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

                    A S I A   P A C I F I C

             Tuesday, February 26, 2008, Vol. 9, Issue 40

                          Headlines

A U S T R A L I A

ALLCO FINANCE: Plans to Sell Non-Core Assets to Cut Debts
ASHMAD PTY: Placed Under Voluntary Liquidation
CENTRO NP: Fitch Holds CCC Rating on Watch Negative
CHARLES SPURGEON: Commences Liquidation Proceedings
DRYMAIT HOTELS: Undergoes Liquidation Proceedings

G & A CONSTRUCTIONS: Placed Under Voluntary Liquidation
SOUTH BRIDGE: Sole Member Resolve to Close Business
WAIKERIE PRODUCERS: To Declare First Dividend on March 12
ZINIFEX: Allegiance Board Recommends Acceptance of Revised Offer
ZINIFEX: Reports AU$1.3 Billion Half-Year Profit


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

AMERICAN HARDWOOD: Members' Final Meeting Fixed on March 25
ASAHI CREATIVE: Appoints New Liquidator
BALLY TOTAL: Latham & Watkins Withdraws as Bankruptcy Counsel
BEST ADVANCER: Liquidators Quit Post
BIG ONE: Creditors' Proofs of Debt Due on March 14

CHINA AOXING: Posts US$1.1M Net Loss in 2nd Qtr. Ended Dec. 31
CHINA SOUTHERN: Leasing Ten Airbus Aircraft
FIAT SPA: Expects to Sell 8,000 High Performance Cars Annually
FOUNDATON OF ZHONGSHAN: Commences Liquidation Proceedings
GLOBAL POWER: Moody's Assigns Low-B Ratings, Stable Outlook

LEE WONG LAN: Liquidators Quit Post
NEO-CHINA: Moody's Reviews B1 Ratings for Possible Downgrade
PETROLEOS DE VENEZUELA: Earns US$896 Mil. in First Half of 2007
UNIKITAS & CO: Members' Final General Meeting Set for March 25

* CHINA: Domestic Credit Risks Outweigh Subprime Woes for Banks


I N D I A

GMAC: Weak Operating Environment Cues S&P's Rating Downgrades
HDFC BANK: To Merge with Centurion Bank of Punjab
QUEBECOR: Ernst & Young Submits Updates on CCAA Proceedings
QUEBECOR WORLD: Loses US$210MM Rogers Deal to Transcontinental
QUEBECOR: Suppliers Balk at Proposed Reclamation Procedures

SOUTHERN IRON: Mumbai Court Approves Scheme of Amalgamation
TATA MOTORS: Mandates Banks to Raise US$2.5 Bil., Report Says
TATA MOTORS: Commences Sale of Sumo Grande in Local Market
TATA POWER: To Partner with Rafael for India's ADS System


I N D O N E S I A

BANK NIAGA: To Deal with CIMB Bhd to Finance Oil Plantation
BANK NISP: Fitch Lifts Issuer Default Rating to BB from BB-
BANK PERMATA: 2007 Pre-Tax Profit Up 62% to IDR736.8 Billion
MOBILE-8: Near Doubles Revenue as Subsriber-Base Rise 65%
PT INCO: Hires Laudio Renato Chaves Bastos as VP & CFO

PT INCO: Sees 50% Increase in 2007 Net Profit


J A P A N

ALITALIA SPA: Lazio Court Rejects Appeal to Cancel Sale Talks
ELAN CORP: Posts US$405 Million Net Loss for Year Ended 2007
KOBE STEEL: To Establish Welding Company in China
KOBE STEEL: To Issue Domestic Unsecured Yen-Denominated Bonds


K O R E A

DAEWOO ELECTRONICS: Overhauls UK Marketing Strategy
HANARO: Post KRW7.3-Bil. Net Income in 3 Months Ended Dec. 2007


M A L A Y S I A

MALAYSIAN AIRLINE: Plans To Increase Flight Frequencies in June
TALAM CORP: Has Until April 4 to Redeem Class B & C BaIDS


N E W  Z E A L A N D

CORPORATE CLUB: Fixes March 14 as Last Day to File Claims
DESIGN ZOO: Wind-Up Petition Hearing Set for March 3
KFP HOLDINGS: Court Enters Wind-Up Order
OCEANSIDE DWELLINGS: Faces Structex Metro's Wind-Up Petition
PARS TRANSPORT: Court to Hear Wind-Up Petition on Feb. 28

RISK ADMINISTRATION: Subject to ASB Bank's Wind-Up Petition


P A K I S T A N

* PAKISTAN: Moody's Says Elections Point to Stability


P H I L I P P I N E S

PHIL. NATIONAL BANK: Mulls Allied Bank Merger; May Raise PHP15BB
PRC LLC: Files Chapter 11 Plan of Reorganization
PRC LLC: Wants to File Disclosure Statement by March 13
PRC LLC: Wants Court to Fix May 1 as General Claims Bar Date


S I N G A P O R E

CHAN HO: Creditors' Proofs of Debt Due on March 10
CHUAN INDUSTRIES: Requires Creditors to File Claims by March 7
CKE RESTAURANTS: Moody's Keeps All Ratings; Assigns Neg. Outlook
FORSYTH PARTNERS: Court Enters Wind-Up Order
INTERMEC INC: Hires Dennis Faerber as SVP for Global Operations


T A I W A N

FAR EASTERN: Fitch Cuts Invidivual Rating to C/D
PRIMASIA SECURITIES: Fitch Affirms D/E Individual Rating


T H A I L A N D

ARVINMERITOR: DBRS Confirms 'BB(low)' Ratings on Unsec. Notes
FEDERAL-MOGUL: Says Objections to Plan A Changes Are Meritless

* BOND PRICING: For the Week 26 February to 29 February 2008


                            - - - - -

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


ALLCO FINANCE: Plans to Sell Non-Core Assets to Cut Debts
---------------------------------------------------------
Allco Finance Group plans to sell its non-core assets in order
to cut its debts, various reports say.

The selling of its non-core business like infrastructure and
financial assets will enable the group to focus on its core
business in aviation, shipping and real estate assets, which
contributed about 76% of its first-half revenue, the report
added.

"These areas contributed strong revenue ... and provide a good
underpinning for our future strategy," said chief executive
officer David Clarke, as quoted by Reuters.

The Group, which is in the brink of insolvency, has made at
least 10 banks among Commonwealth Bank, which is the biggest
lender, to work a new business plan that will avoid putting
Allco into the hands of administrators, according to The Age
News.

                    About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management. The Company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private
equity and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities. It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.  In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.
The Company is a vendor of Momentum Investment Finance Pty
Limited and Allco Financial Services.  In July 2007, it acquired
Allco Equity Partners Ltd.  In December 2007, it completed the
acquisition of the remaining 79.6% stake of Rubicon Holdings
(Aust) Limited.


ASHMAD PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Ashmad Pty. Ltd.'s members agreed on Jan. 21, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Vernon James Robinson at
Deloitte Touche Tohmatsu to facilitate the sale of its assets.

The liquidator can be reached at:

          Vernon James Robinson
          Deloitte Touche Tohmatsu
          ANZ Centre, Level 9
          22 Elizabeth Street
          Hobart, Tasmania 7000
          Australia
          Telephone:(03) 6237 7000
          Facsimile:(03) 6237 7001

                      About Ashmad Pty.

Located at Hobart, in Tasmania, Australia, Ashmad Pty. Ltd. is
an investor relation company.


CENTRO NP: Fitch Holds CCC Rating on Watch Negative
---------------------------------------------------
Fitch Ratings maintains the ratings for Centro NP LLC (formerly
New Plan Excel Realty Trust) as:

    -- Issuer Default Rating at 'CCC';
    -- US$350 million revolving bank credit facility at
       'CC/RR6';
    -- US$830 million senior unsecured notes at 'CC/RR6'.

The Centro NP LLC ratings reflect the financial difficulties of
the entity's Australian-based parent company Centro Properties
Group (CNP) in connection with the refinancing of over US$2.3
billion of indebtedness due to dislocations in the credit
markets.

On Feb. 15, 2008, CNP announced that the company, led by newly
appointed chief executive officer Glenn Rufrano, has
successfully negotiated further extensions of its maturing
short-term debt facilities. Facilities of AUD$2.3 billion under
the Australian extension arrangements have been extended until
April 30, 2008.  This includes AUD$1.3 billion previously
extended to Feb. 15, 2008, plus an additional AUD$1.0 billion
maturing between Feb. 16, 2008, and April 30, 2008.  Facilities
of US$1.3 billion associated with the 2007 acquisition of Centro
NP have been extended to Sept. 30, 2008, though extension beyond
April 30, 2008, is contingent to similar arrangements being
agreed under the Australian extension arrangements.

The rating concerns continue to center on CNP's liquidity and
refinancing issues and do not pertain to the operating
performance of Centro NP. The portfolio of needs-based, grocery-
anchored shopping centers across the U.S. is performing well and
expected to be well positioned in an economic slowdown. The
strong geographic and tenant diversity of the portfolio helps
insulate the company from regional downturns or tenant credit
deterioration. Furthermore, Centro NP has seasoned executive and
regional management teams and a strong regional infrastructure.

Fitch views positively the appointment of Glenn Rufrano, the CEO
of New York-based Centro NP, to CEO of Centro Properties Group
and his success to-date in negotiating with lenders for the
extension.  However, significant challenges and uncertainties
remain as CNP continues to explore strategies to present to
lenders by the April 30, 2008 deadline that will enable CNP to
ultimately repay these short-term facilities and also create a
more viable company by lowering overall debt levels. CNP is
exploring strategic options including an infusion of equity
interests and/or asset sales.

Centro NP is a US$5.9 billion total assets real estate company
focusing on the ownership, management and development of
community and neighborhood shopping centers.  Centro NP operates
a national portfolio of community and neighborhood shopping
centers across the U.S. with approximately 67 million square
feet of GLA.

Centro Properties Group is a Melbourne-based company (ASX: CNP)
focusing on the ownership, management, and development of retail
shopping centers. Centro has AUD26.6 billion of retail property
assets.


CHARLES SPURGEON: Commences Liquidation Proceedings
---------------------------------------------------
Charles Spurgeon Proprietary Limited's sole member agreed on
January 18, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
R. A. Ferguson to facilitate the sale of its assets.

The liquidator can be reached at:

          R. A. Ferguson
          c/o Fergusons Chartered Accountants
          Level 8, 115 Grenfell Street
          Adelaide South Australia 5000
          Australia

                   About Charles Spurgeon

Located at Blackwood, in South Australia, Australia, Charles
Spurgeon Proprietary Limited is an investor relation company.


DRYMAIT HOTELS: Undergoes Liquidation Proceedings
-------------------------------------------------
Drymait Hotels Pty. Ltd.'s members agreed on Jan. 14, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Robert Colin Parker of Freer
Parker & Associates to facilitate the sale of its assets.

The liquidator can be reached at:

          Robert Colin Parker
          Freer Parker & Associates
          40 Sturt Street
          Adelaide, South Australia
          Australia

                    About Drymait Hotels

Drymait Hotels Pty. Ltd., which is also trading as The Tower
Hotel, operates hotels and motels.  The company is located at
Magill in South Australia.


G & A CONSTRUCTIONS: Placed Under Voluntary Liquidation
-------------------------------------------------------
G & A Constructions Pty Ltd's members agreed on Jan. 18, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Andre Janis Strazdins and
Alan Geoffrey Scott to facilitate the sale of its assets.

The liquidators can be reached at:

          Andre Janis Strazdins
          Alan Geoffrey Scott
          SimsPartners
          Chartered Accountants
          12 Pirie Street, Level 4
          Adelaide, South Australia 5000
          Australia

                  About G & A Constructions

G & A Constructions Pty. Ltd. is involved with concrete work.  
The company is located at Morphett Vale, in South Australia,
Australia.


SOUTH BRIDGE: Sole Member Resolve to Close Business
---------------------------------------------------
South Bridge Finance Pty Limited's sole member agreed on
Jan. 18, 2008, to voluntarily liquidate the company's business.  
In line with this goal, the company has appointed
R. A. Ferguson to facilitate the sale of its assets.

The liquidator can be reached at:

          R. A. Ferguson
          c/o Fergusons Chartered Accountants
          Level 8, 115 Grenfell Street
          Adelaide South Australia 5000
          Australia

                     About South Bridge

Located at Blackwood, in South Australia, Australia, South
Bridge Finance Pty. Limited is an investor relation company.


WAIKERIE PRODUCERS: To Declare First Dividend on March 12
---------------------------------------------------------
Waikerie Producers Limited, which is in liquidation, will
declare its first dividend on March 12, 2008.

Only creditors who were able to file their proofs of debt by
February 19, 2008, will be included in the company's dividend
distribution.

The company's liquidators are:

          M. C. Hall
          T. J. Clifton
          PPB Chartered Accountants
          26 Flinders Street, 10th Floor
          Adelaide, South Australia 5000
          Australia
          Telephone:(08) 8211 7800

                  About Waikerie Producers

Waikerie Producers Limited is involved with crop planting,
cultivating, and protecting.  The company is located at
Waikerie, in South Australia, Australia.


ZINIFEX: Allegiance Board Recommends Acceptance of Revised Offer
----------------------------------------------------------------
Allegiance Mining NL (ASX: AGM.AX) has accepted a revised
takeover offer from Zinifex Limited (ASX: ZFX.AX).  Under the
revised offer, Allegiance shareholders will be offered AU$1.10
cash per share, up from its previous AU$1/per share offer.  The
Offer is final as to price, in the absence of a superior
proposal.

The increased Offer represents an attractive premium for
Allegiance shareholders:

  -- Cash Offer Price AU$1.10
  -- Premium to Closing Price 55%
  -- Premium to 1 Month VWAP 58%

The Allegiance directors, Tony Howland-Rose, David Deitz, Barry
Sullivan and Eddie Lee each recommend that all Allegiance
shareholders accept the revised offer in the absence of a
superior proposal and wiII accept the revised offer in respect
of any Allegiance shares held by them or on their behalf, in the
absence of a superior proposal.   At the time of this
announcement, Mr. Shi Peirong, a resident of China, had not had
sufficient time in which to consider the revised offer.

Allegiance Chairman Tony Howland-Rose said: "I believe the
revised offer better reflects the value of the Avebury project.  
In the absence of a superior proposal I and the majority of the
board intend to accept the AU$1.10 offer and we recommend that
shareholders also accept the revised offer."

"This recommendation to accept Zinifex's Offer has been made
after careful consideration and the decision to recommend it was
not taken lightly, particularly in light of the current
volatility in world equity markets," Mr. Howland-Rose said.

Zinifex's Chief Executive Officer Andrew Michelmore said: "We
are delighted that the Allegiance board is recommending our
revised offer.  The increased offer represents a very attractive
offer and a fair value for Allegiance shareholders, reflecting
the high quality of the Avebury nickel project."

Zinifex and Allegiance have entered into an agreement, which
includes a traditional "no shop" clause, which is subject to the
usual fiduciary carve-outs.  This clause requires Allegiance to
close its data room immediately.

Allegiance has agreed to appoint Zinifex nominees to
Allegiance's board once Zinifex reaches 50.1% acceptances, at
which time the majority of Allegiance directors will resign.  
Zinifex has agreed to allow two of the current Allegiance
directors (Barry Sullivan and Shi Peirong) to remain on the
Board of Allegiance, should they choose to do so, until Zinifex
acquires a relevant interest in 90% of Allegiance shares.

Allegiance shareholders are encouraged to accept the Offer
promptly as the Offer is scheduled to close at 7 p.m. (Melbourne
Time) on March 7, 2008, and it may not be extended.  Accepting
Allegiance shareholders will be sent payment for their shares
within five business days of accepting.

Further information about the revised offer will be made
available in the form of a supplementary bidder's statement and
a supplementary target's statement as soon as is practicable.

Citi and Freehills are acting exclusively for Zinifex Limited in
connection with the transaction.

Merrill Lynch, ANZ and Minter Ellison are acting exclusively for
Allegiance Mining in connection with the transaction.

                   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.


ZINIFEX: Reports AU$1.3 Billion Half-Year Profit
------------------------------------------------
Zinifex Limited has delivered a record half-year profit of
AU$1,309.7 million for the period ended December 31, 2007 -- a
74% increase over the profit for the corresponding half-year the
previous year.

Zinifex's chief executive officer, Andrew Michelmore, said that
this result was driven by the substantial proceeds raised from
the sale of Zinifex's smelting assets, which contributed
AU$960.6 million to net profit and AU$1,785 million of cash.

"Over the half, Zinifex successfully completed its
transformation to a dedicated mining business.  This has not
only re-focussed the strategy of the organiZation but resulted
in a significant cash injection into the company.

"Zinifex's ongoing business, the Century and Rosebery mines
together with our exploration and development activities,
contributed a profit of AU$281.2 million, down some 43 per cent
on the corresponding period last year.

"As a result, cash held increased six-fold to more than AU$2.2
billion at December 31, 2007," he said.

The Board also announced a dividend of 35 cents per share, fully
franked payable on April 21, 2008.  The record date for
entitlement to this dividend is April 7, and the ex-dividend
date will be April 1.

Production performance at both the Century and Rosebery mines
was excellent with zinc output up 8% and lead output up 12% on
the previous comparable half year resulting in stronger sales
volumes.

However, Mr. Michelmore said that despite this, overall revenue
declined by 27% to AU$788.6 million compared with the prior
half-year.

"This was largely the result of a combination of significantly
lower zinc prices and a stronger Australian dollar against the
US currency.  While zinc stocks remain at historically low
levels, zinc prices have fallen on market expectations of more
zinc supply in 2008 and 2009 shifting the zinc market from a
deficit to a surplus position.

"Lead prices however were on average more than double that of
the previous corresponding period," he said.

Mr Michelmore said that adding to the fall in revenue were
increased costs.

"The majority of this increased expenditure was directly related
to the increased production and our growth ambitions with
exploration and development spending rising three-fold to
AU$36.7 million.

"However, like the rest of the resources industry, over the half
year we experienced increased costs with freight rates in
particular rising.

Mr. Michelmore said that while cost pressures will undoubtedly
remain while the resources boom continued, there is some
evidence to suggest that the rate of increase may be starting to
slow.

"Regardless though, controlling expenditure will continue to be
an ongoing focus of the company and that, in the current
environment, we will be particularly vigilant about costs," he
said.

Mr. Michelmore noted, however, that in times of global market
uncertainties there is always opportunity and that Zinifex would
certainly take advantage of this.

"We are in an enviable position with more than AU$2 billion in
the bank.  Cash that, in terms of buying power, is becoming more
valuable every day.

"Our strategy going forward is to diversify our commodity base
with a focus on copper, nickel and related metals such as lead,
silver and gold, while of course maintaining a significant
interest in zinc and lead," he said.

Mr. Michelmore outlined the progress Zinifex has made on its
long-term growth strategy highlighting the launch last December
of an all cash offer for Allegiance Mining, the owner of the
Avebury nickel project located on Tasmania's north west coast.

"We also has attractive growth opportunities in the development
pipeline including Dugald River, one of the world's largest and
highest grade zinc lead silver deposits, and the high grade
copper and zinc deposits in Nunavut, Canada.

"Exploration momentum is continuing to build around the globe
with projects in Australia, Canada, Tunisia, Sweden, Mexico and
China and we have also commenced drilling on the extensive
ground holdings we have built up around Century Mine," he said.

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


AMERICAN HARDWOOD: Members' Final Meeting Fixed on March 25
-----------------------------------------------------------
Au Yuen Fan, Candy, American Hardwood Company Limited's
appointed estate liquidator, will meet with the company's
members on March 25, 2008, to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Au Yuen Fan, Candy
          Room 1202-3
          Star House
          3 Salibury Road
          Kowloon, Hong Kong


ASAHI CREATIVE: Appoints New Liquidator
---------------------------------------
The members of Asahi Creative Technology Limited appointed
Stephen Briscoe and Kenneth Chen as the company's liquidators.


BALLY TOTAL: Latham & Watkins Withdraws as Bankruptcy Counsel
-------------------------------------------------------------
Latham & Watkins LLP obtained authority from the U.S. Bankruptcy
Court for the Southern District of New York to withdraw as
counsel for Bally Total Fitness Holding Corp. and its debtor-
affiliates, for good cause shown.

David S. Heller, Esq., a partner at the firm, told the Court
that new investors Harbinger Capital Partners Master Fund I,
Ltd. and Harbinger Capital Partners Special Situations Fund
L.P., as sole owners of the Reorganized Bally Total Fitness
Holding Corp., are transitioning legal services to Kasowitz,
Benson, Torres & Friedman LLP, the legal counsel the New
Investors have used historically in restructuring matters.

The New Investors' decision to retain new counsel constitutes
good cause for Latham & Watkins to withdraw as counsel to the
Debtors, pursuant to requirements of Local Rule 2090-1 for the
Southern District of New York, Adam L. Shiff, Esq., at Kasowitz
Benson, noted.

Mr. Shiff informed the Court that Latham & Watkins will
coordinate with Kasowitz on the transition of the legal services
in order to provide as seamless a transition as possible.

In a separate filing, Kasowitz Benson advised the Court that
that it has been substituted as counsel for the Reorganized
Debtors in place of Latham & Watkins.

                  About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  Bally Total and
its affiliates filed for chapter 11 protection on July 31, 2007
(Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite
number of votes in favor of their pre-packaged chapter 11 plan.
Joseph Furst, III, Esq., at Latham & Watkins, L.L.P. represented
the Debtors in their restructuring efforts.  As of
June 30, 2007, the Debtors had US$408,546,205 in total assets
and US$1,825,941,54627 in total liabilities.

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.


BEST ADVANCER: Liquidators Quit Post
------------------------------------
On February 22, 2008, Yang Renwill stepped down as liquidators
for Best Advancer Limited.

The former liquidator can be reached at:

         Yang Renwill
         Flat C-1
         5th Floor, Dragon Court
         6 Dragon Terraces
         Causeway Bay
         Hong Kong


BIG ONE: Creditors' Proofs of Debt Due on March 14
--------------------------------------------------
The creditors of Big One Company Limited are required to file
their proofs of debt by March 14, 2008, to be included in the
company's dividend distribution.

The commenced liquidation proceedings on February 12, 2008.

The company's liquidators are:

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


CHINA AOXING: Posts US$1.1M Net Loss in 2nd Qtr. Ended Dec. 31
--------------------------------------------------------------
China Aoxing Pharmaceutical Co. Inc. reported a net loss of
US$1,149,132 on revenues ofUS$863,877 for the second quarter
ended Dec. 31, 2007, compared with a net loss of US$716,239 on
revenues of US$345,907 in the same period ended Dec. 31, 2006.

General and administrative expenses increased to US$949,138 in
the three months ended Dec. 31, 2007, from the US$262,729 in
general and administration expense incurred in the three months
ended Dec. 31, 2006.  

The company incurred interest expense of US$426,133 during the
quarter ended Dec. 31, 2007, compared to interest expense of
US$589,646 in the three months ended Dec. 31, 2006.  At Dec
. 31, 2007, the company had overUS$13.0 million in debt, long
and short-term, that the company incurred to build its
facilities and develop its product line.  

                           Default

Hebei Aoxing Pharmaceutical Group Inc., the operating subsidiary
of China Aoxing, is in default in its obligation to satisfy a
debt of US$3,212,830 and US$3,964,944 due to the Bank of China
in Dec 31, 2006, and Dec. 31, 2007.  

                       Balance Sheet

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$21,276,095 in total assets,US$16,674,243 in total
liabilities,US$1,798,316 in convertible debentures, and
US$2,803,536 in total stockholders' equity.

The company's consolidated balance sheet at Dec. 31, 2007, also
showed strained liquidity with US$1,596,694 in total current
assets available to pay US$16,674,243 in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended Dec. 31, 2007, are available
for free at http://researcharchives.com/t/s?2857

                    Going Concern Doubt

Paritz & Company P.A., in Hackensack, New Jersey, expressed
substantial doubt about China Aoxing Pharmaceutical Co. Inc.'s
ability to continue as a going concern after auditing the
company's consolidated financial statements for the years ended
June 30, 2007 and 2006.  The auditing firm said that the
company's current liabilities substantially exceeded its current
assets.   

                    About China Aoxing

Incorporated in the State of Florida and headquartered in Jersey
City, New Jersey, China Aoxing Pharmaceutical Company Inc. (OTC
BB: CAXG) is a pharmaceutical company engaged in research,
development, manufacturing and marketing of a range of narcotics
and pain management pharmaceutical products in generic and
formulations.  The company's operating subsidiary, Hebei Aoxing
Pharmaceutical Co. Inc. is a corporation organized under the
laws of the People's Republic of China.  


CHINA SOUTHERN: Leasing Ten Airbus Aircraft
-------------------------------------------
China Southern Aiirlines mulls leasing of ten airbus A330 planes
instead of buying them in order to save on costs and improve
debt structure, Winny Wang at Xinhua News reports.

According to the same paper, the airline will assign its right
to buy eight A330s to Shenzhen Financial Leasing Co. and two
planes to HSBC Holdings.

The ten airbus planes cost US$1.6 billion based on catalog
prices.  The company has signed the order in 2005, planning to
pay for them using cash and loans.  

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of        
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally. It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

On May 1, 2006, Fitch Ratings downgraded China Southern Airlines
Company Limited's Foreign Currency and Local Currency Issuer
Default Ratings to B+ from BB-.

The Troubled Company Reporter-Asia Pacific reported in April
2006 that the carrier posted a net loss of CNY1.85 billion for
2005 versus a net loss of CNY48 million a year earlier.


FIAT SPA: Expects to Sell 8,000 High Performance Cars Annually
--------------------------------------------------------------  
Luca De Meo, Fiat SpA Chief Marketing Officer, said that the
company expects to sell 8,000 high-performance Abarth cars
annually, Bloomberg reports.  Since its introduction in October
2007, 1,500 orders have been placed.

Abarth was founded in 1949 and acquired by Fiat in 1971.  Abarth
currently has 35 dealers in Italy and plans to put up 60
showrooms in 12 countries.

                       About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

As reported on Nov. 6, 2007, Moody's Investors ervice changed
the outlook on Fiat S.p.A. and subsidiaries' Ba3 Corporate
Family Rating to positive from stable and affirmed its Ba3 long-
term senior unsecured ratings as well as the short-term
non-Prime rating.

On Oct. 4, 2007, Fitch Ratings affirmed Fiat S.p.A.'s Issuer
Default and senior unsecured ratings at BB- and Short-term
rating at B.

The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating.  The compay also carries B short-
term rating.  S&P said the outlook is stable.


FOUNDATON OF ZHONGSHAN: Commences Liquidation Proceedings
---------------------------------------------------------
Foundation of Zhongshan University Advanced Research Centre
Company Limited's members agreed February 12, 2008 to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Leong Huon Kit to facilitate the
sale of its assets.

The liquidator can be reached at:

         Leong Huon Kit
         Flat Q
         2nd Floor, Block 1
         422-484, Kwun Tong Road I
         Kowloon


GLOBAL POWER: Moody's Assigns Low-B Ratings, Stable Outlook
-----------------------------------------------------------
Moody's Investors Service assigned a Ba2 first time rating to
Global Power Equipment Group Inc.'s US$60 million senior secured
revolving credit facility, a B3 rating to the company's
US$90 million term loan, and a B2 Corporate Family Rating.  The
rating outlook is stable.

Global Power's B2 corporate family rating primarily reflects the
company's established position as a provider of essential
products and services to companies in the energy markets, its
exposure to volatility in the North American energy markets, and
its relatively high degree of customer concentration.  
Investment by energy related companies in new facilities and
upkeep of existing facilities have contributed to the company's
existing backlog, and provides visibility to future revenue
generation.  While energy investment is expected to remain
strong, any reduction of investment by the energy sector would
adversely affect the company's performance.  Moreover, Global
Power's top customers represented a significant portion of its
2007 revenues, making it highly dependent on these entities.  
The rating also considers the important changes to the company's
cost base and liability structure achieved during its
reorganization under Chapter 11 of the U.S. Bankruptcy Code,
which should enable the company to compete more effectively in
its markets going forward.

The stable outlook reflects Moody's expectations that Global
Power will pursue conservative financial policies resulting in
stronger debt protection measures.  Global Power should be able
to take advantage of the robust demand in the energy markets and
use free cash flow to reduce debt.

The ratings for the senior secured revolving credit facility and
senior secured term loan reflect the overall probability of
default of the company, to which Moody's assigns a PDR of B2.  
The Ba2 rating assigned to theUS$60 million senior secured
revolving credit facility (rated three notches above the
corporate family rating) benefits from a priority of payment
over the term loan in a liquidation scenario as defined in the
credit agreement.  The B3 rating assigned to theUS$90 million
senior secured term loan (rated one notch below the corporate
family rating) reflects its junior priority of payment relative
to the senior secured revolving credit facility.

Ratings/assessments assigned:

  -- Corporate Family Rating B2;

  -- Probability of default rating B2;

  -- US$60 million senior secured revolving credit facility due
     2014 at Ba2 (LGD2, 13%); and,

  -- US$90 million senior secured term loan due 2014 at B3
     (LGD4, 60%).

Headquartered in Tulsa, Oklahoma, Global Power is a
comprehensive provider of power generation equipment and
maintenance services for customers in the domestic and
international energy, power infrastructure and service
industries.

            About Global Power Equipment Group

Based in Oklahoma, Global Power Equipment Group Inc. (Pink
Sheets: GEGQQ) -- http://www.globalpower.com/-- is a design,   
engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries.  The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience.  The company's equipment is installed in power
plants and in industrial operations in more than 40 countries on
six continents.  In addition, the company provides routine and
specialty maintenance services to nuclear, coal-fired, fossil,
and hydroelectric power plants and other industrial operations.

The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.


LEE WONG LAN: Liquidators Quit Post
------------------------------------
On February 22, 2008, Ying Hing Chiu and Chung Miu Yin, Diana
stepped down as liquidators for Lee Wong Lan Fong Foundation
Limited.

The former liquidators can be reached at:

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


NEO-CHINA: Moody's Reviews B1 Ratings for Possible Downgrade
------------------------------------------------------------
Moody's Investors Service has put the B1 corporate family and
senior unsecured ratings of Neo-China Land Group (Holdings)
Limited on review for possible downgrade.

"The review reflects Moody's increased concerns over any
possible adverse developments within Neo-China in view of the
trading suspension -- now in place for more than a month -- of
its shares," says Kaven Tsang, Moody's lead analyst for the
company.

"At the same time, the company has not provided any reasons for
the prolonged suspension, and this has heightened Moody's
concerns over the company's information disclosure and
transparency," adds Tsang.

In its review, Moody's will attempt to discuss with Neo-China
the underlying event and assess the associated impact on the
company's credit profile.  Any material negative events could
pressure its B1 ratings.

Moody's will also review whether the company's current corporate
governance and information disclosure practices can continue to
support the current ratings.

Neo-China Land Group (Holdings) Limited is a Chinese property
developer engaged in residential and mixed-use developments. It
has 16 major projects under development in 12 cities in China
and a land bank of around 13.6 million sqm in GFA.  It also has
two primary land development projects in Tianjin and Chengdu
with a total area of 8.4 million sqm.


PETROLEOS DE VENEZUELA: Earns US$896 Mil. in First Half of 2007
---------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA told
Matthew Walter at Bloomberg News that its profit dropped 69% to
US$896 million in the first six months of 2007, compared to
2006.

Petroleos de Venezuela said that its overall revenue decreased
US$7.96 billion to US$42.9 billion in the first half of last
year, from 2006.

Petroleos de Venezuela increased investments to US$10.56 billion
in 2007, from US$5.82 billion in 2006, Petroleos de Venezuela
head and oil and energy minister Rafael Ramirez told El
Universal.

The government kept 92.5%, or US$42.32 billion of Petroleos de
Venezuela's domestic revenues for oil sales in 2007, El
Universal says, citing Minister Ramirez.  Petroleos de
Venezuela's tax contribution as royalties, dividends, and income
tax total US$29.27 billion.  Its contribution to fund social
programs totaled US$13.05 billion.

Petroleos de Venezuela's contribution in 2006 totaled US$39.2
billion, El Universal notes.  Meanwhile, Petroleos de
Venezuela's tax contributions decreased in 2006 due to the
Venezuelan government's increasing use of the company's monies
to finance social programs, El Universal relates.  Petroleos de
Venezuela's domestic income tax payment to US$2.9 billion in
2006, from US$5.1 billion in 2005.  Petroleos de Venezuela's tax
contribution -- excluding dividends -- decreased from 40.4% of
gross income in 2005 to 38.7% in 2006.  

According to El Universal, Petroleos de Venezuela said in its
audited financial statements in 2006 that royalties rose to
US$18.4 billion in 2006, compared to US$13.3 billion in 2005,
due to high oil prices.  

Costs increased 25.8%i to US$18.2 billion in 2006, compared to
2005.  Social expenses rose to US$13.7 billion, from US$6.9
billion.  The increase in cost and social expense is supposed to
be deducted from the tax base, El Universal states, citing
experts.

Minister Ramirez admitted to El Universal that the figures the
company disclosed last week "do not easily match those reflected
on the 2006 audited financial statement prepared by Alcaraz,
Cabrera & Vazquez," which comprises an accounting section and
was prepared based on international standards, El Universal
says.

El Universal relates that in Petroleos de Venezuela's 2006
balance sheet, the income tax paid totaled US$2.9 billion, but
the sum actually paid was US$7.5 billion, comprising amended
return and pending taxes for 2004 and 2005.

"In the past, there was a deliberate policy not to pay taxes.  
We have been changing that, and as of this year we have our
fiscal obligations updated," Minister Ramirez commented to El
Universal.

Minister Ramirez told El Universal that Petroleos de Venezuela
is preparing to fill form 20-F or annual financial statement
with the U.S. Securities and Exchange Commission to give an
account to the Venezuelan people, rather than the U.S.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                        *     *     *

To date, Petroleos de Venezuela SA carries Fitch's BB- long term
issuer default rating and local currency long term issuer
default rating.  Fitch said the ratings outlook was negative.


UNIKITAS & CO: Members' Final General Meeting Set for March 25
--------------------------------------------------------------
Keisko Ishikawa, Unikitas & Co Limited's appointed estate
liquidator, will meet with the company's members on
March 25, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Keisko Ishikawa
          13th Floor
          Lawison Building
          No. 37 Hillwood Road
          Tsimshatsui, Kowloon
          Hong Kong


* CHINA: Domestic Credit Risks Outweigh Subprime Woes for Banks
---------------------------------------------------------------
Chinese banks face increasing challenges to tame domestic credit
risks, given heavy-handed macro controls at home and a possible
demand shock reverberating from a recession in the U.S. But
market risks resulting from the global credit crisis largely
appear to be manageable.  That's according to an article
published today, titled, "Domestic Credit Risks Outweigh
Subprime Woes For Chinese Banks."

"Lending in China has ballooned in recent years, ratcheting up
credit risks," said Standard & Poor's credit analyst Qiang Liao.
"In a still-remote scenario, a large-scale deterioration in loan
quality could hurt ratings."  The market risk appetite of
Chinese banks is generally conservative, and risk management,
though far from cutting-edge, is adequate for their
uncomplicated market risk profiles.  The direct impact on most
Chinese banks of the U.S. mortgage market turmoil engulfing
global banks should be limited because of relatively small
exposure.

But challenges are looming on the corporate lending front.  The
corporate NPL ratio could jump in 2008 because of the negative
impact of credit tightening on marginal borrowers, resulting in
the deterioration of special-mention loans to NPLs and weaker
dilution as a result of the slowing loan growth.




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


GMAC: Weak Operating Environment Cues S&P's Rating Downgrades
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Residential Capital LLC and GMAC LLC.  Residential Capital LLC
was downgraded to 'B/C' from 'BB+/B'.  GMAC LLC was downgraded
to 'B+/C' from 'BB+/B'.  The outlook for both entities is
negative.
      
"The ratings actions on Residential Capital LLC are based on the
continuing challenges the company faces as it attempts to return
to profitability, a still-difficult funding environment, and our
perception of the reduced potential for parental support from
the ultimate parents, General Motors Corp. (GM; 49% ownership in
GMAC LLC, which in turn owns 100% of Residential Capital LLC)
and Cerberus Capital Management L.P. (51% ownership in GMAC
LLC)," said Standard & Poor's credit analyst John Bartko.  After
reporting sizeable losses during the past several quarters ($921
million for fourth-quarter 2007), there is a greater probability
of continued losses into 2008, with the likelihood that the
larger losses would come earlier in the year.  This heightens
the risk that Residential Capital LLC could breach itsUS$5.4
billion tangible net worth covenant, as year-end tangible net
worth was US$6 billion.  As a result, the probability of
required parental support during the near term has increased.
      
"The ratings actions on GMAC LLC are not only driven by the
diminished value of its ownership stake in Residential Capital
LLC, but also a challenging funding environment and expectations
for a weaker operating environment in the auto lending
business," added Mr. Bartko.  GMAC LLC's ownership of
Residential Capital LLC afforded GMAC LLC a degree of diversity,
which, along with GMAC LLC's ownership structure, separated it
from its lower rated parent, GM (B/Stable/B-3).  At this point,
although the ratings on GMAC LLC are not aligned with those on
GM, the advantage that Residential Capital LLC provides is
materially diminished, and the remaining one-notch uptick
reflects that.  Without diversification from Residential Capital
LLC, S&P could revisit the idea of separating the ratings on
GMAC LLC from those on GM, as one outcome would include
considering GMAC LLC as a captive finance company, with the
ratings on GMAC LLC and GM aligned.  On the other hand, the
benefits of GMAC LLC's unique ownership structure would counter
this point.      

The outlook on GMAC LLC and Residential Capital LLC is negative.   
S&P expects company downgrades to be driven by Residential
Capital LLC's failure to secure capital in excess of anticipated
quarterly losses or liquidity deterioration, which would lessen
the company's ability to navigate through upcoming debt
maturities.   Revising Residential Capital LLC's outlook to
stable would depend on whether the company can generate
sustained earnings, and grow and maintain capital at adequate
levels.
     
If there is a failure at Residential Capital LLC, S&P could
reconsider its ratings on GMAC LLC.  Without Residential Capital
LLC, S&P acknowledges that GMAC LLC is a pure captive finance
company of GM and, as such, the ratings on GMAC LLC could be
aligned with those on GM.  S&P would need to weigh this against
the benefits of GMAC LLC's ownership structure.  Revising GMAC
LLC's outlook to stable would depend on whether Residential
Capital LLC's operations return to profitability, with less
concern about capital covenant violations.  Furthermore, there
would need to be evidence of improvement in the operating
environment for auto lending in general and, more specifically,
improving asset quality and earnings trends at GMAC LLC.

                         About GMAC

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.


HDFC BANK: To Merge with Centurion Bank of Punjab
-------------------------------------------------
HDFC Bank Ltd.'s board of directors has approved a merger
between the bank and Centurion Bank of Punjab Ltd.

The Asia Pulse, citing official sources, said that the Centurion
Bank of Punjab's board has also given an in-principle approval
for the merger.

The boards accorded their in-principle consent to pursue the
merger, subject to satisfactory due diligence, a fair share swap
ratio and receipt of approvals from the Reserve Bank of India,
stock exchanges and other requisite statutory and regulatory
authorities.

Centurion Bank of Punjab and HDFC Bank have tapped Ambit
Corporate Finance Pte Ltd. and J. M. Financial Consultants Pvt
Ltd. as investment bankers in this transaction.

HDFC Bank's board has fixed a 1:29 share swap ratio -- one
equity share of INR10 each of HDFC Bank for every 29 shares of
INR1 each held in Centurion Bank of Punjab, a filing with the
Bombay Stock Exchange says.  The ratio, which was based on the
joint valuation report submitted by Ernst & Young Pvt Ltd. and
M/s. Dalal & Shah, Chartered Accountants, is still subject to
due diligence.

The bank's board informed BSE that, in the event of the merger
being approved on Feb. 28, 2008, it would consider making a
preferential offer to its promoter Housing Development Finance
Corporation Ltd to enable HDFC to maintain its shareholding
percentage in the bank.

HDFC Bank is India's second largest private sector lender after
ICICI Bank while CBoP is the fourth largest, Asia Pulse notes.
If the merger takes place, Asia Pulse estimates that the
combined entity would have a market capitalization of about
INR63,000 crore.

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 22, 2008, Standard & Poor's Ratings Services assigned these
ratings to HDFC Bank's proposed debt issues under the
US$1-billion medium-term notes program:

   -- 'BB+' rating to the lower Tier II subordinated notes to be
       issued; and

   -- 'BB' rating to the upper Tier II subordinated and hybrid
       Tier I notes to be issued.


QUEBECOR: Ernst & Young Submits Updates on CCAA Proceedings
-----------------------------------------------------------
Ernst & Young Inc., appointed monitor of the bankruptcy
proceedings under the Canadian Companies' Creditors Arrangement
Act of Quebecor World Inc. and certain of its affiliates,
presented its report to the Superior Court of Quebec with
respect to the activities of the companies and certain events
occurring since Jan. 31, 2008.

                      CCAA Proceedings

On Jan. 31, 2008, the Superior Court of Justice (Commercial
Division), for the Province of Quebec, made certain amendments
to the Initial Order agreed to by various stakeholders and
parties-in-interest to the CCAA proceedings and requested by
Royal Bank of Canada as administrative agent for a bank
syndicate, including:

   (a) The Applicants will not use the DIP Facilities or any of     
       their property to refinance the existing third party
       credit facilities supporting the European and Latin
       American operations, without prior notice to or
       consultation with the financial advisors to the Bank
       Syndicate and the holders of public notes.

   (b) The Applicants will not engage in activities out of the
       ordinary course of business, as determined by the
       Monitor.

   (c) The Applicants are authorized, during the initial 30 days  
       of the stay period, to make intercompany loans up to a
       maximum of EUR25,000,000 in the aggregate to pay
       non-petitioners' pre-filing payables that relate to the
       European operations.
    
   (d) The Applicants are authorized, during the same 30-day
       period, to make intercompany loans up to a maximum of
       US$10,000,000 in the aggregate to pay non-petitioners'
       prefiling payables that relate to the Latin American
       operations.

The Bank Syndicate is composed of 16 different financial
institutions.  The Bank Syndicate has retained McMillan Binch
Mendelsohn LLP as Canadian legal counsel, Latham & Watkins LLP
as U.S. counsel and PricewaterhouseCoopers Inc. as financial
advisor.  The Applicants are reviewing a recently received Bank
Syndicate proposal for a fund request concerning their
professional advisors.

                           Banking

Quebecor World Inc. was required to deposit with CIBC
CDN$25,000,000 as security for certain indemnified obligations
of Quebecor World to CIBC.  They have now agreed that the amount
to be deposited will be CDN$20,000,000.

The Applicants have been working with their existing banks to
return to a more efficient way of operating the centralized cash
systems.

                           Vendors

The management of the European and Latin American operations
informed major suppliers of the ongoing bankruptcy proceedings
of the Applicants and its impact on the Applicants' business
operations and among others.

The Applicants, with their counsel and Ernst & Young, are
applying consistent payment criteria to prepetition amounts for
both the Canadian and U.S. creditors of the Applicants.

          2007 Financial Statements and Annual Meeting

The Applicants are preparing their December 31, 2007, year-end
financial statements and are also working with their 2007 audit.

The Applicants will seek authority to postpone their Annual
General Meeting of Shareholders since it will disrupt the
Applicants' business operations.

                      Cash Flow Results
         for the Three Weeks Ended February 10, 2008

As of Feb. 10, 2008, the net cash flow generated by the
consolidated North American operations was US$178,000,000,
including the full drawdown of the US$600,000,000 DIP Term Loan
Facility.

The net cash flow for the three-week period was US$228,000,000
higher than projected in the cash flow forecast dated
Jan. 20, 2008.  The favorable cash flow variance is largely
attributable to the funding of US$3,000,000 of the
US$170,000,000 of the contingent financing of the non-
applicants.

A copy of the actual cash flow results and the variances from
the filing cash flow forecast for the three-week period is
available for free at:

     http://bankrupt.com/misc/Quebecor_CashFlowResultFeb10.pdf

                     Cash Flow Forecast
            for the 13 Weeks Ending May 11, 2008

To assist their short-term financial performance and ongoing
financing requirements, the Applicants have prepared a revised
cash flow forecast for the thirteen weeks ending May 11, 2008.

A full-text copy of the Revised Cash Flow Forecast is available
for free at:

   http://bankrupt.com/misc/Quebecor_RevisedCashFlowForecast.pdf   

                        Bondholders

The Bondholders have created an ad hoc Bondholder group, which
has retained Goodmans LLP as Canadian legal counsel, Paul,
Weiss, Rifkind, Wharton & Garrison LLP as U.S. counsel and
Houlihan Lokey Howard & Zukin as financial advisor.  The
Applicants have recognized the Ad Hoc Bondholder Group and
committed to a fee proposal based on a monthly estimate for the
initial three-month period and intend to work with its
professionals on the financial restructuring.   The Ad Hoc
Bondholder Group and the Applicants each reserved the right to
terminate the fee arrangement on 30 business days' notice.

          Official Committee of Unsecured Creditors

The Official Committee Of Unsecured Creditors has retained Akin,
Gump, Strauss, Hauer & Feld LLP as U.S. legal counsel, Osler,
Hoskins & Harcourt LLP as Canadian legal counsel and Mesirow
Financial as financial advisors.
                                                                             
            
                         Governance

The Applicants have recognized the need for a chief
restructuring officer and is now on the stage of interviewing
candidates.  The Applicants will also establish a restructuring
committee to assist and supervise the restructuring process.

                Inter-Company Debt Reporting

Ernst & Young has received requests from advisors for each of
the Ad Hoc Bond Holders Group and the Bank Syndicate to conduct
a factual investigation of information concerning the status of
the intercompany accounts of the Quebecor World group.

As a result, the Monitor will prepare a narrative report, which
will address these topics, free from opinionated and subjective
remarks:

   (a) an overview of the nature of the intercompany     
       transactions that occur within the Quebecor World group;

   (b) preliminarily, an accounting of the financial position of
       the more significant legal entities involved in the
       intercompany transactions;

   (c) a description of the transactions and intercompany flows  
       from the use of the prepetition credit facility and the
       issuance of public and private debt securities of    
       Quebecor World Inc. and subsidiaries;

   (d) an analysis of the use of proceeds derived from issuance
       of the 4.875% Senior Notes due 2008, 6.125% of Senior
       Notes due 2013,9.75% Senior Notes due 2015, and 8.75%
       Senior Notes due 2016 and the related documentation on
       intercompany flows, including the mirror notes;

   (e) a listing of the intercompany balances, as recorded by
       the Quebecor Worlds' legal entities as at January 21,
       2008;

   (f) a summary of the procedures implemented by Quebecor World
       to track postpetition intercompany transactions between
       the Applicant and its affiliates;

   (g) a summary of the nature of intercompany transactions
       between Quebecor World Inc., Quebecor Inc. and Quebecor   
       Media Inc., the balances between those entities and the
       current procedures in place to track postpetition
       transactions; and

   (f) a factual description of the transactions through which
       approximately US$370,000,0000 of private notes were  
       repaid in October 2007, which resulted in an increase in
       the indebtedness due to the Bank Syndicate and in the        
       security provided to the bank group.

                Status of Foreign Operations

   * Latin American Operations

The Latin American group of companies has operations in Mexico,
Brazil, Colombia, Chile, Peru, Argentina and the British Virgin
Islands.  The Latin American operations are primarily funded by
various local financial institutions in each country as well as
by supplier financing.

Quebecor management says that the Latin American Group requires
financing for operations to pay either prepetition accounts
payable or to fund cash on delivery terms for future supply of
goods and services from its trade creditors.

The Applicants' cash flow forecasts indicate a need to transfer
US$10,000,000 to the Latin American Group:

   Country                   Amount
   -------                   ------
   Colombia              US$4,000,000
   Mexico                   2,500,000  
   Peru                     2,500,000  
   Argentina                  700,000  
   British Virgin Islands     300,000
                          -----------
                        US$10,000,000
                          ===========

As of Feb. 14, 2008, US$6,000,0000 has been transferred to
Mexico, Peru, Argentina and the British Virgin Islands.

   * European Operations

The European group of companies is comprised of printing
operations in France, Belgium, Spain, Austria, Sweden, Finland
and the United Kingdom.  The European Group also has operations
in Switzerland, where it acts as the global purchasing agent for
the European Group, North America and Latin America for ink and
pre-press, and paper for the European Group.  The Switzerland
branch also provides cash pooling and insurance services.

To manage the EUR25,000,000 limit for prepetition obligations
related to the European Group available from the DIP Proceeds,
Quebecor World Inc. is working with UBS Securities LLP and
management of the European Group to develop a detailed cash flow
model for the European Group.

The European operations will require funding in the near future,
however, E&Y has not yet seen any detailed information as to the
timing and quantum of the funding requirements.

   * Operations in the United Kingdom

Quebecor World PLC was placed into administration.  It had
generated a negative cash flow since the loss of a large
contract three years ago.  For fiscal 2007, Quebecor World UK
had a negative EBITDA of GBP5,400,000 and a negative cash flow
of GBP6,800,000.  On Feb. 11, 2008, Ian Best and David Duggins
of Ernst & Young UK, the UK Administrators, terminated 250
employees as no purchaser had been identified and customers
continued to move their work to the competition.  The UK
Administrators have not received financial support from the
Applicants since Jan. 20, 2008.

           Preparation of Restructuring Business Plan

The Applicants intend to begin the preparation of one or more
comprehensive business and financial plans with the advice and
assistance of UBS Securities LLP and input from Ernst & Young.  
The Applicants expect the business plan preparation to take at
least two months before it will be available for discussion with
the Ad Hoc Bondholders Group, Bank Syndicate, and the Unsecured
Creditors Committee.  The business plans will reflect the
Applicants' expectation of future operating performance during
and after the CCAA and Chapter 11 process.

             Monitor's Analysis and Recommendation

Murray McDonald, president of Ernst & Young Inc., believes that
the Applicants are acting diligently and in good faith towards
the stabilization of their operations.  Mr. McDonald says that
restructuring size and complexity of Quebecor World Inc.
requires
significant time and effort.  Ernst & Young recommends the
extension of the CCAA stay until May 11, 2008.

                    About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides  
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  Quebecor World has approximately 27,500
employees working in more than 120 printing and related
facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India,
Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom.

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

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. 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
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of     
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

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.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 13, 2008
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


QUEBECOR WORLD: Loses US$210MM Rogers Deal to Transcontinental
--------------------------------------------------------------
Bertrand Marotte of The Globe and Mail reported that Quebecor
World Inc. lost a major printing contract with Rogers Publishing
Ltd. to rival Transcontinental Inc.  Quebecor World and Rogers
Publishing had a long-standing relationship.

According to the report, Rogers signed a six-year deal with
Transcontinental worth an estimated US$210,000,000.  The
contract will take effect on Feb. 1, 2009.

Rogers Communications spokeswoman Jan Innes told Globe and Mail
that Quebecor World's bankruptcy had nothing to do with the
decision to go with Transcontinental, pointing out that the
selection process went as far back as six months, long before
Quebecor World sought protection from its creditors.

Rogers Publishing Ltd. is Canada's largest publishing company
with more than 70 print brands and over 45 digital properties
serving consumer and business markets in English and French.

                    About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides  
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  Quebecor World has approximately 27,500
employees working in more than 120 printing and related
facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India,
Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom.

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

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. 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
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of     
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

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.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 13, 2008
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


QUEBECOR: Suppliers Balk at Proposed Reclamation Procedures
-----------------------------------------------------------
In separate filings Abitibi Consolidated Sales Corp., Abitibi-
Consolidated US Funding Corp., Bowater America Inc. and Bowater
Inc.; Packaging Corporation of America; Catalyst Pulp and Paper
Sales Inc., and Catalyst Paper (USA) Inc.; Rock-Tenn Company;
Midland Paper Company; and Day International Inc., object to
Quebecor World Inc.'s proposed claims treatment procedures.

These Suppliers sold goods, specifically paper products and
printing chemicals, to the Debtors before and within the
Petition Date.  They sent the Debtors written demands for the
return of goods received by the Debtors within 45 days of their
Reclamation Demands, the value of those goods total:

   Packaging Corporation of America          US$1,454,998

   Abitibi and Bowater                       US$22,664,620
                                              including an
                                     additional 14,169,084
                                           pounds of paper

   Catalyst Pulp and Paper Sales              US$8,388,821
  
   Rock-Tenn Company                            US$387,380

   Midland Paper                              US$3,070,833
  
   Day International                          US$1,225,783

In the Reclamation Procedures Motion, the Debtors seek, among
other relief:

   (a) at least 120 days from the bankruptcy filing to review
       and determine the validity of reclamation demands,

   (b) during the Review Period, a prohibition against any
       reclaiming seller making any motion for relief with
       respect to goods subject to reclamation demands, and

   (c) a prohibition against any seller from filing an adversary
       proceeding with respect to goods subject to reclamation
       demands.

The Suppliers object to the proposed Reclamation Procedures
because it will effectively deny their right of reclamation
since after the 120-day stay has expired, the Suppliers' goods
will have almost certainly been entirely consumed by the Debtors
leaving them with nothing to reclaim.

Representing Rock-Tenn, Susan P. Persichilli, Esq., at Buchanan
Ingersoll & Rooney, PC, in New York, relates that in 2005, as
part of the Bankruptcy Abuse Prevention and Consumer Protection
Act of 2005, Section 546(c) of the Bankruptcy Code was amended.  
Before the amendment, Ms. Persichilli says, Section 546(c) of
the Bankruptcy Code permitted a bankruptcy court to deny a
seller the right to reclaim goods by instead granting that
seller a replacement lien or an administrative expense claim for
the value of the goods.  The 2005 amendments to Section 546(c)
of the Bankruptcy Code eliminated the ability of a court to deny
that seller the right to reclaim its goods, Ms. Persichilli
notes.

Pursuant to the current version of Section 546(c) of the
Bankruptcy Code, a seller, which complies with the provisions of
the statute has an absolute right to reclaim goods received by a
debtor within the 45 days prior to the bankruptcy filing
provided that the debtor was insolvent at the time it received
those goods.  Indeed, Ms. Persichilli says, absent an agreement
among the parties, Congress has made it clear, by eliminating
the alternative remedies of replacement liens and administrative
expense claims, that the Debtors are required under the current
version of Section 546(c) of the Bankruptcy Code to grant
reclaiming sellers specific performance like returning specific
goods in question.

The Suppliers believe that they have satisfied the requirements
of Section 546(c), which gives them an absolute right to reclaim
the goods they sold to the Debtors which was received 45 days
before the bankruptcy filing.

Packaging Corporation of America proposes certain modifications
to the Debtors' Reclamation Procedures:

   (a) The Debtors should be required to provide PCA a report of
       the inventory on hand that identifies which of the goods
       subject to PCA's Reclamation Demand were on hand as of
       the
       date of the Reclamation Demand;

   (b) PCA's reclamation claim should be granted administrative
       priority status pursuant to Section 503(b) of the
       Bankruptcy Code; and

   (c) PCA should have the right to seek relief from stay with
       respect to its reclamation claim in the event the Debtors   
       fail to promptly supply PCA the inventory report   
       identifying the goods on hand as of the date of PCA's  
       reclamation demand or in the event PCA reasonably
       believes that the Debtors' are administratively
       insolvent.

                   About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides  
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  Quebecor World has approximately 27,500
employees working in more than 120 printing and related
facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India,
Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom.

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

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. 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
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of     
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

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.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 13, 2008
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


SOUTHERN IRON: Mumbai Court Approves Scheme of Amalgamation
-----------------------------------------------------------
Southern Iron & Steel Company Ltd. has informed BSE that the
High Court of Judicature at Mumbai has sanctioned the Scheme of
Amalgamation of Southern Iron & Steel Co. Ltd. with JSW Steel
Ltd., according to a disclosure in the Bombay Stock Exchange.
The Order approving the Scheme was pronounced in the Court on
Feb. 22, 2008.

The written order sanctioning the Scheme is expected to be
received shortly, Sourthern Iron said.  Once the order of the
High Court is filed with Registrar of Companies, Maharashtra,
the scheme will become effective.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 6, 2007, the salient features of the Scheme are:

   (a) Appointed Date for the Amalgamation is April 1, 2007.

   (b) One equity share of INR10 each of JSWSL will be issued to
       the equity shareholders of SISCOL for every 22 equity
       shares of INR10 each held by them in SISCOL and one
       redeemable preference share of INR10 each of JSWSL will
       be issued to the preference shareholders of SISCOL for
       every one redeemable preference shares of INR10 each held
       by them in SISCOL and the conversion price for
       outstanding convertible instruments in SISCOL will also
       be adjusted in the proportion of the swap ratio.

   (c) The Share Exchange Ratio is based on the Valuation Report
       and the recommendations made by PriceWaterHouse Coopers,
       valuers tasked to value the business of the two
       companies.

   (d) The Scheme is subject to the approval of the requisite
       majority of the shareholders, lenders, creditors of the
       two companies, the relevant Stock Exchanges, the Bombay
       High Court and the permission or approval of the Central
       Government or any other statutory or regulatory
       authorities, which by law may be necessary for the
       implementation of the Scheme.

Headquartered in Salem, India, Southern Iron & Steel Company
Limited is engaged in the business of manufacturing pig iron,
billets, bars and rods.  The company produces these products at
its integrated steel plant located in the district of Salem,
Tamil Nadu.  The plant has a capacity of 0.3 metric tons per
annum.  Southern Iron and Steel Company Ltd. also has plants for
the generation of power and production of oxygen.

On July 20, 2006, CRISIL Ratings reaffirmed the outstanding 'D'
rating on the INR280 million Non-Convertible portion of the
Optionally Convertible Debenture Issue of Southern Iron & Steel
indicating that the instrument continues in default.  The
original instrument has been restructured and is due for
redemption in two installments on May 17, 2007, and
May 17, 2008.


TATA MOTORS: Mandates Banks to Raise US$2.5 Bil., Report Says
-------------------------------------------------------------
Tata Motors Ltd. has kick-started the process of raising
US$2.5 billion by giving the mandate to various local and
foreign banks, the Economic Times reports.

According to ET, the list of banks includes Citigroup Inc., JP
Morgan Chase & Co., Standard Chartered Plc, BNP Paribas S.A. and
the State Bank of India.

The amount that will be raised is believed to be used mostly for
the acquisition of Ford Motor Co.'s Jaguar and Land Rover units.  
Merrill Lynch analysts originally evaluated Jaguar and Land
Rover at around US$1.5 billion but later consultants estimate it
to cost between US$2 billion to US$3 billion, ET relates.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 31, 2008, Tata Motors is closing in on an agreement with
Ford's two luxury brands.  On Feb. 8, Tata Motors met with the
main trade union of the two brands.

Tata Motors became the front-runner to buy the two 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.

A Reuters report on Friday quoted Dave Osborne, national
secretary for vehicle building at the Unite union, as saying,
"We are confident our members' long-term future is best served
by Tata."

The Economic Times noted that the fund-raising coincides with
the announcement of Ford's British workers' union that its is
satisfied with the discussions with Tata Motors over the
latter's proposed acquisition of the marquee brands.

The entire fund is expected to be raised against the balance
sheet of Tata Motors, ET states cites an unnamed banker close to
the fund-raising exercise.  The debt will therefore have an
impact on the balance sheet of Jaguar and Land Rover, the news
agency explains.

In a Jan. 9 report, TCR-AP said that Tata Motors' bond risk rose
to a record.  The increase of the risk of Tata Motors defaulting
on its bonds was brought about by the concern that it will
borrow to fund its acquisition of Jaguar and Land Rover.

Standard & Poor's Ratings Services, on Jan. 7, 2008, placed on
CreditWatch with negative implications Tata Motors' BB+ ratings.
S&P Credit Analyst Anshukant Taneja said that the acquisition of
the Ford brands could potentially have a negative impact on the
corporate credit ratings on the company, especially if it is
heavily funded by debt.

                     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 MOTORS: Commences Sale of Sumo Grande in Local Market
----------------------------------------------------------
Tata Motors Ltd. has commenced the sale of its latest passenger
vehicle offering, the Sumo Grande, in the domestic market.  Sumo
Grande, unveiled at the Auto Expo in January this year, will be
commercially available from dealerships located in metros and
select large cities from Feb. 22, 2008, and progressively across
the country in a phased manner.

The new Sumo Grande combines the looks of an SUV with the
comforts of a family car.  It has been specifically designed to
satisfy the needs of city customers in the areas of
driveability, maneuverability and fuel efficiency.  The Sumo
Grande sports an all new styling with clean chiselled looks
mating with flowing contours.  The tall aggressive stance is
complimented by large clear headlamps, and a cutaway air dam in
the front.  The clean rear look, with the spare wheel tucked
under the body, is accentuated by attractive taillights and a
chrome overlay.

Designed with a longer wheelbase of 2550 mm (existing 2400 mm),
the Sumo Grande sports comfortable three-row seating with best
in class third row seats.  Beige interiors are complimented by
fire and stain resistant fabric upholstery.  Dual HVAC with roof
integrated louvers ensures personalised climate adjustment for
the occupants in each row.  Power steering, power windows,
motorised ORVMs, height adjustable driver's seat and a state of
the art CD/MP3 music system further add to the comforts and
convenience of a family traveling in the Sumo Grande. The
vehicle is powered by the new generation 2.2 L direct injection
common rail engine, fitted with a variable geometry turbocharger
creating a perfect blend of performance and fuel efficiency.
Maximum power and torque of 120 PS and 250 Nm, coupled with high
torque levels over a wide RPM band enhance driveability in stop
start city traffic.  For a vehicle its size, the Sumo Grande is
extremely maneuverable with the turning circle radius of 5.25 m,
similar to a small car.

The Sumo Grande will be available in three variants -- Lx, Ex
and Gx -- all of which have two seating configurations: 6+1 and
7+1.  The vehicle will be available in seven colours, including
four new shades -- Sunset Orange, Zephyr Green, Mineral Red and
Marine Blue.  The Sumo Grande range is priced in the range of
INR6.55 lakh to INR7.49 lakh (ex-showroom, Delhi).  It comes
with an enhanced warranty of 2 years or 75000 kms (whichever is
earlier).  An additional two-year warranty can be availed
through the extended warranty option.

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 POWER: To Partner with Rafael for India's ADS System
---------------------------------------------------------
Israel's Rafael Advanced Defense Ltd. is set to tie up with Tata
Power Company Ltd. for the maintenance of air defense systems,
the Press Trust of India reports.

According to PTI, Rafael will sign a production transfer program
agreement with the Tata Group company this fiscal year.  Rafael,
an armaments company, won a contract for quick reaction surface-
to-air Python and Derby Air Defence Systems for India's Ministry
of Defense.

Under the proposed agreement, Tata Power will manufacture some
parts of the air defense systems and do the maintenance work
post delivery, PTI quoted Oron Oriol, Rafael's director for air-
to-air and air defence systems, as saying.

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                        *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds have been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's has downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.




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


BANK NIAGA: To Deal with CIMB Bhd to Finance Oil Plantation
----------------------------------------------------------- PT
Bank Niaga Tbk planned to team up with Malaysia based CIMB Bhd,
which controls 83% shares in the bank, to finance palm oil
plantations, the turnpike project in Greater Jakarta, power
plant and manufacturing projects, The Jakarta Post reports
citing Catherine Hadiman, corporate and banking business
director.

Ms. Hadiman, the report relates, said that in 2008 corporate
financing was expected to contribute to some 50% of total
profit, treasury division to 30% and retail banking and credit
cards to the remaining 20%.

On the topic on the government's single presence policy, Ms.
Hadiman told the news agency that CIMB had the choice of either
merging Niaga with Lippo Bank or building a new holding company
covering the two firms.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 19, 2007, Khazanah Nasional is looking into the possibility
of merging Lippo Bank and Bank Niaga given the synergy involved,
and also to comply with Indonesia's single presence policy.

Under Bank Indonesia's single-presence policy, foreign parties
cannot own a controlling stake in more than one Indonesian bank
and must submit statements of compliance to this rule.

CIMB Group owns 64% of Bank Niaga, the TCR-AP noted, while
Khazanah, holds 93% of Bank Lippo.  Khazanah owns 21.42% of
Bumiputera Commerce Holdings Bhd, the parent company of CIMB
Group, the report added.

Ms. Hadiman was quoted by The Post as saying, "We are currently
still studying the prospects for a merger, calculating the
commercial issues such as business expansion opportunities or
losses that might occur.  If (the merger) doesn't provide us
with stronger business opportunities, we won't go for that
option," she said.

The report adds that Ms. Hadiman also said that they were also
reviewing the effect of tax regulations on a possible merger.

                      About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com/-- has a license to operate as a  
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator.  The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance.  As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                        *     *     *

The bank also has the following existing global scale ratings
assigned by Moody's Investors Service:

   -- issuer/foreign currency subordinated debt of Ba3;

   -- global local currency deposit of Baa3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime;

   -- and bank financial strength of D.

Fitch Ratings affirmed all the ratings of PT Bank Niaga Tbk as:
Long-term foreign Issuer Default ratings at 'BB-'; Individual at
'C/D'; and Support '4'.  Fitch revised the Outlook for the
ratings to positive from stable.


BANK NISP: Fitch Lifts Issuer Default Rating to BB from BB-
-----------------------------------------------------------
Fitch ratings has taken rating actions on Indonesian banks.  
"Apart from the sovereign action, the upgrades in the banks'
IDRs reflect their financial improvement in the past year, and
our expectations that operating conditions in Indonesia should
remain generally supportive of credit quality going forward,"
notes Tan Lai Peng, Director with Fitch's Financial Institutions
group.

The Outlook has been revised to Stable from Positive. This
follows a similar revision on the Indonesian sovereign where the
Long-term IDRs were raised to 'BB' from 'BB-' and the Outlook
revised to Stable from Positive.  The Individual ratings, Short-
term IDRs and National Ratings have been affirmed.

Also, the Support Ratings of state-owned and/or systemically
large banks have been upgraded to '3' from '4'. Their Support
Rating Floors have been upgraded to 'BB-' from 'B+' or 'B'
previously to reflect the stronger financial ability of the
sovereign state to provide support.

PT Bank NISP Tbk

  -- LTFC/LTLC IDR upgraded to 'BB' from 'BB-'; Outlook revised
     to Stable from Positive;

  -- Individual rating affirmed at 'C/D';

  -- Support rating affirmed at '3';

  -- National Long-term rating affirmed at 'AA+(idn)';

  -- ST IDR affirmed at 'B';

  -- FC subordinated debt upgraded to 'BB-' from 'B+'.


BANK PERMATA: 2007 Pre-Tax Profit Up 62% to IDR736.8 Billion
------------------------------------------------------------
PT Bank Permata Tbk's 2007 pre-tax profit increased 62% to
IDR736.8 billion from IDR455.2 billion in 2006, Asia Pulse
reports.

According to the report, the bank said the increase was due to
strong growth in credits and fee-based income.

The bank, the report relates, reported a 11% growth in credits
increasing its loan to deposit ratio to 88% in 2007 from 83% in
2006.  While the bank's fee-based income rose 87% to IDR1
trillion, the report notes.

The bank also reported an outstanding credit of IDR25.99
trillion with assets valued at IDR39.13 trillion by the end of
2007, the report adds.

                     About Bank Permata

Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's
-- http://www.permatabank.com/-- products and services include  
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking.  The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country.  The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.

As reported by the Troubled Company Reporter-Asia pacific on
Feb. 25, 2008, Fitch ratings has taken rating actions on PT Bank
Permata Tbk.

The Outlook has been revised to Stable from Positive.  The
bank's support Ratings has been upgraded to '3' from '4'.  The
Support Rating Floors have been upgraded to 'BB-' from 'B+' or
'B' previously to reflect the stronger financial ability of the
sovereign state to provide support.  The bank's individual
rating was also affirmed at C/D.

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

The detailed ratings are:

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

   -- The Not Prime foreign currency short-term deposit rating,
      Baa3 global local currency deposit rating and D- BFSR were
      unaffected.


MOBILE-8: Near Doubles Revenue as Subsriber-Base Rise 65%
---------------------------------------------------------
PT Mobile-8 Telecom's 2007 revenue almost increased by 50% due
to a 65% increase in customer base, The Jakarta post reports.

Merza Fachys, company director and chief of corporate affairs,
said that by the end of 2007, the company's subscribers numbered
slightly more than 3 million, up from about 1.8 million a year
earlier.

The company's gross revenue in 2007 was promising, The Post
notes, with a year-on-year increase of 50%.  "It was mainly
contributed by the introduction of our new tariff and the launch
of our commercial operation in new areas," Mr. Fachys was quoted
by the news agency as saying.

According to the report, the company took in IDR281.2 billion in
gross revenue between January and September in 2007, an 81%
increase from the same period in 2006.

Moreover, Mr. Fachys said they would continue to expand their
BTS (base station transceiver) network outside Java this year,
spending US$140 million for the work, or more than double last
year's US$60 million, the report adds.

                  About Mobile-8 Telecom

Headquartered in Jakarta, Indonesia, PT Mobile-8 Telecom Tbk is
a part of Bimantara Group.  Established in 2002 and commercially
launched in 2003 is the fourth largest mobile cellular operator
in the country.  Its product is Fren, which offers pre-paid and
post-paid billing services.  The Company's other products and
services include Fren Prabayar, Fren Pascabayar, FrenSLI 01068,
Layanan, Value Added Services, Fren RingGo, TV MOBI and Fren
Mobile Internet.  Its subsidiaries, which provide mobile
cellular network services, are PT Komunikasi Selular Indonesia,
PT Metro Selular Nusantara and PT Telekomindo Selular Raya. As
of May 31, 2007, the three subsidiaries have been merged into
the Company.

                        *     *     *

The Troubled Company Reporter-Asia Pacific on Sep 18, 2007, that
Moody's Investors Service has affirmed the B2 corporate family
rating of PT Mobile-8 Telecom Tbk.  At the same time, Moody's
has affirmed the B2 rating for the US$100m senior unsecured
11.25% bond due 2013 issued by Mobile-8 Telecom Finance Company
BV and guaranteed by Mobile-8 following the completion of the
bond issuance.  Both ratings have had their provisional status
removed. The outlook on the ratings is stable.

On July 19, 2007, Standard and Poors assigned its 'B' long-term
corporate credit rating to Indonesia's wireless operator PT
Mobile-8 Telekom Tbk.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B' rating to the proposed
US$150 million senior unsecured notes to be issued by Mobile-8
Telecom Finance B.V., a wholly owned subsidiary of Mobile-8.


PT INCO: Hires Laudio Renato Chaves Bastos as VP & CFO
------------------------------------------------------
PT International Nickel Indonesia Tbk appointed Mr. Claudio
Renato Chaves Bastos as its Vice President and Chief Financial
Officer, Reuters Investing Keys reports.

According to the report, Mr. Bastos will replace Mr. Johannes
Cornelis Maria van Gaalen.

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer  
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi.  Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.

                        *     *     *

As of October 29, 2007, the company carried Standard and Poor's
"BB-" long-term foreign and local issuer credit ratings; and
Fitch Rating's "BB" LT Issuer Default rating.


PT INCO: Sees 50% Increase in 2007 Net Profit
---------------------------------------------
PT International Nickel Indonesia is expected to report a 50%  
increase in its 2007 net profit amid a surge in nickel prices
and a slight increase in its nickel output, Thomson Financial
reports.

Analysts surveyed by Thomson Financial are projecting Inco's
2007 net profit to come in a range of US$1.06-US$1.26 billion
from US$513 million in 2006.  Last year's sales are expected to
have risen to US$2.12-US$2.49 billion dollars from US$1.34
billion a year earlier, analysts said.

The report recounts that the company's profit in the first nine
months of 2007 up 293.3% to US$972.6 million from the previous
year, while sales rose 149.6% to US$1.87 billion dollars.

Erdikha Elit analyst Lanang Trihardian, the report relates,  
expects the company's 2007 net profit to increase 145.6% rise
to US$1.26 billion dollars.  Sales should have also doubled to
US$2.49 billion, he said.

"Inco's production is expected to have risen slightly, but the
main driver of the strong top and bottom line is the soaring
nickel price in the world market," Mr. Trihardian was quoted by
the news agency as saying.  Mr. Trihardian expects nickel
production at Inco to have risen to 165 million pounds from 158
million a year earlier, which is in line with the company's
estimates, the report notes.


Valbury Asia Securities analyst Mastono Ali said the strike late
last year would have made a limited impact on the company's
output, Thomson relates.

Ali expects Inco's output in 2007 to have risen to 168 million
pounds from 158 million pounds the year before, slightly higher
than Inco's own forecast of 165 million pounds.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 28, 2007, International Nickel Indonesia Tbk's 11-day
strike ended on November 26, 2007, hence the operations at the
site resumed back to normal.  Around 100 of Indosat's employees
remained on strike at its Sorowako mine, a fifth of the number
that walked out on November 15 seeking higher bonuses, the
report noted.

The report points out, Citigroup said in a note to investors
that on a quarterly basis, Inco's fourth-quarter results should
have been weaker following a drop in nickel production in the
quarter to 41 million pounds, from 46 million pounds in the
third quarter.  But Inco is unlikely to replicate last year's
"super-normal" profits this year as nickel prices have begun to
retreat, the brokerage said.

Citigroup, the report says, expects Inco's net profit to have
surged to US$1.07 billion in 2007, but forecasts the bottom line
to fall back to US$547 million this year.

The company is likely doubled net profit in 2007 on higher
commodity prices, the report adds.

                       About PT Inco

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer  
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi.  Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co. Ltd. holds a
20.1% stake.

                        *     *     *

As of October 29, 2007, the company carried Standard and Poor's
"BB-" long-term foreign and local issuer credit ratings; and
Fitch Rating's "BB" LT Issuer Default rating.




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


ALITALIA SPA: Lazio Court Rejects Appeal to Cancel Sale Talks
-------------------------------------------------------------
The Italian Regional Administration Court of Lazio rejected a
Feb. 20, 2008, appeal by AP Holding S.p.A., the investment arm
of AirOne S.p.A., to declare null and void a Dec. 28, 2007,
decision of Italy's Ministry of Economy and Finance to commence
exclusive talks to sell the government's 49.9% stake to Air
France-KLM SA, various reports say.

The court, Reuters reports, has yet to rule whether Alitalia can
continue its exclusive negotiations with Air France and whether
AirOne can present a binding offer to acquire Italy's stake.

According to Bloomberg News, the court said AirOne failed to
provide convincing evidence that the sale process should be
halted.

As previously reported in the TCR-Europe, AirOne said it would
present a binding offer once it wins its appeal.

AirOne said its offer will be financially backed by Intesa
Sanpaolo S.p.A., Goldman Sachs Group Inc., Morgan Stanley and
Nomura Holdings Plc.

TPG Inc. and Pirelli & S.p.A. chairman Marco Tronchetti Provera
may join AirOne in its Alitalia bid.  Reuters said MyChef may
also participate in the offer.  AirOne chairman Carlo Toto is
inviting businessmen from the Lombardy region to join the
airline's bid.

As reported on Jan. 17, 2008, Alitalia and Italy have commenced
exclusive sale talks with Air France-KLM.  The carriers have
until mid-March to reach an agreement, which would be approved
by the government.

                        About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina and Japan.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


ELAN CORP: Posts US$405 Million Net Loss for Year Ended 2007
------------------------------------------------------------
Elan Corporation plc posted its unaudited full-year financial
results for 2007.

The company reported net loss of US$405 million on revenues of
US$759.4 million for the year ended Dec. 31, 2007, compared with
net loss of US$267.3 million on revenues of US$560.4 million for
the same period in 2006.

At Dec. 31, 2007, the company's unaudited consolidated balance
sheet showed US$1.78 billion in total assets, US$2.02 billion in
total liabilities and US$234.7 million in shareholders' deficit.

                     Financial Outlook 2008

Elan expected total revenues to grow by over 30% from 2007 level
and approach, if not exceed, US$1 billion driven by a continued
strong performance from Tysabri.

The gross profit margin is expected to be in the range of 43% to
48%, reflecting the increasing proportion of revenues from
Tysabri.

Aggregate SG&A and R&D expenses are expected to be in the range
of US$625 million to US$675 million.  SG&A expenses are expected
to be less than the total amount in 2007 as a result of the
reduction in the sales force and related commercial
infrastructure and non-cash amortization expenses associated
with Maxipime and Azactam.  This decrease is expected to be
partially offset by the increase in SG&A spend on Tysabri,
particularly as it relates to the launch of Tysabri for Crohn's
disease (CD) in the United States.

Elan's investment in R&D is expected to make up over 50% of the
US$625 million to US$675 million spend, and will fund the
increasing number of late stage clinical trials in Alzheimer's
disease, as well as our expanded effort in autoimmune diseases,
particularly as it relates to Tysabri.

Adjusted EBITDA for Elan is targeted to be less than negative
US$50 million for the full-year 2008, and to get to breakeven in
the second half of 2008.

The company also expect to make a milestone payment of US$75
million to Biogen Idec during 2008, in order to maintain our
percentage share of Tysabri at around 50% for annual global in-
market net sales of Tysabri that are in excess of US$700
million.  This payment is not reflected in the financial
guidance above.

"Our key operating principles of patient focus, disciplined
execution, and delivery of tangible results and outcomes were
achieved in 2007.  The continued traction for Tysabri in MS and
the approval for Crohn's disease in the US; the advancement of
our AD clinical programs for AAB-001 and ELND-005; and the on-
going progress in our preclinical discovery efforts all provide
a strong foundation to maintain and potentially increase our
positive momentum in 2008," Kelly Martin, Elan's president and
CEO commented.

"We remain completely committed to advancing our science for
patients and clinicians around the world, increasing therapeutic
options for those who are directly affected by chronic diseases
such as Alzheimer's, Parkinson's, Multiple Sclerosis and
Crohn's," Mr. Martin added.

"We are very pleased with the robust financial performance of
the business during 2007, reflecting excellent progress across
our businesses and development pipeline.  Revenues grew by 36%
driven by the continued strong growth of Tysabri, with over
21,000 patients on therapy at the end of 2007, which was key in
reducing our Adjusted EBITDA losses by two-thirds to $30.4
million in 2007," Shane Cooke, Elan's executive vice president
and chief financial officer commented on the company's financial
results and 2008 outlook.

Mr. Cooke added, "The 2007 net loss of US$405.0 million was,
however, higher than in 2006 mainly due to the inclusion of
US$103.4 million in charges in 2007 related to the introduction
of a generic competitor to Maxipime, the consolidation of our
activities on the west coast of the US and the early repayment
of debt.  In 2006, the net loss benefited from the inclusion of
US$63.4 million in net gains related principally to a gain on
the sale of the EU rights to Prialt and an arbitration award."

"With the recent approval of Tysabri in Crohn's disease in the
US and the growing number of MS patients benefiting from Tysabri
use, we remain confident that we will achieve our target of
having 100,000 patients on Tysabri therapy by the end of 2010.
We look forward to 2008 with great optimism and see revenues
growing by over 30% towards the US$1 billion mark," Mr. Cooke
concluded.

                      About the Company

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

                        *     *     *

As of Feb. 21, 2008, Elan Corp. plc carried Moody's Investors
Service's long-term corporate family rating of B3, probability
of default rating of B2 with stable outlook.

Standard & Poor's gave the company B rating on long-term foreign
issuer credit and B rating on long-term local issuer credit with
positive outlook.


KOBE STEEL: To Establish Welding Company in China
--------------------------------------------------
Kobe Steel Ltd. plans to establish a company to produce welding
materials in Qingdao, Shangdong Province, China.  The new
company will make flux cored welding wire for welding carbon
steel used in shipbuilding.

Called Kobe Welding of Qingdao Co., Ltd., the joint venture will
be formed in April 2008.  Production is scheduled to begin one
year later, in April 2009.  The plant will have a capacity of
1,000 metric tons per month.

Kobe Welding of Qingdao, to be capitalized at CNY3 billion, will
employ about 90 people.  Kobe Steel will have a 90% share in the
venture and subsidiary Shinsho Corporation 5%.  Sojitz Marine &
Engineering Corporation and Tokokosen Corp. will each have 2.5%.

In the 1980s, Kobe Steel pioneered the development of flux cored
welding wire for carbon steel and widely promoted its commercial
application.  This technical breakthrough streamlined welding in
the shipbuilding industry.  Today, flux cored welding wire is an
essential material in the construction of large ships.

Flux cored welding wire for carbon steel is commonly used in
shipbuilding and offshore marine structures, such as oil rigs.
In recent years, demand has been growing for this welding
consumable.  As one of the leading producers of flux cored
welding wire, including that for specialty steel, Kobe Steel has
been increasing its production capacities for this material at
its plants in Japan, China, South Korea and Europe.

China is the largest market for welding consumables, using an
estimated 2.5 million metric tons of welding materials of
various types per year.  China's shipbuilding capacity is
anticipated to steadily grow, with capacity in 2010 expected to
double, in comparison to 2007.  In addition, the use of welding
electrodes in shipbuilding is shifting to high-efficiency flux
cored welding wire for carbon steel.  As a result, Kobe Steel
predicts that demand for flux cored welding wire will increase
sharply.

In recent years, Japanese and Korean shipbuilders have been
setting up operations in eastern China, where Kobe Steel is
planning to locate its new joint venture.  Existing shipyards
are also expanding their production capacities.  By establishing
a new manufacturing plant for welding consumables in China, Kobe
Steel will be able to strengthen its supply capability and
technical services in that country.

              About Flux Cored Welding Wire

Flux-cored welding wire consists of a steel sheath with flux in
the middle.  This type of wire is generally around 1.2 mm to 1.6
mm in diameter.  Flux contains a deoxidant, slag generator, arc
stabilizer, alloys, steel powder and other substances.  Flux
composition contributes greatly to the mechanical properties,
welding workability and other capabilities of the welding wire.

                     About Kobe Steel

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel,  
Limited -- http://www.kobelco.co.jp/english/corp/index.html--     
is one of Japan's leading steel makers, as well as the top  
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.  Kobe Steel has
offices in New York, Singapore, Bangkok and Beijing.

As the Troubled Company Reporter - Asia Pacific reported on
Dec. 21, 2007, Fitch Ratings has upgraded Kobe Steel, Ltd.'s
Long-term foreign and local currency Issuer Default Ratings
(IDRs) and senior unsecured debt rating to 'BBB-' (BBB minus)
from 'BB+'.  At the same time, Kobelco's Short-term foreign and
local IDRs have been upgraded to 'F3' from 'B'.  The rating
Outlook is Stable.


KOBE STEEL: To Issue Domestic Unsecured Yen-Denominated Bonds
-------------------------------------------------------------
Kobe Steel, Ltd. hereby gives notice that it has decided to
issue Domestic Unsecured Yen Bonds under these terms:

Domestic Unsecured Yen Bonds due January 23, 2013

   1. Name:       Kobe Steel, Ltd. Series 47 Unsecured  
                       Bonds
                (Limited Inter-Bond Pari Passu Clause)

   2. Total Amount
       of Issue:       JPY10 Billion

   3. Denomination
      of Bond:       JPY100,000,000 each

   4. Interest Rate:   1.19% per annum of the principal of the
                       Bonds

   5. Issue Price:     100% of the principal amount of the Bonds

   6. Redemption
      Price:       100% of the principal amount of the Bonds

   7. Maturity Date:   To be redeemed in a lump sum on 23
                       January 2013



   8. Offering Period:  17 January 2008

   9. Closing Date:  23 January 2008

   10. Method of
       Issue:           Public offering in the domestic market

   11. Date of Payment
       of Interest on
       the Bonds:  Semiannually on 23 January and 23 July

   12. Status of
       the Bonds:  Unsecured by assets or guarantees

   13. Fiscal Agent:  Mizuho Corporate Bank, Ltd.

   14. Underwriters:  Mizuho Securities Co., Ltd.

Use of Proceeds: To be applied mainly toward the redemption of
bonds and also repayment of loans

II .Domestic Unsecured Yen Bonds due 23 January 2018

  1.  Name:     Kobe Steel, Ltd. Series 48 Unsecured
                        Bonds
              (Limited Inter-Bond Pari Passu Clause)
  2.  Total Amount
      of Issue:        JPY10 Billion

  3.  Denomination
      of Bond:     JPY100,000,000 each

  4.  Interest Rate:  1.81% per annum of the principal of the
                        Bonds

  5.  Issue Price:  100% of the principal amount of the
                        Bonds

  6.  Redemption
      Price:     100% of the principal amount of the
                        Bonds

  7.  Maturity Date:  To be redeemed in a lump sum on  
                        January 23, 2018

  8.  Offering Period:  January 17, 2008

  9.  Closing Date:  January 23, 2008

10. Method of Issue:  Public offering in the domestic market

11. Date of Payment
     of Interest on
     the Bonds:     Semiannually on January 23 and July 23

12. Status of
     the Bonds:     Unsecured by assets or guarantees

13. Fiscal Agent:  The Bank of Tokyo-Mitsubishi UFJ, Ltd.

14. Underwriters:  Mizuho Securities Co., Ltd.

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel,  
Limited -- http://www.kobelco.co.jp/english/corp/index.html--     
is one of Japan's leading steel makers, as well as the top  
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.  Kobe Steel has
offices in New York, Singapore, Bangkok and Beijing.

As the Troubled Company Reporter - Asia Pacific reported on
Dec. 21, 2007, Fitch Ratings has upgraded Kobe Steel, Ltd.'s
Long-term foreign and local currency Issuer Default Ratings
(IDRs) and senior unsecured debt rating to 'BBB-' (BBB minus)
from 'BB+'.  At the same time, Kobelco's Short-term foreign and
local IDRs have been upgraded to 'F3' from 'B'.  The rating
outlook is stable.




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


DAEWOO ELECTRONICS: Overhauls UK Marketing Strategy
----------------------------------------------------
Daewoo Electronics is overhauling its UK marketing strategy as
part of a restructuring that aims to streamline the company's
operations, Marketting Week reports.

According to the report, the company has not had a marketer
since the departure of Kam Nijhar late last year.  The decision
about whether to recruit a replacement is part of the review,
the report notes.

A Daewoo Electronics insider, the report relates, says the
company is evaluating its UK options, including whether to keep
elements of its marketing in house or to appoint an external
agency.  The company is hoping to complete its review by June,
the source said.

In the past, Daewoo's marketing strategy has focused on
establishing the brand at the quality end of the consumer market
and distancing it from the "bargain basement" electronics image,
the report recounts.

                 About Daewoo Electronics

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

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

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

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale at US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.  As reported in the Troubled
Company Reporter-Asia Pacific on Nov. 28, 2007, Daewoo
Electronics is put up for sale a second time as the US$746-
million Videocon-Ripplewood bid fails.  Morgan Stanley's private
equity unit has emerged as the preferred bidder to acquire
Daewoo Electronics


HANARO: Post KRW7.3-Bil. Net Income in 3 Months Ended Dec. 2007
---------------------------------------------------------------
Hanarotelecom Inc. posted a net income of KRW7.3 billion in the
three months to December 2007 from a loss of KRW45.9 billion in
2006, Asia Pules reports.

According to the report, the increase was attributed to
increased revenue from its main businesses such as video-on-
demand service.  The bottom line, however, slid 1.3 percent from
the previous quarter, the report notes.

Sales grew 8.4% year-on-year to KRW488.8 billion and operating
profit surged 162% to KRW24.4 billion from a KRW3.2 billion loss
in the same period of last year, Asia Pulse relates.

The company, the report notes, attributed strong growth to its
"Hana TV" service, which enables customers to view TV programs,
movies and other diverse entertainment content delivered via
broadband Internet connections.  The company said that with its
promotion efforts on bundling communications services paying
off, its traditional businesses including broadband Internet and
telephony services are also contributing to profit growth, the
report adds.
                    About hanarotelecom

hanarotelecom Inc. -- http://www.hanaro.com/-- is the second  
largest player in the Korean local telephone market.  It
provides high-speed Internet services in Korea.  It provides
high-speed Internet services in Korea.  In June 2001, the
company integrated broadband Internet access services which
included ADSL, Hybrid Fiber Coaxial cables and Broadband
Wireless Local Loop into a single brand called HanaFOS.
hanarotelecom offers VoIP services to its broadband business
customers as a bundled service and also as a stand alone
service.

                        *     *     *

hanarotelecom carries Moody's Investors Service's Ba2 long-term
corporate family and senior unsecured debt ratings.

Standard and Poor's gave hanarotelecom 'BB' long-term foreign
issuer credit and long-term local foreign issuer credit ratings.




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


MALAYSIAN AIRLINE: Plans To Increase Flight Frequencies in June
---------------------------------------------------------------
Malaysian Airline System Bhd plans to increase its flight
frequencies to selected international destinations, beginning
with two more two flights per week to London Gatwick Airport in
June, the EdgeDaily reports.

The company said that it plans to provide additional flights to
cities like Rome, Amsterdam, New Delhi, Chennai and other
regional destination in anticipation of higher demand, according
to the report.

"We can accommodate an increasing demand for our services;
therefore, we have decided to increase the number of air tickets
available during the Malaysia Airlines Travel Fair period to six
million compared with the four million offered previously," said
MAS regional general manager for Malaysia and Asean, Salleh
Tabrani, as quoted by the EdgeDaily.

The company will reveal the details of its flight route
expansion plans at a later date.

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


TALAM CORP: Has Until April 4 to Redeem Class B & C BaIDS
---------------------------------------------------------
The U.S. Securities Commission approved Talam Corporation
Berhad's request to extend until April 4, 2008, for the
redemption of Class B and Class C of Ambang Sentosa Sdn Bhd's
MYR986.0 million Asset-Backed Al-Bai Bithaman Ajil Islamic Debt
Securities.

The Securities Commission's approval is subject to:

     (i) all relevant parties to the BaIDS including, but not
         limited to, trustee and rating agency, be fully
         informed of the Proposed Extension and, where
         applicable, obtain their consents thereto;

    (ii) RHB Investment Bank and Ambang Sentosa have undertaken
         all necessary due diligence in relation to the Proposed
         Extension;

   (iii) RHB Investment Bank and Ambang Sentosa to obtain all
         other regulatory approvals for the Proposed Extension,
         if any;

    (iv) RHB Investment Bank and Ambang Sentosa to obtain the
         Securities Commission's approval should there be
         further extension of the redemption date for Class B
         and Class C BaIDS; and

    (v) RHB Investment Bank to submit a written confirmation on
        compliance with the above upon implementation of the
        Proposed Extension.

Some of the proposals under BaIDS include:

   (a) to restructure Ambang Sentosa's MYR272.0 million Class B
       BaIDS and MYR226.0 million Class C BaIDS via cash
       settlement from the monies in the Escrow Accounts, BaIDS
       Redemption Account and Expenses Reserve Account and
       Talam's proposed issuance of redeemable convertible
       preference shares and Al-Bai Bithaman Ajil Islamic Debt
       Securities;

   (b) to vary the utilization of the Escrow Accounts monies for
       partial redemption of Class B Varied BaIDS and Class C
       Varied BaIDS on equal distribution basis proportionate to
       their holdings;

   (c) to utilize the Development Accounts monies, save for                
       monies represented by collection proceeds attributable to
       those unsold lands owned by the Originator as identified
       in the settlement agreement dated October 5, 2006, for
       development costs payments in respect of the
       participating projects;

   (d) to utilize any remaining balances in the Expense Reserve
       Account as at Settlement Date immediately prior to the
       settlement of the Varied BaIDS to be used to partially
       redeem the outstanding Class B Varied BaIDS and Class C
       Varied BaIDS on equal distribution basis proportionate to
       their holdings; and  

   (e) to create additional land charges as security to the
       BaIDS holders in respect of the Lands.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in         
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.  
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.




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


CORPORATE CLUB: Fixes March 14 as Last Day to File Claims
---------------------------------------------------------
The creditors of The Corporate Club Ltd. are required to file
their proofs of debt by March 14, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Henry David Levin
          David Stuart Vance
          PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street
          Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


DESIGN ZOO: Wind-Up Petition Hearing Set for March 3
----------------------------------------------------
The High Court of Wellington will hear on March 3, 2008, at
10:00 a.m. a petition to have Design Zoo Wellington Ltd.'s
operations wound up.

Independence Studios Pty Limited filed the petition on
Dec. 20, 2007.

Independence Studios' solicitor is:

          C. M. Gray
          c/o Saunders Robinson Brown
          227 Cambridge Terrace, Level 4
          PO Box 39, Christchurch
          New Zealand


KFP HOLDINGS: Court Enters Wind-Up Order
----------------------------------------
On January 28, 2008, the High Court of Christchurch entered an
order to have KFP Holdings Ltd.'s operations wound up.  In line
with this goal, the company has appointed Iain Andrew Nellies
and Wayne John Deuchrass to facilitate the sale of its assets.

The liquidators can be reached at:

          Iain Andrew Nellies
          Wayne John Deuchrass
          c/o Insolvency Management Limited
          Level 1, 148 Victoria Street
          PO Box 13401, Christchurch
          New Zealand


OCEANSIDE DWELLINGS: Faces Structex Metro's Wind-Up Petition
------------------------------------------------------------
On December 21, 2007, Structex Metro Limited filed a petition to
have Oceanside Dwellings Ltd.'s operations wound up.

The petition will be heard before the High Court of Invercargill
on February 27, 2008, at 9:15 a.m.

Structex Metro's solicitor is:

          Duncan Cotterill
          Clarendon Tower, Level 9
          Worcester Street and Oxford Terrace
          Christchurch
          New Zealand


PARS TRANSPORT: Court to Hear Wind-Up Petition on Feb. 28
---------------------------------------------------------
A petition to have Pars Transport Ltd.'s operations wound up
will be heard before the High Court of Auckland on
Feb. 28, 2008, at 10:45 a.m.

Hirini Te Kani Lardelli filed the petition on August 23, 2007.

Hirini Te Kani's solicitor is:

          T. J. G. Allan
          c/o Grove Darlow & Partners
          WHK Gosling Chapman Tower
          Tower One, Level 10
          51-53 Shortland Street, Auckland
          New Zealand


RISK ADMINISTRATION: Subject to ASB Bank's Wind-Up Petition
-----------------------------------------------------------  
On February 1, 2008, ASB Bank Limited filed a petition to have
Risk Administration Services Ltd.'s operations wound up.

The petition will be heard before the High Court of Napier on
February 27, 2008, at 10:00 a.m.

ASB Bank's solicitor is:

          Z. G. Kennedy
          Minter Ellison Rudd Watts
          Lumley Centre, Level 20
          88 Shortland Street
          PO Box 3798, Auckland 1140
          New Zealand




===============
P A K I S T A N
===============


* PAKISTAN: Moody's Says Elections Point to Stability
-----------------------------------------------------
Pakistan's recent elections may offer, but do not yet assure, an
opportunity for a new coalition government to restore the rule
of law, alleviate institutional rifts, and reduce regional,
religious, and ethnic tensions, according to Moody's Investors
Service's lead analyst for the country.

"The election brings with it the promise of real political
improvements, especially if levels of domestic violence are
reduced and government actions can be afforded greater
legitimacy and predictability," said the analyst, Moody's Vice
President Aninda Mitra.  "This would likely improve economic
activity, boost domestic business and investor sentiment, and
restore foreign investor confidence and support a change in the
ratings outlook to stable from negative."

However, he said, until the two main opposition parties
demonstrate an ability to restore political stability and forge
an effective government, Moody's will retain its negative
outlook on Pakistan's B1 ratings.  The Pakistan People's Party
(PPP) and the Pakistan Muslim League (Nawaz) or PML(N) "have a
history of animosity with ideological differences on several
constitutional as well as socio-political issues," said Mitra.

The parliamentary representation of both parties falls just
short of a two-thirds majority needed to make constitutional
changes, leaving them dependent on third-party support and
vulnerable to pressure from the smaller parties.  Neither
commands a majority in the Senate to fully secure legislative
initiatives against opposition senators aligned with the
executive and able to obtain implicit backing from the army.

"The most serious credit challenge would probably arise from a
synchronization of further political infighting, coupled with
policy drift and worsening inflation and fiscal fundamentals
that could further worsen macroeconomic as well as socio-
political stability," said Mitra.

Moody's changed the outlook on Pakistan's B1 sovereign bond
ratings to negative in the immediate aftermath of the imposition
of emergency rule in November.  "At that time, we believed that
the suspension of the rule of law had systemically heightened
political uncertainty, making stable political outcomes
unforeseeable," said Mitra.  "Such high levels of political
uncertainty and institutional opacity could affect confidence-
sensitive investment flows and generally worsen macroeconomic
stability."

The subsequent assassination of Benazir Bhutto, the leading
opposition candidate to President Musharaff, and the
accompanying violence, demonstrated the high level of political
uncertainty that were of concern to Moody's, said Mitra.
Concerns about deterioration in Pakistan's credit fundamentals
were further fueled by the shocks to economic activity, business
sentiment, and reduction in foreign investment inflows that
followed along with a sharp up-tick in inflation and widespread
power cuts.

"Considerable uncertainties still abound and a wider process of
reconciliation faces deep chasms," said Mitra.  "Nonetheless,
the impending transition following a fair and legitimate
electoral process could lead to a number of important
developments."

These might include:

   -- The re-establishment of constitutional processes that
      better balance the relationship between the three main
      branches of government in a manner that is acceptable to
      major political parties and is consistent with popular
      aspirations;

   -- More sustainable efforts against internal and regional
      terrorism on account of the sharp reduction in popular
      sympathy for religiously extremist political parties,
      whose heretofore sizeable parliamentary representation may
      have hampered such initiatives in the recent past;

   -- The possibility of a gradual relegation of the role of the
      army in the management of civil and public sector
      institutions, that, by catalyzing a stronger private-
      sector response, could improve economic efficiency; and

   -- Improved chances for a more judicious and politically
      legitimate redress of regional and ethnic grievances that
      have frayed relations between the center and the states
      and spawned several insurgencies.




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


PHIL. NATIONAL BANK: Mulls Allied Bank Merger; May Raise PHP15BB
----------------------------------------------------------------
Philippine National Bank, together with Allied Bank Corp., will
raise about PHP15 billion (US$368 million) in capital after the
two banks complete a merger, the Business Mirror reported on
Friday citing PNB President Omar Mier.

A year from the merger they will have to go to the market to
strengthen their capital, the financial daily cited Mr. Mier as
saying in an interview.  Mr. Mier further told the Business
Mirror that the new bank may sell share or bonds or tap
shareholders for new funds.

In a filing with the Philippine Stock Exchange, PNB explained
that Mr. Mier's comments were made in the context of a possible
merger with Allied Bank, where it is normal practice by new
management to evaluate the combined capital of merged entities.  
Without the benefit of being aware of the actual capital
strength of the merged bank, Mr. Mier felt that there may be a
need in principle to raise capital funds by PHP5, PHP10 or
possibly PHP15 billion to, among others, be a stronger
competitive force in the financial markets, the PSE filing
stated.

Philippine National Bank -- http://www.pnb.com.ph/-- is the
Philippine's first universal bank established on July 22, 1916.
The bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  Its other principal
activities include bill discounting, fund transfers, remittance
servicing, foreign exchange dealings, retail banking, trust
services, treasury operations and trade finance.  Through its
subsidiaries, PNB engages in a number of diversified financial
and related businesses such as international merchant banking,
investment banking, life/non-life insurance, leasing, financing
of small-and-medium-sized industries, and financial advisory
services.  It introduced innovations such as the bank on wheels,
computerized banking, ATM banking, mobile money changing and
domestic travelers' checks.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Jan. 10, 2008, that Standard & Poor's Ratings Services has
affirmed its 'B-' long-term and 'B' short-term counterparty
credit ratings on Philippine National Bank.  The outlook is
positive.  At the same time, Standard & Poor's affirmed its 'E+'
bank fundamental strength rating on PNB.

The TCR-AP also reported on Nov. 6, 2006, that Moody's Investors
Service revised the outlook of Philippine National Bank's
foreign currency long-term deposit rating of B1, local currency
senior debt rating of Ba2, and local currency subordinated debt
rating of Ba3 to stable from negative.


PRC LLC: Files Chapter 11 Plan of Reorganization
------------------------------------------------
PRC LLC and its debtor-affiliates delivered to the U.S.
Bankruptcy Court for the Southern District of New York a Joint
Plan of Reorganization.

The Plan outlines how the Debtors propose to emerge from Chapter
11, including the treatment of creditors and equity holders.
Since its inception in 1982, Florida-based PRC and its
affiliates provided customer management solutions, with assets
of US$354,055,938 and shareholder equity of US$92,593,702 at the
end of 2007.  In the past year, however, certain events
adversely affected the company's overall financial performance,
including substantially unprofitable relationship with a key
client and lower percentage of business serviced at offshore
sites compared to competitors.

H. Philip Goodeve, the Debtors' proposed chief financial
officer, relates that the Plan provides for these transactions
to be effected on the Plan effective date:

   (i) Panther/DCP will transfer all of its membership interest
       in PRC to a newly formed limited liability company,
       Postconfirmation Panther/DCP; and

  (ii) The distributions for the Allowed Class 4 Prepetition
       First Lien Claims and the Allowed Class 5 Prepetition
       Second Lien Claims will be made, and all of the
       Pre-confirmation Equity Interests in Panther/DCP will be
       canceled.

Consistent with the intent that Post-confirmation Panther/DCP
will initially be treated as a partnership for federal income
tax purposes, no election will be made by Post-confirmation
Panther/DCP or, prior to the Effective Date, by Panther/DCP to
be taxed as a corporation for federal income tax purposes for
any period beginning on or before the Effective Date.

Pursuant to the Plan, the Reorganized Debtors may, on the
Effective Date:

   -- cause any or all of the Reorganized Debtors or to be
      merged into one or more of the Reorganized Debtors,
      dissolved or otherwise consolidated;

   -- cause the transfer of assets between or among the
      Reorganized Debtors; or

   -- engage in any other transaction in furtherance of the
      Plan.

The Plan provides for the classification and treatment of
claims asserted or to be asserted against the Debtors:

  Class      Designation             Treatment
  -----      -----------             ---------
   N/A       Allowed                 Claimants will receive  
             Administrative          cash in an amount equal
             Expense Claims          to the allowed
                                     administrative expense
                                     claim.
       
   N/A       Allowed Postpetition    Paid in full.
             Financing Obligation
             Claims

   N/A       Allowed Professional    Paid in full.
             Compensation &
             Reimbursement Claims

   N/A       Allowed Priority Tax    Claimants will receive             
             Claims                  cash in an amount
                                     equal to the Allowed
                                     Priority Tax Claim.

   Class 1   Allowed Other           Unimpaired. Claimants will
             Priority Claims         receive cash in an amount
                                     equal to the Allowed Other
                                     Priority Tax Claim.

   Class 2   Allowed Secured         Unimpaired. Claimants will
             Tax Claims              receive cash in an amount
                                     equal to the Allowed
                                     Secured Tax Claims.   

   Class 3   Allowed Other           Unimpaired. Claimants will
             Secured Claims          receive Cash in an amount
                                     equal to the Allowed Other
                                     Secured Tax Claims,
                                     including interest.
   
   Class 4   Allowed Prepetition     Impaired. Claimants will
             First Lien Claims       receive their Ratable
                                     Proportion of each of:
                               
                                     * US$40 million of the               
                                       Post-confirmation Second
                                       Lien Facility;

                                     * US$40 million of the
                                       Post- confirmation                    
              
                                       Unsecured Note; and
                                       

                                     * 80% of the equity
                                       interests of Post-
                                       confirmation Panther/DCP.
   
   Class 5   Allowed Prepetition     Impaired. Claimants will           
             Second Lien Claims      receive their Ratable
                                     Proportion of each of:

                                     * 20% of the equity
                                       interests of Post-
                                       confirmation Panther/DCP;

                                     * warrants to purchase up
                                       to 4% of the fully
                                       diluted equity interests
                                       of Post-confirmation
                                       Panther/DCP with an        
                                       exercise price based on
                                       an enterprise value of
                                       US$170 million; and
      
                                     * warrants to purchase up
                                       to an additional 2% of
                                       the fully diluted equity
                                       interests of Post-
                                       confirmation Panther/DCP
                                       with an exercise price
                                       based on an enterprise
                                       value of US$200 million.

                                     The warrants may be
                                     exercised up to five years
                                     after the Effective Date.


   Class 6   Allowed General         Impaired. Claimants will  
             Unsecured Claims        receive their distribution
                                     pro rata share of US$_____
                                     in cash.
                            
   Class 7   Pre-confirmation        Impaired. Pre-confirmation
             Equity Interests        Equity Interests will be
                                     canceled on the Effective
                                      Date.

                    Financing Agreements

As of the Effective Date, the DIP Financing Agreement, the
Prepetition First Lien Credit Agreement, the Prepetition Second
Lien Credit Agreement and all Pre-confirmation Equity Interests
will be canceled without further action.

The Reorganized Debtors will enter into an Exit Facility on the
Effective Date.  The Exit Facility refers to financing to be
obtained by the Debtors in connection with the occurrence of the
Effective Date and emergence from Chapter 11, which (i) will not
exceed US$45 million in principal amount; (ii) will have a
maturity of no earlier than three years; and (iii) will have a
market rate of interest.

The Debtors intend to file Plan Supplements, including the Exit
Facility, with the Court no later than five days before the Plan
voting deadline.

            Company Management & Employee Benefits

According to Mr. Goodeve, the officers of the Debtors
immediately before the Effective Date will serve as the initial
officers of the Reorganized Debtors on and after the Effective
Date.

The Debtors' obligation as of the bankruptcy filing to indemnify
their directors, officers and employees against any claim or
action will remain unaffected.

Under the Plan, the Reorganized Debtors will continue to honor,
all existing employee compensation and benefit plans.  The
Reorganized Debtors will also continue to pay all retiree
benefits.  They, however, have the right to modify or terminate
the retiree benefits.

The Plan further contemplates that the Official Committee of
Unsecured Creditors will be dissolved on the Effective Date and
its members will be released and discharged of responsibilities.    

A full-text copy of the PRC Chapter 11 Plan is available for
free at http://researcharchives.com/t/s?2862

                        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. 5;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Wants to File Disclosure Statement by March 13
-------------------------------------------------------
PRC LLC and its debtor-affiliates ask the U.S. Bankruptcy Court
for the Southern District of New York to fix March 13, 2008, as
the date by which they must file a disclosure statement with
respect to their Joint Plan of Reorganization.

The Debtors presented to the Court a Joint Plan of
Reorganization on Feb. 12, 2008.

To prepare the Disclosure Statement, the Debtors must compile
information from books, records, and documents relating to
myriad of claims, assets and contracts, Alfredo R. Perez, Esq.,
at Weil, Gotshal & Manges LLP, in Houston, Texas, asserts.  
"Th[ose] information is voluminous . . . and collection of the
necessary information requires an enormous expenditure of time
and effort on the part of the Debtors, their employees and their
retained financial advisors."

Mr. Perez explains that the Debtors need more time to gather and
analyze the information needed for the Disclosure Statement.  
"While the Debtors, with the help of their financial advisors,
are working diligently and expeditiously to prepare the
Disclosure Statement, resources are limited," he points out.

He adds that the Debtors have not been able to complete the
Disclosure Statement due to the amount of work entailed in
completing the Disclosure Statement and the competing demands
upon the Debtors' employees and professionals to assist efforts
to stabilize the Debtors' business operations and construct the
Plan within a mere 20 days from the bankruptcy filing.

                        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. 5;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Wants Court to Fix May 1 as General Claims Bar Date
------------------------------------------------------------
PRC LLC and its debtor-affiliates ask the U.S. Bankruptcy Court
for the Southern District of New York to establish May 1, 2008,
at 5:00 p.m., as the deadline for creditors to file proofs of
claim that arose before the bankruptcy filing against any of the
Debtors.

In addition, the Debtors ask the Court to fix July 21, 2008, as
the deadline for governmental units to file proofs of claim.

The Debtors propose that each person or entity that asserts a
claim against the Debtors that arose before the date of
bankruptcy must file an original, written proof of that claim
that:

   -- must substantially conforms to the Proof of Claim or
      Official Form No. 10;

   -- is written in the English language;

   -- indicate the amount and type of that claim;

   -- is denominated in lawful currency of the United States;

   -- indicate the Debtor against which the creditor is
      asserting a claim; and

   -- must be received on or before the applicable Bar Date by
      Epiq Bankruptcy Solutions, LLC, either by overnight
      delivery or hand delivery to:

                       Attn: PRC, LLC Claims Processing
                             757 Third Avenue, 3rd Floor
                             New York, New York 10017

                       or mailed to:   PRC LLC Claims Processing
                       c/o Epiq Bankruptcy Solutions, LLC
                       FDR Station, P.O. Box 5082
                       New York, New York 10150-5082

Epiq will not accept proofs of claim sent by facsimile,
telecopy, or electronic mail transmission.

Any holder of a claim against the Debtors who is required, but
fails, to file a proof of the claim on or before the Bar Date
will be forever barred, estopped and enjoined from asserting his  
claim against the Debtors.  

The Debtors propose that these entities will not be required to
file a proof of claim on or before the Bar Dates:

   * Any person or entity whose claim is listed on the Debtors'
     schedules of assets and liabilities.

   * Any person or entity having a claim under Sections 503(b)
     or 507(a) of the Bankruptcy Code as an administrative
     expense of the Debtors' Chapter 11 cases.

   * Any holder of claim that has been paid in full by the
     Debtors.

   * Any person or entity that holds an interest in any Debtor,
     which is based exclusively on the ownership of membership
     interests, partnership interests, or warrants and rights to
     purchase, sell or subscribe to the security or interest.

   * Any Debtor having a claim against another Debtor.

   * Any holder of a claim that has been allowed by a Court
     order on or before the Bar Date.

   * Any person or entity that holds a claim solely against any
     of the Debtors' non-Debtor affiliates.

   * Any holder of a claim for which a separate deadline is
     fixed by the Court.

The Debtors also propose that any holder of a claim that arises
from the rejection of an executory contract or unexpired lease
must file a proof of claim based on the rejection by the later
of (i) the Bar Date or (ii) the date that is 30 days after the
effective date of the rejection.

In the event the Debtors amend or supplement their schedules,
they intend to notify any affected claimants of the amendment or
supplement and those claimants will be given 30 days from the
date of the notification to file their proofs of claim.

The Debtors intend to serve a copy of the Bar Date Notice to
certain parties-in-interest, including the U.S. Trustee and
counsel to the Official Committee of Unsecured Creditors,
counsel to The Royal Bank of Scotland plc, and counsel to Law
Debenture Trust Co. of New York.  

To facilitate and coordinate the claims reconciliation and Bar
Dates notice functions, Epiq will mail the Proof of Claim Forms
together with the Bar Date Notice within five days after
approval of the Debtors' request.

                        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. 5;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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


CHAN HO: Creditors' Proofs of Debt Due on March 10
--------------------------------------------------
Chan Ho Engineering Pte Ltd, which is in liquidation, requires
its creditors to file their proofs of debt by March 10, 2008, to
be included in the company's dividend distribution.

The company's liquidators are:

         Mick Aw Cheok Huat
         Neo Keng Jin
         c/o 11 Collyer Quay
         #10-02 The Arcade
         Singapore 049317


CHUAN INDUSTRIES: Requires Creditors to File Claims by March 7
--------------------------------------------------------------
Chuan Industries Pte Ltd, which is in liquidation, requires its
creditors to file their proofs of debt by March 7, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

          Tam Chee Chong
          c/o 6 Shenton Way
          #32-00 DBS Building Tower Two
          Singapore 068809


CKE RESTAURANTS: Moody's Keeps All Ratings; Assigns Neg. Outlook
----------------------------------------------------------------
Moody's Investors Service affirmed all ratings of CKE
Restaurants, Inc. and changed the ratings outlook to negative
from stable.

Affirmation of the Ba3 corporate family rating reflects CKE's
relatively good operating performance, reasonable scale,
multiple concepts, and diversified day part.  However, the use
of additional debt to support an increasing focus on shareholder
based initiatives, such as share repurchases and higher
dividends, combined with higher operating costs and weaker
operating metrics has resulted in debt protection metrics which
weakly position the company within its current rating category.

The change in outlook to negative reflects CKE's weaker-than-
expected operating performance, as well as Moody's view that the
weak consumer environment and historically high operating costs
will likely persist.  When this weaker performance is combined
with management's financial policy, which has included increased
share repurchases and dividends, it will make it challenging for
the company to maintain debt protection metrics over the
intermediate term at levels appropriate for its rating.

Ratings affirmed are:

  -- Corporate family rating rated at Ba3

  -- Probability of default rating rated at Ba3

  -- US$200 million guaranteed first lien senior secured
     revolver, due March 2012, rated Ba2 (LGD 3, 38%),
     previously Ba2 (LGD 3, 31%)

  -- US$270 million guaranteed first lien term loan B, due 2013,
     rated Ba2 (LGD 3, 38%), previously Ba2 (LGD 3, 31%)

  -- US$105 million, 4.0% convertible senior subordinated notes,
     due Oct. 1, 2023, rated B2 (LGD 6, 96%)

The outlook for the ratings is negative.

CKE Restaurants, Inc., headquartered in Carpinteria California,
owns, operates, and franchises, approximately 3,052 quick-
service and fast casual restaurants under the brand names Carl's
Jr., Hardees, Green Burrito, and Red Burrito.

For the last twelve-month period ending November 2007, the
company generated revenues of about US$1.57 billion and
operating profit of approximately US$84 million.

                   About CKE Restaurants

Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR)
-- http://www.ckr.com-- through its subsidiaries, franchisees  
and licensees, operates some of the most popular U.S. regional
brands in quick-service and fast-casual dining, including the
Carl's Jr.(R), Hardee's(R), La Salsa Fresh Mexican Grill(R) and
Green Burrito(R) restaurant brands.  The company operates 3,036
franchised, licensed or company-operated restaurants in 42
states and in 13 countries -- including Mexico and Singapore.


FORSYTH PARTNERS: Court Enters Wind-Up Order
--------------------------------------------
On February 15, 2008, the High Court of Singapore entered an
order to have Forsyth Partners (Singapore) Pte. Ltd.'s
operations wound up.

Forsyth Partners' liquidators are:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         c/o Messrs Foo Kon Tan Grant Thornton
         47 Hill Street #05-01
         Singapore Chinese Chamber of
         Commerce & Industry Building
         Singapore 179365


INTERMEC INC: Hires Dennis Faerber as SVP for Global Operations
---------------------------------------------------------------
Intermec Inc. has appointed Dennis Faerber as its Senior Vice
President of Global Supply Chain Operations.

Mr. Faerber brings operational experience to the Intermec
organization, particularly in the areas of supply chain
transformation, process development, technical operations,
manufacturing systems, quality operations, materials management,
and engineering.

Mr. Faerber joins Intermec from Applied Materials, where he held
the position of Corporate Vice President of global supply chain
operations.  Before Applied Materials, he served as KLA-Tencor's
Group Vice President and Chief Quality Officer, responsible for
developing and implementing the company's quality strategy.  
Previous to KLA-Tencor, Mr. Faerber held senior management
positions at Advanced Energy, Agilent Technologies, and Hewlett-
Packard.

Mr. Faerber will report to Patrick Byrne, Intermec President and
Chief Executive Officer.  "Dennis has a proven track record of
operational excellence and supply chain transformation.  This is
a core strategy of Intermec going forward and we are delighted
to have a leader of Dennis' experience and capabilities join
Intermec at this time."

                     About Intermec Inc.

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

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

                        *     *     *

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




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


FAR EASTERN: Fitch Cuts Invidivual Rating to C/D
-------------------------------------------------
Fitch Ratings has downgraded Taiwan-based Far Eastern
International Bank's Long-term Issuer Default Rating to 'BBB-'
from 'BBB', Individual rating to 'C/D' from 'C' and National
Long-term rating to 'A(twn)' from 'A+(twn)'.  The Outlook on the
ratings is Stable.  At the same time, the agency has affirmed
FEIB's other ratings, which include its Short-term IDR at 'F3',
National Short-term rating at 'F1(twn)', Support rating at '4'
and Support Rating Floor at 'B+'.

The rating downgrades are primarily driven by FEIB's weakened
core capital as well as its core profitability.  Consecutive
losses in 2006 and the first nine months of 2007, tougher
capital charges under the compulsory Basel II capital regime
(standardised approach for credit risk and basic indicator
approach for operational risk) and moderate loan expansion
reduced the bank's Tier 1 capital ratio and Total CAR to 6.6%
and 8.4% at end-September 2007, respectively, from 9.8% and
10.3% at end-2005.  The bank's profitability metrics indicate a
squeeze on margins, still high credit cost as well as relatively
high operating cost ratios due to its limited franchise.  Its
shrinking portfolio in high yield unsecured consumer credits and
rising funding costs have also negatively impacted FEIB's
interest margins.  Fitch notes that the asset quality of the
unsecured portfolio has shown an improving trend but the cost to
the bank of charge-offs has been high.

FEIB managed to continue strong sales in treasury products and
achieved notable growth in wealth management fees in 2007,
albeit from a low base.  Good performance in these areas helped
compensate the decrease in credit card-related revenues.  
Further growth in these areas however, in Fitch's view, will be
challenging due to a weaker investment environment globally
following the recent credit crisis amidst keen competition from
large financial groups.

FEIB, established in 1992, is one of Taiwan's small to medium-
sized private banks; it had a market share of 1.3% and 1.2%
respectively in terms of total assets and deposits at end-
November 2007.  FEIB is a member of Far Eastern Group, a
Taiwanese conglomerate.


PRIMASIA SECURITIES: Fitch Affirms D/E Individual Rating
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of Primasia Securities
Co., Ltd. as follows:

    -- National Long-term at BBB-(twn),
    -- National Short-term at F3(twn),
    -- Individual at D/E and Support at 5.

The outlook remains stable.

Primasia's ratings reflect its concentrated business profile and
relatively high market risk exposures.  Adequate capitalisation
and moderate leverage are key factors supporting the ratings.  
Primasia aims to improve its presence in the brokerage market by
promoting its online trading platform, following the setup of a
mini branch in July 2007.  It also strives to improve its
revenue diversity by launching the trading of derivatives,
mainly interest rate swaps and convertible bond asset swaps, in
April 2007.

Primasia's ROE halved to 7.5% in 2007 from 15.8% in 2006
although turnover in Taiwan's stock market was exceptionally
good in 2007, reflecting its vulnerability to market risks as a
result of its concentrated business profile in proprietary
trading.  Primasia's underwriting business -- the focus of
operations since an alliance with Nikko Cordial Securities Inc
(NCS, 'AA'/Negative Outlook) in July 2006 -- is still in the
process of developing and remains small.  Primasia improved its
funding diversity as it recommenced the operation of bond
repurchase agreements in April 2007 and decreased its reliance
on short-term borrowing backed by trading securities and time
deposits.  Primasia's capital adequacy ratio has been quite
stable, although it is considered low among smaller securities
firms.  Its CAR stood at 221% at end-2007, higher than the
minimum regulatory requirement of 150%.

Primasia, established in 1989, is a small securities firm with a
0.13% equity brokerage market share in Taiwan.  Major
shareholders include David Tran (and his associated investment
companies) and NCS, which respectively own 60% and 34% of
Primasia shares.




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


ARVINMERITOR: DBRS Confirms 'BB(low)' Ratings on Unsec. Notes
-------------------------------------------------------------
DBRS confirmed the ratings for the Senior Unsecured Notes and
Convertible Senior Unsecured Notes of ArvinMeritor Inc.  The
trends have been changed from Stable to Negative, reflecting
ARM's recent losses and extensive working capital usage, with
limited prospects for debt reduction in the near term given
adverse industry conditions and the Company's ongoing expansion
and restructuring activities.  However, ARM's earnings should
improve over the medium term in line with an expected spike in
Class 8 truck demand in 2009 in North America, with the Company
also slated to reap eventual rewards from its restructuring
efforts.

In 2007, ARM completed the divestitures of its light vehicle
aftermarket and emissions technology businesses, with proceeds
being applied toward debt reduction and pension contributions.  
While the divestitures effectively remove two lower-margin
businesses and have resulted in a reduction in debt levels, in
DBRS's opinion this is partly offset by ARM's increased exposure
to the highly volatile commercial vehicle industry, with the
commercial vehicle systems segment now accounting for
approximately two-thirds of total revenues.

Accordingly, F2007 earnings deteriorated significantly year-
over-year given the sharp drop (30%) in Class 8 truck production
following extensive pre-buying activity in 2006 in advance of
new emissions regulations.  This has been compounded by economic
concerns in the United States that have considerably delayed the
rebound in demand/production, with this trend expected to
continue well into 2008.  While ARM's light vehicle systems
segment generated modestly higher earnings in F2007, margins
will remain pressured in F2008 given ongoing pricing cutbacks
demanded by OEMs, combined with more aggressive production
declines of the Detroit 3 given their increased flexibility in
this regard as a result of their revised agreements with the
United Auto Workers.

In response to the challenging environment, ARM has persisted
with restructuring activities and launched Performance Plus in
2007, which aims to improve the Company's global footprint and
cost competitiveness through various measures including the
elimination of up to 2,800 positions in North America and
Europe.  ARM is also expanding its presence in low-cost
countries and seeking to benefit from growth prospects in Asia
as it presently has numerous investments underway in China and
India with the goal of achievingUS$1.6 billion in regional sales
by F2012, (almost triple the level of F2007 regional sales).

Additionally, the Company recently improved its liquidity
through the December 2007 renegotiation of its senior secured
revolving credit facility.  The availability of the former
facility was somewhat compromised due to covenants; the new
facility (although reduced in size from US$900 million to US$700
million) has an amended covenant package that significantly
enhances availability.

Over the medium term, as the North American Class 8 truck market
rebounds and ARM's cost position improves, firmer margins should
result.  DBRS expects only modest earnings improvement over the
near term, with debt levels remaining constant.  However, in the
event that working capital requirements or persistent losses
result in further deterioration of the financial profile, a
ratings downgrade would be considered.

                         Debt        Rating
      Issuer            Rated       Action           Rating
      ------             -----      -------           ------
ArvinMeritor Inc.     Conv. Sr.    Trend Change      BB (low)Neg
                      Unsec. Notes

ArvinMeritor Inc.     Sr. Unsec.   Trend Change      BB (low)Neg  
                        Notes


FEDERAL-MOGUL: Says Objections to Plan A Changes Are Meritless
--------------------------------------------------------------
Federal-Mogul Corp. and its reorganized debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to:

   (a) approve the Plan A Settlement, which is attached as an
       addendum to the Debtors' Fourth Amended Joint Plan of
       Reorganization; and

   (b) overrule all objections to the Plan A Settlement
       modifications.

The Reorganized Debtors further ask the Court to deny certain
Plan A Objectors' requests for further discovery in connection
with the Plan A Modifications.

Few of the "lengthy" objections to the recent modifications to
the Plan A Settlement have anything to do with the Modifications
themselves, James E. O'Neill, Esq., at Pachulski Stang Ziehl &
Jones LLP, in Wilmington, Delaware, contends.  Most just re-hash
arguments concerning the construction and applicability of
Section 524(g) of the Bankruptcy Code, most of which have
already been dealt with by the Reorganized Debtors and rejected
by the Court, Mr. O'Neill says.

The Objections that do concern the Plan A Modifications are
meritless, the Reorganized Debtors argue.

The Reorganized Debtors maintain that the Plan A Modifications
make Plan A entirely neutral as to the objecting insurers and
PepsiAmericas Inc.  Thus, the objecting insurers and
PepsiAmericas have no standing to object to Court approval of
Plan A.

Contrary to the Plan A Objectors' contentions, third party
injunctive relief depends on (i) satisfying a set of precise,
statutorily-defined relationships, and (ii) a judicial
assessment of a third party's contribution to a trust that
benefits present and future asbestos claimants, not the Debtors,
Mr. O'Neill asserts.  "These are the only necessities for third
party injunctive relief under Section 524(g)."

The Plan A Objectors, according to Mr. O'Neill, entirely ignored
the fact that Congress enacted Section 524(g) not only for the
benefit of reorganizing companies, but equally to promote the
interests of victims of asbestos exposure.  Congress, he points
out, determined that extending the availability of a Section
524(g) injunction to third parties would serve to maximize the
amount of money available to pay existing and future asbestos
claimants.

Mr. O'Neill argues that contradictory to DaimlerChrysler Corp.'s
and Volkswagen of America, Inc.'s assertions, the text of
Section 524(g)(1)(A) does not mandate that a third party
injunction must enhance a debtor's fresh start.  "The plain
meaning of Section 524(g)(1)(A) is that it permits the court to
enter an injunction that enjoins activities beyond those covered
by a discharge injunction under Section 524(a), so long as the
other requirements of Section 524(g) are satisfied.  To construe
Section 524(g)(1) as restricting the issuance of a third party
injunction to those instances that further a debtor's fresh
start or discharge, as suggested by DaimlerChrysler and
Volkswagen, is contrary to the fundamental principle of
statutory construction that a court must interpret a statute, if
possible, so as to give meaning to every provision," Mr. O'Neill
elaborates.

Section 524(g) also does not condition the issuance of a third
party injunction on a showing that such an injunction is
necessary to a debtor's reorganization, Mr. O'Neill continues.  
He points out that the Court has already determined that
"Section 524(g)(a)(ii) does not require the necessity element
with respect to issuing that injunction as to third parties."  
Certain objecting insurers themselves concede that "necessity"
does not constitute a requisite for issuing a Section 524(g)
injunction in favor of non-debtors, Mr. O'Neill relates.

The Reorganized Debtors maintain that Pneumo Abex LLC, Cooper
Industries, LLC, and the rest of the Pneumo Protected Parties
qualify for a Section 524(g) injunction because they are alleged
to be liable for asbestos-related claims arising out of Abex
Corp.'s brake business.  Those asbestos claims comprise claims
against the debtor within the meaning of Section
524(g)(4)(A)(ii), Mr. O'Neill asserts.

Certain of the Plan A Objectors contended that Court approval of
Plan A is an impermissible modification of a substantially
confirmed Chapter 11 plan, and thus, prohibited by Section 1127
of the Bankruptcy Code.  "The underlying premises of this
objection are demonstrably incorrect, both as a matter of law
and as a matter of fact," Mr. O'Neill argues.  

He emphasizes that "the Plan A Settlement is not a modification
of the [Debtors' confirmed Fourth Amended Joint Plan of
Reorganization] within the meaning of Section 1127(b).  Rather,
Plan A is entirely consistent with, and does not contradict,
affect, amend, alter, or re-open the [Fourth Amended] Plan in
any respect . . . It is of no moment that the [Fourth Amended]
Plan has been substantially consummated."

"Section 1127(b) does not apply where the Court is not asked to
modify a confirmed plan, but simply to approve a settlement that
is consistent with and contemplated by the Plan.  Approving the
Plan A Settlement and extending the injunction to the Pneumo
Protected Parties is no different, in principle, than issuing an
injunction to a settling insurer post-confirmation pursuant to
the confirmed Fourth Amended Plan," Mr. O'Neill explains.

Several Plan A Objectors, including Mt. McKinley Insurance
Company and PepsiAmericas, argued that the Plan A Settlement
documents still embody an assignment of the Pneumo Asbestos
Insurance Policies to the Asbestos Personal Injury Trust because
the Trust is to own the equity interests in Pneumo Abex LLC.

Mr. O'Neill clarifies that Plan A has always embodied the
contribution by PCT International Holdings Inc., Pneumo Abex's  
current owner, to the Asbestos Trust of its membership interests
in Pneumo Abex.  "When Plan A is implemented, the Trust will own
Pneumo Abex.  Nothing in Plan A changes this long-standing
aspect of the deal.  It is a fundamental axiom of corporate law
that ownership of the equity interests in an entity does not
constitute ownership of the entity's individual assets, and a
transfer of ownership interests does not constitute a sale of
the entity's assets."

The elimination of certain objected-to provisions, as pointed
out by Mt. McKinley and PepsiAmericas, is not a basis for
extending these proceedings by months to take additional
discovery, Mr. O'Neill contends.  "It is impossible to see how
the deletion of certain Plan A provisions, which were done in
response to the Court's and the Plan A Objectors' own comments,
could conceivably give rise to any new issues of fact that
warrant additional discovery.

"The Court should see through the [Plan A] Objectors'
transparent tactics and overblown rhetoric, and approve the Plan
A Settlement."

Plan A is fair, equitable, and fully satisfies the requirements
of Section 524(g) and Rule 9019 of the Federal Rules of
Bankruptcy Procedure, Mr. O'Neill avers.

                     About Federal-Mogul

Federal-Mogul Corporation -- http://www.federal-mogul.com/--  
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.  
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.  
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, among others, Mexico, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and US$8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On
July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.  The Fourth Amended Plan
was confirmed by the Bankruptcy Court on Nov. 8, 2007, and
affirmed by the District Court on Nov. 14.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 10, 2008, Moody's Investors Service confirmed the ratings
of the reorganized Federal-Mogul Corporation -- Corporate Family
Rating, Ba3; Probability of Default Rating, Ba3; and senior
secured bank credit facilities, Ba2.  The outlook is stable.   
The financing for the company's emergence from Chapter 11
bankruptcy protection has been funded in line with the structure
originally rated by Moody's in a press release dated
Nov. 28, 2007.

As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.
following the company's emergence from Chapter 11 on
Dec. 27, 2007.  S&P said the outlook is stable.


* BOND PRICING: For the Week 26 February to 29 February 2008
------------------------------------------------------------

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

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.72
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.90
Allco Hit Ltd                  9.000%  08/17/09     AUD    18.60
Allco Hit Ltd                  9.000%  12/31/10     AUD    23.00   
Antares Energy Limited        10.000%  10/31/13     AUD     0.80
Arrow Energy NL               10.000%  03/31/08     AUD     2.15
Babcock & Brown Pty Ltd        8.500%  11/17/09     NZD    13.00
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    12.75
Becton Property Group          9.500%  06/30/10     AUD     0.66
Bounty Industries Limited     10.000%  06/30/10     AUD     0.16
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    11.60
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    14.00
China Century Capital Ltd     12.000%  09/30/10     AUD     0.70
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.45
FGL Finance                    6.250%  03/17/10     AUD     8.98
Fletcher Building Ltd          8.600%  03/15/08     NZD    10.50
Fletcher Building Ltd          7.800%  03/15/09     NZD    10.40   
Fletcher Building Ltd          7.550%  03/15/11     NZD    10.00
Heemskirk Consolidated
  Limited                      8.000%  09/30/11     AUD     2.75
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    10.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    12.10
LongReach Group Limited       10.000%  10/31/08     AUD     0.27
Metal Storm Ltd               10.000%  09/01/09     AUD     0.12
Minerals Corp                  9.000%  03/31/08     AUD     0.94
Nylex Limited                 10.000%  12/08/09     AUD     1.87
PPCS Limited                  11.500%  12/15/10     NZD    57.88
Salomon SB Aust                4.250%  02/01/19     USD     6.91
South Canterbury              10.430%  12/15/12     NZD     1.00
Speirs Group Ltd.             13.160%  06/30/49     NZD    60.00
TrustPower Ltd                 8.300%  12/15/08     NZD    10.80
TrustPower Ltd                 8.500%  09/15/12     NZD     9.88
TrustPower Ltd                 8.500%  03/15/14     NZD     8.65

CHINA
-----
CITIC Guoan Information
  Indust. Co., Ltd             1.200%  09/14/13    CNY     73.98
Saic Motor                     0.800%  12/19/13    CNY     74.02

JAPAN
-----
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.14
Nara Prefecture                1.520%  10/31/14     JPY     9.32
NIS Group Co., Ltd.            2.290%  03/23/09     JPY    70.10

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    49.95
Korea Dev. Bank                7.450%  10/31/21     KRW    49.92
Korea Dev. Bank                7.400%  11/02/21     KRW    49.90
Korea Dev. Bank                7.310%  11/08/21     KRW    48.85
Korea Dev. Bank                8.450%  12/15/26     KRW    73.35

MALAYSIA
--------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.07
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.02
Berjaya Land Bhd               5.000%  12/30/09     MYR     5.50
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/16/08     MYR     1.20
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     1.80
EG Industries Berhad           5.000%  06/16/10     MYR     0.30
Greatpac Holdings              2.000%  12/11/08     MYR     0.11
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.54
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.50
Insas Berhad                   8.000%  04/19/09     MYR     0.66
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.31
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.30
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.53
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.40
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.45
Media Prima Bhd                2.000%  07/18/08     MYR     1.59
Mithril Bhd                    8.000%  04/05/09     MYR     0.61
Mithril Bhd                    3.000%  04/05/12     MYR     0.61
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.30
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.22
Pelikan International          3.000%  04/08/10     MYR     1.90
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.80
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.11
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.63
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.57
Southern Steel                 5.500%  07/31/08     MYR     2.21
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.01
Tradewinds Corp.               2.000%  02/08/12     MYR     0.91
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.65
Wah Seong Corp.                3.000%  05/21/12     MYR     6.50
WCT Land Bhd                   3.000%  08/02/09     MYR     4.66
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.65
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.50

SRI LANKA
---------
Sri Lanka Govt                6.850%  04/15/12     LKR     72.69
Sri Lanka Govt                6.850%  10/15/12     LKR     70.90
Sri Lanka Govt                8.500%  01/15/13     LKR     74.63
Sri Lanka Govt                7.500%  08/01/13     LKR     70.47
Sri Lanka Govt                7.500%  11/01/13     LKR     69.37
Sri Lanka Govt                8.500%  02/01/18     LKR     68.86
Sri Lanka Govt                8.500%  07/15/18     LKR     71.14
Sri Lanka Govt                7.500%  08/15/18     LKR     65.78
Sri Lanka Govt                7.000%  10/01/23     LKR     58.03


                         *********


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, Patrick Abing, Tara Eliza Tecarro, Marjorie C.
Sabijon, 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
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                *** End of Transmission ***