TCRAP_Public/080728.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, July 28, 2008, Vol. 11, No. 148

                            Headlines


A U S T R A L I A

BARBACAN BENEFITS: Members' Final Meeting Set for August 5
BARBACAN PTY: Liquidator to Give Wind-Up Report on August 5
E BRUCE: To Declare Dividend on August 5
EMCO MACHINE: To Declare Dividend on August 5
FORTESCUE METALS: Charged With Cyclone George Related Offense

HAMILTON PACIFIC: Members' Final Meeting Set for August 5
LANTYRN PTY: Proofs of Debt Due on July 31
OCTAVIAR LIMITED: Winding Up Hearing Adjourned to September 9
Q'S COURIERS: Members and Creditors to Meet on August 5
T44 PTY: Liquidator to Present Wind-Up Report on August 1

TPE KINTECH: Members and Creditors to Meet on August 5
UNIQUE DOORS: Members and Creditors to Meet on August 6


C H I N A

CHINA CITIC: Fitch Lifts Individual Rating to 'C/D' from 'D'
CHINA EVERBRIGHT: 1H Profit Ups 158% to CNY6.47 Billion
CHINA SOUTHERN: Plans Flights w/ Air France Under Cargo JV
TCL CORP: To Raise CNY1.7BB for Television Production Expansion


H O N G K O N G

CITIC RESOURCES: Mulls US$10 Billion Bid for Origin Energy
FORCEWAY INDUSTRIAL: Appoints Nedderman and Wah as Liquidators
GREAT FINE: Appoints Nedderman and Wah as Liquidators
HTICAHI WEI CHU: Court to Hear Wind-Up Petition on September 3
JETGOLD LIMITED: Members' Final Meeting Set for August 29

KIN LEE: Appoints Nedderman and Wah as Liquidators
NEW UNIVERSE: Court to Hear Wind-Up Petition on August 27
PINNEBERG LIMITED: Requires Creditors to File Claims by Aug. 25
PLANTERS CHINA: Appoints Nedderman and Wah as Liquidators
SHIMAO PROPERTY: Moody's Lowers Issuer Rating to Ba1

SOURCE BONUS: Subject to Ho Man Hung's Wind-Up Petition
TIFFANY INTERNATIONAL: Appoints Nedderman and Wah as Liquidators


I N D I A

MARDI SAMYOUNG: To Be Rehabilitated Through Merger Deal
SHREE NARMADA: Proposes Debt Settlement Plan
WIRE & WIRELESS: Net Loss Increases to Rs. 814.4M in 4Q FY 2008


I N D O N E S I A

PT BANK CENTRAL: Fitch Holds 'BB' ID Rating with Stable Outlook
PT BANK DANAMON: Fitch Holds 'BB' Foreign Issuer Default Rating
PT BANK MANDIRI: Fitch Holds 'BB' F&L Currency Ratings


J A P A N

JAPAN AIRLINES: Plans to Cut Flights on Three Domestic Routes


K O R E A

HYNIX: Denies U.S. Plant Closure Relates to Trade Dispute
ORASCOM TELECOM: S&P's B+ Rating Unaffected By C$442 Million Bid


N E W  Z E A L A N D

ACCESS BROKERAGE: Supreme Court Rejects NZX's Appeal
EDMONTON HOLDINGS: Commences Liquidation Proceedings
LIVING ON: Commences Liquidation Proceedings
OCEANS HOTEL: Shuts Down Business Operations
RANGIORA BUSINESS: Commences Liquidation Proceedings

SHAFTSPRY LTD: Commences Liquidation Proceedings
TRIGGERTEC LTD: Commences Liquidation Proceedings


P H I L I P P I N E S

SULPICIO LINES: May Sail Next Week if Ships Pass Reinspection


T A I W A N

AU OPTRONICS: Earns NT$20.39 Billion in Second Quarter 2008
AU OPTRONICS: Mulls Reopening OLED Product Line
E SUN BANK: Fitch Holds 'C(twn)' Rating on NTD873.6M Cl. C Notes
YCL ELECTRONICS: Fitch Assigns 'CCC(twn)' Nat'l Long-Term Rating



                         - - - - -


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

BARBACAN BENEFITS: Members' Final Meeting Set for August 5
----------------------------------------------------------
P. A. Lucas, Barbacan Benefits Pty Ltd's estate liquidator, will
meet with the company's members at 11:00 a.m. on Aug. 5, 2008,
to provide them with property disposal and winding-up reports.  

The liquidator can be reached at:
  
          P. A. Lucas
          P. A. Lucas & Co.
          Chartered Accountants
          Level 8, 100 Edward Street,
          Brisbane, Queensland
          Australia


BARBACAN PTY: Liquidator to Give Wind-Up Report on August 5
-----------------------------------------------------------
P. A. Lucas, Barbacan Pty Ltd's estate liquidator, will meet
with the company's members at 11:30 a.m. on Aug. 5, 2008, to
provide them with property disposal and winding-up reports.  

The liquidator can be reached at:
  
          P. A. Lucas
          P. A. Lucas & Co.
          Chartered Accountants
          Level 8, 100 Edward Street,
          Brisbane, Queensland
          Australia


E BRUCE: To Declare Dividend on August 5
----------------------------------------
E Bruce Fraser Pty Ltd will declare dividend on Aug. 5, 2008.

Only creditors who were able to file their proofs of debt by
July 22, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Mark Pearce
          Pearce & Heers Insolvency Accountants
          Suite 3, Level 9
          320 Adelaide Street
          Brisbane QLD 4000
          Australia
          Telephone: (07) 3221 0055


EMCO MACHINE: To Declare Dividend on August 5
---------------------------------------------
Emco Machine Tools Australia Pty Ltd will declare dividend on
Aug. 5, 2008.

Only creditors who were able to file their proofs of debt by
Aug. 22, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          I. J. Purchas
          Liquidator
          Star Dean-Willcocks
          Level 1, 32 Martin Place
          Sydney NSW 2000


FORTESCUE METALS: Charged With Cyclone George Related Offense
-------------------------------------------------------------
Fortescue Metals Group Limited advised that it was served with a
notice by WorkSafe following an investigation into the Cyclone
George incident in March last year.

Fortescue has been charged with one offense and its subsidiary,
The Pilbara Infrastructure Pty Ltd, with 17 offenses under the
Occupational Safety Health Act 1984.

Fortescue has handed the matter to its solicitors and will be
defending the charges.

                     About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2007, was
AU$68.43 million, while net losses for FY2006 and FY2005 were
AU$2.15 million and AU$4.52 million respectively.


HAMILTON PACIFIC: Members' Final Meeting Set for August 5
---------------------------------------------------------
P. A. Lucas, Hamilton Pacific Pty Ltd's estate liquidator, will
meet with the company's members at 10:30 a.m. on Aug. 5, 2008,
to provide them with property disposal and winding-up reports.  

The liquidator can be reached at:
  
          P. A. Lucas
          P. A. Lucas & Co.
          Chartered Accountants
          Level 8, 100 Edward Street,
          Brisbane, Queensland
          Australia

LANTYRN PTY: Proofs of Debt Due on July 31
------------------------------------------
Lantyrn Pty Ltd will declare dividend on Aug. 5, 2008.

Creditors are required to file their proofs of debt by July 31,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          SimsPartners
          Chartered Accountants
          Level 5, 55 Hunter Street
          Sydney NSW 2000
          Australia


OCTAVIAR LIMITED: Winding Up Hearing Adjourned to September 9
-------------------------------------------------------------
In a regulatory filing, Octaviar Group Limited stated that the
Public Trustee of Queensland with support from the company
successfully sought an adjournment of the winding up
applications until September 9 and 10, 2008, being the date
previously set aside.

Octaviar said a number of parties were represented at the
hearing held on July 24, 2008, including major unsecured
creditors as well as a few Noteholders.  All parties consented
to the adjournment which should allow the Noteholders and other
creditors to consider the company's offers before applications
are heard.

As reported in the Troubled Company Reporter on July 23, 2008,
Octaviar Limited has forwarded a proposal to the holders of
listed notes under which the terms of issue of those
notes would be amended allowing for either an immediate cash
payment to cancel the notes or Noteholders continuing to hold
the notes until June 2011 and enjoy the benefits of security
over the Group's available assets.

According to the company, should the proposal proceed it is
expected that 200 smaller Noteholders will receive AU$100 pre
note held, being the full face value.  Noteholders have been
asked to respond to the proposal by 7:00 p.m., August 11, 2008.

The company said it is currently finalizing the documentation to
allow it to make broadly similar offers to each of:

   - the holders of the unlisted bonds;

   - the Australian Taxation Office; and
  
   - the Responsible Entity of the Premium Income Fund.

The company said discussions have been held with the relevant
creditors and the formal offers will be made imminently.

The investors in OPI Pacific Finance Limited (OPI Pacific) have
entered into a moratorium and as a consequence the company is to
provide OPI Pacific with a secured debt agreement alongside
other company creditors.

                         PTQ Action

The Public Trustee of Queensland (PTQ), as the Trustee for the
holders of the listed notes, asserts that the notes are
currently due and payable and the PTQ has made applications to
the court to have Octaviar Limited and two subsidiaries wound
up.  The company considers that all interest on these notes has
been paid in full and on time, that the relevant companies are
not in default under the Note Terms and that the Notes are not
due for repayment until the agreed maturity date of December
2011.

The winding up applications were set down to be heard on
September 9 & 10, 2008, a date well after the views of
Noteholders and other creditors regarding the offers put to them
by the company were expected to be known.

On July 18, 2008, the PTQ, despite knowing of the proposal made,
sought and obtained an order bringing forward the hearing of the
winding up applications.  The hearing was scheduled on July 24 &
25, 2008.
  
                       Change in Trustee

The PTQ had resigned as trustee last year, however, the PTQ has
continued in that role pending the appointment of a suitable
replacement.  A suitable replacement had been identified in
January 2008, however, the change in trustee did not occur at
that time.

The PTQ advised the company last week that it did not wish to
act as trustee if a proposal along the lines suggested by the
company was implemented.  Given this advice the company has
organized for a subsidiary of Trust Company Limited to act as
trustee.  It was a Trust Company Limited subsidiary which was to
have become the trustee in January.  This matter was also
brought to the attention of the court on July 24, 2008.  It is
anticipated that Trust Company Fiduciary Services Limited will
become the trustee in the next few days.   

                     About Octaviar Limited

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


Q'S COURIERS: Members and Creditors to Meet on August 5
--------------------------------------------------------
Q'S Couriers Pty Ltd will hold a joint meeting for its members
and creditors at 10:30 a.m. on Aug. 5, 2008.  During the
meeting, the company's liquidator, Paul Cook at Paul Cook &
Associates, will provide the attendees with property disposal
and winding-up reports.

The company's liquidators can be reached at:  

          Paul Cook
          Paul Cook & Associates
          105 Macquarie Street
          Hobart TAS 7000
          Australia
          Telephone: (03) 6223 2555
          Facsimile: (03) 6223 2556
          Email: info@pjc.com.au


T44 PTY: Liquidator to Present Wind-Up Report on August 1
---------------------------------------------------------
Jason Bettles, T44 Pty Ltd's estate liquidator, will meet with
the company's members at 2:30 p.m. on Aug. 1, 2008, to provide
them with property disposal and winding-up reports.  

The liquidator can be reached at:

          Jason Bettles
          Worrells Solvency & Forensic Accountants
          Level 6, 50 Cavill Avenue
          Surfers Paradise Qld 4217
          Australia
          Website: www.worrells.net.au


TPE KINTECH: Members and Creditors to Meet on August 5
------------------------------------------------------
TPE Kintech Pty Ltd will hold a final meeting for its members
and creditors at 10:30 a.m. On Aug. 5, 2008.  During the
meeting, the company's liquidators, P. P. Carter at
PricewaterhouseCoopers, will provide the attendees with property
disposal and winding-up reports.

The company's liquidators can be reached at:  

          P. P. Carter
          PricewaterhouseCoopers
          Level 10
          201 Sussex Street
          Sydney, NSW 2000
          Australia


UNIQUE DOORS: Members and Creditors to Meet on August 6
-------------------------------------------------------
Unique Doors Pty Ltd will hold a joint meeting for its members
and creditors at 10:00 a.m. On Aug. 6, 2008.  During the
meeting, the company's liquidator, A. R. Yeo at Pitcher
Partners, will provide the attendees with property disposal and
winding-up reports.

The company's liquidators can be reached at:  

          A. R. Yeo
          Pitcher Partners
          Level 19, 15 William Street
          Melbourne VIC 3000
          Australia



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

CHINA CITIC: Fitch Lifts Individual Rating to 'C/D' from 'D'
------------------------------------------------------------
Fitch Ratings has upgraded the Individual rating of China CITIC
Bank to 'C/D' from 'D'.  It has also affirmed the ratings of
China Merchants Bank and China Minsheng Banking Corporation.  
The ratings are now as:

  -- CNCB: Individual Rating: upgraded to 'C/D' from 'D';
Support
     Rating: affirmed at '2';

  -- CMB: Individual Rating: affirmed at 'C/D'; Support Rating:
     affirmed at '3'.

  -- CMBC: Individual Rating: affirmed at 'D'; Support Rating:
     affirmed at '4'.

The upgrade of CNCB's Individual rating reflects the bank's much
improved capitalization, strengthened asset quality, and
enhanced risk management.  However, rapid loan growth and low
non-interest income remain concerns.  CNCB's capitalization
improved noticeably following last year's CNY45bn A-share and H-
share IPOs.  At end-2007, CNCB's Tier 1 and Total CAR ratios
stood at a robust 13.1% and 15.3%, respectively.  Supported by
newly raised capital, growth of loans and assets was the highest
among peer banks in 2007 at 25% and 43%, respectively.  Due to
the denominator effect of strong loan growth as well as
increased chargeoffs ahead of the bank's IPO, asset quality
ratios continued to improve last year.

At end-2007, CNCB posted a 5-tier NPL ratio of 1.5%, Special
Mention loans/total loans of 2.1%, and loan loss reserve
coverage of 110%.  CNCB aims to be among the first of China's
nationwide banks to implement Basel II, and is in the process of
overhauling its credit risk management framework.  CNCB's RoAA
of 0.97% in 2007 was just slightly below other H-share-listed
Chinese banks, owing to larger staff expense and higher tax
charges.

CMB's Individual Rating reflects its solid management team, good
profitability, and sound asset quality.  CMB has and continues
to increase contributions from retail banking and fee-generating
businesses to balance its traditional focus in corporate
lending. The bank's planned acquisition of HK's Wing Lung Bank
(Individual Rating: 'B/C') in 2008 complements its existing
strategy, and will increase its distribution network, allowing
the bank to offer more comprehensive products and services to
its diversified customer base.  CMB has consistently achieved
above-industry average profitability.  ROAA improved to 1.4% in
2007 from 0.8% in 2006, amid strong economic growth, a feverish
domestic stock market, and a benign credit environment. Deposits
expanded a strong 38% in 2007, driven in large part by a three-
fold increase in interbank deposits and placements.

Meanwhile, loans and assets increased by 17% and 40%,
respectively.  Retail lending comprised 68% of overall loan
growth in 2007.  Impaired loans declined to 1.5% of gross loans
due to both the denominator effect of strong loan growth and the
benign credit environment, while reserve coverage increased to a
solid 180%.  CMB remained adequately capitalized at end-2007,
although its Tier-1 CAR fell to 9.0% at end-2007 due to strong
asset growth.  CMB's Tier-1 CAR will likely decline further upon
the completion of its purchase of Wing Lung Bank due to goodwill
recognition, but CMB expects to rebuild its Tier-1 CAR to around
9% through profit retention in less than 3 years.

CMBC's 'D' Individual rating reflects it improved
capitalization, moderating asset growth, and above-average asset
quality.  However, recent deterioration in the loan portfolio is
a concern, and profitability remains modest relative to peers.  
Owing to the tightened monetary environment and capital
constraints, growth has slowed from its very rapid clip in prior
years, with loans and assets expanding 18% and 27% in 2007,
respectively.  CMBC consistently posts among the strongest asset
quality figures of Chinese banks under Fitch coverage, with a 5-
tier NPL ratio of 1.2%, Special Mention loans/total loans of
1.4%, and loan loss reserve coverage of 113% at end 2007.

                     About China Merchants

CMBC was one of the few Chinese banks to report a large increase
in the nominal amount of NPLs adjusted for charge-offs in 2007,
which management attributes to growing financial strains on SME
borrowers and implementation of stricter classification
standards.  Profitability remains modest with RoAA of 0.77% in
2007 due to the bank's lower share of demand deposits and
therefore higher funding costs, as well as higher operating
expenses.  CMBC's Tier 1 and Total CARs stood at 7.4% and 10.7%
at end 2007, respectively following a CNY 18bln private
placement in 2007.


CHINA EVERBRIGHT: 1H Profit Ups 158% to CNY6.47 Billion
-------------------------------------------------------
China's Everbright Bank's first-half net profit increased
158.2% to CNY6.47 billion (US$947 million), Edmund Klamann of
Reuters reports, citing Shanghai Securities News.

The report relates that the bank's non-performing loans dropped
to CNY8.44 billion, cutting its non-performing loan ratio to
1.85%, down 2.63 percentage points from the beginning of the
year, while capital adequacy ratio rose to 9.01%, up 1.91
percentage points from the start of the year.

According to the report, the bank's earnings growth was
influenced by large increases in net interest income, which rose
38.3% from a year earlier to CNY11.06 billion, and income from
intermediary services, which jumped 54% to CNY1.19 billion.

The bank's general deposits rose 14.1% to CNY628.8 billion,
while loans outstanding rose 9.3% to CNY456.9 billion, the
report says.

Analysts believed the improvement in the bank's performance
would aid its listing plans, Reuters cited Shanghai Securities
News as saying.  The bank submitted an application for an
initial public offering to the authorities in June.

                 About China Everbright Bank

Headquartered in Beijing, China, China Everbright Bank Company
-- http://www.cebbank.com/-- is the first state-owned  
commercial bank with shares held by international financial
institutions.

Everbright Bank is 21%-owned by Hong Kong-listed China
Everbright Ltd, an Everbright Group unit.  The Asian Development
Bank is the only foreign stakeholder, with 2%.

                          *     *     *

The bank continues to carry Moody's "Ba1" Foreign LT Bank
Deposit rating and "D" bank Financial Strength rating.

The Troubled Company Reporter-Asia Pacific reported on Aug. 9,
2007, that China approved China Everbright Bank's plan for
financial restructuring, paving the way for a capital injection
and eventual listing.


CHINA SOUTHERN: Plans Flights w/ Air France Under Cargo JV
----------------------------------------------------------
China Southern Airlines Co. Limited and Air France-KLM are
planning to run 93 flights a week in the spring of 2010 under
their planned cargo joint venture, Thomson Financial reports,
citing La Tribune.

As reported by the Troubled Company Reporter - Asia Pacific on  
June 4, 2008, China Southern entered into a framework
agreement with Air Bleu Limited for the proposed formation of a
foreign funded cargo airline joint venture company in the
People's Republic of China.   Air Bleu is a company controlled
by Air France - KLM Group.  Air Bleu Limited and Air France -
KLM Group are independent third parties of the company.

Pursuant to the Framework Agreement, the JV Company will be
initially held as to 75% by the Company and 25% by Air Bleu
Limited.  The term of the JV Company will be of thirty years.

The joint venture, Thomson Financial relates, will operate from
the airports of Tianjin, Shanghai and Canton, and aims to have
10 aircraft by August 2009, increasing to 12 in July 2010.

                      About China Southern

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

                          *     *     *

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


TCL CORP: To Raise CNY1.7BB for Television Production Expansion
---------------------------------------------------------------
TCL Corporation plans to raise CNY1.7 billion (US$249 million)
via a share placement in order to expand production of
televisions using liquid crystal displays, Reuters reports.

According to Reuters, the company would place between 200
million and 440.62 million new A-shares with as many as ten
investors including its chairman, Li Dongsheng.

The issue, the report relates, is equivalent to as much as 17%
of the company's existing share capital, would be priced at no
less than CNY3.85 yuan per share.

The company said it would spend the money on one production line
for LCD televisions with screens of up to 42 inches, and another
line making TVs with screen sizes up to 56 inches, the report
adds.

                       About TCL Corp

Headquartered in Guangdong Province, China, TCL Corporation --
http://www.tcl.com-- Corporation is principally engaged in the   
manufacture of TV sets and handset products.  TCL Corp is the
parent of Hong Kong-listed TV maker TCL Multimedia Technology
Holdings Ltd and cellphone maker TCL Communication .

                        *     *     *

The company still carries Xinhua Far East China Ratings 's
"BB" domestic currency issuer credit rating.  The ratings
outlook remains negative.



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

CITIC RESOURCES: Mulls US$10 Billion Bid for Origin Energy
----------------------------------------------------------
CITIC Resources Holdings may offer as much as US$10 billion for
the coal-gas assets of Australia's Origin Energy, various
reports say.

According to China Knowledge News, Origin Energy has already
started providing basic information about the coal-bed methane
assets to CITIC Resources as well as other interested parties.

Origin Energy has urged its shareholders to reject a US$13.1
billion hostile takeover bid from British third-largest oil and
gas company BG Group Plc, Reuters says.

According to Reuters, BG wants Origin's vast coal seam gas
resources in Australia to feed a proposed liquefied natural gas
project on the country's east coast, which would help BG fill a
hole in its LNG business in the Asia-Pacific.

Reportedly, CITIC Resources earlier this month became the top
shareholder in Australia's Macarthur Coal raising its stake to
20.4 percent after global steelmaker ArcelorMittal and South
Korea's POSCO bought into the firm.

Reuters relates that a market analyst questions the company's
capability to hold the bid, with its market capitalization of
HK$18 billion (US$2.31 billion).

Credit analysts also told Reuters that CITIC Resources would do
more to improve its credit rating if it used cash to pay off
debt rather than making new acquisitions.

                      About CITIC Resources

Incorporated in Bermuda in 1997, CITIC Resources has its shares
listed on the Hong Kong Stock Exchange.  The company positions
itself as an integrated provider of key commodities and
strategic natural resources with particular focus in oil
business.  The principal activities of the company and its
subsidiaries are in the fields of oil, aluminium, coal, import
and export of commodities, manganese and iron ore.  CITIC Group
(formerly China International Trust and Investment Corporation)
became the majority controlling shareholder of the Company in
March 2004, indirectly holding interest in the Company of over
54%.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 3,
2008, that Moody's Investors Service affirmed the Ba2 corporate
family rating on CITIC Resources Holdings Ltd (CITIC Resources)
and the Ba2 rating on the US$1 billion in 7-year unsecured
senior notes issued by CITIC Resources Finance (2007) Ltd and
guaranteed by CITIC Resources.  The ratings outlook is stable.

The company continues to carry Standard & Poor's Ratings
Services' 'BB+' rating.


FORCEWAY INDUSTRIAL: Appoints Nedderman and Wah as Liquidators
--------------------------------------------------------------
Anthony Nedderman and Chin Kin Wah were appointed liquidators of
Forceway Industrial Limited.

The Liquidators can be reached at:

          Anthony Nedderman
          Chin Kin Wah
          Messrs. Tony Nedderman & Co.
          China Hong Kong Tower, 11th Floor
          8 Hennessy Road
          Hong Kong


GREAT FINE: Appoints Nedderman and Wah as Liquidators
-----------------------------------------------------
Anthony Nedderman and Chin Kin Wah were appointed liquidators of
Great Fine Engineering Limited.

The Liquidators can be reached at:

          Anthony Nedderman
          Chin Kin Wah
          Messrs. Tony Nedderman & Co.
          China Hong Kong Tower, 11th Floor
          8 Hennessy Road
          Hong Kong


HTICAHI WEI CHU: Court to Hear Wind-Up Petition on September 3
--------------------------------------------------------------
A petition to have Hticahi Wei Chu (Hong Kong) Limited's
operations wound up will be heard before the High Court of Hong
Kong on September 3, 2008, at 9:30 a.m.

Hitachi Ltd. filed the petition against the company on june 26,
2008.

Hitachi's solicitors are:

          Yu & Partners
          Golden Centre, 18th Floor
          188 Des Voeux Road
          Central, Hong Kong


JETGOLD LIMITED: Members' Final Meeting Set for August 29
---------------------------------------------------------
The members of Jetgold Investment Limited will hold their final
meeting on August 29, 2008, at 10:45 a.m., at the 76th Floor of
Two International Finance Centre, 8 Finance Street, in Central,
Hong Kong.

At the meeting, Lee King Yue, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


KIN LEE: Appoints Nedderman and Wah as Liquidators
--------------------------------------------------
Anthony Nedderman and Chin Kin Wah were appointed liquidators of
Kin Lee Ko Construction Company Limited.

The Liquidators can be reached at:

          Anthony Nedderman
          Chin Kin Wah
          Messrs. Tony Nedderman & Co.
          China Hong Kong Tower, 11th Floor
          8 Hennessy Road
          Hong Kong


NEW UNIVERSE: Court to Hear Wind-Up Petition on August 27
---------------------------------------------------------
A petition to have New Universe Enterprises (Hong Kong) Limited
wound up will be heard before the High Court of Hong Kong on
August 27, 2008, at 9:30 a.m.

The plaintiff's solicitor is:

          Y.S. Lau & Partners
          Club Lusitano, 10th Floor
          16 Ice House Street, Central
          Hong Kong


PINNEBERG LIMITED: Requires Creditors to File Claims by Aug. 25
---------------------------------------------------------------
The creditors of Pinneberg Limited are required to file their
proofs of debt by August 25, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Lie Yung Lie
          Sun Hung Kai Centre, Room 1021
          30 Harbour Road
          Wanchai, Hong Kong


PLANTERS CHINA: Appoints Nedderman and Wah as Liquidators
---------------------------------------------------------
Anthony Nedderman and Chin Kin Wah were appointed liquidators of
Planters China Trade Limited.

The Liquidators can be reached at:

          Anthony Nedderman
          Chin Kin Wah
          Messrs. Tony Nedderman & Co.
          China Hong Kong Tower, 11th Floor
          8 Hennessy Road
          Hong Kong


SHIMAO PROPERTY: Moody's Lowers Issuer Rating to Ba1
----------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 Shimao
Property Holdings Limited's issuer rating and senior unsecured
bond rating.

At the same time, Moody's has also withdrawn the issuer rating
and assigned the company a Ba1 corporate family rating.

The outlook for the unsecured bond rating and corporate family
rating is negative.

"The rating downgrade has been primarily driven by the weakening
in Shimao's balance sheet liquidity and its lack of committed
funding arrangement to cover maturing debt and large capital
expenditures in the next few months," says Peter Choy, a Moody's
Vice President and Senior Credit Officer.  "Such a tight
liquidity position is not consistent with the expected profile
of an investment grade rating."

"The company has to fund land, operation and interest costs of
at least RMB8 billion in 2H 2008 for its current sales target,"
says Choy, adding, "These costs are arising from acquisitions
for its land bank earlier in the year and its setting up of a
property sales target for 2008 which is more than 80% over last
year."

"In such a situation, it has to rely on aggressive pre-sales in
2H 2008 -- much more than two times the value of 1H 2008 -- to
meet its funding requirements and to maintain adequate balance
sheet liquidity," says Choy.  "At the same time, given the
conditions now current in China's property market, Shimao will
be challenged to achieve such ambitious targets."

"Furthermore, its liquidity position is aggravated by the need
to refinance US$300 million in short-term notes due in September
2008, while Moody's also notes that the use of short-term debt
to fund land acquisitions increases liquidity risk," says Choy.

"In addition, it faces greater challenge to meet the tighter
financial covenants in exchange for removing the rating trigger
for its US$328 million syndicated loan," says Choy.  
"Such a situation further pressures the company's liquidity
profile."

Nonetheless, the Ba1 rating reflects its competitive business
model, the high quality of Shimao's assets, including its
portfolio of investment properties and hotels, the diversified
and attractive locations of its sizeable land bank, as well as
its projected moderate level of financial leverage of around 40%
over the next 2 years.

Moody's also notes that Shimao has obtained approval to inject
assets into its A-share listed subsidiary in China in return for
higher ownership of 64.2%, thereby providing it with a future
funding platform for China's domestic market.

The negative outlook reflects concerns over near-term
refinancing risk and uncertainty over the company's ability to
achieve its sales target and so restore balance sheet liquidity.

The possibility of a rating upgrade is low, given the negative
outlook.  However, the rating outlook could return to stable if
Shimao:

(a) manages its property sales according to plan;
(b) demonstrates financial discipline in pursuing land
    acquisitions;
(c) the US$300 million in short-term debt is refinanced and
    termed out for period that provides funding stability to the
    company; and
(d) the tight headroom present in the financial covenants of the
    US$328 million syndicated loan is removed.

On the other hand, downward rating pressure would emerge if
Shimao's liquidity and financial strength further deteriorate
due to:

(a) a slowdown in sales, such that the company materially fails
    to meet its sales targets;
(b) an inability to refinance and term out the US$300 million in
    short-term notes, or refinancing is accomplished at much
    higher interest rates;
(c) its credit metrics deteriorate, leading to a likely breach
    in the financial covenants of its syndicated loan; and
(d) more aggressive debt-funded acquisitions of land/projects
    occur, leading to a material increase in leverage.

The financial indicators that Moody's would consider for a
downgrade include Gross Debt/Capitalization rising above 40 -
45% and EBITDA/Interest falling below 3-4x.

                    About Shimao Property

Shimao Property Holdings Limited is incorporated in Grand Cayman
which was listed on the Hong Kong Stock Exchange in July 2006.
It has 33 projects in China and are mainly located in Shanghai,
Beijing, the Yangtze River Delta and Bohai Rim.


SOURCE BONUS: Subject to Ho Man Hung's Wind-Up Petition
-------------------------------------------------------
On June 18, 2008, Ho Man Hung filed a petition to have Source
Bonus Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
August 20, 2008, at 9:30 a.m.


TIFFANY INTERNATIONAL: Appoints Nedderman and Wah as Liquidators
----------------------------------------------------------------
Anthony Nedderman and Chin Kin Wah were appointed liquidators of
Tiffany International Fine Food & Wines Company Limited.

The Liquidators can be reached at:

          Anthony Nedderman
          Chin Kin Wah
          Messrs. Tony Nedderman & Co.
          China Hong Kong Tower, 11th Floor
          8 Hennessy Road
          Hong Kong



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

MARDI SAMYOUNG: To Be Rehabilitated Through Merger Deal
-------------------------------------------------------
In order to rehabilitate Mardia Samyoung Capillary Tubes Company
Ltd, its Board of Directors have agreed to merge the company
with Mardia Tubes Ltd and Mardia Extrusions Ltd.

The transaction is subject to approval by the Board for
Industrial & Financial Reconstruction.

The company scheduled an annual general meeting on August 21,
2008.

Mardia Samyoung Capillary Tubes Company Ltd manufactures
refrigeration and air conditioning thermostats.   The company
supplies to L.G, Whirlpool, Sam Sung, Godrej, Electrolux, Voltas
and Daewoo among others.

The company incurred consecutive annual net losses from
March 31, 2000 until March 31, 2005, but started to record net
profits for the past three years since the year ended March 31,
2006.


SHREE NARMADA: Proposes Debt Settlement Plan
--------------------------------------------
Shree Narmada Aluminium Industries Ltd disclosed in a regulatory
filing the salient features of its proposed scheme of compromise
and/or arrangement with its secured creditors, unsecured
creditors and shareholders.

The Honorable High Court of Gujarat sanctioned the Scheme of
Arrangement in the nature of compromise by its order dated
May 16, 2008.

The company fixed August 14, 2008 as the record date for the
purpose of the Scheme of Arrangement.

I. With Secured Creditors

The company said it could settle all the dues of its secured
creditors by paying a total amount of Rs. 200.00 lakhs against
their total claim of Rs. 2384.55 lakhs which includes interest.  
The balance amount will be waived off.

II. With Promoters

The company's promoters will be issued 1,83,564 equity shares of
Rs. 10/- each at a premium of Rs. 740/- per share against their
total dues of Rs. 13,76,73,659/- payable by the company towards
unsecured loans.  The present market price of the share is
around Rs. 1/-.

III. With Unsecured Creditors

Out of the total unsecured creditors, two parties i.e. corporate
bodies, will be issued the equity shares of the company of
Rs. 10/- each with a premium of Rs. 740/- per share for their
full dues Rs. 168,24,482/-.

For the remaining parties, the company said it could settle
their dues by paying 25% of the total amount that stands
credited in the name of each unsecured creditor as on balance
sheet date i.e. January 31, 2006.  This 25% of the total amount
is to be paid within 60 months.  Balance amount is to be waived
off.

IV. With Existing Shareholders

The company will cancel the face value of its issued subscribed
and fully paid up shares (other than the fresh shares to be
issued to the promoters) to the extent of Rs.9/- per share.  
Upon cancellation, each fully paid share of the company would be
converted to 1 fully paid-up share of Rs. 1/- each.  The company
will thereafter simultaneously consolidate its existing share
capital and will issue to the existing shareholders 1 fully paid
up share of Rs. 10/- each for every 10 shares of Rs. 1/- each
issued.

Upon the reduction of share capital and consolidation, the
authorized share capital of the company will be
Rs. 5,00,00,000/- divided into 50,00,000 equity shares of Rs.
10/- each.  The company's issued, subscribed and paid-up capital
will be:

Issued Capital:

5,22,646 equity shatres of Rs. 10/-
each fully paid up                    Rs. 52,26,460/-
                                      ---------------
Total                                 Rs. 52,26,460/-
                                      ---------------

Subscribed & Paid-Up Capital:

5,20,896 equity shares of Rs. 10/-
each fully paid up                    Rs. 52,08,960/-
Add: equity shares forfeited                 87,495/-
                                      ---------------
Total                                 Rs. 52,96,455/-

Shree Narmada Aluminium Industries Ltd is engaged in smelting,
refining, and alloying of nonferrous metals (except Copper and
Aluminum).  The company also manufactures aluminium extrusions.


WIRE & WIRELESS: Net Loss Increases to Rs. 814.4M in 4Q FY 2008
---------------------------------------------------------------
Wire & Wireless India Ltd incurred a net loss of Rs. 814.4
million on total revenues of Rs. 755.4 million for the fourth
quarter ended March 31, 2008, compared to a net loss of Rs.
811.8 million on total revenues of Rs. 663.7 million in the same
period last year.

For the year ended March 31, 2008, the company recorded a net
loss of Rs. 1,529.0 million on total revenues of Rs. 2,710.1
million compared to a net loss of Rs. 1,073.7 million on total
revenues of Rs. 2,080.6 million.

The company says it derives its revenues from subscriber related
income, sale of set top boxes and other operating revenues.  
Subscription income for the current quarter increased to Rs.
694.8 million from Rs. 511.2 million in the comparable period
last year, however, sale of set top boxes decreased to Rs. 6.4
million from Rs. 112.3 million in the fourth quarter of last
year.

Meanwhile, other operating revenues increased to Rs. 54.2
million in the current fourth quarter period compared to Rs.
40.2 million in the same period last year.

Commenting on the results, Mr. Subhash Chandra, Chairman,
stated, "We have identified several opportunities for growth of
our business and plan to consolidate our position in the cable
business by focusing on digitalisation and transforming
ourselves into a B To C company.  

The focus will be consumer and we will build all our systems,
processes and delivery to provide the consumer with the best TV
viewing experience with Value added Services like broadband
internet and movie-on-demand.  This will be backed by
outstanding customer service and made available at affordable
price.  One of the key enablers of this strategy is the planned
launch HITS (Headends In The Sky) in the next month.  

We believe that our ability to handle large cable network,
digital cable services and launch of movie-on-demand & other
value-added services provides a compelling value proposition for
our viewers and for our shareholders in the days to come."

Mr. Deepak Chandnani, CEO of WWIL also commented that, "We would
be the first MSO to deliver digital services through HITS
platform in India in the coming month. This would enable us to
rollout digital services and a sophisticated service network to
a larger national market, beyond the currently notified CAS
areas, quickly and efficiently.

Voluntary digitalisation is gradually increasing as the
customers are getting aware of the advantages of digitization,
i.e. better quality, enhanced features like electronic
programming guide, parental control, movie-on-demand and
broadband internet etc.

This is a big and challenging opportunity for WWIL and we are
confident that we will deliver differentiated, attractive and
compelling offers to our consumers and better returns to
shareholders."

"The highlight of this quarter is the Bandwidth Charges income
which has gone up to Rs. 344.6 million, while digital revenues
have increased to Rs. 74.8 million. During last quarter, the
Company has added new digital headend in Ludhiana and Lucknow,
which has commenced operation and we have started seeding
digital boxes which is estimated to provide us higher revenues
and better margins as these are large C&S markets with above
average ARPU (around Rs 200 - Rs 250 per month)" Mr. Chandnani
added.

Headquartered in Mumbai, India, Wire and Wireless India Limited
-- http://www.wwil.net/-- operates as a cable television  
company in India.  The company offers digital cable television
services; cable television; broadband Internet services that
include high-speed Internet, and Internet on PC or television;
video on demand; and online gaming.  It also offers triple play
services that include video services, such as digital broadcast,
on demand television, HDTV, and device storage; data services,
including broadband data, home networking, and streaming
content; voice services primarily comprising voice over IP and
video conferencing over HSD.  The company is based in Mumbai,
India.  Wire and Wireless India Limited is a part of the ESSEL
Group.  Wire and Wireless India Ltd. (BSE:532795) operates
independently of Zee Entertainment Enterprises Ltd as of
January 10, 2007.



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

PT BANK CENTRAL: Fitch Holds 'BB' ID Rating with Stable Outlook
---------------------------------------------------------------
Fitch Ratings has affirmed PT Bank Central Asia Tbk's ratings
as: Long-term foreign currency Issuer Default Ratings at 'BB'
with a Stable Outlook, Short-term foreign currency IDR at 'B',
National Long-term rating at 'AA+(idn)' with a Stable Outlook,
Individual at 'C/D', Support at '3' and Support Rating Floor at
'BB-'.

The ratings reflect BCA's robust financial position as reflected
in its good asset quality and above average capital position and
earnings.  This is thanks to its established franchise in
transaction banking and deposit taking in the Indonesian banking
market.  Meanwhile, its Support rating reflects its size as the
second-largest bank in Indonesia and the moderate probability of
support from the government in the unlikely event of need,
although this will be within the constraints of the state's own
financial resources.

Profitability remained above peer average with after-tax ROA at
2.1% in Q108, although below the 2.6% in 2006 , due to lower but
still good net interest rate margin of around 5% in Q108  
following lower domestic interest rate conditions.  Fee-based
income continues to provide a solid base of recurrent income and
recorded strong growth in 2007, due to higher usage of
electronics delivery channels.  Fitch believes that its funding
advantage, with low cost savings and deposit accounting for two
thirds of total deposit, should help shield the bank from the
impact of higher funding costs given higher inflation and
interest rates condition this year.

Loan quality remained good with NPLs at a low 0.8% in Q108,
improving from 1.3% at end-2006.  Nevertheless, some increase in
NPLs from the current low levels can be expected with the less
favourable economic conditions in 2008, and as the bank expands
its loan portfolio overtime.  However, Fitch derives some
comfort from the buffer provided by the bank's high provision
cover at 258% of NPLs at end-March 2008.  Capital ratio remained
healthy with Tier 1 and total CAR at 18.3% and 20.6%,
respectively, at end-March 2008 although this may decline over
time with loan expansion.  Management intends to maintain total
CAR at 19% in the medium term.

Established in 1957, BCA is the second-largest bank in Indonesia
accounting for 10.8% of total system assets in 2007.  BCA is
51%-owned by FarIndo Investment (Mauritius) Ltd q.q. Farallon
Capital Management LLC, Mr. Bambang Hartono and Mr. Robert Budi
Hartono.


PT BANK DANAMON: Fitch Holds 'BB' Foreign Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of PT Bank Danamon
Indonesia Tbk as: Long-term foreign currency Issuer Default
Rating at 'BB' with a Stable Outlook, Short-term foreign
currency IDR at 'B', National Long-term Rating at 'AA(idn)' with
a Stable Outlook, Individual Rating at 'C/D', Support Rating at
'3', Support Rating Floor at 'BB-'.

The ratings reflect Danamon's strong profitability, improved and
well-reserved NPLs and quite stable capital position, thanks to
its rapidly growing and well-managed franchise in urban
microfinancing.  NPLs declined by 15% in 2007 with the ratio
remaining stable at 2.3% of gross loans in Q108.  Nevertheless,
some deterioration in credit quality is expected later this year
as the impact of higher inflation and interest rates filters
down to the broader economy.  Mitigating factors are the bank's
enhanced credit controls and systems, prudent provisioning and
healthy CAR levels with Tier 1 of 16.2% and Total CAR of 19.7%
(peer average: 18.3%) at end-March 2008.

Profitability improved on stronger loan growth and higher net
interest margin (Q108: 10.5% based on Fitch calculations).  This
reflected the impact of lower funding costs and sustained asset
yield as well as strong growth in its high margin,
microfinancing business.  The reversal in domestic interest
rates (the policy interest rate has risen by 75bps to 8.75% in
the year to-date) may result in a narrowing of interest margin
later this year, albeit from current high levels.  Although
deposit funding is weaker than its peers - low cost demand and
savings accounted for 30% of total deposits versus 60% for peers
- the bank has sought to minimize maturity mismatch through
issuance of longer dated fixed rate bonds, sub-debt and other
borrowings.

Established in 1956 and listed in 1989, Danamon is the fifth-
largest bank in Indonesia (about 5% of system assets).  It was
nationalized by the Indonesian government in 1999 following the
Asian financial crisis, and sold to Asia Financial Holdings in
2003.  AFH is 85:15 owned by Temasek and Deutsche Bank, and it
currently holds 67.9% of Danamon as at 30 June 2008.


PT BANK MANDIRI: Fitch Holds 'BB' F&L Currency Ratings
------------------------------------------------------
Fitch Ratings has affirmed PT Bank Mandiri (Persero) Tbk's
ratings as: Long-term foreign and local currency Issuer Default
Ratings at 'BB' with a Stable Outlook, Short-term rating at 'B',
National Long-term rating at 'AA+(idn)', Individual at 'C/D',
Support at '3' and Support Floor at 'BB-'.

The Stable Outlook on Mandiri's International ratings reflects
its improved financial profile as shown in its improved loan
quality and stable capital position, which should help buffer
the bank against moderately weaker macro conditions in Indonesia
this year. Upside to its International ratings is constrained by
the sovereign ('BB'/Stable Outlook); however, any significant
deterioration in areas like asset quality and capital could
exert pressure on its ratings.

Increased loan recovery and efforts at strengthening risk
management standards have yielded considerable improvement on
the loan quality front.  Consolidated NPLs declined by 80% from
its peak in 2005 to 5.1% of gross loans by end-March 2008 (2005:
25.2%).  The bank aims to further reduce NPLs to below 5% of
gross loans in H208 which is likely to be more challenging given
the less favourable operating conditions.  However, stronger
provision cover at 116% of NPLs in Q108 (2007: 109%) should
provide some comfort.  Meanwhile, profitability improved as the
bank resumed its focus on growth with net interest margin higher
at 4.6%, based on Fitch calculations, due to a better deposit
funding mix and stronger growth in high yield retail and small
business loans. Tier 1 and total CAR remained quite stable at
18.5% and 22.1%, respectively, in Q108 although this is before
deductions for dividends.  Internally, the bank intends to
maintain total CAR at about 17%-18% over the next one to two
years.

Established in late 1998 from the merger of four bankrupted
state-owned banks in the wake of the Asia financial crisis in
1997-98, Mandiri was publicly listed in 2003 and remains
majority-owned by the Indonesian government (67.26% at end-March
2008).



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

JAPAN AIRLINES: Plans to Cut Flights on Three Domestic Routes
-------------------------------------------------------------
Japan Airlines plans to reduce flights on three domestic routes
using Kansai International Airport in Osaka Prefecture, as a
means to streamline operations to offset surging fuel prices,
Jiji Press reports.

At Kansai, the report relates, JAL will reduce daily round-trip
flights to four from six on its Chitose, Hokkaido route, to
three from four on its Fukuoka route, and to four from five on
its Naha, Okinawa route.

However, JAL will increase flights on four international routes
that connect Kansai with Asian cities, the report says.

According to the report, weekly round-trip flights with Shanghai
will increase to 21 from 14, with Hangzhou, China, to seven from
three, with Seoul to 21 from 14, and with Hanoi, Vietnam, to
seven from four.

Moreover, the airline also plans to abolish domestic flights
between Kansai and Hakodate in Hokkaido, Akita, Hanamaki in
Iwate Prefecture, Sendai in Miyagi Prefecture and Fukushima, and
an international route between Kansai and London, the Press
notes.

The airline, the same report relates, plans to scrap five other
domestic flights and three international flights using other
airports in Japan.

                      About Japan Airlines

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

                          *     *     *

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

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



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

HYNIX: Denies U.S. Plant Closure Relates to Trade Dispute
---------------------------------------------------------
Because of short- and long-term market conditions, which include
a steep reduction in the price of memory chips worldwide and
accelerated technological migration towards next-generation
production standards, Hynix Semiconductor Inc. has decided to
close its Eugene, Ore., fabrication facility.  The production of
the fabrication plant will be eventually stopped by end of
September.

As part of the deliberations that led to the shutdown, Hynix
Semiconductor Inc., the parent company of Hynix Semiconductor
Manufacturing America Inc., said it is seriously considering
options to utilize the Eugene facilities after the closure.  

Options include pursuing a similar business to the current
semiconductor operation; selling the equipment, building and
land as a package to a third-party semiconductor manufacturer;
and selling the building and land separately from the equipment
which will be relocated.  As soon as decisions are finalized,
the company said it will communicate plans to the Eugene
community and Oregon government leaders.

Hynix Semiconductor Inc. has also reviewed various options in
order to utilize other 200mm wafer fabrication plants located in
Icheon and Cheongju, Korea.  Some are planned either to produce
consumer DRAM and System IC products or to provide foundry
service.  The last option could be to sell the equipment.

                         Trade Dispute

The Wall Street Journal reports that in 2003, the U.S., Japan
and Europe imposed countervailing duties on memory chips that
Hynix exports from its Korean factories because of suspicions it
used subsidies from the Korean government to grab market share
when it was undergoing financial difficulties.

According to the Journal, Hynix Semiconductor's move to close
its sole U.S. Plant comes a few weeks after it learned that
tariffs the U.S. government has imposed on it might end next
year.

WSJ says Hynix expected the U.S. government to remove the
tariffs in the second half of 2009.

The tariffs, Dan Nystedt of IDG News Service relates, were
specifically levied on Hynix chips made in South Korea, so the
company was able to use the Eugene plant and a contract
manufacturing agreement with Taiwan's ProMOS Technologies to
help skirt the duties.

Company officials however told WSJ that the decision to close
the factory was unrelated to the longtime trade dispute.  "This
is a pure business decision to increase our competitiveness,"
James Kim, vice president of investor relations at Hynix, was
cited by WSJ as saying.

WSJ adds that the closure will eliminate 1,100 jobs and would
cut the company's production capacity by 6%.

                        Government Funding

Hynix reportedly received funding from South Korean government-
backed banks when it was on the brink of bankruptcy after the
1997 Asian financial crisis and subsequent liquidity problems --
a move termed by the U.S., Japan and Europe as anti-competitive.

WSJ says that even today, government-related institutions are
the largest shareholders in Hynix.  However, a privatization
program led by the country's president is expected to reduce the
stake of those firms in the company.

Particularly, the Financial Times says, Korea Development Bank,
a government-owned bank, plans to sell its stake in Hynix to
speed up its own privatization process.

Meanwhile, Reuters says Hynix will be releasing its second-
quarter results on July 31 and is expected to report a KRW225
billion (US$223 million) net loss, though this should be much
narrower than its loss in the first quarter.

                 About Hynix Semiconductor Inc.

Hynix Semiconductor Inc. (HSI) of Icheon, Korea --
http://www.hynix.com/-- is a memory semiconductor supplier  
offering Dynamic Random Access Memory chips ("DRAMs") and Flash
memory chips to a wide range of established international
customers.  The company's shares are traded on the Korea Stock
Exchange, and the Global Depository shares are listed on the
Luxemburg Stock Exchange.


ORASCOM TELECOM: S&P's B+ Rating Unaffected By C$442 Million Bid
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Egypt-headquartered emerging markets wireless
telecommunications operator Orascom Telecom Holdings S.A.E.
(B+/Stable/--) and related entities are not affected by news
that the company will participate in a consortium to create a
new Canadian wireless operator, following a provisional win of
advanced wireless services (AWS) spectrum auctions.  If
regulatory approval is forthcoming, the total cost of the
spectrum bids will be about C$442 million.
     
S&P considers any contribution by Orascom at this point as
manageable from a liquidity perspective given a cash balance of
US$899 million at the end of March 2008.  In addition, proceeds
from the sale of its former Iraq-based subsidiary should boost
liquidity.  Over the medium term, S&P expects Orascom to
prudently carry out investments in newly announced ventures,
such as North Korea and now Canada, and carefully manage
liquidity at all times given the growing diversity of its
operations, a number of which are in a heavy investment phase.  
To avoid rating pressure, S&P also expects strong free cash flow
from the group's well-established emerging market operations to
adequately offset risks associated with the start-up phases of
the newer businesses.



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

ACCESS BROKERAGE: Supreme Court Rejects NZX's Appeal
----------------------------------------------------
The Supreme Court has rejected stock exchange operator New
Zealand Exchange's appeal to overturn a Court of Appeal ruling
in favour of the Bank of New Zealand and Access Brokerage, The
National Business Review reports.

In September 2006, Business Review relates, the High Court
struck out a claim by the bank and Access against NZX, but in
February the Court of Appeal overturned that decision and
awarded costs against NZX and auditors Deloittes.

However, the report notes, NZX appealed to the Supreme Court
but, in its ruling released last week, the court rejected the
appeal and awarded NZ$5000 costs and "reasonable disbursements"
jointly to BNZ and Access.

The Troubled Company Reporter-Asia Pacific on September 13,
2005, cited a report from Reuters which stated that the Bank of
New Zealand took legal proceedings against the NZX to recover
losses after the collapse of Access Brokerage in 2004 owing
clients NZ$5 million (US$3.5 million).

According to the TCR-AP, the Bank of NZ, owned by National
Australia Bank, said that the NZX should have found out about
the problems of Access Brokerage before it went into
liquidation.  The NZX denied any liability.

Access Brokerage was placed in liquidation on September 6, 2004.  
Its total liabilities including indebtedness to clients exceeded
assets by NZ$5.244 million.  The deficit in client assets was
NZ$4.7 million.  NZX has paid BNZ NZ$460,000 from its Fidelity
Guarantee Fund and the bank has settled all Access' client
liabilities.

The NZX and the Bank of NZ, which held Access's client trust
fund, covered the shortfall in clients' funds after the broking
house was suspended in 2004, the TCR-AP noted.

Established in 1986, Access was a low frills and low cost
brokerage, which offered trading services, but not the full
range of research and investment services.


EDMONTON HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------------
The High Court at Christchurch held a hearing on June 30, 2008,
to consider an application putting Edmonton Holdings Limited
into liquidation.

The application was filed on April 10, 2008, by Patricia
Anderson.

The plaintiff's address for service is at:

          Rhodes & Co, Barristers & Solicitors
          Level 17, 119 Armagh Street
          PO Box 13444
          Christchurch
          Telephone: (03) 365 0579
          Facsimile: (03) 366 1715

Lindsay Victor North is the plaintiff's solicitor.


LIVING ON: Commences Liquidation Proceedings
--------------------------------------------
The High Court at Christchurch held a hearing on June 30, 2008,
to consider an application putting Living on Salisbury  Limited
into liquidation.

The application was filed on May 8, 2008, by Hulsbos Holdings
Limited.

The plaintiff's address for service is at:

          Saunders & Co.
          227 Cambridge Terrace
          PO Box 18
          Christchurch
          Telephone: (03) 379 7690
          Facsimile: (03) 379 3669

G. P. Tyrrell is the plaintiff's solicitor.


OCEANS HOTEL: Shuts Down Business Operations
--------------------------------------------
A luxury tourist hotel and apartment complex in Northland has
closed and little is known about its future, The New Zealand
Herald reports.

According to the Herald, Oceans Hotel and Apartments in
Tutukaka, about 30 minutes by road north of Whangarei, opened in
2005 but closed last week.

In its company website, the hotel informed its guests that the
hotel is closing down and is unable to accept any inquiries
until further notice.

The hotel, the report notes, overlooks the Tutukaka harbour,
home to many charter launches offering fishing charters or dive
trips to two nearby navy wrecks or the Poor Knights, considered
one of the world's top 10 dive sites.

The complex, which had a conference facility and 26 luxury hotel
studios, was built for more than NZ$25 million.  The complex
also includes retail outlets and a restaurant, the report
relates.


RANGIORA BUSINESS: Commences Liquidation Proceedings
----------------------------------------------------
The High Court at Christchurch held a hearing on June 30, 2008,
to consider an application putting Rangiora Business Park
Limited into liquidation.

The application was filed on May 8, 2008, by Hulsbos Holdings
Limited.

The plaintiff's address for service is at:

          Saunders & Co.
          227 Cambridge Terrace
          PO Box 18
          Christchurch
          Telephone: (03) 379 7690
          Facsimile: (03) 379 3669

G. P. Tyrrell is the plaintiff's solicitor.


SHAFTSPRY LTD: Commences Liquidation Proceedings
------------------------------------------------
The High Court at Auckland convened a hearing on June 27, 2008,
to consider an application putting Shaftspry Limited into
liquidation.

The application was filed on June 6, 2008, by Richard S.
Pidgeon.

The plaintiff's address for service is at:

          Fortune Manning
          gen-i Tower
          Level 12
          66 Wyndham Street (PO Box 4139)
          Auckland

Richard S. Pidgeon is the plaintiff's solicitor.


TRIGGERTEC LTD: Commences Liquidation Proceedings
-------------------------------------------------
The High Court at Christchurch held a hearing on June 30, 2008,
to consider an application putting Triggertec Limited into
liquidation.

The application was filed on May 13, 2008, by Software
Educational Resources Limited.

The plaintiff's address for service is at:

          Kensington Swan
          18 Viaduct Harbour Avenue
          Auckland

B. D. Gustafson is the plaintiff's solicitor.



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

SULPICIO LINES: May Sail Next Week if Ships Pass Reinspection
-------------------------------------------------------------
Vessels owned by Sulpicio Lines Inc. may be allowed to sail
again starting next week if the ships pass reinspection, the
Philippine Daily Inquirer reports.

The report says eight vessels will be inspected again after it
was found to have "deficiencies" out of the 14 vessels that were
inspected by the Maritime Industry Authority (Marina).

"Sulpicio (owners) said they were ready for reaudit because
deficiencies found by Marina were already addressed",
Undersecretary Elena Bautista of the Department of
Transportation and Communication (DOTC) was quoted by the PDI as
saying.

Secretary Leandro Mendoza of the DOTC told the PDI that if the
defects are corrected, Sulpicio owners agreed that only the
cargo operations will resume.

Mr. Mendoza also told the PDI that the grounding of Sulpicio
vessels -- which handles 40 percent of cargo traffic in the
country -- resulted in undelivered shipments from major cities
in Mindanao and elsewhere, triggering an increase in freight
rates.

The grounding could also lead to losing job for some 2,000 rank
and file employees of Sulpicio, as reported by the Troubled
Company Reporter-Asia Pacific on July 23, 2008.  The company was
also even forced to terminate 136 regular officers and crew
members from its eight passenger vessels.

Secretary Peter Favila of the Department Trade and Industry told
the PDI that Manila-based manufacturers, which were affected by
the shortage in cargo capacity were already incurring losses.

                       About Sulpicio Lines

Sulpicio Lines Inc. is involved in the sea transport business
for over twenty years, serving secondary and tertiary routes all
over the Philippine islands.  It has a fleet of 16 passenger/
cargo vessels, 16 cargo and container vessels, three tugboats
and five barges - a total tonnage of over 127,100.

                          *     *     *

According to the Philippine Daily Inquirer, Sulpicio's ships
have not only sunk but have also collided with other vessels,
caught fire, stalled at sea for several days, and run aground
for the past 28 years.

The maritime information database, www.lloydsmiu.com, has
recorded incidents involving Sulpicio Lines vessels from 1980 to
2008.  The record includes the June 21 sinking of the Princess
of the Stars -- the seventh sinking incident to involve the
shipping company.

In all, Sulpicio Lines has had 45 sea accidents since 1980.
Of the Sulpicio Lines vessels, six have collided with other
ships, six have caught fire, seven have had engine problems and
stalled at sea, and 19 have run aground.

The Business World reports that the company had not realized
net profits for several years now.  Sulpicio posted a net
loss of PHO211.46 million in 2007, slightly less than its net
loss of PHp229.1 million a year earlier.



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

AU OPTRONICS: Earns NT$20.39 Billion in Second Quarter 2008
-----------------------------------------------------------
AU Optronics Corp. disclosed its second quarter 2008 unaudited
consolidated revenue of NT$123.48 billion and net income of
NT$20.39 billion, which attributable to equity holders of the
parent company was NT$20.17 billion.  And, basic EPS equaled
NT$2.57 per common share (US$ 0.84 per ADR).  For the first half
year ended June 30, 2008, AUO's consolidated revenues totaled
NT$260.106 billion (US$8.57 billion), net income NT$47.4 billion
(US$1,561million), and basic EPS NT$5.98 per common share
(US$1.97 per ADR.)

The company shipped large-sized panel of 21.85 million units, a
0.8% sequentially decreased but a 12% YoY increase.  Small- and
medium-sized panel shipments amounted to 41.88 million,
increased 11.1% QoQ and 29.9% YoY respectively.

Max Cheng, CFO and spokesperson of AUO noted that owing to the
slow season and uncertainties of the current macro environment,
shipments and ASP in both IT and TV panels were lower than its
previous expectations.  However, AUO not only adjusted the
product portfolio to meet with the changes of market demand, but
also cautiously managed its inventory level (including raw
materials, work-in-progress and finish goods) to be at around 40
days.  Therefore, AUO was able to report its gross margin and
operating margin of 25.0% and 19.5% respectively, and net income
of NT$ 20.4 billion, a substantial improvement from NT 5.9
billion in 2Q 2007.  As a result, AUO continuously reduced the
debt ratio and strengthened its financial structure to cope with
any unexpected challenges in the future.

                       About AU Optronics

Taiwan-based AU Optronics Corp. -- http://www.auo.com/--     
designs, develops, manufactures, assembles and markets flat
panel displays.  The company's principal products are thin-film
transistor liquid crystal display (TFT-LCD) panels.

                          *     *     *

The com[any continues to carry Fitch Ratings upgraded Taiwan-
based AU Optronics Corporation's Long-term foreign and local
currency Issuer Default ratings to 'BB+' from 'BB', and its
National Long-term rating to 'A-(twn)' from 'BBB+(twn)'.  The
Outlook is Positive.


AU OPTRONICS: Mulls Reopening OLED Product Line
-----------------------------------------------
AU Optronics is showing interest in re-opening its OLED product
line, Susie Pan and Yvonne Yu of DigiTimes reports, citing
market sources.

According to the report, LJ Chen, president and COO of the
company, indicated that the company has been monitoring the
development of OLED technologies and, as they improve, is
interested in re-opening its production line although a possible
time-line is still unclear.

The report relates that HB Chen, vice-Chairman and CEO, said
that although AUO will not re-open the production line in 2008,
the company will showcase its OLED developments in Yokohama,
Japan in October this year

The company already has the equipment and technologies to mass-
produce small-size OLED panels, but will continue to observe the
market before moving to develop large-size panels, the news
agency cited Mr. Chen as saying.  With the company's experience
in working with large-size glass substrates, the threshold for
AUO to enter large-size OLED production should not be too high,
he added.

                        About AU Optronics

Taiwan-based AU Optronics Corp. -- http://www.auo.com/--     
designs, develops, manufactures, assembles and markets flat
panel displays.  The company's principal products are thin-film
transistor liquid crystal display (TFT-LCD) panels.

                          *     *     *

The company continues to carry Fitch Ratings upgraded Taiwan-
based AU Optronics Corporation's Long-term foreign and local
currency Issuer Default ratings to 'BB+' from 'BB', and its
National Long-term rating to 'A-(twn)' from 'BBB+(twn)'.  The
Outlook is Positive.


E SUN BANK: Fitch Holds 'C(twn)' Rating on NTD873.6M Cl. C Notes
----------------------------------------------------------------
Fitch Ratings has downgraded Class B and affirmed Classes A1, A2
and C New Taiwan Dollar-denominated notes issued by E. Sun Bank
2007-2 CBO Securitization Special Purpose Trust as:

  -- NT$6,000 million Class A1 zero coupon bond: affirmed at
     'AAA(twn)';

  -- NT$5,940 million Class A2 zero coupon bond: affirmed at
     'AAA(twn)';

  -- NT$1,720 million Class B interest deferrable coupon bond:
     downgraded to 'BBB+(twn)' from 'A(twn)'; and

  -- NT$873.6 million Class C interest deferrable coupon bond:
     affirmed at 'C(twn)'.

The transaction is a cash flow securitization of a static pool.  
At closing in June 2007, it comprised of 28 NTD-denominated
corporate bonds and banking debentures as well as one USD-
denominated Principal Protected Notes - which is the Class P of
Westways Funding XI, Ltd (Westways XI, a US mortgage market
value CDO).

According to the latest trustee report as of May 2008, 10 NTD-
denominated assets representing 15% of the closing portfolio
have been repaid since closing, and these proceeds were used to
pay down NTD 2,800 million of the Class A1 bond.  Following the
liquidation of Westways XI, the trustee of the SPT has received
the USD-denominated Citigroup Funding Inc's zero coupon bond due
2013, which is the principal of the Class P notes of Westways
XI. Currently, the portfolio comprises of 18 NTD bonds and this
USD zero coupon bond issued by Citigroup Funding Inc.  The
weighted average rating of the current portfolio is 'A-', having
deteriorated from 'A+'/ 'A' at closing, due to the downgrades of
Citigroup Funding Inc. (rated 'AA-'/Negative Outlook ) and Far
Eastern International Bank (rated 'BBB-').  Currently, Citigroup
Funding Inc's zero coupon bond represents 54% of the current
portfolio.  The lowest rating of the remaining NTD assets with
the weighted average life being 1.42 years is 'BBB-'.

The rating affirmations of Classes A1 and A2 take into account
the de-leveraging of the transaction, which has resulted in the
increase of Class A1's credit enhancement level to 57.3%,
compared with 55.2% at closing.  Class A2's current credit
enhancement of 15.1% is also sufficient to withstand the
defaults of a significant proportion of the NTD assets under the
required rating default rate stresses.  The rating downgrade of
the Class B reflects its negligible current credit enhancement
and as a result the default of any asset in the current
portfolio will affect the likelihood of receiving full interest
payments and the ultimate principal for Class B bondholders.

The Class C bond is reliant on the coupon payment of Class P of
Westways XI.  After the liquidation of Westways XI, the Class C
bond is irrevocably impaired.  Although neither the principal
nor any interest on the Class C is due until the final legal
maturity of 2016 in accordance with the terms of the
documentation, the ultimate principal and interest repayment of
the Class C bond is not expected to be fully repaid at the
maturity date.

The ratings of the Classes A1 and A2 address the ultimate
receipt of principal by the legal maturity date as per the
transaction's governing documents.  The ratings of Class B and C
address the likelihood that investors will receive full interest
payments and the ultimate receipt of principal by the legal
maturity date, as per the transaction's governing documents.

Fitch released updated criteria on April 30, 2008 for Corporate
CDOs and, at that time, noted it would be reviewing its ratings
accordingly to establish consistency for existing and new
transactions.  As part of this review, Fitch makes standard
adjustments for any names on Rating Watch Negative or Outlook
Negative, reducing such ratings for default analysis purposes by
two and one notch, respectively.  Fitch has noted its review
will be focused first on ratings most exposed to risks it has
highlighted in its updated criteria.  Committees are also
reviewing transactions that are least impacted by the new
criteria and/or portfolio migration.


YCL ELECTRONICS: Fitch Assigns 'CCC(twn)' Nat'l Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has assigned Taiwan's YCL Electronics Co., Ltd. a
National Long-term Rating of 'CCC(twn)'.  The Outlook on the
rating is Stable.  Fitch has also assigned an expected national
rating of 'A+(twn)' to the TWD80 million three-year zero coupon
senior secured convertible bonds to be issued in August 2008.  
The final rating on the new issue is contingent upon receipt of
final documents conforming to information already received, as
well as issuance approval from local authorities.

The issuer rating reflects YCL's very weak credit metrics.  Its
operating scale is much smaller and less stable than its main
competitors.  Its sales dropped 40% yoy in 2007 mainly because
of its loss of competitive bids in Europe, in addition to sales
declines in China and Taiwan.  Its profit margin slipped
substantially at the same time in 2007 because of price
competition and increase of production costs, which was
contributed by higher labour costs at its plants in China as
well as the rise of raw material costs.

Fitch notes that YCL had very high leverage and weak liquidity.
Weakened core earnings and increased debt to support large capex
pushed its adjusted net leverage to over 20x of funds form
operations and over 27x of operating EBITDA in 2007.  Its cash
and unused uncommitted short-term banking facility altogether
covered only 26% of its debt due within one year at end-2007,
while its free cash flow was negative.

The issuer rating also reflects severe industry competition, low
barriers to entry, and weak growth momentum of magnetic
electronic components which YCL produces.  Although the company
tries to capture other opportunities when the demand of XDSL
splitter/microfilter weakens with high broadband penetration in
advanced or newly industrialized economies, Fitch has not yet
seen improvement of YCL's profitability in the first half of
2008.

Fitch also notes that YCL was unable to offer competitive
pricing of its products despite the company's advanced
technology and long customer relationships.  Bearing its own
brand, YCL's products are certified by many large telecom
operators and communication equipment makers in the world.

Should YCL fail to dispose its fixed assets in China as planned
or achieve substantial improvement in profitability, the agency
expects YCL to rely on continuous support from financial
institutions or shareholders to honour its debt obligations in
the next one to two years.

The issue rating expected for the convertible bonds reflects the
enhanced creditworthiness supported by the full and
unconditional guarantor, Taishin International Bank (National
Long-term Rating: 'A+(twn)'/ Stable Outlook).

YCL's issuer rating may be upgraded with reduced leverage and
increased liquidity from disposal of assets, capital injection
by shareholders, or significantly improved operating profit
supported by strong sales growth together with shipment of
higher-margin products.  A rating downgrade may be triggered by
negative operating EBITDA.

Established in 1986, YCL is a producer of magnetic electronic
components for network equipment.  Its major products include
XDSL splitter/microfilter (around 58% of 2007 revenues), power
supply (28%) and power transformer (14%).  Exports accounted for
around 85% of YCL's revenues in 2007.  Its sales fell to TW$762
million in 2007 from TW$1.27 billion in 2006.  Its operating
EBITDA margin declined to 2.6% in 2007 from 10.0% in 2006.

                         *********

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

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

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


                            *********


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

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





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