TCRAP_Public/071210.mbx         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, December 10, 2007, Vol. 10, No. 244

                            Headlines

A U S T R A L I A

ALEON SOLUTIONS: Members Decide to Voluntarily Wind Up Firm
AUSTRALIAN CAPITAL: Directors Could Face Legal Action
BABCOCK & BROWN POWER: Alinta to Acquire 100% of AlintaAGL
BLUESTONE: Fitch Gives Non-Investment Ratings to 2 Trust Classes
BLUESTONE GROUP: S&P Assigns Low Ratings on 2 Trust Classes

BLUESTONE GROUP: Sells AU$400-Million Subprime Mortgage Bonds
DOYLE INSTALLATIONS: Commences Wind-Up Proceedings
HARMAN INFORMATION: Appoints Hutchison & Gibbons as Liquidators
L.R. & M.F.: Members Meeting Slated for December 10
LRP ENTERPRISES: Shareholders Agree on Voluntary Liquidation

MICHAEL COMMERFORD: Members Opt to Shut Down Business
NIXPRA PTY: Placed Under Voluntary Liquidation
PROFESSIONAL PAINTING: Commences Liquidation Proceedings
UNIQUE INDUSTRIES: To Declare First Dividend on December 17
UNIVERSAL DEVELOPMENT: Commences Wind-Up Proceedings

* Investors Shape Australian Securitization Recovery, Fitch Says


C H I N A   &   H O N G  K O N G

CHINA EVERBRIGHT BANK: Plans IPO in June or July 2008
CITIC RESOURCES: Wins Development Rights in New Oil Block


I N D I A

ICICI BANK: Plans 30-35% Growth Over Next Three Years
PANCHMAHAL STEEL: To Consider Scheme of Arrangement on Dec. 28
SINGER INDIA: Net Worth Completely Eroded, Auditors Say
SOUTHERN IRON: Members to Consider JSW Amalgamation on Dec. 28
SAURASHTRA CEMENT: Sets 50th Annual General Meeting on Dec. 21

* India's SEBI Amends Disclosure & Investor Guidelines
* Fitch Hosts Teleconference on Indian Banking Sector Today


J A P A N

ELPIDA MEMORY: S&P Assigns BB- Corporate Credit Rating
KATOKICHI CO: Posts JPY101-Million Net Loss for FY2007 1st Half
MITSUBISHI MOTORS: China Joint Venture Might Not Push Through
SANYO ELECTRIC: To Open Lab Aimed at Reducing Solar Power Cost


M A L A Y S I A

EKRAN BERHAD: Will Hold Annual General Meeting on December 28
GREIF INC: Declares US$0.69 Per Share Common Stock Dividends
KNOLL INC: Paying US$0.12 Per Share Cash Dividend on Dec. 28
PANGLOBAL BERHAD: Bernard Wong Resigns from Audit Committee
SELOGA HOLDINGS: Proposes New Regularization Plan

SELOGA HOLDINGS: Bursa to Delist Securities on December 17
SOLUTIA INC: Noteholders to Appeal Ruling on Claim
VERIFONE HOLDINGS: Restating Financial Statements in Prior Qtrs.


N E W  Z E A L A N D

BRIGADOON PASTORAL: Commences Liquidation Proceedings
COMPUTER CREATIONS: Commences Liquidation Proceedings
EDI ELECTRICAL: Fixes Dec. 31 as Last Day to File Claims
FENGSHUI INTERNATIONAL: Fixes Dec. 12 as Last Day to File Claims
GSL CAPITAL: Requires Creditors to File Claims by December 15

LOVEJOY MOTORS: Court Appoints Fisk and Sanson as Liquidators
MOWBRAY COLLECTABLES: U.S. Investor Buys More Than 5% Stake
NAKU TAXI: Court to Hear Wind-Up Petition on December 10
SEALEGS CORP: Rigid Inflatable Sets New World Record in Speed
TECHNOLOGY INVESTMENT: Commences Wind-Up Proceedings

THE TRANSIT INTERNATIONAL: Proofs of Debt Due on Dec. 12
YENOM INDUSTRIES: Shareholders Decide to Liquidate Business


S I N G A P O R E

CHEMTURA CORPORATION: Appoints Lynn Schefsky as Secretary
DEAM HOLDINGS: Placed Under Voluntary Wind-Up
LAZARD LTD: Picks Rodrigo de Rato as Senior Managing Director
SONIC CLEAN: Final Meeting Slated for December 28
TRANS-ASIA PROPERTIES: Creditors' Proofs of Debt Due on Dec. 31

THE WALT DISNEY: Requires Creditors to File Claims by Dec. 31

     - - - - - - - -

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

ALEON SOLUTIONS: Members Decide to Voluntarily Wind Up Firm
-----------------------------------------------------------
During a general meeting held on October 26, 2007, the members
of Aleon Solutions Pty Ltd resolved to voluntarily wind up the
company's operations.

Roderick Mackay Sutherland was appointed as liquidator.

The Liquidator can be reached at:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          Level 4, 55 Hunter Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334

                      About Aleon Solutions

Aleon Solutions Pty Ltd provides computer related services.  The
company is located at Chatswood, in New South Wales, Australia.


AUSTRALIAN CAPITAL: Directors Could Face Legal Action
-----------------------------------------------------
Australian Capital Reserve Ltd.'s liquidators claim that
"examinations of the ACR directors and various other people" who
involved with the group would probably lead to legal action,
Anthony Klan writes for The Australian.

Mr. Klan relates that PricewaterhouseCoopers, in a noteholders'
report, said that they propose to use the evidence obtained in
the examinations to "assist in deciding whether to pursue
recovery litigation against third parties for the benefit of
noteholders and creditors."

PwC, states The Australian, said that ACR investors would now
most likely receive 58 cents or 59 cents on the dollar, slightly
lower than the 60 cents originally considered, because of final
adjustments to the sale of ACR's assets to Becton Property
Group, who paid AU$533 million for 18 properties.

PwC's Phil Carter previously revealed that preliminary evidence
suggested ACR directors had overvalued assets and made
multi-million-dollar undeclared related party transaction in an
11th-hour bid to attract "hundreds of millions" from investors,
relates The Australian.

The report adds that the investigation into the directors are
expected to be completed by May 2008.

                   About Australian Capital

Australian Capital Reserve Limited --
http://www.acrlimited.com.au/-- an investment group based in  
North Sydney New South Wales, Australia, was placed in voluntary
administration on the last week of May 2007.  According to a
report by the Troubled Company Reporter-Asia Pacific on June 7,
2007, the Australian and Securities and Investments Commission
issued an Interim Stop Order on the 9th prospectus due to some
concerns relating to disclosure in the prospectus.  

ACR finances the activities of Estate Property Group, and ACR
raises money from the public by issuing unsecured deposit notes
to public investors and loans those funds to EPG to finance its
various property activities.  As a result of the funding, ACR
was able to raise over AU$300 million between 2000 and 2007
through the issue of nine prospectuses conveyed the ASIC report.


BABCOCK & BROWN POWER: Alinta to Acquire 100% of AlintaAGL
----------------------------------------------------------
Babcock & Brown Power has been advised by AGL Energy that AGL
does not intend to exercise its option to acquire the 67%
interest in AlintaAGL held by Alinta.

As announced to the ASX on September 24, 2007, Alinta set the
exercise price for AGL to acquire its 67% interest in AlintaAGL
at AU$1,060 million.  AGL had up to three months to exercise its
option.

As a result of AGL's decision not to exercise the option, Alinta
will acquire AGL's 33% interest in AlintaAGL at a pro-rated
equivalent price of AU$522 million.  It is anticipated that the
transaction will be finalized by the end of December 2007.

ABC News recalls that Alinta chose a consortium led by Babcock &
Brown as the winner of the bidding for the Western Australian
gas provider, valuing Alinta at just over AU$16 a share.  The
AU$16 includes AU$8.92 share in cash, plus  shares in three
listed Babcock & Brown funds as well as the APA group, which is
associated with Alinta.

Paul Simshauser, CEO of BBP said "AlintaAGL is an end-to-end
energy business that provides strong medium-term growth
opportunities in the WA market while enabling BBP to achieve
scale economies.  We anticipate the acquisition to be yield
accretive from 2009F with the 2008F DPS guidance of 26.1cps also
maintained.

"Over the last six months the Australian energy sector has been
rapidly evolving.  The acquisition of AlintaAGL represents BBP's
first major entry into the retail energy market extending BBP's
operations to an integrated energy business.  Positioning in the
retail sector is important as it provides BBP with access to
customer load and AlintaAGL is a firm starting point for  
building BBP's retail customer capabilities.  BBP will continue
to operate the business under the Alinta brand in WA,”
Mr. Simshauser added.

"Andrew Kremor, BBP General Manager Energy Markets, and former
Chief Executive of Energex, will be overseeing the AlintaAGL
business.  Andrew has over 25 years experience in the energy
industry including specific experience in establishing and
managing successful retail businesses."

Key valuation metrics and assumptions:

   * AU$1,200/mass market gas customer;

   * AU$2,500/SME gas customer;

   * AU$0.1/GJ pa wholesale gas and AU$1.50/MWh pa wholesale
     electricity portfolio;

   * AU$1,400/kW generation capacity installed;

   * Gas margins are likely to face a degree of compression over
     the short term;

   * Wholesale gas procurement is currently well contracted
     however as existing contracts fall away, new contracts are
     likely to be struck at higher rates;

   * Gas supply contracts with existing customers will be
     renegotiated over time to increase margins as contracts
     roll off; and

   * WA Office of Energy has commenced its tariff review
     process.  Regulated tariffs need to reflect the underlying
     cost of supply if a competitive and contestable market is
     to exist.

Synergies and growth opportunities:

   * Incumbent WA gas player with a substantial market position
     in a high growth state with an energy intensive economy;
   
   * Sizable retail gas customer base and expanding industrial
     gas and electricity customer base;

   * Ascribed premium in relation to electricity Full Retail
     Contestability (FRC) which is likely to occur in 2010/2011;

   * Established retail systems and capabilities scalable for
     FRC with vertically integrated energy position;

   * Development pipeline of generation opportunities to serve
     the growing electricity customer base;

   * AlintaAGL established an alliance with Alcoa to develop
     cogeneration facilities at Alcoa's alumina refineries in
     WA;

   * BBP's gas fired generation portfolio increases from approx
     70% to 80% and carbon intensity of the entire BBP
     generation portfolio reduces by more than 10%;

   * Present value of the Alinta Wind Farm PPA;

   * Option value associated with expansion rights for the
     Alinta Wind Farm PPA; and

   * Portfolio and financing benefits across combined BBP and
     ex-Alinta assets.

                            Funding

As previously disclosed, this acquisition will be funded from
existing resources with fully committed debt facilities
available to purchase AGL's 33% interest in AlintaAGL at the
exercise price.  BBP has executed limited recourse debt
facilities totaling AU$1,556 million for the purposes of
facilitating the Alinta acquisition.

                  About Babcock & Brown Power

Based in Sydney, Australia, Babcock & Brown Power Fund --
http://www.bbpower.com-- is engaged in the power generation  
business.  The company has interests in 13 operating power
stations representing over 3,300 megawatt of installed
generation capacity and five power stations under construction.  
The Company owns a number of other associated power assets the
largest being a 67% stake in the WA retail assets of AlintaAGL.  
The Company has been has been developing, operating and
acquiring the generation portfolio over a period of 10 years.  
The Company's assets are diversified by geographic location,
fuel source, customers, contract types and operating mode.

The company has incurred net losses of AU$70.67 million and
AU$7.45 million for the years ended June 30, 2007 and 2006.

The Troubled Company Reporter-Asia Pacific reported on Oct. 10,
2007 that Fitch Ratings has affirmed the company's BB+ long-term
issuer default rating.  The outlook is stable.


BLUESTONE: Fitch Gives Non-Investment Ratings to 2 Trust Classes
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Bluestone Group
Pty. Ltd.'s second Australian non-conforming RMBS transaction
for the year, Sapphire XI Series 2007-2 Trust, a non-conforming
mortgage-backed issue due April 2039 as follows:

   -- AU$204.4 million Class AA: 'AAA';

   -- AU$81.7 million Class AM: 'AAA';

   -- AU$58.3 million Class AZ: 'AAA';

   -- AU$13.6 million Class MA: 'AA';

   -- AU$14.6 million Class MZ: 'A';

   -- AU$10.9 million Class BA: 'BBB';

   -- AU$5.4 million Class BZ: 'BB' and

   -- AU$10.5 million Class 'CA': 'B'.

This is the 15th issue of notes backed by non-conforming
mortgages from the Bluestone Group, across their Australian and
New Zealand operations.  Notes will be issued by Permanent
Custodians Limited in its capacity as trustee of the Sapphire XI
Series 2007-2 Trust.  The assignment of the final ratings is
contingent upon receipt of final documents conforming to
information already received.

The collateral pool at the cut-off date consists of 1,344 loans
with a total portfolio balance of AU$400.1 million, a current
weighted average loan-to-valuation ratio of 75.49% and a
weighted average seasoning of 11.98 months.  Approximately 71.4%
of the loans in the pool are to borrowers who self- certify
their income.

The expected 'AAA' rating assigned to the Class A notes is based
on:

   * the quality of the mortgage loan collateral;

   * the underwriting criteria and special servicing   
     capabilities of the Bluestone Group which has a Fitch
     Primary Servicer rating of '3+(AU$)' and Special Servicer
     rating of '2(AU$)';

   * the 15.8% credit enhancement provided by the subordination
     of the Class MA, MZ, BA, BZ, CA, and the unrated CZ and D  
     notes;

   * the excess income within the transaction;

   * the liquidity facility representing 3.0% of the total
     outstanding principal balance, provided by Barclays Bank
     PLC, Australia Branch (rated 'AA+' (AA plus)/'F1+');

   * the interest rate hedge arrangements the trustee has
     entered into;

   * and a sound legal structure.

The expected ratings assigned to other classes of notes is based
on all the strengths except their credit enhancement levels
supporting the Class A notes, but including the credit
enhancement provided by each class of notes' respective
subordinate notes.


BLUESTONE GROUP: S&P Assigns Low Ratings on 2 Trust Classes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned preliminary ratings
to the subprime and nonconforming residential mortgage-backed
securities to be issued by Sapphire XI Series 2007-2 Trust.
     
This is Bluestone Group Pty Ltd.'s second issue in 2007 of
securities that are backed by subprime and non conforming
residential mortgages.

The preliminary ratings are based on information as of Dec. 7,
2007.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.  A copy
of Standard & Poor's complete presale report for Sapphire XI
Series 2007-2 Trust can be found on RatingsDirect, Standard &
Poor's Web-based credit analysis system, at
http://www.ratingsdirect.com/ The presale can also be found on  
Standard & Poor's Web site at http://www.standardandpoors.com/   
Click Ratings and find the article under "Presale Credit
Reports".

      Class     Rating     Amount (AU$)
       
      AA        AAA        204.4 million
      AM        AAA        81.7 million
      AZ        AAA        58.3 million
      MA        AA         13.6 million
      MZ        A          14.6 million
      BA        BBB        10.9 million
      BZ        BB         5.4 million
      CA        B          10.5 million
      CZ        NR         9.5 million


BLUESTONE GROUP: Sells AU$400-Million Subprime Mortgage Bonds
-------------------------------------------------------------
Bluestone Group Pty. Ltd. sold AU$400 million of bonds backed by
subprime and non-conforming loans, Laura Cochrane writes for
Bloomberg News.

The Australian mortgage lender, according to the report, sold
AU$200 million of debt with the top triple-A rating priced to
yield about 1.08 percentage points more than the bank bill swap
rate.

Bluestone Chief Executive Officer Alistair Jeffery revealed in
an interview with Bloomberg that the premium is probably the
highest for an Australian-mortgage-backed bond.


Sydney-based Bluestone Group --   
http://www.bluestone.com.au/page.aspx?id=31--has been operating  
since 2000, providing home loans to thousands of customers
throughout Australasia worth over AU$5 billion.

The Bluestone Group operates under the names Bluestone Mortgages
in Australia and New Zealand and Bluestone Equity Release in
Australia.

                   Level 19
                   321 Kent Street
                   Sydney NSW 2000


DOYLE INSTALLATIONS: Commences Wind-Up Proceedings
--------------------------------------------------
The members and creditors of Doyle Installations Pty Ltd met on
October 25, 2007, and decided to wind up the company's
operations.

Danny Vrkic was appointed as liquidator.

The Liquidator can be reached at:

          Danny Vrkic
          c/o Jirsch Sutherland & Co
          PO Box 573
          Wollongong, New South Wales 2500
          Australia

                    About Doyle Installations

Doyle Installations Pty Ltd is a special trade contractor.  The
company is located at Barrack Heights, in New South Wales,
Australia.


HARMAN INFORMATION: Appoints Hutchison & Gibbons as Liquidators
---------------------------------------------------------------
At an extraordinary general meeting held on October 9, 2007, the
members of Harman Information Technology Pty Limited agreed to
voluntarily wind up the company's operations.

Keiran William Hutchison and John Raymond Gibbons of Ernst &
Young were appointed as liquidators.

The Liquidators can be reached at:

          Keiran William Hutchison
          John Raymond Gibbons
          Ernst & Young
          Level 37, 680 George Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9248 5555

                    About Harman Information

Harman Information Technology Pty Ltd is a distributor of
prepackaged software.  The company is located at Perth, in
Western Australia, Australia.


L.R. & M.F.: Members Meeting Slated for December 10
---------------------------------------------------
L.R. & M.F. Smith Pty Ltd will hold a final meeting for its
members on December 10, 2007, at 10:30 a.m.

At the meeting, N. G. Carr, the company's liquidator, will
present a report on the company's wind-up proceedings and
property disposal.

The Liquidator can be reached at:

          N. G. Carr
          D.C. Carr & Associates
          65 York Street
          Sydney
          Australia

                        About L.R. & M.F.

L.R. & M.F. Smith Pty Ltd, which is also trading as Smith &
Smith, is a distributor of jewelries, watches, precious stones
and precious metals.  The company is located at Sydney, in New
South Wales, Australia.


LRP ENTERPRISES: Shareholders Agree on Voluntary Liquidation
------------------------------------------------------------
The shareholders of LRP Enterprises Pty Ltd met on October 15,
2007, and decided to voluntarily liquidate the company's
business.

Peter Vincent Nevell was appointed as liquidator.

The Liquidator can be reached at:

          Peter Vincent Nevell
          c/o WHK Rutherfords
          107 West High Street
          Coffs Harbour, New South Wales 2450
          Australia
          Telephone:(02) 6652 3211

                      About LRP Enterprises

Located at Coffs Harbour, in New South Wales, Australia, LRP
Enterprises Pty Ltd is an investor relation company.


MICHAEL COMMERFORD: Members Opt to Shut Down Business
-----------------------------------------------------
During a general meeting held on October 19, 2007, the members
of Michael Commerford Gallery Pty Limited resolved to
voluntarily wind up the company's operations.

Ozem Kassem and Deryk Andrew were appointed as liquidators.

The Liquidators can be reached at:

          Ozem Kassem
          Deryk Andrew
          Level 10, 76 - 80 Clarence Street
          Sydney
          Australia
          Telephone:(02) 8221 8433

                     About Michael Commerford

Michael Commerford Gallery Pty Ltd provides business services.  
The company is located at Rushcutters Bay, in New South Wales,
Australia.


NIXPRA PTY: Placed Under Voluntary Liquidation
----------------------------------------------
During a general meeting held on October 26, 2007, the members
of Nixpra Pty. Limited agreed to voluntarily wind up the
company's operations.

Steven I. Trustum was appointed as liquidator.

The Liquidator can be reached at:

          Steven I. Trustum
          Wappett & Partners
          Chartered Accountants
          158 Molesworth Street
          Lismore, New South Wales 2480
          Australia
          Telephone:(02) 6621 2581
          Facsimile:(02) 6621 9740

                         About Nixpra Pty

Nixpra Pty Limited is a dealer of new and used cars.  The
company is located at Ballina, in New South Wales, Australia.


PROFESSIONAL PAINTING: Commences Liquidation Proceedings
--------------------------------------------------------
During a general meeting held on October 23, 2007, the members
of Professional Painting Service Pty Ltd decided to liquidate
the company's business.

Scott Turner was tapped as liquidator.

The Liquidator can be reached at:

          Scott Turner
          Level 4, 151 Macquarie Street
          Sydney, New South Wales 2000
          Australia

                    About Professional Painting

Professional Painting Services Pty Ltd is a distributor of
paintings and paper hangings.  The company is located at Kiama,
in New South Wales, Australia.


UNIQUE INDUSTRIES: To Declare First Dividend on December 17
-----------------------------------------------------------
Unique Industries Pty Ltd, which is in liquidation, will declare
its first dividend on December 17, 2007.

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

The company's liquidator is:

          N. Giasoumi
          Dye & Co. Pty Ltd
          Chartered Accountants
          165 Camberwell Road
          Hawthorn East, Victoria 3123
          Australia

                     About Unique Industries

Unique Industries Pty Ltd operates manufacturing industries.  
The company is located at Narre Warren North, in Victoria,
Australia.


UNIVERSAL DEVELOPMENT: Commences Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on October 26, 2007,
the members of Universal Development and Construction Pty.  
Limited resolved to voluntarily liquidate the company's
business.

Brent Trevor Alex Kijurina was appointed as liquidator.

The Liquidator can be reached at:

          Brent Trevor Alex Kijurina
          Smith Hancock
          Level 4, 88 Phillip Street
          Parramatta, New South Wales 2150
          Australia

                    About Universal Development

Universal Development And Construction Pty Limited, which is
also trading as Tile Power Parramatta, operates floor covering
stores.  The company is located at North Parramatta, in New
South Wales, Australia.


* Investors Shape Australian Securitization Recovery, Fitch Says
----------------------------------------------------------------
Fitch Ratings said in its inaugural Structured Finance Asia
Pacific Newsletter that the tentative recovery in the Australian
primary securitization market is set to gather pace, with a re-
emergence of Australian and Asian investors providing a sound
base for renewed growth in the sector for 2008.

Although a healthy pipeline of deals is building, the agency
notes that recent issuance has been restricted to the domestic
market.  The major cross-border market, a significant source of
funding for the Australian market has yet to be tested.  
Furthermore the characteristics of the market have changed and
investors have regained a position of strength.  In the first
half of the year the average transaction size was
AU$1.3 billion; since the market re-opened in September,
following a hiatus in issuance since mid-July, that figure has
fallen to AU$300 million.  Meanwhile, investors demand simpler
structures, greater credit enhancement and better quality
collateral.

Fitch notes that 12 public transactions have closed since the
market re-opened in late September.  The agency anticipates that
issuers that have so far remained on the sidelines observing the
re-opening of the market will re-enter the market in early 2008
boosting activity further.

The newsletter sees Fitch's Asia Pacific structured finance team
comment on new developments and themes in the region's
securitization markets.  Case studies in this report include an
evaluation of back-up servicers and a review of a taxation issue
affecting Japanese REITS.  Analysts also discuss the performance
of asset-backed securities in various jurisdictions including
India, Korea, Singapore and Thailand.

Recent topical research and upcoming Fitch hosted events
throughout the region are also highlighted in the report.

Fitch has more than 40 structured finance analysts in Asia
Pacific with the majority concentrated in Tokyo, Sydney, Hong
Kong and Mumbai.  The agency has been providing structured
finance ratings from the inception of the Asia Pacific market
dating back to the mid-90s.


================================
C H I N A   &   H O N G  K O N G
================================

CHINA EVERBRIGHT BANK: Plans IPO in June or July 2008
-----------------------------------------------------
China Everbright Bank plans an initial public offering in June
or July 2008 on a yet-to-be-determined stock exchange, China
Daily reports, citing the China Securities Journal.

"Whether the bank will list in Hong Kong or on the Chinese
mainland is still under discussion," the newspaper wrote,
quoting Everbright Group Chairman Tang Shuangning.

According to the report, Mr. Tang also said that Everbright
Securities plans to issue 520 million A-shares at the beginning
of 2008.  He believes that the listing of the Shanghai-based
securities firm would pave the way for group reforms.

China Daily recounts that China Everbright got a CNY20-billion
(US$2.67 billion) capital injection in November from Central
Huijin Investment Co, an arm of China's sovereign wealth fund,
in order to help improve its financial position ahead of a
listing.  Huijin currently holds 70% of the bank's shares.

The capital injection, however, did not entirely resolve the
bank's bad debt situation, China Daily notes.  Everbright, the
report explains, still needs to turn around from a CNY3-billion
loss.

"Before listing, Everbright Bank will first make up its
historical losses, dispose of its non-performing assets, issue
bonds to replenish its capital and bring in strategic
investors," Mr. Tang was quoted as saying.


Headquartered in Beijing, China, China Everbright Bank Company
-- http://www.cebbank.com/-- is the first state-owned
commercial bank with shares held by international financial
institutions.

Everbright Bank is 21%-owned by Hong Kong-listed China
Everbright Ltd, an Everbright Group unit.  The Asian Development
Bank is the only foreign stakeholder, with 2%.

The Troubled Company Reporter-Asia Pacific stated on Aug. 9,
2007, that China has approved mid-sized lender China Everbright
Bank's plan for financial restructuring, paving the way for a
capital injection and eventual listing.

China Everbright Bank is saddled with debts partly because of
its takeover of the troubled China Investment Bank in the late
1990s.


CITIC RESOURCES: Wins Development Rights in New Oil Block
---------------------------------------------------------
CITIC Resources Holdings Ltd. (SEHK: 1205) has gained the
development rights in an oil block in the Bohai Bay for
US$150 million, Trading Markets reports, citing a top CITIC
executive.

The Hainan-Yuedong Block is the third of the oil assets captured
by CITIC Resources in the past three years, Trading Markets
relates.

According to the report, the exploration has been completed in
Yuedong Oilfield, a major oilfield in the block, and some wells
are currently being drilled.  The oilfield is expected to start
production by 2010, with a daily yield of 20,000 to 25,000
barrels.

The block, which is located in the northeastern province of
Liaoning, comprises an area of more than 300 square meters,
Trading Markets notes.  The oilfield has had recoverable proved,
probable and possible oil reserves of about 64.5 million barrels
as of June 30, 2007, the report says, citing independent oil and
gas consulting service provider Sproule International Ltd.

CITIC Resources will explore and develop in an area of
approximately 110 square kilometers in the block from 2007 to
2034, the top executive told the media.

According to Trading Markets, the Hainan-Yuedong Block had been
previously controlled by Tincy Group Energy Resources Ltd., in
partnership with China National Petroleum Corp., one of the
country's three biggest oil producers.  CITIC Resources Vice
Chairman Shou Xuancheng disclosed that Tincy Group, after
incurring financial problems, invited CITIC to participate in
the project.

In May, CITIC Haiyue Energy Ltd., an indirect wholly owned
affiliate of CITIC Resources, signed a deal transferring the
9 million option shares in Tincy Group, including the
development rights in the oil block, to CITIC Resources, the
report recounts.  In October, CITIC Resources disclosed that it
had purchased a 90% stake in Tincy Group for US$148.18 million,
obtaining the development rights in the Hainan-Yuedong Block.

                      About CITIC Resources

Incorporated in Bermuda in 1997, CITIC Resources has its shares
listed on the Hong Kong Stock Exchange.  The company positions
itself as an integrated provider of key commodities and
strategic natural resources with particular focus in oil
business.  The principal activities of the company and its
subsidiaries are in the fields of oil, aluminium, coal, import
and export of commodities, manganese and iron ore.  CITIC Group
(formerly China International Trust and Investment Corporation)
became the majority controlling shareholder of the Company in
March 2004, indirectly holding interest in the Company of over
54%.

The Troubled Company Reporter-Asia Pacific reported on July 31,
2007, that Standard & Poor's Ratings Services raised the
corporate credit rating on CITIC Resources Holdings Ltd. to
'BB+' from 'BB'.


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

ICICI BANK: Plans 30-35% Growth Over Next Three Years
-----------------------------------------------------
ICICI Bank Ltd plans a 30-35% growth over the next three years,
Reuters reports, citing Chanda Kochnar, the bank's joint
managing director and chief financial officer.

According to the report, Ms. Kochnar believes that the
US$4.9 billion it came up from the share sale earlier this year
will be enough to fund the planned growth.  Hence, it has not
plans to go back to the equity markets, she added.

As previously reported by the Troubled Company Reporter-Asia
Pacific, the bank for the quarter ended Sept. 30, 2007, reported
a 33 year-on-year growth in profit after tax.  As of Sept. 30,
the bank's capital adequacy was 16.8%1 (including Tier-1 capital
adequacy of 13.0%), well above the Reserve Bank of India's
requirement of total capital adequacy of 9.0%.

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.

                         *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

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.


PANCHMAHAL STEEL: To Consider Scheme of Arrangement on Dec. 28
--------------------------------------------------------------
Panchmahal Steel Ltd will hold separate meetings of its equity
shareholders and secured lenders on Dec. 28, 2007, to consider
an arrangement embodied in a scheme of compromise/arrangement, a
filing with the Bombay Stock Exchange reveals.  

According to the filing, the move is pursuant to the order made
by the High Court of Gujarat, Ahmedabad.  The filing, however,
did not disclose the terms of the scheme.

Based in Vadodara, India, Panchmahal Steel Limited --
http://www.panchmahalsteel.co.in/ -- stainless steel focused
long product manufacturer.  The Company's product range includes
austenitic, martensitic, ferritic and precipitation hardening
grades in various sizes and finishes in the form of billets,
wire rod, hot-rolled bars, cold finished bars (bright bars), and
wires and forgings. Its wire rod, bars and wires are suitable
for a range of applications, including free machining, cold
heading and fasteners, ball manufacturing, welding, springs,
shafts, heat resisting applications, re-drawing, architectural,
building and construction, and various industrial and
engineering applications.

The Troubled Company Reporter-Asia Pacific reported on Dec. 7,
2007, that Panchmahal Steel has a stockholder's equity deficit
of US$330,000.


SINGER INDIA: Net Worth Completely Eroded, Auditors Say
-------------------------------------------------------
The auditors of Singer India Ltd, in a limited review report of
the company for the quarter ended Sept. 30, 2007, pointed out,  
among others, that the the net worth at the company as at
Sept. 30, 2007 has been completely eroded.  The auditors noted,
however, that financial results have been prepared on a going
concern basis, where the company will be able to realize all its
assets at their carrying values and discharge all its
liabilities as at Sept. 30, 2007, in the normal course of
business.  Since the net worth has completely eroded, the
auditors say they are unable to comment on its continuity as a
going concern.  

The auditors also observed that the July-Sept. 2007 financial
information does not include any adjustments that may be
requited in case the company is unable to continue its
operations as a going concern.  Accordingly, the auditors are
unable to ascertain the related financial impact, if any, in
case the company is unable to continue as a going concern.

As previously reported by the Troubled Company Reporter-Asia
Pacific, the company booked a net loss of INR5.1 million on
total income of INR121.5 million in the second July-Sept. 2007
period.

Singer India Limited manufactures, among others, sewing
machines.  Singer India, hoping to meet the entire needs of an
Indian household, also makes food processors, juicer mixer
grinders, microwave ovens, fans, washing machines, televisions,
and airconditioners.  The company is a 49% subsidiary of Singer
Company N.V.

Singer India has been declared sick by the Board for Industrial
and Financial Reconstruction constituted under Sick Industrial
Companies (Special Provision) Act, 1985.  The company has filed
a restructuring plan for its revival.  Its factory at Jammu
continues to be under lay off since April 6, 2005.


SOUTHERN IRON: Members to Consider JSW Amalgamation on Dec. 28
--------------------------------------------------------------
Southern Iron & Steel Company Ltd's equity shareholders will
hold a meeting on Dec. 28, 2007, to consider, and if thought fit
approve, the arrangement embodied in the Scheme of Amalgamation
of with JSW Steel Ltd.

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

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

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

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

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

The board of directors of both company already approved the
Scheme.

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

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


SAURASHTRA CEMENT: Sets 50th Annual General Meeting on Dec. 21
--------------------------------------------------------------
Saurashtra Cement Ltd will hold its members' 50th Annual General
Meeting (AGM) on Dec. 21, 2007, inter alia, to:

   1. consider and adopt Audited Profit & Loss Account for the
      year ended June 30, 2007, and Balance Sheet as on that
      date and Directors and Auditors Report thereon;

   2. appoint Directors in place of D. N. Mehta, H. D. Mehta,
      K. N. Bhandari and Anish Modi, who retires by rotation,
      and being eligible, offers themselves for reappointment;

   4. appoint B. P. Deshmukh as a director;

   3. re-appoint:

         -- Bansi S Mehta & Co., Chartered Accountants, as
            auditors for audit of accounts for the financial
            year 2007-08;

         -- Jay M Mehta as executive vice chairman of the
            company for the period commencing from
            Oct. 15, 2007, to Dec. 31, 2008;

         -- M S Gilotra as managing director of the company for
            the period commencing from Oct. 15, 2007, to
            Dec. 31, 2008; and

         -- R K Poddar as deputy managing director for the
            period commencing from Oct. 15, 2007, to Dec. 31,
            2008.

The flagship company of The Mehta Group, Saurashtra Cement Ltd.
-- http://www.mehtagroup.com/scement.htm-- manufactures and          
exports cement including Ordinary Portland Cement, Pozzolana
Portland Cement, Sulphate Resistant Cement and Portland Slag
Cement.  SCL markets cement under the brand name "HATHI CEMENT".
The company also exports clinker.

On Dec. 9, 2006, Credit Rating Information Services of India Ltd
changed the outstanding rating of Saurashtra Cement's
INR477.6-million Non-Convertible Debenture Issue from 'D' to
'Not Meaningful.'  The revision followed the company's
registration in the Board of Industrial and Financial
Reconstruction as a Sick Industrial Company pursuant to the
SIC (SP) Act, 1985.

Saurashtra Cement is currently restructuring its debts.  Its
proposal for restructuring under the Corporate Debt
Restructuring Mechanism was approved through the letters issued
by CDR Cell on Dec. 26, 2005, and Feb. 17, 2006.


* India's SEBI Amends Disclosure & Investor Guidelines
-------------------------------------------------------
To facilitate development of a vibrant primary market for
corporate bonds in India, the Securities and Exchange Board of
India has amended the provisions pertaining to issuances of
corporate bonds under the SEBI (Disclosure and Investor
Protection) (DIP) Guidelines, 2000 vide circular dated Dec. 3,
2007. The highlights of the amendments are:


   1. For public/ rights issues of debt instruments, issuers
      will now need to obtain rating from only one credit rating
      agency instead of from two as required at present. This is
      with a view to reduce the cost of issuances.

   2. To facilitate issuance of below investment grade bonds to
      suit the risk/ return appetite of investors, the
      stipulation that debt instruments issued through public/
      rights issues will be of at least investment grade has
      been removed.

   3. To afford issuers with desired flexibility in structuring
      of debt instruments, it has been decided that structural
      restrictions including those on maturity, put/call option,
      on conversion, etc. currently in place have been done away
      with.

The full text of the circular and the entire text of SEBI (DIP)
Guidelines, including the amendments issued in the circular, are
available on the Website at http://www.sebi.gov.in


* Fitch Hosts Teleconference on Indian Banking Sector Today
-----------------------------------------------------------
Fitch Ratings will host a teleconference on the Indian banking
sector today 2:00 p.m. Hong Kong/Singapore, 11:30 a.m. India.
The call will include an overview of the issues likely to
dominate the sector in the year ahead and coincides with the
recent release of the "Indian Banks - Annual Review and Outlook"
report.

Ananda Bhoumik, Senior Director with the Financial Institutions
team in Mumbai will host the call and will discuss the outlook
for 2008, as well as the factors likely to affect Indian banks'
profitability.  Also on the agenda, is a look at the impact the
US subprime crisis has had on the banks, if at all.

The call is expected to run for approximately for 45 minutes and
participants will be able to ask questions at the end of it.

To register for this event, please contact Shirley Oh at +65
6796 7213/ Shirley.oh@fitchratings.com

Instructions:

Participants should dial the listed toll-free telephone access
number at least five minutes before start time.  When prompted
by the Operator, the pass code is 'Fitch Ratings'.  Participants
will be placed in listen-only mode with music until the
moderator or speaker starts the conference.  Participants are
advised to dial the toll free lines from an IDD-enabled fixed
land line.

Conference Call Toll Free Dial-Ins:

   Singapore: 800 6162 212
   Hong Kong: 800 962 681
   India: 000 800 100 6486
   Indonesia: 00180 3061 2084
   Malaysia: 1800 181 225
   Japan: 0044 2206 2130
   South Korea: 00798 612 1030
   Taiwan: 00801 232 383
   Thailand: 001800 612 1073
   China: 10800 6110 114/ 10800 3610 134
   Australia: 1800 097 137

Replay:

A recording of the teleconference will be available from the
'Events Calendar' on the Fitch Ratings Asia Web site,
http://www.fitchratingsasia.comfrom Wednesday, Dec. 12, 2007.


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

ELPIDA MEMORY: S&P Assigns BB- Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Elpida Memory Inc.  The outlook on
the long-term corporate credit rating is stable.  

The rating primarily reflects Elpida's profile as a specialist
maker of Dynamic Random Access Memory (DRAM) silicon chips, a
market that is characterized by high earnings volatility, and
the company's heavy financial burden, given that it is required
to make regular large investments to maintain and improve its
competitiveness.  The rating also reflects how resistant
Elpida's earnings are to deteriorations in the market as a
result of the company's focus on producing high-value-added
products and enhancing cost competitiveness.  At the same time,
Standard & Poor's also assigned its 'BB-' long-term senior
unsecured debt ratings to Elpida's unsecured straight bond
issuances, series 1 through 6.

Elpida is the only specialist DRAM maker in Japan.  Business
risk in the DRAM industry is relatively high due to severe price
competition, massive technological innovation risk, and a heavy
investment burden.  To increase the strength and stability of
its revenue base, the company has striven to expand sales of
DRAMs for digital consumer electronics and mobile devices, which
have relatively low exposure to price volatility as the
technological barriers to entry for these products are high.

Elpida has also sought cost reductions by outsourcing the
production of DRAMs to foundry companies, and is improving its
production efficiency by refining the circuit line width of its
chips.  As a result, the company has been steadily increasing
its share of the global DRAM market, as well as augmenting the
resistance of its earnings to market deterioration.  Despite the
tremendous pressure on prices, Elpida should be able to mitigate
to a degree the downside risk on its earnings because the
company refuses to sacrifice profitability to expand market
share.

Elpida's capital investments for fiscal 2007 (ending March 31,
2008) will likely amount to about JPY240 billion as it will
invest in a joint venture in Taiwan.  The company's total
capital investments in fiscal 2006 amounted to JPY155 billion.  
Standard & Poor's expects Elpida to continue making investments
to strengthen its production capabilities and further refine the
circuit line width of its chips, and thus believes it will take
several more years until the company is able to turn around its
negative free operating cash flow (operating cash flow minus
capital investments).  On the other hand, Standard &
Poor's believes that there is limited likelihood that Elpida's
debt-to-capital structure, which stood at 37.7% at March 31,
2007, will deteriorate significantly.  This is because the
company intends to maintain a certain level of financial
soundness with set index targets, such as for its capital ratio
and net debt-to-equity ratio (net total debt/shareholders'
equity).  Also, the company has JPY50 billion in unused short-
term commitment lines supplementing its short-term liquidity.

The outlook on the long-term corporate credit rating on Elpida
is stable.  Standard & Poor's expects solid performance in the
near to medium term because earnings should improve following
the start of production at Elpida's overseas factories and the
mass production of products using its 65nm process technology.  
If Elpida strengthens its market position by reducing costs and
expanding its market share, and if Standard & Poor's determines
that the company has clearer prospects for financial
improvement, we may raise our rating or revise upward our
outlook on the company.  Conversely, if the business environment
deteriorates significantly as a result of an accelerated
decrease in prices, if concerns over a weakening in the
company's competitive position arise, or if the company's
financial soundness decreases dramatically due to its capital
investment burden, then we will consider lowering our
rating or revising downward our outlook on the company.

                      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.

       Seimei Yaesu Building 3rd Fl. 2-2-1 Yaesu
       Chuo-ku,  TKY  104-0028
       JPN +81-3-32811500 (Phone)


KATOKICHI CO: Posts JPY101-Million Net Loss for FY2007 1st Half
---------------------------------------------------------------
Katokichi Co. said it saw a consolidated net loss of
JPY101 million in the six-month period ended September 30, 2007,
due to scandals involving the food it sold and soaring oil
prices that boosted fuel costs, Kyodo News reports.

Pretax profit, states the report, dipped 77.5% year-on-year to
JPY1.59 billion while sales slid 33.1% to JPY104.42 billion.

Kyodo notes that the frozen food processor was forced to suspend
sales of eel cultured in China after there was suspicion over
its safety, and the company's subsidiary was a client to the
now-defunct Meat Hope Co., which is alleged to have mixed pork
and beef and sold it as ground beef.

The dividend payout for the interim period is JPY5 per share,
but no dividend is planned for the end of the business year.  
The company paid out JPY5 each for the interim period and the
business 2006 year-end.

Reuters Key Development reports that Katokichi lowered its
consolidated full-year forecast for the year ending March 31,
2008.

According to Reuters, Katokichi sees a net profit of
JPY1.6 billion for the whole fiscal year from the JPY6.7-billion
that was originally announced.  Operating profit is now expected
to be JPY5.4 billion from the initial JPY13.3 billion estimate,
revenue is forecast to be at JPY215.4 billion from
JPY303 billion.

The adjustment is caused by the change of four of its subsidiary
to the status of associated companies based on the decision made
by its corporate auditors as the reason for the downward
revision of outlook, relates Reuters.

Kyodo adds that in the previous fiscal year, Kagawa Prefecture-
based Katokichi posted a group net loss to a record of JPY9.87
billion due to revelations about bogus dealings that inflated
its earnings.

According to a November 29, 2007 report by the Troubled Company
Reporter-Asia Pacific, Katokichi admitted to getting involved in
a so-called circular trading, engaging in sales and purchases of
goods totaling more than JPY100 billion on fake invoices mainly
aimed at padding sales.  

The TCR-AP wrote that Katokichi admitted it inflated sales by
JPY106.1 billion over the six years through March 2007.  In the
business year ended March 31, 2007, the company incurred a group
net loss of JPY9.8 billion as a result of recent inflated
earnings.


Katokichi Co., Ltd., headquartered in Kagawa Prefecture, Japan
-- http://www.katokichi.co.jp/-- is principally engaged in the  
food industry. The Company has two business segments.  The Food
segment is involved in the manufacture and sale of frozen
foodstuffs and marine products, as well as the provision of
logistics services.  The Service segment is engaged in the
provision of leasing services, the leasing of real estate and
the operation of hotels.  This segment is also involved in the
operation of a chain of Japanese-style bars, which include 21
direct stores and 333 franchised stores, as well as 42 English-
style pubs. As of March 31, 2007, the Company had 51
subsidiaries and 45 associated companies.

                  1490-1 Ko
                  Kanonji,  KGW  768-8501
                  JPN +81-875-561141 (Phone)


MITSUBISHI MOTORS: China Joint Venture Might Not Push Through
-------------------------------------------------------------
Mitsubishi Motors Corp., which planned to set up a new joint
venture in China, said that the plan might not go smoothly
because regulators adjusted policies on the automotive industry,
SinoCast China Transportation Watch reports.

The Tokyo-based car manufacturer, according to the report, was
said to be in discussions with Hunan Changfeng Motor Co., Ltd.,
regarding the operation and products planning of their joint
venture.

The article states that the joint project will mainly produce
cars in the future and is designed to have a capacity of 100,000
units in the initial operation.

According to the managing director of Hunan Changfeng, the new
venture will have no negative impact upon the growth of SUV's
and cars under its proprietary brand, notes SinoCast.

The vice director for the National Development and Reform
commission of China mentioned the overcapacity in the automotive
industry, recalls the report.

SinoCast cites a document released at the 2006-end, that
investment in a newborn passenger car manufacturing joint
venture will total CNY4 billion, including CNY2 billion in the
auto production project, CNY500 million in product R&D center,
and CNY1.5 billion in an engine production project.

In addition, SinoCast adds, that the planned venture is still
controversial as to which models are to be introduced, with the
venture seeking annual sales of 150,000 units of making
Mitsubishi sedans while sales of 50,000 units of making
Mitsubishi SUVs.

Sales volume of China-made Mitsubishi Pajero SUVs is expected to
reach 7,000 units in 2007, compared to 5,000 units last year,
although the domestic SUV segment shows a strong growth trend,
relates SinoCast.

The report notes that China's fixed-assets investment in the
auto industry totaled CNY235.16 billion during the Tenth
Five-year Plan Period from 2000 to 2005.  The figure reached  
CNY150 billion in 2006 and CNY78.9 billion in the first half of
2007.  The nation will sell 8.5 million vehicles or even more
than 9 million ones this year, achieving the sales goal for the
Eleventh Five-year Plan Period three years earlier than
expected, forecasted the China Association of Automobile
Manufacturers.

                   About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook.  Also,
R&I affirmed its 'B' rating for its domestic commercial paper
program.  The upgrade in rating, according to the report, is due
to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


SANYO ELECTRIC: To Open Lab Aimed at Reducing Solar Power Cost
--------------------------------------------------------------
Sanyo Electric Co. said it will open a laboratory inside its
Gifu Prefecture semiconductor plant in April to develop
next-generation, thin-film solar cells that require a very
small amount of silicon, Kyodo News reports.

The "Advanced Photovoltaics Development Center" is aimed at
reducing the cost of solar power to match costs as low as
electricity charges applied to home-use, Sanyo explains through
a company-issued statement.

The Kyodo News report explains that at present, solar power
costs about JPY250 to JPY300 to generate one watt of electricity
when solar cells are used.  Sanyo, notes Kyodo News, wants to
lower this amount to JPY150 by 2012.

Kyodo News added that Sanyo plans to invest some JPY6 billion in
the new facility after three years of its establishment.

Dr. Shinya Tsuda, Sanyo's vice president and general manager of
R&D headquarters, claims that "Sanyo considers next-generation
thin-film silicon solar cells as the third generation of solar
cellsfollowing amorphous and HIT solar cells.  With this third
generation of products, we aim to commercialize them to decrease
the cost of solar power generation to match or be comparable to
current home electricity bills in the future."

Heterojunction with Intrinsic Thin-layer solar cells are
developed by Sanyo are composed of crystalline silicon wafers
and thin amorphous silicon layers.  These uniquely structured
cells allow the world's greatest power generation per
installation space due to superior technological advantages,
including high conversion efficiency and less vulnerability to
high temperatures.

The company, according to its statement, is optimistic that the
global demand for solar power-generation is expected to increase
significantly as more and more countries are introducing systems
that purchase electricity obtained from renewable sources at
preferential conditions.

The Osaka-based electronics manufacturer will invest JPY80
billion in HIT solar cells over the next three fiscal year and
increase production capacity to 650MW by 2010.

                    About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


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

EKRAN BERHAD: Will Hold Annual General Meeting on December 28
-------------------------------------------------------------
Ekran Berhad will hold its annual general meeting on Dec. 28,
2007, at 11:00 a.m., at the Boardroom, Lot 5428-5429, Block 16,
KCLD, Lorong Lapangan Terbang Baru 1, in 93350 Kuching, Sarawak.

At the meeting, the members will be asked to:

   -- receive and adopt the company’s audited financial
      statements for the year ended June 30, 2007, together with
      the Directors' and Auditors' Reports;

   -- approve the payment of directors’ fees for the financial
      year ended June 30, 2007;
      
   -- re-elect these directors who will retire pursuant to
      Article 93 of the Company’s Articles of Association and
      being eligible, have offered themselves for re-election:
           
(a) Ting Sie Chuong; and
(b) Liew Chie Chung;
      
   -- re-appoint Ernst & Young as the company's Auditors until
      the conclusion of the next annual general meeting and to
      authorize the directors to fix their remuneration;

   -- give authority to issue shares pursuant to Section 132D of
      the Companies Act, 1965;

   -- consider and if thought fit, pass with or without
      modification, the proposed amendments to the Articles of
      Association of the company; and

   -- consider and if thought fit, pass with or without
      modification, the Proposed Reduction of the Share Premium
      Account of Ekran up to MYR1,085,000,000 pursuant to
      Sections 64(1) and 60(2) of The Act.

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


GREIF INC: Declares US$0.69 Per Share Common Stock Dividends
------------------------------------------------------------
Greif, Inc. Board of Directors has declared quarterly cash
dividends of US$0.28 per share of Class A Common Stock and
US$0.41 per share of Class B Common Stock.

The dividends are payable on Jan. 1, 2008, to shareholders of
record at close of business on Dec. 17, 2007.

Headquartered in Delaware, Ohio, Greif, Incorporated, (NYSE:
GEF, GEF.B) -- http://www.greif.com/-- is a world leader in  
industrial packaging products and services.  The company
provides extensive expertise in steel, plastic, fibre,
corrugated and multi-wall containers for a wide range of
industries.  Greif also produces containerboard and manages
timber properties in the United States.  For fiscal year 2006,
the company generated approximately US$2.6 billion in net sales
and US$326 million in EBITDA.  The company has operations in
Australia, Argentina, Brazil, Belgium, China, Malaysia, among
others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 26, 2007, Standard & Poor's Ratings Services assigned its
'BB-' ratings to Greif Inc.'s proposed US$300 million senior
unsecured notes due 2017.  The proceeds from the notes will be
used to retire approximately US$248 million in existing senior
subordinated notes due 2012 and for general corporate purposes.   
The new senior notes issue is contingent upon consummation of
the tender offer for the senior subordinated notes.


KNOLL INC: Paying US$0.12 Per Share Cash Dividend on Dec. 28
------------------------------------------------------------
Knoll, Inc.'s Board of Directors has declared a quarterly cash
dividend of US$0.12 per share payable Dec. 28, 2007, to
stockholders of record on Dec. 14, 2007.

The Board of Directors currently intends to declare and pay
quarterly dividends of US$0.12 per share on Knoll's common
stock.  The declaration and payment of dividends is subject to
the discretion of the Board of Directors and depends on various
factors, including the net income, restrictions in the credit
facility, financial position, cash requirements and other
factors deemed relevant by the company's Board of Directors.

Headquartered in East Greenville, Pennsylvania, Knoll Inc.
(NYSE: KNL) -- http://www.knoll.com/-- designs and manufactures  
branded office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal and Singapore, among others.

                       *     *     *

Knoll Inc. carries Moody's Investors Service's B1 Corporate
Family Rating and the company's US$200 million senior secured
revolver and US$250 million senior secured term loan carry
Moody's Ba2.  Moody's assigned an LGD2 rating to both loans,
suggesting note holders will experience a 27% loss in the event
of a default.


PANGLOBAL BERHAD: Bernard Wong Resigns from Audit Committee
-------------------------------------------------------------
Bernard Wong Shoon Tet stepped down as member of Panglobal
Berhad's Audit Committee to comply with the revised Malaysian
Code on Corporate Governance which took effect on Oct. 1, 2007.

Mr. Bernard Wong is the son of Y. Bhg. Datuk Amar James Wong Kim
Min, a major shareholder of the company.

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

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


SELOGA HOLDINGS: Proposes New Regularization Plan
-------------------------------------------------
Seloga Holdings Berhad has proposed a new regularization plan,
which the company believes will regularize its financial
position and address the Securities Commission's concerns, after
it rejected the company's initial proposals on July 3, 2007.

The new regularization plans entails:

   -- the proposed cancellation of MYR0.75 of the par value of
      each existing ordinary share of MYR1.00 each in the
      company on a date to be determined by the Board; and

   -- the proposed renounceable rights issue of up to 80,478,006
      new ordinary shares of MYR0.25 each in the company at a
      proposed issue price of MYR0.25 on the basis of three RI
      Shares for every five ordinary shares of MYR0.25 each in
      the company held after the Proposed Capital Cancellation.

Rationale for the new proposals

* Proposed Capital Cancellation

   -- Assuming none of the outstanding ICULS are converted, the
      Proposed Capital Cancellation will reduce the consolidated
      accumulated losses of the company by approximately
      MYR87.68 million, thereby addressing one of SC's concern
      under the Initial Proposals that the company would still
      have substantial accumulated losses remaining post
      restructuring.  Further, the Proposed Capital Cancellation
      is also expected to ensure that the company's consolidated
      shareholders' funds exceed 25% of its issued and paid-up
      share capital.

* Proposed Rights Issue

   -- the issued and paid-up share capital of the company will
      be reduced to a minimum of MYR29.2 million after the
      Proposed Capital Cancellation.  The Proposed Rights Issue
      will reinstate the Seloga's share capital to the minimum
      issued and paid-up share capital requirement of MYR40 mil.
      for companies listed on the Second Board of Bursa
      Securities ("Minimum Share Capital Requirement").

Upon completion of the New Proposals, the company's consolidated
shareholders' funds is expected to increase to at least
MYR43.63 million, based on the proforma consolidated balance
sheet as at December 31, 2006:

     (i) more than 25% of the enlarged issued and paid-up share
         capital of SHB; and

    (ii) higher than the Minimum Share Capital Requirement:
         thereby regularizing the company's financial condition.

Upon completion of the New Proposals, Seloga will undertake the
necessary actions to reclassify itself from being an affected
listed issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Securities.

                     About Seloga Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding. Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings. The Group operates predominantly in Malaysia.

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.


SELOGA HOLDINGS: Bursa to Delist Securities on December 17
----------------------------------------------------------
On December 17, 2007, the securities of Seloga Holdings Berhad
will be delisted from the official list of Bursa Malaysia
Securities Berhad as the company does not have an adequate level
of financial condition to warrant its continued listing.

The securities of Seloga will be removed from the Official List
unless an appeal is made to Bursa Securities within five market
days or by December 12, 2007.  Any appeal submitted after the
Appeal Timeframe will not be considered by Bursa .

In the event the company will submit an appeal to Bursa within
the Appeal Timeframe, the removal of the company's securities on
Dec. 17, 2007, will be deferred pending the decision of the
Appeals Committee on the company’s appeal.

                     About Seloga Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding. Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings. The Group operates predominantly in Malaysia.

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.


SOLUTIA INC: Noteholders to Appeal Ruling on Claim
--------------------------------------------------
The Bank of New York, as Indenture Trustee for the 11.25% Senior
Secured Notes due 2009 issued by Solutia Inc. and its
predecessor, takes an appeal to the United States District Court
for the Southern District of New York under 28 U.S.C. Section
158(a) from each and every part of:

   (a) the order of the U.S. Bankruptcy Court for the Southern
       District of New York denying BNY's request for relief
       from the automatic stay, entered Nov. 26, 2007;

   (b) Judge Beatty's November 9 memorandum decision on joint
       motion for partial summary judgment with respect to Claim
       No. 6210, and the November 26 final order granting
       partial summary judgment in favor of the Debtors and the
       Official Committee of Unsecured Creditors regarding the
       Debtors' objection to BNY's Claim No. 6210; and

   (c) Judge Beatty's ruling on BNY's emergency motion for
       reconsideration of the Memorandum Decision on Joint
       Motion for Partial Summary Judgment, issued on
       November 26.

                    Bankruptcy Court's Ruling

The Debtors's Consensual Plan provides, among other things, that
the  holders of the Debtors' 11.25% senior secured notes will be
paid the allowed amount of their claim in full, in cash on the
effective date.

On Nov. 9, 2007, the Court issued its memorandum decision on
the Debtors', the Official Committee of Unsecured Creditors',
and the 2009 Noteholders' motions for partial summary judgment
with respect to Claim No. 6210, where it concluded, among other
things, that the Claim has a principal balance of
US$187,400,000.

Bank of New York, as indenture trustee for the 11.25% senior
secured notes due 2009 issued by Solutia Inc., or its
predecessor, filed a motion for reconsideration of the Court's
Memorandum Decision, which was denied.  The Court entered its
final order granting partial summary judgment in favor of the
Debtors and Creditors Committee regarding the Debtors' objection
to Claim No. 6210 on November 26, 2007.

In the final order, the Court allowed Claim No. 6210, (i) the
original issued amount of the 2009 Notes of US$181,711,550, and
(ii) the accrued prepetition original issue discount of
US$5,666,797.  Pursuant to Section 506(b) of the Bankruptcy Code
these interest on Claim No. 6210 will be allowed:

    -- US$21,611,958, the accrued original issue discount from
       the Petition Date through November 9, 2007; and

    -- an amount equal to the number of days from November 9,
       2007 to the effective date of Solutia's Plan multiplied
       by US$20,158, the daily accrued original issue discount
       from the Peittion Date from November 9, 2007, through
       Jan. 15, 2008; provided that the effective date or the
       Plan has not occurred on or before January 15, until the
       efective date of Solutia Inc's plan will be multiplied by
       US$21,735.

The Court also denied Bank of New York's motion to lift stay.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in  
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.   
Solutia has operations in Malaysia, China, Singapore, Belgium,
and Colombia.  The company and 15 debtor-affiliates filed for
chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on November 29, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 109;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).   

                         *     *     *

Solutia carries Moody's Investors Service's B1 Corporate Family
Rating and Probability of Default Rating.


VERIFONE HOLDINGS: Restating Financial Statements in Prior Qtrs.
----------------------------------------------------------------
VeriFone Holdings Inc. disclosed Monday that following a review
by and on the recommendation of management, it has concluded
that its unaudited interim consolidated financial statements for
the three months ended Jan. 31, 2007, the three and six months
ended April 30, 2007, and the three and nine months ended
July 31, 2007, should no longer be relied upon, principally due
to errors in accounting related to the valuation of in-transit
inventory and allocation of manufacturing and distribution
overhead to inventory, each of which affects VeriFone's reported
costs of net revenues.   

The restatements are anticipated to correct errors that
overstated previously reported inventories in material amounts
as of Jan. 31, 2007, April 30, 2007, and July 31, 2007, and
understated cost of net revenues in material amounts for the
three month periods ended Jan. 31, 2007, April 30, 2007, and
July 31, 2007.  Accordingly, the company cautioned investors not
to rely on its historical financial statements and earnings
press releases and similar communications for the periods ended
Jan. 31, 2007, April 30, 2007, and July 31, 2007.

Based on its review to date, management currently anticipates
that the restatement will result in reductions to previously
reported inventories of approximately US$7.7 million, US$16.5
million and US$30.2 million as of Jan. 31, 2007, April 30, 2007,
and July 31, 2007, respectively, and reductions to previously
reported pre tax income of approximately US$8.9 million, US$7.0
million and US$13.8 million for the three month periods ended
Jan. 31, 2007, April 30, 2007, and July 31, 2007, respectively.   
VeriFone is currently evaluating the anticipated effect of the
restatement on after-tax income for those periods.

The company said that these estimates include corrections of
other unrelated errors detected in the course of VeriFone's
review to date, are based on currently available information and
are subject to change during the course of the company's
restatement process. While VeriFone is not currently aware of
other accounting errors requiring adjustment to any prior period
financial statements, there can be no assurances that VeriFone
or its independent registered public accounting firm will not
find additional accounting errors requiring further adjustments
in those or earlier periods.

VeriFone today also announced that it expects to report total
revenues for the three and twelve months ended Oct. 31, 2007, of
approximately US$238 million and US$904 million, respectively.
VeriFone's management and the Audit Committee of its Board of
Directors have determined to delay the release of full fourth
quarter 2007 financial results that were scheduled to be
released on Dec. 6, 2007, pending completion of the assessment
of these errors and the restatements.

"I am very disappointed to have to bring you this news and am
committed to ensuring that we promptly and thoroughly remedy
this situation and move forward with the business of delivering
value to our shareholders.  I am committed to regaining your
confidence in VeriFone," said Douglas G. Bergeron, chairman and
chief executive officer.

VeriFone concluded that a restatement of its interim unaudited
financial statements is required as a result of an internal
review of in-transit inventory balances conducted in preparation
for VeriFone's fiscal 2007 audit.  In reaching the conclusion to
restate its financial results, VeriFone's management and the
Audit Committee discussed the matters described in this press
release with VeriFone's independent registered public accounting
firm.

Upon completion of its assessment of these errors, VeriFone
intends to file amended Quarterly Reports on Form 10-Q for the
periods described above that will restate the previously issued
financial statements included therein.  VeriFone currently
estimates that it will file these amended quarterly reports,
together with its Annual Report on Form 10 K for the fiscal year
ended Oct. 31, 2007, in January 2008.  However, VeriFone cannot
be certain how much time will ultimately be required for it to
complete the restatement process.

                About VeriFone Holdings Inc.

Headquartered in San Jose, Calif., VeriFone Holdings Inc. (NYSE:
PAY) -- http://www.verifone.com/-- provides secure electronic  
payment solutions.  VeriFone provides expertise, solutions and
services that add value to the point of sale with merchant-
operated, consumer-facing and self-service payment systems for
the financial, retail, hospitality, petroleum, government and
healthcare vertical markets.

The company has operations in Argentina, Australia, Brazil,
China, France, India, Malaysia, Poland, the United Kingdom, the
United States, among others.

                       *     *     *

Verifone Holdings Inc. still carries Moody's Moody's Investors
Service 'B1' long term corporate family rating.  Moody's said
the rating outlook is stable.


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

BRIGADOON PASTORAL: Commences Liquidation Proceedings
-----------------------------------------------------
On November 7, 2007, the members of Brigadoon Pastoral Ltd.
passed a resolution providing for the voluntarily liquidation of
the company's operations.

Bruce Carlaw Richards was named as liquidator.

The Liquidator can be reached at:

          Bruce Carlaw Richards
          Staples Rodway Taranaki Limited
          109-113 Powderham Street
          New Plymouth
          New Zealand
          Telephone:(06) 758 0956
          Facsimile:(06) 757 5081


COMPUTER CREATIONS: Commences Liquidation Proceedings
-----------------------------------------------------
On November 9, 2007, a resolution was passed to voluntarily
liquidate Computer Creations 2004 Ltd.'s business.

Creditors are required to file their proofs of debt by Dec. 14,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

          Kim S. Thompson
          PO Box 1027, Hamilton
          New Zealand
          Telephone:(07) 834 6813
          Facsimile:(07) 834 6104


EDI ELECTRICAL: Fixes Dec. 31 as Last Day to File Claims
--------------------------------------------------------
The creditors of EDI Electrical Ltd. are required to file their
proofs of debt by December 31, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

          Malcolm Grant Hollis
          John Howard Ross Fisk
          c/o PricewaterhouseCoopers
          119 Armagh Street
          PO Box 13244, Christchurch
          New Zealand
          Telephone:(03) 374 3027
          Facsimile:(03) 374 3001


FENGSHUI INTERNATIONAL: Fixes Dec. 12 as Last Day to File Claims
----------------------------------------------------------------
Fengshui International Ltd. requires its creditors to file their
proofs of debt by December 12, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

          David Donald Crichton
          Keiran Anne Horne
          Crichton Horne & Associates Limited
          Old Library Chambers
          109 Cambridge Terrace
          PO Box 3978, Christchurch
          New Zealand
          Telephone:(03) 379 7929
          Web site: http://www.cha.co.nz


GSL CAPITAL: Requires Creditors to File Claims by December 15
-------------------------------------------------------------
Jeffrey Philip Meltzer and Lloyd James Hayward were named
liquidators of GSL Capital NZ Ltd. on November 13, 2007.

Messrs. Meltzer and Hayward are accepting creditors proofs of
debt until December 15, 2007.

The Liquidators can be reached at:

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


LOVEJOY MOTORS: Court Appoints Fisk and Sanson as Liquidators
-------------------------------------------------------------  
John Howard Ross Fisk and Craig Alexander Sanson were named
liquidators of Lovejoy Motors Ltd. on November 12, 2007.

Creditors are required to file their proofs of debt by Jan. 17,
2008, to be included in the company's dividend distribution.

The Liquidators can be reached at:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          New Zealand
          Telephone:(04) 462 7489
          Facsimile:(04) 462 7492


MOWBRAY COLLECTABLES: U.S. Investor Buys More Than 5% Stake
-----------------------------------------------------------
A major United States investor -- the Houston-based Commonwealth
Australia and NZ Fund -- has bought up a large chunk of Mowbray
Collectables, a regulatory filing with the New Zealand Stock
Exchange discloses.

Stamp dealer and auction house Mowbray Collectables has
confirmed that the Fund has now acquired more than 5% of the
company's shares.

“They are now a significant shareholder and they our first major
overseas institutional investor,” Managing Director John Mowbray
said.

“This is encouraging for us and it's positive for the market.  
We are pleased they are on board and we will be watching their
movements closely next year.”

The fund was created in 1991 and its previous name was Capstone
New Zealand.  It has a successful record of investing in smaller
New Zealand shares.

In October, the Mowbray International stamp auction achieved
hammer sales of NZ$1.2 million creating a new revenue record. In
Australia, Bonhams & Goodman (20 percent owned) achieved NZ$3
million turnover at their November sale and the Stanley Gibbons
sale in Sydney on November 28 returned a NZ$1 million sale.

Mowbrays have been auctioning for 30 years and they have the
record for the most expensive stamp sold in New Zealand -- a
1903 Taupo 4d stamp (with inverted centre) bought by NZ Post for
NZ$125,000 for an investment.

John Mowbray International is the largest stamp auction house in
New Zealand.  The company is a wholly owned subsidiary of
Mowbray Collectables, Australasia's largest stamp dealer.

The company reported net deficits after taxation of NZ$186,791
and NZ$151,526 for the years ended March 31, 2007 and 2006,
respectively.


NAKU TAXI: Court to Hear Wind-Up Petition on December 10
--------------------------------------------------------
On September 5, 2007, the Commissioner of Inland Revenue filed a
petition to have Naku Taxi Ltd.'s operations wound up.

The petition will be heard before the High Court of Rotorua on
December 10, 2007, at 10:45 a.m.

The CIR's solicitor is:

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


SEALEGS CORP: Rigid Inflatable Sets New World Record in Speed
-------------------------------------------------------------
Hitting record breaking speeds of over 100kph, a Sealegs 6.1m
rigid inflatable boat has set a new world fastest water speed
record for an amphibious vehicle in Sydney harbour, a company
release states.  Five hundred meters of water was covered in the
world record time of just under 18 seconds.

Sealegs already hold the Guinness World Record for smashing Sir
Richard Branson's crossing of the English Channel in an
amphibious vehicle in 2005, so Sealegs is thrilled to have set a
new World Record in Australian water-space.

Australian Director Will Burrell, who took the wheel during the
exhilarating 500m run in Rose Bay said "we are thrilled to be
the new World Record holders for the fastest on water amphibious
vehicle -- and especially to have had the opportunity to do the
run with such a beautiful backdrop -- we had near perfect
conditions today and hit a top speed of 105kph"

"This World Record proves that Sealegs boats are not just a
practical concept and innovative idea, but a serious piece of
equipment, with significant boating abilities -- both on the
water and off."

The revolutionary amphibious boats which are designed and
manufactured in New Zealand, have the capability to seamlessly
enter and exit the water at the push of a button and have
already proved popular with waterfront property owners,
emergency services and people with restricted mobility.

Sealegs paired up with Evinrude outboard motors for the attempt
and used an Evinrude E-Tec 225HP high output motor to hit the
world record breaking speeds.  Already operating at full
capacity, Sealegs have proven popular all around the world,
taking orders from Italian Fire Brigade, remote holiday resorts
and even retirees who find regular boats difficult to launch.

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

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

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


TECHNOLOGY INVESTMENT: Commences Wind-Up Proceedings
----------------------------------------------------
Technology Investment Holdings Ltd. commenced wind-up
proceedings on November 8, 2007.

Creditors are required to file their proofs of debt by Dec. 20,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

          John Michael Gilbert
          c/o C & C Strategic Limited
          Ponsonby, Auckland
          New Zealand
          Telephone:(09) 376 7506
          Facsimile:(09) 376 6441


THE TRANSIT INTERNATIONAL: Proofs of Debt Due on Dec. 12
--------------------------------------------------------
David Donald Crichton and Keiran Anne Horne were appointed
liquidators of The Transit International Ltd. on Nov. 12, 2007.

Messrs. Crichton and Horne are accepting creditors' proofs of
debt until December 12, 2007.

The Liquidators can be reached at:

          David Donald Crichton
          Keiran Anne Horne
          Crichton Horne & Associates Limited
          Old Library Chambers
          109 Cambridge Terrace
          PO Box 3978, Christchurch
          New Zealand
          Telephone:(03) 379 7929


YENOM INDUSTRIES: Shareholders Decide to Liquidate Business
-----------------------------------------------------------
The shareholders of Yenom Industries Auckland Ltd. met on
November 13, 2007, and decided to liquidate the company's
business.

Only creditors who can file their proofs of debt by December 13,
2007, will be included in the company's dividend distribution.

The company's liquidators are:

          Karen Betty Mason
          Jeffrey Philip Meltzer
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          New Zealand
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


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

CHEMTURA CORPORATION: Appoints Lynn Schefsky as Secretary
---------------------------------------------------------
Chemtura Corporation disclosed that Lynn A. Schefsky, has added
the role of secretary to his current position of senior vice
president and general counsel, which he has held since 2004.

Mr. Schefsky was named secretary, effective Dec. 1, following
the recent retirement of Barry J. Shainman, who had served as
secretary since 2000.

"We thank Barry for his 18 years of service with Chemtura and
its predecessor companies and wish him a long and healthy
retirement," said Mr. Schefsky, senior vice president, general
counsel and secretary.

                   About Chemtura Corp.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global    
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:

  -- Corporate Family Rating: Ba2 from Ba1

  -- Senior notes, US$500 million due 2016: Ba2 from Ba1;
     LGD4 (53%)

  -- Senior Unsecured Notes, US$150 million due 2026: Ba2
     from Ba1; LGD4 (53%)

  -- Senior Unsecured Notes, US$400 million due 2009: Ba2
     from Ba1; LGD4 (53%)


DEAM HOLDINGS: Placed Under Voluntary Wind-Up
---------------------------------------------
On November 19, 2007, the creditors of Deam Holdings (S) Pte
Ltd. passed a resolution to voluntarily wind up the company's
operations.

Lau Chin Huat was appointed as liquidator.

The Liquidator can be reached at:

          Lau Chin Huat
          Lau Chin Huat & Co.
          Blk 150A, Mei Chin Road #02-00
          Singapore 140150


LAZARD LTD: Picks Rodrigo de Rato as Senior Managing Director
-------------------------------------------------------------
Lazard Ltd. has appointed Rodrigo de Rato as its Senior Managing
Director of Investment Banking, effective Feb. 1, 2008.  Mr.
Rato was most recently the Managing Director of the
International Monetary Fund and was formerly the Minister of
Economy for the Government of Spain for eight years.  He will be
based in Madrid and London.

"Mr. Rato brings an abundance of economic knowledge and
relationships in both the private and public sectors due to his
rich history of high profile finance positions," said Bruce
Wasserstein, Chairman and Chief Executive Officer of Lazard.   
"He will serve as a knowledgeable advisor to our clients, and
will play an important strategic role for Lazard on a global
level."

"Lazard has an outstanding reputation as a trusted, independent
advisor known for intellectual rigor, creativity and integrity -
qualities that I value deeply and endorse," said Mr. Rato.  "I
am delighted to be joining Lazard, and look forward to working
with the firm's global network of exceptional bankers."

"We have known and admired Rodrigo de Rato over the years, both
from his tenure at the IMF and during his term as Minister of
the Economy for the Government of Spain.  We are pleased to
bring such high caliber finance expertise into Lazard for the
benefit of our clients," said Georges Ralli, Chief Executive
Officer of Lazard's European investment banking business.

Mr. Rato served as Managing Director of the IMF from June 2004
until Oct. 31, 2007.  Prior to the IMF, he was Vice President
for Economic Affairs and Minister of Economy for the Government
of Spain, a post to which he was appointed in 1996.  During that
time he also was Governor for Spain, and served on the Boards of
Governors of the IMF, the World Bank, the Intra-American
Development Bank, the European Investment Bank, and the European
Bank for Reconstruction and Development.  He regularly attended
the European Union's Economics and Finance Ministers meetings,
and represented the EU at the Group of Seven Finance Ministers
meeting in 2002.  He was a member of Spain's parliament from
1982 to 2004.

Mr. Rato received a law degree at the Complutense University, an
MBA at the University of California, Berkeley, Haas School of
Business and a PhD in economics at the University of Madrid.

                      About Lazard Ltd.

Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a  
preeminent financial advisory and asset management firms, that
operates from 32 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides advice on mergers and
acquisitions, restructuring and capital raising, well as asset
management services to corporations, partnerships, institutions,
governments, and individuals.  The company has locations in
Australia, Brazil, China, France, Germany, India, Japan, Korea
and Singapore.

The company's consolidated balance sheet at Sept. 30, 2007,
showed US$3.51 billion in total assets, US$3.54 billion in total
liabilities, and US$49.0 million minority interest, resulting in
a US$74.5 million total shareholders' deficiency.


SONIC CLEAN: Final Meeting Slated for December 28
-------------------------------------------------
Sonic Clean (Wuxi) Pte. Ltd. will hold its final meeting on
December 28, 2007, at 9:30 a.m., for the purposes set out in
sections 308 and 320 (3) of the Companies Act, Cap. 50.

The meeting will be held at 10 Jalan Besar, in #11-05 Sim Lim
Tower, Singapore 208787.


TRANS-ASIA PROPERTIES: Creditors' Proofs of Debt Due on Dec. 31
---------------------------------------------------------------
The creditors of Trans-Asia Properties Pte Ltd are required to
file their proofs of debt by December 31, 2007, to be included
in the company's dividend distribution.

The company's liquidators are:

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


THE WALT DISNEY: Requires Creditors to File Claims by Dec. 31
-------------------------------------------------------------
The Walt Disney Company (Singapore) Pte Ltd requires its
creditors to file their proofs of debt by December 31, 2007, to
be included in the company's dividend distribution.

The company's liquidator is:

          Seshadri Rajagopalan
          c/o One Raffles Quay North Tower
          Level 18
          Singapore 048583






                         *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Tara Eliza Tecarro, Freya
Natasha Fernandez-Dy, Frauline Abangan, and Peter A. Chapman,
Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***