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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

           Monday, January 28, 2008, Vol. 11, No. 19

                            Headlines

A U S T R A L I A

AJS PATISSERIE: Members & Creditors Receive Wind-Up Report
BONT SKATES: Members Resolve to Liquidate Business
CHRYSLER LLC: Unit Inks Product Dev't Pact with Tata Motors
CITIC PORTLAND: Commences Liquidation Proceedings
CITIC NOMINEES: Undergoes Liquidation Proceedings

CONSTELLATION BRANDS: Opts To Sell Almaden & Inglenook Brands
EMPEROR MINES: Indonesian Project Shows Company-Making Potential
GLOBAL WINE: Buys Sticks Wine Brand and Assets for AU$10 Million
HOLCO MEAT: Placed Under Voluntary Liquidation
MERIGLOW PTY: Inability to Pay Debts Prompts Wind-Up

METRO SUPERANNUATION: Commences Liquidation Proceedings
MOREY PTY: Liquidator to Present Wind-Up Report Today
RAYMOND STEELE: Placed Under Voluntary Liquidation
RPRA PROPERTIES: Members' Final Meeting Slated for February 1
SONS OF GWALIA: Creditors and Investors Join Forces in Lawsuit

SONS OF GWALIA: Shareholders Must Prove Claims by Feb. 13


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

COSMOS BANK: Fitch Upgrades Individual Rating to 'D/E'
CUMMINS INC: To Add 500 Workforce in Columbus
EMI GROUP: Chairman Tables Bid for Chrysalis Group
STAR CRUISES: S&P Affirms 'B' Ratings; Removed from CreditWatch
TRW AUTOMOTIVE: Moody's Affirms 'Ba2' Corporate Family Rating

TYSON FOODS: Settles Shareholder Lawsuit Against Directors
TYSON FOODS: Signs Collaboration Pact with Luminex


I N D I A

ARTSON ENGINEERING: Sets Feb. 8 Record Date for Share Reduction
ARTSON ENGINEERING: Earns INR7.35 Mil. in Qtr. Ended Dec. 31
BAUSCH & LOMB: Names Gerald Ostrov as Chief Executive Officer
GENERAL MOTORS: IUE-CWA Retirees to Get Belated Christmas Bonus
PRIDE INTERNATIONAL: Inks Contract for Deepwater Fleet Expansion

QUEBECOR WORLD: Bank Lenders Commit US$1 Billion DIP Financing
QUEBECOR WORLD: Wants Ernst & Young as CCAA (Canada) Monitor
QUEBECOR WORLD: Selects Arnold & Porter as Bankruptcy Counsel
SPICEJET LTD: Q3 Profit Down to INR93 Mil. on High Fuel Prices
SPICEJET LTD: To Expand Operations; Orders 10 Boeing 737-800

STATE BANK OF INDIA: To Acquire 91% of Global Trade Finance
STATE BANK OF INDIA: Net Profit Up 70% in Qtr. Ended Dec. 31
TATA STEEL: Reports Consolidated Results for 2nd Quarter


I N D O N E S I A

ALCATEL-LUCENT: Mark Sue Maintains Sector Perform Rating on Firm
BANK NEGARA: 2007 Unaudited Net Profit Up 20.2% to IDR2.32 Tril.
BANK NEGARA: Indonesia Mulls Sale of 20% Stake in Bank
FREEPORT MCMORAN: Profits Drop to US$423MM in 4th Quarter 2007
TELKOM: Moody's Reviews 'Ba1' Rating for Possible Upgrade


J A P A N

FORD MOTOR: Neapco Inks Sale Agreements for ACH Driveshaft Biz
METHANEX CORP: Earns US$375.7 Mil. in Year Ended Dec. 31, 2007


K O R E A

HYNIX SEMICON: Partners with Samsung for Technological Research
MAGNACHIP SEMICON: To Work with Kilopass for Memory Technology


M A L A Y S I A

PANGLOBAL BERHAD: Unit Served with Originating Summonses


N E W  Z E A L A N D

ADAMS CLEANING: Court to Hear Wind-Up Petition on February 8
FLOWERZ THE FLORIST: Subject to CIR's Wind-Up Petition
HENRY J PHILLIPS: Court to Hear Wind-Up Petition Today
J.E. DENNIS: Creditors' Proofs of Debt Due on February 1
KOHI GOURMET: Creditors' Proofs of Debt Due on February 25

MAGWAREHOUSE.COM: Shareholders Pass Resolution to Wind Up Firm
PETROSIAN ENTERPRISES: Commences Liquidation Proceedings
SEALEGS: Fails in Attempt to Set Cook Strait-Crossing Record
STAND AND DELIVER: Faces CIR's Wind-Up Petition
TOWER COMMERCIAL: Fixes February 8 as Last Day to File Claims

P H I L I P P I N E S

BANCO DE ORO-EPCI: Moody's Changes Ratings Outlook to Positive
BANK OF THE PHIL ISLANDS: Moody's Gives Ratings Positive Outlook
METROPOLITAN BANK: Moody's Gives Positive Outlook for Ratings
PHIL. LONG DISTANCE: Expects PHP35 Billion Core Profits in 2007
RIZAL COMMERCIAL: Moody's Changes Ratings Outlook to Positive

* Moody's Assigns Positive Outlook to Key Ratings and Ceiling


S I N G A P O R E

MAGNATECH PTE: Requires Creditors to File Claims by Feb. 16
MOX MANAGEMENT: Requires Creditors to File Claims by Feb. 18
P K SUMMIT: Pays First Preferential Dividend to Creditors
VIVA REALTY: Court Enters Wind-Up Order


T H A I L A N D

BANK OF AYUDHYA: Establishes Used Car Seller Subsidiary
NATURAL PARK: Court Junks Financial Institution's Claim of Debt
TMB BANK: Fitch Upgrades Issuer and Debt Ratings


V I E T N A M

VIETCOMBANK: To List on Ho Chi Minh City Stock Exchange in June

     - - - - - - - -

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A U S T R A L I A
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AJS PATISSERIE: Members & Creditors Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of AJS Patisserie Pty Ltd met on
January 18, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Alan Mitchell
          Mitchell Partners
          Chartered Accountants
          Suite 4, 109 Union Road
          Surrey Hills, Victoria 3000
          Australia

                       About AJS Patisserie

AJS Patisserie Pty Ltd, which is also trading as Tunstall Square
Cake Centre, operates retail bakeries.  The company is located
at Doncaster East, in Victoria, Australia.


BONT SKATES: Members Resolve to Liquidate Business
--------------------------------------------------
During a general meeting held on December 18, 2007, the members
of Bont Skates Pty Limited resolved to voluntarily liquidate the
company's business.

Roderick Mackay Sutherland was then appointed as liquidator.

The Liquidator can be reached at:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney, New South Wales 2001
          Australia
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail: admin@jirschsutherland.com.au

                         About Bont Skates

Bont Skates Pty Limited is a distributor of sporting and
athletic goods.  The company is located at Camperdown, in New
South Wales, Australia.


CHRYSLER LLC: Unit Inks Product Dev't Pact with Tata Motors
-----------------------------------------------------------
A unit of Chrysler LLC has entered into an agreement with Tata
Motors Ltd. for the development of an electric version of Tata's
mini truck Ace, media reports say.

Pursuant to a development contract that Tata Motors entered into
with Chrysler's Global Electric Motorcars, the parties will
develop and market battery-operated neighborhood electric
vehicles that will be sold in the United States.

The NEVs, which can ferry passengers and cargo, has passed
required safety and reliability tests, and the prototype is
ready for production, Alka Kshirsagar of the Business Line
relates, citing unnamed sources in the industry.

The vehicles, which will be shipped as completely built units,
will mark Tata Motor's entry into the U.S. markets, BL points
out.

A Tata Motors spokesperson has admitted that the company, in
partnership with an American firm, is exploring the possibility
of a vehicle on the Ace platform with a U.S.-suitable electrical
engine, BL relates.  “But it is premature at this stage to
furnish any details,” the spokesperson added.

According to Reuters, Tata Motors will begin exporting around
10,000 units by year-end, and ramp up to 50,000 units.

                       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.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007.  S&P
said the outlook is negative.


CITIC PORTLAND: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary general meeting held on December 12, 2007,
the members of Citic Portland Finance Pty Ltd resolved to
voluntarily wind up the company's operations.

Warren White was then appointed as liquidator.

The Liquidator can be reached at:

          Warren White
          PPB, Chartered Accountants
          Level 10, 90 Collins Street
          Melbourne, Victoria, 3000
          Australia

                        About Citic Portland

Located at Melbourne, in Victoria, Australia, Citic Portland
Finance Pty Ltd is an investor relation company.


CITIC NOMINEES: Undergoes Liquidation Proceedings
-------------------------------------------------
The members of Citic Nominees 4 Pty Ltd met on December 12,
2007, and agreed to voluntarily wind up the company's
operations.

Warren White was tapped as liquidator.

The Liquidator can be reached at:

          Warren White
          PPB, Chartered Accountants
          Level 10, 90 Collins Street
          Melbourne, Victoria, 3000
          Australia

                       About Citic Nominees

Citic Nominees 4 Pty Ltd is a distributor of durable goods.  The
company is located at Melbourne, in Victoria, Australia.


CONSTELLATION BRANDS: Opts To Sell Almaden & Inglenook Brands
-------------------------------------------------------------
Constellation Brands, Inc., in its ongoing effort to focus on
its premium wine offerings in the United States, has entered
into an agreement to sell the Almaden and Inglenook wine brands,
and the Paul Masson winery located in Madera, California, to The
Wine Group LLC for US$134 million in cash, subject to closing
adjustments.  Close of the transaction is subject to routine and
customary regulatory review, and is expected by the end of the
fiscal year on Feb. 29, 2008.

"This transaction, when coupled with the recent acquisition of
Clos du Bois, the number one super-premium U.S. wine brand, will
allow our wine sales forces to focus on selling higher-growth,
higher-margin premium wines," said Constellation Brands
president and chief executive officer, Rob Sands.  "This change
also demonstrates our commitment to improve return on invested
capital."

Almaden and Inglenook are table wines, which retail for less
than US$3.00 per 750 ml bottle equivalent.  The Mission Bell
Winery, also in Madera, California, will be retained and allows
the company to increase premium wine production in California's
important San Joaquin Valley wine producing region.  This winery
will also provide wine production services to The Wine Group for
a period of time on a contract basis.

The transaction is expected to result in a pre-tax loss of
approximately US$27 million or an after-tax loss of US$0.13
diluted earnings per share on a reported basis, and will be
excluded from the company's comparable basis earnings per share.
The loss on the disposal is primarily driven by the higher
write-off of goodwill unrelated to these brands as required by
generally accepted accounting principles in the U.S. and the low
tax basis associated with goodwill.

Proceeds from the transaction will be used to reduce borrowings.
The impact of this transaction is expected to be slightly
dilutive to ongoing reported basis and comparable basis diluted
earnings per share for fiscal 2009.  The Almaden and Inglenook
wine brands are expected to generate approximately US$130
million of net sales for fiscal 2008, and represent
approximately 10 million 9-liter cases of the company's U.S.
wine volume.  The proceeds from this transaction do not impact
free cash flow, and therefore the company's free cash flow
guidance for fiscal 2008 remains unchanged at US$280 - US$300
million.

                            Outlook

The table below sets forth management's current diluted earnings
per share expectations for fiscal 2008 on a reported basis and a
comparable basis.

           Constellation Brands Fiscal Year 2008
             Diluted Earnings Per Share Outlook

                           Reported Basis     Comparable Basis
                               2008                 2008
                             Estimate             Estimate

Fiscal Year Ending Feb. 29  US$0.93-US$0.98     US$1.33-US$1.38

The above guidance is based on information previously provided,
taking into account the developments described above.  In
addition to the loss on the transaction, the change in the
company's fiscal 2008 reported basis diluted earnings per share
guidance includes, and is limited to, the following tax rate
assumption:

  -- Tax rate: approximately 42 percent on a reported basis,
     which includes a provision of approximately two percentage
     points on the disposal in connection with the company's
     contribution of its U.K. wholesale business to the Matthew
     Clark joint venture and the repatriation of proceeds
     associated with the joint venture, and a provision of
     approximately three percentage points on the disposal of
     the Almaden and Inglenook brands and Paul Masson winery,
     or approximately 37 percent on a comparable basis.

                          Explanations

Reported basis diluted earnings per share are as reported under
generally accepted accounting principles.  Diluted earnings per
share on a comparable basis, excludes acquisition-related
integration costs, restructuring and related charges and unusual
items.

                 About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- has more than 250
brands in its portfolio, sales in approximately 150 countries
and operates approximately 60 wineries, distilleries and
distribution facilities.  The company has market presence in the
U.K., Australia, Canada, New Zealand; Mexico.

Barton Brands Ltd. is the spirits division of Constellation
Brands Inc. is a producer, importer and exporter of a wide range
of spirits products, including brands such as Black Velvet
Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen
vodka.

                       *     *     *

As reported in the Troubled Company Reporter on Dec. 3, 2007,
Fitch Ratings assigned a 'BB-' rating to a note registered by
Constellation Brands Inc. to fund the purchase price of Beam
Wine Estates Inc., a subsidiary of Fortune Brands Inc: US$500
million 8.375% senior unsecured note due Dec. 15, 2014.  The
rating outlook is negative.


EMPEROR MINES: Indonesian Project Shows Company-Making Potential
----------------------------------------------------------------
Emperor Mines Ltd. reported "highly encouraging" gold-silver
assays from its Tujuh Bukit Project in Indonesia, reports RWE
Australian Business News.

According to the report, the early drill results have delivered
a maximum gold assay of up to 27.2g/t.

The results, states RWE, confirms the geometry and scale of a
new gold-silver cap overlaying a significant copper-gold system.

Emperor's chief executive officer, Brad Gordon, said the results
had the potential to deliver a company-making project, relates
RWE.

Emperor is using the same system in its Tampakan project in the
Philippines, adds RWE.

Based in Sydney, Australia, Emperor Mines Limited --
http://www.emperor.com.au/-- is engaged in the exploration,
development and exploitation of gold deposits.

The Troubled Company Reporter-Asia Pacific, on January 25, 2008,
listed in its "Large Companies With Insolvent Balance Sheets"
column Emperor Mines Ltd., with US$50.63 million in
stockholders' equity deficit on assets totaling
US$138.99 million.


GLOBAL WINE: Buys Sticks Wine Brand and Assets for AU$10 Million
----------------------------------------------------------------
Global Wine Ventures Ltd. has acquired 100% of the shares in
the companies that own and operate the "Sticks" wine brand and
operations based at Yarra Glen in the Yarra Vallley, Victoria, a
company filing with the Australian Securities Exchange.

Pursuant to the formal share sale agreement signed in November,
GWV purchased 100% of the shares in DNF Enterprises Pty Ltd and
100% of the shares in Sticks Yarra Valley Vineyards Pty. Ltd.
DNF owns all of the operating assets for production of Sticks
wine and SYVV holds the Sticks brand and trademark for all key
markets around the world.

Meredith Booth from the Herald Sun writes that the cost of the
acquisition is AU$10 million in aggregate.

According to the Herald Sun, GWV will pay for the acquisition
through a combination of debt and equity, raising AU$7 million
through an underwritten share placement.

GWV, according to the statement from the ASX, proposes a capital
raising of not less than AU$4,000,000 to fund the cash component
of the consideration and to provide additional working capital.

The capital will be raised through a share placement at 5 cents
per share.

Herald Sun relates that GWV Managing Director Sam Atkins said
SYVV was the obvious purchase from about 20 potential targets
because it was integrated from vineyard to consumer and had a
range of income streams from domestic and export sales to
contract bottling, winemaking and processing, which is
"considered very important for cash flow in the tough trading
conditions of the Australian wine industry."

GWV, notes Herald Sun, would work on boosting international
sales with the Sticks brand which had "potential in a number of
key international markets."

According to the report, GWV will take over Sticks' 4000-tonne
winery, bottling line, more than 24 hectares of Yarra Valley
vineyards, stock and bulk wine storage from March 31.

Sticks founder Rob "Sticks" Dolan would remain general manager
of the winery, adds Herald Sun.

                        About Global Wine

Based in Kent Town, South Australia, Global Wine Ventures
Limited is engaged in manufacturing and sale of wine. On August
22, 2005, the Company changed its name from Xanadu Wines Limited
to Global Wine Ventures Ltd.

                       Going Concern Doubt

Deloitte Touche Tohmatsu raised substantial doubt on Global Wine
Ventures Ltd's and its subsidiaries' ability to continue as a
going concern after auditing their financial statements for the
fiscal year ended June 30, 2007.

Deloitte Touche pointed out that the consolidated entity
incurred a net loss of AU$251,178 and had negative operating
cash flows of AU$504,893 during the year ended June 30, 2007.
Net loss incurred for the year ended June 30, 2006, was
AU$1,524,039.

Moreover, the independent auditor stated that it is uncertain
about whether the company and its subsidiaries will realize
their assets and extinguish their liabilities in the normal
course of business.


HOLCO MEAT: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting held on December 12, 2007,
the members of Holco Meat (International) Pty Ltd resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Warren White
          PPB, Chartered Accountants
          Level 10, 90 Collins Street
          Melbourne, Victoria, 3000
          Australia

                         About Holco Meat

Holco Meat (International) Pty Ltd operates offices of holding
companies.  The company is located at  Melbourne, in Victoria,
Australia.


MERIGLOW PTY: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------
On December 18, 2007, a special resolution was passed to
voluntarily wind up the operations of Meriglow Pty Limited due
to its inability to pay debts.

Robert Moodie was then appointed as liquidator.

The Liquidator can be reached at:

          Robert Moodie
          Rodgers Reidy
          Level 8, 333 George Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9262 1944
          Facsimile:(02) 9262 1933

                         About Meriglow Pty

Meriglow Pty Limited, which is also trading as Retravision
Baulkham Hills, operates household appliance stores.  The
company is located at Baulkham Hills, in New South Wales,
Australia.


METRO SUPERANNUATION: Commences Liquidation Proceedings
-------------------------------------------------------
During a general meeting held on December 12, 2007, the members
of Metro Superannuation Pty Ltd agreed to voluntarily wind up
the company's operations.

Warren White was then appointed as liquidator.

The Liquidator can be reached at:

          Warren White
          PPB, Chartered Accountants
          Level 10, 90 Collins Street
          Melbourne, Victoria, 3000
          Australia

                    About Metro Superannuation

Metro Superannuation Pty Ltd is involved in the business of
insurance carriers.  The company is located at Adelaide, in
South Australia, Australia.


MOREY PTY: Liquidator to Present Wind-Up Report Today
-----------------------------------------------------
The members and creditors of Morey Pty Ltd will meet today,
January 28, 2008, at 10:30 a.m., to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Bruce Mulvaney
          Bruce Mulvaney & Co
          1st Floor, 613 Canterbury Road
          Surrey Hills, Victoria 3127
          Australia
          Telephone:(03) 9896 9000
          Facsimile:(03) 9896 9001

                          About Morey Pty

Morey Pty Ltd, which is also trading as Captain Snooze, operates
furniture stores.  The company is located at Knoxfield, in
Victoria, Australia.


RAYMOND STEELE: Placed Under Voluntary Liquidation
--------------------------------------------------
During a general meeting held on December 19, 2007, the members
of Raymond Steele Haulage Pty Ltd agreed to voluntarily wind up
the company's operations.

Roderick Mackay Sutherland was then appointed as liquidator.

The Liquidator can be reached at:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney, New South Wales 2001
          Australia
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail: admin@jirschsutherland.com.au

                        About Raymond Steele

Raymond Steele Haulage Pty Ltd is a distributor of durable
goods.  The company is located at New Lambton, in New South
Wales, Australia.


RPRA PROPERTIES: Members' Final Meeting Slated for February 1
-------------------------------------------------------------
The members of RPRA Properties Pty Limited will have their final
meeting on February 1, 2008, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Geoffrey Reidy
          Rodgers Reidy
          Level 8, 333 George Street
          Sydney, New South Wales 2000
          Australia

                       About RPRA Properties

RPRA Properties Pty Limited operates investment offices.  The
company is located at Lane Cove, in New South Wales, Australia.


SONS OF GWALIA: Creditors and Investors Join Forces in Lawsuit
--------------------------------------------------------------
Creditors have agreed to join forces with shareholders to pursue
a lawsuit with the West Australian Supreme Court against certain
former directors and executives of Sons of Gwalia Ltd, West
Australian reports.

According to West Australian, administrators from Ferrier
Hodgson confirmed that they were negotiating with litigation
funders about financing the legal campaign.  Ferrier Hodgson
partner Darren Weaver estimated the lawsuit to cost as much as
AU$70 million.

However, Mr. Weaver would not disclose the identity of the
potential funders, saying there was a competitive process taking
place, West Australian explains.  Mr. Weaver, though, said a
deal might be reached by the end of February, the report adds.

West Australian points out that the multi-million lawsuit is the
major hope for unsecured creditors, who are owed about
AU$1.13 billion, to get a sizable return after Sons of Gwalia
suffered huge losses from currency and gold hedging contracts.

Ferrier Hodgson, the report says, has AU$129 million cash after
selling the group's gold and mineral sands operations.  If a
litigation funding deal is not struck, part of this cash amount
could be used to fund legal actions and some could be returned
to creditors as a first dividend.

West Australian recounts that the administrators have sued Peter
and Chris Lalor, who led Sons of Gwalia for two decades, in the
Supreme Court along with fellow former director Tom Lang, former
chief finance officer Ross Eardley-Adjie, and its auditors at
Ernst & Young.  The claim against Ernst & Young relates to the
allegedly negligent accounting that led to the inadequate
disclosure of Sons of Gwalia's gold and current hedging losses,
the report adds.

According to West Australian, the group faces claims from
conventional unsecured creditors totaling AU$848 million, but
many of them are now vulture funds that have bought loss-making
hedging contracts at substantial discounts.  Moreover, a total
of AU$283.5 million in losses have been claimed by 5,239 Sons of
Gwalia shareholders.  The shareholders claim they were misled
about the value of Sons of Gwalia from its 1998-99 annual report
onwards, and by the company's failure to disclose unauthorized
trading losses from mid-2000 onwards.

                      About Sons of Gwalia

Headquartered in Perth, Western Australia, Sons of Gwalia Ltd --
http://sog.com.au/-- is a mining company listed on the
Australian Stock Exchange for over 20 years.  The Company had
two operating divisions, Gold and Advanced Minerals.  Sons of
Gwalia is the world's single biggest producer of Tantalum.

In August 2004, Gwalia announced a strategic review, which
included AU$10 million in cost savings for 2003-04 and the loss
of 100 jobs from the gold division and Perth head office, after
the Company failed to meet its hedging commitments due to the
serious deterioration of its gold reserves and resources.

The Company collapsed with AU$862 million in debt, and called in
joint and several administrators Andrew Love, Garry Trevor and
Darren Weaver of Ferrier Hodgson.  The Company was also unable
to obtain agreement of all creditor counterparties to a
standstill agreement.  In February 2006, Gwalia announced that
it will undertake an operational restructure following recent
agreements reached with its two major customers for reduced
sales volumes in return for production and product specification
flexibility.  The operational restructure will maximize tantalum
production at Gwalia's lower cost Wodgina mine.

The Company is operating under a Deed of Company Arrangement.


SONS OF GWALIA: Shareholders Must Prove Claims by Feb. 13
---------------------------------------------------------
Sons of Gwalia shareholders who have sold their shares to
deListed.com are notified by Ferrier Hodgson, the Administrators
to the company, that they must prove their debts or claims
before Feb. 13, 2008, to be able to participate in a dividend
distribution to creditors.

While the shareholders have subsequently sold their shares to
deListed -- which shares are held in trust pending registration
of the transfer, which can only be effected if and when the
company emerges from administration -- they are still entitled
to prove their claims in this matter, the notice says.

                      About Sons of Gwalia

Headquartered in Perth, Western Australia, Sons of Gwalia Ltd --
http://sog.com.au/-- is a mining company listed on the
Australian Stock Exchange for over 20 years.  The Company had
two operating divisions, Gold and Advanced Minerals.  Sons of
Gwalia is the world's single biggest producer of Tantalum.

In August 2004, Gwalia announced a strategic review, which
included AU$10 million in cost savings for 2003-04 and the loss
of 100 jobs from the gold division and Perth head office, after
the Company failed to meet its hedging commitments due to the
serious deterioration of its gold reserves and resources.

The Company collapsed with AU$862 million in debt, and called in
joint and several administrators Andrew Love, Garry Trevor and
Darren Weaver of Ferrier Hodgson.  The Company was also unable
to obtain agreement of all creditor counterparties to a
standstill agreement.  In February 2006, Gwalia announced that
it will undertake an operational restructure following recent
agreements reached with its two major customers for reduced
sales volumes in return for production and product specification
flexibility.  The operational restructure will maximize tantalum
production at Gwalia's lower cost Wodgina mine.

The Company is operating under a Deed of Company Arrangement.


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C H I N A ,   H O N G  K O N G   &   T A I W A N
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COSMOS BANK: Fitch Upgrades Individual Rating to 'D/E'
------------------------------------------------------
Fitch Ratings upgraded the Individual rating of Cosmos Bank,
Taiwan to 'D/E' from 'F', following its latest recapitalization
completed at end-2007.  The recapitalization includes new share
issues for TWD6.6 billion, a debt-equity swap with its financial
institutional creditors for TWD13.2 billion, and issuances of
hybrid capital instruments mainly to its new chief investor SAC
Private Capital Group, LLC -- including four-year convertible
preferred shares for TWD3.3 billion and five-year mandatory
convertible bonds for TWD19.8 billion (with a cumulative coupon
rate of 6% in the first two years and 4% thereafter).

The upgrade reflects Cosmos's improved capitalisation after
completing the recapitalization plan.  Fitch gives partial
equity credits to these newly issued hybrid securities,
reflecting mainly the securities' junior subordination and the
fact that they are deferrable and convertible into common
shares. Based on the Fitch eligible capital criteria, the latest
recapitalization would lift Cosmos's equity/assets ratio to a
strong 16.6% from 1.6% as at end-September 2007.  Nonetheless,
Fitch notes that Cosmos still carries sizable unamortized bad
debt losses totaling TWD18.9 billion on the book.  A complete
write-off of the unamortized losses would substantially reduce
the Fitch eligible capital/assets ratio to only 2.1%, but would
increase to a more comfortable level of 13.9% if all the hybrid
securities were converted into common shares.  Additionally,
Fitch expects the bank's profitability to remain challenging due
to its relatively high cost base, a slow domestic personal
credit market, as well as additional provisions needed to cover
its unamortized losses and potential credit costs from its debt
restructured portfolio.  At end-September 2007, Cosmos had
TWD58bn of outstanding unsecured consumer loans, 18% of which
are current in the restructuring process following the unsecured
consumer credit crisis that erupted in late-2005.

Cosmos was set up in 1992.  It has 63 branches around Taiwan,
with a market share of 0.7% in terms of deposits at end-Q307.
After the capital injection, SAC and GE Money, the consumer and
small business financial services unit of General Electric, own
58.5% and 23.2% of Cosmos, on a fully diluted basis.


CUMMINS INC: To Add 500 Workforce in Columbus
---------------------------------------------
Cummins Inc. will add approximately 500 professional employees,
many of them engineers, in Columbus over the next two years, and
has agreed to lease an office building being built as part of
the Commons Mall redevelopment project to meet the expected
growth.

The four-story, 100,000 square foot building is scheduled to be
completed late in the first quarter of 2009.  The project also
includes a parking garage for Cummins employees to be built on
property just southwest of the office building.

"We are pleased to be able to further strengthen our commitment
to Columbus and the state of Indiana by bringing new, well-
paying jobs to the region," said Cummins President and Chief
Operating Officer Joe Loughrey.  "As a large and growing
employer in the city, we have a significant stake in helping
Columbus remain a vibrant community.  This project, along with
the other initiatives outlined as part of the city's Vision 2020
plan, is a big step in that direction."

The announcement was made this afternoon at Columbus City Hall.
In addition to Loughrey, Indiana Lt. Gov. Becky Skillman,
Columbus Mayor Fred Armstrong, project developer Tim Dora,
representatives of the City of Lawrenceburg Regional Economic
Development Fund and members of the staffs of U.S.
Representatives Baron Hill and Mike Pence were among those in
attendance.

"Last year 600 new production jobs, this year 500 new
professional jobs.  We're proud of Cummins and the growth the
company is bringing to south central Indiana," said Governor
Mitch Daniels.

Cummins currently has approximately 5,500 employees in Columbus,
along with an additional 900 contract workers.  The new space,
two blocks from the company's headquarters, will allow Cummins
to consolidate its employees in fewer locations in the city and
make room for new workers expected as part of Cummins' growth
plans.

The office space is part of a larger redevelopment project on
the site of the Commons Mall by Dora Brothers Hospitality Corp.
When complete, the project - which will result in demolition of
much of the mall -- also will include a new hotel, conference
center and additional retail locations.  Dora Brothers is
nearing completion on another hotel in downtown Columbus - Hotel
Indigo.

"Today's exciting announcement is another example of the
revitalization of downtown Columbus and the success of our
Vision 2020 plan," said Columbus Mayor Fred Armstrong.  "Cummins
continues to be a major driver of our success as a community,
and we are thrilled with the Company's latest commitment to the
city."

The ability to provide sufficient parking for Cummins employees
was a significant factor in the company's decision to locate the
office building in downtown Columbus.  The garage is expected to
cost approximately US$8 million, with the city of Columbus
paying US$4 million of the cost and the City of Lawrenceburg
Regional Economic Development Fund providing a US$3 million
grant for the project.

"The City of Lawrenceburg and our Regional Economic Development
Grant Committee is pleased to be able to assist our regional
neighbors in expanding the commercial and industrial environment
here in Columbus," said Lawrenceburg Mayor William Cunningham.
"It is our hope that with investments such as ours, Indiana
will maintain, and improve, its reputation as a Midwestern
economic powerhouse."

At the request of Cummins, the Indiana Economic Development
Corporation agreed to provide the City of Columbus a US$1
million grant to assist in the cost of the infrastructure
improvements associated with the new project.

Today's announcement builds on Cummins' recent growth in the
Columbus area, including the decision to locate the Company's
new light-duty diesel program at the Columbus Engine Plant.
That program is expected to result in at least 600 new jobs by
the end of the decade.

"Cummins is such an integral part of the Columbus community,"
said Rep. Hill.  "And, these new jobs will further enrich this
community from all aspects.  I am very pleased with Cummins'
efforts to continue bringing high-quality jobs to the region."

"For generations, for thousands of Hoosier families Cummins is
Columbus," added Rep. Pence.  "Today's announcement shows yet
again that Cummins believes in this community and this state.
The Cummins brand is all about dependability, hard work and
integrity-all values that are synonymous with the Columbus
community."

                       About Cummins

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea.  Its also has facilities in Europe, particularly in the
United Kingdom.

                       *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


EMI GROUP: Chairman Tables Bid for Chrysalis Group
--------------------------------------------------
EMI Group Plc chairman Guy Hands made a bid for Chrysalis Group
Plc following Chrysalis founder Chris Wright's decision to carry
out a review of the business that might lead to its sale, The
Times reports.

According to the report, Mr. Hands' competitors for Chrysalis
are Warner Chappell and Sony/ATV which also tabled an offer
through Chrysalis' adviser Jefferies International.

FT relates that private equity funds Saban Capital Group, GTCR
Golder Rauner and Apollo Management, and music publishing
specialists Primary Wave and Cherry Lane have also shown
interest in Chrysalis.

FT said analysts valued the Chrysalis group at more than GBP150
million.

Headquartered in London, England, The Chrysalis Group --
http://www.chrysalis.com/-- is an independent music company.
It is comprised of Chrysalis Music and CD distribution Lasgo
Chrysalis.  On July 31, 2007, the company completed the sale of
Chrysalis Radio for GBP170 million to Global Radio.

                         About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

EMI Group's consolidated balance sheet for the fiscal year ended
March 31, 2007, showed GBP1.498 billion in total assets,
GBP2.649 billion in total liabilities and GBP1.151 billion in
shareholders' deficit.

The company issued two profit warnings since January 2007.


STAR CRUISES: S&P Affirms 'B' Ratings; Removed from CreditWatch
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit ratings on Hong Kong-based Star Cruises Ltd. and U.S.-
based NCL Corp. Ltd.  The outlook for the rating on Star Cruises
is stable, while that for NCL is negative.  The ratings have
been removed from CreditWatch, where they were placed with
negative implications on Dec. 19, 2007.  At the same time, the
'CCC+' rating on NCL's senior unsecured debt has also been
affirmed and removed from CreditWatch.

The ratings were placed on CreditWatch in December after an
assessment of their ultimate shareholding group Genting Bhd.'s
(BBB/Stable/--) business portfolio, and the significant
investment by a third party, Apollo Management L.P., in Star
Cruises' most important subsidiary, NCL.

On Jan. 7, 2008, U.S.-based private equity fund Apollo
Management invested US$1 billion in NCL (B/Negative/--) for a
50% stake in the company, with proceeds earmarked for reducing
NCL's debt. After this transaction, Star Cruises no longer
consolidates NCL (until then a fully-owned subsidiary), and
will account for its remaining 50% stake by using the equity
method.  However, NCL's financials will be proportionately
incorporated into Star Cruises' analysis by Standard & Poor's.

The transaction triggered the Change of Control covenant of the
'CCC+' rated US$250 million 10.625% senior unsecured notes due
July 15, 2014, which are to be completely prepaid by the company
at 101% of their principal amount, no later than 90 days from
the Change of Control event.

"Despite this sizable equity injection, NCL has an aggressive
and potentially weakening financial profile, due to its
historically poor operating performance and expected debt
increase to fund its two Aker ships, costing approximately US$1
billion each, and scheduled to be delivered by 2010," said
Standard & Poor's credit analyst Manuel Guerena.

Before December 2008, Star Cruises and Apollo Management will
decide whether to continue or wind up NCL's Hawaiian operations,
where three of the company's 13 ships operate (two from February
2008 onward, after one ship is redeployed to Europe).  This
impending decision is not likely to affect the rating on NCL.

Going forward, Star Cruises' financial statements will primarily
reflect its Asian operation, where it offers about 7,100 lower
berths through its fleet of eight ships.  Its unfavorable fleet
aging (average weighted age is 16 years), which translates into
lower fuel efficiencies and higher operating expenses than newer
vessels would, is partially offset by its strong brand
reputation and by the relatively short itineraries predominant
in the Asian cruise market, where Star Cruises has an
established market share of about 72%.  However, despite this
market's rapid growth, (cruise guests are expected to reach 1.5
million by 2010, from 2005's 1.07 million), Asia still
constitutes less than 5% of the global cruise market.

"The ratings on Star Cruises and NCL factor in the financial
flexibility they get from their links to Genting (owning 19.6%
of Star Cruises) and to its major shareholder, the Lim family
(with 46.7% of Star Cruises), though we believe Genting's
economic incentive to support Star Cruises or NCL has diminished
due to a shift in Genting's investment priorities," said Mr.
Guerena.

Star Cruises Limited, publicly listed in Hong Kong, is 19.3%
owned by Resorts World Bhd, which is, in turn, 49.2% owned by
Genting Berhad.  SCL operates 21 ships with some 33,300 lower
berths under five brands: Star Cruises and Cruise Ferries, which
service Asia Pacific, and three brands under NCL.


TRW AUTOMOTIVE: Moody's Affirms 'Ba2' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service affirmed the ratings of TRW
Automotive, Inc.: Corporate Family Rating, Ba2; senior secured
bank credit facilities, Baa3; and senior unsecured notes, Ba3,
but revised the rating outlook to negative from stable.

As a leading supplier of components and systems to automotive
OEMs, TRW's business profile has many characteristics that are
consistent with the assigned Ba2 Corporate Family rating.  The
company enjoys a well diversified revenue base, including long
standing supply arrangements with European and Asian auto
makers.  Continuous investment in new safety product
technologies should support future revenue growth, even as
automotive demand softens.  While the company's refinancing in
2007 resulted in lower debt costs, debt levels remain high and
continues to pressure the company's interest coverage measures.

The negative outlook reflects concern that in an environment of
weakening economic trends in North America and Europe, TRW could
be challenged to sustain financial metrics consistent with its
Ba2 rating.  For the LTM period ending Sept. 30, 2007
EBIT/Interest (including Moody's standard adjustments) was about
1.7x, and debt/EBITDA was about 4.1x.  While LTM FCF/Debt was
negative, Moody's expects the company's fourth quarter free cash
flow to be seasonally strong.  Recent free cash flow trends have
been hurt by timing issues regarding certain customer invoices
and growth abroad.  However, the company has continued to
experience margin pressures and modest free cash flow
generation.  Moreover, debt levels have remained high resulting
from the recent debt refinancing, debt acquired with the Dalphi
Metal Espana, S.A. consolidation, and the repurchase of TRW
stock from Northrop Grumman Corporation.

Moody's expects the company's safety product focus, and its
strong geographic, customer and product diversification to
continue to support revenue growth even in the face of weaker
automotive demand.  While TRW has generated steady yearly EBITDA
levels, the company's ability to materially reduce debt and
thereby improve its interest coverage metrics will be challenged
by the current automotive environment both in North America and
abroad.  These challenges include declining OEM production both
in North America and abroad, high raw material costs, and
negotiated price downs.

TRW will continue to have very good liquidity over the next 12
months.  The company's liquidity profile consists of
approximately $473 million of cash and cash equivalents at
Sept. 28, 2007, availability under the $1.4 billion revolving
credit facilities was approximately $600 million, after
consideration of letters of credit outstanding and usage under
the company's additional borrowing facilities.  TRW's covenants
are not expected to restrict this access over the next twelve
months.  Moody's expects free cash flow to be positive in 2008
reflecting stable EBITDA performance and capital expenditures
consistent with historical trends.  Alternative liquidity
arrangements will continue to be limited by the current bank
liens over substantially all of the company's assets.

These ratings were affirmed

  -- Ba2 Corporate Family rating;

  -- Ba2 Probability of Default rating;

  -- Baa3 (LGD2, 17%) rating for the $1.4 billion combined
     senior secured domestic and global revolving credit
     facilities;

  -- Baa3 (LGD2, 17%) rating for the $600 million senior
     secured term loan A;

  -- Baa3 (LGD2, 17%) rating for the $500 million senior
     secured term loan B;

  -- Ba3 (LGD5, 72%) for the $500 million senior unsecured
     notes due 2014;

   -- Ba3 (LGD5, 72%) for the Euro 275 million senior unsecured
      notes due 2014;

  -- Ba3 (LGD5, 72%) for the $600 million senior unsecured
     notes due 2017;

  -- SGL-1 Speculative Grade Liquidity Rating

The last rating action was on April 26, 2007 when ratings were
assigned to the company's senior secured bank credit facilities.

Future events that would be likely to improve TRW Automotive's
outlook or ratings include further debt and leverage reduction
from free cash flow, or improved operating margins resulting
from new business wins or productivity improvements.
Consideration for upward outlook or rating migration would arise
if any combination of these factors were to reduce leverage to
under 3.0x or increase EBIT/interest coverage to a level
approaching 3.0x.

Consideration for downward rating migration would arise if any
combination of factors were to result in leverage sustained at
over 3.5x or if EBIT/ Interest coverage sustained at under 2.0x.

TRW Automotive, Inc., headquartered in Livonia, Michigan, is
among the world's largest and most diversified suppliers of
automotive systems, modules, and components to global vehicle
manufacturers and related aftermarket.  The company has three
operating segments; Chassis Systems, Occupant Safety Systems,
and Automotive Components.  Its primary business lines encompass
the design, manufacture and sale of active and passive safety
related products.  Annual revenues are approximately $14
billion.


TYSON FOODS: Settles Shareholder Lawsuit Against Directors
----------------------------------------------------------
Tyson Foods, Inc. and the Tyson Limited Partnership have settled
a shareholder derivative lawsuit against the company's current
and former directors, which is subject to obtaining court
approval.

The lawsuit, which is In re Tyson Foods, Inc. Consolidated
Shareholders Litigation, C.A. No. 1106-CC, has been pending in
the Delaware Court of Chancery since 2005.  The allegations of
the lawsuit have been described in previous filings by the
company with the Securities and Exchange Commission.  The full
text of the settlement is available in a Form 8-K filing the
company made with the SEC.

Under the settlement, all claims against all defendants will be
dismissed.  In exchange, Don Tyson and the Tyson Limited
Partnership, the company's largest shareholder, have agreed to
pay the company US$4.5 million.  No other defendant will make
any payments.  The company has also agreed to implement or
continue certain governance measures, which includes the
establishment of a nominating committee, appointment of a new
independent director, and limitations on new related party
transactions between the company and the Tyson Limited
Partnership, Don Tyson, members of his family, or executive
officers.

The plaintiffs are also seeking US$3 million from the company,
out of the US$4.5 million to be paid to the company under the
settlement, to cover their attorneys' fees and expenses related
to this case.  However, Tyson officials indicate they will
contest this requested fee award.

The settlement was filed with the Delaware Court of Chancery.
The Court is expected to issue a scheduling order after which
time the Tyson shareholders will be formally notified and given
the opportunity to submit any objections.  This will be followed
by a settlement hearing, which will likely be held in March or
April of 2008.

                  About Tyson Foods, Inc.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN)
-- http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South
Korea, and Taiwan.  In Latin America, Tyson Foods has operations
in Argentina.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2007, Moody's Investors Service affirmed Tyson Foods
Inc.'s ratings, including its Ba1 corporate family rating and
Ba1 probability of default rating.  Moody's said the rating
outlook is negative.


TYSON FOODS: Signs Collaboration Pact with Luminex
--------------------------------------------------
Tyson Foods Inc. and Luminex Corporation have reached a
collaboration agreement, to create faster, more accurate and
cost-effective food safety and animal health tests.

"Luminex is pleased to partner with Tyson to develop novel tests
that we believe will allow the food industry to screen for
pathogens and other microbes more efficiently and accurately,"
said Patrick J. Balthrop, president and chief executive officer
of Luminex.  "Our xMAP(R) Technology, enabling multiple tests to
be run simultaneously on one sample, has great application in
the food safety and animal health arena as it provides a
significant level of data quickly and efficiently."

"We're anxious to explore ways to adapt Luminex technology to
our business," said Dr. Neal Apple, vice president of the Tyson
Food Safety and Laboratory Services Network for Tyson.  "We
believe it will give us the flexibility to gather more testing
data faster and develop and validate rapid testing options not
currently available commercially.  We see a tremendous benefit
to our customers, company and the food industry by applying this
next generation technology to positively impact the
effectiveness of our routine laboratory testing.  This
collaboration represents a big step forward for our labs and
lines up with our focus on continuous improvement of our ISO
(International Organization for Standardization) Quality
System."

Tyson and Luminex's first collaboration is the development of an
avian flock health monitoring panel.  Future research and
development projects slated are focused on food safety and
quality tests, and additional animal health diagnostic panels
leveraging the flexibility and multi-analyte technology
capabilities of xMAP technology and current and future Luminex
instrument platforms.

Tyson's award-winning Food Safety and Laboratory Services
Network includes 17 Tyson laboratories across the country.  This
includes a 25,000-square-foot, state-of-the-art food testing and
research laboratory at Tyson World Headquarters in Springdale,
Arkansas, which is dual certified under the ISO quality
management system standard ISO 9001:2000 and the ISO/IEC
(International Electrotechnical Commission) 17025 standard for
the competence of testing and calibration laboratories.  In
addition, seven other Tyson Foods regional and corporate
laboratories are certified under the same ISO/IEC 17025
standard.

                    About Luminex Corp.

Luminex Corporation -- http://www.luminexcorp.com/-- develops,
manufactures and markets proprietary biological testing
technologies with applications throughout the diagnostic and
life sciences industries.  The company's xMAP(R) multiplex
solutions include an open-architecture, multi-analyte technology
platform that delivers fast, accurate and cost-effective
bioassay results to markets as diverse as pharmaceutical drug
discovery, clinical diagnostics and biomedical research,
including the genomics and proteomics markets.  The company's
xMAP technology is sold worldwide and is already in use in
leading clinical laboratories as well as major pharmaceutical,
diagnostic and biotechnology companies.

                   About Tyson Foods, Inc.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN)
-- http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South
Korea, and Taiwan.  In Latin America, Tyson Foods has operations
in Argentina.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2007, Moody's Investors Service affirmed Tyson Foods
Inc.'s ratings, including its Ba1 corporate family rating and
Ba1 probability of default rating.  Moody's said the rating
outlook is negative.


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

ARTSON ENGINEERING: Sets Feb. 8 Record Date for Share Reduction
---------------------------------------------------------------
Artson Engineering Ltd has fixed Feb. 8, 2008, as the Record
Date for the purpose of determining the right to entitlement of
equity shares after reduction of paid-up value of shares from
INR10 each to INR1 each.

As previously reported by the Troubled Company Reporter-Asia
Pacific, the Board for Industrial & Financial Reconstruction has
sanctioned the rehabilitation scheme of the company on Dec. 18,
2007.  Pursuant to the scheme, the face value of the company's
shares will be reduced from INR10 to INR1.

Headquartered in Mumbai, India, Artson Engineering Limited --
http://www.artson.net/-- is a niche engineering company,
active in specialized area of refineries, ports and airports.
The company is registered with the Board for Industrial &
Financial Reconstruction as a sick company.  BIFR has sanctioned
the rehabilitation scheme of the company on Dec. 18, 2007, and
the same is under implementation.


ARTSON ENGINEERING: Earns INR7.35 Mil. in Qtr. Ended Dec. 31
------------------------------------------------------------
Artson Engineering Ltd reported a net profit of INR7.35 million
in the three months ended Dec. 31, 2007, a 62% slide from the
INR19.13-million profit booked in the same period in 2006.

Total revenues decreased 6% to INR94.35 million in Oct.-Dec.
2007.  Operating expenses increased to INR82.21 million from
2006's INR80.15 million, which already includes interest charges
of INR2.97 million.

The company also booked depreciation of INR1.72 million and
INR100,000 in taxes.

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?2761

Headquartered in Mumbai, India, Artson Engineering Limited --
http://www.artson.net/-- is a niche engineering company,
active in specialized area of refineries, ports and airports.
The company is registered with the Board for Industrial &
Financial Reconstruction as a sick company.  BIFR has sanctioned
the rehabilitation scheme of the company on Dec. 18, 2007, and
the same is under implementation.


BAUSCH & LOMB: Names Gerald Ostrov as Chief Executive Officer
-------------------------------------------------------------
Bausch & Lomb Inc. has appointed Gerald M. Ostrov as its
chairman and chief executive officer, effective immediately.
Most recently, Mr. Ostrov was company group chairman, Worldwide
Vision Care, for Johnson & Johnson, where he led the company's
global Vision Care businesses from 1998 to 2006.

Current Chairman and CEO Ronald L. Zarrella will retire in March
and serve as chairman emeritus.

"It has been a privilege to serve as Bausch & Lomb's chairman
and CEO since 2001," said Mr. Zarrella.  "Working with thousands
of highly talented employees worldwide, we were able to grow
every aspect of the company while enhancing its reputation as
the world's premier eye health brand.  Jerry has extensive
experience in ophthalmic businesses and consumer marketing, and
is the ideal leader to take Bausch & Lomb into a new era of
growth."

Mr. Ostrov first joined Johnson & Johnson in 1976, before
leaving for Ciba-Geigy AG in 1982.  He was named president, Ciba
Consumer Pharmaceuticals, in 1985.  In 1991, he returned to
Johnson & Johnson as president of its Personal Products
business, and then became company group chairman for its North
American Consumer and Personal Care businesses.

"It's an honor to lead Bausch & Lomb into a growth period, one
that we believe will be marked by considerable success across
the vision care, pharmaceutical and surgical businesses," said
Mr. Ostrov.  "I'm impressed by the passion of the company's
employees, and its strong relationships with industry partners
and customers.  We're going to build upon an unparalleled
155-year-old foundation of trust and innovation."

Mr. Ostrov continued, "Warburg Pincus' commitment to a long-term
investment horizon, and the collaborative relationship it has
quickly built with Bausch & Lomb, is empowering the company to
grow.  This week's eyeonics acquisition announcement is
testament to our positive momentum."

Elizabeth H. Weatherman, a Warburg Pincus managing director and
member of the Bausch & Lomb Board of Directors, commented, "We
thank Ron for his dedication to Bausch & Lomb.  He was
instrumental in growing all aspects of the business, in leading
the company through the 2006 recall, and then reestablishing
widespread momentum -- an element vital for the organization's
continued success.  Jerry's extraordinary knowledge of the eye
health industry will be instrumental as he leads Bausch & Lomb
into an extended period of growth."

Mr. Ostrov holds an M.B.A. from Harvard University and a B.S.
degree in industrial engineering and operations research from
Cornell University.

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico. In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 31, 2007, Moody's Investors Service has confirmed and will
withdraw Bausch & Lomb Incorporated's Ba1 Corporate Family
Rating, Ba1 Probability of Default Rating and Ba1 ratings on
certain existing senior unsecured notes.  Moody's said the
rating outlook was revised to stable and will be withdrawn.


GENERAL MOTORS: IUE-CWA Retirees to Get Belated Christmas Bonus
---------------------------------------------------------------
General Motors Corp. has finally agreed to pay IUE-CWA retirees
their Christmas bonus despite the fact that the Division has not
yet inked a new contract with the automaker, according to a
press release from the union.  The decision comes after a great
deal of pressure from the union and its retirees, who rely on
the payment to help cover holiday expenses.

"We are pleased the GM has recognized the hardship the delay in
this payment has placed on our retirees," IUE-CWA President Jim
Clark said.  "We have serious obstacles in reaching terms for
our active employees, but retirees should not be held hostage to
that process."

Payments will be made on or around March 17 to eligible IUE-CWA
retirees.  This includes both traditional IUE-CWA GM retirees
and eligible IUE-CWA Delphi "covered employees" who retired
after Jan. 1, 2000.  That covers, for example, those from Delphi
who "checked the box" to be covered by GM and Delphi retirees
who were extended GM coverage as part of the bankruptcy contract
settlement.

Payments will be US$700 for eligible retirees.  Eligible IUE-CWA
surviving spouses will receive 65% of that amount, or US$455.
The bonus will be cut in half for any eligible retiree with an
outstanding disability overpayment.  Payments to eligible
retirees or surviving spouses retired from Delphi will be pro-
rated based on the ratio of GM credited service.

"This agreement goes a long way to demonstrating good faith for
both parties," Automotive Conference Board Chairman Willie
Thorpe said.  "We can now focus on securing both a contract and
a long-term future for our members at Moraine."

                           About GM

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

                          *     *     *

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

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


PRIDE INTERNATIONAL: Inks Contract for Deepwater Fleet Expansion
----------------------------------------------------------------
Pride International Inc. is continuing the expansion of its
premium deepwater fleet, following a multi-year contract award
from a subsidiary of Petroleo Brasileiro S.A. for the
construction and operation of an advanced-capability, ultra-
deepwater drillship in support of Petrobras's international
exploration and development drilling projects.  The ultra-
deepwater drillship, to be constructed at the Samsung Heavy
Industries, Co. Ltd. shipyard in Geoje, South Korea on a fixed-
price basis, is expected to be delivered from the shipyard in
the first quarter of 2011, following construction, commissioning
and system-integrated testing.

The multi-year drilling contract allows Petrobras to elect, by
Jan. 31, 2010, a firm contract term of at least five years and
up to seven years in duration.  The drilling contract provides
for the payment of a fixed daily rate and the payment of a
performance bonus of up to 17% of the fixed daily rate if a five
year term is selected (or up to 15% if a six or seven year term
is selected.) Depending on the firm contract term chosen and
excluding revenues for reimbursement of costs associated with
the mobilization of the rig to an initial location, estimated
contract revenues which could be generated range from US$916
million to US$1.24 billion and include the operating dayrate,
the full amount of the performance bonus and other contractually
guaranteed payments of US$41 million to US$49 million.  In
addition, a cost escalation provision is provided from the
signing date of the contract through the term selected.

Louis A. Raspino, President and Chief Executive Officer of Pride
International, Inc., stated, "This third addition to our
deepwater fleet in less than seven months, along with the
supporting contract, is beneficial in a number of ways as we
continue to successfully transition the company to a pure
offshore focus with an increasing emphasis on ultra-deepwater
drilling.  These benefits include:

  a) Expanding our strong business relationship with Petrobras,
     a client with increasing opportunities in deepwater
     exploration and development drilling around the world.

  b) Adding a new, premium ultra-deepwater drilling rig to our
     fleet, which will have technically advanced features
     allowing the unit to compete effectively in all deepwater
     drilling regions.

  c) Securing a firm, multi-year contract that allows the
     company to build a backlog of revenue and cash flow that
     enhances earnings growth prospects and shareholder value
     well into the next decade.

  d) Adding to our critical mass in dynamically-positioned
     deepwater floaters, currently the industry's second
     largest fleet, and enhancing our ability to attract and
     retain the industry's best operations and engineering
     talent.

  e) Achieving construction management efficiencies, as all
     three of our newbuilds will be constructed in the same
     shipyard with an identical hull design and similar
     technical features."

Mr. Raspino added, "Deepwater exploration and development
activity continues to be supported by impressive geologic
success and strong energy demand outlook well into the next
decade.  Technological advancements continue to enable the
industry to achieve drilling successes in challenging deepwater
environments, resulting in promising new geologic plays, the
emergence of new deepwater regions and expansion of the customer
base.  Each of these factors buttresses our high level of
confidence in the long-term duration of the present deepwater
cycle and in our ability to realize attractive contracting
opportunities for our two ultra-deepwater drillships already
under construction, while building our resolve to pursue
additional deepwater growth opportunities."

The new drillship, to be named at a later date, is Pride's third
ultra-deepwater drillship construction project, following
previously announced decisions in 2007 to construct one unit and
to purchase from another party a second unit in the early stages
of construction.  Like the first two drillships, the latest unit
is based on an SHI proprietary hull design measuring 750 feet
long, 140 feet wide and offering a pay load in excess of 20,000
metric tons.  The drillship is designed for drilling in water
depths of up to 12,000 feet, with a total vertical drilling
depth of up to 40,000 feet, and will have off-line tubular stand
building capabilities.  The rig will feature dynamic positioning
in compliance with DPS-3 certification.

The rig, which will be initially equipped for drilling in water
depths of up to 10,000 feet, will also have expanded drilling
fluids capacity, a 1,000 ton capacity top drive and living
quarters for up to 200 personnel.  The expected construction
cost of the rig, including commissioning and system integrated
testing and excluding capitalized interest, is approximately
US$720 million.  The company expects to fund the construction of
the unit with available cash and borrowings.

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

                       *     *     *

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


QUEBECOR WORLD: Bank Lenders Commit US$1 Billion DIP Financing
--------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates received
commitment of up to US$1,000,000,000 of senior secured credit
financing facilities from a syndicate of banks led by Credit
Suisse Securities (USA), LLC, and Morgan Stanley Senior Funding
Inc.

The Debtors project that DIP borrowings will increase an
approximately US$788,000,000 by the end of April 20, 2008.

In view of the size of their businesses and the fluctuations in
their cash needs, the Debtors have determined that a
US$1,000,000,000 facility is necessary to adequately finance
them during their restructuring.

The DIP Facility will be composed of:

  (i) up to US$600,000,000 senior secured term loan facility,
      and

(ii) up to US$400,000,000 senior secured revolving credit
      facility.

The Revolving Credit Facility also provides an aggregate of
US$100,000,000 letter of credit subfacility and an aggregate of
US$25,000,000 swing line subfacility.  The Revolving Credit
Facility availability is also subject to a borrowing base
calculation with regards to the Debtors' accounts receivable and
inventory.

Proceeds of the DIP Facility will be used by the Debtors:

  (a) to repurchase their existing North American accounts
      receivable securitization facility of approximately
      US$425,000,000;

  (b) for working capital and other general corporate purposes
      of the debtors and, subject to limitations to be agreed,
      non-debtors; and

  (c) for the payment of fees and expenses incurred in
      connection with the DIP transactions.

The Term Loan Facility will be prepaid with 100% of the net cash
proceeds of all asset sales of property and issuances, offerings
or placements of debt obligations.  The Debtors will comply with
a minimum consolidated Liquidity Availability covenant of
US$50,000,000 and a minimum consolidated EBITDAR covenant.  The
Debtors are also required to prepare a rolling 13-week cash flow
forecast to be updated weekly.

The DIP Facility will be secured by a perfected first priority
charge of all equity interests of Quebec World (USA), Inc., a
perfected first priority charge of all equity interests held by
QWI in each of the other Debtors, and a perfected first priority
charge in all assets of QWI and each of the other Debtors.

The superpriority perfected security interests and charges and
administrative claims against the U.S. Debtors will be subject
and subordinate to a Carve-Out for the payment of (a) allowed
fees and disbursements of professionals hired by the U.S.
Debtors and a statutory committee of unsecured creditors
appointed by the U.S. Court; and (b) in the event of a
conversion of the bankruptcy cases to that under Chapter 7 of
the U.S. Bankruptcy Code, the fees and expenses of a Chapter 7
trustee.

The superpriority perfected security interests in the assets of
QWI will be subject and subordinate to a US$5,000,00
administration charge.

The interest rate payable in connection with the revolving
credit facility will be LIBOR plus 2.25% or ABR plus 1.25%; for
the term loan will be LIBOR plus 3.75% or ABR plus 2.75%; and
ABR plus 1.25% for the swing interest line.  Default rate is the
applicable interest rate plus 2.0% per annum.

The DIP Facility will contain a minimum consolidated Liquidity
Availability covenant of US$50,000,000, and a minimum
consolidated EBITDAR covenant applicable to QWI and its
subsidiaries.

The DIP Facility will mature on the earliest of:

  -- 18 months after the Petition Date;

  -- 45 days after the entry of an interim DIP order if a final
     DIP order has not been entered before the expiration of
     the 45-day period;

  -- the substantial consummation of a plan of reorganization
     filed with the U.S. Bankruptcy Court; or

  -- the acceleration of the loans and the termination of the
     commitment with respect to the DIP Facilities in
     accordance with the DIP Loan Documents.

The DIP Lenders is represented by Shearman & Sterling, LLP, in
the United States, and Blake, Cassels & Graydon, LLP, in Canada.

The Debtors prepared a 13-week consolidated North American cash
flow forecast for weeks ending Jan. 27, 2008, through
April 20, 2008.  The cash flow forecast is in consideration of
the Debtors' reorganization proceedings before the U.S.
Bankruptcy Court for the Southern District of New York and
insolvency proceedings before the Superior Court of Justice
(Commercial Division), for the Province of Quebec, in Canada.

The cash flow indicates that the Debtors' total receipts at the
end of the 13-week Period will be US$498,000,000.  They
anticipate that their disbursements, which include payments of
professional fees and workers compensation, will total
US$1,161,000,000.

A full-text copy of the 13-Week Cash Flow is available free of
charge at http://bankrupt.com/misc/quebecor_13WeekBudget.pdf

                     About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  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.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and its debtor-affiliates filed for chapter 11
bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.  The
Debtors listed total assets of US$5,554,900,000 and total debts
of US$4,140,700,000 when they filed for bankruptcy.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

(Quebecor World Bankruptcy News, Issue No. 1; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


QUEBECOR WORLD: Wants Ernst & Young as CCAA (Canada) Monitor
------------------------------------------------------------
Quebecor World Inc. and its Canadian Debtor affiliates ask the
Honorable Justice Robert Mongeon at the Superior Court of
Justice (Commercial Division), for the Province of Quebec, in
Canada, to appoint Ernst & Young Inc., as their monitor in its
insolvency proceedings under the Canadian Companies' Creditors
Arrangement Act.

As an officer of the Canadian Court, E&Y will monitor the
Debtors' business and financial affairs.  Specifically, E&Y
will:

  (a) assist the Debtors in deadline with their creditors and
      other interested parties during the Stay Period;

  (b) assist the Debtors with the preparation of their cash
      flow projections and any other projections or reports and
      the development, negotiation, and implementation of a
      plan of reorganization, including the preparation of the
      debtor-in-possession projections;

  (c) advise and assist the Debtors to review their business
      and assess opportunities for cost reduction, revenue
      enhancement, and operating efficiencies;

  (d) assist the Debtors with the restructuring of their
      businesses and in their negotiations with their creditors
      and other interested parties, and with the holding and
      administration of any meetings held to consider a
      reorganization plan;

  (e) report to the Canadian Court the state of the Debtors'
      business and financial affairs or developments in their
      insolvency proceedings or any related proceedings within
      the time limits provided in the CCAA, and provide copies
      of those reports to the DIP Lenders;

  (f) report to the Court and interested parties its assessment
      of, and recommendations with respect to, a reorganization
      plan;

  (g) retain and employ agents, advisers, and other assistants
      as are reasonably necessary to carry out the terms of the
      Canadian Court's order;

  (h) engage legal counsel to the extent it considers necessary
      in connection with the exercise of its powers as monitor
      of the Debtors' Canadian insolvency proceedings;

  (i) may act as a "foreign representative" of the Debtors in
      any proceedings outside of Canada, and will assist the
      Canadian Court in coordination of the proceedings under
      Chapter 11 of the United States Bankruptcy Code;

  (j) may give any consent or approval as are contemplated by
      the Canadian Court order; and

  (k) perform other duties as are required by the Canadian
      Court Order, the CCAA, or the Canadian Court from time to
      time.

The Monitor will not interfere with the Debtors' business and
financial affairs, and is not empowered to take possession of
the Debtors' property nor manage any of their business or
financial affairs.

The Debtors and their directors, officers, employees and agents,
accountants, auditors, and all other related parties will
provide the Monitor with unrestricted access to all of the
Debtors' properties, including premises, books, records, data,
including data in electronic form, and all other documents of
the Debtors in connection with the Monitor's duties and
responsibilities.

The Monitor may provide creditors and other interested parties
with information relating to the Debtors.  The Monitor, however,
will not disclose any information that is considered
confidential, proprietary or competitive, or where the
disclosure of information would be prejudicial to the Debtors'
restructuring process.

The Monitor will not incur any liability or obligation as a
result of its appointment and the fulfillment of its duties,
except any liability arising from its gross negligence or
willful misconduct.  No action will be commenced against the
Monitor relating to its appointment, except without prior leave
of the Canadian Court.

The Debtors will entitle the Monitor, its legal counsel, as
well as the Debtors' legal counsel, an administration charge
on the Debtors' Property, not exceeding CDN$5,000,000.

                    About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  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.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In
March 2007, it sold its facility in Lille, France.  Quebecor
World (USA) Inc. is its wholly owned subsidiary.

Quebecor World and its debtor-affiliates filed for chapter 11
bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.  The
Debtors listed total assets of US$5,554,900,000 and total debts
of US$4,140,700,000 when they filed for bankruptcy.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

(Quebecor World Bankruptcy News, Issue No. 1; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


QUEBECOR WORLD: Selects Arnold & Porter as Bankruptcy Counsel
-------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York for
authority to hire Arnold & Porter as their counsel, nunc pro
tunc to Jan. 21, 2008.

The Debtors relate that Arnold & Porter has provided a wide
range of legal representation and counseling for many years to
the Debtors and certain of their non-debtor affiliates.

In addition, the Debtors say that before the bankruptcy filing,
the Debtors sought the services of the firm with respect to,
among other things, advice regarding restructuring matters in
general and preparation for the potential commencement and
prosecution of Chapter 11 cases for the Debtors.  As any
successful restructuring of the Debtors' finances and operations
is inextricably linked to the restructuring of the Debtors' non-
debtor affiliates, the Debtors requested the firm to work
closely with Quebecor World Inc.'s Canadian restructuring
counsel for appropriate court supervised restructuring processes
in Canada and the United States.

During the Chapter 11 cases, Arnold & Porter will:

    -- advise the Debtors with respect to their powers and
       duties as Debtors and debtors-in-possession in the
       continued management and operation of their businesses
       and properties;

    -- advise and consult on the conduct of the Chapter 11
       cases, including all of the legal and administrative
       requirements of operating in Chapter 11;

    -- attend meetings and negotiate with representatives of
       creditors and of the Debtors' employees and other
       parties-in-interest;

    -- advise the Debtors in connection with any contemplated
       sales of assets, business combinations, or investment
       transactions.

    -- advise the Debtors in connection with postpetition
       financing and cash collateral arrangements and
       negotiating and drafting documents, relating thereto,
       among other things;

    -- advise the Debtors on matters relating to the evaluation
       of the assumption, rejection or assignment of unexpired
       leases and executory contracts;

    -- provide advice to the Debtors with respect to legal
       issues arising in or relating to the Debtors' ordinary
       course of business.

    -- take necessary action to protect and preserve the
       Debtors' estates, including the prosecution of actions
       and proceedings on their behalf, the defense of any
       actions and proceedings commenced against the estates,
       and negotiations concerning all litigations;

    -- develop and implement protocols for the coordination of
       the Chapter 11 cases with restructuring cases filed on
       behalf of the Debtors and non-debtor affiliates in
       Canada;

    -- prepare on behalf of the Debtors motions, applications,
       answers, orders, reports and papers necessary to the
       administration of the estates;

    -- negotiate and prepare, on the Debtors' behalf, plans of
       reorganization, disclosure statements and all related
       agreements or documents and take any necessary action on
       behalf of the debtors to obtain confirmation of those
       plans;

    -- attend meetings with third parties and participate in
       negotiations;

    -- appear before the Court, other courts, and the U.S.
       Trustee; and protect the interests of the Debtors'
       estates before those courts and the U.S. Trustee;

    -- meet and coordinate with other counsel and other
       professionals retained on behalf of the Debtors and
       approved by the Court; and

    -- perform all other necessary legal services and provide
       all other necessary legal advice to the Debtors in
       connection with the Chapter 11 cases and related matters.

The firm will bill the Debtors for its services at its usual
hourly rates.  Presently, Arnold & Porter's hourly rates range
from US$550 to US$825 for partners, and US$300 to US$560 for
associates.  The firm will also seek reimbursement for out-of-
pocket expenses incurred in its representation of the Debtors.

The Debtors and certain non-debtor affiliates have made certain
payments to Arnold & Porter within the 90-day period prior the
bankruptcy filing for services rendered by the firm and as
retainer.

As of the bankruptcy filing, the firm held a retainer of
US$939,053.  The firm will apply the retainer to pay its fees
and disbursements as allowed by the Court

Michael J. Canning, Esq., at Arnold & Porter says he and the
firm are "disinterested persons" as that term is defined in
Section 101(14) of the Bankruptcy Code and does not hold or
represent any interest adverse to the Debtors' estates.

The firm can be reached at:

             Michael J. Canning, Esq.
             Arnold & Porter LLP
             399 Park Avenue
             New York, NY 10022-4690
             Tel: (212) 715-1110
             Fax: (212) 715-1399
             http://www.arnoldporter.com/

Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  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.

Quebecor World and its debtor-affiliates filed for chapter 11
bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.  The
Debtors listed total assets of $5,554,900,000 and total debts of
$4,140,700,000 when they filed for bankruptcy.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of $5,554,900,000, total
liabilities of $3,964,800,000, preferred shares of $175,900,000,
and total shareholders' equity of $1,414,200,000.

(Quebecor World Bankruptcy News, Issue No. 2; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SPICEJET LTD: Q3 Profit Down to INR93 Mil. on High Fuel Prices
--------------------------------------------------------------
SpiceJet Ltd reported a net profit of INR93.37 million in the
three months ended Dec. 31, 2007, a regulatory filing with the
Bombay Stock Exchange discloses.   According to Reuters, the
bottom line fell from the INR121.6-million profit earned in the
corresponding period in 2006, the decrease of which was
attributed to higher fuel prices.

Revenue for the Oct.-Dec. 2007 totaled INR4.38 million,
comprised of INR4.09 billion in operating income, and other
income of INR294.63 million in other income.  Other income
includes net foreign exchange fluctuation loss amounting to
INR35.33 million and profit on sale of aircrafts amounting to
INR57.64 million, the company notes.

Operating expenses for the current quarter under review amounted
to INR4.26 billion, bringing the company an operating profit of
INR120.83 million.

Even with the positive, bottom line in the Oct.-Dec. 2007
quarter (Q3), the company expects to end fiscal 2008 with a net
loss.

We now expect to close the year with losses to the tune of
INR450-500 million, Reuters quotes Executive Chairman Siddhanta
Sharma as saying.  Mr. Sharma asserted that projections would
would have been better if the carrier did not get a kick from
oil prices.

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

              http://ResearchArchives.com/t/s?2763

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  The company
changed its financial year from June-May to April-March.  For
the ten months ended March 31, 2007, the airline carrier booked
a net loss of INR707.43 million.


SPICEJET LTD: To Expand Operations; Orders 10 Boeing 737-800
------------------------------------------------------------
SpiceJet Ltd said it is planning further expansion of operations
and has ordered 10 more Boeing 737-800 aircraft.

SpiceJet made the statement to clarify talks of the carrier
allegedly planning to sell its shares.

The Boeing 737-800 aircraft order reportedly are expected to be
delivered starting 2011 through 2013.  These would be in
addition to 30 aircraft orders placed so far, Reuters cites
SpiceJet Executive Chairman Siddhanta Sharma as saying.  Mr.
Sharma, however, pointed out that the carrier has yet to
formalize funding options for the order.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  The company
changed its financial year from June-May to April-March.  For
the ten months ended March 31, 2007, the airline carrier booked
a net loss of INR707.43 million.


STATE BANK OF INDIA: To Acquire 91% of Global Trade Finance
-----------------------------------------------------------
The State Bank of India plans to acquire 91% of Global Trade
Finance Ltd through purchase of shares from GTF's shareholders,
a filing with the Bombay Stock Exchange discloses.

According to SBI, it will purchase shareholding of Export-Import
Bank of India, IFC Washington and FIM Bank Malta  in GTFL at an
aggregate price of INR520.55 crore.

Currently, SBI is awaiting the Reserve Bank of India's approval
of the move.  As per RBI guidelines, a prior Public Notice of 30
days is required to be given by the sellers and buyer(s) before
effecting the sale or transfer of the ownership of shares or
transfer of control.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                        *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
USNZ$225 million Hybrid Tier I perpetual notes under its USNZ$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Primerating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.


STATE BANK OF INDIA: Net Profit Up 70% in Qtr. Ended Dec. 31
------------------------------------------------------------
State Bank of India posted a net profit of INR18.09 billion
profit in the third quarter ended Dec. 31, 2007, a 70% jump from
the INR10.65 billion earned in the corresponding quarter in
2006.

According to Bloomberg News, the Oct.-Dec. 2007 bottom line was
boosted by loan demand from companies, farmers and individuals
in India.  Bloomberg also noted that the net profit exceeded
analysts forecast of INR12.98 billion.

The bank's third-quarter total income rose from 2006's INR112.68
billion to the current INR153.64 billion.

The bank's consolidated results for 3Q 2007 show a net profit of
INR23.54 billion on revenues of INR243.81 billion.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2008, the bank intends to augment its capital by
issuing shares on rights basis to existing shareholders .

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                        *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
USNZ$225 million Hybrid Tier I perpetual notes under its USNZ$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Primerating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.


TATA STEEL: Reports Consolidated Results for 2nd Quarter
--------------------------------------------------------
Tata Steel Ltd, on Friday, disclosed its unaudited consolidated
financial results for the quarter (Q2) and six months ended
Sept. 30, 2007, which have been reviewed by the auditors and
approved by the its board of directors.

The Group posted a profit after minority interest and share of
profits of associates of INR33.42 billion for the quarter ended
Sept. 30, 2007, compared to INR11.39 billion for the quarter
ended Sept. 30, 2006.  Total income increased from
INR61.93 billion for the quarter ended Sept. 30, 2006, to
INR325.35 billion for the quarter ended September 30, 2007.

The Group has posted a profit after minority interest and share
of profits of associates of INR97.03 billion for the six months
ended Sept. 30, 2007, compared to INR21.58 billion for the six
months ended Sept. 30, 2006.  Total income increased from
INR120.2 billion for the six months ended Sept. 30, 2006, to
INR638.72 billion for the six months ended Sept. 30, 2007.

The previous period figures do not include Corus and the current
period includes financial results of Corus, reviewed by the
auditors.

                Report on Financial Performance

Income from Operations

Total income for six months ended Sept. 30, 2007, amounted to
INR638.72 billion against INR120.2 billion in the same period
previous year.  The increase comprise mainly of
INR498.09 billion of Corus income and increases of INR8.66
billion in Indian operations, INR12.37 billion in Nat Steel and
INR5.12 billion in Tata Steel, Thailand.

Total Expenditure

Total expenditure for the six months ended Sept. 30, 2007,
amounted to INR561.12 billion against INR86.65 billion during
the previous years.  The increase is primarily on account of
inclusion of expenditure of Corus during the current year.

                        About Tata Steel

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: Mark Sue Maintains Sector Perform Rating on Firm
----------------------------------------------------------------
RBC Capital Markets analyst Mark Sue has kept his "sector
perform" rating on Alcatel-Lucent's shares, Newratings.com
reports.

According to Newratings.com, the target price for Alcatel-
Lucent's shares was decreased to US$7 from US$12.

Mr. Sue said in a research note that growth opportunities in the
wireless infrastructure market would be limited this year.

Mr. Sue told Newratings.com that Alcatel-Lucent would be
adversely affected by its restructuring efforts.

Operating earnings per share estimates for Alcatel-Lucent for
fiscal years 2008 and 2009 were decreased to US$0.41 from
US$0.45 and to US$0.71 from US$0.75, respectively,
Newratings.com states.

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 NEGARA: 2007 Unaudited Net Profit Up 20.2% to IDR2.32 Tril.
----------------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk's 2007 unaudited net
profit rose 20.2% to IDR2.32 trillion from a year earlier,
Thomson Financial reports.

According to the report, the increase in the net profit was
aided by higher fee-based income.   The bank's fee-based income
in 2007, increased 37% to IDR3.93 trillion, the report notes.

BNI President Sigit Pramono told the news agency that the bank
posted net interest income of IDR7.66 trillion last year from
IDR7.38 trillion in 2006.

Meanwhile, Thomson relates, the net NPL ratio, Mr. Pramono said
declined to 3.7% from 6.55% previously.

The capital adequacy ratio stood at 16%, little changed from
16.39 previously, 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 NEGARA: Indonesia Mulls Sale of 20% Stake in Bank
------------------------------------------------------
Indonesia is considering to sell a 20% stake in PT Bank Negara
Indonesia Tbk to strategic investors this year, Reuters reports
citing State Enterprises Minister Sofyan Djalil.

Mr. Djalil told the news agency that the government is seeking
to sell Bank Negara's stake to strategic investors as parts of
efforts to help finance the state-budget and strengthen the
firm's corporate governance.

Muhamad Al Azhari or Reuters writes that the government
currently owns about 76.4% of BNI, after selling a 23% stake in
the bank in August.

According to the report, Indonesia will sell the stake through a
private placement.  Mr. Djalil said they want to make bank
Negara a model state-owned bank, which is managed with a
standard good corporate governance, the report relates.

                       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+'.


FREEPORT MCMORAN: Profits Drop to US$423MM in 4th Quarter 2007
--------------------------------------------------------------
Freeport McMoRan Copper & Gold's profits decreased to
US$423 million in the fourth quarter 2007, compared to
US$426 million in the same quarter in 2006, despite higher sales
due to one-time charges and increasing costs, Business News
Americas reports.

Freeport McMoRan Chief Executive Officer Richard Adkerson said
in a web cast conference call that the firm had US$120 million
in charges related to debt from the Phelps Dodge takeover and
accounting adjustments in the fourth quarter 2007.

According to BNamericas, Freeport McMoRan's revenue increased to
US$4.18 billion in the fourth quarter 2007, from US$1.64 billion
in the fourth quarter 2006.

Mr. Adkerson commented to BNamericas, "We consider the fourth
quarter operationally to be a very strong quarter."

Copper sales rose to 878 million pounds in the fourth quarter
2007, compared to 432 million pounds in the fourth quarter 2006,
BNamericas says.  On a pro forma basis copper sales were
1.03 billion pounds in the fourth quarter 2006.

BNamericas relates that gold decreased to 161,000 ounces in the
fourth quarter 2007, compared to 508,000 ounces in the same
period in 2006.  Meanwhile, molybdenum increased to 19.0 million
pounds from 18.0 million pounds.

The report says that Freeport McMoRan's South American copper
sales increased to 379 million pounds in the fourth quarter
2007, compared to 266 million pounds in the same period in 2006,
mainly because of higher output at the Cerro Verde mine in Peru
due to a new concentrator.  El Abra in Chile produced less
copper due to lower grades.  Indonesian and North American sales
also dropped.

BNamericas reports that cash costs from Freeport McMoRan's South
American operations averaged US$1.02 per pound in the fourth
quarter 2007, compared to US$1.05 per pound in the same period
in 2006.

Freeport McMoRan's copper production increased to 3.88 billion
pounds in 2007, from 3.64 billion pounds pro forma in 2006,
BNamericas states.

Freeport McMoRan wants 4.30 billion pounds of copper sales this
year.  It is budgeting some US$175 million for exploration this
year, which in Latin America will concentrate mainly on Cerro
Verde, Mr. Adkerson told BNamericas.

Meanwhile, Freeport McMoRan is optimistic about the future of
the copper market despite the decreasing US market and global
impact of the subprime loan crisis, BNamericas says.

Mr. Adkerson emphasized in a web cast financial results
conference the strength of the US non-residential construction
sector despite a downturn in housing demand and substitution in
plumbing applications by plastic products.

Mr. Adkerson told BNamericas that demand from China and other
countries has offset the poor US market.  He commented to
BNamericas, "Weakness in the US has been offset by strength in
the global economies."

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service revised Freeport-McMoRan
Copper & Gold Inc.'s outlook to positive and affirmed all of its
other ratings.  The ratings reflect the overall probability of
default of Freeport, to which Moody's assigns a PDR of Ba2.

Ratings affirmed:

Issuer: Freeport-McMoRan Copper & Gold Inc.

      -- Corporate Family Rating: Ba2;

      -- Probability of Default Rating: Ba2;

      -- US$0.5 billion Senior Secured Revolving Credit
         facility, Baa2, LGD1, 2%;

      -- US$1.0 billion Senior Secured Revolving Credit
         Facility, Baa3, LGD2, 17%;

      -- US$2.45 billion Senior Secured Term Loan A, Baa3,
         LGD2, 17%;

      -- US$339.7 million 6.875% Senior Secured Notes due
         2014, Baa3, LGD2, 17%; and

      -- US$6 billion Senior Unsecured Notes: Ba3, LGD5, 80%.


TELKOM: Moody's Reviews 'Ba1' Rating for Possible Upgrade
---------------------------------------------------------
Moody's Investors Service has placed PT Telekomunikasi
Indonesia's Ba1 local currency corporate family rating under
review for possible upgrade.

"The review has been prompted by a continued improvement in
Telkom's perceived efforts to improve standards of corporate
governance, financial reporting and overall transparency, as
well as a consolidation of its strong operating and financial
profile," says Laura Acres, a Moody's Vice President.

"Telkom is the largest telecommunications operator in Indonesia;
it dominates the fixed line market and through Telkomsel has a
56% share of cellular subscribers; the company also enjoys a
sound financial profile and strong cash flow generation," adds
Acres, also Moody's lead analyst for the company.

The review will focus on:

   1) growth prospects at the consolidated level; and

   2) its financial policies over the next two years especially
      with regard to leverage and uses of cash.

Furthermore, Moody's would like to review Telkom's ongoing
consolidated capex requirements for maintenance and network
coverage and expansion as the company makes investments in areas
that are expected to drive future, long-term growth.

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk --
http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates


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

FORD MOTOR: Neapco Inks Sale Agreements for ACH Driveshaft Biz
--------------------------------------------------------------
Ford Motor Company, Automotive Components Holdings LLC and
Neapco Drivelines, LLC have signed definitive agreements for the
sale of the ACH driveshaft business currently located in the ACH
Monroe (Michigan) Plant.  The transfer of the business will
begin next week and continue through the rest of the year.

This announcement follows the recent United Auto Worker
ratification of the collective bargaining agreement negotiated
with Neapco.

Neapco Drivelines is opening a 345,000 sq. ft. state-of-the-art
manufacturing facility in Van Buren Township, Michigan.

Approximately 300 salaried and hourly employees from the Monroe
Plant and associated technical and support staffs are being
offered positions at the new facility.

Approximately 30 percent of the Monroe Plant's 1,100 employees
are associated with the driveshaft business.  The majority of
the salaried employees currently are leased to ACH from Visteon
and the majority of the UAW hourly employees are leased from
Ford Motor.

"This is another sign of progress toward achievement of our ACH
strategy and our pathway to profitability in North America in
2009," said Ford executive vice president and president of The
Americas, Mark Fields.

Added Automotive Components Holdings Chief Executive Officer,
Bill Connelly:  "This is our third sale and the first involving
a U.S. business.  It represents another important step toward
our goal to improve the competitiveness of these operations
under new ownership and improve Ford's material costs."

"We are pleased to add the Ford driveshaft business and the
expertise of the ACH people to our organization," said Neapco
president and CEO, Robert Hawkey.  "The Wanxiang Group and
Neapco are growing globally through strategic acquisitions of
innovative driveline products and technologies. We are very
appreciative of the support and encouragement we have received
from the state, the local community and the United Auto Workers
to maintain this business in Michigan."

Neapco Drivelines, LLC and its parent company, Neapco LLC, are
headquartered in Pottstown, Pa. Wanxiang Group, which is
headquartered in Hangzhou, China, is the majority investor in
Neapco, LLC.  Neapco, LLC supplies drivelines, steering shafts
and components for OEM and aftermarket automotive, truck,
agricultural, off-highway and specialty vehicle applications
from its facilities in Pennsylvania, Nebraska and Mexico.

Automotive Components Holdings was established by Ford Motor
Company in October 2005 to ensure the flow of quality components
and systems to Ford, while the 17 ACH plants, formerly owned by
Visteon, are prepared for sale or other disposition.  After this
sale is complete, ACH will have 11 plants supported by about
10,500 leased hourly and salaried employees.

                     About Ford Motor

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

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Moody's Investors Service affirmed the long-term
ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3
senior secured, Caa1 senior unsecured, and B3 probability of
default), but changed the rating outlook to Stable from Negative
and raised the company's Speculative Grade Liquidity rating to
SGL-1 from SGL-3.  Moody's also affirmed Ford Motor Credit
Company's B1 senior unsecured rating, and changed the outlook to
Stable from Negative.  These rating actions follow Ford's
announcement of the details of the newly ratified four-year
labor agreement with the UAW.


METHANEX CORP: Earns US$375.7 Mil. in Year Ended Dec. 31, 2007
--------------------------------------------------------------
Methanex Corporation reported net sales of US$731 million on net
income of US$171.7 million for the fourth quarter of 2007,
compared to net sales of US$668.2 million on net income of
US$172.4 million for the same quarter of 2006.  For the full
year ended Dec. 31, 2007, the company earned net income of
US$375.7 million.

Bruce Aitken, President and Chief Executive Officer of Methanex,
commented, "We are delighted to have produced record quarterly
earnings per share and another excellent year for our
shareholders.  Methanol markets were tight during the fourth
quarter as several planned and unplanned outages continued to
impact global methanol supply.  In addition, despite the high
methanol price environment, methanol demand remained strong in
both traditional chemical derivatives and new energy
applications, which benefited from record high-energy prices.
As a result, methanol prices reached all-time highs and we
realized an average selling price of US$514 per tonne in Q4
2007, an increase of US$244 per tonne over our realization of
US$270 per tonne in Q3 2007."

Mr. Aitken added, "As we enter the first quarter of 2008, we
have seen some downward pressure on methanol prices, however
prices remain at high levels.  Global methanol supply has
improved recently, including production in China where there is
an incentive to produce at higher operating rates and export
more methanol in the current high methanol price environment.
However, we believe that industry inventories globally continue
to be at low levels."

Mr. Aitken concluded, "Our excellent cash generation in the
fourth quarter leaves us in a strong financial position.  With
US$488 million cash on hand at the end of the year, a strong
balance sheet and a US$250 million undrawn credit facility, we
are well positioned to meet our financial requirements related
to our methanol project in Egypt, pursue opportunities to
accelerate natural gas development in southern Chile, pursue
opportunities to sponsor methanol demand in new energy
applications, pursue other strategic growth initiatives, and
continue to deliver on our commitment to return excess cash to
shareholders."

                About Methanex Corporation

Vancouver-based Methanex Corp. (Toronto: MX) (NASDAQGM: MEOH) --
http://www.methanex.com/-- is a publicly-traded company engaged
in the production, distribution, and marketing of methanol.  The
company has locations in Belgium, Chile, China, Japan, Trinidad
and the United Kingdom, among others.

                       *     *     *

Moody's Investor Services' credit ratings for the company's
unsecured notes at Sept. 30, 2007, is Ba1.  Moody's said the
outlook is stable.


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

HYNIX SEMICON: Partners with Samsung for Technological Research
---------------------------------------------------------------
Hynix Semiconductor Inc. and Samsung Electronics Co. agreed to
jointly invest KRW9 billion in a broader state-supported
research and development program to acquire the necessary
technologies to make future memory chips, Korea Times reports,
citing the Ministry of Commerce, Industry and Energy.

According to the report, the Korean government hopes that this
joint venture will enable South Korea to stay ahead of rivals in
this critical industry.

Under the three-stage plan that began in 2004 and runs until
July 2011, a total of KRW52.58 billion will be spent so that
South Korea will be able to design and build futuristic chips,
the report notes.

The government, the report relates, is footing KRW28.45 billion
of the total cost, with Seoul expecting to use the technologies
developed to grab 40% of the non-volatile memory market by 2012.
Samsung and Hynix plan to invest their share this year and in
2009, The Times adds.

The Ministry told the news agency that Hynix and Samsung plan to
regularly exchange information on technological gains and cross-
examine and evaluate advances as part of their joint R&D effort.

Meanwhile, The Times says, Samsung and Hynix agreed to buy
patent rights for the development of polymer random access
memory, resistant random access memory and chalcogenide random
access memory chips, that were developed with state support.

Purchasing the eight patent rights related to these memory chips
will put the two companies in a good bargaining position when
they need to use related technologies developed by rivals, The
Times adds.

                   About Hynix Semiconductor

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

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

                         *     *     *

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

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


MAGNACHIP SEMICON: To Work with Kilopass for Memory Technology
--------------------------------------------------------------
MagnaChip Semiconductor Ltd. has signed an agreement to
collaborate with Kilopass Technology in developing Kilopass'
Extra Permanent Memory, or XPM(TM), NVM one-time programmable
IP.  Kilopass has completed the development of XPM on
MagnaChip's 0.18um process node and expects to complete the
silicon qualification in 2008.

"Kilopass' XPM NVM one-time programmable technology is mature
and proven.  XPM will expand our IP portfolio and allow us to
increase our offering of reliable, embedded NVM solutions to our
mixed signal semiconductor customers," said Channy Lee,
Executive Vice President and General Manager of MagnaChip's
Semiconductor Manufacturing Service Division.

"We are pleased to develop and qualify our XPM technology with
MagnaChip.  We look forward to further expanding our business
via this strategic alliance going forward," remarked Charles Ng,
Kilopass' VP of worldwide sales and marketing.

                         About Kilopass

Kilopass Technology Inc. was founded with the mission of
becoming the industry leader in embedded Non-Volatile Memory
(NVM) technology.  The company's XPM or Extra-Permanent Memory
technology is manufactured using standard commercial CMOS
processes and is used for storage of firmware and security
codes.

Kilopass is headquartered at 3333 Octavius Dr. Suite 101, Santa
Clara, CA 95054, USA. For more information, please visit
http://www.kilopass.com,call (408) 980-8808.

                 About MagnaChip Semiconductor

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

                          *     *     *

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

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

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

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

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


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

PANGLOBAL BERHAD: Unit Served with Originating Summonses
--------------------------------------------------------
On January 22, 2008, Global Minerals (Sarawak) Sdn Bhd, a
subsidiary of Panglobal Berhad, was served with Originating
Summonses filed by DML-MRP Resources (M) Sdn Bhd, with the High
Court in Sabah and Sarawak for these orders:

   -- under Originating Summons No.24-415-2007, inter alia, an
      order pursuant to Section 27 of the Arbitration Act 1952
      (Act 93) and / or Section 38 of the Arbitration Act 2005
      (Act 646) that DML-MRP be given leave to enforce the Award
      dated December 27, 2002,  of Global Minerals in the same
      manner as a judgment;

   -- under Originating Summons No. 24-416-2007, inter alia, an
      order pursuant to Section 27 of the Arbitration Act 1952
      (Act 93) and / or Section 38 of the Arbitration Act 2005
      (Act 646) that DML-MRP be given leave to enforce the
      revised final Award and Addendum dated July 11, 2006, read
      together with the Final Award dated April 30, 2003, of
      Global Minerals in the same manner as a judgment;

Orginating Summons Nos.24-415-2007 has been set for hearing on
February 1, 2008, while Originating Summons Nos. 24-416-2007 has
been set for hearing on February 28, 2008.

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
Sept. 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme for
implementation.


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

ADAMS CLEANING: Court to Hear Wind-Up Petition on February 8
------------------------------------------------------------
A petition to have Adams Cleaning Services Ltd.'s operations
wound up will be heard before the High Court of Auckland on
February 8, 2008, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
September 5, 2007.

The CIR's solicitor is:

          Kay S. Morgan
          c/o Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0373
          Facsimile:(07) 959 7614


FLOWERZ THE FLORIST: Subject to CIR's Wind-Up Petition
------------------------------------------------------
On November 8, 2007, the Commissioner of Inland Revenue filed a
petition to have Flowerz the Florist Ltd.'s operations wound up.

The petition will be heard before the High Court of Hamilton on
January 29, 2008, at 10:45 a.m.

The CIR's solicitor is:

          Kay S. Morgan
          c/o Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0373
          Facsimile:(07) 959 7614


HENRY J PHILLIPS: Court to Hear Wind-Up Petition Today
------------------------------------------------------
The High Court of Palmerston North will hear today, Jan. 28,
2008, at 10:00 a.m., a petition to have Henry J Phillips
Electrical Services Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition on
November 21, 2007.

The CIR's solicitor is:

          Andrew Hamer Instone
          c/o Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          PO Box 1462, Wellington
          New Zealand
          Telephone:(04) 890 1133
          Facsimile:(04) 890 0009


J.E. DENNIS: Creditors' Proofs of Debt Due on February 1
--------------------------------------------------------
The creditors of J.E. Dennis Limited are required to file their
proofs of debt by February 1, 2008, for them to be included in
the company's dividend distribution.

The company's liquidator is:

          Henry David Levin
          c/o PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street
          PO Box 6916, Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


KOHI GOURMET: Creditors' Proofs of Debt Due on February 25
----------------------------------------------------------
Kohi Gourmet Ltd. requires its creditors to file their proofs of
debt by February 25, 2008, for them to be included in the
company's dividend distribution.

The company's liquidator is:

          Daran Nair
          c/o Nair & Associates Chartered Accountants Limited
          280 Great South Road
          Greenlane, Auckland
          New Zealand
          Telephone:(09) 522 5182
          Facsimile:(09) 522 5183
          e-mail: daran@nair.co.nz


MAGWAREHOUSE.COM: Shareholders Pass Resolution to Wind Up Firm
--------------------------------------------------------------
The shareholders of Magwarehouse.com Christchurch City Ltd. met
on January 9, 2009, and passed a resolution to voluntarily wind
up the company's operations.

Neville Petrie Fagerlund and Michael John Keyse were then
appointed as liquidators.

The Liquidators can be reached at:

          Neville Petrie Fagerlund
          Michael John Keyse
          c/o Hilson Fagerlund Keyse
          PO Box 39100
          Harewood, Christchurch
          New Zealand
          Telephone:(03) 352 9189


PETROSIAN ENTERPRISES: Commences Liquidation Proceedings
--------------------------------------------------------
Petrosian Enterprises Ltd. commenced liquidation proceedings on
January 8, 2008.

Christopher John Lynch was then appointed as liquidator.

The Liquidator can be reached at:

          Christopher John Lynch
          c/o Staples Rodway Taranaki Limited
          109-113 Powderham Street
          New Plymouth
          New Zealand
          Telephone:(06) 758 0956
          Facsimile:(06) 757 5081


SEALEGS: Fails in Attempt to Set Cook Strait-Crossing Record
------------------------------------------------------------
Sealegs Corp. Ltd. failed in its attempt to be the first
amphibious vehicle to cross Cook Strait, various reports say.

Twenty kilometers wide, Cook Strait lies between the North and
South Islands of New Zealand.

Everything had been going as planned until the outboard failed
less than 500 meters from the finish at Owhiro Bay, ShareChat
News cites Sealegs CEO David McKee Wright as saying.

According to ShareChat, repeated attempts to re-start the
outboard proved unsuccessful and in the end the Sealegs RIB had
to be towed to shore.

Sealegs has previously tried two record attempts but weather
foiled the plans.  The failures, however, do not stop the boat
manufacturer and plans to make another attempt on Tuesday.

McKee Wright confirmed that another attempt on the Cook Strait
crossing will be made next Tuesday (January 29) at the same
time.  "We are not going to let a setback like this beat us."

Back in 2005, a Sealegs 5.6m RIB driven by company founder
Maurice Bryham staked its place in the Guinness Book of Records
when it shattered the English Channel record mark for an
amphibious vehicle completing the 21 nautical miles from Dover
to Calais in 43mins 12secs.  This halved the previous record of
1hr 40mins 6secs set a year earlier by UK entrepreneur Sir
Richard Branson.


Headquartered in Albany, New Zealand, Sealegs Corporation
Limited -- http://www.sealegs.com/-- is engaged in the
manufacture of amphibious marine craft.  The company's wholly
owned subsidiaries are Sealegs International Limited, Sealegs
Middle East Limited, and Sealegs Australia Pty Limited.  Sealegs
International Limited manufactures amphibious marine craft.

Sealegs Middle East Limited and Sealegs Australia Pty Limited
are dormant.  Sealegs are motorized, retractable and steerable
boat wheels, which are fitted to a customized 5.6-meter rigid
inflatable boat.  Sealegs amphibious boats are used by customers
in New Zealand, Australia, the United States, the United Arab
Emirates, France and the United Kingdom.

The group and parent posted consecutive net deficits after
taxation for the years ended March 31, 2006, and 2005, with the
group suffering net losses of NZ$1,211,061 and NZ$1,063,354 for
2006 and 2005 (company: NZ$209,582 and NZ$3,575,464),
respectively.  In FY2007, the company booked a net loss of
NZ$1.05 million.


STAND AND DELIVER: Faces CIR's Wind-Up Petition
-----------------------------------------------
On August 30, 2007, the Commissioner of Inland Revenue filed a
petition to have Stand and Deliver Contracting Ltd.'s operations
wound up.

The petition will be heard before the High Court of Auckland on
January 31, 2008, at 10:45 a.m.

The CIR's solicitor is:

          Amy Jean York
          c/o Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          PO Box 1462, Wellington
          New Zealand
          Telephone:(04) 890 3203
          Facsimile:(04) 890 0009


TOWER COMMERCIAL: Fixes February 8 as Last Day to File Claims
-------------------------------------------------------------
The creditors of Tower Commercial Properties Ltd. are required
to file their proofs of debt by February 8, 2008, for them to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on December 21,
2007.

The company's liquidator is:

          William Gavin Barnes
          W. G. Barnes
          PO Box 102061
          North Shore Mail Centre
          Auckland
          New Zealand
          Mobile:(021) 830 578
          Facsimile:(09) 444 1988


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

BANCO DE ORO-EPCI: Moody's Changes Ratings Outlook to Positive
--------------------------------------------------------------
Moody's Investors Service has revised the outlook of the foreign
currency debt and deposit ratings to positive from stable for
Banco de Oro-EPCI Inc.

The bank financial strength rating, local currency debt and
deposit ratings, and foreign currency short-term deposit rating
of BDO-EPCI are not affected by the move.

This action follows the change in Moody's outlook to positive
for the Philippine foreign currency country debt ceiling of Ba3
and foreign currency deposit ceiling of B1.

The outlooks for the following ratings were revised to positive:

    * Foreign currency long-term deposit rating of B1 and
      foreign currency senior unsecured debt rating of Ba2
      (including the senior unsecured debt issued by the former
      Equitable PCI)

    * BFSR of D

    * Local currency deposit ratings of Baa2/P-2 and

    * Foreign currency Not-Prime short-term deposit rating,
      Equitable PCI's foreign currency subordinated debt rating
      of Ba2


BANK OF THE PHIL ISLANDS: Moody's Gives Ratings Positive Outlook
----------------------------------------------------------------
Moody's Investors Service has revised the outlook of the foreign
currency debt and deposit ratings of Bank of the Philippine
Islands to positive from stable.

The bank financial strength rating, local currency debt and
deposit ratings, and foreign currency short-term deposit rating
of BPI are unaffected.

This action follows the change in Moody's outlook to positive
for the Philippine foreign currency country debt ceiling of Ba3
and foreign currency deposit ceiling of B1.

The outlooks for the following ratings were revised to positive:

    * Foreign currency long-term deposit rating of B1

The outlooks for the following ratings were unaffected by the
action, and remain stable:

    * BFSR of C-

    * Local currency deposit ratings of A3/P-1, foreign currency
      Not-Prime short-term deposit rating


METROPOLITAN BANK: Moody's Gives Positive Outlook for Ratings
-------------------------------------------------------------
Moody's Investors Service has revised the outlook of the foreign
currency debt and deposit ratings of the Metropolitan Bank &
Trust Co. from stable to positive.

The bank financial strength rating, local currency debt and
deposit ratings, and foreign currency short-term deposit rating
of Metrobank are unaffected.

This action follows the change in Moody's outlook to positive
for the Philippine foreign currency country debt ceiling of Ba3
and foreign currency deposit ceiling of B1.

The outlooks for the following ratings were revised to positive:

    * Foreign currency long-term deposit rating of B1
    * Foreign currency hybrid tier-1 rating of Ba3

The outlooks for the following ratings were unaffected by the
action, and remain stable:

    * BFSR of D

    * Local currency deposit ratings of Baa2/P-2

    * Local currency subordinated debt rating of Baa3, foreign
      currency Not-Prime short-term deposit rating

    * Foreign currency subordinated debt rating of Ba2


PHIL. LONG DISTANCE: Expects PHP35 Billion Core Profits in 2007
---------------------------------------------------------------
The Philippine Long Distance Telephone Co. will release its 2007
results on March 4 this year in which it expects around
PHP34.5-PHP35 billion in core profits, the Philippine Daily
Inquirer reports.

PLDT may possibly declare a special dividend as well as buy back
its shares, the report adds.

According to a statement to the Philippine Stock Exchange, PLDT
might declare special dividends in addition to its 70% regular
payout and a share buyback as it reiterates its commitment to
managing capital.


Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                        *     *     *

As of November 7, 2007, Philippine Long Distance Telephone
Company carried Fitch Ratings' long-term foreign currency issuer
default and senior notes ratings of 'BB+'.

The company also carries Standard & Poor's 'BB+' foreign
currency rating, as well as Moody's Investors Service's foreign
currency bond rating of Ba2.


RIZAL COMMERCIAL: Moody's Changes Ratings Outlook to Positive
-------------------------------------------------------------
Moody's Investors Service has revised the outlook of the foreign
currency debt and deposit ratings of Rizal Commercial Banking
Corp. to positive from stable.

The bank financial strength rating, local currency debt and
deposit ratings, and foreign currency short-term deposit rating
of RCBC are unaffected.

This action follows the change in Moody's outlook to positive
for the Philippine foreign currency country debt ceiling of Ba3
and foreign currency deposit ceiling of B1.

The outlooks for the following ratings were revised to positive:

    * Foreign currency long-term deposit rating of B1
    * Foreign currency senior unsecured debt rating of Ba3

The outlooks for the following ratings were unaffected by the
action, and remain stable:

    * BFSR of E+, foreign currency Not-Prime short-term deposit
      rating

    * Foreign currency hybrid tier-1 rating of B3


* Moody's Assigns Positive Outlook to Key Ratings and Ceiling
-------------------------------------------------------------
Moody's Investors Service has changed to positive from stable
the outlook on the Philippines' key ratings and ceilings.  The
rating action is prompted by progress in stabilizing public
sector finances and an easing in the government's dependence on
external financing.

The affected ratings include the B1 long-term government
foreign- and local-currency ratings, the B1 foreign-currency
bank deposit ceiling and Ba3 foreign currency country ceiling.

"Improved macroeconomic conditions and fiscal performance are
mutually reinforcing each other," said Moody's Senior Vice
President Tom Byrne.  "Low inflation has anchored inflationary
expectations, despite upward pressure from high international
food and oil prices."

A stronger peso and lower domestic interest rates have
significantly lowered debt service payments, he said, freeing
budgetary resources for much-needed infrastructure spending,
which is helping to resuscitate the long-languishing levels of
investment in the country's economy.

"The government has not masked inflation by subsidizing retail
petroleum prices, thereby avoiding contingent fiscal liabilities
and adding pressure on the balance of payments by encouraging
higher oil imports," said Byrne.  This policy also avoids
running into political problems down the road, if subsidies were
to become too costly and needed to be rolled back.

In addition, he said, smaller budget deficits and the country's
improved external payments position have allowed the government
to prepay external public sector debt, to shift budgetary
financing to depend less on foreign funding, and to arrest the
accumulation of government debt in nominal terms.  The
Philippines' key debt ratios are well along on a declining
trend, although these remain weaker than most of the
Philippines' rating peers.

"We believe the government will continue to face considerable
challenges in sustaining progress in strengthening its fiscal
position, and deficit reduction may not be as readily achievable
as in the past several years," said Byrne.  "Populist, political
maneuvering in Congress may water down the tax effort, and
spending pressures may increase well before the 2010
presidential election."

"For the rating to move up, there will need to be continued
commitment to fiscal consolidation, through a stronger revenue
effort, expenditure restraint, or a combination of both," said
Byrne.  Continued progress in reform and restructuring of the
power sector is also necessary to keep public finances on firmer
ground.  "Ultimately, debt ratios will need to be reduced from
their current high levels and will need to move closer to levels
consistent with Ba-rated countries."

On the other hand, he added, negative credit implications would
likely follow from a lapse in fiscal discipline or macroeconomic
or political instability that leads to disruption in the
government's access to debt markets, or to renewed volatility in
the exchange rate or interest rates.


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

MAGNATECH PTE: Requires Creditors to File Claims by Feb. 16
-----------------------------------------------------------
The creditors of Magnatech Pte. Ltd. are required to file their
proofs of debt by February 16, 2008, for them to be included in
the company's dividend distribution.

The company's liquidator is:

          Chou Kong Seng
          17 Jurong Port Road
          Singapore 619092


MOX MANAGEMENT: Requires Creditors to File Claims by Feb. 18
------------------------------------------------------------
Mox Management Pte Ltd requires its creditors to file their
proofs of debt by February 18, 2008, for them to be included in
the company's dividend distribution.

The company's liquidator is:

          Goei Beng Kiong Alan
          1 Coleman Street #06-10
          The Adelphi
          Singapore 179803


P K SUMMIT: Pays First Preferential Dividend to Creditors
---------------------------------------------------------
P K Summit Pte Ltd, which is in voluntary liquidation, paid
first preferential and ordinary dividend to its creditors.

The company paid 100% on account of all received claims.

The company's liquidator is:

          Foo Kon Tan Grant Thornton
          331 North Bridge Road
          #04-04/05 Odeon Towers
          Singapore 188720


VIVA REALTY: Court Enters Wind-Up Order
---------------------------------------
On January 11, 2008, the High Court of Singapore entered an
order to have Viva Realty Private Limited's operations wound up.

The petition was filed by Ming Teik Company Private Limited.

Viva Realty's liquidator is:

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


===============
T H A I L A N D
===============

BANK OF AYUDHYA: Establishes Used Car Seller Subsidiary
-------------------------------------------------------
The Bank of Ayudhya PCL has established a new subsidiary which
will engage in used car sale-and-lease-back business.

The subsidiary, which has been named Ayudhya Hire Purchase Co.
Ltd., has a registered capital of THB500 million divided into
50 million ordinary shares with par value of THB10 each.  The
Bank owns 99.99% of the company.

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

Bank of Ayudhya's subordinated debts carry Fitch Ratings
Services' BB+ rating.

Fitch Ratings (Thailand) Limited also assigned a National Long-
term rating of 'A+(tha)' to the debentures of Bank of Ayudhya
Public Company Limited (BAY) Tranche 1 due 2010 and Tranche 2
due 2011 of up to THB15 billion each.

The Troubled Company Reporter - Asia Pacific reported on
December 13, 2007 that Moody's Investors Service has placed on
review for possible upgrade the Bank of Ayudhya's Baa3 deposit
and debt ratings and its D- bank financial strength rating.

The following ratings have been placed on review for upgrade:

    * Bank financial strength rating of D-
    * Long-term foreign currency deposit rating of Baa3
    * Short-term foreign currency deposit rating of Prime-3
    * Senior unsecured foreign currency debt rating of Baa3

The rating action was based on BAY's track record of improving
economic solvency, increasing earnings diversification, and
strengthening risk management practices.


NATURAL PARK: Court Junks Financial Institution's Claim of Debt
---------------------------------------------------------------
The Central Bankruptcy Court has dismissed a financial
institution's claim against Natural Park PCL for repayment of
THB2.31 million for interest in a debenture.

The company had told the Stock Exchange of Thailand in its
financial statements for the third quarter of 2007 that the
official receiver of this financial institution notified the
company to pay interest.  The company then objected to the
demand.  The Central Bankruptcy Court recently ruled that since
N-PARK had paid its debts to the financial institution under its
rehabilitation plan, the company no longer has any debt
obligations and has fully paid off its debts.


Based in Bangkok, Thailand, Natural Park Public Company Limited
engages in developing, renting, leasing, selling and managing of
residential and commercial properties. Its business groups
include the operations of a luxury apartment complex, The
Natural Park Apartment, in Bangkok, the management of Novotel
Beach Resort Phanwa Phuket and the operations of french
restaurants, LENOTRE and LENOTRE BOUTIQUE. In addition, the
Company is involved in the catering services.

Natural Park has suffered consecutive annual losses for the
years ended December 31, 2006, and December 31, 2005.  The
company's consolidated income statements reported net losses of
THB1.05 billion for 2006 and PHP669.83 million for 2005.


TMB BANK: Fitch Upgrades Issuer and Debt Ratings
------------------------------------------------
Fitch Ratings has upgraded the following ratings of TMB Bank
Public Company Limited, as follows:

    * Long-term foreign currency Issuer Default Rating (IDR) to
      'BBB-' (BBB minus) from 'BB+'

    * Short-term foreign currency IDR to 'F3' from 'B'

    * Foreign currency subordinated debt rating to 'BB+' from
      'BB'

    * Foreign currency Hybrid Tier 1 issue rating to 'BB-' (BB
      minus) from 'B'

    * Individual rating to 'C/D' from 'D'

    * National Long-term rating to 'A+(tha)' from 'A(tha)'

    * National subordinated debt to 'A(tha)' from 'A-(tha)' (A
      minus (tha))

Meanwhile, TMB's Support Rating Floor has been affirmed at 'BB',
the Support rating at '3' and National Short-term rating at
'F1(tha)'.  At the same time, TMB is removed from Rating Watch
Evolving from which it was placed on in October 2007 following
the announcement of the capital raising and possible entry of
ING Bank NV (ING) as a major shareholder.  The Outlooks on the
Long-term foreign currency IDR and National Long-term rating are
Stable.

The rating upgrade is based on the large capital raising of THB
37.7 billion (about US$1.2 bn) completed at the end of December
2007 and the entry of ING (rated 'AA'/'F1+' on an international
scale) as the major strategic shareholder in the bank with a 30%
stake.  While bad loans remain high, the bank now has large loan
loss reserves and strong capital buffers to accelerate the clean
up of these legacy loans from the 1997 crisis and 2004 merger
with Industrial Finance Corporation of Thailand.  While the
current operating environment remains challenging, the
recapitalisation and operational support of ING should see TMB's
performance improve markedly over the next one to two years.

TMB incurred further large provisions in 4Q, which saw loan loss
coverage ratios improve to 70% from 56% the prior year. Given
the large losses taken in 2007, it is likely the bank will
return to profitability in 2008. This should permit the renewal
of coupon payments on its Hybrid Tier 1 in June 2008, hence the
2-notch upgrade to 'BB-' (BB minus).

In the longer-term, ING should help strengthen TMB's wholesale
and retail banking franchise, bancassurance and asset
management, as well as have an immediate impact on its risk
management and financial performance.  ING now has three
representatives on the board of directors, including the chair
of the risk management committee.  By April 2008, ING will
deploy 15-20 staff into the TMB management team.

TMB reported a net loss of THB43.7 billion in 2007, due to
substantial loan provisions of THB30.9bn and THB10 bn in
impaired asset charges to comply with Bank of Thailand (BOT)'s
stricter IAS 39, as well as to support the acceleration of non-
performing loan (NPL) sales and resolutions, together with
goodwill charge of THB12.2bn.  While NPLs increased to THB72.4bn
or 15% at end-2007 from THB56.1bn or 10% at end-2006 due to more
stringent classification, the higher reserve coverage should
permit accelerated resolution of these loans in the next two
years.  Total capital ratio and Tier 1 capital ratio has been
restored to a relatively strong 14.4% of risk-weighted assets
and 10.7%, respectively, at end-2007.  Hybrid Tier 1 accounts
for 15% of Tier 1 capital.


=============
V I E T N A M
=============

VIETCOMBANK: To List on Ho Chi Minh City Stock Exchange in June
---------------------------------------------------------------
Vietcombank, or Commercial Bank for Foreign Trade of Vietnam,
will hold a shareholders meeting by the end of March and will
list on the Ho Chi Minh City Stock Exchange in June, whether or
not it has named any foreign strategic investors, Asia Pulse
reports.

According to Asia Pulse, Vietnam's Prime Minister said in an
official letter that Vietcombank would be able to negotiate with
foreign partners with no fixed deadlines until they find
suitable strategic investors.

Vietcombank may lawfully sell as much as 20% of equity to
foreign strategic investors, although shares cannot be offered
at a unit price lower than the VND107,860 established in last
month's IPO, the report says.  Asia Pulse notes that Vietcombank
shares are currently being traded in the over-the-counter market
at under VND100,000 per share.

Asia Pulse recounts that before the IPO, Vietcombank had
reportedly been negotiating with three potential foreign
investors -- Goldman Sachs, Nomura Holdings Inc, and General
Electric.  However, none of them could agree on share prices.

The report points out that the Government directed the bank to
proceed with the IPO, despite not having concluded a deal with a
strategic investor and despite a prior order by the Prime
Minister that state-owned banks undergoing equitization must
have foreign strategic investors on board before their IPOs.

The Prime Minister has also approved Vietcombank's proposal to
retain 30% of capital gained from its IPO to invest in
infrastructure development, Asia Pulse adds.

The report says that in its IPO, Vietcombank sold shares
representing a 6.5% equity in the bank, fetching
VND9.95 trillion (US$621 million).  Under Vietcombank's
proposal, therefore, it would keep US$186.47 million worth of
proceeds from the IPO, while the remaining proceeds would go to
the State.


Vietcombank, or the Bank for Foreign Trade of Vietnam, is one of
four state-run banks earmarked for partial privatization in
2007.  According to reports, the bank is Vietnam's third-largest
lender by assets, with assets of US$11.3 billion at the end of
June 2007.

The Troubled Company Reporter-Asia Pacific reported on Feb. 14,
2007, that Standard & Poor's Ratings Services assigned its
'BB/B' counterparty credit ratings on Vietcombank.  The outlook
is stable.  Standard & Poor's also assigned a Bank Fundamental
Strength Rating of 'D' on the bank.





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Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Marites Claro, Mark Andre Yapching, Azela Jane
Taladua, Rousel Elaine Tumanda, Valerie Udtuhan, Tara Eliza
Tecarro, Freya Natasha Fernandez-Dy, Frauline Abangan, and Peter
A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

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