TCRAP_Public/071221.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, December 21, 2007, Vol. 10, No. 253

                            Headlines

A U S T R A L I A

AUSTAR UNITED: Posts AU$46 Million EBITDA for 3rd Quarter
CARDNO LTD: Expects Profit to Rise 30% to 40%
CENTRO NP: Fitch Junks Issuer Default Rating
CENTRO PROPERTY: Funds Suspend Applications and Withdrawals
CROWN CASTLE: S&P Downgrades Corporate Credit Rating to BB-

FORTESCUE METALS: Seeks Loans From Chinese Banks for Expansion
FORTESCUE METALS: Solomon Project to Yield 700M Tonnes Iron Ore
FORTESCUE METALS: Shareholders OK Share Split to Aid Liquidity
MOBIUS FINANCIAL: Fitch Holds AU$12.1MM Class D Notes' BB Rating
MOBIUS FINANCIAL: Fitch Holds AU$7.7MM Class F Notes' B Rating

SCO GROUP: Names Jeff Hunsaker as SCO Operations President & COO
ZINIFEX LTD: Strike Ends at Two Nyrstar Belgian Plants


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

BEST RESOUORCES: Creditors' Proofs of Debt Due on December 28
CHINA SOUTHERN: Raises Fuel Surcharge on International Routes
CITICHEM INT'L: Members Will Hold Final Meeting Today
CONMAT ARCHITECTS: Court to Hear Wind-Up Proceedings on Jan. 2
CUMMINS INC: Components Group President Rick Mills Will Retire

CUMMINS INC: Urges Shareholders to Reject Mini-Tender Offer
DP EDUCATION: Members' Final General Meeting Set for January 14
FUJIAN PROVINCE: Pays Final Preferential Dividend
GREENTOWN CHINA: Buys 58% of Zhoushan Project for CNY331 Million
JOWIN ELECTRONICS: Court to Hear Wind-Up Proceedings on Jan. 2

KING DRAGON: Court to Hear Wind-Up Proceedings on Jan. 9
PETROLEOS DE VENEZUELA: Forming Joint Venture With Eni & Ine
REXEL SA: Confirms EUR3.1 Bln Recommended Offer for Hagemeyer NV
SOCIETE GENERALE: Members' General Meeting Set for Jan. 15
WAH SZE: Court to Hear Wind-Up Proceedings on Jan. 2

WENG HENG: Pays Final Dividend
WISE LINKAGE: Members' Final General Meeting Set for Jan. 15
YES CLUB: Members & Creditors' General Meeting Set for Jan. 15
* Moody's Sees Stable Outlook for Taiwanese P&C Insurers


I N D I A

AGILENT: Maspro TV-Receiver Design to Use Genesys & GX Software
ARTSON ENGINEERING: BIFR Approves Draft Rehabilitation Scheme
DECCAN AVIATION: Board Unanimously Approves Kingfisher Merger
DRESSER-RAND GROUP: Inks US$50MM Blanket Purchase Order w/ PEMEX
IFCI LTD: Calls Off 26% Stake Sale; Shares Plummet

NOVELL INC: Posts US$13MM Loss for Quarter Ended Oct. 31
QUEBECOR WORLD: S&P Lowers Long-Term Corp. Credit Rating to CCC
QUEBECOR WORLD: Jacques Mallette Succeeds Wes Lucas as CEO
TATA TELESERVICES: Finance Panel OKs US$6.1MM Bond Conversion


I N D O N E S I A

AFC ENTERPRISES: James Lyons Leaves Chief Operating Officer Post
AVNET INC: Completes Acal IT Solution Acquisition for US$200MM
BANK NISP: Fitch Affirms Long-Term Currency IDR at 'BB-'
BANK UOB: Fitch Affirms Short-Term Foreign Currency IDR at 'B'
BERLIAN LAJU: Fitch Downgrades Long-Term Currency IDR to 'B+'

BERLIN LAJU: Gets Go Signal to Acquire Chembulk Tanker
CA INC: Fitch Affirms Issuer Default & Debt Ratings at BB+
HILTON HOTELS: Unit Hires Joseph Palmieri as General Manager
INDOSAT: Government Gets Chance to Buy Back Company Stake
MEDCO ENERGI: Signs Joint Venture Deal to Build LNG Plant

PAKUWON JATI: Fitch Affirms Issuer Default Ratings at 'B'
PHILLIPS-VAN: Good Performance Cues Moody's to Hold Ratings


J A P A N

FLOWSERVE CORP: Gayla Delly Joins Board of Directors
JAPAN AIRLINES: Speeds Up Restructuring Programs
KOBE STEEL: Waning Net Debt Cues Fitch to Raise Ratings to BBB-
SANWA FINANCE: S&P Cuts Rating on Pylos II Notes to 'BB+'


K O R E A

ARROW ELECTRONICS: Expands Distribution Agreement With Delta
DYNCORP INT'L: Bags Airlift Wing Support Contract for US$357.9MM
LG TELECOM: To Invest KRW346.7 Billion on Network Improvement


M A L A Y S I A

HARVEST COURT: Shareholders OK All Resolutions Presented at EGM  
MERGE ENERGY: Discloses Change in Audit Committee


N E W  Z E A L A N D

AIR NEW ZEALAND: To Launch In-Flight Concierge Service in April


P H I L I P P I N E S

ATLAS CONSOLIDATED: Acquires 809.162 Mil. Common Shares in Unit
BANCO DE ORO-EPCI: Sees PHP7-Billion Net Income for 2007
BANCO DE ORO-EPCI: To Refinance US$200-Mil. Senior Notes in 2008
BENGUET CORP: Major Stockholders to Acquire Additional Shares
CHIQUITA BRANDS: Discloses Rule 10b5-1 Stock Trading Plan

MANILA ELECTRIC: ERC Bars Proposed Increase in Cost of Capital
METROPOLITAN BANK: Ties Up With Aboitiz to Build Power Plant
NAT'L POWER: PSALM Postpones Sale of Two Plants for Next Year


S I N G A P O R E

AAA CORP: Releases Second Quarter Financial Report for FY2008
AFFYMETRIX INC: Invests US$75MM to Acquire USB Corporation
CHEMTURA CORP: Will Review Strategic Alternatives

T H A I L A N D

DOLE FOOD: Weak Performance Prompts Moody's to Rewiew Ratings
ITV PCL: Court Questions Government's Takeover of Assets

* Moody's Says Liquidity May Weaken Asia Credit Quality
* Fitch Says AP Structured Finance Outlook Largely Stable in '08
* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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


AUSTAR UNITED: Posts AU$46 Million EBITDA for 3rd Quarter
---------------------------------------------------------
Austar United Communications released its unaudited results for
the third quarter, ended September 30, 2007, demonstrating
exceptional growth in both financial and operational metrics.

For the three months ended September 30, 2007:

   * Revenue increased 13% to AU$145 million;

   * Gross margin increased 11% to AU$79 million;

   * EBITDA increased 33% to AU$46 million;

   * Net gain of 18,959 subscribers;

   * Total residential television ARPU up 2.5% to AU$76.33; and

   * Quarterly churn down 0.05% to 1.10%.

AUSTAR continued to attract new customers in regional Australia,
with total television subscribers increasing by 18,959 to
658,087 for the quarter.  ARPU increased 2.5 percent to AU$76.33
compared with the same period last year.  Churn, meanwhile,
dropped to one of its lowest levels in over five years, to just
1.10%.

Chief Executive Officer, John Porter, said: "Three consecutive
quarters of over 18,000 customer additions demonstrates strong
and sustainable growth; not only are we attracting new customers
but our current base is clearly with us for the long term.

"We recognize that continuous innovation and improvement are key
elements to ensuring our customers stay satisfied," he
continued.  "In the fourth quarter we will introduce three new
channels to the service: premium drama channel, Showcase,
international sports provider, Setanta, and the national
indigenous channel, NITV."

Earnings before interest, taxation, depreciation and
amortization (EBITDA) for the three months increased by 33% to
AU$46 million compared to the previous corresponding period,
reflecting an 11 percent increase in gross margin to
AU$79 million and a 9 percent decrease in operating expenses to
AU$32 million.

Mr. Porter continued, "Disciplined cost control has long been a
key part of AUSTARís business strategy.  Our ability to acquire
new subscribers using more cost-effective channels such as
online, as well as our use of technology to drive down service
costs, has resulted in a significant decrease in operating
expenses for the quarter.  We expect to keep operating expense
growth on par with, or below, CPI for 2007."

Profit before interest, tax and significant items was
AU$26 million for the three months, a 23 percent increase on the
same period in 2006.  The 27 percent increase in capital
expenditure for the quarter reflects continued investment in
future earnings with the majority of expenditure relating to
subscriber growth, upgrades to satellite equipment and pre-
purchase of MyStar boxes prior to its launch later this year.
Operating cashflow for the 9 months ending September 30 was up
16 percent to AU$98 million.

AUSTAR has meanwhile recently announced an historic arrangement
with each of its commercial network colleagues, which will give
MyStar customers all the benefits of the digital experience for
their local commercial channels as well as their AUSTAR
channels.

Mr. Porter said, "Australiaís free-to-air networks will provide
information for MyStarís digital Electronic Program Guide,
meaning that for the first time, customers who subscribe to
MyStar will be able to enjoy its technical benefits, such as
one-touch record, live-pause and playback, with their local
free-to-air channels.  We genuinely value our relationship with
each of these channels, and look forward to a long working
relationship with them.

"As a direct result of this agreement, regional Australians will
have the ability to view their local, free-to-air digital
channels seamlessly with their AUSTAR."

                      About Austar United

New South Wales, Australia-based Austar United Communications
Limited -- http://www.austarunited.com.au/-- is a subscription  
television provider, offering primarily digital satellite
services to customers in regional and rural areas in Australia.  
AUSTAR also offers dial-up Internet and mobile phone services.  
The company has two business segments: Subscription services and
Radio spectrum licenses.  Subscription services represent
subscription television distribution operations, Internet,
interactive television and mobile telephony operations and
license fee income.  Radio spectrum licenses represent income
and gains earned from the leasing of radio spectrum licenses.  

As of September 30, 2006, the company had a net debt standing of
AU$486.4 million.

The Troubled Company Reporter-Asia Pacific, on December 14,
2007, included in its "Large Companies With Insolvent Balance
Sheets" Column, Austar United Communications Ltd., with
US$411.16 million in assets and US$43.72 million in
stockholders' equity deficit.


CARDNO LTD: Expects Profit to Rise 30% to 40%
---------------------------------------------
Cardno Limited expects to report a 30% to 40% increase in net
profit after tax for the half year ending December 2007, in
comparison with the AU$8.3 million result for the corresponding
period in 2006.  The current profit estimate is based on
unaudited management results and current forecasts.

Cardno Managing Director Andrew Buckley said that the improved
profit performance was based on the continuation of strong
trading conditions and the contribution from acquisitions
completed in the previous financial year.

John Winters of Egoli News reports that Cardno's newly acquired
business, Cardno Buckland, was expected to contribute more than
AU$6 million in revenue annually.  Cardno earlier in the year
acquired Buckland Engineers, a Perth-based structural and civil
engineering consultancy, Mr. Winters relates.

Egoli adds that Cardno completed in November a share placement
to raise AU$42 million to be used to strengthen the company's
capacity and flexibility to pursue its acquisition and growth
strategy and to reduce debt.

                     About Cardno Ltd.

Headquartered in Queensland, Australia, Cardno Limited --
http://www.cardno.com.au/-- is an integrated professional  
services provider in the physical and social infrastructure
sectors.  The Company's services include civil engineering
consultancy, management and environmental services, as well as
project management of international development assistance
programs.  Its physical infrastructure capabilities include
building and property; coastal, ocean and marine; environment
and water; urban development; transport, and water and
wastewater management.  Its social infrastructure services
include solutions in education, governance, healthcare,
environmental and natural resource management, and post-conflict
restoration.  During the fiscal year ended June 30, 2006, it
acquired EOP Holdings Pty Ltd, Agrisystems Limited, Barton
Enterprises Pty Ltd and its subsidiaries.  In April 2006, the
Company acquired the professional services firm, Forbes Rigby,
and in September 2006, it acquired Stanwill Consulting
Engineers.

The Troubled Company Reporter-Asia Pacific's December 4, 2007,
Distressed Bonds column listed Cardno Limited's bond with a
9.000% coupon, a June 30, 2008 maturity date, and a trading
price of AU$7.50.


CENTRO NP: Fitch Junks Issuer Default Rating
--------------------------------------------
Fitch Ratings has downgraded the ratings for Centro NP LLC
(formerly New Plan Excel Realty Trust):

   -- Issuer Default Rating (IDR) to 'CCC' from 'BBB+';

   -- US$350 million revolving bank credit facility to 'CC/RR6'  
      from 'BBB+';

   -- US$830 million senior unsecured notes to 'CC/RR6' from   
      'BBB+'.

Centro NP LLC remains on Rating Watch Negative by Fitch.

Fitch has withdrawn its New Plan Excel Realty Trust preferred
stock rating as these securities were redeemed in connection
with the acquisition of New Plan by affiliates of Centro
Property Group.

The downgrade of Centro NP LLC ratings is due to the financial
difficulties of the entity's Australian based parent company
Centro Property Group (CNP) in connection with the refinancing
of over US$2.3 billion of indebtedness due to dislocations in
the credit markets.  CNP has negotiated an extension on its
maturing facilities to Feb. 15, 2008; however, given the current
state of the credit markets, there is a great deal of
uncertainty surrounding CNP's ability to refinance this
indebtedness.

Centro NP bondholders are protected by several financial
covenants in its bond indentures including total debt to total
historical book assets less than 65%; debt service coverage
ratio greater than 1.5 times (x); secured debt to total
historical book assets under 40% and unencumbered historical
book assets to unsecured debt greater than 1.0x.  However, Fitch
is concerned that Centro NP assets could be consolidated in a
CNP liquidation scenario and the covenants waived.

The ratings concerns center on CNP liquidity issues and do not
pertain to the operating performance of Centro NP.  The
portfolio of needs-based, grocery-anchored shopping centers
across the U.S. is performing well and expected to be well
positioned in an economic slowdown.  The strong geographic and
tenant diversity of the portfolio helps insulate the company
from regional downturns or tenant credit deterioration.  
Furthermore the company has seasoned executive and regional
management teams and a strong regional infrastructure.

Fitch expects the Rating Watch Negative will be resolved once
there is more clarity regarding CNP's financial stability.

Centro NP is a US$5.9 billion total assets real estate company
focusing on the ownership, management and development of
community and neighborhood shopping centers.  Centro NP operates
a national portfolio of community and neighborhood shopping
centers across the U.S. with approximately 67 million square
feet of GLA.

Centro Properties Group is a Melbourne-based company (ASX: CNP)
focusing on the ownership, management, and development of retail
shopping centers.  Centro has AU$26.6 billion of retail property
assets.

Fitch's Recovery Ratings (RR) are a relative indicator of
creditor recovery prospects on a given obligation within an
issuers' capital structure in the event of a default.

                  About Centro Properties

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


CENTRO PROPERTY: Funds Suspend Applications and Withdrawals
-----------------------------------------------------------
Centro MCS Manager Limited, as Responsible Entity for Centro
Direct Property Fund and Centro Direct Property Fund
International, has suspended applications and withdrawals from
both Funds as a result of announcements made by Centro
Properties Group.  The Responsible Entity believes this to be in
the best interests of investors in the Funds.

Both the DPF and the DPFI currently have significant investments
in Centroís managed funds.  The issues outlined in Centroís ASX
announcement may lead to a significant increase in withdrawals
from the Funds, which could have a material impact on each
Fundís liquidity.

The Responsible Entity will act in accordance with its
withdrawal policy as outlined in Section 7.5 of the current
Product Disclosure Statement:

   * Valid withdrawal requests received up to the close of
     business (5:00 pm AEST) Friday, December 14, 2007 will be
     processed and paid in full; and

   * All withdrawal requests received on and after Monday,
     December 17, 2007 will not be processed, and withdrawals
     from each of the Funds will be suspended until further
     notice.

While the suspension applies, investors have the option of
selling their units in the Funds to other investors, subject to
Responsible Entity approval.

Valid application requests for both DPF and DPFI received as at
the close of business on Thursday, December 13, 2007 (5:00 pm
AEST) have been processed based on the unit price applicable on
that day.

Applications received from Friday December 14, 2007 onwards will
be returned to investors and no further applications will be
processed until further notice.

Centro has advised that its shopping center portfolio is
performing well.

As a result of Centroís announcement, the Responsible Entity
will undertake a review of the quarterly distributions for DPF
and DPFI.  The Funds will continue to provide a daily unit price
to investors.

                     About Centro Properties

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

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on December
18, 2007, that Standard & Poor's Ratings Services lowered its
issuer credit, senior-unsecured debt and preferred stock ratings
to 'BB+' with negative implications.


CROWN CASTLE: S&P Downgrades Corporate Credit Rating to BB-
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Houston, Texas-based tower operator Crown Castle International
Corp., including its corporate credit rating, which was cut to
'BB-' from 'BB'.  The outlook is negative.  The company had
about $6 billion of funded debt outstanding as of Sept. 30,
2007.
      
"The downgrade reflects our current expectation that Crown
Castle's management is comfortable operating at a higher level
of leverage than was anticipated in our previous rating even
though we had expected the company to remain aggressive in
repurchasing common stock," said Standard & Poor's credit
analyst Catherine Cosentino.
     
Management had indicated in their third-quarter earnings call on
Oct. 31, 2007, that they expect leverage to be at the higher end
of their 6x-8x target, which equates to about 9x under our
adjusted leverage calculation.  S&P previously said that the
ratings would be lowered if the company was not able to reduce
debt to the low-8x area in 2008.
     
The ratings on Crown Castle reflect the company's aggressive
financial policy, which anticipates substantial repurchases of
common stock and attendant high leverage, which was about 9x
debt to annualized EBITDA, adjusted for operating leases, for
the three months ended Sept. 30, 2007 (9.3x, including
redeemable preferred stock).
     
Such high financial risk overshadows the company's strong
business.  A good portion of the assumed stock repurchases
likely will be funded with additional debt, mostly in the form
of securitized revenue notes, which can be issued subject to a
2x minimum securitization fixed-charge coverage ratio at the
Crown Castle legacy securitization, and could exceed $1 billion
over the next several years.


                       About Crown Castle

Based in Houston, Crown Castle International Corp. (NYSE: CCI)
-- http://www.crowncastle.com/-- engineers, deploys, owns and    
operates technologically advanced shared wireless
infrastructure, including extensive networks of towers.  Crown
Castle offers significant wireless communications coverage to 91
of the top 100 US markets and to substantially all of the
Australian population. Crown Castle owns, operates and manages
over 22,000 and over 1,400 wireless communication sites in the
US and Australia, respectively.


FORTESCUE METALS: Seeks Loans From Chinese Banks for Expansion
--------------------------------------------------------------
Fortescue Metals Group Ltd. is seeking at least AU$1 billion in
loans from Chinese banks to fund its iron ore expansion, two
bankers involved in the talks told Xiao Yu and Jesse Riseborough
of Bloomberg News.

According to Bloomberg, Julian Tapp, Fortescue's government
relations manager, confirmed that chief executive officer Andrew
Forrest was in China discussing financial matters with Chinese
bank executives for low-interest loans to fund the expansion
that will supply Chinese steelmakers.  Mr. Tapp is quoted by
Bloomberg as saying, "This is absolutely at a preliminary stage
and we haven't got to the stage of talking about how much at the
moment."

The unnamed bankers told Bloomberg that Fortescue, which plans
to start output at its existing 45 million-ton-a-year project in
May next year, aims to obtain funds from China as early as
January.  The loans would be linked to its sales of iron ore to
China, the report added.

The report noted that Fortescue has already signed sales
agreement with Chinese steel mills including Baosteel Group
Corp., Tangshan Iron & Steel Co., and Hangzhou Iron & Steel
Group.

                  Partners With Shipping Groups

Mr. Riseborough, citing the Australian Financial Review in a
separate report, wrote that the Perth-based mining company is
seeking to form partnerships with Chinese shipping groups to
help export the firm's iron ore from next year.

The AFF, states Bloomberg, said that Fortescue has set up a team
based in Shanghai under executive Russell Scrimshaw to study
options like leasing ships or forming joint ventures.

                   About Fortescue Metals

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

                      *     *     *

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


FORTESCUE METALS: Solomon Project to Yield 700M Tonnes Iron Ore
---------------------------------------------------------------
Fortescue Metals Group Ltd. disclosed the first estimate of
Inferred Resources of iron ore totaling 700 million tonnes (Mt)
of 56% Fe for the Solomon East area comprising the eastern
portion of its Solomon Project area.  These resources are
additional to the 1 billion tonnes (Bt) announced for the
Serenity area, 30 km to the west, in November.  

The Solomon Project is located approximately 60 kilometers north
of Tom Price township in the Pilbara region of Western
Australia.

Fortescue is continuing to drill targets in the Solomon Project
area and expects to announce additional resources in the area in
the first half of 2008.  It is anticipated that these
announcements will include some quantities of high-grade bedded
Brockman mineralization.

Fortescue identified the Solomon East area as being prospective
for channel iron deposit (CID) minrealization in a valley up to
2 km wide and about 35 km in length.  Drilling commenced in July
of this year.  During this drilling program it became apparent
that iron mineralization occurs in four separate geological
units.  Some areas of the channel have not been included in this
estimate due to insufficient drilling density available at the
time of the estimation.  When sufficient drill data is available
these parts of the Solomon East area may add a further amount of
up to approximately 25% of the tonnage announced here.

A copy of the summarization of the quantities of mineralization
estimate and a further geological detail of the Solomon East can
be viewed for free at the company's website at:

        http://fmgl.com.au/IRM/content/invest_asx.htm

The Australian Associated Press interviewed Fortescue's
executive director Graeme Rowley, who said he was confident that
the project would meet a resource target greater than 2.5
million tonnes.

Mr. Rowley, according to the AAP, said a further resource
upgrade would likely occur towards the end of the first quarter
of calendar 2008.

The estimate, states AAP, does not include some parts of the
Solomon East area due to insufficient drilling data; but when
available, Fortescue expects to add about another 175 million
tonnes to the resource area.  

                   About Fortescue Metals

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

                      *     *     *

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


FORTESCUE METALS: Shareholders OK Share Split to Aid Liquidity
--------------------------------------------------------------
Fortescue Metals Group Ltd. shareholders have approved plans for
a one-for-ten share split at the company's general meeting, the
Australian Associated Press reports.

The share split, which will pave the way for making its shares
more affordable to investors, would also improve trading
liquidity while reducing price volatility, relates the AAP.

The report states that the number of Fortescue shares will
increase from 280.155 million shares to 2.081 billion.

                   About Fortescue Metals

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

                      *     *     *

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


MOBIUS FINANCIAL: Fitch Holds AU$12.1MM Class D Notes' BB Rating
----------------------------------------------------------------
Fitch Ratings has taken rating actions on notes issued by J.P
Morgan Trust Australia Limited as trustee of the Mobius NCM-03
Trust:

   -- AU$385,000,000 Class A1 affirmed at 'AAA'
   -- AU$85,250,000 Class A2 affirmed at 'AAA'
   -- AU$45,100,000 Class B affirmed at 'A'
   -- AU$12,650,000 Class C affirmed at 'BBB'
   -- AU$12,100,000 Class D affirmed at 'BB'
   -- AU$6,600,000 Class E rated 'B' and placed on Rating Watch   
      Negative (RWN)

This transaction is collateralized by a pool of non-conforming
residential mortgages originated by Mobius Financial Services
Pty. Limited.  The transaction has paid down from initial
liabilities of AU$550 million to current liabilities of
approximately AU$194 million.  To date, all principal receipts
have paid down the Class A notes to approximately 24.3% of their
initial amount.

Fitch has reviewed the transaction's performance and modelled
forward the prospective outlook for the transaction, taking into
account the fact that whilst no charge-offs of notes have
occurred to date, there are significant 90+ day arrears within
the remaining pool that may negatively impact the transaction in
future.

In placing the Class E notes on RWN, there is concern with the
performance of loans originated by HLP Mortgage Company Pty Ltd
(HLP), which comprised approximately 75% of the original pool
and currently comprise 58% of the remaining pool.  Fitch notes
that this transaction has seen approximately 7.6% of loans
foreclosed, of which nearly all are HLP loans.  At November 30,
2007, loans with payments in arrears greater than 30 days
represent approximately 21% of the portfolio while arrears
greater than 90 days are running at approximately 16% of the
pool.  HLP loans feature prominently amongst the loans in
arrears and additional foreclosure losses are anticipated.

In assessing the impact of the potential losses that may arise
from the anticipated foreclosures, Fitch has requested Mobius to
supply additional information on current values of security
properties backing the loans in the portfolio.  Fitch
anticipates this additional information will be provided by
Mobius during the month of January 2008.  Fitch also anticipates
that this transaction may be impacted by seasonal stresses,
which arise around the calendar year-end that may result in
additional loan arrears.  Fitch expects to resolve the RWN soon
after receipt of this additional information.


MOBIUS FINANCIAL: Fitch Holds AU$7.7MM Class F Notes' B Rating
--------------------------------------------------------------
Fitch Ratings has taken rating actions on notes issued by J.P
Morgan Trust Australia Limited as trustee of the Mobius NCM-04
Trust:

   -- AU$266,000,000 Class A1 affirmed at 'AAA'
   -- AU$93,600,000 Class A2 affirmed at 'AAA'
   -- AU$23,300,000 Class B affirmed at 'AA'
   -- AU$27,800,000 Class C affirmed at 'A'
   -- AU$18,900,000 Class D affirmed at 'BBB'
   -- AU$8,600,000 Class E affirmed at 'BB'
   -- AU$7,700,000 Class F rated 'B' and placed on Rating Watch
      Negative (RWN)

This transaction is collateralized by a pool of non-conforming
residential mortgages originated by Mobius Financial Services
Pty. Limited.  The transaction has paid down from initial
liabilities of AU$450 million to current liabilities of
approximately AU$299 million.  To date, all principal receipts
have paid down the Class A notes to approximately 58% of their
initial amount.

Fitch has reviewed the transaction's performance and modelled
forward the prospective outlook for the transaction, taking into
account the fact that whilst no charge-offs of notes have
occurred to date, there are significant 90+ day arrears within
the remaining pool that may negatively impact the transaction in
future.

In placing the Class F notes on RWN, there is concern with the
performance of the loans originated by HLP and Lawteal, which
comprised approximately 39% and 10.7%, respectively, of the
original pool.  Fitch notes that both these originators have
seen significant arrears and foreclosures.  This transaction has
seen approximately 1.1% of loans foreclosed with limited losses
to date that have been covered within the transaction by excess
income.  Nearly all losses are HLP or Lawteal originated loans.  
At November 30, 2007, loans with payments in arrears greater
than 30 days represent approximately 28% of the portfolio while
arrears greater than 90 days are running at approximately 22% of
the pool and additional foreclosure losses are anticipated.

In assessing the impact of the potential losses that may arise
from the anticipated foreclosures, Fitch has requested Mobius to
supply additional information on current values of security
properties backing the loans in the portfolio.  Fitch
anticipates this additional information will be provided during
the month of January 2008.  Fitch also anticipates that this
transaction may be impacted by seasonal stresses, which arise
around the calendar year-end that may result in loan arrears in
excess of those experienced at present.  Fitch expects to
resolve the RWN soon after receipt of this additional
information.


SCO GROUP: Names Jeff Hunsaker as SCO Operations President & COO
----------------------------------------------------------------
The SCO Group, Inc. has appointed Jeff Hunsaker to President and
Chief Operating Officer of SCO Operations, effective
immediately.  Mr. Hunsaker will report directly to Darl McBride,
President and Chief Executive Officer of The SCO Group.

"For the past two years, Jeff has spearheaded the mobile
business unit at SCO bringing a number of exciting mobile
products to market," said SCO Group CEO, Mr. McBride.  "He has
also spent several years running our UNIX operations and
worldwide sales organization, which gives him a unique blend of
expertise with our core UNIX business and our growing mobile
operations.  His results-driven leadership style, combined with
his strong emphasis on customer service, will prove invaluable
in the growth of SCO's next-level business."

Previously, Mr. Hunsaker was the General Manager and Senior
Vice-President of SCO's mobile business.  Before that, Mr.
Hunsaker spent over seven years in SCO's UNIX business, serving
as Senior Vice-President of worldwide sales, Senior Vice-
President of worldwide marketing and Senior Vice-
President/General Manager of the UNIX division.  Prior to
joining the company in 2000, Mr. Hunsaker worked for several
high-tech companies, including Baan Corporation, Corel
Corporation, Novell Inc., and WordPerfect Corporation.

"We are at a crossroads for the company and I am pleased to work
with Darl and the management team to drive our UNIX and mobile
businesses forward," said President and COO of SCO Operations,
Mr. Hunsaker.  "SCO has a strong history of providing
unparalleled stability and reliability with its UNIX platform of
products.  We will continue to provide UNIX upgrades to the
market by listening to the needs and requirements of our
customers; we will also continue to develop innovative mobile
applications for consumers and business professionals alike."

Former president of SCO Operations, Sandy Gupta, has left the
company to pursue other opportunities.  The company thanks Mr.
Gupta for his many contributions and years of service.

                         About SCO

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.


ZINIFEX LTD: Strike Ends at Two Nyrstar Belgian Plants
------------------------------------------------------
Zinifex Ltd.'s joint venture with Umicore, Nyrstar, said the
strike at its plants in Balen and nearby Overpelt, Belgium has
ended and normal operations have resumed.

The strike began on Dec. 10.  Nyrstar and its unions reached a
compromise on Dec. 12 on the issue of the social elections for
combined Works Councils (and Health and Safety Committees) of
the Balen and Overpelt operations.

Nyrstar said its production has not been affected by the action,
while customer deliveries have resumed.

The industrial action was triggered by a dispute over Nyrstarís
proposal to combine Balen and Overpeltís Work Councils (and
Safety Committees) into the one Work Council (and Safety
Committee) for both operations.  Nyrstar believes that with the
ever increasing complexity of many of the issues that the Work
Councils advise on, in particular health and safety regulations,
a single Work Council for both sites would enhance the ability
to effectively implement appropriate standards.  This is
particularly apposite at Balen and Overpelt, due to the plants
close proximity and the operational integration of the
businesses.

Nyrstar was formed through the combination of the Umicore zinc
smelting and alloying operations and the Zinifex zinc and lead
smelting and alloying operations on August 31, 2007.

                     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.                          

                        *     *     *

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook.


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

BEST RESOUORCES: Creditors' Proofs of Debt Due on December 28
-------------------------------------------------------------
Creditors of Best Resources Development Limited, which is in
liquidation, are required to file proofs of debt by December 28,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

          Victor Chui
          Tsang Fan Wan
          Club Lusitano, 8th Floor
          16 Ice House Street
          Central, Hong Kong


CHINA SOUTHERN: Raises Fuel Surcharge on International Routes
-------------------------------------------------------------
China Knowledge reports that China Southern Airlines has raised
the fuel surcharge of its international routes.

The report relates that China Southern increased the fuel
surcharge to:

   -- US$55 from US$40 for flights from Southeast Asian
      countries to China, except for the Bangkok-Guangzhou
      route; and

   -- US$80 from US$60 for routes from Africa, America,
      Australia, Europe and Middle East to China.

According to China Knowledge, its sources said China Southern
raised its international fuel surcharge to offset pressure of
crude oil price hike in those departure places.

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

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

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


CITICHEM INT'L: Members Will Hold Final Meeting Today
-----------------------------------------------------
Contributors and creditors of Citichem International Limited
will hold their final general meeting on December 21, 2007, at
4:00 p.m. and 4:30 p.m. respectively, to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The meeting will be held at:

          Ginza Square, 17th Floor
          565-567 Nathan Road
          Kowloon, Hong Kong


CONMAT ARCHITECTS: Court to Hear Wind-Up Proceedings on Jan. 2
--------------------------------------------------------------
On August 24, 2007, Yao Hong Bo filed a petition to have Conmat
Architects Engineering & Development Consultant Limited's
operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 2, 2007, to hear the petition.

The petitioners' solicitor can be reached at:

          K. B. Cahu & Co.
          Wing Lung Bank Building, 16th Floor
          45 Des Voeux Road
          Central Hong Kong


CUMMINS INC: Components Group President Rick Mills Will Retire
--------------------------------------------------------------
Cummins Inc. disclosed that Rick Mills, president of the
Components Group, will retire effective at the end of March 2008
after more than 36 years with the company.

Rich Freeland, President of the Distribution Business, will
assume Mills' role as leader of the Components Group, while
Pamela Carter, President of Cummins Filtration, a business
within the Components Group, will become head of the
Distribution Business.  Ms. Carter's successor will be named in
the near future.

"Rick has been a mainstay of the Cummins organization for more
than three decades," said Tim Solso, Cummins Chairman and CEO.
"We have counted on him for much, and have particularly valued
his contributions in the area of leadership.  It's tough to say
good-bye to someone like Rick, who has been such an important
member of our management team."

Mr. Mills served in a variety of financial roles before being
named Vice President and General Manager of Atlas Inc., a former
Cummins business that manufactured crankshafts, in 1988.  He
became President of Atlas in 1990 and was in that role for three
years.  He served as Vice President of the Pacific Rim and Latin
America operations for Cummins Filtration (formerly Fleetguard
Inc.) before being named Corporate Controller in 1996.

Mr. Mills was appointed head of the Filtration Business from
2000 to 2005, when he was tapped to lead the Components Group,
which includes Cummins filtration, turbocharger, emission
solutions and fuel systems businesses.

Mr. Freeland joined Cummins in 1979 and served in a number of
plant and parts distribution functions before being named
manager of the Columbus Engine Plant in 1996 -- a role he held
for three years.  He was named an officer in 1999, serving as
Vice President, Heavy Duty Operations and Fuel Systems.  He
became Vice President and General Manager of Cummins
Distribution and parts business in 2004, and assumed the role of
President of the Distribution Business in 2005.

"Rich has brought exceptional business and leadership skills to
Cummins, and we are pleased he will be taking on this new and
very important responsibility for us," said Cummins President
Joe Loughrey.

Mr. Freeland will assume his new role effective Feb. 1.

Ms. Carter had a distinguished legal and political career,
including a term as Attorney General for the State of Indiana,
before joining Cummins in 1997.  She was General Counsel from
1997 to 2000 and has held leadership roles in the Cummins
Filtration business for the last seven years.  She was named
President of Cummins Filtration in 2005.

"We're very excited to have someone as experienced and talented
as Pamela step into the Distribution leadership role," Mr.
Loughrey said.  "Along with the Components Group, Distribution
is a critical part of our strategy going forward, and we are
counting on Pamela and Rich to make these two businesses even
more successful in the future."

Ms. Carter will assume her new role effective Feb. 1.

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea.  Its also has facilities in Europe, particularly in the
United Kingdom.

                       *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


CUMMINS INC: Urges Shareholders to Reject Mini-Tender Offer
-----------------------------------------------------------
Cummins Inc. has been notified of an unsolicited mini-tender
offer by TRC Capital Corp. of Toronto for TRC to purchase up to
1,000,000 shares of Cummins' stock at a price of US$115.00 per
share in cash.

This represents a 2.7 percent discount below Cummins' closing
price on Dec. 11, the day prior to the date of the offer, and a
6 percent discount below Cummins' closing price on Dec. 14.  
Cummins is in no way associated with TRC, this mini-tender offer
or the offer documentation.

Cummins does not endorse TRC's unsolicited mini-tender offer and
recommends that stockholders not tender their shares in response
to this offer.

CMI urges investors to obtain current market quotes on Cummins'
stock, consult with their financial advisors and exercise
caution in examining the mini-tender offer, which represents
less than 1 percent of the Cummins' shares outstanding.

Shareholders should be aware that this mini-tender offer is
highly conditional.  The conditions allow TRC to change the
terms of its offer -- such as the price offered per share -- in
the event of various occurrences, including a stock split.  As a
reminder, CMI announced a two-for-one stock split, effective
Jan. 2, 2008, for shareholders of record on Dec. 21, 2007.

The U.S. Securities and Exchange Commission has issued an
investor alert regarding mini-tender offers, noting that some
bidders make such offers at below market prices hoping they will
catch investors off guard if the investors do not compare the
offer price to the current market price.  The SEC advises that
mini-tender offers -- those offers made for less than 5 percent
of a company's stock -- typically do not provide the same
disclosure and procedural protections that larger, traditional
tender offers provide.  The SEC's mini-tender offer tips may be
found at http://www.sec.gov/investor/pubs/minitend.htm

Cummins' shareholders who have already tendered are advised that
they may withdraw their shares by providing the written notice
described in the TRC Capital offering documents prior to the
expiration of the offer currently scheduled for 12:01 a.m. (EST)
on Jan. 11, 2008.

                       About Cummins

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea.  Its also has facilities in Europe, particularly in the
United Kingdom.

                       *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


DP EDUCATION: Members' Final General Meeting Set for January 14
---------------------------------------------------------------
Members of DP Education Limited will meet on January 14, 2008,
at 10:00 a. m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The meeting will be held at:

     Hang Seng North Point Building, Room 2305-8, 23rd Floor
     341 King's Road
     Hong Kong


FUJIAN PROVINCE: Pays Final Preferential Dividend
-------------------------------------------------
Fujian Province Zhong Fu (Group) Ltd, which is in compulsory
liquidation, paid its first and final dividend on December 14,
2007.

The dividend is payable at:

          Wing On Centre, 29th Floor
          111 Connaught Road
          Central, Hong Kong


GREENTOWN CHINA: Buys 58% of Zhoushan Project for CNY331 Million
----------------------------------------------------------------
Greentown China Holdings Ltd. bought a 58.13 percent stake in
Urban Construction Sino-Stately (Zhejiang) Enterprise
Development Co Ltd for CNY331 million, XFN-ASIA reports.

According to XFN-ASIA, Urban Construction Sino-Stately owns a
property project in Zhoushan city, in China's eastern Zhejiang
province.  "The site, located between the city and a tourist
belt, measures 440 hectares in total area.  The project will
include high-end residential community, commercial centres,
recreational tourist zone, rehabilitation resort and schools."

XFN-ASIA relates that construction work on the project is
scheduled to start in the second half of 2008.  "The first phase
of low-density residential units will be offered for sale in
mid-2009."

Zhoushan is a major Chinese port city and tourist destination in
the southern wing of Yangtze Delta, the report notes.

Greentown China Holdings Limited is a residential property
developer in China.  The company has operations in Shanghai,
Beijing and other selected cities across the country, including
Hefei in Anhui Province, Changsha in Hunan Province and Urumqi
in Xinjiang Uygur Autonomous Region.  It develops residential
properties targeting middle- to higher-income residents in
China. The company has three main product series: villas, which
are typically independent houses with one or two storeys; low-
rise apartment buildings, which are typically 3 to 5 storeys,
and high-rise apartment buildings, which are typically higher
than six storeys.  Many of its residential developments are
integrated residential complexes, which typically have a total
site area over 150,000 square meters, and offer a combination of
different product series with ancillary facilities, such as
clubhouses, kindergartens and grocery stores.

The TCR-AP reported on Dec. 5, 2007, that Standard & Poor's
Ratings Services lowered its long-term corporate credit rating
on Greentown China Holdings Ltd. to 'BB-' from 'BB'.  The
outlook is stable.  At the same time, Standard & Poor's lowered
the long-term debt ratings on the company's US$400 million
senior unsecured notes and its CNY2.31 billion convertible notes
to 'BB-' from 'BB'.

On September 18, 2007, Moody's Investors Service downgraded
Greentown China Holdings Ltd's corporate family and senior
unsecured bond ratings to Ba3 from Ba2.  The outlook for both
ratings is stable.  This concludes the ratings review initiated
on June 25, 2007.


JOWIN ELECTRONICS: Court to Hear Wind-Up Proceedings on Jan. 2
--------------------------------------------------------------
On October 17, 2007, Wu FU-Yuan filed a petition to have Jowin
Electronics Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 2, 2008, to hear the petition.

The petitioners' counsel can be reached at:

          Bough & Company
          Nan Fung Tower, Room 2401, 24th Floor
          173 Des Vouex Road
          Central, Hong Kong


KING DRAGON: Court to Hear Wind-Up Proceedings on Jan. 9
--------------------------------------------------------
On October 29, 2007, Yip Kay filed a petition to have King
Dragon Engineering Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 9, 2007, to hear the petition.

The petitioners' solicitor can be reached at:

          Chong Yan-tung Chris
          Hopewell Centre,  34th Floor
          183 Queen's Road East
          Wanchai, Hong Kong


PETROLEOS DE VENEZUELA: Forming Joint Venture With Eni & Ine
------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that its unit Corporacion Venezolana de Petroleo has
signed an accord with Italy's Eni and Venezuela's Ine Paria to
create joint venture Petrolera Guiria.

Business News Americas relates that Petrolera Guiria replaces JV
Golfo de Paria Central, a division of the former Golfo de Paria
Este JV that ran:

         -- block 6,
         -- block 8,
         -- block 10,
         -- Delfin 1x field, and
         -- Punta Sur field.

Petroleos de Venezuela said in a statement, "These blocks, which
have high growth potential, contain virgin areas that will be
developed by this new joint venture."

Corporacion Venezolana owns 64.25% of Petrolera Guiria.  Eni
Venezuela holds a 19.50% stake in the joint venture, while Ine
Paria has a 16.25% stake.  The joint venture is part of
Venezuela's nationalization process, BNamericas states.

                         About Eni

Eni is an integrated energy company operating in the oil and
gas, electricity generation and sale, petrochemicals, oilfield
services construction and engineering industries.  Eni is active
in around 70 countries with a staff of 73.000 employees.

                       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.


REXEL SA: Confirms EUR3.1 Bln Recommended Offer for Hagemeyer NV
----------------------------------------------------------------
Rexel SA, in agreement with Sonepar, has confirmed its intended
recommended offer for Hagemeyer NV after discussions with
management on the Ceteco Holding NV case.

As previously reported in the TCR-Europe report on Nov. 15,
2007, Hagemeyer and Rexel have agreed to exclusive negotiations
aimed at finalizing an agreement under which Rexel would make an
all cash offer of EUR4.85 per Hagemeyer share, approximately
EUR3.1 billion in total (US$4.5 billion), and Hagemeyer's
Management and Supervisory Boards would recommend this revised
proposed offer.

According to a report carried by Modern Distribution Management,
the offer is up from Rexel's original EUR4.60 per share bid,
which had valued the company at US$4.3 billion.

As part of the envisaged transaction Rexel has entered into an
agreement with Sonepar to sell certain activities of Hagemeyer
to Sonepar, following successful completion of the proposed
offer.

                      Ceteco Litigation

On Wednesday, Dec. 12, 2007, the court in Utrecht rendered its
judgment in the Ceteco litigation.  The court allowed the claim
of the receivers of Ceteco and ordered Hagemeyer as well as the
former members of the Board of Management and the Supervisory
Board of Ceteco to pay a still to be determined amount of
damages and referred the parties to a separate proceeding to
determine the amount of the damages.  In addition Hagemeyer and
the former members of Ceteco's Board of Management and
Supervisory Board were jointly ordered to make an advance
payment of damages of EUR50 million.  Hagemeyer will appeal this
judgment and has confidence in the outcome of the appeal.  
During this appeal the advance payment is not payable
immediately.  Hagemeyer did not establish a specific provision
for this claim.

This judgment is the first ruling of the court since October
2003, when the receivers of Ceteco -- which went into bankruptcy
in 1998 -- commenced proceedings against Hagemeyer and the
former members of the Board of Management and Supervisory Board
and the accountant of Ceteco.

In October 2003, receivers of Ceteco filed in court up to EUR200
million (US$234.2 million) in financial compensation.  The
court-appointed receivers took up their cause in October 2002
claiming Hayemer is liable for the bankruptcy of Ceteco and that
it had acted negligently with respect to Ceteco and its
creditors.   

However, Hagemeyer rejected any liability for Ceteco's
bankruptcy and the deficiency in its assets, on good grounds.
According to Hagemeyer, this rejection is supported by a
thorough analysis of its actual position as major shareholder of
Ceteco.  Hagemeyer said nothing in either the receivers' report
or the counter report drawn up on behalf of parties involved,
which was submitted to the receivers, provides grounds for
believing that Hagemeyer has any liability in this matter, a
TCR-Europe report relates.

                        About Rexel SA

Headquartered in Paris, France, Rexel SA --
http://www.rexel.com/-- distributes more than one million kinds    
of electrical parts and supplies, including wiring devices,
cabling systems, circuit protectors, lighting products,
automation equipment, hand tools, climate control equipment, and
electronic security components.  For the twelve months ended
Dec. 31, 2006, Rexel reported total sales and EBITDA of EUR9,299
million and EUR637 million, respectively.

Rexel has operations in China.


SOCIETE GENERALE: Members' General Meeting Set for Jan. 15
----------------------------------------------------------
Members of Societe Generale Asia Limited will meet on Jan. 15,
2008, at 11:00 a. m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The meeting will be held at:

          Alexandra House
          18 charter Road
          Central, Hong Kong


WAH SZE: Court to Hear Wind-Up Proceedings on Jan. 2
----------------------------------------------------
On September 13, 2007, Master Capital International Limited
filed a petition to have Wah Sze International Development
Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 2, 2008, to hear the petition.

The petitioner's solicitor can be reached at:

          Anthony So & Co.
          Amtel Building, 9th Floor, Unit A
          144-148 Des Voeux Road
          Central, Hong Kong


WENG HENG: Pays Final Dividend
------------------------------
Weng Heng Investment Limited, which is in compulsory
liquidation, paid its first and final dividend on December 17,
2007.


WISE LINKAGE: Members' Final General Meeting Set for Jan. 15
------------------------------------------------------------
Members of Wise Linkage Limited will meet on January 15, 2008,
at 11:30 a. m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The meeting will be held at:

          Highgrade Building, Room 402
          117 Chatman Road
          Tsimshatsui
          Kowloon, Hong Kong


YES CLUB: Members & Creditors' General Meeting Set for Jan. 15
--------------------------------------------------------------
Members and creditors of Yes Club Limited will meet on Jan. 15,
2008, at 10:30 a. m., and 11:30 a. m., respectively, to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meetings will be held at:

          Ritz Plaza, 12th Floor, Suite A
          122 Austin Road
          Tsimshatsui
          Kowloon, Hong Kong


* Moody's Sees Stable Outlook for Taiwanese P&C Insurers
--------------------------------------------------------
Moody's Investors Service is maintaining a stable outlook for
the Taiwanese property and casualty insurance industry, given
that it is supported by a solid level of capitalization, built
up by good organic profitability.

In addition, Moody's -- in a new report -- sees growth
opportunities arising from foreign expansion, and the opening up
of the short-term health insurance market.

The report, authored by Sally Yim, a Moody's Analyst, and Daniel
Wong, an Associate Analyst, examines the outlook for P&C
insurers in Taiwan, including trends and rating drivers.

"With asset quality, this remains weak when compared to that of
global peers as Taiwan's P&C insurers hold large investments in
equity and real estate. Admittedly, the quality of the
investment portfolios may improve, given upcoming regulatory
changes on foreign investment caps from 35% to 45%, starting in
2008," says Yim.

"But such regulatory changes will also be more beneficial for
large-scale P&C insurers whose foreign investments are already
at or close to the previous ceiling of 35% as the regulators
want a gradual implementation of the new rule," says Yim.

As most insurers have not reached the prior ceiling, the
benefits are limited generally for smaller players, which lack
the expertise and resources for managing a foreign investment
portfolio, the report says.

"In addition, against the backdrop of declining motor sales, the
absence of large infrastructure projects, and a competitive
market, Moody's believes the industry will find it a challenge
to grow its business domestically. As such, it will likely
undergo further consolidation through M&As over the next 12-18
months," says Wong.

The report also notes that amidst intense competition, those P&C
insurers affiliated with financial holding companies and large
established foreign parents are likely to be better positioned.
This is due to the availability of cross-selling opportunities
as well as the potential transfer of underwriting expertise and
technical resources.

"This could be a differentiation in the competitive landscape in
view of the low domestic premium growth expected," says Wong.

The report is entitled "Taiwanese Property & Casualty Insurance:
Industry Outlook", and can be found on http://www.moodys.com/


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

AGILENT: Maspro TV-Receiver Design to Use Genesys & GX Software
---------------------------------------------------------------
Agilent Technologies Inc. disclosed that Maspro Denkoh Corp. has
selected Agilent's Genesys and Momentum GX software to develop
its TV-receiver and satellite-broadcast equipment.  The
agreement includes multiple licenses and an optional upgrade
path to other Agilent EEsof EDA products.

Maspro is Japan's leading provider of TV-receiving equipment
such as antennas, satellite receivers and broadcasting repeater
devices, which often use frequencies greater than 10 GHz.  The
company's designers were encountering performance issues when
slight changes were made to the printed circuit board (PCB)
design, requiring several design re-spins to understand and
correct the problems.

To solve these problems and reduce re-spins in their design
process, Maspro added circuit and electromagnetic simulation to
its design flow to improve efficiency.  After evaluating EDA
tools on the market, Maspro chose Agilent's Genesys and Momentum
GX EDA software.

Maspro engineers who performed the tools evaluation chose
Genesys because it provided the highest return on investment and
the highest degree of accuracy, which Maspro needed to avoid the
risk of design re-spins.  They determined that the Genesys
solution would help the most in improving their R&D
efficiencies.  They also preferred Genesys because it is
available in Japanese and several other languages.

"Our application engineers worked closely with key Maspro
designers to improve design efficiency for their high-frequency
PC board design," said Mounir Adada, product marketing manager
with Agilent's EEsof EDA division.  "I'm pleased that this
leading equipment supplier in Japan has chosen our Genesys and
Momentum circuit and EM simulation tools, and I look forward to
working with them."

                       About Genesys

Eagleware-Elanix, the originator of Genesys, was acquired by
Agilent Technologies in 2005. Agilent EEsof EDA continues to
build on and enhance the Genesys platform, an integrated EDA
software package for self-supporting RF and microwave designers
and workgroups. From initial system architecture through final
documentation, Genesys provides state-of-the-art performance in
a single easy-to-use design environment that is fast, powerful
and accurate.

                    About Agilent Tech

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Moody's Investors Service assigned a Ba1 rating
to Agilent Technologies, Inc.'s proposed offering of US$500
million senior notes due 2017 and affirmed its existing
ratings and stable outlook.


ARTSON ENGINEERING: BIFR Approves Draft Rehabilitation Scheme
-------------------------------------------------------------
India's Bureau of Industrial and Financial Reconstruction  
sanctioned on Tuesday the Draft Rehabilitation Scheme submitted
by Artson Engineering Ltd.

To take on record the BIFR Order sanctioning the Scheme,
Artson's board of directors will hold a meeting on Dec. 26,
2007.  During the meeting, the board will also decide what plan
of action to take pursuant to the BIFR Order.

Headquartered in Mumbai, India, Artson Engineering Limited --
http://www.artson.net/-- is a niche engineering company,    
active in specialized area of refineries, ports and airports.  
The company was referred to the Board for Industrial and
Financial Reconstruction as a sick company.  


DECCAN AVIATION: Board Unanimously Approves Kingfisher Merger
-------------------------------------------------------------
Deccan Aviation Ltd's board of directors at its meeting on
Wednesday, unanimously approved the merger of the scheduled
airline business undertaking of Kingfisher Airlines Ltd into the
company, the airline informed the Bombay Stock Exchange in a
regulatory filing.

The board's nod came after management consultancy firm
Accenture, which was tasked to find operational synergies
between the two airlines, recommended the merger.

With the merger, Decann Aviation's name will be changed to
Kingfisher Airlines Ltd, the regulatory filing states.  Vijay
Mallya will be the Chairman & CEO and Captain Gopinath will be
the Vice-Chairman of the merged entity.

Deccan's charter business will be spun off into a separate
entity to be jointly owned by Captain Gopinath and the UB Group,
which currently hold 46% stake in Deccan.  Capt Gopinath will be
the Chairman and CEO and Dr. Vijay Mallya will be the Vice
Chairman of the said entity.

KPMG and Dalal and Shah have been appointed as independent
valuers to recommend the methodology, process and valuation for
the entire process.

With the merger, Deccan, a low-cost airline, will fly to
countries that can be serviced using A320 planes; and
Kingfisher, a premium carrier, will operate the long-range
routes with its specialized planes, Reuters quotes UB group
Chief Financial Officer Ravi Nedungadi as saying.  The merger
will also help Kingfisher to meet Indian regulatory requirement
of five year's operation to fly overseas since Deccan was
started in 2003 and will be eligible to offer overseas flights
by mid-2008, he added, the report stated.

Mr. Nedungadi told the news agency that the combined operations
will need about US$250-300 million over the next two quarters
and it may look at private placement of shares.

The merger is still subject to statutory approvals including
that of the shareholders.

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

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


DRESSER-RAND GROUP: Inks US$50MM Blanket Purchase Order w/ PEMEX
----------------------------------------------------------------
Dresser-Rand Group Inc. has signed a blanket purchase order with
Petroleos Mexicanos valued at approximately US$50 million.  The
order covers all aftermarket parts and services and came through
Dresser-Rand's long established strategic alliance frame
agreements with this national oil company.

As previously disclosed, the aftermarket bookings trends for two
of the company's national oil company clients had slowed during
the early part of the year due to order process changes.
Consistent with comments made by the company at the time of its
third quarter 2007 earnings conference call, this order will
help streamline transacting business with Petroleos Mexicanos.

"The blanket purchase order is a very positive step forward,"
said Dresser-Rand president and Chief Executive Officer, Vincent
R. Volpe, Jr.  "We expect that cycle times from inquiry to order
will now be reduced and expect our aftermarket bookings run
rates to return to traditional levels this quarter and stay
strong going forward."

                  About Petroleos Mexicanos

Petroleos Mexicanos (aka PEMEX) is Mexico's state-owned oil
company.  The integrated company's operations, spread throughout
Mexico, range from exploration and production to refining and
petrochemicals.  the company's P.M.I. Comercio Internacional
subsidiary manages the company's trading operations outside the
country.  The company has estimated proved reserves of 15.5
billion barrels of oil equivalent.  In 2006 the company produced
about 3.3 million barrels of crude oil per day.

                     About Dresser-Rand

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Standard & Poor's Ratings Services assigned its
bank loan and recovery ratings to the US$500 million senior
secured revolving credit facility due 2012 of Dresser-Rand Group
Inc. (BB-/Stable/--).


IFCI LTD: Calls Off 26% Stake Sale; Shares Plummet
--------------------------------------------------
IFCI Ltd has called of its plan to sell 26% of the company's
shares after it rejected the financial proposal submitted by the
consortium of Sterlite Industries and Morgan Stanley and Co.,
various reports say.

As reported yesterday by the Troubled Company Reporter-Asia
Pacific, IFCI's board of directors turned down the bid of
Sterlite-Morgan Stanley for the 26% stake, saying that the
conditional offer is unacceptable.

The Sterlite-led consortium emerged as the front-runner in the
race for the stake.  Other bidders include the consortia of
Cargill Financial Services Corporation and Texas Pacific Group;
and Shinsei Bank Ltd, PNB and JC Flowers & Co.  The Economic
Times, citing unnamed sources close to the development,
previously reported that the Sterlite consortium offered a
INR107-per-share minimum price at which institutional
shareholders will convert their debt into equity.  

The management control was the reason behind deal being called
off, moneycontrol.com quoted CNBC-TV18 in a report.  Thomson
Financial News, citing the Times, relates that the Sterlite-led
consortium was seeking a guarantee from IFCI to ensure that any
further dilution in IFCI stake be undertaken with their consent,
which was unacceptable to IFCI.

After IFCI made clear that it is not going to pursue sale talks
with any bidders, scrapping the entire stake-sale plan, its
shares price plummetted to what Bloomberg News described as ďthe
biggest drop in more than a decade.Ē

IFCI shares fell INR23.3, or 23%, to INR76.75 at the close on
the Bombay Stock Exchange on Dec. 20, wiping out INR12.9 billion
(US$325 million) from the company's market value, Bloomberg
reported.

IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.

Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'.  The outlook on the rating is stable.


NOVELL INC: Posts US$13MM Loss for Quarter Ended Oct. 31
--------------------------------------------------------
Novell, Inc. has released financial results for its fourth
fiscal quarter and full fiscal year ended Oct. 31, 2007.  For
the quarter, the company reported net revenue of US$245 million,
which excludes US$6 million of revenue from its Swiss-based
business consulting unit, which the company agreed to sell
during the quarter.  This compares to net revenue of US$234
million for the fourth fiscal quarter 2006.  The loss from
operations for the fourth fiscal quarter 2007 was US$13 million,
compared to income from operations of US$4 million for the
fourth fiscal quarter 2006.  The loss available to common
stockholders from continuing operations in the fourth fiscal
quarter 2007 was US$9 million, or US$0.03 loss per common share.  
This compares to income available to common stockholders from
continuing operations of US$21 million, or US$0.05 per diluted
common share, for the fourth fiscal quarter 2006.  Foreign
currency exchange rates favorably impacted total revenue by
approximately US$6 million and did not materially impact the
loss from operations year-over-year.

On a non-GAAP basis, adjusted income from operations for the
fourth fiscal quarter 2007 was US$20 million.  This compares to
non-GAAP adjusted income from operations of US$18 million in the
year-ago quarter.  Non-GAAP adjusted income available to common
stockholders from continuing operations for the fourth fiscal
quarter 2007 was US$20 million, or US$0.06 per adjusted diluted
common share.  This compares to non-GAAP adjusted income
available to common stockholders from continuing operations of
US$20 million, or US$0.05 per adjusted diluted common share, for
the fourth fiscal quarter 2006.

In the fourth fiscal quarter 2007, the company entered into an
agreement to sell its Swiss-based business consulting unit.  
Accordingly, all financial results for this unit were excluded
from Novell's continuing operations for income statement
reporting purposes and are reported as discontinued operations.

For the full fiscal year 2007, the company reported net revenue
of US$932 million and a loss available to common stockholders
from continuing operations of US$26 million, or US$0.08 loss per
common share.  Comparatively, net revenue for the full fiscal
year 2006 was US$919 million and income available to common
stockholders from continuing operations was US$4 million, or
US$0.01 per diluted common share.  Foreign currency exchange
rates favorably impacted total revenue by approximately US$15
million and negatively impacted the loss from operations by US$5
million year-over-year.

For the fourth fiscal quarter 2007, the company reported US$23
million of revenue from Open Platform Solutions, of which US$22
million was from Linux Platform Products, up 69 percent year-
over-year.  Linux Platform Products invoicing was US$46 million
during the quarter, up 108 percent year-over-year.  Revenue from
Identity and Security Management was US$33 million, of which
Identity and Access Management was US$30 million, up 27 percent
year-over-year.  Revenue from Systems and Resource Management
was US$36 million, up 5 percent year-over-year.  Workgroup
revenue of US$88 million was up 1 percent year-over-year.

"We are pleased with our overall results for 2007.  While
undergoing transformational change, we grew revenue and exceeded
our operating targets.  We are on the right path to long-term,
sustainable profitability," said Novell president and Chief
Executive Officer, Ron Hovsepian.

Cash, cash equivalents and short-term investments were US$1.9
billion at Oct. 31, 2007, up from US$1.5 billion last year.  
Days sales outstanding in accounts receivable was 77 days at the
end of the fourth fiscal quarter 2007, down from 86 days at the
end of the year-ago quarter.  Total deferred revenue was US$768
million at the end of the fourth fiscal quarter 2007, up US$341
million, or 80 percent, from Oct. 31, 2006.  Cash flow from
operations was US$77 million for the fourth fiscal quarter 2007,
compared to US$62 million in the fourth fiscal quarter 2006.

                    Financial Outlook

Novell management issues these financial guidance:

   For the full fiscal year 2008:

   -- Net revenue is expected to be between US$920 million and
      US$945 million.

   -- Non-GAAP adjusted operating margin is expected to be
      between 7 and 9 percent.

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

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

                       *     *     *

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


QUEBECOR WORLD: S&P Lowers Long-Term Corp. Credit Rating to CCC
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Montreal-based printing company
Quebecor World Inc. by two notches to 'CCC' from 'B-'.  In
addition, S&P lowered the senior unsecured debt rating on the
company by three notches to 'CCC-' from 'B-', reflecting the
junior position of the notes in relation to the company's US$750
million revolving credit facility (unrated), which is fully
guaranteed and partially secured, and the high likelihood that
the company's debt level will increase in the near term.

The ratings remain on CreditWatch with negative implications,
where they were placed Aug. 9, 2007, due to concerns over the
company's weak operating performance and financial flexibility
in a challenging operating environment and difficult credit
market.

"The downgrade reflects the significant deterioration in
Quebecor World's financial flexibility and liquidity following
the company's withdrawal of its announced recapitalization plan
in November, and last week's cancellation of the company's
announced sale of a significant portion of its European
operation because the deal didn't receive the required
shareholder approval," said S&P's credit analyst Lori Harris.
"The company continues to face insufficient near-term liquidity,
potential covenant violations, and an uncertain financial
restructuring," Ms. Harris added.

To address the necessary refinancing of the private notes in
September 2007, the company used its revolving credit facility;
however, the company agreed at that time to reduce the
authorized facility amount of the revolver to US$750 million
from US$1 billion, which put a premium on completing the
previously mentioned transactions.  In addition to this,
Quebecor World's European accounts receivable securitization
program was wound down in October 2007, requiring the company to
rely even more heavily on the reduced revolving credit facility.
As a result, S&P expects the company's bank debt balances at
year-end 2007 to be materially higher than previously planned.
Quebecor World will likely not meet all of the recently loosened
bank loan covenants for fourth-quarter 2007.  The company also
failed to make its declared dividend payments on the series 3
and series 5 preferred shares, which were due Dec. 1, 2007,
because it might not satisfy the capital adequacy test under the
Canada Business Corporations Act.

At present, the company doesn't have sufficient confirmed
sources of cash or liquidity to meet its expected near-term
operational requirements.  The firm recently hired independent
financial advisors to help it deal with its liquidity crunch by
evaluating alternatives for raising cash, while also devising a
longer term restructuring solution.  However, as yet a formal
action plan hasn't been announced or approved for either issue.
S&P is very concerned that the near-term outlook for the
business' sustainability is unclear at present time.

The ratings will remain on CreditWatch with negative
implications until S&P is comfortable that the company has
addressed its near-term liquidity issues.

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.


QUEBECOR WORLD: Jacques Mallette Succeeds Wes Lucas as CEO
----------------------------------------------------------
Quebecor World Inc. has appointed Jacques Mallette as president
and CEO effective immediately.  Mr. Mallete replaces Wes Lucas,
who is leaving the company to pursue other opportunities.  

The board of directors believes that Mr. Mallette's backround,
leadership and experience are important to ensuring the company
is executing its business plan.

Jacques Mallette has been executive vice-president and chief
financial officer of Quebecor World since September 2005 and has
been involved in all aspects of the corporation including
operations and customer relations.

Mr. Mallette first joined Quebecor as executive vice president
and chief financial officer of Quebecor Inc. and Quebecor Media
in March 2003.  

Previously, he held the position of president and chief
executive officer of Cascades Boxboard Group Inc.  During his 8-
year tenure at Cascades, he also held the positions of executive
vice president and chief financial officer.  

He holds a Bachelors Degree from the University of Montreal and
is a member of the Order of Chartered Accountants of Quebec.

Mr. Lucas joined Quebecor World in May 2006 and is leaving the
company to pursue other opportunities in the United States and
Quebecor World wishes him well in his future endeavors.

The board of directors has accepted the resignation of Reginald
Brack as a director, for personal reasons and is appointing Jean
La Couture as a director of the corporation.  Mr. La Couture is
a fellow of the Quebec Order of Chartered Accountants.

He was managing director of a major Canadian accounting firm
before becoming president and chief executive officer of The
Guarantee Company of North America.  In 1995, he created Huis
Clos Ltd. which specializes in management mediation well as in
civil commercial negotiations.  He also serves as a member of
the board of Quebecor Inc., the Board of Innergex Power Trust
(chairman of the fiduciary council, acquisitions committee,
audit committee and corporate governance committee) and
Immunotec Inc. (chairman of the audit committee).

                   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.

                         *     *     *

On Dec. 18, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Montreal-based printing
company Quebecor World Inc. by two notches to 'CCC' from 'B-'.  
In addition, S&P lowered the senior unsecured debt rating on the
company by three notches to 'CCC-' from 'B-', reflecting the
junior position of the notes in relation to the company's US$750
million revolving credit facility (unrated), which is fully
guaranteed and partially secured, and the high likelihood that
the company's debt level will increase in the near term.


TATA TELESERVICES: Finance Panel OKs US$6.1MM Bond Conversion
-------------------------------------------------------------
The finance committee of Tata Teleservices (Maharashtra) Ltd's
board of directors has approved the issue and allotment of
shares totaling 1,10,61,697 shares of INR10 each to investors
who exercised their right to convert Foreign Currency
Convertible Bonds aggregating US$6,100,000.

The shares have been issued at a premium of INR14.49 a piece
(i.e., at an issue price of INR24.49 per share) in accordance
with the terms of the FCCB Issue.  Previously, the conversion
price was INR24.96 per share but was adjusted to INR24.49 per
share after the company's rights issue in January 2007.  The
deemed date of allotment of the shares is Dec. 14, 2007.

Out of the total FCCBs of US$125 million issued by the company
in June 2004, FCCBs aggregating US$108.37 million have so far
been converted into 19,43,50,346 equity shares (including this
19th Tranche).

Tata Group's holding stands marginally reduced to 65.85% as a
consequence of the latest allotment.

A subsidiary of Tata Sons Limited, Tata Teleservices
(Maharashtra) Limited, is an Indian company engaged in the
business of providing telecommunication services.  The company
provides services in about 357 towns and cities in the States of
Maharashtra and Goa through its telephone exchanges.

The company has incurred at least two years of consecutive net
losses -- INR3.15 billion in fiscal year ended Mar. 31, 2007,
and INR5.41 billion in FY2006.


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

AFC ENTERPRISES: James Lyons Leaves Chief Operating Officer Post
----------------------------------------------------------------
AFC Enterprises, Inc., the franchisor and operator of Popeyes(R)
Chicken & Biscuits, has announced the resignation of James W.
Lyons as chief operating officer to pursue another business
opportunity.  He will remain with the company through the end of
December to assist with key transition activities.

AFC Chief Executive Officer Cheryl Bachelder stated, "Jim has
done an outstanding job since joining Popeyes in 2004.  We thank
him for his many significant contributions to the Company and we
wish him much success in the future."

Headquartered in Atlanta, Georgia, AFC Enterprises Inc. (NASDAQ:
AFCE) -- http://www.afce.com/-- owns, operates and franchises   
Popeyes Chicken & Biscuits quick service restaurants.  As of
July 15, 2007, AFC owned and operated 61 restaurants and
franchised 1,817 restaurants in 44 states, the District of
Columbia, Puerto Rico, Guam and 23 foreign countries, inclusing
Indonesia.  The Popeyes concept features a New Orleans Cajun-
style menu, with regional items such as spicy fried chicken
pieces, chicken sandwiches and strips, fried shrimp, jambalaya
and red beans & rice.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2007, Moody's Investors Service changed AFC
Enterprises Inc.'s rating outlook to stable from positive.  
Concurrently, Moody's affirmed all the debt ratings of AFC,
including its B1 corporate family rating and probability of
default rating at B2, while upgrading the senior secured credit
facilities rating to Ba3 from B1.


AVNET INC: Completes Acal IT Solution Acquisition for US$200MM
--------------------------------------------------------------
Avnet Inc. has completed its acquisition of the IT Solutions
Division of Acal plc.  The acquired business, which has annual
revenues of approximately US$200 million, is a leading European
value-added distributor for Storage Networking, Networking,
Security, Electronic Document Management, as well as managed and
professional services.  The division, which has operations in
the UK, the Netherlands, Belgium, Germany, France and Sweden,
will be integrated into Avnet Technology Solutions' EMEA
business.

Dick Borsboom, President of Avnet Technology Solutions EMEA,
commented, "This acquisition extends our depth of expertise in
the IT solutions and services arena by adding new competencies
in high growth areas and expanding our ability to deliver multi-
vendor solutions.  The addition of 200 skilled employees and
2000 Acal resellers broadens our solutions-selling portfolio and
creates additional opportunities for cross selling."

Following on the recently completed acquisition of the Magirus
Enterprise Division, Avnet Technology Solutions is substantially
building its market presence in the areas of managed and
professional services, SAN, Networking and Security solutions.  
The acquisition also opens new markets to Avnet Technology
Solutions, such as Electronic Document Management today
operating under the name Headway Technologies.

"We are executing well on our goal to be the premier, value-add
distributor in Europe", added Mr. Borsboom "The acquisition of
Acal is another clear affirmation of our vision to be the leader
in delivering solutions that can accelerate the growth of our
trading partners."

                 About Avnet Electronics

Avnet Electronics Marketing -- http://www.em.avnet.com/-- is an
operating group of Phoenix-based Avnet, Inc. (NYSE:AVT), a
Fortune 500 company.  Avnet Electronics Marketing serves
electronic original equipment manufacturers and electronic
manufacturing services providers in more than 70 countries,
distributing electronic components from leading manufacturers
and providing associated design-chain and supply-chain services.

                      About Avnet Inc.

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

                       *     *     *

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


BANK NISP: Fitch Affirms Long-Term Currency IDR at 'BB-'
--------------------------------------------------------
Fitch Ratings has affirmed all the ratings of PT Bank NISP Tbk:

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

   -- Short-term foreign currency IDR 'B', National Long-term
      'AA+(idn) with a Stable outlook',

   -- Individual 'C/D' and Support '3'.

The ratings reflect the bank's satisfactory profitability and
reasonably strong balance sheet, as well as the support from its
financially strong parent, Singapore-based Oversea-Chinese
Banking Corporation.  NISP is tapping on the financial and
technical resources of its parent to further expand its
commercial and consumer operations and become a more sizeable
player in the Indonesian banking market.  The bank also intends
to raise the share of its better-yielding commercial (a
traditional stronghold) and consumer loans to a combined share
of 80-85%.

Pre-provision profit improved to 1.9% of average assets in 9M07
on higher net interest margin and fee income but was still below
the peer average of 3.9% (6M07 data).  Absolute NPLs have risen
quite sharply in 2006 and 9M07 but came from a low base with
NPLs at 2.5% of gross loans at end-Q307 (industry average:
5.8%).  Provision cover appears low at 51% of NPLs but is
mitigated by the emphasis on secured lending.  Capital ratios
also improved with tier 1 and total capital ratios at 14.3% and
17.3% respectively at end-Q307, following a rights issue in May
2007.

                        About Bank NISP

PT Bank NISP Tbk -- http://www.banknisp.com/english/index.html   
-- categorizes its products into two groups: Funding, which
consists of savings and deposits, and Lending, consisting of
working capital loans, investment loans and consumer loans. In
addition, the bank has three service categories: Individual,
Corporate and Others. As of January 18, 2006, the bank has 29
branch offices, 101 representative offices and 26 cash offices
throughout the country.  The Bank is headquartered in Jakarta,
Indonesia.


BANK UOB: Fitch Affirms Short-Term Foreign Currency IDR at 'B'
--------------------------------------------------------------
Fitch Ratings has affirmed PT Bank UOB Buana Tbk's (Buana)
ratings:

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

   -- Short-term foreign currency IDR at 'B',

   -- National Long-term at 'AA+(idn)' with a Stable Outlook,

   -- Individual at 'C/D' and Support at '3'.

The ratings reflect the support from Buana's financially strong
Singapore-based parent, United Overseas Bank, its own solid
capital position and profitability, as well as its position as a
small, established niche bank serving small Indonesian-Chinese
merchants in Indonesia.  Buana intends to leverage on the
parent's financial and technical resources to diversify into the
consumer banking segment which partly explained the name change
to Bank UOB Buana in early 2007, given the parent's stronger
branding regionally.

Net interest margins remained strong at 6.8% over end-September
2007, which helped to offset the increase in operating expenses,
and kept ROA at 2.8% in 9M07 (2006: 2.5%).  Lending picked up to
17% yoy in 9M07 with commercial loans as a core focus,
accounting for 67% of total loans at end-9M07.  NPLs declined to
3.5% of gross loans at end-September 2007 from 4.4% at end-2006;
Buana's provision cover at 50% of NPLs is at the lower end of
the peer average (85% at end-2006) but reflects its focus on
secured lending.  New capital from an IDR800 billion rights
issue in 2006 and profit retention kept Total CAR and Tier 1
strong at 28.4% and 20.3%, respectively, at end-September 2007.

                     About Bank UOB Buana

Headquartered in Jakarta, PT Bank UOB Buana Tbk., formerly PT
Bank Buana Indonesia Tbk. -- http://www.bankbuana.com--     
provides public deposits, investment  portfolio, and other
financial services, including: demand, savings and time
deposits, Bank Indonesia promissory notes, bonds, consumer
loans, retail commercial loans, and corporate loans.  Other
financial services include exports, imports, transfers,
collection, issuing of bank guarantees and foreign currency
transactions.


BERLIAN LAJU: Fitch Downgrades Long-Term Currency IDR to 'B+'
-------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based PT Berlian Laju
Tanker Tbk's Long-term foreign and local currency Issuer Default
Ratings to 'B+' from 'BB-'.  The Outlook on the ratings is
Stable.  Meanwhile, Fitch has also downgraded the senior
unsecured rating of the US$400 million notes due in 2014 issued
by BLT Finance B.V and guaranteed by BLT to 'B+' from 'BB-, and
assigned it a Recovery Rating of 'RR4'.  These rating actions
resolve the Rating Watch Negative that was applied to BLT on 14
October 2007 following its announcement to acquire Chembulk
Tankers LLC, a Marshall Islands-registered chemical tanker
company for US$850 million, mostly funded by debt.

The rating downgrades are driven primarily by BLT's expected
high financial leverage level post acquisition, with new debt
totalling US$750 million raised at both BLT and Chembulk levels.  
Fitch estimates that BLT's financial leverage, as measured by
the net adjusted debt/EBITDAR ratio (which adjusts the leverage
by capitalising operating lease payments), will rise to around
5.5x in 2007 on a proforma basis from the annualized 4.1x level
recorded during the nine months ending September 2007.  While
this financial leverage level suggests a more than one notch
downgrade, Fitch expects the combined entity to generate
stronger operating cash flow given the enhanced fleet size, and
anticipates an overall stable to positive outlook for the
chemical tanker segment supported by its growing seaborne trade.
The agency estimates that if chemical tanker charter rates
improve modestly, BLT's net adjusted debt/EBITDAR ratio may
improve to below 4.5x by the end of 2008.

The ratings also take into account BLT's ongoing measures to
reduce its net debt such as the disposal of five of its older
oil tankers.  While BLT is in the process of selling and leasing
back four of its newly built chemical tankers, Fitch views this
as a credit neutral event as it capitalises operating lease
payments in its measure of financial leverage.  BLT may also
access the equity capital market and deleverage via the
conversion of outstanding convertible bonds and warrants in
2008.  However, Fitch has not factored these events into its
analysis as they are subject to equity market conditions.

On the operational front, Fitch views the acquisition of
Chembulk as modestly positive as it will further enhance BLT's
scale with a large and modern fleet to meet increasingly
stringent industry regulations, as well as geographical
diversification to the untapped North and South American
markets.  Post acquisition, BLT will become the third largest
chemical tanker operator in the world.

The Stable Outlook reflects Fitch's expectation that the
deleveraging process will begin once the transaction is
completed, aided by the strong industry fundamentals.  If BLT's
net adjusted debt/EBITDAR ratio remains above 5.0x at the end of
2008 and 4.5x at the end of 2009, a negative rating action may
be taken.  Furthermore, the senior unsecured debt rating of the
USD400m notes may be notched down from the IDR if the company
does not reduce the secured debt raised for the transaction.
Conversely, net adjusted debt/EBITDAR sustained below 3.5x may
result in a positive rating action.

BLT is an Indonesia-based shipping company, focusing on liquid
bulk cargo, with operations primarily in Asia. Its other markets
are the Middle East and Europe. In the first nine months of
2007, BLT recorded revenue amounting to USD294m, EBITDA of
USD132m and net income of USD54m. The founder, Mr Hadi Surya has
a 52.4% beneficial interest in BLT.


BERLIN LAJU: Gets Go Signal to Acquire Chembulk Tanker
------------------------------------------------------
PT Berlian Laju Tanker Tbk received the go signal from
shareholders to acquire U.S.-based Chembulk Tankers LCC, Reuters
reports citing Berlian President Director Widiharja Tanudjaj.

The Troubled Company Reporter-Asia Pacific reported on Oct. 18,
2007, that Berlian Laju agreed to buy Chembulk Tankers LLC for
US$850 million.   According to the TCR-AP, the purchase of
Chembulk will be funded by cash and loans from several banks,
and will be immediately accretive to the company's earnings.

Harry Suhartono of Reuters writes that Mr. Tanudjaj said the
company would finance the acquisition through US$750 million of
bank loans from a consortium of foreign banks, namely Fortis
Bank, DnB NOR, ING and Nordic NIB, while the rest would come
from internal cash.

The TCR-AP added that Berlian Laju Tanker plans to raise up to
US$350 million via asset sales and a convertible bond or equity
issue to repay debt linked to the acquisition.

                     About PT Berlian Laju

PT Berlian Laju Tanker Tbk is the largest Indonesian shipping
company, focusing on liquid bulk cargo, with operations
primarily in Asia with some expansion into the Middle East and
Europe.  In 2006, BLT achieved revenue of US$335 million, EBITDA
of US$154 million and net income of US$107 million.  The
founder, Hadi Surya, has a 48.7% beneficial interest in BLT.

The Troubled Company Reporter-Asia Pacific reported on Oct. 17,
2007, that Standard & Poor's Ratings Services lowered its
ratings on PT Berlian Laju Tanker Tbk to 'B+' from 'BB-' and
placed them on CreditWatch with negative implications.  At the
same time, Standard & Poor's lowered the issue ratings on US$400
million senior unsecured notes due 2014 and on a US$125 million
five-year convertible bond due 2012, issued earlier this year by
BL TFinance B.V., a wholly owned subsidiary of BLT, were also
lowered to 'B+' from 'BB-' and placed on CreditWatch with
negative implications. BLT guarantees both issues; BLT's covered
subsidiaries also guarantee the senior notes.

On Dec. 19, 2007, Fitch Ratings downgraded Indonesia-based PT
Berlian Laju Tanker Tbk's Long-term foreign and local currency
Issuer Default Ratings to 'B+' from 'BB-'.  The Outlook on the
ratings is Stable.  Fitch also downgraded the senior unsecured
rating of the US$400 million notes due in 2014 issued by BLT
Finance B.V and guaranteed by BLT to 'B+' from 'BB-, and
assigned it a Recovery Rating of 'RR4'.  These rating actions
resolve the Rating Watch Negative that was applied to BLT on 14
October 2007 following its announcement to acquire Chembulk
Tankers LLC, a Marshall Islands-registered chemical tanker
company for US$850 million, mostly funded by debt.


CA INC: Fitch Affirms Issuer Default & Debt Ratings at BB+
----------------------------------------------------------
Fitch Ratings has affirmed these ratings of CA, Inc.:

   -- Issuer Default Rating at 'BB+'
   -- Senior unsecured revolving credit facility at 'BB+'
   -- Senior unsecured debt at 'BB+'

Additionally, Fitch has revised the Rating Outlook on CA Inc. to
Stable from Negative.  Fitch's actions affect approximately
US$2.8 billion of total debt, including the company's US$1.0
billion revolving credit facility.

The Stable Rating Outlook reflects the company's consistent
operating and financial performance and Fitch's expectation that
the company would utilize its financial flexibility provided by
excess cash and free cash flow to finance any intermediate
acquisition, dividends or share buyback activity.  Fitch
believes that significant near-term acquisition activity appears
limited given management's current focus on integrating previous
acquisitions and improving operating efficiency.  Also
considered in revising the Rating Outlook to Stable is the
company's successful refinancing and extension of its revolving
credit facility to August 2012 and its progress in resolving
outstanding accounting issues, including complete resolution of
all material weaknesses.

Positive rating actions could occur if:

  -- No significant capital structure changes occur over the
     next year with a commitment to limit acquisition and
     share buybacks to excess cash on hand and free cash flow;

  -- Credit protection measures trend positively through
     growth in operating profits and/or debt reduction;

  -- The company's recurring revenue model limits the
     potential financial stress from a less favorable macro-
     economic environment, particularly in the U.S., which
     accounted for approximately 54% of the company's total
     revenue over the last twelve months.

Negative rating actions could occur if:

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

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

Ratings concerns center on a slowing and more challenging
mainframe market, the likelihood for additional albeit less
significant restructuring costs, and strong competition from
larger companies with strong financial flexibility.  Fitch
believes the company's lack of participation in the software
industry's ongoing consolidation activity could constrain longer
term revenue growth rates.

The ratings continue to be supported by the company's:  i) solid
recurring revenue profile, driven by the high barriers to entry
with significant 'switching' costs associated with the software
industry; ii) consistent annual free cash flow approximating
US$750 million to US$1 billion; and iii) size, diversity, and
quality of the company's installed base (approximately 98% of
Fortune 500) and depth of product line.  

Credit protection measures remain solid for the rating category
and Fitch expects that they will remain flat over the
intermediate term.  Total debt to cash flow from operations was
2.0 times for the latest twelve months ended Sept. 30, 2007,
compared to 2.4 for the fiscal year ended March 31, 2007, and
1.3 for fiscal year 2006.

Fitch believes liquidity at Sept. 30, 2007 was solid and
supported by: i) approximately US$1.9 billion of cash and cash
equivalents (approximately 66% overseas); ii) US$1 billion
senior unsecured revolving credit facility due August 2012, of
which approximately US$250 million is undrawn and available; and
iii) aforementioned consistent annual free cash flow.  Free cash
flow for fiscal year 2008 ending March 31, 2008 is anticipated
to be adversely impacted by cash restructuring and higher cash
tax payments but should increase going forward as the company's
restructuring initiatives begin to translate into higher
profitability and capital spending on the company's global SAP
implementation trends downward.

Total debt as of Sept. 30, 2007 was approximately US$2.6
billion, consisting primarily of:

  i) US$750 million of borrowings outstanding under the
     company's revolving credit facility;

ii) US$350 million senior notes due April 2008;

iii) US$460 million convertible senior notes due 2009;

iv) US$500 million senior notes due 2009; and

  v) US$500 million senior notes due 2014.

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


HILTON HOTELS: Unit Hires Joseph Palmieri as General Manager
------------------------------------------------------------
Hilton Americas-Houston, a flagship property of Hilton Hotels
Corporation, has appointed Joseph Palmieri as its General
Manager of the 1200 room.  In this capacity he will oversee all
aspects of the hotel's operation.  Mr. Palmieri joins the Hilton
Americas-Houston from the Hilton Lincoln Centre in Dallas, Texas
where he has served as General Manager since 1989.  In his new
role he will report to Andrew Slater, Area Vice President of
Hilton Hotels Corporation.

Mr. Palmieri brings 33 years of managerial experience to his new
role.  While serving as General Manager of the Hilton Lincoln
Centre Palmieri concurrently held the position of Area Vice
President of Operations for Hilton Hotels Corporation from 1994
to 2000 and again from 2002-2003.  In this capacity he was
responsible for the operation of 15 hotels in the Southwestern
United States.  Between 2000 and 2002 Palmieri concurrently
served as Regional Vice President of Operations for Hilton
Hotels Corporation, which increased the number of hotels under
his operational direction to 32 properties.  Previously, Mr.
Palmieri also served as General Manager of the Doubletree Park
West hotel in Dallas as well as the Stouffer Concourse Hotel in
Denver, Colorado.

Long active in Dallas industry and community affairs Palmieri
has held several prominent positions including President and
Chairman of the Dallas Hotel/Motel Association as well as a
member of the Board of Directors of the Dallas Convention and
Visitors Bureau and a member of the Board of Directors of the
Texas Hotel/Motel Association.  In 2006, he was named General
Manager of the Year for Dallas by Where Magazine and in 2007 he
was named General Manager of the Year by the Greater Dallas
Hotel/Motel Association.

Mr. Palmieri is a native of Pittsburgh, Pennsylvania. He holds a
degree in Hotel Management from the University of Nevada at Las
Vegas and has also participated in the postgraduate General
Managers program at Cornell University.

Connected to the George R. Brown Convention Center on two floors
by a double-deck skywalk, the Hilton Americas-Houston's prime
location is steps away from downtown Houston's Toyota Center,
The Park Shopping Mall and Minute Maid Park.  Just minutes away
from the hotel are Houston's renowned Theater District, the
Bayou Place entertainment complex, Reliant Stadium and the
cultural museum corridor.  The Hilton Americas-Houston is easily
accessible-just 15 minutes from Hobby Airport and 30 minutes
from Bush Intercontinental Airport.

                    About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Costa Rica, Finland,
India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Moody's Investors Service downgraded Hilton
Corporation's  Corporate Family Rating and senior unsecured
ratings to B3 and  Caa1, respectively.


INDOSAT: Government Gets Chance to Buy Back Company Stake
---------------------------------------------------------
The Indonesian Government is pushed to buy back the shares of PT
Indosat Tbk. after the Business Competition Supervision
Commission ordered company shareholder Temasek Holdings to
release its ownership either over PT Telekomunikasi Selular or
Indosat, Tempo Interactive reports.

As reported by the Troubled Company Reporter-Asia pacific on
Nov. 23, 2007, Temasek Holdings was found guilty by the Business
Competition Monitoring Commission (KPPU) of  violating
Indonesia's anti-monopoly laws.  Temasek violated the
country's anti-monopoly laws through its ownership in PT Indosat
Tbk and PT Telekomunikasi Selular Indonesia.

The TCR-AP related that KPPU ruled that Temasek must sell its
minority stake in either Telekomunikasi Selular or Indosat.  
Syamsul Maarif, KPPU commission assembly chairman, reportedly
said the shares must be sold within two years at the maximum
since the decision has legal grounds.

Tempo relates that a researcher of Indonesian Economic
Intelligence Sunarsip said the government's opportunity for a
buyback is quite huge.  The buyback, Sunarsip said, can be
carried out through a consortium, which uses the funds from a
state-owned enterprise, by asking for sharing institutions, or
other investors, the report relates.

An Indef researcher Usman Hidaya was quoted by Tempo as saying
"The government must be smart in purchasing."   Mr. Hidaya
explained that if it seriously wants Indosatís shares, the
government is better off selling it to the public -- a method
safe from controversy, but there should be shareholders managing
it without breaking the law, Tempo reported.

Dian Yuliastuti of Tempo writes that the Indonesian
Telecommunication Assets Rescuer and Defender Team demanded that
the government buy Indosat back as well as the Palapa satellite
from Singapore.

                        About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully            
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                       *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and
changed the outlook to stable.  At the same time, Moody's
affirmed Indosat's Ba3 senior unsecured foreign currency rating.  
The rating outlook on the bond remains positive which is in line
with the outlook on Indonesia's foreign currency country
ceiling.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


MEDCO ENERGI: Signs Joint Venture Deal to Build LNG Plant
---------------------------------------------------------
PT Medco Energi Internasional Tbk has agreed on a joint venture
with PT Pertamina and Mitsubishi Corp. to build a LNG plant in
Sulawesi, Reuters reports citing Medco President Director Hilmi
Panigoro.

According to the report, Medco Energi has signed the joint
venture agreement with expectations of further talks on gas
supply.

Mr. Panigoro told the news agency that the company would take a
20 percent stake in the liquefied natural gas plant, while
Mitsubishi would hold 51% and Pertamina 29%.

The plant, the report relates, would receive natural gas from
the Matindok field, operated by the state oil firm, and Medco's
Senoro field.  Reuters notes that the plant would have an annual
capacity of around 2 million tonnes of LNG, and is expected to
come onstream in 2011.

                       About Medco Energi

Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com/-- is engaged    
in the exploration, production of, and support services for oil
and natural gas and other energy industries, including onshore
and offshore drilling.  Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities.

Medco Energy also has operations in the United States and in
Libya.

The Troubled Company Reporter-Asia Pacific reported on Dec. 21,
2006, that Standard & Poor's Ratings Services affirmed its 'B+'
corporate credit rating on Medco Energi.  The outlook remains
negative.  According to S&P, the negative outlook on Medco
reflects the company's weak financial profile due to its
increased debt burden to fund its aggressive capital
expenditure.

A TCR-AP report on Aug. 16, 2006, said that Moody's Investors
Service changed the outlook on Medco Energi's ratings to
negative from stable.  The ratings affected by the outlook
change are:

   * B1 local currency corporate family rating -- Medco

   * B2 foreign currency long-term rating -- MEI Euro Finance
     Ltd (guaranteed by Medco).


PAKUWON JATI: Fitch Affirms Issuer Default Ratings at 'B'
---------------------------------------------------------
Fitch Ratings affirmed PT Pakuwon Jati Tbk's foreign currency
and local currency Issuer Default Ratings at 'B' with a Stable
Outlook.  At the same time, Fitch has affirmed the rating of 'B'
and Recovery Rating of 'RR4' on the US$110 million senior notes
due 2011, issued by Pakuwon Jati Finance B.V. and guaranteed by
Pakuwon and its subsidiaries.  Fitch has also affirmed Pakuwon's
National Long-term rating at 'BBB-(idn)' (BBB minus(idn)) with a
Stable Outlook.

Pakuwon's ratings reflect the risks associated with the
development of Superblock Gandaria, a mixed-use development in
Jakarta which has achieved weak pre-sale rates to date.  Pakuwon
has launched the first of two condominium towers, of which 53%
has been pre-sold while only 18% of the office tower has been
pre-sold.  These pre-sale rates are weaker than those projected
by management prior to launch and appear to be lower than the
market average.  Fitch notes that whilst Pakuwon's interest
payments can be adequately serviced by the recurring cashflow
from Tunjungan Superblock City, its mature retail mall in
Surabaya, more than 50% of Gandaria's capex and principal
repayment on the notes are reliant mainly on Gandaria's pre-sale
cashflows.

Fitch notes that Pakuwon is currently exposed to the apparent
oversupply and intense competition in all of Jakarta's property
segments.  This, together with Pakuwon's limited track record
and lack of an established brand name in Jakarta, may lead to
possible sustained difficulties in pre-selling and increase the
need for additional financing.  Some mitigants to these risks
include Pakuwon's ability to develop the hotel and condominium
projects in phases, as well as the probable high occupancy rates
for the mall given that 51% of the gross lettable area has
already been committed to by potential tenants.

Pakuwon's ratings also reflect the high leverage and low
interest coverage ratio expected in 2007 and 2008 while Gandaria
is being developed.  Net debt/FFO ratio was 6.4x in 2006;
however Fitch notes that ID$966 billion of the notes proceeds
was escrowed as at end 2006, awaiting disbursement.  FFO
interest coverage ratio was 7.4x in 2006 but the interest
coverage ratio may fall further to around 3x in 2007 and 2008.
While these ratios should improve thereafter if cashflow
contribution from Gandaria increases, the greater focus on
property development, especially in the case of Gandaria's
condominiums and offices, could translate to increased
volatility in earnings and cashflow.

Pakuwon's ratings are supported by its position as the leading
mall operator in Surabaya where it owns an 111,782 sq m mall
within the 7.1-hectare Tunjungan.  This asset contributed 94%
and 98% of the company's total revenue and EBITDA, respectively,
in 2006.  Given its continued dominant market position, the
mall, with its above-market occupancy rates and well-laddered
lease maturity, is expected to continue to contribute strong
predictable recurring cashflow to Pakuwon.  The company also
derives some financial flexibility from the large land bank
inventory of 362 hectares at the Pakuwon City township in East
Surabaya, although Fitch notes that the ability to monetise land
bank is usually constrained during periods of stress.

The Stable Outlook reflects Fitch's expectation that Pakuwon's
Tunjungan operations will continue to perform in line with the
2006 performance and provide sufficient cashflow for debt
servicing.  A delay in the Gandaria project of more than six
months and/or a significant deterioration in liquidity from
projected levels may result in a negative rating action.  If
Gandaria is successfully executed, resulting in improved
financial performance, a positive rating action may be taken.

Pakuwon is a listed property company in Indonesia with a
presence in commercial property investment and development and
residential property development, primarily in Surabaya but
expanding into Jakarta through the Gandaria project.  Pakuwon
achieved revenue of IDR392bn and EBITDA of IDR210bn in 2006. The
founder's (Alexander Tedja) family has a 50.6% beneficial
interest in Pakuwon.


PHILLIPS-VAN: Good Performance Cues Moody's to Hold Ratings
-----------------------------------------------------------
Moody's Investors Service affirmed Phillips-Van Heusen
Corporation's Corporate Family and Probability of Default
ratings at Ba2, its senior secured debenture rating at Baa3, and
its senior unsecured notes rating at Ba3.  At the same time,
Moody's revised the outlook to positive from stable.

"The positive outlook reflects PVH's sustained upward momentum
in its operating performance, especially in the Calvin Klein
business, and the successful integration of recent acquisitions,
including the Superba necktie business", said Scott Tuhy,
Moody's Senior Analyst/Vice President.  In addition, the
benefits of the company's multi-channel approach are evident, as
while the macro economic environment remains challenging,
particularly at more moderate income levels and pricing
categories, the company's profitability has improved.  These
improvements are primarily driven by continued performance of
its Calvin Klein business internationally and domestically.

Upward rating momentum could build if the company were to
maintain its current credit metrics, while maintaining revenue
growth and margin stability for the company as a whole despite
the current challenging macro economic environment.

These ratings were affirmed and assessments amended:

   -- Corporate Family Rating Ba2

   -- Probability of Default Rating at Ba2

   --US$100 million senior secured notes due 11/2023 at Baa3
     (LGD 2, 21%)

   --US$150 million senior unsecured notes due 5/2013 at Ba3
      (LGD 5, 74%)

   --US$150 million senior unsecured notes due 2/2011 at Ba3
      (LGD 5, 74%)

Phillips-Van Heusen Corporation, headquartered in New York, NY
designs and markets dress shirts, sportswear and, to a lesser
degree, footwear and other related products.  Products are
marketed under owned brands including Calvin Klein, Van Heusen,
Arrow, and IZOD, and under licensing agreements for brands
including Geoffrey Beene, Donald Trump and Kenneth Cole.  The
company also licenses its brands to third parties with the
Calvin Klein brand being its most widely licensed brand.  
Revenues for the LTM period ended Aug. 5, 2007 totaled
approximately US$2.3 billion.

It has operations in the Asia-Pacific region, including
Indonesia, China, Philippines, Malaysia, and Thailand.


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

FLOWSERVE CORP: Gayla Delly Joins Board of Directors
----------------------------------------------------
Flowserve Corp. has elected Gayla J. Delly as member of its
board of directors effective Jan. 1, 2008.

Ms. Delly is currently the President of Benchmark Electronics
Inc., a contract manufacturing, design, engineering, test and
distribution company serving customers in the computer, medical
device, telecommunications and industrial control and
instrumentation industries.

Prior to her current role, Ms. Delly had served as Executive
Vice President and Chief Financial Officer for Benchmark
Electronics, since 2001.  Ms. Delly joined Benchmark in 1995 as
Corporate Controller and Treasurer.  Before her positions at
Benchmark Electronics, she served as a Senior Manager in the
audit group of KPMG.  Ms. Delly is a Certified Public
Accountant.

"We are very pleased that Gayla will be joining the board of
directors of Flowserve," said Kevin E. Sheehan, Chairman of the
board.

"The experience that Gayla brings from a global manufacturing
perspective, as well as her strong background in accounting,
will serve us well as a board and will have an immediate
impact," said Lewis Kling, President and CEO of Flowserve.

Ms. Delly earned a Bachelor of Science degree in accounting from
Samford University, Birmingham, Alabama.

With the addition of Ms. Delly, the number of Flowserve's board
of directors increases to 13 members.

                      About Flowserve

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control  
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  Flowserve
has operations in Dominican Republic, Guatemala,Guyana, Belize,
Belgium, Netherlands, Indonesia, Singapore, Japan, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.


JAPAN AIRLINES: Speeds Up Restructuring Programs
------------------------------------------------
Japan Airlines International Co., Ltd., which is undergoing
restructuring programs, plans to implement planned personnel
cuts one year ahead of schedule and consolidate four maintenance
units, sources disclosed to Jiji Press.  The plans will be
included in the airline's business program for fiscal 2008-2010
to be compiled in February next year, states Jiji Press.

According to Jiji Press, its sources said JAL now plans to
reduce its group workforce by 4,300 from 53,100 by fiscal 2008
ending in March 31, 2009, instead of the originally predicted
fiscal 2009.

The report adds that JAL plans to integrate, by the end of 2010,
its four maintenance units JAL Narita Aircraft Maintenance Co.,
JAL Tokyo Aircraft Maintenance Co., JAL Engine Technologies Co.
and JAL Aviation Technologies Co.

Jiji Press relates that JAL believes it can speed up the
personnel reduction as it has received applications to leave the
company from more employees than expected through its voluntary
retirement programs.

                     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, that 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, that 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.


KOBE STEEL: Waning Net Debt Cues Fitch to Raise Ratings to BBB-
---------------------------------------------------------------
Fitch Ratings has upgraded Kobe Steel, Ltd.'s Long-term foreign
and local currency Issuer Default Ratings (IDRs) and senior
unsecured debt rating to 'BBB-' (BBB minus) from 'BB+'.  At the
same time, Kobelco's Short-term foreign and local IDRs have been
upgraded to 'F3' from 'B'.  The rating Outlook is Stable.

"Kobelco's ratings upgrade reflects its steady leverage
reduction, with net debt declining from 5.5x EBITDAR in FYE03 to
2.6x in FYE07.  They also take into account the positive
fundamentals for the high-end steel products which Kobelco
focuses on, as well as the improved profitability of its non-
steel business operations, particularly machinery," said
Frederic Gits, senior director with Fitch's Corporates team in
Tokyo.

While the price of raw materials is on the rise, Fitch believes
that Kobelco, along with other Japanese steel makers, is well
positioned to pass price increases through to its customers,
thereby broadly protecting its margins.  Kobelco is currently
investing heavily (capital expenditures reached 1.4x
depreciation) to raise productivity and keep the proportion of
its sales accounted by its "Only One" higher-end products above
40%.  Diversification into steel-unrelated sectors such as
machinery, non-ferrous metals, electronic materials, real
estate, and wholesale power supply, which accounts for about 60%
of operating profits, also gives some stability to the overall
business profile.

Kobelco's margins are lower than its peers (11.7% in FYE07 for
the steel operations versus 14.8% for industry leader Nippon
Steel) but Kobelco's steel products are supplied to long-
standing customers on a long-term contract basis. Prices on a
long-term contract are generally lower than market prices but
are also more stable over the long run.

The company's forecasts for FYE08's profits have been slightly
revised upwards to JPY195 billion from JPY178 billion.  This is
still lower than FYE07's JPY209 billion, following a sharp
decline in the profitability of the aluminum and copper division
due to changes in inventory valuation and weak demand for copper
in the IT and semiconductor fields.  In the steel division, the
supply and demand environment continues to be tight but
operating profits were down in H108 to JPY40 billion from JPY45
billionn in H107 due to rising costs.

Kobelco is a diversified company engaged in the manufacturing of
basic materials, machinery and power supply.  In FYE07, Kobelco
produced 7.8m tonnes of steel, focusing on steel used in the
automotive and shipbuilding industries, making it the fourth-
largest crude steel producer in Japan.  About 40% of its
operating income is generated from iron and steel; total
revenues and operating profits in FYE07 reached JPY1.9 trillion
and JPY209 billion, respectively.

                     About Kobe Steel

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

Kobe Steel has offices in New York, Singapore, Bangkok and
Beijing.

                        *     *     *

This concludes the Troubled Company Reporter's coverage of Kobe
Steel, Limited until facts and circumstances, if any, emerge
that demonstrate financial or operational strain or difficulty
at a level sufficient to warrant renewed coverage.


SANWA FINANCE: S&P Cuts Rating on Pylos II Notes to 'BB+'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the
notes issued under the Pylos Ltd. transaction to 'BBB-' from
'A', and its rating on the notes issued under the Pylos II Ltd.
transaction to 'BB+' from 'A'.  The ratings remain on
CreditWatch with negative implications, where they were placed
on March 15, 2007.

The CreditWatch listings on March 15, 2007, reflected Standard &
Poor's heightened expectations of a negative impact from weaker
performance in the underlying asset pools.  Standard & Poor's
examined the transactions through meetings with the relevant
parties and by collecting additional information, seeking to
identify the reasons behind the recent deterioration in
performance and to formulate an appropriate outlook.  On
Sept. 21, 2007, Standard & Poor's decided to keep the ratings on
CreditWatch because it was unable to obtain a portion of
information relating to the securitized pool; some of the
reports submitted for monitoring purposes lacked this
information.  The reports have now been amended as necessary
following discussions among the relevant parties.

The downgrades reflect the negative impact of weakening
performance in the underlying asset pools.  The transactions
have hit various triggers, which have been waived based on an
agreement among the relevant parties.  In addition, the relevant
parties agreed to amend the redemption schedules in July 2007.  
Although transaction repayments are being made according to the
revised schedule, the negative impact from weaker performance in
the underlying asset pools, such as an increase in default
ratios and a decrease in principal repayment ratios, more than
offsets the benefits attained from an increased in the
percentage of credit support due to redemption.  Pylos Ltd. is
subject to a smaller downgrade than Pylos II Ltd., reflecting a
rise in credit support for this transaction following the
partial repayment of principal through the additional
entrustment of cash.  Given that the performance of the two
transactions continues to weaken, the ratings remain on
CreditWatch with negative implications.  Standard & Poor's will
reconsider and resolve the CreditWatch listings after confirming
the transactions' performance prospects.

The notes issued under the transactions are ultimately backed by
pools of unsecured consumer loan receivables originated by Sanwa
Finance Co. Ltd.



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

ARROW ELECTRONICS: Expands Distribution Agreement With Delta
------------------------------------------------------------
The North American Components business of Arrow Electronics,
Inc. has expanded its distribution agreement with Delta
Electronics, Inc., the world's largest provider of switching
power supplies, to include Delta's Delphi Series of standard
DC/DC converters.

Offering up to 700 watts of power in a single unit, the Delphi
DC/DC converters provide high efficiency and high-density power
for the commercial, industrial and military markets.

"The expanded agreement between Delta, one of the world's
largest power manufacturers, and Arrow, one of the largest
power-supply distributors, enables customers to access products
and services from a world-class team," said Arrow Electronics
vice president of marketing for passives, electromechanical and
connector products, Mike Calabria.  "Delta will compliment
Arrow's industry-leading power-supply line card and strong
market presence."

"We are pleased to expand our association with Arrow to include
DC/DC converters.  Our customers will benefit from the support
and program expertise Arrow provides," said Delta Electronics
senior vice president of sales, Graham Hunter.

               About Delta Electronics, Inc.

Delta Group -- http://www.deltaww.com-- is the world's largest
provider of switching power supplies and a major source for
power management solutions, components, visual displays,
industrial automation, networking products, and renewable
energy.  Established in 1971, Delta Group has sales offices
worldwide and manufacturing plants in Taiwan, Thailand, China,
Mexico and Europe.  As a global leader in power electronics,
Delta is committed to environment protection and has implemented
green, lead-free production and recycling and waste management
programs for many years. Delta's mission continues to be:  "To
provide innovative energy-saving products for a better quality
of life."

                  About Arrow Electronics

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

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

                       *     *     *

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


DYNCORP INT'L: Bags Airlift Wing Support Contract for US$357.9MM
----------------------------------------------------------------
DynCorp International Inc. has been awarded an additional option
year by the USAF 89th Airlift Wing to support the Presidential
Airlift Fleet.  The contract -- originally worth US$280 million
-- is now valued at US$357.9 million.

The DynCorp International team received a 7th consecutive
"Excellent" evaluation by the Award Determining Board, resulting
in the award of the option through September 2010.  DI employs
500 people at Andrews Air Force Base to support this effort.

                      About Dyncorp.

DynCorp International Inc. -- http://www.dyn-intl.com/-- (NYSE:
DCP) through its operating company DynCorp International LLC, is
a provider of specialized mission-critical technical services,
mostly to civilian and military government agencies.  It
operates major programs in law enforcement training and support,
security services, base operations, aviation services and
operations, and logistics support worldwide.  Headquartered in
Falls Church, Virginia, DynCorp International LLC has
approximately 14,600 employees worldwide including Haiti.

                       *     *     *

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


LG TELECOM: To Invest KRW346.7 Billion on Network Improvement
-------------------------------------------------------------
LG Telecom Ltd. will invest KRW346.7 billion to improve its
communications network and construct a new company building in
Seoul next year, Yonhap News reports.

The investment, the report notes citing a regulatory filing,
will be completed by the first half of 2008.

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

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

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

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


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

HARVEST COURT: Shareholders OK All Resolutions Presented at EGM  
---------------------------------------------------------------
The shareholders of Harvest Court Industries Berhad have
approved all the proposals presented at their Extraordinary
General Meeting held on December 19, 2007.

The Proposals passed during the extraordinary general meeting
are:

   * proposed share capital reduction involving the reduction
     of the par value of each existing HCIB share from MYR1.00
     to MYR0.25 via the cancellation of MYR0.75 of the par value
     of each HCIB share of MYR1.00 each;

   * proposed reduction of the share premium account of
     HCIB of MYR873,000;

   * proposed amendments to the companyís memorandum and
     articles of association to facilitate the proposed capital
     reconstruction;

   * proposed increase in authorized share capital;

   * proposed renounceable rights issue of up to 49,450,000
     new ordinary shares of MYR0.25 each with up to 49,450,000
     free detachable warrants in HCIB on the basis of 36 rights
     shares with 36 free detachable warrants for every 17
     existing HCIB shares of MYR0.25 each held at an issue price
     of MYR0.25 per rights share;

   * proposed acquisition of four parcels of leasehold
     industrial land at a total purchase consideration of
     MYR5,370,000 to be satisfied entirely by the issuance of
     21,480,000 new HCIB shares of MYR0.25 each at an issue
     price of MYR0.25 per share together with 5,370,000 free
     detachable warrants on the basis of one free detachable
     warrant for every four new HCIB shares of MYR 0.25 each
     issued;

   * proposed settlement of debts owing to the bank lenders and
     statutory creditors of HCIB group amounting up to
     MYR38,820,060 and MYR1,431,548 respectively as at Dec. 31,
     2005, by a combination of issuance of new HCIB shares with
     warrants, cash settlement and proceeds from the disposal of
     land;

   * confirm and ratify the joint venture between Harvest Court
     Management SDN BHD, a wholly owned subsidiary of HCIB and
     Messrs. Laing Huan and Rakan;

   * proposed exemption from the obligation to undertake
     a mandatory offer for the remaining HCIB shares of MYR0.25
     each not already owned by Ng Swee Kiat and parties acting
     in concert with him under practice note 2.9.1 of the
     Malaysian Code on Take-Overs and Mergers, 1998; and

   * proposed disposal by Harvest Court Properties Sdn Bhd, a
     wholly owned subsidiary of HCIB to Cara Anggun Development
     Sdn Bhd of a piece of freehold land held under Geran No.
     89149, lot no 82543, section 30, Bandar Klang, Daerah
     Klang, Negeri Selangor Darul Ehsan for a cash consideration
     of MYR1,700,000.

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.

The Group has defaulted on several loan facilities because of a
reduction in sales from 2002 onwards due to a weak global market
as a result of the Iraqi and the severe acute respiratory
syndrome, or SARS, as well as its inability to raise funds via
the equity market due to weak market sentiment.  Due to its
financial position, Harvest Court had embarked on an exercise to
restructure, including a debt restructuring and capital
reduction.  The Company's proposed corporate exercise was
rejected by the Securities Commission in November 2005, on
grounds that the proposals are not comprehensive and are not
capable of resolving all its financial problems.  Its appeal to
reconsider the rejection was also junked by the Commission on
February 24, 2006.  The Harvest Court Board is now in talks with
lenders and major creditors for its next course of action.

Harvest Court Industries Bhd's unaudited balance sheet as of
June 30, 2007, went upside down by MYR16.49 million on total
assets of MYR35.37 million and total liabilities of
MYR51.85 million.


MERGE ENERGY: Discloses Change in Audit Committee
-------------------------------------------------
Yusof Badawi and Haji Mat Anuar bin Hasan have tendered their
resignation from Merge Energy Berhad's audit committee.

Mr. Badawi currently serves as Chief Executive Officer of Merge
Energy Bhd and Executive Director of all its subsidiaries.  He
also has 20 years of experience in the construction industry at
various levels including senior and board level.

On the other hand, Mr. Hasan had held senior positions in
government agencies which include Jabatan Kerja Raya, Ministry
of Transport and Jabatan Bekalan Air, Selangor.

Meanwhile, Dr. Mohd Soib bin Mustakim has been appointed as a
member of the company's Audit Committee.

Mr. Mustakim was a training officer at the Rubber Industry
Smallholders Development Authority (RISDA) and at Kementerian
Pertahanan Malaysia, Bahagian Hal-Ehwal Bekas Perajurit. He has
been a practitioner in complimentary medicines since 1996.

Merge Energy Berhad's principal activities involve building
construction, structural, infrastructure and civil engineering
works.  Other activity includes property investment and
investment holding.  Operations of the company are carried out
predominantly in Malaysia.

On May 8, 2006, the company has been classified as an affected
listed issuer pursuant to the Amended Practice Note No. 17/2005
whereby the company's shareholders' equity on consolidated basis
is less than 25% of its issued and paid-up share capital of
MYR67.00 million.


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

AIR NEW ZEALAND: To Launch In-Flight Concierge Service in April
---------------------------------------------------------------
Air New Zealand is revolutionizing the international customer
travel experience with the introduction of an in-flight
International Airline Concierge service -- a first in the
aviation industry.  The new service launches in April on Air New
Zealand's Los Angeles, San Francisco and Vancouver to Auckland
routes.

"Air New Zealand will employ up to 90 concierge staff, which
will be dedicated to making every customer journey before,
during and after an Air New Zealand service a special event,"
said Roger Poulton, Air New Zealand VP Americas.  "There is no
other airline in the world offering such a service, giving Air
New Zealand a significant edge over its international
competitors."

The new International Airline Concierge service will offer a
combination of travel advisers, disrupt managers, loyalty and
destination experts focusing on supporting every customer's
travel needs.  Concierge service staff duties may include:
escorting passengers to and from the aircraft; recommending
"must-do" activities while visiting New Zealand; assisting
customers with onward bookings; supporting customers affected by
a weather disruption; advising passengers on Star Alliance
network options; or talking through the finer points of
customers' in-flight wine selections.

The international recognition of Air New Zealand's world-class
long-haul product has grown in the past two years.  During this
time, Air New Zealand has been recognized by Business Traveler
magazine for its unique brand of service as the "Best Airline to
the South Pacific, Australia, and New Zealand."  The recognition
prompts the number of customers choosing the airline for
services to, from and within New Zealand.  The new concierge
service enables the airline to continue to provide excellent
customer service despite increased capacity challenges.

"Everyone travelling with us -- no matter how full the aircraft
-- receives the personal attention they deserve and the advice
they need," adds Poulton.  "We're dedicated to finding new ways
to deliver our customers with a uniquely Kiwi experience at
every stage of their journey, and the best way to do that
is through our people.  Air New Zealanders are our competitive
advantage."

The concierge initiative developed from Air New Zealand cabin
crew and customer feedback captured during the past two years.
The initiative is a natural complement to the airline's award-
winning long-haul product and service. Concierge staff will
serve as New Zealand ambassadors, as well as experts in the
regions to which they fly.

                      About Air New Zealand

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

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

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


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

ATLAS CONSOLIDATED: Acquires 809.162 Mil. Common Shares in Unit
---------------------------------------------------------------
Carmen Copper Corp., a subsidiary of the Atlas Consolidated
Mining and Developer Corp., has issued 809,162,000 common shares
to its parent.

The shares were issued in consideration of Atlas' assignment to
Carmen of PHP809.162 million in properties consisting of mining
equipment, machineries, buildings and other land improvements.

In a disclosure with the Philippine Stock Exchange, Atlas said
the shares were taken out of the increase in Carmen's authorized
capital stock.

Carmen also issued 426,949,323 preferred shares out of the
increase to Crescent Asian Special Opportunities Fund under the
May 2006 Atlas-CCC-CASOP agreements.

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

As of December 31, 2006, Atlas' total liabilities of
PHP3.81 billion exceeded total assets of PHP2.99 billion,
resulting in a capital deficiency of PHP820.5 million.  Total
current liabilities of PHP1.91 billion as of December 31, 2006,
also exceeded total current assets of PHP305.22 million.


BANCO DE ORO-EPCI: Sees PHP7-Billion Net Income for 2007
--------------------------------------------------------
Banco de Oro-EPCI Inc. expects its net income to hit PHP7
billion this year, President and Chief Executive Officer Nestor
V. Tan told the Philippine Star.

"A 10% growth is more than enough," he said and added that BDO
is confident of surpassing last year's income levels, the report
relates.

However, the report adds, Mr. Tan expressed concern over the
negative impact on investors and the country's financial system
from the subprime crisis in the United States.  The indirect
negative impact of the crisis could be felt in the second
semester, he said, although the fourth quarter could offset such
losses, the Star reports.

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banco de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.


BANCO DE ORO-EPCI: To Refinance US$200-Mil. Senior Notes in 2008
----------------------------------------------------------------
mark/3rd party
http://www.manilastandardtoday.com/?page=business2_dec20_2007

Banco de Oro-EPCI Inc. will refinance about US$200 million of
its tier 2 notes next year, President Nestor Tan told the Manila
Standard on Wednesday.

According to Mr. Tan, the bank might refinance the notes in
either dollar or peso denomination next year, and it can also
opt not to refinance the US$100 million tier 2 senior notes
maturing in February, the newspaper reported.

The bank has US$300 million in obligations maturing in 2008,
including US$100 million in February and US$200 million in July,
the report relates.

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banco de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.


BENGUET CORP: Major Stockholders to Acquire Additional Shares
-------------------------------------------------------------
Palm Avenue Realty & Development Corp. and Palm Avenue Holdings
Co. Inc. will infuse PHP435 million in new capital to Benguet
Corp. through the purchase of authorized but unissued shares of
stock of the company through private placement.

The two firms are majority stockholders of the company.  
According to a disclosure with the Philippine Stock Exchange,
the purchase will consist of 21,874,909 Class A and 14,560,000
Class B shares.  The disclosure says that the companies executed
the private placement agreement on July 1, 2007.  The agreement
was approved through a resolution during a Board of Directors'
meeting on August 1, 2007.

The agreement was approved by the company's stockholders during
their annual meeting held on Tuesday, December 18.

Benguet Corporation -- http://www.benguetcorp.com/-- was
organized to primarily engage in gold mining.  It expanded into
chromite and copper production, and then into the fields of
general engineering and industrial construction, agriculture,
shipping, banking and finance, real estate and forestry-based
ventures.

The Troubled Company Reporter-Asia Pacific reported on May 11,
2007, that Jaime F. Del Rosario at Sycip Gorres Velayo and Co.
raised significant doubt on Benguet Corporation's ability to
continue as a going concern saying that the group has incurred
cumulative losses of PHP4.6 billion and PHP4.2 billion in 2006
and 2005.  The company booked a capital deficiency of
PHP2.2 billion and PHP1.9 billion as of December 31, 2006, and
2005, respectively.  The group's current liabilities exceeded
its current assets by PHP3.6 billion and PHP3.4 billion as of
December 31, 2006, and 2005, respectively.  In addition, the
group was unable to pay its maturing bank loans and related
interests.


CHIQUITA BRANDS: Discloses Rule 10b5-1 Stock Trading Plan
---------------------------------------------------------
Chiquita Brands International Inc. reported that one of its
executive officers has adopted a prearranged stock-trading plan
in accordance with guidelines specified by Rule 10b5-1 under the
Securities Exchange Act of 1934, as amended.

Rule 10b5-1 allows plans to be established that permit corporate
executives to prearrange sales of company securities at a time
when they are not aware of any material non-public information.
Such plans typically involve a plan to sell shares over a set
period of time.  These pre-arranged planned trades will be
executed at a specified later date, as set forth in the plan,
without further action or oversight by the executive officer.  A
plan can provide for sales of stock on a particular date or at a
particular price or a combination of both of these factors,
along with others.  The rules allow corporate executives to
diversify their investment portfolios and avoid concerns about
initializing stock transactions while possibly in possession of
material non-public information.

Manuel Rodriguez, senior vice president, government and
international affairs, and corporate responsibility officer, has
adopted a plan under Rule 10b5-1 which is in accordance with
company's stock ownership guidelines and provides for the sale
of portions of his holdings over time, as part of his financial
planning for the benefit of his family.  Shares sold pursuant to
the plan will be disclosed publicly through Form 144 filings and
Form 4 filings as required by the SEC.

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

                       *     *     *

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

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


MANILA ELECTRIC: ERC Bars Proposed Increase in Cost of Capital
--------------------------------------------------------------
The Energy Regulatory Commission denied the Manila Electric
Co.'s appeal of the decision barring it from increasing its cost
of capital from 12.8% to 15.63% under its performance-based rate
setting scheme, the Philippine Star reports.

According to the report, the ERC turned down the appeal for
"lack of merit."

The Star relates that in its appeal, MERALCO argued that it
would be unreasonable to fix its weighted average cost of
capital at 12.8% beginning next year until 2011.  MERALCO said
that it needed to increase its WACC because of unfavorable long
term economic indicators that may give way to increase inflation
and interest rates in the future, the newspaper added.

MERALCO had disputed the ERC's decision, the report noted,
saying it raises the issue of "fairness and non-discriminatory
rate setting."  The Star reported that the firm touted the 12.8%
WACC as "grossly unfair and disproportionate," using the
National Power Corp.'s 15.87% WACC as basis.

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.


METROPOLITAN BANK: Ties Up With Aboitiz to Build Power Plant
------------------------------------------------------------
The Metropolitan Bank & Trust Co. will build a US$400-million
246-megawatt power plant in Toledo, Cebu, in partnership with
the power producer Aboitiz Power Corp., the Philippine Daily
Inquirer reports.

According to the report, Aboitiz's Unit Abovant Holdings Inc.
teamed up with Metrobank's subsidiary Global Business Power
Corp. and Global Formosa for the project.  

The power plant, the report says, will be commissioned by 2010
and is expected to meet Cebu's growing demand for power in light
of increased business process outsourcing activities and new
hotels.  It will also supply the electric requirements of large
industries in the Toledo-Balamban area, the Inquirer adds.

The report also reveals that Taiwanese firm Formosa Heavy
Industries, Global Power's partner in Global Formosa, will act
as contractor and technical partner for the Cebu power plant.

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the        
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
Internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                        *     *     *

In November 2006, Moody's Investors Service revised the outlook
of Metropolitan Bank & Trust Co.'s foreign currency long-term
deposit rating of B1 and foreign currency subordinated debt
rating of Ba3 from negative to stable.  The outlooks for
Metropolitan Bank's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of "D" remain
stable.

On Sept. 21, 2006, Fitch Ratings upgraded Metrobank's Individual
rating to 'D' from 'D/E'.  All the bank's other ratings were
affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook;

   * Short-term rating 'B'; and

   * Support rating '3.

On March 3, 2006, Standard and Poor's Rating Service assigned a
CCC+ rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.


NAT'L POWER: PSALM Postpones Sale of Two Plants for Next Year
-------------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp. will
postpone the sale of the 192.5-megawatt Palinpinon geothermal
and the 145.6-MW Panay diesel power plants next year, possibly
in the first quarter, the Philippine Daily Inquirer reports.

According to a Troubled Company Reporter-Asia Pacific report on
December 19, 2007, PSALM said it is considering postponing the
sale of these two plants pending discussions with the PNOC-
Energy Development Corp. regarding a geothermal resource supply
contract to be attached with the Palinpinon plant.  

"PSALM will use to address comments of investor groups on the
GRSC, thus enhancing the value of the plant package," PSALM said
in its statement.

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.


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

AAA CORP: Releases Second Quarter Financial Report for FY2008
-------------------------------------------------------------
AAR Corp. reported fiscal 2008 second quarter net sales of
US$310.6 million and income from continuing operations of
US$17.9 million, or US$0.42 per diluted share.  Sales grew 27%
from US$244.3 million last year, and income from continuing
operations increased 28% from US$14.0 million in the prior year.  
For the six months ended November 30, 2007, net sales grew 27%
to US$616.6 million, and income from continuing operations
increased 26% to US$33.1 million, or US$0.78 per diluted share.

"The principal markets we serve-commercial aviation and defense-
continued to expand, despite the turbulence in the global credit
markets, uncertainty in the U.S. economy and continued pressure
from high fuel prices.  The demand from airlines for outsourced
technical services and additional aircraft lift is strong, as
are the opportunities to support the U.S. Department of Defense
and its allies," said David P. Storch, Chairman and Chief
Executive Officer of AAR CORP.  "During the quarter the AAR team
made excellent progress penetrating and growing our presence in
these markets.  We experienced significant sales growth and
margin improvement in our MRO business; continued strength in
Aviation Supply Chain; steady progress in our Structures and
Systems business; and solid growth in our Aircraft Sales and
Leasing business."

Sales and earnings growth in the second quarter was driven by
higher sales across all four segments, effective sourcing and
merchandising, solid execution and progress with margin
improvement initiatives. Sales to commercial customers increased
29%, and sales to defense customers grew 24%, year-over-year.

Consolidated gross profit margin was 19.4% for the second
quarter compared to 18.8% last year.  The Company achieved an
operating margin of 10.1% in the second quarter versus 9.7% last
year.  Net interest expense increased US$0.6 million year-over-
year principally due to increased borrowings related to
investments in the Aviation Supply Chain and Aircraft Sales &
Leasing segments.

The Company purchased 272,000 shares of AAR CORP. stock on the
open market through the first six months of fiscal 2008 pursuant
to its Board of Directors share repurchase authorization at an
average acquisition price of US$29.98.

As announced on December 3, 2007, the Company completed the
acquisition of Summa Technology, Inc., a leading provider of
high-end sub-systems and precision machining, fabrication,
welding and engineering services located in Huntsville, Alabama.
"We are very excited to add the extensive capabilities of Summa
and its management team to our company," said Storch.  "Summa
has great momentum and is performing well, and we look forward
to creating even more opportunities as we integrate it with our
other businesses."

                       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.


AFFYMETRIX INC: Invests US$75MM to Acquire USB Corporation
----------------------------------------------------------
Affymetrix Inc. entered into a definitive agreement to acquire
USB Corporation, a privately held Cleveland, Ohio-based company
that develops, manufactures and markets an extensive line of
molecular biology and biochemical reagent products.  The
acquisition will enable Affymetrix to accelerate the development
and commercialization of new genetic analysis solutions and
increase the value of its current product portfolio.

Under the terms of the agreement, Affymetrix will pay
approximately US$75 million in cash to acquire USB. The
transaction is expected to close in the first quarter of 2008,
subject to customary closing conditions and regulatory
approvals.

"The integration of USB's biochemical reagents with Affymetrix'
current and future products will greatly accelerate our ability
to develop and commercialize more complete customer solutions,"
said Kevin King, president of Affymetrix.  "USB is a recognized
leader in the life sciences industry with strong brand equity
and established manufacturing capabilities.  This acquisition is
a strategic fit for Affymetrix' growth strategy and we expect it
to be modestly accretive to our 2008 earnings per share, before
anticipated charges relating to the transaction."

USB is a leading developer, manufacturer and supplier of
enzymes, reagents and kits for life sciences research and
industrial applications.  The company's offerings are grouped
into three major product lines consisting of molecular biology
enzymes and kits, biochemical reagents and products used in
membrane protein research applications.  The company history
extends back to the 1970s, known then as United States
Biochemical.  In 1993, United States Biochemical was purchased
by Amersham Life Science, a company that later merged with
Swedish-owned Pharmacia Biotech in 1997.  The current USB
Corporation was founded in 1998 after members of the senior
management team acquired the three original product lines back
from Amersham Pharmacia Biotech.

"Affymetrix is a pioneer in the life science research market
that continues to set the standard in genetic analysis by
successfully commercializing its innovations," said Mike
Lachman, CEO and president of USB.  "The USB and Affymetrix
combination drives higher customer value today and opens the
door to new and emerging market opportunities for tomorrow."

Affymetrix will discuss the impact of this acquisition during
the fourth quarter and fiscal 2007 year-end earnings call, which
is scheduled for January 31, 2008 at 2:00 p.m. PT. Affymetrix
will provide dial-in information for this call by January 17,
2008.

                          About USB

USB Corporation has a long-standing reputation as a leader in
the life sciences, fueling innovation in basic research, drug
discovery and molecular diagnostics.  The company's history
reaches back to the 1970s, known then as United States
Biochemical, a company that specialized in supplying
biochemicals to the research market.  In the 1980s, a
collaboration with scientists (Tabor & Richardson) at Harvard
University led to the commercialization of Sequenase(TM) DNA
Polymerase and the first easy-to-use DNA sequencing kits. This
technology pioneered development of themostable enzymes and
automation for high-throughput sequencing.

In 1993, United States Biochemical was purchased by Amersham
Life Science, a British company that later merged with Swedish-
owned Pharmacia Biotech in 1997.  At that time, members of the
senior management team at USB acquired three of the original
main product lines: molecular biology enzymes, biochemicals and
manual DNA sequencing reagents.  These products formed the basis
of the current USB Corporation, founded in 1998.  For more
information on USB, please visit the company's website at
http://www.usbweb.com/.

                      About Affymetrix Inc.

Headquartered in Santa Clara, California, Affymetrix Inc. --
http://www.affymetrix.com/-- analyzes complex genetic   
information that are used by pharmaceutical, biotechnology
agrichemical, diagnostics and consumer products companies.  The
Company has manufacturing facilities in Sacramento, California,
and Bedford, Massachussetts, and maintains important sales and
marketing operations in Europe and Asia (including Singapore,
Japan and China, as well as Australia, New Zealand, Hong Kong,
India, Japan, Malaysia, and Taiwan) and has about 1,100
employees worldwide.

                          *     *     *

Affymetrix Inc.'s noteholders issued a notice of default on
Aug. 17, 2006, under the indenture governing the US$120 million
0.75% Senior Convertible Notes due 2033 as a result of the
company's failure to file its Form 10-Q for the quarter ended
June 30, 2006, with the United States Securities and Exchange
Commission.


CHEMTURA CORP: Will Review Strategic Alternatives
-------------------------------------------------
Chemtura Corporation's Board of Directors has authorized
management to consider a wide range of strategic alternatives
available to the company to enhance shareholder value.  In
support of this ongoing initiative, a Special Committee of
independent directors of the Board of Directors has been formed
to oversee the process.  To assist in this process, Chemtura has
retained the services of Merrill Lynch & Co., which is acting as
its exclusive financial advisor.

Strategic alternatives to be considered may include, among
others, select business divestitures, value-creating
acquisitions, changes to the company's capital structure, or a
possible sale, merger or other business combination involving
the entire company.

There can be no assurance that this review will result in any
specific transaction.  The company does not expect to disclose
any further developments with respect to the exploration of
strategic alternatives unless and until its Board of Directors
has approved a transaction or other strategic alternative.

                   About Chemtura Corp.

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

                       *     *     *

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

  -- Corporate Family Rating: Ba2 from Ba1

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

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

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


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

DOLE FOOD: Weak Performance Prompts Moody's to Rewiew Ratings
-------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the ratings of Dole Food Company, Inc., including the
company's B2 corporate family rating and B2 probability of
default rating.  LGD assessments are also subject to change.

Ratings placed under review for possible downgrade:

Dole Food Company, Inc.:

   -- Corporate family rating at B2

   -- Probability of default rating at B2

   -- Senior secured term loan B at Ba3

   -- Senior secured pre-funded letter of credit facility at Ba3

   -- Senior unsecured notes, bonds and debentures at Caa1

   -- Senior unsecured shelf, senior subordinated shelf and
      junior subordinated shelf at (P)Caa1

Solvest. Ltd.

   -- Senior secured term loan C at Ba3

Dole Food's operating performance has been weaker than
anticipated in its fresh vegetable segment, which is slowly
recovering from the industry-wide September 2006 spinach recall.
In addition, margins are under pressure in its packaged foods
division from cost inflation, and the company has not succeeded
in turning around its small flowers business.  As a result, the
company's credit metrics remain weak -- debt to EBITDA at
Oct. 6, 2007 was high at 8.2 times, and unlikely to improve to
the 7.5 times threshold before 2009, which was articulated in
Moody's January 2007 credit opinion as appropriate for the
company's rating level.  Free cash flow has been negative since
the end of fiscal 2004, stemming from low profitability.

Moody's review will focus on the company's plans to boost
operating profitability in fresh vegetables and packaged foods,
on initiatives to stabilize the flower business, and on
financial policies regarding capital expenditures and optimum
capital structure.

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and  
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
the Philippines, Thailand, Colombia and Ecuador, primarily to
wholesale florists and supermarkets in the U.S.


ITV PCL: Court Questions Government's Takeover of Assets
--------------------------------------------------------
The Supreme Administrative Court has dismissed the Prime
Minister's Office seeking to compel iTV PCL to pay a penalty and
damages and questioned the reasonability of the office's
takeover of the company's assets, the Nation reports.

The Court also ruled that both parties settle the dispute at an
arbitration panel under Section 15 of the joint business
agreement between the parties, the report adds.

According to a report published by the Troubled Company
Reporter-Asia Pacific on March 9, 2007, the Council of State
approved the takeover of iTV by the PM's Office Public Relations
Department.  The takeover was due to the company's inability to
pay its debts to the state agency.

Headquartered in Bangkok, Thailand, ITV Public Company Limited
-- http://www.itv.co.th/-- is a media company that operates a
television broadcast station under an ultra-high-frequency
system.  ITV provides news and entertainment to the public
through television and the Internet via its 52 network stations
throughout the country.

                      Going Concern Doubt

After reviewing the group's third-quarter and nine-month
financials, Prasan Chupanich at PricewaterhouseCooper ABAS Ltd.
raised doubt on the company's ability to continue as a going
concern.  Mr. Prasan cited the company's equity and working
capital deficits, as well as its inability to pay the
THB2.210 billion-concession fee from its revoked UHF Radio-
Television Broadcasting Agreement with the Office of the
Permanent Secretary of the Office of the Prime Minister.

Aside from the unpaid concession fee, Mr. Prasan said, the
company also owes interest at 15% per annum including the
penalty arising from the alteration of television programming of
THB97.760 billion.  The company is also in the process of
preparing development plans to resolve the cause of delisting
and a plan to undertake new business and rehabilitation for the
Stock Exchange of Thailand after the Company seeks and obtains
approval from the Company's shareholders.

As of September 30, 2007, the group's consolidated balance sheet
showed THB1.395 billion in total assets and THB3.449 billion in
total liabilities, resulting in a THB2.053-billion equity
deficit.  The group's balance sheets also showed strained
liquidity as its current liabilities of THB3.304 billion
exceeded its current assets of THB1.383 billion, resulting in a
working capital deficit of THB1.921 million.



* Moody's Says Liquidity May Weaken Asia Credit Quality
-------------------------------------------------------
Moody's Investors Service says an increase in the number of
negative rating outlooks on Asian non-financial corporates in
the fourth quarter of 2007 may indicate that the region's credit
trend could turn negative going into 2008.

"The positive effects of the region's robust economic
performance, which supported the Asian corporates' overall good
credit fundamentals in 2007, could be dampened if tight
liquidity drives interest costs higher, or if rising raw
material costs continue to squeeze margins," says Clara Lau, a
Moody's SVP and Chief Credit Officer.

"As such, going forward, credit profiles in the region may
weaken somewhat," says Lau in a new report reviewing credit
conditions throughout Asia Pacific (ex-Japan) in 2007 and the
outlook for 2008.

"Looking ahead, three factors will most likely determine the
direction of the region's credit ratings during 2008," says Lau.

First, the disruption in the cross border debt markets caused by
the US sub-prime crisis and the contagion effect on the rest of
the capital markets, including equity markets, will remain a
major concern.

Liquidity management is a key credit risk and needs to be
monitored closely, although systemic liquidity concerns have not
appeared to date. However, if the credit crunch continues,
companies with weak credit profiles or those that are highly
leveraged will face financing challenges.

Second, an economic slowdown in the US, depending on its
severity, could, at a minimum, affect issuers that generate
revenue from the US, like technology and trading companies, some
Australian consumer products companies and listed property
trusts, the report says.

Third, the report says that regulatory issues pose a measure of
risk in emerging markets, particularly China and India. The
ratings of Chinese property developers are among the most
exposed, given the government's persistent efforts to contain
overheating in the sector.

Reviewing 2007, Lau says rating trends between Asian and
Australian corporates diverged during the year.

For Asia's non-financial corporates, their positive rating
actions were primarily driven by improved credit fundamentals,
reflecting in turn a benign economic environment. Such a
situation more or less balanced out negative rating actions and
credit quality remained stable overall.

The telecommunications sector led most of the positive actions
in Asia, supplemented by select rated technology issuers.
Meanwhile, negative rating actions were predominately driven by
company-specific issues, including aggressive expansion and
imprudent financial management, leading to liquidity or
refinancing concerns.

By contrast, Australian corporates displayed a clear negative
rating trend as negative rating actions outpaced positive
actions by a factor of four due to active M&A transactions.

The report - entitled "Asia Pacific (ex-Japan) Corporate Credit
Report: 2007 Review and 2008 Outlook" can be found at
http://www.moodys.com/


* Fitch Says AP Structured Finance Outlook Largely Stable in '08
----------------------------------------------------------------
Fitch Ratings noted in a just published report that it expects a
generally stable outlook for structured finance sectors across
Asia Pacific in 2008, despite the financial market dislocation
stemming from problems in the U.S. subprime housing sector.

The trend of increasing delinquency rates in RMBS will continue
to be seen in Australia and New Zealand, but ratings in both
markets should remain stable with few or no downgrades expected.
With overall Australian RMBS issuance volumes expected to fall
in 2008, other asset classes such as auto receivables, CMBS and
balance sheet CLOs are likely to come up to the fore, due to a
combination of the introduction of Basel II and mortgage lenders
looking to diversify their assets.

Japan's structured finance sector experienced more upgrades than
downgrades in 2007, and Fitch anticipates the stable asset
performances and outlook to continue next year.  Consumer credit
default rates have been on the rise but existing deals are
expected to be resilient due to conservative structures and
amortization.  RMBS issuance volume has in general declined both
in number and volume, but there were a few new types of
transactions, like those backed by investment condominiums, a
trend Fitch expects to continue in 2008.

For most of non-Japan Asia, the rated cross-border transactions
have demonstrated stable performance across all asset classes.
Singapore and South Korea are expected to take the lead in
cross-border secularizations, while domestic issuance will
prevail in Taiwan and the other Asian countries.  The exceptions
are India and Thailand where increased delinquencies are
expected to affect consumer asset performance, but not the
ratings of transactions at large.

Across the region, the CDO market was quiet in the second half
of 2007 compared to the steady issuance seen in the first half
of the year, with a number of transactions being put on hold due
to adverse market conditions.  Fitch expects the region's
structured credit market to face challenges in 2008 due to
investor sentiment and the continued fall out from the ongoing
credit and liquidity crisis.  Expected issuance in the region
will continue to be driven by synthetic CDOs, with a clear
preference towards for managed transactions.  Investor demand is
likely to result in less complex and leveraged transactions, and
the agency also expects to see continued interest in CDOs of
Asian corporate assets.

Fitch's "2008 Global Structured Finance Outlook" includes a
review of 2007 as well as asset performance and rating
volatility forecasts for the global ABS, CMBS, RMBS and CDO
markets.  The report also evaluates the impact of broader
macroeconomic trends on the global structured finance markets.
The report is available at http://www.fitchratings.com


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                                      Total  
                                           Total   Shareholders  
                                          Assets      Equity  
Company                        Ticker      ($MM)      ($MM)  
-------                        ------     ------   ------------  

AUSTRALIA  

Advance Healthcare Group Ltd      AHG      15.65       -6.78
Allstate Exploration              ALX      12.65      -51.62
Austar United Communications  
   Limited                        AUN     411.16      -43.72
Emperor Mines Limited             EMP     138.99      -50.63  
Hutchison Telecommunications  
   (Aust) Ltd.                    HTA    1637.04    -1443.69  
Intellect Holdings Limited        IHG      15.25      -10.88  
KH Foods Ltd                      KHF      38.40       -6.79  
Lafayette Mining Limited          LAF     105.24     -190.86
Renison Consolidated Mines NL     RSN      38.83       -3.94
RMG Ltd.                          RMG      22.33       -2.16  
Tooth & Co. Ltd.                  TTH      99.25      -74.39
UnderCoverWear Limited            UCW      28.92      -16.07  
ViaGOLD Capital Limited           VIA      15.49       -3.11


CHINA AND HONG KONG  

Asia Telemedia Limited            376      16.97       -7.53  
Baiyin Copper Commercial   
   Bldg (Group) Co                672      24.47       -2.40  
Beiya Industrial (Group)  
  Co., Ltd                     600705     462.13      -20.57
Brilliant Arts Multi-Media  
  Holding Ltd                    8130      11.62       -2.32
Cangzhou Chemical Industrial  
   Co.Ltd                      600722     496.98      -91.41
Chang Ling Group                  561      85.06      -80.88  
Changjiang Sec-A                  783     357.75      -84.57
Chia Tai Enterprises   
   International Ltd.             121     316.12       -8.92
China Force Oil & Grains  
   Industrial Co                 1194      92.02       -7.43
China HealthCare Holdings Ltd     673      25.44       -3.37
China Liaoning International  
   Cooperation (Group) Ltd        638      20.46      -41.24
Chinese.com Logi                  805      13.75      -32.33
CIS Technology Inc.              2326      33.74      -18.91
Chongqing Int'l Enterprise   
   Investment Co               000736      19.88      -15.67
Compass Pacific Holdings Ltd     1188      46.98      -14.92
Chun Sung Text                   1408     443.43     -100.26
Datasys Technology  
   Holdings Ltd                  8057      14.10       -2.07  
Dongxin Electrical Carbon   
   Co., Ltd                    600691      34.19       -2.90  
Dynamic Global Holdings Ltd.      231      44.64       -9.70  
Everpride Biopharmaceutical  
   Company Limited               8019      14.19       -0.02  
Ever Fortune Intl.  
   Hldgs. Limited                 875      14.41       -4.03
Fujian Changyuan Investment  
   Holdings Limited               592      34.52      -66.85  
Fujian Sannong Group Co. Ltd      732      42.50     -100.37  
Fujian Start Computer  
   Group Co.Ltd                600734     114.76      -16.98
Guangzhou Oriental
Baolong Automotive Co          600988      15.78       -11.11
Guangdong Hualong Groups  
   Co., Ltd                    600242      15.23      -46.94
Guangdong Kel-A                   921     596.71      -94.69
Guangdong Meiya Group  
   Co., Ltd.                      529      70.62      -59.86
Guangxia (Yinchuan) Industry  
   Co. Ltd.                       557      48.71      -59.63  
Hainan Dadonghai Tourism  
   Centre Co., Ltd                613      18.34       -8.39  
Hainan Overseas Chinese  
   Investment Co., Ltd         600759      28.97       -9.90  
Hans Energy Company Limited       554      85.00       -0.49  
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47
Heilongjiang Black Dragon  
   Co., Ltd                    600187     113.45      -74.67
Hisense Kelon Electrical   
   Hldngs. Co., Ltd               921     596.71      -94.69  
Hualing Holdings Limited          382     262.90      -32.17  
HuaTongTianXiang Group   
   Co., Ltd.                   600225      52.77      -42.02  
Huda Technology & Education  
   Development Co. Ltd.        600892      17.12       -0.39
Hunan Anplas Co.                  156      77.57      -77.92
Innovo Leisure Recreation  
   Holdings Ltd.                  703      13.40       -4.50
Jiaozuo Xin'an-a                  719      56.77       -6.52  
Junefield Department  
   Store Group Limited            758      12.93       -5.39
Lan Bao Technology  
   Information Co.,Ltd            631     110.09      -78.89
Loulan Holdings Limited          8039      11.14       -2.21
Mianyang Gao Xin Industrial   
   Dev (Group)                 600139      23.90      -15.65  
New City China Development
Limited                           456     253.47      -25.03
Orient Power Holdings Ltd.        615     176.86      -64.20
Paladin Ltd.                      495     167.43       -6.23  
Plus Holdings Ltd.               1013      18.52       -3.34  
Qinghai Xiancheng Industry   
   Stock Co.,Ltd               600381      55.58      -55.04  
Regal Real Estate  
   Investment Trust              1881     945.38     -234.68  
Sanjiu Yigong Biopharmaceutical   
   & Chem                      000403     218.51       -3.48
Shanghai Worldbest   
   Pharmaceutical Co.Ltd       600656      66.75      -13.42  
Shenyang Hejin Holding  
   Company Ltd.                   633     103.86       -3.16  
Shenz China BI-B                20017      34.21     -238.76
Shenzhen China Bicycle Co.,  
   Hlds. Ltd.                      17      34.21     -238.76  
Shenzhen Dawncom Business  
   Tech. and Service Co., Ltd.    863      32.57     -137.55  
Shenzhen Shenxin Taifeng  
   Group Co., Ltd.                 34      69.92      -53.39
Shenzhen Koda-a                    48     112.05      -15.98
Shijiazhuang Refining-Chemical  
   Co., Ltd                       783     357.75      -84.57
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11  
Sichuan Direct-A                  575     143.71      -94.34
Stellar Megaunion Corporation  000892      54.33     -152.43  
Success Information Industry  
   Group Co.                      517      77.23      -17.78
Suncorp Tech Ltd.                1063      75.28       -5.03
Suntek Technology Co., Ltd     600728      49.03      -14.65
Suntime International  
   Economic Trading            600084     359.49      -47.93
Swank International  
   Manufacturing Co Ltd           663      29.31       -1.13
Taiyuan Tianlong Group Co.  
   Ltd                         600234      19.47      -89.51  
The First Investment &   
   Merchant Co, Ltd            600515      90.66        5.98  
Tianjin Marine Shipping  
   Co. Ltd                     600751     111.03       -3.59  
Tianyi Science & Technology  
   Co., Ltd                    600703      45.82      -41.20  
Tibet Summit Industry  
   Co., Ltd                    600338      90.92       -4.05  
Winowner Group Co. Ltd.        600681      23.34      -72.39  
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74  
Yueyang Hengli Air-Cooling  
   Equipment Inc.                 622      40.61      -17.21  
Zarva Technology Co. Ltd.         688      25.83     -175.37  
Zhejiang Haina Science & Tech  
   Co., Ltd.                      925      28.53      -36.27  


INDIA  

Andrew Yule & Co. Ltd             ANY      81.41      -30.90  
Ashima Ltd.                     NASHM     104.15      -35.01  
ATV Projects India Ltd.           ATV      68.25      -30.17
B S Refrigerator                NBPLE      75.91      -10.23
Balaji Distiller                  BLD      45.66      -74.20  
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd                    NVXL      98.77      -14.62  
CFL Capital Financial  
  Services Ltd                  CEATF      25.42      -47.32  
Core Healthcare Ltd.             CPAR     185.37     -241.91
Dish TV India Limited            DITV     239.48      -12.62
Dunlop India Ltd                 DNLP      52.75      -65.30  
GKW Ltd.                          GKW      35.75      -13.52  
Gujarat Sidhee Cement Ltd.       GSCL      59.44      -0.66
Himachal Futuris                 HMFC     574.62      -38.68  
HMT Limited                       HMT     316.41     -175.33  
JCT Electronics Ltd.             JCTE     117.60      -50.17  
Jenson & Nic Ltd                   JN      14.81      -81.79
JK Synthetics Ltd                 JKS      17.99       -2.61  
Kothari Sugars and  
   Chemicals Ltd.               NKTSG      43.24      -29.24
JOG Engineering                   VMJ      50.08      -10.08
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45  
LML Ltd.                          LML      81.21      -11.89  
Mafatlal Ind.                     MFI      95.67      -85.81  
Malanpur Steel Ltd.               HDC      82.08      -52.01  
Modern Threads                    MRT      78.18      -20.71
Modi Rubber Ltd                  NMDR      62.67       -9.22
Mysore Cements                    MYC      82.02      -14.57  
Mysore Kirloskar Ltd.              MK      23.71       -3.04  
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Panyam Cements                    PYC      17.18      -18.32
Parekh Platinum                  PKPL      59.20      -75.23
Rollataners Ltd                   RLT      20.68       -3.88
RPG Cables Ltdd                   NRPG     51.43      -20.19
Saurashtra Cemen                  SRC     112.31       -4.57
Shree Rama Multi Tech Ltd.      NSRMT      79.66       -7.83  
Shyam Telecom                    NSHY     147.34      -22.80
Sil Businesse
Enterprises Ltd.                 SILB      12.46      -19.96
SIV Ind. Ltd.                    NSIV     101.16      -66.27  
Steel Tubes Ltd                  NSTU      30.47      -26.45
Synthetics & Che                 SYNC      54.94       -6.90
Tata Teleservices (Maharashtra)  
  Limited                       NTTLS     657.28      -73.89
UB Engineeering                   UBE      47.78       -2.77
VKL Instrument                   VXLI      12.20       -0.62
Western India Sh                 WISL      39.34      -22.78


INDONESIA  

Ades Waters Indonesia Tbk        ADES      21.35       -8.93  
Agro Pantes Tbk                  ARGO     217.96       -15.7
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21  
Hotel Sahid Jaya                 SHID      71.05       -4.26  
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57  
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82  
Sekar Bumi Tbk                   SKBM      23.07      -41.95  
Steady Safe Tbk                  SAFE      19.65       -2.43  
Suba Indah Tbk                   SUBA      85.17       -9.18  
Surya Dumai Industri Tbk         SUDI     105.06      -30.49  
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86  
Tejin Indonesia                  TFCO     279.56      -10.58
Unitex Tbk                       UNTX      29.08       -5.87  
Wicaksana Overseas  
   International Tbk             WICO      43.09      -46.36


JAPAN  

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


KOREA  

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


MALAYSIA  

Boustead Heavy Industries   
   Corp. Bhd                     BHIC      57.34     -152.51
Chin Foh Berhad                  CFOH      53.19      -13.88
FED Furniture                    FFHB      38.27       -5.11
Harvest Court Industries
Bhd                               HAR      10.17       -3.85
Lityan Holdings Berhad            LIT      18.84      -23.22
Mangium Industries Bhd           MANG      14.24      -12.15
Megan Media Holdings Berhad      MMHB      47.76     -232.89
MP Technology Resources Berhad    MPT      16.89      -16.29  
Pan Malay Industries             PMRI     185.98       -6.91  
PanGlobal Berhad                  PGL     181.15     -125.36
Paxelent Corp                    PAXE      13.16       -4.51
Putera Capital Berhad            PCAP      10.56       -4.70  
Sino Hua-An International Bhd   HUAAN     184.60      -98.30  
Sunway Infrastructure Berhad      SIB     399.84      -10.08
Sycal Ventures Berhad             SYC      58.76      -85.36  
TAP Resources Bhd                 TAP      13.05       -1.33
Techventure Bhd                  TECH      36.31       -6.21
Tenggara Oil Bhd                 TENG      12.87       -0.34
Wembley Industries  
  Holdings Bhd                    WMY     111.72     -204.61  


PHILIPPINES  

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


SINGAPORE  

ADV Systems Auto                  ASA      14.32       -8.54
Compact Metal Industries Ltd.     CMI      47.42      -36.47  
Falmac Limited                    FAL      10.51       -2.30  
Gul Technologies                  GUL     155.76      -15.21  
HLG Enterprise                   HLGE     116.77       -8.71  
Informatics Holdings Ltd         INFO      20.42      -11.65
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43  
L&M Group Inv                     LNM      56.91      -10.59
Pacific Century Regional          PAC    1569.35      -88.20  
Semitech Electronics Ltd.         SEMI     11.01       -0.23  


TAIWAN

CIS Technology Inc.              2326      33.74      -18.91
Chung Shing Textile              1408     433.43     -100.26
Pacco Tech Co Ltd                5510      16.01       -7.00
Protop Technology Co., Ltd.      2410      55.69      -13.46
Yeu Tyan Machine                 8702      39.57     -271.07


THAILAND  

Bangkok Rubber PCL                BRC      70.19      -56.98  
Bangkok Steel Industry
Public Co. Ltd                    BSI     378.66     -120.56
Central Paper Industry PCL      CPICO      12.29     -186.37  
Circuit Electronic  
   Industries PCL              CIRKIT      20.37      -64.80  
Daidomon Group PLC              DAIDO      12.92       -8.51  
Datamat Public Co., Ltd           DTM      17.55       -1.72  
Kuang Pei San Food Products  
   Public Co.                  POMPUI      15.77      -11.32  
Safari World Public Company
Limited                        SAFARI      10.75       -1.98
Sahamitr Pressure Container  
   Public Co. Ltd.               SMPC      26.36      -28.88  
Sri Thai Food & Beverage Public  
   Company Ltd                    SRI      18.29      -43.37  
Tanayong PCL                    TYONG     178.27     -734.30  
Thai-Denmark PCL                DMARK      19.57       -3.02
Universal Starch PCL              USC      91.56      -41.24



                         *********

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
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Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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                 *** End of Transmission ***