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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

            Wednesday, January 2, 2008, Vol. 11, No. 1

                            Headlines

A U S T R A L I A

A.C. BARALGA: Commences Voluntary Wind-Up Proceedings
BAL INVESTMENTS: Commences Voluntary Wind-Up Proceedings
BARAL (HOLDINGS): Members Appoint Liquidator
CARPENTER POLSON: Members' Final Meeting Set for Jan. 25
GLEN LOGIE: Commences Voluntary Wind-Up Proceedings

LARAB HOLDINGS: Members Appoint Liquidator
LIFE THERAPEUTICS: Settles Deed of Variation with Indus Capital
MERINO PTY: Undergoes Voluntary Administration
NORTH CITY PROPERTIES: Members Appoint Liquidator
OAKLAND INVESTMENTS: Commences Voluntary Wind-Up Proceedings

PNZ PLASTERING: Members' Final Meeting Set for Feb. 18
PORTLAND HOLDINGS: Commences Voluntary Wind-Up Proceedings
SYMBION HEALTH: Primary Extends Offer Period to January 21


C H I N A ,   H O N G  K O N G   &   T A I W A N

CHINA EVERBRIGHT BANK: Picks 3 Underwriters for IPO
GENERAL MOTORS: Sells 1 Million Vehicles in China in One Year
JIANGXI COPPER: Seeks Approval of Proposed Incentive Scheme
SICHUAN CHANG HONG: Regulatory Commission Rejects Microsoft Plan


I N D I A

BALLY TECHNOLOGIES: Fitch Lifts Issuer Default Rating to B
BANK OF INDIA: To Raise Tier I Capital Via QIP
CANARA BANK: Further Hikes Can Fin Homes Offer to INR78 a Share
DECCAN AVIATION: UB Group Increases Holding to Almost 50%
GENERAL MOTORS: Resumes Pay Hikes for Salaried Employees in 2008

GLOBAL BROADCAST: Shareholders to Consider 1:5 Stock Split
PRIDE INTERNATIONAL: Provides Update on Fleet Contract Status
QUEBECOR MEDIA: Earns CDN$84.8 Million in Third Quarter


I N D O N E S I A

BANK RAKYAT: Launches BRI Prioritas to Target Affluent Customers  
BANK TABUNGAN: Three State Banks Propose to Acquire Stakes
PERUSAHAAN GAS: Regulator Fines Former Execs for Insider Trading
PERUSAHAAN LISTRIK: Sees IDR1-Trillion Net Profit in FY2007
SEMEN GRESIK: Expects Higher Net Profit in 2007


J A P A N

HANKYU HANSHIN: S&P Upgrades Corporate Credit Rating to BBB-
JAPAN AIRLINES: To Raise Capital By Up To JPY150 Million
MAZDA MOTOR: November 2007 Global Output Up 6.6% Year-on-Year
MAZDA MOTOR: Domestic Sales for November 2007 Up 2.3%
MAZDA MOTOR: Announces Organizational and Personnel Changes

MITSUBISHI MOTORS: Inks Granting of Incentives Pact with Russia


K O R E A

DAEWOO: Videcon Submits Bids Without Financial Partner
LG TELECOM: To Lower Message Service Rate
HYNIX SEMICON: S&P Assigns 'BB-' Rating on US$583.4MM Notes
HYNIX: To Spend KRW147.1 Bil. for Expansion & Upgrade of Plants
MAGNACHIP SEMICON: Develops New Back Light Control Algorithm


M A L A Y S I A

TAP RESOURCES: Unit Served with Payment Demand Notice


N E W  Z E A L A N D

2 DESIGN LIMITED: High Court Orders Liquidation
A2 CORP: A2 Milk Gets Best New Product Award in U.S.
A&R WHITCOULLS: Commission Explains Clearance on Borders Deal
AUTOMOTIVE RECONDITIONERS: Liquidator Fixes Jan. 11 as Bar Date
DOUBLEGLASS TECHNOLOGY: Joint Liquidators Appointed

ENERMAX LIMITED: Joint Liquidators Appointed
EURO DELIGHTS: Liquidators Fix March 13 as Claims Bar Date
GLOBE HOTEL: Joint Liquidators Appointed
HOME CLEAN SERVICES: High Court Appoints Joint Liquidators
ID INVESTMENTS: Joint Liquidators Appointed

IL CASINO RISTORANTE: Shareholders Appoint Liquidator
KAURI SPRINGS: Creditors Must File Proofs of Claim by Jan. 17
LEO PLUMBING: High Court to Hear Wind-Up Petition on April 1
MAHONY & COMPANY: Creditors Must File Claims by Jan. 18
MATIN REALTY: Creditors Must File Claims by Jan. 21

MOMBASSA GROUP: Commences Voluntary Wind-Up Proceedings
NGATA CONTRACTORS: Liquidators Fix March 13 as Claims Bar Date
POLYNESIAN FRUIT PICKING: Creditors Must File Claims by March 13
RODNEY STREET DEVELOPMENT: High Court Orders Liquidation
SHINGLE PEAK FARMS: High Court Orders Liquidation

TE KAIKOURA LODGE: Joint Liquidators Appointed
TELEVID ELECTRONIC: Appoints Joint Liquidators
TFP LIMITED: High Court to Hear Wind-Up Petition on March 3


P H I L I P P I N E S

FEDDERS CORP: Wants Plan Filing Deadline Moved to June 17


S I N G A P O R E

ARMSTRONG INDUSTRIAL: Increases Shares in Malaysian Unit
CHEMTURA CORP: Names Robert Wedinger as Chief Business Officer
CHINA AVIATION: Appoints Two New Management Secondees
INTERMEC TECH: Hires David Yung as Asia Pacific Vice President
SINGAPORE INTEGRATED: Fixes Jan. 14 as Last Day to File Claims


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

A.C. BARALGA: Commences Voluntary Wind-Up Proceedings
-----------------------------------------------------
Members of A.C. Baralga Pty Limited met on December 7, 2007, and
resolved to voluntarily wind up the company's operations.

Alan Kenneth Moffat was appointed liquidator.  The liquidator
can be reached at:

          Borough Mazars Pty Limited
          Skygarden, Level 6
          77 Castlereagh Street
          Sydney NSW 2000


BAL INVESTMENTS: Commences Voluntary Wind-Up Proceedings
--------------------------------------------------------
Members of Bal Investments Pty Limited met on December 7, 2007,
and resolved to voluntarily wind up the company's operations.

Alan Kenneth Moffat was appointed liquidator.  The liquidator
can be reached at:

          Borough Mazars Pty Limited
          Skygarden, Level 6
          77 Castlereagh Street
          Sydney NSW 2000


BARAL (HOLDINGS): Members Appoint Liquidator
--------------------------------------------
Members of Baral (Holdings) Pty Limited met on December 7, 2007,
and resolved to voluntarily wind up the company's operations.

Alan Kenneth Moffat was appointed liquidator.  The liquidator
can be reached at:

          Borough Mazars Pty Limited
          Skygarden, Level 6
          77 Castlereagh Street
          Sydney NSW 2000


CARPENTER POLSON: Members' Final Meeting Set for Jan. 25
--------------------------------------------------------
Members of Carpenter Polson Pty Limited will have their final
meeting on January 25, 2008, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at the offices of:

          Ngan & Co.
          49 Market Street, Level 5
          Sydney NSW 2000

The company's liquidator is P. Ngan.



GLEN LOGIE: Commences Voluntary Wind-Up Proceedings
---------------------------------------------------
On December 3, 2007, shareholders resolved to voluntarily wind-
up Glen Logie Pty Ltd.'s operations and appointed Ian A. Jolly
as liquidator.

The liquidator can be reached at:

          I.A. Jolly
          22 Clarence Street, Level 4
          Sydney NSW 2000


LARAB HOLDINGS: Members Appoint Liquidator
------------------------------------------
Members of Larab Holdings Pty Limited met on December 7, 2007,
and resolved to voluntarily wind up the company's operations.

Alan Kenneth Moffat was appointed liquidator.  The liquidator
can be reached at:

          Borough Mazars Pty Limited
          Skygarden, Level 6
          77 Castlereagh Street
          Sydney NSW 2000


LIFE THERAPEUTICS: Settles Deed of Variation with Indus Capital
---------------------------------------------------------------
Life Therapeutics advised that it had reached an in principle
agreement with Indus Capital regarding the settlement of
outstanding debt obligations.  The company now confirms that it
has entered into a Deed of Variation with Indus Capital which
provides for the early repurchase of the outstanding 174
Convertible Notes with Indus Capital.

The Deed provides for the repurchase of all outstanding notes on
February 29, 2008, or such other date agreed by LFE and Indus
Capital that is no later than March 31, 2008, for the amount of
US$15.3 million plus all accrued and unpaid interest as at the
date of repurchase.  The agreement relates to 58 Tranche 2 Notes
with a maturity date of September 30, 2008 and 116 Tranche 3
Notes with a maturity date of September 30, 2009.  There are 6
Notes that fall outside the agreement, and against which
approximately a further 1.2 million shares remain to be issued.

The repurchase of the 174 Convertible Notes prevents further
significant dilution to LFE shareholders by offsetting the issue
of over 34 million shares.  Furthermore the repurchase will
remove the first lien on LFE's assets which currently secures
the Convertible Notes.  This removal will permit LFE's directors
more freedom in returning value to LFE's shareholders.

LFE will use a proportion of the expected proceeds from assets
sales, the subject of earlier announcements, to fund the payment
to Indus Capital.

                    About Life Therapeutics

Headquartered in New South Wales, Australia, Life Therapeutics
Limited --  http://www.life-therapeutics.com/-- is engaged in  
the collection, management and distribution of plasma-based
products, and development, manufacture and sale of
electrophoresis, hematology and Gradiflow products. It operates
in five segments: Life Sera, which collects specialty plasma,
including Anti D and Hepatitis B; Life Diagnostics, which
develops, manufactures and distributes diagnostic products into
the diagnostic marketplace; Life Gels, which develops,
manufactures and distributes pre-cast electrophoresis gels into
the laboratory market; Life Bioprocess, which markets the
Gradiflow technology in both the commercial and research
markets, and Life Shared Services, which conducts corporate
functions of the organization. At June 30, 2006, the Life Gels
and Life Bioprocess division were classed as discontinued
operations. In November 2006, the Company completed the spin out
of its Australian assets by transferring these assets to a
wholly owned subsidiary, NuSep Ltd.

The Troubled Company Reporter-Asia Reporter, in its "Large
Companies with Insolvent Balance Sheets" Column on November 2,
2007, listed Life Therapeutics Limited as having total assets of
US$59.00 million and total shareholders' equity deficit of
US$0.38 million.

The company, in its preliminary annual financial report for the
year ended June 30, 2007, reported a consolidated net loss of
US$15,733,000, a decrease from the US$31,459,000 net loss in the
year ended June 30, 2006.  


MERINO PTY: Undergoes Voluntary Administration
----------------------------------------------
The Board of Merino Pty. Ltd. has appointed John Cronin and
Jamie Harris of the independent restructuring and corporate
advisory firm McGrathNicol as voluntary administrators of the
company.

Merino is the fourth largest manufacturer of paper tissue and
associated products in Australia and also operates a paper-
converting mill.  Merino’s brands include 'Merino', 'Bouquets',
'Elite' and 'Earthwise.'

Merino is a privately owned company established in 1939.  Merino
operates two manufacturing sites in Crestmead, Queensland and
Seven Hills, New South Wales.

Mr. Cronin, partner of the Brisbane office of McGrathNicol said,
"his immediate priority was to review the options available for
the company and to determine the best course of action for
stakeholders, including employees and creditors."

"Continued support from Merino’s employees, unions, suppliers
and customers is vital to maintaining operations and business
value.  Over the next few days we will be communicating with all
key stakeholders," said Mr. Cronin.

A meeting of creditors was held on Thursday, December 27, 2007.

McGrathNicol is a leading independent advisory firm specializing
in Corporate Advisory, Forensic, Transaction Services and
Corporate Recovery.  McGrathNicol has approximately 240 staff
with offices in all major Australian cities.


NORTH CITY PROPERTIES: Members Appoint Liquidator
-------------------------------------------------
Members of North City Properties Pty Limited met on December 10,
2007, and resolved to voluntarily wind up the company's
operations.

Noel Robert Willis was appointed as liquidator.  The liquidator
can be reached at:

          KPMG
          KPMG Centre
          491 Smollett Street
          Albury NSW 2000



OAKLAND INVESTMENTS: Commences Voluntary Wind-Up Proceedings
------------------------------------------------------------
Members of Oakland Investments (Textiles) Pty Limited met on
December 7, 2007, and resolved to voluntarily wind up the
company's operations.

Alan Kenneth Moffat was appointed liquidator.  The liquidator
can be reached at:

          Borough Mazars Pty Limited
          Skygarden, Level 6
          77 Castlereagh Street
          Sydney NSW 2000


PNZ PLASTERING: Members' Final Meeting Set for Feb. 18
------------------------------------------------------
Members and creditors of PNZ Plastering Pty Limited will have
their final meeting on February 18, 2008, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The meeting will be held at:

          32 Martin Place, Level 1
          Sydney NSW

The company's liquidator is Adam Shepard, who can be reached at:

          Star Dean-Willcocks
          32 Martin Place, Level 1
          Sydney NSW
          Telephone (02) 9223 2944


PORTLAND HOLDINGS: Commences Voluntary Wind-Up Proceedings
----------------------------------------------------------
Members of Portland Holdings Pty Limited met on December 7,
2007, and resolved to voluntarily wind up the company's
operations.

M.N. Elias and J.A. Newman were appointed as joint liquidators.  
The liquidators can be reached at:

          389 George Street, Level 5
          Sydney NSW 2000


SYMBION HEALTH: Primary Extends Offer Period to January 21
--------------------------------------------------------------
The interested buyer of Symbion Health Ltd.'s pathology, imaging
and pharmacy businesses -- Primary Health Care Ltd. -- extends
its takeover bid offer period to Jan. 21 from Jan. 7, 2008.

Primary, in a statement filed with the Australian Stock
Exchange, now has a total relevant interest of 20.86% shares in
Symbion and an additional 14.29% acceptance instructions under
the Institutional Acceptance Facility as of December 21.

Primary's total interest in Symbion is now 35.15%.

In a letter to Symbion shareholders, Primary believes that its
offer is compelling in light of the following:

   * Symbion's closing share price of AU$3.98 on December 21,
     2007;

   * The S&P/ASX 200 has fallen 8.5% since the start of November
     and 4.2% since November 8, 2007, being the date Primary
     announced its offer;

   * The significant volume of Symbion shares traded at price
     levels of below AU$4.10 since Primary announced its offer
     on November 8, 2007;

   * Primary's offer is a premium to Symbion's own Independent
     Expert's valuation range for Symbion (including a premium   
     for control) of AU$3.52 to AU$3.91 per share;

   * Primary's offer is all cash and is the only offer available
     to all Symbion shareholders.  Primary does not believe that
     any other party will table a more attractive proposal,
     particularly in light of current capital market conditions.

                     About Symbion Health

Symbion Health Limited, headquartered in Melbourne, is a
diversified Australian domestic health care business.  Most of
its earnings are derived from the provision of pathology and
diagnostic imaging services.  The company also manufactures and
markets vitamin and mineral supplements (consumer
nutriceuticals).  In addition, it operates a wholesale medical
products distribution network, focusing on the distribution of
prescription drugs to pharmacies and hospitals.

                       *     *     *

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


================================================
C H I N A ,   H O N G  K O N G   &   T A I W A N
================================================

CHINA EVERBRIGHT BANK: Picks 3 Underwriters for IPO
---------------------------------------------------
China Knowledge reports that, "China Everbright Bank Co Ltd. has
appointed three underwriters, namely China Jianyin Investment
Securities, Shenyin & Wanguo Securities and China Galaxy
Securities, for its A-share listing scheduled to happen in the
first half of next year, according to industry insiders."
Xinhua News Agency cited the Shanghai-based Oriental Morning
Post, which interviewed a securities dealer who commented: "CEB
will not miss the golden opportunity to be listed, as the
current valuation of Chinese-funded banks is comparatively
satisfactory.  The bank will raise more than RMB20 billion
(US$2.74 billion) through an IPO on the domestic A-share market
and then list in Hong Kong."

The Troubled Company Reporter-Asia Pacific reported on Dec. 10,
2007, citing China Daily, that China Everbright got a CNY20-
billion or US$2.67 billion capital injection in November from
Central Huijin Investment Co, an arm of China's sovereign wealth
fund, in order to help improve its financial position ahead of a
listing.  Huijin currently holds 70% of the bank's shares.  
According to the TCR-AP, China Daily noted that the capital
injection did not entirely resolve the bank's bad debt situation
as the bank still needs to turn around from a CNY3-billion loss.

Xinhua relates that according to an audit report by Ernst &
Young, as of Dec. 31, 2006, CEB had a net asset value of RMB73
million, with total share capital of 8.2 billion shares.

Xinhua adds that the Oriental Morning Post reported that its
source at the bank's Beijing headquarters said China Everbright
is "negotiating with overseas strategic investors and a formal
contract is expected to be signed in the first quarter of next
year."

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

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

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

China Everbright Bank is saddled with debts partly because of
its takeover of the troubled China Investment Bank in the late
1990s.


GENERAL MOTORS: Sells 1 Million Vehicles in China in One Year
-------------------------------------------------------------
General Motors Corp. became the first global automaker to sell 1
million vehicles in China in a single year today when GM China
Group President and Managing Director Kevin Wale handed the keys
to a Buick Park Avenue to Mr. Zhang Jianping at Shanghai GM's
corporate showroom in Shanghai.

"Becoming the first global manufacturer to sell 1 million
vehicles in China is a demonstration of the strength of our
product, our people and our partnerships," GM Chairman and CEO
Rick Wagoner said.  "China is a very important market, and we're
extremely proud of the contribution we have been able to make to
the growth and development of its automotive industry.  It's
been an extremely beneficial relationship for both sides."

GM sales in China first surpassed 100,000 units annually back in
2002.  Since then, GM sales have enjoyed steady growth, topping
500,000 annual sales in 2005, thanks to its growing lineup of
brands and vehicles.  The milestone million mark featured GM's
best-known and strongest brand in China, Buick.

"I'm extremely honored to be the one millionth customer in 2007
for General Motors," Mr. Zhang said.  "This is my second Buick
and I appreciate the performance, safety and durability of
Buick.  In addition, I was very satisfied with the fuel economy
of my first car.  After comparing other products in the premium
segment for my next car, it made perfect sense to choose the
Park Avenue."

"From day one, GM and our partners have been committed to
continually rolling out new and upgraded models, with specific
engineering done in China for China to satisfy the needs of
Chinese vehicle buyers across the country," Mr. Wagoner added.

This year, GM and its joint venture partners have begun offering
several new products, including the Cadillac SLS luxury business
sedan, Buick Park Avenue premium sedan, Chevrolet Captiva SUV,
all-new Chevrolet Epica intermediate sedan and Wuling Hong Tu
minivan.

According to Wagoner, reaching the new sales mark in 2007 is
especially significant as it is taking place in a year in which
GM has celebrated several milestones in China.  Both Shanghai
GM, the automaker's flagship manufacturing joint venture, and
the Pan Asia Technical Automotive Center (PATAC), GM's
engineering and design joint venture with Shanghai Automotive
Industry Corporation (SAIC), marked their 10th anniversaries
earlier this year.  SAIC-GM-Wuling, GM's mini-vehicle joint
venture, also celebrated its fifth anniversary.

                             About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive.  In an
environment of weakening prospects for US auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets (DTAs) in
the US, Canada and Germany.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.


JIANGXI COPPER: Seeks Approval of Proposed Incentive Scheme
-----------------------------------------------------------
Infocast News reports that Jiangxi Copper Co. Ltd. will seek the
approval of its shareholders on a proposed incentive scheme for
certain senior management and executive directors of the
company.

According to Infocast News, the company proposed an H-share
appreciation rights scheme under which recipients will be
entitled to cash payments for the appreciation when the market
price of the H shares rises above the offer price of the share
appreciation rights within a certain period.  The higher the
market price of the H shares, the more the cash gains will be
paid to the incentive recipients by the company, the report
notes.

The report relates that 509,900 share appreciation rights would
initially be granted, representing 0.0168% of the total share
capital of the company.

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

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.


SICHUAN CHANG HONG: Regulatory Commission Rejects Microsoft Plan
----------------------------------------------------------------
China Security Regulatory Commission rejected Microsoft Corp.'s
plan to acquire a 1% stake in Sichuan Changhong Electric Co.,
according to various reports.

China Knowledge reports that Changhong planned to raise at least
RMB2.5 billion by issuing 400 million new shares, to fund the
acquisition of 75% stake in Sterope Investments B.V. from
Century Shuanghong Display Devices Co. Ltd, a joint venture
established by Changhong and China's largest TV tube maker Irico
Group.

Winny Wang of Shanghai Daily relates that Microsoft had agreed
to pay RMB94 million or US$12.84 million for a stake in
Changhong.  Specifically, Winny Wang reports, Microsoft agreed
to buy 15 million newly issued Changhong shares at RMB6.27.  
According to Shanghai Daily, both companies will join a Media
Galaxy project to develop, produce and market TVs, computers,
and other digital entertainment products that would link home
TVs and computers with the Internet.

                          *     *     *

Based in Mianyang, Sichuan Province, China, Sichuan Chang Hong
Electric Co., Ltd. -- http://www.changhong.com/-- is    
principally engaged in the manufacture and sale of televisions,
air conditioners, mobile phones, refrigerators and other
household electrical appliances.  The company offers its
products under 13 categories, including military products,
digital televisions, digital display panels, information
technology products, air conditioners, digital audio/video
products, digital network products, molding products, digital
electronic components, environment-friendly power supply
systems, electrical equipment, electric engineering products and
chemical materials.  The company distributes its products in 90
countries/regions, including Russia, the United States, France,
and South America.

Xinhua Far East China Ratings gave the company a B+ issuer
credit rating on February 24, 2006.


=========
I N D I A
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BALLY TECHNOLOGIES: Fitch Lifts Issuer Default Rating to B
----------------------------------------------------------
Fitch Ratings has upgraded Bally Technologies' (NYSE: BYI)
Issuer Default Rating and senior secured bank debt ratings as:

    -- IDR to 'B' from 'B-';
    -- Secured bank credit facilities to 'BB/RR1' from 'B/RR3'.

The secured credit facilities comprise a term loan with US$292
million outstanding as of Sept. 30, 2007, and a US$75 million
revolver.

The Rating Outlook was revised to Positive from Stable, which
reflects the company's significant progress in terms of its
operating performance and its financial restatements as well as
expectations of continued improvements in cash flow generation.

The rating actions are based on Bally's significantly improved
product pipeline and solid acceptance of the Alpha operating
system platform over the past couple of years, which is
generating meaningful improvement in its financial performance.
On Dec. 20, 2007, Bally announced its F1Q'08 (period end
Sept. 30, 2007) results and revised its expectations for FY08.
Driven by its improved product platform, Bally generated 23%
revenue growth to US$189 million in F1Q'08 and expects 27%
growth in FY08 to more than US$865 million (up from previous
expectations of US$830 million).  Reported Adjusted EBITDA more
than doubled to US$58.5 million in F1Q'08 compared to US$26.4
million in F1Q'07, so LTM Adjusted EBITDA through Sept. 30, 2007
is roughly US$171 million.  Bally's leverage ratio according to
its credit facility as of Sept. 30, 2007, was 1.82x versus a
maximum allowable of 3.50x.  Bally's credit profile has improved
dramatically with substantial operating momentum, roughly US$37
million in debt maturities in FY08 and FY09, unrestricted cash
balances of US$51.6 mil as of Sept. 30, 2007 (up from US$40.8
million as of June 30, 2007), US$48.7 million available on its
credit revolver, and a somewhat flexible capex budget.

Tempering the financial improvement is the fact that the company
has been under investigation by the SEC since 2005.  In its most
recent audited 10K dated June 30, 2007, the company continues to
note material weaknesses in internal controls over financial
reporting, with revenue recognition and inventory valuation
among the most significant items.  Delinquent SEC filings had
been weighing on Bally's credit rating and it appears that Bally
has resolved many of its reporting issues with Friday's filing
of the F1Q'08 10Q.  The company has become up-to-date with its
SEC filings, having filed three 10Ks and seven 10Qs since
November 2006.

Additional concerns include litigation risk and how Bally will
fare when the industry enters a new technology-driven upcycle in
the next 12 months to 24 months with the onset of server-based
gaming, which could benefit Bally as well as the other major
players including IGT, WMS, and Aristocrat.  While competition
has increased since the peak of the last cycle, IGT is likely to
remain the dominant player, in Fitch's view, because it has the
most financial resources, the broadest product pipeline, and the
largest sales/marketing team.  Fitch believes Bally's improved
financial position and operational turnaround should help it to
compete in the next cycle, but maintenance of Bally's recent
market share gains could become more challenging.  An upgrade
from current ratings may be influenced by how Bally performs as
server-based gaming becomes commercialized in 2008-2009.

The recovery ratings and notching reflect Fitch's recovery
expectations under a distressed scenario.  Bally's recovery
ratings reflect Fitch's expectation that the enterprise value of
the company, and hence recovery rates for its creditors, will be
maximized in a restructuring scenario (going concern), rather
than a liquidation given the company's limited tangible asset
base.  An 'RR1' recovery rating reflects Fitch's belief that
100% recovery, including the assumption of a fully drawn
revolver, is likely under a default scenario.  Given the
continued strong operating momentum that has generated US$171
million in LTM Adjusted EBITDA, Fitch has updated its default
EBITDA assumption for its recovery ratings to US$105 million, or
a 38% discount.  That is based on the outstanding term loan
balance, a fully drawn revolver assumption, and the credit
facility's 3.5 times leverage covenant.  Fitch believes the
credit facility is more than 100% covered with a modest market
multiple assumption of 6x, which is below recent industry
transactions since the current credit market environment is
likely to pressure transaction multiples.  Therefore, Fitch's
credit facility rating is notched up three to 'BB' from Bally's
IDR of 'B'.

Fitch's Recovery Ratings are a relative indicator of creditor
recovery prospects on a given obligation within an issuers'
capital structure in the event of a default.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Mississippi.  The company's South
American operations are located in Argentina.  The company also
has operations in France, Germany, Macau, China, India, and the
United Kingdom.


BANK OF INDIA: To Raise Tier I Capital Via QIP
----------------------------------------------
Bank of India's board of directors has decided to raise Tier I
Capital for the bank by way of issue of up to 3,77,72,600 shares
through qualified institutional placement, the bank disclosed in
a filing with the Bombay Stock Exchange.

Based on the floor price, we could raise INR1,350-1,400 crore
through the QIP, the Press Trust of India quotes BoI Chairman
and Managing Director T. S. Narayanasami as saying.  The money
would be used for credit expansion, Basel II compliance and
explore new business opportunities, the news agency relates.

In addition to the board's approval of the move, the bank has
also received the nod of India's Ministry of Finance.  The
company has scheduled an extraordinary general meeting on
Jan. 23, 2008, to seek shareholders' approval of the plan.

Mr. Narayanasami told PTI that the closing of the issue is
expected by the end of January.

The QIP reportedly will dilute the government's stake in the
bank by 5% to 64.47%.

Headquartered in Mumbai, India, Bank of India --
http://www.bankofindia.com-- 2628 branches in India spread over
all states/ union territories, including 93 specialized
branches.  The bank provides a range of financial products and
services, including numerous credit schemes, deposit schemes,
cash management services, credit/debit cards, deposit vaults and
corporate bonds.  It also extends finance to small and medium
enterprises and small-scale industries. It provides a variety of
loans, such as mortgage loans, educational loans, auto finance
loans, holiday loans, personal loans and home loans.  The bank
offers Internet banking services for both the retail and
corporate clients.

The bank operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                        *     *     *

Standard & Poor's Ratings Services assigned on March 26, 2007,
its 'BB' issue rating to the bank's Hybrid Tier I notes to be
issued by India's Bank of India (BOI; BBB-/Stable/A-3), acting
through its Jersey branch.  These notes are being issued under
the bank's US$1 billion medium-term notes program.


CANARA BANK: Further Hikes Can Fin Homes Offer to INR78 a Share
---------------------------------------------------------------
Canara Bank has further hiked its offer price for 21.06% of Can
Fin Homes Ltd to INR78 per share from the prior offer price of
INR63 per share, Indbank Merchant Banking Services Ltd disclosed
in a filing with the Bombay Stock Exchange.

Originally, Canara made an open offer to acquire up to 43,14,246
fully paid-up equity shares of Can Fin Homes, representing
21.06% of the voting equity capital of the housing finance firm,
for INR58 per share.  As reported by the Troubled Company
Reporter-Asia Pacific on Dec. 18, 2007, the bank increased its
open offer for 21% stake to to INR63 per share.  Indbank was
tapped to manage the offer.

According to Indbank Merchant, the offer will close on Jan. 7,
2008.

By purchasing the 21.06% stake, the bank will increase its
existing 29.94% stake in Can Fin Homes to 51% and make the
housing finance firm its subsidiary, the Press Trust of India
relates.  The plan to acquire the 51% stake already have the
Reserve Bank of India's and the Finance Ministry's approval.

Indbank Merchant Banking Services Ltd ("Manager to the Offer")
on behalf of Canara Bank ("Acquirer") has issued this
Corrigendum ("Second Corrigendum") to the Public Announcement to
the shareholders of Can Fin Homes Ltd ("Target Company"), which
is in continuation of and should be read in conjunction with the
Public Announcement ("PA") dated August 27, 2007, & the First
Corrigendum to the PA ("First Corrigendum") dated December 13,
2007, pursuant to and in compliance with sub-regulation 1 of
regulation 11 of "the Regulations" issued by SEBI, to acquire
upto 43,14,246 fully paid up equity shares of the Target Company
representing 21.06% of the voting equity capital of the Target
Company.

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com-- provides services to a diverse    
clientele group with a range of subsidiaries and sponsored
institutions. The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card. The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator. Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments. Corporate Cash Management Services network of the Bank
provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility. Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services. Its Agricultural Consultancy Services handled
60 projects during the fiscal year ended March 31, 2006.

Standard & Poor's Ratings Services, on July 4, 2007, assigned
its 'BB' issue rating to Canara Bank's US$250 million Upper Tier
II subordinated notes due in 2021.


DECCAN AVIATION: UB Group Increases Holding to Almost 50%
---------------------------------------------------------
UB Group tightens its grip on Deccan Aviation Limited by
acquiring an additional 3.85% in the charter aviation company
via separate market purchases:

                   No. of Deccan                
                   Shares Bought    Percentage
                   -------------    ----------
        Dec. 27        1,224,000       0.90%
        Dec. 26        4,000,000    2.95%

UB subsidiary Kingfisher Radio Ltd purchased the stake,
increasing the unit's holding in Deccan Aviation from 38.73% to
42.58%.  UB Group company UB Overseas Ltd also holds 7.2% in
Deccan, bringing the Group's ownership in the company to almost
50%.

As previously reported in the Troubled Company Reporter-Asia
Pacific, Deccan's board of directors has unanimously approved a
merger of the scheduled airline business undertaking of UB
Group's Kingfisher Airlines Ltd into Deccan.  The merger calls
for Deccan's changing of name to Kingfisher Airlines Ltd, which
merged entity will become a subsidiary of UB Holdings.  The
merger is still subject to statutory approvals including
those of the shareholders.

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in            
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the INR3.41-
billion loss incurred in FY 2006.


GENERAL MOTORS: Resumes Pay Hikes for Salaried Employees in 2008
----------------------------------------------------------------
General Motors Corp. and Ford Motor Co. will resume salary
increases of white-collared employees in 2008, various reports
say.

As reported in the Troubled Company Reporter on Feb. 13, 2006,
GM unveiled new actions to support its ongoing North American
turnaround plan.  The new actions are expected to generate
savings, stem losses, reduce costs and business risks, and
further enhance GM's financial flexibility.  A major part of the
turnaround plan is for GM Chairman and CEO Rick Wagoner and
other senior officers and directors to take pay cuts and for the
company to slash its cash dividends.

GM spokeswoman Brenda Rios confirmed that GM has consented to
dipping into the merit fund to give out to workers as salary
raises in the first half of 2008, Sharon Terlep of The Detroit
News reports.  Although, the automaker hasn't disclosed how much
it will release to each worker.

The Detroit News relates that after discontinuing pay hikes in
2007, Ford announced that its white-collared workers will get
2.7% wage increases based on business conditions and employee
performance in April.

Ford is also mulling shelling out annual bonuses to 54,000
United Auto Workers union workers in 2008 as promised, Staff
writer Sarah A. Webster of the Free Press relates.

In 2006, GM and Ford, the Detroit News says, offered wage hikes
while Chrysler LLC didn't.  Although, this year, Chrysler did,
while GM and Ford didn't.  Chrysler spokesman Kevin McCormick
says he is not sure if the carmaker will have pay increases next
year.

                           About Ford

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

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

                             About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive.  In an
environment of weakening prospects for US auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets (DTAs) in
the US, Canada and Germany.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.


GLOBAL BROADCAST: Shareholders to Consider 1:5 Stock Split
----------------------------------------------------------
Global Broadcast News Ltd is proposing a 1:5 stock split, sub-
dividing the shares of the company with nominal value of INR10
each to five shares of INR2 per share.

With the stock split, Global Broadcast's existing authorized
equity share capital of of INR40,00,00,000 divided into
4,00,00,000 shares of INR10 will be sub-divided and re-
classified as INR40,00,00,000 divided into 20,00,00000 shares of
the nominal value of INR2.

In a filing with the Bombay Stock Exchange, the owner and
operator of the CNN-IBN Channel disclosed that its shareholders
will vote on the proposed stock split via postal ballot.  The
company has appointed A. K. Bhayana, practicing company
secretary, as scrutinizer.  Shareholders have until Jan. 24,
2008, to submit their votes.  Results of the postal ballot will
be announced on Jan. 25.

Headquartered in New Delhi, Global Broadcast News Limited --
http://www.ibnlive.com/-- owns and operates a 24-hour English    
language news and current affairs channel called CNN-IBN. CNN-
IBN was launched in December 2005.  The Company has an agreement
with CNN for an exclusive, limited, non-transferable right to
use and reproduce, inter alia, the CNN name and principal logo.  
It also has news services agreement with Turner for production
and broadcasting services.  It is also part of the TV 18 group,
which owns and operates some business channels and Internet
portals.

The Troubled Company Reporter-Asia Pacific reported on Sept. 28,
2007, that Global Broadcast had a stockholders' deficit of
US$30.6 million.


PRIDE INTERNATIONAL: Provides Update on Fleet Contract Status
--------------------------------------------------------------
Pride International Inc. has disclosed that its report of
drilling rig status and contract information covering the
company's fleet of offshore drilling rigs, its five drilling
management projects, along with a summary status of its Eastern
Hemisphere-based land fleet, has been updated as of
Dec. 19, 2007.  The report also provides an estimate of 2008 rig
out-of-service time resulting from planned shipyard programs and
time required for rig mobilizations.  The updated report, titled
"Monthly Fleet Update," is available through the company's web
site.

The company also announced that 2008 estimated capital
expenditures are expected to total approximately US$780 million
compared to US$835 million in estimated capital expenditures for
2007.  The 2008 expected expenditures include sustaining or
fleet maintenance capital investment of approximately US$180
million, expenditures associated with the construction of two
ultra-deepwater drillships of approximately US$395 million, rig
enhancements, including contractually required upgrades, of
approximately US$185 million and an estimated US$20 million for
critical spare components.

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides    
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2007, Standard & Poor's Ratings Service raised its
corporate credit rating on offshore contract drilling firm Pride
International Inc. to 'BB+' from 'BB'.  At the same time, S&P
raised the rating on the company's unsecured debt to 'BB+' from
'BB-'.  S&P said the outlook is stable.


QUEBECOR MEDIA: Earns CDN$84.8 Million in Third Quarter
-------------------------------------------------------
Quebecor Media generated net income of CDN$84.8 million in the
third quarter of 2007, compared with CDN$46.6 million in the
same quarter of 2006.  The CDN$38.2 million increase was mainly
due to the CDN$58.4 million increase in operating income.

Quebecor Media Inc. reported third quarter 2007 revenues of
CDN$834.6 million, a CDN$116.0 million increase.  All of
Quebecor Media's business segments posted higher revenues.  
Quebecor Media's operating income increased by CDN$58.4 million
to CDN$253.6 million in the third quarter of 2007, mainly
because of higher operating income in the Cable segment, as well
as increases in Newspapers and Broadcasting.

"Quebecor Media continued growing its revenues, operating income
and net income in the third quarter of 2007," said Pierre Karl
Peladeau, president and chief executive officer of Quebecor Inc.
"The strong performance was spearheaded by the Cable segment,
which once again posted substantial increases in the customer
base for its cable telephone, Internet access and digital cable
television services.  The Newspapers and Broadcasting segments
also improved their operating results."

                       Year to Date Results

Quebecor Media's year to date revenues increased by
CDN$246.6 million to CDN$2.40 billion.  All of Quebecor Media's
business segments without exception reported higher revenues.
Operating income rose by CDN$115.4 million to CDN$676.7 million,
mainly because of higher operating income in the Cable segment,
as well as increases in Broadcasting, Leisure and Entertainment
and Newspapers.  Excluding the impact of the consolidated stock
option expense, the increase in year to date operating income
was 24.4%, compared with 8.0% in the same period of 2006.

Year to date net income was CDN$214.7 million, compared with a
CDN$72.6 million net loss in the same period of 2006.  The
company attributed the CDN$287.3 million improvement primarily
to the favourable impact on the analysis of the 2007 numbers of
the recognition in the first nine months of 2006 of a
CDN$342.1 million loss on debt refinancing.  The CDN$115.4
million increase in operating income was also a factor in the
improvement.

At Sept. 30, 2007, the company's consolidated balance sheet
showed CDN$7.36 billion in total assets, CDN$4.99 billion in
total liabilities, and CDN$2.37 billion in total stockholders'
equity.

                       About Quebecor Media

Headquartered in Montreal, Canada, Quebecor Media Inc., a
subsidiary of Mortsel, Belgium-based, Quebecor Inc. --
http://www.quebecor.com/-- owns operating companies in numerous
media-related businesses: Videotron Ltd., a cable operator in
Quebec and a major Internet Service Provider and provider of
telephone and business telecommunications services; Sun Media
Corporation, Canada's chain of tabloids and community
newspapers; TVA Group Inc., operator of French-language general-
interest television network in Quebec, a number of specialty
channels, and the English-language general-interest station Sun
TV; Canoe Inc., operator of a network of English-and French-
language Internet properties in Canada; Nurun Inc., a major
interactive technologies and communications agency with offices
in Canada, the United States, Europe and Asia; companies engaged
in book publishing and magazine publishing; and companies
engaged in the production, distribution and retailing of
cultural products, namely Archambault Group Inc., a chain of
music stores in eastern Canada, TVA Films, and Le SuperClub
Videotron ltee, a chain of video and video game rental and
retail stores.  The company has global facilities in India,
France and Argentina.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 1, 2007,
Moody's Investors Service rated Quebecor Media Inc.'s
CDN$700 million add-on senior unsecured note issue B2.  Ratings
on the underlying 7.75% senior unsecured notes due in March of
2016 were affirmed at the same B2 level.  At the same time,
QMI's Ba3 corporate family rating and stable ratings outlook
were affirmed.


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

BANK RAKYAT: Launches BRI Prioritas to Target Affluent Customers  
----------------------------------------------------------------
PT Bank Rakyat Indonesia (Persero) Tbk launched a new full-
banking service called BRI Prioritas to net affluent customers,
The Jakarta Post reports.

Bank Rakyat Funds and Consumer Services' head, Susilo, told The
Post that the number of affluent people in Indonesia was
growing, but not all of them were able to access premium banking
services.  Through Priority Banking Assistance, the bank's
wealthy customers would receive cards that functioned both as
automated teller machine cards and Premium Debit MasterCards,
and receive top-class banking services, including consultations
on finance management, investment in equities and bonds,
insurance and pension plans, he added.

According to the report, Consumer Banking Director A. Toni
Soetirto said BRI Prioritas was one of the bank's efforts to
increase lending and improve customer loyalty.  He said that
through consultations and greater banking transactions, BRI
Prioritas would also help increase the bank's fee-based income,
the report notes.

Mr. Susilo, The Post relates, said that the bank would establish
four more such centers next year, three of which would be in
Jakarta -- Kebayoran Baru, Pondok Indah and Kelapa Gading -- and
the other one in Surabaya, East Java.

Bank Rakyat would also start providing wealth-management
consultations to BRI Prioritas customers next year, the report
adds.

                     About Bank Rakyat

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise  
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
Dec. 31, 2005, the bank had one branch office in Cayman Islands
and two representative offices in New York and Hong Kong,
respectively.

The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Moody's Investors Service raised Bank Rakyat's
foreign currency long-term debt rating to Ba2 from Ba3 and its
foreign currency long-term deposit ratings to B1 from B2.

Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk:

   * Long-term foreign Issuer Default rating 'BB-',

   * Short-term rating 'B',

   * National Long-term rating 'AA+(idn)',

   * Individual 'C/D', and

   * Support '4'.


BANK TABUNGAN: Three State Banks Propose to Acquire Stakes
----------------------------------------------------------
State banks PT Bank Mandiri, PT Bank Negara Indonesia, and PT
Bank Rakyat Indonesia have submitted proposals to the government
to acquire PT Bank Tabungan Negara, Thomson Financial reports,
citing Bisnis Indonesia Daily.

According to the report, State Enterprises Ministry Official
Parikesit Suprapto said that they haven't decided on the
proposals yet and are still studying them.

Bisnis Indonesia relates that an unnamed source said the
ministry is considering the option to let other banks acquire
Bank Tabungan to help it reduce a mismatch between its funding
and credits.

The bank, the report notes, is facing tougher competition, which
is evident from its declining market share.

Mr. Suprapto said that, at the moment, the ministry is still
focusing on how to comply with a central bank ruling that
prevents a bank owner, including the government, to control more
than one bank by the end of 2010, the report adds.

                     About Bank Tabungan

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- http://www.btn.co.id/-- is a state-owned bank   
involved in commercial banking.  In 1974, Bank Tabungan was
appointed as the financing institution for low- to medium-income
housing in an effort to support the Government's housing
development program.  Nonetheless, BTN suffered huge losses from
large corporate lending during the 1997 economic crisis.  The
Government then recapitalized the Bank, and still wholly owns
it.

BTN is now the smallest state bank, but retains a dominating 31%
share in housing loans as of end-2004.  In 2002, the Government
directed it to focus on commercial housing loans.  Hence, its
subsidized housing loans dropped to 44% of its portfolio at July
2005 from 75% at end-2002.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 19, 2007, that Moody's Investors Service raised the
foreign currency long-term debt and foreign currency long-term
deposit ratings of Bank Tabungan Negara.

   -- The foreign currency long-term deposit rating was raised
      to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa2 global local currency deposit rating and D- BFSR were
      unaffected.

All ratings carry a stable outlook


PERUSAHAAN GAS: Regulator Fines Former Execs for Insider Trading
----------------------------------------------------------------
Indonesia's capital market supervisory board -- Bapepam-LK --
has imposed administrative sanctions on nine former executives
of state gas distributor Perusahaan Gas Negara Tbk for insider
trading, Antara News reports.

Bapepam-LK, the report recounts, launched a probe on the company
early this year after PGN's announcement of a delay in the
start-up of its South Sumatra-West Java gas pipeline sparked
panic selling of its stock.  News about the delay sent PGN
shares diving by IDR2,250 or 23.3% to IDR7,400 on January 12,
2007, the report notes.

Bapepam-LK Chairman Fuad Rahmany told the news agency that the
sharp fall of the company's shares on that day occurred after
management revised down the gas volume transmitted from its SSWJ
pipeline a day earlier due to the delay.

Mr. Rahmany said that based on Bapepam-LK's findings, the
information published on Jan. 11, 2007, was already known by
management as early as September 12, 2006, and that the
information was considered material to influencing PGN's share
price, Antara says.

The agency found that between Sept. 12 and Jan. 11, a number of
former PGN executives -- including former PGN President WMP
Simanjuntak, former directors Adil Abas Reksoatmodjo and
Nursubagjo Prijono, and former corporate secretary Widyatmiko
Bapangtraded -- traded the company's shares, the report points
out.  They knew about the start-up delay before the information
was disclosed to the regulator and the investing public,
Mr. Rahmany was quoted by Thomson Financial as saying.

The report points out that Messrs. Simanjuntak, Adil Abas,
Prijono and Bapang were fined IDR2.3 billion, IDR30 million,
IDR53 billion and IDR25 million, respectively.

                    About Perusahaan Gas

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is       
comprised of two core businesses: distribution and transmission.  
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.   The company is 59.4% owned by the
Government of Indonesia.

The Troubled Company Reporter-Asia Pacific reported on Dec. 26,
2007, that Standard & Poor's Ratings Services has raised its
corporate credit ratings on PT Perusahaan Gas Negara (Persero)
Tbk. to 'BB-' from 'B+'.  The outlook on the rating is stable.  
At the same time, Standard & Poor's has raised the rating on the
senior unsecured debt issued by PGN Euro Finance 2003 Ltd.
(guaranteed by PGN) to 'BB-' from 'B+'.

On Jan. 18, 2007, Moody's Investors Service affirmed the Ba2
corporate family rating of PT Perusahaan Gas Negara (Persero)
Tbk.  At the same time, Moody's affirmed the Ba3 debt ratings of
PGN Euro Finance 2003 Ltd, which is guaranteed by PGN.  The
ratings outlook is stable.  This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.


PERUSAHAAN LISTRIK: Sees IDR1-Trillion Net Profit in FY2007
-----------------------------------------------------------
PT Perusahaan Listrik Negara expects to book a net profit of
IDR1 trillion for FY2007, which would actually be below the
firm's IDR3.8-trillion target, due to problems with its coal-
fired plant in Banten, The Jakarta Post reports, citing PLN
Chief Commissioner Alhilal Hamdi.

Mr. Hamdi was quoted by The Post as saying, "The unit, which has
been having problems since May, has forced us to use more
expensive oil-based fuels to generate power.  And with oil
prices continuing to rise, it is certainly costing us a lot."

According to the report, Mr. Hamdi said some of the problems are
expected to be fixed early next year, leading the company to
target IDR2 trillion in net profit in 2008.  Greater
efficiencies would also come from a shift from oil to gas in a
number of its power plants, including the Cilegon combined-cycle
power plant, in West Java, he added.

Mr. Alhilal said he expected the company to be able to cut costs
with the coming onstream of new coal-fired power plants under
the government's 10,000 megawatt project, which is expected to
be completed in 2009, the report adds.

                   About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity         
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero).  The outlook
is stable.  At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.


SEMEN GRESIK: Expects Higher Net Profit in 2007
------------------------------------------------
PT Semen Gresik sees a higher net profit in 2007 amid strong
demand for infrastructure projects, Reuters reports, citing
Semen Gresik Vice President Director Rudiantara.

According to the report, Mr. Rudiantara said the firm estimated
net profit at a minimum IDR1.7 trillion in 2007 against
IDR1.3 trillion in 2006, with expectations that the total
industry volumes will increase by 6.5% in 2008.

Mr. Rudiantara was quoted by Reuters as saying, "If Indonesia's
economy grows at a healthy pace, cement consumption can grow
6.5%."  "Our target is to maintain a market share of 45% while
improving our profitability," he added.

Nury Sybli of Reuters writes that Gresik estimated in May that
Indonesia's domestic cement consumption would rise 6-7% in 2008,
slightly above the 5%forecast by Indonesia's Cement Association,
as the sector gradually recovered from a slowdown last year.
      
                     About Semen Gresik

SGG is the largest cement player in Indonesia with a 46% market
share.  It has a total production capacity of 16.9 mtpa with
facilities located in Tuban, Padang and Tonasa.  As of June
2007, SGG was 51% owned by the government and 24.9% by the
Rajawali Group, with the remaining shares publicly held.

The Troubled Company Reporter-Asia Pacific reported on Oct. 2,
2007, that Moody's Investors Service assigned a Ba2 local
currency corporate family rating to PT Semen Gresik (Persero)
Tbk.  At the same time, Moody's has assigned the company a
national scale rating of Aa2.id.  The outlook for both ratings
is stable.  This is the first time that Moody's has assigned
ratings to SGG.


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

HANKYU HANSHIN: S&P Upgrades Corporate Credit Rating to BBB-
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Hankyu Hanshin Holdings
Inc. by one notch to 'BBB-' from 'BB+', reflecting the
increasing stability of cash flow from its core railway and real
estate businesses as a result of the continuing economic
recovery in the Kansai region.  

At the same time, Standard & Poor's also raised its long-term
senior unsecured debt rating on the company by one notch to
'BBB' from 'BBB-'.  The outlook on the long-term corporate
credit rating is stable.

The rating on Hankyu Hanshin Holdings also incorporates expected
enhancement of the company's earnings base due to the steady
progress in business integration of Hankyu Holdings and Hanshin
Electric Railway Co. Ltd., and the company's ability to maintain
improvements to its financial profile over the medium term based
on its stable cash flow.

Despite continuing fierce competition with its peers, including
West Japan Railway Co. (A+/Stable/--), in its core railway
business, revenues from passenger services are steadily
increasing due to a rising number of commuters, in line with
population influx and job growth in areas along the Hankyu and
Hanshin lines.  On a year-on-year comparison of revenues from
the railway businesses in the first half of fiscal 2007 (ending
March 31, 2008), Hankyu's revenues increased by 0.1% and
Hanshin's increased by 1.0%. Cash flow from both the leasing and
sales segments of the real estate business is likely
to stabilize further as a result of a recovery in land prices
along areas of the Hankyu and Hanshin lines.

Meanwhile, following the business integration between Hankyu
Holdings and Hanshin Electric Railway in October 2006, the
consolidation of each company's department store, real estate
management, and information-related businesses has progressed as
scheduled.  The company originally targeted the fiscal benefits
of business integration to be JPY5.2 billion by fiscal 2009
(revenue increase: JPY2.7 billion, cost reduction: JPY2.5
billion), and intends to achieve and surpass these targets
earlier than planned.

Hankyu Hanshin Holdings has focused on improving its financial
profile.  Its ratio of debt to total capital as of
March 31, 2007, was 69.8%, still at a favorable level compared
with other private railway companies in the Kansai region, such
as Kintetsu Corp. (Debt-to-capital ratio: 87.7%, BB+/Stable/--)
and Nankai Electric Railway Co. Ltd. (81.6%).  Standard & Poor's
expects the company's debt to increase temporarily from the
estimated JPY1,300 billion at the end of fiscal 2007, due to the
increasing burden of investment in large projects, such as the
extension of the Hanshin Nishi-Osaka line and the rebuilding of
Umeda Hankyu building.  However, Standard & Poor's believes that
the company will be able to continue improving its debt-to-
capital structure over the medium term, based on the expected
stable cash flow generation from its core businesses and its
management policy, which emphasizes ongoing improvements to the
company's financial profile.

Standard & Poor's may consider both raising its ratings on the
company and revising its outlook on the ratings upward if the
company's cash flow generation and earnings base improve, as a
result of:

   * Favorable economic environment;

   * Expanded synergies stemming from the integration of
     business operations; or

   * Revitalization of areas along the Hankyu and Hanshin lines
     following the completion of planned development projects.

Conversely, the ratings may come under downward pressure if the
company fails to achieve either business performance targets or
improvements to its financial profile as laid down in its
current medium-tem management plan.  These negative factors may
be realized as a result of:

   * Intensifying competition;

   * Delays in the emergence of operational integration
     synergies; and

   * An escalation in business investments.

The rating on the long-term senior unsecured debt is one notch
higher than the corporate credit rating.  This reflects the
lower default risk of the company's debt than its bank loans
based on the expectation for debt forgiveness by creditor banks
in case of default.

                     About Hankyu Hanshin

Hankyu Hanshin Holdings,Inc., -- http://www.hankyu-
hanshin.co.jp/english/index.html -- formerly Hankyu Holdings,
Inc., is a holding company with seven business segments. The
City Transportation segment is involved in the railway, bus,
taxi, automobile maintenance, car rental and vehicle
manufacturing businesses. The Real Estate segment leases,
purchases, sells and manages real estates and operates
investment assets. Travel and International Transportation
segment is involved in traveling and cargo delivery services.
Hotel segment is engaged in the hotel business. Entertainment
and Communication segment is involved in the opera business,
theater operations, advertising agency services and the
publishing business. Retail segment is engaged in the retail, as
well as food and drink businesses. Others segment is involved in
finance services, information, human resource and accounting
agency services, golf course management, movie entertainment,
construction and broadcasting. Headquartered in Osaka, Japan, it
has 68 subsidiaries and 12 associates.

This concludes the Troubled Company Reporter's coverage of
Hankyu Hanshin Holdings, Inc., until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


JAPAN AIRLINES: To Raise Capital By Up To JPY150 Million
--------------------------------------------------------
Japan Airlines International Co., Ltd., will seek a capital
infusion of JPY100-150 billion from major creditors and business
partners, likely through an issuance of preferred shares, Taiga
Uranaka, citing the Nikkei business daily, writes for Reuters.

JAL, which has been struggling to boost its capital, is also
considering spinning off its cargo business and asking other
firms to buy stakes in it, likely up to nearly 50%, relates
Reuters.

The Nikkei, according to Kiyori Ueno of Bloomberg News, stated
that a sale of preferred stock may dilute the value of existing
shares in the airline.

Mitsushige Akino, who oversees US$468 million in assets at
Ichiyoshi Investment Management Co. in Tokyo, expressed to
Bloomberg, "Investors are concerned about a possible stock
dilution.  The report raised speculation that Japan Air still
has a lot of assets that have no value."

Mr. Ueno further notes that The Nikkei said the carrier is
seeking agreements with Mitsubishi Corp., Mitsui & Co. and its
four main lenders by the end of March 2008.

According to Reuters' sources, the Tokyo-based air carrier had
asked its major lenders to swap part of its JPY1.7-trillion  
debt for equity, which was not materialized.

Reuters says that JAL's four main lenders are the Development
Bank of Japan, Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi
UFJ, and Sumitomo Mitsui Banking Corp.

Atsushi Abe, JAL's spokesman, is quoted by Bloomberg as saying,
"We've repeatedly said that capital increase is our top
priority.  I can't comment further on this."

                    About Japan Airlines

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

                       *     *     *

As reported on Feb. 9, 2007, that Standard & Poor's Ratings
Services affirmed its 'B+' long-term corporate credit and issue
ratings on Japan Airlines Corp. (B+/Negative/--) following the
company's announcement of its new medium-term management plan.  
The outlook on the long-term corporate credit rating is
negative.  

As reported on Oct. 10, 2006, that Moody's Investors Service
affirmed its Ba3 long-term debt ratings and issuer ratings for
both Japan Airlines International Co., Ltd and Japan Airlines
Domestic Co., Ltd.  The rating affirmation is in response to the
planned restructuring of the Japan Airlines Corporation group on
Oct. 1, 2006 with the completion of the merger of JAL's two
operating subsidiaries, JAL International and Japan Airlines
Domestic.  JAL International will be the surviving company.  The
rating outlook is stable.  

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


MAZDA MOTOR: November 2007 Global Output Up 6.6% Year-on-Year
--------------------------------------------------------------
Mazda Motor Corporation posts a 6.6% year-on-year increase in
global production with 122,591 units for the month of November
2007.

Global production of passenger cars climbed 9.3% to 112,666
units as commercial vehicles slumped 16.7% to 9,925 units
compared to the same period last year.

Domestic production jumped 12.5% for November 2007 with 96,500
units due to increased production of the Mazda CX-7 and Mazda
CX-9 and added production of the Mazda2 (known as the Demio in
Japan) for the European market.  Mazda's CX-7 production surged
54.4% year-on-year with 8,414 units and Demio's 16,877 units, up
290.9% from last year.

Overseas production dipped 10.8% to 26,091 units as compared to
November 2006 output of 26,828 units.  Passenger cars production
is also down by 10.5% to 19,337 units, while commercial vehicles
decreased 11.4% to 6,754 units.  Although overseas production of
the Mazda6 and Mazda3 was steady, the overseas output decreased
due to a decrease caused by the Familia and Premacy production
in China being attributed to FAW Haima, which has established
its own brand.

                      About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its  
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.                       

                        *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating and the company's long-term senior unsecured debt
to:   

   * Corporate Credit Rating: BB /Stable/; and   

   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


MAZDA MOTOR: Domestic Sales for November 2007 Up 2.3%
-----------------------------------------------------
Mazda Motor Corporation reports that its domestic sales for
November 2007 climbed 2.3% with 18,799 units as compared to the
same month last year.

Domestic sales went up due to the sales boost coming from new
models such as the Mazda2, known as Demio overseas, and Mazda5
(Premacy), and steady sales of micro-mini models.  

Demio's sales, from the previous year, surged 29.3% to 5,160
units, while Premacy sales for November 2007 increased to 2,017
units or an equivalent of 15.7%.  Micro-mini models totaled
4,415 units, a 33.1% increase.

Passenger cars domestic sales went up 3.4% to 15,607 units and
commercial vehicles went down 2.9% to 3,192 units.

Mazda's registered vehicle market share was 4.8%, down 0.5
points over the same period last year, with a 2.9% share of the
micro-mini segment (down 0.9 points) and a 4.2% total market
share (down 0.1 points).

Total export for November 2007 gained 9.8% to 73,519 units due
to an increase in exports of the steady-selling Mazda2 and
increased shipement of Mazda CX-7 models bound for regions other
than North America.  

Mazda's export to Europe totaled 27,129 units, followed by North
America totaling 23,364 units while exports to Oceania and other
regions (the Middle Ease, Central and South America_ were
steady.

                     About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its  
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.                       

                        *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating and the company's long-term senior unsecured debt
to:   

   * Corporate Credit Rating: BB /Stable/; and   

   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


MAZDA MOTOR: Announces Organizational and Personnel Changes
-----------------------------------------------------------
Mazda Motor Corporation has made some organizational and
personnel changes, which will take effect on January 1, 2008.

The changes in the automaker's financial services area, aims to:

   * strengthen the control system for the financial reporting      
     process in line with the introduction of the new Financial
     Instruments and Exchange Law in fiscal year 2008;

   * enhance the financial control system throughout the       
     accounting and tax areas.  In addition, improve functions      
     to respond to issues raised by the increasingly complex
     tax practices in Japan and overseas; and

   * rename the CAB Development Office because its development      
     of business models for affiliates' accounting services      
     and their operation have been established and are in place.

Some functions of the accounting department have been separated
and reorganized in order to newly establish the Financial
Internal Control Department and the CAB Development Office has
been renamed the Dealer Financial Services Department.

   * Kiyoshi Fujiwara, who is currently occupying the General
     Manager of Powertrain Development Division will also become
     the General Manager for the Powertrain Planning Department.

   * Yoshinobu Kido, who is now the General Manager of
     Powertrain System Development Dept. will be the Staff
     Manager of Powertrain Development Division by the start of
     2008.

   * Masamitsu Koike, currently the General Manager of
     Powertrain Planning Dept, will become the General Manager
     of Drivetrain Development Dept.

   * Toshiyuki Kikuchi, currently the General Manager of
     Drivetratin Development Dept., is appointed to be the
     General Manager of Powertrain System Development Dept.

   * Tetsuya Fujimoto, the General Manager of the Accounting
     Dept. will also be the Deputy General Manager.

   * Akihiko Nakajima, the Staff Manager of the Accounting
     Dept., will become the General Manager of Financial
     Internal Control Dept.

   * Naomitsu Morishima, Staff Manager of CAB Development
     Office, will be the General Manager of the Dealer Financial
     Services Dept. .

                     About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its  
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.                       

                        *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating and the company's long-term senior unsecured debt
to:   

   * Corporate Credit Rating: BB /Stable/; and   

   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


MITSUBISHI MOTORS: Inks Granting of Incentives Pact with Russia
---------------------------------------------------------------
Mitsubishi Motors Corporation that it signed an agreement for
the granting of incentives (decree 166) for industrial assembly
with the Ministry of Economic Development & Trade of the Russian
Federation.

This agreement is endowed with the right to incentives, but MMC
is still in the process of studying the feasibility of local
production in Russia.  MMC will make an announcement once all of
its plans are set.
   
Decree 166 covers the granting of incentives for automakers
relating to establishment of local production facilities.  Such
incentives include customs duties relief or privileges for
importation of automobile components.

Chang-Ran Kim of Reuters cites a source as saying that MMC would
agree on the deal with the intention of assembling cars locally
by mid-2010.

CSM Worlwide analyst Hirofumi Yokoi is quoted by Makiko Kitamura
and Kiyori Ueno of Bloomberg News as saying, "Mitsubishi has
carved out a niche as the third-largest Japanese carmaker in the
fast-growing Russia market."

MMC's Lancer sedan was the 11th most popular car in Russia by
sales from January to November, relates Bloomberg.  The report
added that the automaker may increase vehicle sales in the
country by 40% next year to 140,000 units.

                      About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.  
The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."The company has operations worldwide, covering
the United States, Germany, the United Kingdom, Italy, the
Netherlands, the Philippines, Indonesia, Malaysia, China and
Australia.  Its products are sold in over 170 countries.  

                       *     *     *

The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook.  Also,
R&I affirmed its 'B' rating for its domestic commercial paper
program.  The upgrade in rating, according to the report, is due
to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


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

DAEWOO: Videcon Submits Bids Without Financial Partner
------------------------------------------------------
Videocon Group has again submitted a bid for Daewoo Electronics
Corporation, but this time without a financial partner, Sify
News reports.

On Dec. 19, 2007, the Troubled Company Reporter-Asia Pacific
cited Videocon Industries Chairman and Managing Director
Venugopal Dhoot as saying that Videocon renewed its bid for
Daewoo Electronics but that it would pursue the bid only if the
price was reasonable.

According to Sify News, Videocon Industries Ltd and Ripplewood
Holdings, a U.S.-based private equity firm, put in separate
bids, unlike in 2006 when they jointly placed a US$746-million
offer for Daewoo.  

Videocon and Ripplewood Holdings, the TCR-AP previously
reported, submitted the winning bid for a controlling stake in
Daewoo.  The deal started to hit obstacles after the buyers
completed due diligence.  Expectations were out of line with
what the asset was worth and creditors were not prepared to make
the significant concessions necessary to progress discussions,
the report pointed out.  The quality of unsold inventory, the
TCR-AP said, and some receivables from affiliated companies are
said to have adversely affected working capital assumptions.
Furthermore, the existing lenders did not want to continue to
extend credit on terms attractive to the buying consortium.

Thus Daewoo Electronics is being put up for sale a second time
as the Videocon-Ripplewood bid failed.

However, Mr. Dhoot was quoted by Sify News as saying, "Videocon
and Ripplewood may join hands later, if necessary, during the
course of negotiations."

Regarding Videocon's current offer, Mr. Dhoot told Sify News
that it has been based on an expected internal rate of return of
over 25%, a standard benchmark followed in case of acquisitions,
Sify News notes.  The IRR is the annualized effective compounded
yield on the investment, the Sify report adds.

                  About Daewoo Electronics

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer       
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale for US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.


LG TELECOM: To Lower Message Service Rate
-----------------------------------------
LG Telecom Ltd. will lower its short message service fees next
year, a move that follows the recent decisions of bigger rivals
to cut their rates, Korea. Net reports.

According to the report, starting Jan. 1, the company's
7.74 million subscribers will be able to send an SMS at
KRW20 per message,from the previous KRW30, while its long
message service will now be KRW40 per message from KRW60.

SK Telecom and KTF, the report recounts, said they will cut
their SMS fees by the same rates.

The three mobile carriers have been under pressure to lower the
rates as many consumer groups claim they are profiting too much
from what they see as a low-cost service, the report adds.

                      About LG Telecom

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and       
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 14, 2006, Fitch Ratings upgraded LG Telecom's foreign
currency Issuer Default rating to 'BB+' from 'BB.'

On March 27, 2007, Moody's Investors Service upgraded LG
Telecom's foreign currency corporate family rating and senior
unsecured bond rating to Ba1 from Ba2.  The outlook on the
rating is stable.


HYNIX SEMICON: S&P Assigns 'BB-' Rating on US$583.4MM Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Hynix Semiconductor Inc.'s US$583.4 million unsubordinated and
unsecured convertible notes maturing in 2012.

The ratings on Korea-based Hynix reflect the severe pricing
pressures and the cyclical, capital-intensive nature of the
commodity DRAM industry, from which the company derives the bulk
of its revenues.  However, these industry risks are mitigated by
the company's strong market share and good cost
position in the DRAM industry, as well as its improving market
position in the NAND flash industry.

Hynix has improved its market position in DRAM to second
globally, and NAND flash to third globally, over the past few
years, backed by its strong design capabilities and proven
process technologies.  The company posted strong operating
performance through 2006, and its cash position has improved,
indicating a recovery in its ability to make needed capital
expenditures to maintain its cost-leadership position and
service debt through business cycles.

At 23%, Hynix had the second-largest market share in the global
DRAM industry as of September 2007, following industry leader
Samsung Electronics Co. Ltd. (A/Stable/A-1) at 28%.  Micron
Technology Inc. (BB-/Stable/--), another competitor, has
considerably reduced its position in the commodity DRAM market.

In China, Hynix had a leading position with about 58% market
share as of September 2007, benefiting from the country's
booming PC and consumer electronics market.

Rising leverage remains a concern, with debt-to-EBITDA reaching
0.9x in 2006 from 0.7x in 2005.  Given the company's heavy
capital expenditures in 2007 and 2008, free cash flow is likely
to be negative over the medium term.  However, mitigating
factors include Hynix's commitment toward maintaining positive
free operating cash flow after 2008 and its efforts to diversify
debt maturities through refinancing with longer maturity notes.

                About Hynix Semiconductor Inc.

Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/ -- is a semiconductor manufacturer.        
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.


HYNIX: To Spend KRW147.1 Bil. for Expansion & Upgrade of Plants
---------------------------------------------------------------
Hynix Semiconductor Inc. would invest KRW147.1 billion to expand
and upgrade its existing plants.

According to the report, the company said the investment would
increase its production capacity and enhance price
competitiveness.

Rhee So-eui of Reuters writes that some of the funds will be
spent on research and development.


Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/ -- is a semiconductor manufacturer.        
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.

On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.

The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.


MAGNACHIP SEMICON: Develops New Back Light Control Algorithm
------------------------------------------------------------
MagnaChip Semiconductor Ltd. successfully developed the
technology for Smart Mobile Luminance Control, a low power
consuming backlight control algorithm for LCD driver chips.

The SMLC algorithm can reduce the luminance of LCD backlights by
up to 50% through the analysis of the image data in LCD driver
chips and the related adjustment of power consumption rates in
the LED drivers.  At the same time, the SMLC algorithm optimizes
the luminance of the display by minimizing image distortion
through an adaptive image signal processor in LCD driver chips.

LCD driver chips that apply this technology should be able to
decrease power consumption in LCD modules by up to 50%, which,
depending on the display technology and size, may as much as
double battery life in mobile phones in certain instances. As
mobile phones are offering increased multimedia services,
requiring high definition and large-sized displays that consume
more power, companies are seeking low power consumption
solutions such as this SMLC algorithm.

MagnaChip released an engineering sample of its TA8551 product,
a single driver chip for WQVGA TFT-LCDs, in October, which
incorporates the SMLC technology.  The company expects that this
technology will be incorporated into a majority of its future
mobile display driver IC products.

Mr. Davis Mok, Vice President of Marketing in MagnaChip's
Display Solutions Division, said, "Market demand for high
resolution mobile displays requiring low power consumption
technologies is growing rapidly.  We expect that our new SMLC
technology will allow us to continue to differentiate our
products in the mobile handset market through provision of high
quality products with enhanced performance to our customers."

                 About MagnaChip Semiconductor

Based in Korea, MagnaChip Semiconductor --
http://www.magnachip.com/-- designs, develops, and manufactures      
mixed-signal and digital multimedia semiconductors addressing
the convergence of consumer electronics and communications
devices.  MagnaChip also provides wafer foundry services
utilizing CMOS high voltage, embedded memory, and analog and
power process technologies for the manufacture of IC's for
customer-owned designs.  MagnaChip has world-class manufacturing
capabilities and an extensive portfolio of approximately 8,500
registered and pending patents.  As a result, MagnaChip is a
valued partner in providing leading technology solutions to its
customers worldwide.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 10,
2007, that Moody's Investors Service confirmed the B2 corporate
family rating of MagnaChip Semiconductor LLC.  At the same time,
Moody's confirmed the ratings of the debt issued by MagnaChip
Semiconductor Finance Co and MagnaChip Semiconductor S.A.,
including:

  1) B1 rating of the US$100 million five-year senior secured
     credit revolver

  2) B2 rating of the US$500 million aggregate floating and
     fixed-rate second-priority senior secured notes due 2011

  3) Caa1 rating of the US$250 million senior subordinated notes
     due 2014

On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.


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

TAP RESOURCES: Unit Served with Payment Demand Notice
-----------------------------------------------------
Tap Resources Bhd's wholly owned subsidiary, Tap Construction
Sdn Bhd, has been served with a Notice of Demand by N.K. Tan &
Rahim, under Section 218 of the Companies Act, 1965, dated Dec.
24, 2007.

Within 21 days from the date of receipt of the demand notice,
N.K. Tan & Rahim requires that Tap Construction pay the sum of
MYR32,200 being the amount still outstanding on their invoices.

As reported by the Trouble Company Reporter - Asia Pacific, on
Aug. 29, 2007, Tap Construction received the restraining order
it requested from the High Court of Malaya, Kuala Lumpur.  The
Restraining Order, which is valid for six months, will help
facilitate Tap Construction in undertaking its Proposed Scheme
of Arrangement with various classes of creditors and to hold the
Scheme Creditors meeting not later than six months from the date
of the RO.

The company informed the Bourse that its lawyer will be
communicating with N.K. Tan & Rahim pertaining to the
Restraining Order granted to Tap Construction.
   
TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

TAP's shareholders' equity on a consolidated basis is equal to
or less than 25% of the issued and paid up capital of the
Company and such shareholders equity is less than the minimum
issued and paid up capital as required under paragraph 8.16A (1)
of the Listing Requirements of Bursa Malaysia Securities Berhad
for the nine months financial results ended January 31, 2006 and
a default in payment by TAP and it is unable to provide a
solvency declaration.  Both of these qualify TAP Resources to be
classified as a PN17 company.



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

2 DESIGN LIMITED: High Court Orders Liquidation
-----------------------------------------------
2 Design Limited was ordered by the High Court at Christchurch,
on  November 26, 2007, to be put into liquidation.

Wayne John Deuchrass and Iain Andrew Nellies were appointed
liquidators jointly and severally.

Creditors may make enquiries to the liquidators, who can be
reached at:

          Insolvency Management Limited
          148 Victoria Street, Level 1
          Christchurch


A2 CORP: A2 Milk Gets Best New Product Award in U.S.
----------------------------------------------------
A2 Corporation said it that a2 Milk has been awarded the Best
New Product of the Year 2007 in the area of special needs by
prestigious U.S. magazine Dairy Foods.

The award reflects the impact of the launch of a2 Milk into the
US market in April this year.  A2C has an American joint venture
A2 Milk Company LLC which is a 50/50 partnership with Ideasphere
Inc (ISI) one of the leading leading functional foods and
nutraceutical companies in the US.  A2 Milk USA launched its
value-added a2 Milk product through the leading US supermarket
chain, Hy-Vee in conjunction with Original Foods Company LLC.

a2 Milk was introduced to North American Dairy Industry groups
at the International Dairy Foods Association conference in
Denver (Colorado) in June this year.  This was two months
following the launch of a2 Milk through Hy-Vee supermarkets in
the Mid-West.

A2C CEO Anthony Lawler says the award is a reflection of the
response a2 Milk has had since its launch -- it is an indication
not only of the increased awareness of the company's milk in the
U.S., but of customers and third parties recognizing the
benefits it may offer them as individuals.

"We are very pleased that a2 Milk has gained this recognition
from Dairy Foods, who not only recognise the potential that a2
Milk offers the consumer, but see it as an innovation that
allows consumers to further realise the benefits offered by the
many components of milk."

"We believe this illustrates a clear demand for a2 Milk products
in what is a growing market.  This trend has also been seen in
both the New Zealand and Australia markets where a2 Milk has
been available since 2003 and 2004 respectively."

"A2 Milk USA now knows the US beverages market in detail via
consumer and market studies as well as in depth discussions
we've had with producers, distributors and retailers.  We look
forward to extending a2 Milk, beyond the initial select market
of the Mid-west, into other parts of the US which provides the
best business environment to grow our product."

New Zealand-based A2 Corporation Ltd. --
http://www.a2corporation.com/-- is engaged in the sale and     
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  a2 milk is naturally produced to contain
maximum amounts of a milk protein variant that is associated by
a number of studies with potential benefits in some individuals.
A2 Corporation Ltd receives royalty income from sales of A2 Milk
products and testing for A2 cattle, and shares in the profits or
losses of associates and subsidiaries formed for those purposes.

The company suffered at consecutive net losses of
NZ$5.08 million and NZ$448,800 for the years ended March 31,
2007 and 2006, respectively.


A&R WHITCOULLS: Commission Explains Clearance on Borders Deal
-------------------------------------------------------------
The Commerce Commission has released its reasons for granting
clearance to A & R Whitcoulls to acquire 100 % of the shares in
Borders New Zealand.

The Commission's reasons for granting the clearance include:

   -- ARW is likely to continue to face price competition from
      other existing book retailers, such as The Warehouse,
      Kmart, Paper Plus and Dymocks, and non-price competition
      from book retailers such as Dymocks and Unity.  It is also
      likely that internet retailers will provide some degree of
      competition;

   -- It is likely that these existing book retailers would be
      able to expand and exert additional constraint on ARW by
      sourcing more books through existing supplier
      relationships, and securing larger retail space;

   -- New entry, in the form of retailers which currently have a
      network of bookshops is likely to act as a constraint on
      ARW.  In addition, once established in a market, new
      entrants are unlikely to face barriers to expansion; and

   -- ARW is a large purchaser of books from publishers, but
      this acquisition is unlikely to give ARW any undue market
      power as a buyer in the publishing market.

On Nov. 20, 2007, the Commission granted clearance to ARW to
acquire 100 % of the shares in Borders New Zealand as it was
satisfied that the proposed acquisition will not have, or would
not be likely to have, the effect of substantially lessening
competition in the markets for the retail of books in the
Auckland CBD, Albany, Wellington CBD, and Riccarton shopping
precincts.

The Commission was also satisfied that there would not likely be
a substantial lessening of competition in the market for the
publishing/supply of books to retailers in New Zealand.

The reasons are available on the Commission's Web site
http://www.comcom.govt.nzunder Public Registers-Mergers and  
Acquisitions. Click on the Decision number in the right hand
column.

Melbourne, New Zealand-based A&R Whitcoulls Group Holdings Pty
Ltd. -- http://www.arw.co.nz/ -- is a specialty retail company       
operating across New Zealand and Australia.  The company
comprises a number of brands, which sell a range of products,
including books, magazines, stationery, calendars, gifts,
greeting cards and digital versatile discs (DVDs). Some of the
Company's subsidiaries include A&R Australia Holdings Pty
Limited, Angus & Robertson Pty Ltd, Angus & Robertson Bookworld
Calendar Club Pty Ltd, Supanews Angus & Robertson Pty Limited,
Whitcoulls Finance Trust, Whitcoulls Limited, Whitcoulls Group
Limited and WHSmith Hong Kong Limited. On October 18, 2005, A&R
Whitcoulls Group Holdings Pty Limited disposed of the travel
retail businesses in Hong Kong and Australian airports.

                          *     *     *

On Nov. 20, 2007, the Troubled Company Reporter-Asia Pacific's
Distressed Bonds column listed A&R Whitcoulls Group's bond with
a 9.500% coupon and December 15, 2010 maturity date as trading
at NZ$10.80.


AUTOMOTIVE RECONDITIONERS: Liquidator Fixes Jan. 11 as Bar Date
---------------------------------------------------------------
Terence Charles Webb Bastion, chartered accountant of
Wellington, was appointed liquidator of Automotive
Reconditioners 1979 Limited by special resolution of the
shareholders on November 30, 2007.

The liquidator fixed January 11, 2008, as the last day for
creditors to file their proofs of claim.

The liquidator can be reached at:

          Terry Bastion
          KBC House
          272 Karori Road
          Karori, Wellington
          Telephone: (04) 476 5775
          Facsimile: (04) 476 5778


DOUBLEGLASS TECHNOLOGY: Joint Liquidators Appointed
---------------------------------------------------
Doubleglass Technology Limited resolved on November 23, 2007, to
be put into liquidation.

Iain Andrew Nellies and Wayne John Deuchrass were appointed
liquidators jointly and severally.

Creditors may make enquiries to the liquidators, who can be
reached at:

          Insolvency Management Limited
          148 Victoria Street, Level 1
          Christchurch


ENERMAX LIMITED: Joint Liquidators Appointed
--------------------------------------------
Enermax Limited was ordered by the High Court at Invercargill on
December 5, 2007, to be put into liquidation.

Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed liquidators jointly and severally.

Creditors may make enquiries to the liquidators who can be
reached at:

          Insolvency Management Limited
          Burns House, Level 3
          10 George Street
          Dunedin


EURO DELIGHTS: Liquidators Fix March 13 as Claims Bar Date
----------------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Richard
Dale Agnew, chartered accountant, both of Auckland, were
appointed joint and several liquidators of Euro Delights Limited
by the High Court on December 13, 2007.

The liquidators fixed March 13, 2008, as the last day for
creditors to file their proofs of claim.

Claims must be forwarded and creditors and shareholders may
direct inquiries to:

          Euro Delights Limited
          c/o PricewaterhouseCoopers
          PricewaterhouseCoopers Tower, Level 8
          188 Quay Street
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013
          Attention: Janet Sprosen.


GLOBE HOTEL: Joint Liquidators Appointed
----------------------------------------
Globe Hotel Limited was ordered by the High Court at
Invercargill on November 28, 2007, to be put into liquidation.

Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed liquidators jointly and severally.

Creditors may make enquiries to the liquidators who can be
reached at:

          Insolvency Management Limited
          Burns House, Level 3
          10 George Street
          Dunedin


HOME CLEAN SERVICES: High Court Appoints Joint Liquidators
----------------------------------------------------------
Henry David Levin, insolvency specialist, and David Stuart
Vance, chartered accountant, were appointed liquidators jointly
and severally of Home Clean Services Limited by the High Court
on December 14, 2007.

The liquidators have fixed January 18, 2008, as the last day for
creditors to make their claims and establish any priority their
claims may have.  Creditors who have not made a claim at the
date a distribution is declared will be excluded from the
benefit of that distribution and those creditors may not object
to that distribution.

Enquiries for information relating to the liquidation may be
made to:

          Gavin Harold
          PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street
          Auckland
          Telephone: (09) 336 0000
          Facsimile: (09) 336 0010


ID INVESTMENTS: Joint Liquidators Appointed
-------------------------------------------
Kenneth Peter Brown and Robert James Neilson were appointed
joint and several liquidators of ID Investments Limited on
December 13, 2007.

The liquidators can be reached at:

          Rodewald Hart Brown Limited
          127 Durham Street
          Tauranga
          Telephone: (07) 571 6280
          Web site: http://www.rhb.co.nz/


IL CASINO RISTORANTE: Shareholders Appoint Liquidator
-----------------------------------------------------
Terence Charles Webb Bastion, chartered accountant of
Wellington, was appointed liquidator of Il Casino Ristorante
Limited by special resolution of the shareholders on December 4,
2007.

The liquidator fixed January 25, 2008, as the last day for
creditors to file their proofs of claim.

The liquidator can be reached at:

          Terry Bastion
          KBC House
          272 Karori Road
          Karori, Wellington
          Telephone: (04) 476 5775
          Facsimile: (04) 476 5778


KAURI SPRINGS: Creditors Must File Proofs of Claim by Jan. 17
-------------------------------------------------------------
On December 14, 2007, it was resolved by special resolution of
the shareholders that Kauri Springs Limited be liquidated and
that Richard Anthony Johnston be appointed liquidator for that
purpose.

The liquidator has fixed January 17, 2008, as the last day for
creditors to file proofs of claim.

The liquidation can be reached at:

          RICHARD ANTHONY JOHNSTON
          PO Box 91842
          Auckland
          Facsimile: (09) 361 6702


LEO PLUMBING: High Court to Hear Wind-Up Petition on April 1
------------------------------------------------------------
On November 27, 2007, an application to put Leo Plumbing Limited
into liquidation was filed in the High Court at Auckland.

The application will be heard before the High Court at Auckland
on April 1, 2008, at 10:45 a.m.

The plaintiff is Brookfields Lawyers and its solicitor is V. T.
M. Bruton.


MAHONY & COMPANY: Creditors Must File Claims by Jan. 18
-------------------------------------------------------
Edward Christian Jansen and Brian Joseph Walshe were appointed
joint and several liquidators of Mahony & Company Limited due to
the company’s sale.

The liquidation commenced on December 13, 2007.

The liquidators fixed January 18, 2008, as the last day for
creditors to file their proofs of claim.

The liquidators can be reached at:

          PO Box 30568
          Lower Hutt
          Telephone: (04) 569 9069


MATIN REALTY: Creditors Must File Claims by Jan. 21
---------------------------------------------------
On December 17, 2007, under order of the High Court of New
Zealand, Gareth Russel Hoole, chartered accountant of Auckland,
was appointed as liquidator of the New Zealand assets of Matin
Realty Incorporated of New York, an entity incorporated in the
State of New York, United States of America.

All creditors are to submit any perceived claim to the
liquidator in the prescribed form by January 21, 2008, or
otherwise be excluded from participating in the liquidation
estate.

Inquiries may be directed to:

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


MOMBASSA GROUP: Commences Voluntary Wind-Up Proceedings
-------------------------------------------------------
On December 14, 2007, it was resolved by special resolution that
Mombassa Group Limited be voluntarily wound up and that Sharon
Wedlock, of Christchurch, be appointed liquidator.

The liquidator can be reached at PO Box 504, Christchurch.


NGATA CONTRACTORS: Liquidators Fix March 13 as Claims Bar Date
--------------------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin
Thomas McCloy, chartered accountant, both of Auckland, were
appointed joint and several liquidators of Ngata Contractors
Limited by the High Court on December 13, 2007.

The liquidators fixed March 13, 2008, as the last day for
creditors to file their proofs of claim.

Claims must be forwarded and creditors and shareholders may
direct inquiries to:

          Ngata Contractors Limited
          c/o PricewaterhouseCoopers
          PricewaterhouseCoopers Tower, Level 8
          188 Quay Street
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013
          Attention: James Peterson


POLYNESIAN FRUIT PICKING: Creditors Must File Claims by March 13
----------------------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin
Thomas McCloy, chartered accountant, both of Auckland, were
appointed joint and several liquidators of Polynesian Fruit
Picking Limited by the High Court on October 11, 2007.

The liquidators fixed March 13, 2008, as the last day for
creditors to file their proofs of claim.

Claims must be forwarded and creditors and shareholders may
direct inquiries to:

          Polynesian Fruit Picking Limited
          c/o PricewaterhouseCoopers
          PricewaterhouseCoopers Tower, Level 8
          188 Quay Street
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013
          Attention: Janet Sprosen.


RODNEY STREET DEVELOPMENT: High Court Orders Liquidation
--------------------------------------------------------
Rodney Street Development Limited was ordered by the High Court
at Christchurch on December 10, 2007, to be put into
liquidation.

Wayne John Deuchrass and Iain Andrew Nellies were appointed
liquidators jointly and severally.

Creditors may make enquiries to the liquidators, who can be
reached at:

          Insolvency Management Limited
          148 Victoria Street, Level 1
          Christchurch


SHINGLE PEAK FARMS: High Court Orders Liquidation
-------------------------------------------------
Shingle Peak Farms No 4 Limited was ordered by the High Court at
Dunedin on December 13, 2007, to be put into liquidation.

Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed liquidators jointly and severally.

Creditors may make enquiries to the liquidators who can be
reached at:

          Insolvency Management Limited
          Burns House, Level 3
          10 George Street
          Dunedin


TE KAIKOURA LODGE: Joint Liquidators Appointed
----------------------------------------------
Te Kaikoura Lodge Limited was ordered by the High Court at
Christchurch, on November 26, 2007, to be put into liquidation.

Wayne John Deuchrass and Iain Andrew Nellies were appointed
liquidators jointly and severally.

Creditors may make enquiries to the liquidators who can be
reached at:

          Insolvency Management Limited
          148 Victoria Street, Level 1
          Christchurch


TELEVID ELECTRONIC: Appoints Joint Liquidators
----------------------------------------------
Televid Electronic Services Limited resolved on December 14,
2007, to be put into liquidation.

Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed liquidators jointly and severally.

Creditors may make enquiries to the liquidators who can be
reached at:

          Insolvency Management Limited
          Burns House, Level 3
          10 George Street
          Dunedin


TFP LIMITED: High Court to Hear Wind-Up Petition on March 3
-----------------------------------------------------------
On November 13, 2007, an application to put TFP Limited into
liquidation was filed in the High Court at Christchurch.

The application will be heard before the High Court at
Christchurch on March 3, 2008, at 10:00 a.m.

The plaintiff is Mutual Credit Finance Limited and its solicitor
is J. M. APPLEYARD at:

          Chapman Tripp Sheffield Young, Solicitors
          119 Armagh Street, Level 7
          Christchurch 8140

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

FEDDERS CORP: Wants Plan Filing Deadline Moved to June 17
---------------------------------------------------------
Fedders Corporation and its debtors-affiliates ask the United
States Bankruptcy Court for the District of Delaware to further
extend their exclusive periods to:

   a) file a Chapter 11 plan until June 17, 2008; and

   b) solicit acceptances of that plan until Aug. 16, 2007.

The Debtors' current exclusive period to file a plan expired on
Dec. 20, 2007.

The Debtors tell the Court that they need more time to complete
the proposed asset sale process and develop a confirmable plan,
without prejudicing any party in interest.

A hearing has been set for Jan. 17, 2008, at 10:30 a.m., to
consider approval of the Debtors' request.  Objections to the
motion are due January 10.

Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.

The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182).  Its debtor-affiliates
filed for separate Chapter 11 cases.  Norman L. Pernick, Esq. of
Saul, Ewing, Remick & Saul LLP represents the Debtors in their
restructuring efforts.  The Debtors have selected Logan &
Company Inc. as claims and noticing agent.  The U.S. Trustee for
region 3 has appointed an Official Committee of Unsecured
Creditors on this case.  When the Debtors filed for protection
from its creditors, it listed total assets of US$186,300,000 and
total debts of US$322,000,000.

The company has production facilities in the United States in
Illinois, North Carolina, New Mexico, and Texas and
international production facilities in the Philippines, China
and India.


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

ARMSTRONG INDUSTRIAL: Increases Shares in Malaysian Unit
--------------------------------------------------------
Armstrong Industrial Corp. Ltd entered into sale and purchase
agreements with Messrs Foong Siew Leong and Koo Tin Fook for the
acquisition of Hardyflex Industries Sdn Bhd's 60,001 ordinary
shares, with a par value MYR1.00 each.

The sale shares represent approximately 7.5% of the total issued
and paid-up share capital of Hardyflex.

Armstrong Industrial proposes to finance the Acquisition
entirely by internal cash reserves.  

Armstrong Industrial currently owns 740,001 ordinary shares of
par value MYR1.00 each in the capital of Hardyflex, representing
92.5% of Hardyflex's total issued and paid-up share capital.

After the acquisition, the company's shareholdings in the
capital of Hardyflex will be increased to 800,002 ordinary
shares of par value MYR1.00 each, representing 100% of
Hardyflex's total issued and paid-up share capital.

Armstrong expects that the acquisition will enable the
company to have full control over the operational and financial
management of Hardyflex.  In addition, this will result in the
full and final settlement of the suit by a minority shareholder
against, amongst others, the company and Hardyflex.

The acquisition is not expected to have any significant effect
on the consolidated net tangible assets per share and
consolidated earnings per share of the Group for the current
financial year ended December 31, 2007.

                  About Armstrong Industrial

Armstrong Industrial Corp. Ltd -- http://www.armstrong.com.sg--  
manufactures and sells precision die-cut foam and rubber
molded components for a range of applications, including
insulating, dampening, cushioning, and sealing.  The company
also provides architectural and engineering activities and
related technical consultancy.  The company has manufacturing
presence in Singapore, Malaysia, Thailand, China, Indonesia and
Vietnam.

                          *     *     *
Moody's Investors Service gave Armstrong Industrial's senior
unsecured debt a Ba2 rating effective on Dec. 16, 1991, and its
subordinated debt a B1 rating effective on October 23, 1986.


CHEMTURA CORP: Names Robert Wedinger as Chief Business Officer
-------------------------------------------------------------
Chemtura Corporation has appointed Robert S. Wedinger, PhD, as
chief business officer, reporting directly to Chairman and Chief
Executive Officer Robert Wood.  Dr. Wedinger is now responsible
for Chemtura's commercial organization and its four businesses:
Polymer Additives, Performance Specialties, Crop and Consumer
Products.  Dr. Wedinger, who was serving as group president of
Performance Specialties, will retain his Performance Specialties
role in addition to his new responsibilities.  He joined
Chemtura in 2006 as vice president and general manager of
Process Chemicals and Polymers.

Dr. Wedinger came to Chemtura from J.M. Huber Corporation in
Maryland, a private diversified manufacturer, where he served as
vice president and general manager of the performance materials
business and the consumer products business. His previous
positions include vice president and general manager of
pharmaceutical fine chemicals for Honeywell International
(AlliedSignal) in New Jersey; and global technical director for
the food ingredients division of FMC Corporation in
Pennsylvania.

Dr. Wedinger holds 10 U.S. patents and has three patents
pending. He earned a Bachelor of Science in chemistry and
biology from Wagner College and a Ph.D. in physical organic
chemistry from the State University of New York at Stony Brook.
He was a post-doctoral research fellow in synthetic organic
chemistry at Harvard University.  Dr. Wedinger is also a member
of the SOCMA Board of Directors.

                     About Chemtura Corp.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global  
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:

  -- Corporate Family Rating: Ba2 from Ba1

  -- Senior notes, US$500 million due 2016: Ba2 from Ba1;
     LGD4 (53%)

  -- Senior Unsecured Notes, US$150 million due 2026: Ba2
     from Ba1; LGD4 (53%)

  -- Senior Unsecured Notes, US$400 million due 2009: Ba2
     from Ba1; LGD4 (53%)


CHINA AVIATION: Appoints Two New Management Secondees
-----------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd. appointed two
new management secondees from BP.  Jean Teo Lang Lang was named
Head of Trading and Oi Mow Lie was named Head of Risk, effective
from January 1, 2008.

Ms. Teo replaces Philippe Cote and Ms. Oi replaces Shaun Tang
Shouan.  Both Mr. Cote and Mr. Shouan have come to the end of
their two-year term with CAO.  Ms. Teo also replaces Philippe
Cote as a member of the Senior Officers Meeting.

Ms. Teo joined BP Singapore Pte. Ltd. in 1997.  She is currently
the Lead Trader of Light Distillates, Integrated Supply and
Trading, Eastern Hemisphere, BPS.  In this position which she
has held since August 2004, she has been responsible for
creating, evaluating and monetizing the optionality of trading
strategies, which include establishing and optimizing trading
relationships with trading counter parties and customers in the
Asia Pacific region, originating and structuring deals as well
as ensuring compliance with corporate trading guidelines which
encompass ethics, control, health, safety and environmental
policies.  Prior to this position, Ms. Teo was trading crude oil
for more than a year, where she independently managed a
US$1 million trading book.

Ms. Teo holds a Master of Business Administration (Finance) from
Manchester Business School, United Kingdom, a Postgraduate
Diploma in Financial Management from Singapore Institute of
Management, and a Bachelor of Engineering, Chemical (Honours)
from National University of Singapore.  

Ms. Oi Mow Lie joined BPS as a Trade Control Analyst in November
2001.  She is currently a Trade Control Adviser of BPS, a
position she held since April 2006.  Ms. Oi, who leads a team of
up to 7 members in the Trade Control 2 Department of BPS, has
been primarily responsible for providing advice and support in
the control area to various system projects such as Openlink and
SAP implementation, and has been involved in providing subject
matter expertise in new business activities of BPS, thereby
ensuring all risk areas are understood and mitigated.

Her other duties included ensuring trades are captured in the
system accurately and in a timely manner; performing daily
reconciliation of exposure positions for physicals, swaps and
futures deals; implementing and running risk management tools to
ensure traders trade within limits set and undertake appropriate
levels of risks; and ensuring appropriate controls are in place
around the deal process (i.e. from deal generation to
accounting), implementing new processes where necessary.

Ms. Oi holds a Bachelor of Accountancy (Honours with Minor in
Banking and Finance) from Nanyang Technological University,
Singapore. She is also a Chartered Financial Analyst and a
member of the Institute of Certified Public Accountants of
Singapore.

Mr. Zhang Zhenqi, Executive Director and General Manager of CAO,
said, "We would like to extend our warm welcome to Jean and Mow
Lie.  As CAO embarks on its next developmental phase, we are
confident that the new BP management secondees will continue to
strengthen the management bench strength of CAO, making it well
prepared and positioned for the exciting challenges ahead."

Mr Zhang added, "We would also like to express our appreciation
to Philippe and Shaun for their significant contributions to
CAO. Philippe has played an instrumental role in rebuilding
CAO’s jet fuel supply business and spearheading our preparations
to resume the trading of other oil products.

Shaun has been a key player in CAO’s efforts to strengthen its
risk management and control governance systems. We wish them all
the best in their future endeavours."

Mr. Michael Bennetts, Chief Executive of Integrated Supply and
Trading, BP Eastern Hemisphere, and Director of CAO, said,"BP
remains committed to the success of CAO and will continue to
assist CAO upgrade its trading capabilities and risk management
systems, creating value for all CAO shareholders."

             About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corporation
Limited -- http://www.caosco.com/-- deals primarily in jet fuel   
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company is undergoing restructuring.  Its Restructuring Plan
was approved by shareholders on March 3, 2006, and sanctioned by
the High Court of Singapore on March 21, 2006.  It became
effective on March 28, 2006.


INTERMEC TECH: Hires David Yung as Asia Pacific Vice President
--------------------------------------------------------------
Intermec Technologies Inc. has appointed David Yung as its Vice
President and General Manager, Asia Pacific Region.

Mr. Yung is a technology veteran with over twenty years of
general management experience in the Asia Pacific region.  Mr.
Yung was most recently at RS Components LTD, where he served as
Asia Pacific, General Manager.  He was responsible for building
out a partner and distribution network for a B-to-B
electronic and automation instrumentation business line.

Previous to his role at RS Components, Mr. Yung was the Managing
Director at Lenovo, Inc., leading an enterprise sales capture
team focusing on large project awards and deployments to top
tier clients throughout Northern and Southern Asia.

"David is a results oriented general manager who demonstrates
effective team building, communications and planning skills,"
said Michael A. Wills, SVP of Global Sales and Service.  "These
leadership skills are a vital component to our growth prospects
in the Asia Pacific region."

                     About Intermec Inc.

Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.

The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, Singapore and the United Kingdom.

                       *     *     *

Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'.  The upgrade
reflects expectations that Intermec will sustain current levels
of profitability and leverage.  S&P said the outlook is stable.


SINGAPORE INTEGRATED: Fixes Jan. 14 as Last Day to File Claims
--------------------------------------------------------------
Singapore Integrated Resorts Pte. Ltd. is accepting creditors'
proofs of debt until January 14, 2007.

Creditors who cannot file their proofs of debt by the due date,
will be excluded from the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423




* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
January 10, 2008
  Turnaround Management Association
    Distressed Debt Panel
      University Club, Jacksonville, Florida

January 10, 2008
  Turnaround Management Association
    NJTMA Holiday Party
      Iberia Tavern & Restaurant, Newwark, New Jersey
        Telephone: 908-575-7333
          Web site: http://www.turnaround.org/

January 11, 2008
  Turnaround Management Association
    Annual Lenders Panel
      Westin Buckhead, Atlanta, Georgia
        Web site: http://www.turnaround.org/

January 16, 2008
  Turnaround Management Association
    Current Outlook: Workouts, Lending and Turnarounds
      Marriott North, Fort Lauderdale, Florida
        Web site: http://www.turnaround.org/

January 17-18, 2008
  American Bankruptcy Institute
    Caribbean Insolvency Symposium
      Westin Diplomat, Hollywood, Florida
        Web site: http://www.abiworld.org/

January 28, 2008
  Turnaround Management Association
    Finding Money: Int'l Asset Search and
      Recovery Methods for Collecting Judgments
        Centre Club, Tampa, Florida
          Web site: http://www.turnaround.org/

February 7, 2008
  Turnaround Management Association
    PowerPlay
      Philips Arena, Atlanta, Georgia
        Telephone: 678-795-8103
          Web site: http://www.turnaround.org/

February 7, 2008
  Turnaround Management Association
    Breakfast Event
      Carnelian Room, San Francisco, California
        Telephone: 510-346-6000 ext 226
          Web site: http://www.turnaround.org/

February 7, 2008
  Turnaround Management Association
    PowerPlay
      Philips Arena, Atlanta, Georgia
        Telephone: 678-795-8103
          Web site: http://www.turnaround.org/

February 14-16, 2008
  American Bankruptcy Institute
    13th Annual Rocky Mountain Bankruptcy Conference
      Westin Tabor Center, Denver, Colorado
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

February 19, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Singapore
        Web site: http://www.moodys.com/trainingservices

February 20-21, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

February 22, 2008
  American Bankruptcy Institute
    Bankruptcy Battleground West
      Fairmont Miramar, Santa Monica, California
        Web site: http://www.abiworld.org/

February 23-26, 2008
  Norton Institutes on Bankruptcy Law
    Bankruptcy Litigation Seminar I
      Park City, Utah
        Web site: http://www.nortoninstitutes.org/

February 26, 2008
  Turnaround Management Association
    Retail Panel
      Citrus Club, Orlando, Florida
        Web site: http://www.turnaround.org/

February 27-28, 2008
  Euromoney Institutional Investor
    6th Annual Distressed Investing Forum
      Union League Club, New York, New York
        Web site: http://www.euromoneyplc.com/

March 6-8, 2008
  ALI-ABA
    Fundamentals of Bankruptcy Law
      Mandalay Bay Resort, Las Vegas, Nevada
        Web site: http://www.ali-aba.org/

March 8-10, 2008
  American Bankruptcy Institute
    Conrad Duberstein Moot Court Competition
      St. John's University School of Law, New York
        Web site: http://www.abiworld.org/

March 12-14, 2008
  Moody's Investors Service
    Corporate Credit Analysis Series: General Corporate Credit
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

March 17-18, 2008
  Moody's Investors Service
    High Yield and Leveraged Finance Credit Analysis
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

March 19, 2008
  Turnaround Management Association
    South Florida Dinner
      Bankers Club of Miami, Florida
        Telephone: 561-882-1331
          Web site: http://www.turnaround.org/

March 25, 2008
  Turnaround Management Association
    Luncheon - Maggie Good
      Centre Club, Tampa, Florida
        Telephone: 561-882-1331
          Web site: http://www.turnaround.org/

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

March 27-30, 2008
  Norton Institutes on Bankruptcy Law
    Bankruptcy Litigation Seminar II
      Las Vegas, Nevada
        Web site: http://www.nortoninstitutes.org/

April 2-4, 2008
  Moody's Investors Service
    Fundamentals of Debt Capital Markets and Instruments
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices
  
April 3, 2008
  International Women's Insolvency & Restructuring Confederation
    Annual Spring Luncheon
      Renaissance Hotel, Washington, District of Columbia
        Telephone: 703-449-1316
          Web site: http://www.iwirc.org

April 3, 2008
  American Bankruptcy Institute
    Nuts and Bolts for Young Practitioners - East
      The Renaissance, Washington, District of Columbia
        Web site: http://www.abiworld.org/

April 3-6, 2008
  American Bankruptcy Institute
    26th Annual Spring Meeting
      The Renaissance, Washington, District of Columbia
        Web site: http://www.abiworld.org/

April 7-8, 2008
  Moody's Investors Service
    Introduction to Collateralised Debt Obligations (CDOs)
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

April 10-11, 2008
  Moody's Investors Service
    Introduction to Credit Derivatives - Structures &
      Applications
        Singapore
          Web site: http://www.moodys.com/trainingservices

April 14-15, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Beijing, China
        Web site: http://www.moodys.com/trainingservices

April 17-18, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Shanghai, China
        Web site: http://www.moodys.com/trainingservices

April 25-27, 2008
  National Association of Bankruptcy Judges
    NABT Spring Seminar
      Eldorado Hotel & Spa, Santa Fe, New Mexico
        Web site: http://www.nabt.com/

May 1-2, 2008
  American Bankruptcy Institute
    Debt Symposium
      Hilton Garden Inn, Champagne/Urbana, Illinois
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 5-6, 2008
  Moody's Investors Service
    Islamic Bank Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

May 7-9, 2008
  Moody's Investors Service
    Bank Credit Risk Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

May 9, 2008
  American Bankruptcy Institute
    Nuts and Bolts for Young Practitioners - NYC
      Alexander Hamilton U.S. Custom House, New York
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 12, 2008
  American Bankruptcy Institute
    New York City Bankruptcy Conference
      Millennium Broadway Hotel & Conference Center, New York
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 12-14, 2008
  Moody's Investors Service
    Bank Credit Risk Analysis
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

May 13-16, 2008
  American Bankruptcy Institute
    Litigation Skills Symposium
      Tulane University, New Orleans, Louisiana
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 18-20, 2008
  International Bar Association
    14th Annual Global Insolvency & Restructuring Conference
      Stockholm, Sweden
        Web site: http://www.ibanet.org/

May 20-21, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Seoul, South Korea
        Web site: http://www.moodys.com/trainingservices

May 22, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Seoul, South Korea
        Web site: http://www.moodys.com/trainingservices

June 2-4, 2008
  Moody's Investors Service
    Corporate Credit Analysis Series: General Corporate Credit
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 5, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Hong Kong
        Contact: http://www.moodys.com/trainingservices

June 4-7, 2008
  Association of Insolvency & Restructuring Advisors
    24th Annual Bankruptcy & Restructuring Conference
      J.W. Marriott Spa and Resort, Las Vegas, Nevada
        Web site: http://www.airacira.org/


June 12-14, 2008
  American Bankruptcy Institute
    15th Annual Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa, Traverse City, Michigan
        Web site: http://www.abiworld.org/

June 18-20, 2008
  Moody's Investors Service
    Bank Credit Risk Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 19-21, 2008
  ALI-ABA
    Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
      Drafting, Securities, and Bankruptcy
        Omni Hotel, San Francisco, California
          Web site: http://www.ali-aba.org/

June 23, 2008
  Moody's Investors Service
    Hedge Fund Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 24-25, 2008
  Moody's Investors Service
    Sovereign and Sub-Sovereign Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 26, 2008
  Moody's Investors Service
    Economic Capital: Pillar II and ICAAP under Basel II
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 26-29, 2008
  Norton Institutes on Bankruptcy Law
    Western Mountains Bankruptcy Law Seminar
      Jackson Hole, Wyoming
        Web site: http://www.nortoninstitutes.org/

July 1-2, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

July 3, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

July 4, 2008
  Moody's Investors Service
    Analyzing and Rating Hybrid Securities
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

July 10-13, 2008
  American Bankruptcy Institute
    16th Annual Northeast Bankruptcy Conference
      Ocean Edge Resort
        Brewster, Massachussets
          Web site: http://www.abiworld.org/events

July 31 - Aug. 2, 2008
  American Bankruptcy Institute
    4th Annual Mid-Atlantic Bankruptcy Workshop
      Hyatt Regency Chesapeake Bay
        Cambridge, Maryland
          Web site: http://www.abiworld.org/

August 16-19, 2008
  American Bankruptcy Institute
    13th Annual Southeast Bankruptcy Workshop
      Ritz-Carlton, Amelia Island, Florida
        Web site: http://www.abiworld.org/

August 20-24, 2008
  National Association of Bankruptcy Judges
    NABT Convention
      Captain Cook, Anchorage, Alaska
        Web site: http://www.nabt.com/

September 4-5, 2008
  American Bankruptcy Institute
    Complex Financial Restructuring Program
      Four Seasons, Las Vegas, Nevada
        Web site: http://www.abiworld.org/

September 4-6, 2008
  American Bankruptcy Institute
    Southwest Bankruptcy Conference
      Four Seasons, Las Vegas, Nevada
        Web site: http://www.abiworld.org/

September 8, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Hong Kong
        Web site: http://www.moodys.com/trainingservices


September 22-23, 2008
  Moody's Investors Service
    High Yield and Leveraged Finance Credit Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

September 24-26, 2008
  International Women's Insolvency & Restructuring Confederation
    IWIRC 15th Annual Fall Conference
      Scottsdale, Arizona
        Web site: http://www.ncbj.org/

September 24-27, 2008
  National Conference of Bankruptcy Judges
    National Conference of Bankruptcy Judges
      Desert Ridge Marriott, Scottsdale, Arizona
        Web site: http://www.iwirc.org/

October 9, 2008
  Turnaround Management Association
    TMA Luncheon - Chapter 11
      University Club, Jacksonville, Florida
        Web site: http://www.turnaround.org/

October 15-16, 2008
  Moody's Investors Service
    High Yield and Leveraged Finance Credit Analysis
      Seoul, South Korea
        Web site: http://www.moodys.com/trainingservices

October 22-23, 2008
  Moody's Investors Service
    Securities Firms Analysis \u2013 Including Broker-Dealers
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 24, 2008
  Moody's Investors Service
    Hedge Fund Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 27, 2008
  Moody's Investors Service
    Economic Capital: Pillar II and ICAAP under Basel II
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 28-29, 2008
  Moody's Investors Service
    Sovereign and Sub-Sovereign Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 28-29, 2008
  Moody's Investors Service
    High Yield and Leveraged Finance Credit Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

November 4-5, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Hong Kong, China
        Web site: http://www.moodys.com/trainingservices

November 11-12, 2008
  Moody's Investors Service
    Introduction to Collateralised Debt Obligations (CDOs)
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

November 13-14, 2008
  Moody's Investors Service
    Introduction to Credit Derivatives-Structures & Applications
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

November 17-19, 2008
  Moody's Investors Service
    Fundamentals of Debt Capital Markets and Instruments
      Singapore
        Web site: http://www.moodys.com/trainingservices

November 17-18, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Beijing, China
        Web site: http://www.moodys.com/trainingservices

November 20-21, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Shanghai, China
        Web site: http://www.moodys.com/trainingservices

December 3-5, 2008
  American Bankruptcy Institute
    20th Annual Winter Leadership Conference
      Westin La Paloma Resort & Spa
        Tucson, Arizona
          Web site: http://www.abiworld.org/

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

May 7-10, 2009
  American Bankruptcy Institute
    27th Annual Spring Meeting
      Gaylord National Resort & Convention Center
        National Harbor, Maryland
          Web site: http://www.abiworld.org/

June 11-13, 2009
  American Bankruptcy Institute
    Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa
        Traverse City, Michigan
          Web site: http://www.abiworld.org/

June 21-24, 2009
  International Association of Restructuring, Insolvency &
    Bankruptcy Professionals
      8th International World Congress
        TBA
          Web site: http://www.insol.org/

July 16-19, 2009
  American Bankruptcy Institute
    Northeast Bankruptcy Conference
      Mt. Washington Inn
        Bretton Woods, New Hampshire
          Web site: http://www.abiworld.org/

September 10-12, 2009
  American Bankruptcy Institute
    17th Annual Southwest Bankruptcy Conference
      Hyatt Regency Lake Tahoe, Incline Village, Nevada
        Web site: http://www.abiworld.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

December 3-5, 2009
  American Bankruptcy Institute
    21st Annual Winter Leadership Conference
      La Quinta Resort & Spa, La Quinta, California
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/






                         *********

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.  Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Tara Eliza Tecarro, Freya
Natasha Fernandez-Dy, Frauline Abangan, and Peter A. Chapman,
Editors.

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