TCRAP_Public/071213.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

          Thursday, December 13, 2007, Vol. 10, No. 247

                            Headlines

A U S T R A L I A

ABC DISTRIBUTION: Liquidator Presents Wind-Up Report
ADVANCED MARKETING: Third Amended Plan Effective December 4
ARROW ENERGY: Takes 10% Strategic Stake in LNG Ltd.
ARROW ENERGY: Shares Merchant Gas & Pipeline Biz With AGL Energy
B.G. GREGORY: To Declare Second Dividend on December 15

CARBIRD PTY: Commences Liquidation Proceedings
CENTURY NO. 10: Holds Final Meeting
CHRYSLER LLC: November Certified Pre-Owned Vehicle Sales Down 2%
COEUR D'ALENE: Okays US$1.1-Bln Merger with Bolnisi & Palmarejo
COMMSCOPE INC: Reaches Agreement with DOJ to Complete Andrew Buy

GOLDWAY ENTERPRISES: Members & Creditors Receive Wind-Up Report
GRACIA PTY: Liquidator Presents Wind-Up Report
H & J INVESTMENTS: Members Receive Wind-Up Report
HEARING AID: Liquidator Presents Wind-Up Report
PEPMINT PTY: To Pay Dividend for Preferred Creditors

SYDNEY HARBOUR: May Have Difficulty Paying Loan to RTA
VEMA AUSTRALIA: Placed Under Voluntary Liquidation
* ASIC Disqualifies Four Directors


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

ANDREW CORP: Shareholders Okay CommScope Merger Agreement
CHINA SOUTHERN AIRLINES: Launches New Phone Payment System
CLASSIC ENTERPRISES: Appoints New Liquidators
CRISSCROSS: Court to Hear Wind-Up Proceedings on January 9
CROCHET KNITTING: Court to Hear Wind-Up Petition on January 9

EPICORE SOFTWARE: Moody's Ups Ba1 Rating on US$100-Mln Sr. Loan
GRAND PALACE: Members and Creditors Meeting Set for Dec. 18
GVG DIGITAL: Court to Hear Wind-Up Petition on Jan. 23
HONG TECH: Court to Hear Wind-Up Proceedings on Jan. 23
PETROLEOS DE VENEZUELA: Forming Joint Venture for Guara & Diez


I N D I A

EASTMAN KODAK: Signs Marketing Deal with PGA TOUR
RAIN CALCINING: Fixes Jan. 2 as Record Date for Scheme
SAMTEL COLOR: Shareholders OK Increase in Capital to INR125 Cr.
TATA STEEL: Partners With SODEMI for US$1.5BB Iron Ore Project


I N D O N E S I A

AVNET INC: Unit Inks European Franchise Deal with Maxim
BANK INTERNASIONAL: Temasek Holdings Raises Stake in Company
EXCELCOMINDO: Etisala to Buy 16% Stake for US$438 Million
MEDIA NUSANTARA: Linktone Shareholder May Oppose Stake Sale
OWENS-ILLINOIS INC: Debt Reduction Cues Fitch to Upgrade Ratings

PERUSAHAAN LISTRIK: To Enter Into Gas Deal with Premier Oil
SEMEN: Gov't Gives Thumbs Up on Building of Two Cement Plants


J A P A N

ALL NIPPON: To Increase Fuel Surcharge from January-March 2008
DELPHI CORP: Disclosure Statement is Inadequate, Wilmington Says
DELPHI CORP: ERISA Plaintiffs Complain Revised Plan Not Good
IHI CORP: Might Face JPY1 Billion Penalty Over Earnings Report
SALLY HOLDINGS: Moody's Cuts Rating on US$430MM Sr. Notes to B3

SOJITZ CORP: Will Jointly Develop LNG Plant with Sunshine Gas
SOJITZ CORP: To Invest in Food Wholesaler in Vietnam
TIMKEN CO: Enters Into Joint Venture with Xiangtan Electric
XM SATELLITE: Still Awaits FCC and DOJ Approval on Sirius Merger


K O R E A

DYNCORP INT'L: Bags US$49-Mil Construction Project from US Army
DYNCORP INTR'L: Gets US$4.6BB Service Deal from Global Linguist
KOREA EXPRESS: Attracts 10 Potential Bidders for Stake Sale


M A L A Y S I A

MALAYSIA AIRLINE: In Talks with Airbus SAS to Buy More A380 Jets
MEGAN MEDIA:  Former Chief Financial Controller Suspended
TENGGARA OIL: Subsidiary Placed Under Voluntary Liquidation


N E W  Z E A L A N D

A.P.U. HORTICULTURAL: Names John Francis Managh as Liquidator
ALBANY COLD: Requires Creditors to File Claims by Dec. 15
CASTOR BAY: Fixes Dec. 14 as Last Day to File Proofs of Debt
FINANCIAL SOLUTIONS: Appoints Simpson & Ruscoe as Liquidators
FIVE STAR: Most Loans Outside Normal Lending Practice, PwC Says

GRAPHIC PRINTING: Creditors' Proofs of Debt Due on Dec. 17
MORESCO AFFAIRS: Taps Webb Bastion as Liquidator
P.D. FLEMING: Taps Richards and Eden as Liquidators
POINT WINES: Court to Hear Wind-Up Petition on December 13
SHORE FOODS: Fixes Dec. 15 as Last Day to File Proofs of Debt


P H I L I P P I N E S

ACESITE(PHILS): Buys Back 1.353 Mil. Shares from Makati RTC
APC GROUP: Unit Inks Deal With 5 Ancestral Domains in Kalinga
CENTRAL AZUCARERA: Annual Stockholders' Meeting Set for Jan. 28
CHIQUITA BRANDS: Reaches Settlement with Panamanian Farmers
VULCAN INDUSTRIAL: Unit Inks Exploration Deal with Comet Mining

WENDY'S INTERNATIONAL: Hiring for New Chief Marketing Officer
WENDY'S INTERNATIONAL: Says Financial Performance is "Improving"
WENDY'S INTERNATIONAL: Gives Update on Strategic Review Process
* Government Tax Efforts Not in Sync With Economic Growth - IMF


S I N G A P O R E

CHEMTURA CORP: Creates Office of the Chairman
SEA CONTAINERS: SCSL Creditors Want to Set Record Straight
SEA CONTAINERS: Wins GE Seaco Arbitration Case


T H A I L A N D

BANK OF AYUDHYA: Moody's Considers 'Baa3' Rating For Upgrade
KRUNG THAI: Housing Loans Total THB35-Bil. for January-November
NATURAL PARK: Stockholders OK Sale of Shares in 4 Affiliates
WYNCOAST IND'L: Taps Tienchai Dawanwong as Director

     - - - - - - - -

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


ABC DISTRIBUTION: Liquidator Presents Wind-Up Report
----------------------------------------------------
The members and creditors of ABC Distribution Pty Ltd met on
November 29, 2007, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Raj Khatri
          Worrells Solvency & Forensic Accountants
          8th Floor, 102 Adelaide Street
          Brisbane, Queensland 4000
          Australia
          Telephone:(07) 3225 4300
          Facsimile:(07) 3225 4311
          Web site: http://www.worrells.net.au

                      About Abc Distribution

Abc Distribution Pty Ltd, which is also trading as Australian
Book Centre, is a distributor of books, periodicals, and
newspapers.  The company is located at Darra, in Queensland,
Australia.

ADVANCED MARKETING: Third Amended Plan Effective December 4
-----------------------------------------------------------
Advanced Marketing Services Inc., Publishers Group Incorporated
and Publishers Group West Incorporated formally emerged from
Chapter 11.  In a notice delivered to the U.S. Bankruptcy Court
for the District of Delaware, the Debtors said their Third
Amended Joint Plan of Liquidation became effective on Dec. 4,
2007.

The Liquidating Plan, which was co-filed by the Official
Committee of Unsecured Creditors in the Debtors' Chapter 11
cases, was confirmed by the Court on November 15.  The Court
found that the Plan satisfies all the requirements under Section
1129(a) of the Bankruptcy Code and complies with other
applicable provisions.

Curtis R. Smith, the newly appointed Plan Administrator pursuant
to the Confirmation Order, states that creditors holding claims
against the Debtors' estates will be entitled to receive
distributions in accordance with the terms of the Plan, to the
extent that the claims are allowed.

Any request for allowance of Administrative Claims must be filed
no later than January 3, 2008, with objections due on or before
February 4.  In addition, all professional fee requests
must be filed and served on the Debtors' counsel for final
allowance and reimbursement on or before January 18.

Furthermore, any entity asserting a claim against the Debtors'
estates arising from the rejection of the entity's executory
contract or unexpired lease with the Debtors must file a proof
of claim by January 3, and sent to:

          Epiq Bankruptcy Solutions, LLC
          757 Third Avenue, 3rd Floor
          New York, NY 10017

Unless otherwise ordered by the Court, all Claims arising from
the rejection of executory contracts or unexpired leases will be
treated as Unsecured Claims against the Reorganized Debtors, as
the case may be under the Plan.

On December 4, the Creditors Committee was dissolved and its
members were relieved of all of their prospective duties and
obligations in connection with the Reorganized Debtors' cases or
the Plan and its implementation.  The Creditors Committee has
been reconstituted as the Post-Confirmation Committee, with
these members:

   * Random House, Inc.,
   * Hachette Book Group USA, Inc.,
   * Harper Collins Publishers,
   * Penguin Group, and
   * Workman Publishing Co.

The bylaws and and the fiduciary duties adopted by the Creditors
Committee before the Effective Date will apply to the Post-
Confirmation Committee.  Also, the new committee has the right
to terminate the Plan Administrator with or without cause
and then appoint a successor Plan Administrator.

                    About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  In schedules filed with the Court,
Advanced Marketing disclosed total assets of US$213,384,791 and
total debts of US$216,608,357.  Publishers Group West disclosed
total assets of US$39,699,451 and total debts of US$83,272,493.  
Publishers Group Inc. disclosed zero assets but US$41,514,348 in
liabilities.

On Aug. 24, 2007, the Debtors' exclusive period to file a
chapter 11 plan expired.  On the same date, the Debtors and
Creditors Committee filed a Plan & Disclosure Statement.  On
September 26, the Court approved the adequacy of the Disclosure
Statement explaining the Second Amended Plan.  On Nov. 13, 2007,
the Debtors filed a Third Amended Plan and that plan was
confirmed by the Court on November 15.  (Advanced Marketing
Bankruptcy News, Issue No. 25; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).


ARROW ENERGY: Takes 10% Strategic Stake in LNG Ltd.
---------------------------------------------------
Arrow Energy Ltd. has subscribed for approximately 10% of the
ordinary shares of Liquefied Natural Gas Ltd. and has agreed to
a comprehensive strategic alignment of the two companies.

Under the terms of the arrangement between the two companies,
Arrow Energy:

   * has agreed to subscribe for 14 million shares of LNGL at
     65 cents per share for a total cost of AU$9.1 million with
     a right to participate in future equity issues on a "no  
     dilute" basis;

   * has reached agreement with LNGL which gives Arrow the
     option to bring in LNGL to design fit for purpose LNG
     facilities for any coal seam gas (CSG) accumulations in
     Australia or Asia which Arrow deems appropriate for LNG
     development.  Arrow will then have an option to take a 50%
     interest in any LNG plants subsequently developed;

   * has an option to take a 20% interest in the proposed
     Gladstone LNG terminal at "ground floor" terms;

   * will join LNGL in the marketing of LNG from the Gladstone
     LNG plant;

   * will be given expanded and full aggregation rights for any
     gas supply to the Gladstone LNG plant; and

   * will have the right to appoint a director to the Board of
     LNGL.  Arrow intend to nominate Arrow MD & CEO, Nick Davies
     to fill this position.  Mr. Davies has extensive experience
     in the international LNG arena, particularly in his role
     as President of BP’s Asian Gas & Power business.

According to the company, this investment will allow Arrow to
pursue a broader range of resource opportunities across Asia
without being constrained solely to local markets and to develop
a specific "CSG to LNG" strategy to compliment the current
international portfolio.  The investment also closely follows
Arrow’s broader strategy of maximizing margins by selling higher
value product and through downstream investment where
appropriate.

Commenting on the investment, Arrow CEO Nick Davies said: "This
investment represents an exceptional fit with Arrow’s high
margin strategy.  We believe that the proposed Arrow/LNGL
Gladstone LNG project will represent a major milestone in the
global LNG business by proving that smaller gas accumulations
can be developed as LNG projects.  This will bring previously
stranded gas accumulations into the realms of commercially
viable LNG projects and could be particularly enhancing for
typical sized CSG accumulations and hence for our future
business."

                     About Arrow Energy

Arrow Energy NL -- http://www.arrowenergy.com.au/-- is an   
Australian company engaged in the undertaking of gas exploration
and development activities.  The Company is focused on coal seam
gas exploration and production in the Surat, Clarence-Moreton
and Ipswich Basins in southeast Queensland and northern New
South Wales and the Styx Basin and Nagoorin Graben in coastal
central Queensland.  Arrow Energy NL has been carrying out
exploration/appraisal drilling (over 50 wells) and has proven a
large CSG resource. The Company's projects include Kogan North,
Tipton West, Moranbah, Daandine, Dundee, Mt Lindesay, Silverdale
and Boyne River.

The Troubled Company Reporter-Asia Pacific's Distressed Bonds
Column on December 11, 2007, listed Arrow Energy's bond, with a
10.000% coupon and a March 31, 2008 maturity date, as trading at
2.91% on the AU dollar.


ARROW ENERGY: Shares Merchant Gas & Pipeline Biz With AGL Energy
----------------------------------------------------------------
Arrow Energy Ltd., in a 50/50 joint venture with AGL Energy
Ltd., took ownership of the merchant gas and pipeline businesses
of the Queensland Power Trading Corporation from the Queensland
Government on December 1, 2007.

Arrow’s share of the acquisition cost was approximately AU$139
million including transaction costs.

The businesses acquired include the 392 km North Queensland Gas
Pipeline between Moranbah and Townsville, two gas supply
agreements to large industrial customers in Townsville and a gas
tolling agreement for the 230MW CCGT Yabulu Power Station in
Townsville.  Rights to develop the Central Queensland Gas
Pipeline between Moranbah and Gladstone were also acquired under
the deal.

Arrow Chief Executive Officer Nick Davies said the acquisition
enabled the company to participate in the total coal seam gas
value chain from gas production to the end customer.

"This deal effectively creates a mid-size integrated energy
company for us in the high growth energy market of the Gladstone
to Townsville corridor.  It will form the largest integrated gas
project of its type in Australia," Mr. Davies said.

"Our current strategy is to target high margin value add
opportunities and this acquisition exposes Arrow to all
components of the energy value chain from gas production through
to electricity sales.

"The Enertrade business acquisition is a natural addition to our
existing Moranbah coal seam gas project and provides immediate
upside value creation for the Moranbah Gas Project Joint Venture
as well as significant growth opportunities for our broader
north Queensland project portfolio," he said.

Mr. Davies said Arrow was also pleased to secure the pipeline
development opportunity between Moranbah and Gladstone.  "The
proposed Central Queensland Gas Pipeline will provide a
strategic link for gas supply between the Northern Bowen Basin
and Gladstone," Mr Davies said.  "It will also facilitate the
supply of gas to Gladstone from Arrow’s Bowen Basin project
portfolio to underpin the proposed Gladstone LNG export
facility."

The businesses acquired had a combined EBIT of AU$56 million in
the year ended June 30, 2007, and will boost Arrow’s revenues
considerably and will be immediately earnings per share
accretive to Arrow.

Under the terms of an agreement reached with AGL, Arrow will
manage the gas processing facilities as well as operate the
upstream activities at Moranbah, while AGL will manage the
merchant gas business and the dispatch of power from the
Townsville Power Station.

                     About Arrow Energy

Arrow Energy NL -- http://www.arrowenergy.com.au/-- is an   
Australian company engaged in the undertaking of gas exploration
and development activities.  The Company is focused on coal seam
gas exploration and production in the Surat, Clarence-Moreton
and Ipswich Basins in southeast Queensland and northern New
South Wales and the Styx Basin and Nagoorin Graben in coastal
central Queensland.  Arrow Energy NL has been carrying out
exploration/appraisal drilling (over 50 wells) and has proven a
large CSG resource. The Company's projects include Kogan North,
Tipton West, Moranbah, Daandine, Dundee, Mt Lindesay, Silverdale
and Boyne River.

The Troubled Company Reporter-Asia Pacific's Distressed Bonds
Column on December 11, 2007, listed Arrow Energy's bond, with a
10.000% coupon and a March 31, 2008 maturity date, as trading at
2.91% on the AU dollar.


B.G. GREGORY: To Declare Second Dividend on December 15
-------------------------------------------------------
B.G. Gregory Pty Ltd will declare its second dividend on
Dec. 15, 2007.

Creditors who were not able to file their proofs of debt by the
Nov. 30, 2007 deadline will be excluded from the company's
dividend distribution.

                       About B.G. Gregory

B.G. Gregory Pty Ltd is a general contractor of non-residential
buildings, other than industrial buildings and warehouses.  The
company is located at Balcatta, in Western Australia, Australia.


CARBIRD PTY: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary general meeting held on October 25, 2007,
the members of Carbird Pty Ltd resolved to voluntarily liquidate
the company's business.

Christopher Michael Williamson and Kimberley Andrew Strickland
were appointed as liquidators.

The Liquidators can be reached at:

         Christopher Michael Williamson
         Kimberley Andrew Strickland
         SimsPartners
         Level 12, 40 St George's Terrace
         Perth, Western Australia 6000
         Australia

                         About Carbird Pty

Carbird Pty Ltd, which is also trading as Hawk Rent-A-Car, is
involved with passenger car rental business.  The company is
located at Perth East, in Western Australia, Australia.


CENTURY NO. 10: Holds Final Meeting
-----------------------------------
Century No. 10 Pty. Ltd. held its final meeting yesterday,
Dec. 12, 2007, at 9:00 a.m.

The company's liquidator is:

          Braden Harris
          c/o Dickfos Dunn
          PO Box 1669
          Southport, Queensland 4215
          Australia

                     About Century No. 10

Century No. 10 Pty Ltd operates real estate investment trusts.  
The company is located at Surfers Paradise, in Queensland,
Australia.



CHRYSLER LLC: November Certified Pre-Owned Vehicle Sales Down 2%
----------------------------------------------------------------
Chrysler LLC has reported that its Five Star(R) dealers sold
9,280 Certified Pre-owned Vehicles in November 2007, a 2%
decline from a record November 2006 when 9,437 units were sold.
During November 2007 certified-used Chrysler brand sales rose 2%
to 2,936 units; Jeep(R) brand sales declined 7% to 2,442 units
and Dodge brand sales dipped 1% to 3,902 units.

Year-to-date Certified Pre-owned Vehicles sales were the
highlight this month with sales rising 6 percent to a record
113,186 units, surpassing last year's year-to-date total of
107,236 units.  Chrysler brand car sales, Dodge brand car sales
and Dodge truck sales all experienced increases during 2007;
Chrysler 300/300C sales rose 39 percent to 6,199 units; Dodge
Charger sales surged 129% to 3,809 units and Dodge Ram pickup
truck sales increased 5% to 10,055 units.

"There are many rewards of the CPOV program which is why heading
into the last month of this year, Chrysler has been the fastest
growing CPOV brand since 2002," said Director for Remarketing,
Peter Grady.  "One reward for both the customer and dealer is
that once a customer purchases a certified-used Chrysler, Jeep
or Dodge product, the warranty provided by the CPOV program
allows the dealer staff to cultivate a relationship with the
customer when the vehicle is brought in for routine service.
This results in a more pleasant experience for the customer
which ultimately benefits the dealer."

In addition, the company will announce plans to expand its
partnership with ADESA to benefit Chrysler, Jeep and Dodge
dealers with remarketing needs.

                      About Chrysler

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital  
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.
S&P said the outlook is negative.


COEUR D'ALENE: Okays US$1.1-Bln Merger with Bolnisi & Palmarejo
---------------------------------------------------------------
Coeur d'Alene Mines Corporation's shareholders have
overwhelmingly approved the proposals related to the
acquisitions of Bolnisi Gold NL and Palmarejo Silver and Gold
Corporation at a Special Meeting held last week in Coeur
d'Alene, Idaho.

"We are extremely pleased with the outcome of today's vote and
the addition to Coeur of the Palmarejo silver and gold project,
which is expected to increase company-wide silver production to
nearly 30 million ounces by 2009, and at very low costs," said
Dennis E. Wheeler, Coeur's Chairman, President and Chief
Executive Officer.  "The addition of the Palmarejo project to
the company's existing asset mix will transform Coeur into a
high-growth, low-cost, long-life, and sustainable world-leading
silver company with exciting exploration potential.  We would
like to thank our shareholders for their support and we look
forward to delivering the benefits of this transaction."

The final tabulation indicates that more than 88% of the shares
voted were cast in support of the proposals on which the
company's shareholders were asked to vote.  Earlier this week,
shareholders for both Bolnisi and Palmarejo voted overwhelmingly
in favor of the transaction.

As a result of this transaction, Coeur's Australian-listed CHESS
Depositary Interests will be added to Australia 's S&P/ASX 200
indices.

The Palmarejo project is expected to begin production in early
2009 at an annualized rate of approximately 10.4 million ounces
of silver and 115,000 ounces of gold per year with cash costs,
net of gold bi-product, of an estimated (US$0.41) per ounce of
silver and an initial mine life of nine years.  Exploration
continues on the large land package, with current measured and
indicated mineral resources of 88.7 million silver ounces and
1.0 million measured and indicated gold ounces and an additional
61.4 million ounces of inferred silver mineral resources and 0.7
million inferred gold ounces.

                    About Coeur d'Alene

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver  
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                       *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due Jan. 15,
2024, carry Standard & Poor's B- rating.


COMMSCOPE INC: Reaches Agreement with DOJ to Complete Andrew Buy
----------------------------------------------------------------
CommScope, Inc., has reached an agreement with the United States
Department of Justice that will allow it to complete its
proposed acquisition of Andrew Corporation.

Under the terms of the agreement with the DOJ, which was filed
December 6, in the U.S. District Court for the District of
Columbia, the companies will be required to divest certain non-
core assets, including Andrew's non-controlling minority
interest in Andes Industries, Inc., a supplier of last-mile
products for broadband communications networks, and other
related assets.  The carrying value of the assets to be divested
was less than US$25 million as of Sept. 30, 2007.  It is
expected that the divestitures will be completed after CommScope
completes the acquisition of Andrew Corp.  This agreement is
subject to the Court's approval.

In addition to the DOJ, the proposed Andrew transaction was
cleared by the European Commission as well as other required
regulatory authorities.  The Andrew stockholders will vote on
the transaction on Dec. 10, 2007.  The company expects to close
the transaction by year-end, subject to the satisfaction of
other customary conditions.

                      About CommScope

Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV)
-- http://www.commscope.com/-- is a world leader in  
infrastructure   solutions for communication networks.  Through
its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands,
CommScope is the global leader in structured cabling systems for
business enterprise applications.  It is also the world's
largest manufacturer of coaxial cable for Hybrid Fiber Coaxial
applications.  CommScope has facilities in Brazil, Australia,
China and Ireland.

                       *     *     *

As reported in the Troubled Company Reporter on Oct. 19, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
CommScope Inc. and Westchester, Illinois-based Andrew Corp. and
removed them from CreditWatch, where they were placed on
June 27, 2007, with negative implications.  S&P also affirmed
the 'BB-' corporate credit and 'B' subordinated debt ratings for
both companies.  The ratings on Andrew will be withdrawn
following its acquisition and debt refinancing.  S&P said the
outlook is stable.


GOLDWAY ENTERPRISES: Members & Creditors Receive Wind-Up Report
---------------------------------------------------------------
A final meeting was held for the members and creditors of
Goldway Enterprises Pty Ltd on November 28, 2007.

At the meeting, G.A. Lopez, the company's liquidator, presented
a report on the company's wind-up proceedings and property
disposal.

                     About Goldway Enterprises

Goldway Enterprises Pty Ltd is involved with roofing, siding and
sheet metal work business.  The company is located at  Wungong,
in Western Australia, Australia.


GRACIA PTY: Liquidator Presents Wind-Up Report
----------------------------------------------
The members and creditors of Gracia Pty Ltd had their final
meeting on November 29, 2007, and heard the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Kim David Holbrook
          Holbrook & Associates
          Chartered Accountants
          Level 2, 19 Pier Street
          GPO Box M925
          Perth, Western Australia 6001
          Australia

                       About Gracia Pty

Gracia Pty Ltd is involved in trusts, except educational,
religious and charitable trusts.


H & J INVESTMENTS: Members Receive Wind-Up Report
-------------------------------------------------
On November 27, 2007, the members of H & J Investments Pty Ltd
met and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Gerald T. Collins
          c/o JCJ Partners Pty Ltd
          Level 4, 370 Queen Street
          Brisbane, Queensland 4000
          Australia

                     About H & J Investments

H & J Investments Pty Ltd operates offices of holding companies.  
The company is located at Cremorne, in New South Wales,
Australia.


HEARING AID: Liquidator Presents Wind-Up Report
-----------------------------------------------
On December 3, 2007, the members of Hearing Aid Specialists Pty
Ltd had a meeting and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          K. J. Craddock
          42 Hurtle Square
          Adelaide, South Australia 5000
          Australia
          Telephone:(08) 8223 7311

                       About Hearing Aid

Hearing Aid Specialists Pty Ltd operates miscellaneous retail
stores.  The company is located at Adelaide, in South Australia,
Australia.


PEPMINT PTY: To Pay Dividend for Preferred Creditors
----------------------------------------------------
Pepmint Pty Ltd, which is in liquidation, will declare first  
dividend for preferred creditors on December 17, 2007.

Creditors who were not able to file their proofs of debt by
December 3, 2007, will be excluded from the company's dividend
distribution.

The company's liquidators are:

          Paul Desmond Sweeney
          Terry Grant Van der Velde
          SV Partners
          SV House
          138 Mary Street
          Brisbane, Queensland 4000
          Australia

                       About Pepmint Pty

Pepmint Pty Ltd is a distributor of durable goods.  The company
is located at Forest Lake, in Queensland, Australia.




SYDNEY HARBOUR: May Have Difficulty Paying Loan to RTA
------------------------------------------------------
According to State Auditor-General Peter Achterstraat, the
company running the Sydney Harbour Tunnel may have trouble
repaying its interest-free loan to the Roads and Traffic
Authority, reports ABC News.

The Sydney Harbour Tunnel Company, according to Mr.
Achterstraat's report, is making around AU$3 million less in  
toll revenue than three years ago, but its expenses have risen
by AU$10.5 million, relates ABC.

ABC reports that SHTC's loan, which is due to be paid by 2022,
needs to be reassessed by the RTA whether it can recover the
loan.  In addition, RTA is paying AU$52 million this year to
operate and maintain the tunnel, AU$13.5 million more than in
2004.

Under the conditions of the public-private partnership, the RTA
pays the difference between the company's toll revenue and
running costs, ABC relates.

However, opposition roads spokesman Duncan Gay is quoted by ABC
as saying, "The Auditor-General has highlighted the
recoverability of that money.  That is the Auditor-General's
terms for saying 'I'm not sure if we are going to be able to get
that back' and that is something NSW should be concerned about."

ABC further writes that New South Wales taxpayers have paid
AU$52 million this year to make up for the flagging usage
numbers and rising operating costs of the tunnel.

The Sydney Harbour Tunnel Company owns, operates and will
maintain the Harbour Tunnel until August 2022 when it will be
transferred to public ownership.

In 2005, the annual average daily traffic volumes using the
tunnel was 86,800 vehicles, compared with 161,000 vehicles on
the Sydney Harbour Bridge.    


VEMA AUSTRALIA: Placed Under Voluntary Liquidation
--------------------------------------------------
During a general meeting held on October 26, 2007, the members
of Vema Australia Pty Ltd agreed to voluntarily wind up the
company's operations.

                       About Vema Australia

Vema Australia Pty Ltd is a distributor of durable goods.  The
company is located at Hawthorn, in Victoria, Australia.


* ASIC Disqualifies Four Directors
----------------------------------
The Australian Securities & Investments Commission has
disqualified four directors in November from managing
corporations following their involvement in failed companies.

   (1) Alan Macaulay Dick

ASIC has disqualified transport operator, Alan Macaulay Dick, of
Kirribilli, New South Wales, from managing corporations for
three years.

Mr. Dick’s disqualification follows an ASIC investigation into
his role in three failed companies, Lane Moving Services Pty.
Ltd., Australian International Moving Services Pty. Ltd. and
Macaulay Trucking Australia Pty. Ltd.

ASIC’s investigation found all three companies failed owing
significant debts to the Australian Taxation Office (ATO) and
that Mr. Dick failed to ensure that Lane Moving Services and
Australian International Moving Services maintained proper books
and records.

   (2) Donald Allan Pownceby

ASIC has disqualified property developer, Donald Allan Pownceby,
of Hawthorn East, Victoria, from managing corporations for the
maximum period of five years.

Mr. Pownceby’s disqualification follows an ASIC investigation
into his role in three failed companies, Toorak Rd Properties
Pty. Ltd., 566 St Kilda Rd Pty. Ltd. and Katalina Park Pastoral
Pty. Ltd.

ASIC’s investigation found that Mr. Pownceby failed to assist
the liquidators of the companies and also that he had used his
position as a director of Toorak Rd Properties to have that
company obtain a loan to pay debts owed by other companies of
which he was a director.

ASIC further found that Mr. Pownceby disregarded his duties as a
director of each company by failing to put in place controls to
ensure the companies’ financial and accounting obligations were
met.

   (3) Vincent Frank Fiorenza

ASIC has disqualified retailer and employment service operator,
Vincent Frank Fiorenza, of Condell Park, New South Wales, from
managing corporations for three years.

Mr. Fiorenza’s disqualification follows an ASIC investigation
into his role in two failed companies, NSW Employment Services
Pty. Ltd. and ACN 095 892 998 Pty. Ltd. (formerly Allwood
Bathrooms Pty. Ltd).

ASIC’s investigation found that NSW Employment Services failed
owing statutory debts to the ATO and that both companies failed
to pay workers’ compensation premiums.  ASIC also found that Mr.
Fiorenza failed to ensure that both companies maintained proper
books and records and that he failed to assist the liquidators
of both companies.

   (4) Brent Warren Young

ASIC has disqualified wholesaler, Brent Warren Young, of
Bonogin, Queensland, from managing corporations for one-and-a-
half-years.

Mr. Young’s disqualification follows an ASIC investigation into
his role in relation to three failed companies, Pacific
Wholesale & Distribution Pty. Ltd., Pointlane Pty. Ltd. and
Bridge Wholesale & Distribution Pty. Ltd.

ASIC’s investigation found in relation to Pacific Wholesale &
Distribution that Mr. Young failed to lodge company taxation
returns and Business Activity Statements with the ATO, that he
managed the company while disqualified from doing so due to
bankruptcy, and that he failed to ensure that the company
maintained proper books and records.

ASIC also found that Mr. Young failed to assist the liquidator
of Pointlane and that he failed to exercise adequate financial
control over Bridge Wholesale & Distribution.

Disqualified directors have the right to appeal to the
Administrative Appeals Tribunal for a review of ASIC’s decision.



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

ANDREW CORP: Shareholders Okay CommScope Merger Agreement
---------------------------------------------------------
Andrew Corporation's shareholders, at a special meeting, has
approved the company's merger agreement with CommScope Inc.
Andrew and CommScope now have received all necessary approvals
and clearances to complete the transaction, which was announced
June 27.

Andrew currently expects the merger to close on Dec. 27, subject
to customary closing conditions.

                        About CommScope

Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV)
-- http://www.commscope.com/-- is into infrastructure solutions  
for communication networks.  CommScope's structured cabling
systems for business enterprise applications includes
SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands.
It is also the manufacturer of coaxial cable for Hybrid Fiber
Coaxial applications.

                      About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America
Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its
ratings on Andrew Corp. and removed them from CreditWatch, where
they were placed on June 27, 2007, with negative implications.
S&P also affirmed the 'BB-' corporate credit and 'B'
subordinated debt ratings for the company.


CHINA SOUTHERN AIRLINES: Launches New Phone Payment System
----------------------------------------------------------
China Southern Airlines has launched a new telephone payment
system, wherein customers can now purchase their e-tickets in
China by dialing the airline's hotline at 95539, Asia Travel
Tips relates.

Asia Travel notes that after booking flights online, customers
will be directed to input their credit card number, validity
dates and CVV code.


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

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

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


CLASSIC ENTERPRISES: Appoints New Liquidators
---------------------------------------------
The members of Classic (Holdings) Limited, on November 22, 2007,
appointed Li Man Wai and Tsang Lain Fun as liquidators for the
company.

The Liquidators can be reached at:

          Li Man Wai
          Tsang Lain Fun
          Room 1001, 10thy Floor
          Tai Yau Building
          Wanchai, Hong Kong


CRISSCROSS: Court to Hear Wind-Up Proceedings on January 9
----------------------------------------------------------
On October 26, 2007, Lau Kwok Wah filed a petition to have
Crisscross Knitting Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 9, 2008, to hear the petition.

The petitioners' solicitor is:

          Hastings & Co.
          5th Floor, Gloucester Tower
          The Landmark, 11 Pedder Street
          Central Hong Kong


CROCHET KNITTING: Court to Hear Wind-Up Petition on January 9
-------------------------------------------------------------
On October 26, 2007, Lau Kwok Wah filed a petition to have
Crochet Knitting Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 9, 2008, to hear Lau Kwok's petition.

The petitioners' solicitor is:

          Hastings & Co.
          5th Floor, Gloucester Tower
          The Landmark, 11 Pedder Street
          Central Hong Kong


EPICORE SOFTWARE: Moody's Ups Ba1 Rating on US$100-Mln Sr. Loan
---------------------------------------------------------------
Moody's Investors Service has affirmed Epicor Software
Corporation's B1 corporate family rating, SGL-1 liquidity
assessment, and stable outlook.  Additionally, Moody's upgraded
the company's US$100 million senior secured revolving credit
facility to Ba1 from Ba3.  The upgrade to the individual debt
rating was determined using Moody's Loss Given Default
Methodology and reflects the company's capital structure post
the unrated US$230 million 2.375% convertible senior unsecured
note offering.  A portion of the proceeds from the convertible
note offering were utilized to repay the remaining balance on
the company's US$100 million senior secured term loan.

Ratings affirmed:

-- Corporate Family Rating at B1
-- SGL-1

Ratings upgraded:

-- Probability of Default Rating to B1 from B2

-- US$100 million Senior Secured Revolving Credit Facility due
    2009 to Ba1, LGD1 (8%) from Ba3, LGD2 (27%)

Ratings withdrawn:

-- US$100 million Senior Secured First Lien due 2012 rated
    Ba3, LGD2 (27%)

The outlook is stable.

Epicor Software's B1 corporate family rating was first assigned
in March 2006 in conjunction with the company's efforts to
refinance its acquisition of CRS Retail Systems, Inc., its
largest acquisition to date.  Since that time, the company has
successfully integrated CRS Retail, significantly grown Moody's
adjusted cash from operations and free cash flow levels to US$64
million and US$49 million respectively (for last twelve months
as of Sept. 30, 2007), and experienced double digit, organic
software growth rates on average over the past six quarters.
The B1 rating reflects the company's strong market position
within several key mid-market vertical markets, reasonably
strong credit metrics and stable revenue and cash generating
capabilities.  Although the company's aggregate performance
since the CRS acquisition may suggest a higher rating, the
company's rating is constrained by management's potential
acquisition appetite, potential cyclicality of the business,
flattening license revenues in the second and third quarter of
2007, and continued competition from much larger, well
capitalized software firms such as SAP and Oracle.

The company's recent convertible debt offering and subsequent
refinancing of its bank term loan moderately increased leverage
to greater than 3.0 Moody's adjusted debt to EBITDA for last
twelve months as of Sept. 30, 2007.  On a net debt basis
however, leverage was less than 1.0.  The remaining proceeds of
the convertible offering post the refinancing of the bank term
loan contributed to cash balances of approximately US$215
million at end of the third quarter.  These funds are likely to
be utilized by management to finance acquisitions.

Headquartered in Irvine, California, Epicor Software Corporation
-- http://www.epicor.com/www/-- is a provider of enterprise  
resource planning, customer relationship management, and supply
chain management software and solutions to mid-market companies
worldwide.  Epicor Software has worldwide locations in China,
Australia, Canada, Germany, Hong Kong, Indonesia, Italy, Japan,
Korea, Malaysia, Mexico, Singapore, Taiwan, and the United
Kingdom, among others.


GRAND PALACE: Members and Creditors Meeting Set for Dec. 18
-----------------------------------------------------------
The members of Grand Palace Limited will have their final
general meeting on December 18, 2007, at 10:00 a.m., and
creditors will meet at 11:00 a.m. on the same date, to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at the 10th Floor of the Queensway
Government Offices, in 66 Queensway, Hong Kong.


GVG DIGITAL: Court to Hear Wind-Up Petition on Jan. 23
------------------------------------------------------
On November 20, 2007, Tung Fong Hing Plastic Manufactory Limited
filed a petition to have GVG Digital Technology Holdings (HK)
Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 23, 2008, to hear the petition.

The petitioners' solicitor is:

          So Keung Yip &  Sin
          802-805, 8th Floor, Wheelock House
          No. 20 Pedder Street, Central Hong Kong


HONG TECH: Court to Hear Wind-Up Proceedings on Jan. 23
-------------------------------------------------------
On November 20, 2007, Tung Fong Hing Plastic Manufactory Limited
filed a petition to have Hong Tech Electronics Limited's
operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 23, 2008, to hear the petition.

The petitioners' solicitor is:

          So Keung Yip &  Sin
          802-805, 8th Floor, Wheelock House
          No. 20 Pedder Street, Central Hong Kong


PETROLEOS DE VENEZUELA: Forming Joint Venture for Guara & Diez
--------------------------------------------------------------
A Venezuelan state-owned oil firm Petroleos de Venezuela SA
spokesperson told Business News Americas that it will form
another joint venture with Belarusian counterpart Belarusneft to
conduct exploration and production on the Guara Este block in
Anzoategui and the Diez Lago Medio block in Zulia.

As reported in the Troubled Company Reporter-Latin America on
Dec. 7, 2007, Petroleos de Venezuela formed a joint venture with
Belarusneft to conduct seismic work throughout Venezuela.
Sesmica Bielovenezolana JV will be Petroleos de Venezuela's
first proprietary seismic company.  It will continue the works
that were formerly contracted out to transnational firms.

A Petroleos de Venezuela spokesperson told BNamericas that works
for the project would start within the year.

Venezuelan energy and mining ministry said in a statement that
Petroleos de Venezuela's unit Corporacion Venezolana del
Petroleo will own 60% of the new joint venture, while
Belarusneft will hold 40%.  About US$226 million will be
invested in the joint venture.

Petroleos de Venezuela said in a statement that the firm eyes
about 44.6 million barrels of oil that can be extracted from the
Guara Este block in the next 25 years.

The ministry told BNamericas that the 201-square-kilometer Diez
Lago Medio block can produce about 11,200 barrels per day.  The
joint venture will be able to produce about 18,000 barrels per
day.

Crude from the joint venture will be transported to plants in
Belarus at terms "favorable" to Venezuela and Belarus,
BNamericas states, citing Petroleos de Venezuela.

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 US$2 billion notes due
2017, USUS$2 billion notes due 2027, and US$1 billion notes due
2037.


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

EASTMAN KODAK: Signs Marketing Deal with PGA TOUR
-------------------------------------------------
Eastman Kodak Company has entered into a strategic marketing
partnership with the PGA TOUR.  The six-year, multi-million
dollar agreement begins in 2008 and will include corporate
hospitality and season-long tournament branding on scoreboards,
as well as additional sponsorship elements that will be
announced at a later date.

"As Kodak has transformed into a new company, our marketing
strategy has also evolved. We are thrilled to begin a
relationship with the PGA TOUR, which will provide us with a
unique opportunity to directly connect with our customers and to
showcase Kodak's products, innovations, and services," said
Jeffrey Hayzlett, chief business development officer and vice
president, Eastman Kodak Company.  "This is a natural fit for
the Kodak brand, which is known the world over for imaging
innovation.  We look forward to collaborating with the PGA TOUR
team to enhance the tour experience for golf fans around the
world."

To kick-off the relationship in 2008, Kodak will be featured on
the new digital scoreboards that are in place at virtually all
official PGA TOUR events.  One side-panel of the scoreboards
will be redesigned to reflect Kodak's familiar yellow and red
logo.  Kodak will also host corporate hospitality and
entertainment venues at selected TOUR events.

"We couldn't be more pleased to announce this new partnership
with Kodak, an incredibly well-known brand with a tremendous
reputation," said Tom Wade, executive vice president and chief
marketing officer, PGA TOUR.  "It is important to the TOUR to
continue forging sponsorships with companies like Kodak that are
synonymous with quality and tradition, the same positive values
that we stand for."

The Diamond Vision LED scoreboards, which were phased in
throughout the 2007 PGA TOUR season, will be fully in use
throughout 2008.  The digital boards have created a dramatic fan
enhancement as they are situated at strategic locations on the
course at PGA TOUR events, allowing spectators to stay in touch
with the action going on around them.  As such, Kodak will have
its brand associated with these new scoreboards, with 11 on site
at a given week's tournament.

Each digital high-resolution scoreboard is capable of showcasing
PGA TOUR players in a new, more-engaging way through video, key
statistics, graphics, logo animation, and other fan enhancements
that are easily visible to spectators on TOUR courses.  Each
one-ton board has an active digital display that is more than
7-1/2-feet high by 20-feet long.

                   About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and  
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China and India, among others.

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services has affirmed
its 'B+' corporate credit rating on Eastman Kodak Co. and
removed the ratings from CreditWatch, where they had been placed
with negative implications on Aug. 2, 2006.  S&P said the
outlook is negative.


RAIN CALCINING: Fixes Jan. 2 as Record Date for Scheme
------------------------------------------------------
The board of directors of Rain Commodities Ltd has fixed Jan. 2,
2008, as the record date for determining the shareholders of
Rain Calcining Ltd. entitled for allotment of equity shares of
Rain Commodities pursuant to the terms of a Scheme of
Arrangement.

Under the scheme, which provides for the merger of Rain
Calcining with Rain Commodities, two fully paid up shares of
Rain commodities will be alloted for every seven fully paid up
shares in the company.

Headquartered in Hyderabad, India, Rain Calcining Ltd --
http://www.raincalcining.com/-- is one of the top five
producers of calcined coke globally, and is the largest in Asia.
It has an annual production capacity of 0.6 million tons, and
its plant is located in Visakhapatnam (India).  Aside from
calcining, the company also operates in the power and trading
segments.

Standard & Poor's Ratings Services on Oct. 29, 2007, assigned
its 'B' corporate credit rating on Rain Calcining and its
subsidiary, CII Carbon LLC.  The outlook is stable.

On Oct. 19, 2007, Moody's Investors Service assigned a B2
corporate family rating to Rain Calcining and a B1 rating to its
secured bank facility.  On the same date, Fitch gave the company
a 'B' long-term foreign currency issuer default rating.


SAMTEL COLOR: Shareholders OK Increase in Capital to INR125 Cr.
---------------------------------------------------------------
Shareholders of Samtel Color Ltd., at their annual general
meeting on Nov. 29, approved, among others, the increase in the
company's authorized capital from INR100 crore to INR125 crore,
the company said in a filing with the Bombay Stock Exchange.  
The shareholders also gave their nods on the de-listing of the
company's equity shares from three stock exchanges:L

   1. Delhi Stock Exchange Ltd.,
   2. Bangalore Stock Exchange Ltd., and
   3. Calcutta Stock Exchange Ltd.

The shareholders also agreed to the:

A. creation of mortgage:

   1. favoring six banks:

         a. ICICI Bank Ltd
         b. UTI Bank Ltd
         c. Punjab National Bank
         d. Canara Bank
         e. State Bank of India
         f. ABN Amro Bank

   2. favoring Life Insurance Corporation of India Ltd. and
      Punjab National Bank; and

   3. of up to INR650 crore.

B. issuance and allotment of:

   1. 4651163 equity shares and 2325581 warrants to the
      Promoter group companies, by passing special resolution;
      and

   2. 30 lacs Non-Convertible Cumulative Redeemable Preference
      shares and 15 lacs Non-Convertible Cumulative Preference
      Shares to banks/financial institution.

The shareholders appointed M/s Price Waterhouse, Chartered
Accounts, as the company's statutory auditors to hold office
until the next AGM.

Headquartered in New Delhi, India, Samtel Color Ltd --
http://www.samtelgroup.com/samtelnew/home.jsp-- manufactures a
range of display devices like television picture tubes, tubes
for avionics, medical and industrial applications, glass parts
for picture tubes, components for tubes like deflection yokes
and engineering services.  The company's manufacturing facility
has a production capacity of approximately 6.2 million tubes per
annum.  The deflection yoke (DY) division of Samtel Color
manufactures DYs for color picture tubes.  The division supplies
its products to the color picture tube division, as well as some
television manufacturers in India.  The division also
manufactures deflection yokes for export to tube and television
manufacturers in South East Asia.  The electron devices division
of Samtel Color is a manufacturer of electron guns for color
picture tubes. The company also manufactures glass for
television and display tubes.  Through Samtel Electron Devices
GmbH, the company manufactures professional cathode ray tube
(CRTs).

As reported by the Troubled Company Reporter-Asia Pacific on
June 30, 2006, ICRA Limited downgraded the rating for the
INR250-million Long-Term Non-Convertible Debenture Programme of
Samtel Color Limited to LBB from the LBBB- assigned earlier.
LBB is the inadequate-credit-quality rating assigned by ICRA.
The rated instrument carries high credit risk.  The rating
downgrade follows Samtel's delay in meeting its repayment
obligations against term loans from banks and financial
institutions because of the liquidity pressures brought about by
a sharp decline in the company's income and profits.


TATA STEEL: Partners With SODEMI for US$1.5BB Iron Ore Project
--------------------------------------------------------------
Tata Steel Limited and West African nation's state-owned SODEMI
have entered into a joint venture agreement for the development
of Mount Nimba Iron ore deposits in Ivory Coast (West Africa).

Tata Steel will invest US$1 billion to US$2 billion to develop
the iron ore mine, Peter Murphy writes for Reuters.  Debarati
Roy of Bloomberg News says the steel maker will spend US$1.5 for
the development.

The project will be implemented by a joint venture company,
where Tata Steel will have a major shareholding.  According to  
media reports, Tata will own 75% of the project, while the rest
of the holding will go to SODEMI.

According to the Indian firm, the iron ore from the project will
be supplied to Tata Steel Group facilities especially those
located in the United Kingdom and Netherlands.  The Mt. Nimba
deposit, spread over three countries -- Liberia, Guinea and
Ivory Coast -- is one of the biggest in the West Africa.

Supplies from the project will help lower costs at Tata's mills
in Europe that were acquired as part of its takeover in April of
Corus Group Plc, Bloomberg says, noting soaring iron ore prices
because of rising demands.

Reuters, quoting Tata's Managing Director B. Muthuraman, said
that the project was expected to produce 700 million to one
billion tons of ore per year.

The initial phase of the undertaking will involve exploration
and detailed feasibility assessments followed by construction of
the mine and beneficiation facilities, Tata Steel adds.

                          About SODEMI

SODEMI is a 100% state owned company formed for development of
the mineral resources in the country.  It already has a
manganese mining operation in Ivory Coast and a partnership for
gold mining and another for drilling.

                         About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd, and changed the
outlook to negative from stable.


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

AVNET INC: Unit Inks European Franchise Deal with Maxim
-------------------------------------------------------
Avnet Electronics Marketing EMEA, a part of Avnet, Inc., has
signed a pan-European franchise agreement with Maxim Integrated
Products, one of the World's leading manufacturers of analog
components.  The agreement is an extension of an existing
relationship between Maxim and Avnet Memec and is effective
immediately.

To capitalise on the full strength of the Avnet distribution
network in Europe, Maxim has granted Avnet a twin franchise
agreement for Avnet Memec and for Silica to cover the entire
breadth of the distribution market and Avnet's service
offerings, from design chain to supply chain management.

As part of the global agreement, Maxim anticipates some
reorganization and consolidation of its existing distribution
network in North America as well as in Europe. However, Avnet
Electronics Marketing, more specifically two of its business
units -- Avnet Memec and Silica -- are allowed to start trading
as of now. Avnet Memec, who already has a distribution agreement
with Maxim in parts of Europe, will start trading on the
expanded franchise immediately, and Silica will commence trading
Maxim products by the beginning of February 2008.

Walter Sangalli, Managing Director of Maxim Integrated Products
in Europe, said: "Sharing our franchise between the highly
design-driven specialist distributor Avnet Memec and the
broadline semiconductor specialist Silica is in our eyes the
best solution to fully penetrate the European analog market and
win more analog sockets and mass market opportunities."

Patrick Zammit, President of Avnet Electronics Marketing EMEA,
commented: "With Maxim, Silica will complement its analog
product offering and Avnet Memec will add to its line card a
worldwide leader in Analog products.  Maxim technologies and
products will strengthen the quality of Silica and Avnet Memec
analog solution offering to customers' design engineers."

Miguel Fernandez, President of Silica, concluded that, "Silica
and Avnet Memec are very complementary in their approach to the
market. Silica will bring to Maxim a strong sales force across
Europe with specialised engineering know-how in analog
application.  Our strength is that of a specialised broadliner
with enough critical mass to also drive additional volume
business with standard analog products."

Steve Haynes, President of Avnet Memec, commented: "In our
existing relationship with Maxim in Southern Europe, we have
gained vast technical and commercial experience with the line
and its extremely competitive and innovative technologies.  As
we are predominantly design-driven, our focus will be to create
new sockets for Maxim products in our strong application areas.
Our technically oriented sales force and our field application
team will make sure that our customers will benefit clearly from
this world leading supplier."

The analog components market in Europe is huge, and the
distribution part according to DMASS is in excess of 1.3 Billion
Euro.  As a major player in that market, Maxim offers a multi-
million Euro opportunity.  Avnet EM EMEA is one of the biggest
players in that market and has franchise agreement with most of
the major manufacturers.  Patrick Zammit: "We regard Maxim as a
complement to our vast portfolio of analog components and a
great opportunity for our customers to choose leading technology
from a renowned supplier."

          About Avnet Electronics Marketing EMEA

Avnet Electronics Marketing EMEA, a part of Avnet Electronics
Marketing, is a group of highly focused distribution business
units (speedboats), concentrating on special market segments,
franchise partners or technology areas.  The group includes EBV
Elektronik, Silica, Avnet Memec, Avnet Time, Avnet Israel and
Avnet Kopp. The distribution business units are supported by
Avnet Logistics, which operates warehouses in Poing (Germany)
and Tongeren (Belgium).

            About Avnet Electronics Marketing

Avnet Electronics Marketing -- http://www.em.avnet.com/-- is an  
operating group of Phoenix-based Avnet, Inc. (NYSE:AVT), a
Fortune 500 company.  Avnet Electronics Marketing serves
electronic original equipment manufacturers (EOEMs) and
electronic manufacturing services (EMS) providers in 73
countries, distributing electronic components from leading
manufacturers and providing associated design-chain and supply-
chain services.

                       About Silica

SILICA -- http://www.silica.com./-- a division of Avnet  
Electronics Marketing EMEA (Europe, Middle-East, Africa), is a
highly specialised semiconductor distributor.  SILICA operates
37 branch offices throughout Europe and provides customers with
a broad portfolio of semiconductor products from 23 leading
vendors along with in-depth technical support and the full set
of logistics and value added services.

                     About Avnet Memec

Avnet Memec -- http://www.avnet-memec.eu/-- an independent  
business unit of Avnet Electronics Marketing EMEA, is a highly
specialised semiconductor distributor, operating on a pan-
European basis and employing a significant number of engineers
to support customers' design efforts. Avnet Memec specialises in
highly innovative suppliers and technologies, which will help a
variety of customers to differentiate their designs.  Its area
of specialisation extends from Analog and Microcontrollers to
RF, Datacom and Networking.  The business unit operates out of
30 offices in 17 European countries and represents major
semiconductor franchises on a pan-European basis. Its many major
supplier partners include Cirrus Logic, Lattice, Marvell, NEC,
Silicon Laboratories.

                      About Avnet Inc.

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components  
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.

                       *     *     *

Moody's Investors Service affirmed Avnet's Ba1 corporate family
long-term debt ratings in March 2007.  Moody's said the outlook
is positive.


BANK INTERNASIONAL: Temasek Holdings Raises Stake in Company
-----------------------------------------------------------
http://www.antara.co.id/en/arc/2007/12/11/temasek-raises-stake-
in-bank-internasional-indonesia/

http://asia.news.yahoo.com/071211/3/3c6ww.html

Rousel/revise

State-linked investment firm Temasek Holdings has raised its
stake in PT Bank Internasional Indonesia Tbk as a result of its
increased stake in Sorak Financial Holdings Pte Ltd, various
reports say.

According to Reuters, Temasek now holds a 75% stake in Sorak
Financial from 50.02% previously.   Temasek Spokeswoman Myrna
Thomas told Reuters that Temasek bought 4.98% of Sorak from
Barclays and 20% from Switzerland-incorporated ICB Financial
Group.

Singapore-based Sorak, the report relates, controls Bank
Internasional Indonesia Tbk by stock market value.  Bank
Internasional Indonesia's Web site shows that Sorak owns 56.13%
of the Indonesian bank, the report adds.

Antara relates that Ms. Thomas said they remain open at all
times to maintain, increase or reduce their holdings, depending
on market opportunities and conditions.

Temasek Holdings, Antara says,is currently reviewing different
options to comply with the Single Presence Policy.  "We intend
to submit our proposal to Bank Indonesia before the end of the
year in accordance with SPP rules," Ms. Thomas told Antara.

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--    
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

The Troubled Company Reporter-Asia Pacific reported on
October 19, 2007, that Moody's Investors Service raised the
foreign currency long-term debt and foreign currency long-term
deposit ratings of PT Bank Internasional Indonesia Tbk.

   -- The issuer/foreign currency subordinated debt ratings were
      raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
      term deposit rating to B1 from B2

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

On Aug. 15, 2007, that Fitch Ratings affirmed all the ratings of
Bank Internasional as follows:

   * Long term foreign currency IDR at 'BB-' with a Positive
     Outlook,

   * Short term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

   * Support Rating '4', Support Rating Floor 'B' and

   * National Rating 'AA-(idn)'.


EXCELCOMINDO: Etisala to Buy 16% Stake for US$438 Million
---------------------------------------------------------
United Arab Emirates-based operator Emirates Telecommunications
Corp. (Etisalat) plans to  buy 16% of PT Excelcomindo Pratama
Tbk for US$438 million, implying the equity value of
Excelcomindo to be US$2.742 billion, Reuters reports.

According to Reuters, Etisalat will buy 1.13 billion shares in
the company from Rajawali Group in a deal that could close as
early as this month.   

Reuters notes that Telecom Malaysia owns 67% of Excelcomindo.  
While TM International Sdn Bhd, an affiliate of Telekom Malaysia
Berhad, and Khazanah Nasional Berhad, the investment holding arm
of the government of Malaysia, hold 67% and 16.8%, respectively,  
AME Info News relates.

Upon the completion of the transaction, AME Info says, Etisalat
has the right to nominate a seat on the Board of Commissioners
and one seat for the Board of Directors of Excelcomindo.

HE Mohammad Hassan Omran, Etisalat Chairman, told Ame Info that
Etisalat follows a strategy based on international best practice
in investment, growing and adding value every market it enters.
This investment represents an important step for Etisalat's
international expansion strategy into Asia, he added.

                  About Excelcomindo Pratama

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

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec 12,
2007, Standard & Poor's Ratings Services said today it affirmed
its 'BB-' corporate credit ratings on Indonesian cellular
operator, PT Excelcomindo Pratama Tbk, and removed them from
CreditWatch with negative implications. The outlook is stable.  
The 'BB-' ratings on all foreign currency senior unsecured debt
were also affirmed.


Oct. 19, 2007, that Moody's Investors Service has upgraded
Excelcomindo Finance Company B.V.'s foreign currency senior
unsecured bond rating to Ba2 from Ba3.  The bond is irrevocably
and unconditionally guaranteed by Excelcomindo Pratama.

At the same time, Moody's has affirmed the Ba2 local currency
corporate family rating of XL with a positive outlook.

On May 24, 2007, that Fitch Ratings affirmed PT Excelcomindo
Pratama Tbk's Long- term Foreign Currency and Local Currency
Issuer Default Ratings at 'BB-'.  The Outlook remains Stable.  
At the same time, Fitch has affirmed the 'BB-' rating on its
senior unsecured notes programme.


MEDIA NUSANTARA: Linktone Shareholder May Oppose Stake Sale
-----------------------------------------------------------
Linktone Ltd's shareholder San Francisco-based Hedge fund
Farallon Capital Management LLC wants to have a second look at
Linktone's business deal with PT Media Nusantara Citra, The Deal
News reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 30, 2007, Media Nusantara has agreed to acquire a minimum
of 51% in Linktone Ltd's outstanding shares through
a combination of a tender offer for existing shares and
subscription for newly issued shares.

The tender offer, the TCR-AP said, will be for 6.1 million ADS,
or nearly 25% of total shares outstanding.  MNC will subscribe a
minimum of 18.0 million ADS up to 25.2 million ADS, representing
up to 57% and no less than 51% of total shares outstanding at
the close of the subscription and tender, the report added.

Ron Orol of The Deal writes that Farallon Capital and a group of
investors made an activist regulatory filing at Linktone.

According to a Schedule 13D Securities and Exchange Commission
filing, Farallon is considering discussions with shareholders,
directors or other officers of the company.  "[Farallon] may
engage in communications with, without limitation, one or more
shareholders of the company, one or more officers of the
company, one or more members of the board of directors of the
company or any other persons regarding the company, including
but not limited to its operations and the company’s agreement
with PT Media Nusantara Citra",  the SEC filing says.

The TCR-AP pointed out that the transaction is still subject to
Linktone shareholders' approval, government's approval, and
regulatory authorities and other customary closing conditions.  
The deal is expected to close in the first quarter of 2008, the
report added.

                   About  Media Nusantara

Headquartered in Jakarta, PT Media Nusantara Citra
-- http://www.mnc.co.id/-- is an integrated media company with    
operations  in television broadcasting network, radio and print
media.  It is the leader in Indonesia's FTA TV broadcasting
market, owning 3 FTA TV networks out of a total of 11, and
captured the largest audience and ADEX shares in 2005.  MNC is  
100% owned by PT Bimantara Citra Tbk, which is listed on Jakarta
Stock Exchange.

The Troubled Company Reporter - Asia Pacific reported on Dec. 3,
2007, Moody's Investors Service has affirmed PT Media Nusantara
Citra's B1 corporate family rating and guaranteed notes rating.
The outlook on the ratings remains positive.

Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
'B+' long-term local and foreign currency corporate credit
rating on Indonesia's integrated media company, PT Media
Nusantara Citra.  The outlook has been revised to positive from
stable.

On Sept. 19, 2006, that Moody's Investors Service has affirmed
its B1 rating for the senior unsecured bonds issued by PT Media
Nusantara Citra following the issuance's completion.  At the
same time, Moody's has affirmed its B1 corporate family rating
for MNC.  Both ratings have been removed from their provisional
status.  The ratings outlook is stable.


OWENS-ILLINOIS INC: Debt Reduction Cues Fitch to Upgrade Ratings
----------------------------------------------------------------
Fitch Ratings has upgraded Owens-Illinois, Inc.'s Issuer Defualt
Rating to 'B+' following the company's improved operating
results year-to-date, and debt reduction after the sale of its
plastics business.  Other ratings within the capital structure
have been changed as follows:

Owens-Illinois, Inc.:

-- Issuer Default Rating to 'B+' from 'B';
-- Senior unsecured notes to 'B-/RR6' from 'B-/RR5';
-- Preferred stock to 'B-/RR6' from 'CCC+'/'RR6'.

Owens Brockway Glass Container Inc.

-- IDR to 'B+' from 'B';

-- Senior secured credit facilities to 'BB+/RR1' from
    'BB/RR1';

-- Senior unsecured notes to 'BB/RR2' from 'BB-/RR2';

Owens-Illinois European Group, B.V.

-- Senior unsecured notes to 'BB/RR2' from 'BB-/RR2'.

Fitch has withdrawn this rating:

Owens Brockway Glass Container Inc.

-- Senior secured notes 'BB/RR1'.

The Rating Outlook is Positive.  Approximately US$3.6 billion of
debt is affected by the ratings action.

The upgrade of the IDR is based on improved operating
performance year-to-date and the completion of Owens-Illinois'
debt reduction plan, which was executed with the proceeds from
the Plastics divestiture.  The company's pricing and operating
initiatives have achieved better than expected results this
year. Profitability has improved with EBITDA margin expansion of
220 basis points from Dec. 31, 2006 to Sept. 30, 2007.  Higher
EBITDA has been accompanied by better operating and free cash
flow generation as the company has done a better job of
recovering cost inflation and reducing working capital.  Rolling
twelve-month free cash flow has swung US$427 million in three
quarters from a US$64 million loss at Fiscal Year Ended 2006 to
a US$363 million gain LTM Sept. 30, 2007.  This is after
unusually high asbestos payments in 2007 with cash payments of
US$226 million so far this year, US$86 million of which were
accelerated payments.  The trend in new asbestos claims has not
changed, but the company has sought to accelerate resolution of
existing claims.

The Positive Outlook reflects the improving trend in the
fundamentals of the business, and the company's continued focus
on operating improvements and pricing initiatives, as well as
asset realignment going forward.  Further improvement in credit
metrics is likely in 2008 as Fitch anticipates improving cash
flow generation.

Fitch's recovery analysis has been updated to reflect the
reduction of secured debt at Owens Brockway and the reduction in
the estimated asbestos liability factored into the estimated
estate value available for distribution to creditors in a
distressed scenario.  The asbestos liability assumption has been
reduced from US$850 million to US$600 million as a result of the
significant payments the company has made and the declining
asbestos liability accounts on the balance sheet.  These changes
and the upgrade of the IDR have led to ratings upgrades for the
senior secured bank debt, senior unsecured notes at Owens
Brockway, and the convertible preferred stock.  The distribution
of estate value has changed from Fitch's previous analysis, and
leads to recovery estimates consistent with the 'RR2' rating for
the unsecured notes at Owens Brockway and Owens-Illinois
European Group, B.V. and RR6 rating for the senior unsecured
notes at Owens-Illinois, Inc.

The company's ratings continue to be supported by the company's
leading market positions, global footprint, technology
leadership, and long-term customer relationships with large,
stable customers.  Ratings concerns remain focused on higher
energy costs, other cost inflation, and to a lesser extent
asbestos liabilities.  The company's biggest energy exposure
comes in the form of natural gas. Natural gas prices have been
moderate and less volatile in 2007, but higher prices going
forward are possible.  Fuel is another large cost component, as
shipping glass containers is expensive.  This cost is likely to
move higher in coming months with the rise in oil prices.  The
company's energy risks are somewhat mitigated through the use of
hedging, as well as the global nature of its operations.
Nevertheless, the company faces ongoing inflationary pressures,
which could get worse in 2008.

The company has done a good job in 2007 of emphasizing price
over volume.  At some point though, the pricing strategy could
lead to lost volume, a possibility Owens-Illinois fully
anticipates and a sacrifice management is willing to make.
Given the industry's low volume growth this could negatively
affect revenue for the company, accelerating the need for
capacity rationalization.

Owens-Illinois' cash flow is beginning to improve, and if the
company is able to show stabilized operating margins and sustain
the recent trend in better cash generation over the intermediate
term, the current ratings could be reviewed for a possible
upgrade.  Credit metrics should continue to improve in 2008, and
further deleveraging is possible through debt reduction and
earnings growth. In 2008, Fitch expects lower cash asbestos
payments, and higher capital spending and other costs as the
company continues certain restructuring initiatives.

The primary ratings constraint in recent years has been limited
or negative free cash flow, coupled with the inability to
recover inflationary costs.  With the previous ratings action in
June, Fitch acknowledged the significant debt reduction and
improved balance sheet strength that would result from the
plastics divestiture, as well as management's commitment to
strengthening the balance sheet and credit quality of the firm.
However, cash flows in the core glass operations were not yet
exhibiting the strength expected and Fitch had some concerns
about the EBITDA that would be lost with the sale of the
plastics business (estimated at about US$180 million) although
much of that loss would be offset in cash flows by a reduction
of cash interest expense. However, two additional quarters have
shown material progress on the company's productivity, mix, and
pricing initiatives such that revenues and operating profit lost
with the sale of plastics should largely be made up in the glass
business by the end of 2007, which is much sooner than Fitch
anticipated.

Asbestos litigation remains an ongoing diversion of cash.
Owens-Illinois' strategy in 2007 has been to accelerate
settlement of claims and increase payments (US$226 million YTD
2007 vs. US$163 million Fiscal Year 2006).  This is a prudent
use of cash for liability reduction in Fitch's view.  Payments
should come down in 2008, but it is possible the company will
direct more cash towards asbestos than funded debt, excluding
current maturities, going forward.

With better operating results, the company's liquidity profile
has strengthened over recent quarters.  At Sept. 30, 2007, the
company had over US$1.5 billion of cash and over US$800 million
available under it's revolver.  Pro-forma for debt repayments
and discharge in October and November, Fitch estimates the
company's cash and short-term investments would be around US$160
million, with no revolver drawn.  Given the company's cash
generation, Fitch estimates year-end cash balances could be
higher than usual, even after additional assumed asbestos
payments of US$90 million in fourth-quarter, and assuming no
additional debt repayments.

Debt repayments due in 2008 consist of about US$250 million of
7.35% notes at the company that mature in May.  Amortization of
the company's bank debt has been prepaid through December 2010
and no quarterly payments will be required until 2011.  Bank
debt payments consist of: Tranche B (quarterly USD at .25% of
principal); Tranche D (quarterly EUR0.5 million); Tranche A
(AUD3.75 million); and Tranche C (CAD1.725 million).  The latter
two tranches were to begin payment in September 2008.

In 2007 the company has paid off US$450 million of 7.75% notes,
due 2011; US$625 million of 8.75% notes, due 2012; and
repurchased or discharged through defeasance US$850 million of
8.875% notes due 2009.  These bonds were senior secured
obligations of the Owens-Brockway subsidiary.  By year-end,
Owens-Illinois will have about US$3.6 billion of total debt
compared to about US$5.5 billion at Dec. 31, 2006.  Fitch
projects a total leverage ratio of about 2.5 by Fiscal Year
Ended 2007 compared to 4.5 at Fiscal Year Ended 2006.  EBITDA
interest coverage is expected to improve to around 4.0 by year-
end compared to 2.5 at Fiscal Year Ended 2006.

Based in Perrysburg, Ohio, Owens-Illinois Inc. (NYSE:OI) --
http://www.o-i.com/-- is a manufacturer of packaging products  
and glass containers with operations in Europe, North America,
Asia Pacific and South America.  The company is also a
manufacturer of healthcare packaging, including plastic
prescription containers and medical devices, and plastic closure
systems, including tamper-evident caps and child-resistant
closures, with operations in the United States, Mexico, Puerto
Rico, Brazil, Hungary, Malaysia, Singapore and Indonesia.


PERUSAHAAN LISTRIK: To Enter Into Gas Deal with Premier Oil
-----------------------------------------------------------
PT Perusahaan Listrik Negara will sign a gas sale and purchase
agreement with Oil Explorer Premier Oil Plc, various reports
say.

Indonesian Energy Watchdog BP Migas told Antara News that  
Premier Oil will sign a business agreement to supply Perusahaan
Listrik with gas.  The gas delivered, RTT News relates, will be
used for power generation in Batam, from the Gajah Baru, Naga
and Iguana fields in Natuna Sea Block A.

RTT News relates that Premier Oil's agreement with PLN will be a
'life of field' contract with plateau gas deliveries at a
maximum rate of 20 billion British thermal units per day
commencing in 2010, with an option for PLN to increase
deliveries to a maximum rate of 35 BBtu per day.

                 About Perusahaan Listrik

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

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


SEMEN: Gov't Gives Thumbs Up on Building of Two Cement Plants
-------------------------------------------------------------
The Indonesian government gave the go ahead signal for Semen
Gresik to build two new cement plants, which will cost around
US$670 million next year, Antara News reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 12, 2007, Semen Gresik has received shareholder approval to
spend up to US$1.5 billion, with 30% of coming from internal
cash, on two cement plants with an annual capacity of 2.5
million tonnes each, as well as two power plants with a total
capacity of 410 megawatts to support the operation.

The TCR-AP related that Rizal Ramli, the chairman of Semen
Gresik, said that that one of the new plants would be located in
Java and require a total investment of US$355 million.  The
other factory would be in Sulawesi and cost US$315 million, he
added.

Gresik, the TCR-AP noted, aims to increase capacity by about 40%
by 2013 to 22.9 million tonnes from  around 16 million tonnes
last year.  The construction of the new plant is due to commence
in 2008 and operations to start by 2011, the report added.

                     About Semen Gresik

SGG is the largest cement player in Indonesia with a 46% market
share.  It has a total production capacity of 16.9 mtpa with
facilities located in Tuban, Padang and Tonasa.  As of June
2007, SGG was 51% owned by the government and 24.9% by the
Rajawali Group, with the remaining shares publicly held.

The Troubled Company Reporter-Asia Pacific reported on Oct. 2,
2007, that Moody's Investors Service assigned a Ba2 local
currency corporate family rating to PT Semen Gresik (Persero)
Tbk.  At the same time, Moody's has assigned the company a
national scale rating of Aa2.id.  The outlook for both ratings
is stable.  This is the first time that Moody's has assigned
ratings to SGG.


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


ALL NIPPON: To Increase Fuel Surcharge from January-March 2008
--------------------------------------------------------------
All Nippon Airways Co., Ltd., said it will be increasing its
fuel surcharge starting January 1, 2008, writes Gerardo Partido
of Variety News.

According to the report, since October this year, ANA has been
fixing its fuel surcharge for a three-month period, with any
revision based on the average price of jet fuel for the three
months immediately preceding the time of the application.

ANA, the report says, is continuing to curb costs and secure
greater operating efficiencies but regrets to ask their
customers to "share the increased cost burden."

The surcharge will remain at the revised level until March 31,
2008, regardless of movements in the energy market, Mr. Partido
reports.

The next revision, which will be on April 1, 2008, will be based
on the average market price of Singapore kerosene for the three
months from November 2007 to January 2008 as reported by the
U.S. Department of Energy, relates Variety News.

The report notes that ANA will reduce the surcharge if the
average market price of Singapore kerosene falls below US$90 per
barrel for three consecutive months and thereafter as the market
price continues to fall, measured in units of US$5.  However,
the surcharge will be discounted completely if the average
market price drops below US$30 per barrel for three consecutive
months.

                    About All Nippon Airways

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline    
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The Troubled Company Reporter-Asia Pacific reported on April 20,
2007, that Moody's Investors Service placed the Ba1 senior
unsecured debt ratings of All Nippon Airways Co., Ltd. under
review for possible upgrade.  The rating action reflects ANA's
high and stable profitability despite the ongoing price hikes of
aircraft fuel, as well as Moody's view that the company's
financial flexibility is likely to be further improved by its
recently announced asset disposition related to its hotel
business.


DELPHI CORP: Disclosure Statement is Inadequate, Wilmington Says
----------------------------------------------------------------
Wilmington Trust Company, the indenture trustee for US$2 billion
in senior notes and debentures issued by Delphi Corp., asks the
U.S. Bankruptcy Court for the Southern District of New York to
disapprove the revised Disclosure Statement explaining the
Debtors' Joint Chapter 11 Plan of Reorganization filed on
Dec. 3, 2007.unless it is supplemented with adequate
information.

Wilmington Trust further asks the Court to direct the Debtors to
reclassify the Senior Debt and the TOPrS Claims in, and to vote
in, different classes.

Wilmington Trust contends that the Disclosure Statement, as
amended on Dec. 3, 2007, continues to lack "adequate
information" within the meaning of Section 1125(a) of the
Bankruptcy Code regarding issues that are critical to creditors'
ability to make an intelligent and informed evaluation of the
Joint Plan of Reorganization.

The Debtors' statement that "the Plan continues to provide for
full recoveries for unsecured creditors at Plan value" is
misleading, Edward M. Fox, Esq., at Kirkpatrick & Lockhart
Preston Gates Ellis LLP, in New York, asserts.  The concept of
"Plan value" is never clearly explained and could lead creditors
to believe that they are being paid in full when, based on
Rothschild's midpoint valuation, they will receive only an 89.2%
recovery, he argues.

In order to avoid any confusion on that issue and other issues,
Wilmington Trust proposes, inter alia, that the Debtors add
after the phrase "for unsecured creditors at Plan Value" this
language:

   ", a negotiated enterprise value of $13.3 billion ("Plan
   Value") for the Debtors, which is $600 million higher than
   the $12.7 billion midpoint valuation (the Midpoint
   Valuation") of the Debtors' enterprise value as determined by
   the Debtors' financial advisors, and which may not be
   equivalent to the Debtors' actual enterprise value.  At the
   Midpoint Valuation, unsecured creditors will receive a
   recovery equal to 89.2% of their allowed claims.  The Plan
   also provides . . . ."

                        About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  (Delphi Bankruptcy News, Issue No. 101; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


DELPHI CORP: ERISA Plaintiffs Complain Revised Plan Not Good
------------------------------------------------------------
The lead plaintiffs in the consolidated securities class action
entitled In re Delphi Corp. Securities Litigation, Master Case
No. 05-md-1725 (GER) (E.D.Mich.) pending before the U.S.
District Court for the Eastern District of Michigan, informed
the Bankruptcy Court that the Dec. 3, 2007, versions of the
Debtors' Disclosure Statement and Joint Plan of Reorganization
still do not address all of their concerns.

The lead plaintiffs, as well as the Employee Retirement Income
Security Act plaintiffs in the Securities Litigation, had agreed
to reduce the allowed amount of the Section 510(b) Note Claims
and the Section 510(b) Equity Claims under the Plan from $204
million to $179 million in exchange for the Debtors' cooperation
in the monetization of the Allowed Amount.  The lead plaintiffs
are the holders of Section 510(b) Note Claims while the ERISA
plaintiffs are the holders of the Section 510(b) Equity Claims.

The Lead Plaintiffs agreed that the claim reduction will be
deemed a non-material modification to their Multi-District
Litigation Settlement with the Debtors.  The Debtors disclosed
the Claim Reduction in their Dec. 3 Disclosure Statement.  On
Dec. 4, 2007, the District Court tentatively approved the
modification of the parties' MDL Settlement subject to certain
notice requirements intended to allow class members the
opportunity to review and take a position on the proposed
modification, Michael S. Etkin, Esq., at Lowenstein Sandler PC,
in New York, informs the Bankruptcy Court.

Nonetheless, the lead plaintiffs and the Debtors have yet to
reach agreement on certain of the Lead Plaintiffs' proposed
revisions to the Disclosure Statement and Plan involving third-
party releases and conditions to the Plan's effectiveness,
Mr. Etkin relates.  The lead plaintiffs, he says, have provided
the Debtors with suggested language that will resolve their
dispute and discussions between the parties are continuing.

The lead plaintiffs consist of Teachers' Retirement System of
Oklahoma, Public Employees' Retirement System Of Mississippi,
Raiffeisen Kapitalanlage-Gesellschaft m.b.H., and Stichting
Pensioenfonds ABP.

                      About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  (Delphi Bankruptcy News, Issue No. 101; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


IHI CORP: Might Face JPY1 Billion Penalty Over Earnings Report
--------------------------------------------------------------
The Securities and Exchange Surveillance Commission is
considering recommending to the Financial Services Agency that
it impose penalty charges on IHI Corp., which is suspected of
having falsified an earnings report, Kyodo News reports, citing
sources familiar with the matter.

According to the report, the penalties may exceed JPY1 billion.

The Troubled Company Reporter-Asia Pacific reported on Dec. 12,
2007 that IHI would book JPY30 billion in operating losses for
the business year ended March 31, 2007, after it reassessed
the profitability of its plant and engineering projects.

                      About IHI Corp.

Based in Tokyo, Japan, IHI Corporation, -- http://www.ihi.co.jp   
-- formerly Ishikawajima-Harima Heavy Industries Co., Ltd., is a
Japan-based company engaged in six business segments.  The
Logistics and Steel segment offers concrete products, automated
storages, loaders and others.  The Machinery segment offers
plastic processing machines, industrial boilers, pumps and
others.  The Energy Plant segment develops waste incineration
facilities, nuclear power plants, thermal power plants and
process plants, water treatment plants, renewable power plants
and other facilities.  The Aerospace segment produces aircraft
engine parts and provides aircraft maintenance services.  The
Ship and Offshore segment builds container ships, bulk carriers,
tankers and other ships, as well as develops marine equipment
and machinery and provides design and engineering services.  The
Others segment provides real estate, financial and insurance
services.  

The Troubled Company Reporter-Asia Pacific reported on July 13,
2007, that Standard & Poors Rating Agency affirmed its BB+ long-
term corporate credit rating with a positive outlook.


SALLY HOLDINGS: Moody's Cuts Rating on US$430MM Sr. Notes to B3
---------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Sally Holdings, LLC, and changed the outlook to
negative from stable.  The speculative grade liquidity rating
was downgraded to SGL-3 from SGL-2, and the US$430 million
senior unsecured notes were downgraded to B3 from B2.

The change in outlook to negative reflects Moody's concern that
the company is not reducing leverage as quickly as anticipated,
which was a key assumption in the original assignment of the B2
rating.

The B2 corporate family rating reflects Sally Holdings' marginal
credit metrics for the rating category, as well as its leading
position in both the retail and wholesale segments of the hair
care supply market.  The rating also reflects the expectation
that the company will continue to replace the cash flows it lost
when one of its prior key vendors -- L'Oreal reduced its
relationship with the company's wholesale segment, effectively
compete with L'Oreal in certain markets.  It also assumes that
the company's financial policy will remain balanced from a
shareholder return perspective.  The negative outlook reflects
Moody's concern that the company may not deleverage as quickly
as forecast at the time of its acquisition by affiliates of
Clayton, Dubilier & Rice. "Continued progress towards
debt/EBITDA in the 6.5 times range was a key factor in the
original rating decision, and remains so today, " stated Moody's
Senior Analyst Charlie O'Shea.  "In the event deleveraging to
this level does not occur during 2008, further negative rating
pressure would build".

The downgrade to B3 of the US$430 million in senior unsecured
guaranteed notes results from a re-application of Moody's Loss
Given Default Methodology recognizing that the US$1.07 billion
in secured term loans are in a superior position due to their
collateralized nature, which results in a higher recovery rate
and depresses the recovery rate for the unsecured notes.

The downgrade to SGL-3 of the speculative grade liquidity rating
reflects Moody's expectation that the company will maintain
adequate liquidity, and will likely need to draw on its
revolving credit facility to fund cash flow requirements.
Moody's expects that Sally Holdings will not generate internal
cash flow over the next 12 months as strong as it has in the
past with working capital turning to a use rather than a source,
as was the case in 2007.

Ratings affirmed:

-- Corporate family rating and at B2;
-- Probability of default rating at B2;
-- Bank revolving credit facility at Ba2 (LGD 1, 10%);
-- Senior secured term loans at B2 (LGD 3, 47%), and
-- Subordinated notes at Caa1 (LGD 6, 93%).

Ratings downgraded:

-- Senior unsecured notes to B3 (LGD 4, 59%) from B2, and
-- Speculative grade liquidity rating to SGL-3 from SGL-2.

Headquartered in Denton, Texas, Sally Beauty Holdings, Inc.,
through its subsidiary Sally Holdings, LLC, is a leading
national retailer and distributor of beauty supplies with
operations under its Sally Beauty Supply and Beauty Systems
Group businesses.  Through the Sally Beauty Supply and Beauty
Systems Group subsidiaries, the company sells and distributes
beauty supplies through over 3,500 stores, including
approximately 200 franchised units, in the United States, the
United Kingdom, Canada, Puerto Rico, Mexico, Japan, Ireland,
Spain and Germany. In addition, Sally Beauty just recently
launched an e-commerce site.  For the fiscal year ended
Sept. 30, 2007, Sally's revenues exceeded US$2.5 billion.


SOJITZ CORP: Will Jointly Develop LNG Plant with Sunshine Gas
-------------------------------------------------------------
Sojitz Corp. has signed an agreement with Sunshine Gas Ltd. to
jointly develop a mid-scale liquefied natural gas plant in
Queensland, Australia, Nigel Wilson writes for The Australian.

Under the agreement, Sojitz would have a 70% operating stake in
the LNG plant, while the remainding stake will be held by
Queensland-based Sunshine, relates the report.

The Australian adds that the proposed 500,00-tonnes-a-year plant
would be supplied from Sunshine's Lacerta coal seams in the
Bowen Basin.

Sunshine Gas managing director Tony Gilby told The Australian
that the works on obtaining government permits would begin
immediately while front-end engineering and design was scheduled
for the first quarter next year.

                        About Sojitz Corp.

Headquartered in Tokyo, Japan, Sojitz Corporation --
http://www.sojitz.com/en/index.html-- is a trading company with  
eight offices across the U.S.  Sojitz operates in approximately
50 countries around the world through roughly 500 subsidiaries
and affiliated companies.  Sojitz's business activities are
wide-ranging, from machinery and aerospace to textiles and food.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 23, 2007, that Standard & Poor's Ratings Services
revised the outlook on its long-term corporate credit rating on
Sojitz Corp. to positive from stable, reflecting an improved
balance between the company's risk volume and its capital
adequacy and profitability, as well as its enhanced financial
profile.  At the same time, Standard & Poor's affirmed its 'BB+'
long-term corporate credit and 'BBB-' senior unsecured debt
ratings on the company.


SOJITZ CORP: To Invest in Food Wholesaler in Vietnam
----------------------------------------------------
Sojitz Corporation will participate in the wholesale food
business in Vietnam, following the acquisition of 25.01% of the
shares issued by Huong Thuy Manufacture Service Trading
Corporation (Head Office: Ho Chi Minh City, Vietnam; hereafter
referred to as HTCorp.), one of the largest food wholesalers in
Vietnam, from the company’s founder and others.

HTCorp. is a food wholesaler that handles imported products,
primarily in Ho Chi Minh City.  The company mainly handles
national brand (NB) dairy products, beverages, confectionaries
and seasonings.  Sales are conducted throughout Vietnam, with
two large logistics centers in Ho Chi Minh as bases, which
logistics centers have three temperature zones; frozen, chilled
and ambient.  Further, the company has over 20,000 sales
outlets, including Saigon Coop, one of the Vietnam’s largest
supermarket chains, and hotels, restaurants and private
concerns.

Sojitz sees the booming Vietnamese food market as a huge
business opportunity, and in June this year, prior to the
investment in HTCorp, took a 20% stake in Vietnam’s second
largest milling company.  In Vietnam, foreign investment
regulations covering the distribution sector are planned to be
abolished in and after 2009 as a result of the country’s
accession to the WTO, and full-scale entries by large foreign-
affiliated retailers are expected after the law is revised.  By
undertaking upstream and mid-stream food and foodstuff
businesses, Sojitz will strengthen its business foundation in
the food market, where further growth is expected as a result of
the free flow of foreign investment.

Approximately 60% of the total population of Vietnam is 30 years
of age or younger, and dietary habits are becoming increasingly
westernized.  Demand for foodstuff is expanding rapidly, at a
rate of over 10% annually, and the quantity of imported products
is steadily increasing.  Against such background, HTCorp. will
expand its handling capacity through the utilization of an
advanced Japanese-style logistics system and the ability to
procure merchandise owned by Sojitz.  The company will
appropriately address the needs of large foreign-affiliated
retailers, who are assumed to enter the market in future, and
will challenge the current leader of the wholesale food
business.

                       About Sojitz Corp.

Headquartered in Tokyo, Japan, Sojitz Corporation --
http://www.sojitz.com/en/index.html-- is a trading company with  
eight offices across the U.S.  Sojitz operates in approximately
50 countries around the world through roughly 500 subsidiaries
and affiliated companies.  Sojitz's business activities are
wide-ranging, from machinery and aerospace to textiles and food.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 23, 2007, that Standard & Poor's Ratings Services
revised the outlook on its long-term corporate credit rating on
Sojitz Corp. to positive from stable, reflecting an improved
balance between the company's risk volume and its capital
adequacy and profitability, as well as its enhanced financial
profile.  At the same time, Standard & Poor's affirmed its 'BB+'
long-term corporate credit and 'BBB-' senior unsecured debt
ratings on the company.


TIMKEN CO: Enters Into Joint Venture with Xiangtan Electric
-----------------------------------------------------------
The Timken Company has entered into an agreement with Chinese
heavy equipment manufacturer Xiangtan Electric Manufacturing Co.
Ltd. to establish a joint venture in China to manufacture ultra-
large-bore bearings for main rotor shafts of multi-megawatt wind
turbines for the Chinese wind energy market.  The joint venture
is expected to contribute to China's goal of generating 30
million kilowatts of power from wind energy systems by 2020,
providing a renewable energy source for China's rapidly
expanding economy.

The joint venture will build a new US$38 million facility in
Xiangtan, located in China's Hunan province, to collaborate on
the manufacture of main-shaft bearings for wind turbines.
Timken and XEMC expect to employ more than 110 people in the
joint venture.  Construction of the new facility is scheduled to
begin in 2008.

The agreement was unveiled in Beijing at a ceremony attended by
China's Ministry of Commerce Vice-Minister, Jiang Zeng Wei, and
U.S. Secretary of Commerce Carlos M. Gutierrez, who is visiting
China to encourage bilateral trade and investment that will
strengthen the U.S. and Chinese economies.

"Timken's partnership in China will provide $100 million in
exports, while also helping China expand alternative energy,
wind power, which helps the planet," said U.S. Secretary of
Commerce Carlos M. Gutierrez.

Timken power transmission and friction management solutions are
particularly well suited to improving the performance,
durability and reliability of wind turbine systems.  By
combining Timken's alloy steel expertise, power-transmission
design and precision manufacturing capabilities with XEMC's
leadership in heavy-equipment manufacturing in the Chinese
market, the joint venture will be well-positioned to meet the
needs of China's rapidly growing wind energy industry.  Timken
will have an ownership stake of 80 percent in the joint venture.

"Timken has continued to invest heavily in China since entering
this country in 1992, and the joint venture with XEMC is the
latest example of our commitment to meet the needs of Chinese
customers as they participate in one of the most important
economic expansions the world has ever witnessed," said Roger
Lindsay, Timken's senior vice president for Asia.  "We believe
our collaboration with XEMC will contribute to Chinese economic
growth while also advancing the use of sustainable energy to the
benefit of us all."

In addition to Timken's participation in the wind energy
industry, the company has developed a wide range of products
that contribute to sustainability by improving the operating
efficiency and power density of diverse types of machinery.

                        About Timken Co.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered  
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's US$300
million Medium Term Notes, Series A.


XM SATELLITE: Still Awaits FCC and DOJ Approval on Sirius Merger
----------------------------------------------------------------
XM Satellite Radio Holdings Inc.'s planned merger with Sirius
Satellite Radio Inc. is still waiting regulatory approval from
the Federal Communications Commission and the U.S. Department of
Justice.

Last week, XM Chairman Gary Parsons said that he was optimistic
that the merger would be completed before the year ends, the
Associated Press reported.  According to Mr. Parsons, the merger
must have the DOJ's approval by this week in order for the deal
to push through within this year, the AP adds.  FCC's approval
would likely follow after the DOJ.

Despite Mr. Parsons assurances however, Mark Wienkes, analyst at  
Goldman Sachs, last week cut XM Satellite's shares rating from
"neutral" to "sell", Chris Forrester of Rapid TV News reports.  
Brokers at Stifel Nicholas also lowered their rating on the
company's stock from “buy” to “hold,” Rapid TV adds.

Despite a report from the Wall Street Journal saying that the
merger was “imminent,” analyst Alden Mahabir of Utendahl Capital
Partners said that while the merger would benefit shareholders,
both XM and Sirius would have a “hard time” convincing
government regulators that the merger wasn't anti-competitive,
Rapid TV further relates.

                         XM-Sirius Merger

Last month, 99.8% of XM shareholders overwhelmingly favored the
acquisition at the company's special meeting of stockholders.

Mr. Parsons commented, "We are proud to have received support
for our merger from organizations representing African
Americans, women, rural Americans and Hispanics, as well as from
former FCC Chairmen and Commissioners and a diverse group of
elected officials.  We appreciate our shareholders' overwhelming
support."

                  About SIRIUS Satellite Radio

Based in New York, SIRIUS Satellite Radio Inc. (NASDAQ: SIRI) --
http://www.sirius.com/-- provides sports radio programming,   
broadcasting play-by-play action of more than 350 pro and
college teams.  SIRIUS features news, talk and play-by-play
action from the NFL, NASCAR, NBA, NHL, Barclays English Premier
League soccer, UEFA Champions League, the Wimbledon
Championships and more than 125 colleges, plus live coverage of
several of the year's top thoroughbred horse races.  SIRIUS also
features programming from ESPN Radio and ESPNews.

                             About XM

Based in Washington, D.C., XM Satellite Radio Holdings Inc. --
http://www.xmradio.com/-- parent of XM Satellite Radio Inc.  
(Nasdaq: XMSR), is a satellite radio company, with more than
8.5 million subscribers.  XM delivers entertainment and data
services for the automobile market through partnerships with
General Motors, Honda, Hyundai, Nissan, Porsche, Ferrari,
Subaru, Suzuki and Toyota.  XM has broadcast facilities in New
York and Nashville, and additional offices in Boca Raton,
Florida; Southfield, Michigan; and Yokohama, Japan.

At Sept. 30, 2007, XM's balance sheet reflected total assets of
US$1.7 billion, total liabilities of US$2.4 billion, and a
stockholders' deficit of US$790 million, compared to US$1.8
billion of total assets, US$2.2 billion of total liabilities,
and a stockholders' deficit of US$397 million at Dec. 31, 2007.

                          *     *     *

Standard & Poor's assigned CCC+ long-term foreign and local
issuer credit ratings to XM Satellite Radio Holdings Inc. on
February 2007.

XM Satellite Radio Holdings Inc. also holds Moody's Investors
Services' Caa1 long-term corporate family rating (assigned June
2003), Caa3 senior unsecured debt rating (assigned February
2005), and Caa1 probability of default rating (assigned
September 2006).  These three ratings still hold to date.


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

DYNCORP INT'L: Bags US$49-Mil Construction Project from US Army
---------------------------------------------------------------
The U.S. Army Corps of Engineers has awarded DynCorp
International Inc. a US$49 million construction project for a
new Afghan National Army Garrison in Jalalabad.  The new
garrison in eastern Afghanistan near the Pakistani border will
accommodate up to 4,000 Afghan troops.

At full build-out, the 160-acre site will support 50 buildings
such as dormitories, dining facilities, training rooms, offices,
maintenance and security structures, and a full complement of
water, sewer, power, and telecommunication systems.

"We are pleased to have been chosen for this project, which has
strategic importance in the global war on terror.  In addition,
the award demonstrates our ability to win construction projects
against well-established regional competitors, and our
performance will provide a sound base for future projects and
business growth," said DynCorp International CEO Herb Lanese.

                      About Dyncorp.

Irving, Texas, DynCorp International Inc.(NYSE: DC --
http://www.dyn-intl.com/-- provides specialized mission-
critical outsourced technical services to civilian andmilitary
government agencies.  The Company specializes in lawenforcement
training and support, security services, baseoperations,
aviation services and operations, and logisticssupport.  The
company has more than 14,400 employees in 33countries including
Korea, and Haiti.  DynCorp International,LLC, is the operating
company of DynCorp International Inc.

                       *     *     *

DynCorp still carries Standard and Poor's BB- rating assigned on
June 15, 2006.  S&P said the outlook is stable.


DYNCORP INTR'L: Gets US$4.6BB Service Deal from Global Linguist
---------------------------------------------------------------
The U.S. Army has again awarded a contract for management of
translation and interpretation services in support of Operation
Iraqi Freedom to Global Linguist Solutions LLC.

The five-year contract, with a maximum value of US$4.6 billion,
was awarded by the U.S. Intelligence and Security Command.  GLS
is a partnership formed by DynCorp International  and McNeil
Technologies.  DynCorp International is the majority partner and
will consolidate GLS revenue on its books.

The contract, originally awarded in December 2006, was protested
by the incumbent, and the protest was sustained by the General
Accountability Office.  The U.S. Army expedited a Request for
Reconsideration with the GAO, and the U.S. Army INSCOM issued a
revised Request for Proposal.

Under the contract, GLS will provide foreign-language
interpretation and translation services to the U.S. Army and
other U.S. government agencies supporting OIF, including
embedded Iraqi translators who will operate with U.S. forces.
GLS will employ up to 6,000 locally hired translators and up to
1,000 U.S. citizens with security clearances who are native
speakers of languages spoken in Iraq.

GLS combines the core competencies of DynCorp International and
McNeil Technologies to offer INSCOM an innovative management-
services solution for its linguist program.  DI has a 60-year
history supporting and sustaining large-scale personnel
deployments in high-threat zones, and includes its current
experience in recruiting and sustaining 2,500 employees,
including linguists, in Iraq.  McNeil Technologies has 21 years'
experience in recruiting, deploying, and sustaining linguists,
including in Iraq.  It possesses unique language research,
development, and testing capabilities in less-commonly taught
languages, including all languages required by the contract.

                         About Dyncorp.

Irving, Texas, DynCorp International Inc.(NYSE: DC --
http://www.dyn-intl.com/-- provides specialized mission-
critical outsourced technical services to civilian andmilitary
government agencies.  The Company specializes in lawenforcement
training and support, security services, baseoperations,
aviation services and operations, and logisticssupport.  The
company has more than 14,400 employees in 33countries including
Korea, and Haiti.  DynCorp International,LLC, is the operating
company of DynCorp International Inc.

                         *     *     *

DynCorp still carries Standard and Poor's BB- rating assigned on
June 15, 2006.  S&P said the outlook is stable.


KOREA EXPRESS: Attracts 10 Potential Bidders for Stake Sale
-----------------------------------------------------------
Korea Express Co. Ltd. has attracted 10 potential bidders in a
sale that analysts say could fetch up to US$2.2 billion, Reuters
reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 28, 2007, Korea Express, with a market value of around
KRW2.4 trillion, invite potential buyers to submit preliminary
bids for the company.  

Korea Express, which has been under court receivership since
November 2000, plans to find a new owner by selling new shares
equal to 50% of enlarged capital plus one share.  According to
the TCR-AP, the company will sell 24 million new shares,
equivalent to 60% of its expanded outstanding shares, instead of
its original plan to sell 50% plus one share.

Reuters relates that a Seoul District Court official said "A
total of 10 bidders have put in letters of intent, and out of
them, four are in the form of consortia."  The creditors of
Korea Express will allow the preliminary bidders to conduct due
diligence from December 17 to January 4 before submitting a
formal bid on January 11, the official added.

The bidders reportedly include transport groups like Kumho
Asiana, Hanjin Group, the parent of Korean Air, Hyundai Heavy
Industries and STX Corp, as well as retail giant CJ Corp.

Korea Express picked in October a consortium consisting of
Merrill Lynch and Samil PricewaterhouseCoopers to manage the
sale, Reuters notes.

       Kumho-Asiana Group & Hanjin Group Submits Bid

Kumho-Asiana Group and Hanjin Group, South Korea's two family-
run industrial conglomerates, have submitted preliminary bids to
buy a controlling stake in Korea Express, Asia Pulse reports.

Officials at the two business groups, speaking on the condition
of anonymity, the report relates, confirmed that they submitted
their letters of intent to buy 24 million new shares of the
company.

An official at Hanjin Group said with a successful acquisition
of Korea Express, we plan to leap into becoming a successful
global logistics company, Asia Pulse adds.

                     About Korea Express Co.

Headquartered in Seoul, Korea Express Co., Ltd. --
http://www.korex.co.kr/-- provides land and marine     
transportation, and logistics services.  The company also
operates stevedoring, distribution, and warehousing businesses
that serve domestic and international customer needs.  Korea
Express transports a variety of products, ranging from consumer
goods to machinery and turbines.  Korea Express also operates
Internet home shopping business.

Korea Express Bank has been under court receivership since June
2001 after it could not service a KRW1.5-trillion debt,
including KRW919 billion owed by then-parent Dong-Ah
Construction Industrial Co.  Korea Express President Lee Kook-
Dong will decide with a Seoul court about when to sell the
company, which has a market value of US$601 million.

In the company's Web site, Mr. Lee said that Korea Express will
strive to end court receivership and improve its liquidity,
maximize sales profit through strengthening of cooperation
between management and labor, and seek continuous development.

Korea Investors Service gave the company a BB rating.


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

MALAYSIA AIRLINE: In Talks with Airbus SAS to Buy More A380 Jets
----------------------------------------------------------------
Malaysian Airline System Bhd is in talks with AIRBUS SAS to
purchase more superjumbo jets, Shanghai Daily reports.

"The company will likely confirm an order for six A380s and may
buy more in the next two months," said Airbus Chief Operating
Officer John Leahy, according to Soraya Permatasari of Shanghai
Daily.

An analyst told Shanghai Daily that the purchase of A380s is
"quite risky" and Malaysian Air would be better off buying
Boeings.

In a report by the Troubled Company Reporter-Asia Pacific on
September 20, 2007, Dow Jones reported that the company has been
considering purchases of up to 110 aircraft, as part of a major
expansion plan for growth amid increasing regional competition.

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

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


MEGAN MEDIA:  Former Chief Financial Controller Suspended
---------------------------------------------------------
Megan Media Holdings Bhd’s former chief financial controller
Kenneth Kok Hen Sen @ Kok Liew Sen and its former executive
chairman Datuk Dr Mohd Adam Che Harun were charged, on Dec. 5,
2007, with falsifying the company’s revenue figures, The Edge
Daily reports.

Mr. Kok, who was special assistant to Mohd Adam, was charged in
the Sessions Court on four counts of abetting the company to
provide false information on the revenue figures for the year
ended April 30, 2006, and in the subsequent three quarterly
financial reports, Sharmila Ganapathy & Aznita Ahmad Pharmy of
The Edge Daily relate.

According to the report, the false revenue figures involved:

   Reported Amount      Period
   ---------------      ------
   MYR1.03 billion      Year ended April 30, 2006
   MYR230.36 million    Quarter ended July 31, 2006
   MYR238.13 million    Quarter ended ended Oct. 31, 2006
   MYR306.15 million    Quarter ended Jan. 31, 2007

Mr. Adam was charged in the Sessions Court for furnishing a
false statement to the Bursa on the revenue figure of MYR306.15
million for the quarter ended Jan. 31, 2007, The Edge Daily
relates.

The Sessions Court will hold a hearing on Jan. 7, 2008.  The
report says Messrs. Adam and Kok face a potential fine not
exceeding MYR3 million or a maximum jail term of 10 years.  They
both pleaded not guilty.

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

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

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

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


TENGGARA OIL: Subsidiary Placed Under Voluntary Liquidation
-----------------------------------------------------------
At an extraordinary general meeting held on December 11, 2007,
the creditors of Tujuan Harta Sdn Bhd, a subsidiary of Tenggara
Oil Berhad, resolved to voluntarily wind up the company's
operations.

The liquidation of Tujuan Harta will not have any material
financial impact on Tenggara Group and will not have any
material effect on the shareholding structure of the company.

The wind up of Tujuan Harta is part of the company’s Proposed
Corporate and Debt Restructuring Scheme to regularize its
financial condition.

                       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.


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


A.P.U. HORTICULTURAL: Names John Francis Managh as Liquidator
-------------------------------------------------------------
The shareholders of A.P.U. Horticultural Services Ltd., on
Nov. 12, 2007, appointed John Francis Managh as the company's
liquidator.

The Liquidator can be reached at:

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


ALBANY COLD: Requires Creditors to File Claims by Dec. 15
---------------------------------------------------------
Albany Cold Storage Ltd. requires its creditors to file their
proofs of debt by December 15, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

          Digby John Noyce
          Keith Mawdsley
          RES Corporate Services Limited
          PO Box 302612, North Harbour
          Auckland
          New Zealand
          Telephone:(09) 918 3690
          Facsimile:(09) 918 3691


CASTOR BAY: Fixes Dec. 14 as Last Day to File Proofs of Debt
------------------------------------------------------------
Jeffrey Philip Meltzer and Michael Lamacraft were named
liquidators of Castor Bay Villas Ltd. on November 13, 2007.

Creditors are required to file their proofs of debt by Dec. 14,
2007, to 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


FINANCIAL SOLUTIONS: Appoints Simpson & Ruscoe as Liquidators
-------------------------------------------------------------
Richard Grant Simpson and David Ian Ruscoe were named
liquidators of Financial Solutions Investments Ltd. on Nov. 13,
2007.

Messrs. Simpson and Ruscoe accepted creditors' proofs of debt
until November 27, 2007.

The Liquidators can be reached at:

          Richard Grant Simpson
          David Ian Ruscoe
          Grant Thornton
          AXA Building, Level 13
          80 The Terrace
          PO Box 10712, Wellington
          New Zealand
          Telephone:(04) 474 8500
          Facsimile:(04) 474 8509


FIVE STAR: Most Loans Outside Normal Lending Practice, PwC Says
---------------------------------------------------------------
Majority of Five Star Consumer Finance Ltd.'s loans were made
outside normal commercial lending practices, receivers Richard
Agnew and Anthony Boswell, partners at PricewaterhouseCoopers,
said in their latest update to investors.

In a report in October, PwC noted that the company's loan book
showed loans numbering 11,194 that aggregated NZ$65,520,000.

According to the receivers, upon their appointment, they have
commenced a thorough investigation of the records and activities
of Five Star and its subsidiaries prior to receiverships.  "We
are conscious of not only what we have discovered in the loan
book but also of a number of concerns raised by investors, among
others," they said.

"As a result of having analyzed each loan, we can confirm that
many of the loans were made without security, or were made
without satisfactory security," the receivers told the
investors.

The receivers assured the investors that any potential breaches
of legislation that they have identified have been referred to
the appropriate government authorities.

The receivers intend to realize the value of the companies' loan
books by continuing to operate the business while marketing the
books for sale, a process that is currently underway.  By
marketing the books, they believe they can determine a better
value can be extracted from a sale compared to the companies
continuing in receivership, collecting the loans over time.

Incorporated in 1988, Five Star Consumer Finance Limited is a  
wholly owned subsidiary of Antares Finance Holdings Ltd., owned  
by North Island shareholders.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 31, 2007, Covenant Trustee Co. appointed Richard Agnew and
Anthony Boswell, partners at PricewaterhouseCoopers, as
receivers to Five Star and its subsidiaries.

Five Star's board of directors sought the appointment because of
serious concerns as to the state of the debenture market and the
ability of the company to attract new funds and retain existing
investments.  The board, after  consulting with the Five Star's
auditors and advisers concluded that the company was unable to
operate in this market.


GRAPHIC PRINTING: Creditors' Proofs of Debt Due on Dec. 17
----------------------------------------------------------
The creditors of Graphic Printing Solutions (NZ) Ltd. are
required to file their proofs of debt by December 17, 2007, to
be included in the company's dividend distribution.

The company's liquidators are:

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


MORESCO AFFAIRS: Taps Webb Bastion as Liquidator
------------------------------------------------
On October 18, 2007, the shareholders of Moresco Affairs Ltd.
appointed Terence Charles Webb Bastion as the company's
liquidator.

Creditors who were not able to file their proofs of debt by
December 3, 2007, will be excluded from the company's dividend
distribution.

The Liquidator can be reached at:

          Terence Charles Webb Bastion
          KBC House, 272 Karori Road
          Karori, Wellington
          New Zealand
          Telephone:(04) 476 5775
          Facsimile:(04) 476 5778


P.D. FLEMING: Taps Richards and Eden as Liquidators
---------------------------------------------------
Bruce Carlaw Richards and James Gregory Eden were named
liquidators of P.D. Fleming Holdings Ltd. on November 6, 2007.

The Liquidators can be reached at:

          Bruce Carlaw Richards
          James Gregory Eden
          Staples Rodway Taranaki Limited
          PO Box 146, New Plymouth
          New Zealand
          Telephone:(06) 758 0956
          Facsimile:(06) 757 5081


POINT WINES: Court to Hear Wind-Up Petition on December 13
----------------------------------------------------------
A petition to have Point Wines Ltd.'s operations wound up will
be heard before the High Court of Auckland on December 13, 2007,
at 10:00 a.m.

Glengarry Hancocks Limited filed the petition on July 26, 2007.

The Petitioner's solicitor is:

          C. N. Lord
          Craig Griffin & Lord
          187 Mt Eden Road
          Mt Eden, Auckland
          New Zealand


SHORE FOODS: Fixes Dec. 15 as Last Day to File Proofs of Debt
-------------------------------------------------------------
On November 9, 2007, the shareholders of Shore Foods Ltd.
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by Dec. 15,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

          Digby John Noyce
          Keith Mawdsley
          RES Corporate Services Limited
          PO Box 302612, North Harbour
          Auckland
          New Zealand
          Telephone:(09) 918 3690
          Facsimile:(09) 918 3691


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

ACESITE(PHILS): Buys Back 1.353 Mil. Shares from Makati RTC
-----------------------------------------------------------
Acesite (Philippines) Hotel Corp. has reacquired last Friday a
total of 1.353 million of its shares which have been put into
auction by the Makati Regional Trial Court for a price of
PHP8.90 per share.

After the transaction, the company now has 1.353 million shares
in its treasury, and 98,499,308 outstanding and issued shares.

The Troubled Company Reporter-Asia Pacific had reported on
December 3, 2007 that the company's Board of Directors
authorized the buy-back of the shares for a maximum price of
PHP9 each.

The company said its purpose for the buy-back was "to hold such
shares for investment until such time that the board may deem it
appropriate to sell" them.


Formerly known as Delbros Hotel Corporation, Acesite (Phils.)
Hotel Corporation -- http://www.manilapavilion.com.ph/-- is a
foreign-owned domestic corporation incorporated to engage in
hotel operations and investing.  DHC owns the Holiday Inn Manila
Pavilion Hotel, a deluxe hotel situated along United Nations
Avenue in Manila.  The operations of the latter are being
managed by Holiday Inn Worldwide.  A major customer of the hotel
is the Philippine Amusement and Gaming Corporation, which
operates the Casino Filipino - Pavilion.

                 Debt Default and Restructuring

An event of default occurred with respect to the Acesite's
payment of its US$15 million loan with the Singapore Branch of
the Industrial and Commercial Bank of China, which matured on
March 31, 1998.  On June 3, 2003, the loan was restructured by
ICBC, which stipulated six semi-annual installment payments of
principal and interest until April 2006.  In July 2004, the
company's new management requested for a reprieve on loan
principal payments due for the period, which the company
suggested to be placed at the end of the term of the Amended
Agreement.  The outstanding principal balance of the ICBC loan
as of March 31, 2006, is US$9.18 million.  Management is still
negotiating with ICBC for a rescheduling of payment on the
remaining principal balances.

                       Material Lawsuits

Acesite is party to a case that involves a PHP30.15 million
petition for the Bureau of Internal Revenue to refund Extended
Value Added Tax payments made from July 1996 to October 1997.
Both the Court of Tax Appeals and then later the Court of
Appeals ruled in favor of Acesite, and ordered the BIR to refund
PHP30.05 million.  The case is presently with the Supreme Court
on further appeal by the BIR.

Acesite also has a PHP5.26 million petition for the City
Treasurer of Manila to refund local taxes payments made on
April 19, 2002.  The case is still pending.


APC GROUP: Unit Inks Deal With 5 Ancestral Domains in Kalinga
-------------------------------------------------------------
Aragorn Power and Energy Corp., together with Guidance
Management Corp. has succeeded in entering into a memorandum of
agreement with the Indigenous People/Cultural Communities in the
Province of Kalinga.

APEC is a subsidiary of APC Group Inc.

The MOA with the ICC/IP is one of the requirements for APEC's
application for a geothermal service contract with the
Department of Energy in Kalinga, and part of the process to
secure a free and prior informed consent of the affected ICC/IP.

The MOA affects the ICC/IP's ancestral domains of Balatoc,
Colayo, Guinaang, Dangtalan and Dalupa Ableg.  The total area
measures 14,724 hectares of 59% of the geothermal service area.


APC Group, Inc., was incorporated on October 15, 1993, with the
primary purpose of engaging in oil and gas exploration and
development in the Philippines.  The company is 46.6% owned by
Belle Corporation.  APC has investments in telecommunications, a
cement project, and manpower outsourcing businesses.

The Troubled Company Reporter-Asia Pacific reported that the
company had a capital deficiency as of September 30, 2006, and
December 31, 2005, amounting to PHP8.89 billion and
PHP8.70 billion, respectively.

                      Going Concern Doubt

After auditing the company's financial statements for the year
ended December 31, 2006, Marydith C. Miguel at Sycip Gorres
Velayo and Co. raised significant doubts on APC Group, Inc.'s
ability to continue as a going concern.  The auditor cited the
company's recurring losses arising principally from the losses
of PhilCom and PhilCom Corporation, which affected the ability
of both companies to service their maturing obligations on a
timely basis.  In addition, the company's consolidated current
liabilities exceeded its consolidated current assets as of
December 31, 2005, and 2004.  Further, the restructuring of the
long-term debt of the two PhilCom entities are still under
negotiation with the creditors.

APC Group has posted a net loss for the year ended Dec. 31,
2006, amounting to PHP790.2 million, compared with PHP874.7
million in 2005.


CENTRAL AZUCARERA: Annual Stockholders' Meeting Set for Jan. 28
---------------------------------------------------------------
Central Azucarera de Tarlac Inc. will hold its annual meeting of
stockholders on January 29, 2008, at 11:00 am at the Alto
Pavilion in San Miguel, Tarlac City.

During the meeting, the stockholders will appoint directors and
external auditors for the year 2008, among others.

Only stockholders of record as January 22, 2008, will be
entitled to vote at the said meeting.

Central Azucarera de Tarlac was incorporated in 1927 and renewed
in 1976.  It operates a sugar mill and refinery, distillery and
carbon dioxide plants in Barrio San Miguel, Tarlac City.  The
sugar cane milled is sourced within the Tarlac district and
nearby towns of Pampanga.  Affiliate Hacienda Luisita, Inc.,
provides around 1/3 of the mill's cane requirements.

The Central Azucarera de Tarlac has incurred a net loss of
PHP175.89 million for the year ended June 30, 2007, its third
following a PHP87.48-million loss in 2006 and a
PHP548.98-million loss in 2005.


CHIQUITA BRANDS: Reaches Settlement with Panamanian Farmers
-----------------------------------------------------------
Chiquita Brands International Inc. has finally reached a
conclusion to a long-running dispute with Panamanian farmers,
Business COurier reports.

Coosemupar has agreed to sell to Chiquita for US$6.50 per 19.2
kilogram box, an increase of one dollar from the current selling
price, Reuters says.

The dispute began in 2003 when Coosemupar bought from Chiquita
its Puerto Armuelles Fruit Co.  The cooperative asserts that
Chiquita's price is too low.  As an act of protest, Coosemupar
gave away for free 20,000 bananas in November.

Freshinfo says Panama's banana production in 2006 reached
440,000 tons.  Panama's supply accounts for five percent of what
the company puchases in Latin America.

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

                          *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

The Troubled Company Reporter reported on May 4, 2007, that
Standard & Poor's Ratings Services placed its 'B' corporate
credit and other ratings on Cincinnati, Ohio-based Chiquita
Brands International Inc. on CreditWatch with negative
implications, meaning that the ratings could be lowered or
affirmed following the completion of their review.  Total debt
outstanding at the company was about US$1.3 billion as of
March 31, 2007.


VULCAN INDUSTRIAL: Unit Inks Exploration Deal with Comet Mining
---------------------------------------------------------------
Vulcan Industrial & Mining Corp.'s wholly owned subsidiary
Vulcan Materials Corp. has entered into an agreement with Comet
Mining Exploration Corp. for the exploration and development of
its chromite and nickel property in Dinagat Island, Surigao del
Norte.

Under the agreeent, VMC will explore the areas to discern which
parts are not needed for mining and development, and will turn
them over to Comet. VMC is now negotiating to ensure the sale of
any ore extracted from the site to an assured buyer in China.

Headquartered in Mandaluyong, Vulcan Industrial & Mining
Corporation is engaged mainly in oil and mineral exploration
projects.  One of its successful ventures is the concrete
aggregate project in Rodriguez, Rizal, which was spun-off into a
joint venture company called Vulcan Materials Corporation.  VMC
is on its tenth year of rock aggregate quarrying, crushing and
marketing.

VMC has an edge over the other rock aggregates companies due to
its captive market in D.M. Consunji, Inc., one of the giants in
the construction industry, which owns 49% of VMC, the remaining
51% is owned by Vulcan Industrial.

As of December 31, 2001, the company is still in the exploration
stage and no discovery of oil and gas in commercial quantities
has been made.  The full recovery of deferred petroleum
exploration costs is dependent on the discovery of oil and gas
in commercial quantities.

                          *     *     *

J. Carlitos Cruz at Sycip Gorres Velayo raised significant doubt
on Vulcan Industrial & Mining Corporation's ability to continue
as a going concern after auditing the company's financials for
the fiscal year ended Dec. 31, 2006.

Mr. Cruz cited the company's and its subsidiary's current
liabilities exceeding their current assets by
PHP204.5 million and PHP231.3 million, respectively.  In
addition, the company and its subsidiary had difficulty meeting
their obligations to their creditor banks.

For the year ending 2006, the group suffered a net loss of
PHP32.5 million, its third consecutive annual net loss after
2005's PHP29.0 million and 2004's PHP47.9 million.


WENDY'S INTERNATIONAL: Hiring for New Chief Marketing Officer
-------------------------------------------------------------
Wendy's International Inc. is conducting an aggressive national
search for a new Chief Marketing Officer to replace Ian Rowden,
who is resigning as CMO to return to his native Australia for
personal reasons.

Over the past six months, Wendy's has accelerated its focus on
improving brand recognition, particularly among younger
consumers, with its "That's Right" campaign featuring its iconic
red wig.

Moving forward, the company intends to capitalize on the
momentum generated from the campaign to accelerate same-store
sales and further improve profits at every restaurant in the
Wendy's system.

"Ian was instrumental in re-awakening the Wendy's brand and
driving innovation, and he has agreed to work with me to help
transition marketing as we search for our next CMO," said Chief
Executive Officer and President Kerrii Anderson.  "We wish Ian
and his family well in the future."

"We will take the success of our 'That's Right' campaign and
expand it to include more back-to-basics messages that are at
the heart of Wendy's positioning - quality, fresh food,
innovation and a great consumer experience," said Mr. Anderson.
"We will evolve our marketing efforts to drive sales and
resonate more powerfully with our customers, franchisees and
employees."

Wendy's will continue to work with Saatchi and Saatchi and
kirshenbaum bond to develop the evolution of its marketing
campaign.  The campaign will continue to be an important element
of the company's strategy to revitalize the Wendy's brand and
build sales and profit momentum.

"There is a great deal of work ahead of us," said Mr. Anderson.
"We've delivered six consecutive quarters of positive same-store
sales and significant profit improvement at the restaurant and
corporate level.  That said, our store economics are still not
where they need to be. We have more opportunity to drive sales,
innovate with our superior quality positioning and further
improve restaurant operations.  Our strategic plan, which we
launched a year ago, put a strong foundation in place.  Phase 2
of our strategic plan, launched this fall, is laser-focused on
Doing What's Right for Our Customers.  This will be clearly
articulated in every aspect of our marketing."

Paul Kershisnik, senior vice president of marketing strategy and
innovation, and Bob Holtcamp, vice president of brand
management, will lead Wendy's marketing on an interim basis and
report directly to Mr. Anderson.

Mr. Kershisnik is responsible for research and development,
strategic insights and innovation.  His 21-year career includes
positions with some of the world's best-known consumer brands,
including Pizza Hut/PepsiCo, General Mills and Sprint.  Most
recently, he served as Vice President of New Product Innovations
and Research & Development for Mrs. Fields Famous Brands in Salt
Lake City.  Mr. Kershisnik holds an M.B.A. from Brigham Young
University and a B.S. from the University of Utah.

Mr. Holtcamp will continue to manage Wendy's brand group, our
new product-driven menu strategy and the consumer-driven
restaurant experience.  He will also continue to manage the
creative and messaging strategy with our advertising agencies,
and he will oversee field marketing.  Before joining Wendy's,
Mr. Holtcamp worked for Aurora Foods' Van de Kamp seafood brand,
Mrs. Paul's Seafood, Miller Brewing Company and held account
executive roles at various advertising agencies.  Mr. Holtcamp
holds an M.B.A. from Washington University and a B.A. from
University of Illinois.

                  About Wendy's International

Headquartered in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- and its subsidiaries     
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, and the Philippines, among others.

                          *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Moody's Investors Service lowered all ratings of Wendy's
International, Inc. and placed all ratings on review for further
possible downgrade.  Affected ratings include the company's
Ba2 corporate family rating which was lowered to Ba3 and
its (P)B1 preferred stock shelf rating which was lowered to
(P)B2.

Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'.  All ratings remain on
CreditWatch with negative implications, where they were placed
on April 26, 2007.


WENDY'S INTERNATIONAL: Says Financial Performance is "Improving"
----------------------------------------------------------------
Wendy's International Inc., in a regulatory filing with the
Securities and Exchange Commission, said its financial
performance is "improving."

Wendy’s said that its strong financial results for the third
quarter of 2007 reflect continuing turnaround of its business.

                      3rd Quarter Highlights

Excluding expenses related to the Board’s Special Committee and
restructuring charges, the company reported for the third
quarter of 2007:

   -- The 6th consecutive quarter of positive same-store sales.

   -- Adjusted income from continuing operations of $38.6
      million compared to $24.9 million in the third quarter of
      2006.

   -- Adjusted EBITDA for the third quarter 2007 was
      $95.0 million, up 57.3% from the third quarter of 2006.

   -- U.S. company-operated restaurant EBITDA margins improved
      330 basis points to 12.6% in the third quarter of 2007,
      reflecting positive sales, including menu price increases
      tied to the company’s market-based pricing strategy and
      labor efficiencies.

Wendy's expects to report 2007 full-year EBITDA near the higher
end of the outlook it provided to investors in June, which was a
range of $295 million to $315 million.  The company also expects
to report full-year EPS near the high end of the range provided
earlier, which was $1.09 to $1.23.  The ranges exclude expenses
related to the Board’s Special Committee activities and
restructuring charges.

Commenting on the results, Kerrii Anderson, Wendy's chief
executive officer and president, said, "This performance is the
result of our 'Recipe for Success' strategy launched in October
2006 to focus on initiatives to revitalize the brand while
growing sales and profits in every restaurant in our system.  
There’s no question that the foundation of our business is
stronger today thanks to the performance of our restaurant
crews, managers, franchisees, and field and corporate employees.  
With that said, our business results and store economics must
improve.  We have much more to accomplish."

                   About Wendy's International

Headquartered in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- and its subsidiaries     
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, and the Philippines, among others.

                          *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Moody's Investors Service lowered all ratings of Wendy's
International, Inc. and placed all ratings on review for further
possible downgrade.  Affected ratings include the company's
Ba2 corporate family rating which was lowered to Ba3 and
its (P)B1 preferred stock shelf rating which was lowered to
(P)B2.

Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'.  All ratings remain on
CreditWatch with negative implications, where they were placed
on April 26, 2007.


WENDY'S INTERNATIONAL: Gives Update on Strategic Review Process
---------------------------------------------------------------
There continues to be many questions and concerns surrounding
the strategic review conducted by a special committee of Wendy's
International Inc.'s Board of Directors, the company disclosed
Monday in a regulatory filing with the Securities and Exchange
Commission.

In that filing, Wendy's told shareholders that the Special
Committee process is complicated for several reasons:

   * The stock market has fluctuated widely since the committee
     was formed.

   * There have been reports in the media about complex
     financing transactions and potential bidders that include
     Wendy’s franchisees, private equity firms and one entity
     that owns a competing concept in the quick-service
     restaurant industry.

   * The sub-prime mortgage problems have rocked the world’s
     credit markets and greatly curtailed merger and acquisition
     activity.

Wendy's also disclosed facts regarding the Committee’s process:

   -- On April 25, 2007, Wendy’s announced that its Board formed
      a Special Committee of independent directors to
      investigate strategic options for the company.  The
      options include, among other things, evolution of Wendy’s
      strategic plan; a possible recapitalization; and, a
      possible sale/merger of the company.

   -- In May 2007, the company announced the members of the
      Special Committee led by Chairman of the Board Jim Pickett
      – Tom Keller, Dave Lauer, Jim Millar and John Thompson.

   -- The Special Committee also announced in May that it had
      engaged JP Morgan as lead advisor and Lehman Brothers Inc.
      as co-advisor for the process.

   -- Chairman Pickett has stated publicly that there is no
      specific timeframe to complete the review of strategic
      options and that the Special Committee will comment when
      it is appropriate.

"We understand your frustration about the uncertainty this
process is creating.  Throughout this process, Wendy’s
management team and our franchisees and employees have remained
committed to operating great restaurants, taking care of our
customers, building our brand and growing profitable sales,"
Kerrii Anderson, Wendy's chief executive officer and president,
said.

                  About Wendy's International

Headquartered in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- and its subsidiaries     
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, and the Philippines, among others.

                          *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Moody's Investors Service lowered all ratings of Wendy's
International, Inc. and placed all ratings on review for further
possible downgrade.  Affected ratings include the company's
Ba2 corporate family rating which was lowered to Ba3 and
its (P)B1 preferred stock shelf rating which was lowered to
(P)B2.

Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'.  All ratings remain on
CreditWatch with negative implications, where they were placed
on April 26, 2007.


* Government Tax Efforts Not in Sync With Economic Growth - IMF
---------------------------------------------------------------
The International Monetary Fund has raised down the effectivity
of the government's efforts to raise revenues, saying that it is
not in sync with the strong economic growth rate of above 7%,
the Daily Tribune reports.

According to IMF mission leader Il Houng Lee, the government
should raise its revenues-to-growth ratio to 17.5% of the gross
domestic product, from the current 16%, over the next five
years.

The tax effort should be stepped up, Mr. Lee said, because the
government needs to "spend more for social services and
infrastructure," and to boost revenue flows.  

Resident representative Reza Baqir also noted that the country's
7.1% growth in the first three quarters was achieved without
investments, and cited the possible growth rate with the
untapped investment potential.

"To provide a sustainable basis for reducing the deficit while
providing resources for needed priority spending, it is
important to reverse the weaknesses experienced in tax
collection this year," the IMF said in a statement.  "Two
important areas of reform would be to rationalize fiscal
incentives – and in particular phase out income tax holidays
while ensuring effective tax rates remain unchanged or are
reduced – and adjust the excise rate on tobacco and alcohol
products and index them to inflation," it added.

                          *     *     *

On September 14, 2007, Standard & Poor's Ratings Services
affirmed its 'BB-/B' foreign currency and 'BB+/B' local currency
issuer credit ratings on the Philippines. The outlook is stable.  
Also in May 2007, S&P assigned its 'BB+' senior unsecured rating
to the Philippines' new three- and five-year benchmark bond
issues.  The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively.  The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.

Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively.  The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.

On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing.  The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.


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

CHEMTURA CORP: Creates Office of the Chairman
---------------------------------------------
Chemtura Corporation has formed the Office of the Chairman,
designed to increase organizational focus, speed decision-making
and improve execution.  The Office of the Chairman will be
comprised of Chairman and Chief Executive Officer Robert L. Wood
and three direct reports:

  -- Stephen Forsyth, who remains in his current position as
     executive vice president , chief financial officer and
     treasurer, responsible for all financial functions,
     Strategy and New Business Development, and Information
     Technology;

  -- Robert Wedinger, Ph.D., who has been named chief business
     officer, responsible for Chemtura's commercial
     organization.  Chemtura's four businesses - Polymer
     Additives, Performance Specialties, Crop and Consumer
     Products will report to Wedinger.  Mr. Wedinger, who was
     serving as group president of Performance Specialties,
     will retain his Performance Specialties role in addition
     to his new chief business officer responsibilities; and

  -- David Dickey, who has been named chief functional and
     services officer, responsible for all non-Finance
     functions, including logistics and customer care,
     strategic manufacturing, human resources, legal and
     procurement.  The general counsel retains a direct
     reporting relationship to the chairman for regulatory and
     compliance issues.

"This is a natural progression of the restructuring we announced
in April," said Mr. Wood.  "By providing more direct leadership
to the commercial organization and functions, we believe we can
speed decision making and better position ourselves to deliver
results."

                   About Chemtura Corp.

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

                       *     *     *

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

  -- Corporate Family Rating: Ba2 from Ba1

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

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

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


SEA CONTAINERS: SCSL Creditors Want to Set Record Straight
----------------------------------------------------------
The Official Committee of Unsecured Creditors of Sea Containers
Services Ltd., disagrees with Sea Containers Ltd. and its
debtor-affiliates' statement that Sea Containers Ltd. has made
substantial progress towards finalizing a Reorganization Plan.

As reported in the Troubled Company Reporter on Nov. 29, 2007,
the Debtors asked the Court to further extend their exclusive
periods to file a Chapter 11 plan through and including Feb. 20,
2008, and to solicit acceptances of that plan through and
including April 19.

Sean T. Greecher Esq., at Young Conaway Stargatt & Taylor, LLP,
related that since their last request to extend the exclusive
periods, the Debtors have made substantial progress towards
developing a viable chapter 11 plan.  

"The Exclusivity Motion contains a number of overly
optimistic statements regarding the plan negotiation process and
the potential for settlement of inter-debtor disputes," David B.
Stratton, Esq., at Pepper Hamilton LLP, in Wilmington Delaware,
says.

Representing the SCSL Committee, Mr. Stratton informs the Court
that the Debtors' statement claiming that they are "in the late
stages", and are about to reach a "final settlement" with regard
to the inter-debtor dispute resolution process, does not reflect
the current posture of negotiations, or the pendency of claims
litigation.

Currently, he says, the Official Committee of Unsecured
Creditors of Sea Containers Ltd. continue to assert its
objection against the claims of the Sea Containers 1983 and 1990
Pension Schemes, and continues to seek discovery from the U.K
Pension Schemes and the SCSL Committee via document requests.  
Unfortunately, the Discovery Requests have been going through a
lot of objections, responses and extensions.  The deadlines, Mr.
Stratton says, "loom as ominous clouds over the negotiating
table".

While the SCSL Committee has continued to negotiate in good
faith, and believes that there has been some progress on inter-
debtor issues to date, it has yet to receive a settlement
proposal before it could agree that indeed a Reorganization Plan
is "within reach," Mr. Stratton tells the Court.

"At this juncture, there is no cause to conclude that there is
light at the end of Sea Containers' tunnel," Mr. Stratton says.

The SCSL Committee does not object to the extension of the
Debtors' exclusive periods to file and solicit votes for the
Chapter 11 plan; it simply wants to ensure the the record is
balanced and not misleading, Mr. Stratton explains.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
$62,400,718 and total liabilities of $1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec. 21, 2007.  (Sea Containers Bankruptcy News, Issue No. 32;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SEA CONTAINERS: Wins GE Seaco Arbitration Case
----------------------------------------------
Sea Containers Ltd., which owns half of the common equity in GE
SeaCo SRL, one of the world's largest container leasing
companies has won the arbitration case brought against it by GE
Capital, the co-owner of GE SeaCo.

In September last year, GE Capital of Stamford, Connecticut,
contended that when Mr. James Sherwood, the company's founder,
stood down from his duties as Chairman of the Board of Directors
of Sea Containers in March 2006, there had been a change of
control at Sea Containers that allowed GE to buy out Sea
Containers' interests in GE SeaCo.

Sea Containers welcomes the decision by the Arbitrator of the
Commercial Arbitration Tribunal in the International Institute
for Conflict Prevention and Resolution.  The Arbitrator found
that, for numerous reasons, when Mr. Sherwood stepped down from
his position at Sea Containers, there was no change of control
that might have triggered any right of GE Capital to purchase
Sea Containers' interest in GE SeaCo.

The favorable arbitration ruling is a major step forward in Sea
Containers' efforts to advance its financial reorganization.
Sea Containers looks forward to working with GE Capital to
maximize the value of GE SeaCo.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of $1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec 21, 2007.  (Sea Containers Bankruptcy News, Issue No. 32;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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

BANK OF AYUDHYA: Moody's Considers 'Baa3' Rating For Upgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the Bank of Ayudhya Public Co Ltd's ("BAY") Baa3 deposit
and debt ratings and its D- bank financial strength rating.


The following ratings have been placed on review for upgrade:
    * Bank financial strength rating of D-
    * Long-term foreign currency deposit rating of Baa3
    * Short-term foreign currency deposit rating of Prime-3
    * Senior unsecured foreign currency debt rating of Baa3

The rating action was based on BAY's track record of improving
economic solvency, increasing earnings diversification, and
strengthening risk management practices.

"In addition, the increased investment stake by GE Capital
International Holdings Corporation's ("GECIH") in BAY to 35%,
should leverage the former management's strong relationship with
BAY, product and risk assessment capabilities and lead to
increasing profitability over time," says Karolyn Seet, Moody's
Lead Analyst for the bank, adding, "BAY's capital structure has
also been strengthened by the completion of GECIH's investment
scheme to acquire 2 billion shares in BAY so that its Tier 1
ratio now stands at 15.6% as at the end of September 2007."

However, Moody's also notes that BAY faces challenges including
fierce competition in its retail business which could adversely
affect its credit quality, especially as it has been over-
aggressively expanding its loan book. Separately, the bank's
impaired assets could also continue to limit earnings potential
-- its balance sheet is still weak with a 17% non-performing
loan ratio and a 50% loan loss reserve coverage. This is lower
than the average 10% and 70% respectively for Moody's-rated
commercial banks in Thailand.

The ratings review will focus on management's objectives with
respect to the expansion of BAY's hire purchase and retail
businesses. In particular, the acquisition of GE Capital Auto
Lease ("GECAL") from General Electric Capital Asia Investment is
currently subject to the Bank of Thailand's approval. The deal
is slated to significantly increase BAY's presence in the hire-
purchase and retail markets. BAY's ability to diversify its
lending to both corporations and individuals while strengthening
asset quality and maintaining tier one capitalization will also
be considered.


KRUNG THAI: Housing Loans Total THB35-Bil. for January-November
---------------------------------------------------------------
Krung Thai Bank PCL has dished out a total of THB35 billion in
housing loans from January until November this year, the Nation
reports.

The bank also hopes to lend an additional THB3 billion for this
month, the report adds.

According to Thirin Taothong, the bank's senior director for its
housing loan products division, the loans are indicative of an
annual increase of 20% in total loans.  Mr. Thirin predicted
that the bank's housing loan would stand at THB134 billion by
the end of 2007.


NATURAL PARK: Stockholders OK Sale of Shares in 4 Affiliates
------------------------------------------------------------
The shareholders of Natural Park PCL has voted to approve the
sale of the company's shareholdings in Pacific Assets PCL,
Aimtop Investments Ltd., Bangkok Metro PCL, Sansiri PCL and
Syntec Construction PCL.

Specifically, the company is selling these assets to the
following buyers:

    * 208,739,547 paid-up shares or 63.5% of Pacific Assets to
      Asia Debt Management Hong Kong Ltd. and GMW Co. Ltd.

    * 6,100,010 shares or 100% of Aimtop to Mr. Adriaan Zecha

    * 820,260,000 ordinary shares of 6.86% to a purchaser who is
      not connected with the company

    * 62,721,231 ordinary shares or 4.26% of Sansiri to a
      purchaser which the company did not name in its disclosure

    * 190 million shares or 11.88% of Syntec Construction to an
      unnamed purchaser

Based in Bangkok, Thailand, Natural Park Public Company Limited
engages in developing, renting, leasing, selling and managing of
residential and commercial properties. Its business groups
include the operations of a luxury apartment complex, The
Natural Park Apartment, in Bangkok, the management of Novotel
Beach Resort Phanwa Phuket and the operations of french
restaurants, LENOTRE and LENOTRE BOUTIQUE. In addition, the
Company is involved in the catering services.

Natural Park has suffered consecutive annual losses for the
years ended December 31, 2006, and December 31, 2005.  The
company's consolidated income statements reported net losses of
THB1.05 billion for 2006 and PHP669.83 million for 2005.


WYNCOAST IND'L: Taps Tienchai Dawanwong as Director
---------------------------------------------------
Wyncoast Industrial Park PCL's Board of Directors has appointed
Tienchai Dawanwong as director and member of the company's
corporate governance, nominating and remuneration committees.

Mr. Tienchai's appointment became effective December 6, 2007.

Wyncoast Industrial Park Public Company Limited, formerly
Capetronic International (Thailand) Public Company Limited, is a
Thailand-based company engaged in real estate development
business. The Company operates an industrial park under the name
Wyncoast Free Zone in Chachoengsao Province with the total area
of 38,566 square meters. It provides a custom free zone, which
grants certain tax and tariffs benefits, including custom
service available in the area as to reduce time and procedure
enhancing exports and imports. Its customers include investors
specializing in the combination of manufacturing, processing,
packaging - repackaging, warehousing, assembling, transshipment,
distribution centers, and exhibition centers. In addition, the
Company in also involved in the operations of railway loading
services. Wyncoast Industrial Park has three subsidiaries,
Wyncoast Service Co., Ltd., Wyncoast Logistics Co., Ltd. and
Wyncoast Transport Co., Ltd.

                    Going Concern Doubt

After reviewing the company's third quarter and nine-month
period financial statements, Ampol Chamnongwat at S.K.
Accountant Services Co. Ltd., raised points that question the
future operations of the company.

In his opinion, Mr. Ampol cited the group's losses for the 3rd
quarter and nine-month periods ending September 30, 2007, as
well as its working capital deficit of THB183.99 million and
equity deficit of THB127.21 million.

The group also has a loan payable to financial institutions of
THB68.75 million.

The auditor also cited the working capital deficit and equity
deficits of THB104.24 million and THB127.62 million,
respectively, in the company's separate financial statements. He
also brought attention to the third-quarter and nine-month
losses in the separate financial statements of THB89.39 million
and THB113.29 million, respectively.




                         *********

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

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

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


                            *********


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

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