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

                     A S I A   P A C I F I C

            Monday, March 24, 2008, Vol. 11, No. 58

                            Headlines

A U S T R A L I A

ADULTSHOPPING PTY: Court Enters Wind-Up Order
BURWOOD AREA: Members Opt to Liquidate Business
CENTRO PROPERTIES: Pelorus Seeks Probe on Hedging Transactions
D G ENTERPRISES: Commences Liquidation Proceedings
G B & C F: Members' Final Meeting Set for March 31

GLOBAL EDUCATION: Placed Under Voluntary Liquidation
NRMP PTY: Members Resolve to Liquidate Business
PSIVIDA: Amends Collaboration Agreement with Alimera Sciences
RALLY TASMANIA: Members to Receive Wind-Up Report on April 2
SYMBION HEALTH: Primary Extends Offer Period to March 27

T & M MASSOUD: Inability to Pay Debts Prompts Wind-Up
TASPC COMPUTER: To Declare Ordinary Dividend on April 15


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

BANK OF COMMUNICATION: Profit 65% Bolstered by China’s Growth
CHINA EASTERN: China National's HK$5 Per Share Offer Stands  
CHINA ENTERTAINMENT: Balance Sheet Upside Down by US$1.3 Mil.
CHINA ENTERTAINMENT: Incurs US$189,865 Third Quarter Net
CHINA MERCHANTS: Stock Jumps Highest in Hong Kong Trading

CHINA SOUTHERN: Urges Chinese Gov't to Invest in Airlines  
COMFORT DEVELOMENT: Commences Liquidation Proceedings
GE HEALTHCARE: Shareholders Meeting Fixed for April 15
GOLDEN CROWN: Members Meeting Fixed for April 16
HENTON ENTERPRISES: Members Meeting Fixed for April 15

INFINITY SERVICES: Creditors Meeting Fixed for March 31
INTERNATIONAL PAPER: To Buy Weyerhaeuser's Unit for US$6 Bil.
INTERNATIONAL PAPER: Analysts Downgrade Firm's Shares to Neutral
NAM YEUNG: Members Meeting Fixed for April 15
PETROLEOS DE VENEZUELA: Wins Exxon Lawsuit

PETROLEOS DE VENEZUELA: CITGO Commends PDVSA on Lawsuit Victory
PINE TRIUMPH: Members Meeting Fixed for April 15
QUALTECH LIMITED: Members Meeting Fixed for April 15
THORN LIGHTNING: Members Meeting Fixed for April 4
SHENZHEN DEV'T: Gains Approval to Offer CNY7-Bil. Sub. Bonds

WALT DISNEY: Members Meeting Fixed for April 4


I N D I A

BIRLA VXL: Government Withdraws Board Nomination of P.K. Pujari
GMAC LLC: Financial Unit's Board Names Alvaro de Molina as CEO
ICICI BANK: Repurchases US$50 Mil. of US$750 Mil. 5.75% Bonds
IFCI LTD: Director P. S. Shenoy Quits Board
TATA MOTORS: Should Seal the Ford Deal on Wednesday, Report Says

TATA STEEL: Moody's Affirms Ba1 Rating with Stable Outlook


I N D O N E S I A

ANEKA TAMBANG: Expects Shareholders Okay for Herald Acquisition
BANK RAKYAT: Analysts See 10.3-19.7% Rise in Profits
GARUDA INDONESIA: To Serve Jakarta-Pontianak Route Twice Daily
PERUSAHAAN: Eight Consortia Prequalify to Bid for Power Project


J A P A N

EBARA CORPORATION: Fitch Affirms & Withdraws Ratings
ELPIDA MEMORY: Launches Foundry Production System with UMC
MEAT HOPE: Ex-President Sentenced to 4 Years for Mislabeling


K O R E A

KOREAN DEV'T: Gov't to Privatize Bank, Sets Aside Merger Plan
LG TELECOM: To Launch 3G Service in April


N E W  Z E A L A N D

CARECLEAN SERVICES: Creditors' Proofs of Debt Due on April 3
DRIFT NZ: Wind-Up Petition Hearing Set for May 16
ICONZ CAFE: Commences Liquidation Proceedings
MECHANICAL SYSTEMS: Appoints Official Assignee as Liquidator
MIDE LTD: Appoints Meltzer, Heath & Hayward as Liquidators

NZ OUTDOOR: Taps Official Assignee as Liquidator
PHOENIX HOMES: Fixes April 11 as Last Day to File Claims
SHEPPARD SAWMILLS: Appoints Official Assignee as Liquidator
SILVERWORKS NZ: Requires Creditors to File Claims by April 3
TARIMANAKA LIMITED: Taps Madsen-Ries & Vance as Liquidators


P H I L I P P I N E S

PLDT: Moody's Affirms Ba2 Rating on Foreign Currency Bond
PRC LLC: Can Sell Real Property to Brett Houston for US$2.2MM
PRC LLC: To Reject Spirit Air Pact, Says It Has Little Value
PRC LLC: Wants iEnergizer Settlement Agreement Approved


S I N G A P O R E

ALLCO REIT: Moody's Pares Corp. Rating to Ba2; May Cut Further
ELEMECH ENGINEERING: Commences Liquidation Proceedings
JAL TECHNOLOGY: Court Directs Wind-Up Order
LEAR CORP: S&P Puts Ratings on Negative Watch on Extended Strike
ODYSSEY RE: Okays Additional US$200-Mln Share Repurchase Program

SEPOMS TECHNOLOGY: Court Enters Wind-Up Order
T2 NETWORKS: Court Enters Liquidation Order


T H A I L A N D

FEDERAL-MOGUL: U.S. Trustee Contests Financial Advisor's Fees
FEDERAL-MOGUL CORP: Earns US$1.4 Billion in Fiscal Year 2007

     - - - - - - - -

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A U S T R A L I A
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ADULTSHOPPING PTY: Court Enters Wind-Up Order
---------------------------------------------
On February 8, 2008, the Supreme Court of Australia entered an
order to have Adultshopping Pty. Limited's operations wound up.
M. E. Slaven was then appointed as liquidator.

The liquidator can be reached at:

          M. E. Slaven
          Rangott Slaven
          Unit 2, Level 3,
          Engineering House,
          11 National Circuit
          Barton ACT 2600

               About Adultshopping Pty.

Adultshopping Pty. Limited provides management consulting
services.  The company is located at Sydney, in New South Wales,
Australia.


BURWOOD AREA: Members Opt to Liquidate Business
-----------------------------------------------
Burwood Area Community Housing Ltd.'s members agreed on
Feb. 12, 2008, to voluntarily liquidate the company's business.  
In line with this goal, the company has appointed Frank Lo
Pilato to facilitate the sale of its assets.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          103-105 Northbourne Avenue, Level 1
          Turner ACT 2612
          Australia
          Telephone:(02) 6247 5988

                    About Burwood Area

Burwood Area Community Housing Ltd. provides individual and
family social services.  The company is located at Strathfield,
in New South Wales, Australia.


CENTRO PROPERTIES: Pelorus Seeks Probe on Hedging Transactions
--------------------------------------------------------------
Pelorus Property Group Limited calls on the Australian
Securities and Investments Commission to investigate alleged
related party transactions between Centro Properties and its
syndicates, writes Maurice Dunlevy at The Australian.

According to the report, Pelorus has asked ASIC to start its
investigation as soon as possible, alleging that investors have
suffered significant losses and will continue to do so because
of Centro's actions.

Pelorus' accusations revolve around hedging arrangements between
Centro and many of the syndicates it manages.  Also, Pelorus
asked ASIC to investigate reports that Centro intends to use its
vote at forthcoming investor meetings to block Pelorus'
management rights bid, which would be a breach of the
Corporations Act and syndicate constitutions.

Pelorus, along with Money Managers Limited has been attempting
to take control of the Centro-managed property syndicates.

Herceg Lawyers, representing Pelorus, has asked the corporate
watchdog to require Centro to disclose hedging arrangements, the
effect of the arrangements on investors and the steps Centro
would take to address its failure to honor obligation under
those arrangements, relates The Australian.

Centro, states the report, is accused of related party
transactions with various Centro responsible entities under
which Centro, rather than the responsible entities, entered into
hedging arrangements with trading banks.

Further, Centro is accused of entering into back-to-back
agreements, with responsible entities to replicate the effect of
hedges for each syndicate, adds the report.

The Australian notes that Pelorus claims that because Centro has
breached the terms of the hedges, it cannot meet its obligations
to responsible entities under the second hedge, causing losses
for each syndicate.

However, Centro MCS General Manager Gerard Condon denied
Pelorus' hedging claims saying that there had been no losses for
investors as a result of hedges and that there had been no
breaches of terms of hedges.

                   About Centro Properties

Centro Properties Group -- http://www.centro.com.au/-- is a  
Melbourne, Australia-based company that comprises the operations
of Centro Property Trust and its entities, which are engaged in
property investment, property management, property development
and funds management.

The company operates in two business segments: property
ownership business and services business. The Company derives
income from retail property rentals of shopping center space to
retailers across Australasia and the United States.  It also
derives income from its retail property investments in listed
and unlisted entities.  Its services business activities include
incorporating funds management, property management and
development and leasing.  During the fiscal year ended
June 30, 2007, the Company acquired New Plan Excel Realty Trust,
Heritage Property Investment Trust and Galileo Funds Management,
as well as assumed full ownership of its United States
management operations.

The Troubled Company Reporter-Asia Pacific reported on
Jan. 4, 2008, that Standard & Poor's Ratings Services lowered
its issuer credit, senior-unsecured debt and preferred stock
ratings to 'CCC+' with negative implications reflecting the
potential of the group's assets to be sold in softening market
conditions, particularly in the U.S.


D G ENTERPRISES: Commences Liquidation Proceedings
--------------------------------------------------
D G Enterprises Pty Ltd.'s members agreed on February 7, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Barry Hamilton of BK
Hamilton & Associates to facilitate the sale of its assets.

The liquidator can be reached at:

          Barry Hamilton
          BK Hamilton & Associates
          171 Macquarie Street, Level 2
          Hobart, Tasmania 7000
          Australia

                    About D G Enterprises

D G Enterprises Pty. Ltd. operates miscellaneous retail stores.  
The company is located at Launceston, in Tasmania, Australia.


G B & C F: Members' Final Meeting Set for March 31
--------------------------------------------------
Robert Lanzilli, G B & C F Engineering Pty. Ltd.'s appointed
estate liquidator, will meet with the company's members on
March 31, 2008, at 10:00 a.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Robert Lanzilli
          MGI Caulfields
          212 Greenhill Road
          Eastwood, South Australia 5063
          Australia

                About G B & C F Engineering

G B & C F Engineering Pty. Ltd. provides engineering services.  
The company is located at Gepps Cross, in South Australia,
Australia.


GLOBAL EDUCATION: Placed Under Voluntary Liquidation
----------------------------------------------------
Global Education Australia Pty. Ltd.'s members agreed on
February 14, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Mark Christopher Hall and Timothy James Clifton to facilitate
the sale of its assets.

The liquidators can be reached at:

          Mark Christopher Hall
          Timothy James Clifton
          PPB Chartered Accountants
          26 Flinders Street, Level 10
          Adelaide, South Australia
          Australia

                   About Global Education

Global Education Australia Pty. Ltd. operates non-commercial
research organizations.  The company is located at Norwood, in
South Australia, Australia.


NRMP PTY: Members Resolve to Liquidate Business
-----------------------------------------------
NRMP Pty. Ltd.'s members agreed on February 15, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Andre Janis Strazdins and
Nicholas David Cooper to facilitate the sale of its assets.

The liquidators can be reached at:

          Andre Janis Strazdins
          Nicholas David Cooper
          SimsPartners
          12 Pirie Street, Level 4
          Adelaide, South Australia 5000
          Australia

                      About NRMP Pty.

NRMP Pty. Ltd. operates petroleum bulk stations and terminals.  
The company is located at St Peters, in South Australia,
Australia.


PSIVIDA: Amends Collaboration Agreement with Alimera Sciences
-------------------------------------------------------------
Alimera Sciences and pSivida Ltd. (NASDAQ:PSDV) (ASX:PSD)
(Xetra:PSI) announced that they have amended their license and
collaboration agreement relating to Medidur(TM) FA, the
companies’ Phase III investigative treatment for diabetic
macular edema, and other Medidur products.  Alimera is
increasing its equity in the future profits of Medidur FA from
50 to 80 percent in exchange for consideration of up to
approximately US$78 million to pSivida.

Consideration to pSivida includes an up-front payment of US$12
million, a US$25 million milestone payment upon FDA approval of
Medidur FA, other payments of up to approximately US$21 million
by September 30, 2012, and assumption of pSivida's research and
development funding obligations estimated at approximately US$20
million.

“We are very pleased with this agreement as it provides us with
the opportunity to increase our stake and consolidate the
development and commercialization of our late stage DME product
Medidur FA,” said Dan Myers, President and CEO of Alimera
Sciences.  “In addition, we will further advance the delivery
system’s application in other serious ophthalmic conditions like
dry age-related macular degeneration, using exploratory
treatments such as the groundbreaking work we are doing around
NADPH oxidase inhibitors.”

"We believe this is a great deal for pSivida and its
shareholders as it gives the company a significant financial
interest in very exciting products and economics that eliminate
our need for equity financing for the foreseeable future under
our current plans,” said pSivida Managing Director, Dr. Paul
Ashton.  “This new agreement with Alimera Sciences is expected
to significantly reduce our burn rate going forward as the
Company’s two lead ophthalmology programs in development are now
funded by our partners."

Diabetic retinopathy, a complication of diabetes mellitus, is
the leading cause of blindness in the working-age population of
developed countries.  At any time during progression of diabetic
retinopathy, patients can develop DME, which involves retinal
thickening of the macular area.  In the United States, as many
as 200,000 people are diagnosed with DME each year and an
estimated 1,000,000 people suffer from DME.  Currently there are
no FDA approved drug treatments for DME.

                 About Alimera Sciences Inc.

Alimera Sciences Inc. is singularly focused on the development
and commercialization of prescription ophthalmology
pharmaceuticals.  Founded by an executive team with extensive
development and revenue growth expertise, Alimera Sciences’
products are focused on improving the delivery of therapeutic
agents to enhance patients’ lives and strengthen physicians’
ability to manage ocular conditions.

Alimera completed enrollment in October 2007 of its 956-patient
Phase III clinical trial of fluocinolone acetonide in the
Medidur drug delivery system for the treatment of diabetic
macular edema.  Alimera has also has entered into an exclusive
worldwide agreement with Emory University to explore oxidative
stress management -- specifically the reduction of reactive
oxygen species -- as a treatment for ophthalmic diseases.  The
agreement gives Alimera the exclusive option to license
compounds which are NADPH (nicotinamide adenine dinucleotide
phosphate reduced form) oxidase inhibitors as potential
treatments for conditions such as the dry form of age-related
macular degeneration, particularly the late stage of this
condition known as geographic atrophy.  Alimera retains the
right to use the Medidur delivery system for two of these
compounds.

                    About pSivida Limited

pSivida is a global drug delivery company committed to the
biomedical sector and the development of drug delivery products.
Retisert is FDA approved for the treatment of uveitis.  
Vitrasert is FDA approved for the treatment of AIDS-related CMV
Retinitis.  Bausch & Lomb owns the trademarks Vitrasert and
Retisert.  pSivida has licensed the technologies underlying both
of these products to Bausch & Lomb.  The technology underlying
Medidur for diabetic macular edema is licensed to Alimera
Sciences and is in Phase III clinical trials.  pSivida has a
worldwide collaborative research and license agreement with
Pfizer Inc. for other ophthalmic applications of the Medidur
technology (excluding FA).

pSivida owns the rights to develop and commercialize a modified
form of silicon (porosified or nano-structured silicon) known as
BioSilicon, which has applications in drug delivery, wound
healing, orthopedics, and tissue engineering. The most advanced
BioSilicon™ product, BrachySil delivers a therapeutic, P32
directly to solid tumors and is presently in Phase II clinical
trials for the treatment of pancreatic cancer.

pSivida’s intellectual property portfolio consists of 64 patent
families, 113 granted patents, including patents accepted for
issuance, and over 280 patent applications.  pSivida conducts
its operations from Boston in the United States, Malvern in the
United Kingdom and Perth in Australia.

pSivida is listed on NASDAQ, the Australian Stock Exchange and
on the Frankfurt Stock Exchange on the XETRA system.  pSivida is
a founding member of the NASDAQ Health Care Index and the
Merrill Lynch Nanotechnology Index.


RALLY TASMANIA: Members to Receive Wind-Up Report on April 2
------------------------------------------------------------
Christopher Paul Mitchell, Rally Tasmania Promotions Pty. Ltd.'s
appointed estate liquidator, will meet with the company's
members on April 2, 2008, at 9:00 a.m. to provide them with
property disposal and winding-up reports.

The liquidator can be reached at:

          Christopher Paul Mitchell
          WHK Pinnacle
          117 Wilson Street
          Burnie, Tasmania 7320
          Australia

                    About Rally Tasmania

Rally Tasmania Promotions Pty. Ltd. operates professional sports
clubs and at the same time promoter.  The company is located at
Natone, in Tasmania, Australia.


SYMBION HEALTH: Primary Extends Offer Period to March 27
--------------------------------------------------------
In a statement lodged with the Australian Securities Exchange,
procurer Primary Health Ltd. had extended its offer period to
Symbion Health Limited's shareholders until March 27, 2008.

As of March 12, 2008, Primary has a 90.46% relevant interest of
the fully paid ordinary shares in Symbion and has been entitled
to proceed to compulsory acquisition of the outstanding shares.  
This means that shares of non-accepting shareholders will be
compulsorily acquired in accordance with the Corporations Act.

Primary has placed its shares in trading halt yesterday after it
took over Symbion Health in a AU$2.65 billion bid, The Sydney
Morning Herald reports.

According to the report, Primary was reviewing Symbion's
operations and had received interest from potential buyers for
Symbion's consumer and pharmacy businesses.

Primary's plan is to consolidate Symbion as a wholly owned
subsidiary following compulsory acquisition.

Managing Director, Dr. Edmund Bateman said, "We are pleased to
now be able to move to 100% control of Symbion.  This will allow
Primary to fully consolidate Symbion and will facilitate the
extraction of the anticipated synergies."

                     About Symbion Health

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

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


T & M MASSOUD: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------
During a general meeting held on February 12, 2008, the members
of T & M Massoud Investments Pty. Ltd. resolved to liquidate the
company's business due to its inability to pay its debts.

Blair Pleash was then appointed as liquidator.

The liquidator can be reached at:

          Blair Pleash
          c/o Hall Chadwick
          31 Market Street, Level 29
          Sydney, New South Wales 2000
          Australia

                   About T & M Massoud

T & M Massoud Investments Pty. Ltd. is a general contractor of
single-family houses.  The company is located at Granville, in
New South Wales, Australia.


TASPC COMPUTER: To Declare Ordinary Dividend on April 15
--------------------------------------------------------
TASPC Computer Technologies Pty. Ltd., which is in liquidation,
will declare first and final ordinary dividend on
April 15, 2008.

Only creditors who were able to file their proofs of debt by  
March 18, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Johnathan Murrell
          105 Macquarie Street
          Hobart, Tasmania 7000
          Australia
          Telephone:(03) 6223 2555
          Facsimile:(03) 6223 2556
          e-mail: info@pjc.com.au

                    About TASPC Computer

TASPC Computer Technologies Pty. Ltd. is a distributor of
computers, peripherals, and software.  The company is located at
Glenorchy, in Tasmania, Australia.




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C H I N A   &   H O N G  K O N G   &   T A I W A N
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BANK OF COMMUNICATION: Profit 65% Bolstered by China’s Growth
-------------------------------------------------------------
Bank of Communication Ltd.’s 2007 profit rose 65% as China's
economic growth bolstered loan demand and fee income surged on
the nation's stock boom, Luo Jun at Bloomberg News reports.

Bloomberg also relates that net income climbed to CNY20.3
billion, or CNY0.42 a share, from CNY12.3 billion, or CNY0.27 a
year earlier.  That beats the CNY19.8 billion average estimate
of 27 analysts surveyed by Bloomberg News.

BoCom, as the bank is known, said outstanding loans rose 19% to
CNY1.1 trillion as China grew at its fastest pace in 13 years,
Bloomberg notes.  The bank, which is shifting resources to
consumer banking, also tapped partner HSBC's expertise to win a
greater share in credit cards and wealth management.

“Bank of Communications benefited from the growing economy along
with everybody else,” Wang Jinsong, who manages CNY2 billion at
Galaxy Asset Management Co., told Bloomberg.  “But in the longer
term, it needs to find a niche to stand out from the pack. It's
not growing as fast as smaller rivals such as China Merchants
Bank, and its branch network pales in comparison with the big
four banks.”

BoCom's fee income, including selling credit cards and asset
management products, more than doubled to CNY7.1 billion,
Bloomberg says.  The bank issued more than 3 million credit
cards with HSBC in 2007, taking the total number to 5 million,
and introduced new products to help investors buy shares
overseas.

                   Bank of Communications

Bank of Communications Co Ltd -- http://www.bankcomm.com/-- is
a commercial bank in the People's Republic of China. As of
December 31, 2005, the bank had 137 branches and sub-branches,
in addition, to over 2,600 business outlets in China. It also
has its branches in Hong Kong, New York, Tokyo, Singapore and
Seoul.

The bank's business is divided into four segments: corporate
banking, retail banking, treasury and others.  Its corporate
banking business provides products and services to the corporate
customers, such as loans, deposits, bill discounting, trade
finance, fund custody and guarantees.

The retail banking business provides retail banking products and
services to its retail customers, such as deposits, mortgage
loans, debit cards, credit cards, wealth management and foreign
exchange trading services.

The treasury operations include inter-bank money market
transactions, foreign exchange trading and government, and
finance bond trading and investment.

The bank carries Fitch Rating's 'D' individual rating effective
on November 21, 2005.

On May 4, 2007, as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies, Moody's Investors Service affirmed Bank of
Communications' D Bank Financial Strength Rating.


CHINA EASTERN: China National's HK$5 Per Share Offer Stands  
-----------------------------------------------------------
Air China's parent China National Aviation Corp. said its offer
of at least HK$5 per share for a strategic stake in China
Eastern Airlines still stands, despite China Eastern
management's refusal to consider the bid.

"China National also has no intention of adjusting down its
offer price, even though China Eastern's share price has tumbled
recently," Kong Dong, a China National vice-president, told a
press briefing.

China Eastern offered to buy 2.985 billion new Hong Kong-listed
shares of China Eastern for at least HK$5 a share after China
Eastern's minority shareholders in January voted down an offer
by Singapore Airlines, in conjunction with the Singapore
government's Temasek Holdings, for a 24% stake in China Eastern
for HK$3.80 a share.

China Eastern's management says that despite the higher bid from
the Air China parent, it still prefers Singapore Airlines as a
strategic partner.

                     About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation. The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly. Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-. Fitch said the outlook on the IDRs is stable.

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


CHINA ENTERTAINMENT: Balance Sheet Upside Down by US$1.3 Mil.
-------------------------------------------------------------
In a U.S. Securities and Exchange filing, China Entertainment
Group, Inc., reported US$2,319,756 in total assets and
US$1,081,335 in total liabilities, resulting to US$1,329,060 in
shareholder deficit for the year ended Dec. 31, 2006.

According to China Entertainment, through the Share Exchange
Agreement that resulted in its acquisition of MPL, its principal
activity became the provision of artist management services.  
The company operates under a similar business model to the U.S.
based Creative Artists Agency and International Creative
Management by managing, on a turnkey basis, all of its clients
film and recording contract commitments as well as their product
endorsements and advertising commitments.  

On January 17, 2008, China Entertainment entered into an
agreement with Imperial, the company’s current majority
shareholder, pursuant to which the company agreed to sell to
Imperial all of its assets.  Pursuant to the Agreement, the
company will sell 100% of total issued and paid up capital of
MPL, the company’s wholly-owned subsidiary and operating
business to Imperial with effect from December 31, 2007, in
exchange for Imperial’s payment of US$1 to the company at the
closing of the Asset Sale transaction.

As of March 14, 2008, all of the closing conditions have either
been satisfied or waived by the parties except for the company’s
compliance with the notification provisions of Section 14(c) of
the Securities Exchange Act of 1934, as amended, and Regulation
14C in regards to administrative notification of all company
shareholders regarding the majority shareholder’s approval of
the Asset Sale.  The company presently intends to maintain its
corporate existence after the Asset Sale transaction is fully
completed.  Although there are no specific plans, the company
expects that it may seek to find a private, operating company
with which to combine.  In the event company can find and
complete any transaction, it is generally to be expected that
the current owners of the company, in the aggregate, would have
a significantly reduced equity ownership of the surviving
company.  There can be no assurance that the company will be
able to identify any business with which the company may conduct
a business combination, nor that any transaction could be
completed.

                   Results from Operation

Revenue recognized from the provision of artist management
services decreased 12.2% to US$1,081,389 for the year ended
Dec. 31, 2006, from US$1,231,563 for the same period in 2005.
The decrease resulted primarily from the decreased demand for
artists’ services.

General and administrative expenses incurred for the year ended
Dec. 31, 2006, decreased US$158,052, or 11.2%, to US$1,257,111
compared to US$1,415,163 for the same period in 2005.  General
and administrative expenses mainly consisted of management fees,
wages, rent, and professional fees.  The decrease was primarily
caused by the decrease in the company’s number of employees.

General and administrative expenses incurred for the year ended
Dec. 31, 2006, decreased US$158,052, or 11.2%, to US$1,257,111
compared to US$1,415,163 for the same period in 2005. General
and administrative expenses mainly consisted of management fees,
wages, rent, and professional fees.  The decrease was primarily
caused by the decrease in the company’s number of employees.

The increase in provisions for impairment of deposits paid and
other current assets occurred because some of our artist
management contracts expired during the year ended
Dec. 31, 2006, and the company made provisions for impairment of
deposits paid in connection with these expired contracts in the
amount of approximately US$330,000.

Income tax represents the aggregate taxes provided on the
assessable profits for the consolidated entities. No income
taxes expenses were provided for the years ended Dec. 31, 2006,
and December 31, 2005, as the company incurred tax losses for
the both years.  Instead, for the year ended Dec. 31, 2005, a
tax benefit was recognized as the company had a tax
overprovision from previous year.

Net loss for the year ended Dec. 31, 2006, decreased US$291,624,
or 41.1%, to US$417,334 compared to US$708,958 for the same
period in 2005.  The decrease resulted from a 12.2% decrease in
revenues, an 11.2% decrease in general and administrative
expenses, the provisions for impairment of deposits paid and
other current assets, and the reversal for impairment of amount
due from affiliate recognized for the year.

The company had negative working capital at Dec. 31, 2006, of
US$1,119,518.  The company regularly reviews its cash funding
requirements and attempt to meet those requirements through a
combination of cash on hand, cash provided by operations,
deposits received and possible future public and private equity
offerings.

For the year ended Dec. 31, 2006, net cash flows provided by
operating activities was US$172,273 (2005: US$284,735),
primarily resulting from a decrease in deposits paid and a
decrease in accrued expenses, other liabilities and deposit
received.  For the year ended Dec. 31, 2006, net cash flow used
in investing activities was US$509 as compared to US$53,431 for
the same period in 2005.  The decrease in cash flow used in
investing activities primarily resulted from a decrease in
additions to fixed assets.

Net cash flows provided by financing activities for the year
ended Dec. 31, 2006 was US$578,364.  The cash inflows were
mainly provided by advances from certain affiliates.  Net cash
flows used in financing activities for the year ended
Dec. 31, 2005, was US$40,664, representing repayments to certain
affiliates offset by common stock issued for cash.

The company believes that the effect of inflation has not been
material during the years ended Dec. 31, 2005, and
Dec. 31, 2006.  The countries in which the Metrolink Group
conducts the majority of its operations, which include Hong
Kong, People’s Republic of China and the United States, were
subject to moderate degree of inflations.


CHINA ENTERTAINMENT: Incurs US$189,865 Third Quarter Net
--------------------------------------------------------
China Entertainment Group, Inc., has filed its third quarter
financial results with the U.S. Securities and Exchange
Commission.  

As of Sept. 30, 2007, China Entertainment Group, Inc., owned all
of the equity interest in Metrolink Pacific Limited, a British
Virgin Islands corporation.  MPL, in turn, owns a 100% equity
interest in Anglo Market International Limited, a corporation
incorporated in the British Virgin Islands on Sept. 15, 2000, a
100% equity interest in China Star Management Limited, a company
incorporated in Hong Kong on Sept. 6, 1985, and a 100% equity
interest in Metrolink Global Limited, a corporation incorporated
in the British Virgin Islands on Sept. 10, 2004.  MPL's
subsidiaries currently provide artist management, talent
development and artist brokering services.

The company’s consolidated revenue increased 24.4% to US$93,983
for the three months ended Sept. 30, 2007, from US$75,561 for
the same period in 2006.  The increase in consolidated revenue
was a result of relatively large performances by its artists
during this period.  The decrease in consolidated revenue was a
result of a decrease in the number of contracted artists and
decreased performances by our artists.  Rampant piracy and the
downturn of Hong Kong made movies affected the overall revenue
of all movies in Hong Kong.  Accordingly, movie investors were
more cautious in producing movies, thereby decreasing the
opportunities for performances by our artists.

General and administrative expenses incurred for the three
months ended Sept. 30, 2007, increased US$26,497, or 10.3%, to
US$283,848 compared to US$257,351 for the same period in 2006.
The increase was due to an increase in professional fees.
General and administrative expenses mainly consisted of
management fees, wages, rent, and professional fees.  The
decrease was due to a decrease in the number of the company’s
employees.

There were no provisions for impairment of deposits paid and
other current assets for the three and nine months ended
Sept. 30, 2007.  Provisions for impairment of deposits paid and
other current assets was that certain of the artist management
contracts expired during the three and nine months ended
Sept. 30, 2006, and the Company had made provisions for
impairment of deposits paid in the amount of approximately
US$3,000 and US$330,000 respectively.

The income tax represents the aggregate taxes provided on the
assessable profits for the consolidated entities.  No income
taxes expenses were provided for the three and nine months ended
Sept. 30, 2007, and for the three and nine months ended
Sept. 30, 2006, because the company incurred tax losses for the
periods.

Net loss for the three months ended Sept. 30, 2007, increased
US$4,751, or 2.6%, to US$189,865 compared to US$185,114 for the
same period in 2006.  The increase in net loss was due to a
10.3% increase in general and administrative expenses.  The
increase in net loss was due to a 55% decrease in revenue.

China Entertainment had negative working capital as at  
Sept. 30, 2007, of US$1,563,229.  It regularly reviews its cash
funding requirements and attempt to meet those requirements
through a combination of cash on hand, cash provided by
operations, deposits received and possible future public and
private equity offerings.  The company evaluates possible
acquisitions of, or investments in, businesses that is
complementary to the company’s, which transactions may require
the use of cash.  The company believes that its cash, other
liquid assets, operating cash flows, credit arrangements, access
to equity capital markets, taken together, provide adequate
resources to fund ongoing operating expenditures.  In the event
that they do not, the company may require additional funds in
the future to support its working capital requirements or for
other purposes and may seek to raise such additional funds
through the sale of public or private equity as well as other
sources.


CHINA MERCHANTS: Stock Jumps Highest in Hong Kong Trading
---------------------------------------------------------
China Merchants Bank Co. jumped the most in almost two months in
Hong Kong trading after reporting 2007 profit more than doubled,
Bloomberg News reports.  The stock jumped 8.2% to HK$23.15 on
the Hong Kong exchange in March 18.  The benchmark Hang Seng
Index climbed 3.3%.

Shenzhen-based China Merchants told Bloomberg earlier that 2007
net income more than doubled to CNY15.24 billion on rising
interest income and increased fees from selling mutual funds.
Profit beat the average CNY14.06 billion estimate among analysts
surveyed by Bloomberg.

According to Bloomberg, China Merchants benefited from growing
demand for loans and financial services as China's economy grew
11.4% in 2007, the fastest in 13 years.

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002. The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).  
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

On August 3, 2006, The Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings upgraded its Individual rating on
China Merchants Bank to 'D' from 'D/E'. At the same time, the
bank's Support rating was affirmed at '3'.

Moody's Investors Service, on May 4, 2007, published the rating
results for banks in China as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies. With the implementation of the
new methodologies, China Merchants Bank's Financial Strength
Rating is raised to D+ from D. The long-term Foreign Currency
Deposit Rating is raised to Baa3 from Ba1. The short-term
Foreign Currency Deposit Rating is raised to P-3 from NP.  
Moody's said the outlook for all ratings is stable.


CHINA SOUTHERN: Urges Chinese Gov't to Invest in Airlines  
---------------------------------------------------------
Attempting to draw the Chinese government's attention to the
high liabilities induced financial risk faced by the country's
airlines, China Southern Airlines has urged the government to
speed up capital investment into the airlines, reported XFN
Asia, quoting group chairman, Liu Shaoyong.

In a proposal presented to the National People's Congress, Mr.
Shaoyong said: "The government should speed up capital injection
in order to reduce airline companies' heavy liability burden."

The note, which was reportedly published by the General
Administration of Civil Aviation on its Web site, also pointed
out that Chinese airlines were subjected to high taxes,
Datamonitor reports.

Mr. Shaoyong's suggestions included a reduction in the tariffs
on aircraft imports as well as other duties, Datamonitor says.

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.

                        *     *     *

As reported on March 3, 2008, Fitch Ratings affirmed China
Southern Airlines Co. Ltd.'s Long-term Foreign Currency and
Local Currency Issuer Default Ratings at 'B+'.  Fitch said the
outlook on the ratings remains stable.


COMFORT DEVELOMENT: Commences Liquidation Proceedings
-----------------------------------------------------
Comfort Development Limited's members agreed March 3, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Paul J. Brough and Edward S.
Middleton to facilitate the sale of its assets.

The liquidators can be reached at:

          Paul J. Brough
          Edward S. Middleton
          KPMG, 8th Floor
          Prince's Building
          10 Charter Road
         Central, Hong Kong


GE HEALTHCARE: Shareholders Meeting Fixed for April 15
------------------------------------------------------
The members of GE Healthcare Bio-Sciences China Limited will
have their final meeting on April 15, 2008, at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The liquidators can be reached at:

          Chan Mi Har
          Betty Yuen Yeung
          Level 28
          Three Pacific Place
          1 Queen's Road East
          Hong Kong


GOLDEN CROWN: Members Meeting Fixed for April 16
------------------------------------------------
The members of Golden Crown Shipping Limited will have their
final meeting on April 16, 2008, at Office B, 4th Floor, Kui Fu
Commercial Building, 300 Lockhart Road, Wanchai, in Hong Kong to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The liquidator can be reached at:

          Leung Chi Wing
          Office B
          4th Floor
          Kui Fu Commercial Building
          300 Lockhart Road
          Wanchai, Hong Kong


HENTON ENTERPRISES: Members Meeting Fixed for April 15
------------------------------------------------------
The members of Henton Enterprises Limited will have their final
meeting on April 15, 2008, at Unit 511, 5th Floor, Tower 1,
Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The liquidators can be reached at:

          Ho Man Kit
          Kong Sze Man, Simone
          Unit 511
          5th Floor
          Tower 1, Silvercord
          30 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


INFINITY SERVICES: Creditors Meeting Fixed for March 31
-------------------------------------------------------
The members of Infinity Services Limited will have their final
meeting on March 31, 2008, at Room 203, Duke of Windsor Social
Service Building, No. 15 Hennessey Road, Wanchai, in Hong Kong
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The liquidator's information was not disclosed.


INTERNATIONAL PAPER: To Buy Weyerhaeuser's Unit for US$6 Bil.
-------------------------------------------------------------
International Paper Company signed an agreement with
Weyerhaeuser Company to purchase its Containerboard, Packaging
and Recycling business for US$6 billion in cash, subject to
post-closing adjustments.  International Paper expects to close
the deal in the third quarter of 2008, subject to customary
closing conditions, including regulatory review and receipt of
financing.

The transaction includes nine containerboard mills, 72 packaging
locations, 10 specialty-packaging plants, four Kraft bag and
sack locations and 19 recycling facilities.  The transaction
affects approximately 14,300 Weyerhaeuser employees.

Because the transaction is a purchase of assets rather than of
stock, International Paper will realize a tax benefit that has
an estimated net present value of approximately US$1.4 billion.
Taking this benefit into account, the net purchase price is
about US$4.6 billion.

"This deal represents a compelling opportunity for International
Paper and our shareowners at a very attractive valuation,"
International Paper Chairman and Chief Executive Officer John
Faraci said.  "Integrating Weyerhaeuser's CBPR business into our
North American packaging platform fits very well with our
strategy to improve our earnings, cash flow and returns by
strengthening existing businesses.  We expect the combined
packaging business will generate stronger cash flow and higher
EBITDA margins than either standalone business."

Carol Roberts, senior vice president of International Paper's
packaging business, said she sees low integration risk and
considerable upside potential in the deal.  "Weyerhaeuser has
low-cost, well-run assets that complement our existing mill and
converting system and offer significant synergies," she said.
"The acquisition expands our geographic presence in the U.S. and
Mexico and diversifies our customer base in key product lines.
All of this will make our packaging business more competitive,
more profitable and better able to serve customers."

Steven R. Rogel, chairman and chief executive officer of
Weyerhaeuser Co., said the announcement completes the company's
strategic review of the CBPR business.

"We are pleased with the outcome and we will continue to focus
on those areas that present the greatest opportunities for the
future," Mr. Rogel said.  "This future begins with the trees and
the land, and our outstanding stewardship of these resources.
To this we add our unique expertise in growing and extracting
value from the trees and the land on which they grow.

"I want to thank the CBPR employees for their dedication,
patience and professional approach during this review.  Their
efforts continue to improve the performance of this business and
I'm confident that this transaction positions CBPR for an even
more successful future."

Morgan Stanley acted as financial advisor to Weyerhaeuser in the
transaction.

International Paper has identified profit improvement
opportunities of about US$400 million annually from the
acquisition.  The company expects to achieve at least 40% of the
improvement within 12 months of completing the deal, with the
remainder fully realized by the end of the third year, as a
result of reducing duplicate overhead costs, integrating
manufacturing operations, optimizing product mix, and improving
operational and supply chain efficiencies.

International Paper projects that the acquisition will be
earnings accretive for the 2009 full year.  International Paper
will finance the transaction through debt and has financing
commitments from several leading financial institutions.

                      About Weyerhaeuser

Headquartered in Federal Way, Washington, Weyerhaeuser Company
-- http://www.weyerhaeuser.com/-- is principally engaged in the
growing and harvesting of timber; the manufacture, distribution
and sale of forest products; and real estate construction,
development and related activities.

                   About International Paper

Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest
products industry for more than 100 years.  The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia,
including in China.  International Paper is committed to
environmental, economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.

                         *     *     *

International Paper Co. continues to carry Moody's Investors
Service's 'Ba1' senior subordinate rating.  The outlook,
according to Moody's, is stable.


INTERNATIONAL PAPER: Analysts Downgrade Firm's Shares to Neutral
----------------------------------------------------------------
Analysts have downgraded International Paper Co.'s shares to
“neutral,” Newratings.com reports.

Newratings.com relates that JP Morgan analysts have downgraded
International Paper's shares to "neutral" from "overweight,"
while DA Davidson analysts have downgraded the firm's shares to
"neutral" from "buy."

JP Morgan has decreased the target price for International
Paper's shares to US$33 from US$42, Newratings.com states.

Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest
products industry for more than 100 years.  The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia,
including in China.  International Paper is committed to
environmental, economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.

                        *     *     *

Moody's Investors Service placed International Paper Co.'s
senior subordinate rating at 'Ba1' in December 2005.  Moody's
said the rating still holds to date with a stable outlook.


NAM YEUNG: Members Meeting Fixed for April 15
---------------------------------------------
The members of Nam Yeung Ginseng Limited will have their final
meeting on April 15, 2008, at 7th Floor, Hong Kong Trade Centre,
161-167 Des Voeux Road Central, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The liquidator can be reached at:

          Chuo Kit Koi
          7th Floor
          Hong Kong Trade Centre
          161-167 Des Voeux Road Central
          Hong Kong


PETROLEOS DE VENEZUELA: Wins Exxon Lawsuit
------------------------------------------
Judge Paul Walker of London Court has dissolved an injunction
freezing US$12 billion assets belonging to Petroleos de
Venezuela SA, Caroline Binham and Joe Carrol at Bloomberg News  
report.

According to Bloomberg, PDVSA won the legal battle because the
dispute has no connection with the U.K. Exxon, which has battled
in arbitration to bag compensation for an oil field President
Hugo Chavez seized last year.

Erich Arispe, an analyst at Fitch Inc. in New York, said that
the decision would make PDVSA face less skepticism from lenders
as it aims financing for a US$70 billion expansion to double
crude output in the next four years, the report relates.

The report states that ExxonMobil claimed the order was not on
the merits of the underlying conflict.  Exxon spokesman Alan
Jeffers, in its telephone interview, said that Judge Walker
"concluded that the English courts shouldn't be issuing pre-
judgment orders" with reference to international arbitrations.

As reported in the Troubled Company Reporter-Latin America on
March 10, 2008, Justice Walker could rule on the US$12 billion
asset freeze legal dispute between Exxon Mobil and Petroleos de
Venezuela last week.  As previously reported, Exxon Mobil asked
the London High Court to uphold the order freezing US$12 billion
in Petroleos de Venezuela's assets to support the arbitration
process between both parties.  The asset-freeze order against
the company was made so that Exxon Mobil would be able to
extract compensation should it win a pending arbitration.  

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.

                        *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook is negative.


PETROLEOS DE VENEZUELA: CITGO Commends PDVSA on Lawsuit Victory
---------------------------------------------------------------
A decision by a London Court to lift a US$12 billion freeze on
assets owned by Petroleos de Venezuela, S.A., the national oil
company of the Bolivarian Republic of Venezuela, acknowledges
the international strength of CITGO’s ultimate parent and its
importance as a world class oil producer, which makes an asset
freeze unnecessary and incompatible with applicable laws, said
CITGO Chairman, President and CEO Alejandro Granado.

“We congratulate PDVSA on its victory in the ongoing legal fight
against ExxonMobil.  The decision today supports the fact that
Venezuela and its national oil company have acted in compliance
with principles that ratify the sovereign right of nations over
their natural resources,” Mr. Granado noted.

“I am very proud to be part of the big PDVSA family.  PDVSA
always acts in compliance with applicable laws, respecting its
commitments with the support of a highly ethical, morally
responsible and professional work force.”

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.

                        *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook is negative.


PINE TRIUMPH: Members Meeting Fixed for April 15
------------------------------------------------
The members of Pine Truimph Limited will have their final
meeting on April 15, 2008, at 7th Floor, Hong Kong Trade Centre,
161-167 Des Voeux Road, in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The liquidator can be reached at:

          Lau Vui Cheong
          7th Floor
          Hong Kong Trade Centre
          161-167 Des Voeux Road
          Hong Kong


QUALTECH LIMITED: Members Meeting Fixed for April 15
----------------------------------------------------
The members of Qualtech Limited will have their final meeting on
April 15, 2008, at Unit 1602, Malaysia Building, 50 Gloucester
Road, Wanchai, in Hong Kong to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The liquidator can be reached at:

          Yeung Man Li
          Unit 1602
          Malaysia Building
          50 Gloucester Road
          Wanchai, Hong Kong


THORN LIGHTNING: Members Meeting Fixed for April 4
--------------------------------------------------
The members of Thorn Lightning Clk Limited will have their final
meeting on April 4, 2008, at Level 28, Three Pacific Place, 1
Queen's Road East, in Hong Kong to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The liquidator can be reached at:

          Natalia K M Seng
          Level 28
          Three Pacific Place
          1 Queen's Road East
          Hong Kong


SHENZHEN DEV'T: Gains Approval to Offer CNY7-Bil. Sub. Bonds
------------------------------------------------------------
Shenzhen Development Bank has gained approval from China Banking
Regulatory Commission and the nation's central bank to offer not
less than CNY7 billion subordinated bonds on inter-bank bond
market.

The bank will write them in supplementary capital in accordance
with related rules and regulations like Measures for the
Management of Capital Adequacy Ratios of Commercial Banks.

The bond offering plan was ratified by the general meeting of
shareholders on July 20, 2007. Moreover, the meeting also
permitted the bank to issue at most CNY8 billion hybrid capital
bonds.

The supplementary capital will be greatly replenished and
capital adequacy ratio is expected to be raised to over 8% if
the Shenzhen lender will be able to sell out the subordinated
bonds.  Then, it will be the first time for the bank to meet the
requirement on CAR since 2003, said people familiar with the
matter.

Based in Shenzhen, Guangdong, People's Republic of China,
Shenzhen Development Bank Company Ltd.'s --
http://www.sdb.com.cn/-- provides local and foreign currency
deposits and loan services.  Other activities include foreign
currencies exchanging, foreign currency deposit and remittances,
acts as an agent for issuing foreign currency value-bearing
securities, management of letters of credit and operation of
both an international and a domestic discounting service.

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service, on May 4, 2007, assigned E+ for the
bank's Financial Strength Rating.  The long-term Foreign
Currency Deposit Rating is Ba3.  The short-term Foreign Currency
Deposit Rating is NP.  Moody's said the outlook for all ratings
is positive.


WALT DISNEY: Members Meeting Fixed for April 4
----------------------------------------------
The members of The Walt Disney Studios Asia Pacific Limited will
have their final meeting on April 4, 2008, at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The liquidator can be reached at:

          Natalia K M Seng
          Level 28
          Three Pacific Place
          1 Queen's Road East
          Hong Kong




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

BIRLA VXL: Government Withdraws Board Nomination of P.K. Pujari
---------------------------------------------------------------
Birla VXL Ltd., in a regulatory filing with the Bombay Stock
Exchange, disclosed that the government of Gujarat have
withdrawn the nomination of Shri. P. K. Pujari from the board of
directors.

The government move was noted in the board's Circulated
Resolution dated March 17, 2008.

As previously reported in the Troubled Company Reporter-Asia
Pacific, Birla VXL's shareholders, at a meeting on March 17,
have agreed to change the name of the company to "DIGJAM Ltd."  
The name change is still subject to the approval of the Central
Government under Section 21 of the Companies Act, 1956.

Headquartered in Gujarat, Birla VXL is a part of the S.K. Birla
Group and manufactures fabrics for suitings under the brand name
DIGJAM.

In July 2004, the High Courts of Gujarat and Punjab & Haryana
approved the company's Scheme of Arrangement, under Sections 391
to 394 of the Companies Act, 1956.  The Scheme, which took
effect on March 30, 2006, among others provides the debt and
capital restructuring and transfer of OCM Division of the
company to its wholly owned subsidiary OCM India Ltd.


GMAC LLC: Financial Unit's Board Names Alvaro de Molina as CEO
--------------------------------------------------------------
The Board of Directors of GMAC LLC subsidiary, GMAC Financial
Services, named Alvaro G. de Molina as chief executive officer
of the unit, effective April 1, 2008.  Mr. de Molina will
oversee all GMAC operations and focus on strengthening the core
businesses, while positioning the company for long-term growth.  
Eric Feldstein, currently chief executive officer, will join
Cerberus Capital Management L.P., an affiliate of which holds a
majority interest in GMAC.  In his new role, Mr. Feldstein will
advise Cerberus in connection with its large financial services
portfolio and with new investment opportunities in financial
services and other sectors.

"Al brings extensive experience in financial services and
banking to the GMAC CEO role, with keen insight into the needs
of customers and investors alike," said J. Ezra Merkin, chairman
of GMAC's Board of Directors.  "We are pleased that he will be
able to draw upon the experience and know-how of the senior GMAC
team.  We are confident that the combination of Al's leadership
and the contributions of senior management will enhance the
company's efforts to restore profitability and pursue growth
opportunities."

Mr. de Molina had a long and successful career with Bank of
America before joining GMAC in August 2007.  He said: "GMAC's
key strength is its strong foundation, which includes a vast
dealer network, a global footprint, a large customer base, and a
talented team of employees -- all of which are essential to the
longer-term success of the business.  Looking ahead, we need to
align our resources to reflect the current market environment
and capitalize on our competitive advantages."

During the past year, the GMAC leadership team has maintained
the company's strong liquidity position, reduced leverage,
tightened underwriting standards, reduced risk, introduced new
products for both the automotive finance and insurance
businesses, and structured the company for efficient, scalable
growth.  The company has also enhanced its global risk
management function, broadened its marketing focus, and
bolstered the leadership team in the mortgage business amid a
challenging market environment.  GMAC's management team today
reflects a complement of seasoned executives with experience at
the company and new leaders with expertise in running a global
financial services enterprise.  Looking forward, GMAC continues
to target a return to profitability, while maintaining or
improving its global leadership position in its core businesses.

Mr. Feldstein served as the chairman and then chief executive
officer at GMAC Financial Services since November 2002, and
previously served at General Motors Corp. as treasurer and vice
president of Finance, among various other executive positions.

"We are very pleased to bring Eric on board to the Cerberus
team," said Mark Neporent, chief operating officer of Cerberus.  
"We expect that Cerberus and its investors will benefit from
Eric's broad expertise in financial services and other sectors."

             Background Information on Al de Molina

Mr. de Molina is a proven leader with experience in effectively
managing risk and capital while building strong, talented teams.  
Before he joined GMAC last year, he spent 17 years at Bank of
America, most recently serving as chief financial officer.  
During his tenure at Bank of America, he also served as chief
executive officer of Banc of America Securities, president of
global corporate and investment banking, and corporate
treasurer.  Prior to joining Bank of America, de Molina served
in the lead financial role for emerging markets at J.P. Morgan.  
He began his career in 1979 with PriceWaterhouse.

Mr. de Molina serves on the boards of Duke University's Fuqua
School of Business, the Foundation for the Carolinas, Florida
International University, and the Financial Services Volunteer
Corps.  Born in Cuba, he holds a bachelor's degree in accounting
from Fairleigh Dickinson University, and a master's degree in
business administration from Rutgers Business School.

                          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.

                        *     *     *

As reported in the Troubled Company Reporter on March 5, 2008,
Fitch Ratings has downgraded and removed from Rating Watch
Negative the long-term Issuer Default Rating GMAC LLC and
related subsidiaries to 'BB' from 'BB+'.  Fitch has also
affirmed the 'B' short-term ratings.  Fitch originally placed
GMAC on Rating Watch Negative on Nov. 14, 2007.  The Rating
Outlook is Negative.  Approximately US$100 billion of unsecured
debt is affected by this action.

As reported in the Troubled Company Reporter on Feb. 25, 2008,
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'.  S&P said the outlook for both entities
is negative.


ICICI BANK: Repurchases US$50 Mil. of US$750 Mil. 5.75% Bonds
-------------------------------------------------------------
ICICI Bank Ltd. has repurchased and subsequently extinguished
bonds aggregating to the face value US$50 million out of the
US$750 million 5.75% bonds due 2012, the bank disclosed in a
filing with the Bombay Stock Exchange.  The bonds was issued
from its Bahrain Branch on Jan. 12, 2007, on a stand-alone
basis.

The repurchase is carried out through open market purchases by a
dealer acting on behalf of the bank.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 11, the bank has recently repurchased US$50 million out of
the US$2 billion 6.625% bonds due on 2012 issued from its
Bahrain Branch on Oct. 3, 2007.

The TCR-AP in an earlier report cited ICICI Bank Joint Managing
Director Chanda Kochhar as saying that that the bank has
suffered US$50 million of investment losses this quarter in
addition to the US$70 million provided for in the prior quarter.  

According to various reports, however, the government said the
bank has lost US$264 million on account of the sub-prime crisis.
In reply to the reports, the bank asserted in a statement that
it has no material direct or indirect exposure to U.S. sub-prime
credit.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                        *     *     *

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


IFCI LTD: Director P. S. Shenoy Quits Board
-------------------------------------------
IFCI Ltd. has informed the Bombay Stock Exchange of P. S. Shenoy
as director of the company's board.  The company, however, did
not disclose the reason of the resignation, which took effect
since March 8, 2008.

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

                        *     *     *

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


TATA MOTORS: Should Seal the Ford Deal on Wednesday, Report Says
----------------------------------------------------------------
Tata Motors Ltd. should seal a deal with Ford Motor Co. for the
acquisition of the latter's Jaguar and Land Rover units this
Wednesday, Thomson Financial cites The Independent newspaper as
saying.

Early this year, Tata Motors was named as the front-runner to
buy the two Ford brands, outbidding Mahindra & Mahindra in
collaboration with buyout firm Apollo; and One Equity Partners
LLC.

Roger Madisson, National Officer, UNITE, told CNBC-TV18 that
they heard from people at Jaguar and Land Rover that the deal
was ready to be signed since last week.  "We are looking forward
to becoming a part of the Tata's very shortly," he added.

The sale deal is expected to close in the second quarter,
according to Ford's U.S. Securities and Exchange Commission
annual report filing.

Tata Motors has already signed a one-year US$3 billion bridging
loan with Citigroup Inc. and JPMorgan Chase & Co. for the
purchase of the two marquee brands, Dow Jones Newswires reported  
citing a person familiar with the deal.

Citing unnamed banking sources, Reuters said that the bridge
loan is expected to launch to a wider syndication early this
week.  According to the same news agency, the bridge loan is
being taken by TML Holdings Ltd, and is guaranteed by Tata
Motors.  The loan is expected to pay an initial margin of 85
basis points over LIBOR before stepping up to 120 bps after six
months and to 150 bps after nine months, Reuters added.

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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

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


TATA STEEL: Moody's Affirms Ba1 Rating with Stable Outlook
----------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating of Tata Steel, and changed the outlook to stable from
negative.

"The change in outlook to stable reflects the completion of debt
refinancing associated with the Corus acquisition, thereby
removing a material near-term challenge for the rating," says
Moody's Terry Fanous, Senior Vice President.

The outlook was previously revised to negative in September 2007
due to concerns surrounding around US$3.1 billion of bridge
loans, which have been repaid principally from equity rights
issuance and the establishment of long-term debt.

The stable outlook is based on Moody's expectation that Corus  
integration will continue to be manageable and that steel prices
in both Asia and Europe will remain relatively robust for the
coming 12-18 months.

The rating may experience an upward trend if Tata Steel:

1) demonstrates continued progress in integrating Corus, and
2) manages its capital and capacity expansion in a prudent
   manner such that Adjusted Debt/EBITDA falls below 2.5x and
   EBIT margin is maintained above 12% on a sustained basis.

On the other hand, the rating may be downgraded if Tata Steel:

   1) experiences delays or cost over-runs when executing its
      expansion projects;

   2) experiences a major delay or failure in integrating the
      Corus business and realizing synergies, and

   3) undertakes further material capital investment plans that
      are debt-funded. The key credit metrics that Moody's would
      consider for a downgrade include Adjusted Debt/EBITDA
      exceeding 4.0x and EBIT margin falling below 8% on a
      sustained basis.  A material weakening in industry  
      fundamentals that result in these metrics being negatively
      exceeded could also pressure the rating.

Tata Steel is an integrated steel company headquartered in
Mumbai, India.  With the recent acquisition of Corus, Tata Steel
has emerged as one of the world's largest steel producers, with
annual steel making capacity of around 28 million tons.




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


ANEKA TAMBANG: Expects Shareholders Okay for Herald Acquisition
---------------------------------------------------------------
PT Aneka Tambang Tbk's shareholders will hold a shareholder
meeting on April 18 to seek approval for its proposed
acquisition of Australian base metals miner Herald Resources,
Antara News reports.

According to the report, if shareholders reject the plan, the  
company will not be allowed to hold another meeting for the same
purpose in the next 12 months.

As reported in the Troubled Company Reporter - Asia pacific on
Feb. 1, 2008, Antam and Chinese zinc producer Shenzhen Zhongjin
Lingnan Nonfemet Co. joined together to submit an offer to
acquire Herald Resources for US$448-US$449 million.  The joint
venture offered AU$2.50 a share, topping Calipso InvestmentPte's
bid of AU$2.25.

Herald's board of directors have recommended that in the absence
of a superior bid, shareholders accept the offer from the Antam-
Shenzhen consortium through their joint venture Tango Mining Pte
Ltd., Antara adds.

                      About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,      
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Jan. 17, 2008, Moody's Investors Service has upgraded PT Aneka
Tambang (Persero) Tbk's corporate family rating to Ba3 from B1.  
This concludes the review for possible upgrade which commenced
on October 22, 2007.

On Dec. 4, 2006, that Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Indonesian state-owned
miningcompany PT Antam Tbk. to 'B+' from 'B'.  The outlook is
stable.  At the same time, Standard & Poor's also raised to
'B+', from 'B', the rating on the senior unsecured notes issued
by Antam Finance Ltd. and guaranteed by Antam.


BANK RAKYAT: Analysts See 10.3-19.7% Rise in Profits
----------------------------------------------------
PT Bank Rakyat Indonesia expects its 2007 net profit to rise
10.3-19.7%, aided by loan expansion, according to three analysts
surveyed by Thomson Financial.

According to the report, the analysts expect net profit to range
between IDR4.7-5.1 trillion.

AmCapital Indonesia Securities Analyst Darmawan Halim sees a  
net profit of IDR5.01 trillion for BRI, CIMB Niaga Securities
Analyst Mulya Chandra expects BRI to post a net of IDR5.10
trillion, and BNI Securities Analyst Asti Pohan forecast a
IDR4.7 trillion net profit for the bank, the report relates.

The bank's 2006 net profit rose 11.8% to IDR4.26 trillion, the
report recounts.  The report notes that in the first nine months
of 2007, the bank's net profit was IDR3.62 trillion, against
IDR3.1 trillion a year earlier.

Mr. Halim told the news agency that the main driver of the
bank's net profit rise is loan expansion.  BRI's loan growth was
likely 22% last year, slightly less than the industry loan
growth rate of 25.5% a year before, he said.

Mr. Halim said the bank should be able to maintain its high
interest margin (NIM) at around 11% because funding costs
declined as the BI rate fell.   In the first nine months, BRI's
NIM narrowed to 11.1% from 11.3% a year before, the report
notes.

Also, Mr. Chandra expects that BRI's 20% minimum increase in
lending can help boost the bank's net interest income to
IDR16.96 trillion from IDR13.77 trillion, Thomson relates.  The
micro-business credit program launched last year should also
help boost the bank's loan growth, he said.

Ms. Pohan said the bank has also begun to widen its loan
exposure to the corporate sector and the consumer and retail
sector, and also launched a number of initiatives to boost its
fee-based income, the Thomson reports.   "However, revenue
contribution from these new initiatives has not been that
significant yet. Its major revenue contribution still came from
loan exposure to micro-businesses and SMEs," she said.

The report adds that AmCapital Indonesia Securities, CIMB Niaga
Securities, and BNI Securities gave a summary forecast of
IDR5.01 trillion, IDR5.10 trillion, IDR4.7 trillion,
respectively to Bank Rakyat 2007 net profit.

                     About Bank Rakyat

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

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

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

   * Long-term foreign Issuer Default rating 'BB-',
   * Short-term rating 'B',
   * National Long-term rating 'AA+(idn)',
   * Individual 'C/D', and
   * Support '4'.


GARUDA INDONESIA: To Serve Jakarta-Pontianak Route Twice Daily
--------------------------------------------------------------
Garuda Indonesia is planning to fly from Jakarta to Pontianak,
West Kalimantan, twice a day, Antara reports, citing General
Manager Wempie Ohoiwutun.

Mr. Ohoiwutun was quoted by the new agency as saying, "The plan
to increase the number of flight frequencies has nothing to do
with Adam Air's decision to stop serving the route starting
March 21."  However, Mr. Ohoiwutun did not disclosed when the
plan would materialize.

Garuda would use Boeing 737-300 planes to serve the route, the
report notes.

Garuda, the report recounts, stopped flying to Pontianak in 2005
and resumed its flights to the West Kalimantan provincial
capital in October 28, 2007, in response to higher demand for
Garuda services.
  
                   About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 6, 2007, that Garuda, saddled with a debt of around US$750
million including some US$475 million owed to the European
Credit Agency, is in negotiations with creditors to restructure
some of its debt.  The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


PERUSAHAAN: Eight Consortia Prequalify to Bid for Power Project
---------------------------------------------------------------
PT Perusahaan Listrik Negara (PLN) said 18 consortia of foreign
companies, mostly Chinese, have prequalified to bid for its 600-
megawatt power plant project to be set up in Cilacap town,
central Java, Thomson Financial reports.

According to the report, the plant is part of PLN's massive
fast-track program to build new coal-fired power capacity of
10,000 megawatts.

Company Official Yogo Pratomo told the news agency that the
bidders were required to submit the technical details of their
project plans and their bids by April 24.

Bidders who prequalified include a consortium consisting of:

  -- Mitsubishi Corp with PT Truba Jaya Engineering;

  -- Zeland-PT Rekayasa Industri consortium;

  -- Chengda Engineering Corp-PT Rekadaya Elektrika; and

  -- a consortium that includes CINTIC, Shanghai Electric, PT
     Cahaya Mulia and PT Bajragraha Sentranusa.

Other Chinese companies seeking to have a part in the project
include:

  -- China Huadian Corp,

  -- Dongfang Electric Corp and China National Machinery &
     Equipment Import and Export Corp.

Mr. Pratomo said the company may announce the winning bidder by
mid-May, the report adds.

                  About Perusahaan Listrik

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

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




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


EBARA CORPORATION: Fitch Affirms & Withdraws Ratings
----------------------------------------------------
Fitch Ratings has affirmed Ebara Corporation's Long-term foreign
and local currency Issuer Default Ratings at 'BB+' with a stable
outlook, and simultaneously withdrawn them.

Fitch will no longer provide ratings or analytical coverage of
this issuer.


ELPIDA MEMORY: Launches Foundry Production System with UMC
----------------------------------------------------------
Elpida Memory Inc. will launch foundry production of system
large scale integrated circuit chips for use in digital
electronics under a tie-up with United Microelectronics Corp. of
Taiwan, Jiji Press reports.

Production will take place at an Elpida plant in Hiroshima
Prefecture for supply to domestic chipmakers.

According to the report, Elpida will avoid large-scale
investments by fine-tuning part of existing lines at the
Hiroshima plant.

In the company's website, it stated that the new alliance is
ideally positioned to meet the expanding needs of Japanese
semiconductor customers and will address both technology and
manufacturing capacity needs for Japanese system customers.

Elpida President and CEO Yukio Sakamoto said, "Elpida will
continue to focus on DRAM manufacturing for mobile devices and
digital consumer electronics customers... Adding foundry as
another axis of our business..."  

                    About Elpida Memory

Elpida Memory, Inc. is a Japan-based company principally engaged
in the development, design, manufacture and sale of
semiconductor products, with a focus on dynamic random access
memory (DRAM) silicon chips. The Company offers its DRAM
products to companies in the server, digital consumer
electronics, mobile phone, personal computer (PC) and foundry
markets. Elpida Memory has two domestic subsidiaries, which are
engaged in the manufacture of DRAM products, and five overseas
subsidiaries, which specialize in the sale of DRAM products to
the Company's overseas customers, in the United States, Europe,
Singapore, Taiwan and Hong Kong. Through its associated company,
Tera Probe, Inc., Elpida Memory is engaged in the wafer testing
process. Headquartered in Tokyo, the Company has seven
subsidiaries and one associated companies.

The Troubled Company Reporter-Asia Pacific reported on
December 10, 2007, that Standard & Poor's Rating Services
assigned a BB- for Elpida Memory Inc.'s long-term corporate
credit rating with a stable outlook reflecting the company's
heavy financial burden, which is required to make regular large
investments to maintain and improve its competitiveness.


MEAT HOPE: Ex-President Sentenced to 4 Years for Mislabeling
------------------------------------------------------------
Meat Hope Co.'s former president has been sentenced to four
years in prison for fraud and unfair competition over the false
labeling of its meat products, reports Kyodo News.

Kyodo News writes that Minoru Tanaka had owned up to the charges
saying, "I had only thought of how we can produce cheap meat to
maintain the price at a level demanded by our customers."

Judge Fumio Shimahara of the Sapporo District Court said, "The
defendant caused anxiety about food labeling among consumers,
shaking the foundation of the public's trust on food safety,"
relates Kyodo News.

Further, Judge Shimahara stated that Tanaka's practice of mixing
other meat into beef "stands out in its maliciousness and should
be distinguished from other recent false food labeling
incidents, such as disguising a product's origin."

The Troubled Company Reporter-Asia Pacific reported on
July 19, 2007 that Meat Hope filed for bankruptcy with the
Tomakomai branch of the Sapporo District Court.  The report
further stated that Meat Hope determined that it cannot maintain
its business any longer because its reputation has been severely
damaged after a mislabeling scandal which broke out on
June 20, 2007.

Meat Hope had liabilities of about JPY670 million.

In an earlier TCR-AP report, an Agriculture, Forestry and
Fisheries Ministry investigation showed that Meat Hope sold
ground beef mixed with pork, chicken and other meat, and labeled
only as ground beef to Hokkaido Katokichi Co. and 17 other
companies since 1998.




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


KOREAN DEV'T: Gov't to Privatize Bank, Sets Aside Merger Plan
-------------------------------------------------------------
The government decided to privatize Korea Development Bank
without merging it with other financial institutions, including
Woori Financial Group, English.Chosun News reports, citing a
senior government official.

According to the report, originally, some officials at the
Ministry of Strategy and Finance suggested merging KDB with
Woori Financial Group and the Industrial Bank of Korea to have a
new "mega bank" before selling it to a private investor.

However, the report notes, the government finally decided not to
adopt this suggestion.  "The government concluded that if a new
giant bank is founded, the sale price would go up too high to
find a new private owner,” the report relates.

English.Chosun says the Financial Services Commission is
expected to disclose a detailed schedule for KDB's
privatization, and to formulate an action plan by June.

The government will sell its shares of Woori Financial Group
independently of the KDB privatization plan, the report adds.

                 About Korea Development

Korea Development Bank -- http://www.kdb.co.kr/-- is South   
Korea's long-term funds provider to major industrial projects.
The company is wholly owned by the Korean Government.  KDB also
offers short and long-term loans, investments, guarantees and
trusts to international finance.  Its major funding sources are
Industrial Finance Bonds, client deposits, special-purpose funds
and foreign-currency funds.

The Troubled Company Reporter - Asia Pacific listed Korea
Development Bank's bond with a 8.450% coupon and
Dec. 15, 2026 maturity date in its July 10, 2007 report as a
distressed bond.

Moody's Investors Service gave KDB a 'D-' Bank Financial
Strength Rating effective January 24, 2006.


LG TELECOM: To Launch 3G Service in April
-----------------------------------------
LG Telecom Ltd. will release its 3G, mobile service named OZ in
April, JoongAng Daily reports.

According to the report, LGT previously tried its hand at 3G
services in October 2006 but the operator did not promote its 3G
services as much its bigger competitors SKT and KTF, which both
operate 3G services.

OZ, the report relates, will provide much cheaper plans compared
to other mobile phone operators and introduce user-friendly
interfaces through diverse lines of dedicated OZ phones.

Unlike its rivals SKT and KTF, which uses WCDMA, OZ adopts
Revision A as its standard, the report adds.

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

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

As reported in the Troubled Company Reporter-Asia Pacific on
March 27, 2007, Moody's Investors Service upgraded LG
Telecom's foreign currency corporate family rating and senior
unsecured bond rating to Ba1 from Ba2.  Moody' said the outlook
on the rating is stable.

On Nov. 14, 2006, Fitch Ratings upgraded LG Telecom's foreign
currency Issuer Default rating to 'BB+' from 'BB.'




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


CARECLEAN SERVICES: Creditors' Proofs of Debt Due on April 3
------------------------------------------------------------
The creditors of Careclean Services Ltd. are required to file
their proofs of debt by April 3, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

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


DRIFT NZ: Wind-Up Petition Hearing Set for May 16
-------------------------------------------------
A petition to have Drift NZ Ltd.'s operations wound up will be
heard before the High Court of Auckland on May 16, 2008, at
10:00 a.m.

McPhail Group Limited filed the petition on December 19, 2007.

McPhail Group's solicitor is:

          Malcolm David Whitlock
          Whitlock & Co.
          c/o Baycorp House, Level 2
          15 Hopetoun Street
          Auckland
          New Zealand


ICONZ CAFE: Commences Liquidation Proceedings
---------------------------------------------
The shareholders of Iconz Cafe Ltd. resolved to liquidate the
company's business on February 28, 2008.

Creditors are required to file their proofs of debt by
April 30, 2008, to be included in the company's dividend
distribution.

The company's liquidators are:

          Stephen Richard Graham
          Colin Anthony Gower
          c/o BDO Spicers
          Spicer House, 1130 Pukaki Street
          Rotorua
          New Zealand
          Telephone:(07) 347 9087
          Facsimile:(07) 348 6685
          e-mail: stephen.graham@rot.bdospicers.com


MECHANICAL SYSTEMS: Appoints Official Assignee as Liquidator
------------------------------------------------------------
The official assignee was appointed liquidator of Mechanical
Systems Limited on February 25, 2008.

The liquidator can be reached at:

          Official Assignee
          Private Bag 4714, Christchurch
          New Zealand
          Freephone: 0508 467 658
          Web site: http://www.insolvency.govt.nz


MIDE LTD: Appoints Meltzer, Heath & Hayward as Liquidators
----------------------------------------------------------
On February 27, 2008, Jeffrey Philip Meltzer, Arron Leslie Heath
and Lloyd James Hayward were appointed liquidators of Mide Ltd.

Messrs. Meltzer, Heath and Hayward are accepting creditors'
proofs of debt until March 28, 2008.

The liquidators can be reached at:

          Jeffrey Philip Meltzer
          Arron Leslie Heath
          Lloyd James Hayward
          c/o Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          New Zealand
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


NZ OUTDOOR: Taps Official Assignee as Liquidator
------------------------------------------------
On February 21, 2008, the official assignee was appointed
liquidator of NZ Outdoor Manufacturing Limited.

The liquidator can be reached at:

          Official Assignee
          Private Bag 4714, Christchurch
          New Zealand
          Freephone: 0508 467 658
          Web site: http://www.insolvency.govt.nz


PHOENIX HOMES: Fixes April 11 as Last Day to File Claims
--------------------------------------------------------
Phoenix Homes (2004) Ltd. requires its creditors to file their
proofs of debt by April 11, 2008, to be included in the
company's dividend distribution.

The company's liquidator is :

          Andrew Marchel Oorschot
          Ashton Wheelans & Hegan
          Chartered Accountants
          PO Box 13042, Christchurch
          Telephone:(03) 366 7154)


SHEPPARD SAWMILLS: Appoints Official Assignee as Liquidator
-----------------------------------------------------------
On February 18, 2008, the official assignee was appointed
liquidator of Sheppard Sawmills Ltd.

The liquidator can be reached at:

          Official Assignee
          Private Bag 4714, Christchurch
          New Zealand
          Freephone: 0508 467 658
          Web site: http://www.insolvency.govt.nz


SILVERWORKS NZ: Requires Creditors to File Claims by April 3
------------------------------------------------------------
Silverworks NZ Ltd. requires its creditors to file their proofs
of debt by April 3, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

          Vivien Judith Madsen-Ries
          David Stuart Vance
          c/o PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street
          Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


TARIMANAKA LIMITED: Taps Madsen-Ries & Vance as Liquidators
-----------------------------------------------------------
Vivien Judith Madsen-Ries and David Stuart Vance were appointed
liquidators of Tarimanaka Limited on February 28, 2008.

Creditors are required to file their proofs of debt by
April 3, 2008, to be included in the company's dividend
distribution.

The liquidators can be reached at:

          Vivien Judith Madsen-Ries
          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




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


PLDT: Moody's Affirms Ba2 Rating on Foreign Currency Bond
---------------------------------------------------------
Moody's Investors Service has affirmed Philippine Long Distance
Telephone Company's Baa2 senior unsecured local currency issuer
rating and changed its outlook to positive from stable. At the
same time, Moody's has affirmed PLDT's Ba2/positive foreign
currency bond rating.

"This rating action reflects PLDT's ability to achieve ongoing
revenue and EBITDA growth despite rapidly deepening cellular
penetration," says Laura Acres, a Moody's Vice President.

"Furthermore, the positive outlook recognizes PLDT's ability to
fund record levels of capex internally and also increase returns
to shareholders without increasing its leverage," adds Ms.
Acres, also Moody's Lead Analyst for PLDT.

PLDT's local currency issuer rating of Baa2 reflects the
company's position as the largest telecommunications operator in
the Philippines; strong consolidated financial metrics; and
dominant market position, founded on its integrated business
platform.

However, these factors are counterbalanced by country-specific
issues, such as uncertainty surrounding the Philippines'
political and economic environment.  Any deterioration in the
political system or changes in the regulatory regime could
impact its operating profile and prospects for growth.

PLDT also faces exposure to the challenges of servicing its
foreign currency debt obligations with its largely Peso
denominated revenue stream.  At the same time, this risk has
fallen as debt has been repaid and as the Peso has appreciated
against the US dollar over the past year.

PLDT's financial metrics exhibit strong investment grade  
characteristics.  Hence, any upward pressure on the local
currency rating would be more reflective of PLDT's ability to
maintain its existing sound financial and operating profile on a
sustainable basis.  Moody's would specifically like to ensure
that shareholder return polices do not lead to a material
deterioration of the company's financial profile.

Downward rating pressure is not expected given the positive
outlook.  However the outlook could revert to stable as a
consequence of event risk associated with the parlous state of
the Philippines socio-economic and political environment, or
more aggressive debt-funded capital management
initiatives/investments such that EBITDA margins falling below
50% or free cash flow/adjusted debt falling into negative
territory.

Furthermore, the foreign currency bond rating is sensitive to
any movement in the Philippines country ceiling and is likely to
experience an upgrade with an upgrade in the country ceiling.

Headquartered in Manila, PLDT is an integrated provider of
fixed-line, broadband, cellular and ICT services. As at February
2008 it had 31 million cellular, 1.7 million fixed-line and 0.6
million broadband subscribers and is the country's leading
telecommunications service provider equating to market shares of
55%, 60% and 70% respectively.

Major shareholders are First Pacific and NTT/NTT DoCoMo, with
effective common shareholdings of 26.3% and 20.9% as of 6th
February 2008.


PRC LLC: Can Sell Real Property to Brett Houston for US$2.2MM
-------------------------------------------------------------
The U.S Bankruptcy Court for the Southern District of New York
granted PRC LLC and its debtor-affiliates' request to assume an
amended agreement on the sale of about three acres of
undeveloped real property to J. Brett Houston for US$2,275,000,
free and clear of liens.

The Court approved the Sale Agreement and the contemplated
transactions, and ruled that there are no existing defaults
under the Sale Agreement that must be cured pursuant to Section
365(b) of the U.S. Bankruptcy Code.

The Court overruled all objections to the Debtors' request,
including an objection filed by the Official Committee of
Unsecured Creditors.

In its objection, the Creditors Committee asserted that Court
approval of the Debtors' request should be subject to and
conditioned upon the preservation of the sales proceeds as
unencumbered asset, which should be escrowed, segregated, among
others, as an asset to be preserved and made available toward a
recovery by the general unsecured creditors.  

In response, the Debtors asserted that the Creditors Committee's
arguments are misplaced for these reasons:

   (i) The property is encumbered by new liens granted to the
       Postpetition Lenders under the Interim DIP Order.

  (ii) The Debtors anticipate using the funds obtained from the
       sale to fund costs of administration, which will reduce
       their need to borrow under their postpetition financing
       facility and incur additional interest expenses.

(iii) The Creditors Committee ignored the basic priority rules
       by seeking to elevate the claims of unsecured creditors
       above secured and administrative expense priority claims.

As reported in the Troubled Company Reporter on Feb. 11, 2008,
the sale agreement provides that:

   i) Mr. Houston will provide earnest money deposits
      for US$250,000 with Shutts & Bowen LLP, to be credited
      toward the purchase price at closing or retained by the
      Debtors as liquidated damages in the event of Mr.
      Houston's material breach or default.

  ii) Aside from the real property, other assets to be sold
      include the buildings and improvements located in the
      area, if any; the Debtors' right, title and interest in  
      easements, tenements, and appurtenances pertaining to
      the property; all fixtures found in the property, if
      any; and the Debtors' right, title and interest in all
      documents, including licenses, permits, architectural
      and engineering plans, among others.

iii) The sale agreement may be terminated by the Debtors or
      by Mr. Houston in the event of a material breach or
      default by the other party.

  iv) The Debtors should pay US$182,000 in brokerage fees and
      commissions due to ComReal Miami, and Dave Colonna
      Properties, Inc.

                        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.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: To Reject Spirit Air Pact, Says It Has Little Value
------------------------------------------------------------
PRC LLC and its debtor-affiliates ask permission from the U.S.
Bankruptcy Court for the Southern District of New York to reject
a letter of authorization relating to services they provide to
Spirit Air Lines, Inc., effective as of March 13, 2008.

The Debtors and Spirit Air Lines executed the Letter of
Authorization on June 8, 2007, to formalize a master services
agreement, statements of work, and other documents relating to
services to be rendered by the Debtors.  No formal arrangements,
however, have been executed by the parties to date.

"The Debtors and Spirit Air Lines could not formalize the letter
of authorization because they could not agree on  profitable
terms for the Debtors to provide the services Spirit Air Lines
requires," says Alfredo R. Perez, Esq., at Weil, Gotshal &
Manges LLP, in Houston, Texas.  He maintains that there is
little value in the Spirit Air Lines Agreement for the Debtors'
reorganization.  A Court ruling approving the rejection of the
letter of authorization on the target date will expedite the
Debtors' relief from onerous obligations, he says.

Mr. Perez maintains that Spirit Air Lines will not be prejudiced
by the proposed rejection since it will receive reasonable
transition services from the Debtors to assist it after the
rejection date.

                       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.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Wants iEnergizer Settlement Agreement Approved
-------------------------------------------------------
PRC LLC and its debtor-affiliates ask the U.S. Bankruptcy Court
for the Southern District of New York to approve a settlement
agreement they entered into with iEnergizer (USA), Inc., and
Granada Services Limited.

In a contract dated January 2005, iEnergizer agreed to provide
the Debtors various contact center services, including inbound
and outbound customer-communications management, customer-
program management, and data networking.  Performance under the
Contract is guaranteed by Granada Services, iEnergizer's
offshore affiliate in India.

As of Jan. 23, 2008, the Debtors relate that they owe iEnergizer
US$840,503 for services performed under the Contract.

The Debtors believe that their relationship with iEnergizer is a
valuable asset because of the lower costs inherent in performing
the services through a foreign guarantor.  The value of the
Contract to the Debtors' estates also increases in direct
proportion to the volume of Services provided by iEnergizer,
Alfredo R. Perez, Esq., at Weil, Gotshal & Manges LLP, in
Houston, Texas, relates.

However, in view of their Chapter 11 cases, the Debtors are
reluctant to assume the Contract if iEnergizer will not enhance
the benefits provided under the Contract.

In this light, the parties enter into a Settlement Agreement to
resolve their dispute.  The salient terms of the Agreement are:

   (a) The Debtors agree to assume the Contract, subject to
       specific conditions;

   (b) The total cure amount required under Section 365 of the
       Bankruptcy Code to assume the Contract will be
       US$840,503;

   (c) The Debtors will pay the cure amount by making six non-
       refundable monthly payments in an amount equal to the
       indexed rate;

   (d) The Indexed Rate will be calculated as:
        
          * subject to adjustment, a payment of US$125,000 per
            month for the first five months after the effective
            date of the Settlement Agreement, and US$215,503 for
            the sixth month after the Settlement Effective Date
            -- Base Payment -- provided that the jointly
            approved invoice for iEnergizer's services is
            US$250,000 per month -- Base Invoice; and

          * the base payment will be increased or decreased by
            the same percentage that the jointly approved
            invoice for iEnergizer's Services increases or
            decreases from the base invoice, provided that, in
            the event of an increase or decrease, the sixth
            monthly payment will be adjusted to pay the balance
            of the cure amount in full;

   (e) At any time after the Settlement Effective Date, the
       Debtors retain the right to reject the Contract upon
       written notice to iEnergizer, without Court order, and if
       the Debtors reject the Contract, the amount of
       iEnergizer's claims which remain outstanding after the
       Settlement Effective Date will be satisfied as general
       unsecured claims in accordance with the terms of a
       confirmed reorganization plan;

   (f) If the Debtors have not exercised their right to reject
       the Contract by the effective date of a confirmed Chapter
       11 plan in the cases, any unpaid portion of the cure
       amount will be payable in full on the date that a Chapter
       11 plan becomes effective;

   (g) The Contract will continue in full force and effect
       between the parties unless and until it is rejected by
       the Debtors.

The Settlement Agreement is a product of an arm's-length and
protracted negotiations between the parties that allows the
Debtors to satisfy the cure obligations through monthly payment,
instead of one lump-sum payment, Mr. Perez maintains.

Mr. Perez adds that the cure payments will be directly linked to
iEnergizer's performance, thereby giving a kind of incentive to
maintain or exceed the volume of work it currently performs.  
The Agreement also allows the Debtors a to reject the contract
at a later date, a flexibility which is critical to the
protection of the Debtors' estate, he avers.

                        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 $354,000,000 and total
debts of US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)



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


ALLCO REIT: Moody's Pares Corp. Rating to Ba2; May Cut Further
--------------------------------------------------------------
Moody's Investors Service has downgraded Allco REIT's corporate
family rating to Ba2 from Ba1.  The rating remains on review for
further possible downgrade.

The review will focus on:

   1) issues raised by Allco REIT's announcement through the
      Singapore Stock Exchange on 9 March;

   2) the progress and terms of its refinancing efforts for debt
      maturing in coming months; and

   3) other material developments affecting Allco REIT.

Allco REIT is a Singapore based real estate investment trust
managed by Allco (Singapore) Limited.  Listed in March 2006, it
focuses on office and retail properties across Asia Pacific,
including investment and related activities in Singapore, Japan
and Australia.


ELEMECH ENGINEERING: Commences Liquidation Proceedings
------------------------------------------------------
On March 7, 2008, the High Court of Singapore entered an order
to have Elemech Engineering (S) Pte. Ltd.'s operations wound up.

S-Team Switchgear Pte. Ltd. filed the petition against the
company.

Elemech Engineering's liquidator is:

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


JAL TECHNOLOGY: Court Directs Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order to have Jal
Technology (S) Pte. Ltd.'s operations wound up.

The petition was filed by Seiko Epson Corporation.

Jal Technology's liquidator is:

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


LEAR CORP: S&P Puts Ratings on Negative Watch on Extended Strike
----------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on General
Motors Corp., American Axle & Manufacturing Holdings Inc., Lear
Corp., and Tenneco Inc. on CreditWatch with negative
implications.   The CreditWatch placement reflects S&P's
decision to review the ratings in light of the extended American
Axle (BB/Watch Neg/--) strike.
     
The work stoppage that began Feb. 25 at American Axle's U.S.
United Auto Workers plants has forced closure of many GM
(B/Watch Neg/--) plants, as well as plants of certain GM
suppliers.  The strike began after the expiration of the four-
year master labor agreement with American Axle.  Although S&P
still expect American Axle and the UAW to reach an agreement
that will reflect more competitive labor costs, the timing is
unknown.  The two sides resumed negotiations last week.
      
"We believe the strike has gone on long enough to possibly begin
to affect the financial resources of GM and those suppliers most
exposed to the automaker," said Standard & Poor's credit analyst
Robert Schulz.
     
To resolve the CreditWatch listings, Standard & Poor's will
assess the strike's impact on the companies' credit profiles,
particularly liquidity, once production resumes.  S&P could
lower the ratings any time prior to a resolution of the Axle
strike if the liquidity of the companies becomes compromised,
although downgrades are not likely for another several weeks.


ODYSSEY RE: Okays Additional US$200-Mln Share Repurchase Program
----------------------------------------------------------------
Odyssey Re Holdings Corp.'s Board of Directors has approved an
increase to the company’s existing share repurchase program,
authorizing the repurchase of up to an additional US$200 million
of the company’s common stock, bringing the total authorization
to US$400 million.  Through March 17, 2008, the company has
purchased approximately 4.07 million shares under the program,
for an aggregate purchase price of approximately
US$146.9 million.

Under the program, which will terminate on June 15, 2009, shares
are repurchased by Odyssey Re from time to time on the open
market and are cancelled.  Depending on market conditions and
other factors, these repurchases may be commenced or suspended
at any time, or from time to time, without prior notice.

Odyssey Re Holdings Corp. (NYSE: ORH) is an underwriter of
property and casualty treaty and facultative reinsurance, as
well as specialty insurance.  Odyssey Re operates through its
subsidiaries, Odyssey America Reinsurance Corp., Hudson
Insurance Co., Hudson Specialty Insurance Co.  Clearwater
Insurance Co., Newline Underwriting Management Limited and
Newline Insurance Co. Ltd.  The Company underwrites through
offices in the United States, London, Paris, Singapore, Toronto
and Mexico City.  Odyssey Re Holdings Corp. is listed on the New
York Stock Exchange under the symbol ORH.

                        *     *     *

To date, Odyssey Re Holdings Corp. carries Standard & Poor's
'BB' preferred stock ratings.


SEPOMS TECHNOLOGY: Court Enters Wind-Up Order
---------------------------------------------
On March 7, 2008, the High Court of Singapore entered an order
to have Sepoms Technology Pte. Ltd.'s operations wound up.

The petition against the company was filed by Seiko Epson
Corporation.

Sepoms Technology's liquidator is:

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


T2 NETWORKS: Court Enters Liquidation Order
-------------------------------------------
On March 7, 2008, the High Court of Singapore entered an order
to have T2 Networks Pte. Ltd.'s operations wound up.

Asia Netcom Asia Pacific Commercial Limited filed the petition
against the company.

T2 Networks' liquidator is:

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




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


FEDERAL-MOGUL: U.S. Trustee Contests Financial Advisor's Fees
-------------------------------------------------------------
Kelly Beaudin Stapleton, the U.S. Trustee for Region 3, opposed
the fees and expenses sought by Federal-Mogul Corp. and its
debtor-affiliates' financial advisor and claims management
consultant, PricewaterhouseCoopers LLP.

PwC has billed the Debtors US$14,859,721 for its professional
fees for the period Oct. 1, 2001, through Dec. 27, 2007.  The
firm also recorded US$1,347,569 in actual and necessary expenses
incurred during the same period.

According to Ms. Stapleton's counsel, Richard L. Schepacarter,
Esq., in Wilmington, Delaware, much of PwC's services related to
call center and statement of financial affairs and schedule
preparation were routine or ministerial services or acts that,
in some instances, were performed by professionals with high
billing rates.  Routine services are generally held to be
compensable at a much lower rate than the maximum rate charged
by a professional, Mr. Schepacarter points out.  Thus, the
Routine Services could have been accomplished by professionals
with lower billing rates.

Ms. Schepacarter also noted that PwC's early applications
contain several time entries and references to conferences,
telephone conversations, or meeting that are duplicative or
excessive.  The U.S. Trustee asserts that those duplicative and
excessive time entries should be discounted.

"When more than one professional is working on the case in the
same capacity as another, then the likelihood of duplication of
effort increases.  Professionals billing separately for
identical services, such as meetings, should have their
compensation reduced to correct for excessive or duplicative
hours," Mr. Schepacarter argues.

Pursuant to Section 586 of the Judiciary and Judicial Procedure
Code, the U.S. Trustee is charged with the administrative
oversight of cases commenced pursuant to the Bankruptcy Code.
That duty is part of the U.S. Trustee's overarching
responsibility to enforce the bankruptcy laws as written by
Congress and interpreted by the courts.

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.  Federal-Mogul
emerged from Chapter 11 on Dec. 27, 2007.

                        *     *     *

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.


FEDERAL-MOGUL CORP: Earns US$1.4 Billion in Fiscal Year 2007
------------------------------------------------------------
Federal-Mogul Corp. reported its financial results for the 12-
month period ended Dec. 31, 2007.

                          Financial Summary
                            (in millions)

                                        12 Months Ended Dec. 31
                                        -----------------------
                                              2007      2006
                                              ----      ----
      Net sales                              6,914      6,326
      Gross margin                            1,185      1,105
      Selling, general &
      administrative expenses                (828)      (848)
      Settlement of U.K. pension plans            -      (501)
      Gain on settlement of
      liabilities subject to compromise        761          -
      Fresh-start reporting adjustments        956          -
      Income (loss) before income taxes      1,744      (614)
      Income tax benefit/(expense)            (332)        64
      Net income (loss)                      1,412      (550)
      Operational EBITDA                        763        625

The company emerged from reorganization under Chapter 11 of the
U.S. Bankruptcy Code on Dec. 27, 2007, and adopted fresh-start
reporting in connection with its emergence.

Net income for the 12-month period totaled US$1,412,000,000,
compared with a net loss of US$550,000,000 for the same period
of 2006.

Federal-Mogul reported net sales of US$6,914,000,000 for the
year ended Dec. 31, 2007.  Net sales increased by US$588,000,000
when compared to the same period of 2006, of which
US$310,000,000 is due to increased global demand and new program
launches with both original equipment manufacturer and
aftermarket customers, with the balance due mainly to favorable
foreign currency movements.

Gross margin for the 12-month period ended Dec. 31, 2007,
increased by US$80,000,000, compared to the same period of 2006.
The combination of productivity, increased volumes and favorable
exchange improved gross margins by US$135,000,000.  These
favorable impacts were partially offset by US$75,000,000 of raw
material commodity price inflation and US$56,000,000 in reduced
customer pricing.  Gross margin was further improved through
reduced pension expense of US$76,000,000 associated with the
settlement of the U.K. pension plans.

Selling, general and administrative expenses for the year ended
Dec. 31, 2007 decreased by US$20,000,000.  The company's reduced
pension expense of US$24,000,000 associated with the settlement
of the U.K. pension plans combined with US$26,000,000 of
productivity and other improvements more than offset adverse
foreign exchange of approximately US$30,000,000.

Income before taxes for the 12-month period totaled
US$1,744,000,000, compared with a loss before taxes of
US$614,000,000 for the same period of 2006.

Included in Federal-Mogul's earnings before income taxes for the
year ended Dec. 31, 2007, are a gain on the settlement of
liabilities subject to compromise and fresh-start reporting
adjustments of US$761,000,000 and US$956,000,000, respectively,
associated with the company's emergence from Chapter 11.
Included in Federal-Mogul's loss before income taxes for the
year ended Dec. 31, 2006, is a charge of US$501,000,000 as a
result of the company's U.K. subsidiaries' emergence from
Administration in November 2006.  Excluding these impacts, the
company's earnings before income taxes for the year ended
Dec. 31, 2007, was US$27,000,000, compared to a loss before
income taxes of US$113,000,000 for 2006, an improvement of
US$140,000,000.  In addition to those same factors affecting
gross margin, results for the full year were impacted by reduced
SG&A expenses, reduced costs associated with the company's
Chapter 11 proceedings, and increased charges related to asset
impairments.

Management believes that Operational EBITDA most closely
approximates the cash flow associated with the operational
earnings of the company and uses Operational EBITDA to measure
the performance of its operations.  Operational EBITDA is
defined to include discontinued operations and exclude
impairment charges, Chapter 11 and U.K. Administration expenses,
settlement of the U.K. pension plans, gain on the settlement of
liabilities subject to compromise, fresh-start reporting
adjustments, restructuring costs, income tax expense, interest
expense, depreciation and amortization.

The company reported Operational EBITDA of US$763,000,000 for
the 12-month period ended Dec. 31, 2007, an increase of
US$138,000,000 when compared to the same period of 2006.  A
reconciliation of Operational EBITDA to the company's income
before income taxes for the 12 months ended Dec. 31, 2007 has
been provided.

Capital expenditures were US$310,000,000 for the year ended
Dec. 31, 2007, an increase of US$72,000,000 from 2006.  Total
cash flow, excluding cash flows associated with financing
activities, payment to the U.S. Asbestos Trust, payment of
prepetition interest, payments to settle LSC, and the settlement
of the U.K. Administration proceedings, was US$88,000,000 and
US$83,000,000 for the years ended Dec. 31, 2007, and 2006,
respectively.

"We are very pleased with the progress achieved in 2007,
especially in regards to our emergence from Chapter 11, a
significant milestone in Federal-Mogul's 108-year history of
serving the global automotive industry.  We again would like to
acknowledge our customers, shareholders, suppliers and employees
worldwide for their loyalty and support," said Federal-Mogul
president and chief executive officer Jose Maria Alapont.  "The
new business awards and our progress on operational performance
in 2007 reflect the achievement of the entire team in executing
our global sustainable profitable growth strategy and developing
Federal-Mogul as a world-class diversified global supplier."

At Dec. 31, 2007, the successor company's balance sheet showed
total assets of US$7.8 billion and total liabilities of
US$5.7 billion, resulting in a US$2.1 billion stockholders'
equity.  Deficit, in 2006, was US$1.7 billion.

                     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.  Federal-Mogul
emerged from Chapter 11 on Dec. 27, 2007.

                        *     *     *

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.


                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
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                            *********


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-
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