TCRAP_Public/071218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, December 18, 2007, Vol. 10, No. 250

                            Headlines

A U S T R A L I A

A & A DAL-COROBBO: Members Hear Liquidation Report
BANNATYNE PTY: Placed Under Voluntary Liquidation
BLUESTONE GROUP: Fitch Assigns Low-B Ratings on 2 Notes
CARWARI PTY: Members and Creditors Receive Wind-Up Report
CENTRO NP LLC: S&P Cuts Issuer Rating to BB+ as Debt Costs Rise

DAVMAR B: Members Opt to Shut Down Business
DENSO MANUFACTURING: Members Receive Wind-Up Report
EMPEROR MINES: To Partner with Oxfam at Tolukuma Mine
EVASTONE PTY: Liquidator Presents Wind-Up Report
F.H. BAILEY: Members and Creditors Hear Wind-Up Report

FUTURIS CORP: Names Mike Guerin as Elders Rural Services Chief
OZEMOBILES PTY: Placed Under Voluntary Liquidation
ROSS LLOYD: Declares First Dividend for Creditors
SNOWY MOUNTAIN: Members & Creditors to Meet Today
SYMBION HEALTH: Blocks Rival Bidders from Talking to Each Other

TAG DETAILING: Enters Liquidation Proceedings
V-B GRANITE: Members and Creditors Receive Wind-Up Report
ZARCOT PTY: Members Opt to Shut Down Firm
ZINIFEX LTD: Allegiance Offer Cues Fitch to Affirm BB+ Rating


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

ADVERTASIA STREET: Members' Final Meeting Set for Jan. 18
ARIBA (CHINA): Commences Liquidation Proceedings
AU OPTRONICS: Accused of Cathode Ray Cartel in California Suit
BEIYA INDUSTRIAL: Harbin Railway Files Lawsuit
CHINA EASTERN: To Exchange Execs With SIA if Deal Pushes Through

CHINA EASTERN: Planning to Expand Fleet to 322 Aircraft by 2010
CIS TECH: Court Sells Company Assets for TWD534.74 Mil.
EXPANDING HONG KONG: Proofs of Debt Due by January 14
FUJIAN START: Details Status of Various Lawsuits
GOLD-FACED ENTERPRISES: Creditors' Meeting Set for December 21

HARMONY MOULD: Liquidators Quit Post
HONG KONG FOUNDATIN: Appoints Liquidator
INTELLIGENT SHOW: Liquidator Quits Post
KASPAR INVEXTMENT: Commences Liquidation Proceedings
MAINFAT INVESTMENT: Appoints Liquidator

MERRY VIEW: Appoints Liquidators
NEDLLOYD (HONG KONG): Proofs of Debt Due by January 4
PROFIT CENTURY: Commences Liquidation Proceedings
WORLD ASSOCIATION: Creditors Receive Liquidator's Report


I N D I A

AES CORP: Dismisses Deloitte; Hires Ernst & Young as Accountants
BHARTI AIRTEL: Unit Forms Indus Towers With Cellular & Vodafone
CANARA BANK: Ups Open Offer for Can Fin Homes to INR63 a Share
DCM SHRIRAM: HB Stockholdings Hikes Stake to 15.06%
EASTMAN KODAK: Board Picks Three Officers as Vice Presidents

EXIDE TECH: Plans Capacity Expansion at Tudor India Location
GENERAL MOTORS: Refuses to Pay Bonuses to Retirees, IUE-CWA Says
ICICI BANK: Farmers Shut Down Three Branches in Mysore


I N D O N E S I A

EXCELCOMINDO PRATAMA: Signs MOU With Hutchison's Indonesian Unit
GARUDA INDONESIA: Flight GA234 Aborts Due to Oil Leak
MERPATI NUSANTARA: Confirms Government Plan to Sell 40% Stake
PERUSAHAAN GAS: Sets US$171 Million Capex for 2008
PERUSAHAAN GAS: Partners With PLN to Build Java Gas Terminal


J A P A N

ALL NIPPON: To Launch Low-Cost Carrier in 2009
IHI CORP: Sees JPY5 Billion in Operating Profit for FY2008-09
IHI CORP: Earnings Revisions Won't Affect Ratings, S&P Says
OKI ELECTRIC: Poor Performance Cues R&I to Affirm BB+ Rating
SAPPORO HOLDINGS: To Launch Low-Carb Beer in February

* Fitch Affirms Japan's Ratings


M A L A Y S I A

APL INDUSTRIES: Appoints Dato' Seri Thai as Executive Director
HALIFAX CAPITAL: Posts MYR1.36 Million Net Loss in 3rd Quarter
PUTERA CAPITAL: Signs MoU With Melewar Metro
SUNWAY INFRA: Bursa Conditions Approval of Extended Timeframe
TALAM CORP: Posts MYR18,000 Net Profit in Qtr. Ended Oct. 31


N E W  Z E A L A N D

24 HOURS PERSONNEL: Fixes Feb. 22 as Last Day to File Claims
3AM EVENT: Creditors' Proofs of Debt Due on January 8
A2 CORP: Reports NZ$1.63 Mil. Loss in Six Mos. Ended Sept. 30
AIR NEW ZEALAND: To Fly Auckland-Beijing Direct Starting July 18
BARNETT ENGINEERING: Creditors' Proofs of Debt Due on Jan. 31

BELLBIRD INTERNATIONAL: Taps Fatupaito & McCloy as Liquidators
BLIS TECHNOLOGIES: Raises NZ$1.36 Million From Rights Issue
CHATS CATERING: Appoints Official Assignee as Liquidator
CRESCENT SERVICES: Creditors' Proofs of Debt Due on December 21
H & C DAVY: Appoints Finnigan and Whittfield as Liquidators

HERCON CONSTRUCTION: Taps Parsons and Kenealy as Liquidators
K.V.S. GROUP: Placed Under Voluntary Liquidation
LANDGROUP PROPERTIES: Creditors Receive Wind-Up Report
MILLER FARMS: Fixes December 21 as Last Day to File Claims
MING RUI: Creditors' Proofs of Debt Due on December 21

MOUNTAIN LAKE: Court Hears Wind-Up Petition
NZ VITICULTURAL: Appoints Fisk and Sanson as Liquidators
PENROSE PARKING: Enters Liquidation Proceedings
RTB CONTRACTING: Taps Montgomerie & Cunningham as Liquidators
TINOPAI FARM: Court Appoints Levin & Vance as Liquidators

WAKATIPU TRUSTEE: Court Hears Wind-Up Petition
WANGANUI CORPORATE: Creditors' Proofs of Debt Due on Dec. 27
WINSLOW PROPERTIES: Taps Sargison & Rea as Liquidators


S I N G A P O R E

CLEAR CHANNEL: Creditors' Proofs of Debt Due on January 14
EMC BUILDING: Court Enters Wind-Up Order
VIVA REALTY: Court to Hear Wind-Up Petition on January 11


* BOND PRICING: For the Week 17 December to 21 December 2007

     - - - - - - - -


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

A & A DAL-COROBBO: Members Hear Liquidation Report
--------------------------------------------------
The members and creditors of A & A Dal-Corobbo Pty. Limited met
on December 4, 2007, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

John Frank Metzke is the company's liquidator.

                     About A & A Dal-Corobbo

A & A Dal-Corobbo Pty Limited provides business services.  The
company is located at Merbein in Victoria, Australia.


BANNATYNE PTY: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on October 31, 2007, members of
Bannatyne Pty. Ltd. resolved to voluntarily wind up the
company's operations.

Richard Judson was named as liquidator.

The Liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty. Ltd.
          Australia

                         About Bannatyne Pty

Bannatyne Pty Ltd is a distributor of office equipment.  The
company is located at Southport, in Queensland, Australia.


BLUESTONE GROUP: Fitch Assigns Low-B Ratings on 2 Notes
-------------------------------------------------------
Fitch Ratings has assigned final ratings to Bluestone's second
Australian non-conforming RMBS transaction for the year,
Sapphire XI Series 2007-2 Trust, a non-conforming mortgage-
backed issue due April 2039, as follows:

   -- AU$204.4 million Class AA: 'AAA';
   -- AU$81.7 million Class AM: 'AAA';
   -- AU$58.3 million Class AZ: 'AAA';
   -- AU$13.6 million Class MA: 'AA';
   -- AU$14.6 million Class MZ: 'A';
   -- AU$10.9 million Class BA: 'BBB';
   -- AU$5.4 million Class BZ: 'BB' and
   -- AU$10.5 million Class 'CA': 'B'.

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

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

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

   -- the quality of the mortgage loan collateral;

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

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

   -- the excess income within the transaction;

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

   -- the interest rate hedge arrangements the trustee has
      entered into with Westpac Banking Corporation (Westpac,
      rated 'AA-' (AA minus)/ 'F1+'); and

   -- a sound legal structure.

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

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

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


CARWARI PTY: Members and Creditors Receive Wind-Up Report
---------------------------------------------------------
On December 14, 2007, the members and creditors of Carwari Pty
Ltd had a meeting and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham, Victoria 3192
          Australia

                         About Carwari Pty

Located at Marrickville, in New South Wales, Australia, Carwari
Pty Ltd is involved with food preparations.


CENTRO NP LLC: S&P Cuts Issuer Rating to BB+ as Debt Costs Rise
---------------------------------------------------------------
Standard & Poor's Ratings Services had lowered its issuer credit
rating on Centro NP LLC to 'BB+' from 'BBB'.  At the same time,
the senior-unsecured debt and preferred stock ratings on Centro
NP (formerly New Plan Excel Realty Property
Trust) were lowered to 'BB+' and 'BB-', respectively, from 'BBB'
and 'BBB-'.  All the ratings remain on CreditWatch with negative
implications, where they were placed on Dec. 13, 2007.

These rating actions follow Centro Properties Group's (CNP; not
rated) announcement that increased costs associated with the
group's extension of its debt facilities, and additional costs
associated with the refinancing, will adversely effect CNP's
earnings, forecast distributions, and financial flexibility.

Standard & Poor's notes that CNP's financiers agreed to extend
the group's AU$2.7 billion short-term debt maturities until
Feb. 15, 2008.  In response, CNP will not pay a December half-
year distribution to its stapled security holders.  At the same
time, Centro Direct Property Fund and Centro DPF International
suspended applications and redemptions.  Furthermore, the
covenants on CNP's bank facilities are likely to be revised such
that gearing reduces from the current level of 50%, and interest
cover increases from the current level of 2.0x. Moreover, CNP
pledged to undertake a strategic review to examine asset sales,
equity injections, and new debt facilities.

"These actions by CNP may impact the creditworthiness of Centro
NP, given the rating on Centro NP incorporates the implied
credit quality of CNP because of their close relationship,"
Standard & Poor's credit analyst Craig Parker said.  
"Nevertheless, Centro NP's credit quality may be partially
insulated from the deteriorating credit quality at CNP if Centro
NP continues to operate within its debt covenant package."

To resolve the CreditWatch, Standard & Poor's will seek to
understand the cash-flow impact of the increased interest
margins on CNP's debt facilities and how the business model will
evolve following the loan-renegotiation process.  As a
consequence, we will also try to determine the impact that the
increased margins will have on the variable debt funding at
Centro NP.  In addition, we will seek to understand how CNP will
manage Centro NP's financial metrics within the bond covenants.

Centro Properties Group -- http://www.centro.com.au/-- is an  
Australia-based company that comprises the operations of Centro
Property Trust (the Trust) and its entities, which are engaged
in property investment, property management, property
development and funds management.  The Company operates in two
business segments: property ownership business and services
business.  The Company derives income from retail property
rentals of shopping center space to retailers across Australasia
and the United States.  It also derives income from its retail
property investments in listed and unlisted entities.  Its
services business activities include incorporating funds
management, property management and development and leasing.  
During the fiscal year ended June 30, 2007, the Company acquired
New Plan Excel Realty Trust (New Plan), Heritage Property
Investment Trust (Heritage) and Galileo Funds Management, as
well as assumed full ownership of its United States management
operations.


DAVMAR B: Members Opt to Shut Down Business
-------------------------------------------
At an extraordinary general meeting held on November 1, 2007,
the members of Davmar B. Pty. Ltd. resolved to voluntarily wind
up the company's operations.

Victor Raymond Dye and Roger Darren Grant were appointed as
liquidators.

The Liquidators can be reached at:

          Victor Raymond Dye
          Roger Darren Grant
          Dye & Co. Pty Ltd Chartered Accountants
          165 Camberwell Road
          Hawthorn East, Victoria 3123
          Australia

About Davmar B.

Davmar B. Pty Ltd is involved with patent owners and lessors.  
The company is located at Dandenong, in Victoria, Australia.


DENSO MANUFACTURING: Members Receive Wind-Up Report
---------------------------------------------------
Members of Denso Manufacturing Australia Pty Ltd met on Dec. 14,
2007, and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Mehmet Aydin
          180 Lonsdale Street
          Melbourne, Victoria
          Australia

                      About Denso Manufacturing

Denso Manufacturing Australia Pty Ltd operates manufacturing
industries.  The company is located at Tullamarine, in Victoria,
Australia.


EMPEROR MINES: To Partner with Oxfam at Tolukuma Mine
-----------------------------------------------------
Emperor Mines Ltd. will be partnering with Oxfam to address
downstream community issues at the Tolukuma Gold Mine next year,
The National Newspaper reports, citing Emperor Mines chief
executive officer Brad Gordon.

The report explains that Oxfam is a confederation of 13
organisations working together with over 3,000 partners in more
than 100 countries to find lasting solutions to poverty and
injustice.  The report expounds that for years, Oxfam Australia
had worked directly with people affected by the mining operation
in Papua New Guinea as well as community representatives to
ensure TGM and Emperor respond appropriately to community
concerns.

Mr. Gordon said in his presentation at Emperor’s annual general
meeting recently that the Tolukuma mine had established
community and Government relationships and a new management team
was in place, the report relates.

Emperor also decided to reduce the workforce next year at the
Tolukuma mine site by 20% and had upgraded its gold security.

Sydney, Australia-based Emperor Mines Limited --
http://www.emperor.com.au/-- is engaged in the exploration,  
development and mining of gold deposits.  The company
principally operates in Papua New Guinea, Fiji and Australia.

The company reported a net loss of AU$237.05 million for the
year ended June 30, 2007, almost ten-fold its reported net loss
of AU$27.22 million for the year ended June 30, 2006.
The company's reported net loss for the year ended June 30,
2005, was AU$1.30 million.  

As of June 30, 2007, the company reported a capital deficiency
of AU$59.56 million on total assets of AU$163.49 million and
total liabilities of AU$223.05 million.


EVASTONE PTY: Liquidator Presents Wind-Up Report
------------------------------------------------
On December 14, 2007, the members and creditors of Evastone Pty.
Limited met and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham, Victoria 3192
          Australia

                         About Evastone Pty

Evastone Pty Limited, which is also trading as Bisanna Tiles,
is a distributor of brick, stone and related construction
materials.  The company is located at Surry Hills, in New South
Wales, Australia.


F.H. BAILEY: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
The members and creditors of F.H. Bailey & Co. Pty. Limited met
on December 14, 2007, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham, Victoria 3192
          Australia

                         About F H Bailey

F H Bailey & Co Pty Limited is involved in the sheet metal work
business.  The company is located at Huntingdale, in Victoria,
Australia.


FUTURIS CORP: Names Mike Guerin as Elders Rural Services Chief
--------------------------------------------------------------
Futuris Corp. has appointed bank executive Mike Guerin to lead
its AU$2.3 billion Elders Rural Services division, Meredith
Booth writes for The Advertiser.

Mr. Guerin, according to the report, said that Elders' future
customers were technology savvy and would possibly use improved
broadband sppeds to purchase, communicate, retrieve information
and improve efficiencies on their farms.

Ms. Booth relates that Futuris, through 49%-owned fibre optic
network builder Amcom, had tapped into SABRENet's 10 gigabit-a-
second broadband education network from the University of South
Australia's Mawson Lakes campus to Roseworthy.

In addition, Elders' joint venture with Optus, OPEL, won the
Federal Government's tender to rollout a AU$958 million wireless
broadband network to regional and rural Australia over the next
two years, relates The Advertiser.

However, OPEL's wireless network was yet to be installed, with
the program still in trial and mapping stages, but improved
broadband access to the bush was still on track to be available
in two years, states The Advertiser.

New Zealand-born Mr. Guerin will join Elders on March 1, notes
the report.

                       About Futuris Corp.

Adelaide, Australia-based Futuris Corporation Limited --
http://www.futuris.com.au/default.asp-- is engaged in the  
provision of farm services to the rural sector; financial
services to rural and regional customers, and management of
investor-funded hardwood plantations and manufacture of sawn
timber products.  The company also operates businesses in
automotive componentry supply, and property ownership and
development.  Its segments comprise Rural services, which
includes the provision of agricultural products and services
through a common distribution channel; Forestry, which includes
the Company's interests in forestry plantations and processing;
Automotive Components, which is engaged in manufacturing and
sales of automotive components, of which the key components are
seating, heating ventilating and air-conditioning systems;
Property, which includes the sale and development of land, and
commercial developments and holding an equity interest in a
listed property trust, and Investment and Other, which includes
investment activities.

The Troubled Company Reporter-Asia Pacific's Nov. 20, 2007,
distressed bonds column listed Futuris Corporation’s bond with a
7.000% coupon, a December 31, 2007 maturity date, and a trading
price of AU$2.46.


OZEMOBILES PTY: Placed Under Voluntary Liquidation
--------------------------------------------------
During a meeting held on Oct. 31, 2007, the members and
creditors of Ozemobiles Pty. Ltd. resolved to voluntarily wind
up the company's operations.

Anthony Robert Cant and Simon Patrick Nelson were appointed as
liquidators.

The Liquidators can be reached at:

          Anthony Robert Cant
          Simon Patrick Nelson
          Romanis Cant, Chartered Accountants
          106 Hardware Street
          Melbourne
          New Zealand

                        About Ozemobiles Pty

Ozemobiles Pty Ltd operates miscellaneous retail stores.  The
company is located at Melton, in Victoria, Australia.


ROSS LLOYD: Declares First Dividend for Creditors
-------------------------------------------------
Ross Lloyd Realty Pty. Limited, which is in liquidation,
declared its first and final dividend on December 7, 2007.

Only creditors who were able to file their proofs of debt by
that day were included in the company's dividend distribution.

The company's liquidator is:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham, Victoria 3192
          Australia

                         About Ross Lloyd

Located at Yarrawonga, in Victoria, Australia, Ross Lloyd Realty
Pty Limited is an investor relation company.


SNOWY MOUNTAIN: Members & Creditors to Meet Today
-------------------------------------------------
The members and creditors of Snowy Mountain Beverages Pty Ltd
will have their final general meeting on December 18, 2007, at
11:00 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Wayne Benton
          PPB, Level 10
          90 Collins Street
          Melbourne, Victoria
          Australia

                        About Snowy Mountain

Snowy Mountain Beverages Pty Ltd is a distributor of flavoring
extracts and flavoring syrups.  The company is located at  
Preston, in Victoria, Australia.


SYMBION HEALTH: Blocks Rival Bidders from Talking to Each Other
---------------------------------------------------------------
Symbion Health Ltd. has refused to let Healthscope Ltd. and
Primary Health Care Ltd. talk to each other before January 26
about breaking a stalemate in their rival takeover ambitions,
Sonali Paul writes for Reuters.

Healthscope, which was subject to a temporary contractual
restriction stopping it from talking to Primary without
Symbion's consent until January 26, 2008, had asked to be
released immediately from this obligation, relates Reuters.

Symbion Chief Executive Robert Cooke is quoted by Reuters as
saying, "The official response is we see no reason to change our
position.  We're here to do the best deal for Symbion
shareholders.  Whilst both companies remain interested in
Symbion, we see no reason to change our view."

Primary, according to the report, is unlikely to meet its
condition of winning 90% acceptances as Healthscope has indirect
control over nearly 12% of Symbion.

Analysts interviewed by Reuters opined that the most likely
outcome of the long-running battle to combine diagnostics assets
in Australia would be for Healthscope and Primary to carve up
Symbion, or for Primary to raise its offer by including shares.

A Healthscope official, who declined to be named, told Reuters
that the company would not reveal the company's next move, which
could include launching a new bid, talking to Primary or walking
away.

                      About Symbion Health

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

                      *     *     *

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


TAG DETAILING: Enters Liquidation Proceedings
---------------------------------------------
During a meeting held on October 30, 2007, the members of Tag
Detailing Pty. Ltd. agreed to voluntarily wind up the company's
operations.

John Stuart Potts was tapped as liquidator.

The Liquidator can be reached at:

          John Stuart Potts
          Romanis Cant, Chartered Accountants
          106 Hardware Street
          Melbourne
          Australia

                        About Tag Detailing

Tag Detailing Pty Ltd is a distributor of farm machineries and
equipment.  The company is located at Melton in Victoria,
Australia.


V-B GRANITE: Members and Creditors Receive Wind-Up Report
---------------------------------------------------------
The members and creditors of V-B Granite Pty Ltd met on Dec. 14,
2007, and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          A. L. Dunner
          Andrew Dunner & Associates
          Chartered Accountants
          23 Erin Street, Richmond
          New Zealand

                         About V-B Granite

V-B Granite Pty Ltd operates miscellaneous business credit
institutions.  The company is located at Clayton, in Victoria,
Australia.


ZARCOT PTY: Members Opt to Shut Down Firm
-----------------------------------------
Members of Zarcot Pty Ltd met on October 31, 2007, and decided
to wind up the company's operations.

Richard Judson was appointed as liquidator.

The Liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty. Ltd.
          Australia

                          About Zarcot Pty

Zarcot Pty Ltd deals with real estate agents and managers.  The
company is located at Macquarie, in New South Wales, Australia.


ZINIFEX LTD: Allegiance Offer Cues Fitch to Affirm BB+ Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Zinifex Limited's 'BB+' Long-term
foreign currency Issuer Default Rating (IDR), following the
announcement of an all cash offer for Allegiance Mining NL
(Allegiance).  The Outlook is Stable.

Allegiance is a nickel exploration and development company.  Its
major asset is the underground Avebury nickel mine located close
to Zinifex's Rosebery mine in Tasmania.  The Avebury mine is
near-production with first ore scheduled for Q108.  Initial
production is forecast at a rate of 8,500 tonnes of nickel in
concentrate with a mine life of at least nine years.  
Concentrate will be shipped off to Jinchuan Nickel Group of
China via an offtake and partnership agreement.

"Fitch regards the acquisition of companies such as Allegiance,
which will grow and diversify the business, as beneficial to
Zinifex's creditors compared with the alternative of returning
cash to shareholders," commented Maurice O'Connell, Director in
Fitch's corporate team based in Sydney.  "The diversification
from Zinifex's historic narrow zinc/lead focus into nickel, the
near-production nature of the Avebury asset, its low cost base
and potential for expansion are all positives," added Mr.
O'Connell.

Zinifex has offered AUD0.90/share, to be increased to
AU$1.00/share if Zinifex acquires more than 30%, or if the
Allegiance Board accepts the Offer.  This prices Allegiance at
about AU$800 million based on AU$1.00/share.

Zinifex has shown very strong cash flow generation in the last
two years as a consequence of buoyant zinc and lead prices.  Net
cash from operating activities totalled AU$1.58 billion in the
financial year ending June 2007.  Zinifex's cash flow was
further enhanced by the divestment of its smelting operations in
October 2007 when it combined its smelting operations with those
of Belgium based Umicore SA to form Nyrstar NV and received over
AU$1.7 billion from the Nyrstar IPO.  Zinifex has over AU$2.0
billion cash available for acquisitions or to return to
shareholders.  As at June 30, 2007 Zinifex had gross debt of
AU$136 million.

Zinifex is one of the world's largest zinc and lead producers.

                      About Zinifex Ltd.

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in  
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.  
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.                          


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

ADVERTASIA STREET: Members' Final Meeting Set for Jan. 18
---------------------------------------------------------
Members of Advertasia Street Furnitu Limited will have their
final general meeting on January 18, 2007, at 11:00 a.m., in
Room 502, 5th Floor of Prosperous Building, 48-52 Des Voeux
Road, Central Hong Kong.

The members will hear the liquidator's report on the company's
wind-up proceedings and property disposal.


ARIBA (CHINA): Commences Liquidation Proceedings
------------------------------------------------
Ariba (China) Limited commenced liquidation proceedings on
December 3, 2007.

The company's liquidator is:

         Thomas Andrew Corkhill
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road, Central Hong Kong


AU OPTRONICS: Accused of Cathode Ray Cartel in California Suit
--------------------------------------------------------------
An antitrust class action filed in the United States accuses
electronics companies, including AU Optronics Corp. and its
subsidiary, AU Optronics Corp. America, of leading an illegal
cathode ray cartel, the CourtHouse News Service reports.

Named in the suit are:

          -- Matsushita Electric Industrial Co., Ltd.,
          -- Samsung Electronics,
          -- LP Displays International,
          -- MT Picture Display Co.,
          -- Toshiba Corporation,
          -- LG Philips LCD Company Ltd.,
          -- LG Philips LCD America, Inc.,
          -- LG Electronics Inc.,
          -- Royal Philips Electronics N.V.,
          -- Samsung Semiconductor, Inc.,
          -- AU Optronics Corporation,
          -- AU Optronics Corporation America,
          -- Chi Mei Optoelectronics,
          -- Chi Mei Optoelectronics USA, Inc.,
          -- Sharp Corporation,
          -- Sharp Electronics Corporation,
          -- Matsushita Display Technology Co., Ltd.,
          -- Hitachi Ltd.,
          -- Hitachi Displays, Ltd.,
          -- Hitachi America Ltd.,
          -- Hitachi Electronic Devices (USA), Inc.,
          -- Sanyo Epson Imaging Devices Corporation,
          -- NEC Corporation,
          -- NEC LCD Technologies, Ltd.,
          -- IDT International Ltd.,
          -- International Display Technology Co., Ltd.,
          -- International Display Technology USA Inc.,
          -- Chunghwa Picture Tubes, LTD. and,
          -- Hannstar Display Corporation

The suit accuses the companies of conspiring to inflate the
price of cathode ray tube computer monitors since 2003.

The suit is captioned “Kovacevich v. LG Philips LCD Company Ltd.
et al., Case Number: 3:2007cv05372” and filed in the U.S.
District Court for the Northern District of California, under
the Hon. Susan Illston.

Representing plaintiffs is:

          Lovell Stewart Halebian LLP
          500 Fifth Avenue, 58th Floor
          New York, NY 10110
          Phone: 212-608-1900
          Fax: 212-719-4677


BEIYA INDUSTRIAL: Harbin Railway Files Lawsuit
----------------------------------------------
Beiya Industrial (Group) Co., Ltd has received indictment filed
by Harbin Railway Sub-branch of Industrial and Commercial Bank
of China, Reuters Key Developments reports.

Reuters explains that the lawsuit was brought about due to a
CNY50 million loan dispute.

According to the Reuters report, because the Company repaid
CNY1.8 million, Harbin Railway requires the company to repay the
principal of CNY48.2 million and interests of CNY11.27 million
and the charges arising from the lawsuit.

Headquartered in Harbin, Heilongjiang Province, China, Beiya
Industrial (Group) Co., Ltd. -- http://www.beiya.com.cn-- is  
engaged in trading, manufacturing and railway transportation
businesses.

As of Sept. 30, 2007, the company had total assets of CNY3.20
billion and total liabilities of CNY3.50 billion, resulting in a
capital deficiency of CNY294.90 million.


CHINA EASTERN: To Exchange Execs With SIA if Deal Pushes Through
----------------------------------------------------------------
Bruce Stanley, writing for The Wall Street Journal, reports that
"Singapore Airlines Ltd. executives could have an unusually high
degree of authority to revamp operations at China Eastern
Airlines Corp. if the Chinese carrier wins shareholder approval
next month for a strategic investment by the Singaporean
company."

In an interview last week, China Eastern Chairman Li Fenghua
told Mr. Stanley that his company and Singapore Airlines will be
exchanging executives.  Specifically, Mr. Li related to Mr.
Stanley, 10 Singapore Airlines executives will be permanently
assigned to China Eastern to work side-by-side with the Chinese
airline's personnel with product development, sales and
marketing, and treasury operations.  China Eastern will send 20
of its managers to learn from its SIA counterparts for six
months; they are expected to return as "a unified team" to
instruct colleagues about the way SIA does business, the
newspaper added.

The Troubled Company Reporter-Asia Pacific reported that Mr. Li
is confident his company's "long-awaited strategic
cooperation" with Singapore Airlines will be approved  at the
shareholders' extraordinary general meeting on January 8.

According to Mr. Stanley, Singapore Airlines and the government-
owned investment company Temasek Holdings Pte. Ltd. have agreed
to pay HK$7.16 billion or US$918.2 million for a combined 24%
stake in China Eastern -- making it "the largest foreign
investment in a state-run Chinese carrier."

The Journal reports that under the proposed investment, China
Eastern would expand its board membership to 14 from 11 to
provide seats for SIA Chairman Stephen Lee Ching Yen, SIA Chief
Executive Officer Chew Choon Seng, and a Temasek representative.

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

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

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


CHINA EASTERN: Planning to Expand Fleet to 322 Aircraft by 2010
---------------------------------------------------------------
China Eastern Airlines Corp. plans to buy 40 Airbus A320
aircraft and order the same quantity of Boeing 737s, various
reports say quoting a senior executive with the carrier.

Chairman Li Fenghua disclosed that the new planes would be
primarily used to consolidate the airline’s domestic routes as
well as routes to Japan and South Korea, China Knowledge
reports.

According to China Knowledge, the airline expects to expand its
fleet from 210 aircraft to 322 aircraft by 2010.

Joanne Chiu, writing for Reuters, relates that China Eastern has
applied to Beijing to buy 40 single-aisle A320 planes under a
framework deal for an order of 160 Airbus passenger jets worth
US$16.7 billion signed by French President Nicolas Sarkozy and
Chinese President Hu Jintao in November.

Mr. Li disclosed, Reuters adds, that the company's expansion
plans had been disrupted by a delay in the delivery of an order
of 15 Boeing 787 aircraft.  Mr. Li said the company was in talks
with Boeing on compensation.  "We'll miss a good chance with the
Beijing Olympics to promote our brand due to the delay," he told
Reuters.

Confronted with fierce competition from domestic markets, China
Eastern is trying to win opportunities in the world’s fast-
growing economy, among others, by seeking to build up its
premium-class seats up to 50% from the current 20% in 2008,
China Knowledge reports.

China Eastern also hopes to fend off competition, Reuters says,
by forming a partnership with Singapore Airlines, which could
give it access to Singapore Airlines' extensive global network
and financial backing.  As previously reported by the Troubled
Company Reporter-Asia Pacific, that deal will be up for approval
at the shareholders' extraordinary general meeting on January 8.

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

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

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


CIS TECH: Court Sells Company Assets for TWD534.74 Mil.
-------------------------------------------------------
Taiwan Taoyuan District Court has sold CIS Technology Inc.'s
land and building, with an area of 61,090 square meters, for
TWD534,741,000 in an auction, Reuters Key Development reports.

No further details were disclosed.

Hsi Chih, Taiwan-based CIS Technology Inc. --
http://www.cis.com.tw/-- is principally engaged in the  
manufacture of computer peripheral products, as well as video
and audio products. The company's major products include crystal
display televisions and crystal computer monitors.

The Troubled Company Reporter - Asia Pacific reported that as of
Sept. 30, 2007, the company had total assets of TWD1.03 billion
and total liabilities of TWD1.76 billion, resulting in a capital
deficiency of TWD730.40 million.

The company incurred annual net losses of TWD307.9 million,
TWD80.6  million, TWD630.2  million, TWD445.2 million for the
years ended Dec. 31, 2003, through 2006, respectively.


EXPANDING HONG KONG: Proofs of Debt Due by January 14
-----------------------------------------------------
Creditors of Expanding Hong Kong Limited are required to file
their proofs of debt by January 14, 2008, to be included in the
company's dividend and distribution.

The company's liquidator is:

          Lee Kwok On, Alexander
          Rooms 1901-2, Park-In Commercial Centre
          56 Dundas Street, Kowloon


FUJIAN START: Details Status of Various Lawsuits
------------------------------------------------
Fujian Start Computer Group Co. Ltd disclosed the progress of
lawsuits regarding a dispute over guarantee of loan contracts,
Reuters Key Developments reports.

The details are:

   a) The company is required to repay principal amount of
      CNY40 million and related interest in arrears to the
      Shenzhen Bao'An Branch of Shenzhen Development Bank, by
      the transaction value of CNY50 million from equity
      shares transfer deal.

   b) The company's guarantee liability for a Fujian-based
      broadcasting company has been relieved, due to the loan
      repayment of CNY12,495,400 and related interest by the
      Fujian-based broadcasting company to the Fuzhou Cangshan
      Branch of Industrial and Commercial Bank of China.

   c) The company's guarantee liability for a Fujian-based
      telecommunication company has been relieved, due to the
      loan repayment of CNY2 million and related interest by the
      Fujian-based telecommunication company to the Fuzhou
      Branch of Industrial Bank Co., Ltd.

   d) The principal amount in arrears, which owed by the Fujian-
      based broadcasting company to the Fujian Branch of
      Industrial Bank Co., Ltd., has been reduced to CNY18.4
      million.

Headquartered in Fuzhou, Fujian Province, China, Fujian Start
Computer Group Co., Ltd. -- http://www.start.com.cn/-- is  
engaged in the manufacture of computers and computer peripheral
products.

As of June 30, 2007, the company had total assets of CNY849.80
million and total liabilities of CNY1.03 billion, resulting in a
capital deficiency of CNY184.80 million.


GOLD-FACED ENTERPRISES: Creditors' Meeting Set for December 21
--------------------------------------------------------------
Creditors of Gold-Faced Enterprises will meet on December 21,
2007, at 3:00 p.m. on 18th Floor of Two International Finance
Centre, at 8 Finance Street Central, Hong Kong.


HARMONY MOULD: Liquidators Quit Post
------------------------------------
On December 14, 2007, Law Yui Lun and Wong Man Chung, Francis
stepped down as Harmony Mould Manufacturing Company Limited's
liquidators.   

The liquidators can be reached at:

          Law Yui Lun
          Wong Man Chung, Francis
          Room 502, 19th Floor
          No. 3 Lockhart Road
          Wanchai, Hong Kong


HONG KONG FOUNDATIN: Appoints Liquidator
----------------------------------------
Members of Hong Kong Foundation Limited on December 8, 2007,
appointed Chan Suit Fei, Esther as the company's liquidator.

The Liquidator can be reached at:

          Chan Suit Fei, Esther
          CRE Building,  Room 2303
          303 Hennessy Road, Wanchai
          Hong Kong


INTELLIGENT SHOW: Liquidator Quits Post
---------------------------------------
On August 3, 2007, Cheng Faat Ting Gary stepped down as
Intelligent Shoe Manufacturing Limited's liquidator.   

The liquidator can be reached at:

          Cheng Faat Ting Gary
          Richmond Commercial Building, 8th Floor
          109 Argyle Street, Mongkok
          Kowloon, Hong Kong


KASPAR INVEXTMENT: Commences Liquidation Proceedings
----------------------------------------------------
Kaspar Investment Limited commenced liquidation proceedings on
December 7, 2007.

The company's liquidator is:

         Ngan Lin Chun Esther
         1902 Mass Mutual Tower
         38 Gloucester Road, Wanchai
         Hong Kong


MAINFAT INVESTMENT: Appoints Liquidator
---------------------------------------
Members of Mainfat Investment Limited on December 14, 2007,
appointed Lian Mingshun as the company's liquidator.

The Liquidator can be reached at:

          Lian Mingshun
          Great George Building, 5th Floor
          27 Paterson Street
          Causeway Bay, Hong Kong


MERRY VIEW: Appoints Liquidators
--------------------------------
Members of Merry View Investments Limited on December 14, 2007,
appointed Thomas Andrew Corkhill and Iain Ferguson Bruce as the
company's liquidators.

The Liquidators can be reached at:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          Gloucester Tower,  8th Floor
          The Landmark
          15 Queen's Road Central
          Hong Kong


NEDLLOYD (HONG KONG): Proofs of Debt Due by January 4
-----------------------------------------------------
Creditors of Nedlloyd (Hong Kong) Limited are required to file
proofs of debt by January 4, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Ying Hing Chui
          Chung Miu Yin, Diana
          Three Palace Place, Level 28
          1 Queen's Road East
          Hong Kong


PROFIT CENTURY: Commences Liquidation Proceedings
-------------------------------------------------
Profit Century Finance No. 2 Limited commenced liquidation
proceedings on November 30, 2007.

The company's liquidator are:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          Gloucester Tower,  8th Floor
          The Landmark
          15 Queen's Road Central
          Hong Kong


WORLD ASSOCIATION: Creditors Receive Liquidator's Report
--------------------------------------------------------
Creditors of The World Association for Chinese Church Music
Limited met on December 7, 2007, and heard the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

          Yeung Pak Lun David
          Shui On Centre, Room 1701, 17th Floor
          6-8 harbour Road
          Wanchai, Hong Kong


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

AES CORP: Dismisses Deloitte; Hires Ernst & Young as Accountants
----------------------------------------------------------------
AES Corporation said that following the completion of the audit
for the fiscal year ended December 31, 2007, the Company will
dismiss Deloitte & Touche LLP as its independent registered
public accounting firm.  The Company appointed Ernst & Young LLP
as its independent registered public accounting firm for the
fiscal year ending December 31, 2008.  The decision to change
accountants was made by the Company’s Board of Directors and its
Financial Audit Committee in a joint meeting held on December 7,
2007.

Deloitte & Touche’s audit report dated May 22, 2007, on the
Company’s consolidated financial statements as of and for the
years ended December 31, 2006, and December 31, 2005, did not
contain an adverse opinion or a disclaimer of opinion and was
not qualified or modified as to uncertainty, audit scope, or
accounting principles, except that the audit report indicated
that (i) in 2006, the Company adopted Financial Accounting
Standards Board Statement No. 158, "Employers’ Accounting for
Defined Benefit Pension and Other Postretirement Plans" and in
2005, the Company adopted Financial Accounting Standards Board
Interpretation No. 47, "Accounting for Conditional Asset
Retirement Obligations"; and (ii) the consolidated financial
statements and the financial statement schedules were restated.

During the years ended December 31, 2006, and December 31, 2005,
and the subsequent interim period, there were no disagreements
with Deloitte & Touche on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedures, which disagreements, if not resolved to their
satisfaction, would have caused Deloitte & Touche to make
reference to the subject matter of the disagreement in
connection with its audit report.

During the years ended December 31, 2005, and December 31, 2006,
and the subsequent interim period,  there were no reportable
events, except that as of December 31, 2005, December 31, 2006,
and September 30, 2007, the Company’s internal control over
financial reporting was not effective due to the existence of
certain material weaknesses.  The Company disclosed in its Form
10-K/A for the year ended December 31, 2006, that as a result of
the material weaknesses, the Company performed additional
analysis and other post-closing procedures in order to prepare
the consolidated financial statements in accordance with
generally accepted accounting principles in the United States of
America.  As of December 8, 2007, the Company’s remediation
efforts with regard to the disclosed material weaknesses are not
complete.

The Company has requested that Deloitte & Touche furnish it with
a letter addressed to the Securities and Exchange Commission
stating whether or not it agrees with the disclosures.

                         About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.   
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service affirmed The AES
Corporation's Corporate Family Rating at B1 and the senior
unsecured rating assigned to its new senior unsecured notes
offering at B1 following its upsizing to US$2 billion from
US$500 million.  LGD assessments are subject to change pending
the final capital structure.

As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1'
rating to AES Corporation's US$500 million issue of senior
unsecured notes due 2017.  AES' long-term Issuer Default Rating
is rated 'B+' by Fitch.  Fitch said the rating outlook is
stable.


BHARTI AIRTEL: Unit Forms Indus Towers With Cellular & Vodafone
---------------------------------------------------------------
Bharti Airtel Ltd.'s subsidiary, Bharti Infratel Ltd, has agreed
with Cellular Ltd and Vodafone Essar Ltd to form Indus Towers
Ltd, an independent tower company, according to a media release.

According to the release, the tower company will provide passive
infrastructure services in India to all operators on a non-
discriminatory basis.  This follows the infrastructure sharing
MoU signed between Bharti and Vodafone in February 2007.

The three companies will each merge their existing passive
infrastructure assets in 16 telecom circles in India.  Bharti
and Vodafone Essar will own approximately 42% each and Idea will
own the remaining 16% stake in Indus Towers.  New passive
infrastructure rollouts in the 16 circles will be undertaken by
Indus Towers.

This transaction highlights Bharti, Idea and Vodafone Essar's
commitment to enhancing the sharing of passive infrastructure
and takes a firm step towards delivering on the Telecom
Regulatory Authority of India's (TRAI) recommendations on
infrastructure sharing.  The primary benefit will be the
accelerated expansion of coverage, especially into rural areas,
and enables wider access to affordable services for all, helping
to meet the Government’s teledensity targets.  Indus Towers
welcomes all operators to become customers.

While these operators will continue to run their active
infrastructure completely independently, they will be able to
enjoy opex savings, enhanced operational efficiency and quicker
expansion of coverage.

Indus Towers will be an independently managed and operated
company, offering services to all telecom operators and other
wireless services providers such as broadcasters and broadband
services providers.  Indus Towers will have approximately 70,000
sites at inception providing it with significant scale benefits
and will undertake a significant rollout of telecom
infrastructure to propel the mobile sector towards achieving
India teledensity and rural coverage goals within the next few
years.

Bharti Airtel believes the formation of Indus Towers will enable
telecom operators to reduce operating costs through economies of
scale.

                       About Bharti Airtel

Headquartered in New Delhi, India, --
http://www.bhartiairtel.in-- is a telecom services provider.    
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.

                         *     *      *

Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel
Limited's Long-term foreign currency Issuer Default Rating at
'BB+'. The Outlook on the rating is Stable.


CANARA BANK: Ups Open Offer for Can Fin Homes to INR63 a Share
--------------------------------------------------------------
Canara Bank has increased its open offer for the 43,14,246
shares of Can Fin Homes Ltd to INR63 a piece, a filing with the
Bombay Stock Exchange states.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2007, Canara Bank originally made an open offer to
acquire up to 43,14,246 fully paid-up equity shares of Can Fin
Homes, representing 21.06% of the voting equity capital of the
housing finance company, for INR58 per share.  Indbank Merchant
Banking Services Ltd was tapped to manage the open offer.

A couple of dates were also revised -- date of opening of the
offer was changed from Oct. 19 to Dec. 19, and the closing date
was moved from Nov. 7 to Jan. 7.

By purchasing the 21.06% stake, the bank will increase its
existing 29.94% stake in Can Fin Homes to 51% and make the
housing finance firm its subsidiary, the Press Trust of India
relates.  The plan to acquire the 51% stake already got Reserve
Bank of India's and the Finance Ministry's approval, PTI adds.

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com-- provides services to a diverse   
clientele group with a range of subsidiaries and sponsored
institutions. The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card. The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator. Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments. Corporate Cash Management Services network of the Bank
provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility. Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services. Its Agricultural Consultancy Services handled
60 projects during the fiscal year ended March 31, 2006.

Standard & Poor's Ratings Services, on July 4, 2007, assigned
its 'BB' issue rating to Canara Bank's US$250 million Upper Tier
II subordinated notes due in 2021.


DCM SHRIRAM: HB Stockholdings Hikes Stake to 15.06%
---------------------------------------------------
HB Stockholdings Ltd has increased its stake in DCM Shriram
Industries Ltd from 14.97% (2,290,239 shares) to 15.06%
(2,304,036 shares) through open-market transactions, a filing
with the Bombay Stock Exchange disclosed.

HB Stockholdings acquired the additional 13,797 shares on
Dec. 4, 2007.  The Indian Express calculated the total
consideration for the purchase to aggregate INR17.06 lakh basing
at DCM Shiram's Dec. 4 closing price of INR123.70 per share.

As previously reported by the Troubled Company Reporter-Asia
Pacific, HB Stockholdings, on Nov. 19, made an open offer to DCM
Shriram's stockholders to acquire up to 35,00,000 shares, or
22.88% of the company's stock, at INR70 per share in cash.  From
INR70 per share, the offer price was later hiked to INR120 per
share.

The offer was proposed to open on Jan. 3 and close on Jan. 24,
2008, Indian Express said.

DCM Shriram Industries Ltd is the flagship company of the DCM
Shriram Industrial Group based predominantly in Northern India,
and was established in 1990, following the restructuring of the
former DCM group.  The group's product portfolio includes sugar,
alcohol, industrial fibres, and organic chemicals.  DCM Shriram
has sugar and chemical plants at Daurala in Meerut district in
Uttar Pradesh, and an industrial fibre unit at Kota in
Rajasthan.  Other DSIG companies are Daurala Food and Beverages
Pvt Ltd, DCM Hyundai Ltd, and DCM Shriram and Leasing Finance
Ltd.

In November 2007, CRISIL revised its ratings on DCM Shriram's  
debenture programmes to 'BB+/Negative' from 'BBB-/Negative'.  
The rating revision reflects CRISIL's expectation that the weak
scenario prevailing in the sugar industry will adversely affect
the company's financial risk profile over the next 12 months.  
Moreover, the stress on cash flows, coupled with high loan
repayment obligations of about INR300 million per annum over the
medium term, is likely to affect the company's liquidity.  


EASTMAN KODAK: Board Picks Three Officers as Vice Presidents
------------------------------------------------------------
Eastman Kodak Company's Board of Directors has elected Kevin
Joyce, Antoinette McCorvey, and Gustavo Oviedo as Vice
Presidents of the company, effective immediately.

Mr. Joyce was named Managing Director, United States & Canada
(US&C) region for Kodak's Graphic Communications Group in April
2005, following Kodak's acquisition of Kodak Polychrome Graphics
(KPG).  He previously served as Vice President of Sales for
KPG's US&C region.

Mr. Joyce has more than 18 years of experience in executive
sales, marketing and business management, specializing in high
tech electronic imaging and graphic arts businesses.  From 1993
to 2001, he worked with Creo Products, an international provider
of electronic prepress systems to the graphic arts industry,
where he held various senior management positions before
becoming President of Creo America.

He is a graduate of St. Michael's College with a BA in American
Intellectual Studies and is a graduate of the Executive
Development Program at the Harvard Graduate School of Business.

Ms. McCorvey was appointed Director & Vice President of Investor
Relations in March of 2006.  She joined Kodak in December 1999
as Director, Finance, Imaging Materials Manufacturing and has
held assignments of increasing responsibility including
Director, Finance Global Manufacturing and Logistics; Director,
Finance, Corporate Financial Planning and Analysis, and
Director, Finance and Vice President, Consumer Digital Imaging
Group.

Prior to Kodak, Ms. McCorvey had a 20-year career with
Monsanto/Solutia.  Her last assignment at Solutia, Inc. (the
former Chemical Company of Monsanto) was Vice President/General
Manager of Nylon, Plastics, Polymers and Industrial Fibers.

Ms. McCorvey earned a degree in Finance and Accounting and an
MBA from the University of West Florida in Pensacola.  She is a
Certified Management Accountant.

Mr. Oviedo was appointed Managing Director, Asia Pacific Region,
Eastman Kodak Company in March 2007.  He also serves as Managing
Director, Asia Pacific Region for Kodak's Graphic Communications
Group, a position he assumed in 2006 following Kodak's
acquisition of Kodak Polychrome Graphics.  In this role, Oviedo
is responsible for the entire Kodak business and strategic
product portfolio in the region.

Mr. Oviedo's international career spans more than 25 years
working in Latin America, Asia and Europe, and includes deep
industrial operations management experience.  Before joining
Kodak, he spent over 20 years with Schneider Electric, a leader
in electromechanical and electronic products, where he held
positions of increasing responsibility in country management and
his portfolio included distribution, logistics, sales and
marketing, business development, and strategic mergers &
acquisitions.

Mr. Oviedo earned a business degree from The Universidad del
Salvador, Buenos Aires, Argentina.  His diverse education
includes participating in advanced management programs at Duke
University, Dartmouth University, and the Schneider Professional
Manager program - a six-month program organized by universities
in Paris, Amsterdam, Kuala Lumpur, and Singapore.  He is fluent
in English, Spanish, Portuguese, and French.

                   About Eastman Kodak

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

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

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


EXIDE TECH: Plans Capacity Expansion at Tudor India Location
------------------------------------------------------------
Exide Technologies is planning for the capacity expansion at its
transportation manufacturing facility in Gujarat, (Ahmedabad)
India.  The Company is investing in equipment upgrades, line
expansions, infrastructure and utilities at its Tudor India Ltd.
location in its efforts to increase operational capacity from
600,000 batteries up to 1,000,000 batteries per year.

Best known for the production of the Prestolite(R) brand of
lead-acid batteries for both automotive and inverter
applications, TIL is the Indian arm of Chloride Motive Power
Batteries, UK, a wholly owned subsidiary of Alpharetta-Georgia
based Exide Technologies.

Most recently, TIL increased its capacity in FY07 resulting in
growth in its financial performance.  For the half year ending
Sept. 30, 2007, TIL registered a 44 percent increase in net
sales to US$15 million as compared to the same period for the
previous year.  The newest planned capacity expansion, expected
to be completed by June 2008, also will allow for the
operation's production of innovative state-of-the-art products
in wet form for original equipment and aftermarket customers in
the region.

"We expect that the planned capacity increase at TIL will allow
Exide to further increase its share and brand image in the
rapidly developing Asia Pacific battery market," said Luke Lu
President - Asia Pacific for Exide Technologies.  "The expansion
is part of our Company's overall strategy that focuses on taking
advantage of profitable growth opportunities - both in
manufacturing and global sourcing - particularly in India and
China."

In 1997, TIL was the first company to introduce maintenance free
lead-acid batteries designed with polyethylene separators, cold
forged terminals and bone dry charged batteries in India, and
offer the products for most types of vehicles manufactured in
India, including cars, light and heavy commercial vehicles,
sport utility vehicles, and tractors.

With 16 branches and a wide dealer network of approximately 230
distributors in India, TIL is well equipped to serve a broad
range of customers in the global marketplace.  The operation
supplies batteries to both original equipment and aftermarket
customers including American Power Conversion; Ashok Leyland;
Atlas Capco; Caterpillar; Indo Farm Equipment, International
Tractors, Mahindra & Mahindra Tractors; Reliance; Sudir Genset;
Supernova; Tatra; Voltas; and Volvo.

                 About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and  
distributes lead acid batteries and other related electrical
energy storage products.

The company filed for chapter 11 protection on Apr. 14, 2002
(Bankr. Del. Case No. 02-11125).  Matthew N. Kleiman, Esq., and
Kirk A. Kennedy, Esq., at Kirkland & Ellis, represented the
Debtors in their successful restructuring.  The Court confirmed
Exide's Amended Joint Chapter 11 Plan on April 20, 2004.  The
plan took effect on May 5, 2004.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 23, 2007, Standard & Poor's Ratings Services has raised its
corporate credit rating on Exide Technologies to 'B-' from
'CCC+' because of the company's improved financial results,
which the company has achieved despite sharply higher lead
prices.  S&P said the outlook is stable.

Moody's Investor Service placed Exide Technologies' senior
secured debt and probability of default ratings at 'Caa1' in
September 2006.  The ratings still hold to date with a stable
outlook.


GENERAL MOTORS: Refuses to Pay Bonuses to Retirees, IUE-CWA Says
----------------------------------------------------------------
The International Union of Electronic, Electrical, Salaried,
Machine and Furniture Workers-Communications Workers of America
disclosed in their Website that General Motors Corp. is playing
Scrooge in a big way this holiday season, at least in the eyes
of their 25,000 GM/Delphi Corp. IUE-CWA retirees, by refusing to
provide their "Christmas Bonus."  The bonus actually is a lump
sum payment provided in December and is used by many IUE-CWA
retirees to buy Christmas and holiday gifts for their families.

IUE-CWA has been negotiating with GM since early October for a
new contract covering 2,500 workers at the Moraine, Ohio, SUV
assembly plant. GM has told IUE-CWA that it will not pay the
lump sum payment to retirees until an agreement has been
reached.

IUE-CWA President Jim Clark said GM's decision was shameful,
especially coming in the weeks just before Christmas.  "I am
very disappointed in GM's decision to withhold the Christmas
lump sum payment to thousands of retirees.  These retired
workers, who live on a fixed income, count every dollar,
especially in today's economy with gasoline, oil and food prices
skyrocketing.  To deprive them of the ability to purchase
Christmas and holiday gifts for their families is unconscionable
and GM must answer for this shameful act.

"Unfortunately, our retirees won't be receiving their regular
bonus in time for Christmas this year and we want to be very
clear: The union negotiators are not the Grinch Who Stole
Christmas.”

The Moraine workers currently produce the Chevrolet Trailblazer,
Trailblazer SS, Saab 9-7 X, GMC Envoy, Envoy Denali and Isuzu
Ascender.

As a result of the competitive improvements negotiated by IUE-
CWA Local 798 in 2006, GM provided IUE-CWA with a letter of
intent to allocate future product to the Moraine Assembly Plant.  
As of Dec. 14, 2007, no product has been identified by GM.  
Despite the commitment made by GM in 2006, the company's refusal
to so far indicate a new product for the production plant has
resulted in speculation that GM is looking to close the plant.  
This is a major hurdle in current negotiations and must be
addressed by GM, IUE-CWA said.

                         Job Cut Plans

From January through June, GM will be displacing 340 workers at
the Moraine plant, which employs 2,250, due to low market
demand, the Dayton Business Journal reports citing company
officials.

The paper disclosed that GM and IUE-CWA denied a report by
automotive magazine Wardsauto.com, insisting that the Moraine
plant is shuttering due to shortage in the vehicle production.

Jessica Peck, spokeswoman at the Moraine plant, suggests that
workers are likely to be called back to work, according to the
paper.

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

                         *     *     *

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

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


ICICI BANK: Farmers Shut Down Three Branches in Mysore
------------------------------------------------------
Farmers, demanding compensation for the family of H.M.
Manjunath, shut down three branches of ICICI Bank Ltd in Mysore
on Dec. 14, the Hindustan Times reports.

Mr. Manjunath was driven to death by ICICI's representatives who  
on Dec. 4, tried to obtain payment for a loan the farmer had
taken to buy a tractor, the Times relates.  The bank's agents
reportedly took the tractor and humiliated the farmer, whose
body was found the next morning.

According to the report, the angry farmers, who forced the bank
workers out and locked the three branches, demanded the return
of the tractor to the  family of the deceased and hand over
INR25 lakh as compensation.  The farmers plan to meet today,
Dec. 18, to plan the next move, the Times adds.

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

EXCELCOMINDO PRATAMA: Signs MOU With Hutchison's Indonesian Unit
----------------------------------------------------------------
PT Excelcomindo Pratama Tbk signed a signed a memorandum of
understanding with rival Hutchison Telecommunications
International on the sharing of base station towers, various
reports say.

According to XFN-ASIA, the business agreement is made possible
through Hutchison Telecommunications's Indonesian unit Hutchison
CP Telecommunications.

Under the deal, RTT News reports,  Hutchison Telecommunications
will share base station towers with Excelcomindo for periods of
up to 12 years.  The cooperation will enable Hutchison to
install its equipment in new areas in a much shorter time than
otherwise, the report adds.

Hutchison Telecom Chief Executive Officer Dennis Lui told
XFN-ASIA that the arrangement with Excelcomindo will accelerate
HCPT's network rollout in Indonesia and eventually make it a
nationwide operator.

Teleography News relates that another GSM operator, Natrindo
Telepon Seluler has signed its own tower sharing deal with
Excelcom.  

According to Teleography, NTS offers services under the brand
name Lippo Telecom has an initial focus in East Java.  NTS's
network is limited to Surabaya and Malang although it is looking
to expand coverage to other cities in the East Java area, the
report adds.

                 About Excelcomindo Pratama

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

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

                          *     *     *

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

In October 2007, Moody's Investors Service upgraded Excelcomindo
Finance Company B.V.'s foreign currency senior unsecured bond
rating to Ba2 from Ba3.  The bond is irrevocably and
unconditionally guaranteed by Excelcomindo Pratama.  At the same
time, Moody's affirmed the Ba2 local currency corporate family
rating of XL with a positive outlook.

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


GARUDA INDONESIA: Flight GA234 Aborts Due to Oil Leak
-----------------------------------------------------
PT Garuda Indonesia's jet that took off from Jakarta's main
international airport on Dec. 14 returned to base shortly
afterwards due to an oil leak,  Agence France-Presse reports
citing Spokesman Pudjobroto.

Mr. Pudjobroto, the report relates, said Flight GA234 to Java's
Semarang turned back to Sukarno-Hatta airport 20 minutes after
take-off when the pilot detected a problem and wanted the plane
checked.  "They found an oil leakage," he told the news agency.

According to the report, the Boeing  737-400, which had been
carrying 133 passengers, is now undergoing further checks.

In March, the Troubled Company Reporter-Asia Pacific reported
that a Garuda Airline Boeing 737-400 plane carrying 140 people
burst into flames upon landing at Yogyakarta airport.  In July,
the European Union sent safety experts to Indonesia to review
the EU ban on Indonesian airlines.  Fifty-one Indonesian
airlines have been barred from European airspace due to safety
concerns.  

                   About Garuda Indonesia

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

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

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

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

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


MERPATI NUSANTARA: Confirms Government Plan to Sell 40% Stake
-------------------------------------------------------------
PT Merpati Nusantara Indonesia has confirmed the Indonesian
government's plan to sell 40% of its stake in the company,
Antara News reports.

The 40% stake will be sold in the middle of next year through a
direct offer to strategic partners, the report added.

As reported by the Troubled Company Reporter-Asia Pacific on  
Dec. 17, 2007, The Indonesian government intends to divest its
40% stake in Merpati Nusantara next year as part of efforts to  
strengthen the company's capital structure.

Antara News quotes Merpati President Director Hotasi Nababan as
saying, "Merpati will be privatized through direct placement
starting in the middle of next year."  Domestic and foreign
investors including airline and leasing companies had expressd  
interest in bidding for the government's stake, the report  
added.

Mr. Nababan told Antara that the proposal was being studied by
the House Privatization Working Committee.

                   About Merpati Nusantara

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned    
carrier that services predominantly international routes.  The
carrier is facing the threat of being declared bankrupt with
IDR1.6 trillion in accumulated losses.

According to reports, Merpati suffered from high fuel prices and
hurt by the weaker rupiah.  The bombings in Bali in October 2005
hit the airline pretty hard in its revenue flow.  The airline is
also struggling to cope with new competition within Indonesia,
both from domestic airlines and from other airlines coming into
Indonesia internationally.

The Troubled Company Reporter - Asia Pacific reported in January
2006, the government promised to inject up to IDR400 billion
into the Company.  However, since it is also cash-strapped, the
government said it would disburse the amount in installments,
and initially meted out IDR75 billion for the company to
continue its business.

As of fiscal year end 2005, the company had an equity deficit of
IDR1.24 trillion.

On July 24, 2004, the Indonesian Government invited applications
from financial and legal advisers to help devise a privatization
scheme for the carrier.  The Government proposed a strategic
sale of the state's 51% stake in Merpati to help fund the
carrier's operations.  


PERUSAHAAN GAS: Sets US$171 Million Capex for 2008
--------------------------------------------------
PT Perusahaan Gas Negara is earmarking capital expenditure of
US$171 million for 2008, Antara News reports.

According to the report, the capex for 2008 is lower than the
US$480 million it set aside for this year.

PGN Corporate Secretary Heri Yusuf said next year's capex will
be used to finance the construction of a distribution pipeline
network in the West Java area and the gas transmission pipeline
linking Pagardewa and Labuan Maringai in South Sumatra, the
report relates.

The Pagardewa-Labuan Maringai section, Antara explains, is part
of PGN's South Sumatra-West Java gas pipeline.

                     About Perusahaan Gas

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is     
comprised of two core businesses: distribution and transmission.  
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.   The company is 59.4% owned by the
Government of Indonesia.

The Troubled Company Reporter-Asia Pacific reported on Jan. 18,
2007, that Moody's Investors Service affirmed the Ba2 corporate
family rating of PT Perusahaan Gas Negara (Persero) Tbk.  At the
same time, Moody's affirmed the Ba3 debt ratings of PGN Euro
Finance 2003 Ltd, which is guaranteed by PGN.  The ratings
outlook is stable.  This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.

The TCR-AP reported on Dec. 21, 2006, that Standard & Poor's
Ratings Services revised the outlook on Perusahaan Gas to
positive from stable.  The ratings on the company are affirmed
at 'B+'.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.


PERUSAHAAN GAS: Partners With PLN to Build Java Gas Terminal
------------------------------------------------------------
Perusahaan Gas Negara Tbk and PT Perusahaan Listrik Negara plan
to jointly build a liquefied natural gas terminal on Java
island, Reuters News reports citing President Director Sutikno.

As reported by the Troubled Company Reporter-Asia Pacific on
April 11, 2007, Perusahaan Gas is seeking strategic partners to
implement its plan to build a liquefied natural gas terminal in
Situbondo, East Java, which would facilitate gas distribution to
Java from the Tangguh LNG plant.  The US$450 million terminal
will be implemented with a loan from Japan and the project is to
be completed in 2009 or 2010, the report added.

Mr. Sutikno told the news agency that the LNG terminal has a
possible capacity of 1.5 million tonnes per year.  "PLN and PGN
are still in talks at the moment.  The cooperation is for
efficiencies," he added.

According to the report, the terminal's capacity could be higher
as it depends on the availability of gas.

                     About Perusahaan Gas

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is     
comprised of two core businesses: distribution and transmission.  
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.   The company is 59.4% owned by the
Government of Indonesia.

The Troubled Company Reporter-Asia Pacific reported on Jan. 18,
2007, that Moody's Investors Service affirmed the Ba2 corporate
family rating of PT Perusahaan Gas Negara (Persero) Tbk.  At the
same time, Moody's affirmed the Ba3 debt ratings of PGN Euro
Finance 2003 Ltd, which is guaranteed by PGN.  The ratings
outlook is stable.  This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.

The TCR-AP reported on Dec. 21, 2006, that Standard & Poor's
Ratings Services revised the outlook on Perusahaan Gas to
positive from stable.  The ratings on the company are affirmed
at 'B+'.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.



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

ALL NIPPON: To Launch Low-Cost Carrier in 2009
----------------------------------------------
All Nippon Airways Co., Ltd., plans to set up a low-cost carrier
for short-distance international services to better compete in
Asia, reports The Asahi Shimbun.

The discount carrier, according to the report, will be
established as early as 2009 before the number of landing and
takeoff slots increases at Narita and Haneda airports.

ANA, which expects the new carrier to be a joint venture located
outside Japan to keep labor costs low, has already approached
candidate partners in South Korea and China, relates The Asahi
Shimbun.

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline    
company in terms of revenue.  The company, which was founded
in1952, provides these services:   

   1. Scheduled air transportation business;   

   2. Nonscheduled air transportation business and business      
      utilizing aircraft;   

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

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

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


IHI CORP: Sees JPY5 Billion in Operating Profit for FY2008-09
-------------------------------------------------------------
IHI Corp. expects to earn up to JPY5 billion in operating profit
for its troubled energy and plant divisions for the fiscal year
2008-2009, Aiko Hayashi reports for Reuters.

In a news conference, IHI president Kazuaki Kama said IHI will
be more selective about projects it will undertake and decrease
the number of large-scale projects to boost its ability to work
through each one and reduce risks in order to return to profit,
relates Mr. Hayashi.

Reuters, in a separate report, states that IHI adjusted its
consolidated full-year earnings forecast for the current year
ending March 31, 2008, with its net profit estimated to be at
JPY26.00 billion, operating loss to be seen at JPY15.00 billion,
as compared to the JPY17.00 billion announced previously and
revenue of JPY1.32 trillion.

The forecast change is due to the adjustment of last year's
results, says Reuters.

The Troubled Company Reporter-Asia Pacific reported on Dec. 14,
2007, that IHI posted a consolidated net profit of JPY15.06
billion before tax adjustments for the fiscal year 2006-07,
compared with the JPY45.3-billion reported earlier after
reassessing the profitability of its plant and engineering
projects.

The TCR-AP further noted that the Tokyo Stock Exchange placed
IHI on a "watch list" for delisting and will be investigated by
the bourse.  In addition, Japan's Securities and Exchange
Surveillance Commission asked the Financial Services Agency to
impose a JPY1 billion fine for allegedly falsifying earnings.

                      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.


IHI CORP: Earnings Revisions Won't Affect Ratings, S&P Says
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on IHI
Corp. (BB+/Stable/--) would not be affected by the company's
revisions last week of its earnings forecast for fiscal 2007
(ending March 31, 2008) and amended fiscal 2006 earnings.  IHI
also announced improvement plans for its energy and plant
business, the poor performance of which was the primary factor
for previously substantial downward earnings adjustments.  The
latest revisions to IHI's earnings forecast for fiscal 2007 were
not substantial.

Standard & Poor's places particular attention on IHI's risk
management system.  Despite the company's improvement plan
indicating a stronger focus on candidate project screening, cost
control, and process scheduling, it is likely to take some time
before these improved risk management capabilities can be
reflected in the company's credit assessment.  Looking forward,
a key factor for IHI's credit quality will be progress in
structural reforms, including improvement strategies for its
energy and plant business.  Standard & Poor's will consider a
downward revision of the ratings on IHI or the outlook on the
ratings if a delay in earnings recovery in its less profitable
businesses compromises the company's overall stable earnings
recovery, leading to greater concerns over its deteriorating
financial profile.

                      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.


OKI ELECTRIC: Poor Performance Cues R&I to Affirm BB+ Rating
------------------------------------------------------------
Rating and Investment Information, Inc. affirmed Oki Electric
Industry Co., Ltd.'s issuer rating at BB+.

According to R&I, little has improved in the performance of Oki
Electric Industry's mainstay info-telecom system business.  This
is due to the sluggishness in products for communication
carriers despite the recovery in products for financial
institutions, which had been stagnant after the special demand
caused by the introduction of new bank notes in 2004.  Oki made
upfront investment for next-generation networks (NGNs) in
anticipation of the growing demand; however, this has failed
since the communication carriers shifted their investment
priority. Furthermore, Oki was late in releasing new products.  
Consequently, its total sales are expected to decline
significantly from the initial expectation, exposing its sales
and marketing weaknesses.  Delay in cost-cutting measures is
also dragging on its performance amid increasing competition.  
On the other hand, its semiconductor business remains profitable
despite sluggish sales of LCD drivers.  In the printer business,
the earnings base of color printers, which have been posting
red, is being established due to a shift in demands for mid- and
high range models.

Equity capital improved by exercising convertible bonds Oki
issued in June 2006, however, it declined again with the huge
net loss posted in fiscal 2006 with the reversal of deferred tax
assets.  Net debt has not declined in real terms, and its
financials remain vulnerable.  Although underperformance risks
have receded than before, unless Oki regains product
competitiveness and sales primarily for communication carriers,
the weakness in the overall profitability and cash flow will
persist and its financial base may further deteriorate.  
Consequently, R&I has remained the Issuer Rating at BB+, but
changed the Rating Outlook to Negative.  R&I will pay attention
to Oki's medium management plan, which will end in fiscal 2010.

Oki Electric Industry Co., Ltd. -- http://www.oki.com/jp/-- is  
a Japan-based manufacturing company.  The Company operates
mainly in three business segments.  The Info-Telecom Systems
segment is engaged in the manufacture and sale of finance
systems, automated equipment systems, enterprise resource
planning (ERP) systems, Internet protocol (IP) telephone systems
and computer telephony integration (CTI) systems, as well as the
building of systems, the provision of solutions and services
including construction and maintenance.  The Semiconductor
segment manufactures and sells system, logic and memory large-
scale integrations (LSIs), optical modules and optical devices,
among others.  The Printer segment offers color non-impact
printers (NIPs), monochrome NIPs and multifunctional products
(MFPs), among others.  The Company is also engaged in the
delivery and management of products, in addition to the
manufacturing and sale of other machinery products.


SAPPORO HOLDINGS: To Launch Low-Carb Beer in February
-----------------------------------------------------
Sapporo Holdings Ltd. will launch a new beer, containing less
than half the carbohydrate content of existing products, Jiji
Press.

The launching of Beer Fine on February 27 will make Sapporo the
first Japanese brewer to market a beer with sharply reduced
carbohydrate content, relates Jiji Press.

According to the report, Beer Fine was developed in anticipation
of solid demand from health-conscious consumers.

Sapporo, states Jiji Press, expects the low-carb beer to retail
around JPY210 for a 350-milliliter can and aims to sell 2.7
million cases a year, wherein one case contains the equivalent
of 20 633-milliliter bottles.

Beer Fine contains 1.3 grams of carbohydrate per 100
milliliters, compared with 2.9 grams for its Black Label, Lager
and Classic beers, and 3.0 grams for its Yebisu beer, notes Jiji
Press.

                  About Sapporo Holdings

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--  
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                          *     *     *

As of May 16, 2007, the company carries Standard & Poor's Rating
Service's 'BB' Long-Term Foreign Issuer Credit and Long-Term
Local Issuer Credit Ratings that were issued on February 6,
2006; and Fitch Ratings' 'B' Short-term Foreign and Local
Currency Issuer Default Ratings that were issued on March 14,
2006.


* Fitch Affirms Japan's Ratings
-------------------------------
Fitch Ratings affirmed Japan's Long-term foreign and local
currency Issuer Default Ratings (IDRs) at 'AA' and 'AA-' (AA
minus), respectively.  At the same time, the agency affirmed the
Short-term IDR at 'F1+' and the Country Ceiling at 'AAA'. The
Outlook on the ratings remains Stable.

Fitch said Japan's sovereign ratings continue to weigh
exceptional strengths in the country's external balance sheet
against pronounced weaknesses in its public finances.  "Large
current account surpluses contribute to the ongoing accumulation
of external assets, supporting the strongest net external credit
position of any rated sovereign," said James McCormack, head of
Fitch's Asia sovereign ratings group.  At end-2007 (calendar
year), Japan is forecast to have net external assets of nearly
US$2.5 trillion, about US$1 trillion more than Luxembourg
('AAA') and China ('A+'), which have the next-largest net
external asset positions.  A slowdown in global economic growth
in 2008 is expected to reduce the Japanese current account
surplus, but, at 4.0% of GDP, it is forecast to remain sizeable,
and there is little risk that the 26-year record of consecutive
current account surpluses will soon end.

The less positive global economic environment, however, does not
bode well for Japanese GDP growth.  Real domestic demand is
proving persistently weak, as personal consumption expenditure
continues to be constrained by unfavorable labor market
conditions, characterized by reductions in cash earnings and the
seasonally-adjusted ratio of job offers/applicants.  Residential
investment is down sharply due to a collapse in housing starts
following the mid-year introduction of a new law on building
standards.  Net trade accounted for the only positive
contributions to real GDP growth in the second and third
quarters, suggesting that overall growth is vulnerable to
anticipated weakness in Japanese export markets. Fitch forecasts
real GDP growth in Japan will fall to 1.8% in 2008 from 2.0% in
2007.

The agency expects slower growth next year will have moderately
negative fiscal implications.  The steady reduction of the
general government deficit, which began in 2003, is forecast to
pause, and the deficit is projected to remain at 3.5% of GDP in
2007 and 2008.  Likewise, the general government debt/GDP ratio
is forecast to stay at 181% of GDP, virtually unchanged since
2005, and still the highest of any Fitch-rated sovereign.  The
agency indicated that it is not optimistic there will be any
meaningful fiscal reform in the short term.  "In fact, there is
a risk that either counter-cyclical fiscal measures will be
introduced to combat weaker growth, or politically-motivated
spending programs will emerge as the government struggles to
assert its economic leadership over a more aggressive
opposition," added Mr. McCormack.  Following the House of
Councillors elections in July, the two houses of parliament have
been split between the Liberal Democratic Party and the
Democratic Party of Japan for the first time.  Elections in the
House of Representatives are not due until 2009, but Fitch
believes that early elections are probable. This adds
considerable uncertainty to the fiscal outlook, as decisions on
tax increases and spending cuts, which are necessary for the
government to meet its modest target of achieving a primary
balance in the early 2010s, are likely to be deferred.  In the
meantime, there will be no improvement in Japanese government
debt ratios.


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

APL INDUSTRIES: Appoints Dato' Seri Thai as Executive Director
--------------------------------------------------------------
On December 14, 2007, Dato' Seri Thai Kim Sim was appointed as
executive director of APL Industries Berhad.

Mr. Dato' Seri Thai holds a Bachelor of Commerce degree from
University of Windsor, Ontario, Canada.  He is an experienced
businessman and has successfully secured business partnerships
with distributions in North American, Western Europe, Australia,
New Zealand, Middle East and Latin American countries.  He has
also been actively involved in overseas trade promotions and
programs organised by MITI and is a strong advocate of the “Made
in Malaysia for the World” program of Malaysia External Trade
Development Corporation since 1983.  Mr. Dato Seri Thai is also
the Executive Chairman cum Group Managing Director of Supermax
Corporation Berhad Group.

APL Industries Berhad is a Malaysia-based investment holding
company. Through its subsidiaries, the Company operates in two
business segments: Gloves, which is engaged in the manufacture
and sale of gloves and other healthcare products, and
Investments, which is engaged in investment holding. The gloves
segment is operated in three other principal geographical areas
apart from Malaysia, which include North America, Asia (other
than Malaysia) and Europe.  Its direct wholly owned subsidiaries
include Asia Pacific Latex Sdn Bhd, which is engaged in
manufacturing and sales of latex examination gloves, Medipure
Corporation (M) Sdn Bhd, which is engaged in provision of
chlorination services and trading of powder free latex gloves,
and Norwell International Inc, which is engaged in marketing and
distribution of healthcare products.

The company is currently listed as an affected issuer under the
Amended PN17 category of the Bursa Malaysia Securities Bhd.


HALIFAX CAPITAL: Posts MYR1.36 Million Net Loss in 3rd Quarter
--------------------------------------------------------------
Halifax Capital Bhd posted a net loss after taxation of
MYR1.36 million on MYR4.22 million of revenues in the third
quarter ended September 30, 2007, as compared with a net loss
after taxation of MYR439,000 on MYR5.16 million of revenues in
the same period last year.

As of September 30, 2007, the company's consolidated balance
sheet reflected strained liquidity with current assets of
MYR2.32 million, available to pay current liabilities of
MYR15.07 million, coming due within the next twelve months.

Halifax's total assets as September 30, 2007, amounted to
MYR19.03 million while total liabilities aggregated to
MYR15.73 million, resulting to a shareholders' equity of
MYR3.3 million.

Headquartered in Kuala Lumpur, Malaysia, Halifax Capital Berhad
-- fka. Setron (Malaysia) Berhad -- is principally engaged in
investment holding, and assembly and sale of electrical and
electronic products.  Setron Sales & Service (M) Sdn. Bhd., the
company's wholly owned subsidiary, is engaged in the
distribution of electrical and electronic products.  Its
subsidiaries also include Al-Marsa Worldtrade Sdn. Bhd.,
Affluent Capital Sdn. Bhd., Setin Sdn. Bhd., Setron Electronic
Industries Sdn. Bhd., Meltron Multimedia Sdn. Bhd., VA
Advertising & Promotion Sdn. Bhd., ASH Creative Sdn. Bhd.,
Darulmas Manufacturing Services Sdn. Bhd., Setron Lyngso (M)
Sdn. Bhd., Setron Mathews Sdn. Bhd. and Setron Timber Industries
Sdn. Bhd.  All of these subsidiaries have ceased their business
operations.  In April 2006, it announced that Zecon Engineering
Berhad has a 25.48% interest in the company.

The company is considered an Affected Listed Issuer, as its
shareholders' equity on consolidated basis is less than 25% of
the issued and paid-up share capital of the listed issuer and
such shareholders' equity is less than the minimum issued and
paid up share capital.


PUTERA CAPITAL: Signs MoU With Melewar Metro
--------------------------------------------
On December 13, 2007, Putera Capital Berhad entered into a
Memorandum of Understanding with Melewar Metro Sdn Bhd in
respect of their formalizing their understanding to cooperate
with each other in the best interest to secure the award of a
proposal made by Melewar through Melewar Metro (Penang) Sdn Bhd,
a wholly owned subsidiary of Melewar, to the Government of
Malaysia for the implementation of a monorail system in the
island of Penang.

In the Consortium, Putera and Melewar have submitted a tender
compliant offer and three alternative offers in respect of the
turnkey design, build and operated monorail system Hi-Track
(Ultra Light Loop Monorail) in the island of Penang – George
Town for the Government’s consideration.

The Parties also agree that a Share Sale Agreement on the
acquisition of the interest in Melewar Metro (Penang), with
Melewar acquiring 80% and Putera acquiring 20%, will be
concluded later, which is subject to other terms and conditions
to be mutually agreed upon by the Parties.

The Memorandum of Understanding will be determined upon the
execution of the Share Sale Agreement between the Parties or if
Melewar Metro (Penang) fails to secure the Proposed Project
within 12 months from the date of the Memorandum of
Understanding, whichever is earlier.

Headquartered in Kamunting-Taiping, Malaysia, Putera Capital
Berhad is principally involved in the investment and development
of properties.  Its other activities include the manufacture and
sale of yarn and woven fabrics, construction and management of
water and sewage treatment plant, contractor of construction
projects, distribution of marble, tiles, and related business
and investment holding.

The company is classified as an Affected Listed Issuer due to
these reasons:

     a) The shareholders' equity of the company on a
        consolidated basis has fallen below 25% of its issued
        and paid up capital as per its unaudited 3rd quarter
        financial results as announced on April 28, 2006.  As
        such its shareholders equity is less than the minimum
        issued and paid up capital.

     b) The auditors have expressed a modified opinion with
        emphasis on Putera's going concern in its audited
        accounts as of May 31, 2005.

     c) There are defaults in repayment of certain debt
        obligation by Putera and its subsidiaries and Putera is
        unable to provide a solvency declaration to Bursa
        Malaysia Securities Berhad.

The Troubled Company Reporter-Asia Pacific reported in its
October 26, 2007 "Large Companies with Insolvent Balance Sheets"
column that Putera Capital had US$10.56 million of total assets
and US$4.70 million of stockholders' equity deficit.


SUNWAY INFRA: Bursa Conditions Approval of Extended Timeframe
-------------------------------------------------------------
Sunway Infrastructure Berhad was granted by the Bursa Securities
a further extension of time until May 27, 2008, to submit its
regularisation plan to the Securities Commission and other
relevant authorities for approval.  The extension is subject to
the completion of the Condition Timeframe by January 31, 2008:

   -- Announcement of the acceptance by the holders of the
      Proposed Sukuk Mudharabah of an investor to be identified
      by AFFIN Investment in relation to the offer to purchase
      the entire equity interest in SunInfra held by Sunway
      Holdings Berhad in SunInfra of 65,090,082 shares
      representing approximately 36.16% of the entire issued and
      paid up share capital of SunInfra and the next steps
      forward on the regularisation plan;

   -- Signing of the conditional sale and purchase agreement for
      the Acquisition of Sunway Stake; and

   -- Convening of an extraordinary general meeting and
      procurement of SunInfra shareholders’ approval for the
      proposed cancellation of the letter of undertaking dated
      August 8, 2001, granted by Sunway to Sistem Lingkaran-
      Lebuhraya Kajang Sdn Bhd in relation to the provision of
      liquidity support for SILK under its existing BaIDS.

Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure
Berhad -- http://www.sunway.com.my/-- is an investment holding        
company in Malaysia.  The Company's wholly owned subsidiary,
Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is
responsible for the construction of the Kajang Traffic Dispersal
Ring Road.  Silk's activities are the upgrading and widening of
existing roads; the design and construction of a new alignment,
and the operation of the Kajang Traffic Dispersal Ring Road,
including toll operations and maintenance.  Through SILK, the
Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd
mainly focuses on undertaking housing development for residents
whose dwellings are located on the land, on which the Kajang
Traffic Dispersal Ring Road is constructed or who are affected
by the construction of the Kajang Traffic Dispersal ring road.   
On November 22, 2005, SILK disposed of Salient Million Sdn. Bhd.

The company is an affected listed issuer pursuant to the Amended
PN17 since its auditors have expressed a modified opinion with
emphasis on the company's going concern in the company's audited
financial statements for the year ended June 30, 2006, and since
the unaudited shareholders' equity of approximately MYR26.702
million based on its quarterly results for the period ended
September 30, 2006, is less than 50% of its issued and paid up
capital of MYR90 million.

In addition, the Troubled Company Reporter-Asia Pacific
reported on March 20, 2007, that its shareholders' equity on a
consolidated basis based on the unaudited results for the
quarter ended Dec. 31, 2006, of MYR7.173 million, is less than
25% of the company's issued and paid-up capital of MYR90 million
and that shareholders' equity is less than the minimum issued
and paid-up capital as required under Paragraph 8.16A(1)
of the Listing Requirements of MYR60 million, triggering another
listing criteria under Amended PN17 listing requirements.


TALAM CORP: Posts MYR18,000 Net Profit in Qtr. Ended Oct. 31
------------------------------------------------------------
Talam Corp Bhd posted a net profit of MYR18,000 on MYR54.71
million of revenues in the quarter ended October 31, 2007, as
compared with a net loss of MYR5.04 million on MYR104.1 million
of revenues in the same period last year.

As of October 31, 2007, the company's consolidated balance sheet
showed strained liquidity with current assets of MYR1.81 billion
available to pay current liabilities of MYR2.71 billion.

Talam Corp's total assets as of October 31, 2007, amounted to
MYR3.3 billion and total liabilities aggregated to
MYR2.93 billion, resulting to a shareholders' equity of
MYR363 million.

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

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



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

24 HOURS PERSONNEL: Fixes Feb. 22 as Last Day to File Claims
------------------------------------------------------------
24 Hours Personnel Access Recruitment Consultancy Services Ltd.
requires its creditors to file their proofs of debt by Feb. 22,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Vivian Judith Fatupaito
          Colin Thomas McCloy
          c/o PricewaterhouseCoopers
          188 Quay Street, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


3AM EVENT: Creditors' Proofs of Debt Due on January 8
-----------------------------------------------------
On November 19, 2007, shareholders of 3AM Event Management Ltd.
appointed Digby John Noyce and Keith Mawdsley as the company's
liquidators.

Only creditors who can file their proofs of debt by January 8,
2008, will be included in the company's dividend distribution.

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


A2 CORP: Reports NZ$1.63 Mil. Loss in Six Mos. Ended Sept. 30
-------------------------------------------------------------
A2 Corp. Ltd reported a Group pre-tax consolidated loss for the
half year ended Sept. 30, 2007, of NZ$1,631,000, compared with
NZ$2,340,000 in 2006.

For the six months to Sept. 30, 2007, A2C recorded a 26.3%
decrease in consolidated operating revenue to NZ$2.740 million
compared to NZ$3.720 million for the same period last year.  
This was mainly due to the cessation of trading activities of A2
Australia Pty Limited on May 31, 2007, for which earnings were
fully consolidated.  A2 Dairy Product Australia Pty Limited, a
50% associate took over the Australian trading activities from  
June 1, 2007, with earnings now equity accounted.

The trading loss of NZ$1,631 million includes the trading
results of A2DP and A2C's United States associate entity, A2
Milk Company LLC, which forms part of the operating expenditure
of the consolidated Group.  Operating expenditure includes costs
associated with the operations of A2DP (NZ$261,000), ongoing
marketing and promotional costs (NZ$408,000), and our share of
the deficit from A2 Milk USA (NZ$250,000).  The Directors are
comfortable with these levels of expenditure given the potential
of the markets being developed.

The Group Statement of Financial Position includes that of A2A
on a consolidated basis.  The Group now has net deficit of
NZ$3,785,000 compared to net assets of approximately
NZ$1,093,000 on Sept. 30, 2006.

ATM continued to gain momentum over the previous six months in
both its existing, as well as new, target markets.

The most significant advances over the past six months have
been:

   -- entering into a 50/50 joint venture in the Australian
      market;

   -- the launch of fresh milk in the mid-West of the United
      States of America; and

   -- the appointment of Lotte Milk as an exclusive licensee in
      South Korea to market fresh milk.

As has been advised previously, the company is undertaking a
review of strategic options relating in part to the need to
raise capital.  The results of this review have not been
finalized, although it is expected that announcements around the
next steps in this process will be made in early 2008.

Reports for Industry and Geographical Segments

In the half year period under review, the Group operated in New
Zealand, Australia and the USA; and in two forms of business
being the licensing of intellectual property pertaining to the
production and marketing of a2 milk, and the procurement,
production and sale of a2 milk.

                         About A2 Corp.

New Zealand-based A2 Corporation Ltd. --
http://www.a2corporation.com/-- is engaged in the sale and    
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  a2 milk is naturally produced to contain
maximum amounts of a milk protein variant that is associated by
a number of studies with potential benefits in some individuals.
A2 Corporation Ltd receives royalty income from sales of A2 Milk
products and testing for A2 cattle, and shares in the profits or
losses of associates and subsidiaries formed for those purposes.

The company suffered at consecutive net losses of
NZ$5.08 million and NZ$448,800 for the years ended March 31,
2007 and 2006, respectively.


AIR NEW ZEALAND: To Fly Auckland-Beijing Direct Starting July 18
----------------------------------------------------------------
Air New Zealand will operate a direct service between Auckland
and Beijing from July 18, 2008, Chief Executive Officer Rob Fyfe
said in a media release.

The new non-stop service, which is subject to all the necessary
regulatory and operating approvals by Chinese authorities, will
operate twice a week using Air New Zealand's new Boeing 777-
200ER aircraft.  Flights will operate out of Auckland on
Wednesday and Friday and out of Beijing on Thursday and
Saturday.

Mr. Fyfe said the new non-stop service will build on the
enormous success of Air New Zealand's non-stop Auckland-Shanghai
service, launched in November 2006.

"Chinese visitor numbers to New Zealand continue to boom,
increasing approximately14% year-on-year, and its rapidly
developing economy offers significant potential for both Air New
Zealand and the broader New Zealand tourism industry.  The new
service is part of the airline's continued drive to expand our
presence in mainland China, and we expect it to generate a high
level of interest."

Air New Zealand Group General Manager International Airline Ed
Sims says the new service will allow Air New Zealand to increase
its footprint in China by tapping into the vast number of
customers transiting through Beijing Capital International
Airport, which handles around 1300 flights a day.

"Our direct Shanghai service was primarily aimed to serve its 17
million citizens.  By offering a direct service to Beijing we
expect to gain a greater number of customers looking to travel
to New Zealand from other parts of China, and from Europe. It
will also provide Kiwis with an easy and convenient way to
travel deeper into China," he says.

Mr. Sims says that Kiwis looking for a new experience in Asia
will be wowed by Beijing's culture and heritage.

"With thousands of years of culture at every turn, Beijing also
offers some of the world's most visited attractions, including
the Great Wall and the famed Forbidden City, alongside the most
contemporary architecture, shopping and food."

Mr. Sims expects strong demand from Kiwis for the new service,
which is ideally timed to coincide with the 2008 Beijing
Olympics, which runs from 8-24 August 2008.

Air New Zealand has committed publicly to opening up one new
long-haul route a year as part of its long-term growth strategy.
Last month, the airline launched its new direct service between
Vancouver and Auckland, following the successful introduction of
non-stop services including Auckland-San Francisco, Auckland-
Shanghai and Hong Kong-London.

Mr. Sims says that operating into two destinations in China will
position Air New Zealand well for continued growth in the
market.

With the launch of the new service two days a week into Beijing,
services into Shanghai will revert to the original schedule of
three services a week until November 2008.  From November the
airline plans to operate five services a week to Shanghai plus
the two Beijing flights.

"We believe this is the right mix to enable us to realize our
growth ambitions in China, opening up Destination New Zealand to
a massive new group of travellers," says Mr Sims.

Fares for the new direct service will be on sale from today,
with lead-in economy fares starting from NZ$1959 return
(exclusive of airport and other taxes).

Timings for the new service will be designed to meet the needs
of both business and leisure customers in both China and New
Zealand.

The service is intended to depart New Zealand late evening
arriving in Beijing early to mid morning.  It is expected to
depart Beijing at lunchtime to arrive into Auckland early in the
morning, providing customers with a full day and access to early
connections to other parts of the country.

The non-stop flight is approximately 14 hours from Auckland to
Beijing and 13 hours 15 minutes return to Auckland (the
difference being due to winds).

                      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.


BARNETT ENGINEERING: Creditors' Proofs of Debt Due on Jan. 31
-------------------------------------------------------------
Creditors of Barnett Engineering Limited are required to file
their proofs of debt by January 31, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          New Zealand
          Telephone:(04) 462 7238
          Facsimile:(04) 462 7492


BELLBIRD INTERNATIONAL: Taps Fatupaito & McCloy as Liquidators
--------------------------------------------------------------
On November 19, 2007, Vivian Judith Fatupaito and Colin Thomas
McCloy were appointed liquidators of McCloy Bellbird
International Ltd.

Messrs. Fatupaito and McCloy are accepting creditors' proofs of
debt until February 19, 2008.

The Liquidators can be reached at:

          Vivian Judith Fatupaito
          Colin Thomas McCloy
          c/o PricewaterhouseCoopers
          188 Quay Street
          Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


BLIS TECHNOLOGIES: Raises NZ$1.36 Million From Rights Issue
-----------------------------------------------------------
BLIS Technologies Ltd disclosed on Friday that it had raised
NZ$1.36 million from its recently conducted rights issue.  The
company is also in discussion with interested parties to take up
further shares.

The CEO, Dr. Barry Richardson, said that Blis was pleased with
the outcome of the rights issue and given the interest from
other parties BLIS expects to issue more shares over the coming
weeks.  Dr. Richardson also indicated that discussions with
current and potential commercial partners are ongoing with a
view to further strengthening strategic partnerships in the
market.

BLIS Technologies plans on using the funds raised through the
rights issue to consolidate and further expand its product
range, improve its facilities and further pursue the
commercialization of its products in selected international
markets.

BLIS Technologies Limited (NZX: BLT) became listed on the New
Zealand Stock Exchange in July 2001 and was formed to
commercialise BLIS (bacteriocin-like inhibitory substances),
hence the company's name, BLIS Technologies Ltd.  The company
has acquired the rights to the collection of an extensive range
of BLIS producing organisms and is developing new products for
use in the control of undesirable bacterial infections, which
includes dental caries control, the prevention and treatment of
ear and throat infections, and skin infections.

BLIS recorded a net loss of NZ$1,107,851 for the year ended
March 31, 2006, and NZ$1,336,319 for 2005.  For the full year to
March 31, 2007, the company reported a NZ$964,000 loss.


CHATS CATERING: Appoints Official Assignee as Liquidator
--------------------------------------------------------
Official Assignee was appointed liquidator of Chats Catering
Ltd. on November 15, 2007.

The Liquidator can be reached at:

          Official Assignee
          Insolvency and Trustee Service
          Christchurch
          New Zealand
          Freephone: 0508 467 658
          Web site: http://www.insolvency.govt.nz


CRESCENT SERVICES: Creditors' Proofs of Debt Due on December 21
---------------------------------------------------------------
Creditors of Crescent Services (NZ) Ltd. are required to file
their proofs of debt by December 21, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

          Gerald Stanley Rea
          Paul Graham Sargison
          Gerry Rea Partners
          PO Box 3015, Auckland
          New Zealand
          Telephone:(09) 377 3099
          Facsimile:(09) 377 3098


H & C DAVY: Appoints Finnigan and Whittfield as Liquidators
-----------------------------------------------------------
On November 19, 2007, the shareholders of H & C Davy Ltd.
appointed Peri Micaela Finnigan and John Trevor Whittfield as
the company's liquidators.

Messrs. Finnigan and Whittfield are accepting creditors' proofs
of debt until December 28, 2007.

The Liquidators can be reached at:

          Peri Micaela Finnigan
          John Trevor Whittfield
          McDonald Vague
          PO Box 6092, Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


HERCON CONSTRUCTION: Taps Parsons and Kenealy as Liquidators
------------------------------------------------------------
On November 19, 2007, Dennis Clifford Parsons and Katherine
Louise Kenealy were tapped as liquidators of Hercon Construction
Ltd.

The Liquidators can be reached at:

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


K.V.S. GROUP: Placed Under Voluntary Liquidation
------------------------------------------------
On October 18, 2007, K.V.S. Group Limited commenced liquidation
proceedings.

Bryan Edward Williams was named as liquidator.

The Liquidator can be reached at:

          Bryan Edward Williams
          c/o Bryan Williams & Associates
          Insolvency Practitioners
          PO Box 84159, Westgate
          Waitakere 0657
          New Zealand
          Telephone:(09) 412 9762
          Facsimile:(09) 412 9763


LANDGROUP PROPERTIES: Creditors Receive Wind-Up Report
------------------------------------------------------
The creditors of Landgroup Properties Ltd. met on November 30,
2007, and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


MILLER FARMS: Fixes December 21 as Last Day to File Claims
----------------------------------------------------------  
Miller Farms Ltd. requires its creditors to file their proofs of
debt by December 21, 2007, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on November 19,
2007.

The company's liquidator is:

          John William Woolley
          Byers & Co Limited
          2 Station Road
          PO Box 247, Kaikohe
          New Zealand
          Telephone:(09) 401 5050
          Facsimile:(09) 401 5060


MING RUI: Creditors' Proofs of Debt Due on December 21
------------------------------------------------------
Ming Rui Ltd. requires its creditors to file their proofs of
debt by December 21, 2007, to be included in the company's
dividend distribution.

The company's liquidators are:

          Bernard Spencer Montgomerie
          Stuart James Cunningham
          Montgomerie & Associates
          Insolvency Practitioners
          PO Box 65, Auckland 1140
          New Zealand
          Telephone:(09) 368 7672
          Facsimile:(09) 307 0174
          e-mail: bsm@montgomerie.co.nz


MOUNTAIN LAKE: Court Hears Wind-Up Petition
-------------------------------------------
A petition to have Mountain Lake Holdings Ltd.'s operations
wound up was heard on December 17, 2007.

Noel Bonisch Queenstown Limited filed the petition on Nov. 7,
2007.

The Petitioner's solicitor is:

          S. N. McKenzie
          Preston Russell Law
          92 Spey Street
          PO Box 355, Invercargill
          New Zealand
          Telephone:(03) 211 0080
          Facsimile:(03) 211 0079


NZ VITICULTURAL: Appoints Fisk and Sanson as Liquidators
--------------------------------------------------------
On November 21, 2007, John Howard Ross Fisk and Craig Alexander
Sanson were appointed liquidators of NZ Viticultural Solutions
Ltd.

Messrs. Fisk and Sanson are accepting creditors' proofs of debt
until January 31, 2008.

The Liquidators can be reached at:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          New Zealand
          Telephone:(04) 462 7238
          Facsimile:(04) 462 7492


PENROSE PARKING: Enters Liquidation Proceedings
-----------------------------------------------
Penrose Parking Ltd. entered liquidation proceedings on Oct. 18,
2007.

Bryan Edward Williams was appointed as liquidator.

The Liquidator can be reached at:

          Bryan Edward Williams
          c/o Bryan Williams & Associates
          Insolvency Practitioners
          PO Box 84159, Westgate
          Waitakere 0657
          New Zealand
          Telephone:(09) 412 9762
          Facsimile:(09) 412 9763


RTB CONTRACTING: Taps Montgomerie & Cunningham as Liquidators
-------------------------------------------------------------
On November 19, 2007, Bernard Spencer Montgomerie and Stuart
James Cunningham were appointed liquidators of RTB Contracting
(2006) Ltd.

Creditors are required to file their proofs of debt by Dec. 21,
2007, to be included in the company's dividend distribution.

The Liquidators can be reached at:

          Bernard Spencer Montgomerie
          Stuart James Cunningham
          c/o Montgomerie & Associates
          Insolvency Practitioners
          PO Box 65, Auckland 1140
          New Zealand
          Telephone:(09) 368 7672
          Facsimile:(09) 307 0174
          e-mail: bsm@montgomerie.co.nz


TINOPAI FARM: Court Appoints Levin & Vance as Liquidators
---------------------------------------------------------
On November 22, 2007, the High Court of Auckland appointed Henry
David Levin and David Stuart Vance as liquidators of Tinopai
Farm Trustees Ltd.

Creditors are required to file their proofs of debt by Dec. 27,
2007, to be included in the company's dividend distribution.

The Liquidators can be reached at:

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


WAKATIPU TRUSTEE: Court Hears Wind-Up Petition
----------------------------------------------
A petition to have Wakatipu Trustee Ltd.'s operations wound up
was heard on December 17, 2007.

Noel Bonisch Queenstown Limited filed the petition on Nov. 7,
2007.

Noel Bonisch Queenstown's solicitor is:

          S. N. McKenzie
          Preston Russell Law
          92 Spey Street
          PO Box 355, Invercargill
          New Zealand
          Telephone:(03) 211 0080
          Facsimile:(03) 211 0079


WANGANUI CORPORATE: Creditors' Proofs of Debt Due on Dec. 27
------------------------------------------------------------
Creditors of Wanganui Corporate Trustees No 2 Ltd. are required
to file their proofs of debt by December 27, 2007, to be
included in the company's dividend distribution.

Vivien Judith Madsen-Ries and David Stuart Vance are the
company's liquidators.

The Liquidators can be reached at:

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


WINSLOW PROPERTIES: Taps Sargison & Rea as Liquidators
------------------------------------------------------
Shareholders of Winslow Properties Ltd., on November 22, 2007,
appointed Paul Graham Sargison and Gerald Stanley Rea as the
company's liquidators.

Messrs. Sargison and Rea are accepting creditors' proofs of debt
until January 14, 2008.

The Liquidators can be reached at:

          Paul Graham Sargison
          Gerald Stanley Rea
          c/o Gerry Rea Partners
          PO Box 3015, Auckland
          New Zealand
          Telephone:(09) 377 3099
          Facsimile:(09) 377 3098



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

CLEAR CHANNEL: Creditors' Proofs of Debt Due on January 14
----------------------------------------------------------
Creditors of Clear Channel Airport Pte Ltd are required to file
their proofs of debt by January 14, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

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


EMC BUILDING: Court Enters Wind-Up Order
----------------------------------------
On November 30, 2007, the High Court of Singapore entered an
order to have EMC Building Products (Pte) Ltd's operations wound
up.

The company's liquidator is:

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


VIVA REALTY: Court to Hear Wind-Up Petition on January 11
---------------------------------------------------------
A petition to have Viva Realty Private Limited's operations
wound up will be heard before the High Court of Singapore on
January 11, 2008, at 10:00 a.m.

Ming Teik Company Private Limited filed the petition on Nov. 20,
2007.

Ming Teik's solicitors are:

          M/s Chan Jer Hiang & Co.
          48A Temple Street
          Singapore 058593


* BOND PRICING: For the Week 17 December to 21 December 2007
------------------------------------------------------------

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

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.80
A&R Whitcoulls Group           9.500%  12/15/10     NZD    11.50
Antares Energy Limited        10.000%  10/31/13     AUD     1.81
Arrow Energy NL               10.000%  03/31/08     AUD     2.65
Babcock & Brown Pty Ltd        8.500%  11/17/09     NZD     9.50
Becton Property Group          9.500%  06/30/10     AUD     1.13
Bounty Industries Limited     10.000%  06/30/10     AUD     0.06
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    11.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.50
China Century Capital Ltd     12.000%  09/30/10     AUD     1.00
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     5.02
FGL Finance                    6.250%  03/17/10     AUD     8.07
Fletcher Building Ltd          8.600%  03/15/08     NZD    10.20
Fletcher Building Ltd          7.800%  03/15/09     NZD    10.00  
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.75
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.38
Heemskirk Consolidated
   Limited                     8.000%  09/30/11     AUD     3.10
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    10.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    11.70
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     9.75
LongReach Group Limited       10.000%  10/31/08     AUD     0.22
Metal Storm Ltd               10.000%  09/01/09     AUD     0.12
Minerals Corp.                 9.000%  03/31/08     AUD     1.00
Minerals Corp.                10.500%  09/30/08     AUD     1.02
Nylex Limited                 10.000%  12/08/09     AUD     2.40
PPCS Limited                  11.500%  12/15/10     NZD    73.86
Salomon SB Aust                4.250%  02/01/19     USD     8.64
Speirs Group Ltd.             13.160%  06/30/49     NZD    60.00
TrustPower Ltd                 8.300%  12/15/08     NZD     9.75
TrustPower Ltd                 8.500%  09/15/12     NZD     9.75
TrustPower Ltd                 8.500%  03/15/14     NZD     9.25


CHINA
-----
China Govt. Bond               4.860%  08/10/14    CNY      0.00
CITIC Guoan Information
   Indust. Co., Ltd            1.200%  09/14/13    CNY     69.15
Rizhao Port Co., Ltd.          1.400%  11/27/13    CNY     73.50
Shenzhen Expressway Co. Ltd.   1.000%  10/09/13    CNY     74.20
Yunnan Yuntianhu Co., Ltd.     1.200%  01/29/13    CNY     74.33


JAPAN
-----
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.45
Nara Prefecture                1.520%  10/31/14     JPY     9.46
NIS Group Co., Ltd.            2.290%  03/23/09     JPY    69.97
NIS Group Co., Ltd.            2.730%  02/26/10     JPY    69.11

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    43.04
Korea Dev. Bank                7.450%  10/31/21     KRW    43.01
Korea Dev. Bank                7.400%  11/02/21     KRW    43.0
Korea Dev. Bank                7.310%  11/08/21     KRW    42.95
Korea Dev. Bank                8.450%  12/15/26     KRW    66.42


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.11
Berjaya Land Bhd               5.000%  12/30/09     MYR     5.75
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/17/08     MYR     1.40
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.05
EG Industries Berhad           5.000%  06/16/10     MYR     0.50
Equine Capital                 3.000%  08/26/08     MYR     1.66
Greatpac Holdings              2.000%  12/11/08     MYR     0.15
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.51
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.50
Insas Berhad                   8.000%  04/19/09     MYR     0.67
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.37
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.27
Kumpulan Jetson                5.000%  11/27/12     MYR     0.57
Lebuhraya Kajang               2.000%  06/12/19     MYR    71.06
Lebuhraya Kajang               2.000%  06/12/20     MYR    68.57
Lebuhraya Kajang               2.000%  06/12/21     MYR    66.15
Lebuhraya Kajang               2.000%  06/12/22     MYR    63.74
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.53
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.53
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.53
Malaysian Gov't                6.450%  11/30/08     MYR    20.00  
Malaysian Gov't                3.869%  04/13/10     MYR    10.00
Media Prima Bhd                2.000%  07/18/08     MYR     1.73
Mithril Bhd                    8.000%  04/05/09     MYR     0.24
Mithril Bhd                    3.000%  04/05/12     MYR     0.60
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.46
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.23
Pelikan International          3.000%  04/08/10     MYR     1.90
Pelikan International          3.000%  04/08/10     MYR     4.20
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.80
Ramunia Holdings               1.000%  12/20/07     MYR     1.04
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.15
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.60
Senai-Desaru Expressway        3.500%  12/09/19     MYR    74.95
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.56
Southern Steel                 5.500%  07/31/08     MYR     1.63
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.29
Tradewinds Corp.               2.000%  02/08/12     MYR     1.12
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.73
TRC Synergy Berhad             5.000%  01/20/12     MYR     2.17
Wah Seong Corp.                3.000%  05/21/12     MYR     5.20
WCT Land Bhd                   3.000%  08/02/09     MYR     3.88
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.75
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.04


SRI LANKA
---------
Sri Lanka Govt                7.000%  10/15/11     LKR     74.95
Sri Lanka Govt                6.850%  04/15/12     LKR     72.58
Sri Lanka Govt                6.850%  10/15/12     LKR     71.26
Sri Lanka Govt                8.500%  01/15/13     LKR     69.97
Sri Lanka Govt                7.500%  08/01/13     LKR     64.55
Sri Lanka Govt                7.500%  11/01/13     LKR     63.63
Sri Lanka Govt                8.500%  02/01/18     LKR     72.44
Sri Lanka Govt                8.500%  07/15/18     LKR     71.94
Sri Lanka Govt                7.500%  08/15/18     LKR     66.46
Sri Lanka Govt                7.000%  10/01/23     LKR     58.69



                         *********

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

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

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


                            *********


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

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                 *** End of Transmission ***