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

                     A S I A   P A C I F I C

            Friday, February 8, 2008, Vol. 11, No. 28

                            Headlines

A U S T R A L I A

BANDSPEED PTY: Commences Liquidation Proceedings
CLELANDS COLD: To Declare First Dividend on March 7
E & R TORRESAN: Placed Under Voluntarily Liquidation
FUTURIS CORP: First-Half Profit Drops 18% to AU$27.1 Million
G.P. BURNS: Members to Receive Wind-Up Report on February 20

GLEN GERIATRIC: Members & Creditors to Meet on February 14
H.W.H. COMPUTING: Placed Under Voluntary Liquidation
JANONA INVESTMENTS: Members' Final Meeting Slated for Feb. 20
J & I CABINET: Members & Creditors Set to Meet on February 14
M.E.M. INDUSTRIES: Members Agree on Voluntary Liquidation

MODERN COMMUNICATIONS: Undergoes Liquidation Proceedings
NEOVEST LTD: Supreme Court Orders Winding Up Due to Insolvency
SCOTT-OSMOND HOLDINGS: Members' Meeting Set for February 20
SUNCORP-METWAY: Sees Lower Profit for Six Months Ended Dec. 31
SYMBION: To Reconsider Primary's AU$2.7-Billion Takeover Bid

ZINIFEX: Allegiance Says AUS$1/Share Bid is Inadequate


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

ARDA DESIGN & DECORATION: Liquidators Quit Post
ARDA INTERIOR: Liquidators Quit Post
COASTAL SHIPPING: Leung Shu Yin, William Quits Liquidator Post
ICBC: Secures Approval to Establish Unit in Doha, Qatar
ISLAND PARADISE: Members' Meeting Fixed for March 12

KASPAR INVESTMENT: Creditors' Meeting Fixed for March 5
MALOWIN COMPANY: Creditors' Meeting Fixed for March 3
POLYCROWN ENGINEERING: Liquidators Quit Post
SAME LICK: Members' Meeting Set for March 3
SOCIETE GENERALE: Liquidators Quit Post

YUEN CHEONG: Members' Meeting Fixed for February 14


I N D I A

ASIA PACK: Profit Slides 99% to INR390,000 in Qtr. Ended Dec. 31
BAGALKOT UDYOG: Incurs INR2.54-Mil. Loss in Qtr. Ended Dec. 31
BHARTI AIRTEL: Equity Firm KKR to Invest US$250 Million in Unit
EMCO LTD: Shareholders to Consider Stock Split at Feb. 25 EGM
GMAC LLC: Moody's Downgrades Senior Unsecured Rating to 'B1'

HUGHES NETWORK: Indian Unit Inks Broadband Deal With Comat
QUEBECOR WORLD: Gets Interim OK to Use US$1 Billion DIP Facility
TATA MOTORS: To Meet With Jaguar and Land Rover Union Today
TATA MOTORS: Unit to Supply Parts for Boeing 787 Dreamliner
TATA STEEL: To Supply Steel for Volkswagen and Nissan-Renault


I N D O N E S I A

BANK NEGARA: Hires Gatot Suwondo as New Company President
EXCELCOMINDO PRATAMA: Telekom Malaysia Raises Stake to 83.8%
INDOSAT: May Spend US$100 Million to Buy Back Debt
INDOSAT: Sidley Austin Represents Firm on US$228.5MM Financing
PERUSAHAAN LISTRIK: Says Gov't Subsidy is Not Enough


J A P A N

BOSTON SCIENTIFIC: Posts US$458 Mln Net Loss in Fourth Qtr. 2007
FORD MOTOR: Toyota & Ford Unaffected by Plastech's Bankruptcy
SPANSION INC: Posts US$49.5 Mil. Net Loss in 2007 Fourth Quarter
YAMATO LIFE: JCR Affirms B+ Rating with Stable Outlook


K O R E A

C&M CO: Partners With Harmonic Inc. to Deploy New Services


M A L A Y S I A

ARK RESOURCES: Members to Consider Debt Restructuring on Feb 28
ELECTRONIC DATA: To Pay US$0.05 Per Share Dividend on March 10
MEGAN MEDIA: Mulls on Winding Up of Operations
SOLUTIA INC: Aims to Assume Wal-Mart Deals Under Terms of Plan


N E W  Z E A L A N D

AIR NEW ZEALAND: Gets World's Best Passenger Service Award
AIR NEW ZEALAND: Rolls Out New Domestic In-Flight Offering
ALPHA AVIATION: Shareholders Resolve to Liquidate Business
ARMOUR ROOFING: Court to Hear Wind-Up Petition on February 11
C & N BUILDERS: Faces Accident Compensation's Wind-Up Petition

CASINO PARK: Subject to Pegasus' Wind-Up Petition
FL VINEYARD: Subject to CIR's Wind-Up Petition
HFC LTD: Wind-Up Petition Hearing Set for February 14
ICPBIO LTD: Halves Loss to NZX3.2 Mil. in July-Dec. 2007
IL VILLAGGIO: Wind-Up Petition Hearing Set for February 28

MAINLY CHAIRS: Subject to CIR's Wind-Up Petition
MATATA HOTEL: Wind-Up Petition Hearing Set for March 10
NEW ZEALAND MOTEL: Court to Hear Wind-Up Petition on Feb. 7
OODIAN (GLENFIELD): Court to Hear Wind-Up Petition on March 6
PARTS IMPORTS: Wind-Up Petition Hearing Slated for February 21

SOLOMON SCAFFOLDING: Wind-Up Petition Hearing Set for Feb. 14
VALLEY CONCRETE: Court to Hear Wind-Up Petition on February 11
WINSLOW MANAGEMENT: Subject to Beca Carter's Wind-Up Petition


P H I L I P P I N E S

CHIQUITA BRANDS: 7-1/2% Noteholders Approve Indenture Amendments
CHIQUITA BRANDS: Mulls Offering US$150 Mil. of Conv. Sr. Notes
MANILA ELECTRIC: CEDC Deal is for Settlement of MIESCOR Debt
PRC LLC: U.S. Trustee Appoints Seven-Member Creditors Committee
PRC LLC: Wants to Employ Philip Goodeve as CFO

PRC LLC: Gets Court Nod to Hire Epiq as Claims & Noticing Agent
RCBC: Fitch Puts B+ Long-Term Rating on Subordinated Notes


S I N G A P O R E

BENCHMARK ELECTRONICS: Earns US$21 Mil. in Fourth Quarter 2007
LACOS INTERNATIONAL: Court to Hear Wind-Up Petition on Feb. 15
MITSUI CREATE: Requires Creditors to File Claims by March 3
MOBILITY SHIPPING: Court Enters Wind-Up Order
SEAGATE TECH: Board of Directors OK's US$2.5BB Share Repurchase

SEAGATE TECHNOLOGY: S&P's BB+ Rating Unmoved by Share Repurchase


V I E T N A M

* VIETNAM: Transportation Firms to File Bankruptcy

* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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

BANDSPEED PTY: Commences Liquidation Proceedings
------------------------------------------------
Bandspeed Pty Ltd's members agreed on December 27, 2007, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed John Georgakis and Kathryn
Warwick of Ernst & Young to facilitate the sale of its assets.

The Liquidators can be reached at:

          John Georgakis
          Kathryn Warwick
          Ernst & Young
          Level 26, 8 Exhibition Street
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9288 8000

                        About Bandspeed Pty

Bandspeed Pty Ltd is a distributor of computer peripheral
equipments.  The company is located at Melbourne, in Victoria,
Australia.


CLELANDS COLD: To Declare First Dividend on March 7
---------------------------------------------------
Clelands Cold Storage and Distribution Pty Ltd will declare its
first dividend on March 7, 2008.

Creditors are required to file their proofs of debt by Feb. 22,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          P. Newman
          HLB Mann Judd
          Level 1, 160 Queen Street
          Melbourne, Victoria 3000
          Australia

                        About Clelands Cold

Clelands Cold Storage and Distribution Pty Ltd is a distributor
of  durable goods.  The company is located at Clayton, in
Victoria, Australia.


E & R TORRESAN: Placed Under Voluntarily Liquidation
----------------------------------------------------
E & R Torresan Pty Ltd's members agreed on December 21, 2007, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Robyn Erskine and Peter Goodin
at Brooke Bird & Co. to facilitate the sale of its assets.

The Liquidators can be reached at:

          Robyn Erskine
          Peter Goodin
          Brooke Bird
          Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East, Victoria 3123
          Australia
          Telephone:(03) 9882 6666

                       About E & R Torresan

Located at Donvale, in Victoria, Australia, E & R Torresan Pty
Ltd is an investor relation company.


FUTURIS CORP: First-Half Profit Drops 18% to AU$27.1 Million
------------------------------------------------------------
Futuris Corporation Limited's first half profit dropped 18% to  
AU$27.1 million from AU$33.1 million a year earlier due to an
increase in interest expenses, various reports say.

According to Egoli News, first-half underlying EBIT generated by
continuing operations rose by 29% to AU$61.8 million from
AU$48 million last year.  The company noted that the first half
figure excluded AU$10.1 million in earnings from discontinued
operations, the report relates.

Futuris told the news agency the increased EBIT was generated
from slightly higher sales revenue of AU$1,497 million from
AU$1,495 million.  However, Egoli points out, a sharp increase
in interest expense over the period offset EBIT growth and took
its toll on the company's half-year bottom line.

Reuters reports that the company's net interest costs in the  
half increased to AU$24.2 million from AU$15.6 million, due to
higher interest rates and debt levels.  In addition, Niraj Shah
of Egoli writes, about AU$4 million of interest relating to
property development projects in the 2007 first half was
capitalized.

By segment, Elders Rural Services division, Reuters notes,
contributed AU$23.0 million in the half, up 70% from a year ago
as it kept costs down despite continued drought conditions in
Australia.  Futuris told Reuters it saw full-year earnings
within the range of market expectations.

Meanwhile, Egoli News relates, Elders Financial Services
contributed underlying EBIT of AU$15.2 million, from AU$16.8
million last year.  While Elders Rural Bank maintained its
contribution at AU$9.7 million, the report adds.

Analysts expect full-year net profit of AU$107.5 million,
according to Reuters Estimates, up from AU$101.7 million a year
earlier.

Company Chief Executive Officer Les Wozniczka was quoted by
Bloomberg News as saying, "This was a very tough half for us and
we are glad to have it behind us."  The company expects a strong
second half, dependent on seasonal conditions, the report adds.

                     About Futuris Corp.

Adelaide, Australia-based Futuris Corporation Limited --
http://www.futuris.com.au/default.asp-- is engaged in the   
provision of farm services to the rural sector; financial
services to rural and regional customers, and management of
investor-funded hardwood plantations and manufacture of sawn
timber products.  The company also operates businesses in
automotive componentry supply, and property ownership and
development.  Its segments comprise Rural services, which
includes the provision of agricultural products and services
through a common distribution channel; Forestry, which includes
the Company's interests in forestry plantations and processing;
Automotive Components, which is engaged in manufacturing and
sales of automotive components, of which the key components are
seating, heating ventilating and air-conditioning systems;
Property, which includes the sale and development of land, and
commercial developments and holding an equity interest in a
listed property trust, and Investment and Other, which includes
investment activities.

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


G.P. BURNS: Members to Receive Wind-Up Report on February 20
------------------------------------------------------------
The members of G.P. Burns Pty. Ltd. will meet on February 20,
2008, at 9:15 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham, Victoria 3192
          Australia

                          About G.P. Burns

G.P. Burns Pty Ltd is an operative builder.  The company is
located at Paradise Waters, in Queensland, Australia.


GLEN GERIATRIC: Members & Creditors to Meet on February 14
----------------------------------------------------------
The members and creditors of Glen Geriatric Services Pty Ltd
will meet on February 14, 2008, at 9:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          O'Keeffe Walton Richwol
          Suite 3, 431 Burke Road
          Glen Iris, Victoria 3146
          Australia

                        About Glen Geriatric

Glen Geriatric Services Pty Ltd provides building cleaning and
maintenance services.  The company is located at South Yarra, in
Victoria, Australia.


H.W.H. COMPUTING: Placed Under Voluntary Liquidation
----------------------------------------------------
H.W.H. Computing Pty Ltd's members agreed on December 31, 2007,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Brendan John Marchesi at
Bent & Cougle Pty Ltd to facilitate the sale of its assets.

The Liquidator can be reached at:

          Brendan John Marchesi
          Bent & Cougle Pty Ltd
          Chartered Accountants
          Level 5, 332 St Kilda Road
          Melbourne, Victoria 3004
          Australia

                      About H.W.H. Computing

H.W.H. Computing Pty Ltd operates non-classifiable
establishments.  The company is located at Endeavour Hills, in
Victoria, Australia.


JANONA INVESTMENTS: Members' Final Meeting Slated for Feb. 20
-------------------------------------------------------------
The members of Janona Investments Pty. Ltd. will have their
final meeting on February 20, 2008, at 9:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham, Victoria 3192
          Australia

                      About Janona Investments

Janona Investments Pty Ltd operates offices of holding
companies.  The company is located at Toorak, in Victoria,
Australia.


J & I CABINET: Members & Creditors Set to Meet on February 14
-------------------------------------------------------------
J & I Cabinet Makers Pty Ltd will hold a meeting for its members
and creditors on February 14, 2008, at 11:00 a.m.

At the meeting, O'Keeffe Walton Richwol, J & I Cabinet's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.

The Liquidator can be reached at:

          O'Keeffe Walton Richwol
          Suite 3, 431 Burke Road
          Glen Iris, Victoria 3146
          Australia

                       About J & I Cabinet

J & I Cabinet Makers Pty Ltd is a distributor of wood kitchen
cabinets.  The company is located at Clayton, in Victoria,
Australia.


M.E.M. INDUSTRIES: Members Agree on Voluntary Liquidation
---------------------------------------------------------
M.E.M. Industries Pty Ltd's members agreed on January 4, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Geoff Handberg at Rodgers
Reidy to facilitate the sale of its assets.

The Liquidator can be reached at:

          Geoff Handberg
          Rodgers Reidy
          Chartered Accountants
          Level 10, 200 Queen Street
          Melbourne, Victoria 3000
          Australia

                       About M.E.M. Industries

Located at Campbellfield, in Victoria, Australia,
M.E.M. Industries Pty Ltd is an investor relation company.


MODERN COMMUNICATIONS: Undergoes Liquidation Proceedings
--------------------------------------------------------
Modern Communications Pty Ltd's members agreed on Dec. 20, 2007,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Robyn Erskine and Peter
Goodin at Brooke Bird & Co. to facilitate the sale of its
assets.

The Liquidators can be reached at:

          Robyn Erskine
          Peter Goodin
          Brooke Bird
          Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East, Victoria 3123
          Australia
          Telephone:(03) 9882 6666

                    About Modern Communications

Modern Communications Pty Ltd, which is also trading as Optus
World, operates miscellaneous retail stores.  The company is
located at Niddrie, in Victoria, Australia.


NEOVEST LTD: Supreme Court Orders Winding Up Due to Insolvency
--------------------------------------------------------------
The Supreme Court of Queensland ordered Feb. 5 for the winding
up of Neovest Ltd.'s operations as a result of insolvency and
for just and equitable grounds as recommended by the Australian
Securities and Investments Commission.

ASIC applied for Neovest winding up in November 2007.  
Subsequent to the Court's ruling, Jonathan McLeod was named
voluntary administrator for the company beginning Jan. 10, 2008.

Neovest, a company linked to failed property developers Neo Lido
Pty Ltd and Neolido Holdings Pty Ltd., raised capital from the
public between February 2004 and March 2005 by issuing
redeemable preference shares. Funds were then lent to the Neo
Lido Group of Companies (including Neo Lido and Neolido
Holdings).  Neovest was to receive interest on these loans and
use the interest payments to pay dividends to the preference
shareholders.

Neovest raised over US$13 million.  The company ceased paying
dividends to shareholders in July 2005.

                           Background

ASIC commenced proceedings against Neovest following concerns
that the security taken by the company for its loans to Neo Lido
and Neolido Holdings were almost exclusively third, fourth or
fifth ranking mortgages over properties.  At the time, Neo Lido
and Neolido Holdings were already in default under earlier
mortgages.

ASIC also alleged Neovest was operating while insolvent and was
primarily raising funds for two companies which had already been
wound up.

In November 2005, the Supreme Court of Queensland ordered the
winding up of Neo Lido and Neolido Holdings following an ASIC
application to wind up the companies on grounds of insolvency.  
Accounts lodged with ASIC on 24 May 2007 by the liquidator of
Neo Lido and Neolido Holdings indicate that Neo Lido had
liabilities of more than US$38 million and Neolido Holdings had
liabilities of more than US$29 million.  Dividends were not
expected to be paid to any class of creditor in either company.

SCOTT-OSMOND HOLDINGS: Members' Meeting Set for February 20
-----------------------------------------------------------
Scott-Osmond Holdings Pty. Ltd. will hold a final meeting for
its members on February 20, 2007, at 9:45 a.m.

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

The Liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham, Victoria 3192
          Australia

                     About Scott-Osmond Holdings

Scott-Osmond Holdings Pty Ltd operates offices of holding
companies.  The company is located at St Marys, in New South
Wales, Australia.


SUNCORP-METWAY: Sees Lower Profit for Six Months Ended Dec. 31
--------------------------------------------------------------
Suncorp-Metway Ltd. told Garfield Reynolds at Bloomberg News
that the company may realize lower profit for the six months
ended Dec. 31, 2007, due to higher credit costs.  

The company lowers profit forecast by as much as to AUS$85
million, the same report says.  It estimated claim costs for
weather-related damages to reach AUS$280 million, up from the
usual AUS$100 million.  

On a positive note, the company expects to boost earnings by
AUS$325 million from its purchase of Promina Group Ltd., the
Sydney Morning Herald relates.  The projected gain from Promina
caused the company's shares to gain 63 cents on Friday.

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in retail and
business banking, general insurance, life insurance,
superannuation and funds management with a focus on retail
consumers and small to medium businesses.  Its brand offering
includes Suncorp and GIO, with GIO being the main insurance
brand outside of Queensland.

On March 20, 2007, Fitch Ratings gave a 'B' rating on Suncorp's
Individual Rating.

Subsequently, on May 4, 2007, Moody's Investors Service rated
Suncorp-Metway's bank financial strength a 'B-'.


SYMBION: To Reconsider Primary's AU$2.7-Billion Takeover Bid
-----------------------------------------------------------
Symbion Health Ltd may reconsider its rejection of Primary
Health Care Ltd's AU$2.7-billion takeover offer if Primary wins
50% shareholder acceptance, various reports says.

According to Reuters, Primary said it would declare its offer
unconditional if it won 50% acceptances.  The offer of AU$4.10 a
share was final and would not be increased, the company added.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2007, Symbion Health's board told shareholders to
reject Primary Health Care's AU$2.65-billion offer, reiterating
that its offer price "does not adequately compensate" the
holders.

Jonathan Standing of Reuters writes that as of Feb. 6, Primary
held 44.63% of Symbion, 21.47% of which was held in an
institutional acceptance facility, from which the original
owners may withdraw their shares.

Symbion told The Sydney Morning Herald that Primary still did
not have certain funding to pay shareholders who accept the
offer as the underwriters for the equity funding of the offer
had reserved their rights to terminate as a result of market
falls that occurred in January.  "Primary has also not decided
whether to waive the index decline condition in its offer, which
it claims was also triggered by those market falls," Symbion was
quoted by The Herald as saying.

Reuters notes that Primary said that if it does not reach a 50%
interest by Feb. 12, it will not extend its bid beyond Feb. 21,
unless a competing offer emerges.

Symbion said the board will reconsider its recommendation in
light of the lifting of conditions, effective control of Symbion
Health passing to Primary, and current sharemarket conditions,
Reuters adds.

                     About Symbion Health

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

                       *     *     *

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


ZINIFEX: Allegiance Says AUS$1/Share Bid is Inadequate
------------------------------------------------------
Allegiance Mining NL has repeated its advice to shareholders to
reject the takeover offer by Zinifex Ltd, stating that the
implied premium offered by Zinifex is significantly less than
for recent transactions in the mining sector.

"Allegiance Directors have not accepted the AUS$1.00 a share
offer, nor has our major shareholder, Jinchuan Group Limited,"
Allegiance Chairman Tony Howland-Rose said in a statement.  "It
remains unsolicited, opportunistic and inadequate."

Allegiance said that analysis of other recent transactions in
the mining sector showed that the Zinifex offer did not stack
up.  Allegiance found that the average premia in recent pending
and completed Australian mid-sized base metal mining
transactions is 78% to the closing price of the target company
on the day prior to announcement of the takeover offer,
significantly in excess of the implied premium of 41% Zinifex is
offering.

Further, Allegiance has undertaken a benchmarking exercise based
on Xstrata's offer for Jubilee Mines.  Allegiance believes that
applying the enterprise value/resources multiples implicit in
this benchmarking comparison to the Allegiance resource base
gives an implied range per Allegiance share of AUS$1.29 to
AUS$1.65 per share, which is substantially in excess of the
Zinifex offer.  This benchmarking data has been provided to
shareholders to assist them in further understanding the Board's
deliberations and recommendation.

Mr. Howland-Rose also noted that:

* Allegiance shares continue to trade above the Zinifex offer
  price.

* In the four weeks since Zinifex's offer has been open it has
  only received acceptances of 0.03% (which equates to
  approximately 207,500 shares out of a total undiluted share
  register of approximately 774.9 million shares), showing the
  offer had not been well received by shareholders.

* Recent exciting drilling results vindicate directors' optimism
  regarding likely continued growth in the Avebury resource
  base.

* Allegiance has received approaches from a number of third
  parties and discussions are continuing.  No proposal has yet
  been reached that is capable of being put forward to
  shareholders.

"We believe we have an excellent year ahead," Mr. Howland-Rose
said.  "Allegiance is now well positioned to deliver long term
benefits in terms of revenue and further discovery in the Nickel
Province.  We believe our shareholders will hold tight."

    For Further Information Contact:
    Media:
    Andrew Stokes, Third Person,
    +61 416 967 038

Shareholders: Information line on 1300 135 871 (foreign holders
please dial +61 3 9415 4395)

The Troubled Company Reporter-Asia Pacific reported on Jan. 21
that Allegiance is trading above Zinifex's offer price.  Reuters
notes that Allegiance's board has already rejected the bid,
saying it undervalued the company's growth prospects.

Zinifex, as widely reported by the media, wants control of
Allegiance's Avebury nickel mine in Tasmania, which has a
AU$3-billion supply agreement with China's Jinchuan Group Ltd.

                     About Allegiance Mining

Allegiance Mining is an Australian nickel mining company that is
about to commission its first nickel project located in
Tasmania.  Its Avebury nickel project is due to start production
in 1Q-08 and the company has an on-going exploration effort
targeting nickel sulphide deposits.

                      About Zinifex Ltd.

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in    
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.  
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.               
           

                      *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Dec. 18, 2007, that Fitch Ratings affirmed Zinifex Limited's
'BB+' Long-term foreign currency Issuer Default Rating (IDR),
following the announcement of an all cash offer for Allegiance
Mining NL (Allegiance).  Fitch said the outlook is stable.

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

ARDA DESIGN & DECORATION: Liquidators Quit Post
-----------------------------------------------
On February 1, 2008, Desmond Chung Seng Chiong and Roderick John
Sutton, stepped down as liquidator for Arda Design & Decoration   
Limited, which is undergoing liquidation.


ARDA INTERIOR: Liquidators Quit Post
------------------------------------
On February 1, 2008, Desmond Chung Seng Chiong and Roderick John
Sutton, stepped down as liquidator for Arda Interior Design   
Limited.


COASTAL SHIPPING: Leung Shu Yin, William Quits Liquidator Post
--------------------------------------------------------------
On January 21, 2008, Leung Shu Yin, William, stepped down as
liquidator for Coastal Shipping Limited, which is undergoing
liquidation.


ICBC: Secures Approval to Establish Unit in Doha, Qatar
-------------------------------------------------------
The Industrial and Commercial Bank of China has gotten approval
from the Qatar Financial Center to operate a branch in Doha,
Xinhua news agency relates.

The consent was made possible due to closer economic and trade
ties, bank officials told Xinhua.  This is the first time that a
Chinese bank has been granted approval to start a business in
the Persian Gulf region.      

The new unit, according to the same report, will emphasize on
wholesale commercial banking, asset management, investment
consulting, and trust services.

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

On Sept. 18, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings affirmed ICBC's Individual D/E
rating.

Moody's Investors Service upgraded on December 6, 2006, to D-
from E+ the Bank Financial Strength Rating for Industrial and
Commercial Bank of China.  The D- BFSR has a stable outlook.  
The upgrade concludes a review of ICBC's BFSR started on Aug. 9,
2006.

ISLAND PARADISE: Members' Meeting Fixed for March 12
----------------------------------------------------
Dominic Kuin Ngee, Tai, Island Praise Limited's appointed estate
liquidator, will meet with the company's members on March 12,
2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Dominic Kuin Ngee, Tai
          16E Neich Tower
          128 Gloucester Road
          Wanchai, Hong Kong


KASPAR INVESTMENT: Creditors' Meeting Fixed for March 5
-------------------------------------------------------
Ngan Lin Chun Esther,Kaspar Investment Limited's appointed
estate liquidator, will meet with the company's members on
March 5, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Ngan Lin Chun Esther
          1902 Mass Mutual Tower
          38 Gloucester Road
          Wanchai, Hong Kong

                   About Kaspar Limited

Kaspar Investment Limited commenced liquidation proceedings on
December 7, 2007.


MALOWIN COMPANY: Creditors' Meeting Fixed for March 3
-----------------------------------------------------
Natalia Seng Sze Ka Mee, Malowin Company Limited's appointed
estate liquidator, will meet with the company's members on
March 3, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Natalia Seng Sze Ka Mee
          Cynthia Wong Tak Yee
          Level 28
          Three Pacific Place
          1 Queensway Road East
          Hong Kong


POLYCROWN ENGINEERING: Liquidators Quit Post
--------------------------------------------
On February 1, 2008, Desmond Chung Seng Chiong and Roderick John
Sutton, stepped down as liquidator for PolyCrown Engineering   
Limited, which is undergoing liquidation.


SAME LICK: Members' Meeting Set for March 3
-------------------------------------------
Lo Wing Hung, Same Lick Industrial Limited's appointed estate
liquidator, will meet with the company's members on
March 3, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Lo Wing Hung
          5th Floor
          Gloucester Tower
          The Landmark
          11 Pedder Street
          Central, in Hong Kong


SOCIETE GENERALE: Liquidators Quit Post
------------------------------------
On February 1, 2008, Paul Jeremy Brough and Patrick Cowley,
stepped down as liquidator for Societe Generale Asia Investment
Limited, which is undergoing liquidation.


YUEN CHEONG: Members' Meeting Fixed for February 14
---------------------------------------------------
Lam Kui Ling Jennie, Yuen Cheong Sawmill Limited's appointed
estate liquidator, will meet with the company's members on
February 14, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Lam Kui Ling Jennie
          DD96 Lot 2240 J1
          Ma Cho Lung
          Sheung Shui
          N.T.


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

ASIA PACK: Profit Slides 99% to INR390,000 in Qtr. Ended Dec. 31
----------------------------------------------------------------
Despite the absence of revenue from sales, Asia Pack Ltd managed
to report a net profit of INR390,000 in the three months ended
Dec. 31, 2007.  The bottom line, however, is a 99% slide from
the INR67.71-million profit earned in the corresponding quarter  
in 2006.

Revenues for the current quarter under review totaled
INR2.58 million, all from other income.  In the same quarter in
2006, the company booked total revenues of INR81.81 million,
comprised of net sales of INR80.15 million and other income of
INR1.66 million.

The company's manufacturing business was disposed off in 2005-
2006 as part of settlement with the company's bankers.  
Currently, the company derives its revenues from business
consultancy services.

With operating expenditure of INR17.19 million, the company
posted an operating profit of INR640,000 in Oct.-Dec. 2007.

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?27da

Incorporated in April 1985, Asia Pack Ltd originally was into
manufacturing PP/HDPE woven sacks. In 2005-2006, the company
sold off its industrial unit and all its assets to raise
resources under A one-time settlement with its bankers,
resulting in the company discontinuing its manufacturing
activities.

Consequent to disposal of the ompany's industrial undertaking,
it has taken up business of providing business support and
allied services and acting as advisors or consultants. The
company has created a new division Renergy Consultant to
undertake business support and auxiliary services.

                          *     *     *

The company's senior unsecured debt carries Credit Analysis and
Research Limited's 'BB' rating, which agency gave placed on
June 1, 2000.


BAGALKOT UDYOG: Incurs INR2.54-Mil. Loss in Qtr. Ended Dec. 31
--------------------------------------------------------------
Bagalkot Udyog Ltd reported a net loss of INR2.54 million in the
three months ended Dec. 31, 2007, an improvement compared to the
INR10.99-million loss incurred in the corresponding period in
2006.

For the latest three-month under review, the company booked zero
revenues and operating expenditures of INR2.48 million, hence an
operating loss of the same amount.

The company did not record any revenues in Oct.-Dec. 2007 in
view of the exclusion of the company's cement division pursuant
to a scheme for rehabilitation or de-merger that the Board for
Industrial & Financial Reconstruction approved in Oct. 12 last
year.  As per the Scheme, the cement division has been demerged
and transferred to Bagalkot Cement & Industries Ltd. with effect
from July 1, 2007.

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?27db

Bagalkot Udyog Ltd manufactures cement, clinker and other by-
products.

The company incurred heavy losses that led to the erosion of its
entire net worth.  By order dated June 2, 2000, the Board for
Industrial & Financial Reconstruction, New Delhi, had declared
the company as a sick industrial unit under the provisions of
Sick Industrial Companies (Special Provisions), Act 1985.

On May 11, 2006, the operations of the company's cement plant at
Bagalkot came to a total stop.  The company booked net losses of
INR12.68 million for the fiscal year ended March 31, 2007, and
INR59.16 million in FY 2006.

For the revival of Bagalkot Udyog, the BIFR sanctioned a Scheme
for rehabilitation or Demerger pursuant to which the company's
cement division is demerged and transferred to Bagalkot Cement &
Industries Ltd on going concern basis with effect from July 1,
2007.



BHARTI AIRTEL: Equity Firm KKR to Invest US$250 Million in Unit
---------------------------------------------------------------
Private equity firm Kohlberg Kravis Roberts & Co. has agreed to
invest US$250 million in Bharti Infratel, a wholly owned
subsidiary of the Bharti Airtel Ltd, the company informed the
Bombay Stock Exchange in a regulatory filing.  The investment
will be made by KKR's Asia private equity fund and its global
private equity fund.

The funds, the company noted, is in addition to the investment
of US$1 billion in Bharti Infratel by international investors
Temasek Holdings, The Investment Corporation of Dubai Goldman
Sachs, Macquarie, AIF Capital, Citigroup and India Equity
Partners in December 2007.

The enterprise valuation of Bharti Infratel will be in the range
of US$10-US$12.5 billion with the final valuation to be
determined on the basis of Bharti Infratel's actual operating
performance in FY 2008-09.  This investment, the company said,
reinforces the confidence of leading global investors in the
Indian telecom sector, which is now the fastest growing telecom
market in the world, and the Bharti Group.  It is also an
endorsement of the Indian Government's visionary policy on
sharing of passive infrastructure.

Bharti Infratel owns over 20,000 sites and holds an
approximately 42% stake in Indus Towers, the recently announced
joint venture between Bharti, Vodafone and Idea, which has over
70,000 sites.  Bharti Infratel and Indus Towers will provide
passive infrastructure services to all wireless telecom
operators in India on a non-discriminatory basis.  Sharing of
passive infrastructure results in capex and opex savings and
higher capital efficiency for all wireless operators, enabling
quicker roll out of services, especially in rural areas, thus
benefiting millions of people across India.

Headquartered in New Delhi, India, -- Bharti Airtel
Limited's -- http://www.bhartiairtel.in-- is a telecom services  
provider.  The company has three business units: Mobile
Services, Broadband & Telephone Services (B&TS) and Enterprise
Services.

                        *     *      *

Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel
Limited's Long-term foreign currency Issuer Default Rating at
'BB+'.  Fitch said the outlook on the rating is stable.


EMCO LTD: Shareholders to Consider Stock Split at Feb. 25 EGM
-------------------------------------------------------------
Emco Ltd's shareholders will hold an Extraordinary General
Meeting on Feb. 25, 2008, to, among others, consider the
proposed stock split that the company's board approved last
month.

Pursuant to the proposed stock split, each of Emco's equity
share of the nominal value of INR10 each will be sub-divided
into five shares of INR2 each.

Additionally, the shareholders will consider altering the
company's Memorandum of Association and Articles of Association
to reflect the changes in the company's authorized share capital
that will result from the stock split.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com-- offers transmission and distribution
solutions within the power sector in India.

Emco's senior unsecured debt carries Credit Analysis and
Research Limited's BB rating, effective May 23, 2007.


GMAC LLC: Moody's Downgrades Senior Unsecured Rating to 'B1'
------------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured rating
of GMAC LLC to B1 from Ba3.  Separately, the senior unsecured
rating of Residential Capital LLC was downgraded to B2 from Ba3.   
The rating outlook for both firms is negative.  The GMAC rating
action is a result of Moody's downgrade of ResCap's ratings.

Since Dec. 21, 2007, the ratings of GMAC and ResCap had been
aligned at Ba3, reflecting Moody's view that GMAC would likely
provide support to ResCap and that such support could compromise
GMAC's stand-alone (ex-ResCap) credit profile.  During the
fourth quarter of 2007, GMAC did in fact provide support to
ResCap, by acquiring ResCap debt at a cost of approximately $740
million, representing a substantial discount to par, and
thereafter contributing the debt to ResCap.  Upon retiring the
debt, ResCap recognized a $1.1 billion capital benefit that
helped it avoid breaching its minimum tangible net worth
financial covenant.  In Moody's view, GMAC's willingness to use
its cash and capital for this purpose diluted its own liquidity
and capital positions.

GMAC's rating downgrade contemplates that the firm will likely
continue to provide capital support to ResCap in the near term,
primarily through similar open-market debt repurchases.  Moody's
has come to believe, however, that GMAC may have a limited
tolerance for supporting ResCap if ResCap's performance and
condition fail to meet management expectations for improvement
during the first half of 2008.  GMAC's further support of ResCap
could result in additional strains on its capital and liquidity
positions.  In relation to this, creditors' appetite to extend
credit to GMAC beyond current commitments could be affected by
GMAC's continued willingness to provide support to ResCap.

"Given GMAC's strategic importance to GM, we think that GMAC's
owners will not risk the firm's viability in its efforts to
stabilize ResCap," said Moody's analyst Mark Wasden.  "GMAC's B1
rating incorporates our expectation of the level of capital that
GMAC could be required to provide to ResCap during the first two
quarters of 2008, while ResCap confronts its operational issues.   
Beyond this horizon, we believe further support from GMAC to be
less certain, as continued underperformance on the part of
ResCap could signal a failure of the firm to regain solid
footing" he added.  

This perspective results in GMAC's B1 rating being positioned
one-notch above ResCap's B2 rating.

The negative rating outlook assigned to GMAC's rating
incorporates the continuing uncertainty regarding the extent and
nature of the support GMAC may provide to ResCap.  The negative
outlook also reflects other pressures on GMAC's stand-alone
profile arising from its association with ResCap, including
higher borrowing costs and potential constraints to its access
to critical funding support.  GMAC is also beginning to contend
with deteriorating asset quality measures, brought about by a
less conducive credit environment that could also have a
deleterious effect on its access to funding and its
profitability.

Key GMAC strengths continue to be its valuable auto finance
origination and servicing franchise, its position of strength in
terms of its financing share of GM auto sales, and its diligent
liquidity and credit risk management practices.  Absent the
ResCap related stresses, GMAC's stand-alone profile could
warrant a slightly higher rating profile.  A significant
constraint to higher ratings, again setting ResCap aside, is the
firm's high stand-alone leverage and its continuing business
risk concentrations with lower-rated GM (CFR at B3).

GMAC LLC, based in Detroit, is a provider of retail and
wholesale auto financing, auto insurance and warranty products,
and through its wholly-owned subsidiary Residential Capital LLC,
residential mortgage products and services.  GMAC reported a
preliminary 2007 fourth quarter consolidated net loss of $724
million. GMAC LLC has a subsidiary in India called GMAC
Financial Services India Limited.


HUGHES NETWORK: Indian Unit Inks Broadband Deal With Comat
----------------------------------------------------------
Hughes Network Systems LLC's Hughes India has signed a contract
with Comat Technologies to supply ten thousand broadband
satellite terminals, together with its nationwide HughesNet
satellite services and applications to be delivered at rural
business centers across multiple states in India.

Comat is the premier e-governance organization in India, having
more than a decade of experience working with government,
public, private and multi-lateral organizations, and Hughes has
been the world leader in broadband satellite networks and
services for over 20 years.

Speaking about the agreement with Hughes, Comat President Sriram
Raghavan stated, "Having strong experience in delivering e-
governance solutions and services in partnership with various
states, Comat has established a unique blend of content and
delivery that has allowed the concept of a community services
center (CSC) to be become a reality.  Together with Hughes, the
company is now gearing up to deploy these CSC's throughout
India's rural regions."

Hughes Network President and CEO, Pradman Kaul added that "this
agreement demonstrates our collective ability to close the so-
called digital divide in rural India, combining our advanced
equipment technology, HughesNet satellite broadband services,
and Comat's e-governance applications.  Customers everywhere
will soon enjoy high-speed internet access, and a growing range
of e-governance and other value-added applications such as
distance learning on an affordable, pay as you go basis."

Hughes India and Comat consortium won the right to roll out the
kiosks in Sikkim, Tripura and various parts of Uttar Pradesh,
Haryana and Uttaranchal through a competitive bidding process
for the Government of India's Community Services Centers.  
Hughes India President and CEO, Pranav Roach said, "Hughes and
Comat have been working together through numerous initiatives to
bring the benefits of broadband to people in rural and semi
urban areas.  Two thousand of the 10 thousand terminals have
already been delivered, and we are working closely with Comat to
ensure smooth deployment of the HughesNet Fusion Services at
these rural centers in the five states."

                          About Comat

Based in Bangalore, India, Comat Technologies --
http://www.comat.com-- is a Social Enterprise leader in rural  
e-governance solution providers for over a decade in the
emerging economies.  The company has an enviable record of
deploying ICT (Information and Communication Technologies) in
rural and semi-urban areas.  Its expertise lies in understanding
customer needs and defining robust solutions, which stems from
its experience over the years in serving many government
departments and successfully executing projects for multi-
lateral agencies.  Through its e-governance & rural empowerment
solutions powered by public-private-partnership models, Comat
enables governments and private enterprises to reach citizens
with a host of services and products, under a single window.  
Comat is a private equity and venture capital funded profitable
company.

                 About Hughes Network Systems

Headquartered in Germantown, Maryland, Hughes Network Systems
LLC (NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned
subsidiary of Hughes Communications Inc., provides broadband
satellite networks and services for large enterprises,
governments, small businesses, and consumers.  Hughes offers
complete turnkey solutions, including program management,
installation, training, maintenance and support-for professional
and rapid deployment anywhere, worldwide.  The company owns and
operates a global base of HughesNet shared hub services
throughout the United States, Brazil, China, Europe, and India.
In Europe, Hughes maintains operations facilities and/or sales
offices in Germany, U.K., Italy, Czech Republic, and Russia.

                        *     *     *

Moody's Investors Service assigned a B1 rating to Hughes Network
Systems LLC's proposed US$115 million senior unsecured term
loan, due 2014.

In addition, the ratings agency affirmed the B1 corporate family
rating, the B1 rating on the existing US$450 million senior
notes due 2014 and the Ba1 rating on the US$50 million senior
secured revolving credit facility.  The proceeds of the new term
loan will be used primarily to fund capital expenditures and for
general corporate purposes.


QUEBECOR WORLD: Gets Interim OK to Use US$1 Billion DIP Facility
----------------------------------------------------------------
Judge James Peck of the U.S. Bankruptcy Court for the Southern
District of New York authorizes Quebecor World Inc. and its
debtor-affiliates, in the interim, to enter into a
US$1,000,000,000 DIP facility with Credit Suisse Securities
(USA), LLC, and Morgan Stanley Senior Funding Inc.

The Honorable Justice Robert Mongeon at the Superior Court of
Justice (Commercial Division), for the Province of Quebec, who
oversees the Debtors' insolvency proceedings under the
Canadian Creditors' Companies Arrangement Act, also authorizes
the Canadian Applicants to enter into the US$1,000,000,000 DIP
Facility.

Judge Peck authorizes the U.S. Debtors to borrow, pending a
final hearing, up to an aggregate of US$750,000,000 to purchase
the Receivables Portfolio from non-debtor Quebecor World
Finance, Inc., and pay for other general corporate purposes.

The DIP Lenders will be entitled an allowed administrative
expense claim with priority, subject only to a Carve-Out for
payment of professional fees and expenses, over all other kinds
of claims.  

The Carve-Out means:

   (a) unpaid fees and expenses of professionals retained by the
       Debtors or any statutory committees that are incurred
       before an Event of Default in the DIP Facility;

   (b) unpaid fees and expenses of professionals retained by the
       Debtors or any statutory committees up to an amount not
       exceeding US$20,000,000, that are incurred after the
       occurrence of an Event of Default;

   (c) reasonable fees and expenses of a Chapter 7 trustee up to
       an amount not exceeding US$250,000; and

   (d) fees to be paid to the Court and the office of the U.S.
       Trustee.

Judge Peck will convene a hearing on March 6, 2008, at 10:00
a.m., to consider final approval of the US$1,000,000,000 DIP
Facility.  Objections are due February 28.

The U.S. Court also granted a series of other requests from
Quebecor World's subsidiaries in the United States.  Among other
things, the Court authorized the Company to continue to honor
its ongoing obligations to its employees and to honor all
commitments to the Company's customers so as to ensure that
customers receive the same high level of service they depend
upon to meet their advertising and publishing needs.

             Quebecor World Beats Deadline by Minutes

Bloomberg News reports that Judge Peck approved Quebecor
World's interim loan, part of the overall request to borrow
US$1,000,000,000, eight minutes before a 5 p.m. cut-off by the
DIP Lenders.

Quebecor World's request was approved Jan. 23, 2008.

"These have been two of the worst days we have ever seen in the
credit markets, that's why there's a commitment deadline," said
Douglas Bartner, Shearman & Sterling LLP, representing Credit
Suisse Group and Morgan Stanley.

                     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.

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)



TATA MOTORS: To Meet With Jaguar and Land Rover Union Today
-----------------------------------------------------------
Tata Motors Ltd will meet with the main trade union of Jaguar
and Land Rover today in London as the Indian carmaker is nearing
a deal with Ford Motor Co., John Reed of the Financial Times
reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 31, 2008, Tata Motors is closing in on an agreement with
Ford for the sale of the Jaguar and Land Rover brands.  A deal
reportedly could be announced anytime this month to as late as
March.  Mark Fields, president of Ford's North American
operations, said on Wednesday that he hoped the in-depth talks
between Tata and Ford would be concluded in the relatively near
term, Reuters stated.

In an earlier report, TCR-AP said that Tata Motors bid for the
two luxury brands had the backing of Jaguar and Land Rover's
workers unions.  Tata Motors became the front-runner to buy the
Ford Brands when Ford announced on Jan. 3, that it has entered
into "focused negotiations at a more detailed level" with the
company.  Tata Motors outbid Mahindra & Mahindra in
collaboration with buyout firm Apollo; and One Equity Partners
LLC.

According to the FT report, Tata and Ford are currently working
through agreements covering engine supply, information
technology, intellectual property, and the two brands' financial
services.

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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

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


TATA MOTORS: Unit to Supply Parts for Boeing 787 Dreamliner
-----------------------------------------------------------
The Boeing Company has entered into an agreement with TAL
Manufacturing Solutions Ltd., a wholly owned subsidiary of Tata
Motors Ltd., for manufacturing structural components for
Boeing's 787 Dreamliner airplane program.

Under the agreement, TAL Manufacturing Solutions will build
floor beams for the 787 using new technology with advanced
titanium and composite materials.  These floor beams will be
used on the 787 Dreamliner and provide for a best-value solution
and significant weight savings. Financial terms of the agreement
were not disclosed.

“Boeing is proud to welcome Tata into its family of world-class
aerospace suppliers and we are confident that this partnership
will help Boeing and Tata leverage mutual best-value
capabilities,” said Carolyn Corvi, vice president and general
manager of Airplane Programs for Boeing Commercial Airplanes.
“This partnership between Boeing and Tata will further increase
the value of the 787 to our customers, helping make it the
world’s leading commercial airplane.“

The floor beams for the 787 airplane will be produced at TAL’s
new facility in Nagpur, India, and then transported to Boeing
partners in Japan, Italy and the United States for further
assembly.

“The production of Boeing’s structural components by TAL
indicates technical and manufacturing excellence within the
Group,” said Ravi Kant, chairman, TAL and managing director,
Tata Motors Ltd.  “We believe that this agreement has the
potential to develop into a more broad-based alliance that would
enable both organizations to utilize the best and most
competitive resources within themselves and thereby offer
greater value to customers.”

“TAL already has an established reputation in state-of-the-art
precision engineering.  The agreement with Boeing allows us to
open yet another frontier,” said Atam P Arya, managing director,
TAL.  “This would be a turning point for the Indian
manufacturing industry to gain a footprint in the global
aerospace business.”

“The Boeing-Tata partnership is strong and growing, and forms an
important part of our ongoing efforts to strengthen both our
presence in India and our strategic relationships with Indian
industry,” said Ian Thomas, president, Boeing India.  “We are
pursuing a host of growth and productivity initiatives in India
and remain deeply committed to the success of India's aerospace
sector.”

The Boeing 787 Dreamliner, the world's first mostly composite
commercial airplane, will use 20 percent less fuel per passenger
than similarly sized airplanes, produce fewer carbon emissions,
and will have quieter takeoffs and landings.  To date, the 787
has logged more than 855 orders from more than 55 customers
worldwide since program launch in 2004, making the Dreamliner
the most successful commercial airplane launch in history.

Boeing's history in India reaches back more than 60 years,
marked by success in working with airline customers, parts
suppliers, research institutes and others to provide products
and services. Boeing Commercial Airplanes’ annual Current Market
Outlook projects that India will need approximately $86 billion
worth of aircraft over the next 20 years. In December 2003,
Boeing established a wholly-owned subsidiary, Boeing
International Corporation India Private Limited (BICIPL), to
support the growing demands of India's aviation, aerospace and
defense industries.

                          About Boeing

Boeing is the world’s leading aerospace company and the largest
manufacturer of commercial jetliners and military aircraft
combined.  Additionally, Boeing designs and manufactures
rotorcraft, electronic and defense systems, missiles,
satellites, launch vehicles and advanced information and
communication systems.  As a major service provider to NASA,
Boeing operates the Space Shuttle and International Space
Station.  The company also provides numerous military and
commercial airline support services. Boeing has customers in
more than 90 countries around the world and is one of the
largest U.S. exporters in terms of sales.  Headquartered in
Chicago, Boeing employs nearly 160,000 people across the United
States and in 70 countries. Total company revenues for 2007 were
US$66.4 billion.

                           About TAL

TAL is India's premier manufacturing solutions provider to the
automotive and auto-ancillary industry with revenues over US$ 36
million for the fiscal ended 31st March, 2007.  It is a wholly
owned subsidiary of Tata Motors.

                       About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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

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


TATA STEEL: To Supply Steel for Volkswagen and Nissan-Renault
-------------------------------------------------------------
Volkswagen and Nissan-Renault have chosen Tata Steel Ltd as
steel partner for the auto majors' projects in India, Ishita
Ayan Dutt writes for the Business Standard.

According to the Business Standard, a Tata Steel spokesperson
already confirmed the development without providing details.

Tata will source out steel and will develop specific products
for Volkswagen's and Nissan-Renault's projects, BS's unnamed
sources said adding that details are currently being worked out.

Tata Motors will also supply steel for Tata Motors Ltd's
INR1-lakh Nano car, BS adds.

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.

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
=================

BANK NEGARA: Hires Gatot Suwondo as New Company President
---------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk's shareholders have
appointed former Deputy President Gatot Suwondo as the new
president, Thomson Financial reports.

NI Corporate Secretary Intan Abdams told the news agency that
Felia Salim, a former director of the Jakarta Stock Exchange,
was appointed as the new deputy president of the company.

The bank's shareholder, the report notes, also appointed Erry
Riyana Hardjapamekas as chairman of the bank's supervisory
board.  Mr. Hardjapamekas was a former president of tin miner PT
Timah and served as deputy chairman of anti-corruption body KPK,
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+'.


EXCELCOMINDO PRATAMA: Telekom Malaysia Raises Stake to 83.8%
------------------------------------------------------------
Telekom Malaysia's unit Indocel has agreed to buy 16.8% of PT
Excelcomindo Pratama for MYR1.43 billion, raising its stake in
the company to 83.8%, Reuters reports.

According to the report, Indocel will buy the stake from its own
parent, Malaysia's state investment agency Khazanah Nasional,
which has a 36.1% stake in Telekom.

Syed Azma of Reuters writes that the Telkom's business move is
in line with the group's strategy for earnings enhancements and
stability.
  
                  About Excelcomindo Pratama

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications           
services, leased lines and corporate services, which include
Internet Service Provider and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 29,
2008, Moody's Investors Service has affirmed PT Excelcomindo
Pratama Tbk's Ba2 local currency issuer rating and changed the
outlook to stable from positive.  At the same time, Moody's has
affirmed XL's Ba2 senior unsecured foreign currency rating.  
Concurrently, PT Moody's Indonesia has affirmed the company's
national scale rating of Aa1.id.  The outlook for all ratings is
stable.

On Dec 12, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit ratings on Excelcomindo Pratama and
removed them from CreditWatch with negative implications. The
outlook is stable.  The 'BB-' ratings on all foreign currency
senior unsecured debt were also
affirmed.

In May 2007, Fitch Ratings affirmed PT Excelcomindo Pratama
Tbk's Long-term Foreign Currency and Local Currency Issuer
Default Ratings at 'BB-'.  The Outlook remains Stable.  At the
same time, Fitch affirmed the 'BB-' rating on its senior
unsecured notes programme.


INDOSAT: May Spend US$100 Million to Buy Back Debt
--------------------------------------------------
PT Indosat Tbk may spend up to US$100 million to buy back a
portion of its debt maturing in 2010 and 2012, Reuters reports.

Indosat, the report notes, said the move was part of its capital
management strategy.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 28, 2007, Indosat's nine-month net profit increased 56% to
IDR 1.45 trillion.  The increase in the company's
net profit was helped by stronger revenue, the report added.

                       About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully                 
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and has also
changed the outlook to stable.  At the same time, Moody's
affirmed Indosat's Ba3 senior unsecured foreign currency rating.  
The rating outlook on the bond remains positive which is in line
with the outlook on Indonesia's foreign currency country
ceiling.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


INDOSAT: Sidley Austin Represents Firm on US$228.5MM Financing
--------------------------------------------------------------
International law firm Sidley Austin LLP represented PT Indosat
Tbk in obtaining US$228.5 million in financing to construct and
launch a new satellite, the Palapa-D.

As reported by the Troubled Company Reporter-Asia Pacific on
July 5, 2007, Indosat had appointed French firm Thales Alenia
Space France to help in the construction and launch of its new
satellite.  According to the TCR-AP, Palapa-D will replace
Palapa-C2 which will come to the end of its service life in
2011.

The financing was arranged by The Hongkong and Shanghai Banking
Corporation Limited and is being made available through two 12-
year export credit facilities and a third nine-year commercial
credit facility.  Negotiation of the financing involved
coordination with export credit agencies and suppliers in France
and China.

The Sidley team was led by the managing partner of the firm's
Singapore office, Edward D. (Tod) Eddy.  Fellow Sidley partner,
Matthew Sheridan, who is based in the firm's Hong Kong office,
has represented Indosat on several corporate finance
transactions over the past 14 years.

Mr. Eddy commented, "We are very pleased to have represented PT
Indosat on this transaction.  It underlines our prime focus at
Sidley, which is client service.  Our services are distinguished
by our ability to provide clients with seamless access to the
wide array of skills and experience found among our lawyers
throughout the firm, no matter where we are located."

Sidley Austin LLP is one of the world's largest full-service law
firms, with more than 1800 lawyers practicing in 16 U.S. and
international cities including Beijing, Brussels, Frankfurt,
Geneva, Hong Kong, London, Shanghai, Singapore, Sydney and
Tokyo.
                       About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully                 
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and has also
changed the outlook to stable.  At the same time, Moody's
affirmed Indosat's Ba3 senior unsecured foreign currency rating.  
The rating outlook on the bond remains positive which is in line
with the outlook on Indonesia's foreign currency country
ceiling.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


PERUSAHAAN LISTRIK: Says Gov't Subsidy is Not Enough
----------------------------------------------------
PT Perusahaan Listrik Negara's President Commissioner Alhilal
Hamdi said company would ideally need IDR70 trillion in
subsidies this year following the change in the state budget's
oil price assumption to US$80 per barrel from US$60 per barrel.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 23, 2008, the company had difficulties in fulfilling
primary energy fuel demands from its power plants due
to an increase of oil prices.

Mr. Hamdi, the report relates, said the government's plan to
raise the electricity subsidy to IDR42.6 trillion from IDR29.8
trillion allocated previously would not only be insufficient but
would also stretch the company's financial resources.  

The report relates that Mr. Hamdi said that if the government
and the House turned down the request, the company would seek
loans from local lenders to help the company plug the gap in the
subsidy.

The subsidy is needed in order for the country's households to
enjoy affordable electricity rates, which are set below the
normal market price, The Post explains.

Commission Member Tjatur Sapto Edi said the commission had not
yet discussed the company's subsidy proposal, the report adds.

                About Perusahaan Listrik

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

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


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

BOSTON SCIENTIFIC: Posts US$458 Mln Net Loss in Fourth Qtr. 2007
----------------------------------------------------------------
Boston Scientific Corporation disclosed financial results for
the fourth quarter and full year ended Dec. 31, 2007, as well as
guidance for net sales for the first quarter of 2008.

                 Fourth quarter highlights:

   -- Achieved record net sales of US$2.152 billion, both
      exceeding most recently issued guidance

   -- Grew cardiac rhythm management (CRM) sales 11 percent

   -- Achieved 10 percent overall sales growth in product lines
      excluding drug-eluting stents and CRM

   -- Maintained leading position in the worldwide drug-eluting
      stents market

   -- Launched restructuring program to reduce expenses and head
      count

   -- Received CE Mark approvals for the use of the TAXUS(R)
      Liberte(TM) stent system in diabetic patients, the
      CONFIENT(TM) ICD and the LIVIAN(TM) CRT-D

"The turn that began last quarter continued this quarter, with
strong adjusted earnings and record sales," said Boston
Scientific President and Chief Executive Officer, Jim Tobin.  
"For the year, we made substantial progress toward our goals of
increasing shareholder value, restoring profitable sales growth
and strengthening Boston Scientific for the future.  We
implemented a series of initiatives designed to focus and
simplify our business, including expense and head count
reductions and the sale of non-strategic assets.  We reported
record sales, and we achieved the leadership position in the
global stent market.  Perhaps our most meaningful progress came
in quality, where we revolutionized our approach and changed our
culture.  Many of the steps we took in 2007 will help position
us for the challenges and opportunities of 2008 and beyond.  In
2008, those opportunities are expected to include the
introduction of a number of important new CRM products, the
lifting of the Corporate Warning Letter, the approval of the
TAXUS Liberte and PROMUS(TM) stent systems by the FDA, and the
launch of profitable new products across our businesses."

                      Fourth Quarter 2007

Net sales for the fourth quarter of 2007 were US$2.152 billion,
as compared to US$2.065 billion for the fourth quarter of 2006.  
Worldwide sales of the company's drug-eluting coronary stent
systems were US$435 million, as compared to US$506 million.  
United States sales of drug-eluting coronary stent systems were
US$224 million, as compared to US$329 million.  International
sales of drug-eluting coronary stent systems were US$211
million, as compared to US$177 million.  Worldwide sales of
coronary stent systems were US$496 million, as compared to
US$550 million.  U.S. sales of coronary stent systems were
US$250 million, as compared to US$347 million.  International
sales of coronary stent systems were US$246 million, as compared
to US$203 million.

Worldwide sales of the company's CRM business for the fourth
quarter of 2007 were US$544 million, which included US$396
million of implantable cardioverter defibrillator (ICD) sales,
as compared to worldwide CRM sales of US$489 million for the
fourth quarter of 2006, which included US$356 million of ICD
sales.  U.S. CRM sales were US$347 million, which included
US$266 million of ICD sales, as compared to US$320 million,
which included US$250 million of ICD sales. International CRM
sales were US$197 million, which included US$130 million of ICD
sales, as compared to US$169 million, which included US$106
million of ICD sales.

Reported net loss for the fourth quarter of 2007 was US$458
million.  Reported results included acquisition, divestiture,
litigation and restructuring-related charges and amortization
expense (pre-tax) of US$939 million, which consisted of:

   -- US$208 million, primarily non-cash, associated with the
      write down of goodwill in connection with business
      divestitures;

   -- US$8 million of other net acquisition-related charges;

   -- US$365 million attributable to estimated potential losses
      associated with patent litigation involving the company's
      Interventional Cardiology business;

   -- US$184 million of restructuring charges associated with
      the company's expense and head count reduction
      initiatives; and

   -- US$174 million of amortization expense.

Adjusted net income for the quarter, excluding these charges and
amortization expense, was US$355 million.

Reported net income for the fourth quarter of 2006 was US$277
million.  Reported results included charges associated with the
company's 2006 acquisition of Guidant Corporation and
amortization expense (pre-tax) of US$197 million.  Adjusted net
income for the fourth quarter of 2006, excluding these charges
and amortization expense, was US$442 million.

                         Full Year 2007

Net sales for the full year 2007 were US$8.357 billion, as
compared to US$7.821 billion in 2006.  Worldwide sales of the
company's drug-eluting coronary stent systems were US$1.788
billion, as compared to US$2.358 billion.  U.S. sales of drug-
eluting coronary stent systems were US$1.006 billion, as
compared to US$1.561 billion.  International sales of drug-
eluting coronary stent systems were US$782 million, as compared
to US$797 million.  Worldwide sales of coronary stent systems
were US$2.027 billion, as compared to US$2.506 billion.  U.S.
sales of coronary stent systems were US$1.110 billion, as
compared to US$1.613 billion.  International sales of coronary
stent systems were US$917 million, as compared to US$893
million.

Worldwide sales of the company's CRM business in 2007 were
US$2.124 billion, which included US$1.542 billion of ICD sales,
as compared to US$1.371 billion in 2006, which included US$988
million of ICD sales.  On a pro forma basis for 2006 -- as
though the company had acquired Guidant on Jan. 1, 2006 -- CRM
sales were US$2.026 billion, which included US$1.473 billion of
ICD sales.  U.S. CRM sales in 2007 were US$1.371 billion, which
included US$1.053 billion of ICD sales, as compared to U.S. CRM
sales of US$908 million, which included US$696 million of ICD
sales.  Pro forma U.S. CRM sales were US$1.358 billion, which
included US$1.053 billion of ICD sales.  International CRM sales
in 2007 were US$753 million, which included US$489 million of
ICD sales, as compared to international CRM sales of US$463
million, which included US$292 million of ICD sales.  Pro forma
international CRM sales were US$668 million, which included
US$420 million of ICD sales.

Reported net loss for 2007 was US$495 million.  Reported results
for 2007 included acquisition, divestiture, litigation and
restructuring-related charges, and amortization expense (pre-
tax) of US$1.9 billion, which consisted of:

   -- US$560 million, primarily non-cash, associated with the
      write down of goodwill in connection with business
      divestitures;

   -- US$85 million in-process research and development write
      offs, related primarily to the company's acquisition of
      Remon Medical Technologies, Inc.;

   -- US$37 million related to the company's acquisition of
      Guidant;

   -- US$365 million attributable to estimated potential losses
      associated with patent litigation involving the company's
      Interventional Cardiology business;

   -- US$184 million of restructuring charges associated with
      the company's expense and head count reduction
      initiatives; and

   -- US$641 million of amortization expense.

Adjusted net income for 2007, excluding these charges and
amortization expense, was US$1.2 billion.

Reported net loss for 2006 was US$3.6 billion.  Reported results
for 2006 included acquisition-related charges and amortization
expense (pre-tax) of US$5.2 billion.  Adjusted net income for
2006, excluding these charges and amortization expense, was
US$1.4 billion.

                 Guidance for First Quarter 2008

The company estimates net sales for the first quarter of 2008 of
between US$1.96 billion and US$2.08 billion.  Adjusted earnings,
excluding acquisition, divestiture, litigation and
restructuring-related charges, and amortization expense, are
estimated to range between US$0.15 and US$0.20 per share.  The
company estimates net income on a GAAP basis of between US$0.13
and US$0.18 per share.

Full-year 2008 sales guidance will be provided during the
company's conference call with analysts today, Feb. 6, 2008.

                     About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--  
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                          *     *     *

Boston Scientific carries Standard and Poor's Ratings Services'
'BB+' corporate credit rating with a negative outlook.


FORD MOTOR: Toyota & Ford Unaffected by Plastech's Bankruptcy
-------------------------------------------------------------
While Chrysler LLC said that it could close four of its U.S.
plants due to Plastech Engineered Products, Inc. and its debtor-
affiliates' failure to deliver component parts, Ford Motor Co.
and Toyota Motor Corp. said their automotive production won't be
affected by the auto-parts supplier's Chapter 11 filing.

Ford said that Plastech's Chapter 11 filing won't adversely
affect the auto maker's production, The Wall Street Journal
reports.  "We've had no impact," said Mark Fields, Ford's
President of the Americas.  "We anticipate, for the time being,
to be able to continue our production."

"We're not out shopping to take this business elsewhere
at this point," Mr. Fields told WSJ.

According to Reuters, Toyota said it continues to receive parts
from Plastech.  "We have had no interruption in supplies," Mike
Goss said.  "Plastech has told us that they will continue
production and we will monitor the situation closely."

As previously reported, Chrysler terminated its supply contracts
with Plastech.  Chrysler has sought court permission to seize
certain equipment from Plastech's plants, so that it could
transfer production of its parts to an alternate supplier.  It
warned that absent the transfer, it will lose production of
approximately 500 end-item parts, halting the production of its
entire corporate fleet of vehicles.

Plastech's major customers include General Motors, Ford
Motor Company, and Toyota.

                    About Plastech Engineering

Based in Dearborn, Michigan, Plastech Engineered Products, Inc.
-- http://www.plastecheng.com/-- is full-service automotive  
supplier of interior, exterior and underhood components.  It
designs and manufactures blow-molded and injection-molded
plastic products primarily for the automotive industry.  
Plastech's products include automotive interior trim, underhood
components, bumper and other exterior components, and cockpit
modules.  Plastech's major customers are General Motors, Ford
Motor Company, and Toyota, as well as Johnson Controls, Inc.

Plastech is a privately held company and is the largest family-
owned company in the state of Michigan.  The company is
certified as a Minority Business Enterprise by the state of
Michigan.  Plastech maintains more than 35 manufacturing
facilities in the midwestern and southern United States.  The
company's products are sold through an in-house sales force.

The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417).  Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts.  The
Debtors chose Jones Day as their special corporate and
litigation counsel.  Lazard Freres & Co. LLC serves as the
Debtors' investment bankers, while Conway, MacKenzie & Dunleavy
provide financial advisory services.  The Debtors also employed
Donlin, Recano & Company as their claims and noticing agent.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling $729,000,000 and total liabilities of
$695,000,000.  (Plastech Bankruptcy News, Issue No. 2;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or   215/945-7000)

                        About Ford Motor

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

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

                         *     *     *

As reported in the Troubled Company Reporter on 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.


SPANSION INC: Posts US$49.5 Mil. Net Loss in 2007 Fourth Quarter
----------------------------------------------------------------
Spansion Inc. reported a net loss of US$49.5 million for the
fourth quarter ended Dec. 30, 2007, compared to a net loss of
US$71.6 million in the previous quarter.

For the fourth quarter of 2007, the company reported net sales
of
US$652.8 million, an increase of 7.0% compared to net sales of
US$611.1 million in the third quarter of 2007.

For the fourth quarter of 2007 gross margin rose to 20.0%
compared
to 18.0% percent in the third quarter of 2007 and sequential
operating loss decreased by US$13.0 million, or 22.0%, to
US$46.2 million.

"The fourth quarter reflected significant operational
improvement as gross margin improved.  The overall pricing
environment was encouraging and the book-to-bill ratio was
strong at 1.3," said Bertrand Cambou, president and chief
executvie officer, Spansion Inc.  "The strategic investment plan
for our 300mm, SP1 facility is on track and we expect to begin
recognizing revenue in the first quarter as we are already
qualified at leading customers."

                       Annual Highlights

For the fiscal year ended Dec. 30, 2007, net sales declined 3.0%
to US$2.5 billion from US$2.58 billion in the same time period
last year.

Net loss for fiscal year 2007 was US$263.5 million, compared to
a net loss of US$147.8 million for fiscal year 2006.  Net loss
for fiscal year 2007 includes approximately US$60.0 million in
operating costs related to the strategic investment in SP1, the
company's new 300mm, 65nm, wafer fabrication facility.

                         Balance Sheet

At Dec. 30, 2007, the company's consolidated balance sheet
showed US$3.81 billion in total assets, US$2.18 billion in total
liabilities, and US$1.63 billion in total stockholders' equity.

                      About Spansion Inc.

Headquartered in Sunnyvale, California, Spansion Inc. (NASDAQ:
SPSN) -- http://www.spansion.com/-- designs, develops,
manufactures, markets and sells flash memory solutions for
wireless, automotive, networking and consumer electronics
applications.

The company has European operations in France, Asia-Pacific
facilities in Japan, China, Malaysia and Thailand, as well as
sales offices in Latin American countries including Brazil and
Mexico.

                        *     *     *

To date, Spansion Inc. still carries Moody's 'B3' long term
corporate family rating last placed on Dec. 5, 2005.  Outlook
is Stable.


YAMATO LIFE: JCR Affirms B+ Rating with Stable Outlook
------------------------------------------------------
Japan Credit Rating Agency, Ltd., has affirmed its B+ rating on
Yamato Life Insurance Co.  The rating has a stable outlook.

Sales of the so-called 3rd sector insurance (healthcare and
nursing care insurance) of Yamato Life Insurance have been on
the rise. Besides, the core capital has increased significantly
thanks to the temporarily risen profit by asset investment.
However, profitability of the Company except the temporary
factor remains low. There are now discrepancies arising between
strengthening the sales channels and strategy drawn by the
medium-term management plan as indicated by the lag behind the
schedule. It is now difficult to expect improvement in the
earnings. With asset management risk hovering at a high amount,
the capital adequacy remains insufficient. Instability of market
condition is now becoming increasingly likely to have negative
impact on the earnings and broadly defined net assets of the
Company. JCR will pay attention to the future developments.


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

C&M CO: Partners With Harmonic Inc. to Deploy New Services
----------------------------------------------------------
C&M Co., Ltd has partnered with Harmonic Inc. to deploy
Harmonic's DiviCom(R) Electra(TM)7000 encoder for Asia's first
live high definition (HD) MPEG-4 AVC (H.264) video service in a
cable environment.  Introduced in September 2006, the industry-
leading Electra 7000 has been selected by top tier satellite,
telco and cable operators in North America, Europe and Asia to
provide the highest quality, ultra-low bit-rate compression for
more than 1,500 HD H.264 channels.

The increasing availability of HD content, affordable HDTV sets
and set-top boxes is strengthening consumer demand for HD
services in Korea, as in many countries around the world.  This
trend, combined with intensifying competition from satellite
direct-to-home providers and the expansion of video-over-DSL
services, necessitates the addition of more HD programming by
cable operators such as C&M.

"We wanted to implement the best and most advanced technology
available for our new MPEG-4 HD service," said Jin W. Ko, CTO of
C&M.  "Harmonic has an outstanding reputation and track record
in the industry.  The Electra 7000 is a superior compression
solution that enables the delivery of a higher quality HD
service to our customers while significantly reducing our
bandwidth requirements."

"C&M is a leading edge cable operator, deploying the latest
compression technology to build a future-ready service today,"
said Raymond Tse, Vice President of Asia-Pacific Sales for
Harmonic Inc.  "This implementation represents one of the
world's first deployments of H.264 encoding in a cable
environment, and C&M's selection of the Electra 7000 for this
new service highlights the strength, versatility and performance
of the platform.  At Harmonic, we are focused on delivering
innovative solutions that enable operators to enhance their
service offering and provide the consumer with a more compelling
viewing experience."

                      About Harmonic Inc.

Harmonic Inc. is a leading provider of versatile and high
performance video solutions that enable service providers to
efficiently deliver the next generation of broadcast and on-
demand services including high definition, video-on-demand,
network personal video recording and time-shifted TV. Cable,
satellite, broadcast and telecom service providers can increase
revenues and lower operational expenditures by using Harmonic's
digital video, broadband optical access and software solutions
to offer consumers the compelling and personalized viewing
experience that is driving the business models of the future.

Harmonic (NASDAQ: HLIT) is headquartered in Sunnyvale,
California with R&D, sales and system integration centers
worldwide. The Company's customers, including many of the
world's largest communications providers, deliver services in
virtually every country. Visit www.harmonicinc.com for more
information.

                       About C&M Co

C&M Co Ltd offers cable television services.  The company
operates in Seoul and in Kyunggi Province, Korea.

In January 2006, Moody's Investors Service assigned a
provisional foreign currency senior unsecured long-term debt
rating of (P)Ba2 to the proposed US$550 million Notes issue, due
2011 and 2016, of C&M Finance Ltd., backed by C&M Co. Ltd. and
its operating subsidiaries.


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

ARK RESOURCES: Members to Consider Debt Restructuring on Feb 28
---------------------------------------------------------------
ARK Resources Berhad will hold a court-convened meeting and
Extraordinary General Meeting on February 28, 2008, 10:00 a.m.,
at Balai Tunku Abdul Rahman, Royal Commonwealth Society, Jalan
Birah, in Kuala Lumpur, Malaysia.

During the meeting, the shareholders will be asked to consider
the proposed debt restructuring.  That subject to the approvals
of the Securities Commission, Bursa Malaysia Securities Berhad
and other relevant authorities to give effect to the Proposed
Debt Restructuring, approval is unconditionally given and
confirmed by the company's shareholders for:

   -- the implementation of a scheme of arrangement under
      Section 176 of the Companies Act, 1965, for ARK to settle
      its debt amounting to MYR127,391,050 in aggregate owing to
      the Scheme Creditors that will be satisfied by the
      combination of a cash settlement of MYR6,411,847;

   -- the issuance of up to MYR11,034,536 five year redeemable
      convertible secured loan stocks each with nominal value of
      MYR1.00 and to be issued at 100% of its nominal value with
      a coupon rate of 5% per annum;

   -- the waiver of debts amounting to MYR109,944,667; and

   -- the new ordinary shares of ARK with the par value of
      MYR1.00 each to be issued pursuant to the conversion of
      RCSLS will, upon allotment and issue, rank pari passu, in
      all respects with the existing ARK Shares in issue then,
      except that they will not be entitled to any dividends,
      rights and/or distributions, the entitlement date of which
      is prior to the date of allotment of the said new ARK
      Shares.

At the extraordinary general meeting, these resolutions will be
passed:

Special Resolution 1: Proposed Capital Reduction

   (a) the existing issued and paid-up share capital of ARK's
       MYR41,268,600 comprising 41,268,600 ordinary shares of
       MYR1.00 each to be reduced to MYR20,634,300 comprising
       41,268,600 ordinary shares of MYR0.50 each by the
       cancellation of MYR0.50 from the par value of each
       existing ordinary share;

   (b) forthwith and contingent upon the said reduction of share
       capital taking effect, the issued and paid-up share
       capital of ARK be consolidated on the basis of every two       
       ordinary shares of MYR0.50 each into one ordinary share
       of MYR1.00 each thereby consolidating  41,268,600
       ordinary shares of MYR0.50 each into 20,634,300 ordinary
       shares of MYR1.00 each credited as having been fully
       paid-up;

   (c) the credit of MYR20,634,300 arising from the said capital
       reduction  to be utilized to reduce the accumulated
       losses of the Company;

   (d)the reduction of the share premium account of the company
      as at December 31, 2006 of MYR12,892,071; and

   (e)the credit of MYR12,892,071 arising from the said
      reduction in the share premium account to  be utilized to
      reduce the accumulated losses of  the company.

Ordinary Resolution 1- Proposed Rights Issue with Warrants and
Proposed Placement with Warrants:

   * That subject to the approval of the SC, Bursa Securities
     and any other relevant authorities, the directors be and
     are hereby authorized to provisionally allot by way of
     renounceable rights issue of up to 15,475,725 new ARK
     Shares, payable in full upon acceptance, on the basis of
     three new ARK Shares for every four held after the Proposed
     Capital Reduction together with 15,475,725 free detachable
     warrants on the basis of one detachable warrant for every
     one new Rights Shares subscribed to persons whose names
     appear in the Record of Depositors at the close of business
     on a date to be determined by the directors and the
     proposed placement of up to 5,000,000 new ARK Shares  
     together with 5,000,000 free detachable warrants on the
     basis of one detachable warrant for every one placement
     shares subscribed;

Ordinary Resolution 2 – Proposed Sub-Contract

   * That subject to the approvals from the relevant authorities
     being obtained, approval is hereby given for ARK to
     develop, construct and complete one block of 20-storey low
     cost apartments comprising 198 units of apartments, one
     block of 5-storey podium with one sub-basement car park
     together with two blocks of 26-storey medium cost
     apartments comprising of 478 units of apartments, 1 block
     of 4-storey car park, 10 units of 3-storey shop offices
     with sub-basement car and common public facilities on the
     parcel of land held under GM58 Lots 2005, GM59 Lot 2006,
     GM1157 Lot 2984, GM413 Lot 2985, GM1174 Lot 5801, GM1175
     Lot 5802, GM646 Lot 5803 all held under Mukim 12, Daerah
     Barat Daya, Negeri Pulau Pinang for a total development
     cost of MYR48,650,000 with Tanjung Serbaneka (M) Sdn Bhd, a
     company controlled by Rashidi Aly Bin Abdul Rais, a
     director and substantial shareholder of ARK;

Ordinary Resolution 3 - Proposed Increase in Authorized Share
Capital

   * That the authorized share capital of the company be
     increased from MYR50,000,000.00 divided into 50,000,000
     ordinary shares of MYR1.00 each to MYR100,000,000.00 by the
     creation of an additional 50,000,000 Ordinary Shares of
     MYR1.00 each ranking pari passu with the existing ordinary
     shares in the company.

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

On April 24, 2006, Lankhorst was classified as an affected
listed issuer under the Bourse's Practice Note 17/2005.  It was,
therefore, required to submit and implement a plan to regularize
its financial condition category.


ELECTRONIC DATA: To Pay US$0.05 Per Share Dividend on March 10
--------------------------------------------------------------
The Electronic Data System Corp. Board of Directors has declared
a dividend on the common stock of US$0.05 per share, payable
March 10, 2008, to shareholders of record as of the close of
business Feb. 20, 2008.

Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS)
-- http://www.eds.com/-- is a global technology services  
company delivering business solutions to its clients.  The
company founded the information technology outsourcing industry
more than 40 years ago.  The company delivers a broad portfolio
of information technology and business process outsourcing
services to clients in the manufacturing, financial services,
healthcare, communications, energy, transportation, and consumer
and retail industries and to governments around the world.  The
company has locations in Argentina, Australia, Brazil, China,
Chile, Hong Kong, India, Japan, Mexico, Puerto Rico, Singapore,
Taiwan, Thailand, South Korea and Malaysia.

                       *     *     *

Moody's placed EDS Corp.'s senior unsecured debt rating at 'Ba1'
in July 2004, and its probability of default rating at 'Ba1' in
September 2006.  Moody's said the outlook is positive.  The
ratings still hold to date.


MEGAN MEDIA: Mulls on Winding Up of Operations
----------------------------------------------
Megan Media Holdings Bhd may wind up its operations following
its failure to pursue a scheme of arrangement with creditor
banks, the company disclosed to the Bursa Malaysia Securities
Berhad.  

It will not the resist any winding up action initiated by any
creditor, Megan Media said in its disclosure.

The Board believes that a court appointed liquidator is imminent
and decisions dealing with the company's financial condition is
best pursued by a liquidator.  Accordingly, the company has
withdrawn the Certificate of Solvency dated  May 9, 2007, issued
to Bursa Malaysia Securities.

As reported by the Troubled Company Reporter-Asia Pacific on
February 6 , 2008, the company and its subsidiaries have
defaulted on MYR899.96 million in maturing banking facilities.  
Megan Media, together with its operating subsidiaries -- Memory
Tech Sdn Bhd and MJC (Singapore) Pte Ltd
-- continues to be saddled with debts procured from banks on the
back of its trading business which Investigative Accountants
have now established as fraudulent.  To top it all, several key
management personnel crucial to its debt restructuring plans
tendered their resignation early this year.  

Megan Media Holdings Berhad' s principal activities are
manufacturing and trading data storage media products like
Computer diskettes, video cassette tapes, compact disc
recordable (CD-R's) and digital versatile disc recordable (DVD-
R's).  The Group operates in Malaysia, Singapore and other
countries.

The Troubled Company Reporter-Asia Pacific reported on
June 11, 2007, that the Rating Agency Malaysia downgraded the
long-term rating of Memory Tech Sdn Bhd's MYR320 million Bai
Bithaman Ajil Islamic Debt Securities (2005/2012) ("BaIDS"),
from C3 (with a negative outlook) to D.  The BaIDS carries a
corporate guarantee from MTSB's holding company, Megan Media
Holdings Berhad.

Concurrently, RAM has lifted the Rating Watch (with a negative
outlook) that had been placed on MTSB on May 9, 2007, following
the failure of MTSB and MJC (Singapore) Pte Ltd, another wholly
owned subsidiary of Megan Media, to repay their trade facilities
amounting to MYR47.36 million.

On June 19, 2007, the company was classified as a PN17 company,
and was given eight months to submit a substantive plan to
regularize its financial condition.


SOLUTIA INC: Aims to Assume Wal-Mart Deals Under Terms of Plan
--------------------------------------------------------------
Solutia Inc. and its debtor-affiliates intend to assume certain
executory contracts with Wal-Mart Stores Inc., pursuant to the
terms of the Debtors' confirmed Fifth Amended Joint Plan of
Reorganization.

In the ordinary course of operating under the Wal-Mart
Contracts, Wal-Mart may be entitled to take credits or
contractual adjustments for defective products, rebates or other
contractually permitted items that are currently unknown or that
will accrue after the date of the Debtors' assumption of the
Wal-Mart Contracts.

The parties have agreed that notwithstanding the proposed cure
amounts of the contracts, Wal-Mart and its subsidiaries and
affiliates are allowed to assert in the ordinary course any
chargebacks that are currently unknown or that will accrue after
the Assumption Date pursuant to the terms of the Wal-Mart
Contracts without regard to the date on which Wal-Mart or its
subsidiary or affiliate purchased the product giving rise to the
Chargeback.

Nothing in the Stipulation constitutes a waiver of the Debtors'
rights to dispute any Chargeback for reasons other than that the
claims were not made before the Assumption Date.

                          About Wal-Mart

Wal-Mart Stores Inc. (NYSE: WMT) -- http://www.walmart.com/--  
operates retail stores in various formats around the world. The
company operates through three segments: Wal-Mart Stores
segment, which includes Supercenters, Discount Stores and
Neighborhood Markets, Sam's Club segment and International
segment.  The Wal-Mart Stores segment consists of three
different traditional retail formats, all of which operate in
the United States, and Wal-Mart's online retail format,
walmart.com.  The Sam's Club segment consists of membership
warehouse clubs, which operate in the United States, and the
segment's online retail format, samsclub.com.  At Jan. 31, 2007,
its International segment consisted of retail operations in 12
countries and Puerto Rico.   In October 2006, the company
disposed of its South Korean and German operations.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in  
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 116;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 11,
2007, Standard & Poor's Ratings Services assigned its 'B+' loan
rating to Solutia Inc.'s (D/--/--) proposed US$1.2 billion
senior secured term loan and a '3' recovery rating, indicating
the likelihood of a meaningful (50%-70%) recovery of principal
in the event of a payment default.  The ratings are based on
preliminary terms and conditions.  S&P also assigned its 'B-'
rating to the company's proposed US$400 million unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.
S&P expect the outlook to be stable.



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

AIR NEW ZEALAND: Gets World's Best Passenger Service Award
----------------------------------------------------------
Air New Zealand Ltd has been judged as having the world's best
passenger service in the prestigious Air Transport World
magazine awards, the carrier said in a media release.

Air Transport World magazine is one of the leading aviation
publications globally and has been running its annual awards for
more than 30 years.  The awards are coveted by airlines with the
Passenger Service Award one of the most valued, recognising an
airline that has been "innovative and consistently superior in
providing outstanding quality passenger service at a fair
price".

In announcing the award, Air Transport World Editorial Director
and Associate Publisher Perry Flint cited Air New Zealand staff
and ongoing product development as critical elements to its
success.

"Air New Zealand's customer service staff are known for their
warmth and cheeriness and they are empowered to go the extra
mile for their passengers.

"Add to this the airline's new suite of offerings in business
class, premium economy and economy and you have a combination
that is winning business everywhere Air New Zealand flies."

Air New Zealand Chief Executive Officer Rob Fyfe says the award
is justified recognition for the hard work Air New Zealand staff
have put in the over the last few years.

"In 2005 the ATW recognized us with the Phoenix Award for our
turn-around success. At the time we said we intended to offer
the most complete, innovative and uniquely Kiwi experience
possible in an effort to exceed customer expectations on every
flight.

"To now be judged as having the finest service in the world
reflects extremely well on the continual efforts made by the
business to be the best.  That intention has become a reality
and our 10,975 staff should be extremely proud of that fact.

"This award comes in addition to a number of satisfying results
recently including topping the Star Alliance for having the best
Business Class offering amongst the alliance carriers."

In announcing the Passenger Service Award, Air Transport World
congratulated Air New Zealand on the success of its ongoing
product development programme.

"Air New Zealand's new international long haul premium products
have resulted in a dramatic swing in load factor in the premium
classes from 66% in 2006 to more than 80% in October 2007.

"Air New Zealand is implementing a revolution in its short-haul
product and is working to remove up to 40% of the normal
"travel" time by introducing technologies such as reusable bag
tags and boarding passes sent electronically to passengers'
mobile phones.

"Air New Zealand has become the carrier of first choice almost
everywhere it operates.  Its focus on relationships with staff
and pursuit of the best value-for-money inflight product mark it
as a standout in passenger service."

Mr Fyfe says the award comes just as the airline is on the verge
of launching a range of initiatives both domestically and
internationally that will further enhance customer service
levels.

"The introduction of the inflight concierge on our long-haul
international services, significant changes to our domestic
offering and the introduction of personal digital inflight
entertainment systems on our A320 and 767 fleets will all add
significantly to the customer experience in the coming year."

From April, up to 90 concierge staff will fly on Air New
Zealand's long haul services and act as a combination of travel
advisers, disrupt managers and destinational experts to help
make passengers' experience even more memorable.

Domestically, the airline is introducing greater seat pitch in
the front half of its 737 aircraft for its frequent flyers,
improving inflight service, introducing a range of technologies
to speed up the check-in and boarding process and investing in
its frequent flyer offerings such as lounges and valet.

Its fleet of A320 aircraft will also have a similar zone of
increased seat pitch and together with the 767 fleet will have
individual seat-back digital entertainment fitted later this
year.

                     About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd is the
country's flag air carrier, with domestic and international
passenger and freight operations, and an aviation engineering
business.  Air New Zealand flies to the United States, United
Kingdom, Canada, Europe and other Asian cities.

Moody's Investors Service, on Sept. 4, 2007, affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  At the
same time, it has changed the outlook on the rating to positive
from stable.

ANZ carries Standard & Poor's Ratings Services' 'BB' corporate
credit rating, with stable outlook.


AIR NEW ZEALAND: Rolls Out New Domestic In-Flight Offering
----------------------------------------------------------
Air New Zealand Ltd said its customers flying on domestic jet
services can look forward to an improved complimentary in-flight
service starting February 4.

According to New Zealand's flag carrier, the new offering,
called "KoruHour", will be available weekday mornings and
evenings on 737 and A320 services between Auckland, Wellington,
Christchurch, Dunedin and Queenstown.

Weekdays from the first flight of the day through until 9am,
customers will be able to enjoy muesli or a muffin, new great
tasting Gravity plunger coffee, tea, orange juice, water and a
complimentary newspaper.

Between 5:00 p.m. and 8:00 p.m. award winning wines from the Air
New Zealand Wine Awards as well as beer, the iconically Kiwi
L&P, tea, coffee and water will be available.  The beverage
service will be accompanied by a selection of Kapiti cheese,
crackers and grapes.

Alcohol service will soon be available on domestic A320 services
once liquor licensing requirements are completed.

During the day, after 8:00 p.m., and all weekend, a selection of
great tasting nibbles are being introduced -- healthy dried
fruit, savoury Cassava chips and sweet NZ lollies, as well as
tea, coffee and water.

"We commenced a review of our domestic network twelve months ago
and identified that there were opportunities to improve our
offering to both our leisure and regular business customers,"
says Air New Zealand Group General Manager Short Haul Airlines
Bruce Parton.

"This new offering comes close on the heels of significant fare
reductions designed to make domestic air travel more affordable
and will be followed by a number of other innovative
developments in coming months."


ALPHA AVIATION: Shareholders Resolve to Liquidate Business
----------------------------------------------------------
Alpha Aviation Ltd's shareholders agreed on January 21, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Stephen Mark Lawrence and
Anthony John McCullagh at Horwath Corporate (Auckland) Limited
to facilitate the sale of its assets.

Creditors are required to file their proofs of debt by Feb. 29,
2008, to be included in the company's dividend distribution.

The Liquidators can be reached at:

          Stephen Mark Lawrence
          Anthony John McCullagh
          Horwath Corporate (Auckland) Limited
          PO Box 3678, Auckland 1140
          New Zealand
          Telephone:(09) 306 7424
          Facsimile:(09) 302 0536


ARMOUR ROOFING: Court to Hear Wind-Up Petition on February 11
-------------------------------------------------------------
A petition to have Armour Roofing Ltd.'s operations wound up
will be heard before the High Court of Wellington on Feb. 11,
2008, at 10:00 a.m.

Oceans Eleven Limited filed the petition on October 17, 2007.

Oceans Eleven's solicitor is:

          M. Chiu
          Chiu & Cain Law
          142 Lambton Quay, Level 14
          Wellington
          New Zealand


C & N BUILDERS: Faces Accident Compensation's Wind-Up Petition
--------------------------------------------------------------
On January 4, 2008, Accident Compensation Corporation filed a
petition to have C & N Builders Ltd.'s operations wound up.

The petition will be heard before the High Court of Wellington
on February 18, 2008, at 10:00 a.m.

Accident Compensation's solicitor is:

          Dianne S. Lester
          Maude & Miller
          McDonald’s Building, 2nd Floor
          Cobham Court
          PO Box 50555, Porirua City
          New Zealand


CASINO PARK: Subject to Pegasus' Wind-Up Petition
-------------------------------------------------
On January 14, 2007, Pegasus Bay Mining Company Limited filed a
petition to have Casino Park Lodge Motel (1997) Ltd.'s
operations wound up.

The High Court of Timaru will hear the petition on February 5,
2008.

Pegasus Bay's solicitor is:

          D. M. Lester
          Level 14, 78 Worcester Street
          PO Box 825, Christchurch
          New Zealand
          Telephone:(03) 366 1465


FL VINEYARD: Subject to CIR's Wind-Up Petition
----------------------------------------------
On November 30, 2007, the Commissioner of Inland Revenue filed a
petition to have FL Vineyard Contracting Ltd.'s operations wound
up.

The petition will be heard before the High Court of Blenheim on
February 20, 2008, at 10:00 a.m.

The CIR's solicitor is:

          Kay S. Morgan
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0373
          Facsimile:(07) 959 7614


HFC LTD: Wind-Up Petition Hearing Set for February 14
-----------------------------------------------------
The High Court of Auckland will hear on February 14, 2008, at
10:00 a.m., a petition to have HFC Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition on
September 10, 2007.

The CIR's solicitor is:

          Kathleena Hemotitaha Smith
          c/o Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150, Takapuna
          Auckland
          New Zealand
          Telephone:(09) 984 1309
          Facsimile:(09) 984 3116


ICPBIO LTD: Halves Loss to NZX3.2 Mil. in July-Dec. 2007
--------------------------------------------------------
New Zealand-based protein biologics manufacturing company ICPbio
said it has an improved financial result for the first half year
ending December 31, 2007.  

The accounts are prepared in accordance with International
Financial Reporting Standards.

Financial and business highlights:

   -- Total income increased by 165% to NZ$4.7 million.

   -- While a loss continues to be reported as expected, total
      loss was approximately halved to NZ$3.2 million, compared
      to the same period last year.

   -- Overhead costs were reduced by approximately 20%, compared
      to the start of the period.

   -- Total liabilities were approximately halved to NZ$15.6
      million, compared to the start of the period.

   -- Total equity improved to a NZ$5.06 million credit from an
      NZ$8.7 million deficit at the start of the period.

The current result is mainly because of the successful
restructuring of the company's balance sheet, and efforts to
revive the veterinary products business following the board's
decision last year not to sell.

Simultaneously, the company has driven its new plasma proteins
business, creating increased global customer awareness through
its continued sampling activity.  Sales are expected to result
in this second half of the current financial year.

Under the distribution agreement with VWR in the United States,
ICPbio promotes its plasma protein product to US pharmaceutical
companies.  Recently, these products have also been made
available to the U.S. life science research community which has
resulted in a flow of new orders.  Order sizes are steadily
increasing and creating regular shipments.

ICPbio Chairman, Roger Gower, said the Board reiterated its
advice of mid 2007 that the company's first surpluses are
forecast for the last quarter of the current June 2008 financial
year.

                           About ICPbio

New Zealand-based ICPbio (NZX: BIO) manufactures and markets
products for use in biopharmaceutical manufacturing, diagnostics
and animal reproduction to North America, Europe, Australasia
and South America.  It is one of New Zealand's longest
established biotechnology companies with two manufacturing
facilities and core technologies in large scale purification of
proteins and in production of sterile products.

Next to its traditional veterinary embryo transfer product
range, ICPbio's state of the art chromatographic technology
yields high quality plasma protein products such as Albumin,
Transferrin, Immunoglobulin and Thrombin, for use in the making
of biological medicine, diagnostics and in general
biopharmaceutical research.  On the net http://www.icpbio.com

As of June 30, 2007, the company's balance sheet showed total
assets of NZ$21.45 million, total liabilities of NZ$30.05
million resulting in a shareholders' equity deficit of
NZ$8.60 million.  


IL VILLAGGIO: Wind-Up Petition Hearing Set for February 28
----------------------------------------------------------
The High Court of Auckland will hear on February 28, 2008, at
10:45 a.m., a petition to have Il Villaggio Ltd.'s operations
wound up.

The Commissioner of Inland Revenue filed the petition on Oct. 4,
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


MAINLY CHAIRS: Subject to CIR's Wind-Up Petition
------------------------------------------------
On September 10, 2007, the Commissioner of Inland Revenue filed
a petition to have Mainly Chairs Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
February 14, 2008, at 10:00 a.m.

The CIR's solicitor is:

          Simon John Eisdell Moore
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland
          New Zealand
          Telephone:(09) 336 7556


MATATA HOTEL: Wind-Up Petition Hearing Set for March 10
-------------------------------------------------------
The High Court of Rotorua will hear on March 10, 2008, at
10:45 a.m., a petition to have Matata Hotel 2004 Ltd.'s
operations wound up.

The petition was filed by the Commissioner of Inland Revenue on
December 6, 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


NEW ZEALAND MOTEL: Court to Hear Wind-Up Petition on Feb. 7
-----------------------------------------------------------
A petition to have New Zealand Motel Federation Inc's operations
wound up will be heard before the High Court of Auckland on
February 7, 2008, at 10:00 a.m.

Cook Strait Properties Limited filed the petition on Nov. 27,
2008.

Cook Strait's solicitor is:

          E. W. Gartrell
          c/o E. W. Gartrell
          Barrister and Solicitor
          PO Box 5151, Wellington
          New Zealand


OODIAN (GLENFIELD): Court to Hear Wind-Up Petition on March 6
-------------------------------------------------------------
A petition to have Oodian (Glenfield) Ltd.'s operations wound up
will be heard before the High Court of Auckland on March 6,
2008, at 10:00 a.m.

Accident Compensation Corporation filed the petition on Oct. 5,
2007.

Accident Compensation's solicitor is:

          Dianne S. Lester
          Maude & Miller
          McDonald’s Building, 2nd Floor
          Cobham Court
          PO Box 50555, Porirua City
          New Zealand


PARTS IMPORTS: Wind-Up Petition Hearing Slated for February 21
--------------------------------------------------------------
The High Court of Auckland will hear on February 21, 2008, at
10:00 a.m., a petition to have Parts Imports Co Ltd.'s
operations wound up.

Norman Hung and Andrew Yong filed the petition on July 4, 2007.

Messrs. Hung and Yong solicitor is:

          Frank Deliu
          Equity Law
          Newcall Tower, Level 4
          44 Khyber Pass Road
          PO Box 8333, Grafton
          Auckland
          New Zealand
          Telephone:(09) 303 2008
          Facsimile:(09) 303 2018
          e-mail: info@equitylaw.co.nz


SOLOMON SCAFFOLDING: Wind-Up Petition Hearing Set for Feb. 14
-------------------------------------------------------------
The High Court Auckland will hear on February 14, 2008, at
10:00 a.m., a petition to have Solomon Scaffolding Services
Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition on
August 29, 2007.

The CIR's solicitor is:

          Kathleena Hemotitaha Smith
          c/o Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150, Takapuna
          New Zealand
          Telephone:(09) 984 1309
          Facsimile:(09) 984 3116


VALLEY CONCRETE: Court to Hear Wind-Up Petition on February 11
--------------------------------------------------------------
The High Court of Wellington will hear on February 11, 2008, at
10:00 a.m., a petition to have Valley Concrete Ltd.'s operations
wound up.

The Commissioner of Inland Revenue filed the petition on
Dec. 14, 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


WINSLOW MANAGEMENT: Subject to Beca Carter's Wind-Up Petition
-------------------------------------------------------------
On October 16, 2007, Beca Carter Hollings & Ferner Limited filed
a petition to have Winslow Management Ltd.'s operations wound
up.

The petition will be heard before the High Court of Auckland on
February 14, 2008, at 10:00 a.m.

Beca Carter's solicitor is:

          Dianne S. Lester
          c/o Credit Consultants
          Debt Services NZ Limited
          Level 3, 3-9 Church Street
          PO Box 213, Wellington
          New Zealand
          Telephone:(04) 470 5972


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

CHIQUITA BRANDS: 7-1/2% Noteholders Approve Indenture Amendments
----------------------------------------------------------------
Chiquita Brands International Inc. disclosed that as of 5:00
p.m., New York City time, on Feb. 4, 2008, the requisite number
of consents had been received from the holders of its 7-1/2%
senior notes due 2014 to amend provisions in the indenture
governing the Notes regarding the company's ability to incur
certain liens.

The consent solicitation was undertaken in connection with a
proposed refinancing of the company's senior credit facility
which is intended to lower interest expense, extend maturities
and add additional covenant flexibility.  Consents may no longer
be revoked, except as set forth in the Consent Solicitation
Statement.

The consent solicitation expired at 5:00 p.m., New York City
time, on Monday, Feb. 4, 2008.  The company offered a consent
fee of US$20.00 per US$1,000 principal amount of Notes to each
holder of record as of Jan. 25, 2008, who delivered a valid
consent prior to the Expiration Time.

The company's obligation to pay the consent fee is conditioned,
among other things, on the consummation of a senior unsecured
convertible notes transaction raising gross proceeds of not less
than US$125 million on or before Feb. 15, 2008, and other
conditions.

The company also has entered into a fully underwritten
commitment with Cooperatieve Centrale Raiffeisen -
Boerenleenbank B.A., "Rabobank Nederland," New York branch to
refinance the company's existing US$200 million revolving credit
facility and a portion of the company's existing US$326 million
Term Loan C.

Pursuant to the terms of the commitment letter and subject to
certain other conditions, Rabobank committed to provide a six-
year US$200 million senior secured revolving credit facility and
a six-year US$200 million senior secured term loan facility to
the company.  The ultimate size of the new credit facilities may
be less than the committed amounts.

The agreement governing the new credit facilities would contain
two material financial maintenance covenants, an operating
company leverage ratio and a fixed charge coverage ratio, both
of which will be set at levels that provide significant added
flexibility.

The holding company leverage covenant that is part of the
existing senior secured facility would not be part of the new
facility. Funding of the new credit facilities is subject to the
issuance of US$150 million aggregate principal amount of senior
unsecured convertible notes, which would reduce the Term Loan C
so that the remaining balance could be refinanced with the new
term loan and the negotiation, execution and delivery of
definitive documentation for the new credit facilities, among
other conditions.

            About Chiquita Brands International Inc.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and  
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.

                          *     *     *

Chiquita Brands International Inc. continues to carry Moody's
Investors Service's B3 long term corporate family and Caa2
senior unsecured debt ratings which were placed on Nov. 6, 2006.  
The outlook is negative.


CHIQUITA BRANDS: Mulls Offering US$150 Mil. of Conv. Sr. Notes
--------------------------------------------------------------
Chiquita Brands International Inc. intends to offer, subject to
market and other conditions, a new issue of US$150 million of
Convertible Senior Notes due 2016 under the company's existing
shelf registration statement.  The Notes will be unsecured
unsubordinated obligations of the company and will be
convertible under specified circumstances.

The company intends to use the net proceeds from the offering to
repay a portion of the outstanding amounts under the Term Loan C
of the company's senior secured credit facility.

Goldman, Sachs & Co. and Morgan Stanley & Co. are the joint
book-running managers for the offering. A prospectus relating to
the offering may be obtained from:

     Goldman, Sachs & Co.
     Prospectus Department,
     85 Broad Street
     New York, NY 10004
     Fax (212) 902-9316
     Email prospectus-ny@ny.email.gs.com.

A prospectus may also be obtained from:

     Morgan Stanley & Co.
     Prospectus Department
     180 Varick Street
     New York, NY 10014
     Tel 1-866-718-1649
     Email prospectus@morganstanley.com.

            About Chiquita Brands International Inc.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and  
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.

                          *     *     *

Chiquita Brands International Inc. continues to carry Moody's
Investors Service's B3 long term corporate family and Caa2
senior
unsecured debt ratings which were placed on Nov. 6, 2006.  The
outlook is negative.


MANILA ELECTRIC: CEDC Deal is for Settlement of MIESCOR Debt
------------------------------------------------------------
The Troubled Company Reporter-Asia Pacific reported on Feb. 1
that the Manila Electric Co. has acquired 65% of Clark Electric
Distribution Corp. through its subsidiary Meralco Industrial
Engineering Services Corp.

In a filing with the Philippine Stock Exchange, Manila Electric
makes it clear that the transaction was by MIESCOR for it to
settle its advances from the company.

Pursuant to the deal, Manila purchased 561,500 common shares of
CEDC with a par/book value of PHP100 per share.

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility               
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

The Troubled Company Reporter-Asia Pacific reported on Dec. 14,
2007, that Standard & Poor's Ratings Services revised the
outlook on its ratings on Manila Electric Co. (Meralco) to
stable from negative. The 'B-' long-term issuer credit rating on
Meralco was affirmed.


PRC LLC: U.S. Trustee Appoints Seven-Member Creditors Committee
---------------------------------------------------------------
Diana G. Adams, the U.S. Trustee for Region 2, appoints seven
members to the Official Committee of Unsecured Creditors in the
Chapter 11 cases of PRC LLC and its debtor-affiliates.

The Creditors Committee members are:

   1. Verizon Communications Inc.
      Attention: William Vermette, Assistant General Counsel
      1133 19th Street, Northwest
      Washington, DC 20026
      Tel: (703) 886-3301

   2. IAC/InterActiveCorp.
      Attention: Gregg Winarski, Associate General Counsel
      555 West 18th Street
      New York, NY 10011
      Tel: (212) 314-7376

   3. iEnergizer (USA) Inc.
      Attention: Ashish Madan, Vice President
      1120 Avenue of the Americas
      New York, NY 10036
      Tel: (917) 642-4126

   4. SER Solutions, Inc.
      Attention: Jamie Oliver      
      45925 Horseshoe Drive, Suite 150
      Dulles, VA 20147
      Tel: (703) 948-5645

   5. TMP Worldwide Avertising & Communications, LLC
      Attention: Emerson Moore, General Counsel
      205 Hudson Street, 5th Floor
      New York, NY 10013
      Tel: (646) 613-2060

   6. Excel Marketing Solutions, Inc.
      Attention: Lee Massie Gills, Executive Vice President      
      11441 Apple Valley Drive
      Frisco, TX 75034
      Tel: (214) 705-9156

   7. NICE Systems Inc.
      Attention: David Ottensoser, General Counsel
      301 Route 17 North, 10th Floor
      Rutherford, NJ 07070
      Tel: (201) 964-2772

                          About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer   
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.


PRC LLC: Wants to Employ Philip Goodeve as CFO
----------------------------------------------
PRC, LLC, and its debtor-affiliates seek authority from the U.S.
Bankruptcy Court for the Southern District of New York to employ
H. Philip Goodeve as their chief financial officer as of
Dec. 1, 2007.

The Debtors selected Mr. Goodeve as their consultant because of
his extensive experience in finance, strategy and management
positions, according to PRC Chief Executive Officer Jerry
McElhatton.  He relates that in August 2007, Mr. Goodeve was
initially retained as a consultant by Diamond Castle Holdings,
LLC, the Debtors' equity sponsor with respect to the purchase of
the Debtors from its previous owner.  From Sept. 1, 2007, to
the date of bankruptcy, Mr. Goodeve's services have consisted of
serving as PRC's chief financial officer, thus gaining
invaluable and extensive knowledge of the Debtors' business,
financial affairs, and capital structure.

Under the consulting agreement, Mr. Goodeve will receive
US$75,000 in monthly fee, to be paid in bi-weekly installments.  
He is also entitled to a consummation fee for US$550,000 if the
reorganization is confirmed within five months after the
bankruptcy filing, and an additional US$300,000 if it is
confirmed within one year.

"If the restructuring is confirmed later than five months but
earlier than one year after the Petition Date, the consummation
fee will be prorated," Mr. McElhatton says.  He adds that Mr.
Goodeve will get US$300,000 if the reorganization is confirmed
later than one year but earlier than 13 months, and will be
reimbursed of any expenses incurred related to work undertaken.

PRC has proposed that Mr. Goodeve should not be required from
filing quarterly fee applications, pointing out that he is not
being employed as a professional under Section 327 of the
Bankruptcy Code.  The company will require him, however, to (i)
file reports of payment earned and expenses incurred on at least
a quarterly basis, and (ii) provide notice to the United States
Trustee and all official committees.

Subject to Court approval, PRC agrees to indemnify Mr. Goodeve
under the terms of its operating agreement and other liability
insurance, which PRC has purchased for its officers and
consultants.

                          About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer   
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and
turnaround advisor.  Additionally, Evercore Group LLC provides
investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.  (PRC LLC Bankruptcy News, Issue No. 3;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or  215/945-7000)


PRC LLC: Gets Court Nod to Hire Epiq as Claims & Noticing Agent
---------------------------------------------------------------
PRC LLC and its debtor-affiliates obtained authority from the
U.S. Bankruptcy Court for the Southern District of New York to
employ Epiq Bankruptcy Solutions, LLC as their noticing agent,
as of Jan. 18, 2008.

The Debtors sought the services of Epiq as they expect more than
1,000 creditors to file proofs of claim in their Chapter 11
cases.  The Debtors are concerned that noticing, docketing and
maintaining the claims would be time-consuming and burdensome
for
the office of the clerk of the bankruptcy court.

As noticing agent, Epiq is expected to:

   -- inform all potential creditors about the bankruptcy
      petition and the first meeting of creditors;

   -- maintain an official copy of the Debtors' schedules of
      assets and liabilities, and statements of financial
      affairs;

   -- notify potential creditors of the existence and amount of
      their claims as stated in the schedules of assets and
      liabilities, and statements of financial affairs;

   -- docket all claims received, maintain the official claims
      register for the Debtors on behalf of the office of the
      clerk, and provide the clerk with certified duplicate
      unofficial claims register on a monthly basis, unless
      otherwise directed;

   -- record all transfers of claims and provide notices of the
      transfers;
  
   -- make changes in the official claims register pursuant to
      Court order; and

   -- assist in the solicitation, calculation and distribution
      of votes required to further the confirmation of plans of
      reorganization.

Epiq agreed to provide the services on these terms and
conditions stated in their standard bankruptcy services
agreement dated Jan. 18, 2008:

   (a) The Debtors should make monthly payments to Epiq.

   (b) Epiq reserves the right to reasonably increase its
       prices, charges and rates on January 2nd of each year.  
       However, if the increases exceed 10%, Epiq will be
       required to give 60 days prior written notice to the
       Debtors.

   (c) The Debtors should pay Epiq all taxes, including sales,
       use and excise taxes, but not personal property or income
       taxes.

   (d) The Debtors should pay Epiq any actual charges as a    
       result of the Debtors' error or omission.

   (e) In the event of termination due to the Debtors' default,
       the Debtors should be liable for all amounts then owing.

The firm's hourly rates are:

   Clerk                      Rate Range        Average Rate
   -----                      ----------        ------------
   Clerk                      $40-$60           $50.00
   Case Manager (Level 1)     $125-$175         $142.50
   IT Programming Consultant  $140-190          $165.00
   Case Manager (Level 2)     $185-220          $202.05
   Senior Case Manager        $225-275          $247.50
   Senior Consultant          To be determined  To be determined

Epiq also agreed that the level of Senior Consultant activity
will vary by engagement.  If certain services are required, the
usual average rate is $295 per hour.  In connection with the
engagement, no fees will be billed for creation of a Case
Specific Website or for services rendered during the first six
months of the case by Epiq's director of operations.

Fees billed in connection with the preparation of schedules and
statements of financial affairs will be billed hourly, subject
to a cap on fees.  Any additional professional services not
covered by the proposal will be charged at hourly rates,
including any outsourced data input services performed.  Outside
vendors may charge a premium for weekend and overtime work.

Epiq will be indemnified and will not be held liable for any
losses, damages, claims, among others, as a result of Epiq's
rendering of services.

Epiq Senior Vice-President and Director of Operations Daniel C.
McElhinney assures the Court that Epiq is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code, as modified by Section 1107(b).

                          About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer   
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.  (PRC LLC Bankruptcy News, Issue No. 3;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or  215/945-7000)

RCBC: Fitch Puts B+ Long-Term Rating on Subordinated Notes
----------------------------------------------------------
Fitch Ratings has assigned a Long-term rating of 'B+' to
hilippine-based Rizal Commercial Banking Corp's proposed issue
of Philippine peso denominated subordinated notes due 2018,
callable with step-up in 2013 of up to PHP7 billion.

The rating on the issue -- which is intended to qualify for
Lower Tier-2 Capital as per the Bangko Sentral ng Pilipinas
(BSP) guidelines -- is one notch below RCBC's Long-term local
currency Issuer Default Rating of 'BB-', which is on a Positive
Outlook; this is in accordance with Fitch's criteria of rating
subordinated debt instruments of financial institutions.  The
Notes will be direct, unsecured and subordinated obligations of
RCBC, and will rank pari passu with all subordinated debts that
qualify as Lower Tier-2 Capital.  The rights of the Noteholders
of the proposed issue will be subordinated to the claims of
depositors and other senior creditors but senior to share
capital and Tier-1 Capital Securities.  The net proceeds would
be used to refinance RCBC's existing subordinated notes and for
general corporate purposes.

At end-September 2007, RCBC's gross NPL ratio stood at 8.4%
while its investment properties (largely foreclosed properties)
accounted for 3.6% of total assets (end-FY06: 8.7% and 4.5%,
respectively).  Despite having disposed its non-performing
assets, the bank is still deferring the losses on disposal of
PHP4.5 billion over the next eight to 10 years. Notwithstanding
the more punitive charges on RCBC's sizeable non-performing
assets as per Basel II guidelines which have been in effect
effective since July 2007, the decline in RCBC's total CAR from
20.3% at end-FY06 to 18.8% at end-September 2007 was somewhat
slight thanks to fresh equity raised in 2007.  RCBC's equity
position strengthened to PHP28.3 billion, up from PHP23.7
billion over the same period.

On a positive note, amid declining interest rates, RCBC's cost
of funds were lowered -- due also to its deposit mix strategy --
and higher trading gains on government debt securities were
recorded, which resulted in an increased pre-tax ROA of 1.8%
over the first nine months of FY07 (FY06: 1.2%). Under the helm
of its new CEO Lorenzo Tan since April 2007, RCBC intends
enlarging its market share in the competitive consumer and SME
lending segments through a wider distribution platform. Pending
BSP approval, its recent acquisition of smallish Merchants
Savings and Loan Association, Inc (0.3% of RCBC by assets) which
has 21 branches and eight ATMs is a step in this direction.

RCBC was formed in 1960 and listed on the local bourse in 1986.  
The universal bank maintains a network of 297 branches and 289
ATMs.  The conglomerate Yuchengco group has a controlling stake
in the bank.

Fitch points out that the credit rating does not directly
address any risk other than credit risk and that the price of
securities such as the ones that are proposed to be issued may
fluctuate as they are to be listed.  In particular, these
ratings do not deal with the risk of loss due to changes in
market price or other market conditions.


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

BENCHMARK ELECTRONICS: Earns US$21 Mil. in Fourth Quarter 2007
--------------------------------------------------------------
Benchmark Electronics Inc. reported sales of US$735 million for
the quarter ended Dec. 31, 2007, compared to US$737 million for
the same quarter in the prior year.  Fourth quarter net income
was US$21 million.  In the comparable period of 2006, net income
was US$28 million.

Excluding restructuring charges, integration costs, amortization
of intangibles and the impact of stock-based compensation costs,
the Company would have reported net income of US$25 million in
the fourth quarter of 2007.  Excluding restructuring charges and
the impact of stock-based compensation costs, the Company would
have reported net income of US$29 million in the fourth quarter
of 2006.

Sales for the years ended Dec. 31, 2007 and 2006 were each
US$2.9 billion.  Net income for the year ended Dec. 31, 2007 was
US$93 million.  In the prior year, net income was
US$112 million.

Excluding restructuring charges, integration costs, amortization
of intangibles, the impact of stock-based compensation costs and
a discrete tax benefit related to a previously closed facility,
the company would have reported net income of US$98 million in
2007.  Excluding restructuring charges, the impact of stock-
based compensation expense and a tax benefit resulting from the
closure of our UK facility, the company would have reported net
income of US$113 million in 2006.

"In 2007 we achieved several major goals -- we expanded our
customer base, enhanced our manufacturing and engineering
capabilities, completed the integration of recent acquisitions,
and realigned our manufacturing facilities," said Chief
Executive Officer, Cary T. Fu.  "We are delighted to have the
heavy lifting behind us.  We are on an excellent pathway for
increased business from new and existing customers in 2008."

         Fourth Quarter 2007 Financial Highlights

   -- Operating margin for the fourth quarter was 3.0% on a GAAP
      basis and was 3.7%, excluding restructuring charges,
      integration costs, amortization of intangibles and the
      impact of stock-based compensation expense.

   -- Cash flows provided by operating activities for the fourth
      quarter were approximately US$59 million.

   -- Cash and short-term investments balance was US$382 million
     at Dec. 31, 2007.

   -- Total debt outstanding was US$13 million.

   -- Accounts receivable was US$486 million at Dec. 31, 2007;
      calculated days sales outstanding were 60 days.

   -- Inventory was US$362 million at Dec. 31, 2007; inventory
      turns were 7.6 times.

   -- Repurchases of common shares through Feb. 4, 2008, were
      US$74 million.

                         2008 Outlook

For 2008, the company expects top line growth of 5-8% for the
year and earnings per share growth in the range of 15-20%,
excluding amortization of intangibles and the impact of stock-
based compensation expense.

Looking forward, sales for the first quarter of 2008 are
expected to be between US$700 million and US$725 million.

                  About Benchmark Electronics

Based in Angleton, Texas, Benchmark Electronics Inc. (NYSE: BHE)
-- http://www.bench.com/-- manufactures electronics and  
provides services to original equipment manufacturers of
computers and related products for business enterprises, medical
devices, industrial control equipment, testing and
instrumentation products, and telecommunications equipment.  The
company's global operations include facilities in The
Netherlands, Romania, Ireland, Brazil, Mexico, Thailand, China
and Singapore.

                        *     *      *

As reported in the Troubled Company Reporter-Latin America on
Jan. 21, 2008, Moody's Investors Service has assigned a Ba2
(LGD-3, 39%) rating to Benchmark Electronics, Inc.'s new 5-year
US$100 million senior secured revolving credit facility due 2012
and affirmed the company's Ba3 corporate family rating.  The
rating outlook is stable.


LACOS INTERNATIONAL: Court to Hear Wind-Up Petition on Feb. 15
--------------------------------------------------------------
The High Court of Singapore will hear on February 15, 2008, at
10:00 a.m., a petition to have Lacos International Pte Ltd's
operations wound up.

Thomas Teddy filed the petition on January 24, 2007.

Thomas Teddy's solicitor is:

          Andrew & Co
          Block 726, Ang Mo Kio Avenue 6 #01-4152
          Singapore 560726


MITSUI CREATE: Requires Creditors to File Claims by March 3
-----------------------------------------------------------
The creditors of Mitsui Create Asia Pte Ltd are required to file
their proofs of debt by March 3, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Yeap Lam Kheng
          Bob Yap Cheng Ghee
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


MOBILITY SHIPPING: Court Enters Wind-Up Order
---------------------------------------------
On January 25, 2008, the High Court of Singapore entered an
order to have Mobility Shipping Pte Ltd's operations wound up.

The company's liquidator is:

          The Official Receiver
          Insolvency and Public Trustee’s Office
          45, Maxwell Road, #05-11/#06-11
          The URA Centre (East Wing)
          Singapore 069118

SEAGATE TECH: Board of Directors OK's US$2.5BB Share Repurchase
---------------------------------------------------------------
Seagate Technology divulged that its board of directors has
approved an increase in its quarterly dividend from US$0.10 to
US$0.12 per share, effective with the dividend expected to be
paid to shareholders after the conclusion of the company's third
fiscal quarter of 2008.

Additionally, the board of directors has authorized the company
to repurchase up to an additional US$2.5 billion of its
outstanding common shares over the next 24 months.  This new
share repurchase authorization continues our commitment to
enhancing shareholder value.

Seagate expects to fund the share repurchase through a
combination of cash on hand, future cash flow from operations
and potential alternative sources of financing.  Share
repurchases under this program may be made through a variety of
methods, which may include open market purchases, privately
negotiated transactions, block trades, accelerated share
repurchase transactions or otherwise, or by any combination of
such methods.  The timing and actual number of shares
repurchased will depend on a variety of factors including the
common share price, corporate and regulatory requirements and
other market and economic conditions.  The share repurchase
program may be suspended or discontinued at any time.

                      About Seagate Technology

Headquartered in Grand Cayman, Cayman Islands, Seagate
Technology (NYSE: STX) -- http://www.seagate.com-- is engaged  
in the design, manufacture and marketing of rigid disc drives.  
The company produces a range of disc drive products addressing
enterprise applications, where its products are used in
enterprise servers, mainframes and workstations; desktop
applications, where its products are used in desktop computers;
mobile computing applications, where the company's products are
used in notebook computers, and consumer electronics
applications, where its products are used in a variety of
devices, such as digital video recorders, gaming devices and
other consumer electronic devices that require storage. In May
2006, the company acquired Maxtor Corporation. Seagate
Technology has R&D and product sites in: Silicon Valley,
California; Pittsburgh, Pennsylvania; Longmont, Colorado;
Bloomington and Shakopee, Minnesota; Springtown, Northern
Ireland; and Singapore.


SEAGATE TECHNOLOGY: S&P's BB+ Rating Unmoved by Share Repurchase
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Scotts Valley, California-based Seagate Technology
(BB+/Stable/--) are not affected by the company's announcement
that the board of directors has approved a US$2.5 billion share
repurchase program.   The new program replaces a US$2.5 billion
authorization approved in August 2006.  Similar to its prior
share repurchase program, the authorization is for two years,
and S&P expects it to be administered at a measured pace.

Seagate's liquidity is adequate to fund a US$2.5 billion
program, with cash of US$1.75 billion as of Dec. 31, 2007, and
about US$700 million of discretionary cash flow in the 12 months
ended December 2007.  The company is expected to maintain a
moderate leverage profile.


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

* VIETNAM: Transportation Firms to File Bankruptcy
--------------------------------------------------
Five of the Ministry of Transport's most indebted firms, namely
Cienco 5, Work Company No 86, Water Work Construction
Consultation Company No 1, Work Company No 5 and Southern Work
Company, will declare bankruptcy in the 2008-09 period, Thai
Press reports relates citing Transport Deputy Minister Le Manh
Hung.

Mr. Hung was quoted by the news agency as saying, "The companies
have suffered losses over a long period of time and the debt is
currently so large it requires immediate resolution."

The report, citing statistics from the Ministry of Finance,
states that five firms are among 11 companies affiliated with
the transport ministry and are in debt as much as US$389
million.

Mr. Hung, the report relates, attributed the firms' debts to
their carelessness with construction projects, whose investment
capital sources were unreliable.  

Mr. Hung told the news agency that construction firms of
transport projects often had to pay construction fees in advance
and then retrieve payment from the project owners.  In this case
the firms failed to recover payments from unreliable capital
investment sources, he added.

"The firms lose 10% of their profits each year due to delays in
payment and mounting interest rates," Mr. Hung was quoted by
Thai Press as saying.

The report notes that the debt also resulted from firms bidding
on construction works at prices that were too low, just so as to
secure contracts.

Mr Hung said told Thai Press that transport ministry would speed
up the firms' equitisation.   As for the debts, the ministry
expected to deal with the ailing firms' outstanding debt through
the Debt and Asset Trading Company as per current legal
regulations, he added.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------


                                                     Total      
                                          Total   Shareholders      
                                         Assets      Equity      
Company                        Ticker    (US$MM)    (US$MM)      
-------                        ------     ------   ------------      

AUSTRALIA      

Advance Healthcare Group Ltd      AHG      15.65       -6.78    
Allstate Exploration NL           ALX      18.20      -42.75    
Austar United Communications      
  Limited                         AUN     411.16      -43.72
Biron Apparel Ltd                 BIC      19.71       -2.22
Croesus Mining NL                 CRS      16.00      -13.81
Emperor Mines Limited             EMP     138.99      -50.63
Evans & Tate Ltd                  ETW     103.76      -50.22
Hutchison Telecommunications      
  (Aust) Ltd.                     HTA    1637.04    -1443.69      
Intellect Holdings Limited        IHG      15.25      -10.88      
KH Foods Ltd                      KHF      38.40       -6.79      
Lafayette Mining Limited          LAF     105.24     -190.86    
Renison Consolidated Mines NL     RSN      38.83       -3.94    
Tooth & Co. Ltd.                  TTH     120.47      -87.64    
UnderCoverWear Limited            UCW      28.92      -16.07      
ViaGOLD Capital Limited           VIA      15.49       -3.11    


CHINA AND HONG KONG      

Asia Telemedia Limited            376      16.97       -7.53      
Baiyin Copper Commercial      
  Bldg (Group) Co                 672      24.47       -2.40      
Beiya Industrial (Group)      
  Co., Ltd                     600705     462.13      -20.57
Brilliant Arts Multi-Media      
  Holding Ltd                    8130      11.62       -2.32    
Cangzhou Chemical Industrial      
  Co.Ltd                       600722     379.30       -2.89    
Chang Ling Group                  561      85.06      -80.88      
Changjiang Securities
  Co., Ltd                        783     357.75      -84.57    
Chia Tai Enterprises      
  International Ltd.              121     316.12       -8.92    
China HealthCare Holdings Ltd     673      25.44       -3.37    
China Liaoning International      
  Cooperation (Group) Ltd         638      20.46      -41.24    
Chinese.com Logi                  805      13.75      -32.33    
Chongqing Int'l Enterprise      
  Investment Co                000736      19.88      -15.67    
Compass Pacific Holdings Ltd     1188      46.98      -14.92    
Datasys Technology      
  Holdings Ltd                   8057      14.10       -2.07      
Dongxin Electrical Carbon      
  Co., Ltd                     600691      34.19       -2.90      
Dynamic Global Holdings Ltd.      231      44.64       -9.70      
Everpride Biopharmaceutical      
  Company Limited                8019      14.19       -0.02      
Ever Fortune Intl.      
  Hldgs. Limited                  875      14.41       -4.03    
Fujian Changyuan Investment      
  Holdings Limited                592      24.20      -19.62
Fujian Sannong Group Co. Ltd      732      42.50     -100.37      
Fujian Start Computer      
  Group Co.Ltd                 600734     114.76      -16.98    
Guangzhou Oriental    
  Baolong Automotive Co        600988      15.78      -11.11    
Guangdong Hualong Groups      
  Co., Ltd                     600242      15.23      -46.94    
Hisense Kelon Electrical
  Hldngs Co., Ltd                 921     596.71      -94.69    
Guangdong Meiya Group      
  Co., Ltd.                       529      70.62      -59.86    
Guangxia (Yinchuan) Industry      
  Co. Ltd.                        557      48.71      -59.63      
Hainan Dadonghai Tourism      
  Centre Co., Ltd                 613      18.34       -8.39      
Hans Energy Company Limited       554      85.00       -0.49      
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47    
Heilongjiang Black Dragon      
  Co., Ltd                     600187     113.45      -74.67    
Hualing Holdings Limited          382     262.90      -32.17      
HuaTongTianXiang Group      
  Co., Ltd.                    600225      52.77      -42.02      
Huda Technology & Education      
  Development Co. Ltd.         600892      17.12       -0.39    
Hunan Anplas Co.                  156      77.57      -77.92    
Innovo Leisure Recreation      
  Holdings Ltd.                   703      13.40       -4.50    
Jiaozuo Xin'an-a                  719      50.82      -25.45
Junefield Department      
  Store Group Limited             758      12.93       -5.39    
Lan Bao Technology       
  Information Co.,Ltd             631     110.09      -78.89    
Loulan Holdings Limited          8039      11.14       -2.21    
Mianyang Gao Xin Industrial      
  Dev (Group)                  600139      23.90      -15.65      
New City China Development Ltd    456     253.47      -25.03    
Orient Power Holdings Ltd.        615     176.86      -64.20    
Paladin Ltd.                      495     167.43       -6.23      
Plus Holdings Ltd.               1013      18.52       -3.34      
Qinghai Xiancheng Industry      
  Stock Co.,Ltd                600381      55.58      -55.04      
Regal Real Estate      
  Investment Trust               1881     945.38     -234.68      
Sanjiu Yigong Biopharmaceutical      
  & Chem                       000403     218.51       -3.48
Shanghai Worldbest      
  Pharmaceutical Co.Ltd        600656      66.75      -13.42      
Shanghai Xingye Housing   
  Co.,Ltd                      600603      16.23      -49.40
Shenyang Hejin Holding      
  Company Ltd.                    633     103.86       -3.16      
Shenz China BI-A                20017      34.21     -238.76    
Shenzhen Dawncom Business      
  Tech. and Service Co., Ltd.     863      32.57     -137.55      
Shenzhen Shenxin Taifeng      
  Group Co., Ltd.                  34      69.92      -53.39    
Shenzhen Konda-A                   48     112.05      -15.98    
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11      
Sichuan Direct-A                  575     143.71      -94.34    
Stellar Megaunion Corporation  000892      54.33     -152.43      
Success Information Industry      
  Group Co.                       517      77.23      -17.78    
Suncorp Tech Ltd.                1063      75.28       -5.03    
Suntek Technology Co., Ltd     600728      49.03      -14.65    
Suntime International      
  Economic Trading             600084     372.80      -50.59    
Taiyuan Tianlong Group Co.      
  Ltd                          600234      19.47      -89.51      
The First Investment &      
  Merchant Co, Ltd             600515      90.66        5.98      
Tianjin Marine Shipping      
  Co. Ltd                      600751     111.03       -3.59      
Tianyi Science & Technology      
  Co., Ltd                     600703      45.82      -41.20      
Tibet Summit Industry      
  Co., Ltd                     600338      90.92       -4.05      
Winowner Group Co. Ltd.        600681      23.34      -72.39      
Yueyang Hengli Air-Cooling      
  Equipment Inc.                  622      40.61      -17.21
Yun Sky Chemical (Int)
  Hldg. Ltd                       663      29.31       -1.13
Zarva Technology Co. Ltd.         688      25.83     -175.37      
Zhejiang Haina Science & Tech      
  Co., Ltd.                       925      28.53      -36.27      

INDIA      

Andrew Yule & Co. Ltd             ANY      81.41      -30.90
Artson Engr.                      ART      10.31       -0.71      
Ashima Ltd.                      ASHM      96.57      -42.59
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial      
  Services Ltd                  CEATF      25.42      -47.32      
Core Healthcare Ltd.             CPAR     185.37     -241.91    
Dish TV India Limited            DITV     239.48      -12.62
Elque Polyesters                 ELQP      13.04      -22.66
Gujarat Sidhee Cement Ltd.       GSCL      59.44       -0.66    
Himachal Futuris                 HMFC     603.36      -13.34
IFB Inds Ltd.                    IFBI      40.50 -70.82
JCT Electronics Ltd.             JCTE     117.60      -50.17      
Jenson & Nic Ltd                   JN      14.81      -81.79    
JK Synthetics Ltd                 JKS      17.99       -2.61      
JOG Engineering                   VMJ      50.08      -10.08
Kalyanpur Cement                 KCEM      38.11      -48.48
Lloyds Metals                    LYDM      70.72      -10.25    
Lloyds Steel Ind                 LYDS     404.38      -86.45      
LML Ltd.                          LML      81.21      -11.89      
Mafatlal Ind.                     MFI      96.32      -82.81
Modi Rubber Ltd                   MDR      39.76      -24.30
Mysore Cements                    MYC      82.02      -14.57      
Panyam Cements                    PYC      17.18      -18.32    
Parekh Platinum                  PKPL      59.66      -75.55
Remi Metals Gujarat Ltd.          RMM      45.06 -51.10    
Rollatainers Ltd                  RLT      20.68       -3.88    
RPG Cables Ltdd                  NRPG      55.40       -3.10
Sandur Manganese & Iron
  Ores Ltd.                      SMIO      32.57       -2.61
Shree Rama Multi Tech Ltd.      NSRMT      71.22      -29.91
Sil Businesse Enterprises Ltd.   SILB      12.46      -19.96
Surat Textile Mills Ltd.         GCTY 15.97        -8.85    
Tata Teleservices (Maharashtra)      
  Limited                       NTTLS     657.28      -73.89
TVS Electronics                 TVSEL      30.73       -1.57
UB Engineeering                   UBE      31.43       -2.86    


INDONESIA      

Ades Waters Indonesia Tbk        ADES      25.94      -24.09      
Argo Pantes Tbk                  ARGO     217.96      -15.70
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21      
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57      
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82      
Sekar Bumi Tbk                   SKBM      23.07      -41.95      
Steady Safe Tbk                  SAFE      19.65       -2.43      
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86      
Unitex Tbk                       UNTX      29.08       -5.87      
Wicaksana Overseas      
  International Tbk              WICO      43.09      -46.36    

JAPAN      

Banners Co., Ltd                 3011      46.33      -14.11    
C4 Technology, Inc               2355      33.71       -1.24
Heiwa Okuda Co., Ltd             1790      82.68       -6.66
NIWS Co., HQ Ltd.                2731     541.08      -33.01
Orient Corporation               8585   37956.19    -1109.02
TascoSystem Co., Ltd             2709      48.80      -13.52      
Trustex Holdings, Inc.           9374     102.84       -7.81    

KOREA      

Cosmos PLC Co., Ltd            053170      19.31       -4.95    
DaiShin Information &      
  Communication Co.             20180     740.50     -158.45    
E-Rae Electronics Industry      
  Co., Ltd                      45310      45.47      -10.37    
E Star B Co., Ltd.              55250     186.00       -1.50      
EG Semicon Co. Ltd.             38720     166.70      -12.34      
Everex Inc                      47600      35.66       -0.66    
Hyundai IT Corp.                48410     137.08      -48.10    
Inno Metal Izirobot Inc.        70080      28.56       -0.33    
Oricom Inc.                     10470      82.65      -40.04    
Rocket Electric Co., Ltd.         420      77.37       -4.76    
Seji Co., Ltd                   53330      37.25       -0.31    
Starmax Co., Ltd                17050      76.61       -1.50    
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77    
Unick Corporation               11320      36.54       -4.45    

MALAYSIA      

Boustead Heavy Industries      
  Corp. Bhd                      BHIC      57.34     -152.51    
FED Furniture                    FFHB      38.27       -5.11    
Harvest Court Industries  Bhd    HAR      10.17       -3.85    
Lityan Holdings Berhad            LIT      18.84      -23.22    
Mangium Industries Bhd           MANG      14.24      -12.15    
Megan Media Holdings Berhad      MMHB      40.91     -248.31    
Pan Malay Industries             PMRI     185.98       -6.91      
PanGlobal Berhad                  PGL     181.15     -125.36    
Paxelent Corp                    PAXE      13.16       -4.51    
Putera Capital Berhad            PCAP      10.56       -4.70      
Sino Hua-An International Bhd   HUAAN     184.60      -98.30      
Sunway Infrastructure Berhad      SIB     399.84      -10.08    
Sycal Ventures Berhad             SYC      58.76      -85.36      
TAP Resources Bhd                 TAP      13.05       -1.33    
Techventure Bhd                  TECH      36.31       -6.21    
Tenggara Oil Bhd                 TENG      12.87       -0.34    
Wembley Industries      
  Holdings Bhd                    WMY     118.13     -243.99      

PHILIPPINES      

APC Group Inc.                    APC      71.75     -218.13      
Atlas Consolidated Mining and      
  Development Corp.                AT      61.14      -16.74    
Benguet Corp.                      BC      55.45      -44.94    
Central Azucarera de Tarlac       CAT      35.74       -1.80    
Cyber Bay Corporation            CYBR      12.49      -64.98    
East Asia Power Resources Corp.   PWR      94.52      -82.10    
Fil Estate Corp.                   FC      36.10       -7.75      
Filsyn Corporation                FYN      20.88       -9.68      
Gotesco Land, Inc.                 GO      18.68      -10.86    
Mariwasa Manufacturing, Inc.      MMI      71.98       -0.78    
Prime Orion Philippines Inc.     POPI      99.69      -82.12      
Unioil Resources & Holdings      
  Company Inc.                    UNI      11.37      -11.44    
United Paragon                    UPM      22.80      -29.23      
Universal Rightfield Property      UP      45.12      -13.48      
Uniwide Holdings Inc.              UW      62.99      -38.58    
Victorias Milling Company Inc.    VMC     175.01      -38.64


SINGAPORE      

ADV Systems Auto                  ASA      14.32       -8.54    
Compact Metal Industries Ltd.     CMI      47.42      -36.47      
Falmac Limited                    FAL      10.51       -2.30      
Gul Technologies                  GUL     155.76      -15.21      
HLG Enterprise                   HLGE     116.77       -8.71      
Informatics Holdings Ltd         INFO      20.42      -11.65    
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43      
L&M Group Inv                     LNM      56.91      -10.59    
Pacific Century Regional          PAC    1569.35      -88.20      


TAIWAN    

CIS Technology Inc.              2326      33.74      -18.91    
Pacco Tech Co Ltd                5510      16.01       -7.00    
Protop Technology Co., Ltd.      2410      55.69      -13.46    
Yeu Tyan Machine                 8702      39.57     -271.07    

THAILAND      

Bangkok Rubber PCL                BRC      79.58      -65.24
Bangkok Steel Industry    
  Public Co. Ltd                  BSI     378.66     -120.56    
Central Paper Industry PCL      CPICO      12.29     -186.37      
Circuit Electronic      
  Industries PCL               CIRKIT      21.90      -75.21
Daidomon Group PLC              DAIDO      12.92       -8.51      
Datamat Public Co., Ltd           DTM      17.55       -1.72      
Kuang Pei San Food Products      
  Public Co.                   POMPUI      15.77      -11.32
Living Land Capital PCL            LL      10.65  -3.16      
Safari World Public Company    
  Limited                      SAFARI     107.75       -1.98    
Sahamitr Pressure Container      
  Public Co. Ltd.                SMPC      26.36      -28.88
Siam General Factoring PCL        SGF      30.84       -5.36   
Sri Thai Food & Beverage Public      
  Company Ltd                     SRI      18.29      -43.37      
Thai-Denmark PCL                DMARK      19.57       -3.02  





                         *********

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.  Azela Jane Taladua, Rousel Elaine Tumanda,
Valerie Udtuhan, Tara Eliza Tecarro, Marjorie C. Sabijon,
Frauline Abangan, and Peter A. Chapman, Editors.

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