revenue synergies going forward.

Westpac also outlined that the combined business would be a
market leader in Australia.  Specifically, St George and Westpac
would be:

    * Australia's leading provider of home lending, with a
      market share of 25%

    * Australia's largest wealth platform provider with funds
      under administration of AU$108 billion

St George's Board of Directors has indicated their intention to
recommend shareholders' approval of the proposal.

St George is being advised by UBS as financial adviser and
Allens Arthur Robinson as legal adviser.  Westpac has engaged
Caliburn Partnership as financial adviser and Gilbert + Tobin as
legal adviser.  

                         About Westpac

Headquartered in Sydney, New South Wales, Australia --
http://www.westpac.com.au/-- Westpac Banking Corporation     
provides a range of banking and financial services, including
retail, commercial, and institutional banking, as well as wealth
management services to individuals and business customers in
Australia, New Zealand, and the Pacific region.

                       About St George Bank

Headquartered in Kogarah, New South Wales, Australia --
http://www.stgeorge.com.au--  Bank Limited is a             
banking company.  The Company operates in four business
segments: Retail Bank (RB), Institutional and Business Banking
(IBB), BankSA (BSA) and Wealth Management (WM).  RB is
responsible for residential and consumer lending, provision of
personal financial services including transaction services, call
and term deposits, small business banking and financial
planners.  This division manages retail branches, call centers,
agency networks and electronic channels, such as electronic
funds transfer at point of sale (EFTPOS) terminals, automated
teller machines (ATMs) and Internet banking.

On September 28, 2007, it disposed of its 100% interest in
Scottish Pacific Business Finance Holdings Pty. Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on May 13, 2008, Moody's Investors Service reviewed, with
direction uncertain, the ratings of St George Bank.  It is rated
Aa2 for deposits and senior debt, Prime-1 for short-term
obligations and carries a bank financial strength rating (BFSR)
of B.

In addition, Fitch Ratings placed St George Bank Limited's
'B' Individual Rating and 'BB+' Support Rating Floor on Rating
Watch Positive.


TRONOX INC: Lenders Waive Leverage Ratio Financial Covenant
-----------------------------------------------------------
Tronox Incorporated received approval from its lenders for an
amendment to its senior secured credit facility.

The agreement was entered among Tronox Incorporated, Tronox
Worldwide LLC, several banks and other financial institutions.
Lehman Brothers Inc. and Credit Suisse served as joint lead
arrangers and joint bookrunners.  ABN AMRO Bank N.V. served as
syndication agent, while JPMorgan Chase Bank N.A. and Citicorp
USA Inc. served as co-documentation agents.  Lehman Commercial
Paper Inc. acted as administrative agent.

As a result of increases in process chemical, energy and
transportation costs and production difficulties the company
experienced in the second quarter, combined with the impact of
the weak U.S. economy, Tronox had requested and received
approval for a waiver to its leverage ratio financial covenant
for the 2008 second quarter and subsequently requested the
amendment to its leverage ratio financial covenant for the
remainder of the year.  

These are the amended leverage ratios:

                                    Leverage Ratio
                                    --------------
     Three Months Ended           New       Previous
     ------------------           ---       --------
     June 30, 2008                5.20x     4.90x
     Sept. 30, 2008               5.55x     4.90x
     Dec. 31, 2008                5.35x     4.90x

A full text copy of the third amendment to credit agreement and
second amendment to guarantee and collateral agreement is
available for free at http://ResearchArchives.com/t/s?2fc9

Tronox remains focused on reducing costs and increasing prices.  
In the third quarter, the company is continuing to see a trend
of further price increases being implemented in all three
regions of the world, which it believes will help offset ongoing
titanium dioxide industry cost increases.  

There is no assurance, however, that these pricing trends will
offset continuing cost increases that the company is unable to
predict and that depend on numerous factors beyond its control.
Tronox continues to evaluate all strategic alternatives to
improve the business, including development opportunities,
mitigation of legacy liabilities, capital restructuring and land
sales.

                    About Tronox Incorporated

Headquartered in Oklahoma City, Tronox Incorporated (NYSE:TRX)
-- http://www.tronox.com/-- is a producer and marketer of  
titanium dioxide pigment.  Titanium dioxide pigment is an
inorganic white pigment used in paint, coatings, plastics, paper
and many other everyday products.  The company's five pigment
plants, which are located in the United States, Australia,
Germany and the Netherlands, supply performance products to
approximately 1,100 customers in 100 countries.  In addition,
Tronox produces electrolytic products, including sodium
chlorate, electrolytic manganese dioxide, boron trichloride,
elemental boron and lithium manganese oxide.



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

CHINA EASTERN: Denies Merger Talks with Shanghai Airlines
---------------------------------------------------------
China Eastern Airlines denied rumors that it is in talks with
smaller-rival Shanghai Airlines on a possible merger deal, Fang
Yan of Reuters News reports.

However, Zhang Na of Caijing.com News writes that a source said
the Chinese government is discussing a possible merger between
the two airlines.  The source told Caijing that the current
discussion is taking place between government agencies, adding
that two companies have yet to take part.

Caijing News relates that another industry insider said the
Shanghai government might be considering the merger as a means
to boost the city's aviation industry.

Shanghai Airlines, Reuters notes, said that neither it nor its
state-run parent had taken any action on a major transaction
that would be related to restructuring in the country's aviation
industry.

Meanwhile, according to Shanghai Daily News, China Eastern and
Shanghai Air's jumped on July 23, on speculation that the
government may merge the two airlines.

China Eastern jumped 4.16% to CNY7.77 (US$1.14) per share in
Shanghai and Shanghai Airlines gained 4.13% to CNY6.56, while
the Shanghai Composite Index lost 0.29% to 2,837.85 points.

Moreover, the Daily notes that the tie-up would consolidate the
two carriers' dominance of the local aviation market with China
Eastern's 40% share and Shanghai Airlines' 15% share.  However,
China Eastern may face a more complicated situation as it
remains in cooperation with Singapore Airlines, the same report
says.

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

                    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.


CHINA EASTERN: Taifook Securities Keeps Airline's "Buy" Rating
--------------------------------------------------------------
Taifook Securities has maintained its "buy" rating for China
Eastern Airlines, but down adjusted its target price from HK$5.0  
to HK$3. 5, Xinhua News reports.

The broker, Xinhua News relates, pointed out in a report that
constant rise of jet fuel price has brought challenges to the
airline's operation.

According to Xinhua News, Taifook Securities noted that short-
term stimulation factors for China Eastern include possible
share participation of Singapore Airlines and Temasek or capital
injection from parent company of Air China.

Taifook Securities deemed that considering the leading status of
China Eastern in Shanghai's aviation market, and the hub
function of Shanghai in China, profitability of China Eastern
has a large rising space, Xinhua News notes.

                       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.


GAMMA PHARMA: LL Bradford & Co Expresses Going Concern Doubt
------------------------------------------------------------
Las Vegas-based L.L. Bradford & Company, LLC, raised substantial
doubt about the ability of Gamma Pharmaceuticals, Inc., to
continue as a going concern after auditing the company's
financial statements for the year ended March 31, 2008.  The
auditor said that the company's current liabilities exceed
current assets and has incurred significant losses during the
development stage.

Gamma Pharmaceuticals reported a net loss of US$3,795,571 on
total revenues of US$197,840 for the year ended March 31, 2008,
as compared with a net loss of US$2,353,884 on zero revenue in
the prior year.

At March 31, 2008, the company has an accumulated loss of around
US$6,404,224.  The company's current liabilities exceed its
current assets by US$660,028 as of March 31, 2008.

                       Management Statement

Management related that the company's continuation as a going
concern is dependent upon its ability to obtain additional
financing or sale of its common stock as may be required and
ultimately to attain profitability.

As of March 31, 2008, the company hadUS$71,209 in cash.  
Management plans to raise additional equity capital to begin
executing its business plan, but there can be no assurance that
the company will be able to raise such funds.  Even if the
company is able to raise additional capital, as it continues to
implement its plan to expand into additional markets, the
company will experience increased capital needs and it will not
have enough capital to fund its future operations without
additional capital investments.

"If we cannot obtain initial or additional funding, we may be
required to limit our marketing efforts; and decrease or
eliminate capital expenditures.  Such reductions could
materially adversely affect our business and our ability to
compete," management said.

                          Balance Sheet

At March 31, 2008, the company's balance sheet showed
US$6,907,378 in total assets,US$1,524,942 in total liabilities,
and US$5,382,436 in total stockholders' equity.

The company's consolidated balance sheet at March 31, 2008,
showed strained liquidity with US$284,564 in total current
assets available to pay US$944,592 in total current liabilities.

A full-text copy of the company's 2008 annual report is
available for free at http://ResearchArchives.com/t/s?2ff2

                   About Gamma Pharmaceuticals

Gamma Pharmaceuticals, Inc. (OTC BB: GMPM.OB) --
http://www.gamma-pharma.com/-- operates as a marketing, brand  
management, and product formulation company.  The company
focuses on the formulation, marketing and sale of vitamins and
nutriceuticals, over the counter pharmaceutical products, and
personal care products in the Peoples Republic of China, Hong
Kong, Taiwan, and the United States.  Its product formulations
are based on its proprietary Gel Delivery Technology' and are
marketed and sold as wellness products.   The company offers
products under the BrilliantChoice, Savvy, Jugular Energy
Products, and IceDrops.  It also manufactures house brands for
retail accounts.  The company, formerly known as Sunburst
Pharmaceuticals, Inc., was founded in 1993 and is headquartered
in Las Vegas.


SINO-FOREST: Moody's Affirms Ba2 Senior Unsecured Rating
--------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 senior unsecured
rating of Sino-Forest Corporation's (Sino-Forest) US$300 million
convertible notes, and removed the rating from its provisional
status, following the issuance's completion.  At the same time,
Moody's has affirmed the company's Ba2 corporate family rating.
The outlook for the ratings is stable.

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.


SPECTRUM BRANDS: Moody's Confirms Caa1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service confirmed Spectrum Brand's Caa1
corporate family rating but downgraded its probability of
default rating and revised its rating outlook to negative
following the recent announcement that the company was unable to
obtain the consent of its senior lenders to complete the
proposed sale of its pet division to Salton, Inc.  At the same
time, the senior secured credit facility rating was upgraded to
B1 from B2 and the senior subordinated notes rating was
confirmed at Caa3.  These rating actions conclude a review for
possible downgrade initiated on May 22, 2008.

In 2006, Spectrum initiated an asset sale strategy aimed at
improving the company's capital structure and profitability.
"The downgrade in the probability of default rating and change
in the rating outlook to negative principally reflects Moody's
belief that Spectrum's inability to sell either the Home &
Garden business or the Pet business increases the probability of
a default as its financial covenants continue to step down" said
Kevin Cassidy, Senior Credit Officer, at Moody's Investors
Service.  The negative outlook also reflects Moody's view that
ultimate recovery in a possible debt restructuring, which is
considered above average now, could diminish over time if the
company's operating performance deteriorates due to the
continuing weakness in consumer spending.

Spectrum's Caa1 corporate family rating is driven by its very
high leverage at almost 10x (adjusted debt/EBITDA), weak
interest coverage of a little over 1x (EBITA/interest), and
limited financial flexibility.  The rating also reflects high
raw material costs, exposure to volatile zinc and nickel prices,
competition from well capitalized companies across most business
lines, and the weather dependency of the home and garden
business.  The rating is supported by Spectrum's portfolio of
recognized brands, strong market positions in many product
categories, long-standing relationships with key retailers, an
improved cost structure following restructuring efforts that
were implemented in 2006, and continued favorable trends in
Latin America and the pet supply, battery and personal care
businesses.

The B1 rating of the senior secured credit facility reflects a
Caa2 PDR and a 13% LGD point estimate and the Caa3 rating of the
senior subordinated notes reflects a Caa2 PDR and 62% LGD point
estimate.  Despite a one notch downgrade of the PDR, the senior
secured credit facility was upgraded by one notch to B1 and the
senior subordinated notes were confirmed at Caa3 due to Moody's
expectation of a higher than average recovery in a possible
default scenario.

Moody's subscribers can find additional information in the
Spectrum's Credit Opinion published on Moodys.com.

The following ratings were confirmed/assessments revised:

Corporate family rating at Caa1;

-- US$700 million 7.375% senior subordinated bonds due 2015 at
   Caa3 (LGD4, 62% from LGD5, 83%);

-- US$350 million variable rate toggle senior subordinated notes
   due 2013 at Caa3 (LGD4, 62% from LGD5, 83%);

The following rating was upgraded/assessment revised:

-- US$1.55 billion senior secured credit facility due 2013 to B1
   (LGD 2, 13%) from B2 (LGD2, 29%);

The following rating was downgraded:

-- Probability-of-default rating to Caa2 from Caa1

                      About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a supplier of  
consumer batteries, lawn and garden care products, specialty pet
supplies, shaving and grooming products, household insect
control products, personal care products and portable lighting.

The company's European unit, Rayovac Europe GmbH, is
headquartered in Sulzbach, Germany.  Outside the United States,
the company also has manufacturing facilities in Brazil,
Columbia and China.


ZIRCON FINANCE: Fitch Cuts Rating on US$15MM Notes to BB from A
---------------------------------------------------------------
Fitch Ratings has downgraded the rating on Zircon Finance
Limited series 2007-8 US$15 million notes due March 2017 to 'BB'
from 'A', removed it from Rating Watch Negative and
simultaneously withdrawn the rating.  The transaction is a
synthetic corporate CDO, managed by Lion Global Investors
Limited, which references a portfolio of primarily investment
grade corporate obligations.

Fitch received written notification that the transaction was
restructured on 18 July 2008, and that no ongoing portfolio
information will be provided to the agency after this date.

The agency's policy on withdrawing ratings is to take into
consideration whether it has access to sufficient information in
assessing the credit quality of the notes.  In this case, as
Fitch has been notified that future portfolio information will
not be provided, it has decided to withdraw the ratings on these
notes.

Since the notes were placed on RWN on May 16, 2008, the
transaction has been restructured with 30% of the portfolio
being substituted with generally higher rated entities.  Based
on the latest portfolio information available to the agency,
dated July 18, 2008, the portfolio's weighted average rating has
improved to 'BBB' from 'BBB'/ 'BBB-' at the RWN review.  In
addition, the credit enhancement level has been increased to
5.85%, from 5.06% at the RWN review.

The key drivers of this transaction's credit risk as of the
restructuring date included the 15% of the restructured
portfolio that is rated below investment grade compared with 5%
at closing on May 23, 2007, with 2% in the 'CCC' rating
category, 1% in the 'B' rating category and 12% in the 'BB'
rating category.  Also, 9% of the portfolio was on RWN and 27%
with a Negative Outlook.  The portfolio also has industry
concentration of 50% in the three largest industries, made up of
38% in Banking & Finance, 6% in Retail (General), and 5% in Real
Estate.  The portfolio was geographically concentrated in the
United States at 51%.

Given Fitch's view of concentration and the credit quality of
the portfolio, the credit enhancement level for the transaction
is not sufficient to justify the current rating of the notes.

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

Fitch has previously noted that its review will be focused first
on ratings most exposed to risks it has highlighted in its
updated criteria.  As such, the transaction was placed on RWN on
May 16, 2008.  As previously indicated, resolution of the Rating
Watch status depends on any plans managers/arrangers may choose
to modify either the structure or the portfolio.  In this case,
the arranger has restructured the transaction and the amended
transaction documentation was executed with noteholders'
approval on July 18, 2008.


ZTE CORP: Plans to Penetrate Japan's WCDMA Market
-------------------------------------------------
ZTE Corporation is setting its eye on strategically penetrating
Japan's WCDMA market as it formalizes an agreement signed with a
local Mobile Virtual Network Operator (MVNO) in mid-June this
year.  The company recently entered into an alliance with Japan
Communications to supply the highly competitive 3G market in
Japan with WCDMA data cards starting next month.

In a press event held in conjunction with the company's first
ever participation at EXPO Comm Wireless Japan 2008, the company
unveiled initial strategic steps on how the company plans to
address the needs of highly demanding local 3G subscribers.  ZTE
considers the co-operation another significant milestone in line
with its corporate vision of playing a key role in the global
high-end 3G industry.

"Japan is among the highly advanced markets in the world with
sophisticated 3G infrastructure.  In collaboration with our
local partner, Japan Communications, we are laying down a solid
foundation to provide local telecom customers with comprehensive
range of advanced 3G network services," said Qian Qiang,
President, East/Southeast Asia Region, ZTE Corporation.  The
shipment of WCDMA data cards to the country is our first step to
address the local market requirements.  It is also a valuable
opportunity to enhance ZTE's global positioning in the telecom
industry."

At the EXPO Comm Wireless Japan 2008, ZTE will be showcasing
state-of-the art 3G solutions together with other global leading
telecom service providers and Japan's well-known telecom
carriers, such as NTT DoCoMo, KDDI and WILLCOM.  Specifically,
ZTE will demonstrate its advanced wireless and mobile services
including a full range of LTE/SDR, WiMAX and 3G technologies.  
An annual event that has been running for 13 consecutive years,
EXPO Comm Wireless Japan is one of the major trade shows in
Japan focusing on the latest trends and development of the local
telecommunication and mobile phone industry.

ZTE has been creating impressive waves in the telecom industry
worldwide.  As part of its Multinational Telecom Operator (MTO)
strategy targeting high-end telecom market, the company has been
establishing close partnership with well-known telecom carriers
in Western Europe and North America.  As the world's 6th largest
WCDMA provider, as well as Sprint's biggest WiMAX terminal
partner, ZTE has supplied 3G terminal products to more than 20
countries in the world including UK, Italy, Canada, Spain,
Australia and United States.

The company recorded a sterling business performance overseas
last year, with sales growth in Europe and America exceeding
155%.  ZTE also continuous to forge agreements on terminal and
system services with global telecom service providers such as
Vodafone, Hutchison, France Telecom and Telefonica.  Currently,
ZTE operates in 135 countries worldwide, attesting its leading
position and recognition in the global telecom device market.

                         About ZTE Corp.

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

                           *    *     *

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

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


ZTE CORP: To Issue CNY400 Million Short-Term Financial Bills
------------------------------------------------------------
ZTE Corporation will issue CNY400 million short-term financial
bills, Reuters reports.

According to the report, Industrial and Commercial Bank of China
will serve as the main underwriter.

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

                           *    *     *

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

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



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

AIRSTAFF HONG KONG: Wind-Up Petition Hearing Set for August 13
--------------------------------------------------------------
The High Court of Hong Kong will hear a petition to have
Airstaff Hong Kong Limited's operations wound up on August 13,
2008, at 9:30 a.m.

The plaintiff's solicitors are:

          Messrs. Laracy Gall
          Dina House, 8th Floor
          Ruttonjee Centre
          11 Duddell Street
          Central, Hong Kong
          Telephone: 2836 0555
          Facsimile: 2836 0777


BEST SMOOTHNESS: Wind-Up Petition Hearing Set for September 10
--------------------------------------------------------------
The High Court of Singapore will hear a petition to have Best
Smoothness Investment Limited's operations wound up.

Lau Po Yee filed the petition against the company on July 2,
2008.


DORIGHT LIMITED: Subject to Profit Richness' Wind-Up Petition
-------------------------------------------------------------
On June 4, 2008, Profit Richness Limited filed a petition to
have Doright Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on  
August 13, 2008, at 9:30 a.m.

Profit Richness' solicitors are:

          Messrs. Winston Chu & Co.
          One Pacific Place
          Room 2006, 20th Floor
          88 Queensway
          Hong Kong


LEE SUN: Requires Creditors to File Claims by July 31
-----------------------------------------------------
The creditors of Lee Sun Lan Company Limited are required to
file their proofs of debt by July 31, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

          Desmond Chung Seng Chiong
          Roderick John Sutton
          c/o Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Hong Kong


LUEN PAK: Creditors' Proofs of Debt Due on August 14
----------------------------------------------------
The creditors of Luen Pak Investment Company Limited requires
its creditors to file their proofs of debt by August 14, 2008,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on July 11, 2008.

The company's liquidators are:

          Tam Chun Wan
          Tse Chiang Kwok, Nassar
          Wing On House
          Room 403, 4th Floor
          71 Des Voeux Road
          Central, Hong Kong


MEDA JEWELRY: Requires Creditors to File Claims by August 18
------------------------------------------------------------
The creditors of Meda Jewelry Limited are required to file their
proofs of debt by August 18, 2008, to be included in the
company's dividend distribution.

The company's Liquidators are:

          Chow Yuen Yi
          Fung Chi Keung
          CIG Building, Room 1406
          141 Des Voeux Road Central
          Hong Kong


PAK MAN: Appoints Wai and Fun as Liquidators
--------------------------------------------
On July 4, 2008, the High Court of Hong Kong appointed Li Man
Wai and Tsang Lai Fun as the liquidators of Pak Man Engineering
Company Limited.

The Liquidators can be reached at:

          Li Man Wai
          Tsang Lai Fun
          Raymond Li & Co. CPA
          Tai Yau Building
          Room 1001, 10th Floor
          Wanchai, Hong Kong
          Telephone: (852) 2889-8833
          Facsimile: (852) 2889-8433


WAI YIP:  Li Man Wai and Tsang Lai Fun
--------------------------------------
On July 4, 2008, the High Court of Hong Kong appointed Li Man
Wai and Tsang Lai Fun as the liquidators of Wai Yip
Transportation Company Limited.

The Liquidators can be reached at:

          Li Man Wai
          Tsang Lai Fun
          Raymond Li & Co. CPA
          Tai Yau Building
          Room 1001, 10th Floor
          Wanchai, Hong Kong
          Telephone: (852) 2889-8833
          Facsimile: (852) 2889-8433



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

ANDREW YUL: To Divest 26.2% Stake in Tide Water Oil
---------------------------------------------------
Andrew Yule & Company Ltd disclosed in a regulatory filing that
the Board for Industrial & Financial Reconstruction, at its
final order dated October 30, 2007, had directed the company to
disinvest its shareholding in group companies namely
Tide Water Oil Co. (India) Ltd., Phoenix Yule Ltd. and DPSC Ltd.

Accordingly, the Department of Heavy Industry, Ministry of Heavy
Industries & Public Enterprises had formed a Committee of
Experts (CABOD) to disinvest Andrew Yule's holding in Tide Water
Oil Co. (India) Ltd as per Department of Disinvestment (DOD)
norms.  The process of disinvestment is under process.

The Economic Times reports that Andrew Yule is letting go of its
26.2% stake in Tide Water Oil and is expected to be soon
inviting expressions of interest for the divested stake.

Sources told the Times that major oil companies like Reliance
Industries Limited, Total and Chevron were interested in buying
the stake.

According to the Times, Chevron holds 22.1% stake in Tide Water
through a subsidiary called Four Star Oil & Gas -- a listed firm
wherein Andrew Yule & Company and DPSC hold 26.2% and 1.5%
equity stakes respectively.

Other stakeholders in Tide Water are LIC, United India
Insurance, Madanlal, Maryada Barter, Santosh Industries and
Arion Commercial, the Times says.

Meanwhile, to reduce the company's accumulated losses, Andrew
Yule reduced the value of its equity shares from Rs 10/- to Rs
2/-.  The record date for the capital reduction was April 4,
2008.

Andrew Yule incurred successive losses from the year 2000-2001
and the company's net worth was completely eroded in the year
2001-02.  

Accordingly, the company made a reference to BIFR under Section
15(1) of the Sick Industrial Companies (Special Provision) Act,
1985 in November, 2002.  The first hearing was held on September
20, 2004 when Andrew Yule was declared a “Sick Industrial
Company” and IDBI Bank was appointed as the operating agency.

For the year ended March 31, 2008, the company recorded its
first net profit of Rs. 16.87 million on net sales of Rs.
1,648.59 million.  This compares to a net loss of Rs. 281.95
million on net sales of Rs. 1,365.67 million in the year ended
March 31, 2007.

The FY 2007 net loss was a huge decline from the FY 2006 net
loss of Rs. 789.90 million.

                     About Tide Water Oil

Tide Water Oil Co. (India) Ltd. is engaged in producing
lubricants.  The company’s plants are set up in Royapuram
(Chennai), Deonar (Mumbai), Silvassa (Dadra & Nagar Haveli) and
Faridabad (Haryana).  The company has the capability to
manufacture products required for both automotive and industrial
applications.  The company has also entered into technical
collaboration with Nippon Oil Corporation, Japan for manufacture
of ENEOS range of engine lubricants.

                      About Andrew Yule

Headquartered in Kolkata, India, Andrew Yule & Co. Ltd. --
http://www.andrewyule.com/-- is a manufacturer and distributor  
of machinery, including industrial fans and blowers, air
pollution control systems and tea processing machinery.


BROADCAST INITIATIVES: Share Capital Increased to Rs.30 Crores
--------------------------------------------------------------
Broadcast Initiatives Ltd's members have agreed to increase the
company's authorised share capital from Rs 25 Crores to Rs 30
Crores.

The members also authorized the company's Board to issue and
allot 60 lacs equity shares of Rs 10/- each of the company at an
issue price of Rs 36.50 to HDIL Infra Projects Pvt Ltd.

In June 2008, HDIL Infra, Mr. Rakesh Kumar Wadhawan and Mr.
Sarang Wadhawan, together with Mr. Waryam Singh and Mr. Ashok
Kumar Gupta, offered to acquire up to 50,62,800 equity shares or
20% of Broadcast Initiatives' post issue capital at a price of
Rs 36.50 per fully paid up shares payable in cash.

The offer is expected to open on August 14, 2008, and close on
September 2, 2008.

Saffron Capital Advisors Pvt Ltd acted as manager to HDIL
Infra's offer.

Indiantelevision reports that the Rs 36.50/share offer is the
same price that HDIL is paying to acquire 24 per cent stake in
Broadcast Initiatives through a preferential allotment.

According to the report, Broadcast Initiatives is issuing a
preferential allotment of 6 million shares, amounting to 24 per
cent stake, to HDIL, which what triggered the open offer, as per
regulatory norms.

Indiantelevision says HDIL is also taking 51 per cent stake in
two of Broadcast Initiatives' subsidiaries -- Sri Adhikari
Brothers Media Ltd, which operates Marathi general entertainment
channel Mi Marathi, and Technocraft Media Pvt Ltd which will
launch a Bhojpuri channel.

Headquartered in Mumbai, India, Broadcast Initiatives Limited --
http://www.liveindia.tv/-- formerly Sri Adhikari Brothers News  
& Television Network Limited, is a media firm.  The company owns
the Hindi language television news channel Janmat, which was
launched on April 30, 2006.  The company is a group company of
Sri Adhikari Brothers Television Network Limited.

                           *     *     *

For the year ended March 31, 2008, the company incurred a net
loss of Rs.536.63 million on net sales of Rs. 330.15 million
compared to a net loss of Rs.131.79 million on net sales of Rs.
134.99 million for the year ended March 31, 2007.


GENERAL MOTOR: Edward Altman's Z-score Model Predicts Bankruptcy
----------------------------------------------------------------
Edward Altman, a finance professor at New York University's
Stern School of Business, sees a 46% chance that General Motors
Corp. and Ford Motor Co. will default within five years,
Bloomberg News' Greg Miles and Caroline Salas report.  Mr.
Altman, in 2005, had said GM had a 47 percent chance of default
within five years.

Mr. Altman, who created the Z-score mathematical formula that
measures bankruptcy risk, said in an interview with Bloomberg
Television that his model shows that these companies are "on the
verge of bankruptcy."  Basing on the companies' finances at the
end of the first quarter, the Z-scores for GM and Ford give both
a bond rating equivalent to a CCC ranking, he said, according to
the report.  

"Both are in very serious shape and the markets reflect that,"
Mr. Altman said.  GM, though, is in slightly worse condition
than Ford, according to him.  Ford has said it had access to
$40.6 billion in funds as of March 31, including credit lines,
the report noted.

But still, according to Mr. Altman, he "would not put money with
GM right now because the downside is so great relative to the
upside, relative to the yield," according to the report.

"Your downside is probably 60 percent on the debt.  The risk
reward ratio is pretty poor," Mr. Altman said referring to GM.  
The report noted that GM posted a $38.7 billion loss in 2007,
the biggest in its 100-year history, and hasn't posted a profit
since 2004.  

GM is fending off rumors that it could file for bankruptcy.  GM
Chief Executive Officer Rick Wagoner has assured that the
company has the ability to raise cash.  

                       About Ford Motor Co.

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

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.

                       About General Motors

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

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

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

                          *     *     *

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

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

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


JABALPUR MUNICIPAL: Fitch Puts 'BB+(ind)' Nat'l LT Issuer Rating
----------------------------------------------------------------
Fitch Ratings has assigned a National Long-term Issuer rating of
'BB+(ind)' to Jabalpur Municipal Corporation.  The Outlook is
Stable.

The rating reflects the less-diversified economic base of the
city, the constricted revenue generating ability, relatively
poor service delivery mechanisms and JabMC's constraints in
servicing its future planned debt with current revenue streams.  
The Stable Outlook reflects the gradual expansion of the city's
economic profile including the growth in the IT and Information
Technology Enabled Services sectors, and the state of Madhya
Pradesh's initiatives on urban infrastructure reforms.

JabMC has a debt of INR80 million but this is expected to rise
steeply because of its proposed capex plans envisaged under the
Jawaharlal Nehru National Urban Renewal Mission program.  JabMC
plans to secure a INR2.62 billion long term loan from the Asia
Development Bank, through the government of Madhya Pradesh, to
augment water supply and construct newer environmental
infrastructure.  While Fitch feels that these projects are
essential, JabMC will be debt-trapped if corresponding user
charges are not raised to, at least, break-even levels.  The
outstanding debt to current revenue was a modest 50% as at
FYE07.  However due to the proposed increase in debt, the ratio
is expected to deteriorate sharply.  The rating takes into
account this weakening of the base line financials and other
indicators.

The size of the capital investment plan is INR19292 million, out
of which JabMC will have to mobilize INR5788 million as its
share of contribution.  JabMC has planned to invite the private
sector to partake in the investment plan.  The agency feels that
since the cost recovery on amenities and services provided to
citizens is low, JabMC will have to strictly adhere to cost
recovery principles before it succeeds in attracting large
private sector investments in civic amenities.

JabMC's civic amenities, especially water supply, are poorly
managed, with a net supply of less than 110 litres per capita
demand as against the Central Public Health and Environmental
Engineering Organization's norm of 135 lpcd; cost recovery on
the service is a poor 30%.  There is a complete absence of
sewerage systems in the city.

Property taxes, being the largest own sources of income, are
characterized by poor collection efficiencies and the problem of
unregistered properties.  Aid grants form the major and single
largest contributor to JabMC's total revenue income.  On average
from FY03-FY07, around 62% of the total income came from grants,
out of which more than 50% was from compensation in lieu of
octroi and other taxes collected by the state government.  JabMC
expects 10% growth of this income in future, but in Fitch's view
it will be hard to meet this expectation given the CAGR of less
than 8% over the last five years.  Further, the government's
actions in effecting greater decentralization and delegating
revenue generation powers to the municipalities suggest that
they are expected to be self-sustaining.

In this scenario, the government may actually discourage
municipalities from being dependent on it beyond basic
contractual necessities like devolutions and compensations.  In
FY03, JabMC government grants were INR484.6 million, INR334.83
million in FY04 and INR490.58 million in FY05.  This
demonstrates that the JabMC has only increased its dependence on
grants.


NETWORK LTD: Board Approves Merger Share Exchange Ratio
-------------------------------------------------------  
Network Ltd's Board of Directors, at its meeting held July 22,
2008, approved a share exchange ratio in respect of in-principle
merger of PPS Towers Pvt Ltd, Lorgan Consultants Pvt Ltd and
Shrigan Investment Consultants Pvt Ltd with Network Ltd.

The share exchange ratio is expected to be received shortly,
from the valuer appointed for the said purpose.

A Board Meeting will be held shortly to consider and approve a
draft scheme of arrangement and swap ratio.

The merger deal is part of scheme and write off losses against
reserves/capital.

Separately, in May, Mr. Ashok Sawhney and Mr. Avinash Chander
Paliwal have been appointed as directors of the company.

Mr. Ashok Sawhney was the chairman of Sawhney group of
Industries, well known for the manufacturing of 'UNIK' & 'AAA'
Brand quality of Wrist Watch Dials & other parts in the country.  
Mr. Sawhney holds key position as CEO Worldwide for Lifestyle
brands 'Swiss Military' & 'Alpine Club' of Switzerland.

Mr. Avinash Chander Paliwal is CEO and MD of Paliwal Group of
Companies.  The main business of the group is manufacturing and
export of home textiles, terrry towels, organic towel, beach
towel, wash towel, handloom products and woven besides having
land bank in group companies.  Paliwal group has been a leading
player in textile business for over three decades and have
received many awards for excelling in this field.

The company's registered office has been moved from 416, World
Trade Centre, Babar Road, in New Delhi to W-41, Okhla Industrial
Area, Phase - II, in New Delhi.

Network Limited engages in the retail business in Delhi, India.  
The company offers lifestyle products, such as watches, writing
instruments, accessories, baggage, and garments; the swiss army
knife; and kids wear and toys.  As of March 31, 2007, it
operated five showrooms.  The company was incorporated in 1989
and is based in New Delhi, India.  Network Limited is a part of
Appu Ghar Group.

                         *     *     *

The company has been reporting consecutive annual net losses
since March 31, 2005.

                   Year Ended        Net Loss
                   ----------        --------
                   31-Mar-08     Rs. 19.44 million
                   31-Mar-07     Rs. 2.44 million  
                   31-Mar-06     Rs. 2.04 million  
                   31-Mar-05      Rs. 1.60 million


POLAR INDUSTRIES: Ends Polar Product Distributorship Deal
---------------------------------------------------------  
Polar Industries Ltd said it has terminated a distributorship
agreement it entered into with M/s. Asia Pacific Brands India
Ltd, Mumbai for the sale of Polar Products on non-exclusive
basis.

The company did not state reasons for the termination of the
contract.

Meanwhile, on June 28, 2008, Polar Industries' Board approved
the issue and allotment of:

   -- 30,74,300 equity shares to Asset Reconstruction
      Company of India Ltd., as part conversion of
      their debts; and

   -- 4,00,000 convertible warrants to Eight Capital
      India (M) Ltd, a Mauritius based company.

An annual general meeting has been scheduled on August 12, 2008
for the company's members to consider approval of the shares
issue.

The Board also approved closure of Roorkee Division,
Uttaranchal, due to downsized operations and to curtail various
other cost involved.

Based in Uttar Pradesh, India, Polar Industries Ltd.
manufactures electrical equipment including ceiling fan,
monoblock pumps, FHP motors home appliances and lights.  The
company operates in three segments, namely, Fans, Light and
Luminaries, Pumps and Appliances.

                          *     *     *

Polar Industries Ltd has been reporting net losses for the past
four years.  For the year ended March 31, 2008, the company
incurred a net loss of Rs. 88.37 million.  For the six months
ended March 31, 2007, the company incurred a net loss of Rs.
235.34 million.  For the year ended March 31, 2006, the company
incurred a net loss of Rs. 397.34 million compared to a net loss
of Rs. 78.94 million in the year ended March 31, 2005.


TUTICORIN ALKALI: Extends Accounting Year Until March 31, 2009
--------------------------------------------------------------
Tuticorin Alkali Chemicals & Fertilisers Ltd's Board of
Directors, at its meeting held July 23, 2008, inter alia,
decided to extend the company's accounting year 2007-08 by six
months, i.e. until March 31, 2009, subject to required
approvals.

Tuticorin Alkali Chemicals And Fertilisers Limited manufactures
and sells soda ash, ammonium chloride, sodium bicarbonate,
ammonium bicarbonate and bioproducts.  The company operates in
India.

The company has been incurring consecutive quarterly losses
since June 30, 2007.  For the quarter ended June 30, 2008, the
company incurred a net loss of Rs. 43.60 million compared to a
net loss of Rs. 60.48 million in the quarter ended March 31,
2008.  The company also incurred net losses of Rs. 62.31
million, Rs. 67.42 million and Rs. 66.06 million for the
quarters ended Dec. 31, 2007, Sept. 30, 2007 and June 30, 2007,
respectively.



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

BANK MANDIRI: Cuts 2008 Loan Growth Target to 18%
-------------------------------------------------
PT Bank Mandiri Tbk has cut its loan growth target for this year
to 18 percent from 22 percent due to weak global and domestic
economic conditions, Reuters reports citing Bisnis Indonesia.

According to Reuters, Mr. Martowardojo told Bisnis Indonesia
that the slower loan growth was expected across the state bank's
businesses, which include corporate, consumer and commercial
lending.

The report noted that the bank made a forecast in May that it
was optimistic about achieving 22 percent loan growth despite
higher inflation and a fuel price hike.

                       About Bank Mandiri

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

                          *     *     *

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

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

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



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

AMPEX CORP: Court Okays Modifications to Plan, D/S Supplement
-------------------------------------------------------------
Ampex Corp. disclosed in a regulatory SEC filing Friday, that on
July 14, 2008, the United States Bankruptcy Court for the
Southern District of New York granted the company and certain of
its U.S. subsidiaries' motion dated July 9, 2008, for an order
authorizing, among other things, certain modifications to their
Third Amended Joint Chapter 11 Plan of Reorganization, and
approved a proposed supplement to the Disclosure Statement
relating to the Plan, and other related relief.  

The Plan was modified, among other things, to revise certain
terms relating to lump sum cash payment elections by holders of
unsecured claims and certain conditions precedent to
consummation of the Plan.  The Supplement contains a summary of
the modifications made to the Plan.  The Debtors plan to
distribute the Plan and Supplement to, and to resolicit the
votes of, the holders of unsecured claims affected by the
modifications.

Also on July 9, 2008, the Debtors entered into a Plan Support
Agreement (PSA) with the Official Committee of Unsecured
Creditors in the chapter 11 case.  Under the PSA, the Committee
has agreed to support the Plan and to urge holders of unsecured
claims to vote to accept the Plan, among other things.

A full-text copy of the First Modified Third Amended Joint
Chapter  11 Plan of Reorganization, dated July 9, 2008, is
available for free at http://researcharchives.com/t/s?2fcb

A full-text copy of the Supplement to Disclosure Statement with
Respect to First Modified Third Amended Joint Chapter 11 Plan of
Reorganization, dated July 14, 2008, is available for free at:

               http://researcharchives.com/t/s?2fcc

A full-text copy of the Plan Support Agreement dated as of July
9, 2008, among the Debtors and the Committee is available for
free at http://researcharchives.com/t/s?2fce

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

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

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


CAPCOM CO: Plans to Establish New Unit Through CE Europe, Ltd.
--------------------------------------------------------------
Capcom Co. Ltd. has decided to establish a new sub-subsidiary,
Capcom Entertainment France S.A.S, through its wholly owned
subsidiary, CE Europe Ltd, Reuters reports.

According to the report, Capcom Entertainment France, S.A.S will
be engaged in the household game software's sale.

Headquartered in Osaka, Japan, Capcom Co., Ltd. --
http://www.capcom.co.jp--is one of Japan's leading developers  
of home video-game software.  The company also engages in arcade
operations and arcade games sales businesses.  Its consolidated
sales in FYE3/2006 were JPY70.3 billion.

The Troubled Company Reporter-Asia Pacific reported on Feb. 14,
2007, that Moody's Investors Service placed Capcom Co. Ltd.'s
Ba2 senior unsecured long-term debt rating under review for
possible upgrade.


FORD MOTOR: Edward Altman's Z-score Model Predicts Bankruptcy
-------------------------------------------------------------
Edward Altman, a finance professor at New York University's
Stern School of Business, sees a 46% chance that General Motors
Corp. and Ford Motor Co. will default within five years,
Bloomberg News' Greg Miles and Caroline Salas report.  Mr.
Altman, in 2005, had said GM had a 47 percent chance of default
within five years.

Mr. Altman, who created the Z-score mathematical formula that
measures bankruptcy risk, said in an interview with Bloomberg
Television that his model shows that these companies are "on the
verge of bankruptcy."  Basing on the companies' finances at the
end of the first quarter, the Z-scores for GM and Ford give both
a bond rating equivalent to a CCC ranking, he said, according to
the report.  

"Both are in very serious shape and the markets reflect that,"
Mr. Altman said.  GM, though, is in slightly worse condition
than Ford, according to him.  Ford has said it had access to
$40.6 billion in funds as of March 31, including credit lines,
the report noted.

But still, according to Mr. Altman, he "would not put money with
GM right now because the downside is so great relative to the
upside, relative to the yield," according to the report.

"Your downside is probably 60 percent on the debt.  The risk
reward ratio is pretty poor," Mr. Altman said referring to GM.  
The report noted that GM posted a $38.7 billion loss in 2007,
the biggest in its 100-year history, and hasn't posted a profit
since 2004.  

GM is fending off rumors that it could file for bankruptcy.  GM
Chief Executive Officer Rick Wagoner has assured that the
company has the ability to raise cash.  

                       About General Motors

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

                       About Ford Motor Co.

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

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

In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.

                          *     *     *

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

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

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

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


NIPPON STEEL: Resumes Production at Kamaishi Works
--------------------------------------------------
Nippon Steel Corp restarted steel output at its Kamaishi Works
in northern Japan, after halting production for inspections
following a strong earthquake, James Topham of Reuters reports.

However, a spokesman told Reuters that the 149-megawatt coal-
fired power plant at the same facility remained shut for an
inspection.

The company supplies all the power output from the plant to
Tohoku Electric Power Co., the report relates.

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

                          *     *     *

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


NIPPON STEEL: Raises Plate Prices to Offset Surging Energy Cost
---------------------------------------------------------------
Nippon Steel Corp has raised prices of plate used by
shipbuilders and machinery makers for the third time this year
to pass along surging costs for energy, ore and other materials,
Steel Guru News reports.

Masato Suzuki, a company spokesman, told Guru News that steel
plate sold through wholesalers on an immediate delivery basis
will increase JPY10,000 per tonne on August 1st.  Prices have
jumped 50% since the quarter ended March, when the company said
its average product price was JPY80,200 per tonne.

Nippon SteeL raised spot plate-delivery prices by about 10% to
JPY110,000 per tonne as of June, the report relates.  

That gain followed a JPY20,000 increase in April.

                        About Nippon Sheet

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

                          *     *     *

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


* S&P Sees 2 Japanese Transactions Affected by Zephyr Bankruptcy
----------------------------------------------------------------
Standard & Poor's Ratings Services said that only two loans
related to failed real estate developer Zephyr Co. Ltd. are
involved in Japanese CMBS transactions rated by S&P, based on
information provided by servicers.  On July 18, 2008, Zephyr
filed with the Tokyo District Court for protection under the
Civil Rehabilitation Law.  The filing was accepted by the court
on the same day, and a preservation order was issued.
     
One loan (with a current outstanding balance of JPY1.77 billion)
is sponsored by a wholly owned subsidiary of Zephyr.  In
addition, Zephyr is a master lessee for one property backing
another loan (with a current outstanding balance of about JPY3.8
billion).  The subsidiary has not filed for bankruptcy
protection along with the parent.
     
S&P will examine the impact of the Zepher bankruptcy filing on
rated CMBS transactions based on information to be provided by
servicers.  For more information on the impact of credit risks
on Japanese CMBS transactions, refer to the report "Impact Of
Asset Manager And Sponsor Credit Risks On Japanese CMBS
Transactions" published on April 9, 2008.



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

INTERLINE RESOURCES: HJ & Associates Raises Going Concern Doubt
---------------------------------------------------------------
Salt Lake City-based HJ & Associates, LLC, raised substantial
doubt about the ability of Interline Resources Corporation to
continue as a going concern after auditing the company's
financial statements for the year ended Dec. 31, 2007.  

The auditor reported that the company suspended a substantial
portion of its operations in 2002 and subsequently has not
generated revenues sufficient to cover its operation costs.  As
a result, the company, on a consolidated basis, has a
stockholders' deficit and an accumulated deficit of
US$12,505,643 at Dec. 31, 2007,

The company has had limited operations since a fire destroyed
its Well Draw Gas Plant in June 2002.  Since the fire, the
company has focused on finding financing to rebuild the Well
Draw Plant and on settling litigation matters related to the
fire.

Management has obtained working capital primarily from debt
financing and from the sale of idle property and equipment.  The
company is in the process of arranging other debt and equity
financing with other sources.  In addition, the company has
formed the NorthCut Refining LLC and arranged financing to
rebuild and operate its Well Draw Gas plant facility.  The
company anticipates NorthCut will commence commercial operations
in the next few months, and the company anticipates that its
share of management fees and cash distributions from NorthCut,
after related debt obligations have been satisfied, will
contribute significantly to the working capital of the company.  

                            Financials

The company posted a net loss of US$42,121,590 on total revenues
of US$62,069 for the year ended Dec. 31, 2007, as compared with
a net loss of US$668,759 on total revenues of US$335,503 in the
prior year.

At Dec. 31, 2007, the company's balance sheet showed
US$9,167,446 in total assets and US$11,608,717 in total
liabilities, resulting in a US$2,441,271 stockholders' deficit.  

The company's consolidated balance sheet at Dec. 31, 2007, also
showed strained liquidity with US$301,172 in total current
assets available to pay US$1,246,934 in total current
liabilities.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2fb7  

                      NorthCut Refining LLC

NorthCut Refining LLC was formed in July 2007 as a Wyoming
limited liability company.  Interline Resources contributed the
Well Draw facility, including land, fixtures, equipment and all
operating permits, receiving a 75% member interest in NorthCut.  
The parties who arranged financing for construction of the
project received a 25% interest in NorthCut (PCG Midstream, LLC,
5% and NorthCut Holdings, LLC, 20%).  Interline Resources is
designated as manger, however, until the construction loan is
repaid.  PCG Midstream acts as a co-interim manger.

NorthCut is the borrower and Private Capital Group, Inc., is the
lender under the Construction Loan Agreement.  NorthCut pledged
all of its assets as collateral for the loan.  Interline
Resources executed a Guaranty Agreement and a Security
Agreement, guaranteeing repayment of the loan, and pledging all
of the assets of the company.  The Promissory Note carries an
interest rate of 24% per year due on Aug. 1, 2009.  The
Operating Agreement provides that 75% of the Available Cash each
month will be paid to reduce the loan amount.  Interline
Resources receives the remaining 25% of available cash, and the
funding group receives no distributions until after the loan has
been paid back.

NorthCut and Interline Resources executed a Management Services
Agreement.  Interline Resources will act as manager of the Plant
for a term of fifty years.  Under the agreement, Interline
Resources will provide management, supervisory, and other
general services to NorthCut and the plant, and supervise and
direct all aspects of the day-to-day operation of the plant.  
During the construction phase of the plant, Interline Resources
receives a management fee of US$87,000 per month for six months.  
Once in operation, Interline Resources receives a monthly
operating fee of US$40,000.

Until the construction loan is repaid, all profits and losses
are allocated 100% to Interline Resources.

                       Well Draw Gas plant

The natural gas gathering system was built and connected to the
Well Draw Gas plant in 1973 and consists of nearly 60 miles high
pressure discharge line, 120 miles of low pressure gathering
lines and 90 miles of low pressure fuel return lines and
associated valves, tanks, fittings and other appurtenant
equipment.  When Interline Resources purchased the Well Draw Gas
plant in 1990, the sale included the gathering system.  The
system covers an area of around 70 by 40 miles.

In 2006, the company sold around 19 miles of high-pressure
discharge line for US$175,000.  The company currently owns 41
miles high-pressure discharge line; 120 miles of low pressure
gathering lines; and 90 miles of low-pressure fuel return lines
and associated valves, tanks, fittings and other appurtenant
equipment.  There is currently no gas being transported in the
system.  Because the system is in an area where the original
wells connected to the system are depleted, or have been
connected to other pipelines, the system has only a limited
present value.  Unless additional wells are drilled in the
company's gathering area, the company has no prospects of
operating its gas system and receiving revenues from the gas
system.

                    About Interline Resources

Interline Resources Corporation (Other OTC: IRCE.PK) --
http://www.interlineresources.com/-- along with its  
subsidiaries Interline Energy Services, Inc., and Interline
Hydrocarbons, Inc., operates in two segments: Oil and Gas and
Used Oil Technology.  The O&G segment engages in natural gas
gathering and processing, crude oil gathering, fractionation,
marketing of natural gas liquids, and oil and gas production.  
The gas is processed and fractionated into its constituent
natural gas liquid products and remaining residue gas.  Residue
gas is sold into a major interstate pipeline and the natural gas
liquid products are sold to both end users and other major
refineries for further refinement.  The UOT segment refines
various types of used oils.  The company's marketing efforts
extend to a worldwide market.

In 1996, the company's unit, Interline Hydrocarbon, signed
construction and licensing contracts for used oil plants in
Seoul, Korea.  The plant was put on line in 1997.


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

AIR NEW ZEALAND: Resumes Non-Stop Service to Beijing
----------------------------------------------------
Air New Zealand Ltd's first non-stop service between Auckland
and Beijing departed on July 18, 2008.  The direct services will
also help to promote New Zealand as a single holiday
destination, rather than being an add-on to Australia.  Last
year 64% of Chinese arrivals came to New Zealand via Australia.

Air New Zealand said China is already a rich source of visitors
to New Zealand.  It is New Zealand's fourth largest market and
one of the fastest-growing.  In the year to May 2008, 125,424
Chinese visited New Zealand, up 10,000 visitors on the previous
year.

With a population of 1.32 billion people whose personal incomes
are rising between 10-15% each year, close to 40 million Chinese
travelled overseas last year.

                     About Air New Zealand

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

                          *     *     *

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

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

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


AIR NEW ZEALAND: Increases Airfares Amid Rising Fuel Prices
-----------------------------------------------------------
Air New Zealand Ltd said it increased airfares across many
routes from July 17, 2008, in response to continued high jet
fuel prices.

Airfares sold in New Zealand for Tasman and domestic flights
increased by an average 3% while fares to North America, Asia
and United Kingdom increased by an average 5%.

                     June Market Conditions

Air New Zealand said that the passengers it carried across the
Group were 4.3% higher than in the month of June 2007. For the
2008 financial year, Short Haul passenger numbers increased by
4.5% and Long Haul by 12.3% on the 2007 financial year.

The Group load factor dropped in June by 0.7 percentage points
compared with the comparable period last year. This was
primarily driven by a drop in passenger load factors across the
Short Haul network. Passenger numbers increased by 4.5% for the
month but this growth was unable to keep up with the 7.7%
increased capacity on June last year.

Long Haul passenger load factors for the month increased
slightly driven by a 10.5% reduction in capacity on Japanese
routes on June 2007. Although passenger load factors on North
American/UK routes were down on last June they remained the
highest across the business at 82.6% on a 7.1% increase in
capacity.

   - Short Haul passenger load factors decreased 2.7
     percentage points to 72.7%

   - Domestic passenger load factor was down 3.1
     percentage points to 72.4%

   - Tasman / PI passenger load factor decreased by 2.4
     percentage points to 72.9%

   - Long Haul passenger load factors increased 0.8
     percentage points to 80.8%

   - Asia / Japan / UK passenger load factor was up 3.9
     of a percentage point to 78.3%

   - North America / UK passenger load factor decreased
     1.8 percentage points to 82.6%

Group-wide yields for the year were up 0.2% on the 2007
financial year.  Short haul and long haul yields were up on last
year by 1.0% and 3.0% respectively.  Removing the impact of
foreign exchange, group-wide yields were up 3.2%.

                     About Air New Zealand

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

                          *     *     *

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

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

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


CASA MIA: Commences Liquidation Proceedings
-------------------------------------------
The High Court at Wellington held a hearing on June 30, 2008, to
consider an application putting Casa Mia Ristorante Italian
Limited into liquidation.

The application was filed on April 10, 2008, by Christos
Tamvakis.

The plaintiff's address for service is at:

          The Law Store
          Level 7
          14 Hartham Place South
          Guardian Healthcare Building
          Porirua City

Adam Vincent Caccioppoli is the plaintiff's solicitor.


CRAZY TOWN: Commences Liquidation Proceedings
---------------------------------------------
The High Court at Wellington convened a hearing on June 30,
2008, to consider an application putting Crazy Town 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 1107
         Facsimile: (04) 890 0009

Deepika Belinda Padmanabhan is the plaintiff's solicitor.


DIVCO STEEL: Commences Liquidation Proceedings
----------------------------------------------
The High Court at Auckland held a hearing on July 2, 2008, to
consider an application putting Divco Steel Limited into
liquidation.

The application was filed on May 16, 2008, by Maruonz D & C
Limited.

The plaintiff's address for service is at:

         Brookfields, Lawyers
         11th Floor
         19 Victoria Street West
         Auckland

D. J. Neutze is the plaintiff's solicitor.


EASI LAWN: Commences Liquidation Proceedings
--------------------------------------------
The High Court at Hamilton held a hearing on June 30, 2008, to
consider an application putting Easi Lawn Limited into
liquidation.

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

The plaintiff's address for service is at:

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

Kay S. Morgan is the plaintiff's solicitor.


HANOVER FINANCE: Commerce Commission Opens Investigation
--------------------------------------------------------
The Commerce Commission has opened an investigation into Hanover
Finance Ltd.

The commission said its investigation is into whether Hanover
Finance has breached the Fair Trading Act by making misleading
representations to prospective investors and/or the public
generally.

As reported in the Troubled Company Reporter – Asia Pacific on
July 24, 2008, 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.

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.

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.

                            About HFL

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.

                        *     *     *

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.


LITTLE SCAFFOLDING: Commences Liquidation Proceedings
------------------------------------------------------
The High Court at Auckland held a hearing on July 11, 2008, to
consider an application putting Little Scaffolding 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.


METER HOLDINGS: Shareholders Appointed Liquidators
--------------------------------------------------
Pursuant to Section 243(8) of the Companies Act 1993, the
shareholders of Meter Holdings Limited has appointed
Richard Dale Agnew and John Anthony Waller, chartered
accountants of Auckland, as liquidators of the company.

Only creditors who were able to file their proofs of debt on
July 4, 2008, were included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Simone Fernandes
          PricewaterhouseCoopers
          Private Bag 92162
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


ROOF COATING: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Hamilton held a hearing on June 30, 2008, to
consider an application putting Roof Coating Specialists 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
         1 Bryce Street
         PO Box 432
         Hamilton
         Telephone: (07) 959 0373
         Facsimile: (07) 959 7614

Kay S. Morgan is the plaintiff's solicitor.


SUCCESS PERSONNEL: Commences Liquidation Proceedings
----------------------------------------------------
The High Court at Hamilton held a hearing on June 30, 2008, to
consider an application putting Success Personnel Limited into
liquidation.

The application was filed on March 31, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

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

Kay S. Morgan is the plaintiff's solicitor.


TAUEKI TRANSPORT: Commences Liquidation Proceedings
---------------------------------------------------
The High Court at Auckland convened a hearing on July 11, 2008,
to consider an application putting Taueki Transport Limited into
liquidation.

The application was filed on March 17, 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.


TRIPLE ACT: Shareholders Taps Toon and Finnigan as Liquidators
--------------------------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of Triple Act Limited has appointed Victoria Toon
and Peri Micaela Finnigan, chartered accountants of Auckland, as
liquidators 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 liquidators can be reached at:

          McDonald Vague
          PO Box 6092
          Wellesley Street Post Office
          Auckland
          Telephone: (09) 303 0506
          Facsimile: (09) 303 0508
          Website: www.mvp.co.nz



===============
P A K I S T A N
===============

AZGARD NINE: Moody's Withdraws B2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has withdrawn Azgard Nine Limited's
("Azgard") B2 Corporate Family rating.  Moody's has withdrawn
this rating for business reasons.

Headquartered in Lahore, Pakistan, Azgard is an established
denim textile manufacturer with fully integrated spinning,
weaving and processing operations.

In July 2006, Azgard acquired 100% of Pak American Fertilizer
Limited ("PAFL"), one of 5 urea plants in Pakistan with a 7%
market share of the domestic fertilizer business.

The company recorded sales of PKR 12,309 million (US$176
million) for the fiscal year ended December 31, 2007



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

* PHILIPPINES: Raises PHP70 Bil. From Retail Treasury Bond Offer
----------------------------------------------------------------
The government has raised Php70 billion in three days from an
offering of retail Treasury bonds that attracted plenty of
interest from small investors looking for steady returns, The
Philippine Daily Inquirer reports.

According to the report, the government closed the offer for
three-year and five-year fixed-rate retail bonds on Wednesday,
six days ahead of schedule.  The offer, which opened to banks on
July 18, was meant to close on July 29.

The PDI cited National Treasurer Roberto Tan as saying that some
of the buyers held some of the Php33-billion worth of retail
Treasury bonds that had matured on July 1.  Many buyers switched
from stocks and other corporate securities because of
volatility.

The report noted that the government allotted Php9.124 billion
of the retail bonds to banks and Php10 billion to state-run
corporations.

The three-year bond carries a coupon of 8.5 percent and the
five-year bond has a coupon of 9.0 percent, with quarterly
interest payments for both, the report added.


* PHILIPPINES: Prepays US$498 Mil. in Foreign Loans
---------------------------------------------------
The Philippine government prepayment of foreign loans reached
US$498 million in the first five months of the year, less than
one-third the amount of prepayments made last year which was
recorded at US$1.611 billion, the Philippine Star reports citing
a report by the Bangko Sentral ng Pilipinas (BSP).

BSP Governor Amando M. Tetangco Jr. was cited by the Philippine
Star as saying that the private sector continued to clean up
their loan portfolios by prepaying US$328.9 million, whereas the
public sector -- mainly the National Government and government
corporations -- prepaying US$169.3 million worth of foreign
obligations in the first five months of the year .

Mr. Tetangco also told the news agency that the BSP did not
expect prepayments to be as large as last year, however, saying
that aside from the change in the position of the peso against
the dollar and other currencies, public and private loan
portfolios have begun to shift.



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

SCOTTISH RE: Ernst & Young Expresses Going Concern Doubt
--------------------------------------------------------
Ernst & Young LLP raised substantial doubt about the ability of
Scottish Re Group Limited to continue as a going concern after
auditing the company's financial statements for the year ended
Dec. 31, 2007.  The auditing firm pointed to the company's net
loss for the year ended Dec. 31, 2007, accumulated deficit of
US$1,042,400,000 as of Dec. 31, 2007, and the company's
deteriorating financial performance and worsening liquidity and
collateral position.

The company posted a net loss of US$895,742,000 on total
revenues of US$1,505,373,000 for the year ended Dec. 31, 2007,
as compared with a net loss of US$366,714,000 on total revenues
of US$2,429,500,000 in the prior year.

                   Management's Statement

As a result of declines in the fair value of its invested
assets, which contain a significant concentration of sub-prime
and Alt-A residential mortgage-backed securities, the company
has experienced deteriorating financial performance and a
worsening liquidity and collateral position.

The continuing deterioration in the market for sub-prime and
Alt-A securities through the first half of 2008 has compounded
the considerable financial challenges and uncertainties faced by
the company.

In addition to causing significant impairment charges and
reported losses, these adverse market conditions have impacted
the value of underlying collateral used to secure the company's
life reinsurance obligations and statutory reserves for its
operating units.

Any reserve credit shortfalls arising from a decline in the
value of collateral places increased demand on the company's
available capital and liquidity.

The impairment charges and associated decline in the company's
consolidated shareholders equity will also result in the failure
to meet minimum net worth covenants for the HSBC II and
Clearwater Re collateral finance facilities.

The company had recently executed forbearance agreements with
the counter parties under these facilities who have agreed to
forbear taking action until Dec. 15, 2008, in return for certain
economic and non-economic terms.

Such terms have placed additional constraints on the company's
available capital and liquidity.  The company's liquidity is
insufficient to fund its needs beyond the short term and,
without additional sources of capital or the successful
completion of strategic actions, is currently projected to be
exhausted by the first quarter of 2009.

                          Recent Events

The company has faced a number of significant challenges during
the latter part of 2007 and continuing into 2008, which have
required the company to change its strategic focus.  These
challenges have included:
  
-- The continuing deterioration in the U.S. residential
   housing market in general and the market for sub-prime and
   Alt-A residential mortgage-backed securities specifically.
   These conditions have had, and will likely continue to have,
   a material adverse effect on the value of the company's
   consolidated investment portfolio and capital and liquidity
   position;
  
-- The negative outlooks placed on its financial strength
   ratings by each of the rating agencies in November 2007,
   followed by the ratings action taken by Standard & Poors
   in early 2008 lowering the financial strength ratings of the
   company's operating subsidiaries from "BB+" to "BB" and
   placing the ratings on CreditWatch with negative
   implications, as well as the subsequent ratings downgrades
   and negative outlooks placed on its financial strength
   ratings by other rating agencies, with the resulting material
   negative impact on its ability to achieve its previous goal
   of attaining an "A-" or better rating by the middle of 2009;
   and

-- The material negative impact of ratings declines and negative
   outlooks by rating agencies on the company's ability to grow
   its life reinsurance businesses and maintain its core
   competitive capabilities.

                        Company's Strategy

On January 21, 2008, the company's board of directors
established a special committee to evaluate the alternatives
developed by management.  On Feb. 22, 2008, management announced
the unanimously adopted business strategy recommended by the
special committee.  

The strategy consists of:

-- the disposal of its non-core assets or lines of business,
   including the Life Reinsurance International Segment and the
   Wealth Management business;

-- the development, through strategic alliances or other means,
   of opportunities to maximize the value of its core
   competitive capabilities within the Life Reinsurance North
   America Segment, including mortality assessment and treaty
   administration; and

-- rationalization of the company's cost structure to preserve
   capital and liquidity.  

The company has changed its strategic focus and initiated a
number of actions to preserve capital and mitigate growing
liquidity demands.  The company had ceased writing new
reinsurance treaties and notified existing clients that it will
not be accepting new risks on existing treaties.  

The company have also taken steps to reduce its operating
expenses including reducing staffing levels.  The company is
also actively pursuing the sale of its Life Reinsurance North
America Segment and recently entered into definitive agreements
for the sale of its Life Reinsurance International Segment and
Wealth Management business.  

The company also continues to pursue the restructuring of
certain of its collateral financing facilities and potential
alternatives to these facilities to alleviate the collateral
requirements of its reinsurance operating subsidiaries.

If the company fails in reaching a definitive agreement for the
sale of its Life Insurance North America Segment by Dec. 15,
2008, the company will continue to follow a run-off strategy and
will need to obtain additional forbearance from the relevant
counterparties to Clearwater Re and HSBC II; find alternative
collateral support for Clearwater Re and HSBC II or raise
additional capital.  If the company fails to successfully
execute on these actions, its insurance operating subsidiaries
may become insolvent and the company may need to seek bankruptcy
protection.

                          Balance Sheet

At Dec. 31, 2007, the company's balance sheet showed
US$12,821,063,000 in total assets,US$11,909,454,000 in total
liabilities,US$9,025,000 in minority interest,US$555,857,000 in
convertible cumulative preferred shares, and US$346,727,000 in
total stockholders' equity.  

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2fc3

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a  
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

As reported in the Troubled Company Reporter-Latin America on
June 17, 2008, Moody's Investors Service placed on review with
direction uncertain Scottish Re Group Ltd.'s senior unsecured
shelf of (P)Caa1, subordinate shelf of (P)Caa2, junior
subordinate shelf of (P)Caa2, preferred stock of Caa3, and
preferred stock shelf of (P)Caa3.  Moody's had previously placed
the ratings on review for possible downgrade.



===============
T H A I L A N D
===============

* FITCH: Major Thai Banks' H1 Results Strong Amidst Econ. Shocks
----------------------------------------------------------------
Fitch Ratings has said that the major Thai banks' H1 results
show resilience amidst global economic shocks and local
political uncertainty as some banks reported stronger results
compared to 2007.  Nonetheless, the weakening economic outlook
and falling consumer and business confidence will likely impact
growth and asset quality in the second half.

As projected by the agency, TMB Bank Public Company Limited
reported a marked turnaround, while Bank of Ayudhya Public
Company Limited and Krung Thai Bank Public Company Limited also
reported stronger results.  The leading banks, Bangkok Bank
Public Company Limited, Siam Commercial Bank Public Company
Limited and Kasikornbank Public Company Limited generally
maintained strong results.  Barring further economic or
political shocks, lower provisioning and higher loan growth
should see overall stronger results in 2008 for the Thai bank
sector.

"Despite the turmoil in credit and equity markets globally, the
stronger Thai banks so far continue to perform well, namely SCB,
KBANK and BBL - each rated 'BBB+'.  As reflected in Fitch's
earlier upgrade in January (to 'BBB-'), TMB reported a marked
turnaround from losses in previous years, although integration
with ING Bank could see results constrained this year.  The
ongoing transformation at BAY following its tie-up with GE
Capital in January 2007, should see a further strengthening in
its credit profile and performance in the next year, reflected
in Fitch's Positive Outlook on the bank," comments Vincent
Milton, Managing Director of Fitch Ratings Thailand and Senior
Director, Financial Institutions.  "A pick-up in corporate loan
growth is offsetting some moderation in growth to SMEs and
consumers.

Nonetheless, given the prolonged period of high oil prices and
renewed domestic political uncertainty which is impacting
consumption and investment, performance for the sector in the
second half of the year will likely weaken.  The operating
environment remains challenging and heightened credit and market
risks could impact results over the next year, although the
major banks should be more resilient," adds Mr. Milton.

TMB reported a net profit of THB2.8 billion for the first half
(following a THB43.5 billion loss in 2007), permitting the bank
at end-June 2008 to renew interest coupons on its hybrid Tier 1
instrument (rated 'BB-') as Fitch had earlier projected.  BAY
reported a net profit of THB3 billion for the first half (after
a THB4 billion loss for 2007) and KTB reported higher net profit
of THB6.2 billion for H1 (compared to THB6.4 billion for full
year 2007).  Provisioning risks still remain for BAY and KTB
given their lower loan loss reserve coverage ratio, although BAY
should have greater clarity on its reserve position by year-end
as it disposes of further bad loans; provisioning rose
significantly at KTB and SCB in Q2, the latter due to credit
deterioration at its auto finance unit.

The bellwether banks all reported solid net profit for H1 as -
BBL: THB10.7 billion; SCB: THB12.7 billion; and KBANK: THB8.7
billion.  BBL reported the highest underlying loan growth of
over 12% in the first half helped by a jump in working capital
requirements for larger corporates and SMEs as well as growth
from its offshore branches, while TMB's loan book continued to
shrink by a further 6%.  BAY's loans increased by 20% mainly due
to the acquisition of GE's used car finance portfolio.

The major banks still appear to be on track to report impaired
loans of less than 5% by year-end, helped by an acceleration of
asset sales to clean-up their remaining legacy bad loans from
the 1997 crisis.  NPLs rose slightly in H1, although ratios
declined as loan books expanded.  The weakening credit
environment and asset disposals could see higher provisioning
for some of the banks and further losses on asset disposals,
although capital ratios should remain strong.  Funding costs are
also expected to rise as liquidity tightens and smaller banks
may be subject to rising funding pressures.  While results could
weaken in the second half, Fitch expects SCB, KBANK and BBL to
continue to report solid financial results.  BAY, TMB and KTB
should report an overall improvement in performance in 2008 due
to lower provisioning and a pick-up in loan growth.  The rating
outlook on Thai banks is generally stable.



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

* Fitch Says Negative Rating Trend in Global Banks Persists
-----------------------------------------------------------
Fitch Ratings expects further negative rating actions on banks
in the coming months, as the operating environment remains tough
and the global economy continues to slow.  There were more than
twice as many negative rating actions taken during Q208 than
positive actions, intensifying the negative trend already
experienced in the previous two quarters.

In its latest quarterly report on "Global Bank Rating Trends",
Fitch says the number of Positive Outlooks compared to Negative
Outlooks assigned to bank ratings has steadily fallen over the
past 15 months, with the number of Negative Outlooks surpassing
that of Positive Outlooks at end-June 2008.

Although the immediate liquidity risks in the global banking
system have been partly alleviated by measures taken by central
banks, wider concerns about the extent to which global credit
market conditions are likely to feed through to the real
economies of developed countries intensified in Q208.  "Banks in
developed markets now face the prospect of increased credit
costs on top of higher funding costs," says Gerry Rawcliffe,
Managing Director and Group Credit Officer in Fitch's Financial
Institutions Group.  "Furthermore, Fitch does not rule out
further write-downs of structured products, including write-
downs related to financial guarantors."

During Q208 there were 69 negative rating actions on banks as
opposed to 31 positive actions.  Although there were still more
positive actions in emerging markets than negative, there were
significantly more negative actions than positive actions in
developed markets.  Rating downgrades during the quarter were
predominantly in Europe, although there were some further
downgrades in the developed Americas as well.

Having peaked in Q107 at five to one, at end-Q208 the number of
Positive Outlooks was surpassed by the number of Negative
Outlooks for the first time since the Global Bank Rating Trends
report series began in 2006.  The increase in Negative Outlooks
largely related to banks in developed Europe and developed
Americas. Despite this negative shift in Outlooks, around 80% of
Fitch's bank ratings still have Stable Outlooks.


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

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

AUSTRALIA      

ADVANCE HEALTHCA                  AHG      15.65       -6.78
ALLSTATE EXPLORA                  ALX      18.20      -42.78
AUSTINDO RES                      ARX      62.77      -15.88
AUSTAR UNITED                     AUN     525.67     -234.87
ANTARES ENERGY L                  AZZ      16.20       -4.36
BIRON APPAREL LT                  BIC      19.71       -2.22
CROESUS MINING                    CRS      16.00      -13.81
ETW CORP LTD                      ETW     103.76      -50.22
INTELLECT HLDGS                   IHG      15.25      -10.88
KH FOODS LTD                      KHF      38.40       -6.79
LAFAYETTE MIN                     LAF     105.24     -190.86
METAL STORM LTD                   MST      16.47       -2.9
RENISON CONSOLID                  RSN      38.83       -3.94
TOOTH & CO LTD                    TTH     120.47      -87.64


CHINA

HISENSE ELEC-H                    921     604.98      -86.30
NINGBO YIDONG-H                  8249      86.83       -0.19
SHENZ SEG DASH-A               000007     101.02       -1.14
SHENZ CHINA BI-A               000017      29.38     -244.53
SHENZHEN SHENXIN               000034      44.99     -113.37
CHINA KEJIAN-A                 000035      65.12     -167.31
SHENZHEN KONDA-A               000048     155.01      -24.45
HUNAN ANPLAS CO                000156      84.00      -81.35
ZHANGJIAJIE TO-A               000430      51.01       -8.25
DANDONG CHEM F-A               000498     115.94      -91.60
SUCCESS INFORMAT               000517      30.12      -14.83
GUANGDONG MEIYA                000529      66.44      -62.41
GUANGXIA YINCH-A               000557      53.46      -61.33
CHANG LING GROUP               000561      49.68     -115.81
QINGHAI SALT L-A               000578     105.64       -4.91
GUANGMING GRP FU               000587      62.37      -12.08
FUJIAN CFC IND-A               000592      24.20      -19.62
YUEYANG HENGLI-A               000622      40.27      -14.34
LAN BAO TECH INF               000631      29.44      -22.70
CHINA LIAONING-A               000638      15.43       -5.70
CHENGDU UNION-A                000693      59.53       -0.19
JIAOZUO XIN'AN-A               000719      50.82      -25.45
FUJIAN SANNONG-A               000732      64.42      -90.24
CHONGWING INTL-A               000736      24.75      -13.38
SICHUAN DIRECT-A               000757     128.55     -102.62
CHINESE.COM LOGI               000805      12.72      -20.57
SHENZHEN DAWNC-A               000863      36.85     -142.58
STELLAR MEGAUNIO               000892      64.93     -162.46
HUNAN AVA HOLDIN               000918     176.94      -11.26
GUANGDONG KEL-A                000921     604.98      -86.30
ANHUI KOYO GROUP               000979      64.28      -30.78
SHENZ CHINA BI-B               200017      29.38     -244.53
AMOI ELECTRONICS               600057     414.93      -30.40
SUNTIME INTERN-A               600084     372.80      -50.59
SHANG WORLDBES-A               600094     327.98     -175.17
MIANYANG GAO-A                 600139      30.66      -12.44
HEBEI BAOSHUO CO               600155     313.38     -212.29
HUATONG TIANXI-A               600225      73.84      -41.14
TAIYUAN TIANLON                600234      12.69      -51.58
TIBET SUMMIT IND               600338      73.50      -16.42
CHONGQING CHANG                600369      98.87       -0.06
QINGHAI SUNSHI-A               600381      47.31      -49.66
WINOWNER GROUP C               600681      21.50      -81.28
HEBEI JINNIU C-A               600722     379.30       -2.89
SUNTEK TECHNOLOG               600728      44.69      -22.95
FUJIAN START-A                 600734     105.66      -14.34
TIANJIN MARINE                 600751      75.44      -26.60
TOPSUN SCIENCE-A               600771     232.68     -131.98
XIAMEN OVERSEAS                600870     433.19      -13.78
HUDA TECHNOLOG-A               600892      18.46       -1.90
TIANJIN MARINE-B               900938      75.44      -26.60
SHANG WORLDBES-B               900940     327.98     -175.17


HONG KONG      

CHIA TAI ENTERPR                  121     316.11      -40.95
CHINA BEST GROUP                  370      55.54       -1.84
ASIA TELEMEDIA L                  376      16.97       -7.53
WELLING HOLDING                   382     303.95      -44.65
NEW CITY CHINA                    456     110.83       -6.78
PALADIN LTD                       495     167.43       -6.23
MAXX BIOSCIENCE                   512      25.48       -5.36
CHINA HEALTHCARE                  673      25.44       -3.37
PLUS HOLDINGS LT                 1013      10.40      -10.21
SUNCORP TECH LTD                 1063      31.94      -35.07
FE GOLDEN RES                    1188      52.49       -9.92
WAH SANG GAS                     8035      61.51     -106.48


INDIA      

ANDREW YULE & CO                  ANY      81.41      -30.90
ARTSON ENGR                       ART      10.31       -0.71
ASHIMA LTD                        ASHM     96.57      -42.59
BHAGHEERATHA ENG                  BGEL     22.65      -28.20
BALAJI DISTILLER                  BLD      45.66      -74.20
BELLARY STEELS                    BSAL    395.36      -41.25
CFL CAPITAL FIN                   CEATF    24.03      -43.80
CORE HEALTHCARE                   CPAR    185.37     -241.91
DIGJAM LTD                        DGJM     98.77      -14.62
DISH TV INDIA                     DITV    239.48      -12.62
ELQUE POLYESTERS                  ELQP     13.80      -25.63
GANESH BENZOPLST                  GBP      82.16      -38.25
SURAT TEXTILE MI                  GCTY     15.97       -8.85
GUJARAT SIDHEE                    GSCL     59.44       -0.66
GUJARAT STATE FI                  GSF      43.60     -195.24
HIMACHAL FUTURIS                  HMFC    603.36      -13.34
HMT LTD                           HMT     316.41     -175.33
HINDUSTAN PHOTO                   HPHT     95.12     -953.35
IFB INDS LTD                      IFBI     40.50      -70.82
INDIA STEEL WORK                  ISI      56.76       -1.47
JCT ELECTRONICS                   JCTE    117.60      -50.17
JK SYNTHETICS                     JKS      20.21       -2.17
JENSON & NIC LTD                  JN       14.81      -81.79
KALYANPUR CEMENT                  KCEM     38.11      -48.48
LKP MERCHANT FIN                  LKP      29.99       -0.47
LML LTD                           LML      86.80      -27.97
LLOYDS METALS                     LYDM     76.63       -0.41
LLOYDS STEEL IND                  LYDS    392.56     -102.16
MODI RUBBER LTD                   MDR      39.76      -24.30
MAFATLAL INDS                     MFI      95.67      -85.81
MILLENNIUM BEER                   MLB      38.26       -3.52
PAREKH PLATINUM                   PKPL     59.66      -75.55
PANCHMAHAL STEEL                  PMS      51.02       -0.33
PSI DATA SYSTEMS                  PSI      11.68       -2.48
PTL ENTERPRIESES                  PTLE     54.29       -0.40
PANYAM CEMENTS                    PYC      30.24       -9.40
ROLLATAINERS LTD                  RLT      22.97      -22.24
REMI METALS GUJA                  RMM      45.06      -51.10
RPG CABLES LTD                    RPG      51.43      -20.19
SIL BUSINESS ENT                  SILB     12.46      -19.96
SANDUR MANGANESE                  SMIO     32.57       -2.61
SIMPLEX REALTY                    SPLX     16.49       -0.44
SHREE RAMA MULTI                  SRMT     71.22      -29.91
TATA TELESERVICE                  TTLS    657.28      -73.89
TVS ELECTRONICS                   TVSEL    30.73       -1.57
UB ENGINEERING                    UBE      31.43       -2.86
USHA INDIA LTD                    USHA     12.06      -54.51
JOG ENGINEERING                   VMJ      50.08      -10.08
VXL INSTRUMENT                    VXLI     12.20       -0.62
YASHRAJ CONTAINE                  YRCT     17.49       -2.09


INDONESIA      

PRIMARINDO ASIA                  BIMA      10.35      -20.51
BUKAKA TEKNIK UT                 BUKK      64.09      -99.37
DAYA SAKTI UNGGU                 DSUC      30.76       -6.51
ERATEX DJAJA                     ERTX      31.06       -2.42
TITAN KIMIA NUST                 FPNI      25.81       -0.72
JAKARTA KYOEI ST                 JKSW      30.89      -41.37
KARWELL INDONESI                 KARW      32.21       -2.26
PANCA WIRATAMA                   PWSI      31.46      -31.94
STEADY SAFE TBK                  SAFE      22.30       -8.31
SURABAYA AGUNG                   SAIP     283.40      -75.78
SEKAR BUMI TBK                   SKBM      19.7 0          0
TEIJIN INDONESIA                 TFCO     266.23      -27.64
UNITEX TBK                       UNTX      16.04      -10.83


JAPAN      

HEIWA OKUDA CO L                 1790      82.68       -6.66
LINK ONE                         2403      16.60       -3.12
LINK CONSULTING                  4798      50.71      -10.14
CASIO MICRONICS                  6760     184.29      -31.13
AIREX INC                        6944      44.25       -7.05
SUMIYA CO                        9939      70.82      -10.21


MALAYSIA      

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


PHILIPPINES      

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


SINGAPORE      

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


SOUTH KOREA      

ORICOM INC                        010470   82.65      -40.04
UNICK CORP                        011320   36.54       -4.45
STARMAX CO LTD                    017050   73.13       -5.54
DAISHIN INFO                      020180  740.5      -158.45
TONG YANG MAGIC                   023020  355.15      -25.77
NANO MINING CO L                  036270   26.64      -29.46
COSMOS PLC                        053170   19.31       -4.95
SEJI CO LTD                       053330   37.25       -0.31
MEDIACORP INC                     053890   53.31      -32.22
DAHUI CO LTD                      055250  186.00       -1.50


TAIWAN    

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


THAILAND      

BANGKOK RUBBER                    BRC      89.62      -81.26
BANGKOK RUBBER-F                  BRC/F    89.62      -81.26
BANGKOK STEEL IN                  BSI     458.73     -136.44
BANGKOK STEEL-F                   BSI/F   458.73     -136.44
CIRCUIT ELEC PCL                  CIRKIT   24.60      -94.26
CIRCUIT ELEC-FRN                  CIRKIT/F 24.60      -94.26
CENTRAL PAPER IN                  CPICO    13.25     -241.78
CENTRAL PAPER-F                   CPICO/F  13.25     -241.78
THAI-DENMARK PCL                  DMARK    19.57       -3.20
THAI-DENMARK-F                    DMARK/F  19.57       -3.20
DATAMAT PCL                       DTM      17.55       -1.72
DATAMAT PLC-F                     DTM/F    17.55       -1.72
ITV PCL                           ITV      44.70      -73.07
ITV PCL-FOREIGN                   ITV/F    44.70      -73.07
K-TECH CONSTRUCT                  KTECH/F  83.20       -5.69
NEW PLUS KNITT                    NPK      10.08       -2.03
NEW PLUS KNITT-F                  NPK/F    10.08       -2.03
KUANG PEI SAN                     POMPUI   18.78      -14.07
KUANG PEI SAN-F                   POMPUI/F 18.78      -14.07
QUALITY CONSTRUC                  QCON     76.13     -293.83
QUALITY CONSTR-F                  QCON/F   76.13     -293.83
SAFARI WORLD PUB                  SAFARI  128.58      -13.64
SAFARI WORLD-FOR                  SAFARI/F128.58      -13.64
SIAM GEN FACTOR                   SGF      30.18       -6.79
SIAM GEN FACT-F                   SGF/F    30.18       -6.79
SAHAMITR PRESSUR                  SMPC     27.26      -34.59
SAHAMITR PRESS-F                  SMPC/F   27.26      -34.59
SRI THAI FOOD &                   SRI      18.29      -43.37
SRI THAI FOOD -F                  SRI/F    18.29      -43.37
TUNTEX THAILAND                   TUNTEX  252.49      -41.58
TUNTEX THAILAN-F                  TUNTEX/F252.49      -41.58
UNIVERSAL STARCH                  USC     103.61      -48.62
UNIVERSAL STAR-F                  USC/F   103.61      -48.62

                         *********

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

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

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


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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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