TCRAP_Public/071219.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

         Wednesday, December 19, 2007, Vol. 10, No. 251

                            Headlines

A U S T R A L I A

057802383 PTY: Members Opt to Shut Down Firm
ADLAM ENTERPRISES: Members Receive Wind-Up Report
AURORA GEMSTONE: To Declare Unsecured Dividend on Jan. 4
BRENTON BEEF: Commences Liquidation Proceedings
C.F. & G.M. MILDWATERS: Undergoes Liquidation Proceedings

CENTRO FINANCIAL: Court Issues Wind-Up Order
CHRYSLER LLC: To Idle 2 Plants in Michigan & Ontario in January
COMPREHENSIVE AUTOMOTIVE: Placed Under Voluntary Liquidation
FINCORP GROUP: Founder's Mansion Up for Sale
JIM'S WATER: ASIC Starts Wind-Up Proceedings Due to Insolvency

MORTON SELF STORAGE: Placed Under Voluntary Liquidation
PETS WONDERLAND: Declares Dividend to Priority Creditors
ROBCASE HOLDINGS: Liquidator Presents Wind-Up Report
SCO GROUP: Can Hire Boies Schiller as Special Litigation Counsel
SINO GOLD MINING: Acquires Remaining Golden China Shares

SINO GOLD MINING: To Acquire 72% Interest in Eastern Dragon
SINO GOLD MINING: Completes AU$170 million Placement
SUN MICROSYSTEMS: Acquires EFTPOS Services Business from PCI
SYMBION HEALTH: ACCC Won't Interfere in Primary's AU$2.65BB Bid
WESTPOINT GROUP: NSW Court Blocks Westpoint-Related Suit

WYADUP BROOK: Declares First Dividend
ZINIFEX LTD: Allegiance Says Cash Offer Is "Opportunistic"


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

ACXIOM CORP: Moody's Confirms Ba2 Corporate Family Rating
CITIC PACIFIC: Moody's Affirms Ba1 Rating on Vessels Acquisition
CITIC RESOURCES: Moody's Affirms Ba2 Ratings
ENRICO TRADING: Proofs of Debt Due on January 15
EXPANDING HONG KONG: Commences Liquidation Proceedings

GLENROY LIMITED: Filing Proofs of Debt Due on January 31
HENTON ENTERPRISES: Commences Liquidation Proceedings
HONG KONG FOUNDATION: Commences Liquidation Proceedings
HONG LONG: Chairman Buys 660,000 Shares for HK$1.6 Million
LAVALLE INVESTMENTS: Liquidators Quit Post

MAINFAT INVESTMENT: Commences Liquidation Proceedings
MELCO PBL GAMING: Moody's Affirms Ba3 Ratings
MITTOLAND LIMITED: Liquidators Quit Post
NEDLLOYD (HONG KONG): Commences Liquidation Proceedings
PANORAMA MANAGEMENT: Filing Proofs of Debt Due on January 18

PETROLEOS DE VENEZUELA: To Create Mix Corporation with Petrobras
PLUS HOLDINGS: HK Listing Committee Okays Resumption Proposal
QUALTECH LIMITED: Filing Proofs of Debt Due on January 14
RONIA INTERNATIONAL: Filing Proofs of Debt Due on January 29
SHINSHO ELECTRONICS: Liquidators Quit Post

SKINDER COMPANY: Filing Proofs of Debt Due on January 4
TALLISON (HONG KONG): Filing Proofs of Debt Due on January 14


I N D I A

AFFILIATED COMPUTER: To Install 24 Speed Cameras in Maryland
ESSAR OIL: Shareholders OK Preferential Issue of US$2 Bil. GDS
QUEBECOR WORLD: Aborts US$341MM Sale of European Assets to RSDB


I N D O N E S I A

ADARO INDONESIA: S&P Affirms 'B-' Corporate Credit Ratings
ARMSTRONG HOLDINGS: Completes Net Asset Distribution to Holders
BANK LIPPO: Shareholder Seeks Merger With Bank Niaga
GOODYEAR TIRE: Develops Non-Pneumatic Tire for Moon-Use w/ NASA
MCDERMOTT INTERNATIONAL: Unit Bags Drilling Contract from PEMEX

PT INCO: In Talks With Ministry Regarding Royalty Rates                   
PT INCO: Shareholders Approve 10-for-1 Stock Split
PERUSAHAAN: May Partner With Ashmore Energy for Power Projects


J A P A N

ALITALIA SPA: AirOne's Business Plan Eyes 3,802 Lay-offs
BOSTON SCIENTIFIC: Inks US$425MM Buyout Deal With Avista Capital
DELPHI CORP: Court Approves Modified Disclosure Statement
FORD MOTOR: Revival Plans Cues R&I to Affirm BB- Rating
INTERNATIONAL RECTIFIER: Moody's Withdraws Assigned Ratings

JAPAN AIRLINES: To Boost Int'l. Fuel Surcharge Starting Jan. 16
JAPAN AIRLINES: Expands Code Share With China Eastern Airlines
PENTA-OCEAN: Moody's Withdraws Ba2 Issuer Rating
SANYO ELECTRIC: May Face Fines Over Accounting Irregularities
SUN MICROSYSTEMS: To Create Web 2.0 Architecture for Japan Gov't


K O R E A

BURGER KING: Launches First Restaurant in Colombia
DAEWOO ELECTRONICS: Videcon Renews Bid
DURA AUTO: Wants Plan Confirmation Hearing Deferred to 2008
DURA AUTO: Defers Exit Financing Process Due to Market Riff
DURA AUTO: Subprime Lending Mess Blamed for Lack of Funding

LYONDELL CHEMICAL: Gets Requisite Consents to Amend Indenture
* South Korean Firms See Increase in Fourth-Quarter Profit


M A L A Y S I A

OCI BERHAD: AGM Extended to Date Not Later Than Jan. 31
MALAYSIA AIRLINE: Plans Flying to All Major Airports by End-2008


N E W  Z E A L A N D

AFTERWARDS SEVEN: Commences Liquidation Proceedings
BRIDGECORP: Secured Debentures to Get 19% to 63% of Investment
CER GROUP: Names Evan Davies as New Chairman
DOMMAR LTD: Appoints Whittfield & Finnigan as Liquidators
FIVE CROSS: Fixes January 11 as Last Day to File Claims

G & H BUILDING: Court to Hear Wind-Up Petition on March 13
IDEAL CLEANING: Fixes December 28 as Last Day to File Claims
M.R.HOMES: Creditors' Proofs of Debt Due on January 25
MAINLAND RURAL: Creditors' Proofs of Debt Due on December 31
MIDWAY CORPORATION: Court Taps Shephard & Dunphy as Liquidators

STANTIALL ENTERPRISES:  Taps Simpson and Ruscoe as Liquidators
STORYVILLE COMPANY: Shareholders Resolve to Liquidate Business


P H I L I P P I N E S

EIB REALTY: To Hold Special Stockholders' Meeting on January 28
MANILA ELECTRIC: Board Affirms Appointment of 3 Vice Presidents
NAT’L POWER: PSALM May Postpone Sale of Palinpinon Power Plant
PHILCOMSAT HOLDINGS: Court Tells Parent to Surrender Dividends
PHIL. LONG DISTANCE: Joins 13 Firms in Disaster Recovery Pact

RIZAL COMMERCIAL: Board OKs Promotion of 5 Corporate Officers
SAN MIGUEL: Properties Unit Sells 24.9% Ownership in KSA Realty
SAN MIGUEL: May Engage in Coal Mining Investments Abroad
SAN MIGUEL: Energy Unit May Join in PNOC-EC’s Privatization
VULCAN INDUSTRIAL: Board Elects New Set of Corporate Officers


S I N G A P O R E

AAR CORP: Howard A. Pulsifer to Retire as General Counsel
SEMITECH ELECTRONICS: Notes Shareholders' Change of Interests


T H A I L A N D

ADVANCE AGRO: S&P Affirms 'B-' Corporate Credit Rating
TRUE MOVE: Response to TOT’s Access Charge Suit Due January 7

* Moody's: Strong Asia Utilities in '08 Despite Moderate Risk
* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -



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

057802383 PTY: Members Opt to Shut Down Firm
--------------------------------------------
On October 26, 2007, the members of 057802383 Pty Ltd had a
meeting and agreed to voluntarily wind up the company's
operations.

G A Lopez and E R Verge were appointed as liquidators.

057802383 Pty Ltd provides accounting, auditing and bookkeeping
services.  The company is located at Gosnells, in Western
Australia, Australia.


ADLAM ENTERPRISES: Members Receive Wind-Up Report
-------------------------------------------------
The members of Adlam Enterprises Pty Limited met on Dec. 18,
2007, and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

C.E. Walker
c/o Paragon Consultants, Chartered Accountants
First Floor, 160 Stirling Highway
Nedlands, Western Australia
Australia

                     About Adlam Enterprises

Adlam Enterprises Pty Ltd is a distributor of durable goods.  
The company is located at Belmont, in Western Australia,
Australia.


AURORA GEMSTONE: To Declare Unsecured Dividend on Jan. 4
--------------------------------------------------------
Aurora Gemstone Mines Pty Ltd, which is in liquidation, will
declare its first dividend for its unsecured creditors on
January 4, 2008.

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

The company's liquidator is:

          Glenn Michael Shannon
          SV House
          138 Mary Street
          Brisbane, Queensland
          Australia

                        About Aurora Gemstone

Aurora Gemstone Mines Pty Ltd is a distributor of miscellaneous
non-metallic minerals, except fuels.  The company is located at
Lightning Ridge, in New South Wales, Australia.


BRENTON BEEF: Commences Liquidation Proceedings
-----------------------------------------------
The members and creditors of Brenton Beef Processing Pty Ltd met
on November 2, 2007, and agreed to voluntarily wind up the
company's operations.

The company's liquidators are:

          John Lethbridge Greig
          Nicholas Harwood
          Deloitte Touche Tohmatsu
          123 Eagle Street
          Brisbane, Queensland 4001
          Australia

                        About Brenton Beef

Brenton Beef Processing Pty Ltd operates meat packing plants.  
The company is located at Hemmant, in Queensland, Australia.


C.F. & G.M. MILDWATERS: Undergoes Liquidation Proceedings
---------------------------------------------------------
The members of C.F. & G.M. Mildwaters Pty Ltd met on Oct. 29,
2007, and decided to voluntarily liquidate the company's
business.

The company also declared its first dividend on Dec. 12, 2007.

Only creditors who were able to file their proofs of debt by  
November 28, 2007, were included in the company's dividend
distribution.

The company's liquidators are:

          Shaun Boyle
          Benjamin Piggott
          summerscorporate
          Next Building, Level 5
          16 Milligan Street
          Perth, Western Australia
          Australia

                     About C.F. & G.M. Mildwaters

Located at Waggrakine, in Western Australia, Australia, C.F. &
G.M. Mildwaters Pty Ltd is an investor relation company.


CENTRO FINANCIAL: Court Issues Wind-Up Order
--------------------------------------------
The Australian Securities & Investments Commission has obtained
orders from the Federal Court in Perth winding up Centro
Financial Synergy Group Pty. Ltd.

Centro, a Subiaco-based financial services company, was one of
several financial services licensees that recommended Westpoint
investment products to its clients.  The company was previously
the holder of an Australian Financial Services license (AFSL)
which it has since surrendered.

ASIC commenced proceedings against Centro on January 18, 2007,
following the company’s failure to comply with ASIC’s requests
for information and lodge audited financial accounts pursuant to
its AFSL obligations.  ASIC also alleged that Centro had ceased
to operate its business.

Centro’s sole director was Annemieke De Boer of Shenton Park,
Western Australia, who was charged on April 11, 2007, by the
West Australian Police Major Fraud Squad for stealing.  These
charges followed a joint investigation conducted by ASIC and the
West Australian Police.  The matter is currently before the West
Australian courts.

On September 20, 2007, ASIC permanently banned Ms. De Boer from
providing financial services.

Centro Financial Synergy Group Pty. Ltd. is not related to the
listed entity, Centro Properties Group.


CHRYSLER LLC: To Idle 2 Plants in Michigan & Ontario in January
---------------------------------------------------------------
Chrysler LLC said it intends to close two more plants in
Detroit, Michigan and Windsor, Ontario, for two weeks beginning
Jan. 14, 2007, to avoid an oversupply of Jeep Commanders, Grand
Cherokees and Dodge & Chrysler minivans, the Associated Press
reports citing an unnamed source.

As reported in the Troubled Company Reporter on Dec. 7, 2007,
Chrysler planned to temporarily cease car production in its
plants in Warren, Michigan and Fenton, Missouri, before
Christmas, postponing its opening until the whole month of
January.  The move is due to due to the company's expected $1
billion loss, slow pickup sales and prevention of an oversupply.  
The company will also shutter a truck plant in Mexico for two
weeks in January.

As previously reported, Chrysler dealers delivered 161,088 new
vehicles to U.S. customers in November 2007, down 2% compared
with a year ago.

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

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007.  The
outlook is negative.


COMPREHENSIVE AUTOMOTIVE: Placed Under Voluntary Liquidation
------------------------------------------------------------
The members of Comprehensive Automotive Repairs & Servicing Pty
Ltd met on November 2, 2007, and resolved to voluntarily wind up
the company's operations.

Nick Combis and Peter Dinoris were appointed as liquidators.

The Liquidators can be reached at:

          Nick Combis
          Peter Dinoris
          Vincents Chartered Accountants
          239 George Street, Level 27
          Brisbane, Queensland
          Australia

                    About Comprehensive Automotive

Comprehensive Automotive Repairs & Servicing Pty Ltd operates
general automotive repair shops.  The company is located at  
Stafford, in Queensland, Australia.


FINCORP GROUP: Founder's Mansion Up for Sale
--------------------------------------------
The mansion of Fincorp Group Holdings Pty. Ltd.'s founder is up
for sale with a AU$6-million price tag, but Eric Krecichwost
won't score the funds, Peter Gosnell writes for The Daily
Telegraph.

According to Mr. Gosnell, the property, spread across a lush 3.2
hectares in Sydney's southwestern suburb of Cobbity, is in the
name of his wife, Tiffany Krecichwost.  

This means that even though the Australian Securities &
Investments Commission has court-imposed freezing orders tying
up Mr. Krecichwost's assets for the duration of their
investigation into Fincorp's collapse, they have not got her
goodies bound up, relates The Daily Telegraph.

On December 14, 2007, the Troubled Company Reporter-Asia Pacific
reported that Fincorp's former chief executive Craig Stubbs
admitted that it operated a high-rise business model, even
though the company promoted itself as a secure, low-risk
investment, guaranteeing top-end rates of return.

Fincorp's liquidators have returned about AU$110 million to
secured creditors and secured noteholders, however, almost 2,000
unsecured investors will get nothing, recounts The Daily
Telegraph.

The report states that Mr. Krecichwost will face an examination
by the liquidators and a possible questioning by ASIC.

                         About Fincorp

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

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

                          *     *     *

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

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

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


JIM'S WATER: ASIC Starts Wind-Up Proceedings Due to Insolvency
--------------------------------------------------------------
The Australian Securities & Investments Commission is seeking
orders from the Supreme Court of Queensland to wind up Jim’s
Water Tanks Pty. Ltd. (JWT) because of concerns about
insolvency.

The ASIC’s application to appoint a liquidator will be heard on
January 29, 2008.

If the Court decides to grant orders to wind up the company,
customers of JWT will be treated as unsecured creditors for the
purposes of liquidation.

ASIC first obtained ex parte injunctions against JWT Director
Alan Jorgensen and his wife, on August 13, 2007, upon the
commencement of a broader investigation into the solvency of JWT
and the conduct of Mr. Jorgensen as a director of JWT.

The investigation followed a referral from the Queensland Office
of Fair Trading, concerning claims that JWT had failed to
deliver water tanks to its customers.  ASIC conducted an
investigation, which gave ASIC reason to believe the company may
be insolvent.  ASIC notes that around 5,500 customers have made
payments to JWT of between AU$1.7 and AU$2.5 million.

Some of the orders obtained by ASIC related to the freezing of
some of the funds that ASIC had identified as belonging to JWT.

The asset-freezing orders were sought, in part, to preserve
current assets for the benefit of customers and creditors of JWT
in the event the company was found to be insolvent.  Total funds
frozen by ASIC are approximately AU$70,000.  A further
AU$200,000 is being held by Mr. Jorgensen’s former trustee in
bankruptcy.

Since early September 2007, ASIC has been awaiting evidence from
Mr. Jorgensen and JWT that JWT is not in fact insolvent and that
the water tanks (in sufficient numbers to satisfy JWT’s unfilled
orders) were being or had been constructed and that JWT was in a
position to deliver the water tanks to customers without
breaching its obligations to pay its debts as and when they fell
due.

This evidence has not been provided, giving ASIC reason to
believe that the company is insolvent and should be wound up on
just and equitable grounds.  Justice Daubney of the Queensland
Supreme Court ordered, on December 13, 2007, that JWT and Mr.
Jorgensen are to file and serve evidence by 4:00 p.m. on Jan. 2,
2008.


MORTON SELF STORAGE: Placed Under Voluntary Liquidation
-------------------------------------------------------
During a general meeting held on October 31, 2007, the members
of Morton Self Storage Pty Ltd resolved to voluntarily wind up
the company's operations.

Richard Hudson was appointed as liquidator.

The Liquidator can be reached at:

          Richard Hudson
          Members Voluntarys Pty Ltd
          P.O. Box 819
          Moorabbin, Victoria 3189
          Australia

                      About Morton Self Storage

Morton Self Storage Pty Ltd provides miscellaneous personal
services.  The company is located at Sunbury, in Victoria,
Australia.


PETS WONDERLAND: Declares Dividend to Priority Creditors
--------------------------------------------------------
Pets Wonderland Aust. Pty Ltd declared its first and final
dividend for its priority creditors on December 10, 2007.

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

The company's deed administrator is:

          Stephen R. Dixon
          BDO Kendalls Chartered Accountants
          525 Collins Street, Level 30
          Melbourne, Victoria 3000
          Australia

                        About Pets Wonderland

Pets Wonderland Aust Pty Ltd operates miscellaneous retail
stores.  The company is located at Prahran, in Victoria,
Australia.


ROBCASE HOLDINGS: Liquidator Presents Wind-Up Report
----------------------------------------------------
The members of Robcase Holdings Pty Ltd met on December 4, 2007,
and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Kim Holbrook
          Holbrook & Associates
          Chartered Accountants
          Pier Street, Level 2
          (GPO Box M925)
          Perth, Western Australia
          Australia

                       About Robcase Holdings

About Robcase Holdings Pty Ltd operates general automotive
repair shops.  The company is located at Bellevue, in Western
Australia, Australia.


SCO GROUP: Can Hire Boies Schiller as Special Litigation Counsel
----------------------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. obtained authority
from the United States Bankruptcy Court for the District of
Delaware to employ Boies, Schiller & flexner LLP as special
litigation counsel.

As reported in the Troubled Company Reporter on Nov. 1, 2007,
Boies Schiller will assist the Debtors in connection with the
continuation of the SCO Litigation.  The SCO Litigation consists
of these pending matters:

   -- SCO Group v. International Businesses Machines Corp.
      pending in the U.S. District Court for the District of
      Utah;

   -- SCO Group v. Novell Inc. pending in the U.S. District
      Court for the District of Utah;

   -- Red Hat Inc. v. SCO Group pending in the U.S. District
      Court for the District of Delaware;

   -- SCO Group v. Autozone Inc. pending in the U.S. District
      Court for the District of Nevada;

   -- SCO Group v. DaimlerChrysler Corporation pending in the
      State of Michigan, Circuit Court for the County of
      Oakland;

   -- Gray Litigation: Wayne R. Gray v. Novell, SCO Group and
      X/Open Company Ltd. pending in the U.S. District Court for
      the Middle District of Florida; and

   -- SuSE Linux GmbH v. SCO Group pending before the
      International Court of Arbitration.

Specifically, the firm is expected to:

   a. give advice to the Debtors with respect to the SCO
      Litigation;

   b. prepare motions, pleadings, orders, applications,
      adversary proceedings, and other legal documents necessary
      in the  prosecution, defense or appeal of administration
      of the SCO Litigation;

   c. represent the Debtors at all trials, hearings or
      arbitration proceedings with respect to the SCO
      Litigation; and

   d. protect the interests of the Debtors with respect to the
      SCO Litigation.

Subject to the Court's approval, the Debtors will pay the firm
at its standard hourly rate with respect to the Gray Litigation
and 50% of its standard hourly rates with respect to the SuSE
Arbitration and continue the terms of their pre-bankruptcy
engagement on other SCO Litigation.

The Debtors believe that the employment of the firm is necessary
and in the best interest of the Debtors' estates.  To the best
of the Debtors' knowledge, Boies Schiller does not represent or
hold any interest adverse to the Debtors or their estates.

The firm can be reached at:

             Stuart H. Singer, Esq.
             Boies, Schiller & flexner LLP
             333 Main St.
             Armonk, NY 10504-1812
             Tel: (914) 749-8200
             Fax: (914) 749-8300
             http://www.bsfllp.com/

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--  
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, the United Kingdom, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Epiq Bankruptcy Solutions, LLC, acts as the
Debtors' claims and noticing agent.  The United States Trustee
failed to form an Official Committee of Unsecured Creditors in
these cases due to insufficient response from creditors.  The
Debtors' exclusive period to file a chapter 11 plan expires on
March 12, 2008.  The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.


SINO GOLD MINING: Acquires Remaining Golden China Shares
--------------------------------------------------------
Sino Gold Mining Limited said that, following the mailing of the
Notice of Compulsory Acquisition and ancillary  documents to the
shareholders of Golden China Resources Corporation that did not  
tender their Golden China shares to Sino Gold's offer for all of
the outstanding Golden China shares, Sino Gold has compulsorily
acquired all of the Golden China shares held by the Non-
Tendering Shareholders.

Golden China shares are expected to be de-listed from the
Toronto Stock Exchange shortly.

Sino Gold confirms that it has control over 13,168,913 common
shares of Australian Solomons Gold Limited which are held by
Golden China.

                       About Golden China

Golden China Resources Corporation is a significant participant
and consolidator in the Chinese precious metal industry and one
of the largest producers of gold in China.  The company is using
its extensive knowledge of the Chinese marketplace and best
practices based on established international standards in
building a diversified gold business focused on exploration and
development, operations, and corporate development in the
Chinese precious metal industry.  Golden China's shares are
listed on the main boards of both the Toronto Stock Exchange and
the Australian Securities Exchange under the symbol GCX.

On August 13, 2007, Golden China announced an Agreement to be
acquired by Sino Gold Mining Ltd. whereby Golden China
shareholders would receive one Sino Gold share for every 4.5
Golden China common shares they hold. A definitive support
agreement was signed on September 7, 2007 and on September 18,
2007, Sino Gold purchased from treasury 5,882,352 million shares
of Golden China representing 9.5% of the issued and outstanding
shares of the Corporation.

                       About Sino Gold

Headquartered in Sydney, Australia, Sino Gold Mining Limited --
http://www.sinogold.com.au/-- is engaged in mining and  
processing of gold ore and the sale of recovered gold, as well
as exploration and development of mining properties.

Sino Gold incurred net losses of AU$21.14 million,  
AU$26.21 million and AU$20.05 million for the years ended
Dec. 31, 2004, through 2006.


SINO GOLD MINING: To Acquire 72% Interest in Eastern Dragon
-----------------------------------------------------------
Sino Gold has entered into an agreement to acquire an effective
72% interest in the Eastern Dragon gold-silver deposit in
northern China.

Commenting on this acquisition, Sino Gold Chief Executive
Officer Jake Klein said: "Eastern Dragon Lode 5 is an
outstanding near-surface gold-silver deposit with the
potential to be a low-cost mine.  The district has demonstrable
potential for additional epithermal gold deposits and this
acquisition complements our adjacent Sanjianfang Joint Venture.

"We are pleased to have acquired a majority interest in this
high-grade deposit which we have pursued for several years. This
acquisition provides Sino Gold a clear path to more than 500,000
ounces of low-cost production from four quality operations.

"We believe this acquisition will add significant shareholder
value and reinforces our first mover position in a country that
is likely to become the world’s largest gold producer this
year."

Main Points:

   -- Agreements signed to acquire an effective 72% interest in
      Eastern Dragon Lode 5 in Heilongjiang Province, China at a
      cost of US$90 million, subject to various conditions
      precedent.   

   -- Acquisition of 72% interest, achieved through the
      acquisition of 90% of Rockmining (a private Hong Kong
      company), is part of a strategic partnership with the
      vendor in relation to gold opportunities in Heilongjiang
      province.   

   -- Eastern Dragon Lode 5 is a high-grade, low-sulphidation
      epithermal gold-silver deposit which has been tested by
      extensive trenching, diamond drilling and underground
      development.   

   -- The local Chinese joint venture partner has identified a
      resource to Chinese standards, as approved by the national
      Ministry of Land and Resources in 2003.   

   -- Further verification work is required prior to reporting
      an Identified Mineral Resource for Lode 5 in accordance
      with internationally accepted standards, principally
      Australasia’s JORC Code.  The exploration and development
      target is to confirm 600,000 to 800,000 ounces of
      contained gold, with potential average grades of between
      7g/t to 8g/t gold, 70g/t to 75g/t silver and a potential
      tonnage range of 2.3 to 2.9 million tonnes.   

   -- Potential to produce gold at a cash cost of       ounce (after silver credits).   

                       About Sino Gold

Headquartered in Sydney, Australia, Sino Gold Mining Limited --
http://www.sinogold.com.au/-- is engaged in mining and  
processing of gold ore and the sale of recovered gold, as well
as exploration and development of mining properties.

Sino Gold incurred net losses of AU$21.14 million,  
AU$26.21 million and AU$20.05 million for the years ended
Dec. 31, 2004, through 2006.


SINO GOLD MINING: Completes AU$170 million Placement
----------------------------------------------------
Sino Gold Mining Limited has completed the bookbuild of a AU$170
million placement through the issue of 26.46 million shares to
institutional investors.

The Placement was conducted through a bookbuild process joint
lead managed by Macquarie Equity Capital Markets and Merrill
Lynch with a final price of AU$A6.45 per share.  The 26.46
million shares issued pursuant to the Placement represents 13.2%
of the existing issued share capital of the Company.  The number
of the Placees will not be less than six. The issue price, net
of the estimated expenses of the Placement, will be
approximately A$6.32 per share.  The shares will be issued to
clients of the joint lead managers or Placees.  To the best of
the knowledge and belief of the directors of the Company, and
after making all reasonable enquiry, each of the Placees and
their ultimate beneficial owner(s) are third party independent
of the Company and its connected persons save for Gold Fields
Australasia BVI Ltd, being a substantial shareholder of the
Company with approximately 16.5% interest in the Company
immediately before and after completion of the Placement.  The
final price represents a 5.4% discount to the volume weighted
average price of Sino Gold’s shares in the five trading days
immediately prior to the Placement.  The final price represented
a 4.4% discount to the closing price of Sino Gold shares of
AU$6.75 on the day immediately prior to the announcement of the
Placement.

Commenting on the Placement, Jake Klein, President and CEO of
Sino Gold, said: "The support by new and existing shareholders
for the Placement is a strong endorsement of the Company's
strategy.  The successful execution of the Placement provides
the financial resources to progress Eastern Dragon and Beyinhar
towards becoming Sino Gold's third and fourth gold mines after
White Mountain and Jinfeng."

The Placement will be settled in two tranches:

   -- Unconditional Tranche: 9.79 million shares, equal to Sino
      Gold’s available placement capacity from its 15% general
      mandate to be settled on 20 December 2007; and

   -- Conditional Tranche: 16.67 million shares, which will be
      settled subject to approval at an Extraordinary General
      Meeting of Sino Gold shareholders, expected to be held on
      January 24, 2008.

In addition, the Placement is subject to, among other things,
the granting of the listing approval of, and permission to deal
in, the shares to be issued pursuant to the Placement.

Completion of the unconditional and conditional tranches of the
Placement will take place on or before December 20, 2007, and
January 31, 2008, respectively.

The Company will apply to the Listing Committee of the Stock
Exchange for the listing of, and permission to deal in, the
shares to be issued pursuant to the Placement.

                   Proposed Use of Proceeds

   Item                                              Amount
   ----                                              ------
   Eastern Dragon acquisition & associated costs  $105,000,000
   Eastern Dragon exploration & working capital     $5,000,000
   Construction, pre development, feasibility and
      exploration of   various assets including
      Beyinhar, Nibao, Biogold and White Mountain
      along with general working capital           $40,000,000
   General working capital and exploration and
      development of other existing assets         $20,000,000
                                                  ------------
   Total:                                         $170,000,000


                       About Sino Gold

Headquartered in Sydney, Australia, Sino Gold Mining Limited --
http://www.sinogold.com.au/-- is engaged in mining and  
processing of gold ore and the sale of recovered gold, as well
as exploration and development of mining properties.

Sino Gold incurred net losses of AU$21.14 million,  
AU$26.21 million and AU$20.05 million for the years ended
Dec. 31, 2004, through 2006.


SUN MICROSYSTEMS: Acquires EFTPOS Services Business from PCI
------------------------------------------------------------
VeriFone Holdings Inc. has acquired the EFTPOS services business
of Peripheral Computer Industries to enhance its ability to
provide acquirer banks and other organizations with one-stop
electronic payments products and services.

Local acquirers are increasingly reliant on partners to add
value to their product offerings through expanded solutions and
managed service offerings while at the same time reducing their
cost of ownership.  With an expanded services organization,
VeriFone Australia now has the ability to provide one-stop
shopping with a complete array of APCA-certified products,
software solutions and an integrated services capability.

APCA - Australian Payments Clearing Association - has defined
standards for design, security and functionality in line with
global standards.  VeriFone has developed a broad portfolio of
powerful system solutions and peripherals that have received
APCA certification.

"PCI has built up one of the largest EFTPOS service companies in
Australia, with a superior service infrastructure, strong
customer relationship management skills and a large help desk
organization," said William C. Nichols, senior vice president,
VeriFone Asia Pacific.  "With the continuing growth in
electronic payments and the industry's need to comply with
global security standards such as PCI, EMV and local APCA
mandates, these resources will further enhance VeriFone's
ability to provide a full complement of integrated point-of-sale
payment solutions and services.

"With this acquisition VeriFone will provide a variety of value
added services to our customers not only in Australia and New
Zealand but across the South East Asia market," Mr. Nichols
said.  "Our Melbourne-based Helpdesk is capable of providing
7x24 coverage. VeriFone is the only company to offer key
injection, repairs, installation and maintenance and software
development in both Sydney and Melbourne to service local
customers."

The PCI acquisition will also provide a launch pad for
VeriFone's expanded product portfolio of unattended, petro and
retail solutions, which have seen considerable success around
the globe.

Australia is one of the largest EFTPOS markets in Asia, with an
installed base of over 500,000 payment systems.  VeriFone
markets and supports secure technology that enables electronic
payment transactions and value-added services at the point of
sale throughout Asia and the Pacific Rim region.  The company
delivers advanced payment solutions based on leading-edge IP
technologies such as Ethernet, Wi-Fi, CDMA and GPRS.

                About VeriFone Holdings Inc.

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

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

                       *     *     *

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


SYMBION HEALTH: ACCC Won't Interfere in Primary's AU$2.65BB Bid
---------------------------------------------------------------
The Australian Competition and Consumer Commission said it would
not intervene in Primary Health Care Ltd.'s AU$2.65 billion bid
for rival Symbion Health Ltd., Sonali Paul and Jonathan Standing
report for Reuters.

The regulator, according to Helen Schuller of Egoli News, has
already conducted an informal review of the bid and has
considered the information provided during its market inquiries
and other relevant information.

Egoli quotes the regulator as saying, "based on that
information, the ACCC does not propose to intervene in the
matter pursuant to section 50 of the Trade Practices Act 1974."

According to analysts interviewed by Reuters, the most likely
outcome to the takeover battle would be for Primary to raise its
offer by including shares, or for Primary and Healthscope to
carve up Symbion.

The Troubled Company Reporter-Asia Pacific yesterday reported
that Symbion blocked both rivals from talking to each other
before January 26, a move that Healthscope doesn't like.  

The Symbion board has repeatedly rejected Primary's offer saying
it is too low.

                     About Symbion Health

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

                       *     *     *

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


WESTPOINT GROUP: NSW Court Blocks Westpoint-Related Suit
--------------------------------------------------------
The New South Wales Supreme Court ruled that a lawsuit filed by
51 people who lost money in the collapse of Westpoint could not
proceed with a class action for damages, the Sydney Morning
Herald reports.

Chief Justice Peter Young said there was insufficient common
interest among all 51 plaintiffs for the case to be tried as a
class action; lead plaintiff, Bruce Jameson, may sue a Westpoint
company, Professional Investment Services, as an individual.

Slater & Gordon filed the suit in September 2006 on behalf of
all 51 members of the group who advanced loans to Ann Street
Mezzanine and received promissory notes in return. They allege
that Professional Investment Services told them the notes were
guaranteed by Westpoint.

The suit is funded by listed litigation funder IMF (Australia)
Ltd.

The judge also ruled that the court could not hear a class
action that limited the plaintiffs to clients of these two
firms.

                      About Westpoint

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property  
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  ASIC's investigation led to ASIC initiating
action in late 2005 in the Federal Court of Australia against a
number of mezzanine companies in the Westpoint Group, including
winding up proceedings.  ASIC contends that Westpoint projects
are suffering from significant shortfall of assets over
liabilities so that hundreds of investors are at serious risk of
not receiving repayment of their investments.  ASIC also sought
wind-up orders after the Westpoint companies failed to comply
with its requirement to lodge accounts for certain financial
years.  These wind-up actions are still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.   
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


WYADUP BROOK: Declares First Dividend
-------------------------------------
Wyadup Brook Pty Ltd declared its first dividend on Nov. 20,
2007.

Creditors who were not able to file their proofs of debt by that
day were excluded from the company's dividend distribution.

The company's liquidator is:

          M.H. Lyford
          Lyfords Ogilvie House
          12 Kintail Road
          Applecross, Western Australia 6153
          Australia


ZINIFEX LTD: Allegiance Says Cash Offer Is "Opportunistic"
----------------------------------------------------------
The Board of Allegiance Mining NL is advising shareholders to
take no action regarding Zinifex Limited's all-cash takeover
offer.

Zinifex Limited announced on Monday an off-market all cash
takeover offer for all of the issued ordinary shares of
Allegiance Mining NL by its subsidiary Zinifex Australia
Limited.

Under Zinifex's two-tiered offer structure, Allegiance
shareholders will be offered $0.90 cash per share -- totaling
AU$775 million.  This will be increased to $1.00 cash per share
for all Allegiance shareholders who accept Zinifex’s Offer, if
Zinifex obtains a relevant interest of more than 30% of
Allegiance shares, or if the Allegiance Board of Directors
recommends the Offer.  

Allegiance Chairman Tony Howland-Rose said Zinifex’s takeover
offer is unsolicited.  "The Allegiance Directors believe the
offer is opportunistic and designed to take advantage of the
company following the recent successful drawdown of the
project finance facilities and with production scheduled to
commence at the company’s Avebury Nickel project which is
expected in the first quarter 2008."

"The Board is unanimous in its view that Allegiance shareholders
should take no action or make any decision in relation to their
shareholding until the Board has had an opportunity to consider
the Bidder's Statement and has issued its formal recommendation
regarding the offer."

Allegiance has appointed Merrill Lynch International (Australia)
Limited and ANZ Corporate Finance as financial advisers and
Minter Ellison and Schetzer Brott & Appel as its legal advisers
to assist the Directors to evaluate and respond to the
unsolicited takeover offer from Zinifex.

According to Zinifex, its Offer clearly represents an attractive
premium for Allegiance shareholders:

   Cash Offer Price                $0.90     $1.00
   Premium to Closing Price          27%       41%
   Premium to 1 Month VWAP           29%       44%

   Note: Closing price of $0.71 as at 14 December 2007,
         1 Month VWAP of $0.695
         VWAP = volume weighted average price

Zinifex newly-elected Chief Executive Officer Andrew Michelmore
said that Allegiance's Avebury project is "an excellent entry
point for Zinifex with nickel production due to commence in
early 2008," contributing to Zinifex's strategy to "vigorously
grow" in the company's chosen base metals of copper, nickel and
zinc.

Mr. Michelmore added, "We like investing in high margin, long
life, expandable mines, and Avebury delivers all of these
attributes.  Avebury promises to be an exciting new nickel
region that, with appropriate investment, we expect will support
rapid production expansion and mine life extension."

Allegiance is the owner of the 8,500 tonnes per annum Avebury
nickel project on the Tasmanian west coast, which is due to be
commissioned in the first quarter of 2008.

According to Bloomberg News, buying Allegiance will give Zinifex
the Avebury nickel mine, which will supply China's Jinchuan
Group Co. with AU$3 billion of nickel, used to make stainless
steel.

In a media briefing, Bloomberg notes, Mr. Michelmore revealed
that Zinifex has a team studying a portfolio of potential
acquistion targets and will continue to study large takeover,
including an expansion into copper.  Bloomberg quotes Mr.
Michelmore as saying, "We continue to look at those and like
Allegiance we will do our numbers and we will work out when is
appropriate and what are the appropriate ones."

                     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.                          

                      *     *     *

The Troubled Company Reporter-Asia Pacific reported yesterday
that Fitch Ratings 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.


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

ACXIOM CORP: Moody's Confirms Ba2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service confirmed Acxiom's Ba2 corporate
family rating and assigned a negative rating outlook, concluding
a review for possible downgrade initiated on May 17, 2007
following the company's announcement that it had entered into a
definitive agreement to be acquired by Silver Lake and ValueAct
Capital for US$3 billion.  

On Oct. 1, 2007, Acxiom reached a settlement agreement with
Silver Lake and ValueAct Capital to terminate the previously
announced acquisition pursuant to which Acxiom received US$65
million in cash.

The negative outlook reflects the challenges the company will
have to regain organic revenue growth and profitability and the
potential impact from the downturn in the financial services
market, which accounts for approximately 25% of their business.

The Ba2 corporate family rating confirmation reflects the
company's leadership position in the database marketing services
space, solid free cash flow and liquidity position and moderate
financial leverage.  The rating is constrained by its relatively
high client (top 30 clients represented about 50% of fiscal 2007
revenues) and business line concentration, modest size, and
market challenges including consumer privacy and potential
regulatory concerns.

The ratings could be downgraded if the company were to increase
its share repurchase or acquisition activity such that there is
a leveraging event that results in free cash flow to debt of
less than 5%, or if operating margins decline significantly from
historical results.  Given the negative outlook, a rating
upgrade is unlikely at the present time.  The rating outlook
could be stabilized were the company to demonstrate free cash
flow to debt (adjusted for capitalized leases) exceeding 15% on
a sustained basis.

Ratings confirmed:

   -- Corporate Family Rating - Ba2

   -- Probability of Default Rating - Ba3

   -- US$544 million Senior Secured Term Loan due September 2012
      - Ba2, LGD 3, 30%

   -- US$200 million Senior Secured Revolving Credit Facility
      expiring September 2011 - Ba2, LGD 3, 30%

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.  Founded in 1969, Acxiom has locations
throughout the United States, Argentina, Australia, China,
Mexico, Portugal, Poland, among others.  The company has about
US$1.4 billion in revenues and US$343 million of EBITDA for the
twelve months ended September 2007.




CITIC PACIFIC: Moody's Affirms Ba1 Rating on Vessels Acquisition
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating of CITIC Pacific Ltd and the Ba1 senior unsecured rating
for CITIC Pacific Finance (2001) Ltd's US$450m bond.  The rating
outlook remains stable.

The rating action follows CITIC Pacific's announcement of its
plan to acquire 17 vessels at a total consideration of around
HK$6.9 billion, or about 8% of consolidated assets as of June
2007.

Of this total, the company itself has ordered 12 to secure
suitable transportation of iron ore from its mine in Australia
to its steel manufacturing facilities in China.  Its joint-
controlled entity, Jiangyin Ligang Electric Power Generation
Company Limited, has separately ordered the remaining 5 to move
coal to its power plant.

"In view of its other investments, this acquisition will
inevitably weaken CITIC Pacific's credit profile moderately,"
says Elizabeth Allen, a Moody's VP/Senior Analyst.

"Nonetheless, about 40% of the total consideration will be paid
in future years with the bulk over 2010-2012, when some of its
property developments will start to generate more meaningful
cash flow to the group and when the iron ore project is
scheduled to commence operations," says Ms. Allen.

"As a result, the company's near-term financials are expected to
stay appropriate for its current rating," says Ms. Allen.

The rating drivers for CITIC Pacific depend on the success of
its key investments in property development and iron ore, and
whether the groups' key businesses can deliver returns in line
with expectations over the next few years.  And the company is
also expected to maintain its financial prudence to manage its
high capex spending in the next few years.

A rating upgrade in the near term is unlikely in light of the
company's current investment plan.  In the medium term, an
upgrade could be considered if:

   i) there is a stabilization in and successful execution of
      its business strategy; and

  ii) it demonstrates its ability to continue generating stable
      recurring income, in particular in the property
      development and specialty steel sectors.

On the other hand, downward rating pressure could evolve if:

   i) the company's increasing investments in property
      development and specialty steel segments do not generate
      satisfactory returns, and cannot be adequately compensated
      for by contributions from other businesses; or

  ii) there emerges a further aggressive capital investment
      plan.

Financial indicators Moody's will look for in either situation
are adjusted FFO coverage below 2.5-3x and/or adjusted FFO/debt
below 10% on a consistent basis.

Based in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of       
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

On June 28, 2006, The Troubled Company Reporter-Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.


CITIC RESOURCES: Moody's Affirms Ba2 Ratings
--------------------------------------------
Moody's Investors Service affirmed last week the Ba2 corporate
family rating on CITIC Resources Holdings Ltd (CITIC Resources),
and the Ba2 rating of the US$1 billion seven-year unsecured
senior notes issued by CITIC Resources Finance (2007) Ltd and
guaranteed by CITIC Resources.  At the same time, Moody's
removed both ratings from their provisional status.  The ratings
outlook is stable.

The affirmation follows CITIC Resources' completion of acquiring
from CITIC Group 50% equity interests in CITIC Canada Energy Ltd
(CCEL) which owns indirectly 100% voting rights of JSC
Karazhanbasmunai (KBM).  KBM has the right to develop and
produce oil from the Karazhanbas oilfield in Kazakhstan until
Jun 2020.

CITIC Resources' joint venture partner, JSC KazMunaiGas
Exploration Production (KMG EP), has also completed its
acquisition of the remaining 50% equity interests in CCEL from
CITIC Group.  KMG EP is 61%-owned by JSC National Company
KazMunaiGas, the state-owned oil company of Kazakhstan.

                      About CITIC Resources

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

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


ENRICO TRADING: Proofs of Debt Due on January 15
------------------------------------------------
The creditors of Enrico Trading Company Limited are required to
file proofs of debt by January 15, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 14,
2007.

The company's liquidator is:
          
          Wong leung Tim
          21st Floor, Fee tat Commercial Building
          No 613 Nathan Road
          Kowloon, Hong Kong


EXPANDING HONG KONG: Commences Liquidation Proceedings
------------------------------------------------------
Expanding Hong Kong Limited commenced liquidation proceedings on
December 8, 2007.

The company's liquidator is:

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


GLENROY LIMITED: Filing Proofs of Debt Due on January 31
-------------------------------------------------------
The creditors of Glenroy Limited are required to file proofs of
debt by January 31, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on December 7,
2007.

The company's liquidator are:
          
          Robert Michael James Atkinson
          Chim Foong Heng
          35th Floor, Two Pacific Place
          88 Queensway, Hong Kong


HENTON ENTERPRISES: Commences Liquidation Proceedings
-----------------------------------------------------
Henton Enterprises Limited commenced liquidation proceedings on
December 3, 2007.

The company's liquidator is:

         Ho Man Kit
         Kong Sze Man, Simone
         Unit 511, 5th Floor, Tower 1
         Silvercord, No. 30 Canton Road
         Tsimshatsui, Kowloon, Hong Kong


HONG KONG FOUNDATION: Commences Liquidation Proceedings
-------------------------------------------------------
Hong Kong Foundation for Social Democracy Limited commenced
liquidation proceedings on December 8, 2007.

The Liquidator can be reached at:

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


HONG LONG: Chairman Buys 660,000 Shares for HK$1.6 Million
----------------------------------------------------------
Infocast News reports that Hong Long Holdings Limited's Chairman
and President Zeng Yunshu has paid HK$1.657 million to buy
660,000  shares, or 0.063% stake, of the company.

According to Infocast News, the highest and average prices per
shares are HK$2.60 and HK$2.51 respectively.

Hong Long Holdings Limited (Hong Long) is a Chinese property
developer engaged in residential and commercial properties
developments in Guangdong Province.  It has eight major projects
under development in Shenzhen and the cities of Guangzhou,
Huizhou and Meizhou and has a land bank of 996,581 sq m of
saleable area.  Except for Yifeng in Shenzhen, the rest are
residential projects with associated retail space.  Yifeng is an
office and commercial complex wherein office space accounts for
about 80% of the total saleable area.

Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Hong Long, with a stable outlook.  At
the same time, S&P assigned its 'B' issue rating to the
company's proposed issue of up to US$200 million in five- to
seven-year senior unsecured notes.

The TCR-AP reported on July 5, 2007, that Moody's Investors
Service assigned a (P)B2 corporate family rating to Hong Long.
At the same time, Moody's has assigned a (P)B2 foreign currency
senior unsecured rating to Hong Long's proposed US$175-200
million bond issue.  The outlook for both ratings is stable.


LAVALLE INVESTMENTS: Liquidators Quit Post
------------------------------------------
On December 14, 2007, Ying hing Chui and Chung Miu Yin, Diana,  
step down as Lavalle Investments Limited's liquidator.   

The liquidators can be reached at:

          Ying hing Chui
          Chung Miu Yin
          Level 2, Three Pacific Place
          1 Queen's Road East, Hong Kong


MAINFAT INVESTMENT: Commences Liquidation Proceedings
-----------------------------------------------------
Mainfat Investment Limited on commenced liquidation proceedings
on December 14, 2007.

The Liquidator can be reached at:

          Lian Mingshun
          A3, 5th Floor, Great George Building
          27 Paterson Street
          Causeway Bay, hong Kong


MELCO PBL GAMING: Moody's Affirms Ba3 Ratings
---------------------------------------------
Moody's Investors Service has affirmed Melco PBL Gaming (Macau)
Limited's Ba3 corporate family and senior secured ratings.  The
ratings outlook is stable.

The affirmation follows the company's successful completion of
its US$1.75 billion syndicated loan facility.  The ratings have
also had their provisional status removed.

Hong Kong-based Melco PBL Entertainment (Macau) Limited --
http://www.melco-pbl.com/-- is a developer, owner and operator   
of casino gaming and entertainment resort facilities focused on
the Macau market.  The company, through its subsidiary MPBL
Gaming is one of six companies licensed, through concessions or
sub-concessions, to operate casinos in Macau.  MPBL
Entertainment is a 50/50 joint venture between Melco
International Development Limited and Publishing and
Broadcasting Limited.  Through its existing operations and
projects under development, MPBL Entertainment caters to a range
of potential gaming patrons, including wealthy high-end patrons,
as well as mass market patrons, who wager lower stakes and may
be casual gaming patrons. Its existing operations and
development projects consist of The Crown Macau, The City of
Dreams, Mocha Clubs and Macau Peninsula Site.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2007, that Standard & Poor's Ratings Services said that it had
assigned its BB- long-term corporate credit rating to Melco PBL
Gaming (Macau) Ltd. (MPGL).  The outlook is stable.  At the same
time, Standard & Poor's assigned its BB- bank loan rating to a
loan package that consists of US$1.5 billion in Series A
(amortizing) debt with a seven-year term and a five-year US$250
million revolver.


MITTOLAND LIMITED: Liquidators Quit Post
----------------------------------------
On December 14, 2007, Man Mo Leung and Kenneth Graeme Morisson
stepped down as Mittoland Limited's liquidator.   

The liquidators can be reached at:

          Man Mo Leung
          Kenneth Graeme Morisson
          34th Floor, The Lee Gardens
          33 Hysan Avenue, Causeway Bay
          Hong Kong


NEDLLOYD (HONG KONG): Commences Liquidation Proceedings
-------------------------------------------------------
Nedlloyd (Hong Kong)Limited commenced liquidation proceedings on
November 30, 2007.

The company's liquidators are:

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


PANORAMA MANAGEMENT: Filing Proofs of Debt Due on January 18
------------------------------------------------------------
The creditors of Panorama Management Company Limited are
required to file proofs of debt by January 18, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on November 30,
2007.

The company's liquidator is:
          
          Kevin Chung Ying Hui
          16th Floor, Ocean Centre
          Harbour City, Canton Road
          Kowloon, Hong Kong


PETROLEOS DE VENEZUELA: To Create Mix Corporation with Petrobras
----------------------------------------------------------------
Petroleo Brasileiro SA and Petroleos de Venezuela SA have
decided to incorporate a mixed corporation in Brazil aiming at
building and operating the Abreu e Lima Refinery, in the state
of Pernambuco, Northeastern Brazil.  Interest in the company
will be shared at the rate of 60% for Petrobras and 40% for
PDVSA, and staff from both companies will operate the plant.
The refinery will be capable of processing 200,000 barrels of
oil per day, and a supply agreement for 100,000 barrels of oil
per day, coming from the Carabobo 1 block, in the Orinoco oil
range, will be signed to provision it.

PDVSA said the development of the fields identified in the
Carabobo 1 block is underway, keeping a participation option
open for PETROBRAS in the improved oil production projects,
while PETROBRAS concludes its pertinent technical and economic
studies.  It must be emphasized that, as the result of the joint
work carried out between Petrobras and PDVSA, it was possible to
certify 45.5 billion barrels of oil in situ in the Carabobo 1
block.

Petrobras and PDVSA said they are pleased with the agreements
that have been reached and with the progress achieved in joint
projects, since this allows them to materialize and strengthen
the integration efforts between Brazil and Venezuela, driven by
presidents Lula and Chavez.

                      About Petrobras

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil.  Petrobras has operations in China, India, Japan, and
Singapore.

                        About PDVSA

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

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


PLUS HOLDINGS: HK Listing Committee Okays Resumption Proposal
-------------------------------------------------------------
Stephen Liu Yiu Keung and Robert Armor Morris, joint and several
provisional liquidators of Plus Holdings Limited, informed the
Stock Exchange of Hong Kong that on November 23, 2007, the
Listing Committee has in principle approved the company's
Resumption Proposal.

The Listing Committee decided to allow the Company to implement
the Resumption Proposal, subject to certain conditions.  The
proposed restructuring contemplated under the Resumption
Proposal will include, inter alia:

   1) Capital Reorganization;

   2) Debt Restructuring involving schemes of arrangement with
      creditors;

   3) Subscription of New Shares, Convertible Preference Shares,
      Options; and

   4) Whitewash Waiver.

The investor, Wai Chun Ventures Limited and represented by Lam
Ching Kui, will:

   (i) subscribe for 4,000,000,000 New Shares at the
       subscription price of HK$0.01 each;

  (ii) subscribe for the 11,000,000,000 Convertible Preference
       Shares at the subscription price of HK$0.01 each; and

(iii) subscribe HK$20 million for the subscription of the
       Options at HK$0.001 each.

Upon completion of the restructuring agreement, the beneficial
shareholding interest of the Investor in Plus Holdings will
increase from nil to approximately 74.20%.  Accordingly, the
Investor will be obliged to make an unconditional mandatory
general offer for all the issued new shares not already owned or
agreed to be acquired by it.  In this regard, the Investor will
make an application to the SFC for a whitewash waiver.

The capital reorganization will involve capital reduction,
authorized share capital cancellation, and authorized share
capital increase.  Infocast News reports that the nominal value
of every share in the company will be reduced from $0.10 to
$0.01 -- giving rise to a credit of $125.205 million.  The
amount standing to the credit of the share premium account of
the company as at March 31, 2007, of approximately HK$383
million will be cancelled.

As at May 17, 2007, the total indebtedness owed by the Company
to its creditors was approximately HK$77 million.  According to
the liquidators, the indebtedness figures are indicative only
and the claims of the creditors will be subject to the Hong Kong
Scheme.  The indebtedness will be settled under the Schemes.

On December 4, 2007, a Board meeting was held to approve,
amongst others, the appointment of members of audit committee,
remuneration committee and nomination committee comprising the
three independent non-executive directors, namely Mr. Choi Man
On (who will also act as the chairman of the audit committee),
Mr. Young Meng Cheung Andrew and Mr. Chan Kin Sang.

A Special General Meeting will be convened to approve, inter
alia, the Restructuring, the Schemes, the Whitewash Waiver and
other matters contemplated under the Restructuring by way of
poll by Independent Shareholders.

                         *     *     *

Headquartered in Hong Kong, Plus Holdings Limited is an
investment holding company.  The company is organized into three
operating divisions: sales and integration services, services
income and contract income.  Sales and integration includes
income from sales and services, provision of integration
services of computer and communication systems.  Services income
includes income from design, consultation, production of
information system software and management training services.
Contract income includes income in connection with the sale of
communication systems equipment for intelligent buildings and
provision of installation services.  The company's subsidiaries
include Beijing HollyBridge System Integration Company Limited,
Chun Tai (BVI) Limited, Full Hope Enterprises Limited, Holy
(Hong Kong) Universal Limited, Plus Financial Distribution
Holdings Limited and Telecom Plus Investment Limited.

                       Going Concern Doubt

Morison Heng, the company's independent auditor was not able to
assess the validity of the board of directors' assumptions that
the group is a going concern.  The auditors said that for the
year ended March 31, 2006, the group reported a loss
attributable to shareholders of HK$1,210,000.  As at March 31,
2006, the group had a capital deficiency of HK$25,956,000 and
net current liabilities of HK$29,101,000.  During the year, the
group had overdue borrowings totaling HK$16,886,000.  In
addition, there are various actions involving litigation against
the group from various parties, including suppliers, leasing
company and others.

Subsequent to the balance sheet date, a finance company has
petitioned to the Court in Hong Kong for the winding up of the
company.  

On May 17, 2007, Stephen Liu Yiu Keung and Robert Armor Morris
were appointed as liquidators of Plus Holdings Limited.  The
provisional Liquidators can be reached at:

         Stephen Liu Yiu Keung
         Robert Armor Morris
         Two International Finance Centre, 18th Floor
         Central, Hong Kong


QUALTECH LIMITED: Filing Proofs of Debt Due on January 14
---------------------------------------------------------
The creditors of Qualtech Limited are required to file proofs of
debt by January 14, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on December 1,
2007.

The company's liquidator is:
          
          Yeung man Li
          Unit 1602, 16th Floor
          Malaysia Building
          50 Gloucester Road
          Wanchai, Hong Kong]



RONIA INTERNATIONAL: Filing Proofs of Debt Due on January 29
------------------------------------------------------------
The creditors of Ronia International Limited are required to
file proofs of debt by January 29, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:
          
          Sytske Helena Maria Teppema
          Suite 1306, 13th Floor
          ING Tower, 308 Des Voeux Road
          Central, Hong Kong


SHINSHO ELECTRONICS: Liquidators Quit Post
------------------------------------------
On December 4, 2007, Rainer Hok Chung Lam and John James Toohey,
stepped down as Shinsho Electronics Limited's liquidator.   

The liquidators can be reached at:

           Rainer Hok Chung Lam
          John James Toohey
          22nd Floor, Prince Building
          Central, Hong Kong

SKINDER COMPANY: Filing Proofs of Debt Due on January 4
-------------------------------------------------------
The creditors of Skinder Company Limited are required to file
proofs of debt by January 4, 2008, to be included in the
company's dividend and distribution.

The company's liquidator is:
          
          Chu Yu Leung
          Flat 25B, South Bay Tower
          No. 59 South Bay Tower Road
          Hong Kong


TALLISON (HONG KONG): Filing Proofs of Debt Due on January 14
-------------------------------------------------------------
The creditors of Tallison (Hong Kong) Limited are required to
file proofs of debt by January 14, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 6,
2007.

The company's liquidator is:
          
          Chui Chi Wa
          Flat B, 16th Floor
          Kwong on Bank
          (Mongkok Branch) Building
          728-730, Nathan Road
          Mongkok, H.K.S.A.R.


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

AFFILIATED COMPUTER: To Install 24 Speed Cameras in Maryland
------------------------------------------------------------
Affiliated Computer Services, Inc. will install and maintain an
additional 24 fixed speed enforcement cameras in Montgomery
County, Maryland, as part of an amended and expanded contract.
The estimated value of the contract is US$19 million if all
renewal options are exercised.

Affiated Computer currently provides Montgomery County with six
mobile speed enforcement units, as well as turnkey violation
processing and customer services.  The expanded contract brings
the total number of speed enforcement units the company provides
to the county to 30 units. The contract amendment and expansion
was reflected in the company' first quarter fiscal year 2008
results.

"Montgomery County is pleased to have an experienced partner
like ACS to help us meet the demands of increasing traffic and
the public safety issues that result," said Montgomery County
Department of Police director for Automated Traffic Enforcement
Unit, Maurice Nelson.  "Through the use of red light and speed
enforcement cameras, we are making Montgomery County a safer
place to live and work."

Under the contract, Affiliated Computer processes violations;
generates and mails notices; schedules adjudication and appeals
appointments; provides document imaging and correspondence
management; provides walk-in customer service; maintains camera
equipment; and provides pay-by-web, pay-by-phone, and integrated
voice response systems.

"Public safety cameras have proven to reduce death and injury
time and again," said Affiliated Computer Services vice
president for Transportation Solutions, Norman Dong.  "We
applaud Montgomery County for its concern for its citizens and
its use of technology to make them safer."

In addition to Montgomery County, the company has photo
enforcement contracts in Atlanta, Baltimore, Cleveland, Dallas,
Denver, Providence, San Francisco, and the State of Illinois.

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

                       *     *     *

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

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

Fitch said the rating outlook is stable.


ESSAR OIL: Shareholders OK Preferential Issue of US$2 Bil. GDS
--------------------------------------------------------------
Essar Oil Ltd's shareholders has approved the proposed issuance
of of US$2,000,000,000 Global Depository Shares to promoters,
the company said in a regulatory filing filed with the Bombay
Stock Exchange.  The GDS will be issued to the promoters on
preferential issue basis.

The shareholders gave their nod at their Extraordinary General
Meeting held yesterday, Dec. 18.

According to the filing, the shareholders also approved the
appointment of Naresh Kumar Nayyar as the company's managing
director.

Headquartered in Jamnagar, India, Essar Oil Limited --
http://www.essar.com-- is engaged in the exploration,      
production and marketing of oil and gas.  The company's
principal activities are to develop, explore, produce, and
refine oil and gas.  Vadinar Power Company Limited is a wholly
owned subsidiary of the company.

On August 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65 billion and INR2 billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


QUEBECOR WORLD: Aborts US$341MM Sale of European Assets to RSDB
---------------------------------------------------------------
Quebecor World Inc. will not be proceeding with the sale of its
European business to RSDB NV due to the lack of support of the
transaction from RSDB's shareholders.

In November 2007, Quebecor World and RSDB NV have signed a
definitive share purchase agreement and implementation agreement
to sell/merge Quebecor World’s European operations to RSDB
Group.  RSDB will buy Quebecor World’s European operations and
Quebecor World will retain a 29.9% interest in the merged entity
that will be named "Roto Smeets Quebecor" and will be listed on
Euronext Amsterdam.

Under the terms of the share purchase agreement and
implementation agreement, RSDB will deliver to Quebecor World,
at closing, cash, a note and shares valued in the aggregate at
approximately EUR240 million or US$341 million, subject to
certain post-closing adjustments.

More specifically, the consideration payable to Quebecor World
will be comprised of approximately EUR150 million or US$213
million in cash, a EUR35 million or US$50 million note, and 1.4
million shares in RSQ representing approximately 29.9% of the
issued and outstanding shares of the combined business post-
closing.

The share purchase and implementation agreement was agreed to by
both RSDB's management and supervisory boards but was
conditional upon the approval of RSDB's shareholders.

Notwithstanding the outcome of the RSDB's shareholders vote,
Quebecor World believes that the overall terms of the
transaction represented fair value for all affected
stakeholders.

The company will explore its strategic options for its European
operations, including consolidation opportunities and other
initiatives to enhance value.

"While we believed this transaction represented an important
consolidation opportunity for the European industry, our
European business remains a leader, with one of the most
extensive and technologically advanced pan-European platforms,"
Wes Lucas, president and CEO Quebecor World, said.  "Our
customers will continue to receive top quality, on-time products
and services each and every day as we are fortunate to have some
of the most skilled and dedicated people in the industry."

The company is evaluating and implementing a variety of options
that should compensate for the sale proceeds that will no longer
be realized as a result of this transaction not proceeding,
including the implementation of new accounts receivable
financing programs in Europe.

Moreover, Quebecor World's management and board of directors,
together with its independent financial advisor, explore and
evaluate financing and other alternatives to further strengthen
the company's balance sheet and liquidity.  While recent
external market conditions have been challenging, the company's
completed retooling and turn-around plan are generating
improvements and have contributed to ensuring the company's
continued positive operating cash flow.

                   About Quebecor World Inc.  

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--   
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

                            *     *     *

As reported in the Troubled Company Reporter on Nov. 29, 2007,
Standard & Poor's Ratings Services lowered its preferred stock
rating on Quebecor World Inc. two notches to 'C' from 'CCC-'.  
The company's other ratings, including the 'B-' long-term
corporate credit rating, remain unchanged.  All ratings are on
CreditWatch with negative implications, where they were
initially placed Aug. 9, 2007.


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

ADARO INDONESIA: S&P Affirms 'B-' Corporate Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit ratings and issue ratings on Thailand's integrated pulp
and paper company, Advance Agro Public Co. Ltd, and removed them
from CreditWatch, where they were placed with  negative
implications on Nov. 9, 2007.  The outlook is negative.

The ratings were initially placed on CreditWatch after the
announcement of the company's corporate restructuring and
delisting plan. This rating action is based on the anticipated
longer time horizon for Advance Agro to execute its
restructuring plan.  The negative outlook reflects uncertainties
on Advance Agro's financial and business strategies and
potential further weakening of the company's financial
flexibility and transparency post-privatization.  The current
rating incorporates expectations that Advance Agro would be able
to refinance its maturing debt (mostly working capital
facilities) in the near term.  The unavailability of refinancing
debt funding would put the rating under further downward
pressure.

"The rating on Advance Agro is constrained by the company's
highly leveraged financial risk profile, exposure to volatile
and cyclical pulp and paper prices, and single site
concentration," said Standard & Poor's credit analyst Yasmin
Wirjawan.  "These weaknesses are partially offset by Advance
Agro's integrated and efficient operations, favorable market
position, and geographical diversity through exports."

Advance Agro's liquidity is weak.  The company faces refinancing
risk and is dependent on the smooth rollover of its short-term
credit facilities.  As at Sept. 30, 2007, the company had debt
of THB4.1 billion due within the next 12 months, compared with
cash balance of about THB0.3 billion.  This risk is partially
offset by the operating cash flow of about THB2 billion per year
and unused working capital facilities of THB2 billion.
"The outlook could be revised to stable if the company's
business strategy and financial policy post-restructuring are
not perceived to lead to a material weakening of Advanced Agro's
credit quality," Ms. Wirjawan noted.  "In addition, it will have
to be accompanied by a steady improvement in cash flow
generation, which could help strengthen the company's liquidity
position.  As the company will potentially be privatized in the
near term, an outlook revision would also be based on the
expectation that Advance Agro will not be required to provide
additional financing or other type of support to related parties
or shareholders."

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


ARMSTRONG HOLDINGS: Completes Net Asset Distribution to Holders
---------------------------------------------------------------
Armstrong Holdings, Inc., the former parent company of Armstrong
World Industries, Inc., has completed its previously announced
distribution of its entire net assets to shareholders.  Checks
to record holders were mailed on Dec. 12, 2007.  Shareholders
who have ACKH stock in brokerage accounts will receive the
distribution in their accounts in the near future.  The
company's common stock had traded on the Over-the-Counter
Bulletin Board under the symbol "ACKH."

Direct shareholders did not need to return their stock
certificates to receive a distribution.  Those certificates are
void and have no value.  When they receive their distribution
checks through the mail, direct shareholders should follow
instructions enclosed with their payment to cancel or destroy
those Armstrong Holdings stock certificates.

The company will file Articles of Dissolution with the
Commonwealth of Pennsylvania and will cease to exist.

Direct shareholders with questions concerning their accounts
should contact American Stock Transfer & Trust Company at 800-
937-5449.

                About Armstrong Holdings Inc.

Based in Lancaster, Pennsylvania, Armstrong Holdings Inc. (OTC
Bulletin Board: ACKH) -- http://www.armstrong.com/-- was the  
parent holding company of Armstrong World Industries Inc.  On
Oct. 2, 2006, Armstrong World Industries Inc. emerged from
Chapter 11 reorganization under its Fourth Amended Plan of
Reorganization, which provided for the cancellation of the AWI
stock owned by the company.   The company has conducted no
business and had no operations since Oct. 2, 2006.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.

                       *     *     *

Standard & Poor's Ratings Service affirmed the 'BB' corporate
credit and senior secured ratings for Armstrong World Industries
Inc. on March 2007.

Moody's Investors Service assigned, in October 2006, a Ba2
rating on Armstrong World Industries, Inc.'s new credit facility
and a Corporate Family Rating of Ba2.  Moody's said the ratings
outlook is stable.


BANK LIPPO: Shareholder Seeks Merger With Bank Niaga
----------------------------------------------------
PT Lippo Bank Tbk's shareholder Khazanah Nasional Bhd is looking
into the possibility of merging Lippo Bank and PT Bank Niaga
given the synergy involved, and also to comply with Indonesia's
single presence policy, The Edge Daily reports citing Khazanah
Managing Director Datuk Azman Mokhtar.

Khazanah Nasional, The Edge relates, has a 52.02% stake in Lippo
Bank, while CIMB Group Sdn Bhd owns a 67% stake.  Under the
single presence policy, CIMB group and Khazanah were deemed as a
single shareholder because Khazanah has a 19.7% stake in CIMB,
the report notes.

According to the report, foreigners controlling Indonesian banks
have three options to comply with the single presence policy
introduced by Bank of Indonesia.   They can either merge the
banks, set up a holding company for the banks, or sell down
their stakes, The Edge notes.

The foreign investors, the report says, have until month-end to
submit their proposals on how they intend to comply and have
until 2010 to implement their plans.

The Edge relates that the policy was aimed at hastening the
consolidation of the Indonesian banking industry and ensuring
effectiveness of supervision of its central bank.

Mr. Mokhtar told the news agency that Khazanah would comply with
the policy but would seek further clarification before coming to
a decision on its interest in the Indonesian banks.  Several
issues needed clarification including the tax structure in the
implementation of the merger, he added.

                        About Bank Lippo

Headquartered in Jakarta, Indonesia, PT Lippo Bank Tbk
-- http://www.lippobank.co.id/-- offers two product segments:   
Consumer Products, comprised of personal accounts, debit cards,
distribution cards, VIP banking, credit cards, loans,
bancassurance, payment services, loyalty programs and safe
deposit boxes, and Corporate Products, consisting of
LippoKredit, LippoTrade, LippoGiro, LippoDeposit, e-LippoLink
and MFTS. The bank is supported by 134 branch offices, 21 sub
branch offices, 238 cash offices and four payment service
offices nationwide.

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

The detailed ratings are:

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

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

On Sept. 11, 2007, Fitch Ratings upgraded the Individual Ratings
of PT Bank Lippo Tbk to 'C/D' from 'D.  At the same time, the
agency upgraded Bank Lippo's National Long-term Rating to 'AA-'
from 'A+'.  The Outlook remains Stable.  All other ratings have
been affirmed:

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

   * Short-term foreign currency Rating at 'B',

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

On July 12, 2007, Standard & Poor's Ratings Services assigned
'B+' long-term and 'B' short-term counterparty credit ratings to
Indonesia-base Lippo Bank.  The outlook is stable.  Standard &
Poor's also assigned its 'D' bank fundamental strength rating to
the bank.  At the same time, Standard & Poor's assigned its 'B-'
issue rating to Lippo Bank's US$200 million subordinated notes
due in 2016.  The differential between the 'B+' counterparty
credit rating on Lippo Bank and the 'B-' rating on its
subordinated notes reflects the subordinated feature of the
notes.


GOODYEAR TIRE: Develops Non-Pneumatic Tire for Moon-Use w/ NASA
---------------------------------------------------------------
Goodyear Tire & Rubber Co. is working with NASA Glenn Research
Center to significantly evolve the technology and take its
capabilities to the rest of the universe.  Part of a funded
program by NASA's Innovative Partnership Program to develop non-
pneumatic tires for use first on the moon, and eventually on
Mars, the Innovative Partnership Program Seed Fund was
established to advance key technologies to meet critical needs
for NASA's missions.

Because of the unique atmospheric characteristics of the
operational environment, "The basic rubber-pneumatic design used
on Earth does not have the same utility on the moon," said NASA
Principal Investigator Vivake Asnani.  "The challenges
associated with creating a lunar tire are further complicated by
the fact that there are no lunar roads.  Lunar tires need to be
designed to develop traction on sandy undulated terrain, in
regions that humans have never even seen up close. Plus, the
prospect of an immobilizing 'flat tire' would be devastating to
the mission."

Vivake Asnani is a founding member of the Surface Mobility
Technology team at Glenn Research Center that was created in
late 2005 in response to the announcement by President Bush in
2004 that the United States would embark on an initiative to
further explore the moon and Mars.  Vivake Asnani said Goodyear
Tire was selected to work with Glenn Research Center because of
its experience in previous lunar programs, understanding of
vehicle dynamics and state-of-the-art computer modeling
capabilities.

Goodyear engineers are used to thinking out-of-the-box in terms
of developing entirely new technologies, so thinking "out-of-
this-world" was not a stretch, according to Joe Gingo,
Goodyear's executive vice president and chief technical officer.
"The mission performance goals for these tires will push known
tire technology well beyond its comfort zone," Mr. Gingo said,
"and I am confident we have the capabilities to do that."

Goodyear Principal Investigator Dave Glemming said the decision
to partner with NASA for this initiative was easy.  "Not only
will the outcome of this project deliver a product that can
handle the performance capabilities required for lunar mobility
and beyond, we expect the outcome will yield answers to how
future non-pneumatic tires may be designed for Earth
applications."

The Goodyear team will consist of a cross section of research
and tire technology associates at the Akron Technical Center.
In the past year the company has been evaluating the Apollo
lunar rover wheel, prototype pneumatic tires and non-pneumatic
concepts to build a baseline understanding of the mechanics of
these wheels and the challenges of the lunar environment.

While a one-year timeline to develop and demonstrate something
as novel as a lunar tire seems extremely aggressive, the group
is building on technology from the first moon landing, Glemming
said.  In the 1960s, NASA funded over 10 years of intensive
research at Goodyear Tire and General Motors to develop the wire
mesh moon tire for the Apollo Lunar Roving Vehicle.

The Lunar Roving Vehicle tire was woven out of piano wire, in
order to provide a soft, springy surface to contour to the
ground and provide good ride quality.  It looks a bit like the
skeleton of an Earth tire.  This approach worked very well,
because each Lunar Roving Vehicle tire was only required to
support about 60 pounds of weight (all things weigh six times
less on the moon than on Earth) and be used for a maximum of 75
miles.  The new fleet of lunar vehicles will require tires to
support about 10 times the weight and last for up to 100 times
the distance.  A tire that would meet such requirements would
also be useful for commercial applications on Earth, Glemming
said.

To extend the utility of this wire mesh tire, the team is first
analyzing the original design using computer-modeling tools.
Furthermore, exact replicates of the tires are being
manufactured and tested to find out how and why their load and
life are limited.  Essentially, the tires will be loaded and
cycled until they fail.  The Goodyear tire designers and
research engineers at NASA Glenn Research Center will then
iteratively design, build, and laboratory-test concept tires to
mitigate the failures.  The exact nature of these design changes
has not been disclosed yet. Following in the NASA tradition,
everything will be proven and nothing taken for granted.  A set
of 12 tires will be built by winter of 2009 and demonstrated on
the new NASA Chariot roving vehicle at the Johnson Space Center
in Texas. (See http://robonaut.jsc.nasa.gov/chariot/)

                About Glenn Research Center

Glenn Research Center --
http://www.nasa.gov/centers/glenn/home/index.html-- develops  
technologies and flight systems for NASA's exploration
aeronautics, and science missions.

                    About Goodyear Tire

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

                       *     *     *

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


MCDERMOTT INTERNATIONAL: Unit Bags Drilling Contract from PEMEX
---------------------------------------------------------------
McDermott International Inc.'s subsidiary, J. Ray McDermott,
S.A., has been awarded a contract by PEMEX Exploracion y
Produccion, Northeast Marine Region, for the fabrication of the
Maloob-C Drilling Platform.  The project is located in the Ku-
Maloob-Zaap field in the Bay of Campeche, Mexico, in 269 feet of
water.

"This is the first project award for our new facility at
Altamira, Mexico," said Bob Deason, J. Ray's President and Chief
Executive Officer.  "I believe the Altamira facility will prove
increasingly valuable for J. Ray in the coming years with its
capabilities and deep water access to the Gulf of Mexico."

Work on the drilling platform is scheduled to begin at Altamira
in February 2008, and it is expected that over 275 craftsmen and
professionals will be involved with the project.  Designed to
sustain 18 wells, the drilling platform will have a 3,200-short
ton eight-legged jacket and a two-level deck weighing just over
2,500 short tons, with more than 3,300 short tons of piles.  The
contract is expected to be completed in the first quarter of
2009.

Headquartered in Houston Texas, McDermott International, Inc.
(NYSE:MDR) -- http://www.mcdermott.com/-- through its   
subsidiaries, an engineering and construction company, with
specialty manufacturing and service capabilities, focused on
energy infrastructure.  McDermott's customers are predominantly
utilities and other power generators, major and national oil
companies, and the United States Government.  With its global
operations, McDermott operates in over 20 countries -- including
Indonesia and the United Kingdom -- with more than 20,000
employees.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 5, 2007, Moody's raised MII's Corporate Family Rating to
Ba3 from B1.

Moody's upgraded J. Ray McDermott, S.A.'s CFR to Ba3 from B1,
its Probability of Default Rating to B1 from B2 and its senior
secured bank facility to Ba2 (LGD-2, 22%) from Ba3 (LGD-2, 24%)
and The Babcock & Wilcox Company's senior secured bank facility
rating to Baa3 (LGD-1, 6%) from Ba2 (LGD-2, 19%).  The rating
outlook for J. Ray is positive, while the rating outlooks for
MII and B&W are both stable, according to Moody's.


PT INCO: In Talks With Ministry Regarding Royalty Rates                   
-------------------------------------------------------
PT International Nickel Indonesia is currently discussing with
the energy and mineral resources ministry regarding a plan to
review the rate of the company's royalties to the government,
Antara News reports citing PT INCO President Director Arif
Siregar.

Mr. Siregar told the news agency that under its first work
contract PT INCO was required to pay royalties on a floating
basis, namely based on the nickel price prevailing in the world
market.

However, based on the signed 2008-2025 work contract, the
company was required to pay royalties at a flat rate based on
the assumed nickel price of US$7 - US$8 per pound, the report
recounts.  But the current nickel price had reached US$11 per
pound so that the government had asked for a review of the
royalty rate, the report relates.

According to the report, Mr. Siregar said his company was ready
to negotiate with the government about the rate of the royalties
it had to pay to the government.  "At present, royalty payments
are still based on the already signed work contract.  But we are
still reviewing it, and since both of us are busy at this year-
end, we will continue our talks early next year, hoping that a
new royalty rate will have been decided next March," Antara
quoted Mr. Siregar.

Antara adds that PT INCO's second work contract would be
effective as of April 1, 2008.

                       About PT Inco

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer          
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi.  Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.

                           *    *    *

As of October 29, 2007, the company carried Standard and Poor's
"BB-" long-term foreign and local issuer credit ratings; and
Fitch Rating's "BB" LT Issuer Default rating.


PT INCO: Shareholders Approve 10-for-1 Stock Split
--------------------------------------------------
PT International Nickel Indonesia Tbk's shareholders have
approved a 10-for-1 stock split to increase liquidity, various
reports say.

According to Antara News, after the split, the nominal value of
PT Inco's shares would be IDR25 rupiah each, against IDR250
rupiah.

Inco Corporate Secretary was quoted by Reuters as saying, "We
will provide further details on the tentative schedule in early
January.  Share prices will be adjusted one day before the stock
split."  The split still needed to be approved by the Indonesia
Stock Exchange, he added.

Antara News adds that PT Inco expects to produce between 165-170
million pounds of nickel in matte this year despite an 11-day
strike that caused a production loss of 5 million pounds of
nickel in November.

                          About PT Inco

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer          
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi.  Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.

                           *    *    *

As of October 29, 2007, the company carried Standard and Poor's
"BB-" long-term foreign and local issuer credit ratings; and
Fitch Rating's "BB" LT Issuer Default rating.


PERUSAHAAN: May Partner With Ashmore Energy for Power Projects
--------------------------------------------------------------
PT Perusahaan Listrik Negara and Ashmore Energy International
may develop geothermal power projects in Indonesia worth
billions of dollars to generate 2,000 megawatts, Reuters reports
citing a PLN Official for Primary Energy Udibowo Ciptomulyono.

Mr. Ciptomulyono told Reuters that the company is still in talks
with Ashmore, and is considering setting up a join venture for
about 2,000 MW.  "We will look at areas of Sumatra and Java,
which are rich in geothermal.  These projects, if they happen,
will cost billions of dollars," he told Reuters.

Energy Minister Purnomo Yusgiantoro has said Indonesia currently
generates 850 MW electricity from geothermal energy and plans to
increase that to 9,500 MW in 2025, the report noted.

                     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
=========

ALITALIA SPA: AirOne's Business Plan Eyes 3,802 Lay-offs
--------------------------------------------------------
AirOne S.p.A. plans to lay off 3,802 employees at Alitalia
S.p.A. once it acquires the Italian government's 49.9% stake in
the national carrier, Agenzia Giornalistica Italia reports
citing FIT-CISL national secretary Claudio Genovesi.

According to Mr. Genovesi, AirOne, which acquisition vehicle AP
Holding S.p.A. includes Intesa Sanpaolo S.p.A., plans to lay
off:

    * 2,750 employees at Alitalia Fly:

      -- 1,785 ground personnel,
      -- 334 pilots

         * 25 via retirement,
         * 180 via golden handshake,
         * 35 through turnover offset, and
         * 94 though solidarity compensation.
         
      -- 631 cabin crew.

    * 1,052 employees at Alitalia Services:

      -- 633 from maintenance department, and
      -- 419 from other departments.

As reported in the TCR-Europe on Dec. 17, 2007, Alitalia's Board
of Directors will convene at 4:00 p.m. today, Dec. 18, 2007, to
choose the preferred buyer for Italy's stake.

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

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

                        About Alitalia

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

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

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


BOSTON SCIENTIFIC: Inks US$425MM Buyout Deal With Avista Capital
----------------------------------------------------------------
Boston Scientific Corporation and Avista Capital Partners have
signed a definitive agreement under which Avista will acquire
from Boston Scientific its fluid management and venous access
businesses for $425 million in cash.  The transaction is
expected to close in the first quarter of 2008, subject to
regulatory approvals and customary conditions.

Boston Scientific disclosed its intent to sell these businesses
as part of its plan to divest non-strategic assets.

Avista said that upon close of the transaction, the combined
fluid management/venous access business will operate as an
independent company under a new name.  Ron Sparks, an Avista
healthcare industry advisor, will become chairman and chief
executive officer of the new company.  Dave McClellan, president
of Boston Scientific's Oncology business, will become president
of the new company.

The fluid management franchise, formerly North American Medical
Instruments Corporation, produces a range of products used to
manage fluid and measure pressure during angiography and
angioplasty procedures.  The fluid management franchise employs
approximately 750 people in its Glens Falls, New York
manufacturing facility.

The venous access franchise, whose products are also
manufactured in Glens Falls, offers a portfolio of implantable
devices designed to provide access to the blood stream for
patients requiring intravenous antibiotics, nutrition,
chemotherapy and blood sampling.  

The venous access franchise is part of Boston Scientific's
Oncology business, and employs approximately 150 people in
locations around the United States.

The projected revenue for the two businesses in 2007 is
approximately $170 million.

"We now have under agreement the divestitures of all five non-
strategic businesses we had identified for sale," Jim Tobin,
president and chief executive officer of Boston Scientific,
said.  "In addition, our expense and head count reduction
initiative is well under way, and we continue to make progress
monetizing our investment portfolio and restructuring several
businesses. These measures should help us further our overall
goals of restoring profitable growth, increasing shareholder
value and continuing to strengthen Boston Scientific for the
future."

In addition to the two sales, Boston Scientific has also
disclosed agreements to sell its cardiac surgery, vascular
surgery and auditory businesses.

"Boston Scientific's fluid management and venous access
businesses maintain strong leadership positions in their
respective markets and are recognized for benefiting
interventional cardiologists, radiologists and oncologists, and
their patients," David Burgstahler, a partner at Avista Capital
Partners.  "Furthermore, given his extensive experience in the
medical device field, Ron Sparks is a great fit to drive growth
for the combined business going forward."

"We are very excited about this transaction," Larry Pickering,
Avista Capital Partners' healthcare industry partner, added.
"The fluid management franchise has exceptional brands and a
cutting-edge manufacturing facility at Glens Falls with unique
custom kitting capabilities.  The venous access business has
robust R&D capabilities, a knowledgeable sales force and a
strong new product introduction track record, which should
continue to propel organic growth."

"I am eager and delighted to work with the existing fluid
management and venous access teams to build on their leading
franchises in oncology, radiology and interventional cardiology
to create a world-class, stand-alone medical device company,"
Ron Sparks said.  "We want to recognize the important work these
teams have done in developing these franchises, well as the
valuable role we expect them to play going forward."

"This is an exciting time for fluid management and venous
access, and we are thrilled to be joining the talented Avista
team as we develop a strategy to drive long-term growth and
expand our businesses," Dave McClellan said.

"We greatly appreciate the contributions our Fluid management
and venous access employees have made to Boston Scientific," Mr.
Tobin added.  "We wish them continued success in providing
customers and patients with quality products and innovative
therapies."

Fluid management/venous access will be Avista's fifth investment
in the healthcare industry.  In 2007, Avista made healthcare
investments in BioReliance and VWR International and in 2006
Avista disclosed investments in Nycomed and MedServe. While at
DLJ Merchant Banking Partners, the Avista partners were involved
in numerous healthcare transactions including Accellent, Charles
River Laboratories, Focus Diagnostics, KCI, Prometheus Labs and
Warner Chilcott.

                 About Avista Capital Partners

Avista Capital Partners --  http://www.avistacap.com/-- is a  
private equity firm with offices in New York City and Houston,
Texas.  Founded in 2005, Avista manages US$2 billion in private
equity capital.  Avista's strategy is to make controlling or
influential minority investments in growth-oriented media,
healthcare and energy companies.  Through its team of seasoned
investment professionals and industry experts, Avista seeks to
partner with management teams to invest in and add value to
well-positioned businesses.

                  About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--  
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
Boston Scientific Corp., including the 'BB+' corporate credit
rating, and removed them from CreditWatch, where they were
placed with negative implications Aug. 3, 2007.  The rating
outlook is negative.


DELPHI CORP: Court Approves Modified Disclosure Statement
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
entered an order formally approving Delphi Corp. and its debtor-
affiliates' Disclosure Statement, as modified, on Dec. 10, 2007.

As previously reported, the Court directed the Debtors to make
certain changes to the Disclosure Statement at the hearing to
consider confirmation of the Disclosure Statement, which hearing
concluded on Dec. 7, 2007.

Accordingly, the Debtors amended the Joint Plan of
Reorganization and Disclosure Statement and subsequently filed a
First Amended Plan of Reorganization and accompanying Disclosure
Statement on Dec. 10, 2007.  The Court approved the First
Amended Disclosure Statement on the same date, Dec. 10, 2007.

The modifications reflected in the First Amended Plan and the
First Amended Disclosure Statement do not materially impact the
terms of the Plan.

Delphi Corp. Vice President and Chief Restructuring Officer John
D. Sheehan relates that the First Amended Plan continues to
provide for full recoveries for unsecured creditors at a
negotiated Plan enterprise value and fair consideration for
holders of Existing Common Stock.

In particular, the Plan provides that Holders of Allowed General
Unsecured Claims will receive New Common Stock and Discount
Rights equal to 100% of their Allowed General Unsecured Claim
plus applicable Postpetition Interest through the earlier of
Jan. 31, 2008, and the Plan Confirmation Date.  The distribution
of New Common Stock to holders of General Unsecured Claims will
equal 77.3% of the holders' Allowed General Unsecured Claim, and
the remaining 22.7% of the Claim will be satisfied through the
pro rata distribution of Discount Rights, Mr. Sheehan says.

The Debtors are currently in the process of arranging for exit
financing, comprised of:

  (1) up to US$2,550,000,000 in equity investments through the
      Discount Rights Offering and the transactions
      contemplated by the New Equity Purchase and Commitment
      Agreement among the Debtors, Appaloosa Management L.P.,
      and the other Plan Investors; and

  (2) debt financing consisting of:

      * a US$1,600,000,000 asset-based revolving loan facility;

      * a US$3,700,000,000 of first-lien funded financing; and

      * a US$1,500,000,000 of second-lien funded financing of
        which up to US$750,000,000 will be placed with GM.

The Debt Financing will be arranged by JPMorgan Securities Inc.,
JPMorgan Chase Bank, N.A., and Citigroup Global Markets Inc.

The Debtors believe that the Exit Financing will enable them to
honor their obligations under the Plan, and transition out of
bankruptcy and into successful operation post-emergence.

A full-text copy of the First Amended Plan is available for free
at http://bankrupt.com/misc/Delphi_1stAmendedReorgPlan.pdf

A full-text copy of the First Amended Disclosure Statement is
available for free at

      http://bankrupt.com/misc/Delphi_1stAmendedDS.pdf

The Debtors maintain that the Plan provides for an equitable and
early distribution to creditors and shareholders, preserves the
value of Delphi's business as a going concern, and preserves the
jobs of employees.  The Debtors aver that any alternative to
confirmation of the Plan, such as liquidation or attempts by
another party-in-interest to file a plan, will result in
significant delays, litigation, and costs, as well as the loss
of jobs.  Moreover, the Debtors believe that their creditors and
shareholders will receive greater and earlier recoveries under
the Plan than those that would be achieved in liquidation or
under an alternative plan.

The Plan continues to be supported by General Motors Corp., the
Plan Investors, and both the Official Committee of Unsecured
Creditors and the Official Committee of Equity Security Holders,
according to Mr. Sheehan.

                       Court Decree

The Honorable Robert Drain finds that the Disclosure Statement
complies with the provisions of the Bankruptcy Code and the
Federal Rules of Bankruptcy Procedure.  In particular, the
Disclosure Statement contains adequate information within the
meaning of Section 1125(a) of the Bankruptcy Code.  The
Disclosure Statement also complies with the requirements of
Bankruptcy Rule 3016(c) by sufficiently describing in specific
and conspicuous bold language the provisions of the Joint Plan
of Reorganization that provide for releases and injunctions
against conduct not otherwise enjoined under the Bankruptcy
Code.  Moreover, the Disclosure Statement sufficiently
identifies the persons and entities that are subject to those
releases and injunctions.

To the extent not already withdrawn or reflected in changes to
the Disclosure Statement, all objections filed or otherwise
asserted against the Disclosure Statement are overruled.

                     About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  (Delphi Bankruptcy News, Issue No. 102; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


FORD MOTOR: Revival Plans Cues R&I to Affirm BB- Rating
-------------------------------------------------------
Rating and Investment Information, Inc. has affirmed the
BB- issuer rating on Ford Motor Credit Company with a negative
outlook.

According to R&I, the Ford group’s revitalization effort is
proceeding nearly as planned, and there are no immediate
concerns of liquidity.  Nevertheless, the slowdown in the U.S.
economy has sparked fears that the automobile market could
become more severe. An effect from the difficulties in the
financial markets also cannot be denied.  Based on these
circumstances, R&I has affirmed the Issuer Rating at BB-.  The
Rating Outlook remains Negative.

Ford Motor Credit Company (Ford Credit) is a captive finance
subsidiary 100% owned by Ford Motor Company (Ford), the U.S.
automobile manufacturer.  The rating of Ford Credit reflects the
creditworthiness of the consolidated Ford group, including the
automotive segment.  Ford Credit has a strong financial
structure, and its operating results also are steady.  In
addition, Ford Credit’s business agreements with Ford are
grounded thoroughly on the principles of arms-length agreements
with independent parties.  Securitization of automobile loan
receivables has a weak relationship to the securitized products
that have been a problem since the summer of 2007, and continues
to function as Ford Credit’s main channel for securing funds.

Ford has suffered from weak sales of its main lineup of large-
model SUVs (sports utility vehicles) since 2005, and in 2006,
the company posted a substantial extraordinary loss in
conjunction with its business reorganization.  Although Ford is
proceeding with cost reductions, including retiree benefits,
automobile operations are expected to generate a loss again in
2007, and Ford projects more red ink in 2008 as well.  To
provide for the restructuring expenditures it will incur,
however, Ford lined up funding during 2006 including secured
debt, and cash at the end of September 2007 had reached US$35
billion.  With funds at a level to sufficiently cover cash
expenditures for the next several years, the probability of Ford
facing problems from a cash perspective is exceedingly remote.

Nevertheless, as the future of U.S. economy becomes increasingly
uncertain, there is little encouragement to be sanguine
regarding the outlook for automobile operations.  Ford Credit’s
margins are shrinking, and even though there is little overlap
with mortgage loan obligors, credit costs appear likely to
increase somewhat.  It also will be necessary to closely track
the possibility of deterioration in the funding environment
resulting from deepening turmoil in the financial markets.


INTERNATIONAL RECTIFIER: Moody's Withdraws Assigned Ratings
-----------------------------------------------------------
These ratings of International Rectifier Corp. have been
withdrawn:

  -- Corporate Family Rating - Ba3
  -- Probability of Default Rating - Ba3

International Rectifier's debt issues have no Moody's ratings.

Moody's has withdrawn these ratings for business reasons.  The
ratings were withdrawn because this issuer has no rated debt
outstanding.

International Rectifier Corporation (NYSE:IRF) --
http://www.irf.com/-- provides power management technology.   
The company's analog, digital, and mixed signal ICs, and other
advanced power management products, enable high performance
computing and save energy in a wide variety of business and
consumer applications.  Manufacturers of computers, energy
efficient appliances, lighting, automobiles, satellites,
aircraft, and defense systems rely on the company's power
management solutions to power their next generation products.
The company has manufacturing facilities in the U.S., Mexico,
United Kingdom, Germany and Italy; and has subsidiaries in Japan
and Singapore.


JAPAN AIRLINES: To Boost Int'l. Fuel Surcharge Starting Jan. 16
---------------------------------------------------------------
Japan Airlines International Company, Ltd. will increase
starting January 16, 2008, the international cargo fuel
surcharge for flights departing from Japan, subject to
government approval.

The international cargo fuel surcharge on long haul routes for
flights departing Japan will increase from JPY80 to JPY101 per
kilogram.  In the case of short haul international routes, the
surcharge will increase from JPY69 to JPY87 per kg.

JAL has decided to increase the fuel surcharge on international
cargo flights departing Japan, as during the period October 25
to November 23, 2007 the price of Singapore kerosene-type jet
fuel averaged US$100 per barrel for 20 consecutive working days.

The company is conducting a wide range of countermeasures to
limit the full impact of the price increase including fuel
hedging, fuel consumption reductions, and the introduction of
more fuel-efficient medium-sized aircraft to its freighter
fleet.

Despite these measures, the company is still reluctantly obliged
to ask its international cargo customers to bear part of the
burden caused by the unprecedented increase in the price of fuel
over the past few years.

The fuel surcharge will be reduced once the average monthly
price of Singapore kerosene falls below the benchmark of
US$95.00 per barrel for 20 consecutive working days.

The surcharges will be cancelled completely when the average
monthly price of Singapore kerosene falls below the benchmark of
US$28.49 per barrel.

JAL first introduced the international cargo fuel surcharge in
2001.

                     About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                        *     *     *

As reported on Feb. 9, 2007, Standard & Poor's Ratings Services
affirmed its 'B+' long-term corporate credit and issue ratings
on Japan Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan. The outlook
on the long-term corporate credit rating is negative.

As reported on Oct. 10, 2006, Moody's Investors Service affirmed
its Ba3 long-term debt ratings and issuer ratings for both Japan
Airlines International Co., Ltd and Japan Airlines Domestic Co.,
Ltd.  The rating affirmation is in response to the planned
restructuring of the Japan Airlines Corporation group on
Oct. 1, 2006, with the completion of the merger of JAL's two
operating subsidiaries, JAL International and Japan Airlines
Domestic.  JAL International will be the surviving company.  The
rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


JAPAN AIRLINES: Expands Code Share With China Eastern Airlines
--------------------------------------------------------------
From December 20, 2007, Japan Airlines International Company,
Ltd. will code share on flights operated by China Eastern
Airlines (MU) between Tokyo (Narita) and Nanjing.

On December 20, the Chinese carrier will inaugurate a twice-
weekly service between the two cities with departures on
Thursday and Sunday.  The new code share agreement will enable
JAL to place its "JL" designator on the newly launched flights.
Tickets for the code share were on sale since December 11.

JAL and China Eastern have been code share partners since
September 2002.  

Located by the Yangtze River, Nanjing is the capital of China’s
Jiangsu Province.  It is one of the Great Ancient Capitals of
China as it has served as the capital of ten dynasties.  
Abundant in history and surrounded by great natural beauty, the
modern city has a population of over 6 million and a strong
industrial base.  It has therefore become a popular place for
Japanese companies to set up businesses in China.

From the point of customer convenience and profitability, JAL is
expanding flight frequency between Japan and the high growth
market of China and offers the largest network between the two
countries.  By December 20, JAL’s Japan-China network will have
expanded to serve 13 cities in China on 31 routes with a total
of 296 flights per week including code shares.  Of these flights
JAL operates 182 flights per week to 10 destinations in China.

                     About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                        *     *     *

As reported on Feb. 9, 2007, Standard & Poor's Ratings Services
affirmed its 'B+' long-term corporate credit and issue ratings
on Japan Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan. The outlook
on the long-term corporate credit rating is negative.

As reported on Oct. 10, 2006, Moody's Investors Service affirmed
its Ba3 long-term debt ratings and issuer ratings for both Japan
Airlines International Co., Ltd and Japan Airlines Domestic Co.,
Ltd.  The rating affirmation is in response to the planned
restructuring of the Japan Airlines Corporation group on
Oct. 1, 2006, with the completion of the merger of JAL's two
operating subsidiaries, JAL International and Japan Airlines
Domestic.  JAL International will be the surviving company.  The
rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


PENTA-OCEAN: Moody's Withdraws Ba2 Issuer Rating
------------------------------------------------
Moody's Investors Service has withdrawn its Ba2 issuer rating of
Penta-Ocean Construction Co., Ltd. for business reasons.  

Penta-Ocean Construction Co., Ltd. is a Japan-based construction
company. The Company operates in three business segments.  The
Construction segment is engaged in the construction of harbors,
terminals, roads, highways, airports, dams, bridges, tunnels and
other construction work.  The Development segment is involved in
the development, sale and leasing of real estate.  The Others
segment is engaged in the leasing of dredge ships and
construction machinery.  This segment is also involved in the
shipbuilding, environmental consulting and other businesses.  
Headquartered in Tokyo, the Company has 26 subsidiaries and
three associated companies.


SANYO ELECTRIC: May Face Fines Over Accounting Irregularities
-------------------------------------------------------------
The Securities and Exchange Surveillance Commission plans to
call on the Financial Services Agency to impose a surcharge on
Sanyo Electric Co., Ltd. for falsifying unconsolidated
accounting data, sources close to the matter revealed to Kyodo
News.

Kyodo News reports that sources say the commission accuses Sanyo
of faking data regarding valuation losses on shares it holds in
subsidiaries for six years from the year ended March 2001 and
inflating its shareholders equity.

The surcharge, relates Kyodo News, will likely be less than
JPY10 million and cover irregularities perpetrated since April
2005 when the surcharge system was introduced under the
Securities and Exchange Law.

Aiko Hayashi of Reuters reports that the securities watchdog
recommended to FSA to fine Sanyo about JPY8.3 billion for
inflating figures in its parent-only earnings reports.

The commission, after an investigation, concluded that the
electronics maker padded its equity capital by about 30% in the
first half ended Sept. 2006, relates Reuters, citing the Nikkei
business daily.

According to Reuters, no one at Sanyo could be reached for
comment.

                     About Sanyo Electric

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

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


SUN MICROSYSTEMS: To Create Web 2.0 Architecture for Japan Gov't
----------------------------------------------------------------
Sun Microsystems Inc. reported that Japan has chosen Sun to
create an open, Web 2.0 architecture that will better leverage
IT to deliver better government services to citizens.  Japan,
Singapore and Norway each join the growing list of governments
that have already turned to Sun for efficient, scalable
architectures that accurately manage global information flow and
help maximize productivity.

Governments around the globe are looking to use IT to give their
constituents a single point of access to available governmental
services.  Open Source technologies, such as the OpenSolaris
operating system, help foster a strong ecosystem of developers
and independent software vendors that can be leveraged by
governments as it looks to scale the initiative and provide more
services to the country.

The government of Japan has been keenly exploring ways to
provide electronic government services for many years, which led
to the formulation of the "New IT Reform Strategy" in January
2006.  The strategy has a goal of making 50 percent of all
applications and filings for government agencies to be submitted
online by 2010, which can only be attained if the service
infrastructures are up to speed with taxpayers' expectations.
Sun was chosen to create an integrated and inherently secure
network, called Trusted Network, which will help enable a true
one-stop service infrastructure.  The complete Sun solution is
comprised of OpenSolaris OS, Sun Java System Identity Manager
software, Sun Java Composite Application Platform Suite and Sun
Ray thin clients.

"Until recently, many government agencies opted not to gamble
with any level of open access," said Crawford Beveridge, EVP and
Chairman EMEA, APAC and the Americas, Sun Microsystems, Inc.
"But in a changing world, providing personalized, citizen-
centric and business-centric benefits and services that maximize
the value of taxpayers' money is a shining example of the vision
for Web 2.0. Sun's extensive expertise, coupled with secure IT
systems and software, are helping pave the way for governments
to use technology to improve prosperity and welfare for its
citizens, allow for a more open and transparent communication
between the government and its citizens and can reduce
administrative costs of providing services."

Sun has achieved great momentum in the eGovernment space, with
wins such as:

Norway

MyGov is part of the Norwegian government's "eNorway 2009"
initiative designed to provide the country's 4.5 million
citizens with a single Web-based access point for all government
services.  Leveraging a reliable and robust operating platform
comprised of the Sun Java Enterprise System, Sun identity
management solutions, x64 (x86 64-bit) and UltraSPARC T1
processor-based Sun Fire servers running the Solaris 10
Operating System, MyGov helps citizens to have secure, browser-
based public access to government services through a secure and
personalized portal interface.  Just recently, MyGov's self-
service citizen portal, called Mypage, was named a winner at the
European eGovernment Awards for "participation and transparency
empowering citizens and business to influence open government,
policy-making and the way public administrations operate and
deliver services."  Mypage offers more than 300 services for
citizens, and has more than 200,000 registered users it its
first four months of operation.  The complete end-to-end Sun
solution helps the government to drive innovation and provide an
online platform where the citizens can handle their healthcare,
order tax cards, register and manage motor vehicles, manage
their student loans, communicate with public officials and
conduct other civic initiatives and services.

Singapore

Sun ally Ecquaria was awarded the contract to develop the NSS
(New Singapore Shares) Web site and eServices to help eligible
citizens to check their NSS allotment in real-time and instruct
the Central Provident Fund Board to exchange their NSS for cash.
Ecquaria leveraged Public eServices Infrastructure, a ready
government services delivery infrastructure jointly developed by
the government and a consortium consisting of Sun, Ecquaria and
other vendors.  The NSS website and eServices were successfully
developed and launched in just three short weeks.  The solution
is comprised on Java-based technologies, Sun UltraSPARC-based
servers and the Solaris 10 Operating System.

                  About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network  
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.

                       *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and Sept.
22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


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

BURGER KING: Launches First Restaurant in Colombia
--------------------------------------------------
Burger King Corp. has awarded development rights in Colombia for
the cities of Medellin and Cali to the Medellin-franchisee
group, KINCO S.A.  The first BURGER KING(R) restaurant is
expected to open during the first half of 2008 in Medellin.
Additional restaurant openings in Medellin and Cali are
scheduled during the next two years.

"Colombia is a key market for the continued growth of the BURGER
KING(R) brand in Latin America, and is an important piece of the
company's global development strategy," stated Armando Jacomino,
president, Latin America, Burger King Corp.  "We are excited to
work with KINCO, a business known for strong, experienced
restaurateurs, an operational focus, and extensive consumer
knowledge."

Felipe Baquero, director of operations for KINCO S.A., said, "We
believe that Colombian consumers will enjoy the great taste of
the flame-broiled WHOPPER(R) sandwich and other BURGER KING(R)
products.  We are truly excited that Medellin is the first city
in Colombia to launch the BURGER KING(R) brand and can't wait to
give burger-lovers the opportunity to Have It Their Way."

Headquartered in Miami, Florida, The Burger King (NYSE: BKC) --
http://www.burgerking.com/-- operates more than 11,000  
restaurants in more than 69 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.  Beginning in 1982, BK and its franchisees began
operating stores in several East Asian countries, including
Japan, Taiwan, Singapore and Korea.

                          *    *    *

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2007, Moody's Investors Service affirmed the Ba2
corporate family rating of Burger King Corporation.  Moody's
also affirmed the Ba2 rating assigned to the company's US$250
million senior secured term loan A, US$1.1 billion senior
secured term loan B, and US$150 million senior secured revolving
credit facility.  In addition, Moody's changed the outlook for
Burger King to stable from negative.


DAEWOO ELECTRONICS: Videcon Renews Bid
--------------------------------------
Videocon has renewed its bid for Daewoo Electronics Corporation
but would pursue it only if the price was reasonable, the
Business Standard reports citing Videocon Industries Chairman
and Managing Director Venugopal Dhoot.

According to the report, when Mr. Dhoot was asked by reporters
if this was a desperate attempt in Videcon's part to acquire
daewoo, he replied in the negative.  "In fact, we have
diversified our interests in energy and power sectors, and we
may not be interested in pursuing it (Daewoo) if the price is
very high," Dhoot said, the Standard relates.

As reported by the Troubled Company Reporter-Asia Pacific on  
Nov. 28, 2007, Daewoo Electronics is put up for sale a second
time as the US$746-million Videocon-Ripplewood bid fails.

Videocon and bid partner Ripplewood Holdings, LLC, the TCR-AP
recounted, submitted the winning bid for a controlling stake in
Daewoo.  The deal started to hit obstacles after the buyers
completed due diligence, the report said.  Expectations were out
of line with what the asset was worth and creditors were not
prepared to make the significant concessions necessary to
progress discussions, the report points out, the report noted.

The quality of unsold inventory, the TCR-AP said, and some
receivables from affiliated companies are said to have adversely
affected working capital assumptions.

Furthermore, the existing lenders did not want to continue to
extend credit on terms attractive to the buying consortium,
the TCR-AP added.

                   About Daewoo Electronics

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer      
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale for US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.


DURA AUTO: Wants Plan Confirmation Hearing Deferred to 2008
-----------------------------------------------------------
Following its request to postpone by six days to Dec. 17, 2007,
the confirmation hearing on its Joint Plan of Reorganization to
extend its marketing period for its US$425 million exit
financing, DURA Automotive Systems, Inc., and its debtor-
affiliates have again requested another postponement for a
hearing.

As reported in the Troubled Company Reporter on Dec. 13, 2007,
the Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware had agreed to postpone the Debtor's
plan confirmation hearing to Dec. 17, 2007, at 9:30 a.m.

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

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

The TCR reported on Nov. 29, 2007, that Judge Carey had canceled
the confirmation hearing scheduled for Dec. 6, saying that there
was no point moving forward with the hearing until Dura obtains
the necessary exit financing.
        
On behalf of DURA, Daniel J. DeFranceschi, Esq., at Richards,
Layton & Finger, P.A., in Wilmington, Delaware, said in a notice  
dated Dec. 14, 2007, that the confirmation hearing "has been
continued to a date to be determined."
        
DURA has released a statement saying that it has elected to
postpone its exit financing process in light of abnormally
challenging credit market conditions and has asked Judge Carey
to schedule the confirmation hearing to 2008.

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

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

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

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


DURA AUTO: Defers Exit Financing Process Due to Market Riff
-----------------------------------------------------------
DURA Automotive Systems, Inc. has elected to postpone its exit
financing process in light of abnormally challenging credit
market conditions.  As a consequence, the company has requested
the U.S. Bankruptcy Court for the District of Delaware continue
its confirmation hearing to early next year.
        
"The credit markets have continued to move against us these
past few weeks and the financing terms available in this market
are not acceptable to the company," Larry Denton, Chairman
and Chief Executive Officer, said.  "While the delay in exiting
bankruptcy is regrettable, we are intent on achieving the most
favorable financing terms possible so that DURA emerges from
Chapter 11 with a significantly strengthened balance sheet to
support its enhanced competitive position."
        
DURA will evaluate its financing strategy early in 2008, with a
plan for emergence as soon as practicable.

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

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

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

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

        
DURA AUTO: Subprime Lending Mess Blamed for Lack of Funding
-----------------------------------------------------------
DURA Automotive Systems Inc.'s failure to obtain its
contemplated US$425 million exit financing is yet another
example of how the subprime mortgage crisis has made it tougher
for companies to attract loans.  Banks have become more
conservative in their lending after losing billions in the risky
mortgage market,"the Detroit Free Press reports.
        
"There's just not a lot of confidence right now," Van Conway,
president of Birmingham-based turnaround firm Conway MacKenzie &
Dunleavy, told the Detroit Free Press.  "People are concerned
that there's more to come."
        
At a hearing on Dec. 13, 2007, on behalf of Dura, Roger J.
Higgins, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois,
told the Honorable Kevin J. Carey of the U.S. Bankruptcy Court
for the District of Delaware, it's "too early" to abandon the
effort to find the $425 million in loans needed to fund the
company's Chapter 11 plan in its current form, the Associated
Press reports.
        
"This is obviously an adverse development, but no one is pushing
the panic button yet," said Evan Flaschen of Bracewell &
Giuliani, attorney for the Second Lien Group, an informal group
of senior bondholders, according to the AP report.  "It's time
for calm heads to sit at the table and decide what makes sense
going forward."
        
Troy, Michigan-based auto-parts supplier Delphi Corp. has also
delayed to the first quarter of 2008 its scheduled emergence
from Chapter 11 protection following difficulties in obtaining
financial backing for its US$6.8 billion exit plan.  The loan
has already been reduced by US$2 billion from the original
amount Delphi had sought to borrow.  The financing is being
arranged by JPMorgan Securities Inc.,  JPMorgan Chase Bank,
N.A., and
                
Toledo, Ohio-based Dana Corporation said that it has obtained
fully underwritten commitments for a US$2 billion exit financing
facility.  Citigroup Global Markets, Lehman Brothers Inc., and
Barclays Capital have agreed to underwrite the financing.  Dana
expects to exit Chapter 11 by January of 2008.
        
Goldman Sachs Credit Partners, L.P., and Barclays Capital, the
investment banking division of Barclays Bank, PLC, have offered
to arrange and syndicate DURA's exit loan.
Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural
door modules and exterior trim systems for the global automotive
industry.  The company is also a supplier of similar products to
the recreation vehicle and specialty vehicle industries.  DURA
sells its automotive products to North American, Japanese and
European original equipment manufacturers and other automotive
suppliers.

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

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

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


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

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

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

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

     Results to Date and Pricing Information for the Offers

                            Lyondell's Notes

                                                     Percentage
                    Tender               Tender    of Principal
CUSIP   Security     Offer  Total         Offer         Amount
Number  Description  Yield  Consideration Consideration Tendered
------  -----------  -----  ------------- ------------- --------
          10.500%
552078AV9 Senior    3.764%  US$1,081.17  US$1,051.17     99.76%
          Secured
          Notes due
          2013

          8.000%
552078AW7 Senior
          Notes     3.429%  US$1,154.78  US$1,124.78     99.67%
          due 2014

          8.250%
552078AX5 Senior
          Notes     3.601%  US$1,197.17  US$1,167.17     99.85%
          due 2016

          6.875%
552078AY3 Senior
          Notes     3.788%   US$1,155.31  US$1,125.31    99.99%
          due 2017

                    Equistar Issuers' Notes

                                        Percentage
                    Tender               Tender    of Principal
CUSIP   Security     Offer  Total         Offer         Amount
Number  Description  Yield  Consideration Consideration Tendered
------  -----------  -----  ------------- ------------- --------
          10.125%
29444NAF9 Senior
          Notes     3.857%  US$1,042.60 US$1,012.60     97.96%
          due 2008

          8.750%
29444NAD4 Notes  
          due       3.519%  US$1,058.51  US$1,028.51    97.55%
          2009

          10.625%
29444NAH5 Senior
          Notes      3.761% US$1,050.65  US$1,020.65    97.95%
          due 2011

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

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

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

                        About Basell

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

                      About Lyondell

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2007, Fitch Ratings downgraded Basell AF SCA's and
Lyondell Chemical Co.'s Long-term Issuer Default ratings to 'B+'
from 'BB-' and removed them from Rating Watch Negative where
they were originally placed on July 17, 2007.  Stable Outlooks
were assigned to the Long-term IDRs.  Basell's Short-term IDR is
also affirmed at 'B'.


* South Korean Firms See Increase in Fourth-Quarter Profit
----------------------------------------------------------
South Korea's listed companies are expected to see 44% increase
in fourth-quarter operating profits from last year, due to
strong performances by shipbuilders and shipping firms, Yonhap
News reports.

According to the report, citing an online financial information
provider FnGuide's report, the combined operating profits of 215
listed companies are predicted to increase 3.7% from a year
earlier to KRW14.3 trillion for the October-December period.

The companies' total sales, the report relates, are projected to
rise 7.1% annually to KRW167.6 trillion, with their net profits
likely to climb 26% to KREW13 trillion.  On a quarterly basis,
total sales are expected to rise 7.8% but operating profits and
net income are forecast to drop 2.1% and 6.3% respectively, the
report notes.

Yonhap News says winners include Hyundai Heavy Industries Co.,
whose operating income will likely to surge 57%.  In contrast,
the report continues, large companies likely to suffer from poor
operating profits include:

   -- Samsung Electronics Co. whose operating profit is
      predicted to sink 17.8% to KRW1.7 trillion, and

   -- Hynix Semiconductor Inc., which is likely to post KRW77.7
      trillion in fourth-quarter operating profit, down 91.5%
      from the year-earlier period.


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

OCI BERHAD: AGM Extended to Date Not Later Than Jan. 31
-------------------------------------------------------
The Suruhanjaya Syarikat Malaysia had approved OCI Berhad's
application for an extension of time to convene its Annual
General Meeting and to table the company's audited accounts for
the financial year ended June 30, 2007, on a date not later than
January 31, 2008.

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world. On 24 January 2006, Company disposed off its entire 51%
equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer as the auditors have
expressed a modified opinion with emphasis on the company's
going concern in the company's audited financial statements for
the financial year ended June 30, 2006 and the shareholders'
equity of the company on a consolidated basis as at June 30,
2006, represented 40.8% of the issued and paid-up capital of the
company.


MALAYSIA AIRLINE: Plans Flying to All Major Airports by End-2008
----------------------------------------------------------------
Malaysia Airlines plans to fly to all the major airports in the
world and increase its destinations from 500 to 800 by end-2008,
the EdgeDaily reports, citing Bernard Francis, the company's
senior general manager for network and revenue management.

“Currently, we fly to about 75% of major airports around the
world.  With our hub and spoke network, we are confident of
gaining access to almost all the major global airports by end-
2008,” the EdgeDaily quotes Mr. Francis as saying.

The company is in talks with a Turkish airline to reach a code-
share agreement that would further open its routes in Europe and
Asia sometime next year.  It is concentrating on growing its
services in China, south and north Asia, and the Asean region,
and was also in talks with African and Middle Eastern airlines
to expand its presence there, Mr. Francis told the news agency.
Currently, Mr. Francis added, Malaysia Airlines has more than 20
airline partners.

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

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


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

AFTERWARDS SEVEN: Commences Liquidation Proceedings
---------------------------------------------------
Afterwards Seven Ltd. commenced liquidation proceedings on
November 26, 2007.

Creditors who were not able to file their proofs of debt by
December 14, 2007, will be excluded from the company's dividend
distribution.

The company's liquidator is:

          Robin Winston Hargrave
          O’Halloran HMT Limited
          PO Box 6004, Wellesley Street
          Auckland
          New Zealand
          Telephone:(09) 366 5065
          Facsimile:(09) 366 5001


BRIDGECORP: Secured Debentures to Get 19% to 63% of Investment
--------------------------------------------------------------
John Waller and Colin McCloy of PricewaterhouseCoopers,
receivers of Bridgecorp Ltd, lowered their estimates on the
recoverability of the company's secured debenture investors to
the 19%-63% range.  

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 1, 2007, the receivers originally estimated that the
secured debentures could recover 25% to 74% of their original
investment from the company's assets.

PwC, in a letter to investors, said that the lower estimated
recoverability is due to deteriorating market conditions and
subsequent events.  “[S]ignificant complexity still remains in
respect of recoveries from the Momi development in Fiji,” the
receivers added.

            PwC's Provisional Estimate of Recoveries
                         (In 000s)

                           Book Value       Low        High
                           ----------   ---------   ----------
New Zealand loans          NZ$254,199
Australian loans               32,868
Specific Australian &
   other offshore loans        50,478
                           ----------
Toal loan (excluding Momi) NZ$337,545   NZ$95,090   NZ$182,883
Property Assets                38,607       1,900        5,000
Intergroup Advances            87,546         500        4,000
Other                          24,947       4,000        4,000
                           ----------   ---------   ----------
Total Assets                  488,645     101,490      195,883
Preferential Creditors                     (5,300)      (5,300)
Contingency                               (10,000)     (10,000)
                           ----------   ---------   ----------
Estimated Recoveries
   (excluding Momi)                        86,190      180,583
                                        =========   ==========
Secured Borrowings                        458,738      458,738
                                        ---------   ----------
Estimated Dividend Range                    19%          39%

Advances re: Momi Resort      106,639           -      106,639
                           ----------  ----------   ----------
Est. Total Recoveries
   (prior to costs)           595,284      86,190      287,222
                           ==========  ==========   ==========
Secured Borrowings                     NZ$458,738   NZ$458,738   
                                       ----------   ----------
Provisional Est. Dividend Range
   (prior to costs)                         19%          63%

"While we continue to explore all avenues to improve recoveries,
we consider it prudent to advise secured debenture investors of
the deteriorating position," the receivers said.

According to the receivers, the timing of distributions is still
not certain due to the nature of the company's assets.

The receivers, however, regret to inform unsecured creditors
that "there are unlikely to be any amounts available for
payment" to them.

A copy of PwC's letter to investors dated Dec. 17, 2007, is
available for free at http://ResearchArchives.com/t/s?2673

New Zealand-based Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.


CER GROUP: Names Evan Davies as New Chairman
--------------------------------------------
Evan Davies was appointed as Chairman of the Board of CER Group
at its Board meeting held on Dec. 14, 2007.

Dr. Wayne Cartwright, formerly Chairman, remains a non-executive
director of the company.

Commenting on the development, Dr. Cartwright said: "CER Group
now has a strong platform for vigorous profitable growth.  I
look forward to contributing further, with fellow directors, to
the development of the company."

The Troubled Company Reporter-Asia Pacific reported on Nov. 22
that Mr. Davies was recently brought in as the company's non-
executive director.

"Mr. Davies has a strong track record in driving business growth
over a long period of time and we believe that will be very
valuable to us.  His commercial expertise, business contacts on
both sides of the Tasman and experience in progressively
building a company from start-up through significant development
is an ideal fit for CER Group," Dr. Cartwright said.

Auckland, New Zealand-based CER Group Ltd. --
http://www.certified-organics.com/-- formerly Certified
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export.  The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export.  The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.

The Troubled Company Reporter-Asia Pacific, citing a report
from ShareChat News, said on March 5, 2007, that CER Group's
December 2006 full-year loss narrowed to NZ$53,000 from
NZ$327,000 in 2005.


DOMMAR LTD: Appoints Whittfield & Finnigan as Liquidators
---------------------------------------------------------
On November 20, 2007, the shareholders of Dommar Ltd. appointed
John Trevor Whittfield and Peri Micaela Finnigan as the
company's liquidators.

Messrs. Whittfield and Finnigan are accepting creditors' proofs
of debt until December 31, 2007.

The Liquidators can be reached at:

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


FIVE CROSS: Fixes January 11 as Last Day to File Claims
-------------------------------------------------------
Five Cross Roads Dental Centre Ltd. requires its creditors to
file their proofs of debt by January 11, 2007, to be included in
the company's dividend distribution.

The company entered wind-up proceedings on November 28, 2007.

The company's liquidators are:

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


G & H BUILDING: Court to Hear Wind-Up Petition on March 13
----------------------------------------------------------
A petition to have G & H Building Services Ltd.'s operations
wound up will be heard before the High Court of Auckland on
March 13, 2008, at 10:45 a.m.

Carters filed the petition on November 2, 2007.

Carters' solicitor is:

          Edmund Lawler
          c/o Edmund Lawler & Associates
          PO Box 25931, St Heliers
          Auckland
          New Zealand


IDEAL CLEANING: Fixes December 28 as Last Day to File Claims
------------------------------------------------------------
The creditors of Ideal Cleaning Services Ltd. are required to
file their proofs of debt by December 28, 2007, to be included
in the company's dividend distribution.

The company's liquidators are:

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


M.R.HOMES: Creditors' Proofs of Debt Due on January 25
------------------------------------------------------
M.R.Homes Ltd. requires its creditors to file their proofs of
debt by January 25, 2007, 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


MAINLAND RURAL: Creditors' Proofs of Debt Due on December 31
-------------------------------------------------------------
Mainland Rural Ltd. requires its creditors to file their proofs
of debt by December 31, 2007, to be included in the company's
dividend distribution.

The company went into liquidation on November 26, 2007.

The company's liquidators are:

          Stephen John Tubbs
          Warren Michael Johnstone
          BDO Spicers
          Spicer House, Level 6
          148 Victoria Street
          Christchurch
          New Zealand
          Telephone:(03) 943 6094
          Facsimile:(03) 353 5526
          e-mail:jim.barber@chc.bdospicers.com


MIDWAY CORPORATION: Court Taps Shephard & Dunphy as Liquidators
---------------------------------------------------------------
The High Court of Christchurch, on November 26, 2007, appointed
Iain Bruce Shephard and Christine Margaret Dunphy as the
liquidators of Midway Corporation Ltd.

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street, Wellington
          New Zealand
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


STANTIALL ENTERPRISES:  Taps Simpson and Ruscoe as Liquidators
--------------------------------------------------------------
On November 22, 2007, Richard Grant Simpson and David Ian Ruscoe
were appointed liquidators of Stantiall Enterprises Ltd.

Creditors who were not able to file their proofs of debt by
December 10, 2007, will be excluded from the company's dividend
distribution.

The Liquidators can be reached at:

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


STORYVILLE COMPANY: Shareholders Resolve to Liquidate Business
--------------------------------------------------------------
The shareholders of Storyville Company Ltd. met on November 26,
2007, and decided to voluntarily liquidate the company's
business.

Gareth Russel Hoole and Kevin David Pitfield were appointed as
liquidators.

the Liquidators can be reached at:

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


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

EIB REALTY: To Hold Special Stockholders' Meeting on January 28
---------------------------------------------------------------
EIB Realty Developers Inc. will hold a special stockholders'
meeting on January 28, 2008, at 8:30 a.m. at the Activity
Center, Lower Lobby, Exportbank Plaza, in Exportbank Driver
corner Chino Roces Avenue, Makati City.

During the meeting, the stockholders will be presented with the
required amendment to the company's articles of incorporation to
reflect the proposed increase in EIBR's authorized capital stock
to not more than PHP7 billion.

Only common stockholders of record as of January 7, 2008, will
be entitled to notice and to vote at the meeting.

EIB Realty Developers, Inc. (EIBR) is engaged in real estate
development, including building and development of residential,
industrial and commercial properties.  The company owns 55% of
Urban Property Holdings Inc., which also engages in the
development of real estate.  Export and Industry Bank, Inc. owns
71.7567% of the Company.

EIBR incurred net losses of PHP126.315 million in the year ended
December 31, 2006, and PHP8.28 million in the year ended
Dec. 31, 2005.


MANILA ELECTRIC: Board Affirms Appointment of 3 Vice Presidents
---------------------------------------------------------------
The Board of Directors of Manila Electric Co. has affirmed the
appointments of three company officers during a meeting held on
Monday, December 17.

The Board confirmed the appointments of these vice presidents:

    * Ruth B. David
    * Leonardo V. Mabale
    * Redentor L. Marquez

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility    
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

The Troubled Company Reporter-Asia Pacific reported on Dec. 14,
2007, that Standard & Poor's Ratings Services revised the
outlook on its ratings on Manila Electric Co. (Meralco) to
stable from negative. The 'B-' long-term issuer credit rating on
Meralco was affirmed.


NAT’L POWER: PSALM May Postpone Sale of Palinpinon Power Plant
--------------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp. may
postpone selling the National Power Corp.'s 192.5-megawatt
Palinpinon and 146.5-mw Panay power plants until January 31,
2008, the Philippine Star reports.

According to PSALM vice president Froilan Tampinco, PSALM is
considering this option among others because they have yet to
resolve the issue of geothermal resources contract to be
attached to the sale of the Palinpinon package, the Star
relates.  Mr. Tampinco told the newspaper that the Joint
Congressional Power Commission was supposed to discuss the issue
in a meeting last Friday but ended up not doing so.

PSALM cannot push through with the Palinpinon sale without the
JCPC's approval of the steam supply contract that is packaged
with the sale, Mr. Tampinco explained, the Star reports.

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion.  It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

                         *     *     *

The TCR-AP reported that on November 2, 2006, Moody's Investors
Service changed the outlook to stable from negative for the B1
senior unsecured debt rating of National Power Corporation,
which is guaranteed by the Republic of Philippines.  This rating
action follows Moody's decision to change the outlook of
Philippines' B1 long-term foreign currency government rating to
stable from negative.

The TCR-AP reported that on October 25, 2006, Standard & Poor's
Ratings Services assigned its 'BB-' rating to the proposed
US$500 million unsecured notes to be issued by Philippines'
National Power Corp. (Napocor; foreign currency BB-/Stable/--,
local currency BB+/Stable/--).  The Republic of Philippines
(foreign currency BB-/Stable/B; local currency BB+/Stable/B)
will unconditionally and irrevocably guarantee the notes.
Napocor will use the proceeds for capital expenditure.

On October 11, 2007, Fitch Ratings affirmed the ratings of 'BB'
to the US$500 million fixed-rate and US$300 million floating-
rate notes issued by National Power Corporation in 2006 and
2005, respectively.


PHILCOMSAT HOLDINGS: Court Tells Parent to Surrender Dividends
--------------------------------------------------------------
The Sandiganbayan's Third Division has ordered the Philippine
Overseas Telecommunications Corp. to turn over about PHP150.61-
million in unpaid cash dividends to the government, the
Philippine Star reports.

POTC is the parent firm of Philcomsat Holdings Corp.

In its resolution, the report says, the Sandiganbayan upheld the
Presidential Commission on Good Government's earlier
sequestration of POTC shareholder Polygon Investors and Managers
Inc. on allegations that the firm, along with other business
interests of Jose Africa, were partly-funded using the Marcos
family's wealth.

According to the Star, the Sandiganbayan also overruled
Polygon's claim of being the proper repository of the stock
earnings. "It is proper that [Polygon's] dividends just like
that of the other sequestered corporations be put under the
custody of this court is an escrow account at the Land Bank of
the Philippines until its rightful owner is determined," the
Court said, the newspaper relates.

Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956.  During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.
The company has since withdrawn from oil exploration because
there was no commercial discovery of oil.  On January 10, 1997,
the company approved amendments to its Articles of
Incorporation, changing its primary purpose from embarking in
the discovery, exploitation, development and exploration of
mineral oils, petroleum in its natural state, rock or carbon
oils, natural oils and other volatile mineral substances to a
holding company.

According to a Troubled Company Reporter-Asia Pacific report
on May 18, 2006, Philcomsat Holdings has not declared dividends
for the past two fiscal years.  Philcomsat is involved in an
anomaly brought about by huge losses.  The company reported a
PHP6.965-million loss in 2004 and a PHP22-million loss in 2005.
The Philippine Senate has initiated an inquiry into the matter.
Moreover, according to press reports, a huge fraction of the
shareholdings of Philcomsat, which is said to be ill-gotten, had
been confiscated by the Government.


PHIL. LONG DISTANCE: Joins 13 Firms in Disaster Recovery Pact
-------------------------------------------------------------
Fourteen members of the Pacific Partners, an alliance of major
carriers in the Asia-Pacific region, have signed a memorandum of
agreement to ensure quick restoration of services in their
networks during major cable system failures.

These carriers include AT&T of the US, China Telecom, CAT
Telecom of Thailand, Chunghwa Telecom of Taiwan, KDDI of Japan,
Korea Telecom, PLDT of the Philippines, INDOSAT of Indonesia,
REACH of Hong Kong and Australia, Singapore Telecom, Telecom New
Zealand, Telekom Malaysia, VNPT of Vietnam and VSNL
International of India and Canada.

In the aftermath of the December 2006 Taiwan earthquake that
damaged nine international submarine cable systems, existing
restoration plans proved insufficient, causing major
difficulties in the Asia-Pacific region.  Top officials of the
Pacific Partners met in early 2007 to discuss the impact of the
Taiwan earthquake and measures to avert a similar crisis.  They
agreed to pursue a strategic cooperation initiative that would
pool all available resources at their disposal (i.e., manpower,
talent and facilities) to deal with multiple cable failures that
may occur in the future.

Under the terms of the MOU, the Partners will develop Disaster
Recovery Principles and Mechanism to ensure each party's quick
return to business-as-usual operation.  It is expected that this
will minimize the impact of international cable failures on the
consumer and business customers of the Partners.  A Committee
chaired by PLDT Carrier Marketing Management Head Genaro C.
Sanchez was created in early 2007 to undertake this task.  Its
work is expected to be completed by year-end and the DRP/M is
expected to be ready for implementation by early 2008.

                          About PLDT

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

                        *     *     *

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

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


RIZAL COMMERCIAL: Board OKs Promotion of 5 Corporate Officers
-------------------------------------------------------------
The Board of Directors of the Rizal Commercial Banking Corp.
approved on Monday the promotion of three senior vice-presidents
to executive vice-presidents and two first vice-presidents to
senior vice-presidents.

These senior VPs were promoted to executive VPs:

    * Lope M. Fernandez Jr.
    * Ma. Teresita A. Nunez
    * Elbert M. Zosa

These first VPs were promoted to senior VPs:

    * Lourdes Bernadette M. Ferrer
    * Alexander Y. Cham

The Board also appointed Mr. Alfonso S. Yunchengco Jr. as member
of the advisory board during the meeting.  The appointment
became effective immediately.

These items were also approved during the meeting:

   * 2008 Budget of the Bank

   * The bank's participation as a broker of the Philippine
     Dealing & Exchange Corp.

Rizal Commercial Banking Corporation -- http://www.rcbc.com/         
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the bank's foreign exchange exposure.

On November 2, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings assigned a final rating of 'B-' to
Rizal Commercial Banking Corporation's hybrid issue of up to
US$100 million.  The rating action follows the receipt of final
documents conforming to information previously received.

On November 6, 2006, the TCR-AP also reported that Moody's
Investors Service revised the outlook for RCBC's foreign
currency senior debt rating of Ba3, foreign currency Hybrid Tier
1 of B3, and foreign currency long-term deposit rating of B1 to
stable from negative.  The outlook for RCBC's foreign currency
Not-Prime short-term deposit rating and bank financial strength
rating of E+ remains stable, the TCR-AP said.

The TCR-AP also reported on October 24, 2006, that Standard &
Poor's Ratings Services assigned its 'CCC' rating to
Philippines' Rizal Commercial Banking Corp's (RCBC; B/Stable/B)
US$100 million non-cumulative step-up callable perpetual capital
securities.


SAN MIGUEL: Properties Unit Sells 24.9% Ownership in KSA Realty
---------------------------------------------------------------
San Miguel Corp.'s subsidiary San Miguel Properties Inc. has
sold its 29.4% stake in KSA Realty Corp. to Shang Properties
Inc. for PHP1.8 billion, the Philippine Daily Inquirer reports.

According to a company statement, the article says, the sale is
expected to close next year after compliance with all
requirements.

The Philippine Stock Exchange has suspended trading of Shang
Properties' shares, the article adds.

Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The company
also manufactures glass, metal, plastic, paper and composites
packaging products.

The TCR-AP reported on November 12, 2007, that Moody's affirmed
the Ba2 local currency corporate family rating of San Miguel
Corporation.  This follows the company's announcement that it is
to sell the Tasmanian brewer, J Boag & Son Pty Ltd, for
AU$325 million and the Australia-based dairy and beverage
producer, National Foods Ltd, for AU$2.8 billion.  The rating
outlook remains stable.

The TCR-AP reported on November 14, 2007, that Standard & Poor's
Ratings Services affirmed its 'BB' long-term foreign currency
corporate credit rating on San Miguel Corp.  The outlook remains
negative.  The affirmation comes after San Miguel announced the
sale of its Australian dairy and juice subsidiary National Foods
Ltd. to the Japanese brewer Kirin Holdings Co. Ltd. (AA-/Watch
Neg/--), for AU$2.8 billion.


SAN MIGUEL: May Engage in Coal Mining Investments Abroad
--------------------------------------------------------
San Miguel Corp. is eyeing possible coal mining investments
outside the country through its subsidiary San Miguel Energy, an
unnamed source told the Philippine Daily Inquirer.

The source didn't say which countries are being considered for
the project, the Inquirer notes.

According to the source, the newspaper relates, coal investments
offer a return on equity of anywhere between 30% to 50%.  

Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The company
also manufactures glass, metal, plastic, paper and composites
packaging products.

The TCR-AP reported on November 12, 2007, that Moody's affirmed
the Ba2 local currency corporate family rating of San Miguel
Corporation.  This follows the company's announcement that it is
to sell the Tasmanian brewer, J Boag & Son Pty Ltd, for
AU$325 million and the Australia-based dairy and beverage
producer, National Foods Ltd, for AU$2.8 billion.  The rating
outlook remains stable.

The TCR-AP reported on November 14, 2007, that Standard & Poor's
Ratings Services affirmed its 'BB' long-term foreign currency
corporate credit rating on San Miguel Corp.  The outlook remains
negative.  The affirmation comes after San Miguel announced the
sale of its Australian dairy and juice subsidiary National Foods
Ltd. to the Japanese brewer Kirin Holdings Co. Ltd. (AA-/Watch
Neg/--), for AU$2.8 billion.


SAN MIGUEL: Energy Unit May Join in PNOC-EC’s Privatization
-----------------------------------------------------------
San Miguel Energy Corp. may possibly join the privatization of
PNOC-Exploration Corp., the oil and gas subsidiary of state-
owned Philippine National Oil Co., a source within the industry
told the Manila Standard.

San Miguel Energy is the energy unit of San Miguel Corp.

"The [group] is looking into PNOC-EC once its privatization plan
is finished," the source said, the Standard reports.  However,
the source also added that everything is still "preliminary" and
that the interest in PNOC-EC was still being studied, the
newspaper notes.

Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The company
also manufactures glass, metal, plastic, paper and composites
packaging products.

The TCR-AP reported on November 12, 2007, that Moody's affirmed
the Ba2 local currency corporate family rating of San Miguel
Corporation.  This follows the company's announcement that it is
to sell the Tasmanian brewer, J Boag & Son Pty Ltd, for
AU$325 million and the Australia-based dairy and beverage
producer, National Foods Ltd, for AU$2.8 billion.  The rating
outlook remains stable.

The TCR-AP reported on November 14, 2007, that Standard & Poor's
Ratings Services affirmed its 'BB' long-term foreign currency
corporate credit rating on San Miguel Corp.  The outlook remains
negative.  The affirmation comes after San Miguel announced the
sale of its Australian dairy and juice subsidiary National Foods
Ltd. to the Japanese brewer Kirin Holdings Co. Ltd. (AA-/Watch
Neg/--), for AU$2.8 billion.


VULCAN INDUSTRIAL: Board Elects New Set of Corporate Officers
-------------------------------------------------------------
Vulcan Industrial and Mining Corp.'s Board of Directors has
elected a new set of officers of the company.

According to a disclosure with the Philippine Stock Exchange,
these individuals were elected as officers:

    * Alfredo Ramos        - Chairman and President

    * Patrick V. Caoile    - Executive Vice President, Gen.
                             Manager

    * Augusto B. Sunico    - Vice President, Treasurer

    * Jose S. Samsom       - Corporate Secretary

    * Romeo B. Molano      - Vice President, Operations

    * Francisca D. Ricarte - Vice President, Accounting &
                             Finance

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

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

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

                          *     *     *

J. Carlitos Cruz at Sycip Gorres Velayo raised significant doubt
on Vulcan Industrial & Mining Corporation's ability to continue
as a going concern after auditing the company's financials for
the fiscal year ended Dec. 31, 2006.  Mr. Cruz cited the
company's and its subsidiary's current liabilities exceeding
their current assets by PHP204.5 million and PHP231.3 million,
respectively.  In addition, the company and its subsidiary had
difficulty meeting their obligations to their creditor banks.

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


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

AAR CORP: Howard A. Pulsifer to Retire as General Counsel
---------------------------------------------------------
Howard A. Pulsifer plans to retire as AAR Corp's General
Counsel, effective on June 1, 2008.

"Howard has served as our general counsel since 1987 and has
made significant contributions to the company as a highly valued
member of our senior leadership team.  He has consistently
provided sound guidance and sage counsel while playing a key
role in AAR's corporate governance and serving our Board of
Directors with distinction,” said David P. Storch, Chairman and
Chief Executive Officer of AAR.

Mr. Pulsifer's prestigious legal career spans 37 years.  Prior
to joining AAR Corp, he spent more than 14 years as part of the
legal team of United Airlines, Inc.  Previously, he served as a
trial attorney for the U.S. Department of Agriculture in
Washington, D.C.  He is an alumnus of Suffolk University Law
School in Boston where he graduated following active duty
service as a Lieutenant Commander in the U.S. Navy.

Mr. Pulsifer will aid in the transition of his successor and
will serve as a consultant at the company's full discretion and
as Secretary of AAR through May 31, 2009.

                         About AAR Corp.

AAR Corp. (NYSE: AIR) -- http://www.aarcorp.com/-- provides
products and value-added services to the worldwide
aviation/aerospace industry.  With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing.  In Asia
Pacific, the company has offices in Singapore, China, Japan and
Australia.  In Latin America, the company has a sales office in
Rio de Janeiro, Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 18, 2006, Standard & Poor's Ratings Services upgraded AAR
Corp.'s corporate credit rating from 'BB-' to 'BB'.  The outlook
is stable.

The TCR-AP also reported on Dec. 5, 2006, that Moody's upgraded
AAR's corporate family rating and senior notes to Ba3 from B1,
in response to improving financial performance resulting from
the strong commercial and defense aviation supply and repair
environment.  The ratings outlook is stable.


SEMITECH ELECTRONICS: Notes Shareholders' Change of Interests
-------------------------------------------------------------
Semitech Electronics Ltd disclosed that two of its shareholders
reduced their holdings of direct shares due to a sale of 11
million shares at SGD.085 per share to an unrelated third party
pursuant to the Secondary Market Sales.

Tay Soon Lee now holds 21,795,000 direct shares with 8.84%
issued share capital.  Prior to the sale, Mr. Lee held  
32,795,000 direct shares with 13.30% issued share capital.  
Another holder, Neo Kian Chye, now holds 25,795,000 direct
shares with 10.46% issued share capital.  Before the change,
Mr. Chye held 25,795,000 direct shares with 10.46% issued share
capital.  Messrs. Lee and Chye each holds  90,015,000 deemed
shares with 36.52% issued share capital.

Headquartered in Singapore, Semitech Electronics Ltd. is
principally engaged in contract equipment manufacturing, trading
and distribution of equipment and providing after sales services
for voice and data communication products. Some of its wholly
owned subsidiaries include SEM Manufacturing Pte Ltd, Semitech
Electronics (Wuxi) Co. Ltd, Semitech Enterprise Pte Ltd and
Semitech Manufacturing Sdn Bhd.

Semitech has incurred SGD0.16 million, SGD2.37 million,
SGD5.1 million, and SGD6.5 million net losses since FY2003
through FY2006.


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

ADVANCE AGRO: S&P Affirms 'B-' Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services affirmed on Friday its 'B-'
corporate credit ratings and issue ratings on Thailand's
integrated pulp and paper company, Advance Agro Public Co. Ltd.
(Advance Agro), and removed them from CreditWatch, where they
were placed with negative implications on Nov. 9, 2007.  The
outlook is negative.

The ratings were initially placed on CreditWatch after the
announcement of the company's corporate restructuring and
delisting plan.  This rating action is based on the anticipated
longer time horizon for Advance Agro to execute its
restructuring plan.  The negative outlook reflects uncertainties
on Advance Agro's financial and business strategies and
potential further weakening of the company's financial
flexibility and transparency post-privatization.  The current
rating incorporates expectations that Advance Agro would be able
to refinance its maturing debt (mostly working capital
facilities) in the near term.  The unavailability of refinancing
debt funding would put the rating under further downward
pressure.

"The rating on Advance Agro is constrained by the company's
highly leveraged financial risk profile, exposure to volatile
and cyclical pulp and paper prices, and single site
concentration," said Standard & Poor's credit analyst Yasmin
Wirjawan.  "These weaknesses are partially offset by Advance
Agro's integrated and efficient operations, favorable market
position, and geographical diversity through exports."

Advance Agro's liquidity is weak.  The company faces refinancing
risk and is dependent on the smooth rollover of its short-term
credit facilities.  As at Sept. 30, 2007, the company had debt
of THB4.1 billion due within the next 12 months, compared with
cash balance of about THB0.3 billion.  This risk is partially
offset by the operating cash flow of about THB2 billion per year
and unused working capital facilities of THB2 billion.

"The outlook could be revised to stable if the company's
business strategy and financial policy post-restructuring are
not perceived to lead to a material weakening of Advanced Agro's
credit quality," Ms. Wirjawan noted.  "In addition, it will have
to be accompanied by a steady improvement in cash flow
generation, which could help strengthen the company's liquidity
position.  As the company will potentially be privatized in the
near term, an outlook revision would also be based on the
expectation that Advance Agro will not be required to provide
additional financing or other type of support to related
parties or shareholders."


TRUE MOVE: Response to TOT’s Access Charge Suit Due January 7
-------------------------------------------------------------
True Move PCL must submit its response to TOT PCL's suit seeking
collection of about THB4 billion in overdue access charges by
January 7, 2008, a disclosure by its parent True Corp. with the
Stock Exchange of Thailand says.

According to a Troubled Company Reporter-Asia Pacific report on
November 21, 2007, True Corp. said that True Move had not yet
received a summon and copy of TOT's suit lodged with the Civil
Court.  In its latest disclosure, True Corp. said that True Move
has now received a copy and is preparing its response.

True Move, a subsidiary of True Corporation Plc, Thailand's only
fully integrated communications solutions provider, convergence
solutions leader, and premier lifestyle enabler, offers
innovative and high quality wireless communications services on
its nationwide 1800MHz network to 8.1 million subscribers
(March, 2007) throughout Thailand.  True Move's vision is to
create a pioneering wireless hi-speed lifestyle where people can
communicate as well as access knowledge, information, and
entertainment whenever, wherever, and however they wish.  The
company delivers superior coverage, quality, and best value
services, leveraging its relationships with True Corporation and
the CP Group.  True Move offers unique integrated products and
services to the Thai market.  For more information please visit
http://www.truemove.com/or http://www.truecorp.co.th/   

The Troubled Company Reporter-Asia Pacific reported on Aug. 15,
2007, that Moody's Investors Service affirmed its B1 bond rating
for True Move Company Limited with a stable outlook.  The issue
of the US$225 million, seven-year senior, unsecured bond has
been completed and the rating is removed from provisional
status.

The TCR-AP reported on July 26, 2007, that Standard & Poor's
Ratings Services affirmed its 'B+' long-term corporate credit
rating on True Move.  The outlook is negative.


* Moody's: Strong Asia Utilities in '08 Despite Moderate Risk
-------------------------------------------------------------
Moody's Investors Service sees a stable rating outlook in 2008
for Asian power utilities, an industry that continues to record
a strong performance despite a measure of credit risk from the
effects of higher fuel prices, larger capex and growing overseas
investments.

In a new report, Moody's Senior Vice President Gary Lau and
Analyst Jennifer Wong say that the sector's ratings have been
supported by a high degree of regulatory stability across the
region, continued strong demand for electricity and the power
companies' sound financial profiles.

To meet the strong growth in electricity demand, substantial
capex will be required to develop additional generating capacity
and upgrade transmission and distribution (T&D) networks, the
report notes.

"In most cases, operating cash flow will be insufficient to
cover capex and working capital requirements, resulting in
higher debt levels, and this remains a key rating concern," says
Lau.

"However, the predictable and stable nature of operating cash
flows, driven by supportive regulatory regimes and strong market
positions, provides some comfort, while utilities also have the
flexibility to scale down capex if demand falls short," he adds.

According to the report, because fuel costs typically make up a
major portion of total operating costs at power utilities,
sustained high fuel prices may affect margins at some companies.
This is particularly true in markets like Korea, Malaysia,
Indonesia and Taiwan, where there is a lack of transparent and
automatic cost pass-through mechanisms.

"Additionally, the sector faces financial and business risks as
utilities turn to overseas investments to enhance revenues, and
this is a particular concern for companies that use large
amounts of debt in making such investments," Wong says.

"At the same time, because the power sector in Asia is still
largely under government control, a strong level of government
ownership will remain an important rating driver over the near-
to-medium term," she says.

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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
December 19, 2007
  Lexisnexis Conferences
    Mealey's Asbestos Bankruptcy Conference
      Four Seasons Hotel, Miami, Florida
        Web site: http://www.lexisnexis.com/

December 19, 2007
  Turnaround Management Association
    South Florida Dinner
      TBA, South Florida
        Telephone: 561-882-1331
          Web site: http://www.turnaround.org/

January 10, 2008
  Turnaround Management Association
    Distressed Debt Panel
      University Club, Jacksonville, Florida

January 10, 2008
  Turnaround Management Association
    NJTMA Holiday Party
      Iberia Tavern & Restaurant, Newwark, New Jersey
        Telephone: 908-575-7333
          Web site: http://www.turnaround.org/

January 11, 2008
  Turnaround Management Association
    Annual Lenders Panel
      Westin Buckhead, Atlanta, Georgia
        Web site: http://www.turnaround.org/

January 16, 2008
  Turnaround Management Association
    Current Outlook: Workouts, Lending and Turnarounds
      Marriott North, Fort Lauderdale, Florida
        Web site: http://www.turnaround.org/

January 17-18, 2008
  American Bankruptcy Institute
    Caribbean Insolvency Symposium
      Westin Diplomat, Hollywood, Florida
        Web site: http://www.abiworld.org/

January 28, 2008
  Turnaround Management Association
    Finding Money: Int'l Asset Search and
      Recovery Methods for Collecting Judgments
        Centre Club, Tampa, Florida
          Web site: http://www.turnaround.org/

February 7, 2008
  Turnaround Management Association
    PowerPlay
      Philips Arena, Atlanta, Georgia
        Telephone: 678-795-8103
          Web site: http://www.turnaround.org/

February 7, 2008
  Turnaround Management Association
    Breakfast Event
      Carnelian Room, San Francisco, California
        Telephone: 510-346-6000 ext 226
          Web site: http://www.turnaround.org/

February 7, 2008
  Turnaround Management Association
    PowerPlay
      Philips Arena, Atlanta, Georgia
        Telephone: 678-795-8103
          Web site: http://www.turnaround.org/

February 14-16, 2008
  American Bankruptcy Institute
    13th Annual Rocky Mountain Bankruptcy Conference
      Westin Tabor Center, Denver, Colorado
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

February 19, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Singapore
        Web site: http://www.moodys.com/trainingservices

February 20-21, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

February 22, 2008
  American Bankruptcy Institute
    Bankruptcy Battleground West
      Fairmont Miramar, Santa Monica, California
        Web site: http://www.abiworld.org/

February 23-26, 2008
  Norton Institutes on Bankruptcy Law
    Bankruptcy Litigation Seminar I
      Park City, Utah
        Web site: http://www.nortoninstitutes.org/

February 26, 2008
  Turnaround Management Association
    Retail Panel
      Citrus Club, Orlando, Florida
        Web site: http://www.turnaround.org/

February 27-28, 2008
  Euromoney Institutional Investor
    6th Annual Distressed Investing Forum
      Union League Club, New York, New York
        Web site: http://www.euromoneyplc.com/

March 6-8, 2008
  ALI-ABA
    Fundamentals of Bankruptcy Law
      Mandalay Bay Resort, Las Vegas, Nevada
        Web site: http://www.ali-aba.org/

March 8-10, 2008
  American Bankruptcy Institute
    Conrad Duberstein Moot Court Competition
      St. John's University School of Law, New York
        Web site: http://www.abiworld.org/

March 12-14, 2008
  Moody's Investors Service
    Corporate Credit Analysis Series: General Corporate Credit
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

March 17-18, 2008
  Moody's Investors Service
    High Yield and Leveraged Finance Credit Analysis
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

March 19, 2008
  Turnaround Management Association
    South Florida Dinner
      Bankers Club of Miami, Florida
        Telephone: 561-882-1331
          Web site: http://www.turnaround.org/

March 25, 2008
  Turnaround Management Association
    Luncheon - Maggie Good
      Centre Club, Tampa, Florida
        Telephone: 561-882-1331
          Web site: http://www.turnaround.org/

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

March 27-30, 2008
  Norton Institutes on Bankruptcy Law
    Bankruptcy Litigation Seminar II
      Las Vegas, Nevada
        Web site: http://www.nortoninstitutes.org/

April 2-4, 2008
  Moody's Investors Service
    Fundamentals of Debt Capital Markets and Instruments
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices
  
April 3, 2008
  International Women's Insolvency & Restructuring Confederation
    Annual Spring Luncheon
      Renaissance Hotel, Washington, District of Columbia
        Telephone: 703-449-1316
          Web site: http://www.iwirc.org

April 3, 2008
  American Bankruptcy Institute
    Nuts and Bolts for Young Practitioners - East
      The Renaissance, Washington, District of Columbia
        Web site: http://www.abiworld.org/

April 3-6, 2008
  American Bankruptcy Institute
    26th Annual Spring Meeting
      The Renaissance, Washington, District of Columbia
        Web site: http://www.abiworld.org/

April 7-8, 2008
  Moody's Investors Service
    Introduction to Collateralised Debt Obligations (CDOs)
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

April 10-11, 2008
  Moody's Investors Service
    Introduction to Credit Derivatives - Structures &
      Applications
        Singapore
          Web site: http://www.moodys.com/trainingservices

April 14-15, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Beijing, China
        Web site: http://www.moodys.com/trainingservices

April 17-18, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Shanghai, China
        Web site: http://www.moodys.com/trainingservices

April 25-27, 2008
  National Association of Bankruptcy Judges
    NABT Spring Seminar
      Eldorado Hotel & Spa, Santa Fe, New Mexico
        Web site: http://www.nabt.com/

May 1-2, 2008
  American Bankruptcy Institute
    Debt Symposium
      Hilton Garden Inn, Champagne/Urbana, Illinois
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 5-6, 2008
  Moody's Investors Service
    Islamic Bank Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

May 7-9, 2008
  Moody's Investors Service
    Bank Credit Risk Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

May 9, 2008
  American Bankruptcy Institute
    Nuts and Bolts for Young Practitioners - NYC
      Alexander Hamilton U.S. Custom House, New York
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 12, 2008
  American Bankruptcy Institute
    New York City Bankruptcy Conference
      Millennium Broadway Hotel & Conference Center, New York
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 12-14, 2008
  Moody's Investors Service
    Bank Credit Risk Analysis
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

May 13-16, 2008
  American Bankruptcy Institute
    Litigation Skills Symposium
      Tulane University, New Orleans, Louisiana
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 18-20, 2008
  International Bar Association
    14th Annual Global Insolvency & Restructuring Conference
      Stockholm, Sweden
        Web site: http://www.ibanet.org/

May 20-21, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Seoul, South Korea
        Web site: http://www.moodys.com/trainingservices

May 22, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Seoul, South Korea
        Web site: http://www.moodys.com/trainingservices

June 2-4, 2008
  Moody's Investors Service
    Corporate Credit Analysis Series: General Corporate Credit
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 5, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Hong Kong
        Contact: http://www.moodys.com/trainingservices

June 4-7, 2008
  Association of Insolvency & Restructuring Advisors
    24th Annual Bankruptcy & Restructuring Conference
      J.W. Marriott Spa and Resort, Las Vegas, Nevada
        Web site: http://www.airacira.org/


June 12-14, 2008
  American Bankruptcy Institute
    15th Annual Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa, Traverse City, Michigan
        Web site: http://www.abiworld.org/

June 18-20, 2008
  Moody's Investors Service
    Bank Credit Risk Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 19-21, 2008
  ALI-ABA
    Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
      Drafting, Securities, and Bankruptcy
        Omni Hotel, San Francisco, California
          Web site: http://www.ali-aba.org/

June 23, 2008
  Moody's Investors Service
    Hedge Fund Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 24-25, 2008
  Moody's Investors Service
    Sovereign and Sub-Sovereign Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 26, 2008
  Moody's Investors Service
    Economic Capital: Pillar II and ICAAP under Basel II
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 26-29, 2008
  Norton Institutes on Bankruptcy Law
    Western Mountains Bankruptcy Law Seminar
      Jackson Hole, Wyoming
        Web site: http://www.nortoninstitutes.org/

July 1-2, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

July 3, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

July 4, 2008
  Moody's Investors Service
    Analyzing and Rating Hybrid Securities
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

July 10-13, 2008
  American Bankruptcy Institute
    16th Annual Northeast Bankruptcy Conference
      Ocean Edge Resort
        Brewster, Massachussets
          Web site: http://www.abiworld.org/events

July 31 - Aug. 2, 2008
  American Bankruptcy Institute
    4th Annual Mid-Atlantic Bankruptcy Workshop
      Hyatt Regency Chesapeake Bay
        Cambridge, Maryland
          Web site: http://www.abiworld.org/

August 16-19, 2008
  American Bankruptcy Institute
    13th Annual Southeast Bankruptcy Workshop
      Ritz-Carlton, Amelia Island, Florida
        Web site: http://www.abiworld.org/

August 20-24, 2008
  National Association of Bankruptcy Judges
    NABT Convention
      Captain Cook, Anchorage, Alaska
        Web site: http://www.nabt.com/

September 4-5, 2008
  American Bankruptcy Institute
    Complex Financial Restructuring Program
      Four Seasons, Las Vegas, Nevada
        Web site: http://www.abiworld.org/

September 4-6, 2008
  American Bankruptcy Institute
    Southwest Bankruptcy Conference
      Four Seasons, Las Vegas, Nevada
        Web site: http://www.abiworld.org/

September 8, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Hong Kong
        Web site: http://www.moodys.com/trainingservices


September 22-23, 2008
  Moody's Investors Service
    High Yield and Leveraged Finance Credit Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

September 24-26, 2008
  International Women's Insolvency & Restructuring Confederation
    IWIRC 15th Annual Fall Conference
      Scottsdale, Arizona
        Web site: http://www.ncbj.org/

September 24-27, 2008
  National Conference of Bankruptcy Judges
    National Conference of Bankruptcy Judges
      Desert Ridge Marriott, Scottsdale, Arizona
        Web site: http://www.iwirc.org/

October 9, 2008
  Turnaround Management Association
    TMA Luncheon - Chapter 11
      University Club, Jacksonville, Florida
        Web site: http://www.turnaround.org/

October 15-16, 2008
  Moody's Investors Service
    High Yield and Leveraged Finance Credit Analysis
      Seoul, South Korea
        Web site: http://www.moodys.com/trainingservices

October 22-23, 2008
  Moody's Investors Service
    Securities Firms Analysis \u2013 Including Broker-Dealers
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 24, 2008
  Moody's Investors Service
    Hedge Fund Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 27, 2008
  Moody's Investors Service
    Economic Capital: Pillar II and ICAAP under Basel II
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 28-29, 2008
  Moody's Investors Service
    Sovereign and Sub-Sovereign Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 28-29, 2008
  Moody's Investors Service
    High Yield and Leveraged Finance Credit Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

November 4-5, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Hong Kong, China
        Web site: http://www.moodys.com/trainingservices

November 11-12, 2008
  Moody's Investors Service
    Introduction to Collateralised Debt Obligations (CDOs)
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

November 13-14, 2008
  Moody's Investors Service
    Introduction to Credit Derivatives-Structures & Applications
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

November 17-19, 2008
  Moody's Investors Service
    Fundamentals of Debt Capital Markets and Instruments
      Singapore
        Web site: http://www.moodys.com/trainingservices

November 17-18, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Beijing, China
        Web site: http://www.moodys.com/trainingservices

November 20-21, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Shanghai, China
        Web site: http://www.moodys.com/trainingservices

December 3-5, 2008
  American Bankruptcy Institute
    20th Annual Winter Leadership Conference
      Westin La Paloma Resort & Spa
        Tucson, Arizona
          Web site: http://www.abiworld.org/

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

May 7-10, 2009
  American Bankruptcy Institute
    27th Annual Spring Meeting
      Gaylord National Resort & Convention Center
        National Harbor, Maryland
          Web site: http://www.abiworld.org/

June 11-13, 2009
  American Bankruptcy Institute
    Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa
        Traverse City, Michigan
          Web site: http://www.abiworld.org/

June 21-24, 2009
  International Association of Restructuring, Insolvency &
    Bankruptcy Professionals
      8th International World Congress
        TBA
          Web site: http://www.insol.org/

July 16-19, 2009
  American Bankruptcy Institute
    Northeast Bankruptcy Conference
      Mt. Washington Inn
        Bretton Woods, New Hampshire
          Web site: http://www.abiworld.org/

September 10-12, 2009
  American Bankruptcy Institute
    17th Annual Southwest Bankruptcy Conference
      Hyatt Regency Lake Tahoe, Incline Village, Nevada
        Web site: http://www.abiworld.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

December 3-5, 2009
  American Bankruptcy Institute
    21st Annual Winter Leadership Conference
      La Quinta Resort & Spa, La Quinta, California
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/






                         *********

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

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

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


                            *********


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

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