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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

          Friday, January 18, 2008, Vol. 11, No. 13

                            Headlines

A U S T R A L I A

COEUR D'ALENE: Promotes Key Officers in Bolivia, Mexico & Alaska
DENSLEYS FREIGHT: Declares Second and Final Dividend
G R & P L HOLDINGS: Commences Liquidation Proceedings
HELTON AUSTRALIA: Members Opt to Shut Down Business
HERMANS NOMINEES: Undergoes Liquidation Proceedings

M.S.L LINEN: Declares Dividend for Priority  Employees
NORTH WEST: To Declare First Dividend on January 30
PEET & CO: Declares First Dividend for Creditors
R W AIR: Members and Creditors Receive Wind-Up Report
RED DOOR: Members and Creditors Hear Wind-Up Report

SOUTH EAST: Placed Under Voluntary Liquidation


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

ARTALENT LIMITED: Creditors' Proofs of Debt Due on Feb. 11
BIO-RAD LABORATORIES: S&P Upgrades Corporate Credit Rating
BLACKBOARD INC: To Acquire NTI Group for US$182 Million
BLACKBOARD INC: S&P Ratings Unaffected by NTI Group Acquisition
CUSHION COMPANY: Appoints Sung Mi Yin as Liquidator

ELITE VIEW: Creditors' Proofs of Debt Due on Feb. 11
FIAT SPA: Buys Back 3.86 Million Ordinary Shares
FIAT SPA: Magneti Unit Forms Joint Venture with Sumi Motherson
HENDERSON SUN: Commences Liquidation Proceedings
HI-IMPEX: Creditors' Proofs of Debt Due on Feb. 20

MAINFAT INVESTMENT: Members Meeting Fixed for February 11
NOBLE GROUP: S&P Revises Outlook on Credit Profile Improvement
PHILIP MORRIS: Paul Moyes & Yeung Betty Step Down as Liquidators
SOUTHWOOD LIMITED: Creditors' Proofs of Debt Due on Jan. 30
TAIWAN INTERNATIONAL: 2007 Sales Total TWD10.83 Billion

TOCCATE COMPANY: Appoints New Liquidator
VASOMEDICAL INC: Posts US$64,000 Net Loss in Qtr. Ended Nov. 30
* Fitch: Positive Outlook Enables Real Estate Cos. to Expand Ops
* Chinese Property Developers Face Rising Pressure, Fitch Says


I N D I A

BANK OF BARODA: To File Unaudited Q3 Results on Jan. 30
BANK OF BARODA: Plans to Establish Presence in Thailand
BILT: Chairman Eyes Restructuring Business Into Small Groups
IFCI LTD: Sterlite Says Bid for 26% Stake Still Valid
INDUSTRIAL DEV'T BANK: Earns INR1.76 Bil. in Qtr. Ended Dec. 30

QUEBECOR WORLD: Fails to Get Financing on Securitization Waivers
TATA MOTORS: Inducts 80 Singur Youths for Nano-Car Plant
TATA STEEL: To Develop Limestone Mine in Oman with Al Bahja
TATA STEEL: Brazil's Vale May Tie Up With Company, Report Says


I N D O N E S I A

ALCATEL-LUCENT: Bags U.S. Cellular's Network Expansion Contract
BANK MANDIRI: To Control 80% of Bank Sinar
BANK NEGARA: Leads Firms to Provide IDR4-Tril. Toll Road Loan
BANK NISP: To Sell IDR600BB Worth of 10-Year Subordinated Bonds
TELKOMSEL: 2007 Revenue Increases Nearly 24%


J A P A N

DELPHI CORP: Expands Supply Contract with VaST Systems
DELPHI CORP: Obtains "Broad-Based" Support on Plan
ELAN CORP: US FDA Approves TYSABRI Biologics License Application
FIDELITY NATIONAL: Robert W. Baird Keeps Outperform Rating
FLOWSERVE CORP: 2007 Full Year Bookings Up 19% to 4.3 Billion

NIPPON PAPER: Boss to Step Down Over False Paper Blending Rate
SENBA KITCHO: Files for Court Protection Under Civil Rehab Law
* Company Bond Risk Rises in Japan, Default Swaps Show


K O R E A

DURA AUTOMOTIVE: Pacificor Still Silent on Deal Outlook
DURA AUTOMOTIVE: Wants to Move Plan-Filing Deadline to April 30
THE LEADCORP: KGRF Korea & Three Individuals Sell Stake
THE LEADCORP: Largest Shareholder Sells Stake


M A L A Y S I A

SELOGA HOLDINGS: Enters Call Option Agreement with AJSB
SHAW GROUP: Boosts Credit Facility to US$1 Billion
SHAW GROUP: Unit Gets Task Order Contract from U.S. Army Corps
SINORA INDUSTRIES: Has Until Dec. 22 to Give Requirements to SC
SOLUTIA INC: Reaches Settlement with Senior Secured Noteholders


N E W  Z E A L A N D

BURWOOD (NZ): Commences Liquidation Proceedings
CONCEPTIONS LTD: Creditors' Proofs of Debt Due on January 25
DAVE ORRELL: Wind-Up Petition Hearing Slated for February 11
DOUBTLESS BAY: Appoints Madsen-Ries and Levin as Liquidators
HERITAGE GOLD: All 3 Licenses on Dunmarra Project Granted

IS BLISS: Appoints Anne Veronica Stephenson as Liquidator
MEDICTRONIX: Subject to Medical Technologies' Wind-Up Petition
MOTUROA CYCLES: Placed Under Voluntary Liquidation
SHOWERTECH: Creditors' Proofs of Debt Due on Jan. 31
SOVEREIGN INDUSTRIES: Court to Hear Wind-Up Petition on April 1

WEDDING EARTHMOVERS: Court to Hear Wind-Up Petition on April 11


P H I L I P P I N E S

IPVG CORP: Lists 40.5 Million New Common Shares in Local Bourse
METROPOLITAN BANK: Sells Off PHP4.63-Bil. in Bad Loans to Orix
MRC ALLIED: Annual Stockholders' Meeting Set for February 12
RIZAL COMMERCIAL BANKING: Expects PHP3.6-Billion Profit for 2008
RIZAL COMM'L: Plans to Issue About PHP7-Billion in Debt Notes


S I N G A P O R E

CKE RESTAURANTS: Renews Multi-Year Beverage Deal with Coca-Cola
INTERMEC INC: Teams Up with Apriva to Provide Payment Processing
KIM HOCK: Court to Hear Wind-Up Petition Today
STATS CHIPPAC: Moody's Affirms Ba1 rating; Outlook Stable
SUNNING INTERNATIONAL: Fixes Feb. 9 as Last Day to File Claims

SYNIVERSE TECH: Appoints Jeffrey Gordon as Chief Tech Officer
ZHONGGUO JILONG: Creditors' Proofs of Debt Due on January 24


T H A I L A N D

TOTAL ACCESS: To Enter Into 3G Joint Venture with CAT Telecom

* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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A U S T R A L I A
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COEUR D'ALENE: Promotes Key Officers in Bolivia, Mexico & Alaska
----------------------------------------------------------------
Coeur d'Alene Mines Corporation has promoted key personnel at
its San Bartolome (Bolivia), Palmarejo (Mexico), and Kensington
(Alaska) projects, to guide each project from construction into
production phase.  Promotions were also announced in the
corporate Treasury and Human Resources divisions to prepare for
the company's growth.

"The promotions of Rick Irvine at San Bartolome; Stuart Mathews
at Palmarejo; and Tom Henderson at Kensington to key officer
positions at our three major growth projects is designed to
significantly strengthen our operations management team.  In
addition to the new officers named in our corporate Treasury and
Human Resources divisions, these leaders at our sites help
further secure the Company's position in its next level of
strategic growth as the world's leading silver producer," said
Dennis E. Wheeler, Chairman, President and Chief Executive
Officer.  "With the imminent production at San Bartolome and the
addition of Palmarejo in 2009, Coeur is poised to deliver
approximately 30 million ounces of silver annually.  I am
confident these are the right people to help us deliver on this
new and exciting growth."

All of the three new Vice Presidents at the project sites were
previously General Managers at their respective properties and
have added the titles of Vice President.

                     Palmarejo, Mexico

Stuart Mathews is the new Vice President and General Manager of
the Palmarejo silver/gold project in northern Mexico.  The
Palmarejo Project is expected to begin production in just over a
year at an annualized rate of approximately 10.4 million ounces
of silver and 115,000 ounces of gold per year with cash costs,
net of gold by-product credits, of an estimated (US$0.41) per
ounce of silver and an initial mine life of nine years.

                  San Bartolome, Bolivia

At San Bartolome, Rick Irvine is now Vice President and General
Manager for Company's new silver mine in Potosi, Bolivia.  As
San Bartolome moves toward its expected 2008 startup, over 1,600
personnel on site at the project have surpassed 3.2 million man
hours without a lost time accident.  Initial production levels
are estimated at approximately 9 million ounces of silver
annually.

                    Kensington, Alaska

At Kensington -- Coeur's major gold project near Juneau, Alaska
-- Tom Henderson was promoted to Vice President and General
Manager for Coeur Alaska.  Construction at Kensington is over
90% complete.  The process plant and ancillary construction
activities, including pre-operational testing, are fully
complete.  A supplemental operations team remains focused on
improving the process plant control systems, as well as other
minor activities including sediment control, overall site
maintenance, and weather conditioning.

               Additional Corporate Promotions

In addition, Carolyn S. Turner was promoted to Treasurer and
Larry A. Nelson was promoted to Vice President Human Resources
at the company's corporate offices.  Ms. Turner joined Coeur in
March 1996 in the accounting department at Coeur Silver Valley.  
She served as Assistant Treasurer for Coeur since December 2006.  
Ms. Turner is a licensed CPA and earned her MBA from Regis
University and her Bachelor of Science Degree in Business
Administration with Accounting Emphasis from Eastern Montana
College.

Mr. Nelson joined Coeur in March 1996 as Human Resources Manager
at Coeur Silver Valley, and was most recently Director of Human
Resources for Coeur.  He has over thirty years of experience in
human resources in the mining and nonferrous metals industries.  
Mr. Nelson holds an MBA from Pacific Lutheran University and
Bachelor of Science Degree in Business Administration from
the University of Montana.

                    About Coeur d'Alene

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                       *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's B- rating.


DENSLEYS FREIGHT: Declares Second and Final Dividend
----------------------------------------------------
Densleys Freight Services Pty Ltd, which is in liquidation,
declared its second and final dividend on January 4, 2008.

Only creditors who were able to file their proofs of debt by
December 19, 2007, were included in the company's dividend
distribution.

The company's liquidator is:

          K. E. Barnet
          Bentleys MRI Chartered Accountants
          GPO Box 740
          Brisbane, Queensland 4001
          Australia

                    About Densley's Freight

Densley's Freight Services Pty Ltd, which is also trading as
B G A Transport, is involved in the trucking business, except
local.  The company is located at Geebung, in Queensland,
Australia.


G R & P L HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------------
During a general meeting held on November 15, 2007, the members
of G R & P L Holdings Pty Ltd agreed to voluntarily wind up the
company's operations.

Ian Richard Hall and David Clement Pratt were appointed as
liquidators.

The Liquidators can be reached at:

          Ian Richard Hall
          David Clement Pratt
          Riverside Centre, 123 Eagle Street
          Brisbane, Queensland 4001
          Australia

                      About G R & P L Holdings

G R & P L Holdings Pty Ltd operates miscellaneous retail stores.  
The company is located at Brisbane, in Queensland, Australia.


HELTON AUSTRALIA: Members Opt to Shut Down Business
---------------------------------------------------
During a general meeting held on November 27, 2007, the members
of Helton Australia Pty Ltd resolved to voluntarily wind up the
company's operations.

Con Kokkinos of O'Keeffe Walton Richwol was then appointed as
liquidator.

The Liquidator can be reached at:

          Con Kokkinos
          O'Keeffe Walton Richwol
          Chartered Accountants
          Suite 3, 431 Burke Road
          Glen Iris 3146
          Australia

                       About Helton Australia

Helton Australia Pty Ltd provides business services.  The
company is located at Malvern East, in Victoria, Australia.


HERMANS NOMINEES: Undergoes Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on November 29, 2007,
the members of Hermans Nominees Pty Ltd resolved to voluntarily
wind up the company's operations.

Gary John Anderson was then appointed as liquidator.

The Liquidator can be reached at:

          Gary John Anderson
          PO Box 1661
          West Perth, Western Australia 6872
          Australia
          Telephone:(08) 9486 7822
          Facsimile:(08) 9226 4250
          e-mail:garya@iinet.net.au

                       About Hermans Nominees

Hermans Nominees Pty Ltd, which is also trading as A Hermans
Electrical, provides electrical work.  The company is located at
Wangara, in Western Australia, Australia.


M.S.L LINEN: Declares Dividend for Priority  Employees
------------------------------------------------------
M.S.L Linen Rental Pty Ltd declared dividend for its priority
employees on January 10, 2007.

Only creditors who were able to file their proofs of debt by
December 21, 2007, were included in the company's dividend
distribution.

The company's deed administrator is:

          Raj Khatri
          Worrells Solvency & Forensic Accountants
          8th Floor, 102 Adelaide Street
          Brisbane, Queensland 4000
          Australia
          Telephone:(07) 3225 4334
          Facsimile:(07) 3225 4311
          Web site: http://www.worrells.net.au

                          About M.S.L Linen

M.S.L Linen Rental Pty Ltd, which is also trading as The Mackay
Steam Laundry, is in the business of garment pressing, laundries
and drycleaners.  The company is located at Mackay, in
Queensland, Australia.


NORTH WEST: To Declare First Dividend on January 30
---------------------------------------------------
North West Mining Services Pty Ltd will declare its first
dividend on January 30, 2008.

Only creditors who were able to file their proofs of debt by
December 26, 2007, will be included in the company's dividend
distribution.

The company's liquidators are:

          J. W. Cunningham
          J. R. Park
          Ramsay Clout Chartered Accountants
          63 The Esplanade, Suite 2
          Maroochydore, Queensland 4558
          Australia
          Telephone:(07) 5479 6411
          Facsimile:(07) 5479 6350

                          About North West

North West Mining Services Pty Ltd is a distributor of
construction and mining, except petroleum, machineries and
equipments.  The company is located at Maroochydore, in
Queensland, Australia.


PEET & CO: Declares First Dividend for Creditors
------------------------------------------------
Peet & Co Point Cook Land Syndicate Limited declared its first
dividend for creditors on December 24, 2007.

Only creditors who were able to file their proofs of debt by
December 23, 2007, were included in the company's dividend
distribution.

The company's liquidator is:

          Alan Ledger
          Ledger Consulting Group
          PO Box 3009
          Perth Adelaide Tce, Western Australia 6832
          Australia

                       About Peet & Co Point

Peet & Co Point Cook Land Syndicate Limited is a land subdivider
and developers, except for cemeteries.  The company is located
at Perth, in Western Australia, Australia.


R W AIR: Members and Creditors Receive Wind-Up Report
-----------------------------------------------------
The members and creditors of R W Air Pty Ltd met on January 7,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ivor Worrell
          Worrells Solvency & Forensic Accountants
          8th Floor, 102 Adelaide Street
          Brisbane, Queensland 4000
          Australia
          Telephone:(07) 3225 4391
          Facsimile:(07) 3225 4311
          Web site: http://www.worrells.net.au

                           About R W Air

R W Air Pty Ltd provides refrigeration and air-conditioning
repair services.


RED DOOR: Members and Creditors Hear Wind-Up Report
---------------------------------------------------
The members and creditors of Red Door Property Group Pty Ltd met
on January 11, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ivor Worrell
          Worrells Solvency & Forensic Accountants
          8th Floor, 102 Adelaide Street
          Brisbane, Queensland 4000
          Australia
          Telephone:(07) 3225 4383
          Facsimile:(07) 3225 4311
          Web site: http://www.worrells.net.au

                         About Red Door

Red Door Property Group Pty Ltd is a general contractor of
single-family houses.  The company is located at East Brisbane,
in Queensland, Australia.


SOUTH EAST: Placed Under Voluntary Liquidation
----------------------------------------------
During a general meeting held on November 26, 2007, the members
of South East Queensland Bond Stores Pty Ltd resolved to
voluntarily wind up the company's operations.

David Michael Stimpson and Terry Grant van der Velde were then
appointed as liquidators.

The Liquidators can be reached at:

          David Michael Stimpson
          Terry Grant van der Velde
          c/o SV Partners
          Web site: http://www.svpartners.com.au

                          About South East

South East Queensland Bond Stores Pty Ltd, which is also trading
as Msi Auto Imports, operates general automotive repair shops.  
The company is located at Oxenford, in Queensland, Australia.


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

ARTALENT LIMITED: Creditors' Proofs of Debt Due on Feb. 11
----------------------------------------------------------
The creditors of Artalent Limited are required to file their
proofs of debt by February 11, 2008, for them to be included in
the company's dividend distribution.

The company's liquidators are:

         Ying Hing Chui
         Chung Mui Yin, Diana
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


BIO-RAD LABORATORIES: S&P Upgrades Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Hercules, California-based Bio-Rad Laboratories Inc.
to 'BBB-' from 'BB+' following a review of the company's
financial policies.
     
"The upgrade reflects our expectation that Bio-Rad will maintain
a financial risk profile appropriate for an investment-grade
rating while conducting small acquisitions," said Standard &
Poor's credit analyst David Lugg, "with significant acquisitions
a rare event following by rapid deleveraging."

Headquartered in Hercules, California, Bio-Rad Laboratories,
Inc. (AMEX: BIO) (AMEX: BIOb) -- http://www.bio-rad.com/-- is a
multinational manufacturer and distributor of life science
research products and clinical diagnostics.  It serves more than
85,000 research and industry customers worldwide through its
global network of operations.  The company employs over 5,000
people globally and had revenues of nearly USUS$1.3 billion in
2006.  Aside from the United State, the company maintains
operations in Bulgaria, Canada, Denmark, Greece, India,
Philippines, Taiwan, and The Netherlands, Brazil, El Salvador,
Mexico and Puerto Rico.


BLACKBOARD INC: To Acquire NTI Group for US$182 Million
-------------------------------------------------------
Blackboard Inc. disclosed a definitive agreement to acquire
privately-held NTI Group, Inc.  Under terms of the agreement,
Blackboard will acquire NTI for US$182 million subject to
certain adjustments. The purchase price will be paid
US$132 million in cash and US$50 million in stock.  In addition,
up to an additional US$17 million in consideration may be paid
in stock based on attainment of certain financial targets over
the two years following the close of the acquisition.

This acquisition enables Blackboard to better help institutions
address several key challenges and trends which are taking place
within the education community, namely:

   1. as online learning continues to grow and more institutions
      utilize the internet to connect with traditional and
      virtual students, it is becoming increasingly important to
      have the capability to deliver mass communications with
      large populations of users across an array of technical
      devices;

   2. in addition, it has become imperative that academic
      institutions have the ability to quickly and effectively
      communicate with their entire campus constituency in the
      wake of a range of school and campus tragedies, severe
      weather and other safety concerns; and

   3. institutions are focusing on mobile-centric strategies and
      looking to tightly integrate their learning environments
      with cell phones and PDAs.

In addition, this positions Blackboard to assist Governmental
agencies and municipalities which are also increasingly expected
to reach their entire constituencies directly in an expeditious,
time sensitive and cost-effective manner in the event of serious
public safety matters.

The acquisition of the NTI Group moves Blackboard into the fast-
growing alert and notification market, forecast by Yankee Group
to grow to an estimated US$1.2 billion in revenue in the United
States by 2011, representing a five-year compounded average
annual growth rate of over 30%.  The combination of Blackboard
and NTI adds another mission-critical offering to Blackboard's
existing suite of enterprise products and fulfills a key
education technology priority.  The addition of NTI's Connect-ED
offering will allow Blackboard to extend its leadership in North
American higher education and establish a much more significant
presence with U.S. K-12 institutions where NTI has already
established a significant client base.

NTI is located in Sherman Oaks, California and provides
comprehensive communication services designed specifically for
academic institutions as well as local, state and federal
government entities.  As of the third quarter of 2007, NTI had
more than 1,200 contracts for the Connect-ED system in the U.S.
K-12 market covering more than 14,000 schools and districts.  
NTI had 130 contracts in the U.S. higher education market
covering approximately 200 colleges and universities.  
Additionally, the Connect-CTY, Connect-GOV and Connect-MIL
services provide mass notification functionality to a fast
growing number of municipal, government and military customers.

The company's mass notification systems are designed to allow
users to quickly and easily record and send time-sensitive
notifications to thousands of people in minutes using just a
computer or telephone.  The NTI service operates as a fully
hosted, fully managed Application Service Provider/Software as a
Service; users are able to deploy a complete messaging and
notification system without investing in, or maintaining,
hardware, software, or additional phone lines.  Messages can be
sent to recipients' landlines, cell phones, PDAs/text- based
devices, SMS, e-mail accounts, and TTY/TDD devices for the
hearing impaired.

"Time-sensitive mass notification systems are a top priority for
global academic institutions," said Michael Chasen, Blackboard's
President and Chief Executive Officer.  "NTI is the leading
provider of these systems to educational institutions and
government agencies and the addition of their solutions is an
excellent next step in the growth of Blackboard's product
portfolio.  NTI expands our client base significantly and in
particular adds more than 1,200 new relationships with key IT
decision makers in the K-12 market.  I believe the union of our
companies will create substantial cross- selling opportunities
and add significant shareholder value."

"We are extremely pleased to become a part of Blackboard and
enhance their product offering with our mission critical
communications technology," said Robin Richards, NTI Chairman
and Chief Executive Officer.  "We believe that we can leverage
Blackboard's existing infrastructure, geographic diversity and
relationships in higher education to efficiently expand the
reach of our communications platform."

Both companies' Boards of Directors have approved the
transaction.  Subject to regulatory approval and other customary
closing conditions, the transaction is expected to close in the
first quarter of 2008.  The combined companies will operate
under the Blackboard name and brand with corporate headquarters
located in Washington, DC.

                      Acquisition Benefits

The combination of Blackboard and NTI unites two innovators
serving academic institutions, as well as government and
corporate clients.  Key strengths expected from the combination
include:

   -- Combined client base of more than 4,900 K-12 schools,
      colleges and universities as well as a growing presence in
      government organizations and corporations;

   -- Unmatched depth and breadth of product offering;

   -- Enhanced cross-selling opportunities to both the existing
      NTI and Blackboard client bases;

   -- Strengthened management with extensive experience in
      global education technology; and

   -- Increased revenue growth, profitability and cash flow over
      time.

              Financial Details of the Acquisition

NTI's business model offers many of the same financial
characteristics as Blackboard's, including an annual recurring
subscription-based licensing model, ratable revenue recognition,
a stable institutional client base and historically high renewal
rates.  As a result, the combination is expected to enhance
growth and profitability over time.  Blackboard expects the
transaction to be slightly accretive to earnings on a non-GAAP
adjusted basis excluding the impact of purchase accounting
adjustments on deferred revenues and non-recurrinfedders corpg
merger-related costs and dilutive on a GAAP basis for fiscal
year 2008.

Blackboard retained Wachovia Securities as its financial advisor
and Dewey & LeBoeuf as its legal advisor.  NTI retained UBS
Investment Bank as its financial advisor and Latham and Watkins
LLP as its legal advisor.

                     About Blackboard Inc.

Headquartered in Washington, D.C., Blackboard Inc. (Nasdaq:
BBBB) provides enterprise software applications and related
services to the education industry.  Founded in 1997, Blackboard
enables educational innovations everywhere by connecting people
and technology.  With two product suites, the Blackboard
Academic Suite(TM) and the Blackboard Commerce Suite(TM),
Blackboard is used by millions of people at academic
institutions around the globe, including colleges, universities,
K-12 schools and other education providers, as well as textbook
publishers and student-focused merchants that serve education
providers and their students.  Blackboard has offices in North
America, the Netherlands, Australia, and China.


BLACKBOARD INC: S&P Ratings Unaffected by NTI Group Acquisition
---------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings and outlook
on Blackboard Inc. (B+/Positive/--) would not be affected by the
company's announced acquisition of The NTI Group Inc., a
provider of mass notification systems to schools, for
US$182 million, of which US$132 million will be in cash and the
remaining amount will be in common stock.  The agreement also
includes earnout of up to US$17 million in common stock based
upon the achievement of certain performance milestones.  
     
In 2007, NTI had revenue of approximately US$30 million.  At
worst case, Washington, District of Columbia-based Blackboard's
acquisition of NTI would leave operating lease-adjusted debt
leverage unchanged at 3.3x as of Sept. 30, 2007, which is good
for the rating.  However, Standard & Poor's expects the
transaction to be EBITDA accretive and leverage to improve
slightly from its current level.  Following this transaction,
Blackboard still has some capacity for debt-financed
acquisitions at the current rating.

                     About Blackboard Inc.

Headquartered in Washington, D.C., Blackboard Inc. (Nasdaq:
BBBB) provides enterprise software applications and related
services to the education industry.  Founded in 1997, Blackboard
enables educational innovations everywhere by connecting people
and technology.  With two product suites, the Blackboard
Academic Suite(TM) and the Blackboard Commerce Suite(TM),
Blackboard is used by millions of people at academic
institutions around the globe, including colleges, universities,
K-12 schools and other education providers, as well as textbook
publishers and student-focused merchants that serve education
providers and their students.  Blackboard has offices in North
America, the Netherlands, Australia, and China.


CUSHION COMPANY: Appoints Sung Mi Yin as Liquidator
---------------------------------------------------
The members of Cushion Company Limited appointed Sung Mi Yin as
the company's liquidator.

The Liquidator can be reached at:

          Sung Mi Yin
          Suite No. A, 11th Floor
          Ritz Plaza, 122 Austin Road
          Tsimshatsui, Kowloon
          Hong Kong

ELITE VIEW: Creditors' Proofs of Debt Due on Feb. 11
----------------------------------------------------
The creditors of Elite View International Limited are required
to file their proofs of debt by February 11, 2008, for them to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on January 3,
2008.

The company's liquidator is:

         Au Yeung Kiu
         Block 8, Ping Wu Garden
         Sheung Cheung Wai
         Wai, Ping, Shau
         Yuen Long, NT


FIAT SPA: Buys Back 3.86 Million Ordinary Shares
------------------------------------------------
Fiat S.p.A. purchased 38,609 Fiat ordinary shares at the average
price of EUR16.4254 including fees on Jan. 11, 2008, within the
frame of the buy back program announced on April 5, 2007.

On Jan. 10, 2008, the company bought 3.851 million Fiat ordinary
shares at the average price of EUR16.1705 including fees.

From the start of the buy back program on April 24, 2007, the
total number of shares purchased by Fiat amounts to
31.54 million for a total invested amount of EUR603.4 million.

                   Share Repurchase Program

At a stockholders meeting on April 5, 2007, Fiat authorized the
purchase of treasury shares from the aggregate three classes of
stock, which shall not exceed in the aggregate 10% of the
capital stock and maximum amount of EUR1.4 billion.  The
authorization will last 18 months from April 5, 2007, and will
therefore expire on Oct. 5, 2008.  The buy back will be carried
out on the regulated markets as:

   -- it will end on April 30, 2008, or once the maximum amount
      of EUR1.4 billion or a number of shares equal to 10% of
      the capital stock is reached;

   -- the maximum purchase price will not exceed 10% of the
      reference price reported on the stock exchange on the day
      before the purchase is made; and

   -- the maximum number of shares purchased daily will not
      exceed 20% of the total daily trading volume for each
      class of shares.

                       About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


FIAT SPA: Magneti Unit Forms Joint Venture with Sumi Motherson
--------------------------------------------------------------
Fiat S.p.A.'s Magneti Marelli S.p.A. and Sumi Motherson Group
have signed an agreement for the creation of a joint venture in
India aimed at the production of automotive components in the
area of lighting and engine control systems.

According to the provisions of the agreement, Magneti Marelli
Holding and Sumi Motherson Group, through its holding company
Samvardhana Motherson Finance Limited, will each own a 50%
interest in the joint venture.

The industrial facilities will be located in the areas of New
Delhi and Pune and will concentrate on the production and
assembly of intake manifolds for engines and headlamps and rear
lamps for automobiles.

The joint venture’s activities will target the Indian market and
the local and international carmakers operating in the
territory.

"The joint venture with Sumi Motherson Group represents our
second important agreement signed in India within a few months,
and it confirms our strategy to be directly present on the
automotive markets featuring a high growth rate, at the service
of our global automotive clients and of local companies,"  
Eugenio Razelli Magneti Marelli CEO disclosed.

"Thanks to a solid partner like Sumi Motherson, in addition to
further expanding our offer in the powertrain sector, we will
also be able to play an important role in India in the area of
lighting systems for motor vehicle. Shared investments with
local partnerships facilitate rapid growth in fast developing
markets. In those markets, that are becoming more and more
global, the need for technology is growing rapidly," Mr. Razelli
added.

"The joint venture with Magneti Marelli will further strengthen
our existing relations in the Automotive Industry.  We are
continuously exploring new areas and niches where we can add
value by acquiring new technologies.  We firmly believe that we
will be able to provide the latest and world class products to
our customers in the areas of lighting and engine control
systems.  This joint venture will further enhance our philosophy
of creating more value per car," V.C. Sehgal Sumi Motherson
chairman disclosed.

Magneti Marelli, a company belonging to the Fiat Group, designs,
produces and markets advanced systems and components for motor
vehicles. It has 45 production facilities and 25,000 employees
and a turnover of EUR4.5 billion in 2006.

                       About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                         *     *     *

As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


HENDERSON SUN: Commences Liquidation Proceedings
-------------------------------------------------
Henderson Sun Investment Company Limited commenced liquidation
proceedings on December 31, 2007.

The company's liquidator is:

          Cheung Fong Ming
          72-76 Floor
          Two International Finance Centre
          8 Finance Street
          Central Hong Kong


HI-IMPEX: Creditors' Proofs of Debt Due on Feb. 20
--------------------------------------------------
The creditors of Hi-Impex (Hong Kong) Limited are required to
file their proofs of debt by February 20, 2008, for them to be
included in the company's dividend distribution.

The company's liquidator is:

         IP Chung Yuen
         22nd Floor
         Guangdong Investment Tower
         148 Connaught Road Central
         Hong Kong


MAINFAT INVESTMENT: Members Meeting Fixed for February 11
----------------------------------------------------------
The members of Mainfat Investment Limited will have their final
general meeting on February 11, 2008, at the 20th Floor of
Island Beverly, 1-5 Great George Street, in Causeway Bay, Hong
Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is Lian Mingshun.


NOBLE GROUP: S&P Revises Outlook on Credit Profile Improvement
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
outlook on the rating on Noble Group Ltd. to positive from
stable.  At the same time, it affirmed the 'BB+' long-term
corporate credit rating on the company.

"The rating actions reflect Noble's improving risk management.
Its transformation from largely a commodity-trading operation to
an increasingly vertically integrated business model is gaining
traction and is a positive rating factor," said Standard &
Poor's credit analyst Ryan Tsang.

Noble has shown its commitment to balancing growth and managing
risk by investing in risk management functions and resources in
the past few years to keep up with its rapid growth and
expansion into new business lines.  Its risk functions are now
better integrated with its operations than in the past.  The
company's risk management department has expanded outside Hong
Kong to a number of key offices.  Noble plans to further enhance
its risk management functions by implementing more sophisticated
tools to measure the risk and returns of its investments and
operations.  These developments could further improve its risk
management capability.

Continuous diversification of Noble's geographical and product
lines is likely to further reduce its concentration risk.  The
company has successfully managed its global commodity supply
chain, with a secure feedstock supply, through investments and
equity stakes in upstream fixed assets.  It has also continued
to lower its revenue concentration; its revenue from China as a
percentage of total revenue has declined in the past few years.
In addition, Noble has diversified its product lines, including
carbon credit trading, to reduce product concentration and
leverage its customer base to cross sell.

Noble's strengths are counterbalanced by the inherent risks of
its commodity trading business, with volatility in commodity
prices and low operating margins, as well as financial and
execution risks associated with the company's rapid expansion.

The company is trying to improve its profit margin by
integrating vertically and creating more profit points in its
commodity supply chain business.  Noble's entrepreneurial spirit
has inherent risks.  The company invests in new businesses, as
well as in plants and upstream assets that have a poor operating
record and are high risk investments in nature -- albeit with
high return potential.  The company's satisfactory track record
on investment selections and integration of acquired operations
partly offsets these concerns.

Noble Group Ltd., headquartered in Hong Kong and listed on the
Singapore Stock Exchange, is mainly engaged in the sourcing and
distribution of a wide range of commodity products in
agriculture, energy and metals as well as the logistics
management business.  It has over 70 offices in 42 countries.


PHILIP MORRIS: Paul Moyes & Yeung Betty Step Down as Liquidators
---------------------------------------------------------------
On January 11, 2008, Paul David Stuart Moyes and Yeung Betty
Yeun stepped down as liquidators for Philip Morris China
Limited, which is still undergoing liquidation.


SOUTHWOOD LIMITED: Creditors' Proofs of Debt Due on Jan. 30
-----------------------------------------------------------
The creditors of Southwood Limited are required to file their
proofs of debt by January 30, 2008, for them to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on December 27,
2007.

The company's liquidators are:

         Gerard Dubois
         Richard Alan Wallis
         207 Corporation Square
         No. 8 Lam Lok Street
         Kowloon Bay
         Kowloon, Hong Kong


TAIWAN INTERNATIONAL: 2007 Sales Total TWD10.83 Billion
-------------------------------------------------------
Taiwan International Securities Corporation's unconsolidated
sales in December 2007 fell 15.84% year-on-year to
TWD1.17 billion from TWD1.39 billion, according to data obtained
from Bloomberg.

The company's full-year 2007 unconsolidated sales hit
TWD10.83 billion, a 27.08% improvement against sales of
TWD8.52 billion a year earlier.

Taiwan-based Taiwan International Securities Corporation --
http://www.tisc.com.tw/-- is engaged in the businesses of  
brokerage, underwriting, bond trading, as well as the research,
design and issuing of financial products.

On April 20, 2005, Fitch Ratings assigned a BB long-term issuer
default rating and B short-term issuer default rating to the
company.

TOCCATE COMPANY: Appoints New Liquidator
----------------------------------------
The members of Toccate Company Limited appointed Sung Mi Yin as
liquidator for the company.

The Liquidator can be reached at:

          Sung Mi Yin
          11th Floor, Ritz Plaza
          122 Austin Road
          Tsimshatsui
          Kowloon, Hong Kong


VASOMEDICAL INC: Posts US$64,000 Net Loss in Qtr. Ended Nov. 30
---------------------------------------------------------------
Vasomedical Inc. reported its financial results for the three
months ended Nov. 30, 2007.

Total revenues were US$1,388,000 in the second quarter of fiscal
2008, compared with total revenues of US$1,523,000 in the second
quarter of fiscal 2007.  Revenues from equipment sales increased
approximately 4% to US$597,000 in the three months ended
Nov. 30, 2007, as compared to US$575,000 for the same period for
the prior year.  

Equipment rentals and services were US$791,000 in the three
months ended Nov. 30, 2007, down approximately 17% from
US$948,000 for the same period in the previous year.  Revenue
from equipment rental and services represented 57% of total
revenue in the second quarter of fiscal 2008 compared to 62% in
the second quarter of fiscal 2007.  This decrease in revenue
resulted primarily from a 16% decrease in service-related
revenue and a 56% decline in rental revenue.

The company recorded a net loss attributable to common
shareholders of US$64,000 during the three months ended
Nov. 30, 2007, compared to a loss of US$369,000, during the
three months ended Nov. 30, 2006.  The decrease in the net loss
compared to the prior-year quarter reflects a US$420,000, or
36%, decrease in operating expenses as a result of continuing to
restructure our costs to be better aligned with potential near-
term sales.

Dr. John C.K. Hui, President and Chief Executive Officer of
Vasomedical, commented, "As we end the 2nd quarter of 2008, it
is apparent that the financial status of the company has
improved significantly due to cost cutting measures and the
injection of new capital.  We have been focusing on sales
related to the treatment of refractory angina, which is
reimbursed domestically, and at the same time expanding our
international market to explore additional claims such as heart
failure and the applications of EECP(R) therapy as a preventive
treatment for cardiovascular disease.  Going forward, we will
concentrate on growing our sales, while at the same time
continuing to expand our clinical data to support EECP(R)
therapy as a safe and effective treatment to gain widespread
recognition from both physicians and the public."

As of Nov. 30, 2007, the company had cash and cash equivalents
balances of US$2,556,000 compared with US$850,000 as of
May 31, 2007, and working capital as of Nov. 30, 2007, of
US$3,107,000 compared with US$1,320,000 as of May 31, 2007.

                   Going Concern Doubt

As reported in the Troubled Company Reporter on Sept. 8, 2006,
Miller Ellin & Company LLP, in New York, expressed substantial
doubt about Vasomedical Inc.'s ability to continue as a going
concern after auditing the company's financial statements
for the fiscal year ended May 31, 2006.  The auditing firm
pointed to the company's recurring losses from operations and
net capital deficiency.

                    About Vasomedical

Vasomedical Inc. -- http://www.vasomedical.com/-- develops,  
manufactures and markets EECP(R) therapy systems to deliver its
proprietary form of enhanced external counterpulsation therapy.  
EECP(R) therapy is a noninvasive, outpatient therapy used in the
treatment of ischemic cardiovascular diseases, currently used to
manage chronic stable angina and heart failure.

The company has operations in Brazil, China and the United
Kingdom.


* Fitch: Positive Outlook Enables Real Estate Cos. to Expand Ops
----------------------------------------------------------------
Fitch Ratings said that the overall positive momentum in the
Hong Kong property market enables real estate companies to
allocate additional resources into mainland China.

"The generally strong operating cash flows from recurring
sources allow companies to take on additional risks," said
Michael Wu, director in Fitch's Asia Corporates team, in a
special report on the outlook for Hong Kong's property market
this year.  "For instance, both Sun Hung Kai Properties Limited
(SHKP, 'A'/Stable) and The Wharf (Holdings) Limited (Wharf, 'A-'
(A minus)/Stable) have publicly announced that they will speed
up, albeit cautiously and prudently, their investment in
mainland China," said Mr. Wu.  He further explained that Fitch
views this as positive, given that diversification will help
companies to achieve more stability in their cash flow -- as
long as additional risks are controlled, and a capital structure
is maintained which is in line with global peers at the same
rating level.

"However, current rating levels of the rated property investors
already reflect Fitch's view of the industry.  Therefore, near-
term positive rating actions driven by industry fundamentals are
unlikely," Mr. Wu added.

The outlook for the mass market should continue to be positive.
Completion of new units is expected to be on the low side in
2008, although some alleviation is likely thereafter.  Positive
factors which could boost market sentiment -- a steady macro
environment, strong results in public land auctions, and easy
availability of mortgage credit -- are also expected to
continue.

Meanwhile, the 2008 outlook for the luxury market remains
positive, although some uncertainty has begun to surface.  The
prognosis is principally driven by limited supply in traditional
high-end residential districts, and the easing -- but still
solid -- demand from overseas investors and executives in the
financial services sector.  The tightening monetary environment
in China and other related austerity measures might lead to a
moderately lower level of investment inflow from the mainland.
Furthermore, the subprime fallout in the U.S. might translate
into lower compensation and job security for bank executives,
which will limit their desire to acquire luxury properties.

The report, entitled "2008 Hong Kong Real Estate Market
Outlook", also highlights that Fitch expects a reversal of the
previous diverging performance between Central and non-Central
properties for the office sector.  Rental levels in Central are
expected to move within a tight range given that tenants have
begun to demonstrate resistance to the current high rentals.  
For the non-core districts, moderate growth in rentals should be
provided by the strong local economy, the decentralization
trend, and the much-improved vacancy rate, despite abundant
supply in the pipeline.

The agency expects the outlook for the retail property market to
be positive, reflecting a firm expectation of retail sales due
to the strong local economy and booming visitor arrivals.
However, the positive effect would be partially diluted by the
ongoing supply of new retail properties.

In conjunction with the report, Fitch Ratings will be hosting a
teleconference today, Jan. 18, 2008, at 10:00 a.m. Hong
Kong/Beijing time to discuss the 2008 outlook for the Hong Kong
and China property sectors.


* Chinese Property Developers Face Rising Pressure, Fitch Says
--------------------------------------------------------------
Fitch Ratings said that due to the increasingly stricter
regulations aimed at both adjusting the imbalance between demand
and supply, and curbing the soaring property prices, the agency
expects an ease in rising prices within the Chinese property
market, with property developers likely to face more pressure in
financing and liquidity this year.

The widening demand-supply gap in recent years has resulted in
rising property prices in China, which fuels concerns about a
sector "bubble".  Undersupply, relating to land shortages and
land hoarding, has been blamed for the soaring prices but real
demand "overdrawn" in advance and investment-driven demand also
play important roles due to the expectation of rapid price
increases, which creates a self-fulfilling cycle.  "The market
will consequently face stricter regulations, and credit
tightening will become the normal practice in the sector," said
Matthew Kong, associate director in Fitch's Asia Corporates
team, in a special report on the outlook for China's property
market this year.  "However, the authorities will put more
emphasis on addressing supply issues while continuing to curb
demand to narrow the demand-supply gap and steady property
prices," added Mr. Kong.

Although the central government has started to push all local
governments to honor their responsibility to plan and supply
low-rent and affordable housing in their jurisdictions, Fitch
expects policy effects to be gradual given the low proportion of
this housing in total supply.  The central government will
therefore be more likely to seek to end land hoarding in order
to accelerate housing development in the short term.

The cumulative effects of the regulations and policies will
narrow the demand-supply gap and thereby curb the price rises.
However, in some cities where property prices grew dramatically
during 2007, there will be considerable property price
volatility.  Nevertheless, Fitch does not expect property prices
to drop materially nationwide as the government's core supply
polices will take some time to be effective.

Fitch's expectation of a reduction in price increases assumes
that the new regulations will be put in place and firmly
enforced by all levels of governments, as the immature nature of
the Chinese market calls for not just more stringent
regulations, but also better enforcement.  The agency therefore
expects strengthening and monitoring the enforcement of the
regulations to be one of the government's policy focuses in
2008.

Meanwhile, tightening credit and rising land acquisition costs
have raised entry barriers to the industry and also affected
property developers' financial flexibility and liquidity.  In
general, some small developers with little-known brands and few
resources, as well as those companies that aggressively buy
large areas of land at high costs, may encounter liquidity
issues, as tightening credit and the potential demand slowdown
make them vulnerable to a possibly weakened cash flow.  The
agency considers that the larger, publicly-listed Chinese
property companies, particularly companies rated in the 'BB'
range and above, which may have relatively better execution
capability, management quality, corporate governance and
multiple funding channels, to be better positioned in the
current competitive landscape and therefore to reap gains in the
consolidation stage of market evolution.  On the other hand,
companies rated in the 'B' range, with limited cash flow bases
and financing flexibility would be forced to focus on regional
or niche markets.

Fitch views that the sector outlook is somewhat negative in
2008.  However, it notes that the Chinese property market will
continue to benefit from the nation's strong fundamentals, such
as robust economic growth, rapid urbanisation and a significant
real demand for housing, which will remain the driving forces of
sector growth in 2008.  Underpinned by these factors, Fitch
views that it is less likely to see a collapse of the market in
2008, which is not the goal of the Chinese government either,
but an accommodating market, which will enable the market to
squeeze the "bubble" and build the foundation for sustainable
growth.

A copy of the special report entitled "Chinese Property Market
Outlook 2008" will be available shortly on
http://www.fitchratings.com/ In conjunction with the report,  
Fitch Ratings will be hosting a teleconference today, Jan. 18,
2008, at 10:00 a.m. Hong Kong/Beijing time to discuss the 2008
outlook for the China and Hong Kong property sectors.


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

BANK OF BARODA: To File Unaudited Q3 Results on Jan. 30
-------------------------------------------------------
Bank of Baroda's board of directors, on Jan. 30, 2008, will
consider and approve, among others, the bank's unaudited
financial results for the third quarter ended Dec. 31, 2007.

In the same quarter last year, the bank recorded a net profit of
INR3.29 billion on revenues aggregating of INR27.21 billion.

On Jan. 30, the board will also be considering the bank's
results for the nine months ended Dec. 31, 2007, and relevant
segment reporting.

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  Bank of Baroda has branches in the Bahamas,
Belgium, the Fiji Islands, Mauritius, Republic of South Africa,
Seychelles, Singapore, Sultanate of Oman, United Arab Emirates,
the United Kingdom, and the United States of America.

                        *     *     *

On July 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: US$250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes program.  Fitch said the outlook on all
ratings is stable.


BANK OF BARODA: Plans to Establish Presence in Thailand
-------------------------------------------------------
Bank of Baroda wants to expand in Thailand to take advantage of
the trade growth between India and Thailand, the Bangkok Post
reports.

According to the news agency, the bank is already in talks with
Thai authorities.

"Hopefully in six months' time, we will be a powerhouse offering
a vast array of products to customers here," the Post quotes BoB
Chairman & Managing Director Anil K. Khandelwal as saying.

Thailand is part of the bank's overall strategy of growth, the
CMD added.

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  Bank of Baroda has branches in the Bahamas,
Belgium, the Fiji Islands, Mauritius, Republic of South Africa,
Seychelles, Singapore, Sultanate of Oman, United Arab Emirates,
the United Kingdom, and the United States of America.

                        *     *     *

On July 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: US$250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes program.  Fitch said the outlook on all
ratings is stable.


BILT: Chairman Eyes Restructuring Business Into Small Groups
------------------------------------------------------------
Ballarpur Industries Ltd Chairman Gautam Thapar wants to
restructure the company by creating different special purpose
vehicles and list them overseas, Shabani Bagai and Arijit Barman
of NDTVProfit.com reports.

Without naming sources, the report said the plan will be to
divide Ballarpur Industries into four broad business units while
real estate will be hived off into one entity.  “The process is
on and very soon a 2-tier structure will be in place,” NDTV
relates.

The sum of the valuation of separate listings is believed to
generate more value than the valuation of just one combined
entity.

According to NDTV, the Thapar family currently owns 39% in BILT
while the remaining stake is held by the public and
institutions.

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is a paper manufacturer and exporter.
BILT has five product groups: coated wood-free, uncoated wood-
free, copier, creamwove, and business stationery.  There are
three types of products in the coated wood-free segment: two
side coated paper, two side coated boards, and single side
coated products.  BILT's Indian subsidiaries include BILT Tree
Tech Limited and BILT Graphic Paper Products Limited.  The
company's two wholly owned foreign subsidiaries in Netherlands
include Ballarpur International Holdings B.V. and Ballarpur
Paper Holdings B.V. In March 2007, the company acquired 97.8% of
Sabah Forest Industries Sdn Bhd, Malaysia, which operates an
integrated paper and pulp mill in Malaysia.

On April 12, 2004, Standard and Poor's Ratings Services gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.  As of Jan. 16, 2008, the company
still carry those ratings.


IFCI LTD: Sterlite Says Bid for 26% Stake Still Valid
-----------------------------------------------------
Sterlite Industries said the group had no plans to change the
management of IFCI Ltd and that it's bid for a 26% stake om the
company, the Press Trust of India reports.

As previously reported by the Troubled Company Reporter-Asia
Pacific, IFCI called off plans to sell 26% of the company after
its board of directors rejected the financial proposal submitted
by the consortium of Sterlite Industries and Morgan Stanley and
Co, saying that the conditional offer is unacceptable.

Management control reportedly was the reason behind the deal
cancellation.  Thomson Financial News, citing the Times,
reported that the Sterlite-led consortium was seeking a
guarantee from IFCI to ensure that any further dilution in IFCI
stake be undertaken with their consent, which was unacceptable
to IFCI.

"We put the highest bid to turn it around,” PTI quotes Sterlite
Industries Chairman Anil Agarwal in an interview with CNBC-TV18.  
“Our offer is still valid.  The government can consider it
anytime and talk to us."

Mr. Agarwal insisted that the group had no plans to bring
changes to the current IFCI management.  “[W]e believe in the
existing management,” he added.

IFCI Limited -- http://www.ifciltd.com/-- is established to   
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.

Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'.  The outlook on the rating is stable.


INDUSTRIAL DEV'T BANK: Earns INR1.76 Bil. in Qtr. Ended Dec. 30
---------------------------------------------------------------
The Industrial Development Bank of India Ltd, for the three
months ended Dec. 30, 2007, posted a net profit of
INR1.76 billion, more than 39% compared to the INR1.27 billion
earned in the same quarter in 2006.

Total revenues for the Oct.-Dec. 2007 quarter jumped 32% to
INR24.71 billion, which includes interest on advances of
INR17.06 billion.  Total expenditure increased by 24% to
INR20.79 billion.

The company also provided INR215 million for taxes and booked
INR1.95 billion for provisions and contingencies.

A copy of the company's financial results for the quarter ended
Dec. 31, 2007, is available for free at:

              http://ResearchArchives.com/t/s?2721

Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com-- is a commercial bank that offers
a range of products, including secured loans, such as housing
loans, mortgage loans and loan against securities, and unsecured
loans, such as personal loans, educational loans and overdrafts
to merchant establishments.  It also distributes third-party
products, such as insurance and mutual fund products to its
retail customers. IDBI also offers project financing, film
financing, equipment financing, asset credits, corporate loans,
working capital loans, direct discounting, the financing of
receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

                         *     *     *

As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on April 24,
2007, affirmed Industrial Development Bank of India's BFSR at
D-.  Moody's also maintains the bank's Foreign Currency Deposit
Rating at Ba2.


QUEBECOR WORLD: Fails to Get Financing on Securitization Waivers
----------------------------------------------------------------
Quebecor World Inc., in connection with the waivers obtained
from its banking syndicate and the sponsors of its
securitization program announced on Dec. 31, 2007, has not
obtained by Jan. 15, 2008, US$125 million of new financing, as
had been required under the terms of the waivers.

The non-satisfaction of this condition of the Dec. 31, 2007
waiver does not automatically result in the termination of the
banking syndicate's waiver or an acceleration of the maturity of
indebtedness under the Company's credit facilities or a cross-
default under other financial instruments of Quebecor World.  
Any such termination, acceleration or default would require
formal notification from a majority of the banking syndicate to
Quebecor World.

The non-satisfaction of this condition of the Dec. 31, 2007
waivers also entitles the sponsors under the Company's
securitization program to terminate such program, but any such
termination would not, if effected, result in cross-defaults
under any financial instrument of the company.  The company had
requested a one week waiver of this condition from its banking
syndicate and securitization sponsors to facilitate the rescue
financing initiative currently underway, but has declined to pay
the significant waiver costs requested by its banking syndicate
for this waiver, as the company believes it must preserve cash
and this payment would not be in the best interests of all of
the company's stakeholders.  The company renewed its request
that the banking syndicate provide a suitable waiver and is
awaiting the response.

In addition, Quebecor World announced that in light of the
announced rescue initiative and its current circumstances, it
will not make the US$19.5 million payment of interest due today
on its outstanding US$400 million 9.75% Senior Notes due 2015.  
Under the terms of the indentures relating to the 9.75% Senior
Notes due 2015, failure to pay interest does not result in an
immediate default and the company has 30 days to cure the
non-payment.

Quebecor World continues to work with Quebecor Inc. and Tricap
Partners Ltd. on the rescue-financing plan announced on Jan. 14,
2008 and believes that satisfaction of the conditions of such
initiative would be in the best interests of the Company and all
its stakeholders.  There is no assurance all the consents and
approvals to the completion of the rescue-financing plan and
recapitalization initiative will be received on a timely basis.

                 About Quebecor World Inc.

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Moody's Investors Service has downgraded Quebecor
World Inc.'s corporate family rating by two notches to Caa2.

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Montreal-based printing
company Quebecor World Inc. two notches to 'CCC' from 'B-'.

In addition, Standard & Poor's lowered the senior unsecured debt
rating on the company by three notches to 'CCC-' from 'B-',
reflecting the junior position of the notes in relation to
Quebecor World's US$750 million revolving credit facility
(unrated), which is fully guaranteed and partially secured, and
the high likelihood that the company's debt level will increase
in the near term.


TATA MOTORS: Inducts 80 Singur Youths for Nano-Car Plant
--------------------------------------------------------
Tata Motors Ltd, on Wednesday, inducted a batch of 80 youth as
apprentices at the Singur People's Car plant, as per the
Memorandum of Understanding signed by the company with West
Bengal's Department of Technical Education & Training and West
Bengal Industrial Development Corporation, a media release
stated.

According to a report at Sify.com, the 80 apprentices were from
families that have lost their lands at Singur, in West Bengal,
where Tata Motors will set up a plant for its INR1-lakh Nano
car.

The move is part of Tata Motors' comprehensive community
development program for Singur, the company said.  

As reported by the Troubled Company Reporter-Asia Pacific on
Mar. 13, 2007, the Government of West Bengal and WBIDC signed an
agreement for Tata Motor's to build the small-car plant at
Singur, which plans raised protests from the locals because of
the transfer of agricultural land required for the factory.
Tata Motors would pay WBIDC INR1,000 crore for a 90-year Singur
land lease, payment of which will be in a phased manner --
INR1 crore per annum for the first five years, INR10 crore in
the next 10 years and in the next 30 years, INR20 crore yearly.

The Singur-plant program, the company explained, includes:

   a) training, according to an individual's educational
      qualifications and skills, to improve their employability;

   b) training women for employability -- through facilitation
      of cooperative societies -- to produce a diverse range of
      items, which could be used in the Tata Motors plant or the
      vendor plants; and

   c) social development in the Singur area, through community
      centers, and support for primary health, primary/secondary
      education and adult education.

Tata Motors said another group of 311 individuals, all from
Singur villages, are now undergoing a training program since May
2007.  After completing their respective program, they will
undertake a trade test.  Successful candidates will then undergo
15 months' hands-on training at Tata Motors facilities to make
them multi-skilled.  On successful completion of the program,
the trainees will take the trade tests to qualify for trade
certificates issued by the National Council for Vocational
Training and will become eligible for employment at the Singur
plant and vendor facilities.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

On Jan. 7, 2008, Standard & Poor's Ratings Services placed its
'BB+' long-term corporate credit ratings on India-based
automaker Tata Motors Ltd. on CreditWatch with negative
implications.  At the same time, Standard & Poor's placed its
'BB+' foreign currency rating on all of Tata Motor's rated debt
issues on CreditWatch with negative implications.

As reported in the TCR-Asia-Pacific on Jan. 8, 2008, Moody's
Investors Service placed the Ba1 Corporate Family Rating of Tata
Motors Ltd on review for possible downgrade.


TATA STEEL: To Develop Limestone Mine in Oman with Al Bahja
-----------------------------------------------------------
Tata Steel Ltd and the members of Oman business house Al Bahja
Group entered into a joint venture deal for the development of
the Uyun Limestone deposits at Salalah in the Sultanate of Oman,
the company said in a media release.

According to the release, Tata Steel will be holding 70% stake
in the existing company named AL Rimal Mining LLC through its
subsidiary, TS Global Minerals Holdings Pte Ltd.  Al Rimal
Mining will execute the project of developing and operating the
Uyun Mine.

The release, however, did not disclose financial details of the
deal.

Tata Steel Managing Director B. Muthuraman said, "We value our
partnership with the Al Bahja Group, and we are sure that this
partnership will play a significant role in the mineral
development of the Sultanate of Oman.  These investments in
mining are the foundations towards achieving Tata Steel's vision
of becoming a global benchmark in Value Creation, Corporate
Social Responsibility, Environmental Protection and Safety
through passionate, talented and motivated employees."

The initial phase will involve exploration and detailed
feasibility studies, Tata Steel stated.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd, and changed the
outlook to negative from stable.


TATA STEEL: Brazil's Vale May Tie Up With Company, Report Says
--------------------------------------------------------------
Vale, formerly known as Companhia Vale do Rio Doce, may tie up
with, among others, Tata Steel Ltd to set up steel mills in
Brazil, Jeb Bount of Bloomberg News reports citing a Vale
statement.

According to the report, Vale told the news agency that
feasibility studies are conducted of projects with Tata Steel
and Japan's JFE Holdings Inc.

Last month, Ishita Dutt Ayan wrote for the Business Standard
that Vale was in talks with Tata Steel to set up a steel lab
plant in Brazil.  Citing industry analysts, the BS report said
that a Tata Steel-Vale alliance will be a win-win scenario for
both companies.

“While Vale is looking to leverage its mineral resources and
cash in on the booming steel market, Tata Steel is aiming to set
up steel plants close to its raw material base as well as ramp
up its raw material security,” Ms. Dutt wrote.

Vale is the world's largest producer of iron ore and pellets
with mineral exploration efforts in 19 countries worldwide.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd, and changed the
outlook to negative from stable.


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

ALCATEL-LUCENT: Bags U.S. Cellular's Network Expansion Contract
---------------------------------------------------------------
U.S. Cellular has announced a five-year agreement for Alcatel-
Lucent SA to supply a wide variety of network equipment,
software and services supporting US Cellular's ongoing network
expansion.

The equipment, software and services from Alcatel-Lucent will
make it possible for U.S. Cellular to improve their customers'
experience through increased coverage and capacity of its
network based on CDMA2000(R) technology.  This platform will
enable US Cellular to provide an enhanced mobile data customer
experience, including faster uploads and downloads when
connecting to the Internet, and new mobile high-speed data
services, including mobile video telephony, high-quality music
streaming and other multimedia applications.

"U.S. Cellular has repeatedly been recognized for providing our
customers with the greatest wireless experience, so it's
critical that we partner with a vendor that can help us create
and maintain the best wireless network possible," said U.S.
Cellular Executive Vice President and Chief Technology Officer,
Michael S. Irizarry.  "Alcatel-Lucent has been a trusted partner
since the very beginning of U.S. Cellular and we chose to
continue our ongoing relationship based on Alcatel-Lucent's
knowledge of our business, its understanding of our vision and
the breadth of its portfolio."

Under the agreement, Alcatel-Lucent will provide a range of base
stations designed to fit a wide variety of deployment scenarios
to enable US Cellular to address the needs of its customers no
matter where they live, work and play.

"By once again choosing Alcatel-Lucent to expand and grow its
network, U.S. Cellular is demonstrating its confidence not only
in CDMA technology but also the CDMA market in general," said
Alcatel-Lucent's Americas region president, Cindy Christy.  
"This is a significant contract for Alcatel-Lucent and we look
forward to continuing our longstanding relationship with U.S.
Cellular as we help them rapidly deploy new revenue generating
applications and services."

Earlier this year, the J.D. Power and Associates 2007 Wireless
Call Quality Performance Study(SM) for the fourth consecutive
time ranked US Cellular "Highest Call Quality Performance among
Wireless Cell Phone Users in the North Central Region, for Two
Years."

                        About US Cellular

US Cellular (Amex: USM) is the nation's sixth-largest wireless
service carrier, providing wireless service to six million
customers in 26 states.  The Chicago-based company employs 8,000
associates and operates on a customer satisfaction strategy,
meeting customer needs by providing a comprehensive range of
wireless products and services, superior customer support, and a
high-quality network.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2007, Moody's Investors Service downgraded to Ba3 from
Ba2 the Corporate Family Rating of Alcatel-Lucent.   The ratings
for senior debt of the group were equally lowered to Ba3 from
Ba2 and the trust preferred notes of Lucent Technologies Capital
Trust I have been downgraded to B2 from B1.  At the same time,
Moody's affirmed its Not-Prime rating for short-term debt of
Alcatel-Lucent.  Moody's said the outlook for the ratings is
stable.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


BANK MANDIRI: To Control 80% of Bank Sinar
------------------------------------------
PT Bank Mandiri will control 80% of small-sized Bank Sinar and
use the bank to serve the country's small business, various
reports say.

On December 3, 2007, Thomson Financial recounts, Bank Mandiri
and Bali-based Bank Sinar signed a conditional sale and purchase
agreement.  Bank Mandiri said it will initially purchase 50% of
Bank Sinar shares but did not give the value of the stake, the
report adds.

According to Antara News, following the purchase, Bank Mandiri
will inject IDR80 billion into Bank Sinar, raising its capital
base to IDR100 billion.  Following the injection, Bank Mandiri
will control 80% of Bank Sinar, and the remaining 20% will be
held by former Bank Sinar shareholders, Thomson Financial
relates.

Antara News adds that Bank Mandiri said it will use its internal
cash reserves for Bank Sinar's purchase, which is expected to be
finalized on May 5.

                      About Bank Mandiri

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

The Troubled Company Reporter-Asia Pacific reported on Dec. 7,
2007, that Fitch Ratings upgraded the Individual Rating of PT
Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and its
National Long-term rating to 'AA+ (idn)' from 'AA (idn)'.  The
Outlook on the National rating remains Stable.  At the same
time, all other ratings are affirmed, as follows:

   -- Long-term foreign and local currency Issuer Default
      ratings at 'BB-' with a Positive Outlook

   -- Short-term IDR at 'B'

   -- Support at '4', and

   -- Support Floor at 'B+'

On Oct. 19, 2007, Moody's Investors Service raised the foreign
currency long-term debt and foreign currency long-term deposit
ratings of Bank Mandiri.

   -- The foreign currency senior/subordinated debt ratings were
      raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
      term deposit rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa2 global local currency deposit rating and D- BFSR were
      unaffected.
Indonesia's Mandiri aims for 20 pct 08 loan growth


BANK NEGARA: Leads Firms to Provide IDR4-Tril. Toll Road Loan
-------------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk will lead a syndicate of
banks and a securities company to provide about IDR4 trillion in
financing for a toll road project, media reports quote Bank
President Director Sigit Pramono as saying.

Pramono told Reuters that the 21-km toll road connecting a
suburb in East Jakarta to Bekasi town on the outskirts of
Jakarta will cost IDR5.8 trillion.  From the total syndicated
loans of IDR4 trillion, Bank Negara will contribute
IDR1.4 trillion, he added.

According to Antara News, PT Bank Rakyat Indonesia Tbk has
provided IDR500 billion, PT Bank Bukopin Tbk IDR350 billion and
a combination of 11 regional banks provided IDR1.3 trillion.  
Securities company PT Andalan Artha Advisindo Sekuritas extended
IDR260.4 billion, the report adds.

                        About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial       
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter-Asia Pacific
Troubled Company Reporter-Asia Pacific on Dec. 7, 2007, Fitch
Ratings has upgraded the National Long-term rating of PT Bank
Negara Indonesia to 'AA-(idn)' (AA minus (idn)) from 'A+ (idn)).  
The Outlook is Stable.  This rating action resolves the Positive
Outlook that BNI's National rating was placed on in September
2007.   At the same time, Fitch has affirmed BNI's other
ratings, as follow:

   -- Long-term foreign and local currency Issuer Default   
      Ratings at 'BB-' with a Positive Outlook,

   -- Short-term rating at 'B'

   -- Individual rating at 'D'

   -- Support rating at '4', and

   -- Support rating floor at 'B+'

Oct. 19, 2007, Moody's Investors Service raised PT Bank Negara
Indonesia (Persero) Tbk.'s foreign currency long-term debt
rating to Ba2 from Ba3 and foreign currency long-term deposit
rating to B1 from B2.

On April 20, 2007, Standard & Poor's Ratings Services raised
Bank Negara's long-term counterparty credit ratings to 'BB-'
from 'B+'.


BANK NISP: To Sell IDR600BB Worth of 10-Year Subordinated Bonds
---------------------------------------------------------------
PT Bank NISP Tbk plans to sell IDR600 billion worth of 10-year
subordinated bonds and use the proceeds to expand its long-term
lending and raise its capital base, Thomson Financial reports.

According to the report, the bonds will be sold on Feb 25-27,
2008, followed by listing on the Indonesian Stock Exchange on
March 5.

Bank NISP has yet to set the coupon, but it said that from the
sixth to 10th years the coupon will be higher than in the first
five years, the report notes.

Thomson relates that PT CIMB-GK Securities, PT Standard
Chartered Securities and PT NISP have been appointed to
underwrite the issue.

                         About Bank NISP

PT Bank NISP Tbk -- http://www.banknisp.com/english/index.html   
-- categorizes its products into two groups: Funding, which
consists of savings and deposits, and Lending, consisting of
working capital loans, investment loans and consumer loans. In
addition, the bank has three service categories: Individual,
Corporate and Others. As of January 18, 2006, the bank has 29
branch offices, 101 representative offices and 26 cash offices
throughout the country.  The Bank is headquartered in Jakarta,
Indonesia.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Dec. 21, 2007, that Fitch Ratings has affirmed all the ratings
of PT Bank NISP Tbk:

   -- Long-term foreign and local currency Issuer Default
      Ratings at 'BB-'with a Positive Outlook,

   -- Short-term foreign currency IDR 'B', National Long-term
      'AA+(idn) with a Stable outlook',

   -- Individual 'C/D' and Support '3'.


TELKOMSEL: 2007 Revenue Increases Nearly 24%
--------------------------------------------
PT Telekomunikasi Selular Indonesia has reported a 24%
year-on-year rise in revenues in 2007 to IDR29.15 trillion,
various reports say.

According to Telegeography News, the increase is driven by
sustained subscriber growth.

Telkomsel President Director Kiskenda Suriahardja said the
company had decided to lift its capital spending this year to
US$1.7 billion from US$1.5 billion as it seeks to expand its
network quality and coverage, the report notes.

Telegeography relates that the company hopes to boost revenues
by 15% in fiscal year 2008.

Mr. Suriahardja was quoted by Reuters as saying, "We are trying
to maintain our EBITDA level.  Last year we had an EBITDA margin
of 69%."

Telkomsel had 47.8 million users as of December and the number
of customers can reach 50 million by the end of this month after
the company cut its prepaid tariffs, Reuters adds.

                     About Telkomsel

PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/        
-- is the leading operator of cellular telecommunications
services in Indonesia by market share.  By the end of June 2006,
Telkomsel had close to 29.3 million customers, which, based on
industry statistics, represented a market share of more than
50%.

Telkomsel provides GSM cellular services in Indonesia, through
its own nationwide Dual band 900/1800 MHz GSM network, an
internationally, through 259 international roaming partner in 53
countries as of June 2006.  The company provides its subscribers
with the choice between two prepaid cards-simPATI and kartuAs of
a pre-paid simPATI service, or the post-paid kartuHALO service,
as well as a variety of value-added services and programs.

Fitch Ratings, in August 2006, upgraded PT Telekomunikasi
Selular's long-term foreign currency issuer default rating to
'BB' from 'BB-'.


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

DELPHI CORP: Expands Supply Contract with VaST Systems
------------------------------------------------------
Delphi Corp. has expanded its contract with VaST Systems to
supply virtualization solutions.

Delphi Electronics & Safety Division uses VaST's solutions to
help develop electronic control unit (ECU) software.  VaST helps
Delphi develop software without requiring hardware prototypes.
The use of VaST virtualization solutions can bring deeper
visibility and controllability to the software design process
helping to net higher quality products.

"Automotive electronic systems are experiencing exponential
growth in software complexity with the growing expectation of
improving product quality," said Frank Winters, Delphi
Electronics & Safety manager of design methodology. "VaST's
solutions help Delphi manage complexity."

"Delphi is a leader in automotive electronics and a key customer
in one of our most important market segments. Delphi's use of
VaST solutions is indicative of an industry trend toward
virtualized electronic system development.  We are extremely
pleased to provide Delphi with solutions that help them extend
their leadership by delivering superior, differentiated
products," said Jeff Roane, vice president of marketing at VaST.

                        About VaST

VaST Systems drives electronics virtualization.  With VaST
virtualization electronics companies develop software before
hardware, enable early software development by ecosystem
partners.

                     About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period will expire on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  On Dec. 10, 2007, the Court entered an
order approving the Debtors' Disclosure Statement.  The hearing
to consider confirmation of the Plan is set for Jan. 17, 2008.


DELPHI CORP: Obtains "Broad-Based" Support on Plan
--------------------------------------------------
Delphi Corp. reported the voting results for its First Amended
Joint Plan of Reorganization to the U.S. Bankruptcy Court for
the Southern District of New York.  Voting by classes of
creditors and holders of interests, including shareholders,
entitled to vote on the Plan illustrates broad-based support for
the Plan, the company said in a news release.  

Of the more than 4,000 ballots cast by general unsecured
creditors voting on the Plan, 3,329 or 81% of all voting
creditors aggregated across classes voted to accept the Plan --
excluding ballots cast by GM, plaintiffs in the multi-district
litigation and holders of interests.  Of the total amount voted
by all general unsecured creditor classes, 78% or
US$2,083,647,859.13 voted to accept the Plan.  100% of the
ballots cast in the GM and MDL classes voted to accept the Plan
in the respective amounts of US$2.57 billion and
US$57.2 million.  Of the approximately 217,000,000 shares voted
by shareholders, 78% or 170,297,851 shares voted to accept the
Plan.

The broad-based support expressed by creditors and shareholders
of Delphi Corporation and its principal subsidiaries holding its
US and global businesses was reflected in the votes of each of
the principal segments of the general unsecured creditor class
of the Delphi-DAS Debtors (Class 1C).  More than 70% of the
ballots cast and 70% of the total dollar amount voted by
Delphi's senior note claims, TOPrS claims, and all other claims,
including trade claims, segments each voted separately to accept
the Plan.  The company noted that one of the classes in one of
the subsidiary debtors (Delphi Diesel Systems Corp. - Class 6C)
rejected the Plan because less than two-thirds in amount of the
ballots cast supported the Plan.  In addition, depending on
whether the Bankruptcy Court allows certain other contested
ballots to be counted, one additional class in each of two
additional subsidiary debtors (Connection System Debtors - Class
3C and Delco Electronics Overseas Corporation - Class 5C) will
have rejected the Plan based on a reduction in the percentage of
dollar amounts voted in favor of the Plan below the statutory
threshold.

Although no assurances can be made, Delphi believes that the
Plan satisfies the requirements of the Bankruptcy Code and is
confirmable notwithstanding the rejection of the Plan by certain
classes.  A confirmation hearing on the Plan is scheduled to
begin on Jan. 17, 2008.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court will convene the hearing to consider
confirmation of the Plan on Jan. 17, 2008.

(Delphi Bankruptcy News, Issue No. 107; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)  


ELAN CORP: US FDA Approves TYSABRI Biologics License Application
----------------------------------------------------------------
The U.S. Food and Drug Administration has approved the
supplemental Biologics License Application of Elan Corporation
plc and Biogen Idec for TYSABRI(R) (natalizumab).  

TYSABRI is approved for inducing and maintaining clinical
response and remission in adult patients with moderately to
severely active Crohn's disease with evidence of inflammation
who have had an inadequate response to, or are unable to
tolerate, conventional CD therapies and inhibitors of TNF-alpha.
TYSABRI will be available for the treatment of CD upon the
completion of key implementation activities related to the
approved risk management plan.  The companies anticipate TYSABRI
will be available to Crohn's patients by the end of February
2008.

"The FDA's approval of TYSABRI is an important step forward in
the treatment of Crohn's disease," Dr. Stephen Hanauer,
professor of Medicine & Clinical Pharmacology & chief of the
Section of Gastroenterology at the University of Chicago
Pritzker School of Medicine, said.  "A significant number of
patients either fail or cannot tolerate current therapies.  The
unique mechanism of action of TYSABRI affords us a new class of
therapy in our fight against this debilitating disease."

The FDA granted approval based on its review of TYSABRI CD
clinical trial data and overall safety data.  The approval is
accompanied by robust labeling with safety warnings; and a CD-
specific risk management plan (including the mandatory TOUCH(TM)
Prescribing Program) designed to inform prescribers, patients
and infusion centers about the use of TYSABRI and to minimize
potential risk of progressive multifocal leukoencephalopathy and
other opportunistic infections.

"We are delighted that TYSABRI will be available for Crohn's
patients and their physicians, who continue to need new
therapeutic options with novel mechanisms of action," Gordon
Francis, MD, senior vice president, Global Clinical
Development, Elan, said.  "We are committed to providing
therapeutic choice to those patients who can benefit from
TYSABRI, and will continue to work with the FDA and the medical
community to implement the TOUCH(TM) Prescribing Program for
Crohn's patients."

"We are pleased with the FDA's decision to make TYSABRI
available to Crohn's patients suffering from this chronic,
debilitating disease," Evan Beckman, MD, senior vice president,
Immunology Research and Development, Biogen Idec, said.  
"Despite the therapeutic advances of the TNF-alpha inhibitors in
CD, there remains a significant unmet need for Crohn's patients
who have inadequate responses to, or are unable to tolerate,
current CD therapies."

                  TOUCH(TM) Prescribing Program

The TOUCH(TM) (TYSABRI Outreach: Unified Commitment to Health)
Prescribing Program was developed in conjunction with the FDA to
facilitate appropriate use of TYSABRI and to assess, on an
ongoing basis, the incidence and risk factors for PML and other
serious opportunistic infections associated with TYSABRI
treatment.  This program represents Elan and Biogen Idec's
commitment to making the unique benefits of TYSABRI available in
a responsible manner.  The program already has been implemented
for patients receiving TYSABRI therapy for MS.

                         About TYSABRI

Data from the ENCORE trial showed that TYSABRI induced response
and remission among patients with moderately to severely active
Crohn's disease, and objective evidence of inflammation, as
measured by elevated C-reactive protein.  After 12 weeks of
therapy, 60% of TYSABRI-treated patients attained response,
compared to 44% of placebo treated patients, and 48% of patients
had sustained response at both weeks 8 and 12, compared to 32%
of placebo treated patients (p less than 0.005 for both).  Among
the patients who had inadequate response to prior treatment with
inhibitors of TNF-alpha, 38% achieved sustained response at
weeks 8 and 12.

Data from the ENACT-2 showed that an additional year of TYSABRI
therapy sustained response and remission among patients with an
initial response to TYSABRI after 3 months in ENACT-1.  Of
patients with response in ENACT-1, sustained response during
ENACT-2 was seen in 61% of patients treated with TYSABRI at
every visit through an additional 6 months of therapy, compared
to 29% for placebo.  This treatment difference was also
sustained through 12 months of additional therapy (54% vs. 20%).
Remission was sustained at every visit with an additional 6
months or 12 months of TYSABRI in 45% and 40% of patients,
respectively, compared to 26% and 15% of placebo treated
patients (p less than 0.005 for all comparisons).  Among the
patients that had previously failed TNF-inhibitors, response and
remission was sustained at every visit through an additional 6
months of TYSABRI in 52% and 30% of patients, respectively.
Among patients on steroids and in whom a clinical response was
achieved, approximately two-thirds were able to discontinue
steroids within 10 weeks of beginning to taper steroids.

TYSABRI increases the risk of PML, an opportunistic viral
infection of the brain that usually leads to death or severe
disability.  Other serious adverse events that have occurred in
TYSABRI-treated patients included hypersensitivity reactions
(e.g., anaphylaxis) and infections.  Serious opportunistic and
other atypical infections have been observed in TYSABRI-treated
patients, some of whom were receiving concurrent
immunosuppressants.  Herpes infections were slightly more common
in patients treated with TYSABRI.  In MS and CD clinical trials,
the incidence and rate of other serious adverse events,
including serious infections, were similar in patients receiving
TYSABRI and those receiving placebo.  Common adverse events
reported in TYSABRI-treated MS patients include headache,
fatigue, infusion reactions, urinary tract infections, joint and
limb pain, and rash.  Other common adverse events reported in
TYSABRI-treated CD patients include respiratory tract infections
and nausea.  Clinically significant liver injury has been
reported in patients treated with TYSABRI in the post-marketing
setting.

TYSABRI has previously been approved for relapsing forms of MS
in the United States and relapsing-remitting MS in the European
Union.  According to data that have been published in the New
England Journal of Medicine, after two years, TYSABRI treatment
led to a 68% relative reduction (p less than 0.001) in the
annualized relapse rate compared to placebo and reduced the
relative risk of disability progression by 42-54% (p less than
0.001).  In addition to the United States and European Union,
TYSABRI is also approved for MS in Switzerland, Canada,
Australia, New Zealand and Israel.  TYSABRI was discovered by
Elan and is co-developed with Biogen Idec.

                        About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.  The company has locations in Bermuda and <