TCRAP_Public/080806.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

            Wednesday, August 6, 2008, Vol. 11, No. 155

                            Headlines

A U S T R A L I A

BASS STRAIGHT: Members and Creditors to Meet on August 8
BORCE PTY: Members and Creditors to Meet on August 8
COASTAL CONSTRUCTION: Placed Under Voluntary Liquidation
FIREPOWER: Put Into Liquidation After Rescue Package Failed
GROVE TRAVEL: To Declare Dividend on August 8

J B THOMAS: Joint Meeting Slated for August 8
JOHN KINROSS: Members' Final Meeting Set for August 8
KIALEENA PTY: Liquidator to Present Wind-Up Report on August 8
LYNTON PHILLIPS: Joint Meeting Slated for August 8
OPES PRIME: Administrators and Financiers Set Mediation Talk

ROCKYDAD PTY: Members and Creditors to Meet on August 8
SHARPER : EVP/CFO May Get Up to US$250K Under Incentive Plan
SHARPER IMAGE: Court OKS Termination of Rockefeller Center Lease
SHARPER IMAGE: Trade Creditors Sell Two Claims for US$397,594
SG & JG MILLHOUSE: Members' Final Meeting Set for August 8

SNAKEY PTY: Members and Creditors to Meet on August 8
VALLEY TIMBERS: Members and Creditors to Meet on August 8
WESTPOINT GROUP: ASIC Launches Six New Civil Claims
YOWIE ENTERPRISES: Joint Meeting Set for August 8
* AUSTRALIA: Services Activity Slumps Further in July


C H I N A

AGRICULTURAL BANK: Inks Pact to Promote Listing on SGX
BANK OF CHINA: Unit Receives Approval to Issue New Bond Fund
CHESAPEAKE: Develops Refinancing Plan to Suit Liquidity Needs
CHESAPEAKE CORP: Posts US$13.38MM Net Loss for 2nd Quarter 2008
CHINA EASTERN: Steep Slide in Stock Price Prompts Merger Rumors

CHINA MINSHENG: Prepares to Establish Private Banking Division
CONEXANT SYS: June 27 Balance Sheet Upside-Down by US$132.5MM
FUYAO GROUP: Sells Equity & Forms CNY25-Million Joint Venture
ICBC: To Purchase HK$1.59 Billion Vendor Loans From ICIC
JIANGI COPPER CO: Allowed to Buy 90% of Parent's Business

JIANGI COPPER CO: To Issue CNY6.8 Billion Bonds With Warrants


H O N G K O N G

CELLICE COMPANY: Members' Final Meeting Set for September 3
CHAPARRAL LIMITED: Members to Receive Wind-Up Report on Sept. 1
EASY FASHION: Members' Final Meeting Set for September 5
HENKEL ADHESIVES: Creditors' Proofs of Debt Due on September 1
HUGHES ASIA: Shareholders Agree on Voluntary Liquidation

ING OPERATIONAL: Placed Under Voluntary Liquidation
LUSITANO BAKERY: Members to Receive Wind-Up Report on Sept. 4
PB FINANCE: Placed Under Voluntary Liquidation
SRE GROUP: Puts B1 CFR Under Review for Possible Downgrade
TOEI DENSHI: Appoints Lam and Toohey as Liquidators

UNIVERSAL: Creditors' Proofs of Debt Due on September 1


I N D I A

ADITYA BIRLA: Into the Red on Bleeding Insurance Business
HCL TECHNOLOGIES: 4th Qtr Net Profit Down 71% on Forex Losses
SPICEJET LIMITED: To Add Only One Plane Next Year


I N D O N E S I A

BANK MANDIRI: Plans to Take Over Bank Indover
MEDCO ENERGI: Buys Back 10.6 Million Shares


J A P A N

FORD MOTOR: Reports Strong Sales for Focus Model
FORD MOTOR: Fitch Chips Issuer Default Rating to 'B-' from 'B'
JAPAN AIRLINES: Mizuho Raises Assessment of Loans Claims
SKYLARK: Needs New Capital, Suntory Limited Says


K O R E A

HYNIX SEMI: Moody's Shifts Ba2 CFR Outlook to Negative


M A L A Y S I A

OLYMPIA INDUSTRIES: MARC Affirms BB- Rating on MYR137.12MM RULS
TRACOMA HOLDINGS: MARC Downgrades MYR100MM BaIDS To BB+ID


N E W  Z E A L A N D

CONRAD SEYMOUR: Shareholders Appointed Liquidators
DAVRON PRINTERS: Commences Liquidation Proceedings
DOMINION FINANCE: Resumes Trading of Shares
DRH (WHANGAREI): Horton and  Price Appointed as Liquidators
EASTERN ENGINEERING: Liquidators Set Aug. 29 as Claims Bar Date

FIVE STAR FINANCE: Companies Office Sues Another Director
GLOBAL HOSPITALITY: Court Appoints Liquidators
HAPE SHEARING: Commences Liquidation Proceedings
HILLARY & MARSHAL: Court Appoints Hollis and Cain as Liquidators
LIVING ON: Court Appoints Crichton and Horne as Liquidators

ORIENTAL BAY: Shareholders Appointed Liquidators
OVERLAND CONSTRUCTION: Placed Under Liquidation


P H I L I P P I N E S

EVER GOTESCO: Moves Stockholders' Meeting to November 7
UNITED PARAGON: In Talks With Deutsche Bank on Loan Conditions
* PHILIPPINES: Inflation Accelerates in 2Q08, Central Bank Says
* PHILIPPINES: Rural & Co-Op Banks Post 9.82% Ratio in March


S I N G A P O R E

PRIMUS LEASING: Fitch Cuts Guaranteed Notes Rating to BB-
SEA CONTAINERS: Accused by Asociacion Peruana of Misstatements


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

BASS STRAIGHT: Members and Creditors to Meet on August 8
--------------------------------------------------------
Bass Straight Pty Ltd trading as The Bass Player will hold a
final meeting for its members and creditors at 9:00 a.m. on
Aug. 8, 2008.  During the meeting, the company's liquidator,
R. M. Sutherland at Jirsch Sutherland, will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

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


BORCE PTY: Members and Creditors to Meet on August 8
----------------------------------------------------
Borce Pty Ltd will hold a final meeting for its members and
creditors at 9:00 a.m. on Aug. 8, 2008.  During the meeting, the
company's liquidator, D. Mclay, will provide the attendees with
property disposal and winding-up reports.

The meeting will be held at Meeting Room 2, AH Bracks Library,
Melville Recreation Centre, corner Stock Road and Canning
Highway, in Melville.

The company's liquidator can be reached at:

          D. Mclay
          PO Box 1595
          Booragoon WA 6954
          Australia
          Telephone: (08) 9330 4658
          Facsimile: (08) 9330 9028


COASTAL CONSTRUCTION: Placed Under Voluntary Liquidation
--------------------------------------------------------
Coastal Construction Group Pty. Ltd.'s members agreed on
June 27, 2008, to voluntarily liquidate the company's business.
Roderick Mackay Sutherland of Jirsch Sutherland was appointed to
facilitate the sale of its assets.

The liquidator can be reached at:

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


FIREPOWER: Put Into Liquidation After Rescue Package Failed
-----------------------------------------------------------
Firepower Holdings Group Ltd has been put into liquidation after
its director, Tim Johnston, failed to help in efforts to rescue
it, the Herald Sun reports citing administrators Brent Kijurina
and Geoff McDonald of accountancy and insolvency firm Hall
Chadwick.

According to the report, the administrators said the failure of
an attempted rescue package had forced them to wind up the
company.  Mr. Kijurina told the Sun that Mr. Johnston had not
properly communicated with or helped the administrators, and his
conduct would be reported to the Australian Securities and
Investments Commission.  Mr. Johnston, the report relates, is
named as a defendant in the ASIC statement of claim, which goes
to a directions hearing of the Federal Court in Perth next
month.

Meanwhile, Mr. Kijurina said the potential rescuer, businessman
Frank Timis's Timis Group, told the administrators changed its
mind about buying Firepower's assets, the report adds.

Firepower Holdings is a Perth-based fuel technology company.
According to Watoday.com.au, Firepower has several high-profile
investors, including former Australian Football League star
Wayne Carey and several Adelaide Crows players.  It sponsored
the Western Force rugby union team, basketball side Sydney Kings
and National Rugby League team South Sydney, which is owned by
Russell Crowe and Peter Holmes a Court.  The company, the report
relates, also sponsored Fremantle Dockers star Matthew Pavlich
and Force players Matt Giteau, Cameron Shepherd and Ryan Cross.


GROVE TRAVEL: To Declare Dividend on August 8
---------------------------------------------
Grove Travel Pty Ltd will declare dividend on Aug. 8, 2008.

Only creditors who were able to file their proofs of claim by
Aug. 1, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          R. J. Porter
          Moore Stephens
          Level 6, 460 Church Street
          Parramatta NSW 2150
          Australia


J B THOMAS: Joint Meeting Slated for August 8
---------------------------------------------
Snakey Pty Ltd will hold a joint meeting for its members and
creditors at 10:00 a.m. on Aug. 8, 2008.  During the meeting,
the company's liquidator, David Leigh at PPB, will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

          David Leigh
          PPB
          Level 2, 75-77 Clarence Street
          Port Macquarie NSW 2444
          Australia
          Telephone: (02) 6580 0400


JOHN KINROSS: Members' Final Meeting Set for August 8
-----------------------------------------------------
David Michael Stimpson and Terry Grant Van der Velde, John
Kinross & Co Pty Ltd's state liquidators, will meet with the
company's members at 10:00 a.m. on Aug. 8, 2008, to provide them
with property disposal and winding-up reports.

The company's liquidators can be reached at:

          David Michael Stimpson
          Terry Grant Van der Velde
          SV Partners
          SV House
          138 Mary Street
          Brisbane Qld 4000
          Australia


KIALEENA PTY: Liquidator to Present Wind-Up Report on August 8
--------------------------------------------------------------
Kialeena Pty Ltd will hold a final meeting for its members and
creditors at 10:00 a.m. on Aug. 8, 2008.  During the meeting,
the company's liquidator, Geoffrey Reidy at Rodgers Reidy, will
provide the attendees with property disposal and winding-up
reports.

The company's liquidators can be reached at:

          Geoffrey Reidy
          Rodgers Reidy
          Level 8, 333 George Street
          Sydney NSW 2000
          Australia


LYNTON PHILLIPS: Joint Meeting Slated for August 8
--------------------------------------------------
Lynton Phillips & Associates Pty Ltd will hold a joint meeting
for its members and creditors at 9:00 a.m. on Aug. 8, 2008.
During the meeting, the company's liquidator, David Leigh at
PPB, will provide the attendees with property disposal and
winding-up reports.

The company's liquidators can be reached at:

          David Leigh
          PPB
          Level 2, 75-77 Clarence Street
          Port Macquarie NSW 2444
          Australia
          Telephone: (02) 6580 0400


OPES PRIME: Administrators and Financiers Set Mediation Talk
------------------------------------------------------------
The Opes Prime Group administrators, ANZ, Merrill Lynch and the
Australian Securities and Investments Commission have signed a
mediation agreement, which establishes a platform for structured
negotiations to explore possibilities for resolution of disputes
that have arisen as a consequence of the collapse of the Opes
Prime Group, administrator John Lindholm said in his letter to
creditors.

The mediator will be The Honourable Alex Chernov AO QC, former
judge of the Victorian Court of Appeal, and the process is
scheduled to take place over the next two months, Mr. Lindholm
says.  The mediation agreement, Mr. Lindholm relates, provides
for negotiations in good faith, with no admissions of liability
by any party.  The process will be confidential and the parties
will be making no public comment about what occurs in the
mediation.

According to Rebecca Urban of the Australian, the move comes
after talks were held early last week between the parties in a
bid to settle many of the AU$500 million-plus in claims.  The
Australian notes that the move also follows numerous threats of
litigation against ANZ and Merrill Lynch from clients who have
claimed that they were unaware that they would lose their shares
in case of the stockbroker's collapse.  Several class actions
are being prepared, the Australian adds.

Despite the agreement, the report says, ANZ has reaffirmed its
confidence in the strength of its own legal position and pledged
to continue to defend any cases bought against it.  The bank,
whose public image has suffered as a result of its involvement,
agreed to enter mediation "because it is commercially pragmatic
to do so," a spokesman for ANZ was cited by the Australian as
saying.

The inclusion of Merrill Lynch in the talks, the report says, is
a reversal for the company, which previously claimed it was not
interested in pursuing a settlement.

                       About Opes Prime

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

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

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

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

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

                        *     *     *

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

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


ROCKYDAD PTY: Members and Creditors to Meet on August 8
-------------------------------------------------------
Rockydad Pty Ltd trading as One Stop Pine Erina will hold a
final meeting for its members and creditors at 9:30 a.m. on
Aug. 8, 2008.  During the meeting, the company's liquidator,
R. M. Sutherland at Jirsch Sutherland, will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

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


SHARPER : EVP/CFO May Get Up to US$250K Under Incentive Plan
------------------------------------------------------------
In a regulatory filing with the Securities and Exchange
Commission on June 30, 2008, Sharper Image Corp., now known as
TSIC Inc., disclosed that the U.S. Bankruptcy Court for the
District of Delaware has approved the implementation of the
Incentive Plan, which will provide an effective means of
motivating certain key employees, by providing them with
incentive pay in addition to their base salaries, to assist with
the administration of the Chapter 11 case.

Rebecca Roedell, Sharper's executive vice-president and chief
financial officer, informs the SEC that the maximum aggregate
amount payable under the Incentive Plan is US$1,052,000.  Ms.
Roedell is the only named executive officer participating in the
Incentive Plan, and is eligible to receive incentive pay of up
to US$250,000.  Payments under the Incentive Plan are
conditioned upon, among other things, the attainment of
specified goals, which vary in accordance with the functions
performed by the participants in the Incentive Plan.

Ms. Roedell will receive incentive pay of US$150,000 for
managing Sharper's transition process, and is eligible to
receive an additional US$100,000 for performing specified
functions during the Wind-Down.  The Additional Incentive to Ms.
Roedell is conditioned upon the Court's confirmation of a plan
of liquidation, and subject to reduction on a pro rata basis, if
certain actual operating expenses exceed the projected expenses
in the Wind-Down budget.

In addition, Ms. Roedell discloses, in order to receive any
payments under the Incentive Plan, all participants are required
to execute a full release and waiver of claims in favor of
Sharper, including a waiver for any severance pay to which they
may otherwise be entitled.

                       About Sharper Image

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Steven K. Kortanek, Esq. at
Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts.  An Official Committee of
UnsecuredCreditors has been appointed in the case.  Whiteford
Taylor Preston LLC is the Committee's Delaware counsel
When the Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.

The Court extended the exclusive period during which the Debtor
may file a Plan through and including Sept. 16, 2008.  Sharper
Image sought and obtained the Court's approval to change its
name to "TSIC, Inc." in relation to an an Asset Purchase
Agreement by the Debtor with Gordon Brothers Retail Partners,
LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco
Consumer Capital, LLC.

(Sharper Image Bankruptcy News, Issue No. 17; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SHARPER IMAGE: Court OKS Termination of Rockefeller Center Lease
----------------------------------------------------------------
At the behest of The Sharper Image Corp., now known as TSCI,
Inc., the U.S. Bankruptcy Court for the District of Delaware
approved the termination of a lease for premises located in
Rockefeller Center, New York City.

Steven K. Kortanek, Esq., at Womble Carlyle Sandridge & Rice,
PLLC, in Wilmington, Delaware, told the Court that the Debtor
engaged in good-faith, arm's-length negotiations with RCPI
Landmark Properties, L.L.C., the landlord of the Rockefeller
Center Lease, in an effort to assist the estate in realizing
maximum value on its interest in the Lease.

The Debtor and RCPI reached an agreement as to the disposition
of the Rockefeller Center Lease.  The Debtor determined, in its
sound business judgment, that the terms of the agreement will
provide a substantial benefit to its estate.

According to Mr. Kortanek, the Debtor is in critical need of
funding from the sale of its remaining leases in order to wind-
down operations, and the agreement provides that funding on an
expedited basis.

The salient terms of the Termination Stipulation are:

   (a) The Rockefeller Center Lease is deemed terminated
       effective as of July 16, 2008;

   (b) In exchange for the termination of the Rockefeller
       Center Lease and vacatur of the premises, RCPI will:

       * pay the Debtor US$1,203,000, and

       * refund the Debtor the pro-rata share of the July 2008
         rent, attributable to the period from the Termination
         Date through and including July 31, 2008;

   (c) The Debtor will release RCPI from all claims with respect
       to the Rockefeller Center Lease;

   (d) RCPI will release the Debtor from all obligations under
       the Rockefeller Center Lease;

   (e) Following the Termination Date, the Rockefeller Center
       Lease, and all rights and obligations of the parties in
       connection with the Lease, will be deemed expired and
       terminated; and

   (f) RCPI consents to the expungement of any claim relating to
       the Rockefeller Center Lease.

                       About Sharper Image

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Steven K. Kortanek, Esq. at
Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts.  An Official Committee of
UnsecuredCreditors has been appointed in the case.  Whiteford
Taylor Preston LLC is the Committee's Delaware counsel
When the Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.

The Court extended the exclusive period during which the Debtor
may file a Plan through and including Sept. 16, 2008.  Sharper
Image sought and obtained the Court's approval to change its
name to "TSIC, Inc." in relation to an an Asset Purchase
Agreement by the Debtor with Gordon Brothers Retail Partners,
LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco
Consumer Capital, LLC.

(Sharper Image Bankruptcy News, Issue No. 17; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SHARPER IMAGE: Trade Creditors Sell Two Claims for US$397,594
-------------------------------------------------------------
On June 30, 2008, the Clerk of the Bankruptcy Court recorded the
transfer of Claim No. 68 for US$129,680, filed by Logistics
Group Inc., to Debt Acquisition Company of America V, LLC.

Hain Capital Holdings, Ltd., also transferred its claim for
US$267,914 to Aroa Marketing Inc.

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Steven K. Kortanek, Esq. at
Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts.  An Official Committee of
UnsecuredCreditors has been appointed in the case.  Whiteford
Taylor Preston LLC is the Committee's Delaware counsel
When the Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.

The Court extended the exclusive period during which the Debtor
may file a Plan through and including Sept. 16, 2008.  Sharper
Image sought and obtained the Court's approval to change its
name to "TSIC, Inc." in relation to an an Asset Purchase
Agreement by the Debtor with Gordon Brothers Retail Partners,
LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco
Consumer Capital, LLC.

(Sharper Image Bankruptcy News, Issue No. 17; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SG & JG MILLHOUSE: Members' Final Meeting Set for August 8
----------------------------------------------------------
Chris Moffitt, SG & JG Millhouse Pty Ltd's state liquidator,
will meet with the company's members at 9:00 a.m. on Aug. 8,
2008, to provide them with property disposal and winding-up
reports.

The meeting will be held at 71 Elphinstone Street, in North
Rockhampton, Queensland.

The company's liquidator can be reached at:

          Chris Moffitt
          Cooper Grace Ward Lawyers
          GPO Box 834
          Brisbane QLD 4001
          Australia
          Telephone: (07) 3231 2526
          Facsimile: (07) 3231 8526


SNAKEY PTY: Members and Creditors to Meet on August 8
-----------------------------------------------------
Snakey Pty Ltd will hold a final meeting for its members and
creditors at 9:30 a.m. on Aug. 8, 2008.  During the meeting, the
company's liquidator, David Leigh at PPB, will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

          David Leigh
          PPB
          Level 2, 75-77 Clarence Street
          Port Macquarie NSW 2444
          Australia
          Telephone: (02) 6580 0400


VALLEY TIMBERS: Members and Creditors to Meet on August 8
---------------------------------------------------------
Valley Timbers Frames & Trusses Pty Ltd will hold a final
meeting for its members and creditors at 10:00 a.m. on Aug. 8,
2008.  During the meeting, the company's liquidator,
R. M. Sutherland at Jirsch Sutherland, will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

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


WESTPOINT GROUP: ASIC Launches Six New Civil Claims
---------------------------------------------------
The Australian Securities and Investments Commission has filed
six new civil claims against former directors of Westpoint
companies in the Federal Court, the Herald Sun reports.

According to the report, the actions, filed on Friday, Aug. 1,
2008, were taken under section 50 of the ASIC Act and seek
damages for alleged breaches of directors' duties.  Under
section 50, the report relates, if ASIC thinks it is in the
public interest it may launch civil proceedings for "the
recovery of damages for fraud, negligence, default, breach of
duty, or other misconduct".

The six companies named in the filings were Bayshore Mezzanine,
Bayview Heritage Mezzanine, Cinema City Mezzanine, Market Street
Mezzanine, Market Street Mezzanine No. 2 and Mount Street
Mezzanine, the Herald says.

As reported in the Troubled Company Reporter–Asia Pacific on
Nov. 13, 2007, the Australian Securities & Investments
Commission took legal action for the benefit of investors in the
Westpoint Group seeking compensation for their failed
investments.

The Sun notes that the filing of the claims follows ASIC's
statement to the Federal Court that the Commission had resolved
to take over the running of liquidators' proceedings commenced
by the liquidator of Ann Street Mezzanine Pty. Ltd. and York
Street Mezzanine Pty. Ltd., and to bring claims on behalf of
other mezzanine companies.  According to the report, the
regulator believes the legal action, over a number of phases, if
successful, could provide benefits to as many as 3,600 out of
some 4,300 investors in the failed property development group.

                      About Westpoint

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  ASIC's investigation led to ASIC initiating
action in late 2005 in the Federal Court of Australia against a
number of mezzanine companies in the Westpoint Group, including
winding up proceedings.  ASIC contends that Westpoint projects
are suffering from significant shortfall of assets over
liabilities so that hundreds of investors are at serious risk of
not receiving repayment of their investments.  ASIC also sought
wind-up orders after the Westpoint companies failed to comply
with its requirement to lodge accounts for certain financial
years.  These wind-up actions are still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty. Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


YOWIE ENTERPRISES: Joint Meeting Set for August 8
-------------------------------------------------
Yowie Enterprises Pty Ltd will hold a joint meeting for its
members and creditors at 10:00 a.m. on Aug. 8, 2008.  During the
meeting, the company's liquidator, David Leigh at PPB, will
provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

          Martin J. Green
          Ferrier Green Krejci Silvia
          Level 13, 1 Castlereagh Street
          Sydney NSW 2000


* AUSTRALIA: Services Activity Slumps Further in July
-----------------------------------------------------
Services sector activity slumped further in July, with declining
levels of consumer and business confidence reflected in weaker
household spending and business activity.  The Australian
Industry Group – Commonwealth Bank Performance of Services Index
Australian PSI(R) fell 2.6 points to 42.8 in July, below the key
50.0 level separating expansion from contraction.

Australian Industry Group Chief Executive, Heather Ridout, said
the Australian PSI(R) results for July were disappointing.

"The combination of the credit crunch, consecutive official and
market based interest rate increases and high petrol prices are
hitting services sales hard, while weak readings for new orders,
inventories and employment paint a less than rosy outlook for
the sector in the months ahead.

"In response to steadily declining new orders businesses are
using existing inventories of finished goods to meet current
demand for services.  The latest employment sub-index readings
show that services firms are also re-evaluating their staffing
requirements in light of the economic slowdown," Mrs. Ridout
said.

Commonwealth Bank Chief Economist, Michael Blythe, said ongoing
weakness in the services sector confirmed that the Australian
economy was slowing sharply.

"The Australian economy is not immune to the negatives at work.
The combination of tight financial conditions, high petrol
prices and low confidence is weighing heavily.  The weakness in
the leading index components relating to employment and new
orders is concerning.  On a more positive note, sales in the
retail segment appear to have rebounded after the softness
evident in the June data," Mr. Blythe said.



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

AGRICULTURAL BANK: Inks Pact to Promote Listing on SGX
------------------------------------------------------
Agricultural Bank of China and Singapore Exchange Limited signed
a Memorandum of Understanding (MOU) to establish the first
formal co-operation to promote listings on SGX.

Under this MOU, both parties will form a channel of information
exchange on listings matters.  The key objective is to promote
SGX as the Asian listing platform to Chinese companies through
ABC's established network in China, including organizing
seminars on listing requirements for these companies.

Hsieh Fu Hua, Chief Executive Officer of SGX said, "The
collaboration with Agricultural Bank of China underscores SGX's
continuing commitment to the China market.  The agreement
enables SGX to leverage ABC's extensive branch network and reach
a wider audience of companies seeking to raise international
funds efficiently.  It complements our strategy to promote SGX
as the Asian listing hub for China companies."

Yang Kun, Senior Executive Vice-President of ABC said, "The
signing of the strategic co-operation memorandum with SGX will
definitely push our already strong working relationship to a new
height.  This is not only a very important occasion for us at
Agricultural Bank of China, it also represents an important
milestone for both parties to further enhance our co-operation.
Most importantly, our co-operation will bring more delightful
experience, higher value-add and better service to our
customers.

As a result, allow me to reiterate that August 4's ceremony is
not just a" winwin" situation for SGX and our Bank, it is also a
"triple-win" victory for SGX, Agricultural Bank of China and our
customers."

             About Agricultural Bank of China

Agricultural Bank of China -- http://www.abchina.com/-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

                        *     *     *

In May 2008, a Xinhua News report said Agricultural Bank of
China's non-performing loan (NPL) ratio increased 0.07
percentage points to 23.5% last year as it assessed bad loans
more strictly to prepare for a share-holding reform.

The bank, the report relates, reported its NPLs at CNY817.97
billion (US$116.9 billion) as of the end of 2007.

The Bank carries an 'E' Individual rating from Fitch Ratings.


BANK OF CHINA: Unit Receives Approval to Issue New Bond Fund
------------------------------------------------------------
Bank of China Investment Management, a unit of Bank of China,
has received approval to issue a new bond fund, XFN-ASIA News
reports.  According to the report, the fund is allowed to invest
at least 80% of its assets in bonds.

Bank of China Investment Management Co., Ltd. is a joint-venture
fund management company between two world-known brands: Bank of
China Co., Ltd. and BlackRock, Inc.  The combined branding
strength of Bank of China and BlackRock will aid BOCIM in its
long-term ambition to participate in the development of China's
fund management industry, and allow it to build a top tier fund
management company.

Headquartered in Beijing, China, the Bank of China
-- http://www.bank-of-china.com/-- provides corporate banking,
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.  The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.
The state-owned lender has been offloading bad loans and
increasing capital since 2003 in preparation for an overseas
share sale, part of government plans to prepare the industry for
increased foreign competition, starting at the end of this year.

                          *     *     *

The bank continues to carry Moody's Investors Service Ratings'
'D' Bank Financial Strength Rating and Fitch Ratings' 'D'
Individual Rating.


CHESAPEAKE: Develops Refinancing Plan to Suit Liquidity Needs
-------------------------------------------------------------
Chesapeake Corporation has developed a comprehensive refinancing
plan to address the upcoming maturity of its bank credit
facility and its general liquidity needs.  Chesapeake expects
that, upon completion, this proposed refinancing plan will
address the company's short- and long-term capital needs while
providing Chesapeake with the necessary financial flexibility to
improve earnings and create value for all stakeholders by
realizing the benefits associated with an improving business
platform that is focused on packaging applications for the
pharmaceutical and healthcare industries and other specialty
packaging end-use markets.

The proposed refinancing plan is expected to include: (1) new
senior secured credit facilities to be used to fully repay the
company's existing US$250-million senior secured credit facility
and provide incremental liquidity, and (2) an offer to exchange
the company's outstanding 10-3/8% Sterling-denominated senior
subordinated notes due in 2011 and its 7% euro-denominated
senior subordinated notes due in 2014 for new debt and equity
securities.

Chesapeake has engaged Lucid Issuer Services as information
agent to facilitate discussions with noteholders regarding the
exchange offer.  The company expects to continue to work with GE
Commercial Finance Limited and General Electric Capital
Corporation to participate in elements of the new senior secured
credit facilities.  Chesapeake anticipates commencing the
exchange offer and marketing for the new senior secured credit
facilities in September 2008.

"We believe this comprehensive refinancing plan can provide the
financial flexibility we need to execute our long-term business
plan," said Andrew J. Kohut, Chesapeake president & chief
executive officer.  "We have engaged the global professional
services firm Alvarez & Marsal LLP to provide certain consulting
services, including evaluating Chesapeake's business plan.  We
expect to move quickly with this refinancing plan and are
focused on serving our customers during the seasonal peak of our
year."

The company expects that, as of the end of the third fiscal
quarter of 2008, it may not be in compliance with the financial
covenants set forth in its existing credit facility.  The
company expects to address compliance issues with these
financial covenants (1) through the proposed refinancing plan,
or (2) by reducing outstanding indebtedness, amending the
existing credit facility or obtaining waivers from its lenders.
There can be no assurances that the proposed refinancing plan or
these other alternatives will be successfully implemented in the
amounts and timeframe contemplated herein, if at all.  Failure
to successfully implement the refinancing plan or otherwise
address anticipated compliance issues under the credit facility
would have a material adverse effect on the company's business,
results of operations and financial position.

                       About Chesapeake Corp.

Headquartered in Richmond, Virginia, Chesapeake Corporation
(NYSE: CSK) -- http://www.cskcorp.com/-- is a supplier of
specialty paperboard packaging products in Europe and an
international supplier of plastic packaging products to niche
end-use markets.  Chesapeake has 47 locations in France,
Ireland, United Kingdom, North America, China, HongKong, among
others and employs approximately 5,500 people.

For the quarter ended March 30, 2008, the company reported
US$1,225,100,000 in total assets and US$948,100,000 in total
liabilities.

                        *     *     *

As disclosed in the Troubled Company Reporter on July 2, 2008,
Moody's Investors Service placed all the credit ratings of
Chesapeake Corp. on review for possible downgrade.  This rating
action follows Chesapeake's statement on June 27, 2008 that the
completion of a proposed new credit facility will not be
completed prior to the expiration of the commitment letter on
July 1, 2008.

Chesapeake further disclosed it is reviewing its balance sheet
and exploring other alternatives for reducing leverage and
improving its capital structure, in addition to the continued
pursuit of asset sales to reduce debt.  The existing credit
facility matures in February 2009 and had an outstanding balance
of US$185 million as of March 30, 2008.

Moody's review for possible downgrade will primarily focus on
the company's near-term liquidity pressures.  Despite a recent
amendment to the existing credit agreement that relaxed
financial covenant levels through the end of 2008, Moody's is
concerned that Chesapeake may breach its financial covenants at
June 30, 2008.

Regardless, Moody's estimate that effective availability under
the revolver has been significantly diminished due to covenant
constraints.

Moody's placed these ratings of Chesapeake Corporation on review
for possible downgrade: US$18.75 million 6.375% senior unsecured
revenue bonds due 2019, B3 / LGD3 (48%); US$31.25 million 6.25%
senior unsecured revenue bonds due 2019, B3 / LGD3 (48%);
GBP67.1 million 10.375% senior subordinated notes due 2011, Caa1
/ LGD5 (72%); EUR100 million 7% senior subordinated eurobonds
due 2014,
Caa1 / LGD5 (72%); Corporate Family Rating, B2; and Probability
of Default Rating, B3.


CHESAPEAKE CORP: Posts US$13.38MM Net Loss for 2nd Quarter 2008
---------------------------------------------------------------
Chesapeake Corporation reported financial results for the second
quarter of 2008 with:

   -- net sales of US$251.4 million comparable to net
      sales for second quarter of 2007, and declined
      6 percent, excluding the effect of changes in
      foreign currency exchange rates; and

   -- operating loss of US$216.2 million compared to
      US$1.1 million for the second quarter of 2007.

The company reported a net loss of US$13.38 million for the 2008
second quarter compared to US$59,000 net loss for the same
period last year.

The company recorded a goodwill impairment charge of
US$215.5 million in its Paperboard Packaging reporting segment
in the second quarter of fiscal 2008.  Operating income
exclusive of goodwill impairments, gains or losses on
divestitures and restructuring expenses, asset impairments and
other exit costs was US$3.3 million, down US$6.5 million when
compared to the second quarter of 2007, and, excluding the
effect of changes in foreign currency exchange rates, down
US$7.4 million compared to the second quarter of 2007.

Loss from continuing operations was US$227.7 million, or
US$11.67 per share, compared to loss from continuing operations
of US$10.6 million, or US$0.54 per share, for the second quarter
of 2007.   Excluding special items, loss from continuing
operations was
US$8.7 million, or US$0.44 per share, compared to loss from
continuing operations of US$1.3 million, or US$0.06 per share,
for the second quarter of 2007.

Loss on discontinued operations, net of taxes, for the second
quarter of 2008 was US$33.3 million compared to US$0.9 million
for the same period in 2007.  The loss for the second quarter of
2008 primarily related to our environmental indemnification
resulting from the acquisition of the former Wisconsin Tissue
Mills Inc.

                       Liquidity

The company says net cash used in operating activities was
US$28.8 million for the first six months of 2008, compared to
net cash provided by operating activities of US$15.4 million for
the first six months of 2007.  This unfavorable comparison was
primarily due to the decline in operating results and increased
working capital requirements compared to the same period in
2007.  Exclusive of restructuring spending, net cash used in
operating activities was US$25.6 million for the first six
months of 2008 compared to net cash provided by operating
activities of US$19.6 million for the first six months of 2007.

Total debt at June 29, 2008 was US$574.1 million, of which
US$222.8 million was designated as current, compared to total
debt of US$515.3 million at December 30, 2007, of which US$6.9
million was designated as current. The increase in the current
portion of long-term debt resulted primarily from the
reclassification from non-current of the company's 2004 senior
revolving credit facility, which matures in February 2009.
Changes in foreign currency exchange rates increased total debt
approximately US$11.6 million at the end of the first six months
of 2008 compared to the end of 2007.

On July 15, 2008, the company obtained agreement from a majority
of the lenders under its senior revolving credit facility to
amend the facility, which increased the total leverage ratio to
7.00:1 and the senior leverage ratio to 3.40:1, each for the
second fiscal quarter of 2008.  The amendment also provided for
agreement on the amended recovery plan for one of the company's
U.K. subsidiaries and its defined benefit pension plan,
discussed below, which provides for an intercreditor agreement
among the senior revolving credit facility lenders, the company
and the trustee of the U.K. pension plan; places a limit on the
future borrowing of the U.S. borrower under the senior revolving
credit facility; and provides for a new event of default if the
Pensions Regulator in the U.K. issues a Contribution Notice or
Financial Support Direction.  The company was in compliance with
all of its amended debt covenants as of the end of the second
quarter of fiscal 2008.

The company has developed a comprehensive refinancing plan to
address the upcoming maturity of its senior revolving credit
facility and its general liquidity needs.  The company has
indicated it expects that, as of the end of the third fiscal
quarter of 2008, it may not be in compliance with the financial
covenants set forth in the senior revolving credit facility.  A
report on this appears in today's Troubled Company Reporter.

                    U.K. Pension Recovery Plan

On July 15, 2008, one of the company's U.K. subsidiaries agreed
with the trustee of its defined benefit pension plan on an
amended recovery plan.  Under the terms of the amended recovery
plan, the plan trustee agreed to accept annual supplemental
payments of  GBP6 million over and above those needed to cover
benefits and expenses until the earlier of (a) 2021 or (b) the
plan attaining 100% funding on an on-going basis after 2014, and
has waived the requirement for an additional cash payment due on
or before July 15, 2008, to achieve an interim funding level of
90%.

The April 2008 valuation of the pension plan's assets and
liabilities had indicated that the required supplementary
contribution to the pension plan to achieve 90 percent funding
as of that date under the terms of the former recovery plan,
would have been GBP35.6 million.

The U.K. subsidiary has agreed, subject to certain terms and
conditions, to grant to the pension plan fixed equitable and
floating charges on assets of the U.K. subsidiary and its
subsidiaries in the United Kingdom and the Republic of Ireland
securing an amount not to exceed the pension plan funding
deficit on a scheme-specific basis. The security being granted
to the pension plan trustee will be subordinated to the security
given to the lenders under the company's senior revolving credit
facility.

The U.K. subsidiary's agreement with the pension plan trustee
also includes provisions for releases of the pension plan
trustee's security interest under certain conditions in the
event of the sale, transfer or other disposal of assets over
which the pension plan trustee holds a security interest or upon
the pension plan trustee's receipt of agreed cash payments to
the pension plan in addition to those described above.  The U.K.
subsidiary has made the GBP6 million supplemental payment to the
pension plan due for 2008.

On August 1, 2008, Chesapeake held a conference call with
investors to discuss the second quarter 2008 results.  A full-
text copy of the manuscript of the conference call is available
at no charge at http://ResearchArchives.com/t/s?3069

"We remain focused on two items, successfully refinancing our
debt to provide us with additional liquidity and financial
flexibility and achieving operational improvements for improved
financial results in the second half of the year," said Andrew
J. Kohut, Chesapeake's president & chief executive officer.  "In
addition to new business, we expect a seasonal pick up in demand
in most of our key markets.  Serving the needs of our customers
is paramount and key to our success, and we fully expect to be
able to respond to our customers' needs during the seasonal peak
of the year.  We continue to expect second-half operating
results to improve over the first half but improvement for the
full year will be more challenging given rising costs."

                       About Chesapeake Corp.

Headquartered in Richmond, Virginia, Chesapeake Corporation
(NYSE: CSK) -- http://www.cskcorp.com/-- is a supplier of
specialty paperboard packaging products in Europe and an
international supplier of plastic packaging products to niche
end-use markets.  Chesapeake has 47 locations in France,
Ireland, United Kingdom, North America, China, HongKong, among
others and employs approximately 5,500 people.

For the quarter ended March 30, 2008, the company reported
US$1,225,100,000 in total assets and US$948,100,000 in total
liabilities.

                        *     *     *

As disclosed in the Troubled Company Reporter on July 2, 2008,
Moody's Investors Service placed all the credit ratings of
Chesapeake Corp. on review for possible downgrade.  This rating
action follows Chesapeake's statement on June 27, 2008 that the
completion of a proposed new credit facility will not be
completed prior to the expiration of the commitment letter on
July 1, 2008.

Chesapeake further disclosed it is reviewing its balance sheet
and exploring other alternatives for reducing leverage and
improving its capital structure, in addition to the continued
pursuit of asset sales to reduce debt.  The existing credit
facility matures in February 2009 and had an outstanding balance
of US$185 million as of March 30, 2008.

Moody's review for possible downgrade will primarily focus on
the company's near-term liquidity pressures.  Despite a recent
amendment to the existing credit agreement that relaxed
financial covenant levels through the end of 2008, Moody's is
concerned that Chesapeake may breach its financial covenants at
June 30, 2008.

Regardless, Moody's estimate that effective availability under
the revolver has been significantly diminished due to covenant
constraints.

Moody's placed these ratings of Chesapeake Corporation on review
for possible downgrade: US$18.75 million 6.375% senior unsecured
revenue bonds due 2019, B3 / LGD3 (48%); US$31.25 million 6.25%
senior unsecured revenue bonds due 2019, B3 / LGD3 (48%);
GBP67.1 million 10.375% senior subordinated notes due 2011, Caa1
/ LGD5 (72%); EUR100 million 7% senior subordinated eurobonds
due 2014, Caa1 / LGD5 (72%); Corporate Family Rating, B2; and
Probability of Default Rating, B3.


CHINA EASTERN: Steep Slide in Stock Price Prompts Merger Rumors
---------------------------------------------------------------
A steep slide in China Eastern Airlines' share prices has
revived talks of a possible stake sale by the airline to
Singapore Airlines, even though China Eastern's shareholders had
previously rejected the deal, Reuters reports.

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

According to Reuters, China Eastern's shares have been in a
steady downtrend since then, dipping below US$3.80 in late
March.

A senior China Eastern executive, Reuters relates, acknowledged
that failing share price might improve the chances of winning
shareholders' approval for a Singapore Air deal.  "We don't want
our share price to fall but that has actually taken ammunition
away from our critics" of the Singapore Air deal, he told
Reuters.

Meanwhile, Stephen Forshaw, Singapore Airlines vice president
for public affairs, said they do not plan to raise their offer
for a stake in China Eastern, China View News reports.  "We are
keeping in touch with China Eastern.  The airline has said it
wants to resume talks after the Olympic Games.  We look forward
to hearing more from them," he told China View.

Another TCR-AP report said that Luo Zhuping, China Eastern board
secretary, said the current agreement to tie up with Singapore
Airlines will expire on August 9, but it can be extended.
"Introducing Singapore Airlines can help us improve our
financial standing and enhance service quality," he said, the
report noted.

However, Reuters notes, many uncertainties still cloud the
outlook for a deal.  After reporting a 15% drop in its first-
quarter profit due to rising fuel prices, Singapore Air may have
a harder time gaining approval from shareholders, Reuters adds.

                    About China Eastern

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

                          *     *     *

As of August 5, 2008, China Eastern continues to carry Fitch
Ratings' B+ foreign currency and local currency issuer default
ratings, and Xinhua Far East China Ratings' BB+ issuer credit
rating with a stable outlook.


CHINA MINSHENG: Prepares to Establish Private Banking Division
--------------------------------------------------------------
China Minsheng Banking Corporation Limited is now preparing for
the establishment of its private banking division, SinoCast News
reports.

According to the report, the bank is to spend one to two years
building the management frame, professional team, sub-division
network, service system, product platform, rules and
regulations, and corporate culture of the new division.

The bank, the report relates, also plans to build a perfect
private banking service network and system across the nation
within three to five years.

Meanwhile, the bank has plans to expand its presence overseas,
introduce into foreign investors, and incorporate independent
legal-person banks overseas if policy permits, the report says.

SinoCast News relates, citing a person from the Shanghai-listed
company, that access threshold of the bank's private banking
business was fixed at up to CNY10 million for a single investor.

               About China Minsheng Banking

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 company continues to carry Fitch Ratings' "D" individual
rating.


CONEXANT SYS: June 27 Balance Sheet Upside-Down by US$132.5MM
-------------------------------------------------------------
Conexant Systems Inc. disclosed Thursday its earnings for the
third fiscal quarter ended June 27, 2008.

At June 27, 2008, the company's consolidated balance sheet
showed US$624.7 million in total assets and US$757.2 million in
total liabilities, resulting in a US$132.5 million stockholders'
deficit.

The company's consolidated balance sheet at June 27, 2008, also
showed strained liquidity with US$428.0 million in total current
assets available to pay US$471.4 million in total current
liabilities.

On April 29, 2008, Conexant announced the planned sale of its
Broadband Media Processing (BMP) product lines to NXP
Semiconductors in a transaction valued at up to US$145.0
million. The transaction is expected to be completed in August
2008, and the financial results of the BMP business unit have
been classified as discontinued operations in the company's
third fiscal quarter financial statements.

GAAP net loss from continuing operations was US$126.4 million
for the quarter ended June 27, 2008, compared with GAAP net loss
from continuing operations of US$8.2 million in the same period
last year.  Including discontinued operations, GAAP net loss was
US$149.9 million, compared to GAAP net loss of US$142.0 million
in the same period last year.

The GAAP net loss in the quarter included asset impairment
charges of US$120.4 million related to the write-down of
goodwill and certain tangible and intangible assets associated
with the company's Broadband Access business.

On a GAAP basis, net revenues for the third quarter of fiscal
2008 were US$115.6 million, compared with net revenues of
US$118.5 million in the same period last year.

Conexant also presents financial results based on select non-
GAAP financial measures intended to reflect its core results of
operations.  The company believes these core financial measures,
which excludes non-cash and other non=core items, provide
investors with additional insight into its underlying operating
results.

Including results from discontinued operations related to the
BMP business, Conexant's non-GAAP core revenues for the third
quarter of fiscal 2008 were US$171.1 million.  Core gross
margins were 47.1 percent of revenues, and core operating
expenses were
US$69.6 million.  Core operating income was US$11.0 million, and
core net income was US$2.0 million.

Excluding results from discontinued operations related to the
BMP business, Conexant's core net revenues for the third quarter
of fiscal 2008 were US$115.6 million.  Core gross margins were
50.6 percent of revenues.  Core operating expenses were US$46.0
million, and core operating income was US$12.5 million.  Core
net income was US$6.0 million.

The company ended the quarter with US$134.6 million in cash and
cash equivalents due to the reclassification of US$29.0 million
to restricted cash.

                       Business Perspective

"During the third fiscal quarter, the Conexant team continued to
make outstanding progress across multiple fronts," said Scott
Mercer, Conexant's chief executive officer.  "For the third
consecutive quarter, we met or exceeded our expectations on
every major financial metric.  Revenues of US$171.1 million,
which included our Broadband Media Processing business, came in
at the high end of the range we previously provided.  Core gross
margins of 47.1 percent of revenues exceeded the high end of our
expectations by 160 basis points, and core operating expenses of
US$69.6 million were below the low end of the range we provided
entering the quarter.  During the quarter, we also introduced
innovative new products targeted at high-growth market segments,
and we executed a 1-for-10 reverse stock split.

"After the close of the quarter, we announced the acquisition of
Freescale Semiconductor's 'SigmaTel' multi-function printer
imaging business, which is consistent with our strategy of
augmenting our investments in new-product development with
select acquisitions in the high-growth market segments we
address," Mercer said.

"Moving forward, we will continue to focus on delivering
improved financial performance," Mercer said.

                          About Conexant

Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -- http://www.conexant.com/-- has a
comprehensive portfolio of innovative semiconductor solutions
which includes products for Internet connectivity, digital
imaging, and media processing applications.  Conexant is a
fabless semiconductor company that recorded revenues of US$809.0
million in fiscal year 2007.

Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.

                          *     *     *

Conexant currently carries Standard & Poor's Ratings Services'
B- rating with a negative outlook.

Moody's Investor Service placed Conexant Systems Inc.'s long
term corporate family and probability of default ratings at
'Caa1' in October 2006.  The ratings still hold to date with a
stable outlook


FUYAO GROUP: Sells Equity & Forms CNY25-Million Joint Venture
-------------------------------------------------------------
Fuyao Group Glass Industries Co., Ltd., will sell its 51% stake
in a Fujian-based automobile parts and components company to a
Ningbo-based automobile parts and components company at
CNY3.2 million, Reuters reports.

According to the report, Fuyao Group and the Ningbo-based
company will also form a joint venture with a registered capital
of CNY25 million, in which Fuyao Group will invest CNY12.25
million to hold a 49% stake.  The joint venture will be engaged
in the manufacture of automobile components and parts, the
report relates.

Headquartered in Fuqing, Fujian Province, Fuyao Group Glass
Industries Co., Ltd. -- http://www.fuyaogroup.com/-- is a
manufacturer of automotive and industrial safety glass.  The
company provides laminated and tempered glass for automobiles,
encapsulation products, bulletproof glass, laminated and
tempered glass for buildings, furniture and decorative glass
products, front panel glass for electrical appliances and panel
glass for other specialty industrial applications.  The Company
has seven production bases in the People's Republic of China and
two wholly owned subsidiaries in the United States.  FYG mainly
exports to North America and Asia Pacific.

                       *     *     *

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


ICBC: To Purchase HK$1.59 Billion Vendor Loans From ICIC
--------------------------------------------------------
Industrial and Commercial Bank of China entered into a sale and
purchase agreement with its subsidiary, ICIC, Reuters reports.

Pursuant to the sale and purchase agreement, the report relates,
the bank agreed to purchase from ICIC, the vendor loans, their
related security and the assumed liabilities.  According to the
report, the total purchase consideration payable by the company
in respect of the vendor loans will be the aggregate net loan
value attributable to the vendor loans shown in the completion
statement.  The estimated amount of the consideration for the
vendor loans as at the latest practicable date is approximately
HK$1.59 billion, the report says.

                        About ICBC

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn/-- is the largest state-owned commercial
bank, and is authorized by the State Council and the People's
Bank of China.  ICBC conducts operations across China as well as
in major international financial centers.

                          *     *     *

ICBC continues to carry Fitch Ratings' Individual D/E rating.

On May 4, 2007, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd.'s Bank Financial Strength Rating
at D-.  The outlook for BFSR is stable.  The outlook for the
long-term deposit rating is positive.


JIANGI COPPER CO: Allowed to Buy 90% of Parent's Business
---------------------------------------------------------
Jiangxi Copper Corp. will exclude some financial and futures
trading operations from a proposed CNY2.14 billion asset
injection into Jiangxi Copper Co., a Hong Kong-listed unit, due
to regulatory hurdles, Dow Jones Newswires report, citing South
China Morning Post.

According to the report, mainland regulators didn't approve
Jiangxi Copper Co.'s plan to buy its parent's operations.  "This
is because the listed unit is partly foreign-owned," the report
cited Pan Qifang, Jiangxi Copper Co. company secretary, as
saying.  Overseas entities aren't allowed to engage in futures
operations directly in China, he added, the report states.

About 90% of the parent's assets will now become listed upon
completion of the deal, as opposed to the 100% originally
envisioned, the report says.

Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

                          *     *     *

As of July 2, 2008, the company carried Xinhua Far East China
Ratings' BB+ issuer credit rating.


JIANGI COPPER CO: To Issue CNY6.8 Billion Bonds With Warrants
-------------------------------------------------------------
Jiangxi Copper Company Limited received regulatory approval to
issue up to CNY6.8 billion worth of convertible bonds with
detachable warrants, Reuters reports, citing Dow Jones
Newswires.

Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

                          *     *     *

As of July 2, 2008, the company carried Xinhua Far East China
Ratings' BB+ issuer credit rating.



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

CELLICE COMPANY: Members' Final Meeting Set for September 3
-----------------------------------------------------------
The members of Cellice Company Limited will meet on September 3,
2008, at 10:30 a.m., at the 35th Floor of One Pacific Place, in
88 Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


CHAPARRAL LIMITED: Members to Receive Wind-Up Report on Sept. 1
---------------------------------------------------------------
The members of Chaparral Limited will hold a meeting on Sept. 1,
2008, at 10:00 a.m., at the 8th Floor of Gloucester Tower, The
Landmark, in 15 Queen's Road Central, Hong Kong.

Iain Ferguson Bruce, the company's liquidator, will give a
report on the company's wind-up proceedings and property
disposal at the meeting.


EASY FASHION: Members' Final Meeting Set for September 5
--------------------------------------------------------
The members of Easy Fashion Company Limited will hold their
final general meeting on September 5, 2008, at 2:01 p.m. to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Natalia K.M. Seng
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


HENKEL ADHESIVES: Creditors' Proofs of Debt Due on September 1
--------------------------------------------------------------
The creditors of Henkel Adhesives (HK) Limited are required to
file their proofs of debt by September 1, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on July 28, 2008.

The company's liquidators are:

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


HUGHES ASIA: Shareholders Agree on Voluntary Liquidation
--------------------------------------------------------
The shareholders of Hughes Asia Pacific Hong Kong Limited met on
July 18, 2008, and resolved to voluntarily wind up the company's
operations.

The company's liquidators are:

          Yip Hon Kit Adrain
          Ku Wing Yan Genevieve
          Orrick Coudert
          Gloucester Tower, 39th Floor
          The Landmark
          15 Queen's Road, Central
          Hong Kong


ING OPERATIONAL: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on July 21, 2008, the
members of ING Operational Services (Taiwan) Limited resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by Sept. 1,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Barthold Jakob Duco Egressy
          One International Finance Centre, 39th Floor
          1 Harbour View Street
          Central, Hong Kong


LUSITANO BAKERY: Members to Receive Wind-Up Report on Sept. 4
-------------------------------------------------------------
The members of Lusitano Bakery Company Limited will meet on
September 4, 2008, at 12:00 noon at Suites 908-910, 9th Floor of
One Pacific Place, in 88 Queensway, Hong Kong.

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


PB FINANCE: Placed Under Voluntary Liquidation
----------------------------------------------
The company commenced liquidation proceedings on July 21, 2008.
Lui Wan Ho and To Chi Man were appointed as liquidators.

The Liquidators can be reached at:

          Lui Wan Ho
          To Chi Man
          Olympia Plaza, Room 1701
          255 King's Road, North Point
          Hong Kong


SRE GROUP: Puts B1 CFR Under Review for Possible Downgrade
----------------------------------------------------------
Moody's Investors Service has placed the B1 corporate family and
senior unsecured ratings of SRE Group Limited on review for
possible downgrade.

"The review has been prompted by the company's recent investment
in a project in Haikou -- the capital of Hainan Province -- and
which will be part funded by its proposed issuance of CNY336.6
million in convertible bonds," says Kaven Tsang, Moody's lead
analyst for SRE.

"The Haikou project, which involves a total investment of
several billions of RMB and will be developed in phases over the
next few years, will increase SRE's medium-term funding
requirements, such that its debt service coverage metrics could
weaken," adds Tsang.

"Additional onshore bank borrowing to fund the Haikou project
could also raise SRE's secured and subsidiary debt levels,
thereby raising concerns over the subordination risk of the bond
rating," says Tsang.

"While the new investment would broaden the company's geographic
coverage, Haikou is a new area of business for the company, and
it does not as yet have a track record in business execution,"
says Tsang.

In its review, Moody's will look at SRE's development and
financing plans for the Haikou project and assess the associated
impact on its credit profile.

Moody's will also review SRE's capital structure and evaluate
whether greater onshore borrowings will deepen the subordination
risk for its unsecured lenders.

SRE Group Limited was established in 1993 and listed on the Hong
Kong Stock Exchange in 1999.  The company focuses on mid-to-
high-end residential development in Shanghai and Shenyang.  It
has attributable land banks of 1.12 million sqm in Shanghai and
1.49 million sqm in Shenyang, sufficient for five years of
development.


TOEI DENSHI: Appoints Lam and Toohey as Liquidators
---------------------------------------------------
Rainier Hok Chung Lam and John James Toohey were appointed
liquidators of Toei Denshi (HK) Co., Limited on July 25, 2008.
The company commenced liquidation proceedings on July 25, 2008.

The Liquidators can be reached at:

          Rainier Hok Chung Lam
          John James Toohey
          Prince's Building, 22nd Floor
          Central, Hong Kong


UNIVERSAL: Creditors' Proofs of Debt Due on September 1
-------------------------------------------------------
Universal International (Holdings) Limited, which is in
voluntary liquidation, requires its creditors to file their
proofs of debt by September 1, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Philip Brendan Gilligan
          Alexandria House, 7th Floor
          18 Chater Road
          Central, Hong Kong



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

ADITYA BIRLA: Into the Red on Bleeding Insurance Business
---------------------------------------------------------
Aditya Birla Nuvo Ltd has reported a consolidated quarterly net
loss mainly due to a bleeding life insurance business where
income would take time to accrue, Reuters reports.

The company, Reuters says, posted a net loss of Rs. 283.20
million (US$6.7 million) in its fiscal first quarter ended June
30, compared with a net profit of Rs. 946.90 million a year
earlier, while total income rose to Rs. 32.53 billion from Rs.
21.98 billion.

Reuters relates that Aditya Birla's losses in its life insurance
business rose to Rs. 1.47 billion from rs. 336 million a year
earlier, while its outsourcing activities incurred a loss of Rs.
236 million against Rs. 79 million.

India-based Aditya Birla Nuvo Ltd has interests in textiles,
financial services and telecoms.


HCL TECHNOLOGIES: 4th Qtr Net Profit Down 71% on Forex Losses
-------------------------------------------------------------
HCL Technologies has reported a 71 percent drop in consolidated
net profit for its fiscal fourth-quarter on forex losses, as it
marked down the value of its currency hedges and liquidated some
of them, Reuters reports.

According to Reuters, HCL's consolidated net profit in the
fiscal fourth-quarter fell to Rs. 1.41 billion from Rs. 4.87
billion a year ago, under U.S. accounting standards.

Reuters says HCL's April-June profit was dragged down by Rs. 3
billion in forex losses, as the company wrote down the value of
hedges it had taken against revenue, and liquidated some of
them.

HCL sold US$700 million of its currency positions in end-May to
cut its forward covers to US$2 billion, Anil Chanana, executive
vice president for finance, was cited by Reuters as saying.

Mr. Chanana added that the firm holds US$1.85 billion of
contracts for seven quarters hedged at Rs. 41.04 to the dollar,
while the rest are hedged against the euro and the pound.

Meanwhile, Reuters says HCL's revenue in the quarter rose 34.5
percent to Rs. 21.69 billion, helped by the addition of eight
contracts worth US$310 million in the period.  Core margins in
the quarter rose to 23.4 percent from 21.6 percent a year ago.

According to Mr. Chanana, the rise in margins reflected greater
utilisation of employees, as the firm increased its proportion
of fixed price contracts, which are not billed by hours provided
to clients.

Headquartered in Noida, India, HCL Technologies Limited --
http://www.hcltech.com/-- is a global information technology
(IT) services company, providing software-led IT solutions,
remote infrastructure management services and business process
outsourcing (BPO).  It focuses on transformational outsourcing,
working with clients in areas that impact and re-define the core
of their business.  Through its global offshore infrastructure
and global network of offices in 18 countries, the Company
delivers solutions across select verticals, including financial
services, retail and consumer, life sciences and healthcare, hi-
tech and manufacturing, telecom, and media and entertainment.
Its core software offerings include custom applications;
engineering, and research and development services, and
enterprise application solutions.  HCL BPO services provide a
range of voice/Web-based contact and front office services that
span collections, sales and marketing, technical helpdesk and
customer care.  In February 2008, HCL acquired Capital Stream,
Inc.


SPICEJET LIMITED: To Add Only One Plane Next Year
-------------------------------------------------
SpiceJet Limited has decided to virtually freeze its fleet size
for some time, The Times of India reports.

At present, the Times says, the airline has 15 aircraft in
operation and just one plane will be added next February.  The
fleet size of 16 is likely to be retained next year, sources
told the Times.

The Times notes that with the addition of only one aircraft next
year, the airline is looking for takers for some of its existing
ones.  It has leased out a plane to a European carrier and is
also providing consultancy to a startup airline in Nepal, Air
Nepal, to help set up its shop, the Times says.

The Times relates that with the fleet size frozen for over a
year, SpiceJet is planning to send back over 20 expat pilots who
earn 40% more than local pilots.

                  WL Ross' US$80 Million Offer

As reported in the Troubled Company Reporter-Asia Pacific on
July 16, 2008, Spicejet accepted a Rs. 345 crores (US$80
million) offer from WL Ross & Co LLC.

Commenting on the deal, Mr. Bhulo Kansagra and Mr. Ajay Singh,
members of Spicejet Board, said they "are delighted to have WL
Ross as an investor in Spicejet" and they have no doubt that
with the investment, "Spicejet will fulfill its promise of
emerging as India's leading earline."

Mr. Wilbur L. Ross Jr., Chairman and CEO of WL Ross & Co. LLC,
welcomed the deal and said, "We believe in the long term
validity of the low cost airline model in India and that fuel
prices eventually will stabilize."

Mr. Ranjeet Nabha, Managing Director and CEO if WL Ross India
said, "SpiceJet is one of the most efficient airlines in India.
We are delighted to contribute to its growth and development."

Mr. Ross and Mr. Nabha are expected to join SpiceJet's Board.

The deal would be WL Ross' second investment in India.  In
February 2007, WL Ross acquired OCM India Ltd., a worsted
suiting maker, for around US$37 million.

NM Rothschild & Sons (India) Private Limited acted as the
exclusive financial advisor to SpiceJet.

Earlier reports said the airline was seeking at least US$100
million (Rs431 crore) to boost its working capital prompting
several entities including WL Ross and Goldman Sachs to express
interest in the company.

SpiceJet has also reserved an option of merger to raise funds,
Keshav Seth of TopNews said.

SpiceJet reportedly had talks with Vijay Mallya's Kingfisher
Airlines for a possible merger deal but both carriers had a
conflict on SpiceJet's valuation.

A person close to the development told The Economic Times that
Kingfisher valued SpiceJet on the basis of the average share
price of the airline in the past three months and a control
premium, which valuation was rejected by the SpiceJet promoters
saying the price offered by Kingfisher was too low.

                    About WL Ross and Co. LLC

WL Ross and Co. LLC is a financial restructuring group operating
in the investment industry.  The company manages assets for
institutional investors in the United States, Europe and Asia.

                      About SpiceJet Limited
SpiceJet Limited -- http://www.spicejet.com/-- is an airline
carrier in India. During the fiscal year ended May 31, 2007
(fiscal 2007), the company increased its fleet size to 11
aircrafts covering 14 destinations and operating 83 daily
flights. The aircrafts acquired during fiscal 2007, were the
next generation Boeing737-800. The company has also integrated
with Tata AIG Insurance Company Limited to commence travel
insurance sales, which was launched in May 2007.

                          *     *     *

Spicejet has been reporting net losses for at least
four consecutive years -- INR414.2 million in the year
ended May 31, 2006, and INR287.05 million in the year
ended May 31, 2005.  The company then changed its financial
year from June-May to April-March.  For the year ended
March 31, 2008, the company incurred a net loss of
INR1,335.07 million compared to a net loss of
INR707.43 million for the year ended March 31, 2007.



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

BANK MANDIRI: Plans to Take Over Bank Indover
---------------------------------------------
Bank Mandiri plans to take over Bank Indover from Bank Indonesia
-- the central bank -- because under the Central Bank Law, Bank
Indonesia may not own or run a business unit, Jakarta Post
reports.

According to the report, Bank Indonesia deputy governor Budi
Mulya said that the central bank is currently processing the
acquisition.  "Hopefully, all transactions related to the
takeover can be completed by the end of this year," Mr. Budi was
quoted by the report as saying.

                       About Bank Mandiri

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

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 7,
2007, that Fitch Ratings upgraded the Individual Rating of PT
Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and its
National Long-term rating to 'AA+ (idn)' from 'AA (idn)'.  The
outlook on the national rating remains stable.  At the same
time, Fitch affirmed the company's Long-term foreign
and local currency Issuer Default ratings at 'BB-' with a
Positive Outlook, Short-term IDR at 'B' and Support Floor at
'B+'.

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


MEDCO ENERGI: Buys Back 10.6 Million Shares
-------------------------------------------
PT Medco Energi Internasional Tbk (MEDC) has bought back
10.6 million of its shares worth at most US$80 million, Antara
News reports citing a company spokesperson as saying.

"The transaction was done through executive broker PT Kresna
Graha Sekurindo," MEDCO Corporation Secretary Cisca Alimin was
quoted by Antara News as saying.

Ms. Alimin told the Antara that the shares were traded at an
average of IDR4,518 per share.

The report notes that the company's shareholders agreed to buy
back a maximum of 109.6 million shares with a maximum value of
US$80 million at a maximum price of IDR9,000 per share.  The
deadline of the buyback is November 15, 2009.

According to Antara, MEDCO had spent US$7.3 million to buy back
the shares, and still had US$72.6 million in funds to buy back
more shares.

Headquartered in Jakarta, Indonesia, Medco Energi Internasional
Tbk PT (JAK:MEDC) -- http://www.medcoenergi.com/-- is an
integrated energy company.  The company is engaged in oil and
gas exploration and production, drilling services, methanol
production and the power generation industry.  The company holds
working interests in various exploration and production blocks
in Indonesia and overseas, producing more than 21 million barrel
of oil and 61 million cubic feet of gas annually.  In addition,
it has 10 onshore rigs and four offshore rigs (swamp barge) and
operates one methanol plant, one liquefied petroleum gas plant
and three power plants.  The company's Indonesian operations
span from Aceh in Indonesia's western border to Papua in the
eastern territory.

The company's subsidiary, PT Apexindo Pratama Duta Tbk, is a
heavy equipment provider.  Apexindo Pratama has five
subsidiaries, namely PT Antareja Jasatama, Apexindo Asia Pacific
B.V., Apexindo Khatulistiwa B.V., Apexindo Offshore Pte. Ltd.
and Apexindo Raniworo Pte. Ltd.

                       *     *     *

As of June 11, 2008, Medco Energi carried Moody's Investors
Service's "B1"long-term corporate family rating and Standard &
Poor's Rating Services' "B+"long-term foreign and local issuer
credit ratings.  All ratings have a negative outlook.



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

FORD MOTOR: Reports Strong Sales for Focus Model
------------------------------------------------
Ford Motor Co.'s redesigned Focus continues to surprise auto
industry watchers and customers alike with strong sales, revenue
growth, fuel economy and industry-first technology, Ford said.

While Ford and industry sales experienced a double-digit sales
decline in July, Ford Focus sales climbed 16 percent versus a
year ago.  Year-to-date, Focus sales were up 26 percent,
compared with industry-wide small car growth of approximately 9
percent.

         Focus has surprised in areas other than sales

Transaction prices – Year-to-date, Focus transaction prices have
increased US$750 per unit compared with a segment-average
increase of US$100.  Customers are purchasing more equipment,
including Ford SYNC, and higher series levels.

Fuel Economy – In an independent test conducted by Edmunds.com
called the Gas-Sipper Smackdown, Focus achieved 37.5 mpg on the
highway.  Focus has EPA highway fuel economy of 35 mpg – better
than the smaller 2008 Honda Fit and 2009 Nissan Versa SL.

Cool Technology – Focus was named one of Kelley Blue Book's 10
Coolest New Cars Under US$18,000 based on its safety, fuel
economy, interior size, comfort, technology, fun-to-drive and
the "decidedly subjective coolness factor."

"Focus continues to surprise and delight customers throughout
the country, but the bombshell is in Texas, where Focus retail
sales have almost doubled," said Jim Farley, Ford, group vice
president, Marketing and Communications.  "If we can increase
small car sales in Texas, we can increase them anywhere."  Year-
to-date, Focus retail sales were up 91 percent in Texas and 46
percent nationwide.

Total Ford, Lincoln and Mercury car sales were up 8 percent
compared with a year ago.  Consistent with industry trends,
crossover vehicles – which include Ford Escape, Edge and Flex –
were down 8 percent.  Sport utility vehicles – such as Ford
Explorer and Expedition – were down 54 percent, and trucks and
vans – including Ford F-Series and Econoline – were down 18
percent.

Overall, Ford, Lincoln and Mercury vehicle sales totaled 156,406
in July, down 13 percent versus a year ago; year-to-date sales
totaled 1.265 million, also down 14 percent.  Ford estimates
industry-wide sales were down 11 percent year-to-date.

"We expect the second half of 2008 will be more challenging than
the first half as economic and credit conditions weaken," said
Farley.

Ford's full-year industry sales forecast is a range from 14.0 –
14.5 million vehicles (including medium and heavy trucks).  The
first half sales rate was approximately 15 million.

                      About Ford Motor Co

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

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

                            *   *   *

As reported in the Troubled Company Reporter on Aug. 1, 2008,
Standard & Poor's Ratings Services lowered its ratings to 'B-'
from 'B' 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 US$3-billion of senior convertible notes
due 2036.


FORD MOTOR: Fitch Chips Issuer Default Rating to 'B-' from 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from
'B'.  The Rating Outlook remains Negative.  The downgrade
reflects these:

  -- The further deterioration in Ford's U.S. sales
     as a result of economic conditions, an adverse
     product mix and the most recent jump in gas prices;

  -- Portfolio deterioration at Ford Credit and heightened
     concern Regarding economic access to capital to
     support financing requirements; and

  --Escalating commodity costs that will remain a
    significant offset to cost reduction efforts.

Negative cash flows and declining liquidity at Ford's automotive
operations will accelerate in the second half of 2008, but
liquidity is expected to be sufficient through 2009 to finance
operating losses, working capital drains and restructuring
efforts even in the event that 2009 industry sales remain flat
with deeply depressed 2008 levels.

Liquidity has declined sharply from US$36 billion at year-end
2007 to US$26 billion at the end of the second quarter, in part
due to the US$4.5 billion funding of the UAW healthcare VEBA.
Maturities are moderate over the next three years, and Ford
maintains access to an US$11.5 billion revolving credit facility
(maturing in 2011). Although the size of the facility could
shrink modestly over the next several years commensurate with a
declining borrowing base, unused capacity provides a liquidity
cushion in the event the North American market downturn is
longer or deeper than projected. Ford has moderated its growth
in debt through a cash contribution to fund its initial VEBA
agreement, and several cooperative equity-for debt swaps.
Recent actions regarding equity dilution improve the likelihood
and amount of potential equity-linked, capital-raising efforts.

Fitch's IDR for Ford Credit is the same as that of Ford, given
the close business relationship between the two companies.
Fitch notes that while Ford and Ford Credit have a profit
maintenance agreement in place, Ford Credit did not enforce the
agreement in the second quarter and Fitch does not attach any
importance to this agreement since it lacks third party creditor
rights.  Fitch is maintaining its two notch differential between
the Ford Credit's IDR and senior debt due to Fitch's continued
view of ultimate recovery between 71%-90%, although Fitch
believes potential recoveries are at the lower end of this
range.  Fitch remains concerned with increasing default rates
and higher severity of losses on retail and lease contracts.
The company's second-quarter loss was primarily the result of a
US$2.1 billion residual value impairment.

While this reflects the rapid deterioration in residual values
to date, particularly for truck and SUVs, FMCC may incur
incremental impairments if residual values continue to decline.
As a result of these factors, Fitch does not anticipate that
Ford Credit will pay dividends to Ford.  Further deterioration
in loan and lease portfolios, or in performance of auto loan
securitizations, could further limit Ford's ability to provide
competitive financing.  Lack of economic access to the
securitization market, resulting from weaker loan performance
and/or nervous capital markets, could result in a review of the
rating.

The most recent spike in gas prices has resulted in plummeting
U.S. industry sales and sharply declining residual values of
SUV's and pickups.  Ford has been actively cutting production in
an attempt to manage inventories and incentive levels, but cost
reductions have not been able to keep pace.  A pull back from
leasing, although potentially prudent in the long-term, will
result in a further step-down in sales volumes and production as
higher incentives or third-party financing are unlikely to fill
the gap in the short term.

Second-quarter deliveries fell 17% in North America, leading to
a 25% sales decline.  At the smaller end of its product lineup,
sales volumes of the Focus, Fusion and Escape have held up
relatively well.  Ford's European operations continue to perform
well, with healthy growth in profitability driven by well-
received product introductions and cost improvements, although
weakening economic conditions are expected to moderate near term
results.  Ford has also benefited from strong growth in its
Latin American markets.  Improving quality has also been a
positive.

The rise in commodity costs has been a well-known contributor to
margin deterioration for the past several years, limiting the
impact of Ford's extensive cost-cutting efforts.  Fitch had
expected commodity cost increases to moderate in 2008, allowing
more of the restructuring benefits to be realized, but this has
not been the case.  Due to surcharges being implemented across a
number of products, the flow-through of price increases in oil-
based products and the timing of contract renewals, the impact
of commodity price increase is expected to sharply accelerate
over the next 18 months.

Factors that could result in a downgrade include:

  -- An expectation by Fitch that Ford's cash level
     would fall below US$12 billion.

  -- Lack of economic access to the securitization
     market.

  -- Lack of execution on near-term cost, margin and
     product plans

In 2010, Ford is expected to realize the benefits from the UAW
healthcare agreement, as well as an eventual upturn in U.S.
industry sales.  Ford remains highly exposed to the pickup truck
market, and is unlikely to reverse negative cash flows until the
U.S. pickup truck market reverses -- at which point Ford will
have its updated F-Series product on the market.  Ford also
provided details on its longer-term product plans for the U.S.,
with an aggressive push into smaller vehicles through plant
retoolings and the introduction of six European products into
the United States.  Risks remain that these products will not be
well received, but early reviews of the Fiesta (coming to the
U.S. market in 2010) and product commonality/manufacturing
experience should reduce production risks.

These rating actions have been taken:

Ford Motor Co.
  -- Long-term IDR to 'B-' from 'B';
  -- Senior secured credit facility to 'BB-/RR1' from 'BB/RR1';
  -- Senior secured term loan to 'BB-/RR1' from 'BB/RR1';
  -- Senior unsecured to 'CCC+/RR5' from 'B-/RR5'.

Ford Motor Co. Capital Trust II
  -- Trust preferred stock to 'CCC/RR5' from 'CCC+/RR6'.

Ford Holdings, Inc.
  -- Long-term IDR to 'B-' from 'B';
  -- Senior unsecured to 'CCC+/RR5' from 'B-/RR5'.

Ford Motor Co. of Australia
  -- Long-term IDR to 'B-' from 'B';
  -- Senior unsecured to 'CCC+/RR5' from 'B-/RR5'.

Ford Motor Credit Company LLC
  -- Long-term IDR to 'B-' from 'B';
  -- Short-term IDR at 'B';
  -- Senior unsecured to 'B+/RR2' from 'BB-/RR2';
  -- Commercial paper at 'B'.

FCE Bank Plc
  -- Long-term IDR to 'B-' from 'B';
  -- Senior unsecured to 'B+'/RR2' from 'BB-/RR2';
  -- Short-term IDR at 'B';
  -- Commercial paper at 'B';
  -- Short-term deposits at 'B'.

Ford Capital B.V.
  -- Long-term IDR to 'B-' from 'B';
  -- Senior unsecured to 'B+/RR2' from 'BB-/RR2'.

Ford Credit Canada Ltd.
  -- Long-term IDR to 'B-' from 'B';
  -- Short-term IDR at 'B';
  -- Commercial paper at 'B';
  -- Senior unsecured to 'B+/RR2' from 'BB-/RR2'.

Ford Credit Australia Ltd.
  -- Long-term IDR to 'B-' from 'B';
  -- Short-term IDR at 'B';
  -- Commercial paper at 'B'.

Ford Credit de Mexico, S.A. de C.V.
  -- Long-term IDR to 'B-' from 'B'.

Ford Credit Co S.A. de CV
  -- Long-term IDR to 'B-' from 'B';
  -- Senior unsecured to 'B+/RR2' from 'BB-/RR2'.

Ford Motor Credit Co. of New Zealand
  -- Long-term IDR to 'B-' from 'B';
  -- Senior unsecured to 'B+/RR2' from 'BB-/RR2';
  -- Short-term IDR at 'B';
  -- Commercial paper at 'B'.

Ford Motor Credit Co. of Puerto Rico, Inc.
  -- Short-term IDR at 'B'.


JAPAN AIRLINES: Mizuho Raises Assessment of Loans Claims
--------------------------------------------------------
Mizuho Corporate Bank has upgraded its assessment of loan claims
on Japan Airlines International Company Limited in response to
the airline's recent earnings recovery and improving financial
base, Jiji Press reports.

The bank, the report relates, said it now regards the airline as
a client requiring special attention, instead of a borrower in
danger of bankruptcy.  The airline's other major creditors are
expected to follow suit in upgrading their assessments, helping
the airline concentrate on its business reconstruction, the
report says.

According to Jiji Press, for its rebuilding, the airline raised
JPY153.5 billion in fresh capital in fiscal year ended March to
push up its capital ratio to 21.4% from 14.9% a year earlier,
and logged a net profit for the first time in three years on
restructuring measures and a good performance from international
flight operations.

Mizuho Corporate's outstanding loans to JAL stood at JPY91.8
billion at the end of March, the report notes.

Jiji Press recounts that in the spring of 2007, some creditor
banks downgraded their loan claim assessments due to the
airline's slumping earnings and deteriorating financial
position, causing the airline to speed up its restructuring
program and boost its capital base through debt-equity swaps and
other steps.

                     About Japan Airlines

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

                          *     *     *

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

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


SKYLARK: Needs New Capital, Suntory Limited Says
------------------------------------------------
Skylark Co. needs tens of billions of yen in new capital, Jiji
Press reports, citing a senior executive of Suntory Limited, a
potential suitor company.

Suntory Ltd., the report relates, said it has received a request
from Skylark's embattled president, Kiwamu Yokokawa, for
investment.  According to the report, Mr. Yokokawa has been
under pressure from Skylark's major shareholders for stepping
down to take responsibility for the company's sluggish
performance.

The Suntory executive said his company will examine how
Skylark's major shareholders and banks will act before making a
decision on whether to buy equity in Skylark, the report notes.

Headquartered in Tokyo, Japan, Skylark Co. Ltd. --
http://www.skylark.co.jp/-- operates a chain of family
restaurants in Japan through the following divisions:
Restaurants and food; Construction and maintenance and Other.
The Restaurants and food division engages in restaurant chain
operations, sale of food materials and prepared foods, food
transportation and cleaning.  The Construction division deals
with design, construction and repairs of restaurants and
maintenance of building facilities.  The Other business division
deals with wallpaper, manufacture and sale of automobile goods,
real estate buying and selling and hotels and condominium
operations.

                          *     *     *

The company continues to carry Standard & Poor's 'BB' long-term
corporate credit and senior unsecured debt rating.



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

HYNIX SEMI: Moody's Shifts Ba2 CFR Outlook to Negative
------------------------------------------------------
Moody's Investors Service has changed to negative from stable
the outlook for both Hynix Semiconductor, Inc's Ba2 corporate
family rating and senior unsecured bond rating.

"This rating action reflects Hynix's weakened liquidity profile
and operating performance as a result of the prolonged downturn
in the memory industry," says Ken Chan, a Moody's VP/Senior
Analyst.

"Although the company reported smaller sequential operating
losses in 2Q08 as compared in 1Q08, its financial performance
for all of 2008 is likely to decline due to the severe drop in
prices for global dynamic random access memory products,
especially in early 2008," adds Chan.

"Given such developments, Hynix may breach certain loan
covenants," says Chan.  "The company's large projected capex and
maturing debts add further pressure to its liquidity position."

Moody's draw certain comfort from Hynix's good access to funding
from domestic bank and capital markets and the support from most
of its creditors who are also the company's shareholders, which
partially mitigates the liquidity concerns.

In terms of possible supportive trends, the DRAM market is now
at or near its lows, and a sustainable level of PC shipments as
well as reductions in capex throughout the industry should help
stabilize memory prices.

At the same time, a meaningful recovery in the near term is
uncertain, especially given the current divergence in spot and
contracted memory prices.

The rating outlook could return to stable if Hynix improves its
operating performance and liquidity profile, such that there
will not be potential breach of financial covenants of its
loans, and at the same time, maintains Total Debt/Capitalization
below 40% and EBITDA to interest coverage above 8x on a
sustained basis.

On the other hand, Hynix's ratings could be downgraded if

1) the industry and memory prices continue to trend downwards,
   such that its balance sheet liquidity and financial profile
   deteriorate further;

2) there are material delays in its technology migration
   process, and which negatively affects its competitiveness
   against its peers; and

3) Total Debt/Capitalization exceeds 40-45% and EBITDA to
   interest coverage falls below 6-8x over the cycle.

Hynix Semiconductor Inc, headquartered in Kyongki-do, Korea, is
the world's second largest dynamic random access memory
manufacturer.



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

OLYMPIA INDUSTRIES: MARC Affirms BB- Rating on MYR137.12MM RULS
---------------------------------------------------------------
MARC has affirmed its BB- rating of Olympia Industries Berhad's
(OIB) MYR137,124,246 nominal value Redeemable Unsecured Loan
Stocks (RULS).  The rating outlook is stable.

The affirmed rating incorporates OIB's improved credit profile
following the completion of its debt restructuring exercise.
Since MARC's previous rating action, OIB has regularised its
financial position.  The company is expected to sustain a
financial profile that is consistent with its rating level,
despite its vulnerability to the effects of rising construction
material costs and the impact of declines in real household
income on demand for property.

OIB is an investment holding company with its subsidiaries
engaged in property development, stockbroking, construction,
travel agency and lotteries/number forecast.  FY2007 saw a
turnaround in OIB Group's financial performance following the
completion of a Group-wide restructuring scheme.  Interest
writebacks post-restructuring saw the Group record a pre-tax
operating profit of MYR568.0 million and an operating profit of
MYR0.7 million excluding the one-off gain from writebacks
(FY2006: operating loss of MYR45.0 million).  The Group had
previously registered operating losses since 1998.  For the
nine-months ended March 31, 2008, the Group recorded a 37.8%
increase in turnover to MYR309.7 million against the
corresponding period in 2007 and a net profit of MYR59.4 million
mainly contributed by its well-received K-Residence Tower A
development.  OIB's debt protection measures, particularly its
interest coverage and debt to equity ratio have improved as a
result of the conversion of debts into equity post-
restructuring.  Going forward, cashflows generated by its Kenny
Height Developments (KHD), K-Residence projects and rental
income from Menara Olympia are expected to be primary source of
repayment for the RULS.

KHD, a mixed development project within the vicinity of Mont
Kiara/Sri Hartamas, is currently undertaken as a 42:58 joint-
venture project with Dutaland Berhad (formerly known as Mycom
Berhad).  The planned development of KHD carries an estimated
gross development value (GDV) of MYR7.7 billion, of which
Parcel 2 launched in April 22, 2008 has registered total sales
value of MYR128.7 million with a 61% take-up rate as of
April 30, 2008.  The K-Residence Tower B, a 30-storey second
tower consisting of service apartments, has an estimated GDV of
MYR442.0 million and is expected to be launched in 3Q2008.  The
prevailing soft market conditions pose challenges and downside
risks to planned launches.

The stable outlook reflects MARC's expectations that OIB will
maintain its business and financial risk profile in the near to
intermediate term aided by its leisure and property development
division for which demand and profitability is more predictable.
A moderation in sales momentum for its upcoming property
launches and potential margin pressures arising from the recent
fuel hike and rising construction material costs could, however,
result in a revision of the stable rating outlook.


TRACOMA HOLDINGS: MARC Downgrades MYR100MM BaIDS To BB+ID
---------------------------------------------------------
MARC has downgraded Tracoma Holdings Berhad's MYR100 million Al
Bai' Bithaman Ajil Islamic Debt Securities (BaIDS) long term
rating to BB+ID from BBB+ID.  The rating remains on MARCWatch
Negative.

The downgrade reflects the company's tight liquidity position
and limited financial flexibility, exacerbated by weaker-than-
expected cash flow generation as indicated by Tracoma's failure
to make a scheduled RM5 million payment into the principal
service reserve account (PSRA) on July 28, 2008, in accordance
with the revised schedule of build-up payments.  The BaIDS
holders had recently approved Tracoma's earlier request to vary
the six scheduled monthly payments to build up the PSRA to
redeem the first series of the BaIDS amounting to MYR50 million
maturing on January 28, 2009.  The first three deposits will now
amount to MYR5 million each, followed by two MYR10 million
deposits and a final MYR15 million deposit in place of the
original MYR25 million scheduled payment on July 28, 2008,
followed by five monthly payments of MYR5 million each.

The rating remains on MARCWatch Negative to highlight the
possibility that it could be lowered further in the near-term in
the absence of improvement to Tracoma's financial profile,
and/or failure to preserve adequate liquidity.  MARC will
continue to monitor measures and initiatives taken by Tracoma to
cope with its current challenges before taking further rating
action.



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

CONRAD SEYMOUR: Shareholders Appointed Liquidators
--------------------------------------------------
Pursuant to Section 255(2) of the Companies Act 1993, the
shareholders of Conrad Seymour Limited appointed Iain Bruce
Shephard and Christine Margaret Dunphy as liquidators on
June 23, 2008.

The liquidators can be reached at:

          Shephard Dunphy Limited
          Level 2, Zephyr House
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


DAVRON PRINTERS: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Auckland held a hearing on July 25, 2008, to
consider an application putting Davron Printers (2006) Limited
into liquidation.

The application was filed on April 29, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way (PO Box 76198)
          Manukau, Auckland 2241
          Telephone: (09) 985 7274
          Facsimile: (09) 985 9473

Sandra Joy North is the plaintiff's solicitor.


DOMINION FINANCE: Resumes Trading of Shares
-------------------------------------------
The New Zealand Stock Exchange Regulation lifted the suspension
of Dominion Finance Holdings' shares on August 5, 2008.

As reported in Troubled Company Reporter – Asia Pacific on
July 9, 2008,  NZXR suspended the trading of Dominion Finance's
shares after the company failed to submit its annual report on
the July 7, 2008 deadline.

Since that time, NZXR said, it has been in discussion with the
company in relation to remedying that failure.  These
discussions are continuing.

NZXR said it believed that shareholders interests are best
served by enabling them to deal with their holdings if they wish
to do so.

                      About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages
in the provision of financial services through the raising of
debenture stock.  The company operates through its wholly owned
subsidiaries Dominion Finance Group Limited and North South
Finance Limited, and investment vehicle Dominion Investment Fund
Limited.  Both Dominion Finance Group Limited and North South
Finance Limited accept debenture stock investments and apply
them (in conjunction with its own funds) towards the provision
of certain loans and other financial accommodation.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2008, the company's Board of Directors had become
concerned about the liquidity position of its two subsidiaries
-- Dominion Finance Group Limited and North South Finance
Limited -- and primarily the ability of these companies to meet
their ongoing payment obligations to their respective debenture
holders both in respect of interest and principal.

The company is facing liquidity pressure from the impact of the
international credit crisis on the confidence of Dominion
Finance Group and North South Finance's investor base, and the
inability of the company's borrowing clients to refinance or
repay the debt facilities previously provided to those
borrowers.

The company's Board entered into discussions with bankers,
auditors, and Trustee's of DFG and NSFL respectively, with a
view to exploring the prospect of those two companies entering
into a Moratorium with their respective
debentureholders.

Under the prospective moratorium, DFG and NSFL would seek the
suspension of the obligation to make payments to
debentureholders for a yet to be determined period of time with
a view to enabling those companies the opportunity to
restructure in order to alleviate the liquidity pressures and
ensure the maximum realization of investor's investment in DFG
and NSFL.


DRH (WHANGAREI): Horton and  Price Appointed as Liquidators
-----------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993,
Christopher Robert Ross Horton, chartered accountant, and
John Albert Price, insolvency practitioner, were appointed
liquidators of DRH (Whangarei) Limited on June 27, 2008.

Only Creditors who were able to file their proofs of debt by
Aug. 1, 2008, were included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Horton Price Limited
          PO Box 9125
          Newmarket, Auckland 1149
          Telephone: (09) 366 3700
          Facsimile: (09) 366 3705


EASTERN ENGINEERING: Liquidators Set Aug. 29 as Claims Bar Date
---------------------------------------------------------------
The High Court has appointed John Howard Ross Fisk, chartered
accountant, and Craig Alexander Sanson, insolvency practitioner,
both of Wellington, as liquidators of Eastern Engineering (2002)
Ltd.

The liquidators set Aug. 29, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: Carl Messerschmidt
          PricewaterhouseCoopers
          113-119 The Terrace (PO Box 243)
          Wellington
          Telephone: (04) 462 7044
          Facsimile: (04) 462 7492


FIVE STAR FINANCE: Companies Office Sues Another Director
---------------------------------------------------------
A fourth person linked to Five Star Finance Ltd is facing
criminal charges, the New Zealand Herald reports.

According to the Herald, Neil Williams was charged by the
Companies Office in his capacity as a principal officer with
Five Star.  Mr. Willilams, the report relates, was charged at
Auckland District Court under the Securities Act along with
company directors Marcus MacDonald, Anthony Bowden and Nicholas
Kirk.  They were remanded without plea to reappear at Auckland
District Court on September 15 to allow for further disclosure
to them of the case against them, the report adds.

As reported in Troubled Company Reporter–Asia Pacific on
July 14, 2008, citing Ministry of Economic Development, the
Companies Office laid criminal charges in the Auckland District
Court against Messrs. MacDonald, Bowden and Kirk, as directors
of Five Star Finance Limited and Five Star Debenture Nominee
Limited.

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

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

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

                         The Charges

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

                        The Penalties

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

                       About Five Star

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

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

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


GLOBAL HOSPITALITY: Court Appoints Liquidators
----------------------------------------------
The High Court has appointed David Donald Crichton and Keiran
Anne Horne, chartered accountants of Crichton Horne & Associates
Limited, as liquidators of Global Hospitality Ltd.

Only Creditors who were able to file their proofs of debt by
July 30, 2008, were included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Marie Inch
          Crichton Horne & Associates Limited
          Old Library Chambers
          109 Cambridge Terrace (PO Box 3978)
          Christchurch
          Telephone (03) 379 7929


HAPE SHEARING: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Palmerston North held a hearing on July 21,
2008, to consider an application putting Hape Shearing Ltd into
liquidation.

The application was filed on May 26, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          (PO Box 1462), Wellington
          Telephone: (04) 890 1028
          Facsimile: (04) 890 0009

Philip Hugh Brian Latimer is the plaintiff's solicitor.


HILLARY & MARSHAL: Court Appoints Hollis and Cain as Liquidators
----------------------------------------------------------------
The High Court has appointed Malcolm Grant Hollis, chartered
accountant, and Rhys James Cain, insolvency practitioner, both
of Christchurch, as liquidators of Hillary & Marshall Ltd.

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:

          Attn: Wendy Somerville
          PricewaterhouseCoopers
          119 Armagh Street (PO Box 13244)
          Christchurch
          Facsimile: (03) 374 3001
          Telephone: (03) 374 3000


LIVING ON: Court Appoints Crichton and Horne as Liquidators
-----------------------------------------------------------
The High Court has appointed David Donald Crichton and Keiran
Anne Horne, chartered accountants of Crichton Horne & Associates
Limited, as liquidators of Living On Salisbury Ltd.

Only Creditors who were able to file their proofs of debt by
July 30, 2008, were included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Marie Inch
          Crichton Horne & Associates Limited
          Old Library Chambers
          109 Cambridge Terrace (PO Box 3978)
          Christchurch
          Telephone (03) 379 7929


ORIENTAL BAY: Shareholders Appointed Liquidators
------------------------------------------------
Pursuant to Section 255(2) of the Companies Act 1993, the
shareholders of  Oriental Bay Market Limited trading as Zarbos
Wellington, appointed Iain Bruce Shephard and Christine Margaret
Dunphy as liquidators on June 23, 2008.

The liquidators can be reached at:

          Shephard Dunphy Limited
          Level 2, Zephyr House
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


OVERLAND CONSTRUCTION: Placed Under Liquidation
-----------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Overland Construction Limited resolved that the
company be liquidated and appointed Kevin John Gilligan, of
Auckland, as liquidator.

Only Creditors who were able to file their proofs of debt by
July 31, 2008, were included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Kevin J. Gilligan
          PO Box 26022
          Epsom, Auckland 1344
          Telephone: (09) 834 4486
          Facsimile: (09) 834 4990
          Email: kgill@ihug.co.nz



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

EVER GOTESCO: Moves Stockholders' Meeting to November 7
-------------------------------------------------------
During a special meeting held on August 4, 2008, the Board of
Directors of Ever Gotesco Resources and Holdings, Inc. resolved
to postpone the Annual Stockholders' Meeting scheduled on the
last Friday of August 2008 to November 7, 2008.

The postponement was due to the lack of material time to prepare
the documents, papers and approvals such as the printing of the
annual reports, approval by the Securities and Exchange
Commission of the Definitive Information Statement (SEC Form 20-
IS) and reproduction thereof, collation and mailing of the
aforecited reports and documents to the more than 6,000
stockholders of record.

The company's members were also informed that Dionicio N. Yao
tendered his resignation as Independent Director of the company
effective on July 31, 2008, citing health reasons.  The Board of
Directors accepted with regrets the resignation and commended
Mr. Yao for his past services with the company.

With the resignation of Mr. Yao, the President informed the
members of the Board, the need to elect an Independent Director
to fill up the position vacated by Mr. Yao as mandated under the
law.

Headquartered in C.M. Recto Avenue, Manila, Ever-Gotesco
Resources and Holdings, Inc., was established by the Ever-
Gotesco Group to pursue its mall operations through its two
subsidiaries, Ever Commonwealth Center and Ever Gotesco Ortigas
Complex.  The company is also engaged in real estate
development.  It builds and leases out shopping malls to
commercial tenants.  Revenues of the company are generated
principally from its leasing operations.

The company owns 100% of the outstanding capital stock of
Gotesco Tyan Ming Development, Inc., owner of the Ever Gotesco
Ortigas Complex.  GTMDI was registered with the Securities and
Exchange Commission on September 21, 1994, to engage in real
estate and related business.  GTMDI started its commercial
operations on December 1, 1995, and has since taken over
ownership and operations of the Mall cinemas.

                      Going Concern Doubt

Sycip Gorres Velayo and Co. Raised substantial doubt on Ever-
Gotesco Resources' ability to continue as a going concern after
auditing the company's annual report for the period ended
Dec. 31, 2007.  The auditors cited:

   (a) the consolidation by lender banks of the ownership and
       possession of the land and commercial complex of the
       company's wholly owned subsidiary, Gotesco Tyan Ming
       Development, Inc., pending the decision on the case by
       the court, and

   (b) the amount of staggered amortization as loan repayment
       that are due under a compromise agreement, which was
       approved by the court, from the defendants to a civil
       case in which the company and its subsidiary were
       impleaded.

The auditors also cited that the company and its subsidiary
continued to have a substantial working capital deficiency and
deficit notwithstanding the improvements in the Group's
liquidity and operating performance in 2007.


UNITED PARAGON: In Talks With Deutsche Bank on Loan Conditions
--------------------------------------------------------------
United Paragon Mining Corp. said in its disclosure with the
Philippine Stock Exchange that it is still in negotiation for
the terms and conditions of its proposed US$45 million loan from
Deutsche Bank.

Business World reports that the company plans to use the loan
proceeds to rehabilitate and develop its main mining operation
in Paracale, Camarines Norte.

United Paragon mining consultant Carlos E. Aspillera told
Business World that the loan will come in tranches once the
rehabilitation of the company starts.

The company noted in its statement that in order to secure the
loan, the company needs the guaranty of the Philippine Export-
Import Credit Agency (Philexim).

United Paragon Mining Corporation (UPMC) is a Philippine
corporation whose main business is the exploration, development,
exploitation, recovery and sale of gold.  UPMC was the result of
a merger in 1989 between United Asia and Geothermal Resources
(UAR) and Abcar Paragon Mining Corporation, in which UAR became
the surviving corporation.  UAR was then renamed United Paragon
Mining Corporation in 1990.

UPMC's principal mining operation is the Longos Mine at
Paracale, Camarines Norte.  The company operated an open pit
area in the mine from August 1988 to June 1994, and by April
1994, UPM began the commercial operations of the underground
mine at the same site.  However, it was placed under care and
maintenance in December 1998 because of serious depletion of
economic reserves, high operating costs and low metal prices.
In November 2003, the company decided to suspend further
drilling in Longos.  There were no gold and silver recovered in
the years 2004 to 2006 since UPM's mining and milling operations
are still suspended.

Another prospective area for exploration of UPM is San Mauricio
located in Jose Panganiban.  The company has plans of continuing
exploration drilling in San Mauricio once the necessary
clearance from the Department of Environment and Natural
Resources (DENR) is secured.  UPMC is in the process of finding
a strategic partner/investor to help finance the amount required
for the rehabilitation and further development of Longos Mine.

                         *     *     *

Manabat Sanagustin & Co. expressed substantial doubt about
United Paragon's ability to continue as a going concern after
auditing the company's 2007 Annual Report.

The auditors cited that:

   * The company has suffered recurring losses from operations
     and as of December 31, 2007, has a negative working capital
     of Php2,598.3 million (2006-Php2,471.9 million), an
     accumulated deficit of Php2,426.8 million (2006-
     Php2,298.2 million) and a capital deficiency of
     Php1,539.9 million (2006-Php1,411.3 million), despite the
     capital restructuring made in 1999; and

   * The company’s Board of Directors authorized the suspension
     of the Main Shaft rehabilitation and development in the
     last quarter of 1998 until appropriate financing for its
     further development becomes available.  Likewise, the
     underground Shaft 4 mining operations were discontinued to
     avoid further losses and to preserve the remaining reserves
     for future extraction from the Main Shaft at a profitable
     level and a retrenchment program for its employees was
     commenced.


* PHILIPPINES: Inflation Accelerates in 2Q08, Central Bank Says
---------------------------------------------------------------
The Bangko Sentral ng Pilipinas disclosed the publication of
its 27th issue of the quarterly BSP Inflation Report covering
the period April-June 2008.

The following are the highlights of the BSP Inflation Report for
Q2 2008:

   * Inflation accelerated in Q2 2008.  Against the background
     of a continuous surge in energy and food prices, average
     headline inflation rose to 9.7 percent from 5.6 percent in
     the previous quarter.  The strong price dynamics of food
     and oil have also started to feed into other prices, as
     evident in the uptrend in core inflation.  Core inflation,
     which measures the underlying trend in inflation by
     excluding specific food and energy items, accelerated to
     6.2 percent during the review quarter from 4.1 percent in
     the previous quarter;

   * The BSP's latest assessment is that inflation could settle
     above the 2008 and 2009 targets.  Price pressures have
     increased even as they are projected to ease starting late
     2008.  This developed as concurrent and interrelated shocks
     to the economy—such as the persistent surge in oil prices
     and spikes in commodity prices—have contributed to elevated
     inflation readings.  The pass-through from global prices is
     continuing and the global non-oil commodity price hikes
     appear prolonged and are expected to take longer to unwind.
     Importantly, second-round effects have set in, as evident
     in the surge in core inflation, and a rise in inflation
     expectations has been perceptible from surveys and term
     spreads;

   * Gross Domestic Product (GDP) grew at a slower pace of 5.2
     percent in Q1 2008 compared to the expansion posted in the
     previous quarter and the comparable period last year.  On
     the expenditure side, household spending and capital
     formation slowed down while government consumption
     declined.  On the production side, all major sectors
     expanded at a slower pace relative to both year-ago and
     quarter-ago levels.  Meanwhile, rising fuel costs moderated
     the demand for energy-related and -intensive goods, with
     electricity consumption by residential consumers declining
     and vehicle sales slowing down.  Moreover, the US economic
     slowdown has resulted in reduced Philippine exports.
     Employment conditions have also weakened while business and
     consumer confidence have turned more cautious.  Appliance
     sales, on the other hand, grew strongly during the quarter.

   * Financial markets were affected by heightened risk aversion
     brought about by worries over the global economy, as well
     as rising inflation.  The peso weakened, activity in the
     stock market turned bearish, and secondary market yields
     for government securities rose across all tenors in Q2 2008
     on news of an imminent recession in the US and the
     resulting slowdown in the broader global economy, and the
     continuing surge in international oil and food prices.

   * Higher oil and non-oil commodity prices have resulted in an
     "income crunch" across the world.  The recent run-up in
     commodity prices comes in the face of the weakness in US
     economic activity and global financial market volatility,
     which are already causing a slowdown in global expansion.
     Emerging market economies, however, have so far been less
     affected by the financial market turbulence and have
     continued to grow at a strong pace—particularly China and
     India—although economic activity is beginning to moderate
     in other Asian economies;

   * Domestic liquidity growth increased in March.  Domestic
     liquidity or M3 increased in March.  The growth of credit
     extended to the public and private sectors continued to be
     strong, although slightly lower than in the preceding
     month; and

   * The BSP hiked policy rates during the quarter.  After
     keeping monetary policy settings steady in April, the
     Monetary Board hiked by 25 basis points in June the BSP's
     key policy interest rates to 5.25 percent for the overnight
     borrowing or reverse repurchase (RRP) rate and 7.25 percent
     for the overnight lending or repurchase (RP) rate.  The BSP
     believed that there were already indications of supply-
     driven pressures beginning to feed into generalized pricing
     behavior.  Given the early evidence of second-round
     effects, as indicated in the uptrend in core inflation,
     rising prices of services, upward shift in inflation
     expectations, and the earlier-than-expected wage
     adjustments, the Monetary Board recognized the need to act
     promptly to rein in inflationary expectations.  Since
     monetary policy affects economic variables with a time lag,
     the policy measure undertaken is expected to help address
     risks to inflation in 2009.


* PHILIPPINES: Rural & Co-Op Banks Post 9.82% Ratio in March
------------------------------------------------------------
As of end-March 2008, the rural and cooperative banks (R/CBs)
posted a non-performing loans (NPL) ratio of 9.82 percent.  This
is the seventh consecutive quarter of improvement in the ratio
from 9.95 percent at end-December 2007, 10.10 percent at end-
September 2007, 10.57 percent at end-June 2007, 10.92 percent at
end-March 2007, 11.07 percent at end-December 2006, 11.63
percent at end-September 2006 and 12.07 percent ratio at end-
June 2006, data from Bangko Sentral ng Pilipinas shows.

The quarter-on-quarter improvement came about as the
5.18 percent increase in NPLs to Php10.35 billion was outpaced
by the 6.59 percent rise in total loan portfolio (TLP) to
Php105.41 billion.

Based on the three major geographical regions, R/CBs in the
Mindanao area exhibited better loan quality at 8.22 percent as
compared to R/CBs in Luzon and Visayas area which registered NPL
ratios of 10.49 percent and 8.78 percent, respectively.

The ratio of restructured loans (RLs), gross to TLP, gross
slightly dropped to 1.03 percent from 1.09 percent last quarter.
The 0.50 percent growth in RLs, gross was surpassed by the
expansion in TLP.

The industry made efforts to lower delinquent loans through
foreclosure.  Real and other properties acquired (ROPA), gross
grew by 1.71 percent to P12.25 billion from P12.04 billion last
quarter.  Nonetheless, the faster growth in gross assets brought
the ratio of ROPA, gross to gross assets down to 7.22 percent
from 7.42 percent.

The ratio of non-performing assets (NPAs) to gross assets eased
by 0.06 percentage point to 11.06 percent from 11.12 percent
last quarter.  This development transpired as the 3.97 percent
expansion in NPAs to P18.70 billion was outmatched by the 4.58
percent rise in gross assets.

Quarter-on-quarter, loan loss reserves rose by 4.85 percent to
Php3.76 billion.  With a comparatively wider increment in NPLs,
the NPL coverage tapered to 36.34 percent from 36.45 percent.

Meantime, the NPA coverage ratio widened to 22.18 percent from
21.96 percent last quarter as NPA reserves climbed by 5.04
percent to Php4.15 billion.



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

PRIMUS LEASING: Fitch Cuts Guaranteed Notes Rating to BB-
---------------------------------------------------------
Fitch Ratings (Thailand) Limited has downgraded Primus Leasing
Company Limited's (Primus) National rating of guaranteed notes
issued under its medium-term note programmes to 'BB-(tha)' from
'BB+(tha)'.  The Outlook remains Negative.  This follows the
agency's downgrade on both US-based Ford Motor Credit Company's
and Ford Motor Company's Long-term Issuer Default Ratings to
'B-' from 'B'.  The rating Outlooks for Ford Credit and Ford
remain Negative.  Primus is a Thai subsidiary of Ford Credit,
which is a guarantor of Primus's debt.

Primus's rating is based on the full, irrevocable and
unconditional guarantee given by Ford Credit and the
creditworthiness of Primus's ultimate parents, Ford and Ford
Credit.  The Negative Outlooks on Ford and Ford Credit indicate
the possibility of a downgrade on Primus's rating.  A rating
Outlook generally indicates the direction a rating is likely to
move over a one-to-two-year period.  Investors should note that
a one-notch change in an International rating could result in a
change of more than one notch in a National rating.

Fitch downgraded Ford Credit and Ford's Long-term IDRs following
further deterioration in Ford's U.S. sales as a result of
economic conditions, an adverse product mix and the most recent
jump in gas prices.  In addition, Fitch is concerned by Ford
Credit's portfolio deterioration, reduced access to capital to
support financing requirements and escalating commodity costs
that remain a significant offset to cost reduction efforts.
Negative cash flows and declining liquidity at Ford's automotive
operations will accelerate in the second half of 2008, but
liquidity is expected to be sufficient through 2009 to finance
operating losses, working capital drains and restructuring
efforts - even in the event that 2009 industry sales remain
flat.


SEA CONTAINERS: Accused by Asociacion Peruana of Misstatements
--------------------------------------------------------------
An interested non-profit party in Sea Containers Ltd. and its
debtor-affiliates' Chapter 11 cases accused the Debtors of
misstatements regarding to certain prepetition transfers.

Ferrocarril Transandino S.A. was incorporated in 1999 by Sea
Containers Ltd. and Peruval Corp. S.A., with both companies
owning 50% of Transandino.  In March 2006, SCL transferred a 20%
interest in Transandino to its former subsidiary, Orient-Express
Hotels Ltd.  Subsequently, before its bankruptcy filing on
Oct. 15, 2006, SCL transferred its remaining 30% in Transandino
to Orient-Express.

In a notice filed with the U.S. Bankruptcy Court for the
District of Delaware, the Asociacion Peruana de Operadores
Ferrocarriles de Peru, also known as Asociacion Peruana de
Operadores Ferroviarios, notified creditors in the bankruptcy
cases that it has become aware of a potential avoidance action
relating to certain prepetition transfers by SCL of its interest
in Transandino to Orient-Express.

The Asociacion Peruana is a non-profit association formed by
Peruvian railroad companies to promote fair competition in
Peru's railroad business.

"Because the Asociacion has reason to believe that (i) [SCL] did
not receive reasonably equivalent value in connection with the
Transfers and (ii) [SCL] has misstated certain facts relating to
the Transfers, it feels duty-bound to notify the Debtor's
creditors of the facts upon which its belief is based," James M.
Sullivan, Esq., at McDermott Will & Emery LLP, in New York, told
Judge Carey.

In its statement of financial affairs filed with the Court, SCL
asserted that its ownership interest in Transandino ended in
November 2005, which appears to be incorrect, Mr. Sullivan said.
He noted that the SOFA did not disclose what, if any,
consideration SCL received in connection with the Transfers.

Mr. Sullivan related that the Asociacion was unable to find any
disclosure of the consideration paid in Orient-Express' public
filings with the Securities Exchange Commission.  However, based
on a report issued by Supervisory Board for Investment in Public
Transport Infrastructure in June 2007, the Asociacion believes
that the first 20% interest in Transandino transferred to
Orient-Express could have been sold for more than the face value
of the shares.  The face value of those shares equaled
approximately US$532,859.

The OSITRAN Report disclosed that Transandino's total net worth
was 10,322,000 Nuevos Soles, or US$3,664,832 in 2005, and
16,049,000 Nuevos Soles, or US$5,698,206 in 2006.

According to the SOFA, the Debtor sold its remaining interest in
Orient-Express to a group of financial institutions in two
separate transactions on March 15 and Nov. 17, 2005, Mr.
Sullivan noted.  Although it appears that the Debtor sold its
shares in Orient-Express before the Transfers occurred, he
argued that evidence exists that SCL and Orient-Express were
insiders at the time of the Transfers.

In a letter sent by Transandino to OSITRAN on May 3, 2006,
seeking OSITRAN's approval of the first Transfer, Transandino
stated that the transfer of SCL's interest gradually began in
2002, at a time when Orient-Express was SCL's subsidiary, Mr.
Sullivan said.  He pointed out that the May 3 Letter cited an
example of the gradual assignment of personnel that SCL had
originally assigned to Transandino to Orient-Express.  He added
that letter also disclosed that SCL and Orient-Express shared
common managers and personnel, including:

   (a) John D. Campbell, a director of Orient-Express
       since 1994, and has served as SCL's director;

   (b) James Sherwood, president of Orient-Express and
       a director since 1994, served as SCL's director
       from 1974 through March 20, 2006, when the first
       Transfer occurred, and served as SCL's president
       until Jan. 5, 2006; and

   (c) Edwin S. Hetherington, secretary of Orient-Express
       since 1994, and has served as SCL's vice president,
       general counsel, and secretary.

Because the Asociacion felt duty-bound to report the facts
surrounding the Transfers to SCL's creditors and the Bankruptcy
Court, it sent a letter to Judge Carey and the Office of the
U.S. Trustee on Feb. 7, 2008, Mr. Sullivan disclosed.  The
letter, however, was not filed on the Court's docket or
distributed to creditors.  Hence, the Asociacion filed the
notice.

"Given the significant value of the Transandino shares, the
failure by [SCL] and Orient-Express to disclose the
consideration paid for such shares, and the close relationship
between [SCL] and Orient-Express, creditors may wish to
investigate the matter to obtain detailed information about the
Transfers and determine whether reasonably equivalent value was
paid for the shares," Mr. Sullivan stated.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  The Debtors filed their joint Chapter 11 plan
of reorganization and disclosure statement on July 31, 2008.
(Sea Containers Bankruptcy News, Issue No. 46; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)



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

* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

                   Featured Conference

           Oct. 30-31, 2008
           Physician Agreements & Ventures
           The Millennium Knickerbocker Hotel - Chicago
           Brochure will be available soon!

                     *      *      *

           Beard Audio Conferences presents

           Bankruptcy and Restructuring Audio Conference CDs

           More information and list of available titles at:
   http://beardaudioconferences.com/bin/topics?category_id=BAR

                     *      *      *

Aug. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Networking
         Portland, Oregon
            Contact: 503-738-4299 or www.turnaround.org

Aug. 8, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Spa Event
         Hilton, Short Hills, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Aug. 14, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Nassau vs. Suffolk Softball Game
         Eisenhower Park, East Meadow, New York
            Contact: 631-251-6296 or www.turnaround.org

Aug. 14, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Social & Networking Meeting
         CityPlace Center, Dallas, Texas
            Contact: 972-906-9436 or www.turnaround.org

Aug. 15, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Family Night Baseball
         TBD, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Aug. 20-24, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Captain Cook, Anchorage, Alaska
            Contact: http://www.nabt.com/

Aug. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Do's and Don'ts of Investing in a Turnaround
         Citrus Club, Orlando, Florida
            Contact: www.turnaround.org/

Sept. 4-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Sept. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Aug. 27-28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA 4th Annual Northeast Regional Conference
         Gideon Putnam Resort & Spa, Saratoga Springs, New York
            Contact: www.turnaround.org

Aug. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Arizona Chapter Mixer
         TBD, Phoenix, Arizona
            Contact: 623-581-3597 or www.turnaround.org

Sept. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Sept. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dallas / Fort Worth Restructuring Workshop
         Belo Mansion Dallas, Texas
            Contact: www.turnaround.org

Sept. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Lenders Forum
         TBD, Long Island, New York
            Contact: www.turnaround.org

Sept. 11-12, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Mid-America Regional Conference
         Oak Brook Hills Marriott Resort, Oak Brook, Illinois
            Contact: www.turnaround.org

Sept. 11-14, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Cross Border Conference
         Grand Okanagan Resort, Kelowna, British Columbia
            Contact: www.turnaround.org

Sept. 12, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/GULC Views from the Bench
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 16-18, 2008
   ASSOCIATION OF INSOLVENCY &RESTRUCTURING ADVISORS
      2nd Annual Restructuring & Investing Conference
         Shanghai, China
            Contact: http://www.airacira.org/

Sept. 17, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Real Estate / Condo Restructuring Panel
         Marriott North, Fort Lauderdale, Florida
            Contact: www.turnaround.org/

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Event - CFA/IWIRC/RMA/NJTMA/NYIC
      Maplewood Country Club, Maplewood, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Chapter Lunch Program
         Nashville City Center, Nashville, Tennessee
            Contact: 615-850-8678 or www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Healthcare Industry Update - Panel Discussion
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds: A View From US Trustees
         TBA, Syracuse, New York
            Contact: www.turnaround.org

Sept. 18-19, 2008
   AMERICAN CONFERENCE INSTITUTE
      Advanced Insolvency Law and Practice Conference
         Paris, France
            Contact: www.americanconference.com

Sept. 24, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week Cash Flow Workshop: An Overview
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: www.turnaround.org

Sept. 24-25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Florida Annual Golf Tournament
         Champions Gate Golf Club, Orlando, Florida
            Contact: 561-882-1331 or www.turnaround.org

Sept. 24-26, 2008
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC 15th Annual Fall Conference
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Desert Ridge Marriott, Scottsdale, Arizona
            Contact: http://www.iwirc.org/

Sept. 25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Case Study with Tom Kim, TMA Small Business of the Year
         Turnaround Award - TMA Arizona Chapter Meeting
            TBD, Phoenix, Arizona
               Contact: www.turnaround.org

Sept. 26, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Marriott Desert Ridge, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Private Equity Panel
         Centre Club, Tampa, Florida
            Contact: www.turnaround.org/

Oct. 3, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/UMKC Midwestern Bankruptcy Institute
         H. Roe Bartle Hall Convention Center, Kansas City
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Luncheon - Chapter 11
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

Oct. 13, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         Standard Club, Chicago, Illinois
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Charity Golf Event
         Forest Park Golf Course, St. Louis, Missouri
            Contact: www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Billiards Networking Night
         Herbert's Billiards, Secaucus, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Member Social
         Davenport Press, Mineola, New York
            Contact: 631-251-6296 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         TBD, Calgary, Alberta
            Contact: 503-768-4299 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      View from the Bench - Bankruptcy Update
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      How to Contract with a Turnaround Manager
         University Club, Portland, Oregon
            Contact: www.turnaround.org

Oct. 22, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Nevada Award Night
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: www.turnaround.org

Oct. 23, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Election Oriented
         TBD, Phoenix, Arizona
            Contact: www.turnaround.org

Oct. 23, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds: A Panel of Professionals
         TBA, Rochester, New York
            Contact: www.turnaround.org

Oct. 23-24, 2008
   AMERICAN CONFERENCE INSTITUTE
      Distressed Assets Boot Camp
         TBD, London, United Kingdom
            Contact: www.americanconference.com

Oct. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      State of the Capital Markets
         Citrus Club, Orlando, Florida
            Contact: www.turnaround.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Oct. 29-30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Corporate Governance Meetings
         Marriott, New Orleans, Louisiana
            Contact: www.turnaround.org

Oct. 30 & 31, 2008
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Physicians Agreements and Ventures
            Contact: 800-726-2524; 903-595-3800;
               www.renaissanceamerican.com

Oct. 31, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         Hilton, Frankfurt, Germany
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 6, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Coach House Diner & Restaurant, Hackensack, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Nov. 11, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Detroit Consumer Bankruptcy Conference
         Marriott, Troy, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Case Study
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds:A View From Workout Consultants
         TBA, Buffalo, New York
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Social
         TBD, Melville, New York
            Contact: 631-251-6296 or www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Meeting
         TBD, Calgary, Alberta
            Contact: 503-768-4299 or www.turnaround.org

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         Tournament Players Club at Jasna Polana, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
Restructuring/Bankruptcy
         Bankers Club, Miami, Florida
            Contact: 312-578-6900; http://www.turnaround.org/

Nov. 20, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Senior Housing & Long Term Care
         Washington Athletic Club,Seattle, Washington
            Contact: www.turnaround.org

Nov. 27, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Chris Kaup
         TBD, Phoenix, Arizona
            Contact: www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Party
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: 702-952-2480 or www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         Terminal City Club, Vancouver, British Columbia
            Contact: 503-768-4299 or www.turnaround.org

Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

Dec. 8, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Gathering
         TBD, Long Island, New York
            Contact: 631-251-6296 or www.turnaround.org

Dec. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         Washington Athletic Club, Seattle, Washington
            Contact: 503-768-4299 or www.turnaround.org

Dec. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         University Club, Portland, Oregon
            Contact: 503-768-4299 or www.turnaround.org

Dec. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         TBD, Phoenix, Arizona
            Contact: 623-581-3597 or www.turnaround.org

Dec. 31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Sponsorships - Annual Golf Outing, Various Events
         TBA, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Jan. 21-22, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Insolvency Symposium
         Westin Casurina, Grand Cayman Island, AL
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Valcon
         Four Seasons, Las Vegas, Nevada
            Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         Beverly Wilshire, Beverly Hills, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 17-18, 2009
   NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
      NABT Spring Seminar
         The Peabody, Orlando, Florida
            Contact: http://www.nabt.com/

Apr. 20, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         John Adams Courthouse, Boston, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

Apr. 28-30, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

May 14-16, 2009
   ALI-ABA
      Chapter 11 Business Reorganizations
         Langham Hotel, Boston, Massachusetts
            Contact: http://www.ali-aba.org

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/

June 21-24, 2009
   INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
      BANKRUPTCY PROFESSIONALS
         8th International World Congress
            TBA
               Contact: http://www.insol.org/

July 16-19, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Mt. Washington Inn
            Bretton Woods, New Hampshire
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 15-18, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Ocean Edge Resort, Brewster, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay, Cambridge, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

Dec. 2-4, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Camelback Inn, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

BEARD AUDIO CONFERENCES
   2006 BACPA Library
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   China’s New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
      for Navigating the Restructuring Process
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency – Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Examining the Examiners: Pros and Cons of Using
      Examiners in Chapter 11 Proceedings
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   New 'Red Flag' Identity Theft Rules
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers—the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today’s Legal
Processes
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Subprime Sector Meltdown:
      Legal Developments and Latest Opportunities
         Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite Corporate Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
      Audio Conference Recording
          Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.



                         *********

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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