TCRAP_Public/080104.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, January 4, 2008, Vol. 11, No. 3

                            Headlines

A U S T R A L I A

CENTRO PROPERTIES: S&P Lowers Ratings to CCC+
CENTRO PROPERTIES: Funds to Pay Lower Dividend for Q4 of FY2007
CENTRO PROPERTIES: Invites Expressions of Interest
CHRYSLER LLC: CEO Provides Confidence in Operations & Finances
SCO GROUP: Gets Nasdaq Delisting Notice Due to Bankruptcy Filing

WESTPOINT GROUP: Government to Fund Case Against AU Tax Office


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

ANDREW CORP: Completes US$2.65BB Merger Deal with CommScope Inc.
BIO-RAD LABS: Earns US$28 Mil. in Third Quarter Ended Sept. 30
CHINA EASTERN: Air China to Vote Against Singapore Air Tie-Up
DOUBLE SOUTH: Proofs of Debt Due on March 31
E-FORCE: Proofs of Debt Due on January 22

FIAT SPA: Withdraws From Nanjing Automobile Joint Venture
FIAT SPA: Names Gianni Coda to Head Fiat Group Purchasing
FRESH MIND: Proofs of Debt Due on January 22
FORTUNE CENTRAL: Appoints New Liquidator
FORTUNE REALTY: Liquidators Quit Post

GAMMA SHIPPING: Commences Liquidation Proceedings
GLITTERING Mechanical: Court to Hear Wind-Up Petition on Jan. 30
HARMONY MOULD: Liquidators Quit Post
HONG KONG WINE: Commences Liquidation Proceedings
HKZZ COMPANY: Appoints New Liquidators

KENFLEX ELECTRONICS: Appoints New Liquidators
KIENVER CONSTRUCTION: Members Receive Wind-Up Report
LORDSWORTH LIMITED: Appoints New Liquidators
MAK WAH: Appoints New Liquidators
NEHLSEN HONG KONG: Creditors to Receive Wind-Up Report

PACIFIC WORLD: Commences Liquidation Proceedings
PETROLEOS DE VENEZUELA: Prices Cash Tender Offer for Bonds
PETROLEOS DE VENEZUELA: Reports 26.5B Barrels of Oil in Junin 1
RICHBEST TRADING: Creditors to Receive Wind-Up Report
SABW CORPORATE: Members to Receive Wind-Up Report on Jan. 15

TERMSISSUE LIMITED: Proofs of Debt Due on January 21
TONG REN TANG: Members to Receive Wind-Up Report on Jan. 22


I N D I A

BALLY TECHNOLOGIES: Earns US$21 Mil. in Qtr. Ended September 30
HINDUSTAN COPPER: Members OK Preferential Allotment to President
HINDUSTAN ORGANIC: Seeks Partners for Joint Venture Projects
IFCI LTD: Foreign Investors May Buy Up To 74% Stake, RBI Says
LML LTD: Loss Narrows to INR112.5-Mil. in Qtr. Ended June 30

LML LTD: Books INR566.1-Mil. Loss in Year Ended Sept. 30, 2007
LML LTD: Sets 32nd Annual General Meeting on March 28
TATA MOTORS: Named Preffered Bidder for Ford Jaguar & Land Rover
TATA MOTORS: December 2007 Sales Declines by 2%


I N D O N E S I A

AVNET INC: Operating Unit Signs Distribution Deal with Zarlink
BANK UOB: Pefindo Upgrades Company Ratings to "idAA-"
BANK RAKYAT: Pefindo Upgrades Company Ratings to "idAA+"
FREEPORT-MCMORAN: Declares Dividends on Preferred, Common Stocks
NORTEL NETWORKS: Settles Patent Dispute With Vonage Holdings

NORTEL: Unit Commences Exchange Offer for 3 Senior Notes
PERUSAHAAN: Two Power Plants' Output Halved Due to Shortage


J A P A N

ALITALIA SPA: Group Posts EUR1.19 Billion Net Debt for November
ALITALIA SPA: November 2007 Passenger Traffic Up by 0.7%
ALITALIA SPA: Sells Heathrow Slots for EUR92 Million
ALITALIA SPA: Italy Starts Exclusive Sale Talks with Air France
ATARI INC: Has Until March 20 to Comply with Nasdaq Rules

DELPHI CORP: Court Approves Sale of Steering Biz for US$447MM
DELPHI CORP: Ct. Extends Exclusive Plan-Filing Period
JAPAN AIRLINES: To Beef Up Air Cargo Operations


K O R E A

BHK INC: Amends Seventh Bonds with Warrants
BHK INC: Enters Into Strategic Alliance with Schem Co.
CHONGKUNDANG CORP: Declares Stock Dividend
CHOROKBAEM MEDIA: To Dispose 6 Million Shares of Common Stock
CORECROSS INC: Acquires Smart Card Adapter Patent


M A L A Y S I A

HARVEST COURT: Exempted from Undertaking Offer for Shares
SHAW GROUP: Gets SEC Letter Over Informal Inquiry Completion
TENGGARA OIL: Creditors Voluntarily Wind Up Subsidiaries
TENGGARA OIL: Fails to Pay MYR20.58MM Debt as of Dec. 31, 2007


N E W  Z E A L A N D

AIR NEW ZEALAND: Charged on EU Cargo Rates & Surcharges Probe


P H I L I P P I N E S

MERALCO: Seeks ERC OK to Collect PHP5BB in Transmission Charges
METROPOLITAN BANK: Tier-2 Notes Get “Deal of the Year” Award
PHILIPPINE LONG DISTANCE: Lists 400 New Shares in Local Bourse
SAN MIGUEL: Closes AU$235-Mil. Sale of James Boag to Lion Nathan
VICTORIAS MILLING: Annual Stockholders' Meeting Set For Feb. 8


S I N G A P O R E

CHINA AVIATION: Completes Partial 80% Divestment of Equity Stake
RED HAT: Says LatAm Ops Account for Up to 5% of Global Revenues
RED HAT: Developing Open Source Software with Synapsis


T H A I L A N D

ABICO HOLDINGS: Requests SEC for Leniency on Special Audit
FEDERAL-MOGUL: Emerges From Bankruptcy Protection in Delaware
KUANG PEI SAN: Third Quarter Net Loss Dips 70% to THB11.352 Mil.
KUANG PEI SAN: Sathit Limpongan Resigns as Independent Director
SR TELECOM: Sells Airstar and SR500 Product Lines to Duons Group


* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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A U S T R A L I A
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CENTRO PROPERTIES: S&P Lowers Ratings to CCC+
---------------------------------------------
Standard & Poor's Ratings Services had lowered its issuer credit
rating on Centro NP LLC to 'CCC+' from 'BB+'.  At the same time,
the senior-unsecured debt and preferred stock ratings on Centro
NP were lowered to 'CCC+' and 'CCC-', respectively, from 'BB+'
and 'BB-'.  All the ratings were placed on CreditWatch with
developing implications and removed from CreditWatch with
negative implications, where they were initially placed on
Dec. 13, 2007.

The downgrades reflect:

   * The potential for the group's assets to be sold in
     softening market conditions, particularly in the U.S.;

   * Amendments to Centro NP's revolving credit facility on
     Dec. 18, 2007, which now links default at Centro NP to its
     affiliates; and

   * The Feb. 15, 2008 deadline for rollover of substantial debt
     facilities at Centro Properties Group.

"These events substantially increase the near-term probability
that Centro NP could be put into default by its creditors,
notwithstanding that the operating assets remain of good
quality," Standard & Poor's credit analyst Craig Parker said.  
"The potential sale process is being conducted in some real
estate markets that recently have become more favorable to
buyers.  Together with volatile credit market conditions, this
heightens the risk of default for the Centro NP creditors.  
However, we believe that the recovery prospects for creditors at
Centro NP are reasonable given that the assets are performing
within our expectations."
     
Standard & Poor's also notes that Centro NP has also become
embroiled in the extension of CNP's short-term liquidity. CNP's
US$350 million revolving credit facility that matured on
Dec. 31, 2007 was recently extended to Feb. 15, 2008.   
Altogether, the CNP bank financiers agreed to extend the group's
AU$2.7 billion short-term debt until Feb. 15, 2008.

Mr. Parker added: "The increased interest cost associated with
the extension of the revolving debt facilities, and extension
costs of US$3.3 million associated with the refinancing, will
adversely affect Centro NP's earnings and financial flexibility.
In addition, the amendments to Centro NP's revolving credit
facility could accelerate the debt maturities at Centro NP
should the company's parent, Super LLC, be unable to extend its
bridge loan beyond Feb. 15, 2008.  Previously, Standard & Poor's
had felt that Centro NP's credit quality may be partially
insulated from the deteriorating credit quality at CNP provided
Centro NP continued to operate within its debt covenant package.  
The amendments to the revolving credit facility mean that the
credit quality of Centro NP is linked to CNP."

Given the uncertainty and urgency facing the group, we believe
that the issuer rating on Centro NP could move either up or down
from 'CCC+'.  A further downgrade would be precipitated by
Centro NP not being able to seek an extension of its debt
facility beyond Feb. 15, 2008.  There is also a prospect that
some lenders within the CNP group may selectively rollover
facilities that have recourse to favorable assets, while other
lenders may seek repayment on Feb. 15, 2008.

On the other hand, the ratings could be raised if CNP and Centro
NP are able to present a strategic plan that satisfies the bank
lenders and facilitates an extension of the debt facilities.  
This may provide CNP and Centro NP with adequate time to reduce
debt levels while enabling the assets to be managed and retain
their market value.  The cash-flow impact of the increased
interest margins on CNP's debt facilities and the reduced
likelihood that the business model will continue in its current
form following this renegotiation process means that the ratings
may be raised up to the low 'BB' category.

                    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 PROPERTIES: Funds to Pay Lower Dividend for Q4 of FY2007
---------------------------------------------------------------
Centro MCS Manager Limited, as responsible entity for the Centro
Direct Property Fund and the Centro Direct Property Fund
International, confirms that the Funds will pay a distribution
for the December 2007 quarter.

Alan Hayden, Manager Direct Property Funds said "Both DPF and
DPFI will pay a distribution for the December 2007 quarter,
although it is anticipated that this will be lower than the
September 2007 quarterly distributions.  This is mainly due to
the impact of Centro Properties Group and Centro Retail Trust
announcing that they will not be paying a distribution for the
half year ending December 31, 2007."

The distributions are expected to be paid in early February 2008
for both Funds.

Investments in Centro Properties Group and Centro Retail Trust

Further to the announcements made by Centro Properties Group and
Centro Retail Trust on December 17, 2007, the Responsible Entity
provides an update to investors in the Funds regarding the
impact on the unit price of each Fund, reflecting the impact of
those announcements and subsequent events.

As of December 24, 2007, the withdrawal unit prices of the Funds
were:

   * DPF: AU$1.4187, compared to AU$1.4912 on December 13

   * DPFI: AU$0.9566 compared to AU$1.0812 on December 13

The unit prices have been mainly impacted as a result of the
Funds’ investments in CNP and CER.  Further details are set out
below.

   * Both the DPF and DPFI have a small proportion of their      
     investments directly invested into CNP and CER.  As at       
     December 13, 2007, this represented:

     -- DPF - 3.6% of net assets
     -- DPFI - 1.9% of net assets

     These investments form part of each Fund’s listed property
     trust portfolio.  For daily unit pricing purposes, these
     investments are valued daily based on the trading price
     on the Australian Stock Exchange.  CNP and CER
     prices dropped sharply following the commencement of
     trading on December 17.

   * Both the DPF and DPFI also have a proportion of their   
     assets invested in Centro Retail Investment Trust (“CRIT”).
     This investment delivers exposure to the underlying
     assets of CER. As at December 13, 2007, this represented:
    
     -- DPF - 11.5% of net assets
     -- DPFI - 38.1% of net assets

     "Given the recent announcements by CNP and CER, the  
     Responsible Entity has deemed it prudent to reduce the
     valuation of both DPF and DPFI’s investment into CRIT,
     until further clarification on the CER funding position is
     determined," added Mr. Hayden.

     The Responsible Entity has also taken into account other
     variables which may impact upon the value of CER’s asset
     portfolio, including the overall state of the economy in
     both the United States and Australia.

variety of Centro syndicates and wholesale funds.  The valuation
The other assets of DPF and DPFI are largely invested into a
of these investments will continue to be carried at the
net asset backing or unit price published by each of the funds.  
It should be noted that the Centro syndicates have recently
published their provisional NABs of their respective syndicate
portfolios as at December 31, 2007.

                   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.

Standard & Poor's Ratings Services lowered its issuer credit,
senior-unsecured debt and preferred stock ratings to 'CCC+' with
negative implications reflecting the potential of the group's
assets to be sold in softening market conditions, particularly
in the U.S.


CENTRO PROPERTIES: Invites Expressions of Interest
--------------------------------------------------
The board and the management of Centro Properties Group are
seeking expressions of interest from companies after undertaking
a strategic review process with its advisers.

This review includes evaluating options to secure the financial
structure of Centro and its related entities, including Centro
Retail Trust, on a timetable consistent with that agreed with
the group's banks.

Centro Chairman Brian Healey said, "In recent days, we have
received a significant number of unsolicited expressions of
interest from a range of strategic and financial investors in
potential investments in the group and certain of our assets.

"This will enable interested parties to substantiate their
interest, and for all such proposals to be evaluated from the
perspective of the best interests of all Centro stakeholders."

The Board, according to Mr. Healey, believes that it is
appropriate to adopt a process that allows the effective
evaluation of any expression of interest on an equal basis and
to ensure consideration of a wide range of alternatives for the
best interests of all stakeholders.  Expressions of interest are
therefore being sought for either or both:
   
   * A whole of group review, including a recapitalization,
     equity issuance or acquisition of Centro; or

   * The acquisition of the group’s interests in its Australian
     and US wholesale funds.  Parties wishing to participate in
     this process should contact Centro or its advisers, Lazard  
     Carnegie Wylie.

                       Interested Buyers

John Snowden, head of property securities at Centro's largest
shareholder, Colonial First State, expressed to Laura Cochrane
of Bloomberg News that the possible suitors for Centro's assets
may include Westfield Group, Morgan Stanley, Brookfield Asset
Managment Inc. and Stockland.

Fayen Wong of Reuters cites the Australian Financial Review as
reporting that U.S. investors Blackstone Group and Citadel
Investment Group have sent teams to Australis to discuss taking
a stake in Centro.

According to Reuters, AFF, citing unidentified bankers for
Centro, includes AMP, Colonial First State, and DBRREEF Trust as
among those companies who has also expressed interest in
investing in the property firm.

In a telephone interview, Bloomberg quotes Centro Chief
Executive Officer Andrew Scott as saying, "In relation to a sale
of specific assets or parts of the group, we think the two areas
that are appropriate to look at are the two wholesale funds."

The two wholesale funds, as stated by Bloomberg, are Centro
Australia Wholesale Fund and Centro America Fund.

Bloomberg relates that Centro Australia Wholesale Fund has
AU$2.6 billion of assets and investments in 28 malls in
Australia and New Zealand.  Centro holds a 50% stake in the
fund, with the remainder owned by Centro's Direct Property
Fund, also half owned by the parent.

Centro America Fund has AU$1.1 billion in assets and investments
in 32 U.S. shopping centers and Centro owns 41% of the fund,
says Bloomberg.

                   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 that
Standard & Poor's Ratings Services lowered its issuer credit,
senior-unsecured debt and preferred stock ratings to 'CCC+' with
negative implications reflecting the potential of the group's
assets to be sold in softening market conditions, particularly
in the U.S.


CHRYSLER LLC: CEO Provides Confidence in Operations & Finances
--------------------------------------------------------------
"There have been several recent media reports that have painted
an inaccurate picture of Chrysler LLC's current financial
position," Robert Nardelli, Chrysler LLC's Chairman and CEO,
said.  "Therefore, the management of Chrysler and our parent
company, Cerberus Capital Management, L.P., felt it imperative
to correct the record since such misinterpretations and
misperceptions are misleading and could leave the wrong
impression in the minds of investors and other interested
parties.

"First and foremost, it is important to note that Chrysler is
not only meeting, but, in many cases, exceeding its financial
targets heading into 2008.

"Importantly, Chrysler has ample liquidity.  We are fully funded
with working capital to meet our present and future needs and
objectives.  We are doing what any other prudent company is
doing during this challenging economic environment.  We are
trying to instill a sense of urgency throughout the workforce,
putting our capital to work effectively and efficiently,
streamlining inventory, improving current products and
developing new and innovative vehicles.  Our dealer body is
quite pleased that our inventory of vehicles was down another 4%
in November.

"In a 13-hour meeting this week with the Cerberus board of
directors, Cerberus praised and was highly complimentary of
Chrysler's progress to date and unanimously approved our 2008
plan.  We have a solid strategic direction to return the company
to long-term profitability.  We are on target and have the
unwavering support of Cerberus, as well as our other key
partner, Daimler AG.

"Cerberus met with its investors on Dec. 20, 2007, to share the
progress that has been made and to convey to these investors
that the company was meeting -- and in many cases -- exceeding
its targets.  The report was well received.

"Like many companies in today's uncertain economic environment,
Chrysler is moving aggressively to improve its business.  We
recognized in advance the increasingly competitive vehicle
market heading into 2008.  With that, we have been moving
aggressively to make our company leaner.  The steps we are
taking include previously announced volume-related reductions at
several North American assembly and powertrain plants and the
elimination of four products from our lineup, which is very
customary in the auto industry.

"However, we are very excited about the new products coming in
2008.  These include the legendary Dodge Ram pickup truck, the
Dodge Journey crossover, the relaunch of the historic Dodge
Challenger -- which has already generated 8,851 customer orders
-- and two, all-new, large hybrid SUVs, the Chrysler Aspen and
the Dodge Durango, demonstrating our support for the environment
and more fuel-efficient vehicles.

"For our current vehicle line-up we have already approved more
than 260 line item improvements to enhance our products -- most
for the 2008 calendar year.

"The recently completed national labor agreement with the United
Auto Workers -- which includes the establishment of an
independent retiree health care trust -- provides a framework to
improve the long-term competitiveness of the company.

"Since August and the first day of the new company, the
management team has been working to improve Chrysler's working
capital, disposing of non-core (or non-earning) assets and
reinvesting this cash into product development, new technology
and new innovations for our customers."

Mr. Nardelli's statement can be attributed to Mark Neporent,
Chief Operating Officer and General Counsel of Cerberus Capital
Management L.P.:

"We remain extremely enthusiastic about our investment in
Chrysler.  Our underwriting assumed, and fully planned, that
Chrysler would incur losses in the near term. Under the
leadership of Bob Nardelli, Tom LaSorda and Jim Press, Chrysler
is already on track to exceed its multi-year restructuring and
recovery plan on virtually all-key metrics.  We met with the
management team this week and fully endorse their strategic
direction and their plan to meet the challenges of the current
environment.  We are confident that Bob, Jim and Tom are taking
the right steps to bring Chrysler to profitability.  Our mutual
resolve to restore Chrysler to its leadership position as an
iconic brand is unwavering."

                    About Chrysler LLC

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 11, 2007, Standard & Poor's Ratings Services revised its
recovery rating on Chrysler's US$2 billion senior secured
second-lien term loan due 2014.  The issue-level rating on this
debt remains unchanged at 'B', and the recovery rating was
revised to '3', indicating an expectation for meaningful (50% to
70%) recovery in the event of a payment default, from '4'.


SCO GROUP: Gets Nasdaq Delisting Notice Due to Bankruptcy Filing
----------------------------------------------------------------
The SCO Group, Inc., received a Nasdaq Staff Determination
letter on Dec. 21, 2007, indicating that as a result of having
filed for protection under Chapter 11 of the U.S. Bankruptcy
Code, the Nasdaq Listing Qualifications Panel has determined to
delist the company's securities from the Nasdaq Stock Market and
has suspended trading of the securities effective at the open of
business on Dec. 27, 2007.

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.


WESTPOINT GROUP: Government to Fund Case Against AU Tax Office
--------------------------------------------------------------
The Federal Department of Education, Employment and Workplace
Relations has agreed to fund liquidators of Westpoint
Corporation in a legal action against the Australian Taxation
Office over more than AU$4 million of payments made in the
group's last months before it collapsed, TheWest reports.

According to the report, liquidator Simon Read of the accounting
firm McGrathNicol+Partners said his lawyers were in the final
stages of preparing litigation against the tax office under laws
that allow insolvency accountants to claw back so-called
preference payments made in the dying days of companies.

Mr. Read, relates TheWest, said DEEWR had agreed to fund the
litigation after he had been unable to negotiate a deal with the
tax office to return about AU$4.1 million in payments of old tax
debts by Westpoint while it was insolvent between June and
November 2005.

TheWest states that Mr. Read's investigations revealed that
Westpoint had entered into repayment arrangements with the tax
office in late 2004 for overdue tax bills.  However, that
agreement was terminated because the property group had failed
to lodge tax returns in a timely manner.

Mr. Read, adds the daily, said Westpoint and the tax office
entered into further negotiations that culminated in the company
agreeing in June 2005 to make payments of AU$250,000-a-fortnight
to clear old tax debts totaling to AU$4.1 million in the lead-up
to the collapse.

The report further adds that Mr. Daily believes he has a strong
case against the tax office which could help bankroll plans to
investigate other potential legal actions to get some more cash
back for the group's unsecured creditors.

The Federal Government’s employment agency is becoming involved
in the litigation after putting more than AU$1.6 million into
the property group to help pay wages, annual leave and other
entitlements of employees left empty handed by the property
group’s implosion in November 2005, notes the daily.

                     About Westpoint Group

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

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

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


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C H I N A ,   H O N G  K O N G   &   T A I W A N
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ANDREW CORP: Completes US$2.65BB Merger Deal with CommScope Inc.
----------------------------------------------------------------
Andrew Corporation has completed its acquisition agreement with
CommScope Inc.  The transaction was valued for approximately
$2.65 billion.  Andrew will become a wholly owned subsidiary of
CommScope.

"We are delighted with the closing of the Andrew transaction,
which marks a new chapter in the history of our company," said
Frank M. Drendel, chairman and chief executive officer of
CommScope.  "We believe this combination will further enhance
CommScope's position as a worldwide leader in 'last mile'
solutions.”

“Combining our innovative technologies, premier brands and a
top- tier customer base, we expect to expand our global service
model and create an enhanced offering of communications
infrastructure solutions that addresses a broader spectrum of
customer needs,” Mr. Drendel added.  “With this acquisition, we
are advancing CommScope's stated global 'last mile' strategy
while creating important cost reduction and growth opportunities
that we believe will drive increased shareholder value.”

"We look forward to working with Andrew's talented team to
quickly and smoothly integrate their operations into CommScope,”
Mr. Drendel continued.  “As we continue to invest in the
combined business for profitable growth, the talented and
dedicated employees of both Andrew and CommScope will continue
to play a critical role in the success of the combined company.  
CommScope is a proven and successful integrator of strategic
transactions and we expect to begin realizing the benefits of
this combination immediately and enjoy them fully
over the next few years."

Andrew stockholders will receive, for each Andrew share, $13.50
in cash and 0.031543 shares of CommScope common stock. This
fractional share of CommScope common stock was calculated
according to the terms of the merger agreement by dividing $1.50
by $47.554, which was the volume weighted average of the closing
sale prices for a share of CommScope common stock over the ten
consecutive trading days ending on Dec. 24, 2007.

                Financing and Interest Rate Swap

CommScope funded the transaction through a combination of senior
secured credit facilities and available cash on hand. The
$2.5 billion senior secured credit facilities consist of:

   -- a $1.35 billion seven-year senior secured term loan
      facility with an interest rate of London Interbank
      Offered Rate plus 250 basis points;
   -- a $750 million six-year senior secured term loan facility
      with an initial interest rate of LIBOR plus 225 basis
      points; and
   -- a $400 million six-year senior secured revolving credit
      facility with an initial interest rate of LIBOR plus 225
      basis points.

These debt commitments provide for a weighted average initial,
variable interest rate of LIBOR plus approximately 241 basis
points on the senior secured term loans.  At closing, no funds
had been borrowed from the revolving credit facility.

CommScope also has entered into an interest rate swap in order
to fix the LIBOR interest rate for an initial $1.5 billion of
the overall credit facility.  Through this swap CommScope fixed
these amounts at a LIBOR rate of 4.07750%:

   -- $1.5 billion from Dec. 27, 2007 through Dec. 31, 2008;
   -- $1.3 billion from Jan. 1, 2009 through Dec. 31, 2009;
   -- $1.0 billion from Jan. 2, 2010 through Dec. 31, 2010; and
   -- $400 million from Jan. 1, 2011 through Dec. 31, 2011.

Banc of America Securities LLC acted as financial advisor to
CommScope in connection with this acquisition and Duff & Phelps
LLC provided a fairness opinion to CommScope.

Fried, Frank, Harris, Shriver & Jacobson LLP, Baker & McKenzie
LLP and Robinson, Bradshaw & Hinson, P.A. acted as CommScope's
outside legal counsel.

Citi acted as the primary financial advisor to Andrew, and
Merrill Lynch provided a fairness opinion.  Mayer Brown LLP
acted as Andrew's primary outside legal counsel.

Banc of America Securities LLC and Wachovia Capital Markets, LLC
acted as Joint Lead Arrangers and Joint Bookrunners in
connection with the credit facilities.

                       About CommScope Inc.

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

                    About Andrew Corporation

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ:ANDW) –- http://www.andrew.com/-- designs, manufactures  
and delivers innovative and essential equipment and solutions
for the communications infrastructure market.  Founded in 1937,
the company serves operators and original equipment
manufacturers from facilities in 35 countries, including China,
India, Italy, Czech Republic, Argentina, Bahamas, Belize,
Barbados, Bermuda and Brazil.  

                          *     *     *

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


BIO-RAD LABS: Earns US$28 Mil. in Third Quarter Ended Sept. 30
--------------------------------------------------------------
Bio-Rad Laboratories Inc. reported net income of US$28.0 million
for the third quarter ended Sept. 30, 2007, compared to net
income of US$23.2 million reported for the same period in 2006.  
Third-quarter net income in 2006 benefited from a pre-tax
investment gain of US$4.7 million.  Third-quarter gross margin
was 55.4% compared to 54.7% in the third quarter last year.

Third-quarter revenues were US$339.7 million in 2007, up 11.5%
compared to US$304.8 million reported for the same period in
2006.  These results were driven by continued growth across
product areas in both the Life Science and Clinical Diagnostics
segments.  On a currency-neutral basis, revenues increased 8.0%
compared to the same period last year.  

Year-to-date revenues grew by 7.6% to US$1.0 billion compared to
the first three quarters in 2006.  Normalizing for the impact of
currency effects, growth was 3.8%.  Year-to-date net income for
2007 was US$80.6 million compared to US$86.6 million in the same
period last year.  Year-to-date results for the first three
quarters in 2006 was favorably impacted by one-time additional
revenue of US$11.7 million resulting from a licensing settlement
agreement reached with bioMerieux as well as the aforementioned
pre-tax investment gain of US$4.7 million.  Year-to-date gross
margin was 55.7% compared to 56.6% in the same period in 2006.  

"We are pleased with the company's performance during the
quarter and encouraged by the success of new products," said
Norman Schwartz, Bio-Rad president and chief executive officer.  
"As we wrap up the year, we will continue to focus on our
ongoing businesses and work to integrate the recently acquired
DiaMed into Bio-Rad’s organization."

In the beginning of the fourth quarter of 2007, Bio-Rad
completed the purchase of 77.7% of Switzerland-based DiaMed
Holding AG for approximately US$409 million in cash.  DiaMed
develops, manufactures, and markets a complete line of reagents
and instruments used in blood typing and screening and has
annual sales of approximately US$200 million.  DiaMed's results
will be included in the company's consolidated financial
statements beginning in the fourth quarter of 2007.

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$1.71 billion in total assets, US$766.1 million in
total liabilities, and US$946.3 million in total stockholders'
equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?2693

                        About Bio-Rad

Headquartered in Hercules, California, Bio-Rad Laboratories,
Inc. (AMEX: BIO) (AMEX: BIOb) -- http://www.bio-rad.com/-- is a
multinational manufacturer and distributor of life science
research products and clinical diagnostics.  It serves more than
85,000 research and industry customers worldwide through its
global network of operations.  The company employs over 5,000
people globally and had revenues of nearly USUS$1.3 billion in
2006.  Aside from the United State, the company maintains
operations in Bulgaria, Canada, Denmark, Greece, India,
Philippines, Taiwan, and The Netherlands, Brazil, El Salvador,
Mexico and Puerto Rico.

                        *     *     *

To date, Bio-Rad Laboratories Inc. still carries Moody's
Investors Service 'Ba2' long term corporate family rating and
'Ba3' senior subordinated debt rating.  Moody's said the outlook
is stable.


CHINA EASTERN: Air China to Vote Against Singapore Air Tie-Up
-------------------------------------------------------------
The Wall Street Journal, citing a person familiar with the
situation, reports that China National Aviation Holding Co., the
parent of Air China Ltd. and a minority shareholder in China
Eastern Airlines, plans to vote against a deal China Eastern
agreed to in September with Singapore Airlines Ltd.

Under the deal, China Eastern will sell a 24% stake and to
Singapore Air and the Singapore state-owned investment firm
Temasek Holdings Pte. Ltd. for HK$7.2 billion
(US$923.8 million).

According to the report, Air China's management wants to lead
consolidation in the industry as China girds its state-owned
carriers against increasing competition from foreign airlines in
the Chinese market, and made its own aborted play for China
Eastern last year.  China Eastern's management, meanwhile, wants
to tap Singapore Airlines' expertise to more rapidly build
itself up, move beyond continuous losses and remain independent.

WSJ says that China National Aviation, in a statement outlining
it opposition to the deal, opined that the stake sale "does not
reflect the fair value of China Eastern."  China National
Aviation also contended that the terms of the agreement,
including antidilution rights and a noncompetition clause, are
unfair to other China Eastern shareholders, WSJ notes.

Singapore Air and Temasek agreed to pay HK$3.80 per share for
the China Eastern stake, WSJ relates.  The value of China
Eastern's shares, however, has risen since the deal was
announced, closing up 6.2% on Dec. 31 at HK$7.71.

WSJ says that Air China's opposition marks a rare public
challenge by a state-owned company to a foreign investment
already approved by China's cabinet.

WSJ adds that Air China's parent hinted in its statement that it
might consider launching a bid for the control of China Eastern.
China International Capital Corp., the report notes, is advising
China National Aviation on the deal.


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

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

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


DOUBLE SOUTH: Proofs of Debt Due on March 31
--------------------------------------------
The creditors of Double South International Trading Company
Limited are required to file proofs of debt by March 31, 2008,
so they can be included in the company's dividend distribution.

The company's liquidator is:
          
          Chan Chak Chung
          Room 1203-4, 12th Floor
          ING Tower, 308 Des Voeux
          Road Central, Sheung Wan
          Hong Kong


E-FORCE: Proofs of Debt Due on January 22
-----------------------------------------
The creditors of E-Force Global Limited are required to file
proofs of debt by January 21, 2008, to be included in the
company's dividend distribution.

The company appointed Lim Shyang Guey and Chan Yee Bun as the
company's liquidator.


FIAT SPA: Withdraws From Nanjing Automobile Joint Venture
---------------------------------------------------------
Fiat Group Automobiles and Nanjing Automobile Corporation have
signed the equity transfer agreement for withdrawal of Fiat from
the Nanjing-Fiat joint venture on Dec. 26, 2007, so that they
can concentrate on their major but independent plans to
restructure the Chinese automotive business.

To assure that the needs of over 160,000 customers in China are
covered, the company will continue to provide technical support
to the network for as long as necessary.

As in the past, the network will provide spare parts and after-
sale support at the highest standards.  Fiat will always
guarantee continuous, quality assistance in China for all of its
existing and future products.

Although their collaboration in the passenger cars sector has
come to an end, the long-standing cooperation between the two
groups will continue in the commercial vehicle and components
sectors, to the great satisfaction of both partners, and will be
sustained by the ongoing structural evolution of the Chinese
automotive industry.

"This decision gives us total freedom of action to concentrate
on the restructuring of our automotive business in China,"
Sergio Marchionne, CEO of the Fiat Group disclosed in a separate  
statement.

Mr. Marchionne added, "NAC remains a very important partner of
ours in the commercial vehicle sector, through the joint-venture
with Iveco, which has generated mutual satisfaction over the
years.  Furthermore, following the merger that has been
announced today between Nac and Saic, which is in turn an
important partner of the Fiat Group in heavy commercial
vehicles, agricultural machinery and components, our businesses
in China will further be strengthened."

"The Chinese market is a key element of the Fiat Group project
for worldwide expansion of its automotive activities.  In 2008
we will initiate large-scale importation of new models to be
sold by our commercial network, which we continue to support and
with which we are working tirelessly to offer customers top-
quality products and services.  This will further improve our
familiarity with the Chinese market in view of finalizing our
partnership with Chery Automobiles, one of the biggest car
makers in China.  This will permit the opening of a new and
important phase in development of our industrial and commercial
activities in China," Mr. Marchionne concluded.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


FIAT SPA: Names Gianni Coda to Head Fiat Group Purchasing
---------------------------------------------------------
Fiat S.p.A. stated that Gianni Coda assumed responsibility for
Fiat Group Purchasing, the newly-created department to which
purchasing activities of Fiat Group Automobiles, Iveco, CNH,
Fiat Powertrain Technologies and Fast Buyer will report.

Consistent with the objectives of the various Fiat group
sectors, Fiat group purchasing will be in charge of defining,
managing and homogenizing specific purchasing activities.

The new department will organize purchasing strategies and
ensure the highest level of integration among the various Fiat
Group companies as well as the strengthening of partnerships
with suppliers in its specific field.  It will also follow the
development of vendor companies through the definition of common
working methods and processes so as to guarantee an adequate
support to the alliance strategies of the group.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


FRESH MIND: Proofs of Debt Due on January 22
--------------------------------------------
The creditors of Fresh Mind Investment Limited are required to
file proofs of debt by January 22, 2008, so as to be included in
the company's dividend distribution.

The company's liquidator is:
          
          Chang Shuk Chein, Leslie
          12th Floor, 3 Lockhart Road
          Wanchai, Hong Kong
          

FORTUNE CENTRAL: Appoints New Liquidator
----------------------------------------
The members of Fortune Central Enterprises Limited appointed
Chan Wing Kit as the company's liquidator.


FORTUNE REALTY: Liquidators Quit Post
------------------------------------
On December 11, 2007, Ng Kwok Wai and Lyn Yee Chen, Jean,
stepped down as liquidators for Fortune Realty Company Limited,
which is undergoing liquidation.


GAMMA SHIPPING: Commences Liquidation Proceedings
-------------------------------------------------
Gamma Shipping Limited commenced liquidation proceedings on
December 10, 2007.

The company's liquidators are:

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


GLITTERING Mechanical: Court to Hear Wind-Up Petition on Jan. 30
----------------------------------------------------------------
On December 7, 2007, Ho Chi Wai filed a petition to have
Glittering Mechanical Engineering Limited's operations wound up.

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

The petitioners' solicitor can be reached at:

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


HARMONY MOULD: Liquidators Quit Post
------------------------------------
On December 1, 2007, Law Yui Lun and Wong Man Chung Francis
stepped down as liquidators for Harmony Mould Manufactory  
Company Limited, which is undergoing liquidation.


HONG KONG WINE: Commences Liquidation Proceedings
-------------------------------------------------
Hong Kong Wine Distillers Limited commenced liquidation
proceedings on August 28, 2007.

The company's liquidator is:
          
          Tam Kwok Ming Banny
          Flat A, 16th Floor
          United Centre, 95 Queensway
          Hong Kong


HKZZ COMPANY: Appoints New Liquidators
--------------------------------------
The members of HKZZ Company Limited appointed Cosimo Borrelli
and G Jacqueline Fangonil Walsh as the company's liquidators.

The Liquidators can be reached at:

          Cosimo Borrelli
          G Jacqueline Fangonil Walsh
          1401, 14th Floor, Tower 1
          Admiralty Centre
          18 Hartcourt Road
          Hong Kong


KENFLEX ELECTRONICS: Appoints New Liquidators
---------------------------------------------
The members of Kenflex Electronics Limited appointed Ng Kwok Wai
and Lui Chi Kit as the company's liquidators.

The Liquidators can be reached at:

          Ng Kwok Wai
          Lui Chi Kit
          Unit A, 14th Floor
          JCG Building
          16 Mongkok Road, Mongkok
          Kowloon, Hong Kong


KIENVER CONSTRUCTION: Members Receive Wind-Up Report
----------------------------------------------------
The members of Kienver Construction Company Limited will have
their final general meeting on January 22, 2008, at 3:00 p.m.,
at the Top Floor of Chinachem Golden Plaza, 77 Mody Road,
Tsimshatsui East, in Kowloon, to hear the liquidator's report on
the company's wind-up proceedings and property disposal.


LORDSWORTH LIMITED: Appoints New Liquidators
--------------------------------------------
The members of Lordsworth Limited appointed Nathalia K M Seng
and Susan Y H Lo as the company's liquidators.

The Liquidators can be reached at:

          Nathalia K M Seng
          Susan Y H Lo
          Level 28, Three Pacific place
          1 Queen's Road East
          Hong Kong


MAK WAH: Appoints New Liquidators
----------------------------------
The members of Mak Wah Securities Limited appointed Nathalia K M
Seng and Susan Y H Lo as the company's liquidators.

The Liquidators can be reached at:

          Nathalia K M Seng
          Susan Y H Lo
          Level 28, Three Pacific place
          1 Queen's Road East
          Hong Kong


NEHLSEN HONG KONG: Creditors to Receive Wind-Up Report
------------------------------------------------------
The creditors of Nehlsen Hong Kong Limited will have their
meeting on January 4, 2008, at 4:00 p.m., at the office of Neil
Collins Corporate Advisory Services Limited at Kin Wing
Commercial Building, 24-30 Kin Wing Street, in Tuen Mun, Hong
Kong, to hear the liquidator's report on the company's wind-up
proceedings and property disposal.


PACIFIC WORLD: Commences Liquidation Proceedings
-------------------------------------------------
Pacific World Packaging Limited commenced liquidation
proceedings on December 10, 2007.

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


PETROLEOS DE VENEZUELA: Prices Cash Tender Offer for Bonds
----------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that it has disclosed the pricing of its cash tender
offer for outstanding bonds for its Cerro Negro heavy crude
project.

As reported in the Troubled Company Reporter-Latin America on
Dec. 4, 2007, Petroleos de Venezuela commenced, on
Nov. 29, 2007, a cash tender offer for any and all of the
outstanding:

  -- 7.33% bonds due 2009 (CUSIP Nos. 156877AA0/G2025MAA9;
     ISIN No. USG2025MAA92),

  -- 7.90% bonds due 2020 (CUSIP Nos. 156877AB8/G2025MAB7;
     ISIN No. USG2025MAB75) and

  -- 8.03% bonds due 2028 (CUSIP Nos. 156877AC6/G2025MAC5;
     ISIN No. USG2025MAC58) issued by Cerro Negro Finance, Ltd.
     in connection with the Cerro Negro extra-heavy crude oil
     project in the Orinoco Belt region.

Business News Americas relates that the "applicable purchase
price for each US$1,000 principal amount of each validly
tendered bond" before Dec. 27 and accepted for purchase by
Petroleos de Venezuela will be:

  -- US$1,019.19 for the 2009 bonds,
  -- US$1,080.00 for the 2020 bonds, and
  -- US$1,124.95 for the 2028 bonds.

According to Petroleos de Venezuela's statement, the firm had
received as of Dec. 26 valid tenders and consents from holders
of US$454 million in aggregate principal amount of the bonds,
accounting for 96.7% of the outstanding bonds.

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

                       *     *     *

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


PETROLEOS DE VENEZUELA: Reports 26.5B Barrels of Oil in Junin 1
---------------------------------------------------------------
Venezuelan state-owned oil company Petroleos de Venezuela SA
told Rigzone.com that it found 26.5 billion barrels of oil in
bloc Junin 1 at the Orinoco oil belt.

As reported in the Troubled Company Reporter-Latin America on
Dec. 12, 2007, Petroleos de Venezuela and Belarus' state-oil
company Belarus Neft are already in partnership in Junin I
block, which requires a US$120-million investment to drill nine
wells.

"Original onsite oil" increased 30% over the initial estimates
of 20.5 billion barrels of crude oil, which would make a
positive impact on the target of the Orinoco Magna Reserve
Project in the Junin area, Rigzone.com reports.

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.


RICHBEST TRADING: Creditors to Receive Wind-Up Report
-----------------------------------------------------
The creditors of Richbest Trading Limited will have their
meeting on January 25, 2008, at 3:00 p. m., in Tai Yau Building,
181 Johnston Road, Wanchai, Hong Kong,to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.


SABW CORPORATE: Members to Receive Wind-Up Report on Jan. 15
------------------------------------------------------------
The members of Sabw Corporate Services Limited will have their
final general meeting on January 15, 2008, at 11:00 a. m., at
the 39th Floor of the Two International Finance Centre, 8
Finance Street, in Central Hong Kong, to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.


TERMSISSUE LIMITED: Proofs of Debt Due on January 21
----------------------------------------------------
The creditors of Termisissue Limited are required to file proofs
of debt by January 21, 2008, to be included in the company's
dividend distribution.

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


TONG REN TANG: Members to Receive Wind-Up Report on Jan. 22
-----------------------------------------------------------
The members of Tong Ren Tang Hutchison (H.K.) Pharmaceutical
Development Company Limited will have their final general
meeting on January 22, 2008, at 10:00 a. m., at Level 28 of
Three Pacific Place, 1 Queen's Road, in East, Hong Kong, to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.


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

BALLY TECHNOLOGIES: Earns US$21 Mil. in Qtr. Ended September 30
---------------------------------------------------------------
Bally Technologies, Inc., released its financial results for the
fiscal quarter ended Sept. 30, 2007.

Net income increased to US$21.2 million, or 11% of total
revenue, compared with a net loss of US$225,000 in the same
period last year, as a result of improved margin and cost
leverage.

Total revenues increased 23% to US$189.0 million as compared
with US$153.7 million for the same period last year.

“We are very pleased with our continued improvement in both
business momentum and margins in all the key parts of our
business,” Richard M. Haddrill, the Company’s Chief Executive
Officer, said.

Cash and cash equivalents increased to approximately US$51.6
million at Sept. 30, 2007 as compared with approximately US$40.8
million at June 30, 2007.

Selling, general and administrative expenses increased 6% to
US$52.3 million and declined to 28% of total revenue from 32
percent as compared with the same period last year.

Adjusted EBITDA was US$58.5 million, a 122% increase as compared
with the same period last year.

The company made an unscheduled US$15.0 million payment on its
term loan during the first quarter of fiscal 2008.

“In addition to improving our margins, the quarterly results
also reflect our improving operating leverage,” Robert C.
Caller, the Company’s Chief Financial Officer, said.  “Our SG&A
and R&D expenses were favorably impacted by better control over
costs and savings from our India Development Centers.”

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$871.0 million and total liabilities of US$647.2
million, resulting in US$222.5 million stockholders' equity.  
Equity, at June 30, 2007, was US$199.4 million.

                  About Bally Technologies Inc.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Mississippi.  The company's South
American operations are located in Argentina.  The company also
has operations in France, Germany, Macau, China, India, and the
United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 28, 2007,
Fitch Ratings upgraded Bally Technologies' Issuer Default Rating
and senior secured bank debt ratings as: IDR to 'B' from 'B-'
and Secured bank credit facilities to 'BB/RR1' from 'B/RR3'.


HINDUSTAN COPPER: Members OK Preferential Allotment to President
----------------------------------------------------------------
Hindustan Copper Ltd's shareholders, at their meeting on
Dec. 24, authorized the company's board of directors to issue
and allot 15,70,00,000 equity shares of INR5 each in the share
capital of the company.   The shares will be issued for cash at
par, aggregating to INR78.50 crore, to the president of India on
preferential allotment basis against conversion of government
loan into equity for INR50 crore and plan equity support of
INR28.50 crore.

During the meeting, the company's shareholders also agreed to
the:

   -- adoption of the Balance Sheet as at March 31, 2007, and
      the Profit and Loss Account for the year ended on that
      date along with the schedules, notes and Cash Flow
      Statement, the report of the statutory auditors and the
      report of the board of directors for the year ended
      March 31, 2007.

   -- to the board's fixing of the remuneration of statutory
      auditors for the year 2007-2008.

   -- appointment of Sanjiv Kumar Mittal as director of the
      board with effect from April 18, 2007, in terms of
      Ministry of Mines' order dated April 18, 2007.

   -- appointment of Kailash Dhar Diwan as director (Operations)
      with effect from Sept. 14, 2007, in terms of Ministry of
      Mines' order dated June 28, 2007.

Based in Kolkata, India, Hindustan Copper Limited --  
http://www.hindustancopper.com/-- is an undertaking of the      
Government of India.  The company is the sole fully integrated
copper manufacturer in India.

On November 18, 2005, CRISIL Ratings upgraded its outstanding
rating on the non-convertible bond program of Hindustan Copper
Limited to 'C' from 'D'.  Since July 2004, Hindustan Copper has
met its interest obligations on the rated instrument on time.
The upward revision in the rating is in line with CRISIL's
policy of revising ratings, post-default only after monitoring
timely debt servicing for a year.  Hindustan Copper, however,
continues to default on its interest obligations relating to its
unrated debt.


HINDUSTAN ORGANIC: Seeks Partners for Joint Venture Projects
------------------------------------------------------------
Hindustan Organic Chemicals Ltd is looking for partners for
joint venture projects.

In a filing with the Bombay Stock Exchange, the company
disclosed that it has issued an advertisement in an
international technical journal inviting for Expression of
Interest for joint venture projects with the company by various
corporate multinational companies.

The company did not disclose other information regarding the
planned joint ventures.

Hindustan Organic Chemicals Ltd was incorporated on December 12,
1960, as a wholly owned enterprise of the Government of India.
It has two manufacturing units: the phenol complex at Cochin and
the integrated Nitro Aromatic Complex at Rasayani.  The company
produces a wide range of products including phenol, acetone, and
aniline.

Hindustan Organic has continuously paid dividend for over 20
years until 1997.  Due to reduced protection from imports, poor
market condition and excessive manpower and interest cost, the
company had been reporting losses since that year.  A financial
restructuring package was proposed in 2002 to help the company
turn its business around.  The package, which has been cleared
by the Cabinet Committee on Economic Affairs based on the
recommendations of the Board for Reconstruction of Public Sector
Enterprises, consists of grants aggregating INR750 million and
subscription by way of non-cumulative redeemable preference
shares aggregating INR1.75 billion by the Government of India.

The future of the company isn't that bleak, however, when it
turned around with a net profit of INR170.4 million in the year
ended March 31, 2007.


IFCI LTD: Foreign Investors May Buy Up To 74% Stake, RBI Says
-------------------------------------------------------------
The Reserve Bank of India, in a media release dated Dec. 31,
said that foreign institutional investors can acquire as much as
74% in IFCI Ltd.

According to RBI, foreign funds can purchase IFCI shares and
convertible debentures through primary markets and stock
exchanges in India.  The company's board of directors has
already passed a resolution to this effect.

As previously reported by the Troubled Company Reporter-Asia
Pacific, IFCI recently canceled the 26%-stake sale plan after
its board rejected the financial bid submitted by the
consortium of Sterlite Industries and Morgan Stanley and Co,
saying that the conditional offer is unacceptable.  

The Times of India said IFCI may restart the bid process but
that would be after it will get the government's INR523-crore
debt out of the way.   Alternatively, the IFCI management wants
the government to "adjust" the amount against the INR1,300 crore
that the company is budgeted to get during the course of the
year, the news agency added.

IFCI, right after calling of the sale to the Sterlite-Morgan
Stanley consortium, invited bids from merchant bankers to value
and buy its shares in unlisted firms to enable the company to
sell them, TCR-AP reported.  The company reportedly has
identified 100 companies where it would like to sell off its
stake.  Merchant bankers and other interested parties have until
January 10, 2008, to submit their bids.

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.


LML LTD: Loss Narrows to INR112.5-Mil. in Qtr. Ended June 30
------------------------------------------------------------
LML Ltd booked a net loss of INR112.5 million in the three
months ended June 30, 2007, a bit of an improvement when
compared to the INR133.2-million loss incurred in the same
quarter in 2006.

Sales soared to INR222.5 million in the April-June 2007 period
from last year's INR42.2 million.  With other income of
INR9.7 million, the company's revenues for the quarter
aggregated INR232.2 million.

The company has achieved significant improvement in its
performance an has also emerged as the biggest exporter of
scooters in India, LML pointed out in a note to its financial
results filed with the Bombay Stock Exchange.

Expenditures of INR241.8 million, however, brought the company
an operating loss in the April-June 2007 quarter.  The figure is   
a 40% rise from the INR172.2-million expenses booked in the
corresponding quarter in 2006.

The company also reported during the quarter interest charges of
INR48 million, depreciation of INR54.5 million and INR400,000 in  
taxes.

A copy of the company's financial results for the quarter ended
June 30, 2007, is available for free at:

              http://ResearchArchives.com/t/s?26b9

Headquartered in Kanpur, India, LML Limited manufactures
scooters and motorcycles.  The LML NV, manufactured with
Piaggio, is a scooter that is loaded with features such as a
large taillight, cushioned backrest, improved handlebar design
and speedometer, a utility box and a large glove compartment.
The Company's motorcycles, which are made in collaboration with
Daelim of Korea, feature a three-valve, 109-cubic centimeter
engine, a long wheelbase and broad tires.  The Energy FX model
features a four-speed gearbox, while the Adreno FX sports a
five-speed unit.  The bikes come in a large variety of colors
offer other features such as disc brakes and electronic
ignition.

LML'S board of directors, at a meeting on Sept. 8, 2006, decided
that the company has become a sick industrial company under the
Sick Industrial Companies (Special Provisions Act) 1985.  The
company is currently working for the restructuring of its
business.


LML LTD: Books INR566.1-Mil. Loss in Year Ended Sept. 30, 2007
--------------------------------------------------------------
LML Ltd's audited results for the 12 months ended Sept. 30,
2007, shows a net loss of INR566.1 million on revenues of
INR680.8 million.  The total revenues is comprised of sales
aggregating INR648 million and other income of INR32.8 million.

Expenditures totaling INR826.7 million left the company an
operating loss of INR145.9 million.

A copy of the company's audited results for the year ended
Sept. 30, 2007, is available for free at:

              http://ResearchArchives.com/t/s?26ba

For the three months ended Sept. 30, 2007, the company cut down
its net loss to INR156.3 million from the INR1.47-billion loss
incurred in the same period in 2006.  Total revenues rose from
INR27.1 million in the April-Sept. 2006 period to the INR436
million earned in the current quarter under review.

A copy of the company's financial results for the quarter ended
Sept. 30, 2007, is available for free at:

            http://ResearchArchives.com/t/s?26bb
  
Headquartered in Kanpur, India, LML Limited manufactures
scooters and motorcycles.  The LML NV, manufactured with
Piaggio, is a scooter that is loaded with features such as a
large taillight, cushioned backrest, improved handlebar design
and speedometer, a utility box and a large glove compartment.
The Company's motorcycles, which are made in collaboration with
Daelim of Korea, feature a three-valve, 109-cubic centimeter
engine, a long wheelbase and broad tires.  The Energy FX model
features a four-speed gearbox, while the Adreno FX sports a
five-speed unit.  The bikes come in a large variety of colors
offer other features such as disc brakes and electronic
ignition.

LML'S board of directors, at a meeting on Sept. 8, 2006, decided
that the company has become a sick industrial company under the
Sick Industrial Companies (Special Provisions Act) 1985.  The
company is currently working for the restructuring of its
business.


LML LTD: Sets 32nd Annual General Meeting on March 28
-----------------------------------------------------
LML Ltd will hold its second annual general meeting on March 28,
2008, the company informed the Bombay Stock Exchange.

In that regard, the company's Register of Members & Share
Transfer Books will be closed from March 22, 2008 to March 28,
2008 (both days inclusive).

Headquartered in Kanpur, India, LML Limited manufactures
scooters and motorcycles.  The LML NV, manufactured with
Piaggio, is a scooter that is loaded with features such as a
large taillight, cushioned backrest, improved handlebar design
and speedometer, a utility box and a large glove compartment.
The Company's motorcycles, which are made in collaboration with
Daelim of Korea, feature a three-valve, 109-cubic centimeter
engine, a long wheelbase and broad tires.  The Energy FX model
features a four-speed gearbox, while the Adreno FX sports a
five-speed unit.  The bikes come in a large variety of colors
offer other features such as disc brakes and electronic
ignition.

LML'S board of directors, at a meeting on Sept. 8, 2006, decided
that the company has become a sick industrial company under the
Sick Industrial Companies (Special Provisions Act) 1985.  The
company is currently working for the restructuring of its
business.


TATA MOTORS: Named Preffered Bidder for Ford Jaguar & Land Rover
----------------------------------------------------------------
Ford Motor Co. yesterday named Tata Motors Ltd as the front-
runner bidder for its Jaguar and Land Rover Brands, media
reports say.

“Ford has entered into 'focused negotiations at a more detailed
level' with Tata, meaning it has become the preferred bidder for
the storied British automakers,” the Associated Press quotes
Ford's media release.

To recall, the Troubled Company Reporter-Asia Pacific reported
on Dec. 27 that Ford India President Arvind Matthew found Tata's
bid to be “very interesting.”

Tata Motors is among the firms in the race to buy the two Ford
brands.  Tata Motors, who has the backing of the unions of
Jaguar and Land Rover, made it to the list of final bidders
along with Mahindra & Mahindra in collaboration with buyout firm
Apollo; and One Equity Partners LLC.

Ford EVP Lewis Booth pointed it out that there is still
considerable amount of work to do.  While no final decision has
been made, we will proceed with further substantive discussions
with Tata Motors over the forthcoming weeks with a view to
securing an agreement that is in the best interests of all
parties concerned.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA MOTORS: December 2007 Sales Declines by 2%
-----------------------------------------------
Tata Motors reported a total sale of 47,678 vehicles (including
exports) for the month of December 2007, a decline of 2%
compared to 48,757 vehicles sold in December last year.
Cumulative sales for the company were flat at 4,06,929 units.

Commercial Vehicles

The company's sales of commercial vehicles in December 2007 in
the domestic market were 28,661 units, a growth of 2% compared
to 28,179 vehicles sold in December last year.  Medium &Heavy
Commercial Vehicles sales stood at 15,689 units, a decline of 9%
over December 2006, while Light Commercial Vehicle sales were
12,972 units, a growth of 19% over December 2006.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 2,15,530 units, a growth of 2% over last
year.  Cumulative M&HCV sales stood at 1,12,871 units, a decline
of 7.7% over last year, while LCV sales for the fiscal were
1,02,659 units, an increase of 15% over last year.

Passenger Vehicles

Offtake to dealers in the month was curtailed to limit year-end
stocks.  The passenger vehicle business achieved total sales of
14,316 vehicles in the domestic market in December 2007, a
decline of 13% over December 2006.  The Indica reported sales of
9,497 units, a decline of 10% over December 2006.  The Indigo
family registered sales of 1,379 units, a decline of 33.6% over
December 2006.  The Sumo and Safari accounted for sales of 3,440
units, a decline of 10.6% over December 2006.  The Safari
recorded a 10% growth with sales of 1,161 units.  The
promotional scheme launched by the company on the occasion of
the one millionth car production milestone received a very
encouraging response with retails being nearly 26,000 vehicles,
the highest this fiscal.

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were 1,51,136 units, a decline of 3.7 % over the
same period last year.  Cumulative sales of the Indica at
100,111 units, reported a decline of 2%.  Cumulative sales of
the Indigo family were 20,058 units, a decline of 13.9%.
Cumulative sales of Sumo and Safari were 30,967 units, a decline
of 1%.  The Safari recorded a 24% growth with sales of 11,856
units.

Exports

The company's sales from exports at 4,701 vehicles in December
2007 grew by 16% compared to 4,063 vehicles in December 2006.
The cumulative sales from exports in the current period at
40,263 units have recorded a growth of 5% over the previous
year.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


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

AVNET INC: Operating Unit Signs Distribution Deal with Zarlink
--------------------------------------------------------------
Avnet Inc.'s operating group, Avnet Electronics Marketing, has
entered into a global distribution agreement with Zarlink
Semiconductor Inc.

Under the agreement, Avnet will distribute globally Zarlink's
optical and telecommunications products - including timing and
synchronization and voice processing devices, as well as the
recently acquired Legerity voice enhancement products.

"Avnet has a deep understanding of Zarlink's telecom and optical
product portfolios, backed by a strong technical team and solid
logistical capabilities," said Jeff Crocker, senior vice
president of worldwide sales for Zarlink Semiconductor.  "This
translates into design expertise and support that will help
Zarlink's customers successfully develop compelling solutions."

"Avnet is honored to continue growing our relationship with
Zarlink and expanding our semiconductor and supply chain
offerings for both companies on a global basis.  Zarlink's
recent acquisition of Legerity voice products further expands
their technical product portfolio, offering designers a
comprehensive line of products for a broad line of access,
residential and enterprise applications," said Ravi Kichloo,
senior vice president of global semiconductor business
development for Avnet Electronics Marketing.

             About Avnet Electronics Marketing

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

                     About 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 UOB: Pefindo Upgrades Company Ratings to "idAA-"
----------------------------------------------------
Pefindo has upgraded its rating for PT Bank UOB Buana Tbk to
"idAA-" from "idA+", while the Bank's subordinated debt I/2004
amounting to IDR300 billion is upgraded to "idA+" from "idA".  A
"Stable" Outlook is assigned to the above ratings.  The rating
upgrades reflect a strong commitment from United Overseas Bank
Limited as the controlling shareholder, strong capitalization,
and favorable funding structure.  The ratings are offset by the
Bank's limited business growth.  BBIA was established in 1956 as
a result of a merger Bank Pembinaan Nasional (Bandung), Bank
Kesejahteraan Masyarakat (Semarang), and Bank Aman Makmur
(Jakarta).

The Bank is also well known for its strong franchise in trading
sector.  To support its activities, BBIA employs 5,969 staffs to
operate its offices located in major cities in Indonesia.  The
Bank was owned by UOB International Investment Pte. Ltd. (UOBII,
61.13%), PT Sari Dasa Karsa (26.75%), and public (12.12%).

UOBII is wholly-owned by UOB, one of the largest banks in
Singapore with total assets of SGD172.2 billion as of 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.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Dec 21, 2007, Fitch Ratings 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'.


BANK RAKYAT: Pefindo Upgrades Company Ratings to "idAA+"
-------------------------------------------------------
Pefindo has upgraded its rating for PT Bank Rakyat Indonesia
(Persero) Tbk to "idAA+" from "idAA", while the Bank's
subordinated Bond I/2003 of IDR500 billion is upgraded to "idAA"
from "idAA-".  Outlook of those ratings remained stable.  The
ratings actions reflect the Bank's superior market position,
strong potential growth particularly in lending activities, and
favorable profitability indicators.  However, the ratings have
been moderated by the Bank's average asset quality.  BBRI that
was established in 1895 is the oldest bank in the country and is
long perceived as a bank for micro and retail businesses.

To support its operation, BBRI employs 36,734 staffs located in
its branches and micro units all over Indonesia.  As of 3Q07,
BBRI's shareholders comprised of Government of Indonesia (GOI,
56.9%) and Public (43.1%).

                    About Bank Rakyat

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise  
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
Dec. 31, 2005, the bank had one branch office in Cayman Islands
and two representative offices in New York and Hong Kong,
respectively.

The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Moody's Investors Service raised Bank Rakyat's
foreign currency long-term debt rating to Ba2 from Ba3 and its
foreign currency long-term deposit ratings to B1 from B2.

Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk:

   * Long-term foreign Issuer Default rating 'BB-',

   * Short-term rating 'B',

   * National Long-term rating 'AA+(idn)',

   * Individual 'C/D', and

   * Support '4'.


FREEPORT-MCMORAN: Declares Dividends on Preferred, Common Stocks
----------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. has declared these quarterly
cash dividends payable on Feb. 1, 2008, to holders of record as
of Jan. 15, 2008:

  -- US$0.4375 per share of FCX's Common Stock.

  -- US$1.6875 per share of FCX's 6_% Mandatory Convertible
     Preferred Stock.

  -- US$13.75 per share of FCX's 5«% Convertible Perpetual
     Preferred Stock.

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

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

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

Ratings affirmed:

Issuer: Freeport-McMoRan Copper & Gold Inc.

       -- Corporate Family Rating: Ba2;

       -- Probability of Default Rating: Ba2;

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

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

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

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

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


NORTEL NETWORKS: Settles Patent Dispute With Vonage Holdings
------------------------------------------------------------
Nortel Networks Corp. and Vonage Holdings Corp. have agreed in
principle to end the litigation pending between them.  The
contemplated settlement involves a limited cross license to
three Nortel and three Vonage patents and will not call for any
monetary payments by any party.  

Claims relating to past damages and the remaining patents will
be dismissed without prejudice.  The settlement is subject to
final documentation.

"We are pleased to resolve this issue and enter into a
productive relationship with Nortel," said Vonage Chief Legal
Officer Sharon O'Leary.

According to a Bloomberg report cited by the Troubled Company
Reporter on Dec. 21, 2007, Nortel sued Vonage alleging
infringement on 12 patents covering technology used in managing
telephone data.

Bloomberg's report said Nortel's lawsuit came after Vonage sued
Nortel's U.S. unit in August seeking to invalidate three of the
patents, arguing that the patents shouldn't have been issued by
the U.S. Patent and Trademark Office.

Nortel denied the allegations and claimed that Vonage is
violating the three patents and nine others, Bloomberg said.

The Delaware case is Vonage Holdings Corp. v. Nortel Networks
Inc., 07CV507, U.S. District Court, Delaware (Wilmington).

                          About Vonage

Headquartered in Holmdel, New Jersey, Vonage Holdings Corp.
(NYSE:VG) -- http://www.vonage.com/-- provides broadband
telephone services with over 1.4 million subscriber lines as of
February 8, 2006.  Utilizing its voice over Internet protocol
technology platform, the company offers feature-rich, low-cost
communications services with a call quality comparable to
traditional telephone services.  While customers in the United
States represent over 95% of its subscriber lines, Vonage
continues to expand internationally, having launched its service
in Canada in November 2004, and in the United Kingdom in May
2005.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications.   Nortel's technologies are designed to help
eliminate today's barriers to efficiency, speed and performance  
by simplifying networks and connecting people to the information
they need, when they need it.   Nortel does business in more
than 150 countries around the world.  Nortel Networks Limited is
the principal direct operating subsidiary of Nortel Networks
Corporation.

Nortel does business in more than 150 countries including
Indonesia, the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.


                          *     *     *

Nortel Networks Corp. still carries Moody's Investors Service
'B3' Senior Unsecured Debt rating which was placed on March 22,
2007.


NORTEL: Unit Commences Exchange Offer for 3 Senior Notes
--------------------------------------------------------
Nortel Networks Corporation's principal direct operating
subsidiary, Nortel Networks Limited, has commenced offers to
exchange:

   (1) any and all of the US$450,000,000 outstanding principal
       amount of 10.75% Senior Notes due 2016 for an equal
       amount of new 10.75% Senior Notes due 2016;

   (2) any and all of the US$550,000,000 outstanding principal
       amount of 10.125% Senior Notes due 2013 for an equal
       amount of new 10.125% Senior Notes due 2013; and

   (3) any and all of the US$1,000,000,000 outstanding
       principal amount of Floating Rate Senior Notes due 2011
       for an equal amount of new Floating Rate Senior Notes due
       2011.  

The outstanding notes are, and the new notes will be, fully and
unconditionally guaranteed by Nortel Networks Corporation and
initially guaranteed by Nortel Networks Inc.

The terms of the new notes are substantially the same as the
original notes, except that the new notes will be registered
under the U.S. Securities Act of 1933, as amended, and the new
notes have no transfer restrictions, rights to additional
interest or registration rights, except for certain restrictions
on transfers of new notes in Canada under applicable Canadian
securities laws.  The new notes have not been, and will not be,
qualified for distribution under the securities laws of any
province or territory of Canada except pursuant to available
exemptions therefrom.

A written prospectus providing the terms of each exchange offer
may be obtained through the information agent, which can be
contacted at:

   D.F. King & Co., Inc.
   48 Wall Street
   New York, NY 10005
   Banks and brokers call: (212) 269-5550
   All others call: (800) 659-6590

The exchange offers commenced on Dec. 21 2007, and are scheduled
to expire at 5:00 p.m., New York City time, on Jan. 25, 2008,
unless extended.

                    About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate today's barriers to efficiency, speed and performance
by simplifying networks and connecting people to the information
they need, when they need it.  Nortel does business in more than
150 countries around the world.  Nortel Networks Limited is the
principal direct operating subsidiary of Nortel Networks
Corporation.

Nortel does business in more than 150 countries including
Indonesia, the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                          *     *     *

Nortel Networks Corp. still carries Moody's Investors Service
'B3' Senior Unsecured Debt rating which was placed on March 22,
2007.


PERUSAHAAN: Two Power Plants' Output Halved Due to Shortage
-----------------------------------------------------------
PT Perusahaan Listrik Negara's power output capacity at its
Tanjung Jati B and Cilacap coal-fired power plants has halved  
since December 31 due to a shortage of coal after inclement
weather delayed coal deliveries, Thomson Financial reports.

Thomson relates that the two Java-based plants have a normal
power output of 1,960 megawatts combined.

PLN Transmission and Distribution Director Ali Herman Ibrahim
was quoted by the news agency as saying,  "There was a
transportation problem because of high waves that reached about
5-6 meters."  Delivery of about 120,000 tons of coal for Tanjung
Jati B was delayed, he added.

Coal stocks at the plant currently stand at 55,000 tons, the
report notes.

According to the report, the Tanjung Jati B plant normally needs
about 11,000 tons of coal a day while the Cilacap plant needs
6,000 tons a day.

Mr. Ibrahim said PLN hopes to see the situation resolved soon as
Indonesia's Meteorological and Geophysics Agency has forecast
that the weather will start to normalize around January 4, the
report adds.

                    About Perusahaan Listrik

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

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


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

ALITALIA SPA: Group Posts EUR1.19 Billion Net Debt for November
---------------------------------------------------------------
The Alitalia Group's net debt as of Nov. 30, 2007, amounted to
EUR1.191 billion, showing a slight increase in net indebtedness
of EUR9 million (+0.8%) compared to Oct. 31, 2007.

The net debt of the parent company Alitalia S.p.A. including
short-term financial credits for subsidiaries on Nov. 30, 2007
(including short-term financial credits of subsidiaries),
amounted to EUR1.183 billion showing a slight increase of
EUR4 million (+0.3%) compared to net debt as of Oct. 31, 2007.

The Group's cash-to-hand and short-term financial credits as of
Nov. 30, 2007, at the Group level and for Alitalia, amounted to
EUR395 million and EUR403 million respectively.

It should be noted that as of Nov. 30, 2007, there were several
leasing contracts at the Group level whose capital share,
including lease closure value, amounted to EUR96 million.  By
comparison, the same figure as of Oct. 31, 2007, amounted to
EUR97 million; the corresponding figures for the parent company
on Oct. 31, 2007, amounted to EUR84 and EUR10 million
respectively.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal. None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During November 2007, repayments were made of medium/long-term
financing amounting to about EUR23 million.

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on Nov. 30, 2007, both for the parent company and for the other
companies in the Group.

As far as debts of a commercial nature are concerned, there were
no outstanding sums or payment irregularities on Nov. 30, 2007,
both for the parent company and for other Group companies,
except for those relating to disputed situations.

Regarding the latter, decisions are still pending for the
petitions filed by Alitalia regarding:

  -- an injunction related to supposed different pricing
     policies, issued by a carrier for EUR6 million (two
     decrees);

  -- another injunction issued by a supplier of on-board movies
     for EUR1.2 million (two decrees);

  -- an injunction has been issued by an IT services supplier
     for EUR812,000;

  -- an injunction has been issued by an Italian subsidiary of
     an air carrier bankruptcy for EUR288,000;

  -- another injunction has been issued by a maintenance
     services supplier for EUR492,000;

  -- an injunction has been issued by the special manager of a
     firm for presumed debts relating to air ticket sales, for
     EUR3.2 million;

  -- one injunction issued by a fuel supplier for about
     EUR1 million.

There are no other injunction orders or executive actions
undertaken by creditors notified as of Nov. 30, 2007, nor are
there any threats by suppliers to suspend operations.

                      About Alitalia

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

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

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


ALITALIA SPA: November 2007 Passenger Traffic Up by 0.7%
--------------------------------------------------------
Alitalia S.p.A.'s November 2007 traffic data compared to the
same period in 2006 showed an increase in passenger business and
a decrease in cargo business.

Passenger business showed an increase in terms of traffic
(+0.7%) with a decrease of capacity offered by 0.7% compared
with the same period of 2006. November 2007 Cargo statistics,
compared to November 2006, showed a decrease in terms of goods
flown (-5.3%) with capacity offered down 7.2%.

                   Passengers Operations

Traffic, measured in Revenue Passenger Kilometers, increased by
0.7% and the capacity, measured in Available Seat Kilometers,
decreased by 0.7%.

Therefore load factor increased by 1.0 percentage points
reaching 70.3%. Alitalia carried 1.8 million passengers, up 1.1%
compared to the previous year.

Detailed comparisons with November 2006:

  -- Domestic Passenger Network: traffic increased by 4.4% with
     offered capacity up 3.9%.  Load factor was 59.0%;

  -- International Passenger Network: traffic decreased by 1.0%
     and offered capacity decreased by 3.6%.  Load factor was
     63.8%;

  -- Intercontinental Passenger Network: traffic increased by
     0.7% and capacity was in line with November 2006.  Load
     factor was 80.0%.

                      Cargo Operations

November 2007 Cargo performance showed, compared to November
2006, a traffic decrease by 5.3% (traffic, measured in terms of
Revenue Ton Kilometers) while capacity was down 7.2%.  Overall
Load factor was 72.2% with an increase by 1.4 percentage points.

Regarding the All-Cargo sector, Load factor was 80.3% with an
increase by 7.3 percentage points compared with the same period
of 2006.

                       About Alitalia

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

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

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


ALITALIA SPA: Sells Heathrow Slots for EUR92 Million
----------------------------------------------------
Alitalia S.p.A. disclosed that agreement has been reached for
the exchange of three pairs of slots at London's Heathrow
airport.

These slots are considered non strategic in the Company's
2008-2010 business plan since the airline holds a further ten
pairs of slots at Heathrow.

The completion of the exchange will take place in two stages,
corresponding to the IATA 2008-09 operative seasons.

The first stage has provided a fee of EUR54 million at the
current exchange rate at the time of the operation, to be
included on the 2007 balance sheet.

The fee for completion of the second stage will be included on
the 2008 balance sheet, using the same exchange rate parameters,
the figure is estimated at EUR38 million.

                         About Alitalia

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

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

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


ALITALIA SPA: Italy Starts Exclusive Sale Talks with Air France
---------------------------------------------------------------
The Italian government will commence exclusive talks with Air
France-KLM Group on the sale of its 49.9% stake in national
carrier Alitalia S.p.A., Bloomberg News reports.

"We are very satisfied with this decision," Air France CEO Jean-
Cyril Spinetta said in a statement.  "We are committed to
rapidly reaching a solid agreement that paves the way to the
profitable growth of Alitalia."

As reported in the TCR-Europe on Dec. 27, 2007, Alitalia's Board
of Directors, advised by Citi, Roland Berger and Grimaldi &
Associati, accepted and recommended Air-France's non-binding
offer to acquire Italy's stake.

Alitalia noted that Air-France's proposal:

    * provides adequate and reliable financial and industrial
      assurances to successfully carry out the restructuring,
      development and re-launching of Alitalia, while stating,
      within this context, the interest and willingness to
      acquire control of the Company;

    * is more convenient from an economic point of view for the
      shareholders; and

    * is perceived to be adequately aligned with the
      expectations stated by the shareholder Ministry of
      Economy and Finance through the press release issued on
      July 31, 2007, as it envisages to satisfactorily safeguard
      the general interests considered to be essential by the
      Government in terms of continuity and adequateness of
      aviation services in Italy.

The Board said its decision was based on several elements
summarized as:

    * Air France-KLM has considerable experience and offers a
      high degree of industrial credibility

    * the business plan put forward by AirFrance-KLM has been
      considered highly credible and adequate to address the
      strategic, industrial and financial issues of Alitalia,
      having also considered the competitive environment in
      which the Company operates.

    * the Air France-KLM proposal is expected to generate
      significant synergies in favor of Alitalia, allowing for a
      sustainable re-launch in the long term.

    * from the economic point of view, the Air France-KLM
      non-binding proposal offers the best terms for the
      Ministry of Economy and Finance and for minority
      shareholders, and is sustained by the high degree of
      certainty on the availability of the financial resources
      for Alitalia:

      On Sept. 30, 2007, Air France-KLM had cash and cash
      equivalents of EUR4.1 billion.  Furthermore, Air
      France-KLM undertakes to guarantee the whole amount
      indicated for the capital increase (EUR750 million).

    * the Air France-KLM non binding proposal clearly states the
      willingness to undertake a number of commitments towards
      the Italian State on these topics:

    * the Air France-KLM proposal includes labor
      considerations on the levels of employment in line with
      Alitalia's Survival/Transition Plan. Air France-KLM
      indicates the intention to consider measures to involve
      employees with profit sharing schemes based on economic
      results.

                       About Alitalia

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

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

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


ATARI INC: Has Until March 20 to Comply with Nasdaq Rules
---------------------------------------------------------
Atari Inc. has received a notice from The Nasdaq Stock Market
advising that in accordance with Nasdaq Marketplace Rule
4450(e)(1), Atari Inc. has 90 calendar days, or until March 20,
2008, to regain compliance with the minimum market value of
Atari Inc.'s publicly held shares required for continued listing
on the Nasdaq Global Market, as stated in Nasdaq Marketplace
Rule 4450(b)(3).

Atari Inc. received the notice because the market value of its
publicly held shares, which is calculated by reference to Atari
Inc.'s total shares outstanding, less any shares held by
officers, directors or beneficial owners of 10% or more, was
less than US$15 million for 30 consecutive business days prior
to Dec. 21, 2007.  This notification has no effect on the
listing of Atari Inc.'s common stock at this time.

The notice letter also states that if, at any time before
March 20, 2008, the market value of Atari Inc.'s publicly held
shares is US$15 million or more for a minimum of 10 consecutive
trading days, the Nasdaq staff will provide Atari Inc. with
written notification that it has achieved compliance with the
minimum market value of publicly held shares rule.

However, the notice states that if Atari Inc. cannot demonstrate
compliance with such rule by March 20, 2008, the Nasdaq staff
will provide Atari Inc. with written notification that its
common stock will be delisted.

In the event that Atari Inc. receives notice that its common
stock will be delisted, Nasdaq rules permit Atari Inc. to appeal
any delisting determination by the Nasdaq staff to a Nasdaq
Listings Qualifications Panel.

                         About Atari Inc.

Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) --
http://www.atari.com/-- develops interactive games for all
platforms and is a third-party publisher of interactive
entertainment software in the U.S.  Atari Inc. is a majority-
owned subsidiary of France-based Infogrames Entertainment SA, an
interactive games publisher in Europe.  Atari has offices in
Brazil, the United Kingdom and Japan.

                       Going Concern Doubt

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


DELPHI CORP: Court Approves Sale of Steering Biz for US$447MM
-------------------------------------------------------------
The Honorable Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York has authorized Delphi Corp. and
its debtor-affiliates to auction off their global steering and
halfshaft businesses, in accordance with the proposed bidding
procedures.

Pursuant to a Master Sale And Purchase Agreement dated
Dec. 10, 2007, the Debtors have agreed to sell their steering
business to Steering Solutions Corp. for US$447 million, subject
to higher and better offers.

Judge Drain agreed to to the Debtors' request to grant a break-
up fee and an expense reimbursement for Steering Solutions,
noting that the bidder was unwilling to commit to hold open its
offer for the Steering Business absent bid protections.  The
Court, however, held that, pursuant to an agreement by the
Official Committee of Unsecured Creditors, the Debtors, and
Steering Solutions,

   (i) the break-up fee will be reduced from US$6 million to
       US$5.5 million and

  (ii) Steering Solutions retain the right to seek an expense
       reimbursement in an amount up to US$6 million if a break-
       up fee is not paid.

The Court denied Steering Holding, LLC's objection to the
proposed bid procedures.  Steering Holding had asked the Court
not to approve the Debtors' selection of Steering Solutions as  
the stalking horse bidder on grounds that it intends to submit
an alternative bid, which would raise the cash portion of the
purchase price from US$1 million to US$10 million and would
reduce the break-up fees and expense reimbursements by US$4
million.

The Court will convene a hearing on Feb. 21, 2008, at
10:00 a.m., Eastern time, to confirm the results of the auction,
if any, and approve the sale.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  (Delphi Bankruptcy News, Issue No. 104;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Ct. Extends Exclusive Plan-Filing Period
-----------------------------------------------------
The Honorable Robert Drain extends Delphi Corp. and its debtor-
affiliates':

   (a) exclusive period for filing a plan of reorganization
       through and including March 31, 2008; and

   (b) exclusive period for soliciting acceptance of that plan
       through and including May 31, 2008.

The Debtors' current Exclusive Plan Proposal Period expired on
Dec. 31, 2007.

As reported in the Troubled Company Reporter on Dec. 4, 2007,
the Debtors' good-faith progress towards reorganization,
according to John Wm. Butler, Jr., Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, in Chicago, Illinois, is most
convincingly demonstrated by the filing of the Joint Plan of
Reorganization and Disclosure Statement on Sept. 6, 2007.

The Debtors sought an extension of the Exclusive Periods to give
them sufficient time to complete the Plan solicitation and
confirmation processes in a timeframe that will allow them to
emerge from bankruptcy in the first quarter of 2008.

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

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

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


JAPAN AIRLINES: To Beef Up Air Cargo Operations
-----------------------------------------------
Japan Airlines International Co., Ltd., plans to set up a new
company to oversee its air freight operations, sources close to
the matter revealed to Jiji Press.

This move, according to Jiji Press' sources, is designed to
streamline JAL's various air cargo units at home and abroad.

In addition, JAL will join hands with a major Japanese trading
house to expand the scope of services to include trade finance
and warehousing in an attempt to compete with foreign integrated
logistics service operators such as FedEx Corp., and DHL,
relates Jiji Press.

Sources further disclosed to Jiji Press that partnering with a
Japanese trading house will be included in a new turnaround
package for a three-year period starting next April.

                     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.


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

BHK INC: Amends Seventh Bonds with Warrants
-------------------------------------------
BHK Inc. has made an amendment of it's seventh bonds with
warrants, Reuters Key Developments reports.

According to the report, the maturity date of the bonds has been
changed from December 26, 2010 to January 28, 2011.  The
conversion period also has been changed from January 28, 2009 to
December 28, 2010, the report adds.


Seoul, Korea-based BHK Inc. is engaged in international trading.
The company's products consist of liquid crystal display
televisions (LCD-TV's), electronic products, bed sheets,
pillows, pillowcases, curtains and clothing.  The company sells
its bedding products in the department stores under the brand
name Pierre Cardin.  Currently, the company is also in the
development stage for launching of a new business segment, which
specializes in biomedical products, namely MyoCell, for heart
muscle regeneration.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 14, 2007, that the company has a shareholders' equity
deficit of US$17.38 million on total assets of US$24.36 million.


BHK INC: Enters Into Strategic Alliance with Schem Co.
------------------------------------------------------
BHK Inc.has entered into a strategic alliance with Schem Co.,
Ltd., Reuters Key Developments reports.

According to the report, the agreement is for Bio/Information
Technology businesses.

Seoul, Korea-based BHK Inc. is engaged in international trading.
The company's products consist of liquid crystal display
televisions (LCD-TV's), electronic products, bed sheets,
pillows, pillowcases, curtains and clothing.  The company sells
its bedding products in the department stores under the brand
name Pierre Cardin.  Currently, the company is also in the
development stage for launching of a new business segment, which
specializes in biomedical products, namely MyoCell, for heart
muscle regeneration.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 14, 2007, that the company has a shareholders' equity
deficit of US$17.38 million on total assets of US$24.36 million.


CHONGKUNDANG CORP: Declares Stock Dividend
------------------------------------------
Chongkundang Pharmaceutical Corporation has declared an annual
stock dividend to its shareholders of record on December 31,
2007, Reuters Key Developments reports.

According to the report, the company will offer 350,000 shares
of its common stock to the shareholders in a ratio of
0.02883079:1 (0.02883079 dividend stock for each share held).

Chongkundang Pharmaceutical Corporation --
http://www.ckdpharm.com/-- manufactures and distributes   
pharmaceutical products.  The company produces medical drugs in
the fields of systemic anti-infective, cardiovascular system,
alimentary tract, metabolism, and sensory organs.  Chongkundang
Pharmaceutical also constructs apartments and factories.

Korea Investors Service gave Chong Kun Dang's senior unsecured
debt a BB+ rating, while its commercial paper merited a B
rating.


CHOROKBAEM MEDIA: To Dispose 6 Million Shares of Common Stock
-------------------------------------------------------------
Chorokbaem Media Co.Ltd. has decided to dispose 6 million shares
of its common stock for KRW6,120 million, Reuters Key
Developments reports.

This company move, the report relates, is aimed to improve its
financial structure.

The shares will be disposed during the period of December 14,
2007, to March 13, 2008, the report adds.

Seoul, Korea-based Chorokbaem Media Co., Ltd. is a manufacturer
engaged in the provision of non-woven fabrics.  The company
provides non-woven fabrics used in normal and special filters,
artificial and synthetic leathers and other related usages.  In
addition, the company operates family restaurants.

Korea Investors Service gave the company's unregistered
US$8 million convertible bonds a 'B' rating on Feb. 16, 2007.


CORECROSS INC: Acquires Smart Card Adapter Patent
-------------------------------------------------
CoreCross, Inc. has acquired a patent on December 10, 2007,  
Reuters Investing Key Developments reports.

According to the report, the new patent is for a smart card
adapter.

Headquarters in Seoul, CoreCross, Inc., formerly Makus Inc.
-- http://english.makus.co.kr/-- is engaged in the   
semiconductor, mobile communication and Internet industries.
The company has three main divisions: Application-specific
integrated circuit/system-on-chip (ASIC/SoC) business division,
which provides ASIC-related products and services used in
wired/wireless communications, multimedia, precision apparatus
and medical instrument fields; Digital media division, which
provides digital multimedia broadcasting products such as
conditional access systems (CASs), gap fillers and cable cards,
and Device division, which produces field-programmable gate
array (FPGA) chips, complex programmable logic devices (CPLDs)
and hard disk drives (HDD).

Korea Investors Service gave the company's bonds with warrants
issue a B- rating on July 31, 2006.


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

HARVEST COURT: Exempted from Undertaking Offer for Shares
---------------------------------------------------------
The Securities Commission, on Dec. 24, 2007, approved Harvest
Court Industries Bhd's 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.

However, the approval is still subject to the following
conditions:

   * PM Securities, Ng Swee Kiat and the parties acting in
     concert with him to inform the Securities Commission upon
     completion of the Proposed Rights Issue with Warrants; and

   * Ng Swee Kiat and the parties acting in concert with him
     must at all times disclose to the Securities Commission all
     dealings in securities in HCIB made by them in a 12-month
     period from the date of the granting of this exemption, as
     required under Practice Note 2.9.1(11) of the Code.


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.


SHAW GROUP: Gets SEC Letter Over Informal Inquiry Completion
------------------------------------------------------------
The Shaw Group Inc. has received notification from the U.S.
Securities and Exchange Commission that the SEC's Division of
Enforcement has completed its informal inquiry, which the
company announced in June 2004, and that the Division of
Enforcement does not intend to recommend any enforcement action.

                     About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                       *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


TENGGARA OIL: Creditors Voluntarily Wind Up Subsidiaries
--------------------------------------------------------
These subsidiaries of Tenggara Oil Berhad have been placed under
creditors' voluntary wind-up pursuant to a Special Resolution
dated December 18, 2007:

   1. Mujur Melati Sdn. Bhd.

      MMSB was incorporated on March 9, 1996, as a private
      limited company under the Companies Act, 1965.  The
      authorized share capital of MMSB is MYR5,000,000 divided
      into 5,000,000 ordinary shares of MYR1.00 each and its
      current issued and paid-up share capital is MYR1,500,000
      divided into 1,500,000 ordinary shares of MYR1.00 each.
      The company was principally involved in the manufacturing,
      marketing and selling of specialized furniture.  In
      September 1999, the company disposed all its machineries
      located at the factory in Mantin, Negeri Sembilan for
      MYR70,000.  MMSB has since ceased its operations and
      remained dormant.

   2. Seru Sinar Sdn. Bhd.

      SSSB was incorporated on March 7, 1996, as a private
      limited company under the Companies Act, 1965.  The
      authorized share capital of SSSB is MYR5,000,000 divided
      into 5,000,000 ordinary shares of MYR1.00 each and its
      current issued and paid-up share capital is MYR1,250,000
      divided into 1,250,000 ordinary shares of MYR1.00 each.
      The company was principally involved in the manufacturing,
      marketing and selling of furniture and
      undertaking of renovation works.  SSSB has ceased its
      operations and has remained dormant.

According to the company, the liquidation of the subsidiaries
will not have any material financial impact on the TOB Group and
will not have any material effect on its shareholding
structure.

Furthermore, since MMSB and SSSB have ceased operations, the
creditors' voluntary winding-up of the companies will not have
material operational impact on the TOB Group.

The creditors' u2019 voluntary winding-up of the TOB
Subsidiaries forms part of the Company's Proposed Corporate and
Debt Restructuring Scheme to regularize its financial condition
that was submitted to the Securities Commission on August 7,
2007.


Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of implementing a debt-restructuring
scheme with relevant parties.


TENGGARA OIL: Fails to Pay MYR20.58MM Debt as of Dec. 31, 2007
--------------------------------------------------------------
Tenggara Oil Bhd and its subsidiary company, Tenggara Concrete
Sdn Bhd, have been unable to pay the amount of principal and
interest in respect of its credit facilities as at Dec. 31,
2007.

   Lender                    Borrower            Amount Due
   ------                    --------         ----------------
   CIMB Bank Bhd              TOB              MYR5,887,167.51
   (Southern Bank Berhad)

   CIMB Bnk Bhd               TOB                 1,215,729.74
   (Bumiputra-Commerce Bank
    Bhd)

   Malayan Banking Bhd        TCSB               13,480,801.78
                                              ----------------
                                              MYR20,583,699.03

                       About Tenggara Oil

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of implementing a debt-restructuring
scheme with relevant parties.


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

AIR NEW ZEALAND: Charged on EU Cargo Rates & Surcharges Probe
-------------------------------------------------------------
The European Union regulators have charged Air New Zealand Ltd
and other air cargo haulers for violating European competition
rules, Jann Bettinga of Bloomberg News reports.

EU filed the formal charges following an investigation into
alleged agreements among airlines relating to air cargo rates
and surcharges.  ANZ confirmed receiving a statement of
objections from EU, which statement sets out issues that ANZ and
other airlines are required to respond by March 3, 2008.  ANZ
said it is just one of more than 25 airlines that received the
statement.

According to Bloomberg, European and U.S. regulators have been  
investigating carriers for possible price fixing of fuel
surcharges at their cargo businesses.  EU cartel fines typically
amount to 2-3% of annual sales, and are capped at 10%, Bloomberg
notes.

Air New Zealand said in a filing with the New Zealand Stock
Exchange that it will not be making any further comment until
the statement has been considered by the its lawyers.

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

MERALCO: Seeks ERC OK to Collect PHP5BB in Transmission Charges
---------------------------------------------------------------
Manila Electric Co. is asking the Energy Regulatory Commission
to allow it to collect about PHP5 billion in transmission
charges from its customers, the Philippine Star reports.

According to the report, MERALCO said that it has already paid
the charges in advance to the National Transmission Corp.  Its
cash flow is already negatively affected by the changes in the
adjustment mechanism for passing on transmission charges to
consumers, it added.

MERALCO has been delayed in passing in to its customers
TransCo's charges since 2003, the article recounts.

PhilStar notes that according to MERALCO, the accumulation of
transmission under-recoveries was only halted when it was
allowed to adjust transmission charges in June 2006 but the
under-recoveries had already reached the PHP4.41-billion level.  
The delay had caused financial strain especially in costs of
carrying since MERALCO had to resort to short-term interest
bearing loans to pay TransCo's transmission charges, the company
said.

To make matters worse, the company said, was PHP1.903 billion
worth of refunds arising from changes in computing for TransCo
customers under an ERC order in 2004.

PhilStar says MERALCO has made refunds of about PHP606.7 million
as of July last year and still has some remaining refunds left
to be made.

According to the article, MERALCO is asking the ERC to allow it
to include a carrying charges equivalent to the 91-day Treasury
bill rate plus 300 points for every month that it was delayed in
recovering the adjustment in transmission charges.  MERALCO then
explained that the charges will not exceed the interest rate for
late payments that is charged by TransCo under the December 2006
open access transmission services rules.


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: Tier-2 Notes Get “Deal of the Year” Award
------------------------------------------------------------
IFR Asia awards Metrobank Bank & Trust Co.’s offer of
PHP8.5 billion worth of Lower Tier 2 Peso-Denominated Step-Up
Callable Subordinated Notes the Philippine capital market's
"Deal of the Year" for 2007.

International Financing Review Asia is the region's most
authoritative capital markets magazine.  The annual IFR Asia
Awards are the ultimate recognition for achievement
in capital markets.

"With ING and Standard Chartered leading, it represented
Metrobank's debut in the onshore subordinated space and was the
largest domestic deal to emerge from the Philippines outside the
quasi-government sector," said IFR Asia in its editorial write-
up on the awards.  Metrobank subsidiary First Metro Investment
Corporation was financial advisor to the deal.

According to IFR Asia, "The deal distinguished itself both in
spread and absolute terms, bringing Metrobank’s costs of funding
to record low levels."

"The deal hooked a whopping PHP10.5 billion of orders, which
represented the biggest book yet built for a local currency
subordinated deal, allowing an increase in the trade from the
earlier planned PHP5 billion," added IFR Asia.

"We are much honored with the recognition given by IFR Asia,"
said Metrobank executive vice president Fernand Antonio
Tansingco.  "The deal shows the confidence of investors in
the Bank, and in its business strategy."

Moody's Investor Service earlier gave the deal a credit rating
of Baa3, the highest credit rating ever for a Lower Tier 2
issuance by a Philippine bank.

                 About Metropolitan Bank & Trust

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.


PHILIPPINE LONG DISTANCE: Lists 400 New Shares in Local Bourse
--------------------------------------------------------------
The Philippine Long Distance Telephone Co. has listed an
additional 400 common shares with the Philippine Stock Exchange
effective today, January 4, 2008.

The additional shares reflect the 400 common shares that have
been availed of and fully paid by the optionees under the
company's employee stock option plan.  The company now has a
total of 843,092 common shares listed in the local bourse under
the ESOP.


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

                        *     *     *

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

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


SAN MIGUEL: Closes AU$235-Mil. Sale of James Boag to Lion Nathan
----------------------------------------------------------------
San Miguel Corp. had closed the sale of its James Boag business
to Australian firm Lion Nathan Ltd. for AU$325 million or
US$286 million, Reuters reports.

According to the article, SMC President Ramon Ang told the
Philippine Stock Exchange that San Miguel is reassessing its
priorities and amending its portfolio.  The company feels that
expanding into non-core businesses will give it a higher margin
of growth in the near and medium terms, he said.

Mr. Ang revealed that the proceeds of the sale will be used for
alternatives including investing in new businesses.


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

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

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


VICTORIAS MILLING: Annual Stockholders' Meeting Set For Feb. 8
--------------------------------------------------------------
Victorias Milling co. Inc. is scheduled to hold its annual
stockholders' meeting on February 8, 2008, at 8:00 a.m. at the
Fairways Dining Room, Manila Golf & Country Club, Harvard Road
in Forbes Park, Makati City.

Only stockholders of record as of January 16, 2008, are entitled
to vote during the stockholders' meeting.  Proxies are required
to be submitted than 5:00 p.m. on January 25, 2008.


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

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

The company is currently undergoing debt restructuring.

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

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

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

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


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

CHINA AVIATION: Completes Partial 80% Divestment of Equity Stake
----------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Limited's  partial
partial divestment of its 80-percent equity stake in Xinyuan by
way of sale of 41% f its equity stake to Shenzhen Juzhengyuan
Petrochemicals Co., Ltd, an existing shareholder of Xinyuan has
been completed.

Accordingly, with a 39% equity stake in Xinyuan, Xinyuan ceases
to be a subsidiary and becomes an associated company of CAO.  
The remaining equity interest in Xinyuan is now 60% held by
Juzhengyuan and 1% held by China National Aviation Fuel Group
Corporation, the holding company of CAO.

              About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corporation
Limited -- http://www.caosco.com/-- deals primarily in jet fuel    
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company is undergoing restructuring.  Its Restructuring Plan
was approved by shareholders on March 3, 2006, and sanctioned by
the High Court of Singapore on March 21, 2006.  It became
effective on March 28, 2006.


RED HAT: Says LatAm Ops Account for Up to 5% of Global Revenues
---------------------------------------------------------------
Red Hat Inc.'s executive vice president and chief financial
officer Charles Peters said in a conference call that the
company's Latin American operations would represent up to 5% of
the firm's global revenues in the third quarter of fiscal year
2008, ended Nov. 30.

As reported in the Troubled Company Reporter on Dec. 28, 2007,
Red Hat Inc. reported US$20.3 million of net income for the
third fiscal quarter ended Nov. 30, 2007, compared with US$18.2
million for the prior quarter and US$14.6 million for the same
period in 2006.  Red Hat's current fiscal year will end Feb. 29,
2008.

Business News Americas relates that Red Hat's third quarter 2008
global revenues were US$135 million.

Mr. Peters told BNamericas that Latin America had very strong
sales in the third quarter 2008 and in the previous year,
especially considering Red Hat launched direct operations in the
region almost a year ago.

BNamericas notes that "Latin America saw Red Hat's first US$1-
million deal in the Americas as a whole, helping a large energy
company move from a free Linux environment" without any help to
a platform where the firm pays for and gets support from Red Hat
for "its mission-critical infrastructure."

Mr. Peters commented to BNamericas, "We are pleased with the
traction we are seeing in Latin America, which grew 52%
sequentially [in terms of new contracts].  We have a solid
management team there recruiting seasoned talent for the
organization, beginning penetration in large enterprise accounts
and the public sector with a full range of our solutions,
setting the foundation for this to be 3 to 5% of our overall
business."

Headquartered in Raleigh, North Carolina Red Hat, Inc. --
http://www.redhat.com/-- is an open source and Linux provider.
Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2007, Standard & Poor's Ratings Services has revised
its outlook on Red Hat Inc. to positive from stable and affirmed
the ratings, including the 'B+' corporate credit rating.


RED HAT: Developing Open Source Software with Synapsis
------------------------------------------------------
Red Hat Inc. has signed an agreement with Chilean systems
integrator Synapsis for the development of open source software,
Synapsis said in a statement.

Business News Americas relates that Red Hat will work with
Synapsis to implement a support and consultancy services center
and develop software.

According to BNamericas, the accord will be implemented in
Synapsis' Latin American operations:

         -- Argentina,
         -- Brazil,
         -- Chile,
         -- Colombia, and
         -- Peru.

                         About Synapsis

Synapsis belongs to Grupo Endesa.  It focuses on satisfying
other company's needs for information technology services like
consultancy, control and telecommunications.  It offers data
storage services for all the firms from Grupo Endesa as well as
for other South American corporations.

                          About Red Hat

Headquartered in Raleigh, North Carolina Red Hat, Inc.
-- http://www.redhat.com/-- is an open source and Linux
provider.
Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2007, Standard & Poor's Ratings Services has revised
its outlook on Red Hat Inc. to positive from stable and affirmed
the ratings, including the 'B+' corporate credit rating.


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

ABICO HOLDINGS: Requests SEC for Leniency on Special Audit
----------------------------------------------------------
Abico Holdings PCL asked the Office of the Securities Exchange
Commission for a change in a special audit that the bourse
ordered regarding the company's relations and controlling power
of Dairy & Beverage and PPO Farm, a disclosure with the Stock
Exchange of Thailand says.

According to the disclosure, the SEC has told the company on
November 17, 2006, that it has ordered a special auditor to look
into D&B and PPO Farm.  The company then replied and sought
leniency, as well as proposing guidelines to reach the audit's
objectives.

The company also told the SEC that it has tried to buy the "Chok
Chai Farm" trademark from Chok Chai Milk Co. Ltd. for clarity of
business and prevention of the issue regarding relations with
D&B.  The company planned to have its subsidiary Abico Dairy
Farm as the buyer of the trademark, as well dairy production and
distribution.  The company has ordered an evaluation of the
assets on August 29, 2007, and expects the sale to be completed
by the first quarter of 2008.

Headquartered in Pathumthani, Thailand, Abico Holdings Public
Company Limited -- http://www.abicogroup.com/-- is into trading
palm oil, real estate development and raw milk producer and
distributor.

On Apr. 12, 2004, Thailand's Central Bankruptcy Court issued an
order for the rehabilitation of the Company and appointed the
Company as its own rehabilitation plan manager.  The Company's
rehabilitation plan was then approved by creditors and the
Central Bankruptcy Court.

The Troubled Company Reporter-Asia Pacific reported on Mar. 5,
2007, that the Stock Exchange of Thailand placed "SP" or
suspension sign on Abico Holdings' securities for the company's
failure to timely submit its financial statements for the annual
period ended Dec. 31, 2006.


FEDERAL-MOGUL: Emerges From Bankruptcy Protection in Delaware
-------------------------------------------------------------
Federal-Mogul Corporation and its debtor affiliates relate that
their Plan of Reorganization became effective on Dec. 27, 2007.   

The Plan has been substantially consummated pursuant to Section
1101(2) of the Bankruptcy Code, according to Laura Davis Jones,
Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington
Delaware.  All conditions contained in the Plan have been
satisfied or waived.

As reported in the Troubled Company Reporter on Nov. 12, 2007,
the Plan was confirmed by the U.S. Bankruptcy Court for the
District of Delaware on November 8 and affirmed by the U.S.
District Court for the District of Delaware on November 14.  The
Confirmation Order relating to the Plan is final and non-
appealable.  The record date for holders of allowed claims and
equity interests under the Plan was November 8.

Under the confirmed Plan, all entities are permanently stayed,
restrained and enjoined from taking any action for the purpose
of collecting, recovering or receiving payments or recovery with
respect to any asbestos personal injury claim or demand.  
Moreover, all entities -- excluding the Asbestos Trust, the
Asbestos Insurance Companies and Reorganized Federal-Mogul to
the extent permitted or required to pursue claims relating to
the Hercules Policy, any EL Policy, and Asbestos Insurance
Actions and Asbestos Insurance Action Recoveries -- that have
asserted, assert, or may assert any claim or cause of action
against any Asbestos Insurance Company based on any Asbestos
Personal Injury Claim or Demand, are stayed.

"We are delighted to have reached this significant milestone in
Federal-Mogul's 108-year history of serving the global
automotive industry," Federal-Mogul Chairman, President and
Chief Executive Officer Jose Maria Alapont said.  "We are
confident about our future and wish to acknowledge the support
and loyalty of our customers, suppliers and employees
worldwide."

"The company's performance reflects the dedication of the
Federal-Mogul team, paving the way toward emergence from Chapter
11," Mr. Alapont added.  "We are committed to our global
strategy for sustainable profitable growth, as we remain focused
on creating value for our customers through innovative
technologies, leading products, operational and service
excellence, and best cost optimization in all areas of our
business."

All final requests for compensation or reimbursement of the fees
of any professional employed in the cases of Reorganized
Federal-Mogul, pursuant to Sections 327 or 1103 of the
Bankruptcy Code, must be filed and served on Reorganized
Federal-Mogul and its counsel no later than Feb. 25, 2008.

All requests for payment of an Administrative Claim against any
of the U.S. Debtors must be filed with the Bankruptcy Court and
served on the U.S. Trustee and counsel for Reorganized Federal-
Mogul no later than April 25, 2008.

                       About Federal-Mogul

Federal-Mogul Corporation -- http://www.federal-mogul.com/--   
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.  
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.  
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, Mexico, Malaysia, Australia, Belgium,
China, India, Japan, Korea, Poland, Thailand, United Kingdom,
among others.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed $10.15 billion in assets and $8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.  
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on
Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The Bankruptcy Court confirmed the
Fourth Amended Plan on Nov. 8, 2007.


KUANG PEI SAN: Third Quarter Net Loss Dips 70% to THB11.352 Mil.
----------------------------------------------------------------
Kuang Pei San Food Products PCL has posted a net loss of
THB11.352 million for the third quarter of 2007, down 70% from
the THB37.917-million net loss reported for the same period in
2006.

For the three months ended September 30, 2007, the company
earned revenues of THB181.443 million and incurred expenses of
THB180.308 million.  The company also recorded interest expenses
of THB12.487 million for the quarter.

The company's net loss for the nine-month period ending
September 30, 2007, also went down 91.8% from 2006's
THB97.64 million to THB8.011 million for 2007.

For the January-September period, the company earned revenues of
THB585.055 million while incurring operational expenses of
THB554.745 million and interest expenses of THB38.321 million.

As of September 30, 2007, the company's balance sheet showed
THB569.449 million in total assets and THB987.108 million in
total liabilities, resulting in a shareholders' equity deficit
of THB417.659 million.  The company's current liabilities for
the period stand at THB983.305 million, exceeding current assets
of THB214.793 million.

                    Going Concern Doubt

After reviewing the company's third quarter and nine-month
financial statements, Wanraya Puttasatiean at S.K. Accountant
Services Co. Ltd. raised significant doubt on the company's
ability to continue as a going concern.  Ms. Wanraya cited the
company's illiquid state as of Septmeber 30, 2007, as its
current liabilities exceed its current assets by
THB768.51 million, as well as its deficit over equity of
THB417.66 million.

The company's third-quarter and nine-month financial statements
can be downloaded for free at:

          http://researcharchives.com/t/s?26b8

Kuang Pei San Food Products Public Company Limited manufactures
and distributes tinned foods and canned sardine fish under its
Pompui, Pla Yim and Lap brand names.

As of December 31, 2006, the company had a shareholders' equity
deficit of THB408,269,091.16 on total assets of
THB568,886,989.98 and total liabilities of THB977,156,081.14.


KUANG PEI SAN: Sathit Limpongan Resigns as Independent Director
---------------------------------------------------------------
Sathit Limpongpan has resigned as an independent director of
Kuang Pei San Food Products PCL.

According to a disclosure with the Stock Exchange of Thailand,
Mr. Sathit was no longer connected with the company since
December 28, 2007.


Kuang Pei San Food Products Public Company Limited manufactures
and distributes tinned foods and canned sardine fish under its
Pompui, Pla Yim and Lap brand names.

As of December 31, 2006, the company had a shareholders' equity
deficit of THB408,269,091.16 on total assets of
THB568,886,989.98 and total liabilities of THB977,156,081.14.

                    Going Concern Doubt

After auditing the company's third quarter and nine-month
financial statements, Wanraya Puttasatiean at S.K. Accountant
Services Co. Ltd. raised significant doubt on the company's
ability to continue as a going concern.  Ms. Wanraya cited the
company's illiquid state as of Septmeber 30, 2007, as its
current liabilities exceed its current assets by
THB768.51 million, as well as its deficit over equity of
THB417.66 million.


SR TELECOM: Sells Airstar and SR500 Product Lines to Duons Group
----------------------------------------------------------------
SR Telecom Inc. sold its legacy product lines to Duons Group, a
member company of the Vallee Group, based in Paris, France.  The
deal substantially reduces SR Telecom's expenses and protects
the positions of some 28 employees in Montreal (Quebec), Canada
and Mexico City, Mexico, effective immediately.

The two-fold agreement, which ensures the safeguarding of
current customer needs, allows for Duons to:

  1. purchase the Airstar and SR 500 product lines, as well as
     all collateral assets, including the repair centers located
     in Montreal and Mexico City.  Airstar-related patents
     remain the property of SR Telecom; Duons has been granted a
     royalty-free license for Airstar.

  2. assume the repair function of angel and symmetryONE
     products.

"I am pleased to be able to make this announcement," states SR
Telecom President and CEO Serge Fortin, "as Duon's international
presence mirrors our own and enables them to provide timely
maintenance and repair of Airstar and SR500 products for
customers all over the world.  The added bonus is they are also
capable of developing the products, should customers require it.

"Where symmetryONE is concerned, SR Telecom will be able to
benefit from economies of scale associated with the outsourcing
and, most importantly, reduce waiting times for customers
needing repair services."

Earlier this year, SR Telecom announced it would be disposing of
its legacy product lines, SR 500 and Airstar, to focus on its
WiMAX Forum-certified symmetryMX product line.  During Q2 2007,
the Company issued a call for tenders for the products and
associated business of its legacy line.  That process, which
concluded in September, resulted in the selection of Duons
Group.

                            About SR500

SR500 is a point-to-multipoint fixed wireless access system that
enabled users to deliver high-quality voice and data to remote
locations. Developed by SR Telecom and first introduced to the
market in 1987, it was the Company's flagship product for many
years. Traditionally, SR500 was used by two types of customers:
telephone companies who wanted to provide the highest quality
telephone lines to subscribers in primarily rural regions, and;
industrial companies who used the product to provide reliable
voice communications between offices as well as providing a
means to transfer data and provide Supervision Control and Data
Acquisition (SCADA) connections. In either case, SR500 was
capable of carrying voice and data services hundreds of
kilometres from the central exchange to the furthest subscriber.
SR500 contributed a major portion of SR Telecom's revenues until
recent years.

                         About Airstar

Airstar is a very high-capacity point-to-multipoint, line-of-
sight system for carrying data traffic.  A Local Multipoint
Distribution Services (LMDS) product, Airstar is primarily used
by carriers to offer data connections (up to several megabits
per second) to a number of customers, generally businesses in an
urban area.  In typical applications, Airstar would transport
these services to subscribers located three to ten kilometres
from the data node.  Launched in 1998, Airstar became part of SR
Telecom's product offering in 2003, when the company acquired
Netro Corporation.

                      About Duons Group

Duons Group specializes in Engineering, Support and Maintenance,
providing industrial businesses with the services they need for
the design, deployment, maintenance and future-proofing of their
systems.  Duons has been providing everyday systems management
support to small and medium-sized businesses and large
manufacturing groups alike for over a decade.  It is a member of
the Vallee Group since 2003.  Duons serves customers in more
than 70 countries from locations in France, Australia and the
Americas.  The Duons group currently has more than two hundred
employees, 90% of whom are highly qualified engineers and
technicians.

                       About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access   
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  The company has offices in Mexico, France and
Thailand.

SR Telecom Inc.'s consolidated balance sheet at June 30, 2007,
showed CDN$83.9 million in total assets and CDN$97.9 million
in total liabilities, resulting in a CDN$14.0 million total
stockholders' deficit.

SR Telecom obtained an order from the Quebec Superior Court to
extend to Feb. 29, 2008, the period of the Court-ordered stay of
proceedings against the company under the Companies' Creditors
Arrangement Act (Canada).  SR Telecom filed for creditor
protection under CCAA on Nov. 19, 2007.


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


                                                     Total   
                                          Total   Shareholders   
                                         Assets      Equity   
Company                        Ticker    (US$MM)    (US$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 2008.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***