TCRAP_Public/080729.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

            Tuesday, July 29, 2008, Vol. 11, No. 149

                            Headlines

A U S T R A L I A

A.C.N. 001 184 283: Final Meeting Slated for August 8
BARONGI PTY: Member's Final Meeting Slated for August 4
BE & LF MEDWAY: Members' Final Meeting Set for August 1
CARSLYN PTY: Proofs of Debt Due on August 15
CENTREMETRE PTY: Liquidator to Give Wind-Up Report on August 4

CYMBIS FINANCE: Fitch Cuts Issuer Default Rating to 'RD'
FRP LOGISTICS: Members and Creditors to Meet on August 6
FOAMCREST PTY:  Member's Final Meeting Slated for August 4
G I L PTY: Member's Final Meeting Slated for August 4
PAGE BOY: Liquidator to Present Wind-Up Report on August 4

PYROTRONICS FIRE: To Declare Dividend on August 6
RIVERVIEW INVESTMENTS: Members' Final Meeting Set for August 1
VALCAT PTY: Members and Creditors to Meet on August 7


C H I N A

BOE TECH: Cuts Offering to CNY2.2BB on Weak Market Conditions
CHINA MINSHENG: Sees 110% Increase in First-Half 2008 Net Profit
ELM BV: S&P Removes BB+ Rating From CreditWatch Negative
IVANHOE ENERGY: Closes C$90 Athabasca Oilsands Acquisition


H O N G K O N G

ASAHI DYNAMIC: Lma Shu Yan Steps Down as Liquidator
ASAT HOLDINGS: Sets Financial Results Conference Call on July 31
BERYL FINANCE: Fitch Trims US$78.4MM Notes Rating to B-
CASTLE HILL: Members' Final Meeting Set for August 29
FOOTSTOP LIMITED: Placed Under Voluntary Liquidation

GE HEALTHCARE: Chan and Yeung Quit as Liquidators
IDS CREATION: Au Chun Fai Jeffrey Steps Down as Liquidator
JVC LITE-ON: Appoints Blade and Arboit as Liquidators
OLD MUTUAL: Requires Creditors to File Claims by August 25
OMEGA CAPITAL: Fitch Cuts US$30MM Notes Rating to BB- from BBB+

PERPETUAL PARENTS: Names Chan Lui Ling-yee, Lilian as Liquidator
SIEMENS FINANCE: Requires Creditors to File Claims by Aug. 25
ZH015 DEVELOPMENT: Appoints Mee and Yee as Liquidators
ZIRCON FINANCE: Fitch Chips US$28.12MM Notes Rating to B-
ZIRCON FINANCE: Fitch Cuts Ratings and Removes Negative Watch


I N D I A

MUKUT FINLEASE: RBI Cancels Certificate of Registration
NANDINI IMPEX: CRISIL Rates Rs.109.4MM Cash Credit Limits at BB-
PRIYADARSHINI MAHILA: License Canceled by RBI, to be Wound Up
STEELCO GUJARAT: Allots 12.5% Conv. Shares to Splca Investments
TIRUPATI AGENCIES: CRISIL Rates Rs.80M Cash Credit Limits at BB-

* Surat Weaving Businesses Risk Closure


J A P A N

EBARRA: To Dissolve Malaysian Unit on Poor Financial Performance
EBARRA CORP: 93 Permanent Workers Accept Early Retirement Plan
FORD MOTOR: Improves Car Conversion Plan, Realigns Manufacturing
NISHIMATSU CONSTRUCTION: S&P Shifts Stable Outlook to Negative
SOFTBANK CORP: Mulls Purchase of Yahoo Japan


N E W  Z E A L A N D

BRIDGECORP: Founder Wants Seized Porsche 911 Back
DEVICE SERVICES: Liquidator Sets July 30 as Claims Bar Date
GRAYMARK CABINETS: Appointed Hoole and Pitfield as Liquidators
MACAFIN HOLDINGS: Appointed Sargison and Rea as Liquidators
MERLOT HOMES: Declared Insolvent, Placed Under Liquidation

MILLER BROTHERS: Shareholders Placed Company Under Liquidation
PARKSTONE NURSING: Liquidators Set Aug. 15 as Claims Bar Date
PETONE WHOLESALERS: Liquidators Set Aug. 15 as Claims Bar Date
PROPERTY VENTURES: Liquidation Hearing Adjourned to August 18
VCU TECHNOLOGY: Liquidator Sets July 30 as Claims Bar Date

WAIRAU MEWS: Appointed Noyce and Mawdsley  as Liquidators
WELLSFORD HOLDINGS: Liquidators Set July 30 as Claims Bar Date
* NEW ZEALAND: Trade Deficit Grows in June 2008 Quarter
* EUFA Urges Parliamentary Inquiry Into Hanover


P H I L I P P I N E S

BENPRES: In Talks with Foreign Investors on Rockwell Stake Sale
G7 BANK: PDIC May End Up Paying All Depositors
GEOGRACE RESOURCES: Approves Agreement with Masbate13
NIHAO MINERAL: Approves Execution of Supplemental Agreement


S I N G A P O R E

APEC M & E: Court Enters Wind-Up Order
ENZER CORPORATION: Discloses Shareholder's Change of Interest
POH LIAN: Creditors' Proofs of Debt Due on August 9
SK INTERNATIONAL: Wind-Up Petition Hearing Set for August 8
TEO BROS: To Pay First and Final Dividend on August 1


T A I W A N

SILICONWARE PRECISION: Paying Dividends on July 30


X X X X X X X X

* BOND PRICING: For the Week July 21 - July 25, 2008  


                         - - - - -


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

A.C.N. 001 184 283: Final Meeting Slated for August 8
-----------------------------------------------------
A.C.N. 001 184 283 Pty Ltd will hold a final meeting at
10:00 a.m. on Aug. 8, 2008.  During the meeting, the company's
liquidator, Robert Mcdonald Barnes at Stewart Brown & Co, will
provide the attendees with property disposal and winding-up
reports.

The company's liquidators can be reached at:  

          Robert Mcdonald Barnes
          Stewart Brown & Co
          Chartered Accountants
          PO Box 5515
          Chatswood West NSW 1515
          Telephone: (02) 9412 3033


BARONGI PTY: Member's Final Meeting Slated for August 4
-------------------------------------------------------
Barongi Pty Ltd will hold a final meeting for its members on
Aug. 4, 2008.  The meeting will be held at 27 Church Street in
Dubbo.

During the meeting, the company's liquidator, Steven Allan
Crompton will provide the attendees with property disposal and
winding-up reports.


BE & LF MEDWAY: Members' Final Meeting Set for August 1
-------------------------------------------------------
John Leslie Cousins, BE & LF Medway Pty Ltd's estate liquidator,
will meet with the company's members at 2:00 p.m. on Aug. 1,
2008, to provide them with property disposal and winding-up
reports.  

The liquidator can be reached at:

          John Leslie Cousins
          Herries, Davidson & Co.
          32 Clifford Street
          Goulburn NSW 2580
          Australia


CARSLYN PTY: Proofs of Debt Due on August 15
--------------------------------------------
Carslyn Pty. Ltd.'s members agreed on June 20, 2008, to
voluntarily liquidate the company's business.  Roderick Mackay
Sutherland was appointed to facilitate the sale of its assets.

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

The liquidator can be reached at:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Australia
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


CENTREMETRE PTY: Liquidator to Give Wind-Up Report on August 4
--------------------------------------------------------------
Graham Douglas Pike, Centremetre Pty Ltd's estate liquidator,
will meet with the company's members at 3:00 p.m. on Aug. 4,
2008, to provide them with property disposal and winding-up
reports.  

The liquidator can be reached at:

          Graham Douglas Pike
          Benbow & Pike
          Chartered Accountants
          13/263 Alfred Street (North)
          North Sydney NSW 2060
          Australia


CYMBIS FINANCE: Fitch Cuts Issuer Default Rating to 'RD'
--------------------------------------------------------
Fitch Ratings has removed the Negative Outlook from the ratings
of Cymbis Finance Australia Limited and simultaneously
downgraded its Long-term foreign currency Issuer Default Ratings
to 'RD' (Restricted Default) from 'B', Short-term foreign
currency IDR to 'C' from 'B' and Individual to 'F' from 'D'.  At
the same time, Fitch has affirmed CFAL's Support rating at '5'
and the Support Rating Floor at 'NF'.

A Long-term foreign currency IDR of 'RD' indicates that an
entity that has failed to make due payments (within the
applicable grace period) on some but not all material financial
obligations, but continues to honour other classes of
obligations.

This rating action reflects information provided by CFAL to
Fitch on Wednesday, July 23, 2008, regarding its failure to meet
repayment obligations to some debenture holders, resulting in an
event of default as defined in its debenture trust deed.  Fitch
notes that CFAL claims that it will be able to rectify this
situation within the allowed 14 day remedy period, due to expire
on Aug. 4, 2008.


FRP LOGISTICS: Members and Creditors to Meet on August 6
--------------------------------------------------------
FRP Logistics Pty Ltd will hold a final meeting for its members
and creditors at 9:00 a.m. on Aug. 6, 2008.  During the meeting,
the company's liquidator, Nicholas Crouch at Crouch Insolvency,
will provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:  

          Nicholas Crouch
          Crouch Insolvency
          Level 28
          31 Market Street
          Sydney NSW
          Australia


FOAMCREST PTY:  Member's Final Meeting Slated for August 4
----------------------------------------------------------
Foamcrest Pty Ltd will hold a final meeting for its members at
10:00 a.m. on Aug. 4, 2008.  During the meeting, the company's
liquidator, Jillian Wynn Surgeon at MBT Chartered Accountants,
will provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:    

          Jillian Wynn Surgeon
          MBT Chartered Accountants
          Level 1, 504 Pacific Highway
          St Leonards NSW 2065
          Australia


G I L PTY: Member's Final Meeting Slated for August 4
-----------------------------------------------------
Graham Douglas Pike, G I L Pty Ltd's estate liquidator, will
meet with the company's members at 2:00 p.m. on Aug. 4, 2008, to
provide them with property disposal and winding-up reports.  

The liquidator can be reached at:   

          Graham Douglas Pike
          Benbow & Pike
          Chartered Accountants
          13/263 Alfred Street (North)
          North Sydney NSW 2060
          Australia


PAGE BOY: Liquidator to Present Wind-Up Report on August 4
----------------------------------------------------------
Graham Douglas Pike, Page Boy Services Pty Ltd's estate
liquidator, will meet with the company's members at 4:00 p.m.
on Aug. 4, 2008, to provide them with property disposal and
winding-up reports.  

The liquidator can be reached at:   

          Graham Douglas Pike
          Benbow & Pike
          Chartered Accountants
          13/263 Alfred Street (North)
          North Sydney NSW 2060
          Australia


PYROTRONICS FIRE: To Declare Dividend on August 6
-------------------------------------------------
Pyrotronics Fire Protection Pty Ltd will declare dividend on
Aug. 6, 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 can be reached at:  

          Andrew Fielding
          Trustee
          PPB Chartered Accountants & Business
          Reconstruction Specialists
          Level 4, 31 Sherwood Road
          Toowong QLD 4066
          Australia
          Telephone: (07) 3371 7244


RIVERVIEW INVESTMENTS: Members' Final Meeting Set for August 1
--------------------------------------------------------------
Bryan D. Threlfall, Riverview Investments Pty Ltd's estate
liquidator, will meet with the company's members at 10:00 a.m.
on Aug. 1, 2008, to provide them with property disposal and
winding-up reports.  

The liquidator can be reached at:

          Bryan D. Threlfall
          Grant & Brady
          107-111 Main Street
          Murwillumbah NSW 2484
          Australia


VALCAT PTY: Members and Creditors to Meet on August 7
-----------------------------------------------------
Valcat Pty Ltd will hold a final meeting for its members and
creditors at 11:00 a.m. on Aug. 7, 2008.  During the meeting,
the company's liquidator, G. M. Rambaldi at Pitcher Partners,
will provide the attendees with property disposal and winding-up
reports.

The company's liquidators can be reached at:  

          G. M. Rambaldi
          Pitcher Partners
          Level 19, 15 William Street
          Melbourne VIC 3000
          Australia



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

BOE TECH: Cuts Offering to CNY2.2BB on Weak Market Conditions
-------------------------------------------------------------
BOE Technology Group Co. Ltd. decided to cut its scheduled
private placement offering to CNY2.2 billion from CNY6 billion
due to unsatisfactory market conditions, SinoCast News reports.

According to the report, the shares, priced at CNY5.47 each,
were to be listed at the Shenzhen Stock Exchange on July 23,
2008 and be locked up for 12 months.

As reported by the Troubled Company Reporter-Asia Pacific on
July 24, 2008, BOE Technology will issue an additional 411
million shares to establish its 4.5 generation production lines
of TFT-LCD for CNY2.25 billion, repay the bank loans of Beijing
BOE Optoelectronics Technology, and for additional capital.

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

Meanwhile, after the placement, BOE Technology's controlling
shareholder, Beijing BOE Investment and Development Co. Ltd.,
will decrease its holdings in the company decline from 27.07% to
23.68%, while Beijing Electronics Holding Co. Ltd, will remain
BOE Technology's effective controller with a 22.17% stake.

                      About BOE Technology

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

                          *     *     *

The company continues to carry Xinhua Far East China Ratings' CC
issuer credit rating.


CHINA MINSHENG: Sees 110% Increase in First-Half 2008 Net Profit
----------------------------------------------------------------
China Minsheng Banking Corporation Ltd. expects its net profit
for the first-half fiscal year 2008 to increase by over 110%,
compared to that of the first half of fiscal year 2007
(CNY 2,821,278,000), Reuters reports.

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

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
July 13, 2007, Fitch Ratings upgraded China Minsheng Banking
Corp.'s individual rating to "D" from "D/E" while it affirmed
its support rating at "4".


ELM BV: S&P Removes BB+ Rating From CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services has raised the ratings on
nine Asia-Pacific synthetic collateralized debt obligations
(CDOs).  The ratings on another 10 CDOs were affirmed.
     
Of the 19 CDOs affected by the announcement, 10 had their
ratings taken off CreditWatch with negative implications, eight
were taken off CreditWatch With positive implications, and one
was taken off CreditWatch with developing implications.

The rating on Morgan Stanley Managed ACES SPC Series 2006-12
Class IA, is the only one of the group to remain on CreditWatch.
Its rating was raised but placed on CreditWatch with negative
implications due to its dependency on MBIA Insurance Corp.
('AA/Watch Neg') as the issuer of its authorized investments.
     
These rating actions follow an earlier review on July 9, 2008,
entitled "Ratings On 10 Asia-Pacific Synthetic CDOs Placed On
CreditWatch, 12 Taken Off Watch Neg".
     
For the transactions that had their ratings raised, their SROCs
have stayed above 100% at the higher rating level.  Transactions
that had their ratings removed from CreditWatch with negative
implications have synthetic rated overcollateralization levels
that are more than 100% at the current rating, due to positive
rating migration in their portfolios.
     
Where the SROC is less than 100%, scenarios that project the
current portfolio 90 days into the future are run, assuming no
asset rating migration.  Where this projection indicates that
the SROC would return to a level above 100%, the rating is
maintained, but placed on CreditWatch with negative
implications.  If the projection indicates that the SROC would
remain below 100%, the rating is immediately lowered.
     
The rating actions taken on the affected transactions are:

Name                 Rating to    Rating From          SROC
--------------------------------------------------------------
ARLO Ltd. Series
   2005 (SKL CDO
   Series 6)           AA-pNRi    BBB+pNRi/Watch Neg  101.1714%
Castle Finance 1 Ltd.
   Series 1              AA+        AA+/Watch Neg     100.0849%
Corsair (Jersey)
   No.2 Ltd.
   Series 70             BBB        BBB/Watch Neg     100.4117%
Corsair (Jersey)
   No.2 Ltd.
   Series 88             A+         A-/Watch Pos      100.1431%
Corsair (Jersey)
   No.2 Ltd.
   Series 90              A+        A-/Watch Pos      100.1435%
Echo Funding Pty Ltd.
   Series 19             BBB-      BBB-/Watch Neg     100.2041%
Echo Funding Pty Ltd.
   Series 21             BBB+      BBB+/Watch Dev     100.2333%
ELM B.V. Series 99      BB+        BB+/Watch Neg     100.1840%
Lion City CDO Ltd.
   Series 2006-6          A-        A-/Watch Neg      100.0489%
Lunar Funding V PLC
   Series 2006-24        AA-        A+/Watch Pos      100.0182%
Morgan Stanley ACES
   SPC Series 2006-31    AA+       AA+/Watch Neg      100.0023%
Morgan Stanley
   Managed ACES SPC
   Series 2006-12
   Class IA          AA/Watch Neg   A+/Watch Pos      100.1345%
Morgan Stanley
   Managed ACES
   SPC Series
   2006-12 Class IIA       A-      BBB+/Watch Pos     100.2019%
Obelisk Trust
   2006-1 Eden            BBB       BBB/Watch Neg     100.0130%
Rembrandt Australia
   Trust 2003-10          AAA       AA+/Watch Pos     100.7696%
SHIELD Series 19         AA+        AA/Watch Pos     101.0825%
Thunderbird
   Investments PLC
   Series 21               A-      BBB+/Watch Pos     100.0167%
XELO PLC Series
   2006 (Spinnaker
   III Asia Mezzanine)
   Tranche B              BBB+     BBB+/Watch Neg     100.0522%
XELO PLC Series
   2007 (Spinnaker
   III Asia
   Mezzanine 3)           BBB+     BBB+/Watch Neg     100.0969%


IVANHOE ENERGY: Closes C$90 Athabasca Oilsands Acquisition
----------------------------------------------------------
Robert Friedland, executive chairman, president and chief
executive officer of Ivanhoe Energy Inc. disclosed that on
July 11, 2008, the company completed the acquisition of Talisman
Energy Canada's 100% working interests in two leases (Leases 10
and 6) located in the heart of the Athabasca oilsands region in
the Province of Alberta, Canada.  Talisman Energy Canada is an
affiliate of Talisman Energy Inc.

The total purchase price is C$90 million, of which an initial
payment of C$22.5 million has been made from proceeds of an
C$88 million private placement financing that closed on July 8,
2008.  

The acquisition of Lease 10 will provide the site for the first
commercial application of Ivanhoe Energy's proprietary, HTL(TM)
heavy-oil upgrading technology in a major, integrated heavy-oil
project.  Lease 10 has a relatively high level of delineation
(four wells per section).  It is believed to be a high-quality
reservoir and an excellent candidate for thermal recovery
production using the SAGD (steam-assisted gravity drainage)
process.  

The Lease 10 reservoir characteristics are believed by Ivanhoe
to be similar to those at Petro-Canada's 30,000-barrel-per-day
MacKay River project, located nearby, across the Athabasca
River.  MacKay River is acknowledged to be one of the most
successful and longest-producing SAGD projects in the Athabasca
oil sands.

Lease 10 would be capable of producing between 30,000 and 50,000
barrels of oil per day, based on estimates by independent
reservoir engineers Sproule Associates Limited.  Based on
the most recent evaluations conducted by Sproule, Lease 10 is
estimated to contain, on a best-estimate basis, approximately
244 million barrels of contingent bitumen resources (with low
and high estimates of approximately 188 million and 313 million
barrels, respectively).  The evaluation of Lease 10 has an
effective date of Aug. 31, 2007.  Using Sproule's interpretation
of net pay, Ivanhoe expects to encounter an average of 30 metres
of continuous bitumen saturated sand within the initial
development area.

Based on these contingent resource estimates, Ivanhoe Energy's
acquisition price of C$90 million represents a price of
approximately C$0.37 per barrel of contingent bitumen resource
measured on a best-estimate basis, with a range of approximately
C$0.29 per barrel on a high-estimate basis to approximately
C$0.48 per barrel on a low-estimate basis.

Since Ivanhoe Energy's oilsands announcement of the preliminary
agreement between the company and Talisman on May 29, 2008, the
holder of the 25% working interest in Lease 50 has exercised its
right of first refusal to acquire Talisman's 75% working
interest in Lease 50 – a third lease that Ivanhoe was to acquire
from Talisman.  Lease 50 is a less-delineated asset located
approximately 19 km southeast of Fort McMurray.  Contingent
bitumen resources attributable to Talisman's 75% working
interest in Lease 50 were estimated by Sproule as of July 31,
2006, to be, on a best-estimate basis, approximately 50 million
barrels.  As a consequence, Ivanhoe Energy has proceeded to
purchase Lease 10 and Lease 6 – and the total purchase price has
decreased from C$105 million to C$90 million.

Lease 50 was considered by Ivanhoe to represent possible
expansion potential.  The reduced cost to Ivanhoe of acquiring
its principal target, Lease 10, leaves Ivanhoe with additional
cash resources to initiate the development of Lease 10 and also
allows Ivanhoe to apply its resources to alternative expansion
targets as appropriate.

Lease 6 is a small, undelineated, 680-acre block 1.6 km south of
Lease 10.

                        Talisman's Rights

Talisman will retain back-in rights  of up to 20% in the
acquired leases for a period of three years. During this period,
Talisman also will have the right of first offer to acquire any
participation interests in heavy-oil projects in Alberta that
Ivanhoe wishes to sell, excluding the acquired leases, on
mutually agreeable terms.  In addition, Ivanhoe and Talisman
have entered into an HTL Data Monitoring Agreement to allow
Talisman to effectively monitor the commercial effectiveness of
Ivanhoe's HTL technology.

                             Lease 10

Lease 10 is a 6,880-acre contiguous block located approximately
10 miles (16 km) northeast of Fort McMurray, immediately south
of Suncor's operating Steepbank and Millennium projects.  The
block also adjoins leases held by ExxonMobil, Laricina Energy
and E-T Energy.

                   Benefits of HTL Integration

HTL is a field-located upgrading process that converts heavy oil
to a transportable, partially upgraded synthetic crude oil and
converts the upgrading by-products to onsite energy.  The
process frees the heavy-oil producer from the need to purchase
diluent for transport, significantly eliminates the need to
purchase natural gas to steam the reservoir, and allows the
producer to capture the majority of the heavy-oil/light-oil
value differential.  The net result is enhanced rates of return
and reduced earnings volatility.  Furthermore, the HTL process
istechnically and economically scalable down to as low as
10,000-30,000 bopd, allowing for vertical integration of
smaller, heavy- oil assets in Canada and internationally.

                         Purchase Details

Ivanhoe has purchased all of Talisman's interests in Leases 10
and 6.  The total purchase price for the two leases is C$90
million, allocated as follows:

  1. C$22.5 million cash that has been paid.

  2. A C$12.5 million note, with interest at prime plus 2%, is
     to be repaid on or before Dec. 31, 2008.

  3. A C$40 million, three-year convertible note, with interest
     at prime plus 2% with principal convertible at C$3.13,
     which represents a 25% premium to Ivanhoe Energy's share
     price based on the volume-adjusted, weighted-average
     closing price for the 10 business days prior to the signing
     of the preliminary agreement on May 29, 2008.  If the note
     were fully converted, 12,779,552 common shares of Ivanhoe
     Energy would be issued to Talisman, representing
     approximately 4.44% of the issued and outstanding shares of
     Ivanhoe Energy as of July 11, after giving effect to the
     conversion, as well as the C$88 million financing that just
     closed.

  4. C$15 million cash upon Ivanhoe Energy receiving requisite
     government and other approvals to develop the northern
     border of Lease 10, which is subject to a Mineral Surface
     Lease (MSL) held by Suncor.

Ivanhoe's obligations under the notes and the contingent payment
are secured.  Ivanhoe intends to finance future payments with
funds from a combination of strategic investors or traditional
debt and equity markets, either at the Ivanhoe Energy Inc. level
or project level.

                        Financial Advisor

Tristone Capital Inc. is acting as financial advisor to Ivanhoe
for this transaction.

                       About Ivanhoe Energy

Vancouver, British Columbia, Canada, Ivanhoe Energy Inc. (TSX:
IE; Nasdaq: IVAN) -- http://www.ivanhoe-energy.com/-- is an    
independent international heavy oil development and production
company focused on pursuing long-term growth in its reserve base
and production using advanced technologies, including its
proprietary, patented heavy-oil upgrading process (HTL).  Core
operations are in the United States and China, with business
development opportunities worldwide.

Ivanhoe Energy has established a number of geographically
focused entities.  The parent company, Ivanhoe Energy Inc., will
pursue HTL opportunities in the Athabasca oilsands of Western
Canada and will hold and manage the core HTL technology.  Two
new subsidiaries have been established, one for Latin America
and one for the Middle East & North Africa, complementing
Sunwing Energy Ltd., Ivanhoe Energy's existing, wholly-owned
company for China.  Ivanhoe Energy Inc. owns 100% of each of
these subsidiaries, although the percentages are expected to
decline as they develop their respective businesses and raise
capital independently.

At March 31, 2008, the company's consolidated balance sheet
showed $231.1 million in total assets, $41.2 million in total
liabilities, and $189.9 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2008, are available
for free at http://researcharchives.com/t/s?2eab   

                       Going Concern Doubt

Ivanhoe Energy Inc. believes that existing conditions cast
substantial doubt about its ability to continue as a going
concern.  The company incurred a net loss of $8.5 million for
the three-month period ended March 31, 2008, and as at March 31,
2008, had an accumulated deficit of US$168.5 million and
negative working capital of US$8.8 million.  

In addition, the company currently anticipates incurring
substantial expenditures to further its capital investment
programs and the company's cash flows from operating activities
will not be sufficient to both satisfy its current obligations
and meet the requirements of these capital investment programs.

Moreover, recovery of capitalized costs related to potential
HTL(TM) and GTL projects is dependent upon finalizing definitive
agreements for, and successful completion of, the various
projects, the outcome of which is uncertain.



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

ASAHI DYNAMIC: Lma Shu Yan Steps Down as Liquidator
---------------------------------------------------
On July 21, 2008, Lam Shu Yan stepped down as liquidator of
Asahi Dynamic Appliances Limited.

The former Liquidator can be reached at:

          Lam Shu Yan
          Hei King House, Room 1404
          King Ming Court
          Junk Bay, Kowloon


ASAT HOLDINGS: Sets Financial Results Conference Call on July 31
----------------------------------------------------------------
ASAT Holdings Limited will hold a conference call to discuss the
financial results for its fourth quarter and fiscal year 2008,
ended April 30, 2008, on Thursday, July 31, 2008 at 8:30 am.
ET/5:30 am PT.

Date:   Thursday, July 31, 2008
Time:  8:30 a.m. ET/5:30 a.m. PT
Dial-in: (480) 248-5081
Passcode: None required

Replay: (303) 590-3030
Passcode: 3904866
Duration:  Through August 7, 2008

Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- provides semiconductor  
package design, assembly and test services.  With 19 years of
experience, the company offers a definitive selection of
semiconductor packages and manufacturing lines.  ASAT's advanced
package portfolio includes standard and high thermal performance
ball grid arrays, leadless plastic chip carriers, thin array
plastic packages, system-in-package and flip chip.  ASAT was the
first company to develop moisture sensitive level one capability
on standard leaded products.

The company has operations in the United States, Hong Kong,
China and Germany.

                          *     *     *

Standard & Poor's placed ASAT Holdings Limited's long term
foreign and local issuer credit ratings at 'CCC-' in September
2007.  The outlook is negative.


BERYL FINANCE: Fitch Trims US$78.4MM Notes Rating to B-
-------------------------------------------------------
Fitch Ratings has downgraded the notes issued by Beryl Finance
Limited Series 2006-9 and removed them from Rating Watch
Negative, as:

  -- US$78,400,000 notes due May 2012 (ISIN XS0266085629):
     downgraded to 'B-' from 'BBB+'; removed from RWN.

The transaction is a funded static synthetic corporate CDO
referencing a portfolio of primarily investment grade corporate
obligations.

The key drivers of the transaction's credit risk are:

  -- Portfolio credit risk deteriorating to an average portfolio
     quality of 'BBB-' from 'BBB'/'BBB-' at the review in
     November 2007 and 'A-'/'BBB+' at closing in August 2006.

  -- 20% of the portfolio is rated below investment grade with
     3% in the 'CCC or below' rating category, 7% in the 'B'
     rating category and 10% in the 'BB' rating category, an
     increase from 13% in November 2007 and 7% at closing.

  -- Portfolio migration risk, with 8% of the portfolio on RWN
     and 32% of the portfolio on Negative Outlook.

  -- Industry concentration is 51% in the three largest
     industries, made up of 30% in Banking and Finance, 13% in
     Telecommunications and 8% in Utilities.

  -- The portfolio is heavily concentrated in the US, which
     represents 56% of the portfolio.

Given Fitch's view of concentration and the current credit
quality of the portfolio, the credit enhancement level of 3.75%
of the transaction is not sufficient to justify the current
rating of the notes.

At close, proceeds from the issuance of the notes were used to
purchase charged assets to collateralize CDS between the issuer
and Lehman Bother Special Financing Inc. (the CDS swap
counterparty), guaranteed by Lehman Brothers Holdings Inc.
('A+'/'F1'/ Negative Outlook).  The charged asset of the
transaction is an investment of US$78.4 million in principal
amounts of General Electric Capital Corporation Floating Rate
Notes due May 2012.

Fitch released updated criteria on 30 April 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 29, 2008.  As previously indicated, resolution of the Rating
Watch status depends on any plans managers/arrangers may choose
to modify either the structure or the portfolio.  In this case,
the arranger has confirmed that it does not intend to make any
modifications.


CASTLE HILL: Members' Final Meeting Set for August 29
-----------------------------------------------------
The members of Castle Hill Investment Company Limited will meet
on August 29, 2009, at 12:15 p.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.


FOOTSTOP LIMITED: Placed Under Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on July 14, 2008, the
members of Footstop Limited resolved to voluntarily liquidate
the company's business.

The company's liquidators are:

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


GE HEALTHCARE: Chan and Yeung Quit as Liquidators
-------------------------------------------------
On July 18, 2008, Chan Mi Har and and Yeung Yuen, Betty quit as
liquidators of GE Healthcare Bio-Sciences China Limited.

The former Llquidators can be reached at:

          Chan Mi Har and
          Yeung Yuen, Betty
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


IDS CREATION: Au Chun Fai Jeffrey Steps Down as Liquidator
----------------------------------------------------------
On July 21, 2008, Au Chun Fai Jeffrey stepped down as liquidator  
of IDS Creation Limited.


JVC LITE-ON: Appoints Blade and Arboit as Liquidators
-----------------------------------------------------
On July 3, 2008, Simon Richard Blade and Bruno Arboit were
appointed as liquidators of JVC Lite-On IT Manufacturing and
Sales, Limited.

The liquidators can be reached at:

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


OLD MUTUAL: Requires Creditors to File Claims by August 25
----------------------------------------------------------
The creditors of Old Mutual (Hong Kong) Limited requires its
creditors to file their proofs of debt by August 25, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          Gloucester Tower, 8th Floor
          The Landmark
          15 Queen's Road
          Central, Hong Kong


OMEGA CAPITAL: Fitch Cuts US$30MM Notes Rating to BB- from BBB+
---------------------------------------------------------------
Fitch Ratings has downgraded the notes issued by Omega Capital
Investments Plc Series 44 and removed them from Rating Watch
Negative, as:

  -- US$30,000,000 credit-linked notes due June 2014
     (ISIN: XS0292172201): downgraded to 'BB-' from 'BBB+';
     removed from RWN.

The transaction, which is self-managed by the investor, is a
funded static synthetic corporate CDO referencing a portfolio of
primarily investment grade corporate obligations.

The key drivers of the transaction's credit risk are:

  -- Portfolio credit risk deteriorating to an average portfolio
     quality of 'BBB+'/'BBB', from 'A'/'A-' at closing in March
     2007.

  -- The percentage of the portfolio rated below investment
     grade has increased to 7% in the 'BB' category, from 0% at
     closing.

  -- Portfolio migration risk with 11% of the portfolio on RWN  
     and 32% of the portfolio with a Negative Outlook.

  -- Industry concentration of 51% in the three largest
     industries, made up of 32% in Banking & Finance, 11% in
     Telecommunications and 8% in Utilities.

  -- The portfolio is heavily concentrated in the US which
     represents 58% of the portfolio.

Since closing, 11% of the portfolio has been substituted, and
the current credit enhancement level of the transaction is
2.472%, a slight increase from 2.45% at closing.  Given Fitch's
view of concentration and the current credit quality of the
portfolio, the credit enhancement level of 2.472% of the
transaction is not sufficient to justify the current rating of
the notes.

At close, proceeds from the issuance of the notes were used to
purchase charge assets to collateralize CDS between the issuer
and BNP Paribas (the CDS swap counterparty, 'AA'/'F1+').  The
charged assets comprise an investment of US$30 million
qualifying securities held through a series of repurchase
agreements with BNP Paribas acting as the repo counterparty.  
Rating downgrade triggers at 'F1+' for the CDS counterparty and
'AA-'/'F1+' for the repo counterparty exist to protect
noteholders from the credit risk of these transaction
counterparties.

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

Fitch has previously noted that its review will be focused first
on ratings most exposed to risks it has highlighted in its
updated criteria.  As such, the transaction was placed on RWN on
May 29, 2008.  As previously indicated, resolution of the Rating
Watch status depends on any plans managers/arrangers may choose
to modify either the structure or the portfolio.  In this case,
the arranger has confirmed that it does not intend to make any
modifications.


PERPETUAL PARENTS: Names Chan Lui Ling-yee, Lilian as Liquidator
----------------------------------------------------------------
On July 7, 2008, Chan Lui Ling-yee, Lilian was appointed
liquidator of Perpetual Parents Education Resource Centre
Limited.

The liquidator can be reached at:

          Chan Lui Ling-yee, Lilian
          Golden Villa, A10
          18 Fa Po Street
          Yau Yat Chuen, Kowloon Tong
          Kowloon, Hong Kong


SIEMENS FINANCE: Requires Creditors to File Claims by Aug. 25
-------------------------------------------------------------
Siemens Finance Asia Limited, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by Aug. 25,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          Gloucester Tower, 8th Floor
          The Landmark
          15 Queen's Road
          Central, Hong Kong


ZH015 DEVELOPMENT: Appoints Mee and Yee as Liquidators
------------------------------------------------------
Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee were appointed
liquidators of ZH015 Development Company Limited by virtue of a
special resolution passed at the company's extraordinary general
meeting held on July 16, 2008.

The liquidators can be reached at:

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


ZIRCON FINANCE: Fitch Chips US$28.12MM Notes Rating to B-
---------------------------------------------------------
Fitch Ratings has downgraded the notes issued by Zircon Finance
Limited Series 2007-13 and removed them from Rating Watch
Negative, as:

  -- US$28,120,000 notes due March 2013 (ISIN XS0307006600):
     downgraded to 'B-' from 'A-'; removed from RWN

The transaction is a funded static synthetic corporate CDO
referencing a portfolio of primarily investment grade corporate
obligations.

The key drivers of the transaction's credit risk are:

  -- Portfolio credit risk deteriorating to an average portfolio
     quality of 'BBB-' (BBB minus) from 'BBB'/'BBB-' at last
     review in October 2007 and 'A-'/'BBB+' at closing.

  -- 17% of the portfolio is rated below investment grade with
     3% in the 'CCC or below' rating category, 3% in the 'B'
     rating category and 11% in the 'BB' rating category, an
     increase from 9% in October 2007 and 5% at closing.

  -- Portfolio migration risk, with 8% of the portfolio on RWN
     and 31% of the portfolio on Negative Outlook.

  -- Industry concentration of 52% in the three largest
     industries, comprising 37% in Banking and Finance, 8% in
     Building & Materials and 7% in Retail (General).

  -- The portfolio is heavily concentrated in the US, which
     represents 63% of the portfolio.

Given Fitch's view of concentration and the current credit
quality of the portfolio, the credit enhancement level of 3.6%
of the transaction is not sufficient to justify the current
rating of the notes.  Fitch highlights that the credit
enhancement level is likely to be eroded should there be a
credit event called on Residential Capital LLC (rated at 'D').

At close, proceeds from the issuance of the notes were used to
purchase charged assets to collateralize CDS between the issuer
and Lehman Bother Special Financing Inc. (the CDS swap
counterparty), guaranteed by Lehman Brothers Holdings Inc.,
rated 'A+'/'F1'/ Negative Outlook.  The note proceeds of the
transaction are invested in General Electric Capital Corporation
Floating Rate Notes due March 2013.

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

Fitch has previously noted that its review will be focused first
on ratings most exposed to risks it has highlighted in its
updated criteria.  As such, the transaction was placed on RWN on
May 26, 2008.  As previously indicated, resolution of the Rating
Watch status depends on any plans managers/arrangers may choose
to modify either the structure or the portfolio.  In this case,
the arranger has confirmed that it does not intend to make any
modifications.


ZIRCON FINANCE: Fitch Cuts Ratings and Removes Negative Watch
-------------------------------------------------------------
Fitch Ratings has downgraded the notes issued by Zircon Finance
Limited Series 2007-12 and removed them from Rating Watch
Negative, as:

  -- US$44,950,000 notes due June 2014 (ISIN XS0307005032):
     downgraded to 'B-' from 'A-'; removed from RWN.

The transaction is a funded static synthetic corporate CDO
referencing a portfolio of primarily investment grade corporate
obligations.

The key drivers of the transaction's credit risk are:
  -- Portfolio credit risk deteriorating to an average portfolio
     quality of 'BBB-' from 'BBB'/'BBB-' at the last review in
     October 2007 and 'A-'/'BBB+' at closing.

  --- 17% of the portfolio is rated below investment grade with
      3% in the 'CCC or below' rating category, 4% in the 'B'
      rating category and 10% in the 'BB' rating category, an
      increase from 9% in October 2007 and 5% at closing.

  -- Portfolio migration risk, with 7% of the portfolio on RWN
     and 28% of the portfolio on Negative Outlook.

  -- Industry concentration is 47% in the three largest
     industries, made up of 33% in Banking and Finance, 7% in
     Building & Materials and 7% in Retail (General).

  -- The portfolio is heavily concentrated in the US, which
     represents 62% of the portfolio.

Given Fitch's view of concentration and the current credit
quality of the portfolio, the credit enhancement level of 4% of
the transaction is not sufficient to justify the current rating
of the notes.  Fitch highlights that the credit enhancement
level is likely to be eroded should there be a credit event
called on Residential Capital LLC (rated 'D').

At close, proceeds from the issuance of the notes were used to
purchase charged assets to collateralize credit default swaps
between the issuer and Lehman Bother Special Financing Inc.  
(the CDS swap counterparty), guaranteed by Lehman Brothers
Holdings Inc. ('A+'/'F1'/ Negative Outlook).  The note proceeds
of the transaction are invested in General Electric Capital
Corporation Floating Rate Notes due June 2014.

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

Fitch has previously noted that its review will be focused first
on ratings most exposed to risks it has highlighted in its
updated criteria.  As such, the transaction was placed on RWN on
May 26, 2008.  As previously indicated, resolution of the Rating
Watch status depends on any plans managers/arrangers may choose
to modify either the structure or the portfolio.  In this case,
the arranger has confirmed that it does not intend to make any
modifications.



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

MUKUT FINLEASE: RBI Cancels Certificate of Registration
-------------------------------------------------------
The Reserve Bank of India canceled the certificate of
registration granted to Mukut Finlease Limited for carrying on
the business of a non-banking financial institution.

Following cancellation of the registration certificate, Mukut
Finlease Limited, cannot transact the business of a non-banking
financial institution.

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

Mukut Finlease Ltd. has its registered office at Mukut Complex,
Rekabganj, in Faizabad (U.P.)


NANDINI IMPEX: CRISIL Rates Rs.109.4MM Cash Credit Limits at BB-
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable/P4' to the various
bank facilities of Nandini Impex Private Ltd (NIPL).

Rs.109.4 Million Cash Credit Limits*  BB-/Stable(Assigned)
Rs.58.6 Million Term Loan  BB-/Stable(Assigned)
Rs.25 Million Bank Guarantee  P4(Assigned)
*Includes proposed facility of Rs 26.4 Million

The rating reflects the limited size and working capital
intensive nature of NIPL's operations, and its weak financial
risk profile.  The rating weaknesses are, however, partly offset
by NIPL's increasing presence in the growing trenchless digging
industry.

Outlook: Stable

CRISIL expects NIPL to benefit from the healthy growth prospects
of the telecom and oil and gas industries.  The outlook may be
revised to 'Positive' if NIPL strengthens its market position,
while maintaining a healthy capital structure.  Conversely, any
large additional debt-funded capital expenditure or acquisition,
leading to deterioration in financial risk profile may lend a
'Negative' bias to the rating.

                          About NIPL

NIPL is part of the Kolkata-based Tirupati group, which has
interests in bearing trading, real estate development,
infrastructure development and warehousing.  Incorporated in
1993, NIPL was taken over by the present promoters, Mr
Chandrakant Khemka and Mr Pawan Kumar Tibrawalla, in 2001.  The
company is primarily engaged in trenchless horizontal direct
drilling (HDD) for laying of ducts, cables and steel pipes for
telecom, oil and gas, electric and water utilities.

For 2007-08 (refers to financial year, April 1 to March 31),
NIPL reported a profit after tax (PAT) of Rs.7 million on net
sales of Rs.233 million, as against a PAT of Rs.1 million on net
sales of Rs.167 million for 2006-07.


PRIYADARSHINI MAHILA: License Canceled by RBI, to be Wound Up
-------------------------------------------------------------
The Reserve Bank of India canceled the license of The
Priyadarshini Mahila Sahakari Bank Ltd., Latur, Maharashtra,
which had ceased to be solvent, all efforts to revive it in
close consultation with the Government of Maharashtra, had
failed and the depositors were being inconvenienced by continued
uncertainty, the Reserve Bank of India delivered the order
canceling its licence to the bank on July 23, 2008.

The Commissioner for Co-operation and Registrar of Co-operative
Societies, Maharashtra, has also been requisitioned to issue an
order for winding up the bank and appoint a liquidator for the
bank.  It may be highlighted that on liquidation every depositor
is entitled to repayment of his deposits up to a monetary
ceiling of Rs. 1,00,000/- (Rupees one lakh only) from the
Deposit Insurance and Credit Guarantee Corporation (DICGC) under
usual terms and conditions.

The Reserve Bank of India decided to cancel the license of the
bank, as a final step after examining all the options for
revival of the bank and in order to protect the interest of the
depositors.  The inspection of the bank with reference to its
position as on March 31, 2005 indicated that its financial
position was impaired.  In view of the precarious financial
position of the bank, to protect the interests of the
depositors, directions under Section 35A of the Banking
Regulation Act, 1949 (As Applicable to Cooperative Societies)
were issued to the bank vide directive dated April 26, 2006
restricting its operations.

The statutory inspection of the bank with respect to its
position as on March 31, 2007 revealed that its financial
position was precarious.  The Reserve Bank of India issued a
notice to the bank on March 17, 2008 asking it to show cause as
to why the licence granted to it to conduct banking business
should not be cancelled.  The reply to the show cause notice was
examined.  In the absence of any viable proposal for turn around
and achievement of the required regulatory prescriptions the
possibility of revival of the bank was remote.  Therefore, the
Reserve Bank of India took the extreme measure of canceling
license of the bank in the interest of the bank's depositors.  

With the cancellation of its license and commencement of
liquidation proceedings, the process of paying the depositors of
the bank will be set in motion subject to the terms and
conditions of the Deposit Insurance Scheme.

Consequent to the cancellation of its license, the bank is
prohibited from carrying on 'banking business' as defined in
Section 5(b) of the Banking Regulation Act, 1949 (As Applicable
to Cooperative Societies) including acceptance and repayment of
deposits.

For any clarifications, depositors may approach:

          Shri Shreedhar Behera
          Deputy General Manager
          Reserve Bank of India
          Urban Banks Department, Nagpur
          Postal Address: Urban Banks Department
          Reserve Bank of India, Nagpur Regional Office
          Telephone Number: 0712 - 2538696
          Fax Number: 0712 – 2552896


STEELCO GUJARAT: Allots 12.5% Conv. Shares to Splca Investments
---------------------------------------------------------------
Steelco Gujarat Ltd's Board of Directors decided to issue and
allot 12.5% Optionally Convertible Cumulative Redeemable
Preference Shares of Rs 10/- each to M/s. Splca Investments Ltd,
promoter of the company on preferential allotment basis instead
of issuing 12.5% Non-convertible Cumulative Redeemable
Preference Shares of Rs 10/- each as intimated earlier.

Steelco Gujarat Limited's principal activity is to manufacture
cold rolled steel and galvanized steel.  The products include
cold rolled steel coils/sheets, hot dip galvanized steel coils
and plain corrugated sheets.  The Company's plant is located at
Palej, Bharuch.

                          *     *     *

The company has incurred two consecutive annual net losses.  For
the year ended March 31, 2008, the company incurred a net loss
of Rs. 106.26 million on net sales of Rs. 3,470.05 million
compared to a net loss of Rs. 102.00 million on net sales of Rs.
3,611.90 million for the year ended March 31, 2007.


TIRUPATI AGENCIES: CRISIL Rates Rs.80M Cash Credit Limits at BB-
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable/P4' to the various
bank facilities of Tirupati Agencies Private Ltd (TAPL).

Rs.80 Million Cash Credit Limits*  BB-/Stable(Assigned)
Rs.6 Million Bank Guarantee  P4(Assigned)
*Includes proposed facility of Rs 20 Million

The rating reflects TAPL's significantly high gearing and
limited presence in the bearings industry.  These weaknesses
are, however, partly offset by TAPL's stable operating margins,
on account of presence in a niche large bearing industry.

Outlook: Stable

CRISIL expects TAPL's operating profitability to remain stable
over the medium term based on regular supply from NSK Bearings.  
The outlook may be revised to 'Positive' if there is significant
improvement in TAPL's profitability.  Conversely, the outlook
may be revised to 'Negative' if TAPL takes on substantial debt
to support group companies.

                           About TAPL

TAPL was set up in 1981, when the bearings trading business of
Mill Stores and Bearing Co (formed in 1956 by Mr. Raja Ram
Khemka) was carved out into a separate company.  TAPL is focused
exclusively on trading in bearings, and is the authorised agent
in India for NSK Bearings manufactured by NSK Ltd, Japan.

For 2007-08 (refers to financial year, April 1 to March 31),
TAPL reported a profit after tax (PAT) of Rs.0.99 million on net
sales of Rs.334 million, as against a PAT of Rs.0.96 million on
net sales of Rs.312 million for 2006-07.


* Surat Weaving Businesses Risk Closure
---------------------------------------
At a time when workers are demanding a wage revision, several
weaving units in Surat are likely to close down following a glut
in the grey fabric market after processing houses cut production
by 30 per cent, the Business Standard reports.

According to the report, the weaving industry is reeling under
pressure of dwindling sales of grey cloth ever since processing
houses in Surat have literally stopped buying the fabric.

"Processing houses in Surat mostly import raw materials like
chemicals and dyestuff for processing from China.  They have cut
down their production by at least 30 per cent ever since the raw
materials supply has been affected due to stringent measures by
the Chinese government.  Which is why weaving units are not able
to sell their fabric to these houses, leading to a glut," the
Business Standard quoted Devkishan Manghani, general secretary
of Federation of Surat Textile Traders Association (FOSTTA), as
saying.

Apart from raw material shortage, the report says the processing
houses are facing a tough time due to rising fuel costs.



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

EBARRA: To Dissolve Malaysian Unit on Poor Financial Performance
----------------------------------------------------------------
Ebara Corporation has decided to dissolve its Malaysia-based
wholly owned subsidiary, Ebara Environment Engineering
(Malaysia) Sdn. Bhd., which has been engaged in the engineering
business, Reuters reports.

Ebara Corp, the report relates, decided to dissolve the
subsidiary due to poor financial performance.  The subsidiary,
established in 2001, is set to commence liquidation proceedings
this year.

Ebara Corp. -- http://www.ebara.co.jp/-- is Japan's largest  
manufacturer of pumps, a major fluid machinery producer and an
integrated environmental engineering service company.  It also
has technologies for semiconductor polishing, cleaning and
plating.   Headquartered in Tokyo, the Company has 107
subsidiaries and 17 associated companies.

                       *     *     *

As reported by the Troubled Company Reporter - Asia pacific on
Mar 28, 2008, Standard & Poor's Ratings Services revised its
outlook on the 'BB+' long-term corporate credit rating on Ebara
Corp. to negative from stable, amid ongoing concerns over the
recovery of earnings in its environmental engineering business.
The outlook change also reflects uncertainty surrounding whether
the company will turn around its environmental engineering
business and generate positive free cash flow.  At the same
time, Standard & Poor's affirmed its 'BB+' long-term corporate
credit and senior unsecured debt ratings on the company.


EBARRA CORP: 93 Permanent Workers Accept Early Retirement Plan
--------------------------------------------------------------
Ninety three permanent employees of Ebara Corporation has
accepted the early retirement program offered by the company,
Reuters reports.

The company, the report relates, offered the package during the
period from March 24, 2008 to May 30, 2008.  The 93 employees
will be offered additional benefits of JPY712 million, the
report notes.

According to the report, the program targeted 100 to 150
permanent employees of the company and its three Tokyo-based
subsidiaries, who have been working for over three consecutive
years.

Ebara Corp. -- http://www.ebara.co.jp/-- is Japan's largest  
manufacturer of pumps, a major fluid machinery producer and an
integrated environmental engineering service company.  It also
has technologies for semiconductor polishing, cleaning and
plating.   Headquartered in Tokyo, the Company has 107
subsidiaries and 17 associated companies.

                          *     *     *

As reported by the Troubled Company Reporter-Asia pacific on
March 28, 2008, Standard & Poor's Ratings Services revised its
outlook on the 'BB+' long-term corporate credit rating on Ebara
Corp. to negative from stable, amid ongoing concerns over the
recovery of earnings in its environmental engineering business.
The outlook change also reflects uncertainty surrounding whether
the company will turn around its environmental engineering
business and generate positive free cash flow.  At the same
time, Standard & Poor's affirmed its 'BB+' long-term corporate
credit and senior unsecured debt ratings on the company.


FORD MOTOR: Improves Car Conversion Plan, Realigns Manufacturing
----------------------------------------------------------------
The Wall Street Journal reported that Ford Motor Co. will retool
three North American truck plants to make small cars that it now
makes and sells in Europe.  WSJ related that the plan amounts to
a gamble that small cars can save a company whose business has
long been based on trucks.  

WSJ, citing Don Leclair, Ford's chief financial officer, said
that Ford is in a stress period right now.  Ford's U.S. business
has been hit by declining vehicles sales and a sudden consumer
shift to small cars.

According to the Journal, Ford is slashing costs and shifting
capacity to passenger-car production in amid the troublesome
realities of the U.S. market.

In a press statement, Ford disclosed a significant acceleration
of its transformation plan with the addition of several new
fuel-efficient small vehicles in North America and a realignment
of its North American manufacturing.

The actions represent a shift in Ford's North American product
plans and investments toward smaller vehicles and fuel-efficient
powertrains in both the near- and mid-term in line with rapid
changes in customer buying preferences.

In addition to bringing six small vehicles to North America from
the company's acclaimed European lineup, Ford is accelerating
the introduction of fuel-efficient EcoBoost and all-new four-
cylinder engines, boosting hybrid production and converting
three existing truck and SUV plants for small car production,
beginning this December.

"We continue to take fast and decisive action implementing our
plan and responding to the rapidly changing business
environment," Alan Mulally, Ford president and CEO, said.  "Ford
is moving aggressively using our global product strengths to
introduce additional smaller vehicles in North America and to
provide outstanding fuel economy with every new product."

Mr. Mulally said the company is focused on its transformation
plan, which calls for:

   -- aggressively restructuring to operate profitably at the
      current demand and changing model mix;

   -- accelerating the development of new products that
      customers want and value;

   -- financing the plan and improving the balance sheet;

   -- working together effectively as one team, leveraging
      Ford's worldwide assets

"The progress we have made in working together to create a 'One
Ford' global enterprise during the past two years gives us a
unique competitive advantage in today's environment," Mr.
Mulally said.  "We are in a stronger position than ever to
leverage Ford's global assets to address the North American
business environment.

We also are building on the past few years of progress in
continuously improving our quality, reducing our cost structure
and introducing strong new products."

                    Aggressively Restructuring

Ford will convert three existing North American truck and SUV
plants for small car production, with the first conversion
beginning this December.

The moves are in addition to Ford's statements in May and June
that it is reducing its North American production plans for
large trucks and SUVs for the remainder of 2008, well as
increasing production of smaller cars and crossovers.

"We are transforming Ford's North American manufacturing
operations into a lean, flexible system that is fully
competitive with the best in the business," Mark Fields, Ford
president of The Americas, said.  "We remain committed to
matching our capacity with real consumer demand, and we are
equipping nearly all of our assembly plants with flexible body
shops, ensuring we can respond quickly to changing consumer
tastes."

"In addition, we are adding four-cylinder engine capacity to
meet the growing consumer demand, while expanding production of
our new EcoBoost engines, six-speed transmissions and other
fuel-saving technologies," Mr. Fields said.

Among the manufacturing realignment actions are:

   -- Michigan Truck Plant in Wayne, Michigan, which builds the
      Ford Expedition and Lincoln Navigator full-size SUVs, will
      be converted beginning this December to production of
      small cars derived from Ford's global C-car platform in
      2010.

   -- Production of the Ford Expedition and Lincoln Navigator
      will be moved to the Kentucky Truck Plant in Louisville,
      Kentucky, early next year.

   -- Cuautitlan Assembly Plant in Mexico, which produces F-
      Series pickups, will be converted to begin production of
      the new Fiesta small car for North America in early 2010.

   -- Louisville, Kentucky Assembly Plant, which builds the Ford
      Explorer mid- size SUV, will be converted to produce small
      vehicles from Ford's worldwide C-car platform beginning in
      2011.

   -- Twin Cities, Minnesota Assembly Plant -- which was
      scheduled to close in 2009 -- will continue production of
      the Ford Ranger through 2011 to meet consumer demand for
      the compact pickup.

   -- Kansas City Assembly Plant this year will add a third crew
      to its small utility line for the Ford Escape, Escape
      Hybrid and Mercury Mariner and Mariner Hybrid.

With the realignments, Ford will continue to offer targeted
hourly buyouts at its U.S. plants and facilities, working with
the UAW to secure competitive employment levels.  Ford also said
it remains on track to reduce salaried-related costs by 15% in
North America by Aug. 1.

Ford North America still expects to reduce annual operating
costs by US$5 billion by the end of 2008 -- at constant volume,
mix and exchange, and excluding special items -- compared with
2005.  In addition, the company said it plans to continue to
reduce structural costs beyond 2008.

The company also confirmed Ford, Lincoln and Mercury will remain
in its North American brand portfolio.  Ford said it will work
with its dealers to broaden and accelerate its dealer
consolidations, which will result in a dealer network that
reflects the changing industry size and model mix.

Ford also updated its North American planning assumptions, which
include:

   -- U.S. economic recovery to begin by early 2010;
  
   -- U.S. industry sales to return to trend levels as the
      economy returns to health;

   -- Product mix changes are permanent, but some recovery will
      occur from the current share-of-industry for full-size
      pickups -- though not back to levels experienced
      previously-- as the economy and housing sector recover;
      * oil prices to remain volatile and high;
      * no near-term relief from current level of commodity
        prices
      * about 14% U.S. market share for Ford, Lincoln and
        Mercury brands

                     Accelerating New Products

Ford is adding several new North American products in the near-
and mid- term, and shifting from a primary emphasis on large
trucks and SUVs to smaller and more fuel-efficient vehicles.  By
the end of 2010, two-thirds of spending will be on cars and
crossovers -- up from one-half.

"We are accelerating the development of the new products
customers want and value," Mr. Mulally said.  "We sell some of
the best vehicles in the world in our profitable European and
Asian operations, and we will bring many of them to North
America on top of our already aggressive product plans."

The new products include six European small vehicles to be
introduced in North America by the end of 2012.  Ford's European
products are set apart by their world-class driving dynamics,
exciting design and outstanding quality.

"While we have no intention of giving up our longtime truck
leadership, we are creating a new Ford in North America on a
foundation of small, fuel-efficient cars and crossovers that
will set new standards for quality, fuel economy, product
features and refinement," Mr. Fields said.

The Ford, Lincoln, Mercury line will be almost completely
upgraded by the end of 2010, including:

   -- 2009 Ford F-150, on sale in late fall with the most
      capability, most choice and most smart features of any
      full- size pickup, and with more than a 7 percent fuel
      economy improvement;

   -- 2010 Ford Fusion, Mercury Milan, Lincoln MKZ sedans, on
      sale in early 2009, with Fusion's and Milan's four-
      cylinder fuel economy expected to top Honda Accord and
      Toyota Camry;

   -- 2010 Ford Fusion Hybrid and Mercury Milan Hybrid,
      beginning production late this year and on sale in early
      2009 -- with fuel economy expected to top the Toyota Camry
      hybrid;

   -- New Ford Mustang -- coupe, convertible, and glass-roof
      models -- in early 2009;

   -- New Ford Taurus sedan -- with EcoBoost engine and even
      more advanced safety and convenience technologies -- in
      mid-2009;

   -- New European Transit Connect small multi-purpose van in
      mid-2009;

   -- New Lincoln seven-passenger crossover -- with EcoBoost
      engine -- in mid-2009;

   -- New European Ford Fiesta, in both four- and five-door
      versions, in early 2010;

   -- New European Ford Focus, in both four- and five-door
      versions, in 2010;

   -- New Mercury small car in 2010;

   -- New European small vehicle that will be a "whitespace"
      entry in North America in 2010;

   -- Next-generation Ford Explorer -- with unibody
      construction, EcoBoost, six-speed, weight savings and
      improved aerodynamics for up to 25 percent better fuel
      economy - in 2010.

With every new product, Ford expects to be the best or among the
best for fuel economy.  This is aided by one of the most
extensive powertrain upgrades ever for Ford.  By the end of
2010, nearly all of Ford's North American engines will be
upgraded or replaced.  In addition, within two years, nearly all
of Ford's North American lineup will offer fuel-saving six-speed
automatic transmissions.

The improvements build on several Ford fuel economy such as:

   -- 2009 Ford Flex, which is the most fuel-efficient standard
      seven-passenger vehicle on the market, topping the 2009
      Honda Pilot;

   -- 2009 Ford Focus, with highway fuel economy of up to 35
      mpg;

   -- better than the smaller 2008 Honda Fit and 2009 Nissan
      Versa SL and a key reason Focus retail sales are up 50%;

   -- 2009 Escape, with a new 2.5-liter four-cylinder engine and
      six-speed transmission delivering best-in-class highway
      fuel economy of 28 mpg -- ahead of Toyota RAV4 and Honda
      CR-V;

   -- 2009 Ford Escape Hybrid, delivering 34 mpg in the city and
      31 mpg on the highway, making it the most fuel-efficient
      utility vehicle available;

Coming in 2009 are the first applications of Ford's new EcoBoost
engines.  EcoBoost uses gasoline turbocharged direct-injection
technology for up to 20% better fuel economy, up to 15% fewer
CO2 emissions and superior driving performance versus larger-
displacement engines.

EcoBoost V-6 engines will be introduced on several vehicles next
year, beginning with the Lincoln MKS and Ford Taurus sedans, and
Ford Flex crossover.  Four-cylinder EcoBoost engines will debut
in 2010 in both North America and Europe.  Ford will offer
EcoBoost on more than 80% of its North American lineup by the
end of 2012.
Ford also plans to double capacity for North American four-
cylinder engines to more than 1 million units by 2011, to meet
the consumer trend toward downsized engines for fuel economy.  
The smaller engines will deliver significant fuel savings.

In addition, Ford plans to double its hybrid volume and
offerings next year -- and is looking to expand further going
forward.  Production of the all-new 2010 Ford Fusion Hybrid and
Mercury Milan Hybrid begins in December -- with fuel economy
expected to top the Toyota Camry hybrid.

With these new models, the Ford Escape Hybrid -- now in its
fifth year of production -- and the Mercury Mariner Hybrid, Ford
will offer four hybrid vehicles.  That will make Ford the
largest domestic producer of full hybrid vehicles in North
America, second only to Toyota in sales volume.

Ford also is introducing six-speeds with PowerShift that offers
the fuel economy of a manual transmission and convenience of an
automatic; start-stop engines that shut off when the vehicle
stops; electric power steering; direct injection, and Twin
Independent Variable Cam Timing engines.  These technologies
will be progressively introduced within the North American
lineup by 2012.

                            "One Ford"

Driving Ford's product transformation is the company's "One
Ford" worldwide product development vision, which will deliver
more vehicles worldwide from fewer core platforms, further
reduce costs and allow for the increased use of common parts and
systems.

In the next five years, Ford will build more than 1 million
vehicles a year worldwide off its global B-car platform and
nearly 2 million units worldwide off its global C-car platform.

"Ford is investing most where consumer growth is taking place --
and that's in highly fuel-efficient global small cars," said
Derrick Kuzak, Ford group vice president of Global Product
Development.  "One of every four vehicles in the world today is
a 'C' or Ford Focus-sized vehicle, and we expect the segment to
grow more than 20% to 6 million units in North America and 25
million worldwide by 2012.  We see similar strong growth in the
B-segment, where the Fiesta competes."

With Ford's worldwide product development plan, all of the
company's vehicles competing in worlwide segments will be common
in North America, Europe and Asia within five years.  In
addition to B- and C-sized small cars, the company's Fusion- and
Mondeo-sized C/D cars and utilities will be common globally.  
The same will be true for commercial vans.

Ford said it is positioned to take advantage of its scale,
already acclaimed worldwide products and the strength of the
Ford brand around the world to respond to the changing
marketplace and to begin to grow profitably.  The company said
its success in growing market share and profits with smaller,
more fuel-efficient vehicles in Europe is now the template
around the world.

"We remain absolutely committed to creating an exciting, viable
Ford going forward -- and to transforming Ford into a lean
global enterprise delivering profitable growth over the long
term," said Mr. Mulally.  "We continue to make progress on every
element of our transformation plan, and we are taking decisive
steps in the near term to ensure our long-term success."

                       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 Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's $3-billion of senior convertible notes due
2036.


NISHIMATSU CONSTRUCTION: S&P Shifts Stable Outlook to Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services has revised to negative from
stable its outlook on the 'BB+' long-term corporate credit
rating on Nishimatsu Construction Co. Ltd.  The company, which
has strengths in large-scale civil engineering projects,
continues to face a severe business environment amid decreasing
public sector investment for the Japanese construction market
and intensifying competition for contracts.  The outlook
revision is based on expectations that Nishimatsu's
profitability and cash flow generation will continue to falter
over the next 12 months.  These expectations are based on
marginal improvements in the company's gross margin of completed
construction works, which are due to intensifying competition
for orders, and increasing building material and personnel
costs.  At the same time, S&P affirmed its 'BB+' long-term
corporate credit and long-term senior unsecured debt ratings on
Nishimatsu.
     
In fiscal 2007 (ended March 31, 2008), Nishimatsu posted
negative operating cash flow (FFO, before adjusting for changes
in working capital) for the third consecutive fiscal year,
reflecting the severe earnings environment.  Furthermore,
Nishimatsu's ratio of receivables plus costs on uncompleted
construction contracts to sales and costs on uncompleted
construction contracts, which indicates the company's capacity
to finance construction fees, increased to 30% in March 2008
from below 20% prior to March 2004.  This was attributed to
longer inventory turnover and sluggish revenue.  The company's
EBITDA margin declined to 1.5% in March 2008 from 2.3% in March
2006, while its return on permanent capital worsened to 1.6%
from 3.1% over the same period.  These ratios are expected to
improve during the current fiscal year, considering that
Nishimatsu has completed unprofitable overseas projects, and
also given its selective receipt of orders.  However, such
ratios will likely remain unfavorable relative to other major
general construction contractors to which S&P assigns ratings,
including Kajima Corp. (BBB-/Stable/--), Taisei Corp. BBB-
/Stable/--), and Obayashi Corp. (BBB-/Stable/--).  Although
Nishimatsu's credit quality has been underpinned by its
longstanding strong financial profile relative to its ratings,
there is an increasing risk of the company's financial standing
weakening as a full-scale recovery in its profitability and cash
flow generation remains unlikely.
     
S&P may consider lowering its ratings on Nishimatsu if the cash
flow generation of the construction industry deteriorates
further due to decreasing new order volume and increasing costs,
or if improvements in earnings show clearer signs of delay.  On
the other hand, the ratings or outlook may see upward movement
if Nishimatsu strengthens its earnings base and further
stabilizes its profitability and cash flow generation by
adhering to its policy of focusing on relatively lucrative
projects.  However, there is currently little chance of this
occurring.     

This unsolicited rating was initiated by Standard & Poor's.  It
may be based solely on publicly available information and may
or may not involve the participation of the issuer's management.
Standard & Poor's has used information from sources believed to
be reliable, but does not guarantee the accuracy, adequacy, or
completeness of any information used.

Ratings Affirmed:

-- Senior Unsecured (3 issues)            BB+                

Ratings Affirmed; CreditWatch/Outlook Action:

                                    To                 From
  -- Corporate Credit Rating    BB+/Negative/--   BB+/Stable/--


SOFTBANK CORP: Mulls Purchase of Yahoo Japan
--------------------------------------------
Softbank Corp. may consider buying Yahoo Japan's shareholdings
if US-based Yahoo Inc. will sell it on the market, Jiji Press
reports, citing Yahoo Japan Corp. President Masahiro Inoue.

Mr. Inoue told Jiji Press that Softbank has preferential rights
to buy Yahoo Japan shares, while noting that there has been no
concrete plan for such share transfer.

According to the report, Softbank owns about 40% of Yahoo Japan
and is the top shareholder of the company, while Yahoo of the
United States is the second largest shareholder with a stake of
about 33%.

The U.S. company, in a letter sent recently to its shareholders,
said that it will continue to explore ways to "unlock value and
return value" to them, such as unlocking the value of its Asian
assets, the report notes.  

Jiji Press adds that regarding the letter, media reports have
said that the U.S. company may sell its shareholdings in Yahoo
Japan.

                         About Softbank

Softbank is involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.  As of March 31, 2007, the company's paid-in
capital was JPY163.3 billion.

                           *     *     *

The company continues to carry Moody's “Ba2” Issuer and Senior
Unsecured Debt Ratings.  The outlook on the ratings is stable.



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

BRIDGECORP: Founder Wants Seized Porsche 911 Back
-------------------------------------------------
Bridgecorp founder Rod Petricevic wants his seized NZ$120,000
Porsche 911 handed back, Maria Slade of the New Zealand Herald
reports.

According to the Herald, the Porsche, which is now in the
possession of the High Court, was taken from Mr. Petricevic and
his wife when bailiffs visited their Remuera home last month.

The seizure, the report relates, was part of the receivers'
efforts to collect NZ$661,000 -- the sum of NZ$576,100 plus
interest that Mr. Petricevic owes them for a personal tax bill
paid on his behalf in September 2006.

Ownership of the car was transferred from Mr. Petricevic himself
to his family trust three days after Bridgecorp collapsed last
July, so the former chief executive wants it returned, the
report notes.

However, the reports says, the receivers argue that the vehicle
was "fraudulently conveyed" to the trust, and are seeking an
order preventing the High Court from releasing it until that
claim is heard.

                Receivers Place Company Under Bankruptcy

Separately, the Herald reports that Bridgecorp receiver
PricewaterhouseCoopers has begun bankruptcy proceedings against
Bridgecorp founder Rod Petricevic.

The Herald says the receiver did so after receiving no advice
that Mr. Petricevic paid nearly NZ$600,000 to stave off
bankruptcy proceedings by July 15, 2008.

According to the report, the receivers gained a summary judgment
last month ordering Mr. Petricevic to repay the money plus
interest, totalling NZ$661,333.  Mr. Petricevic planned to
appeal against the order.

On the second week of July, the report relates, Justice John
Priestley awarded Mr. Petricevic a stay of execution, stopping
receivers of the failed finance company from beginning
bankruptcy proceedings.

The stay, the report notes, was conditional on Petricevic
depositing the $576,100 receivers claimed he owed them for a tax
bill in a High Court trust account.

                         About Bridgecorp

New Zealand-based Bridgecorp was placed in receivership on July
2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.


DEVICE SERVICES: Liquidator Sets July 30 as Claims Bar Date
-----------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Device Services Limited resolved that the
company be liquidated and that Grant Bruce Reynolds, be
appointed as liquidator.

Creditors are required to file their proofs of debt by July 30,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:
          Grant Reynolds
          Insolvency Practitioners
          PO Box 259059
          Greenmount, Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


GRAYMARK CABINETS: Appointed Hoole and Pitfield as Liquidators
--------------------------------------------------------------
Pursuant to Section 241 of the Companies Act 1993, the
shareholders of Graymark Cabinets Limited resolved that the
company be liquidated and that Gareth Russel Hoole and
Kevin David Pitfield, be appointed as liquidators.

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

Creditors and shareholders may direct their inquiries to:

          Staples Rodway Limited
          Chartered Accountants
          PO Box 3899, Auckland
          Telephone: (09) 309 0463


MACAFIN HOLDINGS: Appointed Sargison and Rea as Liquidators
-----------------------------------------------------------
In accordance to Section 241 of the Companies Act 1993, the
shareholders of Macafin Holdings Limited resolved that the
company be liquidated and that Paul Graham Sargison and Gerald
Stanley Rea, chartered accountants of Auckland, be appointed as
liquidators.

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

Creditors and shareholders may direct their inquiries to:

          Gerry Rea Partners
          PO Box 3015, Auckland
          Telephone: (09) 377 3099
          Facsimile: (09) 377 3098


MERLOT HOMES: Declared Insolvent, Placed Under Liquidation
----------------------------------------------------------
Merlot Homes Ltd, the development arm of Merlot Property
Investments, was declared insolvent and placed in liquidation by
the High Court in Auckland at the request of creditors, Greg
Ninness of Sunday Star Times reports.

Merlot, the Times notes, also faces legal action from
Consolidated Technologies Development, one of Merlot Homes'
secured creditors.

Maria Slade of the New Zealand Herald relates that Merlot has
about 300 investors who bought NZ$100 million of rental houses
through the company, which also offers financing packages.  The
business then leases their properties, rents them to tenants and
pays the owners a fee.  Merlot Homes designs and builds homes in
the Auckland region, which are sold to the investors and to
owner-occupiers, the Herald says.

According to the Times, many of the homes Merlot developed were
at the Gulf Harbour development north of Auckland where a string
of developers has come unstuck.

The Times says it is not known what impact the collapse of
Merlot Homes will have on the wider operations of Merlot
Property Investments.


MILLER BROTHERS: Shareholders Placed Company Under Liquidation
--------------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Miller Brothers Transport (2004) Limited
resolved that the company be liquidated and that Nicholas John
Hayes, chartered accountant, be appointed as liquidator.

Creditors are required to file their proofs of debt by July 11,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Nicholas Hayes
          PO Box 9323
          Hamilton 2015
          Telephone: (07) 849 0664
          Facsimile: (07) 849 0634


PARKSTONE NURSING: Liquidators Set Aug. 15 as Claims Bar Date
-------------------------------------------------------------
The High Court  has appointed John Howard Ross Fisk, chartered
accountant, and Craig Alexander Sanson, insolvency practitioner,
as liquidators of Parkstone Nursing & Care Limited.

The Liquidators set Aug. 15, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: Sandra Pearson
          PricewaterhouseCoopers
          113-119 The Terrace (PO Box 243)
          Wellington
          Telephone: (04) 462 7489
          Facsimile: (04) 462 7492


PETONE WHOLESALERS: Liquidators Set Aug. 15 as Claims Bar Date
--------------------------------------------------------------
The High Court  has appointed John Howard Ross Fisk, chartered
accountant, and Craig Alexander Sanson, insolvency practitioner,
as liquidators of Petone Wholesalers Limited.

The Liquidators set Aug. 15, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: Sandra Pearson
          PricewaterhouseCoopers
          113-119 The Terrace (PO Box 243)
          Wellington
          Telephone: (04) 462 7489
          Facsimile: (04) 462 7492
          

PROPERTY VENTURES: Liquidation Hearing Adjourned to August 18
-------------------------------------------------------------
An application for the liquidation of developer Dave Henderson's
Property Ventures and its subsidiary Five Mile Holdings was
adjourned by the Christchurch High Court until August 18 to give
way to a possible settlement, Marta Steeman of The Press
reports.

According to the report, supporting the application for the
liquidation of Property Ventures are several companies including
engineering and surveying firm Gullwing, architects Warren and
Mahoney, IRD, Specialist Trade Services and Roy Cromie.

Meanwhile, the report says an application by Fruitfed Supplies,
for the liquidation of another Property Ventures company --
Gibbston Downs Wines -- was struck out by Judge Tony
Christiansen after the plaintiff withdrew the application.  
Counsel for Gibbston Downs Wines said he understood a memorandum
had been filed saying the issue had been resolved, the report
adds.

                     About Property Ventures

New Zealand-based Property Ventures Limited --
http://www.propertyventures.co.nz/-- is real estate development  
and investment company.


VCU TECHNOLOGY: Liquidator Sets July 30 as Claims Bar Date
----------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of VCU Technology Limited resolved that the company
be liquidated and that Grant Bruce Reynolds, be appointed as
liquidator.

Creditors are required to file their proofs of debt by July 30,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Grant Reynolds
          Insolvency Practitioners
          PO Box 259059
          Greenmount, Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


WAIRAU MEWS: Appointed Noyce and Mawdsley  as Liquidators
---------------------------------------------------------
Pursuant to Section 241 (2)(a) of the Companies Act 1993, the
shareholders of Wairau Mews Limited has appointed Digby John
Noyce and Keith Mawdsley, insolvency practitioners of Auckland,
as liquidators of the company.

Only creditors who were able to file their proofs of debt by
July 16, 2008, were included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          RES Corporate Services Limited
          Building C, 42 Tawa Drive Office Park
          Albany, Auckland
          Postal Address: PO Box 302612
          North Harbour
          Telephone (09) 918 3690
          Facsimile (09) 918 3691
          Email: office@resbusdev.co.nz
          Website: www.resbusdev.co.nz


WELLSFORD HOLDINGS: Liquidators Set July 30 as Claims Bar Date
--------------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Wellsford Holdings Limited resolved that the
company be liquidated and that Grant Bruce Reynolds, be
appointed as liquidator.

Creditors are required to file their proofs of debt by July 30,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Grant Reynolds
          Insolvency Practitioners
          PO Box 259059
          Greenmount, Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


* NEW ZEALAND: Trade Deficit Grows in June 2008 Quarter
-------------------------------------------------------
The seasonally adjusted trade deficit increased to NZ$1.9
billion in the June 2008 quarter, from NZ$861 million in the
March quarter, Statistics New Zealand said.

As a percentage of exports this puts the deficit in the June
quarter back to a similar level to that seen in the first half
of 2007.  Major factors contributing to this increased deficit
include a significant increase in imports of one-off capital
goods (particularly oil-related) and petroleum and products,
combined with a large seasonally adjusted drop in dairy exports.

The seasonally adjusted value of merchandise imports rose 8.5
percent in the June 2008 quarter (to NZ$12.1 billion) following
a flat March quarter.  One-off capital imports (an oil platform,
oil production vessel, and two large aircraft) were the largest
contributors to this increase, added to by the highest ever
quarterly value of petroleum and products imports.

The seasonally adjusted value of merchandise exports was down
0.5 percent in the June 2008 quarter (to NZ$10.3 billion)
following a 2.4 percent decrease in the March quarter.  Although
lower, June 2008 still has the third highest quarterly exports
value on record.  The latest small decrease in total exports
comes despite increases in most commodity groups and is
primarily the result of a large drop in dairy product exports,
following on from the recent drought.  Crude oil showed the most
significant increase, up 56.6 percent (largely due to price
rises).

In the month of June 2008, merchandise imports were valued at
NZ$3.8 billion, the highest value for a June month, up 16.9
percent from June 2007.  This increase was led by crude oil with
the price of crude up substantially since June 2007.

Merchandise exports were valued at NZ$3.6 billion in June 2008,
up 30.9 percent from June 2007.  This is the largest percentage
increase from the same month of the previous year since January
2001.  The increase in exports was dominated by crude oil and
milk powder, butter and cheese.  


* EUFA Urges Parliamentary Inquiry Into Hanover
-----------------------------------------------
EUFA (Exposing Unacceptable Financial Activities Inc )members
are calling on all investors from all failed finance companies
and all New Zealanders to sign an open letter to the Prime
Minister for a Parliamentary inquiry.  The inquiry called for is
into the Security Commissions failure to monitor the
'Enforceable Undertaking' entered into on August 17, 2003, with
Bridgecorp.

EUFA said that the Enforceable Undertaking covered Bridgecorp
presenting misleading information engineered to mislead
prospective investors as to the true financial position of
investments offered.

The result of the failure to ensure compliance, led to many
investors losing their savings invested based on falsified
financial statements provided by Bridgecorp.

EUFA Finance spokesman Gray Eatwell said, "Now that Bridgecorp
Directors have been charged with offenses under the companies
Act, in relation to the Bridgecorp prospectus, it will be hard
for the Politicians to ignore this one."

Each investigation being had at present such as the SFO and
Commerce Commission, will add to the big picture and New Zealand
will start seeing the perpetrators being held to account and
some incompetent heads rolling.

EUFA said the  Securities Commission have been negligent in
upholding their mandate to maintain investor confidence by their
failure.

Coordinator of EUFA said from Auckland " People have asked why
are you just calling  on Bridgecorp' and our answer is that it
was the Bridgecorp collapse that knocked over the dominos
creating a insurmountable amount of depleted  consumer
confidence….. This is a team effort to seek accountability
across the board and we must build the collectiveness to be
heard."

With such a large number of finance companies having taken
investor funds from real kiwi savers the Government must take
action.

EUFA said the Hanover failure is catastrophic and has hit
investors very hard as Hanover presented a very strong front
giving confidence.

At an investor meeting, held by an Auckland law firm Grimshaw
and Co, it was very clear when Mrs. Edmonds spoke of the bigger
picture that investors are in agreement with the collective
approach at the same time they investigate taking action through
the courts against those who negligently advised them on their
investments.

Grimshaw and Co have offered a very positive approach to
investors and EUFA members to ensure everyone is able to seek
sound legal advice on their individual case.



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

BENPRES: In Talks with Foreign Investors on Rockwell Stake Sale
---------------------------------------------------------------
Benpres Holdings Corp. is in talks with two to three foreign
private investment funds for the sale of its entire 24.5 percent
stake in Rockwell Land Corp., Manila Standard reports.

According to the report, Angel Ong, the company's president,
said Benpres earlier planned to sell its stake in Rockwell
through an initial public offering but postponed it because of
poor market conditions.

Mr. Ong said the proceeds from the sale will be used to pay the
company's debts, the report adds.

Headquartered in Pasig City Philippines, Benpres Holdings
Corporation -- http://www.benpres-holdings.com/-- is a 56.22%-     
owned subsidiary of Lopez, Inc.  Both entities were incorporated
in the Philippines.  Benpres Holdings and its subsidiaries are
mainly involved in investment holdings, broadcasting and
entertainment, and water distribution.  The company's associates
are involved in telecommunications, power generation and
distribution, cable television, real estate development and
infrastructure.

Starting in 2002, Benpres Holdings defaulted on its principal
and interest payments on its long-term direct obligations and
guarantees and commitments.  As proposed in the company's
Balance Sheet Management Plan, all of Benpres' liabilities were
computed as of May 31, 2002.  Also as proposed in the BSMP, the
company would make good faith semi-annual payments on its direct
and contingent obligations.  The first payment was made on
December 2, 2002, and succeeding payments were made in June and
December 2003, June and November 2004, and May and November
2005.

                         *     *     *

Sycip Gorres Velayo & Co. commented on the company's financial
results for the year ended December 31, 2007, that the ability
of the company to continue operating as a going concern depends
on the success of its Balance Sheet Management Plan.  This
condition indicates the existence of a material uncertainty,
which may cast significant doubt about the company's ability to
continue operating as a going concern.  Manila Electric Company,
an associate of First Philippine Holdings Corporation, has
pending real property tax assessments and cases.  The Toll
Regulatory Board directed Manila North Tollways Corporation MNTC
(a subsidiary of First Philippine Infrastructure, Inc.(an
associate of the company accounted for under the equity method)
to defer the imposition of Value Added Tax on toll fees.  Thus,
MNTC deferred and continues to defer the imposition of VAT from
the motoring public.  MNTC, together with other toll road
operators, is in discussion with the concerned government
agencies on the issue of VAT.  The ultimate outcome of these
matters cannot presently be determined, and no provision for any
additional liability that may result from additional cases in
the event of an adverse decision on these cases has been made in
the financial statements of MERALCO.

As of December 31, 2007, the company recorded total assets of
PHP48.33 billion while total stockholders' equity at year-end
stood at PHP16.13 billion.


G7 BANK: PDIC May End Up Paying All Depositors
----------------------------------------------
The Philippine Deposit Insurance Corp. could end up paying for
all the deposits in G7 Bank that runs to over Php3 billion,
Manila Standard reports citing sources from Bangko Sentral ng
Pilipinas.

According to the report, G7 Bank has not serviced the withdrawal
requests of depositors since April and has broken up the
depositors' accounts into chunks of Php250,000 to qualify them
for PDIC insurance coverage.

The report, citing Central bank sources, says that G7 Bank had
experienced financial troubles as early as March when it tapped
its rediscounting window, a standing credit facility to help
banks meet their temporary liquidity needs by refinancing the
loans they extend to their clients.  Moreover, the collateral
that G7 Bank submitted to back up the rediscounting facility
were overvalued, or already pledged to another party.

The report relates that depositors of G7 Bank, who met with
central bank officials last week, were informed that 16 counts
of estafa had been filed against officials of G7 Bank.

Manila Standard notes that G7 Bank’s deposits amounted to
Php3.39 billion as of the end of March.  The bank’s loans and
discounts, meanwhile, amounted to Php3.796 billion during the
same period.  Of the Php3.39 billion deposits in G7 Bank,
Php2.85 billion represent savings deposits, Php545 million in
time deposits and Php4.28 million in demand deposits.

The report states that the bank may close under the grounds of
insolvency and non-liquidity.

                          About G7 Bank

G7 Bank, one of the 43 rural and cooperative banks based in the
Bicol region, is among the bigger rural banks based on its
deposits, accounting for some three percent of deposits in rural
and cooperative banks.  Its deposits amounted stood at
Php3.39 billion at the end of March.  Total deposits in rural
and cooperative banks amounted to Php114.7 billion at the end of
December.


GEOGRACE RESOURCES: Approves Agreement with Masbate13
-----------------------------------------------------
The board of directors of Geograce Resources Philippines, Inc.
disclosed that the company approved the execution of the Heads
of Agreement with Masbate13 Philippines Inc (M13 Agreement).

Pursuant to the M13 Agreement, the company will be granted the
exclusive rights to explore, develop and operate its mining
tenement in Mandaon, Masbate.  But this will be conditional upon
the fulfillment of these conditions precedent:

(a) satisfactory legal and technical due diligence on M1 and its
    mining tenement;  
(b) the issuance of the exploration permit for the mining
    tenement; and
(c) the approval of the terms and conditions of the Operating
    Agreements by the appropriate regulatory agencies.  Subject    
    to the other terms and conditions as the parties may agree
    upon in the Operating Agreement, the company will be
    entitled to receive at least 80% of the net profits arising
    from or relating to the operations of the mining tenements.

In addition, the Heads of Agreement granted the company the
option to purchase the shares of M13 or its mining tenement,
subject to the requisite due diligence on the companies and
their respective mining tenements, fair valuation of the mining
tenements and the approval of the appropriate regulatory
agencies.

The company also approved the execution of Supplements to the
Heads of Agreement executed on January 9, 2008 with these
companies: (a) Nickeloadeon Mines inc.; and (b) Ophiolite
Mining, Inc.  The Supplements to the Heads of Agreement provide
for the inclusion of the mining tenements of Nickeloadeon and     
Ophiolite not covered by the previous Heads of Agreement dated
Jan. 9, 2008.

Headquartered in Makati City, Philippines, Geograce Resources --
fka Global Equities, Inc. -- was originally incorporated as La
Suerte Gold Mining Corporation on April 20, 1970, primarily to
engage in the exploration, exploitation, and development of
mineral resources; to purchase, lease and otherwise acquire
mining claims and concessions anywhere in the Philippines; and
to carry on the business of mining, extracting, smelting,
treating, and otherwise producing and dealing in metals and
minerals of all kinds including all its products and by-

                          *     *     *

According to Geograce Resources' independent auditor, Sycip
Gorres Velayo and Co., the company's previous real estate
operations were affected by the downturn in the real estate
industry resulting in continuous losses and inability to pay
maturing loans.  The auditor says that there exists a material
uncertainty about the company's ability to continue as a going
concern.  Geograce posted a net loss of PHP102,364,952 in the
fiscal year 2007.


NIHAO MINERAL: Approves Execution of Supplemental Agreement
-----------------------------------------------------------
During a meeting held on July 25, 2008, Nihao Mineral Resources
International, Inc. disclosed that it has approved the execution
of a "Supplement to the Heads of Agreement" with Geograce
Resources Philippines, Inc.  The "Heads of Agreement", to which
the Supplemental Agreement related to, was previously executed
by Nihao and Geograce on January 9, 2008.

The Supplemental Agreement with Geograce provides for the
inclusion of the mining tenement held by Nihao's wholly owned
subsidiary, Visayas Ore Philippines, Inc. covering approximately
1,441.25 hectares of nickel property in Antipas, North Cotabato
with a valid and subsisting  Exploration Permit Application
denominated as EPA-95-XII.

Subject to the execution of an Operating Agreement, Geograce
will have the exclusive right to explore, develop and operate
the mining tenements of Nihao controlled by it through its
wholly-owned subsidiaries, namely:

   * Mina Tierra Gracia, Inc.;
   * Bountiful Geomines, Inc.;
   * Visayas Ore Philippines, Inc.;
   * Companhia Nube Minerale, Inc.;
   * Companhia Minera Tierra, Inc.; and
   * Minedomain, Inc.

                       About NiHAO Mineral

Headquartered in Makati City, Philippines, NiHAO Mineral
Resources International Inc. was originally incorporated on July
9, 1975 as Summit Minerals Inc., a company engaged in mining
exploration.  On February 24, 1994, the Securities and Exchange
Commission approved the change in the company's primary purpose
to that of a holding company and the change in its corporate
name to Magnum Holdings Inc.  On June 28, 2007, the SEC approved
another change in the company's primary purpose to that of
exploration, development and operation of mineral properties and
the mining of metallic and non-metallic minerals.  The company
also subsequently changed its corporate name to NiHAO Mineral
Resources International Inc.

The operations of NiHAO have been suspended since August 2000.  
The suspension is for the purpose of minimizing the losses
occasioned by unfavorable business conditions.



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

APEC M & E: Court Enters Wind-Up Order
--------------------------------------
On July 11, 2008, the High Court of Singapore entered an order
to have Apec M & E Engineering Pte Ltd's operations wound up.

The petition against the company was filed by United Overseas
Bank Limited.

Apec's liquidator is:

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


ENZER CORPORATION: Discloses Shareholder's Change of Interest
-------------------------------------------------------------
Enzer Corporation Limited disclosed that Lim Keng Hock Jonathan,
a substantial shareholder of the company, has increased his
direct shareholding in the company through an open market
purchase.

Presently, Mr. Lim holds 16,923,000 direct shares with 17.01%
issued share capital.  Prior to his purchase, Mr. Lim held
16,223,000 direct shares in the company with 17.01% issued share
capital.  Mr. Lim still holds 6,906,000 deemed shares with 6.94%
issued share capital.

Enzer Corporation Limited operates in three business segments:
electronic components, consumer products and retail
distribution.  The electronic components segment supplies
electronic components to a spectrum of industries, which
includes computer hard disk makers, integrated circuits module
makers and medical equipment makers.  The electronic components
supplied include capacitors, inductors, integrated circuits,
relays, switches, printed circuit boards and liquid crystal
display modules.  In the consumer products segment, Enzer
supplies home entertainment system, boom box, mini hi-fi,
compact disc players, digital versatile disc players, speaker
systems and digitally enhanced cordless telephones to retailers
and distributors worldwide under its own house brand ENZER.  The
retail distribution segment is an integrator and reseller of hi-
fi systems and home entertainment systems.  In August 2007, the
Company acquired 51% stake in Shanghai Jianhua Telecommunication
Satellite Co., Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 15, 2008, Baker Tilly TFWLCL said it has significant doubt
on Enzer Corporation Limited's ability to continue as a going
concern citing the liquidation of Enzer Electronics Pte Ltd, a
major subsidiary of the Enzer group of companies, resulting in
the discontinuance of the group's electronics components and
consumer products business.  

According to the auditing firm, the closure of these businesses,
which contributed 95% of the Group's 2007 revenue, left the
Group with only its retail distribution represented by the
continuing activities of two subsidiary companies, both of which
incurred losses totaling SG$434,395 for the year and had capital
deficiency totaling SG$2,647,679 at March 31, 2008.

The auditors warned that in the event of failure to secure
additional adequate capital funds, the Group and company will no
longer be able to continue as going concerns and may not be able
to realize their assets and discharge theirs liabilities in the
normal course of business.  


POH LIAN: Creditors' Proofs of Debt Due on August 9
---------------------------------------------------
Poh Lian Shipping Pte Ltd, which is in compulsory liquidation,
requires its creditors to file their proofs of debt by August 9,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Goh Boon Kok
          c/o Goh Boon Kok & Co.
          1 Claymore Drive
          #08-11 Orchard Towers Rear Block
          Singapore 229594


SK INTERNATIONAL: Wind-Up Petition Hearing Set for August 8
-----------------------------------------------------------
The High Court of Singapore will hear on August 8, 2008, at
10:00 a.m., a petition to have SK International Pte Ltd's
operations wound up.

Reserve Cash Limited filed the petition against the company on
July 18, 2008.

The Plaintiff's solicitors are:

          M/s Robert Wang & Woo LLC
          No. 9 Temasek Boulevard
          #32-01 Suntec Tower 2
          Singapore 038989


TEO BROS: To Pay First and Final Dividend on August 1
-----------------------------------------------------
Teo Bros Pte Ltd, which is in liquidation, will pay its first
and final dividend to its creditors on August 1, 2008.

The company will pay 100 percent to all admitted claims.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


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

SILICONWARE PRECISION: Paying Dividends on July 30
--------------------------------------------------
Siliconware Precision Industries Co. Ltd will pay a cash
dividend of NT$13,836,138,906 and a stock dividend of
NT$307,469,750 to the shareholders of record on July 30, 2008,
Reuters reports.

According to the report, the Company's shares traded ex-right
and ex-dividend on July 24, 2008.  

Siliconware Precision Industries Ltd. -- http://www.spil.com.tw  
-- is a leading provider of comprehensive  semiconductor
assembly and test services.

                       *     *     *

The company's long-term foreign and local issuer credit carries
Standard and Poors' BB+ rating since Dec. 5, 2006.



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

* BOND PRICING: For the Week July 21 - July 25, 2008  
----------------------------------------------------



   Issuer                      Coupon  Maturity  Currency  Price
   ------                      ------  --------  --------  -----

   AUSTRALIA &
   NEW ZEALAND
   -----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.50
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.95
Allco Hit Ltd                  9.000%  08/17/09     AUD    24.02
Antares Energy                10.000%  10/31/13     AUD     0.55
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    27.95
BBI Ntwrks NZ Limited          8.000%  11/30/12     NZD    18.00
Becton Property Group          9.500%  06/30/10     AUD     0.55
Bounty Industries Limited     10.000%  06/30/10     AUD     0.07
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    13.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    13.50
Carpal Aluminun               10.000%  03/29/12     AUD    25.00
China Century                 12.000%  09/30/10     AUD     0.80
Cit Group Au Ltd               6.000%  03/03/11     AUD    74.97
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.05
Fletcher Building Ltd          7.550%  03/15/11     NZD    10.00
Fletcher Building Ltd          7.550%  03/15/09     NZD    12.00
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     2.85
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    13.55
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    15.00
Infrastructure & Utilities     8.500%  09/15/13     NZD    10.00
Jem Warehouse                  3.000%  08/01/14     AUD    72.31
LongReach Group Limited       10.000%  10/31/08     AUD     0.36
Nylex Ltd.                    10.000%  12/08/09     AUD     1.56
Macquarie Comm                 2.500%  08/23/13     AUD    72.70
Metal Storm Ltd               10.000%  09/01/09     AUD     0.10
Minerals Corp                 10.500%  09/30/08     AUD     0.88
Publ & Broad Fin               6.280%  05/06/11     AUD     9.19
Record Funds Man              11.000%  09/01/10     AUD    42.00
Speirs Group Ltd.             13.160%  06/30/49     NZD    45.00
South Canterbury              10.430%  12/15/12     NZD     0.94
St. Laurence Prop              9.250%  07/15/01     NZD    60.41
TrustPower Ltd                 8.300%  12/15/08     NZD    11.00
TrustPower Ltd                 8.500%  09/15/12     NZD     8.50
TrustPower Ltd                 8.500%  03/15/14     NZD     9.25

   CHINA
   -----
Baoshan Iron                   8.000%  06/20/14     CNY    74.95
China Govt Bond                4.860%  08/10/14    CNY      0.00

Cosco Shipping                 0.800%  01/28/14    CNY     72.90
GD Power Develop               1.000%  05/07/14    CNY     72.71
Gezhouba                       0.600%  06/26/14    CNY     69.44
Kangmei Pharm                  0.800%  05/08/14    CNY     70.79
Tsingtao Brewery               0.800%  04/02/14    CNY     71.85

   INDIA
   -----

India Gov't                    5.870%  08/28/22    INR     71.60
India Gov't                    5.970%  09/25/25    INR     69.13
India Gov't                    6.010%  03/25/28    INR     67.88
India Gov't                    6.130%  06/04/28    INR     68.84
India Gov't                    6.170%  06/12/23    INR     72.63
India Gov't                    6.300%  04/09/23    INR     73.94

   JAPAN
   -----

Shinsei Bank Ltd.              5.625%  12/29/49     GBP    69.78

   KOREA
   -----
Korea Dev. Bank                7.310%  11/08/21     KRW    44.14
Korea Dev. Bank                7.350%  10/27/21     KRW    44.23
Korea Dev. Bank                7.400%  11/02/21     KRW    44.18
Korea Dev. Bank                7.450%  10/31/21     KRW    44.20
Hynix Semi Inc                 7.875%  06/27/17     USD    75.00
Korea Dev. Bank                8.450%  12/15/26     KRW    69.95

   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.04
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.93
Berjaya Land Bhd               5.000%  12/30/09     MYR     4.08
Eastern & Orient               8.000%  07/25/11     MYR     1.09
EG Industries Berhad           5.000%  06/16/10     MYR     0.40
Equine Capital                 3.000%  08/26/08     MYR     1.63
Greatpac Holdings              2.000%  12/11/08     MYR     0.18
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.32
Insas Berhad                   8.000%  04/19/09     MYR     0.40
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.20
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.12
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.56
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.29
Mithril Bhd                    3.000%  04/05/12     MYR     0.57
Mithril Bhd                    8.000%  04/05/09     MYR     0.11
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.33
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.10
Plus Spv Bhd                   2.000%  06/27/17     MYR    68.90
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.79
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.09
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.71
Silver Bird Group              1.000%  02/15/09     MYR     0.56
Southern Steel                 5.500%  07/31/08     MYR     2.83
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.90
Tradewinds Corp.               2.000%  02/08/12     MYR     0.60
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.30
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.23
Wah Seong Corp.                3.000%  05/21/12     MYR     4.14
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.45
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.26


   SINGAPORE
   ---------

Capitaland Ltd                 2.950%  06/20/22     SGD    74.82
Sengkang Mall                  8.000%  11/20/12     SGD     1.55


   SRI LANKA
   ---------
Sri Lanka Govt                8.500%  01/15/13     LKR     72.86
Sri Lanka Govt                6.850%  04/15/12     LKR     72.12
Sri Lanka Govt                6.850%  10/15/12     LKR     68.73
Sri Lanka Govt                7.000%  10/15/11     LKR     74.42
Sri Lanka Govt                7.000%  10/01/23     LKR     53.18
Sri Lanka Govt                7.500%  08/01/13     LKR     68.31
Sri Lanka Govt                7.500%  11/03/13     LKR     67.59
Sri Lanka Govt                8.500%  08/15/18     LKR     59.94
Sri Lanka Govt                8.500%  07/15/13     LKR     71.66
Sri Lanka Govt                8.500%  02/01/18     LKR     65.49
Sri Lanka Govt                8.500%  07/15/18     LKR     64.90



                         *********

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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