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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, August 12, 2008, Vol. 11, No. 159

                            Headlines

A U S T R A L I A

ACTION CONSTRUCTION: Members and Creditors to Meet on August 15
BABCOCK & BROWN: Expects 25%-40% Lower than 2007 Interim Result
BARRIER TRAFFIC: Liquidators to Give Wind-Up Report on August 15
BOAS HOLDINGS: Members' Meeting Set for August 15
BOOTHS CORP: Liquidators to Present Wind-Up Report on August 15

BOTTAD PTY: Commences Liquidation Proceedings
CALOOLA MEATS: Commences Liquidation Proceedings
COMMANDER COMMUNICATIONS: Board Hires Voluntary Administrators
FIREPOWER: Federal Court Appoints Bryan Hughes as Liquidator
FUTURIS CORP: Restructures Elders Rural Operations

IQ FINANCIAL: Members' Meeting Slated for August 15
MIGRANT RESOURCE: Members' Final Meeting Set for August 27
QUALITY CONTROL: To Declare Dividend on September 2
REDBANK PROJECT: Moody's Lowers Company Rating to Ba1
SELECT: S&P Puts AU$13.50MM Notes' BB Rating on Positive Watch

SEND AUSTRALIA: Commences Liquidation Proceedings
SEND AUSTRALIA ASSETS: Commences Liquidation Proceedings
SIRISE PTY: Commences Liquidation Proceedings
TRENCH-CO HIRE: Liquidators to Give Wind-Up Report on August 15


C H I N A

CHINA EASTERN: Shares Hit Lowest on Failed Singapore Air Deal
CHINESEWORLDNET: Significant Losses Prompt Going Concern Doubt
* CHINA: Power Firms Seek Subsidies to Curb Losses
* CHINA: Gov't to Force State Firms to Merge to Compete Globally


H O N G K O N G

ARIES TECH: Creditors' Proofs of Debt Due on September 8
ASIA ARCH: Creditors' Meeting Set for September 1
CORSAIR (JERSEY) 2: S&P Ups Series 69 CL Notes to BBB- From BB+
ELM B.V. S&P Places BB-Rated Asia-Pacific CDOs on Positive Watch
GOLDEN REGENT: Placed Under Voluntary Wind-Up

HANTEX INDUSTRIAL: Huen Ho Yin Ceases to Act as Liquidator
LI TUNG: Cheung Quits as Liquidator, Appoints Wong Kwok Hong
NEW STAR: Members' Meeting Set for September 9
SAMTA SHIPPING: Chui Chi Hung Ceases to Act as Liquidator
SING FUNG: Court to Hear Wind-Up Petition on August 27

SUNCORP INDUSTRIAL: Wind-Up Petition Hearing Set for September 3
SUPERSHINE LIMITED: Creditors' Meeting Set for August 15
TOM GROUP: S&P Cuts Long-Term Corp. Credit Rating to BB From BB+


I N D I A

COVERAGE AND CONSULTANTS: Barred from Securities Market for 2Yrs
GEN. MOTORS: Asks Advertising Agencies for a 20% Fees Discount
GENERAL MOTORS: Provides US$300MM to Help Delphi Exit Bankruptcy
IMAX EQUITY: SEBI Files Criminal Action Against Proprietor
* INDIA: 2008-09 Sugar Production Estimates Down 17% to 220 lt

* INDIA: Small Scale Industries Hurt by Economic Slowdown


I N D O N E S I A

MERPATI: Government Pumps US$38.6 Mil. to Aid Restructuring


J A P A N

DELPHI CORP: Gets US$300MM Add'l. Exit Funding from Gen. Motors
* JAPAN: Economy May Enter Into Recession, Government Says


K O R E A

HANARO TELECOM: To Resume Business After 40-Day Suspension
* KOREA: Automobile Exports Declined 6.6% YOY to 190,000
* KOREA: Securities Firms' First Quarter Earnings Dropped 40%


M A L A Y S I A

LITYAN HOLDINGS: Inks Stock Issuance Deal With Lembaga Tabung


N E W  Z E A L A N D

AL-MAQDASI LTD: Shareholders Appoints Merlo as Liquidator
BARBADOES RESIDENTIAL: Commences Liquidation Proceedings
BRUCE HILL: Commences Liquidation Proceedings
CHELTENHAM TRUSTEE: Proofs of Debt Due on August 15
ELEGANT BATHROOM: Liquidators Set August 15 as Claims Bar Date

GOVERNORS BAY: Wind-Up Petition Hearing Set for August 18
HERES HELP: Commences Liquidation Proceedings
PRONET INTERNET: Commences Liquidation Proceedings
R ANDERSON: Liquidators Set August 15 as Claims Bar Date
STRATEGIC FINANCE: Still Working on Proposed Capital Restructure

SUPPLEMENTSONLINE (NZ): Proofs of Debt Due on August 15


P H I L I P P I N E S

BENPRES HOLDINGS: To Sell Tollroad Business to MPIC
NIHAO MINERAL: Inks Cooperation Agreement w/ Jiangxi & Geograce
PHILREALTY: Expects Lower than PHP100Mil. Debt by End of 2008
* PHILIPPINES: NPL Ratio Drops by 0.11% to 4.17% as of May End


S I N G A P O R E

OM LOGISTICS:  Commences Liquidation Proceedings
PACIFIC SOURCE: Wind-Up Petition Hearing Set for August 15
PURPLE ACE: Court Enters Wind-Up Order
RINOL SINGAPORE: Pays First and Final Dividend
TRANSBILT ENGINEERING: Creditors' Proofs of Debt Due on Aug. 18


T A I W A N

AU OPTRO: CSR Report to Get 1st Independent Verification GRI A+
SILICON PRECISION: Posts NT$15,852MM Sales Revenue for 2Q 2008


X X X X X X X X

* BOND PRICING: For the Week August 4 - August 8, 2008


                         - - - - -


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

ACTION CONSTRUCTION: Members and Creditors to Meet on August 15
---------------------------------------------------------------
Action Construction Services Pty Ltd will hold a final meeting
for its members and creditors at 4:30 p.m. on Aug. 15, 2008.
During the meeting, the company's liquidator, Peter P. Krejci,
will provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

          Peter P. Krejci
          Ferrier Green Krejci Silvia
          Commonwealth of Australia Gazette
          Private Notices: 1510 No. B28 Tuesday 15th July 2008
          Level 13, 1 Castlereagh Street
          Sydney NSW 2000
          Australia


BABCOCK & BROWN: Expects 25%-40% Lower than 2007 Interim Result
---------------------------------------------------------------
Babcock & Brown Limited's 2008 interim Group Net Profit After
Tax (NPAT) is expected to be 25% - 40% below the AU$250 million
interim result reported in 2007.  The wide range in the interim
group NPAT guidance is due to the fact that the final outcome of
the interim result review has not been determined.

Babcock said the decline in the interim result is primarily due
to non cash impairment provisions flowing through equity
accounted investments, in particular real estate and Everest
Babcock & Brown and provisions taken against real estate and
other Corporate & Structured Finance assets.  The 2008 interim
result prior to impairment provisions is expected to be above
the 2007  interim result.

The impairment adjustments will flow through to our full year
earnings and combined with the ongoing deterioration in global
markets will mean that Babcock & Brown's 2008 earnings are not
expected to exceed 2007 Group Net Profit of AU$643 million.

At the operating level the Infrastructure Division and Operating
Leasing Division continue to benefit from strong industry
dynamics despite the macro environment and have strong global
positions in those sectors.

Phil Green CEO of Babcock & Brown said "The volatile global
capital market conditions have made and continue to make
business conditions uncertain and forecasting in the short term
difficult.  We will look to provide more detail on the 2008
outlook with our interim result to be reported on Aug. 21,
2008."

                     About Babcock & Brown Ltd

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is engaged in the
creation, syndication and management of investment products for
itself, as a principal, and its investor clients; management of
specialised listed and unlisted funds, and advising and
arranging leasing, project financing and structured finance
transactions.  It has five segments: real estate, which engages
in principal investment and investment management activities in
the real estate sector; infrastructure, which engages in
financial advisory, principal finance and funds management
activities in the infrastructure and project finance sector;
corporate and structured finance, which is engaged in the
origination, structuring and participation in and management of
equity and debt investments, and operating leasing, which is
engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-
conductor equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 15, 2008, Standard & Poor's Ratings Services affirmed its
'BB+' long-term and 'B' short-term issuer credit ratings on
Babcock & Brown International Pty Ltd. (BBIPL), a subsidiary of
Babcock & Brown Limited and removed the ratings from CreditWatch
negative, where they were initially placed on June 12, 2008.  At
the same time, a stable outlook was assigned to the long-term
rating.

"The CreditWatch removal and rating affirmation follow BBIPL
banks' waiver of the "review event" and finalization of a
revised bank facility, where the market capitalization clause
was removed.  These developments have significantly eased
BBIPL's short-term funding and liquidity risks," Standard
& Poor's credit analyst Sharad Jain said.  "Although the banks
have increased the interest margin by 50 basis points, its
impact on the company's earnings is not expected to be
significant for the rating.  BBIPL has also agreed to
strengthen the company's liquidity.  Furthermore, the company
plans to reduce its leverage by decreasing the facility size to
AU$2.4 billion through an orderly and planned sale of assets."


BARRIER TRAFFIC: Liquidators to Give Wind-Up Report on August 15
----------------------------------------------------------------
Keiran William Hutchison and John Raymond Gibbons, Barrier
Traffic Control Pty Ltd's state liquidators, will meet with the
company's members on Aug. 15, 2008, to provide them with
property disposal and winding-up reports.

The liquidators can be reached at:

          Keiran William Hutchison
          John Raymond Gibbons
          Ernst & Young
          Level 37, 680 George Street
          Sydney NSW 2000
          Telephone (02) 9248 5555


BOAS HOLDINGS: Members' Meeting Set for August 15
-------------------------------------------------
Patricia Cotterell, Boas Holdings Pty Ltd's state liquidator,
will meet with the company's members at 10:00 a.m. on Aug. 15,
2008, to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          Patricia Cotterell
          Fortunity
          Erina Business Park
          155 The Entrance Road
          Erina NSW 2250
          Australia


BOOTHS CORP: Liquidators to Present Wind-Up Report on August 15
---------------------------------------------------------------
Keiran William Hutchison and John Raymond Gibbons, Booths Corp
(Australia) Pty Ltd's state liquidators, will meet with the
company's members on Aug. 15, 2008, to provide them with
property disposal and winding-up reports.

The liquidators can be reached at:

          Keiran William Hutchison
          John Raymond Gibbons
          Ernst & Young
          Level 37, 680 George Street
          Sydney NSW 2000
          Telephone (02) 9248 5555


BOTTAD PTY: Commences Liquidation Proceedings
---------------------------------------------
Bottad Pty Ltd's members agreed on June 30, 2008, to voluntarily
liquidate the company's business.  B. R. Glanville was appointed
to facilitate the sale of its assets.


CALOOLA MEATS: Commences Liquidation Proceedings
------------------------------------------------
Caloola Meats Pty Ltd's members agreed on June 30, 2008, to
voluntarily liquidate the company's business.  B. R. Glanville
was appointed to facilitate the sale of its assets.


COMMANDER COMMUNICATIONS: Board Hires Voluntary Administrators
--------------------------------------------------------------
At a meeting held on Aug. 7, 2008, the directors of the
Commander Communications Limited appointed Steve Sherman and Max
Donnelly of Ferrier Hodgson to be the joint voluntary
administrators of the company.

The company said that this action was taken following a decision
by the company's lenders not to grant further extension of time
for repayment of their facilities.

Mr. Sherman and Mr. Donnelly were also appointed as voluntary
administrators of the following subsidiaries:

     1410 Communications
     ABN 50 088 984 641 Pty Limited
     ABN 54 088 228 022 Pty Limited
     ABN 56 072 081 906 Pty Limited
     ABN 62 088 008 164 Pty Limited
     ABN 79 051 787 529 Pty Limited
     ACN 063 682 208 Pty Limited
     Affinity IT Recruitment Pty Limited
     Australia Star Communications Pty Limited
     Axon Computers Pty Limited
     Budget Telecom Pty Limited
     Business Enterprise Consulting Pty Limited
     Call Australia Pty Limited
     Commander (NSW) Pty Limited
     Commander (QLD) Pty Limited
     Commander (SA/WA) Pty Limited
     Commander Australia Limited
     Commander Centre Pty Limited
     Commander Corporation Pty Limited
     Commander Enterprise Division Pty Limited
     Commander Enterprise Services Pty Limited
     Commander Express Telecommunications Solutions Pty Limited
     Commander Integrated Networks Pty Limited
     Commander Managed Services Pty Limited
     Commander Rentals Pty Limited
     Commander Systems Pty Limited
     Comvergent Telecommunications Pty Limited
     Corporate Telecom Pty Limited
     Direct Collection Services Pty Limited
     Fixed Wire Holdings Pty Limited
     iBurst Pty Limited
     IPEX ITG Pty Ltd
     Jtec Pty Limited
     LSP Communications Pty Limited
     Multelink Services Pty Limited
     NewTel Services Pty Limited
     Rocfo Pty Limited
     RSL COM Australia Pty Limited
     RSL COM Business Communications Pty Limited
     RSL COM Business Solutions Pty Limited
     SC Communications Pty Limited
     Unitel Distribution Pty Limited
     Volante Group Pty Limited
     Volante Holdings Pty Limited
     Volante Solutions Pty Limited
     Your Telecom Pty Limited

Subsequent to the appointment of administrators, the company's
lenders appointed Peter Anderson, Chris Honey and Joe Hayes of
McGrathNicol as receivers.

Trading in Commander securities will now be suspended during
this period, the company said.

                       About Commander

Based in Sydney, Australia, Commander Communications Limited
(ASX:CDR)-- http://www.commander.com/ -- is a business
communications and technology provider to the corporate and
enterprise market.  The company operates in three business
segments: The Voice Hardware and Network, Data Hardware and the
Services section.  The company's Services segment includes
managed services, professional services and technical services.
Commander, through a series of strategic acquisitions and
relationships with technology companies, provides complete
business communications and technology solutions.  Commander's
solutions span office and mobile telephony, information
technology (IT) hardware and software, Internet and network
access, converged solutions, support and maintenance services
and software licensing. Commander, along with Volante Group
Limited, has introduced infrastructure solutions, software
solutions, strategic consulting services and Volante Managed
Services to the portfolio.


FIREPOWER: Federal Court Appoints Bryan Hughes as Liquidator
------------------------------------------------------------
The New South Wales Federal Court has appointed Pitcher Partners
Perth managing partner Bryan Hughes as liquidator of Firepower
Operations, which owes creditors about AU$16 million, Anthony
Klan of the Australian reports.

Mr. Hughes told the Australian that the accountancy firm was
negotiating to be appointed as liquidator over the string of
companies in the Firepower group, including a British Virgin
Islands subsidiary that raised more than AU$60 million from
about 1400 Australian investors.

Until Aug. 4's court case, the report relates, Firepower
Operations had been under the control of administrator Brent
Kijurina of Hall Chadwick, who was appointed as voluntary
administrator by Firepower founder Tim Johnston on July 21.

The Australian recounts that lawyers for Hall Chadwick had
applied to the Federal Court to be appointed as liquidators to
Firepower Operations after it became apparent the company was
insolvent.

As reported in the Troubled Company Reporter – Asia Pacific on
Aug. 6, 2008, Firepower Holdings has been put into liquidation
after its director, Tim Johnston, failed to help in efforts to
rescue it, the Herald Sun cited administrators Brent Kijurina
and Geoff McDonald of accountancy and insolvency firm Hall
Chadwick.

Based in Perth, Australia, Firepower Holdings and Firepower
Operations are both Australian arms of Firepower Holdings Group,
a fuel technology company based in the British Virgin Islands.

According to Watoday.com.au, Firepower has several high-profile
investors, including former AFL star Wayne Carey and several
Adelaide Crows players.  It sponsored the Western Force rugby
union team, basketball side Sydney Kings and NRL team South
Sydney, which is owned by Russell Crowe and Peter Holmes a
Court.

The company, the Watoday relates, also sponsored Fremantle
Dockers star Matthew Pavlich and Force players Matt Giteau,
Cameron Shepherd and Ryan Cross.


FUTURIS CORP: Restructures Elders Rural Operations
--------------------------------------------------
Futuris Corporation said it re-affirms earlier guidance that
underlying profit to shareholders for the year ended June 30,
2008, is expected to fall within the range of AU$80 million to
AU$85 million.  The full year result will be impacted by non-
recurring items already advised to the market and those arising
from the Elders operation and asset review.

The company said guidance in respect of FY2009 underlying profit
to shareholders is also unchanged, with the expectation of an
underlying profit to shareholders within the range advised
previously of AU$85 million to AU$90 million.  This expectation
is subject to the customary qualifications concerning seasonal
conditions, MIS Sales and Aaco mark to market.

                        Year End Net Debt

Net debt (gross debt less cash) as at June 30 was AU$523
million, lower than the AU$600 million previously forecast.
Gearing as at June 30, 2008, is expected to be approximately
29%, compared with 24% at June 30, 2007, and 36% at December 31,
2007.  The improvement against forecast reflects favourable
timing of settlements due around year-end.

Gross debt as at June 30, 2008, was approximately AU$767 million
with AU$610 million as at June 30, 2007, and AU$962 million as
at December 31, 2007.  These trends are consistent with the
seasonal pattern of the company's cash flows which see net debt
rise in the six months to December and fall in the six months to
June.

The company said it has successfully completed the scheduled
extension of its AU$380 million, 364 day finance facilities to
June 2009.  These facilities, which cater for seasonal working
capital requirements, are an element of the company's total
committed and available corporate bank debt facilities of AU$955
million.  In addition, the company has committed USPP finance of
a further AU$272 million.  As at June 30, 2008, approximately
AU$550 million of Futuris' bank facilities was undrawn.

In respect of tenure, the company's finance arrangements are
largely long dated.  Apart from the evergreen facilities noted
above, only approximately AU$50 million of debt matures prior to
December 2010.

Futuris is comfortably within its debt facilities and debt
covenants, which do not include a market capitalization clause.

                Elders Operation and Asset Review

Futuris said its board has considered the results of an asset
and operational review conducted by the new Elders Rural
Services management.

The review has confirmed that Elders' core network operations
are robust, meeting financial hurdle rates and possess
significant upside potential.  Elders management have also
identified assets and projects that will be discontinued as they
are non-core, considered unlikely to meet performance criteria
or based on strategies that cannot be developed within a
reasonable time frame given other business priorities.  These
items are in addition to Elders operations discontinued, or
written off, in the Futuris accounts for the six months to
December 2007.

Elders Rural Services Managing Director Mike Guerin said that
the decisions to cease core operations and projects had been
informed by the findings of the assets and operational review.

"Elders' future will be built around its core network, network-
related and complementary operations.  We have evaluated assets
and operations which are peripheral to that or which are
unlikely to meet our performance targets" he said.

"The decision to discontinue or sell these assets and operations
is another advance in concentrating our resources around the
Elders core operations which offer the greatest value for our
clients and shareholders."

Mr. Guerin said that the operations and projects to be
discontinued include citrus packing and other horticultural
supply chain operations which are sub-scale; supply chain
operations in seed and fodder; non-indent greasy wool trading
and fuel distribution.

"Elders will seek to increase its participation in the
horticulture, and dairy industries as a supplier of merchandise
and other inputs.  Both are prime markets for agricultural
inputs and Elders has the opportunity to increase its
penetration rates to match the large market share it has built
in the supply of inputs to in areas such as broadacre cropping
and livestock."

As a result of the review, the FY2008 financial statements will
include a number of non-recurring items incurred in
restructuring or as a result of the sale or cessation of these
non-core assets and projects.

                        Elders Re-organization

A restructuring of Elders management structure has been
initiated to align reporting and support with network
performance objectives.  These objectives include operational
efficiency and ongoing gains in financial performance.

The restructuring has included the replacement of a state
office-based management structure, with regional management to
be located in their areas of responsibility, thereby moving
decision making closer to Elders' clients.  The anticipated
costs of redundancies arising from the Elders restructuring have
been provisioned as a non-recurring item in the FY2008 accounts
in accordance with the requirements of Australian Accounting
Standards.

             Shares Slump on Lower Earnings Forecast

As reported in the Troubled Company Reporter-Asia Pacific on
June 26, 2008, Bloomberg News reported that Futuris fell the
most in more than 20 years in Sydney trading on June 25
following news on lower 2008 earnings forecast.

According to Bloomberg, Futuris dropped 36.5 cents, or 27
percent, to 97 Australian cents on the Australian stock exchange
at the 4:10 p.m. close of trade in Sydney, its biggest fall
since the 33 percent drop on Oct. 30, 1987.  The stock has
slumped 64 percent in the past year, Bloomberg said.

                       Non-recurring Items

Non-recurring items as at June 30, 2008, are now expected to
total a charge of AU$47.8 million after tax comprising:

   - items advised previously of AU$21.6 million after tax;

   - items totalling AU$23.0 million after tax from the
     Elders asset and operations review and restructuring;

   - further items totalling AU$3.2 million after tax
     principally relating to asset divestments occurred
     or pending.

                    Clean Seas Tuna Shareholding

The company said it has sold its shareholding in Clean Seas
Tuna.  Proceeds of AU$7.8 million have been applied to debt
reduction.  The sale has no impact on underlying earnings with
the AU$0.5 million profit after tax being recognized as a non-
recurring item.

                    Plantation Timber Land

Hardwood plantation properties valued at AU$90.2 million have
been divested by ITC to Agricultural Land Trust, with settlement
occurring June 30, 2008.  Proceeds have been applied to debt
reduction and this transaction has no earnings significance.

                      Comment by the Chairman
                          Stephen Gerlach

"In June, Futuris expressed its intention to concentrate its
resources on its core performing rural and regional assets and
to reduce debt levels.

"As this update demonstrates, the company is progressing that
task.  The review of Elders has confirmed the quality and
potential of its core network operations.

"Mike Guerin and his team in Elders have commenced the process
by which that potential can be translated into improved
financial returns and more competitive sales performance.

"The decisions and accounting adjustments arising from the
review will lay the basis for better realization of the value
generated by the Elders network.

"Work is ongoing on other elements of the strategy enunciated by
the Board, with the intention of further divestment of non-core
assets and realization of capital within the current financial
year."

                      About Futuris Corp.

Adelaide, Australia-based Futuris Corporation Limited --
http://www.futuris.com.au/-- generates the major share of its
income from the Australian primary production and rural sector,
where it owns or has shareholdings in leading businesses.  The
company's interests include Elders – a rural service company and
Integrated Tree Cropping -- manager of a hardwood plantation
estate.  The company also holds a 27% interest in Webster
Limited which owns 28% of Australia's largest salmon aquaculture
operation.  Telecommunications is a growing contributor to the
company's income through Amcom, which owns 22% stake in iinet,
an independent service provider and Elders telecommunications, a
specialist retailer of voice and data services to rural and
regional Australia.  Futuris is also engaged in automotive
component manufacturing through Futuris (Air International), a
supplier of seating and interior systems for passenger vehicles.
Futuris has approximately 6,000 employees.  The company is
traded on the Australian Stock Exchange under the ticker code
FCL.

                          *     *     *

On Nov. 20, 2007, the Troubled Company Reporter-Asia Pacific's
distressed bonds column listed Futuris Corporation's bond with a
7.000% coupon, a December 31, 2007 maturity date, and a trading
price of AU$2.46.


IQ FINANCIAL: Members' Meeting Slated for August 15
---------------------------------------------------
Simon J. Cathro and David J. F. Lombe, IQ Financial Systems
(Australia) Pty Ltd's state liquidator, will meet with the
company's members at 10:00 a.m. on Aug. 15, 2008, to provide
them with property disposal and winding-up reports.

The liquidators can be reached at:

          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney NSW 2000
          Australia


MIGRANT RESOURCE: Members' Final Meeting Set for August 27
----------------------------------------------------------
Barry Hamilton, Migrant Resource Centre Tasmania Ltd's state
liquidator, will meet with the company's members at 11:00 a.m.
on Aug. 27, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Barry Hamilton
          B K Hamilton & Associates
          Level 2
          171 Macquarie Street
          Hobart Tasmania 7000


QUALITY CONTROL: To Declare Dividend on September 2
---------------------------------------------------
Quality Control Maintenance Pty Ltd will declare dividend on
Sept. 2, 2008.

Only creditors who were able to file their proofs of claim by
July 29, 2008, were included in the company's dividend
distribution.

The company's liquidators are:

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


REDBANK PROJECT: Moody's Lowers Company Rating to Ba1
-----------------------------------------------------
Moody's Investors Service has downgraded Redbank Project Pty
Ltd's rating to Ba1 from Baa3, following continued uncertainty
surrounding the company's ability to achieve stable operational
performance, as evidenced by a full plant outage currently
affecting the company.  The Ba1 rating remains on review for
possible downgrade as Moody's seeks to assess the full impact of
the latest outage.

"Unplanned plant outages over the last year or so have had a
negative impact on cash flows, and the latest full plant outage
caused by a turbine failure, is expected to have a significant
short term impact on operations", says Paul Ovnerud-Potter, a
Moody's Vice President/Senior Analyst.

"Plant performance issues combined with ongoing margin
compression have not helped Redbank's financial performance"
adds Ovnerud-Potter.

Financial performance - as reflected by a debt service coverage
ratio (DSCR) -- has been very variable on a quarter to quarter
basis for an extended period, depending on performance and the
timing of cash flows, with DSCR at 1.18x (for March) and 1.41x
(for June).  Given the current outage, Moody's expects DSCR to
continue to be unstable and below levels expected for an
investment grade power generating company.

In addition, the composition of Redbank's fuel supply has
continued to differ from requisite levels. This could, over
time, impact Redbank's operations, if not rectified .

Moody's review of the rating will focus on:
-- the timeline for resuming plant operations,

-- the costs of repairs and replacements,

-- the impact on operating cash flows,

-- liquidity sources and insurance claim progress,

-- the likely long term fundamentals of Redbank, and

-- the willingness and ability of its sponsor, Babcock & Brown
   Power to provide support if required.

Redbank operates the Redbank Power Station, located near
Singleton, in New South Wales.  The company sells all of its
electricity into the NSW electricity pool.  It also has a 30
year Power Purchase & Hedge Agreement with Energy Australia (a
statutory corporation, owned by the NSW State Government).
Redbank has the benefit of a syndicated Credit Facility
Agreement, under which it has two tranches of debt maturing in
2018 and 2023, each with a fixed amortisation schedule.


SELECT: S&P Puts AU$13.50MM Notes' BB Rating on Positive Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed the rating on the
AU$13.50 million Series 2004-15 notes issued by Select Access
Investments Ltd. on CreditWatch with positive implications.

Series 2004-15 was placed on CreditWatch because its synthetic
rate overcollateralization (SROC) level rose above 100% at the
higher rating level in the end-of-month SROC analysis for July
2008.  This occurred following positive rating migration in the
underlying portfolio.

The July-end SROC report is due to be published soon.  In the
week following the publication of the July-end SROC report, a
full review of the affected tranches will be performed and
appropriate rating actions, if any, will be taken.  The Global
SROC Report provides SROC and other performance metrics on more
than 3,000 individual CDO tranches.

                                  Rating        Rating
Transaction                      To            From   SROC
Select Access Investments Ltd.   BB+/Watch Pos     BB+
   100.7106% Series 2004-15


SEND AUSTRALIA: Commences Liquidation Proceedings
-------------------------------------------------
Send Australia Pty Ltd's members agreed on June 26, 2008, to
voluntarily liquidate the company's business.  Nicholas Crouch
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:
          Nicholas Crouch
          Crouch Insolvency
          Chartered Accountants
          Level 28, 31 Market Street
          Sydney NSW 2000
         Australia


SEND AUSTRALIA ASSETS: Commences Liquidation Proceedings
--------------------------------------------------------
Send Australia Assets Pty Ltd's members agreed on June 26, 2008,
to voluntarily liquidate the company's business.
Nicholas Crouch was appointed to facilitate the sale of its
assets.

The liquidator can be reached at:
          Nicholas Crouch
          Crouch Insolvency
          Chartered Accountants
          Level 28, 31 Market Street
          Sydney NSW 2000
         Australia


SIRISE PTY: Commences Liquidation Proceedings
---------------------------------------------
Sirise Pty Limited's members agreed on June 26, 2008, to
voluntarily liquidate the company's business.  Atle Crowe-
Maxwell and John Frederick Lord were appointed to facilitate the
sale of its assets.

The liquidators can be reached at:

         Atle Crowe-Maxwell
         John Frederick Lord
         PKF Chartered Accountants
         Level 10, 1 Margaret Street
         Sydney NSW 2000
         Australia


TRENCH-CO HIRE: Liquidators to Give Wind-Up Report on August 15
---------------------------------------------------------------
Keiran William Hutchison and John Raymond Gibbons, Trench-co
Hire Pty Ltd's state liquidators, will meet with the company's
members on Aug. 15, 2008, to provide them with property disposal
and winding-up reports.

The liquidators can be reached at:

          Keiran William Hutchison
          John Raymond Gibbons
          Ernst & Young
          Level 37, 680 George Street
          Sydney NSW 2000
          Telephone (02) 9248 5555



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

CHINA EASTERN: Shares Hit Lowest on Failed Singapore Air Deal
-------------------------------------------------------------
China Eastern Airlines Corporation Limited shares fell to the
lowest in 19 months in Hong Kong trading after an agreement to
sell a stake to Singapore Airlines Ltd expired, Irene Shen of
Bloomberg News reports.

The airline, Bloomberg News says, dropped 7.9 percent to HK$1.97
at the close, losing 25 percent in five days, while its
Shanghai stock dropped by the 10 percent limit.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2008, rumors had spread that China Eastern Airlines
would revived talks of a possible stake sale by the airline to
Singapore Airlines, even though China Eastern's shareholders had
previously rejected the deal.

A TCR-AP report on January 10, 2008, said that 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.

China Eastern Board Secretary Luo Zhuping told Bloomberg News
that "We have lost our best opportunity to improve the company's
performance and management.  We feel very disappointed as the
deal could have been the best in the industry."

However, according to Xinhua News, despite the failure, China
Eastern said it would continue to look for strategic investors,
increase cooperative chance with world leading airline companies
and strive to improve the company's competitiveness on the
global market.

"The share sale negotiations are unlikely to resume in the near
future.  It's time for airlines to retreat from expansion
globally," Bloomberg News cited Li Jun, an analyst at Everbright
Securities Co. as saying.

                    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.


CHINESEWORLDNET: Significant Losses Prompt Going Concern Doubt
--------------------------------------------------------------
Chang Lee LLP raised substantial doubt about
Chineseworldnet.com, Inc.'s ability to continue as a going
concern after auditing the company's financial statements for
the year ended Dec. 31, 2007.  The auditor pointed to the
company’s recurring losses from inception and its need for
additional financing for its intended business operations.

The company has recurring losses since its inception and
requires additional funds to maintain and expand its intended
business operations.  Management’s plans in this regard are to
raise debt or equity financing as required which the company has
been able to finance the operations through a series of equity
and debt financings.  From August to October 2007, the company
received net proceeds of $2,070,000 in connection with the
private placement.  In March 2007, the company issued a
convertible debt in the amount of $250,000 at an interest rate
of 6%.  However, additional fund is still required to fund the
company’s anticipated business expansion.

The company reported a net loss net income of $108,354 on total
revenues of $1,325,994 for the year ended Dec. 31, 2007, as
compared with a net loss of $209,883 on total revenues of
$643,370 in the prior year.

At Dec. 31, 2007, the company's consolidated balance sheet
showed $2,780,226 in total assets, $579,532 in total
liabilities, and $2,200,694 in total stockholders' equity.

The company's consolidated balance sheet at Dec. 31, 2007,
showed $2,717,227 in total current assets available to pay
$373,870 in total current liabilities.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?30a0

                        About Chineseworldnet.com

ChineseWorldNet.com, Inc. (OTCBB: CWNOF) --
www.chineseworldnet.com/ -- a financial Web-based portal,
provides financial information and financial management tools to
the Chinese community in North America. The company operates
chineseworldnet.com, a portal that provides financial news and
information on North American blue chip and large cap S&P 500
public companies listed or quoted on the New York Stock
Exchange, the American Exchange, NASDAQ, and Toronto Stock
Exchange, as well as Shanghai Stock Exchange and Shenzhen Stock
Exchange, and Taiwanese companies; markets news by an in-house
editorial team, with Hong Kong company; and markets news
provided by its partners.  It provides conference organizing
services through exhibition booths and presentation sessions;
and operates Rong Zhi Tong Online, a platform that offers search
functions, news update, events announcement, and knowledge
exchange to private and public companies, investment bankers and
research analysts, investor relations and stockbrokers, lawyers,
and accountants, as well as professionals from exchanges and
other sectors. Chineseworldnet.com, Inc. was founded in 2000 and
is based in Vancouver, Canada.


* CHINA: Power Firms Seek Subsidies to Curb Losses
--------------------------------------------------
China's electricity producers asked the government to provide
subsidies in the second half of this year to meet losses
incurred by higher fuel costs and ease the country's sixth year
of power shortages, Wang Ying of Bloomberg News reports.

The report, citing Shanghai Securities News, said four of
China's biggest power companies including China Datang Corp. and
China Guodian Corp. may have posted combined losses of about
CNY7 billion (US$1 billion) in the first half.

"When electricity tariffs are not high enough to cover power
companies' cost, the government should start granting subsidies
in the forms of rebates from value-added taxes and an increase
in cash loans," Bloomberg News quoted the China Electricity
Council as saying.

According to Bloomberg News, the Electricity Council said that
power supply will be "generally balanced" in the second half of
this year, with some provinces having "slight shortages."  The
shortage may reach 15,000 megawatts in the second half, the
council added.

The council urged the government to expedite power-pricing
reforms to help power producers cover losses.

Bloomberg News says China's power plants may need 1.6 billion
metric tons of coal this year, an increase of 11.5% from 2007,
while power demand may increase about 11% this year.


* CHINA: Gov't to Force State Firms to Merge to Compete Globally
----------------------------------------------------------------
China's government will try to force large state-owned companies
to consolidate into fewer, larger groups to help them compete
with foreign companies, Lee Spears of Bloomberg News reports.

Chairman Li Rongrong, State-Owned Assets Supervision and
Administration Commission chairman, told Bloomberg News that the
government plans to reduce the country's 149 state-run
enterprises to between 80 and 100.   "Some of these enterprises
don't have a role in ensuring national economic security.  They
should enter further into market competition, and the pace of
these steps will quicken after the Olympics," he said.

According to the report, China is streamlining its state-owned
sector to nurture industries that will be more competitive as
foreign companies gain more access to the economy under the
World Trade Organization, which it joined in 2001.

Meanwhile, Bloomberg News notes that China won't consolidate the
nation's five largest state-owned power companies, even though
they all booked losses in the first half because of increasing
coal prices and electricity tariffs which were capped.

Many state-owned companies operated at losses to ensure stable
prices this year after winter snowstorms paralyzed China's
southern regions and a May earthquake in southwestern Sichuan
Province, Mr. Rongrong told the news agency.



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

ARIES TECH: Creditors' Proofs of Debt Due on September 8
--------------------------------------------------------
The creditors of Aries Tech Electronics Limited are required to
file their proofs of debt by September 8, 2008, to be included
in the company's dividend distrbution.

The company commenced liquidation proceedings on July 30, 2008.

The company's liquidators are:

          Darach Eoghan Haughey
          Lai Kar Yan, Derek
          One Pacific Place, 35th Floor
          88 Queensway
          Hong Kong


ASIA ARCH: Creditors' Meeting Set for September 1
-------------------------------------------------
The creditors of Asia Arch Limited will meet on September 1,
2008, for the purposes mentioned in Sections 241, 242, 243, 244
and 255A of the Companies Ordinance.

The meeting will be held at Room 1206, 12th Floor of New Victory
House, 93 Wing Lok Street, in Central, Hong Kong.


CORSAIR (JERSEY) 2: S&P Ups Series 69 CL Notes to BBB- From BB+
---------------------------------------------------------------
Standard & Poor's Ratings Services has upgraded its rating on
the Series 69 credit linked notes (CLNs) issued by Corsair
(Jersey) No.2.  At the same time, the rating on the Series 70
CLNs was downgraded.

These rating actions have occurred in response to restructuring
of the relative transactions, which resulted in changes in the
reference portfolios.  There were 24 substitutions in the Series
69 portfolio and 27 substitutions for Series 70.  These
substitutions were the only changes to the transactions.

The rating actions taken are:

Transaction          Rating To   Rating From
--------------------------------------------
Corsair (Jersey)
   No.2 Series 69        BBB-         BB+
Corsair (Jersey)
   No.2 Series 70        BBB-         BBB


ELM B.V. S&P Places BB-Rated Asia-Pacific CDOs on Positive Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed the ratings on 16
Asia-Pacific synthetic collateralized debt obligations (CDOs) on
CreditWatch with positive implications and eight others on
CreditWatch with negative implications.

The synthetic rated overcollateralization (SROC) levels for the
ratings placed on CreditWatch positive rose above 100% at a
higher rating level during the end-of-month SROC analysis for
July, indicating positive rating migration within the reference
portfolio.  For those transactions that have been placed on
CreditWatch with negative implications, the SROC fell below 100%
at the current rating level.

The July-end report is due to be published soon.  In the week
following the publication of the July-end SROC report, a full
review of the affected tranches will be performed and
appropriate rating actions, if any, will be taken.  The Global
SROC Report provides SROC and other performance metrics on more
than 3,000 individual CDO tranches.

The rating actions taken on the affected transactions are:

Name                   Rating To        Rating From     SROC
-------------------------------------------------------------
Corsair (Jersey)
  No.2 Ltd.
  Series 68             A/Watch Neg        A            98.51%
Corsair (Jersey)
  No.2 Ltd.
  Series 89             AA/Watch Pos       AA           100.38%
Corsair (Jersey)
  No.2 Ltd.
  Series 91             AA/Watch Pos       AA           100.39%
Corsair (Jersey)
  No.2 Ltd.
  Series 97             BBB/Watch Pos      BBB          100.13%
Echo Funding
  Pty Ltd.
  Series 18             BBB/Watch Pos      BBB          100.49%
ELM B.V.
  Series 99             BB+/Watch Pos      BB+          100.19%
HY-FI Securities
  Ltd. Series 2         BBB+/Watch Pos     BBB+         100.58%
HY-FI Securities
  Ltd. Series 4         BBB-/Watch Pos     BB-          100.68%
Lion City CDO Ltd.
  Series 2006-6         A-/Watch Neg       A-           99.48%
Momentum CDO (Europe)
  Ltd. Series
  2006-16               BBB+/Watch Neg     BBB+         99.99%
Morgan Stanley
  ACES SPC
  Series 2007-29        AA+/Watch Neg      AA+          99.99%
Morgan Stanley
  ACES SPC
  Series 2006-31        AA+/Watch Neg      AA+          99.99%
Morgan Stanley
  Managed ACES SPC
  Series 2006-12
  Class IIA             A-/Watch Pos       A-           100.23%
Morgan Stanley
  Managed ACES SPC
  Series 2006-12
  Class IIIA            BBB/Watch Pos      BBB          100.39%
Morgan Stanley
  Managed ACES SPC
  Series 2006-7
  Class IIA             BBB/Watch Pos      BBB          100.02%
Motif Finance
  (Ireland) PLC
  Series 2007-1         BBB+/Watch Pos     BBB+         121.48%
Motif Finance
  (Ireland) PLC
  Series 2007-5         BBB-/Watch Pos     BBB-         119.99%
Obelisk Trust
  2005-3 Mica           A+/Watch Pos       A+           100.24%
Onyx Funding Ltd.
  Series 2006-1         A+/Watch Neg       A+           99.95%
Saphir Finance PLC
  Series 2004-11        BBB+/Watch Pos     BBB+         100.28%
Saphir Finance PLC
  Series 2006-5         BBB-pNRi/Watch Neg BBB-pNRi     99.66%
SELECT ACCESS
  Investments Ltd.
  Series 2004-5         AA/Watch Pos       AA           100.99%
Security Holding
  Investment Entity
  Linked Deals Pty
  Ltd. Series 19        AA+/Watch Pos      AA+          101.25%
Signum Platinum III
  Ltd. Series 2007-1    A-/Watch Neg       A-           99.95%


GOLDEN REGENT: Placed Under Voluntary Wind-Up
---------------------------------------------
On August 4, 2008, the sole member of Golden Regent Holdings
Limited resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt by Sept. 10,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Au Ping Yin
          Golden Centre, Unit 3, 20th Floor
          188 Des Voeux Road Central
          Hong Kong


HANTEX INDUSTRIAL: Huen Ho Yin Ceases to Act as Liquidator
----------------------------------------------------------
On August 1, 2008, Huen Ho Yin ceases to act as liquidator of
Hantex Industrial Limited.

The company's former Liquidator can be reached at:

          Huen Ho Yin
          Li Po Chun Chambers, 8th Floor
          189 Des Voeux Road Central
          Hong Kong


LI TUNG: Cheung Quits as Liquidator, Appoints Wong Kwok Hong
------------------------------------------------------------
On July 22, 2008, So Kai Cheung ceased to act as the liquidator
of Li Tung Book Co. Limited.

Wong Kwok Hong replaced Mr. Cheung as the company's liquidator.

Mr. Hong can be reached at:

          Henan Building, 9th Floor
          90-92 Jaffe Road
          Wanchai, Hong Kong


NEW STAR: Members' Meeting Set for September 9
----------------------------------------------
The members of New Star Logistics Limited will meet on Sept. 9,
2008, at 10:30 a.m., at Rooms 1901-2 Park-In Commercial Centre,
in 56 Dundas Street, Kowloon.

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


SAMTA SHIPPING: Chui Chi Hung Ceases to Act as Liquidator
---------------------------------------------------------
Chui Chi Hung ceases to act as liquidator of Samta Shipping
Company Limited on August 8, 2008.

The company's former Liquidator can be reached at:

          Chui Chi Hung
          Chun Hoi Commercial Building
          688-690 Shanghai Street, Mongkok
          Kowloon, Hong Kong


SING FUNG: Court to Hear Wind-Up Petition on August 27
------------------------------------------------------
The High Court of Hong Kong will hear on August 27, 2008, at
9:30 a.m., a petition to have Sing Fung Tai Engineering Company
Limited's operations wound up.

Chik Chi Ying filed the petition against the company on June 23,
2008.


SUNCORP INDUSTRIAL: Wind-Up Petition Hearing Set for September 3
----------------------------------------------------------------
A petition to have Suncorp Industrial Limited's operations wound
up will be heard before the High Court of Hong Kong on Sept. 3,
2008, at 9:30 a.m.

Helms-Man Industrial Company Limited filed the petition against
the company on June 26, 2008.

Helms-Man's solicitors are:

          Boase Cohen & Collins
          2303-7 Dominion Centre
          43-59 Queen's Road East
          Hong Kong


SUPERSHINE LIMITED: Creditors' Meeting Set for August 15
--------------------------------------------------------
The creditors of Supershine Limited, which is in voluntary
liquidation, will meet on August 15, 2008, at 3:00 p.m., to
appoint liquidator and to consider other matters relevant to the
company's wind-up.

The company commenced liquidation proceedings on July 30, 2008.

The company's liquidator is:

          Chan Kin Hang, Danvil
          Ginza Square, Room 2301, 23rd Floor
          565-567 Nathan Road, Yaumatei
          Kowloon, Hong Kong


TOM GROUP: S&P Cuts Long-Term Corp. Credit Rating to BB From BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on TOM Group Ltd. to 'BB' from 'BB+'.
The outlook is stable.  S&P also lowered its issue rating on the
US$150 million convertible bonds due Nov. 28, 2008, issued by
the company's subsidiary, TOM Holdings Ltd., to 'BB' from 'BB+'.
Both ratings have been removed from CreditWatch, where they were
placed on Oct. 22, 2007, with negative implications.

"The downgrades reflect a weakening of TOM's financial profile
and its stand-alone business profile, which suffered from a
number of adverse regulatory developments within its Internet
business," said S&P's credit analyst Lawrence Lu.
"Significantly lower profit from TOM Online, losses at TOM
Eachnet, and a material rise in group debt -- related to its
aggressive growth strategy -- resulted in deterioration in cash
flow protection measures to a level well outside of our
expectation for the previous rating."

The current rating on TOM reflects positive group business
prospects, an expectation that the company's key financial
metrics will strengthen to levels more supportive to the rating
in the short to medium term, and steadfast parental support.

The stable rating outlook has factored in an expectation that
TOM will maintain a strong focus on existing businesses and
successfully and effectively implement key strategic initiatives
that are crucial in improving group operating performance.  In
addition, TOM is expected to use the proceeds from bond
investments maturing in 2008 to reduce debt, which will restore
the group's financial risk profile to a level more supportive of
the current rating.

Failure to achieve this anticipated improvement in its financial
profile in 2008, any material deviation by the company from its
new commitment to more conservative financial policy parameters
than observed in the past or diminished parental support could
put downward pressure on the rating.  Upward rating potential is
not envisaged until TOM improves its financial profile and
strengthens its key financial metrics sustainably.



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

COVERAGE AND CONSULTANTS: Barred from Securities Market for 2Yrs
----------------------------------------------------------------
The Securities and Exchange Board of India (SEBI) has passed an
order against M/s. Coverage and Consultants Ltd restraining the
firm from accessing the securities market and also prohibited
from buying, selling or otherwise dealing or associating with
the securities market in any manner for a period of two years
for having contravened the provisions of Regulations 4(b) and
(d) of the SEBI (Prohibition of Fraudulent and Unfair Trade
Practices Relating to Securities Market) Regulations, 1995.

M/s. Coverage and Consultants Ltd was already restrained from
accessing the securities market and also prohibited from buying,
selling or dealing in securities either directly or indirectly
for a period of seven years w.e.f October 22, 2007.

Orders were also passed against M/s. Divya Jyot Securities, M/s.
Bonanza Biotech Ltd., Shri Mitesh S. Shah and Shri Kamlesh Shah
in the matter of M/s. Ojas Technochem Products Ltd.  However,
the show cause notices issued to these firms have been disposed
of without any directions in the matter of M/s. Ojas Technochem
Products Ltd.


GEN. MOTORS: Asks Advertising Agencies for a 20% Fees Discount
--------------------------------------------------------------
General Motors Corp., in its latest attempt to save money, has
asked advertising agencies for a 20% discount this year and the
next, The Wall Street Journal reports.

The Journal, citing a spokeswoman, relates that the car maker
has asked its agency partners to work with them to eliminate
low-value work and find creative solutions to go to market more
efficiently.

WSJ, citing people familiar with the matter, says the cuts could
result to more than US$20 million in total savings for General
Motors, but will likely mean layoffs for the agencies involved.

WSJ indicates that GM also has pulled out of September's Emmy
broadcast on Walt Disney's ABC; it has advertised on the star-
studded program for about a decade.

Auto makers account for more than 12% of all ad spending in the
country -- more than any other single industry, WSJ notes.

The owner of Cadillac and Chevrolet, WSJ indicates, works with
dozens of agencies around the country, including Publicis
Groupe's Leo Burnett and Interpublic Group's McCann Erickson and
Campbell-Ewald.

Michael Nathanson, a senior analyst at Bernstein Research, in a
report to investors this week predicts U.S. auto advertising
will fall to US$15 billion in 2008 from US$18 billion last year
-- a noticeable drop from US$24 billion in 2004, WSJ relates.

                      About General Motors

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

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

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

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

                          *     *     *

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

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

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


GENERAL MOTORS: Provides US$300MM to Help Delphi Exit Bankruptcy
----------------------------------------------------------------
General Motors Corp. will grant Delphi Corp. an additional
US$300 million on top of the US$650 million already promised to
help its former parts unit exit bankruptcy protection, The Wall
Street Journal reports.

WSJ, citing court papers, says that GM may increase its loans to
its top supplier to US$950 million through the end of 2008 to
reimburse Delphi for labor-related costs and other liabilities.
WSJ relates that GM had agreed to assume these liabilities under
a settlement entered into during the Chapter 11 case.

The US$950 million, WSJ indicates, represents a portion of the
amount GM would have paid Delphi had the supplier emerged from
Chapter 11.  GM will receive a top priority claim under
bankruptcy law for the advances, WSJ notes.

The agreement comes amid GM reporting a US$15.5 billion loss for
the second quarter, US$2.8 billion of which was related to
adjusting the accounting for its relationship with Delphi.

GM agreed to increase the loan in July, at about the time the
auto maker was patching together its own plan to boost liquidity
by US$15 billion through 2009, The Journal states according to
GM spokeswoman Julie Gibson.

                          About Delphi

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

                      About General Motors

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

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

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

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

                          *     *     *

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

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

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


IMAX EQUITY: SEBI Files Criminal Action Against Proprietor
----------------------------------------------------------
The Securities and Exchange Board of India (SEBI) has filed
another criminal complaint against Sh. Rajeev Kapoor, proprietor
of M/s Imax Equity Research, for violation of Section 12 (1) of
the SEBI Act, 1992 read with Regulation 3 of the SEBI (Portfolio
Managers) Regulations, 1993,and Regulation 3 (c) and (d) of the
SEBI (Prevention of Fraudulent and Unfair Trade Practices)
Regulations, 2003 punishable under Section 24 (1) of the SEBI
Act, 1992 in the court of Additional Chief Metropolitan
Magistrate, Tis Hazari, Delhi.  The punishment prescribed for
these offenses is an imprisonment for a term which may extend to
10 years or with fine which may extend to Rs. 25 Crore or with
both.

Investigations have revealed that Sh. Rajeev Kapoor is a
habitual offender and has been operating in the securities
market in complete violation of statutory provisions.  Despite
restraint orders, penalties and prosecutions launched by SEBI
against him, he has not refrained from luring the public,
committing fraud and operating as an unregistered portfolio
manager.

His modus operandi includes soliciting investments from public
through grossly misleading advertisements, mass messaging,
emails and telephone calls. Advertisements issued by him contain
deceptive claims like 'Loss 100% borne by us. . .', 'Get 4%
monthly fixed return. . .'  Such advertisements including the
recent one in The Economic Times, Delhi edition on July 4, 2008.
He works through proprietary firms and keeps changing the names
of the firms and also his location(s).

The activities of Shri Rajeev Kapoor have been found to be in
violation of SEBI (Prohibition of Fraudulent and Unfair Trade
Practices Relating to Securities Market), Regulations, 2003 and
SEBI (Portfolio Managers) Regulations, 1993 leading to the
aforesaid prosecution.  Besides, SEBI has taken these actions
against  Sh. Kapoor in the past:

   1. During 2003, Sh. Rajeev Kapoor was carrying on the similar
      operations from Kolkatta through a proprietary firm viz.
      M/s Delta Alliance Financial Services Investments.  The
      said firm was debarred by SEBI vide order dated Jan. 2,
      2004  and Shri Rajeev Kapoor was directed to cease and
      desist from acting as an unregistered portfolio manager,
      from accepting deposits and also from publishing any
      advertisement luring the investors to invest in the
      securities market.

   2. Investigations indicate that after passing of the said
      order, Sh. Kapoor shifted his operations in the name of
      another firm viz. M/s Delta Alliance Investments at
      Kolkatta.  SEBI passed another order on August 16, 2004
      debarring this firm (whose proprietor was shown as one Ms.
      Santa Chakrabarty) from securities market.

   3. Despite the said orders, Shri Rajeev Kapoor continued to
      carry out similar operations; prosecution proceedings were
      launched against him by SEBI in the court of Chief
      Metropolitan Magistrate, Kolkatta for violating provisions
      of the SEBI Act and SEBI (Portfolio Managers) Regulations,
      1993.

   4. SEBI had also initiated adjudication proceedings against
      Shri Rajeev Kapoor. The adjudication officer imposed a
      penalty of Rs 50,000/- vide order dated November 3, 2004,
      which he failed to pay leading to filing of another
      prosecution case against him in the court of Additional
      Chief Metropolitan Magistrate, Mumbai on January 16, 2006.

Besides, there are numerous police cases pending against him by
different State Police departments Shri Kapoor has been in
judicial/ police custody on several occasions in the past.

The members of the public are cautioned and advised not to deal
with Shri Rajeev Kapoor and M/s. Imax Equity Research and any of
his firms, as his activities are unauthorized and in violation
of SEBI Act 1992 and other relevant regulations.


* INDIA: 2008-09 Sugar Production Estimates Down 17% to 220 lt
--------------------------------------------------------------
The Hindu Business Line reports that low prices for sugar during
the last two years and delay in payment for sugarcane delivered
by growers to sugar mills seem to have taken a toll on the
commodity's production for the ensuing season starting October.

According to the report, preliminary estimates made by the Union
Government, after consulting the Cane Commissioners of various
States last week, have put the 2008-09 sugar production at 220
lakh tonnes (lt), which is 17 per cent lower than the 265 lt
sugar estimated to have been produced this year.

But taking into account the production during 2006-07, when it
was estimated at 285 lt, a 23-per cent fall has occurred in the
last two seasons, the report says.

The report relates that the estimate made by the Centre comes
with a rider:the production could improve by 5 to 7 per cent,
resulting in additional 10 to 15 lt.

"The monsoon has revived and its coverage has been good in the
key growing States. However, we don't see the production
exceeding 230 lt," Mumbai-based sugar trading sources told The
Hindu Business Line.

"The sugarcane that will come for crushing in September was
planted last year. During 2006-07 and most part of this season,
sugar prices prevailed lower than the rates at which the
Government supplies sugar through ration shops.  This
discouraged farmers and we witness the phenomenon continuing
this year, too," said the sources.

The sources further told the news agency that lower prices for
sugar and delay in getting their payment have prompted farmers
to switch over to other crops, mostly into soyabean and maize
(corn).


* INDIA: Small Scale Industries Hurt by Economic Slowdown
---------------------------------------------------------
Small scale industries (SSIs) contribution to manufacturing and
employment generation slipped by 10 percent and seven percent
respectively, due to the economic slowdown in the first quarter
of the current fiscal, Sify Business News reports, citing data
from an industry lobby.

"The industry has faced a slowdown as domestic large and medium
industries have commenced sourcing their inputs through cheaper
imports," the Associated Chambers of Commerce and Industry of
India (Assocham) said, adding the "SSIs have not been able to
assure their old time vendors supplies at affordable rates
because majority of them could not upgrade their machinery and
equipment due to high cost of borrowings."

According to Assocham data cited by Sify Business News, SSIs'
contribution to manufacturing has come down to 35 percent
compared to around 45 percent a few months ago.  The number of
SSI units in 2007-08 were estimated at 4.4 million with
employment capacities for nearly 23.8 million workers with their
output to manufacturing measured at Rs.14 trillion (US$333
billion).  However, as a result of deceleration in the sector,
the number of units in SSIs have come down to around 4 million
by now and employment generation has shrunk to 22.5 million
workers and their output to manufacturing has come down to Rs.12
trillion.

"In the absence of any visible policy decisions, their export
potential which used to be between 40-45 percent for many years,
would decline by seven-eight percent in current fiscal,"
Assocham president Sajjan Jindal was cited by Sify Business News
as saying.



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

MERPATI: Government Pumps US$38.6 Mil. to Aid Restructuring
-----------------------------------------------------------
The government of Indonesia has pledged IDR350 billion
(US$38.6 million) cash injection to PT Merpati Nusantara to help
save the company from its financial turmoil and requested the
company to dismiss 1,300 employees out its 2,590 workers, as
part of the major restructuring program, Jakarta Post reports.

State Minister for State Enterprises Sofyan A. Djalil told
Jakarta Post that a severance pay, which accounts  IDR220
billion of the rescue fund, will be given to the terminated
employees by the end of this month.  However, some pilots who
will not be laid off will be transferred to Garuda Indonesia
because it needs more pilots, the report states.

Jakarta Post relates that the government already started the
company's restructuring by dismissing Merpati president director
Cucuk Suryo Suprodjo and replaced him with Bambang Bhakti,
former director of the Jakarta International Cargo Terminal, as
Merpati's new president director.

The government has also decided to move Merpati's headquarters
from Jakarta to Makassar, South Sulawesi, in a bid to improve
its potential to service remote areas, which are mostly located
in eastern Indonesia, the report adds.

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.  The
carrier is facing the threat of being declared bankrupt with
IDR1.6 trillion in accumulated losses.

                         *     *     *

According to press reports, Merpati has suffered from high fuel
prices and the weaker rupiah.  The bombings in Bali in October
2005 also hit the airline's revenues.  In addition, the airline
is struggling to cope with new competition within Indonesia,
both from domestic airlines and from other airlines coming into
Indonesia internationally.

The Troubled Company Reporter-Asia Pacific reported on July 24,
2004, that the Indonesian Government invited applications from
financial and legal advisers to help devise a privatization
scheme for the carrier.  The Government proposed a strategic
sale of the state's 51% stake in Merpati to help fund the
carrier's operations.  The state was also considering a IDR220
billion debt-for-equity swap.

According to a TCR-AP report in January 2006, the Government had
promised to inject up to IDR400 billion into the Company.
However, since it is also cash-strapped, the Government said it
would disburse the amount in installments, and initially meted
out IDR75 billion for the Company to continue its business.



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

DELPHI CORP: Gets US$300MM Add'l. Exit Funding from Gen. Motors
---------------------------------------------------------------
General Motors Corp. will grant Delphi Corp. an additional
US$300 million on top of the US$650 million already promised to
help its former parts unit exit bankruptcy protection, The Wall
Street Journal reports.

WSJ, citing court papers, says that GM may increase its loans to
its top supplier to US$950 million through the end of 2008 to
reimburse Delphi for labor-related costs and other liabilities.
WSJ relates that GM had agreed to assume these liabilities under
a settlement entered into during the Chapter 11 case.

The US$950 million, WSJ indicates, represents a portion of the
amount GM would have paid Delphi had the supplier emerged from
Chapter 11.  GM will receive a top priority claim under
bankruptcy law for the advances, WSJ notes.

The agreement comes amid GM reporting a US$15.5 billion loss for
the second quarter, US$2.8 billion of which was related to
adjusting the accounting for its relationship with Delphi.

GM agreed to increase the loan in July, at about the time the
auto maker was patching together its own plan to boost liquidity
by US$15 billion through 2009, The Journal states according to
GM spokeswoman Julie Gibson.

                      About General Motors

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

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

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

                          About Delphi

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.


* JAPAN: Economy May Enter Into Recession, Government Says
----------------------------------------------------------
The Japanese government conceded that the country's period of
economic expansion might be over as it reported a drop in its
key measure of underlying economic conditions for June, the
Financial Times reports.

The report says the June coincident indicators index fell a
preliminary 1.6% and the government downgraded its assessment of
the economy to "deteriorating".

The government, in its assessments in April and May, said only
that "a change in the phase of the economy may have taken
place", The Times relates.

According to the report, Ministers in the new cabinet,
indicating their intention to focus on supporting the economy,
have suggested that the government may drop its goals of
achieving a primary budget surplus in the year ending March 2012
and keeping government bond issuance to under JPYY30,000
billion.

The index of leading economic indicators, which is based on data
including new job offers and share prices, fell 1.7 points in
June, the report notes.

"Compared to past downturns it is not as serious because there
are some positive factors," The Times quuoted Mamoru Yamazaki,
chief economist at Royal Bank of Scotland in Tokyo, as saying.
These include the relative strength of the financial system
compared with past downturns and the healthy balance sheets of
large corporations, the report relates.

Mr. Yamazaki told the news agency that while small and medium-
sized companies face a tightening of credit, Japan is not seeing
a credit crunch on the scale it experienced in the 1990s.

Many analysts do not expect a recovery until at least next year.
External demand, particularly from Asian economies, which take
roughly half of all Japanese exports, will be an important
factor behind a recovery, The Times cited Goldman Sachs as
saying.  The bank, the report says, believes Asian demand could
rebound next year and expects companies to increase capital
spending, excluding land investment, in the year to March 2009.

Although the duration of recessions has averaged about 18 months
since the 1960s, depending on how soon Asian demand, capital
spending and the employment and income environment rebound, "the
road to recovery could be shorter than expected", Goldman Sachs
added.



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

HANARO TELECOM: To Resume Business After 40-Day Suspension
----------------------------------------------------------
Hanaro Telecom Inc is set to resume sales activities after a 40-
day business ban imposed on the company was lifted, various
reports say.

On June 24, 2008, the Korea Communications Commission imposed a
suspension of Hanaro Telecom's business for violation of the
Telecommunications Business Act.

The suspension order also included a surcharge of KRW148 million
and a fine of KRW30 million for violating the Act on Promotion
of Information and Communications Network Utilization and
Information Protection, etc.

After the incident, Hanaro Telecom saw an outflux of 290,000
subscribers, JoongAng Daily says.

The Class Action Reporter reported on May 2, 2008, that
subscribers of Hanaro Telecom launched a class-action lawsuit
against the company on April 28 amid allegations that former
management officials were involved in illegally selling
customer information in the past.

The May 2 CAR report related that Namkang Law & IP Firm, the
Seoul-based law firm representing 30 Hanaro Telecom subscribers,
filed the lawsuit with the Seoul Central District Court,
requesting that the company offer compensation of KRW1 million
(US$1,004) to each client for illegally selling their
information.

A subsequent CAR report on May 28, 2008, wrote that Yoo Chul-
min, an attorney in Seoul who has been gathering alleged victims
of the information leak through an Internet community, lodged
the lawsuit on behalf of 3,000 former and current users who had
subscribed to the company's service for at least a month between
2006 and the end of April 2008.

In July, Kim Tong-hyung of the Korea Times reported that more
than 10,000 of the telco's former customers have already signed
up for the class-action lawsuit.

According to Mr. Kim, the KRW127.8 billion that SK Telecom,
which bought Hanaro Telecom, may have to pay in damages won't
nearly be enough to cover the company's sufferings.

As it prepares for its comeback, The Korea Herald says the
company plans to change its telemarketing strategy, to stop
outsourcing telemarketing operations, and reduce its reliance on
telemarketing, and diversify its sales channels.

The Herald relates that Hanaro Telecom also plans to change its
name and move its headquarters this year.

The telco scheduled an extraordinary general meeting of
shareholders on September 22, 2008, to discuss the change of its
corporate name.

"We will focus on three things: enhancing customer value,
strengthening core competitiveness in marketing and boosting
synergies with SK Telecom," Hanaro Telecom CEO Cho Shin was
cited by The Herald as saying.

The company reported two consecutive quarterly losses this year.
It incurred a net loss of KRW10,511 million in the second
quarter compared to a net loss of KRW6,743 million in the first
quarter.

Its net loss for the first half of 2008 increased to
KRW17,252,997,642 from KRW7,483,981,739 in the first half of
2007.

Headquartered in Seoul, South Korea, Hanaro Telecom Inc --
http://www.hanaro.com/-- provides telecommunications services
and offers high-speed broadband Internet access, voice, leased
line and Internet data center (IDC) services in Korea.  Its
high-speed broadband Internet service includes integrated
telecommunication services, broadband and other Internet related
services.  Its voice service comprises local, domestic long
distance, international long distance and voice over Internet
protocol (VoIP) services.  As of March 31, 2007, it had 3.66
million broadband Internet access subscribers.  Broadband
Internet access services and voice services accounted for 59.6%
and 40.4% of its revenues for the year ended December 31, 2007.
The Company provides broadband Internet access and voice
services under the hanafos and hanafone brands, respectively.
The Company also provides Internet data center service and
private leased circuit service for enterprises.


* KOREA: Automobile Exports Declined 6.6% YOY to 190,000
--------------------------------------------------------
KBS News reports that Korea's automobile exports have dropped
for six straight months.

According to KBS News, the Korean Automobile Manufacturers'
Association said Friday that five domestic carmakers exported
about 190,000 vehicles last month, down 6.6% year-over-year.

Overall, the report relates that auto exports fell one percent
to one-point-62 million units in the last seven months.

Meanwhile, the reports says domestic sales rose five-point-one
percent in July from a year ago to about 107-thousand units
thanks to rising demand for small cars due to high fuel prices.


* KOREA: Securities Firms' First Quarter Earnings Dropped 40%
-------------------------------------------------------------
Securities companies in South Korea saw their earnings fall 40
percent in the first quarter of fiscal 2008 as commission
incomes declined amid slumping stock markets,
Yonhap News reports citing the Financial Supervisory Service.

According to the report, a total of 54 local securities firms
and foreign branches posted a combined net profit of KRW775.7
billion (US$749.3 million) in the April-June period, compared
with KRW1.29 trillion a year earlier.

"Commission income declined 26.7 percent on-year to 1.27
trillion won as trading volume was thin amid slumping stock
markets," the financial watchdog said.

There are 54 brokerage companies operating in South Korea,
including 19 foreign firms, Yonhap News says.



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

LITYAN HOLDINGS: Inks Stock Issuance Deal With Lembaga Tabung
-------------------------------------------------------------
Lityan Holdings Berhad disclosed that it entered with Lembaga
Tabung Haji, a conditional subscription of shares agreement for
the proposed special issue of 31,452,265 new ordinary shares of
MYR1.00 each in Lityan to LTH at an issue price of MYR1.00 per
share after the Proposed Capital Reconstruction and the Proposed
Debt Restructuring.

   Salient Terms of Subscription Agreement:

   (a) LTH, relying upon each of the representations and
       warranties as set out in Clause 7 of the Subscription
       Agreement agrees with Lityan that it shall, subject to
       the conditions precedent (CPs) as set out in item (b)
       below being fulfilled by Lityan, subscribe to the
       Subscription Shares for a sum of MYR31,452,265 only at
       the issue price of MYR1.00 per Share with all rights and
       advantages attaching thereto and Lityan shall effect the
       allotment and issuance of the Subscription Shares to LTH,
       or such part thereof as directed and subscribed for by
       LTH on the completion date.

   (b) The completion of the Subscription Agreement is
       conditional upon the satisfaction of the following CPs:

   * the approval of the company's shareholders at a duly
     constituted general meeting for the Proposed Restructuring
     Scheme and for the allotment and issuance of the
     Subscription Shares to LTH upon the terms and conditions of
     the Subscription Agreement;

   * the approval of the Board of Directors of the company for
     the Proposed Restructuring Scheme and for the allotment and
     issuance of the Subscription Shares to LTH;

   * the confirmation of the High Court of Malaya for the
     Proposed Capital Reduction and Consolidation and the
     Proposed Share Premium Reduction pursuant to Section 64 of
     the Companies Act, 1965 ("Act");

   * the approval of the secured and unsecured lenders of the
     company for the Proposed Debt Restructuring at a court-
     convened meeting pursuant to Section 176 of the Act;

   * the approval of the Securities Commission (SC) for the
     Proposed Restructuring Scheme and the listing of and
     quotation for the new Shares in Lityan to be issued
     pursuant to the Proposed Capital Reduction and
     Consolidation, the Proposed Debt Restructuring, the
     Proposed Special Issue and the Proposed Acquisition;

   * the approval of the Equity Compliance Unit of the SC for
     the Proposed Restructuring Scheme;

   * the sanction of the High Court in respect of the Proposed
     Debt Restructuring of the company pursuant to Section 176
     of the Act;

   * the approval in-principle from Bursa Malaysia Securities
     Berhad for the listing of and quotation for the new Shares
     in Lityan to be issued pursuant to the Proposed Capital
     Reduction And Consolidation, the Proposed Debt
     Restructuring, the Proposed Special Issue and the Proposed
     Acquisition; and

   * the approval of the SC for the Proposed GO Waiver.

   (c) The company shall be responsible for obtaining the
       approvals as set out in item (b) of this Announcement
       before the date falling 12 months from the date of the
       Subscription Agreement or such other later date as may be
       mutually agreed by the Parties and shall at its own cost
       and expense promptly do and execute all necessary acts
       and documents to obtain the same;

   (d) In the event that any of the CPs shall not have been
       obtained or fulfilled on or before the expiry of the Stop
       Date, then any one of the Party may rescind the
       Subscription Agreement by written notice to the other
       Party; and

   (e) The Subscription Agreement shall become unconditional on
       the date on which the last of the CPs shall have been
       duly obtained or fulfilled in accordance with the
       provisions set out in the Subscription Agreement.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

                          *     *     *

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.



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

AL-MAQDASI LTD: Shareholders Appoints Merlo as Liquidator
---------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Al-Maqdasi Ltd have appointed Robert Laurie
Merlo, insolvency practitioner of Auckland, as liquidator.

Only creditors who were able to file their proof of debts by
Aug. 3, 2008, were included in the company's dividend
distribution.

The liquidator can be reached at:

          Merlo Burgess & Co. Limited
          PO Box 51486
          Pakuranga, Auckland
          Telephone: (09) 520 7101
          Facsimile: (09) 529 1360
          Email: merloburgess@xtra.co.nz


BARBADOES RESIDENTIAL: Commences Liquidation Proceedings
--------------------------------------------------------
The High Court at Christchurch convened a hearing on July 21,
2008, to consider an application putting Barbadoes Residential
Ltd into liquidation.

The application was filed on June 12, 2008, by Potter Interior
Systems Limited.

The plaintiff's address for service is at:

          Anthony Harper
          Level 5
          Anthony Harper Building
          47 Cathedral Square
          PO Box 2646
          Christchurch
          Facsimile: (03) 366 9277

P. J. Woods is the plaintiff solicitors.


BRUCE HILL: Commences Liquidation Proceedings
---------------------------------------------
The High Court at Palmerston North convened a hearing on
July 21, 2008, to consider an application putting Bruce Hill
Transport Ltd into liquidation.

The application was filed on June 20, 2008, by South Pacific
Tyres N.Z. Limited.

The plaintiff's address for service is at:

          Credit Consultants Debt Services NZ Limited
          Level 3, 3-9 Church Street
          (PO Box 213 or DX SX 10069)
          Wellington
          Telephone: (04) 470 5972

Dianne S. Lester is the plaintiff's solicitor.


CHELTENHAM TRUSTEE: Proofs of Debt Due on August 15
---------------------------------------------------
Pursuant to Section 241(2)(c) of the Companies Act 1993,
David Ross Petterson, forensic accountant of Levin, was
appointed liquidator of Cheltenham Trustee Limited on July 9,
2008.

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

Creditors and shareholders may direct their inquiries to:

          Attn: David Petterson
          Forensic Accounting Services Limited
          PO Box 1003
          Levin 5540
          Telephone: (06) 367 8044)
          Email: liquidator@fasl.co.nz


ELEGANT BATHROOM: Liquidators Set August 15 as Claims Bar Date
--------------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Elegant Bathroom Design Company Limited resolved
that the company be liquidated and appointed Stephen Mark
Lawrence and Anthony John McCullagh, insolvency practitioners of
Auckland, as liquidators.

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

Creditors and shareholders may direct their inquiries to:

          Attn: Chris McCullagh
          Horwath Corporate (Auckland) Limited
          PO Box 3678
          Auckland 1140
          Telephone: (09) 306 7424
          Facsimile: (09) 302 0536


GOVERNORS BAY: Wind-Up Petition Hearing Set for August 18
---------------------------------------------------------
The High Court at Christchurch will hold a hearing on Aug. 18,
2008, at 10:00 a.m., to consider putting Governors Bay Transport
Limited into liquidation.

The application was filed on June 19, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          1st Floor Reception
          224 Cashel Street (PO Box 1782)
          Christchurch 8140
          Telephone: (03) 968 0807
          Facsimile: (03) 977 9853

Julie Newton is the plaintiff's solicitor.


HERES HELP: Commences Liquidation Proceedings
---------------------------------------------
The High Court at Christchurch held a hearing on July 28, 2008,
to consider an application putting  Heres Help Services Ltd into
liquidation.

The application was filed on June 9, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          1st Floor Reception
          224 Cashel Street (PO Box 1782)
          Christchurch 8140
          Telephone: (03) 968 0807
          Facsimile: (03) 977 9853

Julie Newton is the plaintiff's solicitor.


PRONET INTERNET: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Auckland held a hearing on Aug. 1, 2008, to
consider an application putting Pronet Internet NZ Ltd into
liquidation.

The application was filed on April 22, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

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

Michael Kinlim Yan is the plaintiff's solicitor.


R ANDERSON: Liquidators Set August 15 as Claims Bar Date
--------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of R Anderson & Assoc Limited resolved that the
company be liquidated and appointed Roderick T. McKenzie and Lyn
M. Carey, of McKenzie & Partners Limited, Chartered Accountants,
Palmerston North, as liquidators.

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

Creditors and shareholders may direct their inquiries to:

          McKenzie & Partners Limited
          Level 1, 484 Main Street
          PO Box 12014
          Palmerston North
          Telephone: (06) 354 9639
          Facsimile: (06) 356 2028


STRATEGIC FINANCE: Still Working on Proposed Capital Restructure
----------------------------------------------------------------
Strategic Finance Limited clarified its position to the
company's proposed capital restructure.  In a media release, the
company said that any capital restructure is entirely
conditional on negotiations being completed between Allco HIT
and the consortium of company management and Uberior Ventures
(Asia) Limited, a subsidiary of BOS (Australia) Limited.  The
capital restructure is also subject to Strategic Finance board
and trustee consideration.

The terms of the restructure as currently proposed in respect of
the debentureholders and is subject to change:

   1. 30% of their investment will be repaid in three equal
      installments on March 31, 2009; September 30, 2009;
      and March 31, 2010.

   2. The balance of their investment is to be invested in
      3, 4 and 5 year secured listed bonds in equal
      proportions.

   3. The interest rate will be reset.

   4. Interest will be paid quarterly in arears.

The restructuring plan proposes that subordinated debt holders
will also continue to receive interest paid quarterly in
arrears.  They will however be asked to alter their investment
to first ranking 5 year secured listed bonds.

The perpetual preference shareholders will be asked to agree to
the release of the Allco HIT guarantee.

The terms of the restructure are yet to be finalized and may
change subsequently.  Strategic said it will make a more
detailed announcement regarding the capital restructure once the
parties have concluded the sale and purchase negotiations.

As reported in the Troubled Company Reporter – Asia Pacific on
July 18, 2008, a consortium consisting of Strategic Finance
Limited's original owners, senior management and BOS
International, part of the HBOS Australia group, has agreed
indicative non-binding terms with Allco HIT Limited, to buy
Strategic Investment Group Limited, the immediate parent of
Strategic Finance.

BOS International will have an initial 19.9% cornerstone
shareholding, with the ability to increase to 49% to reflect its
financial contribution to the consortium.  The original owners
and senior management will hold the balance of the shares in the
consortium.

The consortium team includes amongst others Graham Jackson,
Jock Hobbs and Marc Lindale who are all executive directors of
Strategic Finance as well as CEO Kerry Finnigan.

Mr. Finnigan said despite the difficulties facing the New
Zealand finance company sector, the proposed ownership change of
Strategic Finance should ensure its long-term future.

Key to the consortium acquisition is that BOS International will
also increase its existing wholesale facility in Strategic
Finance to NZ$150 million.  This further diversifies Strategic
Finance's reliance on debenture funding and the consortium's
intention is for Strategic Finance to look to offer new products
to the market.

The acquisition is subject to due diligence and entering into
binding legal agreements, which the consortium is looking to
complete by the end of the month.  The sale process may take up
to two months, and would require various shareholder consents
and regulatory approvals prior to the acquisition being
finalized.

                  About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  It has four main
business activities: Lending within the property sector; Non-
property lending and investments; Corporate advisory and
management services, and Underwriting services. Lending within
the property sector is its primary activity with a focus on
providing finance for property development and property
investment activities.  It was offering motor vehicle lending
under non-property lending and investments.  The Company, and in
some circumstances through its wholly owned subsidiary Strategic
Advisory Limited, provides specialist advisory and management
services to the property and corporate sectors for which it
receives fee income.  It may provide underwriting services.
These services include the underwriting of property related
share or debt securities offered by a promoter through a
registered prospectus.  It receives fees for such services.

Strategic Finance's parent company, Strategic Investment Group,
is wholly owned by an Australian-based finance company Allco HIT
Limited.


SUPPLEMENTSONLINE (NZ): Proofs of Debt Due on August 15
-------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Supplementsonline (NZ) Limited resolved that the
company be liquidated and appointed Kim S. Thompson, insolvency
practitioner of Hamilton, as liquidator.

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

Creditors and shareholders may direct their inquiries to:

          Kim S. Thompson
          PO Box 1027
          Hamilton
          Telephone: (07) 834 6813
          Facsimile: (07) 834 6104
          Email: kim@kstca.co.nz



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


BENPRES HOLDINGS: To Sell Tollroad Business to MPIC
---------------------------------------------------
First Philippine Holdings Corporation and its parent company
Benpres Holdings Corporation entered into an agreement to sell
their stakes in their tollroad business, subject to agreed
conditions.  The buyer is Metro Pacific Investments Corporation
(MPIC), a Manila-based investment company with core interests in
the real estate and utility sectors.

The interests of First Holdings and Benpres are held through
First Philippine Infrastructure, Inc. (FPII), the former City
Resources Corp., is a publicly-traded company in the Philippine
Stock Exchange.  FPII is 51% and 49% owned by First Holdings and
Benpres, respectively.  Of the total outstanding shares in FPII,
approximately 0.16% is publicly held.  In turn, FPII owns 67.1%
of Manila North Tollways Corp. (MNTC) and 46% of Tollways
Management Corp. (TMC).

Through a Supplemental Toll Agreement, MNTC was granted a long
term concession to finance, design, construct, operate and
maintain the North Luzon Expressway (NLEX).  TMC, its associate,
operates and maintains the NLEX.

The aggregate offer price of MPIC amounts to Php12.2 billion,
which translates to Php2.467 per share.  The acquisition will
represent a 99.84% ownership of FPII.

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

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

                         *     *     *

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

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


NIHAO MINERAL: Inks Cooperation Agreement w/ Jiangxi & Geograce
---------------------------------------------------------------
Nihao Mineral Resources International, Inc. together with
Geograce Resources Philippines, Inc. signed on August 7, 2008, a
Cooperation Agreement with Jiangxi Rare Earth & Rare Metal
Tugsten Group Co..  Pursuant to the Cooperation Agreement, the
Parties agreed to form a strategic partnership to jointly
explore and develop the nickel mining tenements directly or
indirectly, held by Nihao and Geograce located in the province
of Zambales.

The Cooperation Agreement also provided for these cooperation
arrangements:

   * the formation of Joint Venture (JV) company to conduct
     venture exploration on the nickel mining tenements,
     directly or indirectly, held by Nihao or Geograce, subject
     to equity ownership and other terms and conditions as may
     be subsequently agreed upon by the parties;

   * the establishment of a joint venture processing plant for
     nickel and cobalt in the Philippines, subject to a detailed
     exploration work program and feasibility study; and

   * the execution of an Offtake Agreement subject to terms and
     conditions to be agreed upon by the Parties.

These proposed cooperation arrangements will be covered by
definitive agreements upon completion by the Parties of their
technical and legal due diligence and the respective mining
tenements described.

Jiangxi is one of the major non-ferrous metals producers of
China mainly focusing on exploration, mining, beneficiation,
smelting, and downstream processing of tungsten, molybdenum,
rare earth & rare metals, and others metals.

                       About NiHAO Mineral

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

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


PHILREALTY: Expects Lower than PHP100Mil. Debt by End of 2008
-------------------------------------------------------------
Philippine Realty & Holdings Corp. (Philrealty) expects its debt
to go down to less than Php100 million by the end of the year
should its major creditors accept a proposal to settle debt
through dacion en pago or payment-in-kind scheme, Philippine
Star reports citing a top company official.

Philrealty president Amador C. Bacani told the Philippine Star
that the company is offering the penthouse units of the
Philippine Stock Exchange (PSE) headquarters in Tektite, Ortigas
as payment for its loan obligations to some banks that include:
Bank of the Philippine Islands and Land Bank of the Philippines,
among others.

“Should we be able to conclude negotiations with our creditors,
our debt will go down to less than a hundred million pesos by
yearend,” Mr. Bacani was quoted by Philippine Star as saying.

The report notes that Philrealty has managed to bring down its
debt to Php532 million at the end of 2007 from the
Php829.5 million in 2006, using cash generated from the sale of
a lot in Fort Bonifacio and proceeds of a joint venture of
another lot in the former military complex.

According to Philippine Star, Philrealty’s strategy is to enter
into joint ventures whereby it will merely contribute the land
and other pre-development expenditures while the partner will
shoulder the cost of construction of the building.

Headquartered in Quezon City, Philippine Realty and Holdings
Corporation is one of the leading real estate developers in the
country.  It was incorporated on July 13, 1981, but development
activities began only in 1986 when capitalization was increased
to PHP100 million from the initial PHP2 million to accommodate
the entry of new stockholders.  The company's main real estate
activity since it started operations has been the development
and sale of residential/office condominium projects and to a
limited extent, the lease of commercial and office spaces.

In December 2002, the Parent Company's Board of Directors
resolved to file a petition for a corporate rehabilitation with
the Regional Trial Court in Quezon City.  A Stay Order was
granted on December 16, 2002, after the petition was deemed
sufficient both in form and in substance.

On February 6, 2003, the Court conducted a series of hearings
for the purpose of receiving various inputs from the company,
the creditors and the rehabilitation receiver as well.  In the
course of the proceedings, the Court noted that all the creditor
banks were in agreement that the company is susceptible to
rehabilitation as it is solvent and its business is viable.

The objectives of the rehabilitation plan are:

    1. to pay all of Philippine Realty's creditors in a fair and
       just manner;

    2. to complete and deliver the Andrea Skyline Condominium
       units to its existing buyers; and

    3. to protect the investments of the shareholders,
       particularly the small public investors, by keeping the
       business viable and profitable.


* PHILIPPINES: NPL Ratio Drops by 0.11% to 4.17% as of May End
--------------------------------------------------------------
As of end-May 2008, the non-performing loans ratio of universal
and commercial banks (U/KBs) eased further by 0.11 percentage
point to 4.17 percent from last month's 4.28 percent and by 1.16
percentage points from year ago's 5.33 percent, data from Bangko
Sentral ng Pilipinas shows.

This is the lowest recorded NPL ratio of the industry since year
1998.  The improvement in the ratio from last month occurred as
the 0.60 percent hike in NPLs was outweighed by the 3.17 percent
expansion in total loan portfolio (TLP).  NPLs grew to Php96.04
billion from last month's Php95.46 billion while TLP expanded to
Php2,301.23 billion from Php2,230.46 billion.

Net of interbank loans, the NPL ratio improved to 4.98 percent
from last month's 5.04 percent and year ago's 6.64 percent
ratios.  The month-on-month movement transpired as the increase
in NPLs was outpaced by the 1.73 percent growth in regular loans
to Php1,927.24 billion.

The restructured loans (RLs) to TLP ratio fell to 2.67 percent
from last month's 2.77 percent and year ago's 3.71 percent
ratios.  The decline in the ratio from last month took place as
the 0.45 percent reduction in gross RLs to Php61.71 billion was
accompanied by the expansion in loans.

Meantime, the real and other properties acquired (ROPA), gross
to gross assets (GA) ratio eased to 3.15 percent from last
month's 3.24 percent and year ago's 3.68 percent ratios.  The
decline in the ratio from last month transpired with the
simultaneous growth in GAs and the 1.32 percent reduction in
ROPA to Php146.94 billion.

The non-performing assets (NPA) to GA ratio improved to
5.21 percent from last month's 5.33 percent and year ago's
5.89 percent ratios.  The favorable month-on-month decline in
the ratio came about as the 0.57 percent drop in NPAs was
complemented by the 1.62 percent growth in GAs.  The NPA level
settled at Php242.98 billion, better than last month's Php244.37
billion and year ago's Php259.20 billion.

The NPL coverage ratio strengthened to 94.78 percent from
94.62 percent last month. Likewise, the NPA coverage ratio
widened to 47.97 percent from 47.35 percent.  This month's NPL
and NPA coverage also stood higher than year ago ratios of 82.74
percent and 39.46 percent, respectively.



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


OM LOGISTICS:  Commences Liquidation Proceedings
------------------------------------------------
On July 25, 2008, OM Logistics Pte. Ltd. commenced liquidation
proceedings.

C & S Lines Pte. Ltd. filed the petition against the company.

The company's liquidator is:

          Official Receiver
          Insolvency & Public Trustee's Office
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


PACIFIC SOURCE: Wind-Up Petition Hearing Set for August 15
----------------------------------------------------------
A petition to have Pacific Source Pte Ltd's operations wound up
will be heard before the High Court of Singapore on August 15,
2008, at 10:00 a.m.

Chanel Ng Mei Leng filed the petition against the company on
June 30, 2008.

Chanel Ng's solicitor is:

          KhattarWong
          80 Raffles Place
          UOB Plaza 1 #25-01
          Singapore 048624


PURPLE ACE: Court Enters Wind-Up Order
--------------------------------------
On July 25, 2008, the High Court of Singapore entered an order
to have Purple Ace Pte Ltd's operations wound up.

Greenpark Step GMBH & Co KG filed the petition against the
company.

The company's liquidator is:

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


RINOL SINGAPORE: Pays First and Final Dividend
----------------------------------------------
Rinol Singapore Pte Ltd, which is in voluntary liquidation, has
paid the first and final dividend to its creditors on August 1,
2008.

The company paid 1.9551% to all admitted unsecured claims.

The company's liquidator is:

          Timothy James Reid
          Ferrier Hodgson
          8 Robinson Road
          #12-00 ASO Building
          Singapore 048544


TRANSBILT ENGINEERING: Creditors' Proofs of Debt Due on Aug. 18
---------------------------------------------------------------
Transbilt Engineering Pte Ltd, which is in liquidation, requires
its creditors to file their proofs of debt by August 18, 2008,
to be included in the company's dividend distribution.

The company's liquidator is:

          Goh Ngiap Suan
          c/o Goh Ngiap Suan & Co
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336



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

AU OPTRO: CSR Report to Get 1st Independent Verification GRI A+
----------------------------------------------------------------
AU Optronics Corp. 2007 CSR report is to be Taiwan's first ever
CSR report receiving G3 GRI A+(1) verification, as well as the
first one in the global TFT-LCD industry, demonstrating how AUO
discloses its economic, environmental and social performance
under global reporting framework in a transparent, complete and
balanced means.

AUO 2007 CSR report follows the standard 2006 Global Reporting
Initiative's Sustainability Reporting Guidelines (GRI G3) and
has been verified as the highest Level A+ by SGS(2), a world-
recognized inspection and certification company.  Moreover, AUO
has also accomplished the AA1000AS (1) (AccountAbility 1000
Assurance Standard), demonstrating the materialism, completeness
and responsiveness of this report.  AUO has integrated CSR in
all aspects of its strategic planning, including company
policies, business models, execution procedures and employee
training systems.  This report provides transparent, complete
and balanced data to our global investors, customers,
communities, employees and all other stakeholders.  In 2004, AUO
initiated its first environmental report, followed by an
environmental, safety and health report in 2005, and published
its first CSR report in 2006.  This second 2007 CSR Report
received GRI G3 Level A+ recognition, which represents AUO's
commitment to social responsibility and its stakeholders.

"Just as a financial report transparently discloses a
corporation's financial status, CSR information is also
obligated to be open to the public in a balanced way," said Dr.
L.J. Chen, President and COO of AUO.  "We are honored to receive
this highest recognition, and we hope to provide its global
investors and customers a comprehensive, transparent and
balanced report.  AUO will continuously execute our 'Green
Solutions' as a core of our CSR, to benefit the society we live
in."

Mr. Dennis Yang, COO of SGS South Asia, noted, "We highly
recognize AUO's dedication to social responsibility, as well as
the disclosure of its CSR report following Global Reporting
Initiative guidelines.  After a 2-month verification process led
by Lead Verifier of SGS UK Rita Godfrey and SGS jury, we
consentaneously issue the GRI A+ appraisal to the AUO 2007 CSR
Report, to recognize the materiality, completeness and
responsiveness in terms of economic, environmental and social
performance."

                    About AU Optronics

AU Optronics Corp. is the world's 3rd largest manufacturer of
large-sized thin film transistor liquid crystal display panels,
with approximately 19%* of global market share in Q1/2008 and
revenues of NT$480.2 billion (US$14.81billion)in 2007.  TFT-LCD
technology is currently the most widely used flat panel display
technology.  Targeted for 40"+ sized LCD TV panels, AUO's new
generation (7.5-generation) fabrication facility production
started mass production in the fourth quarter of 2006.  The
Company currently operates one 7.5-generation, two 6th-
generation, four 5th-generation, one 4th-generation, and four
3.5-generation TFT-LCD fabs, in addition to eight module
assembly facilities and the AUO Technology Center specializes in
new technology platform and new product development.  AUO is one
of few top-tier TFT-LCD manufacturers capable of offering a wide
range of small- to large- sized (1.5"-65") TFT-LCD panels, which
enables it to offer a broad and diversified product portfolio.

                        *     *     *

The company continues to carry Fitch Ratings' 'BB+' long-term
foreign and local currency Issuer Default ratings.  The Outlook
is Positive.


SILICON PRECISION: Posts NT$15,852MM Sales Revenue for 2Q 2008
--------------------------------------------------------------
Siliconware Precision Industries Co., Limited's sales revenues
for the second quarter of 2008 were NT$15,852 million, which
represented a 6.2% increase in revenues compared to the first
quarter of 2008 and a 4.1% increase in revenues compared to the
second quarter of 2007.  SPIL reported a net income of NT$2,408
million for the second quarter of 2008, compared with a net
income of NT$1,753 million and NT$3,830 million for the first
quarter of 2008 and the second quarter of 2007, respectively.

Diluted earnings per ordinary share for this quarter was NT$
0.79, and diluted earnings per ADS was US$0.13.

SPIL announced that its sales revenues for the first six months
of 2008 were NT$30,783 million, which represented a 6.2%
increase in revenues compared to the first six months of 2007.
SPIL reported a net income of NT$4,161 million for the first six
months of 2008, compared with a net income of NT$7,663 million
for the first six months of 2007.

Diluted earnings per ordinary share for the first six months of
2008 was NT$1.36, and diluted earnings per ADS was US$0.22.

Operating results review:

-- For the second quarter of 2008, net revenues from IC
   packaging were NT$14,446 million and represented 91% of total
   net revenues.  Net revenues from testing operations were
   NT$1,406 million and represented 9% of total net revenues.

-- Cost of goods sold was NT$12,573 million, representing an
   increase of 6.0% compared to the first quarter of 2008 and an
   increase of 18.7% compared to the second quarter of 2007.

-- Raw materials costs were NT$7,100 million for the second
   quarter of 2008, and represented 44.8% of total net revenues,
   whereas raw materials costs were NT$6,469 million and
   represented 43.3% of total net revenues for the first quarter
   of 2008.

-- The accrued expenses of bonuses to employees accounted for
   under cost of goods sold totaled NT$171 million for the
   second quarter of 2008.

-- Gross profit was NT$3,279 million for the second quarter of
   2008, representing a gross margin of 20.7%, which increased
   from a gross margin of 20.6% for the first quarter of 2008
   and decreased from 30.5% for the second quarter of 2007.

-- Total operating expenses for the second quarter of 2008 were
   NT$896 million, which included selling expenses of NT$211
   million, administrative expenses of NT$339 million and R&D
   expenses of NT$345 million.  Total operating expenses
   represented 5.7% of total net revenues for the second quarter
   of 2008.

-- In the second quarter of 2008, the accrued expenses of
   bonuses to employees, directors and supervisors accounted for
   under operating expenses totaled NT$72 million.

-- Operating income was NT$2,383 million for the second quarter
   of 2008, representing an operating margin of 15.0% for the
   second quarter of 2008, which increased from 14.5% for the
   first quarter of 2008 and decreased from 25.2% for the second
   quarter of 2007.

-- Non-operating items:

-- Net interest income was NT$86 million for the second quarter
   of 2008.
-- Net currency exchange gain of NT$103 million for the
   second quarter of 2008 was mainly due to depreciation of our
   US dollar denominated liabilities as a result of a
   depreciation in the foreign currency exchange rate of the US
   dollar against NT dollar, our reporting currency.

-- Net gain on long-term investment of NT$26 million for the
   second quarter of 2008 was primarily due to investment income
   of NT$15 million and NT$11 million from Siliconware
   Investment Company and SPIL BVI, respectively.

-- Investment income included cash dividends of NT$ 55 from
   Phoenix Precision Technology.

-- Net income before tax was NT$2,690 million for the second
   quarter of 2008, which increased from NT$1,983 million for
   the first quarter of 2008 and decreased from NT$ 4,512
   million for the second quarter of 2007.

-- Income tax expense was NT$282 million for the second quarter
   of 2008, compared with income tax expense of NT$230 million
   for the first quarter of 2008 and NT$ 682 million for the
   second quarter of 2007.

-- Net income was NT$2,408 million for the second quarter of
   2008, which increased from NT$1,753 million for the first
   quarter of 2008 and decreased from NT$3,830 million for the
   second quarter of 2007.

-- Total number of shares outstanding was 3,050 million shares
   as of June 30, 2008. Diluted earnings per ordinary share for
   this quarter was NT$0.79, or US$0.13 per ADS.

Capital expenditure and balance sheet highlight:

-- Cash balances totaled NT$24,079 million as of June 30, 2008
   from NT$24,296 million as of March 31, 2008, and NT$22,491
   million as of June 30, 2007.

-- As of June 30, 2008 our long-term bank loans totaled
   NT$2,986 million, compared with total long-term bank loans of
   NT$2,991 million as of March 31, 2008.

-- Capital expenditures for the second quarter of 2008 totaled
   NT$2,760 million, which included NT$2,111 million for
   packaging equipment and NT$ 649 million for testing
   equipment.

-- Total depreciation expenses for the second quarter of 2008
   totaled NT$2,073 million, which included which NT$1,372
   million was from packaging operations and NT$701 million from
   testing operations.

IC packaging service:

-- Net revenues from IC packaging operations were
   NT$14,446 million for the second quarter of 2008, which
   represented an increase of NT$876 million or 6.5% compared to
   the first quarter of 2008.

-- Substrate-based packaging, leadframe-based packaging and
   wafer bumping & FCBGA accounted for 46%, 30% and 13%,
   respectively, of total net revenues for the second quarter of
   2008.

-- Capital expenditures for IC packaging operations totaled
   NT$2,111 million for the second quarter of 2008, which
   included NT$1,942 million for packaging and building
   construction and NT$169 million for wafer bumping operations.

-- As of June 30, 2008 we had 4,506 wirebonders installed, and
   we disposed 137 wirebonders during the second quarter of
   2008.

IC testing service:

-- Net revenues from testing operations were NT$1,406 million
   for the second quarter of 2008, which represented an increase
   of NT$45 million or 3.2% compared to the first quarter of
   2008.
-- Capital expenditures for testing operations totaled
   NT$649 million for the second quarter of 2008.

-- As of June 30, 2008 we had 376 testers installed, of which 10
   testers were added in the second quarter of 2008.

Revenue Analysis

* Breakdown by end applications:

By application         2Q08   1Q08   2Q07
Computing              32%    33%    34%
Communication          27%    24%    26%
Consumer               22%    21%    22%
Memory                 19%    22%    18%

* Breakdown by packaging type:

By packaging type      2Q08   1Q08   2Q07

Bumping & FCBGA        13%    14%    11%
Substrate Based        46%    47%    49%
Leadframe Based        30%    28%    29%
Testing                 9%     9%     9%
Others                  2%     2%     2%

                         About SPIL

Siliconware Precision Industries Ltd. is a leading provider of
comprehensive semiconductor assembly and test services.  SPIL is
dedicated to meeting all of its customers integrated circuit
packaging and testing requirements, with turnkey solutions that
range from design consultations, modeling and simulations, wafer
bumping, wafer probe and sort, package assembly, final test,
burn-in, to drop ship. Products include advanced leadframe and
substrate packages, which are widely used in personal computers,
communications, Internet appliances, cellular phones, digital
cameras, cable modems, personal digital assistants and LCD
monitors.  SPIL supplies services and support to fabless design
houses, integrated device manufacturers and wafer foundries
globally. For further information, visit SPIL's web site at
http://www.spil.com.tw.

                       *     *     *

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



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

* BOND PRICING: For the Week August 4 - August 8, 2008
------------------------------------------------------


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

   AUSTRALIA &
   NEW ZEALAND
   -----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.68
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.95
Allco Hit Ltd                  9.000%  08/17/09     AUD    25.00
Antares Energy                10.000%  10/31/13     AUD     0.57
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    29.00
BBI Ntwrks NZ Limited          8.000%  11/30/12     NZD    18.00
Becton Property Group          9.500%  06/30/10     AUD     0.52
Bounty Industries Limited     10.000%  06/30/10     AUD     0.16
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    13.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    13.50
Carpal Aluminum               10.000%  03/29/12     AUD    61.00
China Century                 12.000%  09/30/10     AUD     0.75
Cit Group Au Ltd               6.000%  03/03/11     AUD    74.12
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.01
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.85
Fletcher Building Ltd          7.800%  03/15/09     NZD    11.75
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     2.84
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    13.55
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    15.00
Infrastructure & Utilities     8.500%  09/15/13     NZD    10.00
Jem Warehouse                  3.000%  08/01/14     AUD    73.46
Jpm Au Enf Nom 1               3.500%  06/30/10     AUD    14.00
LongReach Group Limited       10.000%  10/31/08     AUD     0.36
Nylex Ltd.                    10.000%  12/08/09     AUD     1.55
Macquarie Comm                 2.500%  08/23/13     AUD    71.47
Marac Finance                 10.500%  07/15/13     NZD     0.98
Metal Storm Ltd               10.000%  09/01/09     AUD     0.90
Minerals Corp                 10.500%  09/30/08     AUD     0.85
Publ & Broad Fin               6.280%  05/06/11     AUD     8.76
Record Funds Man              11.000%  09/01/10     AUD    42.00
Speirs Group Ltd.             13.160%  06/30/49     NZD    30.00
South Canterbury              10.430%  12/15/12     NZD     0.97
St. Laurence Prop              9.250%  07/15/01     NZD    59.71
Sun Resources NL              12.000%  06/30/11     AUD     0.42
TrustPower Ltd                 8.300%  12/15/08     NZD    10.20
TrustPower Ltd                 8.500%  09/15/12     NZD     8.50
TrustPower Ltd                 8.500%  03/15/14     NZD     8.95

   CHINA
   -----
Baoshan Iron                   8.000%  06/20/14    CNY     74.76
China Govt Bond                4.860%  08/10/14    CNY      0.00

Cosco Shipping                 0.800%  01/28/14    CNY     72.75
GD Power Develop               1.000%  05/07/14    CNY     72.55
Gezhouba                       0.600%  06/26/14    CNY     69.18
Kangmei Pharm                  0.800%  05/08/14    CNY     70.56
Tsingtao Brewery               0.800%  04/02/14    CNY     71.70

   INDIA
   -----

India Gov't                    5.870%  08/28/22    INR     70.63
India Gov't                    6.970%  09/25/25    INR     68.18
India Gov't                    6.010%  03/25/28    INR     66.98
India Gov't                    6.130%  06/04/28    INR     67.93
India Gov't                    6.170%  06/12/23    INR     71.64
India Gov't                    6.300%  04/09/23    INR     72.94

   JAPAN
   -----

Joint Corp                     2.430%  07/27/10     JPY    74.74
Shinsei Bank Ltd.              5.625%  12/29/49     GBP    73.27

   KOREA
   -----
Korea Dev. Bank                7.310%  11/08/21     KRW    43.97
Korea Dev. Bank                7.350%  10/27/21     KRW    44.07
Korea Dev. Bank                7.400%  11/02/21     KRW    44.02
Korea Dev. Bank                7.450%  10/31/21     KRW    44.04
Korea Dev. Bank                8.450%  12/15/26     KRW    69.83

   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.50
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.96
Berjaya Land Bhd               5.000%  12/30/09     MYR     4.20
Eastern & Orient               8.000%  07/25/11     MYR     1.08
EG Industries Berhad           5.000%  06/16/10     MYR     0.23
Equine Capital                 3.000%  08/26/08     MYR     1.63
Greatpac Holdings              2.000%  12/11/08     MYR     0.15
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.59
Insas Berhad                   8.000%  04/19/09     MYR     0.41
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.21
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.11
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.56
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.31
Mithril Bhd                    3.000%  04/05/12     MYR     0.57
Mithril Bhd                    8.000%  04/05/09     MYR     0.11
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.34
Pelikan International          3.000%  04/08/10     MYR     1.31
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.10
Plus Spv Bhd                   2.000%  06/27/17     MYR    68.90
Plus Spv Bhd                   2.000%  06/27/18     MYR    66.03
Plus Spv Bhd                   2.000%  06/27/19     MYR    63.27
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.79
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.09
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.72
Silver Bird Group              1.000%  02/15/09     MYR     0.56
Syabas                         3.000%  05/18/18     MYR    71.97
Syabas                         3.000%  05/17/19     MYR    69.14
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.90
Tradewinds Corp.               2.000%  02/08/12     MYR     0.60
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.30
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.21
Wah Seong Corp.                3.000%  05/21/12     MYR     4.16
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.49
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.40

   SINGAPORE
   ---------

Capitaland Ltd.                2.950%  06/20/22     SGD    73.67
Hynix Semi Inc                 7.875%  06/27/17     USD    74.00
Sengkang Mall                  4.880%  11/20/12     SGD     1.55
Sengkang Mall                  8.000%  11/20/12     SGD     1.00

   SRI LANKA
   ---------
Sri Lanka Govt                7.500%  08/15/18     LKR     71.00
Sri Lanka Govt                6.850%  10/15/12     LKR     68.72
Sri Lanka Govt                7.000%  10/15/11     LKR     74.12
Sri Lanka Govt                8.500%  01/15/13     LKR     72.82
Sri Lanka Govt                8.500%  07/15/13     LKR     71.67
Sri Lanka Govt                8.500%  08/15/18     LKR     59.84
Sri Lanka Govt                8.500%  07/15/18     LKR     64.77
Sri Lanka Govt                8.500%  02/01/18     LKR     65.38
Sri Lanka Govt                7.500%  08/01/13     LKR     68.35
Sri Lanka Govt                7.500%  11/01/13     LKR     67.63
Sri Lanka Govt                7.000%  10/01/23     LKR     52.97


                         *********

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.

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                 *** End of Transmission ***