TCRAP_Public/071211.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

           Tuesday, December 11, 2007, Vol. 10, No. 245

                            Headlines

A U S T R A L I A

ALPHATOP PTY: To Declare First Dividend on January 2
AMG PLASTERING: To Hold Final Meeting on December 11
AUSTRALIAN RICE: Creditors Receive Wind-Up Report
CHEMEQ LTD: Receivers Claim Valuation of Assets are Low
FORTESCUE METALS: To Explore Ore Blending with Mineralogy Pty

LACHLAN VALLEY: Members & Creditors Joint Meeting Set for Dec. 6
M&J MASTWYK: Undergoes Liquidation Proceedings
MARSH & PARTNERS: Placed Under Voluntary Liquidation
N.D. FASHIONS: Liquidator Presents Wind-Up Report
PINEWOOD FURNITURE: Members & Creditors Receive Wind-Up Report

RG ELECTRONICS: Members Opt to Shut Down Business
SYMBION HEALTH: Sees 10% EBIT Growth by the End of FY2007


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

AGILE PROPERTY: Acquires 4 Land Sites in Guangzhou for CNY920MM
AGRICULTURAL BANK: May Write Off NPLs with Own Capital or Profit
ASIA SPORTS: Commences Liquidation Proceedings
CSL UNITED: Appoints New Liquidators
DANA CORP: Affinia Still Involved in Company's Bankruptcy

DANA CORP: Urges Court to Disallow 1,064 Claims
EMPIRE TOYS: Creditors Final Meeting Slated for December 18
FELIX TSANG: To Pay Second Ordinary Dividend on Dec. 14
FIAT SPA: Commits EUR70 Mln for Pomigliano Plant Integration
GOLDEN BRIDGE: Creditors Final Meeting Slated for December 18

HEXCEL CORP: Expects Double Digit Sales Growth in 2008
JUST YIELD: Members Final Meeting Fixed for January 14
NM AGENCY: Commences Liquidation Proceedings
PETROLEOS DE VENEZUELA: Unit Establishes Four Joint Ventures
* Euler Hermes Signs Agreement with Bank of China Insurance


I N D I A

DECCAN AVIATION: Board Considers Hiving Off of Charter Services
GENERAL MOTORS: Mulls Production Cuts Due to Low November Sales
GERDAU SA: Socopo Puts Hold Recommendation on Firm's Shares
ICICI BANK: Mulls Strategic Tie-Up With Janashakthi Insurance
NOVELL INC: SEC Inquiries Prompt Delay in 2007 Earnings Release

TATA MOTORS: Submits Revised Offer for Jaguar and Land Rover


I N D O N E S I A

BEARINGPOINT INC: Sept. 30 Balance Sheet Upside-Down by US$362MM
CILIANDRA PERKASA: Moody's Changes Ratings Outlook to Positive
CENTRAL PROTEINAPRIMA: To Spend US$242MM on Shrimp Production
CENTRAL PROTEINAPRIMA: Sets FY 2007 and 2008 Revenue Target
CENTRAL PROTEINAPRIMA: To Sell Two Power Plants for IDR780 Bil.

GARUDA INDONESIA: To Connect Chennai-Medan Daily from April 2008
GOODYEAR TIRE: Noteholders Tender US$346-MM Convertible Notes


J A P A N

KOJIMA CO: Violates Recycling Law for the Second Time
SEIYU LTD: Wal-Mart to Buy Remaining 45% Shares for JPY93.4 Bil.
SOFTBANK CORP: Beats Rivals in Nov. Gains from Switching Users
* Japan's Consumer Prices Rise 0.1% in October 2007


K O R E A

ARROW ELECTRONICS: Arrow ECS Merges Distribution Biz with ATI
EUGENE SCIENCE: Completes Move to Larger Facility
LG TELECOM: To Provide Customers w/ Open Mobile Internet Policy
HANAROTELECOM: Telecom Firms Protests SK Telecom's Acquisition
REMY WORLDWIDE: Emerges from Chapter 11, Completes Sale of Knopf

REMY WORLDWIDE: Wants Court to Close 27 Bankruptcy Cases


M A L A Y S I A

ARK RESOURCES: Court Extends RO Expiry to March 31, 2008
ELECTRONIC DATA: Share Buyback Won't Impact Rating, Moody's Says
FOREMOST HOLDINGS: Ismail bin Jusoh Steps Down as Director
LITYAN HOLDINGS: To Undertake Proposals to Regularize Condition
PAN MALAYSIAN: Court OKs Par Value & Share Premium Reduction

SHAW GROUP: Earns US$645,000 in 2007 4th Quarter Ended Aug. 31
SOLUTIA INC: S&P Rates Proposed US$1.2 Billion Term Loan at B+
TALAM CORP: Unit Enters into Project Deal with Radiant Pillar
TANCO HOLDINGS: Taps Andrew Tan Jun Suan as Executive Director
TANCO HOLDINGS: Incurs MYR12MM Net Loss in Qtr. Ended Sept. 30

TANCO HOLDINGS: Court Sanctions Composite Schemes
TENGGARA OIL: Subsidiaries Placed Under Voluntary Liquidation
TRIPLC BHD: Extends Employee Share Option Scheme to Jan. 2013
VERIFONE INC: Financial Restatement Cues S&P's Negative Outlook
WEMBLEY: Balance Sheet Upside-Down by MYR922 Mil. at Sept. 30


N E W  Z E A L A N D

AMY CONTRACTING: Taps Rodewald and Neilson as Liquidators
BLAZER PROPERTY: Fixes December 13 as Last Day to File Claims
GLASS EARTH: Incurs CND$136,000 Net Loss in Qtr. Ended Sept. 30
HFT CONSTRUCTION: Appoints Parsons and Kenealy as Liquidators
KONSTANCIN GROUP: Appoints John Francis Managh as Liquidator

LAKE TAUPO: Names Rodewald and Neilson as Liquidators
SENSE RESEARCH: Commences Liquidation Proceedings
SOBERBIA INVESTMENTS: Claims Bar Date Fixed on Dec. 15
STEWART ISLAND: Wind-Up Petition Hearing Slated for Feb. 11
TE KAIRANGA: Shareholders Approve NZ$5.5-Mil. Share Sale

WHANGAPARAOA ROAD: Creditors' Proofs of Debt Due on Dec. 14


P H I L I P P I N E S

FEDDERS CORP: Taps Roux Associates as Environmental Consultant
PHIL. LONG DISTANCE: Wins PEMC Fiber Optic Linkage


S I N G A P O R E

GENESIS TECHNOLOGIES: To Pay Preferential Dividend on Dec. 17
MUSIC JUNCTION: Creditors Meeting Scheduled for December 18
PANKO PRIVATE: Requires Creditors to File Claims by January 7
RITRONICS COMPONENTS: Creditors' Meeting Set for December 24
SANG CHOY: Court to Hear Wind-Up Petition on January 11


T H A I L A N D

TPI POLENE: Delays THB8BB Refinancing After Court Imposes Fines

* Moody's Says Strong Demand Supports Ratings for Asian Shipping
* BOND PRICING: For the Week 10 December to 14 December 2007

     - - - - - - - -

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

ALPHATOP PTY: To Declare First Dividend on January 2
----------------------------------------------------
Alphatop Pty Ltd will declare its first dividend on January 2,
2008.

Priority creditors who were not able to file their proofs of
debt by the November 28, 2007 deadline will be excluded from the
company's dividend distribution.

The company's deed administrator is:

          John David Adams
          BDO Kendalls
          Chartered Accountants
          Level 30, 525 Collins Street
          Melbourne, Victoria 3000
          Australia

                        About Alphatop Pty

Alphatop Pty Ltd is involved with trusts, except educational,
religious, and charitable trusts.  The company is located at  
Footscray, in Victoria, Australia.


AMG PLASTERING: To Hold Final Meeting on December 11
----------------------------------------------------
AMG Plastering Pty Ltd will hold its final meeting on Dec. 11,
2007, at 10:00 a.m.

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

The Liquidator can be reached at:

          Richard Judson
          Judson & Co Chartered Accountants
          1st Floor, 10 Park Road
          Cheltenham, Victoria 3192
          Australia
          Telephone:(03) 9585 5227

                       About AMG Plastering

AMG Plastering Pty Ltd is involved in the business of  
plastering, drywall, and insulation.  The company is located at
Keysborough, in Victoria, Australia.


AUSTRALIAN RICE: Creditors Receive Wind-Up Report
-------------------------------------------------
The creditors of Australian Rice Holdings Pty. Ltd. met on
December 4, 2007, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          R. G. Mansell
          Australia
          Telephone:(03) 9603 0090
          Facsimile:(03) 9603 0099

                      About Australian Rice

Australian Rice Holdings Pty Ltd is a distributor of rice.  The
company is located at Melbourne, in Victoria, Australia.


CHEMEQ LTD: Receivers Claim Valuation of Assets are Low
-------------------------------------------------------
Chemeq Ltd.'s administrators estimated that the company's total
assets are worth AU$25.9 million, based on the information
supplied by the company's former directors, Mark Beyer reports
for WA Business News.

According to the report, KordaMentha administrators Brian
McMaster and David Winterbottom said that receivers Ferrier
Hodgson did not accept some of the valuations provided by the
directors, which in most cases were the written down values in
the company's books.

WA Business relates that secured creditors were owed
AU$61.1 million, employees were owed AU$1.3 million and other
claims totaling AU$1.6 million, making a deficiency of
AU$37.4 million.

Receivers Jones Lang LaSalle appointed to value the property,
and CB Richard Ellis, appointed to market the property for sale
in July, advised the offers received to date were below the
valuation as interested parties had not assigned any material
value to specialized aspects of the facility, states the report.

Aside from this, the receivers, writes Mr. Beyer, also disputed
the AU$2.8-million valuation attributed to the company's
intellectual property, which comprise its once-vaunted polymeric
anitmicrobial designed to replace antibiotics in pig and
chicken farming operations.

Chemeq's land and buildings, including its special-purpose
manufacturing facility at Rockingham, are considered to be the
company's main assets.  These assets are valued at
AU$13.2 million, adds WA Business.

                        About Chemeq Ltd.

Headquartered in Rockingham, West Australia, Chemeq Limited --
http://www.chemeq.com.au/-- is an Australia-based veterinary  
pharmaceutical company, in the business of developing,
manufacturing and marketing its product, CHEMEQ polymeric anti-
microbial, for the prevention and control of intestinal
bacterial diseases in feedstock animals, such as pigs and
poultry.  The Company believes that its product, CHEMEQ, has
demonstrated in vitro activity against a range of
microorganisms, including gram-positive and gram-negative
bacteria, bacterial spores, mycobacteria, protozoa, viruses,
yeasts and fungi.  In addition, it believes that CHEMEQ has the
same effectiveness against multiple antibiotic resistant
bacteria as non-resistant bacteria, including pathogenic strains
of Escherichia coli.

On June 6, 2007, Troubled Company Reporter-Asia Pacific reported
that Chemeq Limited was placed in administration after two of
its creditors claimed that the company had defaulted on a
AU$60-million loan.


FORTESCUE METALS: To Explore Ore Blending with Mineralogy Pty
-------------------------------------------------------------
Fortescue Metals Group Limited and Mineralogy Pty. Ltd. have
signed a Memorandum of Understanding to investigate geological,
infrastructure, financial, technical and approval matters as a
prelude to a potential project involving the blending of iron
ore from both companies.

Fortescue will arrange for sinter tests to establish the
productivity of a sinter blend comprising Mineralogy's
concentrate and material from Fortescue's Resource within its
Solomon tenement holding.  On November 15, 2007 Fortescue
announced an Inferred Resource estimate for the Serenity deposit
which comprises part of the Solomon project area.

Under the terms of the MoU, it is intended that port facilities
would be investigated at Cape Preston capable of exporting a
variety of products ranging from high grade magnetite
concentrate through varying blends of magnetite/hematite mix to
a 'direct ship' hematite.

The plans encompass an initial export capability of around
50Mt/a, with the potential to expand to more than 100Mt/a.

The Chairman of Mineralogy, Professor Clive F. Palmer stated
that "the blending of Western Australian iron ores to produce
high quality direct shipping iron ore products for specific
needs in the iron ore industry is the way of the future for
Western Australian iron ore production."

Graeme Rowley of FMG stated that "with Fortescue having the
largest iron ore tenement area holding in the Pilbara and
Mineralogy having billions of tonnes of Magnetite resources and
an approved port, the alliance makes sound business sense for
both companies."

                   About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue
MetalsGroup Limited -- http://fmgl.com.au/-- is involved in the       
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.                         

                      *     *     *

Fortescue reported a net loss for the past two fiscal years.  
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, wasAU$2.15
million.


LACHLAN VALLEY: Members & Creditors Joint Meeting Set for Dec. 6
----------------------------------------------------------------
On December 6, 2007, a joint meeting was held for the members
and creditors of Lachlan Valley Food Processors Pty Ltd.

At the meeting, Robert M. H. Cole, the company's liquidator,
presented a report on the company's wind-up proceedings and
property disposal.

The Liquidator can be reached at:

          Robert M. H. Cole
          Robert M H Cole & Co
          Chartered Accountants
          6 Moorabool Street
          Geelong, Victoria 3220
          Australia

                       About Lachlan Valley

Lachlan Valley Food Processors Pty Ltd is a distributor of
poultry and poultry products.  The company is located at  
Melbourne, in Victoria, Australia.


M&J MASTWYK: Undergoes Liquidation Proceedings
----------------------------------------------
During a general meeting held on October 18, 2007, the members
of M&J Mastwyk Pty Ltd resolved to voluntarily liquidate the
company's business.

Roger David Midgley was named as liquidator.

The Liquidator can be reached at:

          Roger David Midgley
          126 George Street
          Morwell, Victoria 3840
          Australia

                       About M & J Mastwyk

M&J Mastwyk Pty Ltd is an automotive dealer.  The company is
located at Morwell, in Victoria, Australia.


MARSH & PARTNERS: Placed Under Voluntary Liquidation
----------------------------------------------------
On October 23, 2007, the creditors of Marsh & Partners Pty met
and resolved to voluntarily liquidate the company's business.

James Patrick Downey was appointed as liquidator.

The Liquidator can be reached at:

          James Patrick Downey
          J P Downey & Co
          Level 1, 22 William Street
          Melbourne, Victoria 3000
          Australia

                      About Marsh & Partners

Marsh & Partners Pty provides business services.  The company is
located at Gatton, in Queensland, Australia.


N.D. FASHIONS: Liquidator Presents Wind-Up Report
-------------------------------------------------
On December 3, 2007, the members of N.D. Fashions Pty Ltd held a
meeting and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Stan Traianedes
          McLean Delmo Hall Chadwick
          Accountants & Business Advisers
          Level 12, 459 Collins Street
          Melbourne, Victoria 3000
          Australia

                       About N.D. Fashions

N.D. Fashions Pty Ltd is a distributor of womens' and misses'
blouses and shirts.  The company is located at Moorabbin, in
Victoria, Australia.


PINEWOOD FURNITURE: Members & Creditors Receive Wind-Up Report
--------------------------------------------------------------
The members and creditors of Pinewood Furniture Pty Ltd met on
December 3, 2007, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          P. R. Vince
          Vince and Associates
          51 Robinson Street Dandenong
          Victoria
          Australia

                      About Pinewood Furniture

Pinewood Furniture Pty Ltd, which is also trading as Pinewood
Furniture, operates furniture stores.  The company is located at
Clayton, in Victoria, Australia.


RG ELECTRONICS: Members Opt to Shut Down Business
-------------------------------------------------
During a general meeting held on June 29, 2007, the members of
RG Electronics Pty Ltd agreed to voluntarily liquidate the
company's business.

David H. Scott was appointed as liquidator.

The Liquidator can be reached at:

          David H. Scott
          Scott Partners Consulting
          Level 1, 173 Burke Road
          Glen Iris, Victoria 3146
          Australia

                       About RG Electronics

RG Electronics Pty Ltd is a distributor of electrical
appliances, television and radio sets.  The company is located
at  Dandenong, in Victoria, Australia.


SYMBION HEALTH: Sees 10% EBIT Growth by the End of FY2007
---------------------------------------------------------
Symbion Health Ltd. expects at least 10% earnings growth by the
end of the current year, in line with market forecasts, on a
strong performance in pharmacies and growth in pathology, Sonali
Paul writes for Reuters.

According to the report, Symbion's chairman, Paul Mcclintock,
during the company's annual meeting, highlighted the growth
outlook while urging shareholders to reject Primary Health Care
Ltd.'s AU$2.7 billion takeover offer.

The company's outlook for the 10% EBIT growth is in line with
analysts' forecasts for earnings of around AU$222.6 billion for
the year ended June 2008, relates Reuters.

Chief Executive Robert Cooke is quoted as saying, "Our
pharmacies business is just sensational, consumer's real strong,
and pathology's showing really encouraging signs of gathering
some momentum as well."

Mr. McClintock, through a filing with the Australian Stock
Exchange says, "The Healthscope and IAC transaction would have
realized significant value, as well as ongoing benefits for
Symbion Health shareholders."

               Primary Makes Offer Unconditional

Bruce Hextal of Thomson Financial writes that Primary declared
its AU$2.65 billion cash offer unconditional if it gets at least
50.1% of acceptances on December 10.  

Ben Wilson of Reuters writes that by the Dec. 10 deadline,
shares held under an acceptance facility, which allows
institutions to withdraw their acceptances, had risen to 12.67%,
up from 9.72%, giving Primary a total interest of 32.86%.

However, the Sybmion board, states Thomson Financial, continues
to reject Primary's offer saying that the diagnostics services
businesses that Primary covets are far more valuable to Primary
than its offer implies.

Primary's chief executive officer, Edmund Bateman, said his
company's all cash offer was at an attractive premium to the top
end of the independent expert's valuation range for Symbion of
AU$3.52-AU$3.91 per share, relates Thomson Financial.

                     About Symbion Health

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

                        *     *     *

On Jan. 30, 2007, Moody's Investors Service placed the Ba1issuer
rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


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

AGILE PROPERTY: Acquires 4 Land Sites in Guangzhou for CNY920MM
---------------------------------------------------------------
Agile Property has bought four land sites at Huadu District in
the southern Chinese city of Guangzhou for CNY920 million
(US$124.2 million), Reuters reports, citing the company's
statement on Friday.

According to the report, the total land site area is 283,000
square meters, with a gross floor area of 529,000 square meters,
giving an average GFA cost of CNY1,740 per square meter, which
the Hong Kong-listed Agile said was competitive in the market.

Agile, Reuters relates, plans to develop the land into a
community with schools and commercial facilities.  The land is
in a prime location, with convenient facilities and good
transport connections.


With principal offices in Kowloon, Hong Kong, Agile Property
Holdings Limited -- http://www.agile.com.cn-- is a land   
developer of Guangdong Province, China.  It was established in
1985 as a furniture maker in Zhongshan City, and entered the
property business in 1992.  On December 15, 2005, Agile Property
was listed on the Hong Kong Stock Exchange.  Agile holds a range
of properties, such as villas, duplexes, apartments and
condominiums.  Besides residential property business, Agile is
also engaged in the development of commercial properties,
including retail shops and commercial complexes.

The Troubled Company Reporter-Asia Pacific reported on Nov. 5,
2007, that Moody's Investors Service assigned its Ba3 rating to
Agile Property Holding's proposed senior unsecured notes of up
to US$400 million.  At the same time, Moody's affirmed
Agile's Ba3 corporate family rating.

The TCR-AP also reported that Standard & Poor's Ratings Services
assigned its 'BB' issue rating to Agile's proposed issue of up
to US$400 million in senior unsecured notes.


AGRICULTURAL BANK: May Write Off NPLs with Own Capital or Profit
----------------------------------------------------------------
The Agricultural Bank of China will get rid of its non-
performing loans in the same manner as other major state-owned
banks did, AFX News Limited reports, citing the Shanghai
Securities News.

As reported by the press, Agricultural Bank is the only one of
the “big four” state banks that remains unlisted.  All the other
three major state-owned banks -- the Industrial & Commercial
Bank of China, Bank of China, and China Construction Bank --
either wrote off their NPLs with their own capital, profit and
provisions or put them on auction before their initial public
offers, AFX Limited recounts.

Moreover, all three also received capital injections from the
central government prior to their listing, the report adds.

AFX mentions that earlier press reports indicated that China
Central Huijin, the Chinese central bank's investment arm, will
inject US$40 billion into Agricultural Bank ahead of its
listing, and the central bank and the finance ministry will take
over the task of disposing of its non-performing assets.

According to the report, China Banking and Regulatory
Commission's vice chairman, Jiang Dingzhi, said that factors
particular to banking in rural areas should also be taken into
account, without elaborating further.

The bank said in August 2007 that its non-performing loan ratio
as of June 30 fell 2.09 percentage points from the 23.43%
reported at the end of 2006, the report adds.  The exact number
of NPLs in the bank is unknown yet, but independent analysts
have estimated them at around US$100 billion, AFX relates.

The Agricultural Bank of China --
http://www.abchina.com/en/hq/index.jsp/index.html-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of 2006.

According to XFN-Asia, at the end of September 2007,
Agricultural Bank had outstanding loans of CNY3.44 trillion, of
which 22.11% were bad loans.

The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


ASIA SPORTS: Commences Liquidation Proceedings
----------------------------------------------
Asia Sports Development Limited commenced liquidation
proceedings on November 30, 2007.

The company's liquidators are:

          Chiu Soo Ching, Katherine
          Yui Yat Cheong
          3806 Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


CSL UNITED: Appoints New Liquidators
------------------------------------
The members of CSL United Personalcom Limited appointed Grant
Andrew Jamieson and Edward Simon Middleton as the company's
liquidators.

The Liquidators can be reached at:

          Grant Andrew Jamieson
          Edward Simon Middleton
          KPMG
          8th Floor, Prince's Building
          10 Charter Road, Central Hong Kong


DANA CORP: Affinia Still Involved in Company's Bankruptcy
---------------------------------------------------------
Affinia Group Intermediate Holdings Inc. continues to be
involved in Dana Corp.'s bankruptcy, which includes asbestos-
related matters.

On March 3, 2006, Dana and 40 of its domestic subsidiaries filed
voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court, Southern District
of New York (Case No. 06-10354).

On Sept. 26, 2007, Dana filed an adversary complaint against
Company subsidiaries Affinia Group Inc. and Affinia Canada Corp.
(Adv. Pr. No. 07-02059) seeking turnover under the Purchase
Agreement and section 542(a) of the Bankruptcy Code of a tax
refund in the amount of US$32.5 million.  Dana alleges that the
tax refund is an excluded asset that was not transferred under
the Purchase Agreement.

In addition, on Oct. 3, 2007, Dana filed a motion under section
365 of the Bankruptcy Code to reject both the Stock and Asset
Purchase Agreement and the Spicer Trademark License Agreement,
the rejection of which would enable Dana to disavow and abandon
its obligations under these agreements.

Under these agreements, Dana is contractually obligated to:

   (a) indemnify the Company for specified liabilities;
       including,

        (i) liabilities arising out of legal proceedings
            commenced prior to the Acquisition, and

       (ii) liabilities for death, personal injury or other
            injury to persons (including, but not limited
            to, such liabilities that result from human
            exposure to asbestos) or property damage occurring
            prior to the Acquisition relating to the use or
            exposure to any of Dana's products designed,
            manufactured, served or sold by Dana; and

   (b) license the Company's use of the "Spicer" trademark.


Headquartered in Toledo, Ohio, Dana Corporation --
http://www.dana.com/-- designs and manufactures products for  
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies.  Dana employs 46,000 people in 28 countries.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Aug. 31, 2007 the Debtors listed US$6,878,000,000 in total
assets and US$7,551,000,000 in total debts resulting in a total
shareholders' deficit of US$673,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.  The
Court has set Dec. 10, 2007, to consider confirmation of the
Plan.

(Dana Corporation Bankruptcy News, Issue No. 64; Bankruptcy
Creditors' Service, Inc. 215-945-7000 FAX 215-945-7001)


DANA CORP: Urges Court to Disallow 1,064 Claims
-----------------------------------------------
Dana Corp. asks the U.S. Bankruptcy Court for the Southern
District of New York to disallow 1,064 claims, totaling
US$52,663,000, because these claims are Asbestos Personal Injury
Claims and will be reinstated under the Plan.

The Asbestos Personal Injury Claims include:

-- Roy Adair (Claim No. 12079 - US$200,000)
-- Gregorio Aguirre (Claim No. 11968 - US$200,000)
-- David Alber (Claim No. 12043 - US$200,000)
-- John Alexander (Claim No. 11989 - US$200,000)
-- Clarence Allen (Claim No. 12371 - US$200,000)
-- Naomi Ammerman (Claim No. 12076 - US$200,000)
-- Johnnie Apodaca (Claim No. 11992 - US$200,000)
-- Linda Atchley (Claim No. 12372 - US$200,000)
-- Joseph Baca (Claim No. 11938 - US$200,000)
-- Haroldine Bartlett (Claim No. 11977 - US$200,000)
-- Walter Becker (Claim No. 12311 - US$200,000)
-- Joseph Boutot (Claim No. 11991 - US$200,000)
-- Leonard Chavez (Claim No. 11964 - US$200,000)
-- Lyle Covington (Claim No. 1227 - US$200,000)
-- Claude Dawson (Claim No. 11985 - US$200,000)


Headquartered in Toledo, Ohio, Dana Corporation --
http://www.dana.com/-- designs and manufactures products for  
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies.  Dana employs 46,000 people in 28 countries.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Aug. 31, 2007 the Debtors listed US$6,878,000,000 in total
assets and US$7,551,000,000 in total debts resulting in a total
shareholders' deficit of US$673,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.  The
Court has set Dec. 10, 2007, to consider confirmation of the
Plan.

(Dana Corporation Bankruptcy News, Issue No. 64; Bankruptcy
Creditors' Service, Inc. 215-945-7000 FAX 215-945-7001)


EMPIRE TOYS: Creditors Final Meeting Slated for December 18
-----------------------------------------------------------
The creditors of Empire Toys (Hong Kong) Limited will have their
final general meeting on December 18, 2007, at 11:00 a.m., to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The meeting will be held at the Hong Kong Club Building, 3A
Charter Road, in Central Hong Kong.


FELIX TSANG: To Pay Second Ordinary Dividend on Dec. 14
-------------------------------------------------------
Felix Tsang & Partners Limited, which is in liquidation, will
pay its second ordinary dividend on December 14, 2007.

The company's liquidator is Wong Che Man.


FIAT SPA: Commits EUR70 Mln for Pomigliano Plant Integration
------------------------------------------------------------
Fiat S.p.A. decided to commit itself to complete the integration
of the Pomigliano plant into the Fiat Group Automobiles
manufacturing system.

According to the company, the commitment will be realized
through a plan of technological investments worth a total of
EUR70 million.

The investments will be flanked by intensive training programs
for employees and they are in addition to the other
EUR40 million in extra costs stemming from the suspension of
production necessary to realize the plan.

Fiat's objective is to bring this plant to best-in-class
performance levels and ensure that it will be able to meet the
conditions necessary for the allocation of production of new
future models.

Normal working activities at the plant will be suspended for
around two months, from Jan. 7 to March 2, 2008, in order to
process in accordance with the world class manufacturing
principles currently applied at all the group's facilities.
In the same period, employees will receive training.

Fiat group will bear all costs of the temporary shutdown,
including wages and associated social security contributions.
As regards the manufacturing process, the plant organization
will be thoroughly rationalized, eliminating the trim shop and
incorporating all vehicle prep areas in the final assembly line.

Closure panel hemming, Alfa 159 body framing and all quality
activities will be housed in a single building.

In the next twelve to fifteen months, the company will make
investments aimed at boosting efficiency at the plant and
improving workers' safety and the facilities provided to them.
  
The work called for by the plan will be carried out by outside
contractors, and is expected to involve over 900 contractor
employees.

With this initiative, the Fiat underscores its strong
determination to do everything possible, in organizational and
financial terms, to guarantee that the plant can continue to
exist, and continue to grow.

At the same time, the contribution of all employees is
absolutely essential to achieve our development objectives.
Fiat expects that in 2008, once the operation is completed,
Pomigliano to have turned into a manufacturing plant which can
go head to head with its best competitors.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


GOLDEN BRIDGE: Creditors Final Meeting Slated for December 18
-------------------------------------------------------------
The creditors of Golden Bridge International Finance Limited
will have their final general meeting on December 18, 2007, at
3:00 p.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The meeting will be held at 14th Floor, Hong Kong Club
Building,3A Charter Road, Central Hong Kong.


HEXCEL CORP: Expects Double Digit Sales Growth in 2008
------------------------------------------------------
Hexcel Corporation has discussed its guidance for 2008 and
outlook for the future.

Mr. David Berges, summarizing Hexcel's prospects, commented,
"For 2008 we see the continuation of growth in all of our core
markets and an increasing significance of Airbus A380 and Boeing
787 sales.  We expect our fifth year in a row of double digit
sales growth led by commercial aerospace and wind energy
markets.  Global demand is lifting build rates for aircraft and
wind turbines and we believe that this trend will continue for
the foreseeable future.  In addition, the ramp-ups for the
Airbus A380 and Boeing 787 programs accelerate the secular
penetration story for composites in commercial aerospace."

"We expect that we will achieve our margin targets for 2007 and
the sales growth will lead to an increased rate of operating
margin and earnings expansion in 2008.  Our expectations are for
improvement of about 100 basis points in operating margin in
2008 despite continued cost pressures from high oil costs and
unfavorable foreign exchange rates."

"Our 2007 sale of non-core reinforcements businesses both
improved our prospects for consistent growth and helped put our
balance sheet in the best shape it has been in for years.
Entering 2008, we expect debt to be less than two times EBITDA
and we expect our capital investment program to be funded from
operations."

                         Revenue

Commercial Aerospace

With continued increases in aircraft production and the
contribution of A380 and B787 ramp up, total 2008 commercial
aerospace revenues are projected to grow in the range of 12% -
15% as compared to 2007.  At currently projected build rates,
the A380 and B787 programs could contribute over US$200 million
more in revenues to Hexcel in 2010 than 2007.  Combined with
industry projections of other aircraft build increases, the
three year revenue trend for Airbus and Boeing programs could
result in average revenue growth in the high-teens for the three
year period.

Space & Defense

The company expects its Space & Defense revenues to maintain
their long-term growth trend of 8%-10% per year.  A key driver
near term will be continued strong growth in rotorcraft,
particularly the ramp-up of the V-22 Osprey.  It is hoped that
sales to the new A400M transport will offset the possible
decline of the C-17 program.  Longer term, the F-35 Joint Strike
Fighter program will be a key growth contributor.

Industrial

Led by the strong growth in wind energy revenues, industrial
sales growth should return to the mid-teens.  After a year of
portfolio pruning in "other industrial" and a weak year of
recreational sales, non-wind related sales will show some modest
improvement.  Longer term, the company expects continued growth
of wind energy as well as the addition of over US$40 million per
year in new material sales for the American Centrifuge Program
and other new industrial opportunities by 2010.

                   Consolidated Revenues

In total, the company anticipates 2008 consolidated revenues to
grow in a range of 10%-15% year-on-year, assuming the average
Euro and British pound exchange rates in 2008 are comparable to
2007.  Based on its current mix of sales, while a weaker US
dollar would inflate revenues, operating income would not
increase, and as a result, margin percentages would compress.

                     Operating Margin

The company should see continued improvement in operating margin
percentage through leverage on incremental sales, productivity
gains, cost reductions, increased pricing and carbon fiber
expansion.  These improvements will be partially offset by the
continuing cost pressures from the collateral impact of oil
costs and the weak dollar.  In 2008, its target-operating margin
is 12-12.5% of sales, which will be an improvement of about 100
basis points from 2007 levels (excluding business consolidation
and restructuring expenses).  However, the company expects first
quarter operating margin to be slightly lower than the 2008
average due to the start-up activities at its new manufacturing
facilities and the usual timing associated with its stock
compensation expense.  Included within its 2008 operating margin
assumptions is an US$8-US$10 million increase in depreciation
expense from 2007 levels.

                        Diluted EPS

The company expects 2008 earnings per share to be in the range
of US$0.90 to US$0.95, excluding any possible impact from non-
recurring items.  For example, the previously disclosed
settlement expense for the termination of the US defined pension
plan (about US$0.08 per share), will primarily be recorded in
the fourth quarter of 2007, but the company expects about
US$0.02 of this charge to occur in early 2008.  This EPS
estimate is based upon an implied tax rate of 38% for the year
and an estimated diluted share count of 97.5-98.5 million.
Hexcel's effective tax rate is sensitive to the mix of taxable
income from its U.S. and European operations and the volatility
inherent in FIN 48.

                        Cash Flows

Capital expenditures are expected to be approximately US$150
million as the company moves ahead with its previously announced
expansion of carbon fiber production capacity.  Cash flows from
operations are expected to be sufficient to cover the capital
spending plans.  New program wins will determine future capital
spending levels, but the company currently expects US$120-US$150
million per year to be a pace that would support most growth
scenarios for a number of years.

                    About Hexcel Corp.

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced  
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.

                       *     *     *

As reported in the Troubled Company Reporter on April 5, 2007,
Moody's Investors Service has raised the ratings of Hexcel
Corporation, Corporate Family Rating to Ba3 from B1.  The
ratings on Hexcel's senior secured credit facility have been
upgraded to Ba1 from Ba2, while the subordinated notes ratings
were upgraded to B1 from B3.  Moody's said the ratings outlook
is stable.


JUST YIELD: Members Final Meeting Fixed for January 14
------------------------------------------------------
The members of Just Yield Limited will have their final general
meeting on January 14, 2008, at 3:00 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at 10th Floor, New World Tower 1, 1 8
Queen's Road Central Hong Kong.


NM AGENCY: Commences Liquidation Proceedings
--------------------------------------------
NM Agency Leaders Association Limited commenced liquidation
proceedings on November 23, 2007.

The company's liquidator is:

          Shom Chun Po
          Room A, 19th Floor
          Tung Hip Commercial Building
          248 Des Voeux Road
          Central, Hong Kong


PETROLEOS DE VENEZUELA: Unit Establishes Four Joint Ventures
------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA's unit
Corporacion Venezolana de Petroleo has concluded the creation of
four joint ventures, Business News Americas reports.

BNamericas relates that the joint ventures are:

         -- Petropiar,
         -- Petrocedeno,
         -- Petrosucre, and
         -- Petroparia.

The legal process to for the conversion of the four partnerships
into joint ventures was completed on Thursday, El Universal
says, citing the Venezuelan energy and petroleum ministry.

El Universal relates that the joint ventures were nationalized
on May 1, 2007.  Petroleos de Venezuela took over the majority
share in the accords with foreign oil firms through Corporacion
Venezolana.

According to BNamericas, Corporacion Venezolana has 70% and
U.S.-based Chevron owns 30% of Petropiar.  Corporacion
Venezolana holds 60%, France's Total owns 30.3% and Norway's
Statoil has 9.7% in Petrocedeno.  Corporacion Venezolana has 76%
and Italy's Eni owns the balance in Petrosucre.   Corporacion
Venezolana also owns 60% of Petroparia with Chinese oil company
Sinopec and Ine Paria holding 32% and 8% respectively.

The joint ventures are aimed at giving Petroleos de Venezuela at
least 60% of the nation's oil projects, BNamericas states.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is  
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.  As
reported on March 28, 2007, Standard & Poor's Ratings Services
assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s USUS$2 billion notes due
2017, USUS$2 billion notes due 2027, and USUS$1 billion notes
due 2037.

As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, USUS$2 billion notes due 2027, and US$1 billion notes due
2037.


* Euler Hermes Signs Agreement with Bank of China Insurance
-----------------------------------------------------------
Euler Hermes, the world's leading trade credit insurer and
member of the Allianz group, and the Bank of China Insurance Co.
Ltd. have signed a trade credit insurance cooperation agreement.

The agreement is designed to give corporate clients of the Bank
of China access to easy financing options by signing an
insurance contract with their group insurance company BOCI.
Euler Hermes will provide BOCI with reinsurance cover.  As a
next step, Euler Hermes' multinational clients will benefit from
this cooperation program.

BOCI was formerly the Shenzhen Branch of Bank of China Group
Insurance Company Limited.  In 2005, BOCI was founded in
Shenzhen and the headquarters moved to Beijing in 2006.  Now
BOCI holds a nationwide insurance license in China.  BOCI
currently counts eleven branch offices in the main provinces of
China.  By the end of this year, BOCI will have opened five
additional branches.  BOCI is a member of the Bank of China
group and one of the fastest growing insurance companies in
China.  Bank of China, China's third largest bank, is listed on
the Hong Kong and Shanghai stock exchanges.

"We are delighted to have found such a strong partner as BOCI,
in addition to our fruitful partnership with Allianz in China",
says Clemens von Weichs, Chairman of the Euler Hermes management
board.  "Euler Hermes already holds a strong position in Asia.
Every further step in this promising region allows us to improve
the service and support for our clients.”

Euler Hermes is the worldwide leader in credit insurance and one
of the leaders in the areas of bonding, guarantees and
collections.  With 5,800 employees in 49 countries, Euler Hermes
offers a complete range of services for the management of B-to-B
trade receivables and posted a consolidated turnover of
EUR2.01 billion in 2006.

Euler Hermes ACI is the U.S. subsidiary of the Euler Hermes
Group, headquartered in Owings Mills, MD, with offices located
throughout the United States.

Euler Hermes, a subsidiary of AGF and a member of the Allianz
group, is listed on Euronext Paris.  The group and its principal
credit insurance subsidiaries are rated AA- by Standard &
Poor's.


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


DECCAN AVIATION: Board Considers Hiving Off of Charter Services
---------------------------------------------------------------
Deccan Aviation Ltd confirmed that its board of directors has
considered and approved in principle the proposal to hive off
the airline's charter services into a separate entity thorough a
wholly owned subsidiary and formation of a company for the same.

The move is still subject to approval of the company's
shareholders.

With the board's in-principle approval, studies are now ongoing
to consider the move.  However, the company makes it clear that
no concrete steps have been taken and will only be taken after
outcome of these studies is presented to the board and
consequently disclosed to the exchange.

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in        
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the INR3.41-
billion loss incurred in FY 2006.


GENERAL MOTORS: Mulls Production Cuts Due to Low November Sales
---------------------------------------------------------------
General Motors Corp. and Ford Motor Company disclosed that due
to low November sales, the carmakers intend to slash vehicle
production in the first quarter of 2008, various sources report.

GM said earlier this week that to avoid a deluge of inventory,
it will shutter three pickup truck plants for two weeks in
January.  Aside from that, GM plants will also be closed over
the holiday, according to Josee Valcourt, Terry Kosdrosky and
Mike Spector of the Wall Street Journal.

GM anticipates a production of 950,000 vehicles from January
through March, down 11% from the same period in 2007, while Ford
plans a 7% car production decrease in the first quarter,
expecting to produce only 685,000 vehicles, Nick Bunkley of The
New York Times relates.

As reported in the Troubled Company Reporter on Dec. 4, 2007,  
GM dealers in the U.S. delivered 263,654 vehicles in November,
down 11%, after three consecutive monthly increases, compared
with a year ago, reflecting continuing reductions in daily
rental sales and softening industry demand.

However, GM's retail car deliveries increased, based on the
strength of the all-new Chevrolet Malibu, 2008 Cadillac CTS and
fuel-efficient Chevrolet Aveo, Cobalt, Pontiac G5 and G6.

According to the Associated Press, analysts anticipate low
annual sales in 2008, a drop in U.S. light vehicle sales to 3%
to 15.6 million units, a record low since 1998.

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

                         *     *     *

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

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


GERDAU SA: Socopo Puts Hold Recommendation on Firm's Shares
-----------------------------------------------------------
Brazilian brokerage Socopa has assigned a "hold" rating on
Gerdau SA's shares, after the steel company disclosed plans of
investing about US$400 million in a new heavy plate rolling
plant, Business News Americas reports.

Socopa said in its report, "We consider Gerdau's plans to be
positive, for the installation of a heavy plate rolling
operation diversifies its product mix and takes advantage of
existing marketing know-how."

"The company gains competitiveness to face competition from
Usiminas and Arcelor," Socopa commented to BNamericas.

Headquartered in Porto Alegre, Brazil, Gerdau SA --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

As reported in the Troubled Company Reporter-Latin America on
Nov. 26, 2007, Moody's Investors Service affirmed Gerdau S.A.'s
Ba1 corporate family rating and stable outlook, following the
announcement of an agreement to acquire the specialty steel
operations of Quanex Corporation, mainly represented by its
MacSteel division for some US$1.46 billion in cash.  All other
ratings related to the company were affirmed.

Ratings affirmed are:

Issuer: Gerdau S.A.

-- Ba1 Global Local Currency Corporate Family Rating

-- US$600 million Senior Unsecured Guaranteed Perpetual Notes:
    Ba1 Foreign Currency Rating

Issuer: Gerdau Brazil (fictitious entity representing the
Brazilian operations of Gerdau S.A. comprising Gerdau Acominas
S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and
Gerdau Comercial de Acos S.A.).

-- Ba1 Global Local Currency Corporate Family Rating

Issuer: Gerdau Ameristeel Corporation

-- Ba1 Probability of Default Rating
-- Ba1 Corporate Family Rating
-- US$405 million Senior Unsecured Regular Bond: Ba1, LGD4 59%

Issuer: Jacksonville Economic Development Comm.

-- US$23 million Senior Unsecured Revenue Bonds guaranteed by
   Gerdau Ameristeel: Ba1, LGD4 59%

Outlook for all ratings: stable


ICICI BANK: Mulls Strategic Tie-Up With Janashakthi Insurance
-------------------------------------------------------------
ICICI Bank Ltd and Sri Lanka's Janashakthi Insurance has
recently concluded discussions for a bancassurance channel pact,
reports say.

With the possible tie-up, ICICI Bank customers in Sri Lanka can
expect to receive an assortment of financial services at the
bank premises itself, The Island Online Edition says.    
Janashakthi customers too will receive exclusive banking
solutions from our bank partner ICICI Bank", the insurer's
General Manager Sales & Marketing Ravi Liyanage told The Island.

The Island quoted Head of ICICI Bank Sri Lanka, Prem Thampi, as
saying, "We are exploring the business model that was suggested
by Janashakthi Insurance.  We definitely feel that ICICI Bank
customers will benefit from such innovative insurance products
and ICICI Bank, in turn, would be able to reach out to all
Janashakthi customers and offer them world class banking
products along with special offers from time to time. ICICI Bank
in India has successful bancassurance tie-ups with ICICI Lombard
in the general insurance sector, and ICICI Prudential in the
life insurance sector which are the leading private sector
insurance companies in India".

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.


NOVELL INC: SEC Inquiries Prompt Delay in 2007 Earnings Release
---------------------------------------------------------------
Novell Inc. has decided to postpone its fourth quarter and full-
year 2007 earnings release and conference call.  The release of
its fourth quarter and full-year results was initially scheduled
Wednesday, Dec. 5, 2007.

Novell received a comment letter from the U.S. Securities and
Exchange Commission, dated Aug. 7, 2007, regarding Novell's Form
10-K for the fiscal year ended Oct. 31, 2006, and its Form 10-Q
for the quarterly period ended April 30, 2007.  Novell delivered
a response letter to the SEC on Sept. 20, 2007.  On
Oct. 18, 2007, Novell received a second comment letter from the
SEC indicating that the SEC had reviewed Novell's response to
the Aug. 7, 2007, letter.  The second comment letter was limited
to certain accounting matters.  Novell responded to the SEC's
second comment letter on Nov. 7, 2007, and is awaiting a
response.

"We are confident of our accounting and are working diligently
with the SEC to respond to their inquiries," said Dana C.
Russell, chief financial officer of Novell.  "In an abundance of
caution, we have chosen to postpone our earnings release.  We
look forward to completing our dialogue with the SEC."

Novell intends to release its fourth quarter and full-year 2007
earnings upon the completion of the SEC's review.  Novell is
unable to estimate when the process will be completed, but
currently expects to file its Form 10-K for the fiscal year
ended Oct. 31, 2007, on or before its due date of Dec. 31, 2007.

Last May 23, 2007, Novell Inc. disclosed that it completed its
self-initiated, voluntary review of the company's historical
stock-based compensation practices and determined the related
accounting impact.  The scope of the review covered
approximately 400 grant actions from Nov. 1, 1996, through
Sept. 12, 2006.  As a result of the review, Novell delayed the
filing of its quarterly reports on Form 10-Q for the fiscal
quarters ended July 31, 2006, and Jan. 31, 2007, and its annual
report on Form 10-K for the fiscal year ended Oct. 31, 2006.

The Audit Committee, together with its independent outside legal
counsel, did not find any evidence of intentional wrongdoing by
any former or current Novell employees, officers or directors.
Novell determined, however, that it utilized incorrect
measurement dates for some of the stock-based compensation
awards granted during the review period.

                     About Novell Inc.

Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure  
software for the Open Enterprise.  Novell provides desktop to
data center operating systems based on Linux and the software
required to secure and manage mixed IT environments.

The company has offices in Australia, Argentina, Austria,
Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong
Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia,
Netherlands, New Zealand, Norway, Philippines, Poland,
Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan,
Thailand and United Kingdom.

                       *     *     *

Novell Inc.'s subordinated debt carries Moody's Investors
Service's B1 rating.


TATA MOTORS: Submits Revised Offer for Jaguar and Land Rover
------------------------------------------------------------
Tata Motors Ltd has submitted a revised bid for Ford Motor Co's
Jaguar and Land Rover brands, Reuters said, citing a CNBC-TV18
News report as source.  Competing bidder, Mahindra & Mahindra
Ltd also submitted an amended offer.

According to the TV Channel, Tata Motors and Mahindra now made a
higher offer compared to their initial bids that were in the
range of US$1.8-US$2 billion.

As previously reported in the Troubled Company Reporter-Asia
Pacific, Tata Motors is in the race to buy the two Ford brands.  
Tata Motors is now one of those who made it to the list of final
bidders.  The other firms who got it to the list are Mahindra &
Mahindra in collaboration with buyout firm Apollo, and One
Equity Partners.

However, it looks like Tata Motors is racing ahead of its rivals
with the backing of the workers unions.  Late November, about 60
senior shop stewards representing workers of Jaguar and Land
Rover voted in favor of a resolution supporting Tata's bid.

Sudha Ramachandran of the Asia Times related that Tata Motors
managing director Ravi Kant, in its presentation to workers of
the two brands, assured the union that the company had no plans
to outsource British jobs to India and that executives were free
to stay if they wanted to.

Tata Motors also has the edge in the bidding for the two brands
because of its size, its deal-making record and its familiarity
with the U.K. market, Rina Chandran of Reuters, cites bankers
and analysts as saying.

Tata's joining the race also drew criticisms, one from U.S.
private equity firm Ripplewood.  Ripplewood questioned what a
maker of cheap cars know about running a luxury icon.

Ford is expected to name the winning bidder by January.

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

Tata Motors has operations in Russia, and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


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

BEARINGPOINT INC: Sept. 30 Balance Sheet Upside-Down by US$362MM
---------------------------------------------------------------
Bearingpoint Inc. reported financial results for the quarter
ended Sept. 30, 2007.

At Sept. 30, 2007, the company's balance sheet total assets of
US$116.0 million and total liabilities o fUS$2.4 billion,
resulting in a stockholders' deficit of US$362.5 million.

The company reported a net loss of US$68.0 million on US$861.8
million revenues for the quarter ended Sept. 30, 2007, compared
with a net loss of US$29.6 million on US$843.2 million revenues
for the quarter ended Sept. 30, 2006.

The change in net loss was primarily attributable to:

   * a decrease in gross profit of US$26.3 million;

   * an increase in interest expense of US$8.9 million in the
     third quarter of 2007, due to interest attributable to our
     2007 Credit Facility; and

   * an increase in income tax expense of US$11.6 million in the
     third quarter of 2007.

The increase in net loss was partially offset by a decrease in
SG&A expenses of US$13.0 million in the third quarter of 2007.

                Nine Months Financial Results

During the nine months ended Sept. 30, 2007, the company
realized a net loss of US$193.7 million, representing an
increase of US$88.5 million over a net loss of US$105.2 million
during the nine months ended Sept. 30, 2006.  This change in net
loss was primarily attributable to:

   * a decrease in gross profit of US$41.8 million;

   * the recognition of US$38.0 million in other income in the
     first quarter of 2006 in connection with insurance
     settlement payments made on behalf of the company in
     connection with the settlement of our contract with
     Hawaiian Telcom Communications, Inc.;

   * an increase in interest expense of US$17.6 million in the   
     nine months ended Sept. 30, 2007, due to interest
     attributable to our 2007 Credit Facility and the
     acceleration of debt issuance costs resulting from the
     termination of the 2005 Credit Facility; and

   * an increase in income tax expense of US$11.8 million in the
     nine months ended Sept. 30, 2007.

The increase in net loss was partially offset by a decrease in
SG&A expenses o fUS$26.3 million in the nine months ended Sept.
30, 2007.

                     About BearingPoint Inc.

Headquartered in McLean, Virginia, BearingPoint Inc. (NYSE:BE)
--http://www.BearingPoint.com/-- is a provider of management  
and technology consulting services to Global 2000 companies and
government organizations in 60 countries.  The firm has more  
than 17,000 employees focusing on the Public Services, Financial
Services and Commercial Services industries.  BearingPoint
professionals have built a reputation for knowing what it takes
to help clients achieve their goals, and working closely with
them to get the job done.  The company's service offerings are
designed to help its clients generate revenue, increase cost-
effectiveness, manage regulatory compliance, integrate
information and transition to "next-generation" technology.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                          *     *     *

Moody's Investor Service placed BearingPoint Inc.'s long term
corporate family rating at 'B2' in December 2006 and its
probability of default rating at 'B1' in September 2006.  Both
ratings still hold to date.


CILIANDRA PERKASA: Moody's Changes Ratings Outlook to Positive
--------------------------------------------------------------
Moody's Investors Service has changed to positive from stable
the outlook for PT Ciliandra Perkasa's B2 corporate family
rating and secured rating on its US$160 million notes.

This rating action follows First Resources Limited's
announcement of an IPO to raise approximately SGD192.5 million
of this sum, approximately SGD110 million will be used to fund
Ciliandra's new plantings, constructing crushing mills and for
working capital and general corporate purposes.  Ciliandra will
remain as the flagship company of First Resources.

"The IPO of the parent company will improve the disclosure and
transparency of the group, while the additional funding to be
provided to Ciliandra will enhance its liquidity profile and
financial flexibility as it pursues its growth strategy through
the industry cycle," says Wonnie Chu, Moody's lead analyst for
Ciliandra.

"Furthermore, Ciliandra is benefiting from the strong crude palm
oil price and from its young plantation maturity profile with an
average age of 7.8 years.  Its year-to-date operating
performance is also ahead of expectations," say Chu.

Any rating upgrade will depend upon the company successfully
executing its expansion plan and improving its home-grown
production yield while maintaining its financial discipline.  
The key credit metrics that Moody's would consider for an
upgrade include Debt/EBITDA lower than 3.0-3.5x and
EBITDA/Interest greater than 3.5-4.5x on a sustained basis.

On the other hand, the rating outlook will revert to stable if
evidence emerges of:

   
  -- cash leakages from Ciliandra to its parent, such as
     through aggressive cash dividends;

  -- further aggressive debt-funded acquisitions/investments;
     and/or

  -- prices of crude palm oil falling beyond Moody's
     expectations, such that Ciliandra's credit metrics
     deteriorate with Debt/EBITDA increasing to 4.0-4.5x and
     EBITDA/Interest declining to 2.5-3.0x.

Established and incorporated in Indonesia in 1992, PT Ciliandra
Perkasa is an oil palm upstream operator based in Riau,
Sumatera.  The company owns 13 oil palm plantations totaling
over 80,000 and 100,000 of planted hectares and unplanted
hectares respectively as at the end of 2007.  The company also
has 6 palm oil crushing mills built between 1998 and 2006 with a
total annual capacity of 2.1 million tonnes of fresh fruit
bunches.


CENTRAL PROTEINAPRIMA: To Spend US$242MM on Shrimp Production
-------------------------------------------------------------
PT Central Proteinaprima (CP Prima) will spend up to
US$242 million to boost the shrimp production of its two
subsidiaries in Tulang Bawang, Lampung, various reports say.

CP Pima Chief Financial Officer Gunawan Taslim told Antara News
that they would set out on a program to revitalize PT Wachyubni
Mandira and PT Aruna Wijaya Sakti, formerly called PT Dipasena
Citra Dharmaja.

CP Prima, The Jakarta Post recounts, acquired Dipasena Citra in
May after the government announced that the aquaculture firm
could not pay its debts to the state.  The firm first got into
trouble following the Indonesia's financial crisis of 1998, the
report adds.

The Post notes that Dipasena Citra resumed operations soon after
being acquired by CP Prima.

According to the Post, the revitalization, which will include
the refurbishment of machinery and the reopening of abandoned
shrimp ponds, will be conducted in stages up until the middle of
2009.

Mr. Taslim said "The revitalization program for Wachyuni Mandira
will be completed by the end of this year, while that for Aruna
Wijaya will begin in January 2008, and will be completed within
12 and 16 months.", the Post relates.

                   About Central Proteinaprima

PT Central Proteinaprima Tbk headquartered in Jakarta Indonesia
is an Indonesia-based agribusiness company that is part of
Charoen Pokphand Group.  The Company is engaged in the animal
husbandry sector, producing animal feed for fish, shrimp and
poultry, as well as shrimp farming activity.   Its subsidiaries
include Isodoro Holding BV, which is engaged in the financial
sector; PT Centralpertiwi Bahari and PT Centralwindu Sejati,
which are engaged in the agribusiness sector; PT Marindo Lab
Pratama, which is engaged in the production of dietary
supplement containing bacteria or yeast and Blue Ocean Resources
Pte Ltd, which is a trading company.   As of May 22, 2007, the
Company has acquired PT Central Panganpertiwi, which is engaged
in the production of fish feed.
As reported by the Troubled Company Reporter-Asia Pacific on
July 13, 2007, Moody's Investors Service has affirmed its B1
long-term foreign currency rating of the US$325 million
guaranteed senior notes due 2012, as issued by Blue Ocean
Resources Pte Ltd and guaranteed by Central Proteinaprima.

On July 5, 2007, Fitch Ratings has assigned a final rating of
'B+' and a final recovery rating of 'RR4' to the US$325 million
senior notes due 2012 issued by Blue Ocean Resources Pte. Ltd.
and guaranteed by Central Proteinaprima Tbk (CPP, rated
'B+'/Stable).


CENTRAL PROTEINAPRIMA: Sets FY 2007 and 2008 Revenue Target
-----------------------------------------------------------
PT Central Proteinaprima Tbk has targeted to get IDR10 trillion
in revenue in 2008, up from the projected revenue of
IDR6.5 trillion in 2007, Reuters Investing Keys reports citing
Bisnis Indonesia.

According to Reuters Estimates, analysts on average expect the
company's revenue in 2008 IDR10,504,500 million and in 2007 to
be IDR5,616,900 million.

PT Central Proteinaprima Tbk headquartered in Jakarta Indonesia
is an Indonesia-based agribusiness company that is part of
Charoen Pokphand Group.  The Company is engaged in the animal
husbandry sector, producing animal feed for fish, shrimp and
poultry, as well as shrimp farming activity.   Its subsidiaries
include Isodoro Holding BV, which is engaged in the financial
sector; PT Centralpertiwi Bahari and PT Centralwindu Sejati,
which are engaged in the agribusiness sector; PT Marindo Lab
Pratama, which is engaged in the production of dietary
supplement containing bacteria or yeast and Blue Ocean Resources
Pte Ltd, which is a trading company.   As of May 22, 2007, the
Company has acquired PT Central Panganpertiwi, which is engaged
in the production of fish feed.

As reported by the Troubled Company Reporter-Asia Pacific on
July 13, 2007, Moody's Investors Service has affirmed its B1
long-term foreign currency rating of the US$325 million
guaranteed senior notes due 2012, as issued by Blue Ocean
Resources Pte Ltd and guaranteed by Central Proteinaprima.

On July 5, 2007, Fitch Ratings has assigned a final rating of
'B+' and a final recovery rating of 'RR4' to the US$325 million
senior notes due 2012 issued by Blue Ocean Resources Pte. Ltd.
and guaranteed by Central Proteinaprima Tbk (CPP, rated
'B+'/Stable).


CENTRAL PROTEINAPRIMA: To Sell Two Power Plants for IDR780 Bil.
---------------------------------------------------------------
PT Central Proteinaprima Tbk will sell two units of power plant
to CDE for a total amount of IDR780 billion, Reuters Investing
Keys reports.

According to the report, the company will sell its 63 and 87.30
megawatt power plants, which include the buildings, machines and
equipment.

The power plants, the report relates, are located at Rawa Jitu
Timur sub-district in Tulang Bawang, Lampung and Sungai Menang
sub-district in Ogan Komering Ilir, South Sumatera.

PT Central Proteinaprima Tbk headquartered in Jakarta Indonesia
is an Indonesia-based agribusiness company that is part of
Charoen Pokphand Group.  The Company is engaged in the animal
husbandry sector, producing animal feed for fish, shrimp and
poultry, as well as shrimp farming activity.   Its subsidiaries
include Isodoro Holding BV, which is engaged in the financial
sector; PT Centralpertiwi Bahari and PT Centralwindu Sejati,
which are engaged in the agribusiness sector; PT Marindo Lab
Pratama, which is engaged in the production of dietary
supplement containing bacteria or yeast and Blue Ocean Resources
Pte Ltd, which is a trading company.   As of May 22, 2007, the
Company has acquired PT Central Panganpertiwi, which is engaged
in the production of fish feed.

As reported by the Troubled Company Reporter-Asia Pacific on
July 13, 2007, Moody's Investors Service has affirmed its B1
long-term foreign currency rating of the US$325 million
guaranteed senior notes due 2012, as issued by Blue Ocean
Resources Pte Ltd and guaranteed by Central Proteinaprima.

On July 5, 2007, Fitch Ratings has assigned a final rating of
'B+' and a final recovery rating of 'RR4' to the US$325 million
senior notes due 2012 issued by Blue Ocean Resources Pte. Ltd.
and guaranteed by Central Proteinaprima Tbk (CPP, rated
'B+'/Stable).


GARUDA INDONESIA: To Connect Chennai-Medan Daily from April 2008
----------------------------------------------------------------
PT Garuda Indonesia will start flying daily on the Chennai-Medan
route from April 2008, TravelBiz Monitor News reports, citing  
Dharmendra Gursahani, Garuda general sales agent in India.

According to the report, Garuda Indonesia will deploy a B737-500
aircraft that will connect Chennai to Medan and fly onward to
Singapore.   "Indian passengers will also be able to opt for
connecting flights from Medan to Denpasar and Jakarta," Mr.
Gursahani told the news agency.

The ASEAN agreement, the report explains, ensures that the
airline faces no bilateral agreement constraints and can enhance
operations to India at its will.   The airline is expecting
delivery of long-range aircraft in the next three years, the
report adds.

Mr. Gursahani told the news agency that Garuda has signed an
interline agreement with Jet Airways, which will provide for
feeder traffic from other cities into Chennai.  Its ground
handling operations will be managed by Air India, and is on the
Billing Settlement Plan, he added.

Garuda had been looking to start operations on the route since
quite some time but was not able to materialize its plan due to
lack of aircraft, the report adds.

                     About Garuda Indonesia

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

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

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

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

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


GOODYEAR TIRE: Noteholders Tender US$346-MM Convertible Notes
-------------------------------------------------------------
The Goodyear Tire & Rubber Company disclosed the results of a
offer to exchange its outstanding 4% Convertible Senior Notes
due June 15, 2034, for a cash payment and shares of its common
stock.

Noteholders tendered approximately US$346 million aggregate
principal amount of convertible notes in exchange for
approximately 28.7 million shares of common stock plus a total
cash payment of approximately US$23 million.  Approximately 99%
of the principal amount of the outstanding convertible notes was
tendered in the exchange offer.  A total of approximately
US$4 million principal amount of convertible notes remains
outstanding.

"This successful exchange offer eliminates approximately
US$346 million in debt from our balance sheet and reduces our
annual interest expense by approximately US$14 million," W. Mark
Schmitz, executive vice president and chief financial officer,
said.  "This exchange is another step in our debt reduction
process and helps us move closer to our next stage metrics."

The exchange offer, which expired at 5 p.m. New York City time
on Dec. 5, 2007, allowed note holders to receive the same number
of shares of Goodyear's common stock as they would have received
upon conversion of the convertible notes in accordance with
their current terms, plus a cash payment, including accrued and
unpaid interest.

The exchange offer was made pursuant to a prospectus, dated
Nov. 30, 2007, contained in a registration statement filed by
Goodyear with the Securities and Exchange Commission, which was
declared effective on Nov. 20, 2007.  Copies of the prospectus
contained in the registration statement may be obtained from the
exchange agent:

     Wells Fargo Bank, N.A.
     Corporate Trust Operations
     Sixth and Marquette, MAC N0303-121
     Minneapolis, Minn. 55479
     Telephone (800) 344-5128

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand.  Goodyear employs more than 80,000 people
worldwide.

                          *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  These ratings still apply as
of Dec. 4, 2007.


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

KOJIMA CO: Violates Recycling Law for the Second Time
-----------------------------------------------------
Kojima Co. has been ordered by The Environment Ministry and the
Ministry of Economy, Trade and Industry to improve on its
recycling law compliance for the second time, reports Kyodo
News.

According to the report, Kojima failed to transfer 76,745 used
products to their manufacturers after collecting them from
consumers nationwide.

Kyodo News writes that the Home Appliance Recycling Law requires
retailers to collect recycling fees from customers when
receiving used air conditioners, television sets, washing
machines and refrigerators, and send the used products back to
their manufacturers.

Kojima, states the report, claims that some of the collected
products were stolen and that the company is currently
investigating the whereabouts of the rest of the products.

However, the two ministries believe that the latest misconduct
was carried out on an extensive scale and has been carried out
between April 2004 and September this year, relates Kyodo News.

Kyodo notes that both ministries demanded the electric appliance
retailer to report the cause of the misconduct and how it is
dealing with the recycling charges collected from consumers in
cases where the used products have not been passed on to their
manufacturers.

The total amount collected by Kojima is estimated to exceed
JPY270 million and Kojima, according to Kyodo News, said it is
refunding customers who are known to have paid recycling fees.

Kojima President Akio Kojima is quoted as saying in a news
conference, "We feel very sorry for causing trouble for our
customers."

Of the 76,745 home appliances Kojima did not pass on to the
manufacturers, 54,537 were air conditioners, 17,769 TVs, 2,313
refrigerators and 2,126 washing machines, adds Kyodo News.

The report recalls that Kojima was among the 10 stores in Aichi
and Gifu prefectures reprimanded in October for a similar
misconduct.

                       About Kojima Co.

Kojima Co., Ltd., -- http://www.kojima.net/-- headquartered in  
Tochigi Prefecture, is a Japan-based retailer of home electric
appliances. The Company sells computers and peripheral
equipment, computer software, audiovisual (AV) equipment,
information devises, health equipment, lighting, clocks, office
equipment, games and others. The Company also offers its
products through its own online retail stores. Through its
subsidiaries, Kojima is also engaged in the operation of halls
and the provision of restaurant services, as well as the travel,
real estate leasing, life and non-life insurance agency and
advertising businesses.

               2-1-8 Hoshigaoka
               Utsunomiya-shi,  TCG  320-8528
               JPN +81-28-6210001 (Phone)

                    *     *     *

The Troubled Company Reporter-Asia Pacific reported on December
4, 2007, that Rating and Investment Information Inc. has
downgraded the issuer rating of Kojima from 'BBB-' to 'BB+' with
a stable outlook.  According to R&I, the company has undertaken
reforms for improving its competitiveness through consolidation
and elimination of outlets and opening large stores.  However,
sales have not grown despite the expanded sales floor
areas, and recovery of profit is lagging behind.


SEIYU LTD: Wal-Mart to Buy Remaining 45% Shares for JPY93.4 Bil.
----------------------------------------------------------------
Wal-Mart Stores has raised its stake in Seiyu Ltd. to 95.1%,
various reports say.  Wal-Mart already owns 50.9% of Seiyu.

In a Reuters report, Nathan Layne writes that Wal-Mart said that
the buyout would cost JPY93.4 billion, offering JPY140 per
share, in which the settlement will be made on December 11.

In addition to this, Reuters relates that Wal-Mart will also
take steps to acquire the remaining shares and delist Seiyu from
the Tokyo Stock Exchange.

Arkansas-based Wal-Mart announced in October that it intended
to buy the remaining 49% stake of Seiyu, which it did not
already own, The Associated Press notes.  

According to AP, Wal-Mart's move is part of its strategy of
taking a lead in speeding up management changes to turn around
Tokyo-based Seiyu's struggling business and ending doubts
whether it will exit Japan.

Wal-Mart, Reuters notes, has already invested more than
US$1 billion in Seiyu since 2002, but has yet to see anything
more than temporary upswings in sales amid tough competition
with rivals such as Aeon Co.

                        About Seiyu Ltd.

Tokyo-based, The Seiyu, Ltd. -- http://www.seiyu.co.jp/-- is a
Japanese company that is involved in two business segments.  The
Retailing segment, together with its subsidiaries, develops
daily products, operates general merchandise stores (GMSs),
supermarkets and shopping malls and provides information and
services.  This segment is also engaged in the prepared food
business, the operation of specialty stores for mobile phones,
the procurement of overseas original products, as well as the
provision of recruitment services and the ordering of gift
products.  The Real Estate segment is involved in the leasing of
real estate properties, in addition to the development and
management of properties, such as commercial facilities.  The
Seiyu has 17 subsidiaries and two associated companies.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 21,
2006, that United States-based retailer Wal-Mart Stores, Inc.,
is successfully rehabilitating its Japanese unit, Seiyu Limited.

According to press reports, Seiyu has not made a profit since
Wal-Mart first took a stake in the Japanese retailer in 2002.

A TCR-AP report on Feb. 21, 2006, stated that Seiyu incurred a
net loss of JPY17.77 billion in the year ended December 31,
2005, versus a loss of JPY12.32 billion in 2004.


SOFTBANK CORP: Beats Rivals in Nov. Gains from Switching Users
--------------------------------------------------------------
Softbank Corp. led gains in users who switched carriers last
month, Masaki Kondo writes for Bloomberg News.

According to the report, Softbank won 33,000 customers from
rival operators, KDDI Corp. and NTT DoCoMo Inc., after a rule
change in 2006 allowed customers to move to another carrier
without having to alter their phone numbers.

KDDI gained 15,100, while NTT lost 58,100 to rivals, relates the
report.

Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese  
telecommunications and media corporation.  SoftBank was
established on September 3, 1981.  The company operates in eight
business segments:   

   * Broadband Infrastructure Segment   
   * Fixed-line Telecommunications Segment   
   * e-Commerce Segment     
   * Internet Culture Segment   
   * Broadmedia Segment   
   * Technology Services Segment   
   * Media & Marketing Segment   
   * Overseas Funds Segment

Softbank is also involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.  As of March 31, 2007, the company's paid-in
capital was JPY163.3 billion.                      

                      *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 7,
2007, that Standard & Poor's Rating Agency lifted its long-term
corporate credit and senior unsecured debt ratings to BB from
BB- in light of the company's increasing earnings stability.  
The outlook for the long-term credit rating is stable.  Moody's
Investors Service, on August 9, 2006, upgraded Softbank Corp.'s
stable long-term debt rating and issuer rating to Ba2from Ba3,
concluding a review initiated on March 17, 2006, when the
company announced that it would acquire a 97.7% stake in mobile
phone giant Vodafone Group's Japanese unit, Vodafone K.K.


* Japan's Consumer Prices Rise 0.1% in October 2007
---------------------------------------------------
The statistics bureau said that Japan's consumer prices
unexpectedly rose for the first time since December 2006 as oil
and raw materials costs surged, Mayumi Otsuma writes for
Bloomberg News.

Mr. Otsuma writes that core consumer prices, excluding fresh
food, climbed 0.1% in October from a year earlier.  

Despite the gain, Bank of Japan will not probably raise interest
rates because falling wages are curbing consumer spending and
economic growth, relates Boomberg.

Deputy Governor Toshiro Muto, according to Bloomberg, said it
that the month of November that the U.S. housing recession and
market turmoil made it "difficult" to decide when to raise the
key rate from 0.5%, which is the lowest among major economies.

Bloomberg quotes Azusa Kato, an economist at BNP Paribas
Securities Japan Ltd. as saying, "Mounting risks for the economy
are already reducing the chance of a rate hike.  he improvement
in core prices won't provide much support for the central bank's
attempt to raise rates."

                       Interest Rates

Bloomberg relates that expectations of a rate increase are
already receding as yields on the benchmark 10-year government
bond fell to a two-year low last week.

Yasunari Ueno, chief market economist at Mizuho Securities,
expressed to Bloomberg, "Financial markets will keep gyrating,
probably more frequently than we've seen.  It'll take time
before fears about a credit crunch and economic recession ease
and markets regain a more optimistic outlook."

Rising prices of crude oil, wheat and aluminum are squeezing
profits and prompting more companies to pass on costs to
customers, says Bloomberg.

"The weight of food in the consumer price index is small, and
higher costs of daily necessities tend to prompt consumers to
cut down non-essential spending.  Price gains won't accelerate
without wage increases," says Seiji Adachi, a senior economist
at Deutsche Securities Inc. in Tokyo.

According to Seiji Nakamura, a Bank of Japan policy maker,
companies "are extremely cautious about raising prices" because
Japanese consumers have built up a "strong resistance" to
increase after years of deflation.  Mr. Nakamura, states
Bloomberg, added that some supermarkets saw sales decline after
raising prices and had to cut them again.


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

ARROW ELECTRONICS: Arrow ECS Merges Distribution Biz with ATI
-------------------------------------------------------------
The Enterprise Computing Solutions business of Arrow Electronics
Inc. is transitioning its software distribution business to
Arrow's subsidiary, Alternative Technology Inc., creating a
software business in excess of US$1 billion.

Through this arrangement, ATI will gain eight additional product
lines that were part of Arrow ECS' Software Group and will
oversee partner relationships and internal staff for that
business.

Product lines that will be transferred to ATI include Bakbone,
BEA, CA, CommVault, McAfee, Novell, Oracle and Symantec.  Arrow
ECS' storage, HP and IBM businesses will not change.

"Arrow ECS is committed to increasing the depth of our offerings
in high- growth sectors, including software and security," Kevin
Gilroy, president of Arrow ECS, said.  "In addition, Arrow ECS
is focused on delivering comprehensive solutions to our
partners.  This initiative enables Arrow ECS to best serve our
software suppliers and partners by providing focused support and
dedicated resources to grow their business."

It is anticipated that the suppliers will be transitioned to ATI
by the end of Arrow's first quarter in 2008.  A team comprising
representatives from both Arrow ECS and ATI will manage the
integration process.

"This integration best enables Arrow ECS and ATI to share and
apply best practices within our respective software businesses,"
Bill Botti, president and chief executive officer of ATI, said.  
"Partners will benefit from enhanced complementary product lines
and a full suite of professional
services available through ATI."

ATI represents more than 30 software and security suppliers,
including Citrix and VMware.  

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and    
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

Arrow Enterprise Computing Solutions is a Englewood, Colorado-
based business unit of Arrow Electronics Inc. that provides
enterprise and midrange computing products, services and
solutions to value-added resellers, system integrators, and
independent software vendors.

Alternative Technology Inc. is a Englewood, Colorado-based
wholly owned subsidiary of Arrow Enterprise Computing Solutions,
that provides end-to-end solutions, presales support, order
management and marketing services to more than 3,000 partners.  
Established in 1986, ATI also offers a robust portfolio of
processional services for partners, including onsite
engineering, security assessments and technical call support.
Alternative Technology Inc. has offices in Ft. Lauderdale,
Florida, Carlsbad, California, and Mississauga, Canada.  

                          *     *     *

Arrow Electronics' senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


EUGENE SCIENCE: Completes Move to Larger Facility
-------------------------------------------------
Eugene Science, Inc. has completed its move into a newly
constructed corporate headquarters and production facility in
Seoul, Korea.

The move to the larger facility will enable the Company to
double its CZ(TM)plant sterol production capacity to a maximum
of 100 tons monthly.  The higher production capacity will
increase the company's gross revenue capability to approximately
US$5 million per month, at a relatively minimal capital
expenditure.  The company expects its increased production
capacity to immediately enhance its ability to secure additional
mass market orders for CZ(TM).

The new facility is approximately twice the size of the
Company's former property and was custom built to meet Eugene
Science's requirements with the Kyonggi-Do State Government
subsidizing the vast majority of the construction costs as well
as payments on the initial 20-year lease under local economic
development programs. The Company's new facility includes 22,000
square feet of specially designed office, R&D and production
space on six acres of land offering future additional build-out
potential.

"The move into the new facility with higher production capacity
represents a significant milestone in our growth strategy," said
Seung Kwon Noh, Eugene Science's Chairman and Chief Executive
Officer.  "With awareness and demand for our CholZero(TM)
product line growing, the company is well positioned for strong
growth in 2008 and beyond."

The property is located in Jang-An Industrial Complex, Haw Sung
City, Kyonggi-Do, about 40 miles south of Seoul and ten miles
from Pyungtaek Port, an important and emerging industrial harbor
servicing the capital city of Seoul.

Eugene Science expects to sell its former corporate headquarters
office in Seoul with the proceeds to be used to reduce debt.

                      About Eugene Science

Based in Kyonggi Do, South Korea, Eugene Science, Inc., fka
Ezomm Enterprises, Inc. (OTCBB: EUSI), is a global biotechnology
company that develops, manufactures and markets nutraceuticals,
or functional foods that offer health-promoting advantages
beyond that of nutrition.  Plant sterols are the Company's
primary products, which include CZTM Series of food additives
and CholZeroTM branded beverages and capsules.  In June 2005,
the Company received regulatory approval for certain health
claims associated with the Company's products from government
agencies in the Republic of Korea.

As reported in the Troubled Company Reporter - Asia Pacific on
November 22, 2006, Eugence Science's independent accountants
expressed substantial doubt on the company's ability to continue
as a going concern.  The independent accountants pointed to
recurring losses from operations and working capital
deficiencies as of September 30, 2006 and 2005.


LG TELECOM: To Provide Customers w/ Open Mobile Internet Policy
---------------------------------------------------------------
LG Telecom Ltd. planned to introduce open mobile Internet
business next year, the Korean Times reports.

According to the report, the "open" mobile phone platforms has
become a global trend, since Google formed a worldwide
consortium for the mobile Internet business and Verizon pledged
to open its network to any device next year.  South Korean
telecom firms, the report relates, have been reluctant in doing
so, but LG Telecom said it has decided to go that way.

The company's CEO Jung Il-jae made it clear that the firm's
priority for next year will be the open mobile Internet
business, the report relates.  

Its main strategy is to open its phone platform, the Times
notes, enabling any Internet or software company to freely make
and sell mobile Internet services - like any software
programmers can make and sell computer programs that run on
Microsoft's Windows operating system for PCs.

The Times notes that telecom companies in Korea have been
preparing for such a service, but did not seriously
commercialize it until LG Telecom said that it would launch a
number of full-browsing phones in the first half of next year.

                        About LG Telecom

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

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

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 14, 2006, Fitch Ratings upgraded LG Telecom's foreign
currency Issuer Default rating to 'BB+' from 'BB.'

On March 27, 2007, Moody's Investors Service upgraded LG
Telecom's foreign currency corporate family rating and senior
unsecured bond rating to Ba1 from Ba2.  The outlook on the
rating is stable.


HANAROTELECOM: Telecom Firms Protests SK Telecom's Acquisition
--------------------------------------------------------------
KTF, LG Telecom, LG Dacom and LG Powercom  have joined up in an
anti-SK Telecom front, demanding the government halt SK
Telecom's expansion into the fixed-line telephone and Internet
market, The Korean Times reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 4, 2007, SK Telecom had agreed to buy hanarotelecom Inc.
for KRW1.09 trillion in cash, a near 50% premium on pre-
acquisition talks.

According to the TCR-AP, hanaro would give SK Telecom access to
a quarter of online users in a market where nine out of 10 homes
have high-speed Internet connections.  The purchase, subject to
regulatory approval, would also enable SK Telecom to expand into
markets such as Internet television programming and offer
products that combine fixed-line and wireless services, the
report notes.

Cho Jin-seo of the Times writes that the four telecom firms did
not specify what measures the government should consider, saying
that they will have more discussions regarding this issue.

LG Telecom CEO Jung Il-jae told The Hankyoreh that they are very
concerned about the deal.  "The government should consider ways
to reduce anti-competitive market conditions that could be
triggered by the takeover deal," he added.

According to Hankyoreh, market observers say SK Telecom's tie-up
with hanaro will help strengthen its market dominance both in
the mobile and fixed-line sectors at a time when the two
services are rapidly converging.

Smaller operators, however, say that the consolidation could
threaten their existence as SK Telecom could use its dominance
in the mobile communications sector and in the fixed-line
communications area where companies compete fiercely for
customers, Hankyoreh points out.

As reported by the TCR-AP on Nov. 30, 2007, South Korea's
corporate regulator is studying the possible effects of SK
Telecom's plan to purchase hanaro.

The TCR-AP noted that Vice Chairman of the Fair Trade Commission
Kim Byung-bae said they are currently collecting data and
studying how a possible deal (between the two companies) could
affect the telecommunications market and
monopolization.

The possible deal, if signed, must be reviewed and approved by
the commission in order to go into effect, The TCR-AP added.

                     About hanarotelecom

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

                        *     *     *

Moody's Investor Service has given hanarotelecom's long-term
corporate family and its senior unsecured debt 'Ba2' ratings.

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


REMY WORLDWIDE: Emerges from Chapter 11, Completes Sale of Knopf
----------------------------------------------------------------
Remy Worldwide Holdings Inc. has emerged from chapter 11
protection less than 59 days after filing its pre-packaged plan
of reorganization and petitions.

As reported in the Troubled Company Reporter on Nov. 21, 2007,
the pre-packaged plan of reorganization was confirmed by the
U.S. Bankruptcy Court for the District of Delaware on Nov. 20.

In conjunction with its emergence from chapter 11, Remy also
disclosed that effective Dec. 6, the company has access to its
exit financing facility of up to US$330 million, including a
US$120 million revolving credit facility and term loans of
US$210 million.  The company emphasized that this will provide
Remy with the liquidity required to continue to meet its
financial needs and operate its business in the coming years.

In addition, the sale of Remy’s M&M Knopf Auto Parts subsidiary
was completed on Dec. 4, 2007.

"[The Chapter 11 emergence] marks the start of a new chapter in
Remy’s history," John Weber, President and Chief Executive
Officer of Remy, said.  "In reaching this milestone Remy has
effectively restructured its debt and its commercial
arrangements with General Motors and as a result, strengthened
its competitive position.  We are excited to move forward as a
revitalized and reenergized company."

Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc.  Remy International --
http://www.remyinc.com/-- manufactures, remanufactures and  
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide component
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.  Remy has operations in the United Kingdom, Mexico
and Korea, among others.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509).  Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts.  Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors.  The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is AlixPartners,
LLC.   Greenbert Traurig, LLP is the Debtors' special corporate
advisory and litigation counsel, and Ernst & Young LLP their
accountant, auditor and tax services provider.

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).  


REMY WORLDWIDE: Wants Court to Close 27 Bankruptcy Cases
--------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to enter a
final decree closing the Chapter 11 cases of 27 Reorganized
Debtors, pursuant to Section 350(a) of the Bankruptcy Code :

      Entity                                      Case No.
      ------                                      --------
      Ballantrae Corporation                      07-11482
      HSG I, Inc.                                 07-11483
      HSG II, Inc.                                07-11484
      International Fuel Systems, Inc.            07-11485
      iPower Technologies, Inc.                   07-11486
      M. & M. Knopf Auto Parts, L.L.C.            07-11487
      Marine Corporation of America               07-11488
      NABCO, Inc.                                 07-11489
      Power Investments Marine, Inc.              07-11490
      Power Investments, Inc.                     07-11491
      Powrbilt Products, Inc.                     07-11492
      Publitech, Inc.                             07-11493
      Reman Holdings, L.L.C.                      07-11494
      Remy Alternators, Inc.                      07-11495
      Remy India Holdings, Inc.                   07-11496
      Remy International Holdings, Inc.           07-11498
      Remy Korea Holdings, LLC                    07-11499
      Remy Logistics, L.L.C.                      07-11500
      Remy Powertrain, L.P.                       07-11501
      Remy Reman, L.L.C.                          07-11502
      Remy Sales, Inc.                            07-11503
      Remy, Inc.                                  07-11504
      Unit Parts Company                          07-11505
      Western Reman Industrial , Inc.             07-11506
      Western Reman Industrial, LLC               07-11507
      World Wide Automotive, L.L.C.               07-11508
      World Wide Automotive Distributors, Inc.    07-11509

Section 350(a) provides that after an estate is fully
administered and the court has discharged the trustee, a court,
on motion of a party in interest, may grant a final decree
closing a chapter 11 case.  

An estate is fully administered when its Chapter 11 plan has
been confirmed and the estate dissolves, Douglas P. Bartner,
Esq., at Shearman & Sterling LLP, in New York, points out.

Mr. Bartner reminds the Court that the Debtors' Joint
Prepackaged Plan of Reorganization was confirmed on Nov. 20,
2007.  All documents and agreements necessary to implement and
complete the Plan have been executed in accordance with the
Plans' and Confirmation Order's terms, he avers.

The Plan became effective Dec. 6, 2007.  The Reorganized Debtors
have substantially consummated the Plan and all of the
distributions, Mr. Bartner continues.  There are no deposit
requirements in the Plan.  The property required to be
transferred under the Plan will have been substantially
transferred in that all anticipated distributions will have been
made and, to the extent required, the Reorganized Debtors will
have assumed the management of the property dealt with by the
Plan.

Finally, the Debtors, other than Remy International, have no
remaining motions, contested matters or adversary proceedings by
or against them pending before the Court, Mr. Bartner relates.

The Debtors also ask the Court to rule that upon entry of a
final decree, the caption of the Debtors' Chapter 11 cases be
modified to reflect the closing of the Chapter 11 case of each
Reorganized Debtor other than Remy International:

The Reorganized Debtors, except Remy International, will file a
final report for their Chapter 11 cases pursuant to Local
Delaware Bankruptcy Rule 5009-1(c) without delay.

The Court will convene a hearing on Dec. 20, 2007, to consider
the Debtors' request.

Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc.  Remy International --
http://www.remyinc.com/-- manufactures, remanufactures and  
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide component
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.  Remy has operations in the United Kingdom, Mexico
and Korea, among others.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509).  Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts.  Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors.  The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is AlixPartners,
LLC.   Greenbert Traurig, LLP is the Debtors' special corporate
advisory and litigation counsel, and Ernst & Young LLP their
accountant, auditor and tax services provider.

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities
ofUS$1,265,648,000.  (Remy Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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

ARK RESOURCES: Court Extends RO Expiry to March 31, 2008
--------------------------------------------------------
The High Court of Malaya, Kuala Lumpur has further extended the
Restraining Order in favor of ARK Resources Berhad and its
subsidiaries for 97 days, from Dec. 26, 2007, to March 31, 2008.

ARK Resources' subsidiaries are:

   -- ARK Hartanah Sdn Bhd;
   -- ARK M&E Sdn Bhd; and
   -- ARK Development Sdn Bhd

Moreover, the Court also granted the company to hold:

   -- its creditors' meeting on December 31, 2007; and
   -- its shareholders' meeting on March 31, 2008.


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

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


ELECTRONIC DATA: Share Buyback Won't Impact Rating, Moody's Says
----------------------------------------------------------------
Moody's has commented that Electronic Data System Corp.'s Ba1
long term rating and positive rating outlook are unaffected by
the Dec. 4, 2007 announcement that its board has authorized a
new US$1 billion share buyback program to be executed over the
next eighteen months.  The company's large cash balance and
Moody's expectations for continued improvements in operating
performance and free cash flow generation, as well as
management's commitment to limit share repurchases within free
cash flow, support the Ba1 rating and positive outlook.

Electronic Data remains a leader in Information Technology
outsourcing with good organic revenue growth and profitability.
The company is expected to maintain strong liquidity from
internal and external sources providing good financial
flexibility.  The company's rating and positive rating outlook
are supported by its size and breadth, as measured by its
geographic diversification, as well as its ample pretax income
and free cash flow.

Moody's expects the company's management will be prudent in
administering the share buyback program, such that share
repurchases are done in accordance with free cash flow
generation and may be suspended or slowed if capital is needed
to be allocated elsewhere to fund other possible business
investment needs.

As of the quarter ended September 2007, Electronic Data' cash
and short term investments totaled US$3.1 billion as compared to
total debt of US$3.3 billion, with the nearest maturity of
US$700 million due in October 2009 (US$700 million 7.125% senior
notes due).  The company also has access to a US$1 billion five
year revolving credit facility maturing June 2011.  There are no
outstanding borrowings under the credit facility at September
2007 and Moody's does not expect any usage over the next twelve
months.  This revolver allows for drawings without having to
represent no material adverse change and has two financial
covenants, a leverage ratio of 3.0 times measured by debt to
EBITDA and an EBITDA to interest expense coverage ratio of 3.0
times.  At Sept. 30, 2007, the company's leverage ratio and
interest coverage ratio, as measured under the definitions of
the facility, were 1.12 and 13.01, respectively.  Moody's
expects the company will remain in compliance with these
financial covenants for at least the next twelve months.

                     About EDS Corp.

Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS)
-- http://www.eds.com/-- is a global technology services  
company delivering business solutions to its clients.  The
company founded the information technology outsourcing industry
more than 40 years ago.  The company delivers a broad portfolio
of information technology and business process outsourcing
services to clients in the manufacturing, financial services,
healthcare, communications, energy, transportation, and consumer
and retail industries and to governments around the world.

EDS has locations in Argentina, Australia, Brazil, China, Chile,
Hong Kong, India, Japan, Malaysia, Mexico, Puerto Rico,
Singapore, Taiwan, Thailand and South Korea.


FOREMOST HOLDINGS: Ismail bin Jusoh Steps Down as Director
----------------------------------------------------------
Ismail bin Jusoh has stepped down as Executive Director of
Foremost Holdings Berhad.  

He has worked his way up from Foreman, Supervisor to Managerial
Level in  M & E Engineering Sector.  Mr. bin Jusoh has working
experiences in Singapore,Taiwan and Brunei.


Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.

Foremost was classified as an affected listed issuer under Bursa
Malaysia Securities Berhad's Practice Note 17 because it has
"insufficient financial position to warrant continued listing".
As an affected issuer, the Company is required to draft a plan
to regularize its finances to avoid being delisted from the
Official List.


LITYAN HOLDINGS: To Undertake Proposals to Regularize Condition
---------------------------------------------------------------
Lityan Holdings Berhad plans to undertake these proposals to
regularize its financial condition:

   (a) proposed capital reconstruction involving the proposed
       cancellation of 87.50 sen of the par value of the
       existing ordinary share of MYR1.00 each in Lityan and
       thereafter, the proposed consolidation of eight ordinary
       shares of 12.50 sen each into one Share.  Moreover, the
       proposed reduction of the entire share premium account of
       Lityan;

   (b) proposed restructuring of all debts owing as at Sept. 30,
       2007, to the secured and unsecured lenders of the Lityan
       group of companies, certain identified trade, contingent
       creditors and other creditors;

   (c) proposed special issue involving the issuance of
       31,452,265 new Shares in Lityan to LTH, a major
       shareholder of the company, at an issue price of MYR1.00
       per Share to LTH after the Proposed Debt Restructuring;

   (d) proposed acquisition of the entire issued and paid-up
       capital of THT Integrated Solutions Sdn Bhd comprising
       500,000 Shares from TH Technologies Sdn Bhd for a
       purchase consideration of MYR1.6 million, which will be
       satisfied via the issuance of 1.6 million new Shares in
       Lityan;

   (e) proposed waiver to LTH and persons acting in concert with
       it from having to extend a take-over offer for all the
       remaining Shares not already owned by them in Lityan
       after the Proposed Special Issue;

   (f) proposed offer for sale/placement of Lityan Shares at
       the option of the Secured Lenders, the Unsecured Lenders,
       the Unsecured Creditors and the Contingent Creditors to
       the Malaysian public, including the shareholders of
       Lityan except for LTH on a rights basis as well as to the
       senior management of Lityan.

The Proposed Restructuring Scheme is conditional upon:

     (i) the approval of the Securities Commission for the
         Proposed Restructuring Scheme;

    (ii) the approval of the  Equity Compliance Unit for the
         Proposed Restructuring Scheme;

   (iii) the approval of the SC for the Proposed GO Waiver;

    (iv) the approval of Lityan's shareholders for the
         Proposed Restructuring Scheme at an extraordinary
         general meeting to be convened;

     (v) the approval of the Scheme Creditors for the Proposed
         Debt Restructuring at a Court-convened meeting to be
         convened pursuant to Section 176 of the Act;

    (vi) the approval in-principle from Bursa Securities for the
         listing of and quotation for the new Shares in Lityan
         to be issued pursuant to the Proposed Restructuring
         Scheme;

   (vii) the confirmation of the High Court for the Proposed
         Capital Reduction and Consolidation pursuant to Section
         64 of the Act;

  (viii) the sanction of the High Court for the Proposed Debt
         Restructuring pursuant to Section 176 of the Act; and

    (ix) the approvals, waivers and/or consents from any other
         relevant authorities and/or persons, if required.

                    About Lityan Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides       
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


PAN MALAYSIAN: Court OKs Par Value & Share Premium Reduction
------------------------------------------------------------
Pursuant to PN17 of the Listing Requirements of Bursa Malaysia
Securities Berhad, the High Court of Malaya, Kuala Lumpur, on
November 26, 2007, granted an order approving the Par Value
Reduction and the Share Premium Reduction of Pan Malaysian
Industries Berhad.

The office copy of the Order has been lodged with the Companies
Commission of Malaysia on Nov. 30, 2007.

Pan Malaysian is now proceeding with the Capital Reconstruction.

Pan Malaysian Industries Berhad is an investment holding
company.  The Company operates through two business segments:
Retailing and Property and investment holding.

The company is an Affected Listed Issuer pursuant to PN17 of the
Boursa Malaysia as it has a deficit in its unaudited adjusted
shareholders' equity on a consolidated basis of MYR17.55 million
as of December 31, 2005, computed on the basis stated in PN17.
The said deficit in the company's unaudited shareholders' equity
on a consolidated basis was mainly due to the net loss of the
PMI Group of MYR163.13 million for the unaudited nine month
financial period ended December 31, 2005 due mainly to the
sharing of losses of associated companies which comprised
substantially of impairment losses.

Pan Malaysian Industries Bhd's balance sheet as of June 30,
2007, went upside down by MYR29.1 million on total assets of
MYR643.76 million and total liabilities of MYR672.85 million.


SHAW GROUP: Earns US$645,000 in 2007 4th Quarter Ended Aug. 31
---------------------------------------------------------------
The Shaw Group Inc. reported financial results for its fourth
quarter and fiscal year ended Aug. 31, 2007.  Net income for the
three months ended Aug. 31, 2007, inclusive of its investment in
Westinghouse, was US$645,000.  Excluding the Westinghouse
segment, net income was US$36.9 million.  In comparison, for the
three months ended Aug. 31, 2006, which was prior to the
Westinghouse investment, Shaw reported net income of US$13.3
million.

Earnings before interest expense, income taxes, depreciation and
amortization for the three months ended Aug. 31, 2007, including
the Westinghouse segment, were US$13.4 million.  These results
included a US$52 million pre-tax and non-cash foreign exchange
translation loss on the company's Japanese Yen denominated debt
that partially funded the investment in Westinghouse.  Excluding
the Westinghouse segment, fourth quarter 2007 EBITDA was
US$64.2 million compared to fourth quarter 2006 EBITDA of
US$30.1 million.  Revenues for the fourth quarter 2007 were
US$1.6 billion compared to US$1.2 billion in the prior year
quarter, a 40% increase.  Shaw generated approximately US$176
million in operating cash flow during the fourth quarter of 2007
as compared to US$162 million in the fourth quarter 2006.  The
company's global cash balance at Aug. 31, 2007, exceeded US$360
million.

For the fiscal year ended Aug. 31, 2007, inclusive of its
investment in Westinghouse, Shaw reported a net loss of
US$19.0 million.  Excluding the Westinghouse segment, fiscal
year 2007 net income was US$19.4 million.  For the fiscal year
ended Aug. 31, 2006, Shaw reported net income of US$50.2
million.

For the fiscal year ended Aug. 31, 2007, EBITDA including the
Westinghouse segment was US$59.6 million and US$92.1 million
excluding the Westinghouse segment.  Fiscal year ended Aug. 31,
2006, EBITDA was US$124.1 million.  Revenues for fiscal year
2007 were US$5.7 billion compared to US$4.8 billion in fiscal
year 2006, a 20% increase.  Shaw generated US$461.0 million of
operating cash flow in fiscal year 2007, compared to a net use
of cash in operating activities of US$94.5 million in fiscal
year 2006.

Shaw booked nearly US$11 billion in new awards during fiscal
year 2007 and its backlog of unfilled orders at Aug. 31, 2007,
rose to a record US$14.3 billion, up 57% from approximately
US$9.1 billion at Aug. 31, 2006.

"Global demand and economic expansion in the markets we service
for power generation capacity, petrochemicals and refined
products continue to drive Shaw's considerable growth," J.M.
Bernhard Jr., Shaw's chairman, president and chief executive
officer, said.  "New contract awards for air quality and
emissions control work, plus new clean coal generation power
projects, together with our nuclear projects, provided the basis
for our Power Group growth.  During 2007, we booked our first
major nuclear power project in China and are working on the
study phase of several proposed U.S.-based nuclear power
projects.

"The Energy and Chemicals Group benefited from increased demand
for chemical and petrochemical production and refinery capacity
in the Middle East and Asia Pacific.  Demand for our fabrication
and manufacturing services is stronger as most power plants, oil
refineries, petrochemical and chemical plants require
significant quantities of piping.  In response to the global
demand of our customers, we are building our largest facility
worldwide in Matamoros, Mexico, and anticipate output to begin
in the second half of fiscal year 2008.

"Our Maintenance segment also continues to perform well from
current customers expanding existing contracts and from
sustained strong demand at an increasing number of new
locations.  Based on our record backlog, we anticipate seeing
continued growth in our revenues and earnings and anticipate
strong operating cash flow during fiscal year 2008 as we execute
our major power, chemical and petrochemical contracts."

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$3.8 billion and total liabilities of
US$2.6 billion, resulting in a stockholders' equity of
US$1.2 billion.

                        About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


SOLUTIA INC: S&P Rates Proposed US$1.2 Billion Term Loan at B+
--------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B+' loan
rating to Solutia Inc.'s (D/--/--) proposed US$1.2 billion
senior secured term loan and a '3' recovery rating, indicating
the likelihood of a meaningful (50%-70%) recovery of principal
in the event of a payment default.  The ratings are based on
preliminary terms and conditions.

S&P also assigned its 'B-' rating to the company's proposed
US$400 million unsecured notes.

Solutia will use proceeds from the proposed term loan, unsecured
notes, an unrated US$400 million asset-backed revolving credit
facility, and a US$250 million rights equity issue to pay
certain creditors upon emergence from bankruptcy, including
creditors at a Belgium-based subsidiary, Solutia Europe
S.A./N.V. (B/Developing/B).  S&P expects to withdraw its ratings
on Solutia Europe when creditors of that company are paid down
as planned.  Proceeds will also be used to meet funding
shortfalls in employee benefit liabilities.

Total adjusted debt, pro forma for the transaction, including
the present value of capitalized operating leases, tax-adjusted
unfunded employee benefits, and tax-adjusted environmental
reserves, is estimated at US$2.1 billion for the fiscal year
ended Dec. 31, 2007.

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

"The ratings reflect Solutia's highly leveraged financial
profile and its low margins," said S&P's credit analyst Paul
Kurias.  Solutia's business mix includes a large commodity-
oriented nylon segment that is somewhat vulnerable to economic
and cyclical downturns and volatility in raw material,
transportation, and energy costs.  These risks are tempered by
meaningful contributions of relatively stable specialty
businesses in the company's portfolio, good market shares in
most businesses, geographic diversity, and an ongoing portfolio
restructuring effort aimed at improving the company's cost
competitiveness and profitability.

                      About Solutia Inc.

Based 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).  


TALAM CORP: Unit Enters into Project Deal with Radiant Pillar
-------------------------------------------------------------
On Nov. 29, 2007, Talam Corporation Berhad's wholly owned
subsidiary, TCB Resources Sdn Bhd, entered into a Project
Management Agreement with Radiant Pillar Sdn Bhd, a 50%
associate company of Kumpulan Europlus Berhad, which in turn
holds 42.94% in Talam.  The transaction is a recurrent related
party transaction.

Radiant Pillar wants to engage TCB Resources as project manager,
which will undertake and provide, inter-alia, these professional
services in relation to the development of a piece of land
measuring approximately 4,954 acres located within the Mukim of
Tanjong Duabelas, Mukim of Teluk Panglima Garang and Pekan of
Jenjarum, all within District of Kuala Langat, Selangor Darul
Ehsan into a residential and commercial development to be known
as Canal City:

* Planning Approval (Canal City)

   (a) Concept Plan Submission and Approval
   (b) Planning Layout/Development Order Submission and Approval
   (c) Precomp Plan Submission and Approval
   (d) Infrastructure and Earthwork Plan Submission and Approval
   (e) Utilities/Services Plan Submission and Approval
   (f) Building Plan Submission and Approval

* Land Matter

   (a) Land Acquisition
   (b) Land Alienation
   (c) Land Conversion and Sub-Division
   (d) Land Amalgamation
   (e) Surrender and Realienation
   (f) Registration of Title
   (g) Strata Title
   (h) Permission to Transfer and Charge to Purchasers

TCB Resources will be paid:

   -- A fee of MYR500,000 per month, which will be payable
      commencing from the date of the Agreement until expiry of
      the 24 months thereafter and subject to availability of
      funds; and

   -- Thereafter, a fee equivalent to 1% of the aggregate sale
      price of all units sold, which will be due 30 days after
      the end of the month of the signing of the sale and
      purchase agreements between Radiant Pillar and the
      prospective purchasers in relation to the units and after
      the recoupment by Radiant Pillar of the amount of   
      MYR12 million, being the fees paid to TCB Resources.

      For avoidance of doubt, the total fees payable to and
      receivable by TCB Resources for the services rendered of
      the Agreement will not exceed 1% of the aggregate sale
      price of the units sold by Radiant Pillar.

The provision of the management services to Radiant Pillar
enables TCB Resources, which has extensive expertise in this
area, to generate a good and stable income for the Group over an
estimated development period of 20 years.

The transaction is made in the ordinary course of business of
Talam which is carried out at arm’s length on normal commercial
terms and is not detrimental to the interest of Talam's
shareholders and on the terms not more favorable to the related
party than those generally available to the public.

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

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


TANCO HOLDINGS: Taps Andrew Tan Jun Suan as Executive Director
--------------------------------------------------------------
Andrew Tan Jun Suan has been appointed executive director of
Tanco Holdings Berhad.

Mr. Jun Suan holds a Degree in Commerce from The University of
Melbourne, Australia.  He joined Tanco in 2005 and has since
been actively involved in the Group’s corporate restructuring
exercise.  He is also a director of some of Tanco's
subsidiaries.


Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf     
and marina clubs and provides management services.  Its other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding.  The Group carries out its operations in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.

The company is a Practice Note 17 company in respect of the
Company's continuance as a going concern in its audited accounts
for the year ended 31 December 2004.  As an affected listed
issuer, the company is required to implement a regularization
plan to avoid delisting.


TANCO HOLDINGS: Incurs MYR12MM Net Loss in Qtr. Ended Sept. 30
--------------------------------------------------------------
Tanco Holdings Berhad has incurred a net loss of
MYR12.04 million for the quarter ended September 30, 2007,
compared with the MYR10.55-million net loss recorded for the
same period in 2006.

Revenues for the third quarter totaled MYR5.85 million, a
decrease from the MYR3.30 million recorded in the third quarter
of 2006.

As of September 30, 2007, the company's balance sheet showed
MYR545.68 million in total assets and MYR529.95 million in total
liabilities, resulting in a shareholders' equity of
MYR15.73 million.

Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf     
and marina clubs and provides management services.  Its other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding.  The Group carries out its operations in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.

The company is a Practice Note 17 company in respect of the
Company's continuance as a going concern in its audited accounts
for the year ended 31 December 2004.  As an affected listed
issuer, the Company is required to implement a regularization
plan to avoid delisting.


TANCO HOLDINGS: Court Sanctions Composite Schemes
-------------------------------------------------
As reported by the Troubled Company Reporter-Asia Pacific on
November 23, 2007, Tanco Holdings Berhad and its affected  
subsidiaries applied for Court sanction of its Proposed
Composite Schemes of Arrangement pursuant to Section 176 of the
Companies Act, 1965.  

In an update, the Court sanctioned the Composite Schemes on
Dec. 6, 2007.

The order has been granted with an undertaking from Lehman
Brothers, provided through its Counsel that the Refinancier will
be bounded by the Composite Scheme and will provide the
appropriate funding to the Tanco Group to give effect to the
Composite Schemes of Arrangement, subject to the conditions as
stated in the Order.

A copy of the sealed Court Order has also been filed with the
Companies Commission of Malaysia under Section 176(5) of the
Companies Act 1965 on Dec. 6, 2007.

With the sanction of the Composite Schemes by the Courts and the
lodgment of the Order being made to the Companies Commission of
Malaysia, the Composite Schemes are now effective and binding
between the Tanco Group and its respective Scheme Creditors.

Tanco also unveiled that as the Composite Schemes have now been
sanctioned by the Courts, the potential disputes that may have
arisen from the Chairman’s ruling during the Creditors' Meeting
as announced on the August 10, 2007, are no longer in issue.

Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf     
and marina clubs and provides management services.  Its other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding.  The Group carries out its operations in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.

The company is a Practice Note 17 company in respect of the
Company's continuance as a going concern in its audited accounts
for the year ended 31 December 2004.  As an affected listed
issuer, the Company is required to submit and implement a
regularization plan to avoid delisting.


TENGGARA OIL: Subsidiaries Placed Under Voluntary Liquidation
-------------------------------------------------------------
At an extraordinary general meeting held on November 27, 2007,
the members of Tenggara Oil Berhad's subsidiaries, Gerbang Ayu
Development Sdn. Bhd. and Mujur Menara Sdn. Bhd., passed a
resolution to voluntarily wind up its operations.

The liquidation of Tenggara's subsidiaries will not have any
material financial impact on the company and will not have any
material effect on Tenggara's shareholding structure.  

The wind-up of Tenggara's Subsidiaries is a part of the
company’s Proposed Corporate and Debt Restructuring Scheme to
regularize its financial condition that was submitted to the
Securities Commission on August 7, 2007.

                       About Tenggara Oil

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of formulating a debt-restructuring
scheme with relevant parties.


TRIPLC BHD: Extends Employee Share Option Scheme to Jan. 2013
-------------------------------------------------------------
The Board of Directors of TRIplc Berhad disclosed that its  
Employee Share Option Scheme will expire on January 6, 2008.

Pursuant to the Bye-Law 20.2 of the company's ESOS Bye-Laws and
upon the recommendation of the ESOS Committee, the Board has
decided to extend the duration of its ESOS for an additional
five years commencing from January 7, 2008, up to January 6,
2013, on the same terms and conditions as set out in the said
Bye-Laws.


TRIPLC Berhad, formerly U-Wood Holdings Berhad, is a Malaysian
based provider of property development, construction and related
project management services.

The Company operates in four segments: property development,
which is engaged in the development of residential and
commercial properties; property construction, which is involved
in the construction of commercial properties; manufacturing and
trading, engaged in the manufacturing and trading of plywood,
blockboard and timber products, and others, which is engaged in
investment holding and investment of property.

On May 8, 2006, the company has been classified as an affected
listed issuer of the Amended Practice Note 17 category of the
Bursa Malaysia Securities Bhd.

Accordingly, as stipulated in the listing requirements of the
bourse, the company is required to submit a regularization plan
to relevant authorities which is aimed at stabilizing the
company's financial condition.


VERIFONE INC: Financial Restatement Cues S&P's Negative Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on San
Jose, California-based VeriFone Inc. to negative from positive,
following the announcement that the company will restate its
previously issued, unaudited interim consolidated financial
statements for the quarters ended January, April, and July 2007.  
Ratings on the company, including the 'BB-' corporate credit
rating, were affirmed.
     
The company announced that it will restate previous financial
statements because of errors in accounting related to the
valuation of in-transit inventory and allocation of
manufacturing and distribution overhead to inventory.  Both of
these affect the company's reported cost of revenues.  VeriFone
currently expects to file the amended quarterly reports,
together with its fiscal 2007 (October year-end) audited
financial statements, in January 2008.
     
"The ratings reflect the company's moderate debt leverage and
acquisitive growth strategies," said Standard & Poor's credit
analyst David Tsui.  "These factors are offset partially by
VeriFone's leading position in the niche market for electronic
payment solutions and its diversified customer and market base."
     
VeriFone designs, markets, and services system solutions that
enable secure electronic payments.

                 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.


WEMBLEY: Balance Sheet Upside-Down by MYR922 Mil. at Sept. 30
-------------------------------------------------------------
Wembley Industries Holdings Bhd's balance sheet went upside down
to MYR922.97 million after posting total assets of
MYR415.96 million and total liabilities of MYR1.34 billion as of
September 30, 2007.

The company's balance sheet as of end-September also reflected
strained liquidity with current assets of MYR415.9 million
available to pay MYR1.34 billion of current liabilities coming
due within the next 12 months.

Meanwhile, Wembley incurred a net loss of MYR21 million in the
quarter eriod ended Sept. 30, 2007, compared with the
MYR19-million net loss in the same period of 2006.


Headquartered in Sarawak Malaysia, Wembley Industries Holdings
Berhad is a developer of commercial properties and investment
holding.  Its other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel.

The company has been placed under the Practice Note 4 category
due to its tight cash flow position.  On January 7, 2003,
Malaysia's Foreign Investment Committee approved the company's
regularization plan.  Subsequently, on April 7, 2003, the FIC
revised its approval to include the possible participation of
Daewoo Corporation, the former turnkey contractor of Plaza
Rakyat Project in the company's Proposed Debt Restructuring.  
The company's ability to continue as a going concern hinges on
the successful implementation of the Scheme.


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

AMY CONTRACTING: Taps Rodewald and Neilson as Liquidators
---------------------------------------------------------
Thomas Lee Rodewald and Robert James Neilson were appointed
liquidators of Amy Contracting Ltd. on November 12, 2007.

The Liquidators can be reached at:

          Thomas Lee Rodewald
          Robert James Neilson
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


BLAZER PROPERTY: Fixes December 13 as Last Day to File Claims
-------------------------------------------------------------
On November 8, 2007, Jeffrey Philip Meltzer and Karen Betty
Mason were named liquidators of Blazer Property & Management
Services Ltd.

Creditors are required to file their proofs of debt by Dec. 13,
2007, to be included in the company's dividend distribution.

The Liquidators can be reached at:

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


GLASS EARTH: Incurs CND$136,000 Net Loss in Qtr. Ended Sept. 30
---------------------------------------------------------------
Glass Earth Ltd booked a net loss of CND$136,000 on revenues of
CND$59,000 in the three months ended Sept. 30, 2007, the
company's consolidated interim financial statements showed.  The
company incurred operating expenses for the quarter totaling
CND$231,000 and earned interest income of CND$36,000.

For the nine months ended Sept. 30, 2007, the mining firm
reported net loss of CND$721,000.  Revenues for the period
totaled CND$59,000, which was pulled down by operating
expenditures of CND$938,000.  For the nine-month period, the
company earned interest income aggregating CND$158,000.

Accumulated deficit as of Sept. 30, 2007, is at CND$3,558,000.

Glass Earth is still a development-stage company, hence it has
not earned revenues, the company noted in its financial results.

The company admits that its ability to meet obligations and
continue as a going concern is dependent on its ability to
obtain additional financing, the discovery, development or sale
of mining reserves and achievement of profitable operations.  
The company is planning to meet its future expenditures and
obligations by raising funds through public offerings, private
placements or by farm-outs of mineral properties.  However, the
company says, it is not possible to predict whether these
efforts will be successful or whether the company will attain
profitable levels of operation.

A full-text copy of the company's interim financial statements
for the quarter and nine-month ended Sept. 30, 2007, is
available for free at http://researcharchives.com/t/s?263f

Glass Earth Ltd -- http://www.glassearthlimited.com/-- and its
Subsidiaries' principal activity is the exploration for and
mining of gold deposits in New Zealand.  Glass Earth has
established a large portfolio of gold prospecting and
exploration permits in New Zealand, including advanced gold
prospects in the Hauraki-Waihi area; advanced and greenfields
gold prospects at the Mamaku-Muirs Reef area between Rotorua and
Tauranga; Greenfield gold prospects in the Central Volcanic
Region between Rotorua and Taupo, and advanced and greenfields
gold prospects in the Otago mesothermal gold fields, including
priority over a 20,550km2 prospecting permit area which it
believes is prospective for Macraesstyle gold mineralisation.
All Glass Earth's business operations are owned and managed by
its New Zealand subsidiaries Glass Earth (New Zealand) Limited
and HPD New Zealand Limited.  As of December 27, 2006, St Andrew
Goldfields Ltd. held approximately 50.2% interest in the
company.

As of June 30, 2007, the company booked a deficit of
CND3,422,000, compared with the CND1,953,000 deficit as of
May 31, 2006.


HFT CONSTRUCTION: Appoints Parsons and Kenealy as Liquidators
-------------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were named
liquidators of HFT Construction Ltd. on November 14, 2007.

The Liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          Indepth Forensic Limited
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Web site: http://www.indepth.co.nz


KONSTANCIN GROUP: Appoints John Francis Managh as Liquidator
------------------------------------------------------------
The shareholders of Konstancin Group Ltd., on November 13, 2007,
appointed John Francis Managh as liquidator for the company.

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

The Liquidator can be reached at:

          John Francis Managh
          50 Tennyson Street
          PO Box 1022, Napier
          New Zealand
          Telephone/Facsimile: (06) 835 6280


LAKE TAUPO: Names Rodewald and Neilson as Liquidators
-----------------------------------------------------
On November 12, 2007, Thomas Lee Rodewald and Robert James
Neilson were tapped as liquidators for Lake Taupo Hotbus
Limited.

The Liquidators can be reached at:

          Thomas Lee Rodewald
          Robert James Neilson
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


SENSE RESEARCH: Commences Liquidation Proceedings
-------------------------------------------------
Sense Research Ltd. commenced liquidation proceedings on
Oct. 31, 2007.

Michael Peter Stiassny and Brendon James Gibson were appointed
as liquidators.

The Liquidators can be reached at:

          Michael Peter Stiassny
          Brendon James Gibson
          KordaMentha
          Level 16, Tower Centre
          45 Queen Street
          PO Box 982, Auckland
          New Zealand
          Telephone:(09) 307 7865
          Facsimile:(09) 377 7794


SOBERBIA INVESTMENTS: Claims Bar Date Fixed on Dec. 15
------------------------------------------------------
The creditors of Soberbia Investments Ltd. are required to file
their proofs of debt by December 15, 2007, to be included in the
company's dividend distribution.

The company went into liquidation on November 14, 2007.

The company's liquidator is:

          Graham Thomas Langridge
          Martin Jarvie PKF
          85 The Terrace, 3rd Floor
          Wellington
          New Zealand
          Telephone:(04) 472 7919


STEWART ISLAND: Wind-Up Petition Hearing Slated for Feb. 11
-----------------------------------------------------------
A petition to have Stewart Island Investments Ltd.'s operations
wound up will be heard before the High Court of Rotorua on
February 11, 2008, at 11:45 a.m.

Preston Russell Law filed the petition on August 13, 2007.

Preston Russell's solicitor is:

          S. N. Mckenzie
          c/o 92 Spey Street
          PO Box 355, Invercargill
          New Zealand
          Telephone:(03) 211 0080
          Facsimile:(03) 211 0079


TE KAIRANGA: Shareholders Approve NZ$5.5-Mil. Share Sale
--------------------------------------------------------
The shareholders of Te Kairanga Wines, at its annual meeting on
Dec. 9, 2007, approved the proposed sale of NZ$5.5-million of
the company's new shares, to finance ongoing activities, the New
Zealand Press Association reports.

Specifically, the shareholders gave their nods on the NZ$4.5
million rights issue, with three new NZ$1 shares for each two
shares now owned.  According to NZPA, the approval also included
the go ahead for former Montana Wines Managing Director Peter
Hubscher to acquire another 1 million NZ$1 shares.

The company's two largest shareholders -- Rangatira and
Hettinger Nominees -- reportedly will fully underwrite the
rights issue.

The company is currently facing financial difficulties and is
under pressure from its lenders to reduce debt, NZPA cites the
company's directors as telling shareholders.  The directors
believe that without the rights issue, the company could be
forced to stop trading.

Chairman Roger Taylor told NZPA that the company's problems
resulted from two low harvests in the past three years and in
difficulties obtaining contract grapes.

Mr. Taylor also pointed out that high value of the New Zealand
dollar affected returns from sales abroad and admitted to
problems with volume consistency.

A German firm recently rejected a 4,000-case shipment of Te
Karainga wine because of high copper levels, various reports
say.  APN News noted that the setback is the latest blow for the
wine manufacturer after the company posted a NZ$2.1-million loss
in the year ended June 30, 2007.

Martinborough-based Te Kairanga Wines booked at least two year
of consecutive losses -- NZ$2.1 million in the year ended
June 30, 2007, and NZ$287,000 in FY2006.


WHANGAPARAOA ROAD: Creditors' Proofs of Debt Due on Dec. 14
-----------------------------------------------------------
Jeffrey Philip Meltzer and Michael Lamacraft were named
liquidators of Whangaparaoa Road (590-594) Ltd. on November 12,
2007.

Only creditors who can file their proofs of debt by Dec. 14,
2007, will be included in the company's dividend distribution.

The Liquidators can be reached at:

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


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

FEDDERS CORP: Taps Roux Associates as Environmental Consultant
--------------------------------------------------------------
Fedders Corp. and its debtor-affiliates ask the United States
Bankruptcy Court for the District of Delaware for permission to
employ Roux Associates as environmental consultant, nunc pro
tunc to Nov. 15, 2007.

The Debtors tell the Court that Roux Associates will provide
environmental consulation and management services in connection
with the Debtors' investigation and potential remediation of the
990 and 1040 properties located at Spruce Street in Trenton, New
Jersey.

Specifically, Roux Associates will:

   a) with respect to the 1040 property:

      -- draft a preliminary assessment report which identifies
         potential areas of concern;

      -- install permanent monitoring wells to be used for
         sampling ground water;

      -- conduct a BEE to determine the potential need for
         further ecological evaluation activities; and  

      -- prepare letter report summarizing Roux Associates'
         investigation to determine whether additional
         remediation activities are required.

   b) with respect to the 990 property:

      -- draft a preliminary assessment report which identifies
         potential areas of concern;

      -- conduct additional soil and ground water sampling based  
         on the findings of the PA report;

      -- perform vapor intrusion investigation;

      -- perform baseline ecological evaluation to determine the
         need for further evaluation activities;

      -- conduct ground water sampling from existing monitoring
         wheels;

      -- prepare site investigation/remedial investigation
         report for submission to New Jersey Department of
         Environmental Protection concerning compliance with its
         soil and ground water standards;

      -- dispose sampled ground water and excess soil cutting;
     
      -- conduct site meeting with NJDEP to discuss remedial
         alternatives considered by the Debtors;

      -- evaluate remedial alternative; and

      -- prepare revised remedial action work plan for
         submission to NJDEP for approval of the proposed site
         remediation.

The firm's professionals bill between US$60 and US$275 per hour
for this engagement.

To the best of the Debtors' knowledge the firm is a
“disinterested person” as defined in Section 101(14) of the
Bankruptcy Court.


Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.

The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182).  Its debtor-affiliates
filed for separate Chapter 11 cases.  Norman L. Pernick, Esq. of
Saul, Ewing, Remick & Saul LLP represents the Debtors in their
restructuring efforts.  The Debtors have selected Logan &
Company Inc. as claims and noticing agent.  The U.S. Trustee for
region 3 has appointed an Official Committee of Unsecured
Creditors on this case.  When the Debtors filed for protection
from its creditors, it listed total assets of US$186,300,000 and
total debts of US$322,000,000.

The company has production facilities in the United States in
Illinois, North Carolina, New Mexico, and Texas and
international production facilities in the Philippines, China
and India.


PHIL. LONG DISTANCE: Wins PEMC Fiber Optic Linkage
--------------------------------------------------
Philippine Long Distance Telephone Co. has won the bidding for
the fiber optic linkage of Philippine Electricity Market Corp.
from Luzon to Visayas, Alena Mae S. Flores writes for the Manila
Standard Today.

According to the report, the linkage will pave the way for the
operation of the wholesale electricity spot market in the
Visayas.

The WESM acts as the trading floor for electricity while PEMC is
the market operator, Manila Standard explains.

PEMC Executive Vice President Mario Pangilinan told reporters
that the company hopes to operate the spot market in the Visayas
by Jan. 26 next year, pending the Department of Energy's final
approval.

The report recounts that the National Transmission Corp. had
worked for the restoration of the fiber optic network linking
the Visayas to the spot market in Luzon that was damaged by
typhoons in 2006.  However, the NTC failed to complete the
restoration project.

Nineteen power generators -- belonging to various owners
including the National Power Corp., Power Sector Assets and
Liabilities Management Corp., Global Business Power Corp., and
PNOC-Energy Development Corp. -- and 58 directly connected
customers -- composed of rural cooperatives, industrial and
commercial loads and private distribution utilities -- have
registered with PEMC, Manila Standard explains.  The 19
generators have a total capacity of 1,503 megawatt while the
directly-connected customers have 1,085 MW.

PEMC President Lasse Holopainen assured that the power supply
situation in the Visayas would not pose a problem to the
operation of the WESM, the report relates.  “The Visayas has had
supply issues since 2002 and these are mainly during certain
times of the year and certain times of the day.  It forces the
use of a lot of oil.  You can look at the market as possibly
being able to discipline the use of that and to price it
properly in order to have new generating capacity to come in,”
the president said.

                          About PLDT

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

                        *     *     *

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

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


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

GENESIS TECHNOLOGIES: To Pay Preferential Dividend on Dec. 17
-------------------------------------------------------------
Genesis Technologies International Pte Ltd, which is in
compulsory liquidation, will pay its first and final dividend on
December 17, 2007.

The company will pay 55.87% to all admitted preferential claims.

The company's liquidator is:

          Tay Swee Sze
          c/o Tay Swee Sze & Associates
          137 Telok Ayer Street #04-01
          Singapore 068602


MUSIC JUNCTION: Creditors Meeting Scheduled for December 18
-----------------------------------------------------------
The creditors of Music Junction (S) Pte Ltd will meet on
December 18, 2007, at The URA Centre, East Wing, in 45 Maxwell
Road #06-11, Singapore 069118.

At the meeting, the creditors will be asked to:

   -- receive a report of the special manager on the status of
      the company's wind-up;

   -- receive an update on the progress to recover funds made
      under preferred payments;

   -- give a brief discussion on possible causes of action to
      recover the funds; and

   -- seek the support of creditors to pursue recovery of the
      funds in Court;

   -- approve the remuneration of the special manager and the
      legal fees; and

   -- discuss other matters.


PANKO PRIVATE: Requires Creditors to File Claims by January 7
-------------------------------------------------------------
The creditors of Panko Private Limited are required to file
their proofs of debt by January 7, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o BDO Raffles
          5 Shenton Way
          #07-01 UIC Building
          Singapore 068808


RITRONICS COMPONENTS: Creditors' Meeting Set for December 24
------------------------------------------------------------
Ritronics Components (S) Pte Ltd, which is in judicial
management, will hold the first meeting for its creditors on
December 24, 2007, at 11:00 a.m., at 18 Cross Street, in #08-01
Marsh & McLennan Centre, Singapore 048423.

The company's judicial managers are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


SANG CHOY: Court to Hear Wind-Up Petition on January 11
-------------------------------------------------------
A petition to have Sang Choy Color Pte. Ltd.'s operations wound
up will be heard before the High Court of Singapore on Jan. 11,
2008, at 10:00 a.m.

Hong Leong Finance Limited filed the petition on November 14,
2007.

Hong Leong's solicitors are:

          Bih Li & Lee
          79 Robinson Road
          #24-08 CPF Building
          Singapore 068897


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

TPI POLENE: Delays THB8BB Refinancing After Court Imposes Fines
---------------------------------------------------------------
TPI Polene Public Company Limited has delayed a plan to
refinance around THB8 billion (US$264 million) of debt to 2008
after a court imposed huge fines for stock manipulation, Reuters
reports, citing company director Prachai Leophairatana.

According to the report, the court imposed a THB6.9-billion fine
in the first week of December and sentenced Mr. Prachai to three
years in jail after he and the firm were found guilty of stock
manipulation in 2004.

Mr. Prachai told Reuters that TPI Polene has not yet decided
whether it will set aside money to pay for the fines in the
fourth quarter.  The report cites analysts as saying that the
company would post a net loss in the fourth quarter if it set
aside money for the fine and would not be able to pay an interim
dividend.


TPI Polene Public Company Limited -- http://www.tpipolene.com/
-- operates in two major industries, the cement and plastic
industries, and has 11 distribution terminals in Thailand.  The
Company and its subsidiaries employ 5,232 employees as of
December 2005.  It was listed on the Stock Exchange of Thailand
in November 1990.  The Company has been undertaking a
US$1.1-billion debt restructuring since 2001 via a debt-for-
equity swap and debt buy-back.  It plans to sell new shares to
raise enough funds to pay debts.

TPI Polene's major creditors are KFW, Bangkok Bank, Standard
Chartered Bank and JP Morgan Chase and Co.


* Moody's Says Strong Demand Supports Ratings for Asian Shipping
----------------------------------------------------------------
Moody's Investors Service says that continued strong demand is
helping support a stable outlook for shipping companies in Asia
Pacific (excluding Japan), although the sector faces challenges
in the form of volatile freight rates, rapid expansion and
rising operating costs.

The report's authors, Moody's Vice President/Senior Credit
Officer Peter Choy and Vice President/Senior Analyst Elizabeth
Allen, note that excess capacity has continued to contribute to
freight rate volatility, holding down rates for both liners and
tankers.

"Over the next 12 months, the ability to manage revenue
uncertainty over freight rates, which have been volatile over
the last several years, will remain a key credit issue," says
Mr. Choy.

"Also, while market conditions differ for liners, oil and gas
transporters, and bulk shippers, rising operating costs,
including higher fuel prices, port charges and charter hire
payments, have the potential to pressure margins across the
shipping sector as a whole," he says.

Meanwhile, oil and gas transporters like Malaysia's MISC Berhad
and Singapore's BW Group have increased their petroleum and
offshore tonnage in response to a forecasted increase in demand.
However, while shipping requirements for oil and gas are
expected to remain strong, fleet expansion nonetheless presents
potential financial risks.

"A key ratings issue for shipping companies will be the ability
to manage expansion risk while avoiding the temptation to over
leverage," says Ms. Allen.

"Ordering new ships inevitably increases debt leverage, and in
the absence of assured long-term employment, shippers will be
exposed to a high degree of financial risk if new buildings are
financed by high levels of debt," she adds.

According to the report, much depends on how accurately shippers
gauge future demand and supply at a time when capacity is
increasing and an oversupply of ships results in more intense
competition and additional pressure on freight rates.  Efforts
to improve cost effectiveness will also be key to maintaining
ratings, it says.

The report -- entitled Industry Snapshot: Asia Pacific Shipping
Sector -- is part of Moody's Industry Snapshot series, which
offers succinct and incisive looks at particular sectors.  The
report can be found at http://www.moodys.com/


* BOND PRICING: For the Week 10 December to 14 December 2007
------------------------------------------------------------





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

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.80
A&R Whitcoulls Group           9.500%  12/15/10     NZD    11.50
Antares Energy Limited        10.000%  10/31/13     AUD     1.81
Arrow Energy NL               10.000%  03/31/08     AUD     2.91
Babcock & Brown Pty Ltd        8.500%  11/17/09     NZD     9.90
Becton Property Group          9.500%  06/30/10     AUD     1.13
Bounty Industries Limited     10.000%  06/30/10     AUD     0.06
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    10.60
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.50
China Century Capital Ltd     12.000%  09/30/10     AUD     1.00
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     5.02
FGL Finance                    6.250%  03/17/10     AUD     7.89
Fletcher Building Ltd          8.600%  03/15/08     NZD    10.20
Fletcher Building Ltd          7.800%  03/15/09     NZD    10.00
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.30
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.37
Heemskirk Consolidated
   Limited                     8.000%  09/30/11     AUD     3.05
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    10.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.25
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     9.55
LongReach Group Limited       10.000%  10/31/08     AUD     0.20
Metal Storm Ltd               10.000%  09/01/09     AUD     0.12
Minerals Corp.                 9.000%  03/31/08     AUD     1.00
Minerals Corp.                10.500%  09/30/08     AUD     1.00
Nylex Limited                 10.000%  12/08/09     AUD     2.41
PPCS Limited                  11.500%  12/15/10     NZD    74.62  
Salomon SB Aust                4.250%  02/01/19     USD     8.64
Speirs Group Ltd.             13.160%  06/30/49     NZD    60.00
TrustPower Ltd                 8.300%  12/15/08     NZD    10.50
TrustPower Ltd                 8.500%  09/15/12     NZD     9.75
TrustPower Ltd                 8.500%  03/15/14     NZD     9.25


CHINA
-----
China Govt. Bond               4.860%  08/10/14    CNY      0.00
China Railway                  4.850%  07/29/20    CNY     72.00
CITIC Guoan Information
   Indust. Co., Ltd            1.200%  09/14/13    CNY     69.12
Yunnan Yuntianhu Co., Ltd.     1.200%  01/29/13    CNY     74.75


JAPAN
-----
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.49
Nara Prefecture                1.520%  10/31/14     JPY     9.46
NIS Group Co., Ltd.            2.730%  02/26/10     JPY    68.34

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    43.28
Korea Dev. Bank                7.450%  10/31/21     KRW    43.24
Korea Dev. Bank                7.400%  11/02/21     KRW    43.23
Korea Dev. Bank                7.310%  11/08/21     KRW    43.18
Korea Dev. Bank                8.450%  12/15/26     KRW    66.75


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.12
Berjaya Land Bhd               5.000%  12/30/09     MYR     5.15
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/17/08     MYR     1.40
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.08
EG Industries Berhad           5.000%  06/16/10     MYR     0.52
Equine Capital                 3.000%  08/26/08     MYR     1.77
Greatpac Holdings              2.000%  12/11/08     MYR     0.10
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.53
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.50
Insas Berhad                   8.000%  04/19/09     MYR     0.75
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.35
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.30
Kumpulan Jetson                5.000%  11/27/12     MYR     0.52
Lebuhraya Kajang               2.000%  06/12/19     MYR    71.06
Lebuhraya Kajang               2.000%  06/12/20     MYR    68.57
Lebuhraya Kajang               2.000%  06/12/21     MYR    68.15
Lebuhraya Kajang               2.000%  06/12/22     MYR    63.74
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.50
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.50
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.50
Malaysian Gov't                6.450%  11/30/08     MYR    20.00
Media Prima Bhd                2.000%  07/18/08     MYR     1.78
Mithril Bhd                    8.000%  04/05/09     MYR     0.24
Mithril Bhd                    3.000%  04/05/12     MYR     0.60
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.48
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.24
Pelikan International          3.000%  04/08/10     MYR     3.90
Pelikan International          3.000%  04/08/10     MYR     1.50
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.79
Ramunia Holdings               1.000%  12/20/07     MYR     1.04
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.16
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.65
Senai-Desaru Expressway        3.500%  12/09/19     MYR    74.95
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.57
Southern Steel                 5.500%  07/31/08     MYR     1.62
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.28
Tradewinds Corp.               2.000%  02/08/12     MYR     1.11
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.77
TRC Synergy Berhad             5.000%  01/20/12     MYR     2.13
Wah Seong Corp.                3.000%  05/21/12     MYR     6.60
WCT Land Bhd                   3.000%  08/02/09     MYR     3.90
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.79
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.06


SRI LANKA
---------

Sri Lanka Govt                6.850%  04/15/12     LKR     73.55
Sri Lanka Govt                6.850%  10/15/12     LKR     72.29
Sri Lanka Govt                8.500%  01/15/13     LKR     70.39
Sri Lanka Govt                7.500%  08/01/13     LKR     64.85
Sri Lanka Govt                7.500%  11/01/13     LKR     63.95
Sri Lanka Govt                8.500%  02/01/18     LKR     73.73
Sri Lanka Govt                7.500%  08/15/18     LKR     67.64
Sri Lanka Govt                7.000%  10/01/23     LKR     59.46
Sri Lanka Govt                8.500%  07/15/18     LKR     73.20







                         *********

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.


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S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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.
   
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