TCRAP_Public/071214.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

           Friday, December 14, 2007, Vol. 10, No. 248

                            Headlines

A U S T R A L I A

BESTCARE FOODS: Declares First Dividend for Creditors
BOLTON'S ELECTRICAL: Liquidator Presents Wind-Up Report
BONEVILLA PTY: Members & Creditors to Receive Wind-Up Report
COOCUMBER PTY: Liquidator Presents Wind-Up Report
COSMOPOLITAN COSMETICS: Members Opt to Shut Down Business

DOME ENGINEERING: Members Opt to Shut Down Business
DUSTBUSTERS CLEANING: Liquidator to Present Wind-Up Report
FINCORP GROUP: Former CEO Admits Operating Risky Business Model
GORDON MACDONALD: Final Meeting Slated for December 14
HIH INSURANCE: Liquidator May Succeed in Recouping AU$295 Mil.

L.W. WEEKS: Placed Under Voluntary Liquidation
LINDSAY HALL: Supreme Court Enters Wind-Up Order
ORIANA PTY: Members to Receive Wind-Up Report on December 14
PORTAL SOFTWARE: Members Opt to Shut Down Firm
PROCTER & GAMBLE: Placed Under Voluntary Liquidation

R & H PRICE: Declares Final Dividend for Unsecured Creditors
REALOGY CORP: Real Estate Downturn Cues Moody's Negative Outlook
SIDEWINDER ASIA: Undergoes Liquidation Proceedings
SPL WORLDGROUP: Members Agree on Voluntary Liquidation
SYMBION HEALTH: Board Still Rejects Primary Health's Offer

UNIVERSAL INTERNATIONAL: Declares First Dividend


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

DANA CORP: Addresses Objections to Plan Confirmation
DANA CORP: Bankruptcy Court to Confirm Reorganization Plan
DANA CORP: Names Post-Bankruptcy Board of Directors
FERRO CORPORATION: Closes Restructuring of Electronic Operations
FGX INT'L: Sept. 29 Balance Sheet Upside-Down by $78.04 Million

PETROLEOS DE VENEZUELA: Cardon Plant Remains Closed
PETROLEOS DE VENEZUELA: Finalizing Talks for Unit Sale to Aegean
ROYAL CARIBBEAN: Forms TUI Cruises in New Venture With TUI AG
TECHON INT'L: Court to Hear Wind-Up Proceedings on Dec. 19
YAU CHEUNG: Appoints New Liquidators


I N D I A

AFFILIATED COMPUTER: Amends Chairperson's Employment Agreement
BHARTI AIRTEL: S&P Raises Corporate Rating to 'BBB-' From 'BB+'
GERDAU SA: Brascan Puts Outperform Rating on Firm's Shares
HAYES LEMMERZ: Posts US$62.7-Mln Net Loss for Qtr. Ended Oct. 31
ICICI BANK: Stationery Maker Sues Bank


I N D I O N E S I A

ADARO INDONESIA: S&P Withdraws 'B+' Corporate Credit Rating
ALCATEL-LUCENT: Extends Contract with MetroPCS to 3-1/2 Years
ALCATEL-LUCENT: To Resell InfoExpress' NAC & Firewall Business
BANK NEGARA: International Finance Plans to Buy Company Stake
CA INC: Lewis Ranieri Ends Six-Year Tenure on Board of Directors

CENTRAL PROTEINAPRIMA: Sells Fixed Assets to Charoen Pokphand
FREEPORT-MCMORAN: Denies Interest in Acquisitions
LIPPO KARAWACI: Targets IDR10 Trillion in Revenues for FY 2008
LIPPO KARAWACI: Hires Eddy Harsono Handoko as President Director
LIPPO KARAWACI: Forms Joint Venture with  Mapletree LM

TELKOMSEL: Expects Revenues to Increase Over 15% in 2008


J A P A N

ALITALIA SPA: Air France Will Share Profitable Growth Strategy
ATARI INC: Amends Credit Facility to Boost Borrowing by US$4 Mln
ATARI INC: Completes Several Restructuring Initiatives
FORD MOTOR: Russian Authorities Ban Pickets
FORD MOTOR: Idles Light Truck Plants Two Weeks Ahead of Schedule

ICONIX BRAND: S&P Rates Proposed US$60MM Add-On Term Loan at BB
IHI CORP: Posts JPY15.06BB Net Profit for Fiscal Year 2006
KOBE STEEL: Forms Joint Venture With Shinsho, Osaka & Meihoku
NIS GROUP: Alliance with TPG Cues R&I to Remove BB Rating
XEROX CORP: S&P Lifts Rating on Preferred Trust to BBB- from BB

XEROX CORP: Fitch Lifts BB-Rated Trust Pref. Securities to BBB-


K O R E A

ARROW ELECTRONICS: Deploys Triad Semiconductor's ASICs Business
DURA AUTOMOTIVE: Resolves Objections to Plan Confirmation
DURA AUTOMOTIVE: Court Defers Confirmation Hearing to Dec. 17
DURA AUTOMOTIVE: Extends Marketing Period for US$425M Exit Loan
LYONDELL CHEMICAL: Fitch Cuts Long-Term Issuer Rating to B+

LYONDELL CHEMICAL: Gets Requisite Consents to Amend Indenture


M A L A Y S I A

ELECTRONIC DATA: Moody's Places Ratings on Review for Upgrade
FCW HOLDINGS: Exploring New Businesses to Boost Revenues
PAN MALAYSIAN: Seeks Approvals of Regularization Proposals
SELOGA HOLDINGS: Submits Appeal to Defer Delisting of Securities
SYARIKAT KAYU: Serves Injunction Order to Bursa Securities


N E W  Z E A L A N D

A MARBECK: Shareholders Opt to Shut Down Business
AIR NEW ZEALAND: To Expand China Services
AIR NEW ZEALAND: Gets Business Traveler's Best Airline Award
ALARM SYSTEMS: Subject to CIR's Wind-Up Petition
AMY CONTRACTING: Taps Rodewald and Neilson as Liquidators

AUTO SUPREME: Court to Hear Wind-Up Petition on December 19
AUTOPAC RENTALS: Wind-Up Petition Hearing Set for December 17
CLAY EXPORTS: Placed Under Voluntary Liquidation
CUSTOMISED SOLUTIONS: Enters Wind-Up Proceedings
EQUIPE COURAGE: Commences Liquidation Proceedings

G CHONG: Appoints Terence Charles Webb Bastion as Liquidator
GIBBS PHARMACY: Undergoes Liquidation Proceedings
LAKE TAUPO: Appoints Rodewald and Neilson as Liquidators
PARTAGAS FOUNDATION: Subject to ACP Media's Wind-Up Petition
POST SHOP: Commences Liquidation Proceedings

RATA CAFE: Creditors' Proofs of Debt Due on December 18
ROOFING RENOVATIONS: Creditors' Proofs of Debt Due on Dec. 21
ROWABA HOLDINGS: Creditors' Proofs of Debt Due on December 14
SOUTH LOG: Creditors' Proofs of Debt Due on December 19


P H I L I P P I N E S

APC GROUP: Unit Wants to Explore Davao for Nickel & Chromine
CHIQUITA BRANDS: May Benefit from WTO's Ruling on EU Tariffs
IPVG CORP: PeopleSupport Rejects US$335-Mil. Purchase Offer
MANILA ELECTRIC: S&P Affirms 'B-' Long-Term Issuer Credit Rating
QUEZON POWER: S&P Revises Outlook on US$215MM Sr. Secured Bonds

VICTORIAS MILLING: Tanduay Holdings Acquires 10.66% of Shares
* Government's Debt Dips 1% to PHP3.832 Trillion at September 30


S I N G A P O R E

CKE RESTAURANTS: Paying US$0.06 Per Share Common Stock Dividend
STATS CHIPPAC: To Expand Manufacturing Floor in Malaysia


T H A I L A N D

POWER-P: Taps SK Accountant Services As Auditor for 2007

* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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

BESTCARE FOODS: Declares First Dividend for Creditors
-----------------------------------------------------
Bestcare Foods Limited declared the first dividend for its
creditors on December 12, 2007.

Only creditors who were able to file their proofs of debt by
December 4, 2007, were included in the company's dividend
distribution.

The company's deed administrator is:

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

                        About Bestcare Foods

Bestcare Foods Limited is a distributor of prepared feeds and
feed ingredients for animals, except dogs and cats.  The company
is located at North Parramatta, in New South Wales, Australia.


BOLTON'S ELECTRICAL: Liquidator Presents Wind-Up Report
-------------------------------------------------------
The members and creditors of Bolton's Electrical Services Pty
Limited met on December 7, 2007, and received the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

          Jamieson Louttit
          Jamieson Louttit & Associates
          Level 15, 88 Pitt Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9231 0505
          Facsimile:(02) 9231 0303

                      About Bolton's Electrical

Bolton's Electrical Services Pty Ltd is involved with electrical
work.  The company is located at Beecroft, in New South Wales,
Australia.


BONEVILLA PTY: Members & Creditors to Receive Wind-Up Report
------------------------------------------------------------
The members and creditors of Bonevilla Pty Limited will have
their meeting on December 17, 2007, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Kenneth Whittingham
          BDO Kendalls (New South Wales)
          Level 19, 2 Market Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9286 5555

                        About Bonevilla Pty

Bonevilla Pty Limited is a distributor of lumber, plywood, and
millwork.  The company is located at Brookvale, in New South
Wales, Australia.


COOCUMBER PTY: Liquidator Presents Wind-Up Report
-------------------------------------------------
The members of Coocumber Pty Limited met on December 11, 2007,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

Stanislaus Maxwell Grant is the company's liquidator.

                         About Coocumber Pty

Coocumber Pty Limited operates non-classifiable establishments.  
The company is located at Canowindra, in New South Wales,
Australia.


COSMOPOLITAN COSMETICS: Members Opt to Shut Down Business
---------------------------------------------------------
During a general meeting held on October 30, 2007, the members
of Cosmopolitan Cosmetics Pty Limited agreed to voluntarily wind
up the company's operations.

Timothy James Cuming and David Clement Pratt were appointed as
liquidators.

The Liquidators can be reached at:

          Timothy James Cuming
          David Clement Pratt
          Level 15, 201 Sussex Street
          Sydney, New South Wales 1171
          Australia

                    About Cosmopolitan Cosmetics

Cosmopolitan Cosmetics Pty Limited is a distributor of drugs,
drug proprietaries, and druggists' sundries.  The company is
located at Rosebery, in New South Wales, Australia.


DOME ENGINEERING: Members Opt to Shut Down Business
---------------------------------------------------
At an extraordinary general meeting held on October 30, 2007,
the members of Dome Engineering Pty Limited resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          John Wilcox
          Hill Rogers, Chartered Accountants
          Level 5, No1 Chifley Square
          Sydney
          Australia

                       About Dome Engineering

Dome Engineering Pty Limited is a distributor of blast furnaces
and steel mills.  The company is located at Moorebank, in New
South Wales, Australia.


DUSTBUSTERS CLEANING: Liquidator to Present Wind-Up Report
----------------------------------------------------------
Dustbusters Cleaning & Maintenance Services Pty Ltd will hold a
final meeting for its members and creditors on December 19,
2007, at 10:30 a.m.

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

The Liquidator can be reached at:

          P.L. Rennie
          Bedfords Corporate Recovery & Advisory
          Level 3, 695 Burke Road
          Camberwell, Victoria 3124
          Australia

                     About Dustbusters Cleaning

Dustbusters Cleaning & Maintenance Services is involved with
carpet and upholstery cleaning.  The company is located at  
Vermont, in Victoria, Australia.


FINCORP GROUP: Former CEO Admits Operating Risky Business Model
---------------------------------------------------------------
Fincorp Group's former chief executive admitted that it operated
a high-risk business model, even though the company promoted
itself a secure, low-risk investment, guaranteeing top-end rates
of return, Danny John writes for The Sydney Morning Herald.

According to the report, Craig Stubbs, who held the top position
for nearly two years until January this year, accepted under
questioning at a New South Wales Supreme Court hearing that
there had been a "mismatch" between Fincorp's huge liabilities
and its almost non-existent equity.

Mr. Stubbs, notes the report, claims that the founder and owner,
Eric Krecichwost, was one of the reasons he and other directors
came up with a plan to sell parts of the business midway through
the previous year to try to keep the rest of it afloat.  Mr.
Stubbs  revealed during the examination hearing that he asked
Mr. Krecichwost to inject more money to help reduce its debt and
give it a chance to grow, the Herald reports.

However, Mr. Krecichwost, who is the company's sole shareholder,
was "unwilling or unable" to provide any new equity, Mr. John
relates.

According to the Herald, Mr. Stubbs said Fincorp ideally needed
AU$30 million to "de-risk" a business whose assets did not match
its liabilities.

ABN Amro and the real estate arm of Ernst & Young were appointed
by Fincorp to advise on plans to sell its funds management
business and its property investment arm.  Consequently, Mr.
John writes that ABN Amro quit in October, expressing
"uneasiness" about getting 100% of the sale plan away, Mr.
Stubbs revealed.  

                         About Fincorp

Fincorp Group -- http://www.fincorp.com.au/-- in its current   
structure was established in July 2005.  The company is a
boutique funds management and property development business that
focuses on mortgage-backed and property products.  It is based
in Grosvenor Place, Sydney, with around 40 employees across New
South Wales, Victoria, and Queensland.

Two companies with the Fincorp Group (Fincorp Financial Services
Limited and Fincorp Managed Investments Limited) hold Australian
Financial Services Licenses and act as Responsible Entities
under the Corporations Act 2001.  Fincorp and its Funds are
regulated by the Australian Securities and Investment
Commission.

                          *     *     *

On March 27, 2007, the Troubled Company Reporter-Asia Pacific
reported that Fincorp Group went into administration with
AU$290 million in debt, of which AU$200 million were owed to
investors and AU$90 million to external financiers.

David Winterbottom was appointed as administrator together with
Mark Korda and Lachlan McIntosh, partners at corporate recovery
firm KordaMentha.

Fincorp Group has reportedly been struggling under heavy inter-
company debt loads and negative cashflow, the TCR-AP cited a
report from The Australian, published on March 26, 2007.


GORDON MACDONALD: Final Meeting Slated for December 14
------------------------------------------------------
Gordon Macdonald Holdings Pty Limited will have its final
meeting today at 10:00 a.m., to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mark Roufeil
          c/o  Gavin Thomas & Partners
          Level 9, 31 Market Street
          Sydney
          Australia

                      About Gordon Macdonald

Gordon Macdonald Holdings Pty Ltd operates holding companies.  
The company is located at Wollongong, in New South Wales,
Australia.


HIH INSURANCE: Liquidator May Succeed in Recouping AU$295 Mil.
--------------------------------------------------------------
HIH Insurance liquidator is one step closer to a hearing, after
the matter of how to deal with the thousands of documents
involved in the case was resolved, Susannah Moran writes for The
Australian.

According to the report, HIH liquidator Tony McGrath is suing a
number of parties through the New South Wales Supreme Court,
including former FAI chief executive Rodney Adler, investment
bank Goldman Sachs and former Goldman executives Malcolm
Turnbull and Russel Pillemer.

Mr. McGrath, according to The Australian, is seeking to recoup
the AU$295 million purchase of FAI in 1998 by HIH, plus
interest.

Mr. Adler, who owns the insurance company FAI, was also the
former director of HIH.  The report states that Mr. Adler has
yet to file his defense, and was given an extension of time
until the end of January.

Tony Bannon SC, the barrister of Goldman Sachs, Mr. Turnbull and
Mr. Pillemer revealed that part of their defense would be to
rely on transactions involving HIH's operations in New Zealand
and dealings it had with FAI executives, relates The Australian.

The report says that Mr. Bannon argued in court for a "general"
discovery order prior to the hearing, saying the matter involved
complex issues and was of "extreme importance" to his clients,
who wanted the benefit of all inquiries made by HIH's
liquidator.

The Australian further adds that Alan Sullivan QC, HIH's
barrister, explained that if the discovery process was to
proceed as suggested by Mr. Bannon, they would have to go
through "literally millions of pages of documents" at an
"enormous cost."  The presiding judge rejected Mr. Bannon's
arguments, wherein the matter will return to court next year.

                     About HIH Insurance

HIH Insurance Limited -- http://www.hih.com.au/-- the holding
company of the HIH Group, was a publicly listed company in
Australia.  Prior to its collapse, the HIH Group was known as
the second largest general insurer in Australia, and had
operations in many other countries.

On March 15, 2001, the HIH Group failed, with a deficiency now
believed to be between AU$3.6 billion and AU$5.3 billion.
Provisional liquidators were appointed to HIH Insurance Limited
and many of its subsidiaries.  Other insolvency practitioners
were appointed to various group companies incorporated in other
parts of the world.  In August 2001, the major Australian
companies in the HIH Group were placed into liquidation.

On March 29, 2006, meetings of the creditors of the eight
companies in the HIH Insurance Group approved the Australian
Schemes of Arrangement for those companies.  Moreover, separate
meetings of creditors of four HIH Insurance Group companies with
branches in the United Kingdom approved English Schemes for
those companies.

HIH's collapse is known to be the nation's biggest corporate
failure.


L.W. WEEKS: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting held on October 30, 2007,
the members of L.W. Weeks Holdings Pty. Limited resolved to
voluntarily wind up the company's operations.

John Wilcox was tapped as liquidator.

The Liquidator can be reached at:

          John Wilcox
          Hill Rogers
          Chartered Accountants
          No. 1 Chifley Square, Level 5
          Sydney
          Australia

                         About L.W. Weeks

L.W. Weeks Holdings Pty. Limited operates miscellaneous business
credit institutions.  The company is located at Carrington, in
New South Wales, Australia.


LINDSAY HALL: Supreme Court Enters Wind-Up Order
------------------------------------------------
On October 30, 2007, the Supreme Court of New South Wales
entered an order to have Lindsay Hall Productions Pty Ltd's
operations wound up.

Sule Arnautovic was appointed as liquidator.

The Liquidator can be reached at:

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

                         About Lindsay Hall

Lindsay Hall Productions Pty Ltd, which is also tradng as
Hunters Sound & Lighting, is involved with equipment rental and
leasing.  The company is located at Adamstown, in New South
Wales, Australia.


ORIANA PTY: Members to Receive Wind-Up Report on December 14
------------------------------------------------------------
The members of Oriana Pty Ltd will meet today at 9:30 a.m. to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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

                         About Oriana Pty

Oriana Pty Ltd, which is also trading as Zos Nightclub, operates  
drinking places.  The company is located at South Yarra, in
Victoria, Australia.


PORTAL SOFTWARE: Members Opt to Shut Down Firm
----------------------------------------------
During a general meeting held on October 30, 2007, the members
of Portal Software International Pty Limited agreed to
voluntarily wind up the company's operations.

Timothy James Cuming and David Clement Pratt were appointed as
liquidators.

The Liquidators can be reached at:

          Timothy James Cuming
          David Clement Pratt
          Level 15, 201 Sussex Street
          Sydney, New South Wales 1171
          Australia

                      About Portal Software

Portal Software International Pty Limited is a distributor of
computers and computer peripheral equipments and software.  The
company is located at North Sydney, in New South Wales,
Australia.


PROCTER & GAMBLE: Placed Under Voluntary Liquidation
----------------------------------------------------
The members of Procter & Gamble Manufacturing Pty Ltd met on
October 30, 2007, and resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

          Timothy James Cuming
          David Clement Pratt
          Level 15, 201 Sussex Street
          Sydney, New South Wales 1171
          Australia

                       About Procter & Gamble

Procter & Gamble Manufacturing Pty Ltd operates manufacturing
industries.  The company is located at Rydalmere, in New South
Wales, Australia.


R & H PRICE: Declares Final Dividend for Unsecured Creditors
------------------------------------------------------------
R & H Price Transport Pty Limited, which is in liquidation,
declared the final dividend for its unsecured creditors on
Dec. 7, 2007.

Only creditors who were able to file their proofs of debt by
December 5, 2007, were included in the company's dividend
distribution.

The company's liquidator is:

          S. J. Hundy
          28 University Ave, Level 7
          Canberra ACT 2601
          Australia

                         About R & H Price

R & H Price Transport Pty Limited operates non-classifiable
establishments.  The company is located at Isabella Plains, in
ACT, Australia.


REALOGY CORP: Real Estate Downturn Cues Moody's Negative Outlook
----------------------------------------------------------------
Moody's Investors Service has assigned an SGL-3 speculative
grade liquidity rating to Realogy Corporation and changed the
rating outlook from stable to negative.  At the same time,
Moody's affirmed the B3 corporate family rating and all other
credit ratings.

Although Moody's base case forecast anticipates that residential
home sale volume and pricing will stabilize beginning in late
2008 or early 2009, the negative rating outlook considers the
potential for a more severe and protracted real estate downturn.

The SGL-3 speculative grade liquidity reflects an adequate
liquidity profile with modestly negative free cash flow from
operations and adequate headroom under financial covenants over
the next four quarters.

If the downturn in the real estate market is more severe than
anticipated by Moody's base case forecast over the next four
quarters, then Moody's could lower the SGL rating. In such a
scenario, free cash flow from operations could turn sharply
negative and compliance with the leverage covenant could be
challenging.

Headquartered in Parsippany, New Jersey, Realogy Corporation
(NYSE: H)-- http://www.realogy.com/-- is real estate franchisor  
and a member of the S&P 500.  The company has a diversified
business model that also includes real estate brokerage,
relocation, and title services.  Realogy's world-renowned brands
and business units include CENTURY 21(R), Coldwell Banker(R),
Coldwell Banker Commercial(R), ERA(R), Sotheby's International
Realty(R), NRT Incorporated, Cartus, and Title Resource Group.
Realogy has more than 15,000 employees worldwide.  The company
operates in Australia, Brazil and France.


SIDEWINDER ASIA: Undergoes Liquidation Proceedings
--------------------------------------------------
The members of Sidewinder Asia Pacific Pty Ltd met on Oct. 30,
2007, and decided to wind up the company's operations.

Timothy James Cuming and David Clement Pratt were named as
liquidators.

The Liquidators can be reached at:

          Timothy James Cuming
          David Clement Pratt
          Level 15, 201 Sussex Street
          Sydney, New South Wales 1171
          Australia

                      About Sidewinder Asia

Sidewinder Asia Pacific Pty Ltd provides computer programming
services.  The company is located at Mount Waverley, in
Victoria, Australia.


SPL WORLDGROUP: Members Agree on Voluntary Liquidation
------------------------------------------------------
The members of SPL Worldgroup Holdings (Australia) Pty Limited
met on October 30, 2007, and agreed to voluntarily liquidate the
company's business.

Timothy James Cuming and David Clement Pratt were tapped as
liquidators.

The Liquidators can be reached at:

          Timothy James Cuming
          David Clement Pratt
          Level 15, 201 Sussex Street
          Sydney, New South Wales 1171
          Australia

                       About SPL Worldgroup

SPL Worldgroup Holdings (Australia) Pty Limited provides custom
computer programming services.  The company is located at  
Melbourne, in Victoria, Australia.


SYMBION HEALTH: Board Still Rejects Primary Health's Offer
----------------------------------------------------------
The board of Symbion Health Ltd. told shareholders to reject
Primary Health Care Ltd.'s AU$2.65 billion offer, reiterating
that its offer price "does not adequately compensate" the
holders, Helen Schuller writes for Egoli News.

According to the report, Symbion Chairman Paul Mcclintock said
that Primary received acceptances to increase its interest by
just 12.86% above its pre-bid holding to a total interest of
32.86%, which is short of the minimum 50.1% acceptance needed.

Teresa Ooi of The Australian reports that only Schroders
Investment Management, which owns 8% of Symbion and 6.6% of
Primary, was one of two investors who accepted Primary's offer.

The 50.1% acceptance offer, states The Australian, was needed by
Primary's Edmund Bateman to swing the takeover in his favor and
make his offer unconditional; Mr. Bateman now has no choice but
to revert to his conditional offer, which required 90%
acceptance when its offer expires on January 7.

Healthscope Ltd., after two previous failed attempts to secure
Symbion, boosted its stake to 10.96% to make sure it would have
a say in the final outcome when Symbion's imaging and diagnostic
assets are finally carved up, relates The Australian.

The Troubled Company Reporter Asia-Pacific reported on Dec. 12,
2007 that Healthscope is open to discussing with Symbion and
Primary regarding any "proposal that maximizes value for all
parties" if only it were not restricted to stop talking to
Primary without Symbion's consent until January 26, 2008.

Mr. McClintock is quoted by Egoli as saying, "The Symbion Health
board will continue to act in all shareholders interests and
will only recommend that shareholders sell their shares if we
believe that shareholders are getting appropriate value for
their shares."

                      About Symbion Health

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

                        *     *     *

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


UNIVERSAL INTERNATIONAL: Declares First Dividend
------------------------------------------------
Universal International Pty Limited declared its first dividend
on December 6, 2007.

Creditors who were not able to file their proofs of debt on
Dec. 5, 2007, were excluded from the company's dividend
distribution.

The company's deed administrator is:

          I. J. Purchas
          Star Dean-Willcocks
          Level 1, 32 Martin Place
          Sydney, New South Wales 2000
          Australia

                    About Universal International

Universal International Pty Limited is a distributor of books,
periodicals, and newspapers.  The company is located at  Gordon,
in New South Wales, Australia.



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C H I N A ,   H O N G  K O N G   &   T A I W A N
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DANA CORP: Addresses Objections to Plan Confirmation
----------------------------------------------------
Dana Corp. and its debtor-affiliates received 11 timely
objections to confirmation of their Joint Plan of Reorganization
-- a remarkably small number considering the size and scope of
the Debtors' Chapter 11 cases, Corinne Ball, Esq., at Jones Day,
in New York, tells the U.S. Bankruptcy Court for the Southern
District of New York.  She relates that the Debtors have
endeavored to resolve the objections consensually, hence, four
objections remain unresolved.

These are the Ad Hoc Committee of Asbestos Personal Injury
Claimants together with Jose Angel Valdez' objections, the Lead
Plaintiffs' objection and Ogre Holdings' objection.  Thus, the
Debtors have chosen to respond to these four objections.

A. Ogre Holdings

Ogre Holdings, Inc.'s objection to the allegedly discriminatory
treatment accorded Tort Claim classified in Class 5B has been
addressed by a proposed modification of the the Plan, which will
more accurately effect the Debtors' intent of preventing a
double recovery to holders of Tort Claims, Ms. Ball points out.

In addition, Ms. Ball says that Ogre Holdings' allegation the
the Plan has not been proposed in good faith within the meaning
of Section 1129(a)(3) of the Bankruptcy Code has no basis in
law.

B. Lead Plaintiffs

In their objection, the Lead Plaintiffs asserted that:

   (i) the Plan contains impermissibly broad releases and
       injunctions; and

  (ii) the Plan should not impact the rights of the Lead
       Plaintiffs or the securities class, either through
       injunctive relief or discharge, to pursue their
       securities claims to the extent of the proceeds of
       certain liability insurance policies the Debtors maintain
       in favor of their directors and officers.

According to Ms. Ball, the Debtors have addressed the Lead
Plaintiffs' first objection.  With regard to the second
objection, she adds that it has been partially addressed through
a proposed addition to the Confirmation Order, which will assure
that nothing in the Plan or its confirmation will prevent the
Lead Plaintiffs from accessing the insurance available to the
non-Debtor defendants in the Securities Litigation.  

C. Asbestos Claimants

The Ad Hoc Committee and Jose Angel Valdez' objections, among
other things, allege that:

   (i) the Debtors' implementation of the Restructuring
       Transactions, among other things, leaves Asbestos
       Personal Injury Claims impaired; and

  (ii) the Plan does not provide payment to holders of Asbestos
       Personal Injury Claims once these claims are allowed.

There can be no question as to the impairment of Class 3
Asbestos Personal Injury Claims under the Plan, Ms. Ball says.  
She explains that the Asbestos Personal Injury claimants will be
reinstated against a solvent Reorganized Dana in accordance with
Section 1124(1) of the Bankruptcy Code.

According to Ms. Ball, the Asbestos Personal Injury Claimants
may also continue to prosecute, and settle if they so choose,
precisely the same claims and cases they possessed before the
Petition Date against the same entities with the same insurance
resources and significantly improved balance sheets.  

"At the heart of the objection is the Asbestos Personal Injury
Claimants' evident desire to receive a windfall -- that is, more
than they could have recovered from the Debtors upon their
disputed, contingent, unliquidated and unproven claims if these
bankruptcy cases had not been filed -- at the expense of the
Debtors' other creditors," Ms. Ball says.

Ms. Ball asserts that the Asbestos Personal Injury claimants
these Chapter 11 cases to obtain greater rights against the
Debtors than they enjoyed before the Petition Date, hence, Court
should overrule the Asbestos objections.

                           About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has held
hearings to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 65; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).  


DANA CORP: Bankruptcy Court to Confirm Reorganization Plan
----------------------------------------------------------
During a confirmation hearing on Dec. 12, 2007, for Dana Corp.'s
Chapter 11 case, the Honorable Burton R. Lifland of the U.S.
Bankruptcy Court for the Southern District of New York disclosed
that he will "entertain an appropriate order of confirmation"
with respect to the company's Plan of Reorganization.  The judge
ruled that all Chapter 11 requirements for confirmation have
been satisfied.  
        
The company is expected to submit the order of confirmation by
Dec. 21, 2007.
        
The company is positioned to emerge from bankruptcy by the end
of January 2008.
        
"This is another important step toward our emergence as a
financially stable company that is positioned to compete
vigorously in our global markets," said Dana Chairman and CEO
Mike Burns.
        
Headquartered in Toledo, Ohio, Dana Corporation (Pink Sheets:
DCNAQ) -- http://www.dana.com/-- designs and manufactures  
products for every major vehicle producer in the world, and
supplies drivetrain, chassis, structural, and engine
technologies to those companies.  Dana employs 46,000 people in
28 countries.  Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  (Dana Corporation
Bankruptcy News, Issue No. 65; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).  


DANA CORP: Names Post-Bankruptcy Board of Directors
---------------------------------------------------
Dana Corporation disclosed the identity of nine individuals who
are expected to serve as members of the board of directors of
Dana upon emergence from Chapter 11 reorganization.  The board
will include Dana Chairman and Chief Executive Officer Mike
Burns, who is expected to be named Chief Executive Officer.  At
emergence, it is expected that the offices of Chairman and Chief
Executive Officer will be separate.

"We are pleased to welcome this group of highly respected
individuals to the Dana team and look forward to benefiting from
their perspective and guidance as we embark on our new
beginning," Mr. Burns said.  "The combined experience, business
acumen, and high ethical standards represented by this board
will provide a sound foundation for our future success."  The
board, which has been selected by creditors and new investors,
assembles distinguished leaders from government, finance, and
automotive backgrounds.  Collectively, the board represents more
than 170 years of automotive industry experience.

                 Proposed New Board of Directors

Upon confirmation of the company's Plan of Reorganization by
the Court, the board of directors will take office on the
effective date of the plan. Joining Mr. Burns on the board will
be:

   (1) Gary L. Convis, 65, retired in 2007 as the Chairman of
Toyota Manufacturing, Kentucky and Executive Vice President of
Toyota Motor Engineering & Manufacturing North America, Inc.,
where he had served since 2002. Prior to serving in these roles,
Mr. Convis spent 16 years at New United Motor Manufacturing,
Inc.   Mr. Convis also spent more than 20 years in various roles
with General Motors Corporation and Ford Motor Company. Mr.
Convis is also a board member of Cooper-Standard Automotive Inc.
and Compass Automotive Group, Inc.

   (2) John M. Devine, 63, is the former Vice Chairman and Chief
Financial Officer of General Motors Corporation, where he served
from 2001 to 2005.  Prior to joining GM, Mr. Devine served as
Chairman and Chief Executive Officer of Fluid Ventures, LLC.  
Previously, he spent 32 years at Ford Motor Company, where he
last served as Executive Vice President and Chief Financial
Officer.  Mr. Devine is also currently a board member of
Amerigon Incorporated.

   (3) Mark T. Gallogly, 50, is Managing Partner of Centerbridge
Partners, L.P., a multi-strategy private investment firm.  Prior
to co-founding Centerbridge, Mr. Gallogly served as a Senior
Managing Director of The Blackstone Group from 1994 to 2005,
heading the firm's Private Equity Group from 2003 to 2005.  

   (4) Richard A. Gephardt, 66, is a senior counsel in the
Government Affairs practice group at DLA Piper, one of the
world's largest law firms.  Previously, Mr. Gephardt served as a
Congressman for Missouri's Third Congressional District for 28
years.  He was the leader of the House Democrats for more than a
decade, serving as House majority leader from 1989 to 1994 and
minority leader from 1995 to 2003.

   (5) Stephen J. Girsky, 45, is President of Centerbridge
Industrial Partners, LLC. Prior to joining Centerbridge, Mr.
Girsky was the Special Adviser to the Chief Executive Officer
and Chief Financial Officer of General Motors Corporation from
2005 to 2006.  Prior to joining GM, Mr. Girsky was managing
director at Morgan Stanley and the senior analyst of the Morgan
Stanley Global Automotive and Auto Parts Research Team.

   (6) Terrence J. Keating, 58, is Chairman of Accuride
Corporation, one the largest and most diversified manufacturers
and suppliers of commercial vehicle components in North America.  
He has served as CEO and a director of Accuride Corporation
since 2002, and was named Chairman of the company earlier this
year.  He recently announced plans to retire from active
employment as an officer of the company at the end of 2008.  Mr.
Keating also serves as Vice Chairman and a director of the Heavy
Duty Manufacturers Association.

   (7) Mark A. Schulz, 55, is the former President of
International Operations of the Ford Motor Company, where he
spent 32 years in a variety of global roles.  Mr. Schulz serves
as a member of several boards, including the National Committee
of United States-China Relations, the United States-China
Business Council, and the National Bureau of Asian Research. He
is also a member of the International Advisory Board for the
President of the Republic of the Philippines.  Mr. Schulz is
also currently a board member of YRC Worldwide Inc.

   (8) Jerome B. York, 69, has served as Chief Executive Officer
of Harwinton Capital LLC, a private investment company that he
controls, since 2000.  From 2000 to 2003, Mr. York was Chairman
and Chief Executive Officer of MicroWarehouse, Inc.  From 1995
to 1999, he served as Vice Chairman of Tracinda Corporation.  He
served as Senior Vice President and Chief Financial Officer of
IBM Corporation from 1993 to 1995.  Prior to that, Mr. York
spent 14 years at Chrysler Corporation serving as its Chief
Financial Officer from 1990 to 1993.  Mr. York is also currently
a director of Apple Inc. and Tyco International Ltd.

                          All-Star Cast

The Detroit Free Press notes that Dana is assembling "an all-
star board of directors", with former top executives from the
world's three biggest automakers, a former adviser to General
Motors Corp. CEO Rick Wagoner, and Mr. Wagoner's onetime
nemesis, Jerome York.

Among the new directors and officers are former auto auto
executives:  

   * Gary Convis was retired chairman of Toyota Motor Corp.'s
     Toyota Manufacturing, Kentucky;

   * John Devine is a former vice chairman and chief financial
     officer of General Motors Corp.; and

   * Mark Schulz is a former president of International       
     Operations of the Ford Motor Co.

Mr. York is a former Chrysler Corp chief financial officer and
has been an adviser to investor Kirk Kerkorian.  Mr. York
resigned from GM's board promptly after talks of a possible tie
up with Nissan Motor Co. and Renault SA died down.  Mr.
Kerkorian's Tracinda Corp., who had pushed for the tie-up,
later disposed of his shares in GM, which went as high as 9.9%.

Mr. Girsky was a special adviser to the CEO and CFO of GM from
2005 to 2006.

                 Burns Stepping Down as Chairman

Mr. Burns is relinquishing his title as chairman of Dana.

Mr. Burns is, however, to expected to remain with the company.  
According to documents submitted to the Court, Michael J. Burns
will be the President, Chief Executive Officer and Chief
Operating Officer for Dana Holding Corporation and Dana Limited.

FutureoftheUnion.com notes that Judge Lifland had authorized the
company to pay up to $6,750,000 in cash and stock to Mr. Burns
when the company exits bankruptcy.

Buffalo Business First recounts that Mr. Burns was a GM vice
president in charge of Delphi Harrison Thermal Systems in
Lockport from 1994 to 1996.  He left the auto-maker to join Dana
in 2004.

A complete list of New Dana Holdco's directors and officers is
available for free at:

         http://bankrupt.com/misc/NewDanaHoldco_D&O's.pdf

                           About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  (Dana
Corporation Bankruptcy News, Issue No. 65; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).  


FERRO CORPORATION: Closes Restructuring of Electronic Operations
----------------------------------------------------------------
Ferro Corporation has completed the previously announced
restructuring of its Electronic Materials Systems operations in
the United States.  The restructuring included transfer of
dielectric materials manufacturing from the Company's production
facilities in Niagara Falls, New York, to existing Ferro
facilities in Penn Yan, New York and Uden, The Netherlands.

As part of the restructuring program, Ferro sold its Niagara
Falls manufacturing site and certain industrial ceramics product
lines that were based at the Niagara Falls site to TAM Ceramics
LLC, an affiliate of All-American Holdings LLC.

"We completed the restructuring program on schedule and we
continue to estimate annual savings of $7 million to $8 million
in 2008 as a result," said Barry Russell, Vice President of
Ferro Electronic Material Systems.  "We are pleased to reach
agreement for the sale of the Niagara Falls manufacturing
facility and industrial ceramics products."

                    About Ferro Electronic

Ferro Electronic Material Systems has locations in Vista, CA;
Penn Yan, NY; South Plainfield, NJ; Cleveland, OH; Haverhill,
United Kingdom; Uden, The Netherlands; Hanau, Germany; Tsukuba,
Japan; and Suzhou, China.  Its products include advanced
packaging and thick film conductors; metal pastes and powders
for solar energy applications; chemical mechanical planarization
(CMP) slurries for semiconductors and advanced integrated
circuits; dielectrics used in chip components and multilayer
ceramic capacitors (MLCC); and surface finishing materials for
LCD, hard disk, and ophthalmic polishing.

                     About Ferro Corp.

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of  
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were USUS$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's USUS$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


FGX INT'L: Sept. 29 Balance Sheet Upside-Down by $78.04 Million
---------------------------------------------------------------
FGX International reported financial results for its third
quarter and first nine months ended Sept. 29, 2007.  These are
the first results released since FGX International went public
on Oct. 24, 2007.

Highlights for the quarter include:

   -- net loss for the 2007 quarter was $18,000 compared
      to a net loss of $4.6 million in the quarter of the prior
      year;
    
   -- operating income increased 364% from $1.4 million in the
      third quarter of 2006 to $6.5 million in the current
      quarter;
    
   -- earnings before interest, taxes, depreciation and
      amortization increased 87% from $6 million in the third
      quarter of 2006 to $11.2 million in the third quarter of
      2007.

Highlights for the first nine months include:

   -- net income was $3.4 million in the first nine months of
      2007 versus a net loss of $8.9 million in the first nine
      months of 2006;
    
   -- excluding certain charges, adjusted net income was
      $4.5 million in the first nine months of 2007 versus a
      loss of $8.0 million, in the first nine months of 2006;
    
   -- operating income increased 118% from $9.4 million in the
      first nine months of 2006 to $20.5 million in the
      comparable period of 2007.
    
   -- EBITDA increased 48% from $23.2 million in the first nine
      months of 2006 to $34.4 million in the comparable period
      of 2007.

"We are pleased to report such strong growth in sales and
earnings in our first disclosure as a public company, Alec
Taylor, chief executive officer of FGXI stated.  “Our operating
income and gross margins increased significantly year over year,
demonstrating a disciplined approach to managing our business.  
These results are consistent with our expectations in what is
traditionally our lowest sales quarter of the year."

"We have seen continued strong growth trends in the reading
glasses and sunglasses markets, proving that our flagship
brands, Foster Grant (R) and Magnivision (R), are well
recognized by consumers," Mr. Taylor continued.

Capital expenditures for the nine months ended Sept. 29, 2007
were $11.2 million compared to $6.4 million in the previous
year, which was due to the company's continued capital
investment in store displays to support incremental sales volume
in 2007.

At Sept. 29, 2007, the company's balance sheet showed total
assets of $214.26 million, total liabilities of $292.3 million,
resulting to a shareholders' deficit of $78.04 million.

                    About FGX International

Headquartered in Smithfield, Rhode Island, FGX International
Holdings Limited (Nasdaq: FGXI) -- http://www.fgxi.com/-- is a  
designer and marketer of non-prescription reading glasses,
sunglasses and costume jewelry with a portfolio of established,
recognized eyewear brands including Foster Grant(R) and
Magnivision(R).  The company has international locations in the
United Kingdom, Canada, China and Mexico.

                         *     *     *

As reported in the Troubled Company Reporter on  Oct 10, 2007,
Standard & Poor's Ratings Services revised its ratings outlook
on optical accessories designer and marketer FGX International
Inc. to stable from negative.  At the same time, Standard &
Poor's affirmed its ratings on the company, including the 'B'
corporate credit rating.


PETROLEOS DE VENEZUELA: Cardon Plant Remains Closed
---------------------------------------------------
Venezuelan state-owned oil company Petroleos de Venezuela SA has
not restarted its Cardon plant in the Paraguana complex in
Falcon, news daily La Hora reports, citing a source within the
refinery.

As reported in the Troubled Company Reporter-Latin America on
Dec. 7, 2007, Petroleos de Venezuela said that its Cardon plant
suffered an electrical failure, resulting to a temporary
shutdown.  Petroleos de Venezuela said the failure was due to a
"surge" at Cardon's T-31 substation.  No damage occurred from
the electrical failure.  Cardon's operations had resumed.

Cardon processes about 300,000 barrels per day of oil,
BNamericas states.

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

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


PETROLEOS DE VENEZUELA: Finalizing Talks for Unit Sale to Aegean
----------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA has
invited Aegean Marine Petroleum Network Company founder Dimitris
Melisanidis to Caracas, Venezuela, for the conclusion of the
negotiations for the final purchase of The Bahamas Oil Refining
Company International Limited aka BORCO, Lededra Marche at the
Freeport News reports.

As reported in the Troubled Company Reporter-Latin America on
Nov. 30, 2007, the sale of BORCO in Grand Bahama could be
finalized in 10 days.  Morgan Stanley was reportedly the leading
bidder for the oil storage and bunkering terminal from Petroleos
de Venezuela.  Bidders also included:

         -- Nu Star Energy,
         -- Glencore,
         -- Vitol,
         -- PetroChina, and
         -- Petrobas.

The Freeport News relates that Aegean Marine was the top bidder
for the sale of BORCO, offering US$710 million for the unit.

A press statement from Manasse Echegeray Energy Consultants says
that Aegean Marine had outbid Nu Star and Morgan Stanley in the
initial round of bids run by Citigroup.  Its bid had been
initially rejected.

However, Petroleos de Venezuela recognized Aegean Marine offer
as the highest one received, after conducting probes, The
Freeport News relates.

Belkys Reyes, an energy consultant in Caracas who works with
Petroleos de Venezuela, confirmed to The Freeport News that
Aegean Marine is now the clear front-runner for the purchase of
BORCO.

The board of Petroleos de Venezuela, Asdrubal Cavez, and Jesus
Villanueva are expecting the arrival of Mr. Melisanidis in
Caracas next week to conclude all the negotiations, The Freeport
News says, citing Mr. Reyes.

Mr. Reyes commented to The Freeport News, "If all the financial
details of this intricate deal are agreed upon, Aegean will
become the new owner of the BORCO Deposit in Freeport, Bahamas."

Andean Marine was the first to be invited to discuss final terms
of sale.  The final overall price for BORCO could exceed US$1
billion, Manasse Echegeray said in a statement.

                       About Aegean Marine

Headquartered in Athens, Greece, Aegean Marine Petroleum
Network, Inc. is a marine fuel logistics company that physically
supplies and markets refined marine fuel and lubricants to ships
in port and at sea.  As a physical supplier, the company
purchases marine fuel from refineries, oil producers and other
sources, and resells and delivers these fuels using its
bunkering tankers to a base of end users.

                           About BORCO

Bahamas Oil Refining Company International Limited aka BORCO was
purchased by Petroleos de Venezuela in 1990 and runs a terminal
with 20 million barrels crude oil and products.  It had shut
down its refining operations in mid-1985 in response to the oil
glut on the world market.  BORCO continued its oil transshipment
operations, however, importing large quantities of oil from the
Middle East and Africa for transshipment and for domestic use.
In the Bahamas, oil exploration by several international
companies began in the early 1980s; marine geologists believed
vast deposits of oil and natural gas might be found.

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


ROYAL CARIBBEAN: Forms TUI Cruises in New Venture With TUI AG
-------------------------------------------------------------
Royal Caribbean Cruises Ltd. and TUI AG have launched a new
joint venture serving the German cruise market.  The new
company, TUI Cruises, will begin service with one ship, in early
2009, and grow quickly with two newbuilds planned for 2011 and
2012.  Sales and marketing will commence earlier in Spring 2008.
Both partners will hold a 50 percent interest in the joint
venture, which is subject to regulatory and board approvals
before completion.

The first ship to operate under the TUI Cruises brand will
undergo renovations before entering service.  Once deployed, it
will not only enhance the German cruise market, but also meet
the sophisticated needs of German-speaking customers seeking a
contemporary/premium cruise experience.  The onboard product
will be custom-tailored to German tastes, and encompass food,
entertainment and amenities. German will be the language used
onboard as well.

"We are very pleased by our new partnership and our new
partner," said TUI AG Chief Executive Officer, Dr. Michael
Frenzel.  "Royal Caribbean Cruises Ltd. is truly a leader in the
cruise vacation industry, and TUI Cruises will greatly benefit
from its expertise.  By collaborating with Royal Caribbean, we
gain access to a very profitable growth market, a year earlier
than we had envisioned," Dr. Frenzel added.

"We are thrilled to partner with a company as highly regarded as
TUI AG," said Royal Caribbean Cruises Ltd. Chairperson and CEO
Richard Fain.  "The alliance greatly advances our global
strategy.  It also aligns us with TUI AG, the most powerful
brand in European tourism," Mr. Fain added.

Plans call for the new cruise line to be based in Hamburg,
Germany.  Industry executive Richard Vogel, who has worked
extensively on the project, is expected to be named Chief
Executive Officer of TUI Cruises after the transaction is
approved.

                         About TUI AG

TUI AG is an internationally active group that, since 2005, has
been concentrating on the two growth sectors of tourism and
shipping.  In both these sectors, TUI commands a leading market
position, it is namely number one among the European tourism
companies and number five in the world of container shipping.
The company's consolidated revenues and number of employees for
the year ended Dec. 31, 2006 was US$20.9 billion and 54,000,
respectively.  With effect from Sept. 2007, TUI AG has merged
its tourism activities -- with the exception of its hotel
business -- with the British travel group First Choice Holidays
PLC into TUI Travel PLC.  TUI holds 51 percent in this new
entity, which is listed at the London Stock Exchange.

                      About Royal Caribbean

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/-- is a global cruise vacation  
company that operates Royal Caribbean International, Celebrity
Cruises and Pullmantur Cruises, Azamara Cruises and CDF
Croisieres de France.  The company has a combined total of 35
ships in service and seven under construction.  It also offers
unique land-tour vacations in Alaska, Australia, China, Canada,
Europe, Latin America and New Zealand.  The company has
operations in Puerto Rico.

                         *     *     *

Moody's still carries Royal Caribbean Cruises Ltd.'s 'Ba1' long
term corporate family rating last placed on Feb. 22, 2005.
Moody's said the outlook is stable.


TECHON INT'L: Court to Hear Wind-Up Proceedings on Dec. 19
----------------------------------------------------------
On August 9, 2007, Chan Yeut Ying, filed a petition to have
Techon International Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
December 19, 2007, to hear a petition to wind up the operations   
Techon International.

The petitioners' solicitor can be reached at:

          Peter W. K. Lo & Company
          Room 701-705, 7th Floor, Bank Centre
          630-636 Natahn Road, Kowloon, Hong Kong


YAU CHEUNG: Appoints New Liquidators
------------------------------------
The members of Yau Cheung Trasportation Company Limited on
November 22, 2007, appointed Li Man Wai and Tsang Lain Fun as
the company's liquidator.

The Liquidators can be reached at:

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



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

AFFILIATED COMPUTER: Amends Chairperson's Employment Agreement
--------------------------------------------------------------
Affiliated Computer Services, Inc., Board of Directors wants to
amend Chairperson of the Board, Darwin Deason's Employment
Agreement to remove Mr. Deason's exclusive governance rights,
including his rights to appoint certain officers and recommend
directors for election to, or removal from the Board of
Directors.  Mr. Deacon has agreed the amendment.

In connection with the Board's evaluation of the company's share
repurchase program, Mr. Deason also agreed to amend his Voting
Agreement to cap his vote with respect to his currently
outstanding shares at 45%.  In accordance with the existing
terms of the Voting Agreement, any shares purchased by Mr.
Deason in the future will not be subject to the Voting
Agreement.

The company's lead independent director, Mr. Frank Varasano
said, "The directors are very pleased that Mr. Deason has agreed
to expeditiously implement these amendments on behalf of the
company and its shareholders."

Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/--  
provides business process outsourcing and information technology
solutions to world-class commercial and government clients.  The
company has more than 58,000 employees supporting client
operations in nearly 100 countries.  The company has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland, and Singapore.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 5, 2007, Fitch Ratings has removed Affiliated Computer
Services, Inc. from Rating Watch Negative and affirmed these
ratings:

-- Issuer Default Rating 'BB';
-- Senior secured revolving credit facility at 'BB';
-- Senior secured term loan at 'BB';
-- Senior notes at 'BB-'.

Fitch said the rating outlook is stable.


BHARTI AIRTEL: S&P Raises Corporate Rating to 'BBB-' From 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
ratings on India-based telecom operator, Bharti Airtel Ltd. to
'BBB-' from 'BB+'.  The outlook is stable. This rating action
reflects the company's stronger-than-anticipated operating
performance and improved cash flow generation supported by
greater economies of scale.  Despite high capital spending and
intense competition, Bharti's credit measures are projected to
remain in the current rating category.

"The ratings on Bharti reflect the company's strong subscriber
growth and improved cash flow measures," said Standard & Poor's
credit analyst Yasmin Wirjawan.  "These strengths are somewhat
offset by the intense competition faced by the company and its
aggressive expansion plan, with a budgeted capital spending of
US$3.3 billion to US$3.5 billion annually in the near term."

Bharti's liquidity is adequate.  At Sept. 30, 2007, the company
had INR5 billion cash balance and INR11 billion short-term
investments, which are sufficient to cover about INR10 billion
of debt due in one year.  In addition, the company had about
INR63 billion equipment payable due in one year, which will be
financed by internal cash generation and debt.  The company
has unused committed credit facilities of about US$250 million
and INR2.4 billion.

"The rating or outlook could be under pressure if there is
deterioration in Bharti's business risk profile and if its
financial profile weakens materially, including debt to EBITDA
of 2x and above, after the company's high capital spending to
enhance its network capacity and coverage," Ms. Wirjawan noted.

"On the other hand, the rating or outlook could be raised if the
company is able to strengthen its leading market position, while
maintaining strong financial metrics, including debt to EBITDA
below 1.5x on a sustainable basis.  In addition, Bharti needs to
generate predictable and sustainable positive free operating
cash flows, while maintaining adequate liquidity to fund its
developments.  As most of its revenue is generated in local
currency, the company would need to be able to maintain such
financial metrics under an economic stress scenario for its
ratings to be above the foreign currency sovereign ratings on
India (BBB-/Stable/A-3)."


GERDAU SA: Brascan Puts Outperform Rating on Firm's Shares
----------------------------------------------------------
Business News Americas reports that Brazilian brokerage Brascan
has assigned an "outperform" rating on Gerdau SA's shares.

According to Brascan's research note, the brokerage's target
price for Gerdau shares is at BRL66.98, while the target price
for Metalurgica Gerdau, which controls the assets of Gerdau, is
placed at BRL91.52.   The targets indicate "respective upsides
of 27.1% and 30.7% compared to Dec. 7 prices."

Gerdau's potential increases in sales and continued strong cash
flow were mainly due to the firm's "aggressive expansion
strategy," BNamericas says, citing Brascan.

Brascan told BNamericas that Gerda's US acquisitions --
Chaparral Steel and Macsteel -- will provide:

         -- greater product mix,
         -- possible synergies, and
         -- better operating margins.

Gerdau is "more exposed to risks relating to the US housing and
mortgage markets," BNamericas relates.

Brascan is projecting a BRL30.7-billion revenue for Gerdau this
year.  Gerdau's Ebitda would be BRL6.44 billion, while its net
profit would be BRL3.43 billion, BNamericas states.

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

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

Ratings affirmed are:

Issuer: Gerdau S.A.

-- Ba1 Global Local Currency Corporate Family Rating

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

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

-- Ba1 Global Local Currency Corporate Family Rating

Issuer: Gerdau Ameristeel Corporation

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

Issuer: Jacksonville Economic Development Comm.

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

Outlook for all ratings: stable


HAYES LEMMERZ: Posts US$62.7-Mln Net Loss for Qtr. Ended Oct. 31
----------------------------------------------------------------
Hayes Lemmerz International, Inc., has reported that sales for
the fiscal third quarter ended Oct. 31, 2007 were US$554.9
million, up 20% from US$463.3 million in the year earlier
quarter.  The sales increase resulted from strong international
steel and aluminum wheel sales, material cost recovery and
favorable foreign currency fluctuations.

For the third quarter, the company reported Adjusted EBITDA of
US$55.8 million, an improvement of US$12.0 million or 27% over
the year earlier quarter, and earnings from operations before
impairments of US$22.2 million, an improvement of US$11.3
million or more than double the year earlier quarter.

Free cash flow for the third quarter, excluding the effects of
the company's accounts receivables securitization program, was
US$26.5 million, an increase of US$26.2 million over the year
earlier quarter.  Free cash flow for the first nine months of
fiscal 2007 was US$8.0 million, an increase of US$14.2 million
for the same period last year.

"This was a good quarter for the company, even though our net
income was negatively impacted by asset impairment and other
restructuring charges," said President, Chief Executive Officer
and Chairperson of the Board, Curtis Clawson.  The company
reported a net loss for the third quarter of US$62.7 million, of
which US$50.0 million resulted from asset impairments and
restructuring charges, compared with a net loss of US$59.6
million a year earlier.

"Our third quarter results reflect our success in implementing
our strategy of restructuring our business, executing our
operating plan and continuing to extend the lead in our global
wheel business with international expansions in leading-cost
regions," Mr. Clawson added.

Hayes Lemmerz sold its automotive brake business in November,
continuing to execute its strategy of reducing reliance on
Detroit Three business in the United States, focusing its
presence in the right geographic regions, and concentrating
capital and efforts on its profitable global wheel business.
Earlier in the fiscal year, as previously reported, the company
sold its suspension and MGG businesses and its aluminum
components facility in Wabash, Indiana.  These businesses have
been classified as discontinued operations.

Adjusted for the sale of its automotive brake business (which is
now classified as discontinued operations), Hayes Lemmerz
remains on track to meet its guidance for the fiscal year ending
Jan. 31, 2008.  The company expects revenue of approximately
US$2.1 billion (US$2.2 billion including the brake business),
and Adjusted EBITDA is expected to be in the range of US$190
million to US$200 million (US$200 million to US$210 million
including the brake business).  The company expects positive
free cash flow.  Capital expenditures for the fiscal year are
expected to be between US$95 million and US$100 million.

               About Hayes Lemmerz International

Based in Northville, Michigan, Hayes Lemmerz International Inc.
(Nasdaq: HAYZ) -- http://www.hayes-lemmerz.com/-- is a supplier  
of automotive and commercial highway wheels, brakes and
powertrain components.  The company has 30 facilities and
approximately 8,500 employees worldwide.  The company has
operations in India, Brazil and Germany, among others.

                         *     *     *

As reported on Sept. 26, 2007, Fitch Ratings placed Hayes-
Lemmerz International Inc.'s issuer default rating at 'B' with a
negative rating watch.


ICICI BANK: Stationery Maker Sues Bank
--------------------------------------
Sundaram Multi Pap Ltd has filed a lawsuit in the Bombay High
Court against ICICI Bank Ltd alleging that the bank misled the
stationery firm into taking derivative positions far beyond its
underlying export risks, the Business Standard reports.

The suit, the report says, came after the bank demanded that the
Sundaram pay about INR6 crore as margin money to cover for
losses.

“This is a classic case of fancy hedging structures, where
exporters convert their dollar receivables into Swiss franc,
which has begun to hurt exporters as the otherwise stable Swiss
currency has appreciated against the weakening US currency,” BS
explains.

According to the report, the Bombay-based paper stationery maker
asked the court to cancel:

   -- derivative transactions it entered into with the bank; and

   -- personal guarantees given by the company's directors for
      hedging.

The paper firm reportedly asserted that the transactions were
for speculative purposes and not for hedging.

Sundaram Chairman and Managing Director Amrut Shahall alleged
that the purpose of the transaction was to hedge export risks   
but the bank "misguided" them and entered into contracts that
breached the limit of INR1.52 crore on a single transaction in
Indian rupees and the total annual limit turnover of INR25
crore, BS relates.

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

                         *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

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



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

ADARO INDONESIA: S&P Withdraws 'B+' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B+' corporate
credit and senior secured debt ratings on Indonesia-based coal
producer, PT Adaro Indonesia.  The withdrawal follows the
redemption of Adaro's outstanding US$400 million notes on
Dec. 10, 2007.

Headquartered in Indonesia, PT Adaro Indonesia
-- http://www.adaro-envirocoal.com-- operates one of the     
world's largest sub-bituminous coalmines in Kalimantan,
Indonesia.  The company operates under a Coal Cooperation
Agreement with the Government of Indonesia, which gives it the
right to mine coal within its agreement area in the Tanjung
district of South Kalimantan Province until the year 2022 with
rights to extend by mutual agreement.  There are four deposits
within the Agreement Area, which contain total coal resources of
approximately 3.0 billion tones of open cut coal characterized
by extremely thick seams of up to 50 meters with relatively low
overburden.


ALCATEL-LUCENT: Extends Contract with MetroPCS to 3-1/2 Years
-------------------------------------------------------------
Alcatel-Lucent and MetroPCS Wireless, Inc., a wholly owned
indirect subsidiary of MetroPCS Communications, Inc. have
announced a three-and-one-half-year extension of their existing
agreement to include, among other things, Alcatel-Lucent's
third-generation (3G) CDMA2000(R) mobile networking solutions to
build out MetroPCS' AWS spectrum in New York, Boston,
Philadelphia, Las Vegas, Detroit, Dallas and Los Angeles.
Currently, MetroPCS offers PCS service in the Miami, Orlando,
Sarasota, Tampa, Atlanta, Dallas, Detroit, San Francisco, Los
Angeles and Sacramento metropolitan areas.

Alcatel-Lucent will continue to provide to MetroPCS a range of
base stations designed to fit a wide variety of deployment
scenarios, both in new and existing markets, including high-
capacity Macro base stations, medium-capacity Sub-Compact base
stations and Low-Power base stations for in-building
applications.  The company will also provide maintenance and
professional services, including network optimization, design
and engineering.

"Our customers want the most value for their dollar and our
unlimited flat-rate service offers a compelling value
proposition, which is evident by the remarkable continued growth
of our subscriber base," said MetroPCS' Chairperson of the Board
and Chief Executive Officer, Roger D. Linquist.  "Alcatel-Lucent
has been a valued and trusted partner in the evolution of our
network since the launch of our initial markets.  We look
forward to continuing that relationship and for Alcatel-Lucent
to provide us with the technology and solutions we need to
further evolve and grow our network."

"This is a significant win for Alcatel-Lucent and our continued
relationship with MetroPCS is confirmation of the confidence
they have in our CDMA solution and CDMA technology in general,"
said president of Alcatel-Lucent's Americas region, Cindy
Christy.  "That MetroPCS has chosen Alcatel-Lucent to build out
its initial AWS markets speaks volumes regarding the quality of
our products, of our technology and of the people who provide
them."

In addition, MetroPCS will deploy the Alcatel-Lucent AnyPath
Messaging System in its network, integrating existing call
answering and voice messaging capabilities with a wide array of
next-generation, media-rich applications, including: advanced
multimedia, mobile data, unified communications, video mail,
speech-enabled and real-time voice portal applications.

MetroPCS also will leverage the Alcatel-Lucent Market Advantage
Program as the company continues to expand its network and offer
mobile high-speed data services to its enterprise and
residential customers.  The program is a globally designed to
help Alcatel-Lucent's customers and business partners identify
market opportunities, develop marketing plans and speed
profitable service launches.

CDMA2000 is a registered trademark of the Telecommunications
Industry Association.

              About MetroPCS Communications, Inc.

Dallas-based MetroPCS Communications, Inc. (NYSE: PCS) --
http://www.metropcs.com-- is a provider of unlimited wireless  
communication service for a flat-rate with no signed contract.
MetroPCS owns licenses or has access to wireless spectrum
covering a population of approximately 140 million people in 14
of the top 25 largest metropolitan areas in the United States.
As of Sept. 30, 2007, MetroPCS had approximately 3.7 million
subscribers and offers service in the Miami, Orlando, Daytona
Beach, Melbourne, Sarasota, Tampa, Atlanta, Dallas, Detroit, Los
Angeles, San Francisco, and Sacramento metropolitan areas.

                     About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent (Euronext Paris
and NYSE: ALU) -- http://www.alcatel-lucent.com/-- provides  
solutions that enable service providers, enterprises and
governments worldwide to deliver voice, data and video
communication services to end users.  Alcatel-Lucent maintains
operations in 130 countries, including, Austria, Germany,
Hungary, Italy, Netherlands, Ireland, Canada, United States,
Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru,
Venezuela, Indonesia, China, Australia, Brunei and Cambodia.  On
Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                       *      *      *

As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2007, Moody's Investors Service downgraded to Ba3
from Ba2 the Corporate Family Rating of Alcatel-Lucent.  The
ratings for senior debt of the group were equally lowered to Ba3
from Ba2 and the trust preferred notes of Lucent Technologies
Capital Trust I have been downgraded to B2 from B1.  At the same
time, Moody's affirmed its Not-Prime rating for short term debt
of Alcatel-Lucent.  Moody's outlook for the ratings is stable.


ALCATEL-LUCENT: To Resell InfoExpress' NAC & Firewall Business
--------------------------------------------------------------
Alcatel-Lucent has entered into a multi-year, strategic reseller
agreement with InfoExpress.  Under terms of the agreement
Alcatel-Lucent will resell InfoExpress' enterprise-class
CyberGatekeeper network access control (NAC) solution and its
CyberArmor personal firewall.

In joining forces with InfoExpress, Alcatel-Lucent enhances its
user aware network security offering by adding the award-winning
CyberArmor firewall and CyberGatekeeper with Dynamic NAC to its
portfolio of solutions.  As the industry's only NAC designed to
work on a heterogeneous infrastructure and that can be deployed
with zero network changes, the solution provides access control
that screens LAN, wireless LAN, and remote access endpoints
before allowing access to the network.

For InfoExpress, the alliance adds the strength and reach of
Alcatel-Lucent's renowned global sales and services team to help
the company quickly add new customers.

"With trends like mobility, increased compliance and the further
virtualization of business, our customers are keenly focused on
network and data security," said Alcatel-Lucent's Enterprise
Solutions president, Tom Burns.  "By augmenting our offering
with InfoExpress' proven technology, we expand our security
arsenal with a NAC solution that is extremely easy to deploy and
that competitors are unable to match."

"Partnering with a global leader like Alcatel-Lucent gives
InfoExpress the ability to accelerate growth and expand our
presence worldwide," said InfoExpress Chief Executive Officer,
Stacey Lum.  "For customers, the combined strength of our
companies' technology provides a compelling and unique solution
to the challenges of network performance and security."

                       About InfoExpress

Headquartered in Mountain View, California, InfoExpress --
http://www.infoexpress.com/-- has provided network access  
control solutions since 2000.  At the core of InfoExpress
solution is the award winning Dynamic NAC Software Suite, which
ensures endpoints are safe and compliant with security policies
by performing real-time audits and quarantining of all network-
attached endpoints.

                    About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent (Euronext Paris
and NYSE: ALU) -- http://www.alcatel-lucent.com/-- provides  
solutions that enable service providers, enterprises and
governments worldwide to deliver voice, data and video
communication services to end users.  Alcatel-Lucent maintains
operations in 130 countries, including, Austria, Germany,
Hungary, Italy, Netherlands, Ireland, Canada, United States,
Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru,
Venezuela, Indonesia, China, Australia, Brunei and Cambodia.  On
Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                       *      *      *

As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2007, Moody's Investors Service downgraded to Ba3
from Ba2 the Corporate Family Rating of Alcatel-Lucent.  The
ratings for senior debt of the group were equally lowered to Ba3
from Ba2 and the trust preferred notes of Lucent Technologies
Capital Trust I have been downgraded to B2 from B1.  At the same
time, Moody's affirmed its Not-Prime rating for short-term debt
of Alcatel-Lucent.  Moody's outlook for the ratings is stable.


BANK NEGARA: International Finance Plans to Buy Company Stake
-------------------------------------------------------------
World Bank unit International Finance Corporation has informed
the Indonesian government of its intention to buy a stake in PT
Bank Negara Indonesia, ABC Money News reports.

According to the report, IFC Communication Official Laksmi
Prasita said they have met with the (state enterprises) minister
last week and discussed the plan.  Talks are ongoing but it is
still at a very early stage and any details can't be discussed,
she added.

IFC, the report relates, wants to buy 473.89 million shares or
equivalent to 3.1% stake in Bank Negara, which would come from a
greenshoe option.

The greenshoe option, ABC NEws explains, gives underwriters the
right to sell additional shares in a registered securities
offering if demand for the securities is more than the original
amount offered, is part of BNI's secondary offering in August.

Ms.  Prasita told the news agency that IFC has enough funds for
the acquisition and has not set a date for when the purchase
will be made.

                     About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial      
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter-Asia Pacific
Troubled Company Reporter-Asia Pacific on Dec. 7, 2007, Fitch
Ratings has upgraded the National Long-term rating of PT Bank
Negara Indonesia to 'AA-(idn)' (AA minus (idn)) from 'A+ (idn)).  
The Outlook is Stable.  This rating action resolves the Positive
Outlook that BNI's National rating was placed on in September
2007.   At the same time, Fitch has affirmed BNI's other
ratings, as follow:

   -- Long-term foreign and local currency Issuer Default   
      Ratings at 'BB-' with a Positive Outlook,

   -- Short-term rating at 'B'

   -- Individual rating at 'D'

   -- Support rating at '4', and

   -- Support rating floor at 'B+'

Oct. 19, 2007, Moody's Investors Service raised PT Bank Negara
Indonesia (Persero) Tbk.'s foreign currency long-term debt
rating to Ba2 from Ba3 and foreign currency long-term deposit
rating to B1 from B2.

On April 20, 2007, Standard & Poor's Ratings Services raised
Bank Negara's long-term counterparty credit ratings to 'BB-'
from 'B+'.


CA INC: Lewis Ranieri Ends Six-Year Tenure on Board of Directors
----------------------------------------------------------------
CA Inc. reported that Lewis Ranieri, who led CA's Board of
Directors through one of the most critical periods in the
company's 31-year history, retired from the Board, effective
Dec. 10, 2007.

In informing the Board of his decision, Ranieri, 60, cited
family circumstances as the reason for ending his six-year
tenure on CA's Board of Directors. Mr. Ranieri was re-elected to
CA's Board last August with more than 97 percent of votes cast
for his election.

"I am truly honored to have been part of the turnaround at CA,
and feel I leave the company in strong hands with a strong board
led by you as its chairman and John Swainson as its CEO," Mr.
Ranieri wrote to William E. McCracken, CA's non-executive
chairman of the Board.

Mr. Ranieri began his service as a director of the Company in
2001, served as lead independent director from May 2002 to
April 2004, and served as non-executivechairman of the Board
from April 2004 to June 2007.

In his role first as lead independent director and then as non-
executive chairman, Mr. Ranieri is credited with leading the
Board during the investigation of accounting improprieties,
negotiating a successful settlement with the government and
rebuilding the Company.

"The CA that exists today is a direct result of the dedication
and commitment of Lewis Ranieri," Mr. McCracken said.  "His
unselfish leadership was key to restoring confidence in the
Company with shareholders, customers and employees."

"Lewis made tremendous contributions to this Company, and his
leadership has been vital to CA's transformation," Mr. Swainson
said. "I am personally grateful for his support and guidance
over the years.  We wish him the best."

The company said it will not replace Mr. Ranieri at this time.
With Mr. Ranieri's retirement, CA's Board now numbers 11
members.

                       About CA Inc.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management  
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 7, 2007, Standard & Poor's Rating Services affirmed its
'BB' corporate credit and senior unsecured debt ratings on
Islandia, New York-based CA Inc.  S&P revised the outlook to
stable from negative.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Fitch has affirmed these ratings for CA, Inc.:

    -- Issuer Default Rating at 'BB+';

    -- Senior unsecured revolving credit facility expiring 2008
       at 'BB+';

    -- Senior unsecured debt at 'BB+'.


CENTRAL PROTEINAPRIMA: Sells Fixed Assets to Charoen Pokphand
-------------------------------------------------------------
PT Central Proteinaprima Tbk will sell its fixed assets
consisting of 11,225 and 36,612 square meters of land with
buildings, machines and equipment to PT Charoen Pokphand
Indonesia Tbk, Reuters reports.

According to the report, the total price of the deal is worth  
IDR108,772,900,000.

The first land, the report notes, is located at Trimulyo village
in Genuk sub-district of Semarang city, Central Java while the
latter is located at Sriwulan village in Sayung sub-district of
Demak regency, Central Java.

Central Proteinaprima will also buy Charoen Pokphand's fixed
assets consisting of 24,087 square meters of land with
buildings, machines and equipment located at Timbang Deli
village in Medan Johor sub-district of Medan city, North
Sumatera for IDR47,992,900,000.

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

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

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


FREEPORT-MCMORAN: Denies Interest in Acquisitions
-------------------------------------------------
Freeport-McMoRan Copper & Gold Chief Executive Officer Richard
Adkerson told Business News Americas that the firm is
uninterested in acquisitions.

Freeport-McMoRan "prefers to grow organically," particularly by
expanding its existing operations, BNamericas relates, citing
Mr. Adkerson.

Mr. Adkerson commented to BNamericas, "I think there will be
continued mergers and acquisitions in the mining industry and we
will see how that affects us, but our own strategy is to focus
on organic internal growth."

Freeport-McMoRan will have paid off by year-end a big portion of
its US$17-billion debt from the acquisition of Phelps Dodge to
focus more on new projects, BNamericas notes, citing Mr.
Adkerson.

BNamericas relates that Freeport-McMoRan is expanding its
Chilean El Abra mine, which it owns 51%.  Chile's state-owned
Codelco holds the remaining 49% stake in the mine.

Meanwhile, Freeport-McMoRan's Peruvian mine Cerro Verde, which
it owns 53.7%, may further be expanded after having tripled its
production year-on-year to 77,565 tons in the third quarter 2007
"with the startup of primary sulfide processing," Mr. Adkerson
told BNamericas, emphasizing the potential of the firm's current
project portfolio.

BNamericas notes that Freeport-McMoRan will be the reopening of
the Climax molybdenum mine in Colorado, USA.  The mine would
produce at an initial rate of 13,608 tons yearly, beginning in
2010 at a cash cost of US$3.50 a pound at a time when molybdenum
is fetching about US$30.00 per pound.

The US project will cost about US$500 million.  It would be able
to double its initial production, BNamericas states, citing Mr.
Adkerson.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry  
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Indonesia, Chile, Peru, Colombia,
Venezuela and Ecuador, among others.

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service revised Freeport-McMoRan
Copper & Gold Inc.'s outlook to positive and affirmed all of its
other ratings.  The ratings reflect the overall probability of
default of Freeport, to which Moody's assigns a PDR of Ba2.

Ratings affirmed:

Issuer: Freeport-McMoRan Copper & Gold Inc.

       -- Corporate Family Rating: Ba2;

       -- Probability of Default Rating: Ba2;

       -- US$0.5 billion Senior Secured Revolving Credit
          facility, Baa2, LGD1, 2%;

       -- US$1.0 billion Senior Secured Revolving Credit
          Facility, Baa3, LGD2, 17%;

       -- US$2.45 billion Senior Secured Term Loan A, Baa3,
          LGD2, 17%;

       -- US$339.7 million 6.875% Senior Secured Notes due
          2014, Baa3, LGD2, 17%; and

       -- US$6 billion Senior Unsecured Notes: Ba3, LGD5, 80%.


LIPPO KARAWACI: Targets IDR10 Trillion in Revenues for FY 2008
--------------------------------------------------------------
PT Lippo Karawaci Tbk expects to earn revenues of at least
IDR2 trillion in 2007 and more than IDR10 trillion in 2008,
Reuters reports citing Asia Pulse.

According to Reuters Estimates, analysts on average expect the
company's revenue in 2007 and 2008 to be IDR2,079,300 million
and IDR2,679,600 million.

PT Lippo Karawaci Tbk -- http://www.lippokarawaci.co.id/-- is  
one of the largest property developers in Indonesia with a
market capitalization of over USD550 million.  As of end-2005,
it possessed a huge land bank reserve of 2,079 hectares.  The
Company also operates four hospitals and four hotels in
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on Nov. 24,
2006, that Moody's Investors Service changed to negative from
stable its outlook on PT Lippo Karawaci Tbk's B1 corporate
family rating and the B1 senior unsecured bond rating of Lippo
Karawaci Finance BV and guaranteed by LK.

Standard & Poor's Ratings Services said its ratings on PT Lippo
Karawaci Tbk. (B+/Stable/--) was not affected by the company's
decision to sell its entire interest in a property development
project in Singapore.


LIPPO KARAWACI: Hires Eddy Harsono Handoko as President Director
----------------------------------------------------------------
PT Lippo Karawaci Tbk appointed Eddy Harsono Handoko as its  new
President Director, Reuters Investing Keys reports.

Mr. Handoko, the report relates, replaced Ms. Viven Gouw
Sitiabudi, who has been appointed as Commissioner of the Company
effective November 28, 2007.

PT Lippo Karawaci Tbk -- http://www.lippokarawaci.co.id/-- is  
one of the largest property developers in Indonesia with a
market capitalization of over USD550 million.  As of end-2005,
it possessed a huge land bank reserve of 2,079 hectares.  The
Company also operates four hospitals and four hotels in
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on Nov. 24,
2006, that Moody's Investors Service changed to negative from
stable its outlook on PT Lippo Karawaci Tbk's B1 corporate
family rating and the B1 senior unsecured bond rating of Lippo
Karawaci Finance BV and guaranteed by LK.

Standard & Poor's Ratings Services said its ratings on PT Lippo
Karawaci Tbk. (B+/Stable/--) was not affected by the company's
decision to sell its entire interest in a property development
project in Singapore.


LIPPO KARAWACI: Forms Joint Venture with  Mapletree LM
------------------------------------------------------
PT Lippo Karawaci Tbk formed a joint venture company with  
Mappletree LM, Pte, Reuters Investing Keys reports.

According to the report, the new venture company is named Lippo-
Mappletree Indonesia Retail Trust Management, which will manage
the company's estate investment trusts.

Reuters notes that Lippo Karawaci holds a 60% stake in the joint
venture company while MIPL holds a 40% stake.

PT Lippo Karawaci Tbk -- http://www.lippokarawaci.co.id/-- is  
one of the largest property developers in Indonesia with a
market capitalization of over USD550 million.  As of end-2005,
it possessed a huge land bank reserve of 2,079 hectares.  The
Company also operates four hospitals and four hotels in
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on Nov. 24,
2006, that Moody's Investors Service changed to negative from
stable its outlook on PT Lippo Karawaci Tbk's B1 corporate
family rating and the B1 senior unsecured bond rating of Lippo
Karawaci Finance BV and guaranteed by LK.

Standard & Poor's Ratings Services said its ratings on PT Lippo
Karawaci Tbk. (B+/Stable/--) was not affected by the company's
decision to sell its entire interest in a property development
project in Singapore.


TELKOMSEL: Expects Revenues to Increase Over 15% in 2008
--------------------------------------------------------
PT Telekomunikasi Selular Indonesia expects revenue growth of
over 15 percent and capital expenditure of US$1.5 billion in
2008, Reuters reports.

According to the report, the company said revenue will grow more
than 15%, EBITDA margin will be 2-3% lower, capex will be around
US$1.5 billion.

PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/      
-- is the leading operator of cellular telecommunications
services in Indonesia by market share.  By the end of June 2006,
Telkomsel had close to 29.3 million customers, which, based on
industry statistics, represented a market share of more than
50%.

Telkomsel provides GSM cellular services in Indonesia, through
its own nationwide Dual band 900/1800 MHz GSM network, an
internationally, through 259 international roaming partner in 53
countries as of June 2006.  The company provides its subscribers
with the choice between two prepaid cards-simPATI and kartuAs of
a pre-paid simPATI service, or the post-paid kartuHALO service,
as well as a variety of value-added services and programs.

Fitch Ratings, in August 2006, upgraded PT Telekomunikasi
Selular's long-term foreign currency issuer default rating to
'BB' from 'BB-'.



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

ALITALIA SPA: Air France Will Share Profitable Growth Strategy
--------------------------------------------------------------
Air France-KLM says its planned takeover of Alitalia S.p.A.
could bring the Italian carrier back into profitability.

"Air France-KLM wishes to share with Alitalia the benefits of
the profitable growth strategy it has successfully implemented
over the last four years," the French carrier said in a
statement.  "As for Alitalia, by joining Air France-KLM, it
would be part of the world's leading air transport group, thus
strengthening its position."

Air France said it aims to have Alitalia win back the Italian
market by developing its network and asserting its Italian brand
and identity.

The French carrier said it would propose a large number of
European and intercontinental destinations to and from Rome-
Fiumicino Airport, which would be organized as a hub in the same
way as Paris-Charles de Gaulle and Schiphol.

Air France also plans to operate medium and long-haul direct
services to and from Milan, "with enhanced service quality to
better meet the needs of business customers."

Jean-Cyril Spinetta, Air France CEO, said its business plan --
which he described as clearer than AirOne S.p.A.'s -- "will be a
success," Reuters reports.

"I am convinced that the creative talent and Italian experience
will carry Alitalia to a new stage in its history," Mr. Spinetta
was quoted by Thomson Financial as saying.

                      Air France and AirOne

Alitalia chairman Maurizio Prato told Italian daily Corriere
della Sera that Air France's business plan is clearer than
AirOne.  Mr. Prato noted that the French carrier's plan mirrored
Alitalia's turnaround.

"For AirOne, aside from some generic statements about remaining
at both hubs, increasing the fleet and renewing it, we still
need to understand how the plan actually functions," Mr. Prato
told Corriere della Sera.

Italian industry minister Pier Luigi Bersani, however, said that
Mr. Prato's comments reflect the decision on the sale.  

"We should be looking at the offers, not interviews," Mr.
Bersani was quoted by Bloomberg News as saying.

Intesa Sanpaolo S.p.A., AirOne's financial backer, said selling
Alitalia to Air France would be like "throwing [the national
carrier] away," Bloomberg News relates.

"It's a choice that is a lot like giving up," Corrado Passera,
Intesa Sanpaolo CEO, was quoted by Bloomberg News as saying.

"[Air One's offer] is the only concrete solution to avoid ceding
a national strategic asset and at the same time guarantee a
turnaround of the airline," AirOne Chairman Carlo Toto said in
an e-mailed statement to Bloomberg News.

As reported in the TCR-Europe on Dec. 7, 2007, Alitalia received
non-binding proposals for the Italian government's 49.9% stake
from:

   -- Air France-KLM,
   -- AP Holding S.p.A., and
   -- Cordata Baldassarre.

                        About Alitalia

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

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

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


ATARI INC: Amends Credit Facility to Boost Borrowing by US$4 Mln
----------------------------------------------------------------
Atari Inc. has entered into an amendment to the Senior Secured
Credit Facility with BlueBay High Yield Investments (Luxembourg)
S.A.R.L. that will increase its borrowing capacity under the
facility from US$10 million to US$14 million.

The additional US$4 million in availability under the Credit
Facility will enable Atari Inc. to meet its holiday season
financing needs.  BlueBay is a significant shareholder of
Infogrames Entertainment S.A., Atari Inc.'s majority
stockholder.

Simultaneously with and as a condition to the increase in the
availability under the Credit Facility, Atari Inc. terminated
its existing distribution agreements with Infogrames and has
entered into a new distribution agreement covering the
distribution by Atari Inc. of interactive entertainment software
games produced or acquired by Infogrames and its affiliates in
North America.

This new distribution agreement covers the distribution of
Infogrames' products in North America for the next three years,
subject to reduction to two years if certain performance targets
are not met, and has provisions for automatic renewals on an
annual basis unless terminated by either party in accordance
with the agreement.

The new distribution agreement provides that Atari Inc. will
retain 30% of the net receipts from the distribution of
Infogrames' products as consideration for its services.  The
agreement also provides that the parties will enter into an
agreement on the same terms for the distribution by Infogrames
of Atari, Inc.'s products outside North America.

Additionally, as part of this agreement, Atari Inc. has licensed
back to Infogrames the use of the "Atari" trademark in North
America in connection with the URL http://www.atari.com/for the  
purposes of an online initiative to be lead by Infogrames.

In light of the repositioning of Atari Inc.'s business and the
new distribution arrangements, Atari Inc. has also terminated
its existing corporate management and service contracts with
Infogrames.

This is anticipated to enable Atari Inc. to further streamline
its corporate structure.  Atari Inc. will provide certain
administrative functions to Infogrames on a transitional basis
over an approximate 7 to 10 month period for an annualized fee
of approximately US$2.6 million.

In addition, the parties terminated the agreement under which
Infogrames provided certain management services to Atari Inc. It
is expected that the termination of this agreement will result
in annualized cost savings to Atari Inc. of approximately US$3
million.

As part of the termination of the corporate management service
contracts and the reduction of production and development
activities at Atari Inc., Atari Inc. agreed to the transfer of
certain employees, with such employees' acceptance, from the
production and development businesses of Atari Inc. to
Infogrames.

Atari Inc. disclosed a reduction in its workforce, which
included the production and development employees being
transferred to Infogrames, that is expected to result in savings
on current payroll and related costs of an estimated US$5.3
million per year of which US$1.3 million relates to the transfer
of employees to Infogrames.

                        About Atari Inc.

Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) --
http://www.atari.com/-- together with its subsidiaries,  
publishes, develops, and distributes video game software in
North America.  It offers games for various platforms.  Its
portfolio of games includes action, adventure, strategy, role-
playing, and racing.  Atari distributes its video game software
in the United States, Canada, and Mexico through mass merchants,
retail outlets, online outlets, specialty retailers, and
distributors.  The company, founded in 1992, was formerly known
as Infogrames Inc. and GT Interactive Software Corp.  It changed
its name to Atari Incorporated in 2003 and is a subsidiary of
Infogrames Entertainment SA.  Atari has offices in Brazil, the
United Kingdom and Japan.

Atari Inc.'s consolidated balance sheet at June 30, 2007, showed
US$35.0 million in total assets and US$43.6 million in total
liabilities, resulting in an US$8.6 million in total
shareholders' deficit.

                       Going Concern Doubt

New York-based Deloitte & Touche LLP expressed substantial doubt
about Atari's ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended March 31, 2007.  The auditing firm pointed to the
company's significant operating losses.


ATARI INC: Completes Several Restructuring Initiatives
-------------------------------------------------------
Atari, Inc., has completed several restructuring initiatives
focused on repositioning of the company as a publisher and
distributor of interactive gaming software, transitioning out of
the video game production business and potentially improving the
financial position of the company.

Atari, Inc. has entered into an amendment to the Senior Secured
Credit Facility with BlueBay High Yield Investments (Luxembourg)
S.A.R.L. that will increase its borrowing capacity under the
facility from US$10 million to US$14 million.  The additional
US$4 million in availability under the Credit Facility will
enable the company to meet its holiday season financing needs.
BlueBay is a significant shareholder of Infogrames
Entertainment, S.A., Atari's majority stockholder.

Simultaneously with and as a condition to the increase in the
availability under the Credit Facility, the company terminated
its existing distribution agreements with Infogrames and has
entered into a new distribution agreement covering the
distribution by Atari of interactive entertainment software
games produced or acquired by Infogrames and its affiliates in
North America.  This new distribution agreement covers the
distribution of Infogrames' products in North America for the
next three years and has provisions for automatic renewals on an
annual basis unless terminated by either party in accordance
with the agreement.  The new distribution agreement provides
that the company will retain 30% of the net receipts from the
distribution of Infogrames' products as consideration for its
services.  The agreement also provides that the parties will
enter into an agreement on the same terms for the distribution
by Infogrames of Atari's products outside North America.

Additionally, as part of this agreement, the company has
licensed back to Infogrames the use of the "Atari" trademark in
North America in connection with the URL http://www.atari.com
for the purposes of a global online initiative to be lead by
Infogrames.

In light of the repositioning of Atari's business and the new
distribution arrangements, the company has also terminated its
existing corporate management and service contracts with
Infogrames.  This is anticipated to enable the company to
further streamline its corporate structure.  The company will
continue to provide certain administrative functions to
Infogrames on a transitional basis over an approximate 7 to 10
month period for an annualized fee of approximately US$2.6
million.  In addition, the parties terminated the agreement
under which Infogrames provided certain management services to
Atari.  It is expected that the termination of this agreement
will result in annualized cost savings for the company of
approximately US$3.0 million.  As part of the termination of the
corporate management service contracts and the reduction of
production and development activities.  The company agreed to
the transfer of certain employees, with such employees'
acceptance, from the production and development businesses of
Atari to Infogrames.

The company previously announced a reduction in its workforce,
which included the production and development employees being
transferred to Infogrames, that is expected to result in savings
on current payroll and related costs of an estimated US$5.3
million per year of which US$1.3 million relates to the transfer
of employees to Infogrames.

                        About Atari Inc.

Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) --
http://www.atari.com/-- together with its subsidiaries,  
publishes, develops, and distributes video game software in
North America.  It offers games for various platforms.  Its
portfolio of games includes action, adventure, strategy, role-
playing, and racing.  Atari distributes its video game software
in the United States, Canada, and Mexico through mass merchants,
retail outlets, online outlets, specialty retailers, and
distributors.  The company, founded in 1992, was formerly known
as Infogrames Inc. and GT Interactive Software Corp.  It changed
its name to Atari Incorporated in 2003 and is a subsidiary of
Infogrames Entertainment SA.  Atari has offices in Brazil, the
United Kingdom and Japan.

Atari Inc.'s consolidated balance sheet at June 30, 2007, showed
US$35.0 million in total assets and US$43.6 million in total
liabilities, resulting in an US$8.6 million in total
shareholders' deficit.

                       Going Concern Doubt

New York-based Deloitte & Touche LLP expressed substantial doubt
about Atari's ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended March 31, 2007.  The auditing firm pointed to the
company's significant operating losses.


FORD MOTOR: Russian Authorities Ban Pickets
-------------------------------------------
Local authorities have prohibited picketing at Ford Motor Co.'s
manufacturing site in Vsevolozhsok, Russia, RIA Novosti reports
citing trade union leader Alexei Etmanov.

According to RIA Novosoti, striking employers had picketed the
site almost every day, except on weekends.

As reported in the TCR-Europe on Nov. 22, 2007, workers launched
an indefinite strike on Nov. 20, 2007, demanding higher wages
and reduction of night shifts from March 2008.  The strike
halted the Ford Focus production line.

The parties initially met on Nov. 26, 2007, when the management
agreed in principle to raise wages.  Ford resumed production on
Nov. 28, 2007, with non-striking employees working on a single
shift.  

"The administration has launched a night shift, but this
produced only 38 of the 100 cars requested per shift" Mr.
Etmanov told RIA Novsoti.

According to RIA Novosti, the number of striking employees have
reached 650.

RIA Novosti relates that Russian social observers heralded the
ongoing strike as the birth of organized union activity in post-
Soviet Russia.

The Vsevolozhsk plant produced about 60,000 cars in 2006, mainly
the Focus model, and plant officials have said they were hoping
to increase production to 75,000 for 2007.

                       About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the Company maintains a presence in Sweden, and the
United Kingdom.  The Company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and other ratings on Ford Motor Co. and Ford
Motor Credit Co. and removed them from CreditWatch with positive
implications, where they were placed Sept. 26, 2007.  S&P said
the outlook is stable.

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.

Moody's also affirmed Ford Motor Credit Company's B1 senior
unsecured rating, and changed the outlook to Stable from
Negative.

These rating actions follow Ford's announcement of the details
of the newly ratified four-year labor agreement with the UAW.


FORD MOTOR: Idles Light Truck Plants Two Weeks Ahead of Schedule
----------------------------------------------------------------
Ford Motor Company temporarily closed two light truck plants in
Dearborn, Michigan and Louisville, Kentucky on Monday, 14 days
earlier than their planned shuttering for the holidays, the
Associated Press reports.

The measure is a ploy to adjust supply of F-150 pickups and
Explorer sport utility vehicles to meet fluctuating demand,
according to AP citing company spokeswoman Anne Marie Gattari.

Sales of Ford's F-series pickups, AP relates, fell 11.7% to
46,568 in November 2007.

As reported in the Troubled Company Reporter on Dec. 7, 2007,
Ford disclosed that due to low November sales, Ford plans a 7%
car production decrease in the first quarter of 2008, expecting
to produce only 685,000 vehicles.

Analysts anticipate low annual sales in 2008, a drop in U.S.
light vehicle sales to 3% to 15.6 million units, a record low
since 1998.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.  Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative.  These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the UAW.


ICONIX BRAND: S&P Rates Proposed US$60MM Add-On Term Loan at BB
---------------------------------------------------------------
Standard & Poor's Ratings Service assigned its bank loan and
recovery ratings to apparel brand manager and licensor Iconix
Brand Group Inc.'s proposed US$60 million add-on term loan
facility.  The add-on was rated 'BB', two notches above the
corporate credit rating, with a '1' recovery rating, indicating
the expectation of very high (90%-100%) recovery in the event of
a default.
     
At the same time, Standard & Poor's raised the rating on the
existing US$212.5 million loan facility to 'BB', from 'BB-', and
revised the recovery rating to '1' from '2'.  "The ratings
revision is based on the additional royalty income stream
resulting from the additional collateral, namely the Royal
Velvet, Cannon, Fieldcrest, Charisma, Mossimo and (pending)
Starter brands," said Standard & Poor's credit analyst Susan
Ding.      

At the same time, Standard & Poor's affirmed the 'B+' corporate
credit rating on Iconix.  The outlook is negative.  Iconix had
about US$642.2 million in debt at Sept. 30, 2007.
     
The ratings on New York City-based Iconix reflect its
participation in the highly competitive and volatile fashion
apparel industry, a high degree of licensing contract renewal
risk (a substantial portion of contracts were acquired within
the last 12 months), an aggressive acquisition strategy, and
ownership of some brands that require revitalization.  The
ratings also incorporate the lack of track record under its
relatively new royalty-based business model.  Partially
offsetting these factors is the diversity and strong recognition
of the brands, and the company's high margin, high cash flow,
and royalty income-based business model.

Iconix Brand Group Inc. (Nasdaq: ICON) --
http://www.iconixbrand.com/-- owns fashion brands to retail   
distribution from the luxury market.  The company licenses its
brands to retailers and manufacturers worldwide.  The group has
international licensees in Mexico, Japan and the United Kingdom.


IHI CORP: Posts JPY15.06BB Net Profit for Fiscal Year 2006
----------------------------------------------------------
After reassessing the profitability of its plant and engineering
projects, IHI Corp. released a major correction to its earnings
for the fiscal year ended March 31, 2007, posting a consolidated
net profit of JPY15.06 billion before tax adjustments, compared
with the JPY45.3-billion reported earlier, Kyodo News reports.

The heavy machinery maker booked an operating loss of JPY5.63
billion instead of JPY24.62 billion profit announced earlier.  
Sales for the previous fiscal year is now at JPY1.22 trillion
from JPY1.23 trillion, relates Kyodo.

The Asahi Shimbun reports that in regard with this accounting
error, IHI president Kazuaki Kama will forfeit his salary for
six months.  

According to the report, Mr. Kama will stay on as president to
prevent the mistake from happening again, while IHI chairman
Mototsugu Ito, who served as president for six year until March,
will resign as director and become an adviser on January.

Masumi Suga and Gregory Turk of Bloomberg News writes that a
four-member external panel, commissioned by IHI, is expected to
report reasons for the company's failure to provide valid costs
for the plant and engineering projects; punitive measures will
be announced against management and employees involved in the
losses.

The Tokyo Stock Exchange, Bloomberg reports, placed IHI on a
"watch list" for delisting and will be investigated by the
bourse.  Also, Japan's Securities and Exchange Surveillance
Commission may ask the Financial Services Agency to impose a
fine as much as JPY1 billion for allegedly falsifying earnings,
notes Bloomberg, citing Kyodo News.

                      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.


KOBE STEEL: Forms Joint Venture With Shinsho, Osaka & Meihoku
----------------------------------------------------------------
Kobe Steel, Ltd., has established a joint venture called Kobe
Special Steel Wire Products (Pinghu) Co., Ltd. to process
special steel wire rod in Pinghu, Zhejiang Province in China.

The joint venture will turn special steel wire rod into cold
heading quality (CHQ) steel wire for use in high strength nuts
and bolts, which are critical parts in automobiles.  The
processed wire will be supplied to Japanese automotive parts
manufacturers in China.  Plans call for the new company, which
will start production in April 2009, to have a production
capacity of 2,100 metric tons per month.

Capitalized at JPY1.2 billion, Kobe Special Steel Wire Products
(Pinghu) is 50% held by Kobe Steel and 30% by trading firm
Shinsho Corporation.  Japanese secondary steel processors Osaka
Seiko Co., Ltd. and Meihoku Kogyo Co., Ltd. each hold a 10%
share.  Total investments are anticipated to be about
JPY2.6 billion.  The joint venture, established in November
2007, will employ approximately 80 people.  The chairman is
Hiroyoshi Tsumura, an officer at Kobe Steel.  The president is
Takashi Matsunaga, deputy general manager of the Planning and
Administration Department in the Iron and Steel Sector at Kobe
Steel.

Automobile production in China is anticipated to increase from
the 7.28 million cars made in 2006 to over 10 million cars in
2010, owing to sharply rising economic development.  Japanese
auto parts makers have been moving to China and boosting
production in that country.  Consequently, the need for local
sources of special steel wire rod for auto parts has been
growing rapidly.  Kobe Special Steel Wire Products (Pinghu) will
further strengthen Kobe Steel's supply of special steel wire rod
products to meet the growing demand from Japanese automotive
transplants in China.

Kobe Steel's special steel wire rod, widely used in the
automotive industry, is one of the company's upper-end "Only
One" Products-products in which it excels.  The company is
renown in the industry for the high quality of its value-added
wire rod products.

To strengthen its supply of high-grade steel, Kobe Steel has
been actively undertaking capital investments.  Last year, the
company's new No. 5 continuous caster went into operation at
Kobe Works, the main production facility that produces special
steel wire rod.  Currently being remodeled is the No. 3 blast
furnace, also at Kobe Works.  As a part of its overseas strategy
for China and Asia, Kobe Steel is positioning its Kobe and
Kakogawa works as production bases for its special steel wire
rod.

Kobe Steel is aiming to improve customer service by building a
flexible, efficient supply network overseas.  The company
already has wire rod processing ventures in Thailand.  Kobe CH
Wire (Thailand) Co., Ltd. processes CHQ wire for nuts and bolts
and Mahajak Kyodo Co., Ltd. processes polished bar for
suspension springs and other products.

In southern China, Kobe Wire Products (Foshan) Co., Ltd.
processes polished bar for suspension springs and other products
and CHQ wire for nuts and bolts, while in eastern China,
Jiangyin Sugita Fasten Spring Wire Co., Ltd. produces oil
tempered wire for use in suspension springs. Both companies are
currently in operation.

                      About Kobe Steel

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

As the Troubled Company Reporter - Asia Pacific reported on
May 31, 2006, Fitch Ratings upgraded the long-term foreign and
local currency Issuer Default Ratings of Japanese steel-maker
Kobe Steel to BB+ from BB.  At the same time, the agency
affirmed Kobelco's short-term IDR at B.  The outlook on the
ratings is positive.


NIS GROUP: Alliance with TPG Cues R&I to Remove BB Rating
---------------------------------------------------------
Rating and Investment Information, Inc., has removed its BB
issuer rating on NIS Group Co., Ltd. With a stable outlook.

NIS Group Co., Ltd. announced on December 10, that it has agreed
on a strategic capital and business alliance with TPG, the
leading private equity investment firm in the US.  NIS will
raise approximately JPY20 billion by issuing new shares through
third party allotment to a fund managed by the investment firm
and stock warrants.  The contribution of TPG in NIS will
increase to a maximum of 40% after the deal.  The holding
company of Nissin Leasing (China) Co., Ltd., the consolidated
subsidiary of NIS Group, will also conduct a capital increase
through third party allotment to TPG for approximately
US$102.5 million (JPY11.3 billion).  TPG's contribution in
Nissin Leasing (China) is expected to be 50%.  NIS and Nissin
Leasing (China) will accept majority of their management
directors from TPG.  Furthermore, NIS will conclude an advisory
agreement with TPG and TPG will offer advisory services to NIS
on planning and in pursuing medium- longterm corporate and
financial strategy.  TPG will extend a total of JPY10 billion
bridge loan until it makes the contribution to NIS Group.

On November 15 when NIS announced its intention of the strategic
alliance, R&I remained NIS on the Rating Monitor, and has
changed to "direction uncertain" from "with a view to
downgrading."  The agreement has assured capital increase from
TPG, enhanced the group's financial base and reduced anxieties
over interim cash management.  Considering that further downward
pressure on creditworthiness will be eased considerably, R&I has
affirmed the Issuer Rating and Issue Ratings at BB, and removed
them from the Rating Monitor.  The Rating Outlook is Stable.

NIS Group's creditworthiness will depend largely on whether it
can halt worsening of its business base from the capital and
business alliance with TPG and rebuild its funding base.  R&I
will carefully follow the developments and will reflect them on
rating.

                         About NIS Group

Headquartered in Ehime Prefecture, Japan, NIS Group Co., Ltd.,
formerly Nissin Co., Ltd., --
http://www.nisgroup.jp/japanese/ind...-- is mainly engaged in  
the provision of secured and unsecured loans to individuals,
including small business owners, consumers, small- and medium-
sized enterprises in Japan.  The Company operates in four
business segments.  The Integrated Loan Services segment is
engaged in the provision of secured and unsecured loans, trust
assurance, leasing and securities services to individuals and
corporate clients.  The Debt Management and Collection segment
is engaged in the purchase, management and collection of debts.  
The Real Estate segment is engaged in the purchase, sale and
development of real estate, as well as the asset management
business.  The Others segment is engaged in the provision of
construction services and enterprise support services, among
others.  The Company has 54 subsidiaries and 10 associated
companies.


XEROX CORP: S&P Lifts Rating on Preferred Trust to BBB- from BB
---------------------------------------------------------------
Fitch has upgraded Xerox Corp.'s and its subsidiary's debt as:

-- Issuer Default Rating to 'BBB' from 'BBB-';
-- Senior unsecured credit facility to 'BBB' from 'BBB-';
-- Senior unsecured debt to 'BBB' from 'BBB-';
-- Trust preferred securities to 'BBB-' from 'BB'.

Approximately US$9.1 billion of securities, including the
US$2 billion credit facility, are affected by Fitch's action.
The Rating Outlook is Stable.

The upgrades reflect:

-- Fitch's expectations that Xerox's gradual improvement in
    post-sale revenue trends will continue and, in conjunction
    Xerox Corpwith the operating leverage embedded in the
    financial model and strong expense management, will result
    in steady core cash flow (non-financing) growth in excess
    of revenue growth;

-- Xerox's strengthening operating EBITDA margin, which
    increased to 14.3% for the latest 12 months ended
    Sept. 30, 2007 from 13.2% in the year-ago period; and

-- Greater-than-expected decline of secured debt in the
    capital structure, with secured debt declining to
    approximately 10% of total debt at Sept. 30, 2007 from
    nearly 27% at year-end 2006, including US$620 million of
    trust preferred securities, and Fitch's expectation that
    it will decline further to approximately 5% at year-end
    2007.

Positive rating actions could occur if Xerox's:

-- Credit protection measures trend positively; improving the
    company's interest coverage metrics through growth in
    operating profits and/or redemption of older debt with
    considerably higher coupon payments relative to recent
    debt issuance is key;

-- Recurring revenue model limits the financial stress from a
    less favorable macro-economic environment, particularly in
    the United States, which accounts for approximately 50% of
    the company's total revenue; and

-- Financing business progresses toward a duration matching
    funding model over the next few years.

Negative rating actions could occur if:

-- Xerox's financial performance declines materially in the
    event of an economic downturn in the U.S., indicating a
    less resilient business model relative to Fitch's
    expectations;

-- Significant debt-financed acquisitions with considerable
    integration risk and/or unrelated to core business; and

-- Xerox's color equipment installs, primarily in the
    Production segment, fail to offset declines in black and
    white equipment installs, leading to deteriorating
    operating and financial fundamentals.

The ratings continue to reflect Xerox's:

-- Significant recurring post-sale revenue from its growing
    installed base of equipment;

-- Consistent financial and operational performance;

-- Highly diversified revenue base from a customer, industry
    and geographic perspective;

-- Commitment to balance investments in share repurchases and
    acquisitions funded with free cash flow; and

-- Strong brand name and broad product portfolio.

Fitch's rating concerns center on:

-- Consistent equipment pricing pressure, particularly in the
    office segment, due to strong competition;

-- Limited, but gradually improving, organic revenue growth;

-- Risk of more aggressive, and potentially debt-financed,
    shareholder-friendly initiatives and acquisitions; and

-- Significant annual research and development
    expenditures associated with the industry (5.4% of Xerox's
    total revenues).

Fitch believes the financial performance of Xerox's core
business has strengthened despite volatility in free cash flow
associated with changes in the company's financing asset
portfolio and the cash conversion cycle.  For the LTM ended
Sept. 30, 2007, Fitch estimates adjusted funds flow from
operations, which excludes changes in Xerox's financing asset
portfolio, and core FFO, which also excludes the estimated
after-tax operating profit on the financing business, increased
to US$1.7 billion (+16% year/year) and US$1.4 billion (+23%
year/year), respectively.

The majority of Xerox's credit protection measures, on both a
core and consolidated basis, improved slightly year-over-year
due to earnings growth, offsetting the increase of core debt
attributable to the acquisition of Global Imaging Systems Inc.
in the second quarter of 2007.  Fitch estimates the financing
business accounts for 85% of total debt at Sept. 30, 2007 and is
expected to increase to approximately 90% of total debt by year-
end due to a US$500 million-US$600 million reduction of core
debt.  Xerox's leverage declined to approximately 3.6 times
compared with 3.8x and 4.1x for the LTM ended Sept. 30, 2006 and
2005, respectively.  Similarly, Fitch estimates Xerox's core
leverage at Sept. 30, 2007 declined to approximately 0.4x
compared with 0.6x and 0.9x for the LTM ended Sept. 30, 2006 and
2005, respectively.

In addition, the company's overall interest coverage was 4.1x,
while Fitch estimates core interest coverage was approximately
7.1x for the LTM ended Sept. 30, 2007 compared with 6.7x and
5.4x for the LTM ended Sept. 30, 2006 and 2005, respectively.

The company's liquidity at Sept. 30, 2007, consisted of
approximately US$848 million of cash, a US$2 billion unsecured
bank facility revolver expiring April 30, 2012 with US$1.3
billion of availability and consistent free cash flow in excess
of US$1 billion annually.  Fitch believes Xerox could draw on
the credit facility to support ongoing increases of internally
funded financing assets.  Fitch believes Xerox has more than
sufficient liquidity and financial flexibility to meet upcoming
debt maturities and absorb a reasonable adverse monetary outcome
from any currently outstanding litigation.

To support business growth, Xerox also has access to a secured
eight-year US$5 billion U.S. credit facility provided by General
Electric Vendor Financial Services expiring in December 2010.
This facility is used for secured loans backed by U.S. finance
receivables arising from the sale of Xerox's products.  At
Sept. 30, 2007, approximately US$4.6 billion was available under
this facility.  As Fitch anticipated, Xerox has fully repaid the
outstanding secured debt balances on nearly all of its non-U.S.
committed secured funding facilities in 2007 financed with
unsecured debt.  At Oct. 12, 2007, the company's Canadian
facility, with total capacity of US$740 million, was the last
non-U.S. funding facility.  Fitch expects Xerox's usage of the
aforementioned secured financing facilities will continue to
decline as the company reduces its reliance on secured financing
programs by maintaining a leverage ratio of 7:1 against finance
assets through the issuance of unsecured debt in lieu of the
secured funding facilities.

As of Sept. 30, 2007, total debt with equity credit was
US$8.7 billion, consisting of US$7.2 billion of senior unsecured
debt, US$620 million of liabilities to subsidiary trusts issuing
preferred securities and approximately US$883 million of debt
secured by finance receivables.  Debt secured by finance
receivables accounted for approximately 10% of total debt with
equity credit as of Sept. 30, 2007, down from 27% at year-end
2006.  Xerox's net finance receivables and equipment on
operating leases totaled US$8.4 billion at Sept. 30, 2007.  Debt
maturities in the fourth quarter of 2007 consist solely of
US$569 million of secured debt, including US$469 million of
secured facility borrowings in France that matured on
Oct. 12, 2007 and were refinanced with an unsecured floating
rate bank bridge loan due March 31, 2008.  For 2008, US$1
billion of debt matures, of which US$600 million is unsecured
debt.

In addition to Xerox Corp., the IDR and unsecured debt ratings
for Xerox Credit Corp. are also affected.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,  
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.


XEROX CORP: Fitch Lifts BB-Rated Trust Pref. Securities to BBB-
---------------------------------------------------------------
Fitch Ratings upgraded Xerox Corp.'s and its subsidiary's debt
as:

   -- Issuer Default Rating to BBB from BBB-;
   -- senior unsecured credit facility to BBB from BBB-;
   -- senior unsecured debt to BBB from BBB-; and
   -- trust preferred securities to BBB- from BB.

Approximately US$9.1 billion of securities, including the US$2
billion credit facility, are affected by Fitch's action.  The
Rating Outlook is Stable.

The upgrades reflect Fitch's expectations that Xerox's gradual
improvement in post-sale revenue trends will continue and, in
conjunction with the operating leverage embedded in the
financial model and strong expense management, will result in
steady core cash flow growth in excess of revenue growth.

Xerox's strengthening operating EBITDA margin, which increased
to 14.3% for the latest 12 months ended Sept. 30, 2007 from
13.2% in the year-ago period and the company's greater-than-
expected decline of secured debt in the capital structure, with
secured debt declining to approximately 10% of total debt at
Sept. 30, 2007 from nearly 27% at year-end 2006, including
US$620 million of trust preferred securities, and Fitch's
expectation that it will decline further to approximately 5% at
year-end 2007.

Positive rating actions could occur if Xerox's credit protection
measures trend positively; improving the company's interest
coverage metrics through growth in operating profits and/or
redemption of older debt with considerably higher coupon
payments relative to recent debt issuance is key.

Recurring revenue model limits the financial stress from a less
favorable macro-economic environment, particularly in the United
States, which accounts for approximately 50% of the company's
total revenue and financing business progresses toward a
duration matching funding model over the next few years.

Negative rating actions could occur if Xerox's financial
performance declines materially in the event of an economic
downturn in the U.S., indicating a less resilient business model
relative to Fitch's expectations.

Significant debt-financed acquisitions with considerable
integration risk and/or unrelated to core business may also lead
to negative rating action and if Xerox's color equipment
installs, primarily in the Production segment, fail to offset
declines in black and white equipment installs, leading to
deteriorating operating and financial fundamentals.

The ratings continue to reflect Xerox's significant recurring
post-sale revenue from its growing installed base of equipment,
consistent financial and operational performance, highly
diversified revenue base from a customer, industry and
geographic perspective, commitment to balance investments in
share repurchases and acquisitions funded with free cash flow
and strong brand name and broad product portfolio.

Fitch's rating concerns center on consistent equipment pricing
pressure, particularly in the office segment, due to strong
competition, limited, but gradually improving, organic revenue
growth, risk of more aggressive, and potentially debt-financed,
shareholder-friendly initiatives and acquisitions and
significant annual research and development expenditures
associated with the industry.

Fitch believes the financial performance of Xerox's core
business has strengthened despite volatility in free cash flow
associated with changes in the company's financing asset
portfolio and the cash conversion cycle.  For the LTM ended
Sept. 30, 2007, Fitch estimates adjusted funds flow from
operations, which excludes changes in Xerox's financing asset
portfolio, and core FFO, which also excludes the estimated
after-tax operating profit on the financing business, increased
to US$1.7 billion and US$1.4 billion, respectively.

The majority of Xerox's credit protection measures, on both a
core and consolidated basis, improved slightly year-over-year
due to earnings growth, offsetting the increase of core debt
attributable to the acquisition of Global Imaging Systems Inc.
in the second quarter of 2007.

Fitch estimates the financing business accounts for 85% of total
debt at Sept. 30, 2007 and is expected to increase to
approximately 90% of total debt by year-end due to a US$500
million-US$600 million reduction of core debt.

Xerox's leverage declined to approximately 3.6 times compared
with 3.8x and 4.1x for the LTM ended Sept. 30, 2006 and 2005,
respectively.  Similarly, Fitch estimates Xerox's core leverage
at Sept. 30, 2007 declined to approximately 0.4x compared with
0.6x and 0.9x for the LTM ended Sept. 30, 2006 and 2005,
respectively.

In addition, the company's overall interest coverage was 4.1x,
while Fitch estimates core interest coverage was around 7.1x for
the LTM ended Sept. 30, 2007 compared with 6.7x and 5.4x for the
LTM ended Sept. 30, 2006 and 2005, respectively.

The company's liquidity at Sept. 30, 2007, consisted of
approximately US$848 million of cash, a US$2 billion unsecured
bank facility revolver expiring April 30, 2012 with US$1.3
billion of availability and consistent free cash flow in excess
of US$1 billion annually.

Fitch believes Xerox could draw on the credit facility to
support ongoing increases of internally funded financing assets.
Fitch believes Xerox has more than sufficient liquidity and
financial flexibility to meet upcoming debt maturities and
absorb a reasonable adverse monetary outcome from any currently
outstanding litigation.

To support business growth, Xerox also has access to a secured
eight-year US$5 billion U.S. credit facility provided by General
Electric Vendor Financial Services expiring in December 2010.
This facility is used for secured loans backed by U.S. finance
receivables arising from the sale of Xerox's products.

At Sept. 30, 2007, approximately US$4.6 billion was available
under this facility.  As Fitch anticipated, Xerox has fully
repaid the outstanding secured debt balances on nearly all of
its non-U.S. committed secured funding facilities in 2007
financed with unsecured debt.

At Oct. 12, 2007, the company's Canadian facility, with total
capacity of US$740 million, was the last non-U.S. funding
facility.  Fitch expects Xerox's usage of the aforementioned
secured financing facilities will continue to decline as the
company reduces its reliance on secured financing programs by
maintaining a leverage ratio of 7:1 against finance assets
through the issuance of unsecured debt in lieu of the secured
funding facilities.

As of Sept. 30, 2007, total debt with equity credit was US$8.7
billion, consisting of US$7.2 billion of senior unsecured debt,
US$620 million of liabilities to subsidiary trusts issuing
preferred securities and approximately US$883 million of debt
secured by finance receivables.

Debt secured by finance receivables accounted for approximately
10% of total debt with equity credit as of Sept. 30, 2007, down
from 27% at year-end 2006.  Xerox's net finance receivables and
equipment on operating leases totaled US$8.4 billion at
Sept. 30, 2007.  Debt maturities in the fourth quarter of 2007
consist solely of US$569 million of secured debt, including
US$469 million of secured facility borrowings in France that
matured on Oct. 12, 2007 and were refinanced with an unsecured
floating rate bank bridge loan due March 31, 2008. For 2008,
US$1 billion of debt matures, of which US$600 million is
unsecured debt.

In addition to Xerox Corp., the IDR and unsecured debt ratings
for Xerox Credit Corp. are also affected.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,  
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.



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

ARROW ELECTRONICS: Deploys Triad Semiconductor's ASICs Business
---------------------------------------------------------------
The North American Components business of Arrow Electronics,
Inc., will make Triad Semiconductor, Inc.'s mixed-signal via-
configurable array ASICs available through Arrow's North
American sales and design centers.

Arrow Electronics will provide technical sales and support and
product logistics for Triad Semiconductor's mixed-signal ASIC
customers.  Triad's patent-pending approach significantly
reduces engineering labor and fabrication costs for high-
performance ASIC designs, and can speed "time-to-prototype" by
more than half a year.

"As designs become more highly integrated, many of our customers
have been asking for mixed-signal ASIC support," said director
of the customer logic solutions group of Arrow's North America
Components business, Chris Miller.  "Over the last 6 months,
we've seen a significant interest in Triad's technology.
Customers appreciate how Triad has addressed their analog
integration challenge with a competitive and flexible single-
mask configurable technology.  Customers are seeing the benefits
with a lower NRE, faster time to production, along with the
ability to make design changes quickly and inexpensively."

"Arrow is the ideal strategic design and distribution partner,
with its outstanding design support and unparalleled reach to
40,000 customers throughout North America," said Triad
Semiconductor chief executive officer, Lynn Hayden.  "Our
combined efforts short circuit the time, cost and risk
associated with full-custom layout, letting companies in the
medical, industrial, communications, sensor and other sectors
achieve cost-effective, high-performance mixed-signal ASIC
designs."

                   About Triad Semiconductor

Triad Semiconductor -- http://www.triadsemi.com-- is a fabless  
ASIC company that develops, prototypes and produces mixed-signal
ASICs for production volumes from the low thousands to millions.
Its patent-pending Via Configurable Array technology creates
ASIC arrays with silicon-proven analog and digital functions,
reducing the time, cost and risk associated with full custom
layout.  Triad's via-only routing also significantly reduces
engineering effort and fabrication time, resulting in fast-turn
prototypes and design changes at minimal cost. Founded in 2003
and privately held, Triad is headquartered in Winston Salem,
North Carolina.

                   About Arrow Electronics

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

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

                       *     *     *

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


DURA AUTOMOTIVE: Resolves Objections to Plan Confirmation
---------------------------------------------------------
In a Dec. 5, 2007 pre-trial memorandum, DURA Automotive Systems,
Inc., said that it has resolved objections filed by Second Lien
Group, an ad hoc committee of holders of a substantial majority
of the Debtors' prepetition second priority indebtedness; Karl
Storrie and David Bovee; the U.S. Internal Revenue Service;
Magna Donnelly Corporation; Robert Bosch LLC; Envision Graphics;
and Toyota Motor Credit Corporation.

According to a Dec. 10, 2007, notice served by the Debtors'
counsel, the U.S. Trustee has been added to the list of parties
who have withdrawn their objections to the confirmation of the
Plan.

The proposed Plan confirmation order filed by the Debtors on
Dec. 7, 2007, contains provisions that address concerns by
parties who previously filed objections to the Plan:

   -- The Second Lien Group has withdrawn its confirmation
      objection pursuant to an agreement, the salient terms of
      which are:

      (1) the Second Lien Facility Claims are allowed in the
          initial amount of $225 million plus outstanding
          interest, fees and expenses payable pursuant to the
          DIP Order, which amount the Debtors will finally and
          irrevocably pay, in cash in full, on the Effective
          Date;

      (2) unless otherwise resolved by the parties, the dispute
          between the Debtors and the Second Lien Group
          regarding the appropriate post-petition interest rate
          will be presented for oral argument at the Court's
          previously scheduled hearing on Jan. 24, 2008; and

      (3) pending resolution of the Interest Rate Dispute and
          notwithstanding the release and extinguishment of
          liens contemplated by the Plan and the occurrence of
          the Effective Date, the Second Lien Lenders will have
          a first priority security interest upon all of the
          Debtors' assets or Reorganized Debtors' in the amount
          of $2.1 million, which lien will be released and
          extinguished upon the payment by the Debtors of any
          amount, if any, that the Court determines is owed to
          the Second Lien Lenders regarding the Interest Rate
          Dispute.
                                  
   -- Any effective date of the rejection of the Transportation
      Service Agreement dated Feb. 15, 2005, between Hazen
      Transport, Inc., and Atwood Mobile Products, Inc., and the
      effect of any such effective date of rejection on any
      claims asserted by Hazen Transport for amounts due under
      the Transportation Service Agreement will be reserved and
      determined by the Court at the time such a claim, if any,
      is filed against the Debtors and brought before the Court
      for hearing.  The Debtors reserve all rights and defenses
      with respect to the claim.

   -- Any effective date of the rejection of the Debtors'
      Supplemental Executive Retirement Plan, effective
      Jan. 1, 2003, as applicable to Karl Storrie and David
      Bovee, and the effect of any such effective date of
      rejection on the claims of Messrs. Storrie and Bovee for
      payments pursuant to the SERP will be reserved and
      determined by the Court at the time of the hearing on the
      motions of Messrs. Storrie and Bovee for allowance and
      payment of administrative expenses.

   -- Confirmation of the Plan will not affect any set-off and
      recoupment rights of the Internal Revenue Service.  The
      total value of any Allowed Priority Tax Claims held by the
      IRS will include interest at the rate and method specified
      in 26 U.S.C. 6621 and 6622.

   -- Nothing in the Plan or Confirmation Order will ,among
      other things, release discharge, enjoin or impact in any
      way, the claims, counterclaims defenses or affirmative
      defenses of Magna Donnelly Corporation, in connection with
      a patent infringement lawsuit filed by the Debtors.

                        About Dura Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  
Miller Buckfire & Co., LLC is the Debtors' investment banker.  
Glass & Associates Inc., gives financial advice to the Debtor.  
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had $1,993,178,000 in total assets and
$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expired on Sept. 30,
2007.  On Aug. 22, 2007, the Debtors' filed their Plan of
Reorganization and the Disclosure Statement explaining that Plan
was approved on Oct. 3, 2007.  (Dura Automotive Bankruptcy News,
Issue No. 40 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Court Defers Confirmation Hearing to Dec. 17
-------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware agreed to postpone Dura Automotive
Systems, Inc., and its debtor-affiliates' confirmation hearing
to Dec. 17, 2007, at 9:30 a.m.

On behalf of the Debtors, Daniel J. DeFranceschi, Esq., at
Richards, Layton & Finger, P.A., in Wilmington, Delaware,
submitted a notice stating that the Court has continued the
Confirmation Hearing held on Dec. 10, 2007.

The Associated Press notes that without the $425 million loan,
the company's plan to raise up to $160 million in equity
financing could unravel.  Pacificor, LLC, has agreed to invest
up
to $160 million in reorganized Dura by buying shares of new
common stock that were not purchased in an equity rights
offering.

As reported in the Troubled Company Reporter on Nov. 29, 2007,
Judge Carey had canceled the confirmation hearing scheduled for
Dec. 6, saying that there was no point moving forward with the
hearing until Dura obtains the necessary exit financing.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  
Miller Buckfire & Co., LLC is the Debtors' investment banker.  
Glass & Associates Inc., gives financial advice to the Debtor.  
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had $1,993,178,000 in total assets and
$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expired on Sept. 30,
2007.  On Aug. 22, 2007, the Debtors' filed their Plan of
Reorganization and the Disclosure Statement explaining that Plan
was approved on Oct. 3, 2007.  (Dura Automotive Bankruptcy News,
Issue No. 40 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Extends Marketing Period for US$425M Exit Loan
---------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates
disclosed that they have syndicated a majority of its exit
financing facility and has elected to extend the marketing
period to complete the financing.  This extension gives Goldman
Sachs Credit Partners, L.P. and Barclays Capital, the investment
firms engaged by DURA to arrange $425 million in credit
facilities, additional time and flexibility to complete their
syndication efforts.

The Debtors have commenced discussions with its Debtor-in-
Possession lenders regarding an extension of its DIP financing
agreement to ensure that DURA's working capital financing is not
impacted by an extended exit financing process.

As reported in the Troubled Company Reporter on Nov. 12, 2007,
The Debtors sought and obtained approval from the U.S.
Bankruptcy Court for the District of Delaware of an engagement
letter and a fee letter entered into with Goldman Sachs Credit
Partners, L.P., and Barclays Capital, the investment banking
division of Barclays Bank, PLC, for a $425 million financing to
emerge from Chapter 11.  DURA expects $300 million of the loan
to be funded on the effective date of its Plan of
Reorganization.  

The Court has approved the Engagement Letter and the Fee Letter
in all respects.  The Court's order did not specify whether the
U.S. Trustee's concerns were addressed.

Pursuant to the Engagement Letter, Goldman Sachs and Barclays,
as arrangers, have offered to syndicate exit financing for Dura
Operating Corp.:

   (a) a senior secured revolving credit facility in an amount
       up to $125 million;

   (b) a senior secured first-lien tranche B term loan facility
       in amount up to $225 million; and

   (c) a senior secured second-lien term loan facility in an
       amount up to $75 million.  

DURA's Chapter 11 case is in its final stages.  In another
confirmation-related development, on Friday, Dec. 7, 2007, the
company took another significant step when the Bankruptcy Court
issued an opinion enforcing the subordination provisions of the
9% Subordinated Notes Indenture, thereby effectively ending one
of the few remaining major creditor challenges to confirmation
of the Chapter 11 Plan.  All other major creditor groups support
confirmation.

DURA is advised by AlixPartners, Kirkland & Ellis and Miller
Buckfire in connection with its Chapter 11 reorganization.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  
Miller Buckfire & Co., LLC is the Debtors' investment banker.  
Glass & Associates Inc., gives financial advice to the Debtor.  
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had $1,993,178,000 in total assets and
$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expired on Sept. 30,
2007.  On Aug. 22, 2007, the Debtors' filed their Plan of
Reorganization and the Disclosure Statement explaining that Plan
was approved on Oct. 3, 2007.  (Dura Automotive Bankruptcy News,
Issue No. 40 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


LYONDELL CHEMICAL: Fitch Cuts Long-Term Issuer Rating to B+
-----------------------------------------------------------
Fitch Ratings has downgraded Basell AF SCA's and Lyondell
Chemical Co.'s Long-term Issuer Default ratings to 'B+' from
'BB-' and removed them from Rating Watch Negative where they
were originally placed on July 17, 2007.  Stable Outlooks are
assigned to the Long-term IDRs.  Basell's Short-term IDR is also
affirmed at 'B'.

Fitch has also downgraded Basell's senior notes and Millenium
America Inc's senior notes to 'B-/RR6' from 'B+' and 'BB/RR2',
respectively, as well as assigned a 'B/RR5'rating to Lyondell
Basell Finance Co.'s bridge facility.  Fitch has taken further
rating action involving various subsidiaries and debt
instruments.

Fitch's ratings actions follow substantial re-leveraging to
facilitate the fully debt-funded merger of chemical companies
Basell and Lyondell.  Fitch believes that credit metrics of the
combined new group, including net total leverage of
approximately 4.9, cash interest cover of approximately 2.4,
(ratios based on the pro forma unadjusted LTM on Sept. 7, 2007
EBITDA of US$4.9 billion) and available liquidity are
commensurate with the Long-term IDRs of 'B+'.  The group's
credit profile will be supported by potential synergies and
pricing power advantages gained from improved vertical
integration and size increases, which may prove crucial as the
global chemical industry continues to face serious challenges
from volatile feedstock costs and economical uncertainties in
its end markets.

Following a special meeting of shareholders on Nov. 20, 2007,
Lyondell announced that shareholders approved the agreement and
plan of merger, dated 16 July 2007, between Basell and Lyondell,
pursuant to which Basell will acquire all of Lyondell's
outstanding common shares for cash consideration of US$48 per
share.  The closing of the transaction is anticipated to occur
on or about Dec. 20, 2007.  After completion of the acquisition,
Basell will be renamed LyondellBasell Industries AF SCA.

LyondellBasell Industries will form the world's third-largest
independent chemical company with combined revenues of around
US$42.8 billion and around 15,000 employees worldwide.

The ratings are:

Basell AF SCA and subsidiaries, to be renamed LyondellBasell
Industries AF SCA:

-- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from
    RWN; Stable Outlook assigned

-- Senior secured credit facilities: affirmed at 'BB+' and
    withdrawn Senior notes: downgraded to 'B-/RR6' from 'B+'

Lyondell Chemical Co. and subsidiaries:

-- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from
    RWN; Stable Outlook assigned

-- Senior secured facilities: affirmed at 'BB+' and withdrawn

-- Senior secured notes: affirmed at 'BB+' and withdrawn

-- Senior unsecured notes: affirmed at 'BB-' and withdrawn

-- Senior unsecured debentures: upgraded to 'BB+/RR1' from
    'BB-'

Lyondell Basell Finance Co:

-- Bridge facility: 'B/RR5'

Equistar Chemicals L.P.:

-- Long-term IDR: affirmed at 'B+'; Outlook Stable

-- Senior secured credit facility: affirmed at 'BB+/RR1' and
    withdrawn

-- Senior unsecured notes: affirmed at 'BB-/RR3' and withdrawn

-- Debentures: upgraded to 'BB+/RR1' from 'BB-/RR3'

Millenium Chemicals Inc.:

-- Long-term IDR: affirmed at 'B+' with Stable Outlook and
    withdrawn

-- Convertible senior unsecured debentures: affirmed at
    'BB/RR2' and withdrawn

Millenium America Inc.:

-- Long-term IDR: affirmed at 'B+'; Outlook Stable

-- Senior unsecured notes: downgraded to 'B-/RR6' from
    'BB/RR2'

The above ratings are assigned subject to the completion of the
transaction as well as review of the final documentation,
conforming to present information.

                     About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's     
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.  In the Asia-Pacific, the company has
locations in Australia, China, Japan, New Zealand, Singapore,
Taiwan and Korea.


LYONDELL CHEMICAL: Gets Requisite Consents to Amend Indenture
-------------------------------------------------------------
Lyondell Chemical Company and its subsidiaries Equistar
Chemicals, LP and Equistar Funding Corporation disclosed that as
of 5:00 p.m. EST on Dec. 5, 2007, a total of approximately
US$3.97 billion in aggregate principal amount of the outstanding
debt securities issued by Lyondell or the Equistar Issuers, as
applicable, has been tendered pursuant to the previously
announced cash tender offers and consent solicitations.  

As a result, Lyondell and the Equistar Issuers have received the
required consents from holders to amend each of the indentures
governing the applicable Notes.  Upon Lyondell and the Equistar
Issuers accepting for purchase at least a majority in aggregate
principal amount of the applicable Notes outstanding, each of
the supplemental indentures effecting the proposed amendments as
described in the Offer to Purchase and Consent Solicitation
Statement dated Nov. 20, 2007 will become operative.

The Offer for each series of Notes will expire at 12:01 a.m. EST
on Dec. 20, 2007, unless extended or earlier terminated by
Lyondell or the Equistar Issuers, as applicable, in their sole
discretion.  Withdrawal rights with respect to the Notes and
revocation rights with respect to corresponding consents have
expired.  Accordingly, holders may not withdraw any Notes
previously or hereafter tendered, except as contemplated in the
applicable Offers.

The total consideration was determined as of 2:00 p.m. EST on
Dec. 5, 2007.  The total consideration per US$1,000 principal
amount of the Notes validly tendered at or prior to the Consent
Payment Deadline, not validly withdrawn and accepted for payment
is set forth in Table 1, of which US$30 is the consent payment.
The tender offer consideration per US$1,000 principal amount of
the Notes validly tendered after the Consent Payment Deadline,
not validly withdrawn and accepted for payment equals the Total
Consideration minus the US$30 consent payment.  In each case,
accrued and unpaid interest on the Notes will be paid in cash
from the most recent interest payment date applicable to the
Notes to, but not including, the applicable payment date for the
Offers.  The applicable payment date for Notes tendered on or
prior to the Consent Payment Deadline is expected to be on or
about Dec. 20, 2007.  The applicable payment date for Notes
tendered after the Consent Payment Deadline and on or prior to
the Expiration Date is expected to be on or about Dec. 21, 2007.

The Offers and Consent Solicitations are subject to the
satisfaction of certain conditions, including the proposed
merger of Lyondell with BIL Acquisition Holdings Limited, a
Delaware corporation and wholly owned subsidiary of Basell AF
S.C.A., a Luxembourg company.  The complete terms and conditions
of the Offers and Consent Solicitations are set forth in the
Offer and Consent Statement, which has been sent to holders of
the Notes.  Holders are urged to carefully read the Offer and
Consent Statement and related materials.

Goldman, Sachs & Co. and Merrill Lynch & Co. are the dealer
managers for the Offers and solicitation agents for the Consent
Solicitations.  Questions regarding the Offers and Consent
Solicitations may be directed to Goldman, Sachs & Co. at (877)
686-5059 (toll-free) or (212) 357-0775 (collect), and Merrill
Lynch & Co. at (888) 654-8637 (toll-free) or (212) 449-4914
(collect).  Copies of the Offer and Consent Statement and
related materials may be obtained from the Information Agent, D.
F. King & Co., Inc. at (800) 290-6429 (U.S. toll free) or (212)
269-5550 (Banks and Brokers).

As previously disclosed in the TCR-Europe on Nov. 30, 2007,
Lyondell disclosed that, at a Special Meeting of Shareholders
held on Nov. 20, 2007, shareholders approved the Agreement and
Plan of Merger, dated as of July 16, 2007, among Basell AF, BIL
Acquisition Holdings Limited and Lyondell pursuant to which
Basell will acquire all of Lyondell's outstanding common shares
for cash consideration of US$48 per share.

                           About Basell

Basell -- http://www.basell.com/-- produces polypropylene and
advanced polyolefin products, supplies polyethylene and
catalysts, and provides technical services for its proprietary
technologies.  Basell, together with its joint ventures, has
manufacturing facilities in 19 countries and sells products in
more than 120 countries.  Basell is privately owned by Access
Industries.

                         About Lyondell

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's     
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.  In the Asia-Pacific, the company has
locations in Australia, China, Japan, New Zealand, Singapore,
Taiwan and Korea.



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

ELECTRONIC DATA: Moody's Places Ratings on Review for Upgrade
-------------------------------------------------------------
Moody's Investors Service has placed the senior unsecured note
ratings of Electronic Data Systems Corporation on review for
possible upgrade.  The review was prompted by the company's
improvement of legacy issues related to poor cash flow
performance on certain large contracts, improving operating
margins, and its continued conservatism toward the preservation
of liquidity and debt leverage.

Moody's review will focus on the company's strategies toward
acquisition and share repurchase spending, as well as its
prospects for free cash flow growth and the preservation of
internal and external sources of liquidity.

Since Moody's revised the company' rating outlook to positive
from stable in November 2006, the company has continued to
achieve organic revenue growth, albeit modest in the low single
digits, and operating margin expansion.  In its quarter ended
Sept. 30, 2007, the company achieved year over year organic
revenue growth and expanded its operating margin to
approximately 6% from 4%.  The company's free cash flow, defined
as cash flow from operations less capital expenditures and
dividends, is strong at about US$700 million for the twelve
months ended Sept. 30, 2007.

The company's unrestricted cash and marketable securities
amounted to over US$3 billion at September 2007.  In addition,
the company has external liquidity from a US$1 billion five-year
revolving credit facility expiring June 2011, and is in
compliance with the financial covenants of this facility.

On Dec. 4, 2007, the company announced its plans to repurchase
up to US$1 billion of its shares over the next 18 months, which
Moody's expects will be executed within the context of its free
cash flow after considering possible cash acquisitions.

Ratings Placed On Review for Possible Upgrade:

-- US$700 million 7.125% Senior Unsecured Notes due 2009 Ba1

-- US$690 million 3.875% Convertible Senior Unsecured Notes
    due 2023 Ba1

-- US$1.1 billion 6% Senior Unsecured Notes due 2013 Ba1

-- Senior Unsecured Convertible Notes due 2021 Ba1

-- US$300 million Senior Unsecured Notes due 2029 Ba1

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

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


FCW HOLDINGS: Exploring New Businesses to Boost Revenues
--------------------------------------------------------
FCW Holdings Bhd is eyeing new businesses that will help boost
its revenue in the long run, the Edge Daily reports.

Ong Bing Yap, FCW's Executive Director, said that the company is
exploring new opportunities and identifying businesses that it
could possibly acquire, according to Yantoultra Ngui Yichen of
the Edge Daily.

The report related that the company's new property rental
segment is expected to earn MYR5.25 million a year.  Mr. Ong
added that the company was contemplating redeveloping three
parcels of land purchased from Goh Ban Huat Bhd into a mixed
development commercial area in the medium term, but would do so
only after conducting feasibility studies, the Edge Daily notes.

Headquartered in Selangor Darul Ehsan, Malaysia, FCW Holdings
Berhad is principally involved in investment holding, providing
management services and trading of telecommunications equipment.
Its other activities include renting of communication access,
selling and hiring of telecommunications equipment and
electronic goods, providing paging services and turnkey
contracting.

FCW Holdings is a Practice Note 17 company.  It has been
incurring continuous losses since 1999.  The Troubled Company
Reporter-Asia Pacific reported that for the quarter ended
March 31, 2006, the Company's accumulated losses has hit
MYR135,469,000, from MYR134,410,000 accumulated losses in
March 31, 2005.  The Company is also facing possible delisting
by Bursa Malaysia Securities Berhad if it fails to submit a plan
to regularize its financial condition.


PAN MALAYSIAN: Seeks Approvals of Regularization Proposals
----------------------------------------------------------
Pan Malaysian Industries Berhad, on Dec. 12, 2007, submitted an
application to the Securities Commission and the Equity
Compliance Unit of the Securities Commission for approval of the
company's current proposals to regularize its financial
condition.

The company's proposals collectively refer to the Proposed
Restricted Offer for Sale, Proposed Office Building Acquisition
and the Proposed Land Company Acquisition:

    (i) the divestment of 26.56% equity interest comprising
        515,405,240 ordinary shares of MYR1.00 each in Malayan
        United Industries Berhad held by the PMI Group by way of
        a restricted offer for sale by PMI on a renounceable
        basis;

   (ii) the acquisition of a 15-storey purpose built office
        building located at No. 2, Jalan Changkat Ceylon, 50200
        Kuala Lumpur by PMI from Pan Malaysia Holdings Berhad
        for a cash consideration of MYR39.0 million; and

  (iii) the acquisition of the entire issued and paid-up share
        capital of Two Holdings Sdn Bhd by PMI from MUI
        Properties Berhad for a cash consideration of
        MYR9.3 million.

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

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

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


SELOGA HOLDINGS: Submits Appeal to Defer Delisting of Securities
----------------------------------------------------------------
Seloga Holdings Berhad submitted an appeal on Dec. 12, 2007, to
Bursa Malaysia Securities Berhad on its decision to delist the
company's securities.

As previously reported by the Troubled Company Reporter-Asia
Pacific, the Bursa Malaysia decided to delist Seloga Holdings
securities from the official list of the bourse as the company
does not have an adequate level of financial condition to
warrant its continued listing.

With the company's move, the removal of the company's securities
will be deferred pending the decision of Bursa Securities on the
appeal.

The bourse made it clear that the deferment pending the outcome
of the appeal is a stay in respect of the delisting and is not
to be equated with a variation or a revision of the decision to
delist.  The decision remains unless reversed on appeal.

                         About Seloga Holdings

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

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


SYARIKAT KAYU: Serves Injunction Order to Bursa Securities
----------------------------------------------------------
The Bursa Securities was served with an  Injunction Order from
Syarikat Kayu Wangi Berhad, on December 12, 2007.

The Injunction Order will restrain Bursa Securities from
removing the company's securities from the Bursa's Official
List.  Hence, the removal of the company's securities will be
deferred until further notice.

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The Company has failed to turn its finances
around and has been suffering continuous losses since then.

The company was classified as an affected listed issuer of the
Amended PN17/2005 on May 8, 2006, since its latest audited
financial statements for the year ended Nov. 30, 2005, showed
that the company's shareholders' equity is MYR7,189,000, which
is less than 25% of the company's issued and paid up capital.

Syarikat Kayu is currently in the process of preparing its
Regularization Plan.  Once completed, the Requisite Announcement
outlining the Regularization Plan will be made to the Bursa
Securities.



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

A MARBECK: Shareholders Opt to Shut Down Business
-------------------------------------------------
The shareholders of A Marbeck Ltd., on November 19, 2007,
resolved to voluntarily liquidate the company's business.

Colin Gordon Powell was tapped as liquidator.

The Liquidator can be reached at:

          Colin Gordon Powell
          Battley & Johnson
          Chartered Accountants
          Level 5, 110 Symonds Street
          Auckland 1010
          New Zealand
          Telephone:(09) 379 3900
          Facsimile:(09) 309 3191


AIR NEW ZEALAND: To Expand China Services
-----------------------------------------
Air New Zealand Ltd wants to expand its China services in the
lead up to the 2008 Olympics by building up on the experience
gained on its Auckland-Shanghai route and its relationship with
Chinese airlines, the New Zealand Press Association quotes Chief
Executive Rob Fyfe as saying.

Mr. Fyfe believes the success of the inbound Shanghai-Auckland
service depended very heavily on its connections with Air China
and Shanghai Airlines, the report says.

From the three Auckland-Shanghai services weekly, the airline
increased it to five and may further increase it to seven in
August next year, NZPA relates.

Around 80% of inbound visitors on the Shanghai service were
tourists but they are very widely distributed so connecting
networks are quite critical, Mr. Fyfe tells the news agency.
According to NZPA, Tourism New Zealand predicted China could be
New Zealand's third biggest inbound tourism market within five
years.  Chinese visitor numbers have jumped nearly 400% and the
number of inbound visitors from China is expected to double
again by 2012, the report adds.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd is the
country's flag air carrier, with domestic and international
passenger and freight operations, and an aviation engineering
business.  Air New Zealand flies to the United States, United
Kingdom, Canada, Europe and other Asian cities.

Moody's Investors Service, on Sept. 4, 2007, affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  At the
same time, it has changed the outlook on the rating to positive
from stable.

ANZ carries Standard & Poor's Ratings Services' 'BB' corporate
credit rating, with stable outlook.


AIR NEW ZEALAND: Gets Business Traveler's Best Airline Award
------------------------------------------------------------
Air New Zealand has been recognized by Business Traveler
magazine as the "Best Airline to the South Pacific, Australia,
and New Zealand" in 2007.  Through an aggressive strategy to
continuously upgrade its aircraft fleet and onboard amenities,
Air New Zealand secured its place as the most innovative and
attentive airline serving popular destinations in the South
Pacific, such as Auckland, Sydney, Melbourne and a number of
Pacific island destinations, the airline said in a news release.

Business Traveler magazine has been a leader in recognizing
excellence in business travel for nearly 20 years and publishes
nine editions around the world.  "For the second year in a row,
we have the honor to be recognized by Business Traveler magazine
for our unique brand of service," said Roger Poulton, Vice
President, Air New Zealand - The Americas.  "We design every
aspect of our experience around the warm and welcoming culture
of New Zealand, and it's truly rewarding to see that our efforts
are being enjoyed by our customers."

Air New Zealand Business Premier cabins offer customers
luxurious comfort with revolutionary lie-flat seats - 22-inch-
wide leather armchairs that convert into 6-foot, 7.5-inch beds
featuring an ottoman footrest that doubles as a visitor's seat.
In addition to ensuring maximum comfort, the airline also has
in-flight entertainment that provides customers with in-seat
power, as well as individual high resolution 10.4-inch screens
with on-demand entertainment featuring a wide range of audio and
video options including the most recent blockbuster movies, TV
programs and exclusive audio programs that allow customers to
watch or listen to what they want, when they want.

Beyond comfort and entertainment, Business Premier customers
onboard Air New Zealand experience a unique New Zealand dining
experience designed by the Air New Zealand team of consultant
chefs with a new menu created by celebrity chef Govind Armstrong
of the famed Table 8 restaurants in Los Angeles and Miami.
Additionally, Air New Zealand offers a premium wine selection
created by top New Zealand wine consultants Kate Radburnd and
John Belsham. These finishing touches help to create the
ultimate flying experience on one of the world's top airlines --
now recognized again as the best in the South Pacific.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd is the
country's flag air carrier, with domestic and international
passenger and freight operations, and an aviation engineering
business.  Air New Zealand flies to the United States, United
Kingdom, Canada, Europe and other Asian cities.

Moody's Investors Service, on Sept. 4, 2007, affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  At the
same time, it has changed the outlook on the rating to positive
from stable.

ANZ carries Standard & Poor's Ratings Services' 'BB' corporate
credit rating, with stable outlook.


ALARM SYSTEMS: Subject to CIR's Wind-Up Petition
------------------------------------------------
On October 18, 2007, the Commissioner of Inland Revenue filed a
petition to have Alarm Systems (BOP) Ltd.'s operations wound up.

The High Court of Rotorua will hear the petition on Feb. 11,
2008, at 11:45 a.m.

The CIR's solicitor is:

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


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

The Liquidators can be reached at:

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


AUTO SUPREME: Court to Hear Wind-Up Petition on December 19
-----------------------------------------------------------
A petition to have Auto Supreme Group Ltd.'s operations wound up
will be heard before the High Court of Wellington on Dec. 19,
2007, at 10:00 a.m.

Senate Finance Limited filed the petition on October 8, 2007.

Senate Finance's solicitor is:

          M. V. Robinson
          Simpson Grierson
          Level 27, 88 Shortland Street
          Auckland
          New Zealand


AUTOPAC RENTALS: Wind-Up Petition Hearing Set for December 17
-------------------------------------------------------------
A petition to have Autopac Rentals Ltd.'s  operations wound up
will be heard before the High Court of Wellington on Dec. 17,
2007, at 10:00 a.m.

Senate Finance Limited filed the petition on October 8, 2007.

Senate Finance's solicitor is:

          M. V. Robinson
          Simpson Grierson
          88 Shortland Street, Level 27
          Auckland
          New Zealand


CLAY EXPORTS: Placed Under Voluntary Liquidation
------------------------------------------------
On November 19, 2007, the shareholders of Clay Exports Ltd.
resolved to voluntarily wind up the company's operations.

Colin Gordon Powell was tapped as liquidator.

The Liquidator can be reached at:

          Colin Gordon Powell
          Battley & Johnson
          Chartered Accountants
          Level 5, 110 Symonds Street
          Auckland 1010
          New Zealand
          Telephone:(09) 379 3900
          Facsimile:(09) 309 3191


CUSTOMISED SOLUTIONS: Enters Wind-Up Proceedings
------------------------------------------------
Customised Solutions Group Limited went into liquidation on
November 15, 2007.

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

The company's liquidator is:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          Insolvency Practitioners
          PO Box 259059, Greenmount
          East Tamaki, Auckland
          New Zealand
          Telephone:(09) 522 5662
          Facsimile:(09) 522 5788


EQUIPE COURAGE: Commences Liquidation Proceedings
-------------------------------------------------
On November 19, 2007, Equipe Courage Ltd. resolved to
voluntarily liquidate its business.

Creditors are required to file their proofs of debt by Dec. 19,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

          Roderick Thomas McKenzie
          c/o McKenzie & Partners Limited
          Level 1, 484 Main Street
          PO Box 12014, Palmerston North
          New Zealand
          Telephone:(06) 354 9639
          Facsimile:(06) 356 2028


G CHONG: Appoints Terence Charles Webb Bastion as Liquidator
------------------------------------------------------------
The shareholders of G Chong Ltd., on November 16, 2007,
appointed Terence Charles Webb Bastion as the company's
liquidator.

Mr. Webb is accepting creditors' proofs of debt until Dec. 19,
2007.

The Liquidator can be reached at:

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


GIBBS PHARMACY: Undergoes Liquidation Proceedings
-------------------------------------------------
On November 13, 2007, the shareholders of Gibbs Pharmacy 1968
Ltd decided to wind up the company's operations.

Rhys Michael Barlow was appointed as liquidator.

The Liquidator can be reached at:

          Rhys Michael Barlow
          c/o BDO Spicers (Wellington) Limited
          Chartered Accountants
          BDO House, Level 2
          99-105 Customhouse Quay
          PO Box 10340, Wellington
          New Zealand
          Telephone:(04) 472 5850
          Facsimile:(04) 473 3582
          e-mail: rhys.barlow@wlg.bdospicers.com


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

The Liquidators can be reached at:

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


PARTAGAS FOUNDATION: Subject to ACP Media's Wind-Up Petition
------------------------------------------------------------
On September 26, 2007, ACP Media Limited filed a petition to
have Partagas Foundation Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
February 28, 2008, at 10:45 a.m.

ACP Media's solicitor is:

          Kevin Patrick Mcdonald
          Kevin McDonald & Associates
          Takapuna Towers, Level 11
          19-21 Como Street
          PO Box 331065, Takapuna
          Auckland
          New Zealand
          Telephone:(09) 486 6827
          Facsimile:(09) 486 5082


POST SHOP: Commences Liquidation Proceedings
--------------------------------------------
Post Shop Mount South Ltd. went into liquidation proceedings on
November 15, 2007.

Daryl Bonney was appointed as liquidator.

The Liquidator can be reached at:

          Daryl Bonney
          353 Devonport Road
          Tauranga
          New Zealand
          Telephone:(07) 578 0489
          Facsimile:(07) 578 0490


RATA CAFE: Creditors' Proofs of Debt Due on December 18
-------------------------------------------------------
Rata Cafe Ltd. requires its creditors to file their proofs of
debt by December 18, 2007, to be included in the company's
dividend distrbution.

The company's liquidators are:

          David Stuart Vance
          Barry Phillip Jordan
          PPB McCallum Petterson
          The Todd Building, Level 8
          95 Customhouse Quay
          PO Box 3156, Wellington
          New Zealand
          Telephone:(04) 499 7796
          Facsimile:(04) 499 7784


ROOFING RENOVATIONS: Creditors' Proofs of Debt Due on Dec. 21
-------------------------------------------------------------
The creditors of Roofing Renovations Ltd. are required to file
their proofs of debt by December 21, 2007, to be included in the
company's dividend distribution.

The company went into liquidation on November 19, 2007.

The company's liquidator is:

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


ROWABA HOLDINGS: Creditors' Proofs of Debt Due on December 14
-------------------------------------------------------------
On November 15, 2007, the shareholders of Rowaba Holdings Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidators are:

          Gareth Russel Hoole
          Kevin David Pitfield
          Staples Rodway Limited
          Chartered Accountants
          PO Box 3899, Auckland
          New Zealand
          Telephone:(09) 309 0463


SOUTH LOG: Creditors' Proofs of Debt Due on December 19
-------------------------------------------------------
On November 15, 2007, David Donald Crichton and Keiran Anne
Horne were appointed liquidators of South Log Ltd.

The Liquidators are accepting creditors' proofs of debt until
December 19, 2007.

The Liquidators can be reached at:

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


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

APC GROUP: Unit Wants to Explore Davao for Nickel & Chromine
------------------------------------------------------------
Aragorn Coal Resources Inc., a subsidiary of the APC Group Inc.,
is seeking permission from the Department of Environment and
Natural Resources to explore a 1,019-hectare area in Davao
Oriental for chromine and nickel.

Once ACRI acquires the permit, the company told the Philippine
Stock Exchange, it will explore the area and apply for a mineral
production sharing agreement with the DENR if mineable deposits
exist at commercial quantities in the 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 posted a PHP790.2 million net loss for the year ended
Dec. 31, 2006, compared with PHP874.7 million in 2005.


CHIQUITA BRANDS: May Benefit from WTO's Ruling on EU Tariffs
------------------------------------------------------------
Ohio.com reports that Chiquita Brands International's profits
could increase as a result of the World Trade Organization
compliance panel's ruling that the European Union's import
tariffs for bananas breached international trade rules.

Oppenheimer & Co. analyst Barry Sine told Ohio.com that Chiquita
Brands will be closely following the case.  The European Union
tariff costs Chiquita Brands about US$1 per share yearly.

An Ecuadorian official commented to Ohio.com, "It was a total
victory.  We are very happy with the result."

Michael Mann, a spokesperson for the European Union's Farm
Commissioner Marian Fisher Boel, confirmed the loss to Ohio.com.

However, Mr. Mann claimed that the WTO panel ignored data
indicating a growth in European imports of bananas from Latin
America, Ohio.com states.

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
Panama and the Philippines.

                       *     *     *

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.

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.


IPVG CORP: PeopleSupport Rejects US$335-Mil. Purchase Offer
-----------------------------------------------------------
PeopleSupport, Inc.'s Board of Directors, after careful
consideration, and in consultation with its financial and legal
advisors, unanimously determined that the IPVG Corp. and AO
Capital Partners unsolicited $15.00 per share cash proposal to
acquire PeopleSupport is inadequate and fails to take into
account PeopleSupport's strategic value and success in
implementing its growth strategy.

Lance Rosenzweig, PeopleSupport's CEO and Chairman, commented
that, "PeopleSupport recently concluded its strategic planning
session, and management and the Board are confident about the
Company's prospects, which we believe will continue to fuel
strong growth. Taking into account the recent initiatives under
way at the Company, and after a careful and thorough review of
the proposal, the Board concluded that the proposal is not in
the best interests of PeopleSupport or its shareholders."

Frank Perna, speaking for the independent directors on the
PeopleSupport Board as lead outside independent director, said,
"We have carefully reviewed the proposal and believe it to be
inadequate and not to merit further attention. We have also
reviewed the strategic plans in place for the Company and
believe that the implementation of those plans is the best way
to enhance shareholder value at this time. As a Board, we
regularly consider ways of enhancing return on investment and
shareholder value, including the evaluation of M&A proposals,
and we will continue to do so."

Lance Rosenzweig said, "Throughout the year, PeopleSupport has
taken a number of steps to improve operational efficiency and
productivity. We are investing in our sales organization to take
advantage of the anticipated strong secular growth trends; we
are expanding our service offerings to improve the scalability
and margin structure of our business; we are continuing to
optimize our infrastructure through improved asset utilization;
we are recovering margins by increasing prices for our services
to help offset a portion of the impact from an appreciating
Philippine Peso; and most importantly, we are focused on
delivering excellent value and service levels for our clients.
We are confident that we have the right strategy in place and
the right team to execute that strategy to continue to build
long-term shareholder value."

PeopleSupport noted that throughout the 2007 year it has:

   -- Realigned operations along industry verticals - travel and
      consumer, financial services, tech and telecom, healthcare
      and insurance services - which is expected to allow it to
      develop deep domain knowledge that will help the Company
      and its clients implement and continually improve
      outsourcing strategies;

   -- Grown its sales pipeline to the most robust level in its
      history. The pipeline consists of both small and large
      prospects in the U.S. and other English speaking
      countries, including the U.K., a new market opportunity
      for PeopleSupport. The pipeline consists of several
      hundred opportunities, including more than 40 qualified
      prospects in the later stages of the pipeline. The Company
      also sees potential for growth resulting from the fact
      that the Company is executing increasingly well for
      clients;

   -- Reconfigured seats for the purpose of increasing
      operational efficiencies and productivity;

   -- Established an effective Philippine Peso foreign currency
      program;

   -- Launched Captive Services, a new service offering
      consisting of world-class facilities, with excellent and
      highly scalable technology and telecom infrastructure,
      including redundancy and dedicated for clients that prefer
      to establish in-house captive centers in the Philippines.
      The Captive Services sales pipeline currently consists of
      five prospects; and

   -- Enhanced its quality program by hiring Six Sigma black
      belt experts and other people with industry-level process
      expertise.

Credit Suisse is serving as PeopleSupport's financial advisor.

                       About PeopleSupport

PeopleSupport, Inc. (Nasdaq:PSPT), is a leading offshore
business process outsourcing (BPO) provider that offers customer
management, transcription and captioning and additional BPO
services from its centers in the Philippines, Costa Rica and the
United States. PeopleSupport's services are designed to reduce
costs, improve performance and increase revenues by delivering
high quality, value-added, multilingual voice and text services.
A majority of PeopleSupport's services are performed in the
Philippines, where PeopleSupport is one of the largest
outsourcing companies, employing approximately 8,400 college-
educated, fluent English speaking personnel. Headquartered in
Los Angeles, California, with approximately 9,000 employees
worldwide, PeopleSupport serves clients in a variety of
industries, such as travel, consumer, financial services,
healthcare, insurance, technology, telecommunications,
entertainment and education. For more information, visit
www.peoplesupport.com.

                      About IPVG Corporation

IPVG Corporation -- http://www.ipvg.com/-- is engaged in the  
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing.

IPVG reaches its customers through collaboration with
international corporations that have proven to be market leaders
in their respective geographic markets and industries.  Its
current partners include Fortune 1000 companies listed on the
New York Stock Exchange, such as Pacific Century Cyberworks Inc.
and IDT.  The company can offer established product and
proprietary business knowledge to the Philippine market by
pairing each of its business subsidiaries with strategic
partners.

The TCR-AP reported on May 15, 2007, that the corporation posted
a net loss of PHP102.1 million for the year ended Dec. 31, 2006,
the company's third consecutive annual net loss after
PHP43.0 million in 2005 and PHP6.2 million in 2004.


MANILA ELECTRIC: S&P Affirms 'B-' Long-Term Issuer Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on its
ratings on Manila Electric Co. (Meralco) to stable from
negative. The 'B-' long-term issuer credit rating on Meralco was
affirmed.

"The outlook revision reflects an improvement in the regulatory
environment, especially the resolution of a pending dispute on
the unbundling of tariffs charged by Meralco, and in the
company's liquidity position, which should result in adequate
cash flow to service its maturing indebtedness in the near
term," said Standard & Poor's credit analyst Anshukant Taneja.

"While uncertainties in the operating environment and Meralco's
high sensitivity to regulatory and judicial actions persist,
Standard & Poor's expects that, in the short to medium term,
these developments would not put a higher-than-anticipated
stress on the company's credit profile."  The outlook revision
factors in the resolution of noncompliance of loan covenants and
improvements in the company's debt maturity profile, which point
toward a somewhat improved financial flexibility.  The modest
improvement in electricity demand in Meralco's service area also
supports the outlook revision.

Meralco is the dominant electricity distributor in the
Philippines, accounting for about 60% of the electricity sold.
It distributes electricity under a franchise agreement to 4.4
million customers in 25 cities and 86 municipalities.  For the
first nine months of 2007, Meralco reported nonconsolidated
revenues of Philippine peso (PHP) 156 billion and net income
of PHP2.8 billion, compared with revenues of PHP191 billion and
net income of about PHP14 billion in fiscal 2006.

"Standard & Poor's remains cautious of the company's ability to
withstand adverse developments stemming from unfavorable
regulatory decisions, such as delays in tariff adjustments that
affect Meralco's liquidity," Mr. Taneja noted.

"Further upside is limited, unless it is supported by a
substantial improvement in regulatory arrangements and a higher
level of predictability in the company's operating cash flows,
combined with an improvement in financial profile."


QUEZON POWER: S&P Revises Outlook on US$215MM Sr. Secured Bonds
---------------------------------------------------------------
Standard & Poor's Ratings Services said today it has revised its
outlook on the US$215 million senior secured bonds issued by
Quezon Power (Philippines) Ltd. Co. to stable from negative.  

At the same time, Standard & Poor's affirmed the 'B-' senior
secured issue rating on the bonds.  

The outlook revision follows similar action on Manila Electric
Co. (Meralco; B-/Stable/--), the sole power off-taker for Quezon
Power, on Dec. 12, 2007.

Quezon Power owns a 460 megawatt net base load, pulverized coal-
fired power plant and a 31-kilometer transmission line on the
east coast of the island of Luzon, southeast of Manila.  Quezon
Power is a Philippine limited partnership owned indirectly by
affiliates of InterGen N.V. (BB-/Stable/--), Covanta Energy
Group Inc., Global Power Investment LP, and PMR Ltd.

"Credit metrics for Quezon Power are somewhat better than those
of its peers in the 'B' rating category and Meralco's track
record of payments has been in line with the schedule of the
power purchase agreement," said Standard & Poor's credit analyst
Andrew Wong.  "Nevertheless, Meralco's weak financial position
and vulnerability to changes in the regulatory environment
continue to affect the rating on Quezon Power.  An improvement
in Meralco's financial profile, coupled with Quezon Power's
stable operating performance, could have a positive impact on
the latter's outlook or rating.  Conversely, further
deterioration in Meralco's financial position could adversely
affect the outlook or rating on Quezon Power."


VICTORIAS MILLING: Tanduay Holdings Acquires 10.66% of Shares
-------------------------------------------------------------
Miguel J. Ossorio Pension Foundation Inc., a shareholder of
Victorias Milling Co. Inc., has sold his ownership of
170,133,159 shares in the company to Tanduay Holdings Inc.

The shares represent 10.66% of VMC's subscribed shares.

Headquartered in Victorias City, Negros Occidental, Victorias
Milling Company Inc. -- http://www.victoriasmilling.com/-- was
organized in 1919 and is engaged in the acquisition,
construction, maintenance and operation of sugar mills, as well
as other related business activities.  Through the years, the
company has expanded its operations to include a foundry, a
machine shop, a fabrication shop, a food canning company, an
organic fertilizer plant and a piggery.

On July 4, 1997, the company filed an application with the
Securities and Exchange Commission to suspend payments to
creditors.  On July 8, 1997, the SEC issued a stay order
restraining all Victorias Milling creditors or any of its
subsidiaries from enforcing their claims, to allow the company
or any of its subsidiaries to continue to their normal business
operations.  The SEC also ordered the formation of a Management
Committee to oversee the company's operations and
rehabilitation.

The company is currently undergoing debt restructuring.

After auditing the company's financial statements for the year
ended August 31, 2006, C.L. Manabat & Co. raised substantial
doubt on Victorias Milling Inc.'s ability to continue as a going
concern, citing that the company has:

   (a) accumulated deficit of PHP3.6 billion and PHP3.8 billion
       as of August 31, 2006, and 2005, respectively, and

   (b) capital deficiency of PHP1.9 billion as of August 31,
       2006 and 2005, respectively.

Victorias Milling's August 31, 2006 balance sheet also showed
total assets of PHP7,697,535, and total shareholders' deficit of
PHP1,903,365.


* Government's Debt Dips 1% to PHP3.832 Trillion at September 30
----------------------------------------------------------------
The Philippine government's debt went down by 1% as of Sept. 30
to PHP3.832 trillion partly due to the steady appreciation of
the peso against the dollar, the Bureau of the Treasury told the
Philippine Star.

According to the article, the government owes PHP1.626 trillion
to foreign creditors while PHP2.206 trillion goes to local
creditors.  This makes up for a 42% to 58% ratio in favor of
domestic creditors, the article adds.

The country's domestic debt had risen 1.8% or by PHP39 billion
as of August 30 because of net issuances of government
securities, the Bureau said, according to the Philippine Star.

As of August 30, the report relates, the government's contingent
debt as of September 30 declined by PHP24 billion to PHP513
billion from August's PHP537 billion.  The Philippine Star said
the Bureau attributed this to the combined effects of PHP3
billion in net repayments, the PHP19 billion-appreciation of the
peso against the dollar ,and the prepayment of PHP2 billion out
of the Philippine National Oil Company’s US$75 million loan
facility.

                          *     *     *

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

CKE RESTAURANTS: Paying US$0.06 Per Share Common Stock Dividend
---------------------------------------------------------------
On Dec. 4, 2007, CKE Restaurants, Inc.'s Board of Directors has
declared a fourth quarter dividend of US$0.06 per share of
common stock to be paid on Feb. 19, 2008, to its stockholders of
record at the close of business on Jan. 28, 2008.

As of the end of its fiscal 2008 second quarter, CKE
Restaurants, through its subsidiaries, had a total of 3,036
franchised, licensed or company-operated restaurants in 42
states and in 13 countries, including 1,111 Carl's Jr.
restaurants and 1,909 Hardee's restaurants.

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

                       *     *     *

As reported in the Troubled Company Reporter on Sept. 10, 2007,
Standard & Poor's Ratings Services revised its outlook on
Carpenteria, California-based CKE Restaurants Inc. to negative
from stable.  At the same time, S&P's has affirmed all the
ratings, including the 'BB-' corporate credit rating, on the
company.


STATS CHIPPAC: To Expand Manufacturing Floor in Malaysia
--------------------------------------------------------
STATS ChipPAC Ltd. has expanded the production floor in its Ulu
Klang Free Trade Zone plant in Kuala Lumpur, Malaysia.  The
company has converted approximately 20,000 square feet of
office space into additional production floor space, increasing
the total manufacturing floor space to 230,000 square feet.  The
overall size of the STATS ChipPAC Malaysia facility is now
488,000 square feet.

The Malaysia facility is the primary site for STATS ChipPAC’s
Quad Flat No-Lead manufacturing.  In addition to the floor space
expansion, STATS ChipPAC Malaysia has been rapidly building its
QFN capacity, investing approximately US$140 million since 2004,
with an additional US$25 million planned in 2008 to expand its
QFN packaging and Radio Frequency test capabilities.

“We are pleased with the growth taking place at our Malaysia
facility.  Production capacity has increased approximately 40%
over the past 12 months, with plans for continued growth
in the future,” said Lew Hon Sang, Managing Director and
President, STATS ChipPAC Malaysia.

This expansion complements STATS ChipPAC’s strategy to build its
portfolio of advanced technology offerings by focusing on areas
with long term growth such as QFN packaging and RF test.  
Revenue at the Malaysia factory has increased approximately 24%
from 2005 to 2007 as a result of its expanded QFN manufacturing
and RF test operations.

“STATS ChipPAC Malaysia is well positioned in the next two to
three years to support customer demand in the computing,
communications and consumer end markets, and is our ‘Centre of
Excellence’ for QFN,” said Tan Lay Koon, President and Chief
Executive Officer, STATS ChipPAC.

                       About STATS ChipPAC

STATS ChipPAC Ltd is a back-end semiconductor assembly and test
company.  It provides full-turnkey solutions to semiconductor
businesses, including foundries, integrated device manufacturers
and fabless companies in the U.S., Europe and Asia.  It ranked
fourth in the global outsourcing semiconductor assembly and test
industry as of end-2006.  In fiscal year 2006, packaging revenue
accounted for 74% of sales, and test and other revenues the
balance.  The communications segment accounted for 57% of sales.
The company's offices outside the United States are located in
Singapore, South Korea, China, Malaysia, Taiwan, Japan, the
Netherlands, and United Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
July 30, 2007, Standard & Poor's Ratings Services raised its
corporate credit rating on STATS ChipPAC Ltd. to 'BB+' from
'BB'.  The outlook is stable.  The issue rating on the senior
unsecured debt has also been raised to 'BB+' from 'BB'.  The
ratings have been removed from CreditWatch, where they were
placed with positive implications on March 2, 2007.


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

POWER-P: Taps SK Accountant Services As Auditor for 2007
--------------------------------------------------------
Power-P PCL has appointed Somchai Kurujitkosol of S.K.
Accountant Services Co. Ltd. as auditor for 2007 during an
extraordinary shareholders' general meeting held on December 11.

According to a disclosure with the Stock Exchange of Thailand,
Mr. Somchai will be paid THB1.3 million.

Headquartered in Bangkok, Power-P Public Company Limited --
http://www.power-p.co.th/-- is engaged in the provision of     
construction works, including commercial buildings and housing
projects, as well as the leasing business of land and equipment.
Power-P has two subsidiaries, J-Power Co., Ltd., which is
engaged in the construction of factories, and L.V.C. Development
Co., Ltd., which provides construction, construction management
and installation of machinery.  

The company is currently undergoing debt restructuring.  
Moreover, the company carries the Stock Exchange of Thailand's
SP -- or suspension -- sign for its failure to submit its
financial statements as of March 31, 2007.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

  
                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
-------                        ------     ------   ------------

AUSTRALIA

Advance Healthcare Group Ltd      AHG      15.65       -6.78
Austar United Communications
   Limited                        AUN     411.16      -43.72
Emperor Mines Limited             EMP     138.99      -50.63
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.25      -10.88
KH Foods Ltd                      KHF      38.40       -6.79
Lafayette Mining Limited          LAF     105.24     -190.86
Renison Consolidated Mines NL     RSN      38.83       -3.94
RMG Ltd.                          RMG      22.33       -2.16
Tooth & Co. Ltd.                  TTH      99.25      -74.39
UnderCoverWear Limited            UCW      28.92      -16.07
ViaGOLD Capital Limited           VIA      15.49       -3.11


CHINA AND HONG KONG

Asia Telemedia Limited            376      16.97       -7.53
Baiyin Copper Commercial  
   Bldg (Group) Co                672      24.47       -2.40
Beiya Industrial (Group)
  Co., Ltd                     600705     462.13      -20.57
Brilliant Arts Multi-Media
  Holding Ltd                    8130      11.62       -2.32
Cangzhou Chemical Industrial
   Co.Ltd                      600722     496.98      -91.41
Chang Ling Group                  561      85.06      -80.88
Chia Tai Enterprises  
   International Ltd.             121     316.12       -8.92
China Force Oil & Grains
   Industrial Co                 1194      92.02       -7.43
China HealthCare Holdings Ltd     673      25.44       -3.37
China Liaoning International
   Cooperation (Group) Ltd        638      20.46      -41.24
Chongqing Int'l Enterprise  
   Investment Co               000736      19.88      -15.67
Compass Pacific Holdings Ltd     1188      46.98      -14.92
Datasys Technology
   Holdings Ltd                  8057      14.10       -2.07
Dongxin Electrical Carbon  
   Co., Ltd                    600691      34.19       -2.90
Dynamic Global Holdings Ltd.      231      44.64       -9.70
Everpride Biopharmaceutical
   Company Limited               8019      14.19       -0.02
Ever Fortune Intl.
   Hldgs. Limited                 875      14.41       -4.03
Fujian Changyuan Investment
   Holdings Limited               592      34.52      -66.85
Fujian Sannong Group Co. Ltd      732      42.50     -100.37
Fujian Start Computer
   Group Co.Ltd                600734     114.76      -16.98
Guangdong Hualong Groups
   Co., Ltd                    600242      15.23      -46.94
Guangdong Kel-A                   921     596.71      -94.69
Guangdong Meiya Group
   Co., Ltd.                      529      70.62      -59.86
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      48.71      -59.63
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      18.34       -8.39
Hainan Overseas Chinese
   Investment Co., Ltd         600759      28.97       -9.90
Hans Energy Company Limited       554      85.00       -0.49
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47
Heilongjiang Black Dragon
   Co., Ltd                    600187     113.45      -74.67
Hisense Kelon Electrical  
   Hldngs. Co., Ltd               921     596.71      -94.69
Hualing Holdings Limited          382     262.90      -32.17
HuaTongTianXiang Group  
   Co., Ltd.                   600225      52.77      -42.02
Huda Technology & Education
   Development Co. Ltd.        600892      17.12       -0.39
Hunan Anplas Co.                  156      77.57      -77.92
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.40       -4.50
Jiaozuo Xin'an-a                  719      56.77       -6.52
Junefield Department
   Store Group Limited            758      12.93       -5.39
Lan Bao Technology
   Information Co.,Ltd            631     110.09      -78.89
Loulan Holdings Limited          8039      11.14       -2.21
Mianyang Gao Xin Industrial  
   Dev (Group)                 600139      23.90      -15.65
Orient Power Holdings Ltd.        615     176.86      -64.20
Paladin Ltd.                      495     167.43       -6.23
Plus Holdings Ltd.               1013      18.52       -3.34
Qinghai Xiancheng Industry  
   Stock Co.,Ltd               600381      55.58      -55.04
Regal Real Estate
   Investment Trust              1881     945.38     -234.68
Sanjiu Yigong Biopharmaceutical  
   & Chem                      000403     218.51       -3.48
Shanghai Worldbest  
   Pharmaceutical Co.Ltd       600656      66.75      -13.42
Shenyang Hejin Holding
   Company Ltd.                   633     103.86       -3.16
Shenzhen China Bicycle Co.,
   Hlds. Ltd.                      17      34.21     -238.76
Shenzhen Dawncom Business
   Tech. and Service Co., Ltd.    863      32.57     -137.55
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      69.92      -53.39
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -84.57
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11
Stellar Megaunion Corporation  000892      54.33     -152.43
Success Information Industry
   Group Co.                      517      77.23      -17.78
Suncorp Tech Ltd.                1063      75.28       -5.03
Suntek Technology Co., Ltd     600728      49.03      -14.65
Suntime International
   Economic Trading            600084     359.49      -47.93
Swank International
   Manufacturing Co Ltd           663      29.31       -1.13
Taiyuan Tianlong Group Co.
   Ltd                         600234      19.47      -89.51
The First Investment &  
   Merchant Co, Ltd            600515      90.66        5.98
Tianjin Marine Shipping
   Co. Ltd                     600751     111.03       -3.59
Tianyi Science & Technology
   Co., Ltd                    600703      45.82      -41.20
Tibet Summit Industry
   Co., Ltd                    600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      23.34      -72.39
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      40.61      -17.21
Zarva Technology Co. Ltd.         688      25.83     -175.37
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      28.53      -36.27


INDIA

Andrew Yule & Co. Ltd             ANY      81.41      -30.90
Ashima Ltd.                     NASHM      96.57      -42.59
ATV Projects India Ltd.           ATV      68.25      -30.17
B S Refrigerator                NBPLE      75.91      -10.23
Balaji Distiller                  BLD      45.66      -74.20
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     214.36     -150.72
Dunlop India Ltd                 DNLP      52.75      -65.30
GKW Ltd.                          GKW      35.75      -13.52
Gujarat Sidhee Cement Ltd.       GSCL      59.44      -0.66
Himachal Futuris                 HMFC     574.62      -38.68
HMT Limited                       HMT     316.41     -175.33
JCT Electronics Ltd.             JCTE     117.60      -50.17
Jenson & Nic Ltd                   JN      14.81      -81.79
JK Synthetics Ltd                 JKS      17.99       -2.61
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
JOG Engineering                   VMJ      50.08      -10.08
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Modi Rubber Ltd                  NMDR      62.67       -9.22
Mysore Cements                    MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Panyam Cements                    PYC      17.18      -18.32
Parekh Platinum                  PKPL      59.20      -75.23
Rollataners Ltd                   RLT      20.68       -3.88
RPG Cables Ltdd                   NRPG      51.43      -20.19
Saurashtra Cemen                  SRC     112.31       -4.57
Shree Rama Multi Tech Ltd.      NSRMT      79.66       -7.83
Shyam Telecom                    NSHY     147.34      -22.80
SIV Ind. Ltd.                    NSIV     101.16      -66.27
Steel Tubes Ltd                  NSTU      30.47      -26.45
Synthetics & Che                 SYNC      54.94       -6.90
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     657.28      -73.89
UB Engineeering                   UBE      47.78       -2.77


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe Tbk                  SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36


JAPAN

Banners Co., Ltd                 3011      46.33      -14.11
C4 Technology, Inc               2355      33.71       -1.24
NIWS Co., HQ Ltd.                2731     541.08      -33.01
Orient Corporation               8585   37956.19    -1109.02
Tasco System Co., Ltd            2709      48.80      -13.52
Trustex Holdings, Inc.           9374     102.84       -7.81


KOREA

Cosmos PLC Co., Ltd            053170      19.31       -4.95
DaiShin Information &
   Communication Co.            20180     740.50     -158.45
Dong Yang Gang                   1780     108.79       -9.80
E-Rae Electronics Industry
   Co., Ltd                     45310      45.47      -10.37
E Star B Co., Ltd.              55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Everex Inc                      47600      35.66       -0.66
Hyundai IT Corp.                48410     137.08      -48.10
Inno Metal Izirobot Inc.        70080      28.56       -0.33
Oricom Inc.                     10470      82.65      -40.04
Rocket Electric Co., Ltd.         420      77.37       -4.76
Seji Co., Ltd                   53330      37.25       -0.31
Starmax Co., Ltd                17050      76.61       -1.50
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77
Unick Corporation               11320      36.54       -4.45


MALAYSIA

Boustead Heavy Industries  
   Corp. Bhd                     BHIC      57.34     -152.51
Chin Foh Berhad                  CFOH      53.19      -13.88
FED Furniture                    FFHB      38.27       -5.11
Lityan Holdings Berhad            LIT      18.84      -23.22
Mangium Industries Bhd           MANG      14.24      -12.15
Megan Media Holdings Berhad      MMHB      47.76     -232.89
MP Technology Resources Berhad    MPT      16.89      -16.29
Pan Malay Industries             PMRI     185.98       -6.91
PanGlobal Berhad                  PGL     181.15     -125.36
Paxelent Corp                    PAXE      13.16       -4.51
Putera Capital Berhad            PCAP      10.56       -4.70
Sino Hua-An International Bhd   HUAAN     184.60      -98.30
Sycal Ventures Berhad             SYC      58.76      -85.36
TAP Resources Bhd                 TAP      13.05       -1.33
Techventure Bhd                  TECH      36.31       -6.21
Tenggara Oil Bhd                 TENG      12.87       -0.34
Wembley Industries
  Holdings Bhd                    WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      71.75     -218.13
Atlas Consolidated Mining and
   Development Corp.               AT      61.14      -16.74
Benguet Corp.                      BC      55.45      -44.94
Central Azucarera de Tarlac       CAT      35.74       -1.80
Cyber Bay Corporation            CYBR      12.49      -64.98
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil Estate Corp.                   FC      36.10       -7.75
Filsyn Corporation                FYN      20.88       -9.68
Gotesco Land, Inc.                 GO      18.68      -10.86
Mariwasa Manufacturing, Inc.      MMI      71.98       -0.78
Prime Orion Philippines Inc.     POPI      99.69      -82.12
Unioil Resources & Holdings
   Company Inc.                   UNI      14.96      -11.44
United Paragon                    UPM      22.80      -29.23
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      62.99      -38.58
Victorias Milling Company Inc.    VMC     151.59      -37.48


SINGAPORE

ADV Systems Auto                  ASA      14.32       -8.54
Compact Metal Industries Ltd.     CMI      47.42      -36.47
Falmac Limited                    FAL      10.51       -2.30
Gul Technologies                  GUL     155.76      -15.21
HLG Enterprise                   HLGE     116.77       -8.71
Informatics Holdings Ltd         INFO      20.42      -11.65
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43
Pacific Century Regional          PAC    1569.35      -88.20
Semitech Electronics Ltd.         SEMI     11.01       -0.23


TAIWAN

CIS Technology Inc.              2326      33.74      -18.91
Chung Shing Textile              1408     433.43     -100.26
Pacco Tech Co Ltd                5510      16.01       -7.00
Protop Technology Co., Ltd.      2410      55.69      -13.46


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group PLC              DAIDO      12.92       -8.51
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Universal Starch PCL              USC      91.56      -41.24


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

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

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


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

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