TCRAP_Public/080107.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

          Monday, January 7, 2008, Vol. 11, No. 4

                            Headlines

A U S T R A L I A

ARROW ENERGY: Closes AU$70 Million Sr. Debt Funding for Asset
AVNET INC: Acquires YEL Electronics
FORTESCUE METALS: ASIC Questions Ten-for-One Share Split
PSIVIDA: Receives 180-day Notice to Regain Bid Price Compliance
STATEWEB PRINTING: Placed in Receivership Due to Cash Trouble

URS CORP: Bags US$60-Mil. Contract for Unmanned Aircraft Program


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

ASIAPAC DEVELOPMENT: Liquidator Quits Post
AU OPTRONICS: To Build Plant in Anticipation of LCD Shortage
AU OPTRONICS: Shipped 73.44 Million LCDs in Jan. to Nov. 2007
CMC MAGNETICS: Plans Annual Equipment Maintenance in 1st Quarter
DANA CORP: 24 Investor Groups to Buy US$540 Mln New Dana Shares

EASE WAY: Commences Liquidation Proceedings
EMPIRE TOYS: Commences Liquidation Proceedings
EVERLIGHT ELECTRONICS: To Expand LED Capacity by 47% in 1Q 2008
EVERLIGHT: Will Expand to LED Production for Notebooks
FELIMORE COMPANY: Proofs of Debt Due on February 1

JHT CAPITAL: Creditors Receive Wind-Up Report
PETROLEOS DE VENEZUELA: Closes Tender Offer & Solicitations
PETROLEOS DE VENEZUELA: Restarts Amuau Plant Flexicoker Unit
PETROLEOS DE VENEZUELA: Inks US$190-Mln Contract with Cameron
SAMPO CORP: Sharp Says Goodbye to 6% Stake

SUCESS PIONEER: Commences Liquidation Proceedings
TAKARA DIRECT: Proofs of Debt Due on January 28
TEMPLEPATRICK LIMITED: Proofs of Debt Due on January 28
THE SHOP OF GREEN: Proofs of Debt Due on January 28
TOMEN (H.K.): Liquidators Quit Post

TRW AUTOMOTIVE: Arm Completes Buyout of Delphi Corp.'s NA Brake
WORLD CONGRESS: Proofs of Debt Due on January 28


I N D I A

DENA BANK: Fitch Upgrades Individual Rating to 'D' From 'D/E'
GENERAL MOTORS: Lays-Off 450 Workers in St. Catharines, Ontario
GENERAL MOTORS: Reports 3.87 Million Vehicle Sale in 2007
IMAX CORP: U.S. Bank Denies Catalyst Fund's Default Claims
SUN MICROSYSTEMS: Unit Wants To Launch Services in Provinces

TATA STEEL: Forms 50:50 Coal Mining Joint Venture with SAIL
TATA POWER: Group Wants Electronic Division Tranferred to Nelco


I N D O N E S I A

BANK NIAGA: Partners Bakrie Telecom for Bill Payment Services
BANK PERMATA: Signs Cooperation Agreement With Toyota Astra
BAKRIE SUMATERA:Ups Shareholding in Agri Resources to 25%
GAJAH TUNGGAL: Completes Rights Issue of 316,800,000 Shares
GOODYEAR TIRE: Jamaican Unit Won't Make Dividend Payments

PERUSAHAAN LISTRIK: To Stop Cilacap Plant Power Operations


J A P A N

DELPHI CORP: Completes US$40 Mil. Sale of North American Brake
DELPHI CORP: Court Approves Unit's Sale to Inteva for US$106MM
DELPHI CORP: IUE-CWA Objects to Employee Compensation Programs
ELPIDA MEMORY: Makes Personnel Changes for January 2008
FORD MOTOR: 2007 Sales Decreases by 12% at 2.57 Million

FORD MOTOR: Singles Out Jaguar & Land Rover Bidder Tata Motors
IHI CORP: May Be Probed for Falsifying Financial Statements
MAZDA MOTOR: December Sales for U.S. Unit Down by 25.2%
MITSUBISHI MOTORS: November 2007 Global Output Rises 6.8%
MITSUBISHI MOTORS: U.S. December 2007 Sales Down 40.4%


K O R E A

EG SEMICON: Completes Bonus Issuance of 22,810,632 Common Shares
EVEREX INC: Disposes Shares to Raise Fund
EVEREX INC: Converts Eighth Bonds with Warrants into Shares
GENEXEL-SEIN: Gets Patent for Covering Molecules
REMY WORLD: Court Issues Final Decree Closing 27 Bankr. Cases


M A L A Y S I A

PAN MALAYSIAN: Implements Proposed Capital Reconstruction
TALAM CORPORATION: Gives Update on Europlus Merger Status


N E W  Z E A L A N D

CLEAR CHANNEL: Donald Perry to Quit as President & CEO
CLEAR CHANNEL: Gets Consents in Tender Offers for Senior Notes


P H I L I P P I N E S

GLOBE TELECOM: Records Increase in Mobile Users in 2007 4th Qtr.
MANILA ELECTRIC: ERC Vows Thorough Examination of Recovery Bid
UNIOIL RESOURCES: PSE Lifts Trading Suspension on Securities
VICTORIAS MILLING: Posts Net Income of PHP80.403 Mil. for FY2007


S I N G A P O R E

INTERMEC TECH: Hires David Yung as Asia Pacific Vice President
POLYONE CORP: Completes Acquisition of GLS Corporation

     - - - - - - - -

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

ARROW ENERGY: Closes AU$70 Million Sr. Debt Funding for Asset
-------------------------------------------------------------
Directors of Arrow Energy Ltd. say that they have executed the
drawdown of a AU$70-million debt facility with Suncorp-Metway
Limited for its 50% share of the North Queensland Pipeline
Assets recently acquired from the Queensland Government through
the Enertrade acquisition.

The facility is recoursed solely to the North Queensland
Pipeline Assets and has been tailored to give Arrow maximum
flexibility as it determines the optimum ownership structure
for its 50% interest in the North Queensland Pipeline Assets.

Arrow's CEO Nick Davies comments, "The close of the financing
arrangement with Suncorp represents a further endorsement of
the coal seam gas industry and the maturity of Arrow as a
company now with access to additional funding sources.  Arrow
is pleased to be associated with a professional, like minded
Queensland based company in Suncorp and looks forward to
building upon this relationship."

Arrow Energy NL -- http://www.arrowenergy.com.au/-- is an  
Australian company engaged in the undertaking of gas
exploration and development activities.  The Company is focused
on coal seam gas exploration and production in the Surat,
Clarence-Moreton and Ipswich Basins in southeast Queensland and
northern New South Wales and the Styx Basin and Nagoorin Graben
in coastal central Queensland.  Arrow Energy NL has been
carrying out exploration/appraisal drilling (over 50 wells) and
has proven a large CSG resource. The Company's projects include
Kogan North, Tipton West, Moranbah, Daandine, Dundee, Mt
Lindesay, Silverdale and Boyne River.

The Troubled Company Reporter-Asia Pacific's Distressed Bonds
Column on December 18, 2007, listed Arrow Energy's bond, with a
10.000% coupon and a March 31, 2008 maturity date, as trading
at 2.65% on the Australian dollar.


AVNET INC: Acquires YEL Electronics
-----------------------------------
Avnet Inc. has acquired YEL Electronics Hong Kong Ltd.  YEL,
which was established in 1992, is a leading distributor of
interconnect, passive, electromechanical and limited
semiconductor components in the Asia region, representing over
30 franchised suppliers.

YEL generated approximately US$200 million of revenue in the
twelve months ended December 2007 with over 80 percent coming
from IP&E products.  With the acquisition, Avnet gains a well-
established team of talented and knowledgeable employees serving
over 2000 customers in 8 countries across Asia Pacific.  The
acquisition also expands Avnet Electronics Marketing's
franchised line card with new IP&E suppliers in the region.

Harley Feldberg, president of Avnet Electronics Marketing
global, noted that the acquisition is another significant step
in Electronics Marketing's strategy to accelerate growth: "The
IP&E distribution industry in Asia is highly fragmented
and Avnet intends to actively participate in its consolidation.
The acquisition of YEL provides an excellent opportunity to
supplement our organic growth initiatives by adding a well-
respected regional distributor with a management team that
shares our focus on profitable growth and superior customer
service.  With this acquisition, we have increased our IP&E
business in Asia by over 50% and become the largest IP&E
distributor in the region."

Avnet YEL will operate as a specialist division to maintain its
focus on IP&E profitable growth.  The combined customer base
will also provide additional opportunities for cross selling as
our sales organizations will have an expanded line card
supported by Avnet's world-class supply chain management and
logistics capabilities.  The transaction is expected to be
immediately accretive to earnings, excluding minimal integration
charges, and supports Avnet's long-term return on capital goals.

Stephen Wong, President of Avnet Electronics Marketing Asia
added, "The acquisition of YEL is a clear demonstration of
Avnet's commitment to invest in the high growth Asia components
market.  With a larger team of talented people, a broadened
account base and an expanded line card, Avnet Electronics
Marketing Asia will have additional opportunities to accelerate
organic growth while leveraging our scale and scope advantages
to deliver superior value to our trading partners."

In addition to distributing an industry-leading line card
comprised of the world's leading suppliers of semiconductor and
IP&E products, Avnet Electronics Marketing Asia also offers a
wide portfolio of value added services -- from design, demand
creation and technical support to leading supply chain and
logistic services.  This acquisition further validates Avnet's
desire and ability to continue investing in this high growth
region.

                     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.


FORTESCUE METALS: ASIC Questions Ten-for-One Share Split
--------------------------------------------------------
Fortescue Metals Group Ltd., after its shareholders have
approved a 10-for-1 split, is asked by the Australian
Securities Exchange to explain why its shares rose, Peter
Gosnell reports for the Daily Telegraph.

Ten days after Fortescue's shareholders approved the split, the
company's share price increased.  However, Fortescue said that
it was not aware of any particular reason for the increase or
the volume of shares traded.

The Troubled Company Reporter-Asia Pacific reported on Dec. 21,
2007, that Fortescue's shareholders approved the plans for
the one-for-ten share split, which will pave the way for making
its shares more affordable to investors and help improve
trading liquidity while reducing price volatility.

Meanwhile, in separate filings with the Australian Securities
Exchange, directors Herbert James Elliott, Geoffrey Frank
Brayshaw and Kenneth Charles Ambrecht increased their shares.

Mr. Elliott has increased his ordinary shares to 5,503,740 from
5,501,310.  The total number of shares acquired was 2,430
valued at AU$19,318.50.

Mr. Brayshaw acquired 1,359 ordinary shares valued at
AU$10,804.05.  Mr. Brayshaw now holds 15,589 of securities from
14,230.

Mr. Ambrecht now holds 6,503,870 securities after acquiring
2,520 ordinary shares valued at AU$20,034.00.

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

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



PSIVIDA: Receives 180-day Notice to Regain Bid Price Compliance
---------------------------------------------------------------
On December 27, 2007, Psivida Ltd. received a letter from the
NASDAQ Listing Qualifications Department notifying the company
that, for the last 30 consecutive business days, the bid price
of the company’s American Depositary Shares has closed below
the minimum US$1.00 per share required for continued listing on
the NASDAQ Global Market under Marketplace Rule 4450(a)(5).

In accordance with Marketplace Rule 4450(e)(2), NASDAQ will
provide the company with 180 calendar days, or until
June 24, 2008, to regain compliance.  If at any time before
June 24, 2008 the bid price of the Company’s ADSs closes at
US$1.00 per share or more for a minimum of 10 consecutive
business days, NASDAQ will provide written notification that
the Company has achieved compliance with Marketplace Rule
4450(a)(5).  If compliance with Marketplace Rule 4450(a)(5)
cannot be demonstrated by June 24, 2008, NASDAQ will provide
written notice that the Company’s securities will be delisted
from the NASDAQ Global Market.  At that time, the Company may
appeal NASDAQ’s determination or, if the Company satisfies the
requirements of Marketplace Rule 4310(c) other than the minimum
bid requirement, the Company may apply to transfer its
securities to the NASDAQ Capital Market, in which case, if the
Company’s application is approved, the Company will be afforded
the remainder of the Capital Market’s second 180 calendar day
period to regain compliance while on the NASDAQ Capital Market.

During the provided compliance periods, the Company will seek
to regain compliance.  The Company will also continue to
monitor its stock price closely and will consider its options
for regaining compliance in the event that its stock price
remains below $1.00.  No assurances can be made at this point
as to whether the Company will regain compliance.

pSivida's Managind Director, Dr. Paul Ashton says, "The Company
is committed to regaining compliance, and are pursuing various
strategies including the potential of non-dilutive capital.  
The Company believes its current cash position, together with
the expected development funding from Pfizer and the remaining
US$1.5 million due in April related to the sale of a
subsidiary, is sufficient to contiue operations until at least
September 30, 2008."

                     About pSivida Ltd.

pSivida Limited -- http://www.psivida.com/-- is an Australian  
company existing pursuant to the Australian Corporations Act
2001 with shares listed on the Australian Securities Exchange,
the NASDAQ Global Market, the Frankfurt Stock Exchange, and
London's OFEX International Market Service.  The company is
committed to biomedical applications of nano-technology and has
as its core focus the development and commercialization of drug
delivery products in the healthcare sector, initially in
ophthalmology and oncology.

The company's corporate headquarters is located at:

         Level 12 BGC Centre
         28 The Esplanade
         Perth WA 6000, Australia
         Tel No. (+61 8) 9226 5099

The legal entity that became pSivida was incorporated as the
Sumich Group Ltd in April 1987.  The Sumich Group operated a
business that was placed into administration or receivership in
1998.  pSivida was subsequently formed on December 1, 2000,
upon entering into a court-approved arrangement with Sumich
Group's creditors, which fully extinguished all prior
liabilities as of that time.  Subsequently, the company
appointed new directors and officers and re-listed on the
Australian Securities Exchange as pSivida.  The company was
then recapitalized through a placement to investors of 9.3
million ordinary shares at AU$0.30 per share, raising AU$2.79
million.

pSivida revealed that it has not made substantial divestitures
in the past three fiscal years through the present.

                       Going Concern Doubt

After auditing the company's consolidated balance sheet as of
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered
Accountants, said that as of Oct. 31, 2006, pSivida has
determined there may be a risk of default associated with
maintaining the US$1.5 million minimum cash balance.  In the
event of a default, the noteholder is entitled to call the full
value of the liability.  This risk of default, together with
the company's recurring losses from operations and negative
cash flows from operations, raise substantial doubt about its
ability to continue as a going concern.

Deloitte notes that the financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.


STATEWEB PRINTING: Placed in Receivership Due to Cash Trouble
-------------------------------------------------------------
Stateweb Printing is placed in receivership because of cashflow
problems, causing 15 people to lose their jobs, Alexandra
Tredrea writes for The Advertiser.

Receiver John Hart, of Ferrier Hodgson, says that among the
number of factors that contributed to the receivership of the
company included "under-capitalization, establishment delays and
being unable to achieve its sales targets," relates the
Advertiser.

Stateweb's business and its assets was advertised for sale on
January 5, 2008.

Stateweb Printing -- http://www.stateweb.com.au/index.htm-- is  
an offset printing company headquartered in Torrensville, south
Australia.


URS CORP: Bags US$60-Mil. Contract for Unmanned Aircraft Program
----------------------------------------------------------------
URS Corporation's EG&G Division has been awarded an indefinite
delivery/indefinite quantity contract to provide engineering and
program management services for the Joint Unmanned Aircraft
Systems Center of Excellence at Creech Air Force Base, Nevada.
The three-year contract has a maximum value of US$60 million to
URS.

Under the terms of the contract, URS can be assigned task orders
for a variety of engineering and program management services,
including logistics, test and evaluation management, modeling
and simulation, as well as administrative, contract, financial,
data and security management.

Commenting on the contract, Randall A. Wotring, President of the
EG&G Division, said: "We are very pleased with this award, which
underscores the Company's position as a leader in providing
advanced engineering, logistics and program management services
to the U.S. Department of Defense.  URS has been providing
Predator Maintenance Support services at the Creech Air Force
Base since 2005, and we are excited to have the opportunity to
expand our work at the base."

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 7, 2007, Moody's Investors Service has downgraded the
Corporate Family Rating of URS Corporation to Ba2 from Ba1
following the company's acquisition of Washington Group
International, Inc.  Moody's said the ratings outlook is stable.


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

ASIAPAC DEVELOPMENT: Liquidator Quits Post
------------------------------------------
On December 21, 2007, Man King Shing stepped down as liquidator
for Fortune Realty Company Limited, which is undergoing
liquidation.


AU OPTRONICS: To Build Plant in Anticipation of LCD Shortage
------------------------------------------------------------
AU Optronics Corp. says that there could be a global supply
shortage of LCDs next year amid booming demand for LCD
televisions, Reuters relates.

Reuters cites an unnamed AUO official as saying that while
supply is seen to grow by at least 22% to 25%, demand is
expected to grow by 28% to 30%.

Reuters also relates that the company expects its first-quarter
sales for 2008 to beat the first quarter of previous years.  

AUO also discloses its plans to build a next-generation LCD
plant to meet demand for bigger flat TVs increasing its capital
spending from the current TWD90 billion, and will decide what
technology it will use to make panels by the end of the year,
Reuters notes.

The report explains that bigger rivals such as Samsung
Electronics Co. Ltd. and LG.Philips LCD have also been expanding
their capacity, fueling concerns of a supply glut.

The Troubled Company Reporter-Asia Pacific reported on Jan. 3,
2008, that AU Optronics is set to disclose details regarding its
next-generation project during its investors conference on
Jan. 30, 2007.  The TCR-AP added that the company remains
optimistic about the first quarter of 2008, and will give a
detailed outlook for the period.


Taiwan-based AU Optronics Corp. -- http://www.auo.com/--   
designs, develops, manufactures, assembles and markets flat
panel displays.  The company's principal products are thin-film
transistor liquid crystal display (TFT-LCD) panels.

AU Optronics' long-term local and foreign currency issuer
default carries Fitch Ratings' BB rating.


AU OPTRONICS: Shipped 73.44 Million LCDs in Jan. to Nov. 2007
-------------------------------------------------------------
AU Optronics Corp. shipped a total of 73.44 million large-area
thin film transistor liquid crystal displays during the first 11
months of 2007, making the company the world's largest supplier
of the product in terms of unit shipments, according to
TradingMarkets.Com

The report says that the tallies show LG.Philips LCD as the
second largest supplier, shipping 73.04 million units during the
period, followed by Samsung Electronics at 71.6 million units.

The report explains that in November 2007 alone, AUO shipped
7.93 million large-area TFT-LCDs, while SEC and LPL shipped 7.81
million units and 7.53 million units, respectively.

TradingMarkets also says that AUO is the world's largest TV
panels shipper in November 2007.

Taiwan-based AU Optronics Corp. -- http://www.auo.com/--   
designs, develops, manufactures, assembles and markets flat
panel displays.  The company's principal products are thin-film
transistor liquid crystal display (TFT-LCD) panels.

AU Optronics' long-term local and foreign currency issuer
default carries Fitch Ratings' BB rating.


CMC MAGNETICS: Plans Annual Equipment Maintenance in 1st Quarter
----------------------------------------------------------------
CMC Magnetics Corp. is planning an annual equipment maintenance
in the first quarter of 2008, DigiTimes reports.

Digitimes notes that, according to the company, the stoppage of
production is intended to also help avoid a possible oversupply
of CD-R and DVD+R/-R discs in the traditional off-season.

Digitimes writes that the company pointed out it has not yet
decided when to start the planned maintenance nor the time
length, with the decision hinging on the receipt of orders.  The
last time the company had an annual maintenance was during the
Lunar New Year in 2007

Ritek and Prodisc Technology have also reported similar moves,
the report relates.

Headquartered in Taipei, Taiwan, CMC Magnetics Corporation --
http://www.cmcdisc.com/-- is engaged in the manufacture and    
sale of media storage devices and opto-electrical products.  The
company distributes its products within the domestic market and
to overseas markets, including the Americas, Europe and rest of
Asia.

The Troubled Company Reporter - Asia Pacific reported that on
Jan. 11, 2007, Moody's Investors Service changed to stable from
negative the outlook for both CMC Magnetics Corporation's B1
corporate family rating and its Ba2.tw national scale issuer
rating.


DANA CORP: 24 Investor Groups to Buy US$540 Mln New Dana Shares
---------------------------------------------------------------
Dana Corp. and its debtor-affiliates sought and obtained
permission from the U.S. Bankruptcy Court for the Southern
District of New York to file an Allocation Report, indicating
Participating Claims totaling more than US$1.5 billion that were
allocated 5.4 million shares of New Series B Preferred Stock on
a pro rata basis, under seal.

Dana entered into an Investment Agreement dated July 26, 2007,
with Centerbridge Capital Partners, L.P.; Centerbridge Capital
Partners Strategic, L.P., as successor by assignment from CBP
Parts Acquisition Co. LLC; Centerbridge Capital Partners SBS,
L.P., as successor by assignment from CBP Parts.

The Investment Agreement allows for US$790 million cash infusion
in the Reorganized Debtors.  Centerbridge will purchase US$250
million in aggregate liquidation preference of New Series A
Preferred Stock and qualified creditors of the Debtors who are
Qualified Investors will have an opportunity to purchase an
additional US$540 million in aggregate liquidation preference of
New Series B Preferred Stock on a pro rata basis.

To be permitted to invest to purchase a pro rata share of the
Series B Shares, the Investment Agreement required parties,
among other things, be a "Qualified Investor" under the
Investment Agreement and to deliver a duly executed Subscription
Agreement prior to 5:00 p.m. EST on Dec. 5, 2007.

To be a "Qualified Investor," a party was required, among other
things, to

   (a) beneficially own "Qualified Bond Claims," "Acquired Bond
       Claims" or "Qualified Trade Claims" in excess of
       US$25 million by certain dates and

   (b) timely execute and deliver a signature page to the Plan
       Support Agreement dated July 26, 2007, among Dana, United
       Steelworkers, International Union, UAW, Centerbridge
       Capital Partners, L.P. and certain Dana creditors.

The BMC Group, Inc., as Subscription Agent for the Debtors,
mailed subscription agreements and instructions for subscription
on Nov. 2, 2007, to all parties that the Debtors reasonably
believed might be entitled to participate in the subscription
based upon information available at that time.

Corinne Ball, Esq., at Jones Day in New York, reports that as of
Dec. 26, 2007, BMC has received, excluding duplicates, 106
Subscription Agreements from 96 entities constituting 24
investors -- if affiliated entities are counted as one investor.  
BMC and the Debtors have since undertaken to reconcile the
information that was submitted in the subscription agreements.

The Debtors have reviewed the information received by BMC and
other relevant information, which has been shared with counsel
to the Ad Hoc Committee of Dana Noteholders and counsel to the
Official Committee of Unsecured Creditors, Ms. Ball says.  Based
on the information and other numerous meetings at which they
consulted with the Ad Hoc Committee and the Creditors'
Committee, the Debtors have determined and have prepared a
report setting forth:

   (a) which parties will purchase Series B Shares as part of
       the subscription process; and

   (b) the number of Series B Shares to be allocated to each
       Subscribing Investor for purchase.

The Debtors believe that the allocation of New Series B
Preferred Stock is commercially sensitive information to them.  
Publicly disclosing the holdings of preferred shareholders is
confidential information that is not customarily disclosed
unless and until Securities Exchange Act of 1934 rules require
the shareholder to file with the Securities and Exchange
Commission after crossing a specified threshold of ownership
percentage (generally 5%).  The Debtors believe that publicly
publishing the individual allocations of New Series B Preferred
Stock would only serve to potentially cause delays in the
Debtors' ability to obtain the necessary funds.

In addition, counsel to the Ad Hoc Committee has advised the
Debtors that the Subscribing Investors prefer that their exact
holdings in New Series B Preferred Stock not be publicly
disclosed because such parties consider their individual
allocated holdings to be confidential commercial information.

A full-text copy of the redacted version of the Allocation
Report identifying each of the Subscribing Investors without
identifying the number of shares of New Series B Preferred Stock
being allocated to each party, is available at no charge at:

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

Ms. Ball relates the Debtors are providing individualized
notices to each Subscribing Investor of, among other things:

   (a) the number of shares of New Series B Preferred Stock
       allocated to them;

   (b) instructions for submitting payment for the shares by
       Dec. 28, 2007; and

   (c) information regarding additional documentation that must
       be completed prior to a Subscribing Investor's receipt of
       its allocated New Series B Preferred Stock.

                            About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.  The
Court has set Dec. 10, 2007, to consider confirmation of the
Plan.  (Dana Corporation Bankruptcy News, Issue No. 67;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).  


EASE WAY: Commences Liquidation Proceedings
-------------------------------------------
Ease Way Holdings Limited commenced liquidation proceedings on
December 21, 2007.

The company's liquidator is:

          Tsui Man See
          Room 1908-9, Tower One
          Lippo Centre, 89 Queensway
          Hong Kong


EMPIRE TOYS: Commences Liquidation Proceedings
----------------------------------------------
Empire Toys (Hong Kong) Limited commenced liquidation
proceedings on December 18, 2007.

The company's liquidators are:

          John Robert Lees
          Column Sebastian Joseph Bancroft
          John Lees & Associates Limited
          1904 Hong Kong Club Building
          3A Chater Road, Central Hong Kong


EVERLIGHT ELECTRONICS: To Expand LED Capacity by 47% in 1Q 2008
---------------------------------------------------------------
Everlight Electronics  Co., Ltd.'s chairman, Robert Yeh,
discloses that the company will "greatly expand" its monthly
capacity for surface mount device LEDs by 47%, from 680 million
units at the end of 2007 to one billion units by the end of the
first quarter of 2008, DigiTimes reports.

The plan is anchored on a rosy LED market growth expectations,
the report notes.  Mr. Yeh estimates a 75.2% annual growth in
high-power LED light market between 2006 and 2010, DigiTimes
relates.

According to Mr. Yeh's estimates, the penetration rate of LED
backlighting utilized in large-size TVs will rise from 0.5% in
2007 to 1.2% in 2008, and exceed 10% in 2011, the report says.  
Mr. Yeh adds that the penetration rate of LED backlighting
utilized in medium-size panels will increase from 55% in 2007 to
62% in 2008, with related shipments growing from 853 million
units to 1.23 billion units, while the penetration rate of LED
backlighting utilized in notebook will reach 15% this year, the
report continues.

According to the report, Mr. Yeh also indicates that the market
scale of commercial LED lighting will pick up from
US$180 million in 2007 to US$380 million in 2008 and reach
US$680 million in 2009, while production values of LED street
lamps were estimated to rocket from US$3.6 billion in 2008 to
US$12 billion in 2009.

According to another Digitimes report, the company's board of
directors recently decided to invest US$35.79 million in the
company's subsidiary, China-based Everlight Electronics (Suzhou)
to expand its SMD LED capacity in the first half 2008 by 30-40%.  
Digitimes relates that the investment funds will be allocated
through various channels.

The report explains that an Everlight Electronics Hong-Kong
based subsidiary will indirectly invest US$6.51 million, while
Guangzhou Heng Guang Electronics and Everlight Electronics
(Suzhou) will utilize their own unallocated surplus funds,
totaling US$6.14 million and US$3.14 million, respectively, for
the investment, the report says.

The report also says that Everlight Electronics also reallocated
US$25 million originally targeted for Everlight Electronics
(Guangzhou). The new allocation will have Everlight Electronics
(Suzhou) receiving US$20 million and the other US$5 million will
be for Everlight Electronics (Guangzhou).

Headquartered in Taipei, Taiwan, Everlight Electronics Co., Ltd.
-- http://www.everlight.com/cht/index.asp-- is engaged in the   
manufacture of light emitting diode devices.  The company
distributes its products mainly in Asia, Europe and the
Americas.

The Troubled Company Reporter-Asia Pacific reported on Aug. 15,
2007, that Standard & Poor's Ratings Services assigned its BB
long-term corporate credit rating to Everlight Electronics.  The
outlook is stable.


EVERLIGHT: Will Expand to LED Production for Notebooks
------------------------------------------------------
Everlight Electronics will enter into volume production of LED
strips for use in notebook backlight applications, DigiTimes
reports.

DigiTimes relates that the company expects to reach an initial
capacity of 30-50 million LED strips in the first quarter of
2008.  DigiTimes explains that during the initial phase, the
company will be selling the strips to U.S.-based vendors in
Taiwan, and Japanese companies.  According to DigiTimes, the
company estimates the segment will account for 5-7% of its total
revenues in the first quarter of 2008, and the proportion will
further increase to 10-15% by the end of 2008.

Headquartered in Taipei, Taiwan, Everlight Electronics Co., Ltd.
-- http://www.everlight.com/cht/index.asp-- is engaged in the   
manufacture of light emitting diode devices.  The company
distributes its products mainly in Asia, Europe and the
Americas.

The Troubled Company Reporter-Asia Pacific reported on Aug. 15,
2007, that Standard & Poor's Ratings Services assigned its BB
long-term corporate credit rating to Everlight Electronics.  The
outlook is stable.


FELIMORE COMPANY: Proofs of Debt Due on February 1
--------------------------------------------------
The creditors of Felimore Company Limited are required to file
proofs of debt by February 1, 2008, so they can be included in
the company's dividend distribution.

The company commenced liquidation proceedings on December 18,
2007.

The company's liquidator is:
          
          Chi Wai Tam
          16th Floor, Ocean Centre
          Harbour City, Canton Road
          Kowloon, Hong Kong



JHT CAPITAL: Creditors Receive Wind-Up Report
---------------------------------------------
The creditors of JHT Capital Limited had a meeting on January 4,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:
          
          Chan Kin Hang, Danvil
          Room 2301, 23rd Floor
          Ginza Square, 556-567 Nathan Road
          Yaumetei, Kowloon
          Hong Kong


PETROLEOS DE VENEZUELA: Closes Tender Offer & Solicitations
-----------------------------------------------------------
Petroleos de Venezuela S.A. has completed its previously
announced 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, and the related consent solicitation.

Based on information provided by the depositary for the tender
offer and consent solicitation, as of the expiration date at 12
midnight, New York City time, on Dec. 27, 2007, a total of US$
465,809,800 aggregate principal amount of Bonds, representing
99.11% of the aggregate principal amount of outstanding Bonds,
were validly tendered, and the consents related thereto were
validly delivered.  In accordance with the terms of the tender
offer and consent solicitation, PDVSA has purchased all of the
Bonds validly tendered, for a total purchase price of US$
501,140,755.74, which includes US$ 32,595,564.55 consisting of a
premium over par, and accrued and unpaid interest to, but not
including, the payment date. Payment of the purchase price was
made.

PDVSA also announced that it has repaid all of the outstanding
indebtedness owed to the bank lenders under the senior project
loan agreement that was part of the Cerro Negro project
financing and obtained the bank lenders' consent to the
termination agreement.

As a result of obtaining the required consents from the holders
of the Bonds and the bank lenders, PDVSA and the other
participants in the Cerro Negro project have executed a
supplemental indenture and a termination agreement which:

   (i) eliminate substantially all of the restrictive covenants
       and events of default in the indenture pursuant to which
       the Bonds were issued and the common security agreement
       and other financing documents related to the Bonds
       (other than arising from payment defaults and failure to
       comply with provisions of the indenture as amended or
       the Bonds),

  (ii) release all of the collateral and security interests
       securing the Bonds,

(iii) eliminate certain other covenants in the common security
       agreement and the other financing documents,

  (iv) terminate the common security agreement and other
       financing documents,

   (v) waive any and all prior and existing defaults under the
       indenture, the common security agreement and the other
       financing documents, and

  (vi) rescind any prior or existing notices of default
       delivered pursuant to the indenture and the common
       security agreement.

The tender offer and consent solicitation were made pursuant to
an Offer to Purchase and Consent Solicitation Statement, dated
Nov. 29, 2007 and related Consent and Letter of Transmittal.

Lazard Freres & Co. LLC was the Dealer Manager and Solicitation
Agent for the tender offer and consent solicitation.  Global
Bondholder Services Corporation was the Depositary and
Information Agent.

               About Petroleos de Venezuela

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

                       *     *     *

In March 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: Restarts Amuau Plant Flexicoker Unit
------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that its Amuau plant at the Paraguana complex in
Falcon has restarted its flexicoker unit after scheduled
maintenance.

Business News Americas relates that Amuau was shut down on Sept.
29 for the maintenance.  Repairs were concluded 55 days later.

Petroleos de Venezuela told BNamericas that the maintenance was
the largest undertaking of its kind at the complex.

While the flexicoker unit was shut down, the complex received an
additional 30 million cubic of natural gas on top of the 115
million cubic feet per day it usually receives from the firm,
Petroles de Venezuela said in a statement.

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.

                       *     *     *

In March 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: Inks US$190-Mln Contract with Cameron
-------------------------------------------------------------
Business Journal reports that Petroleos de Venezuela SA has
entered into a US$190 million subsea equipment and services
contract with Cameron International Corp.  The agreement
includes 10 subsea Christmas trees and other equipment, along
with engineering and project management services, for PDVSA's
Dragon and Patao natural gas development projects.

Cameron is expecting that the first installment of equipment
will be delivered in early 2008 and continue through 2009,
Business Journal adds.

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.


SAMPO CORP: Sharp Says Goodbye to 6% Stake
------------------------------------------
Sharp Corp. will sell its 6% holding in Sampo Corp., Taipei
Times reports.

The Times relates that Sharp plans to sell its global depositary
receipts starting July 2008, and will focus on energy-efficient
liquid-crystal-display and solar-cell businesses.  As a result,
Sharp would be resigning its seat in Sampo's board, but would
maintain its current partnership with Sampo, which sells and
makes some Sharp home appliances in Taiwan.

Headquartered in Taoyuan, Taiwan, Sampo Corporation --
http://www.sampo.com.tw/-- is an electric appliances provider.   
The company is organized into three divisions: Home Appliances
Division, which provides air conditioners, refrigerators,
washing machines, dehumidifiers and microwave ovens; Electronics
Division, which produces color televisions, plasma display panel
monitors, high-definition Internet protocol TVs, liquid crystal
display monitors and security LCDs, and Electronics Components
Division, which is engaged in the development and production of
fly back transformers (FBTs), inverters and digital television
modules.  The company distributes its products within the
domestic market and to overseas markets, including Asia, Europe,
Latin America and the United States.

The company posted three consecutive annual losses of TWD1.0
billion, TWD5.5 billion and TWD4.1 billion for the years ended
Dec. 31, 2004 through 2006.


SUCESS PIONEER: Commences Liquidation Proceedings
-------------------------------------------------
Success Pioneer Limited commenced liquidation proceedings on
December 18, 2007.

The company's liquidator is:

          Chung Cheuk Ming
          Room 1003-3
          10th Floor, Kowloon Building
          555 Nathan Road, Kowloon
          Hong Kong


TAKARA DIRECT: Proofs of Debt Due on January 28
-----------------------------------------------
The creditors of Takara Direct Limited are required to file
their proofs of debt by January 28, 2008, so they can be
included in the company's dividend distribution.

The company commenced liquidation proceedings on December 17,
2007.

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


TEMPLEPATRICK LIMITED: Proofs of Debt Due on January 28
-------------------------------------------------------
The creditors of Templepatrick Limited are required to file
their proofs of debt by January 28, 2008, so they can be
included in the company's dividend distribution.

The company's liquidator is:
          
          Sung Mi Yin
          Suite No. A. 11th Floor
          Ritz Plaza
          122 Austin Road, Tsimshatsui
          Kowloon, Hong Kong


THE SHOP OF GREEN: Proofs of Debt Due on January 28
---------------------------------------------------
The creditors of The Shop of Green & Found Limited are required
to file their proofs of debt by February 5, 2008, so they can be
included in the company's dividend distribution.

The company's liquidator is:
          
          Au Yan Alfred
          24th Floor
          Hang Wai Commercial Building
          231-233 Queen's Road East
          Wanchai, Hong Kong


TOMEN (H.K.): Liquidators Quit Post
-----------------------------------
On December 28, 2007, Rainier Hok Chung Lam and John James
Toohey stepped down as liquidators for Tomen (H.K.) Co  Limited,
which is undergoing liquidation.


TRW AUTOMOTIVE: Arm Completes Buyout of Delphi Corp.'s NA Brake
---------------------------------------------------------------
TRW Integrated Chassis Systems LLC, a subsidiary of TRW
Automotive Holdings Corp., has completed the purchase of a
portion of
Delphi Corporation's North American brake component machining
and module assembly assets, including production inventory, for
approximately $40 million.

As reported in the Troubled Company Reporter on Sept. 20, 2007,
TRW Automotive said that one of its subsidiaries has signed an
agreement with Delphi Corporation to purchase a portion of its
North American brake component machining and module assembly
assets.  

In addition to the asset purchase, the company has leased a
portion of Delphi's former brake manufacturing facility in
Saginaw, Michigan and commenced employment of hourly and
salaried employees at the site.

In conjunction with the asset purchase, TRW is supplying General
Motors with a portion of the business, predominantly braking
modules, formerly supplied by Delphi at the Saginaw facility.

                        About Delphi Corp.

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

                      About TRW Automotive

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive  
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries, including China, Brazil, Italy
and Germany.  TRW Automotive products include integrated vehicle
control and driver assist systems, braking systems, steering
systems, suspension systems, occupant safety systems (seat belts
and airbags), electronics, engine components, fastening systems
and aftermarket replacement parts and services

TRW Automotive Aftermarket provides high quality replacement
parts, service, diagnostics and technical support to both the
independent aftermarket and the vehicle manufacturer service
channels.  

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 3, 2007,
Fitch Ratings has affirmed its BB issuer default rating on TRW
Automotive Holdings Corp.


WORLD CONGRESS: Proofs of Debt Due on January 28
------------------------------------------------
The creditors of World Congress on Ageing and Dementia in
Chinese Communities Co. Limited are required to file their
proofs of debt by January 28, 2008, so they can be included in
the company's dividend distribution.

The company's liquidator is:
          
          Kenneth Raymond Deayton
          38th Floor, Tower One
          Lippo Centre
          89 Queensway, Hong Kong


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

DENA BANK: Fitch Upgrades Individual Rating to 'D' From 'D/E'
-------------------------------------------------------------
Fitch Ratings, on Jan. 4, 2007, upgraded Dena Bank's Individual
rating to 'D' from 'D/E' and affirmed its ratings, as follows:

   -- National Long-term rating at 'A+(ind)';

   -- INR3 billion unsecured subordinated Upper Tier 2 bonds at       
      'A(ind)';

   -- INR5bn certificates of deposit programme at 'F1+(ind)';  
      and

   -- Support rating at '4'.

Simultaneously, the agency has assigned ratings to the bank's
following debt programmes:

   -- INR4.5bn Lower Tier 2 debt programme at 'A+(ind)';

   -- INR1.25bn Upper Tier 2 debt programme at 'A(ind)'; and

   -- INR1.6bn perpetual Tier 1 debt programme at 'A(ind)'.

The Outlook on the ratings is Stable.

The upgrade of Dena's Individual rating reflects continued
improvements in the bank's asset quality and profitability.
Dena's reported asset quality ratios have improved significantly
over the past four years, reflected in the agency's upgrade of
the bank's Individual rating first in October 2006 to 'D/E' from
'E', and now to 'D' from 'D/E'.  Fitch notes that the operating
environment for Indian banks has become increasingly demanding
and while this could challenge further improvements in the
bank's asset quality and profitability, downward pressures on
Dena's Individual rating can be mitigated if the bank maintains
its asset quality.

While the bank's asset quality ratios have improved (gross NPL
ratio: 3.6% in H108 from 4% in FY07; net NPL ratio: 1.6% in H108
from 2% in FY07), the ratios remain higher than systemic medians
(FY07 gross NPL ratio: 2.6%, net NPL ratio: 1%).  Dena's
National ratings are also constrained by its small size relative
to the other government banks as well as its modest
capitalisation ratios.

The bank's Tier 1 ratio, although improved to 6.7% at H108 from
6.0% at FYE07 with plough back of net profits, remained below
average (FY07 systemic median: 8.2%).  The government's
shareholding in Dena (51.2%) is close to the legislative minimum
(51%), and hence, the bank's ability to raise common equity is
constrained.  While the ratio is above the current regulatory
minimum Tier 1 ratio (4.5%), the banks would be required to
maintain a minimum Tier 1 of 6% from FY10.  Furthermore, the
banks will have to adopt Basel 2 norms before FYE09.  An
increase in the risk weighted assets due to the basic indicator
approach for operational risk could reduce the reported capital
adequacy ratio by 100bps, although its impact would be partially
mitigated by some capital relief due to the standardised
approach for credit risk.  While the bank's internal capital
generation has improved, it could be insufficient to maintain
its capital adequacy ratio if credit growth continues to be
rapid. Dena intends to utilise available headroom to raise
hybrid capital to stay adequately capitalised.

Lower mark-to-market depreciation on available-for-sale
securities and loan loss provisions due to improving asset
quality helped Dena improve its return on assets to 0.9% for
H108, from 0.7% for FY07.  Nevertheless, Fitch notes that
further improvements in its ROA could be constrained by the rise
in borrowing costs.

Dena, established in 1938, is one of the smaller government
banks with a market share of about 1.1% of system-wide deposits.
Dena's network of 1,135 branches is primarily based in the
Western states of Gujarat and Maharashtra.  Dena has
traditionally focused on corporate lending, but in recent times
it is increasing its retail lending (representing 21% of gross
advances in H108).


GENERAL MOTORS: Lays-Off 450 Workers in St. Catharines, Ontario
---------------------------------------------------------------
A components plant and an engine plant of General Motors of
Canada Ltd. in St. Catharines, Ontario, will be displacing 450
employees for the first two weeks in January, Don Fraser of the
St. Catharines Standard reports.  GM's St. Catharines
spokeswoman Virginia Lewis said the plants will be temporarily
shut down to adjust inventory.

The paper relates that 420 workers at the engine plant, which
assembles GM's famous Vortec brand of engines, will be laid off
starting Jan. 6 until Jan. 13.  Roughly 30 workers at the
components plant, which produces high precision transmission
components and automotive forgings for North America, have
already been displaced on Jan. 2.  They will come back to work
on Jan. 13.

The tentative shuttering is related to GM's truck manufacturing
operation in Oshawa, the source says.

As reported in the Troubled Company Reporter on Dec. 11, 2007,
GM Canada disclosed plans of temporarily closing its truck
assembly plant in Oshawa, Ontario, for two weeks in January
2008, cutting roughly 8,800 truck output.  The move is a result
of the slow sales of Chevrolet Silverados and GMC Sierras in the
United States.

                  About General Motors of Canada

Headquartered in Oshawa Ontario, General Motors of Canada Ltd.
manufactures vehicles, vehicle powertrains, and markets the full
range of General Motors vehicles and related services through
743 dealerships and retailers across Canada.  Vehicles sold
through this network include Chevrolet, Buick, Pontiac, GMC,
Saturn, Hummer, Saab and Cadillac.  GM of Canada employs more
than 19,000 people nationwide.

                            About GM

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

                         *     *     *

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

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


GENERAL MOTORS: Reports 3.87 Million Vehicle Sale in 2007
---------------------------------------------------------
General Motors Corp. dealers in the United States delivered
323,453 vehicles in December, down 5% compared with a year ago.  
With 257,469 retail vehicle deliveries, retail sales for the
month were up 1.5%.

GM delivered 3.87 million vehicles in 2007, down 6% compared
with 2006.  GM's retail market share is anticipated to be flat
for the year, with daily rental share down significantly, as
planned.

"We've executed our Go-to-Market strategy throughout the year,
and the results show stabilized retail share and net price,
reduced daily rentals, improved residual values, smaller
inventories and outstanding launch vehicle performance," Mark
LaNeve, GM North America vice president, Vehicle Sales, Service
and Marketing, said.  "Growing our share in key car segments is
integral to our strategy.  The retail performance of the new
Chevrolet Malibu and Cadillac CTS, Saturn AURA, Pontiac G6 and
the fuel-efficient Chevrolet Aveo, Cobalt and Pontiac G5,
demonstrates the enthusiasm customers have for these outstanding
vehicles."

                 December Performance Highlights

   * Chevrolet, Pontiac, Buick, GMC and Saturn divisions saw   
     retail increases year-over-year;

   * GM's retail car deliveries increased 15% based on the  
     strength of the all-new Chevrolet Malibu, 2008 Cadillac CTS   
     and fuel-efficient Chevrolet Aveo, Cobalt, Pontiac G5 and
     G6.  Aveo sales were up 82%;

   * Chevrolet Impala and Malibu combined were 24,000 retail
     sales, the best Chevrolet mid-car month since July 2006;

   * Enclave, OUTLOOK and Acadia crossovers exceeded 14,000
     retail sales; GM's mid-utility crossover segment was up
     275%.  Enclave had a record month.

   * Chevrolet Silverado, Avalanche and GMC Sierra full-size
     pickups built retail market share with more than 69,000
     vehicles sold;

   * Retail vehicles, as a percent of total deliveries,
     increased more than 5 percentage points to 80%; and

   * Dealer inventories were down 147,000 vehicles year-over-
     year.

"The Malibu, CTS and Enclave have some of the fastest turn rates
in the industry and we've seen Malibu retail sales increase
nearly 100% compared with a year ago," Mr. LaNeve added.  "I was
particularly encouraged to see that even though we doubled
Malibu sales and basically sold them as soon as they hit dealer
lots, the Impala also had a terrific month.  More and more
customers are realizing that the best mid-car values are no
longer at an import dealership."

                   2007 Performance Highlights

   * Dealer inventories were at their lowest level going into
     January in 13 years;

   * GMC and Saturn divisions had total and retail increases for
     the year;

   * Enclave, OUTLOOK and Acadia crossovers exceeded 122,000
     retail sales; GM's mid-utility crossover segment was up
     333% retail;

   * Daily rental sales were reduced 108,000 vehicles; GM was at
     its lowest level of daily rental sales in 9 years (about
     596,000 vehicles), while significantly boosting content and
     resale value.  Commercial/government fleet sales were up
     about 5,000 vehicles

   * Anticipated retail share stabilized at about 21%; and

   * Retail vehicles, as a percentage of total deliveries,
     increased 1 percentage point to 74%.

"The Chevrolet Tahoe Hybrid and Malibu, Buick Enclave and
Cadillac CTS have been named finalists in the North America Car
and Truck of the Year Awards, so our vehicles are being
recognized as world-class," Mr. LaNeve said.  "While we've seen
a challenging market in 2007, we are offering shoppers the best
products and value available.  A shining example is Saturn's
roughly 12% retail increase in 2007, being driven by the AURA,
SKY, VUE and OUTLOOK.  We believe the industry will be much more
resilient than many forecasts and look forward to 2008."

                             About GM

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

                         *     *     *

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

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


IMAX CORP: U.S. Bank Denies Catalyst Fund's Default Claims
----------------------------------------------------------
IMAX Corporation said it received on Dec. 21, 2007, summons and
complaint from the trustee under the indenture governing the
company's senior notes.  The indenture trustee sought a
declaratory judgment confirming IMAX's position that The
Catalyst Fund Limited Partnership II has no basis for its legal
claims against IMAX under the indenture.

The trustee, U.S. Bank National Association said that despite
Catalyst's repeated claims to the contrary, absent a finding of
bad faith: (1) no event of default existed under the indenture
as of Nov. 6, 2007, (2) the maturity of the company's $160
million of 9-5/8% senior notes due Dec. 1, 2010, was not
accelerated as of Nov. 6, 2007, and (3) Catalyst has no basis
for legal action under the indenture.

On Oct. 29, 2007, IMAX received a letter from Catalyst, advising
the company that it had instructed the Depository Trust Company,
through its nominee Cede & Co., to issue immediately a notice of
acceleration to the company, pursuant to the indenture, to
accelerate the maturity of the principal amount of the Senior
Notes and any accrued interest.

The company had previously received seven purported notices of
default from Catalyst, who unsuccessfully opposed the company's
consent solicitation in April 2007.  The seven notices allege
that IMAX breached the financial reporting covenant and related
provisions under the indenture and that breaches constitute
defaults under the terms of the indenture.

On Sept. 7, 2007, Catalyst brought an action in the Ontario
Superior Court of Justice, seeking, among other things, a ruling
that IMAX is in default under the indenture.

According to the trustee, it is the company's position that no
default or event of default has occurred or is continuing under
the indenture, and accordingly no bondholder has the right to
deliver an acceleration notice and the purported acceleration
notice delivered by Catalyst is of no force or effect.  The
Trustee's complaint seeks a declaration confirming this
position.

                     About IMAX Corporation

Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ:IMAX) -- http://www.imax.com/-- is an entertainment
technology company, with emphasis on film and digital imaging
technologies including 3D, post-production and digital
projection.

IMAX is a fully-integrated, out-of-home entertainment enterprise
with activities ranging from the design, leasing, marketing,
maintenance, and operation of IMAX(R) theatre systems to film
development, production, post-production and distribution of
large-format films.  IMAX also designs and manufactures cameras,
projectors and consistently commits significant funding to
ongoing research and development.  IMAX has locations in
Guatemala, India, Italy, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 27, 2007,
Standard & Poor's Ratings Services revised its outlook on IMAX
Corp. to stable from positive.  S&P also affirmed the ratings on
the company, including the 'CCC+' corporate credit rating.  S&P
also lowered the rating on the $160 million unsecured notes due
2010 to 'CCC' from 'CCC+' based on its expectation of increased
borrowings under the senior secured facility, which would
diminish recovery prospects of unsecured debt holders.


SUN MICROSYSTEMS: Unit Wants To Launch Services in Provinces
------------------------------------------------------------
Sun Microsystems' Argentine general manager Alejandro Raffaele
told news daily La Nacion that it wants to expand into the
provinces through new distribution channels.

Sun Microsystems believes that there is potential for sales in
the agribusiness sector so it must expand the scope of its
channels, Business News Americas relates, citing Mr. Raffaele.

Mr. Raffaele thinks there are opportunities in the public sector
this year.  The public sector didn't invest as much in
information technology last year as expected due to presidential
elections.  Other industries with potential are the banking and
telecoms sectors, BNamericas states.

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

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

                       *     *     *

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

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


TATA STEEL: Forms 50:50 Coal Mining Joint Venture with SAIL
-----------------------------------------------------------
Steel Authority of India Limited (SAIL) and Tata Steel Limited
(Tata Steel) signed an agreement at New Delhi on Jan. 3, 2008,
to establish a 50:50 joint venture company for coal mining in
India, a company media release disclosed.

The JVC will identify, acquire and develop coal blocks in India.
Four suitable medium coking coal blocks in the State of
Jharkhand with reserves of around 600 million tonnes are under
evaluation for this purpose by a joint working group of SAIL and
Tata Steel.  On allotment of the blocks, the JVC will develop
and carry out mining operations for the captive use by SAIL and
Tata Steel.  Both the companies are expanding their steel making
capacities and require secure sources of key raw material inputs
like coking coal.

At the signing ceremony, Mr. Roongta said: "As India's steel
industry enters a high and sustainable growth phase, raw
material availability has assumed critical importance.  In order
to ensure security of coking coal supplies, it is imperative to
augment indigenous coking coal availability.  With both SAIL and
Tata Steel having distinct strengths in coal mining, this JVC
will generate synergy to ensure security of coking coal supplies
for both partners. "

On his part, Mr. Muthuraman stated: "India has very limited
reserves of hard and semi soft coking coal.  With the Indian
steel industry poised for a robust growth, it is imperative for
us to utilise this scarce resource in the best possible manner.
Both SAIL and Tata Steel have unique strengths and capabilities
and we see a strong case to synergise these complementary
strengths through this joint venture."

The tie-up will likely expand to other areas in the future.

"This is just the beginning of a collaboration that may result
in our joining hands for steelmaking and iron ore exploration in
future,” Indian Express quoted Mr. Roongta as saying.
Mr. Roongta told the news agency that there is also a
possibility of the JV going overseas to identify and develop
other mines because the reserves of India may not suffice both
companies' needs.

                          About SAIL

Steel Authority of India Limited (SAIL) is India's leading steel
producer with a turnover of over Rs. 39,000 crore. A fully
integrated iron & steel maker, it is ranked among the top five
profit making companies in India. SAIL manufactures and sells a
broad range of steel products, including hot/cold rolled
sheets/coils, galvanised sheets, electrical sheets, structurals,
railway products, plates, bars & rods, stainless steel and other
alloy steels. SAIL produces iron & steel at five integrated
plants and three special steel plants, located principally in
the eastern and central regions of India and situated close to
domestic sources of raw materials, including the company's
captive iron ore, limestone and dolomite mines. For further
information, please visit www.sail.co.in.

                       About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd, and changed the
outlook to negative from stable.


TATA POWER: Group Wants Electronic Division Tranferred to Nelco
---------------------------------------------------------------
The Tata Group is mulling the transfer of Power Company Ltd's
strategic electronic division to Nelco Ltd, also one of the
Group's companies, RTT News reports without citing a source.

According to the report, the Group believes SED's business
profile fits with Nelco, which presently supplies ground sensors
to the ministry of defense.   

Nelco was established in 1940 to manufacture consumer electronic
products.  The company later expanded its operations to
manufacture products used in industrial controls, power
electronics, V-SAT networks and automation.  

RTT, however, notes that an unnamed Tata Power spokesperson
denied plans to transfer SED to Nelco for the time being.

SED, RTT relates, currently has defense orders worth INR200
crore and has been shortlisted for Rashtriya Udyog Ratna status
so as to attract foreign investment.

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  The outlook is stable.  At the same time, the
rating on Tata Power's US$300 million senior unsecured bonds
have been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's has downgraded its senior unsecured
bond rating to B1 from Ba2.  The ratings outlook is negative.


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

BANK NIAGA: Partners Bakrie Telecom for Bill Payment Services
-------------------------------------------------------------
PT Bank Niaga Tbk and Bakrie Telecom collaborate in bill payment
service acceptance and purchase of Esia talk-time through
electronic delivery channel facility.  By this cooperation, the
customers of Bakrie Telecom who are also Bank Niaga's can do the
payment and purchase of talk-time mobile reload through 212
Niaga SSTs, Niaga Access 14041 (phone banking), Niaga
Global@ccess (internet banking) and Niaga Ponsel Access (mobile
banking).

The cooperation signing was held in Jakarta by Jastiro Abi,
Financial Director of PT Bakrie Telecom Tbk and Paul S.  Hasjim,
Head of IT & System of Bank Niaga.  This signing was witnessed
by Erik Meijer, Deputy President Director of PT Bakrie Telecom
Tbk and D. James Rompas, Vice President Director of Bank Niaga.

By this program, both parties are fully committed to always give
facilities, simplicity and added value to their customers.
Mr. Hasjim from Bank Niaga said that the people's need of
telecommunication now is higher.  To support their need, Bank
Niaga is demanded to give simplicity particularly through a
comprehensive electronic deliver channel facility provision.
Niaga e-Banking as a one stop service facility can be used by
Bakrie Telecom's customers to do bill payment and purchase of
mobile reload voucher.  Further, Mr. Hasjim said that besides in
electronic payment sector, Bank Niaga also collaborates with
Bakrie Telecom in SMS banking sector where ESIA's customers can
enjoy the facility of Niaga Ponsel Access by direct connection
to the 14041 single number with faster response time.

Moreover, Mr. Abi sees that a business potential can be
developed from this cooperation.  "The customers of ESIA
significantly grow every year.  And it has a greater area
served.  In 2007, we will expand our business to 17 national
cities, and by the end of the year, ESIA will be in 34 cities.  
Therefore our customers need a banking service to simplify their
activity to do bill payment or to get a talk-time facility.  It
is obviously seen that this cooperation is an opportunity for
both parties to increase the revenue,"said Mr. Abi.

To Mr. Abi, this cooperation will give simplicity to their
customers to enjoy the telecommunication service which is
provided by Bakrie Telecom.  "The customers no longer need to
queue in the bank and spend their time to go to BTEL Kiosk to
get talk-time facility or pay the bill of Esia, Wifone, or
Wimode.”

As a growing company, BTEL needs a trusted bank to serve the
need of its customers.  "The prospect of Bank Niaga is
excellence. That's why we choose Bank Niaga as our partner,"said
Mr. Abi.

                      About Bakrie Telecom

Bakrie Telecom is a pioneer in Indonesian telecomunication
industry and it becomes a leader in providing an economical  
telephone service to its customers in Indonesia. In its last
report, the number of its customer increased 126.6% in the 3rd
quarter of 2007 or 2.95 customers.

Company's net revenue as at September 2007 amounted to IDR848,8
trillion or 98,8 per cent higher than the previous period in
2006 (IDR426,9 trillion). It is also 72,1 per cent ahead of June
2007 (IDR493,2 trillion).

Whilst, BTEL's gross revenue reached its peak performance of
IDR989,2 trillion and was 68,2 per cent higher than the same
period last year (IDR588,2 trillion).

Outstanding performance was also seen at Company's net profit –
as at September 2007, it grew by 118,7 per cent to IDR113,5
trillion from IDR51,9 trillion. It also 166,2 per cent higher
than June 2007 (IDR42,6 trillion).

Company's EBITDA (Earnings Before Interest, Tax, Depreciation,
and Amortization) as at September 2007 amounted to IDR354,1
trillion or 78,6 per cent higher than September 2006 (IDR198,3
trillion). Further, EBITDA margin also increased from 33, 7 per
cent as at September 2006 to 35,8 per cent as at September 2007.

By adopting the Code Division Multiple Access (CDMA) 2000 1X
technology, now Bakrie Telecom is being a national phone
operator  through Esia, Wifone and Wimode. After giving service
in 3 provinces, this year Bakrie Telecom expands its network in
17 national cities. And at the presents, Bakrie Telecom opened
in 7 national cities: Surabya, Malang, Semarang, Solo,
Jogjakarta, Medan and Padang.

Further, Bakrie Telecom received trust from government to serve
direct international connection. Thus, it was not doubted that
Bakrie Telecom was proper to receive the Best Operator CDMA
2007.  Beside collaborate with Bank Niaga, BTEL also cooperate
with national banks such as Bank Mandiri, Permata, BCA, BNI,
Panin, NISP and Bukopin.

                        About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com/-- has a license to operate as a     
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator.  The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance.  As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                          *     *     *

The bank also has the following existing global scale ratings
assigned by Moody's Investors Service:

   -- issuer/foreign currency subordinated debt of Ba3;

   -- global local currency deposit of Baa3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime;

   -- and bank financial strength of D.

Fitch Ratings affirmed all the ratings of PT Bank Niaga Tbk as:
Long-term foreign Issuer Default ratings at 'BB-'; Individual at
'C/D'; and Support '4'.  The Outlook for the ratings was revised
to Positive from Stable.


BANK PERMATA: Signs Cooperation Agreement With Toyota Astra
-----------------------------------------------------------
PT Bank Permata Tbk has signed a cooperation agreement with
Toyota Astra Finance Services (TA Finance), Reuters Investing
Keys reports.

According to the report, the two companies will launch the TA
Personal Account, an online payment system for TA Finance's
customers through a virtual account and network distribution of
the bank.

Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's
-- http://www.permatabank.com/-- products and services include     
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking.  The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country.  The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.

As reported by the Troubled Company Reporter-Asia pacific on
Oct. 19, 2007, Moody's Investors Service raised the foreign
currency long-term debt and foreign currency long-term deposit
ratings of Bank Permata.

The detailed ratings are:

   -- The foreign currency long-term deposit rating was raised
      to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa3 global local currency deposit rating and D- BFSR were
      unaffected.


BAKRIE SUMATERA:Ups Shareholding in Agri Resources to 25%
---------------------------------------------------------
PT Bakrie Sumatera Plantations Tbk has increased its
shareholding in Agri Resources BV to 25% from 20%, Reuters
Investing Keys reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 6, 2007, Bakrie Sumatera plans to raise its current
20% stake in Agri Resources B.V. to 51%.

According to the TCR-AP, Bakrie Sumatera paid US$10 million for
a 20% stake in a US$100-million joint-venture company Agri
Resources.  Under the terms of the joint venture agreement,
Bakrie Sumatra will manage the acquired estates and will earn a
management fee of US$100 per annum per each hectare managed.  
Agri Resources' crude palm oil and palm kernel output will be
sold to Bakrie Sumatra, with prices reduced to US$10 for CPO and
5 dollars for kernel as marketing fee, the TCR-AP said.

Ambono Janurianto, a director of Bakrie Sumatera Plantations,
said they have the option to buy up to 51% in the first year,
the TCR-AP related.  He said they will exercise their option,
with expectation that it will take place before June 2008, the
report added.

Reuters relates that the company bought the new share at the
price of US$8,240,318.28.

Headquartered in Sumatra, Indonesia, PT Bakrie Sumatera
Plantations Tbk is Indonesia's third largest largest publicly
traded plantation company.  It is 54% owned by PT Bakrie &
Brothers Tbk, and its products include crude palm oil, palm
kernel oil and latex.  It was listed in 1990 on the Jakarta
Stock Exchange.

BSP carries Standard & Poor's Ratings Services' 'B' corporate
credit rating.  The outlook is stable.

The Troubled Company Reporter-Asia Pacific reported on Sep 28,
2007, that Standard & Poor's Ratings Services affirmed its 'B'
corporate credit ratings on Indonesia's PT Bakrie Sumatera
Plantations Tbk.  The outlook is stable.

On Sep 27, 2007, Moody's Investors Service has changed to
positive from stable the outlook for Bakrie Sumatera Plantations
Tbk's B2 corporate family rating and secured bond rating on its
US$160 million notes.


GAJAH TUNGGAL: Completes Rights Issue of 316,800,000 Shares
-----------------------------------------------------------
PT Gajah Tunggal Tbk  has completed its rights issue of
316,800,000 shares, Reuters Investing Keys reports citing an
Indonesia Stock Exchange report.

According to the report, as of December 28, 2007, the company's
shares listed on Indonesia Stock Exchange has increased to
3,484,800,000 shares.

Headquartered in Jakarta, Indonesia, PT Gajah Tunggal Tbk --
http://www.gt-tires.com/-- is primarily engaged in the  
production and marketing of a range of tires and inner tubes for
motorcycles, passenger cars, commercial cars, off the road
vehicles and industrial and heavy equipment vehicles.  Its
products are marketed to both domestic and international
markets, including Australia, the United States and other
countries in Asia and Europe.  These products can be purchased
in approximately 5,000 retail outlets around the world.  The
company's subsidiaries, which are engaged in the general trading
and financial services, the distribution sector and the chemical
industry, include GTT Netherlands B.V., GT 2005 Bonds B.V., PT
Prima Sentra Megah and PT Polychem Indonesia Tbk.  The company
operates a production facility in Tangerang.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 6,
2007, that Moody's Investors Service assigned a B2 senior
unsecured rating for PT Gajah Tunggal Tbk's proposed
US$95 million bonds.

At the same time, Moody's has affirmed GT's B2 corporate family
rating and the B2 senior unsecured rating for existing
US$325 million bonds, guaranteed by GT.  The outlook for all the
ratings is at present negative.

On Oct. 6, 2006, Standard & Poor's Ratings Services affirmed its
'B' long-term corporate credit rating on Gajah Tunggal.  The
outlook is stable.

At the same time, it affirmed the 'B' issue rating on the five-
year US$325 million senior unsecured bonds issued by GT2005
Bonds B.V., and irrevocably and unconditionally guaranteed by
Gajah Tunggal.


GOODYEAR TIRE: Jamaican Unit Won't Make Dividend Payments
---------------------------------------------------------
The Goodyear Tire & Rubber Company's board of directors have
decided that the firm won't pay dividends.

Radio Jamaica relates that the board made the decision during a
meeting on Dec. 13.  Radio Jamaica says the reasons for the
decision was not disclosed.

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

                       *     *     *

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


PERUSAHAAN LISTRIK: To Stop Cilacap Plant Power Operations
----------------------------------------------------------
PT Perusahaan Listrik Negara will stop its operations at its  
Cilacap coal-fired power plant in Central Java due to coal
shortage after bad weather delayed coal shipments, Thomson
Financial reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 4, 2008,  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.

PLN Transmission and Distribution Director Ali Herman Ibrahim ,
the TCR-AP related, said "There was a transportation problem
because of high waves that reached about 5-6 meters."

Company Spokesman Mulyo Aji told Thomson Financial that the
company will optimize power output from other plants that use
fuel oil to cover the shortfall that would arise from the
Cilacap shutdown.  “It means that our oil consumption will
rise,” he said.

According to the TCR-AP, 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.

                 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
=========

DELPHI CORP: Completes US$40 Mil. Sale of North American Brake
--------------------------------------------------------------
Delphi Corporation has completed the purchase agreement entered
with TRW Automotive Holdings Corp.'s subsidiary, pursuant to TRW
Integrated Chassis Systems LLC acquiring Delphi Corp.'s North
American brake component machining and module assembly assets,
including production inventory, for approximately US$40 million.

As reported in the Troubled Company Reporter on Sept. 20, 2007,
Delphi Corporation and TRW Automotive's subsidiary signed an
agreement in relation to the purchase of a portion of its North
American brake component machining and module assembly assets.  

In addition to the asset purchase, the company has leased a
portion of Delphi's former brake manufacturing facility in
Saginaw, Michigan and commenced employment of hourly and
salaried employees at the site.

In conjunction with the asset purchase, TRW is supplying General
Motors with a portion of the business, predominantly braking
modules, formerly supplied by Delphi at the Saginaw facility.

                      About TRW Automotive

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive  
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries.  TRW Automotive products include
integrated vehicle control and driver assist systems, braking
systems, steering systems, suspension systems, occupant safety
systems (seat belts and airbags), electronics, engine
components, fastening systems and aftermarket replacement parts
and services

TRW Automotive Aftermarket provides high quality replacement
parts, service, diagnostics and technical support to both the
independent aftermarket and the vehicle manufacturer service
channels.  

                        About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expired 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: Court Approves Unit's Sale to Inteva for US$106MM
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has approved the sale of Delphi Corp. and its debtor-affiliates'
Interiors and Closures Businesses to Inteva Products, LLC, and
its affiliates for about US$106 million, pursuant to the Master
Sale and Purchase Agreement, dated October 15, 2007.

The Debtors told the Court at the Jan. 25, 2007 sale hearing
that no higher and better offers have been made.

The Court notes that the entry of the Sale Order will not modify
the terms and conditions applicable to the parts designated in
the agreements to be assumed and assigned to Inteva.  Siemens
VDO Automotive AG, Siemens VDO Automotive Corp., Siemens
Electric Ltd, and Siemens VDO Automotive Inc., now known as
Siemens VDO Automotive Canada Inc., each, as applicable,
expressly reserve its rights and defenses in this regard.

In connection with the sale, the Debtors are authorized, but not
directed, to enter into and perform under the sixth amendment of
lease, dated Sept. 28, 2007, by and between DAS LLC and 1401
Troy Associates Limited Partnership, covering certain premises
located at 1401 Crooks Road, Troy, Michigan.

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 expired 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: IUE-CWA Objects to Employee Compensation Programs
--------------------------------------------------------------
The International Union of Electronic, Electrical, Salaried,
Machine and Furniture Workers-Communications Workers of America
does not object to the confirmation of Delphi Corp. and its
debtor-affiliates' Joint Plan of Reorganization, but objects to:

   (i) the Management Compensation Plan, which was attached to
       the Plan, and

  (ii) the Salaried Employee Compensation Program, which was
       described in the Disclosure Statement with respect to the
       Plan.

Thomas M. Kennedy, Esq., at Kennedy, Jennik & Murray, P.C.,
notes that through the duration of the Chapter 11 cases, the
Debtors' management employees have continued to receive their
salaries and benefits as well as overly generous performance
awards through an annual incentive program.  On the other hand,
Delphi's union members have made deep and irreversible
sacrifices to ensure the survival of the companies, he points
out.

The Debtors, on Oct. 13, 2005, sought the Court's approval of a
Key Employee Compensation Program, which included enhanced
income to the Debtors' management during the Chapter 11 process
through the implementation of the AIP.  The KECP Motion also
included a forward looking proposal to grant, upon emergence
from Chapter 11, an emergence bonus plan consisting of both cash
and equity.  The KECP had three parts: the annual incentive
program, an emergence bonus plan, and a prepetition severance
plan.

Mr. Kennedy notes that the current proposed MCP/SECP contains
similar elements, with a short-term incentive plan, long-term
incentive plan, and a Chapter 11 Effective Date Executive
Payment program -- formerly the Emergence Cash Plan.

The AIP is the only part of the KECP which has been approved by
the Court.  The Debtors, Mr. Kennedy points out, acknowledge in
the Disclosure Statement that the longer term elements of the
originally proposed compensation program, i.e., cash payments on
the Effective Date and long-term equity grants for post-
emergence periods, were deferred to the plan confirmation
process.

Thus, Debtors are estopped from arguing that the initial
proposal established reliance interests which would justify
inequitable and excessive executive compensation, Mr. Kennedy
asserts.

The Debtors may not establish binding plan elements before the
creation and introduction of the Plan, Mr. Kennedy avers.  He
notes that motions made under Section 363 of the Bankruptcy Code
are not available "to short circuit the requirements of a
reorganization plan by establishing the terms of the plan sub
rosa in connection with a proposed transaction."

The Debtors' proposal for emergence cash and equity grants in
the initial KECP Motion -- which was never granted by the Court
-- can not now be used to dictate terms to the Court or the
creditors, Mr. Kennedy argues.  "It is now the appropriate
moment for the Court to determine whether the Debtors' proposal
regarding executive compensation is equitable."

Mr. Kennedy points out that the purposes of the KECP -- to
retain and incentivize employees during the restructuring period
-- have been met through the implementation of the AIPs.  He
contends that the proposed MCP/SECP is an unreasonable transfer
of wealth directly from the creditors, and at the expense of the
workers, and in its current form it is manifestly inequitable.

"The Court should independently weigh the equity of delivering
to the executives a platinum compensation plan where the
survival of the companies is due to the sacrifices of its
workers."

While the initial KECP proposal was overreaching and greeted
with scorn, the final proposed MCP/SECP, rather than recognizing
the need and equity of a shared sacrifice, includes new
provisions causing it to be even more inequitable, Mr. Kennedy
points out.  "The proposed MCP/SECP should be rejected in its
current form."

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 expired 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)


ELPIDA MEMORY: Makes Personnel Changes for January 2008
-------------------------------------------------------
Elpida Memory, Inc., has made some changes in its executive
management sales team to help strengthen the company's global
sales and marketing operations.  The changes took effect on
January 1.

   * Tatsuya Iida -- is now the appointed Deputy Chief Sales
     Officer for Elpida Memory Inc.  He was the President and
     CEO of Elpida Memory (USA) Inc.

   * Oliver Chang -- is now President and CEO of Elpida Memory
     (USA) Inc. and previously the President, Elpida Memory
     (Hong Kong) Co., Ltd.

   * Sam Kin Keon -- is now the President, Elpida Memory (Hong
     Kong) Co., Ltd. and President of Elpida Memory (Singapore)
     Pte. Ltd. and was formerly the Deputy Managing Director of
     Elpida Memory (Singapore) Pte. Ltd.

Elpida also made some executive appointments:

   * Jiro Yamamoto -- is appointed as the Executive Officer at
     the Business Development Office and he was formerly the
     Director of Hiroshima Elpida, Hiroshima Plant Manager,
     Executive Officer of Elpida.

   * Hideki Gomi -- is now the Director of Hiroshima Elpida,
     Hiroshima Plant Manager, and Executive Officer of Elpida.    
     He used to be the Executive Officer of the Technology &
     Development Office.

Elpida Memory, Inc. is a Japan-based company principally
engaged in the development, design, manufacture and sale of
semiconductor products, with a focus on dynamic random access
memory (DRAM) silicon chips. The Company offers its DRAM
products to companies in the server, digital consumer
electronics, mobile phone, personal computer (PC) and foundry
markets. Elpida Memory has two domestic subsidiaries, which are
engaged in the manufacture of DRAM products, and five overseas
subsidiaries, which specialize in the sale of DRAM products to
the Company's overseas customers, in the United States, Europe,
Singapore, Taiwan and Hong Kong. Through its associated
company, Tera Probe, Inc., Elpida Memory is engaged in the
wafer testing process. Headquartered in Tokyo, the Company has
seven subsidiaries and one associated companies.

       Seimei Yaesu Building 3rd Fl. 2-2-1 Yaesu
       Chuo-ku,  TKY  104-0028
       JPN +81-3-32811500 (Phone)

The Troubled Company Reporter-Asia Pacific reported on Dec. 10,
2007, that Standard & Poor's Rating Services assigned a BB-
for Elpida Memory Inc.'s long-term corporate credit rating with
a stable outlook reflecting the company's heavy financial
burden which is required to make regular large investments to
maintain and improve its competitiveness.


FORD MOTOR: 2007 Sales Decreases by 12% at 2.57 Million
-------------------------------------------------------
Ford Motor Company's full-year 2007 sales totaled 2.57 million,
down 12% compared with a year ago.  Retail sales were down 10%
and fleet sales were down 18% (including a 32% reduction in
daily rental sales).  More than two thirds of Ford's sales
decline reflected discontinued products.

Ford's December sales totaled 212,094, down 9% compared with a
year ago.  Retail sales were down 13% and fleet sales were down
1%.

Led by two new and three redesigned models, Ford, Lincoln and
Mercury crossover utility vehicles paced the industry's fastest-
growing segment with a gain of 62% in 2007, more than triple the
industry-wide growth of 17%.  In its first full year, Ford Edge
sales were 130,125, exceeding Ford's original forecast by 30%.  
In December, Edge capped off the year with its best-ever retail
sales month.

"Ford Edge is a great example of our plan to build products
people really want to buy," Jim Farley, Ford's group vice
president, Marketing and Communications, said.  "Demand is
growing at a fast pace beyond the nation's heartland, our
traditional region of strength."

Ford expects continued growth in crossovers in 2008 with the
mid-year introduction of the Ford Flex.

Lincoln achieved full-year sales of 131,487, a 9% increase
versus 2006.  The Lincoln MKX crossover was the largest
contributor to Lincoln's growth, but the MKZ sedan and Lincoln
Navigator also helped spur Lincoln's momentum, which began in
late 2006.  The next new Lincoln was revealed at the Los Angeles
Auto Show in November -– the MKS sedan that will debut this
summer.

Sales for the new Ford Focus were up 3% in December (9% at
retail).  Focus sales were up 18% in November, the first full
month for the new model.

Ford's F-Series truck was America's best-selling truck in 2007
–- the 31st year in a row –- with full year sales of 690,589.  
F-Series was also the best-selling vehicle, car or truck, for 26
years in a row.

                          2008 Outlook

Ford expects the economic environment to remain challenging in
2008.  Ford has said it expects the first half U.S. auto sales
rate to be in the range of 15.5 to 16.0 million in the first
half (light vehicle sales in the range of 15.2 to 15.7 million).

"We are restructuring our business to be profitable at lower
demand and changed mix and accelerating the development of new
products people want to buy," Mr. Farley said.  "We have more
work to do to reach our ultimate goal –- profitable growth for
all.  But we have made progress in a short amount of time in
several key areas."  

                           About Ford

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

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

                          *     *     *

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


FORD MOTOR: Singles Out Jaguar & Land Rover Bidder Tata Motors
--------------------------------------------------------------
Lewis Booth, executive vice president for Ford of Europe and
Premier Automotive Group (Chairman – Jaguar, Land Rover, Volvo
and Ford of Europe) issued a statement on the potential sale of
Fors Motor Co.'s Jaguar and Land Rover brands:

"Ford is committed to focused negotiations at a more detailed
level with Tata Motors Ltd. concerning the potential sale of the
combined Jaguar Land Rover business."

"There is still a considerable amount of work to do, and 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."

                           About Ford

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

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

                          *     *     *

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


IHI CORP: May Be Probed for Falsifying Financial Statements
-----------------------------------------------------------
IHI Corp may be investigated for falsifying earnings reports
after it corrected financial statements last month, Finbarr
Flynn of Bloomberg News reports, citing The Asahi newspaper.

The Asahi, states Bloomberg, recalls that IHI faces a fine of as
much as JPY1.7 billion if the Securities and Exchange
Surveillance Commission finds that it falsified its financial
figures.

According to Asahi's sources, IHI may have misstated its
earnings when it raised JPY64 billion selling stock, relates
Bloomberg.

In a statement on Dec. 27, IHI said it submitted corrected
financial reports for the first half through September 30,
2006, the full-year through March 31 last year and the latest
interim earnings to the finance ministry, notes Bloomberg.

                       About IHI Corp.

Based in Tokyo, Japan, IHI Corporation, -- http://www.ihi.co.jp
-- formerly Ishikawajima-Harima Heavy Industries Co., Ltd., is
a Japan-based company engaged in six business segments.  The  
Logistics and Steel segment offers concrete products, automated
storages, loaders and others.  The Machinery segment offers  
plastic processing machines, industrial boilers, pumps and  
others.  The Energy Plant segment develops waste incineration  
facilities, nuclear power plants, thermal power plants and  
process plants, water treatment plants, renewable power plants  
and other facilities.  The Aerospace segment produces aircraft  
engine parts and provides aircraft maintenance services.  The  
Ship and Offshore segment builds container ships, bulk
carriers, tankers and other ships, as well as develops marine
equipment and machinery and provides design and engineering
services.  The Others segment provides real estate, financial
and insurance services.

The Troubled Company Reporter-Asia Pacific reported on
July 13, 2007, that Standard & Poors Rating Agency affirmed its
BB+ long-term corporate credit rating with a positive outlook.


MAZDA MOTOR: December Sales for U.S. Unit Down by 25.2%
---------------------------------------------------------------
Mazda Motor Corp.'s U.S. sales of cars and light trucks for
December 2007 increased to 25.2% compared to December 2006,
Reuters reports.

Domestic truck sales surged 110.0% to 1,539 units from 733
units last year, domestic car dipped to 4,793 units from the
previous year's 5,866 units, a 18.3% decrease.

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its  
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                       *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating and the company's long-term senior unsecured debt
to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve
operating and financial performance in the nine months ended
Dec. 31, 2006, owing to an improved sales mix and favorable
foreign exchange rates.  Although the EBITDA margin of about 6%
remains lower than most of its Japanese peers, profitability is
steadily improving.  Mazda is now focusing on certain segments
instead of attempting to compete as a full-line producer.  The
company also has excellent product engineering capabilities.


MITSUBISHI MOTORS: November 2007 Global Output Rises 6.8%
---------------------------------------------------------
Mitsubishi Motors Corporation disclosed its global production,
as well as domestic sales and export figures for November 2007.

Total global production came in at 126,851 units, an increase
of 6.8% over November 2006 and marking the ninth consecutive
monthly increase since March this year.  Production volume in
Japan increased 6.2% to 76,126 units, the 14th consecutive
month of year-on-year growth and marking a new record for
November since Mitsubishi Motors spun off its truck and bus
operations in 2003.  This growth was driven by a 36.7% increase
in output (26,552 units) of the New Lancer for the Russian,
North American, and Middle East and African markets and by a
60.4% increase in output (15,252 units) of the New Outlander
for the European and Chinese markets.

                       Sales in Japan

Vehicle sales in Japan in November totaled 18,938 units, a
11.0% decrease year-on-year.  Passenger car (registrations and
mini-car) sales of 13,264 units and commercial vehicle sales of
5,674 units were 15.7% down and 2.1% up respectively on the
same month last year.  Total registered vehicle sales were
17.5% up year-on-year driven mainly by the recently introduced
Galant Fortis.  Total mini-car sales were 22.1% down.

                     Production overseas

Overseas production volume totaled 50,725 units, 7.8% up over
November last year and marked the third consecutive monthly
increase since September this year.  In Asia production at
33,653 units was 21.7% up on November 2006, driven mainly by
higher output at China Motor Co., Ltd. in Taiwan and at South
East (Fujian) Motor Co., Ltd. in China.  In Europe production
came in at 6,618 units or 7.1% down on last year's figure.  In
North America production at 5,123 units was 39.8% down on last
year.

                  Export shipments from Japan

Total exports from Japan of 46,292 units were 7.0% up on
November 2006, marking the 13th consecutive month of
year-on-year increases and setting a new record for November
since Mitsubishi Motors spun off its truck and bus operations
in 2003.  Exports to Asia of 4,497 units marked a substantial
124.1% increase over the same period last year thanks to firm
sales of the New Outlander to China and to the introduction of
the New Lancer in Singapore.  Exports to North America of 3,983
units were 33.2% down on November 2006, this decline being a
reflection of last year's sales surge seen with the
introduction of the New Outlander and a result of a shortage of
shipping space this year.

                     About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands,
the Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook.  
Also, R&I affirmed its 'B' rating for its domestic commercial
paper program.  The upgrade in rating, according to the report,
is due to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite
difficult domestic market conditions caused by factors like
shrinking vehicle demand, Mitsubishi Motors has managed to
leverage new model introductions to gradually restore its
earnings base.


MITSUBISHI MOTORS: U.S. December 2007 Sales Down 40.4%
------------------------------------------------------
Mitsubishi Motors Corp.'s U.S. sales of cars and light trucks
has dipped 40.4% for the month of December 2007, Reuters
reports.

According to the report, domestic car and truck sales totaled
5,904 units for December 2007 as compared to the 9,910 units of
last year.

Domestic car sales slid 52.2% to 2,180 units from the same
period last year's 4,563 units, domestic trucks also went down
by 40.6% to 993 units sold from 1,673 units of December 2006.

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands,
the Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook.  
Also, R&I affirmed its 'B' rating for its domestic commercial
paper program.  The upgrade in rating, according to the report,
is due to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite
difficult domestic market conditions caused by factors like
shrinking vehicle demand, Mitsubishi Motors has managed to
leverage new model introductions to gradually restore its
earnings base.


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

EG SEMICON: Completes Bonus Issuance of 22,810,632 Common Shares
----------------------------------------------------------------
EG Semicon Co. Ltd. has completed the bonus issue of its
22,810,632 common shares, Reuters Investing Keys reports.

According to the report, this brings the total number of the
company's outstanding common shares to 68,581,896.

The confirmed listing date of the new shares is January 9, 2008,
the report adds.

EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures   
liquid crystal displays.  The company is headquartered in
Gyeongsangbuk Province, Korea.  It operates two factories in
Korea and one in China.

On January 4, 2008, the Troubled Company Reporter-Asia Pacific
reported that EG Semicon Co. has a shareholders' equity deficit
of US$12.34 million on total assets of US$166.70 million.


EVEREX INC: Disposes Shares to Raise Fund
-----------------------------------------
Everex Inc. has disposed 2,502,402 shares of its common stock,
Reuters Investing Keys reports.

According to the report, this company move aimed to raise
KRW4.3 billion for operational funds.

Based in Gyeonggi Province, Korea-based Everex Inc. is engaged
in the manufacturing of semiconductor manufacturing equipment
and parts.  The company provides four main products: track
systems, which are designed to coat and develop photoresist
patterns in wafers; degas systems, which prevents uneven
photoresist dispensing; track modify systems, which are used to
configure ultraviolet processing, and other devices, including
module testers, impedance systems and chip testers.

The Troubled Company Reporter-Asia Pacific reported on
January 4, 2008, that Everex Inc. has a shareholders' deficit
of US$0.66 million on assets of US$35.66 million.


EVEREX INC: Converts Eighth Bonds with Warrants into Shares
-----------------------------------------------------------
Everex Inc's  KRW940,700,000 worth of its eighth bonds with
warrants have been converted for 713,732 shares of the company,
Reuters Investing Keys reports.

According to the report, the exercise price is KRW1,318 per
share.

It brings the total number of the company's outstanding shares
to 25,763,589, the report notes.

Reuters relates that the new shares will be listed on January 9,
2008.

Based in Gyeonggi Province, Korea-based Everex Inc. is engaged
in the manufacturing of semiconductor manufacturing equipment
and parts.  The company provides four main products: track
systems, which are designed to coat and develop photoresist
patterns in wafers; degas systems, which prevents uneven
photoresist dispensing; track modify systems, which are used to
configure ultraviolet processing, and other devices, including
module testers, impedance systems and chip testers.

The Troubled Company Reporter-Asia Pacific reported on
January 4, 2008, that Everex Inc. has a shareholders' deficit
of US$0.66 million on assets of US$35.66 million.


GENEXEL-SEIN: Gets Patent for Covering Molecules
------------------------------------------------
Genexel-Sein Inc. has been granted a patent on December 18,   
2007, Reuters Investing Keys reports.

According to the report, the patent is for covering chimeric
coiled-coil molecules.

Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is
a manufacturer specialized in the provision of medical devices.
The company provides its products under two categories: blood
pressure monitors and transcutaneous electrical nerve
stimulators.  Its blood pressure monitors include digital,
digital wrist, aneroid, mercury, semi-automatic and automatic
blood pressure monitors used in homes and medical institutions.
Its TENS are used to treat low back pain, myofascial and
arthritic pain and others.

On July 31, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating with a stable
outlook.


REMY WORLD: Court Issues Final Decree Closing 27 Bankr. Cases
-------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware issued a final decree closing the
Chapter 11 cases of 27 Reorganized Debtors:

    Entity                                         Case No.
    ------                                         --------
    Ballantrae Corporation                         07-11482
    HSG I, Inc.                                    07-11483
    HSG II, Inc.                                   07-11484
    International Fuel Systems, Inc.               07-11485
    iPower Technologies, Inc.                      07-11486
    M. & M. Knopf Auto Parts, L.L.C.               07-11487
    Marine Corporation of America                  07-11488
    NABCO, Inc.                                    07-11489
    Power Investments Marine, Inc.                 07-11490
    Power Investments, Inc.                        07-11491
    Powrbilt Products, Inc.                        07-11492
    Publitech, Inc.                                07-11493
    Reman Holdings, L.L.C.                         07-11494
    Remy Alternators, Inc.                         07-11495
    Remy India Holdings, Inc.                      07-11496
    Remy International Holdings, Inc.              07-11498
    Remy Korea Holdings, LLC                       07-11499
    Remy Logistics, L.L.C.                         07-11500
    Remy Powertrain, L.P.                          07-11501
    Remy Reman, L.L.C.                             07-11502
    Remy Sales, Inc.                               07-11503
    Remy, Inc.                                     07-11504
    Unit Parts Company                             07-11505
    Western Reman Industrial , Inc.                07-11506
    Western Reman Industrial, LLC                  07-11507
    World Wide Automotive, L.L.C.                  07-11508
    World Wide Automotive Distributors, Inc.       07-11509

The 27 Reorganized Debtors will complete all remaining quarterly
reports and pay all quarterly fees due and owing to the U.S.
Trustee by Jan. 20, 2008.

Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc.  Remy International --
http://www.remyinc.com/-- manufactures, remanufactures and  
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide component
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.  Remy has operations in the United Kingdom, Mexico
and Korea, among others.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509).  Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts.  Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors.  The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is AlixPartners,
LLC.   Greenbert Traurig, LLP is the Debtors' special corporate
advisory and litigation counsel, and Ernst & Young LLP their
accountant, auditor and tax services provider.

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News, Issue No. 10;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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

PAN MALAYSIAN: Implements Proposed Capital Reconstruction
---------------------------------------------------------
Pursuant to the Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, Pan Malaysian
Industries Berhad implements its Proposed Capital Reconstruction
consisting of:

    (i) the reduction of share capital pursuant to Section 64(1)
        of the Companies Act 1965 involving the reduction of the
        par value of each existing ordinary share of Pan
        Malaysian Industries Berhad from MYR0.50 to MYR0.05 via
        the cancellation of MYR0.45 of the par value of each
        existing ordinary share of MYR0.50 each in issue (Par
        value reduction);

   (ii) the consolidation of two ordinary shares of MYR0.05 each
        (after the par value reduction) into one ordinary share
        of MYR0.10 each in Pan Malaysian Industries resulting in
        the revision in the number of shares from 2,479,324,224
        ordinary shares of MYR0.05 each amounting to
        MYR123,966,211 to 1,239,662,112 ordinary shares of
        MYR0.10 each amounting to MYR123,966,211 (share
        consolidation);

  (iii) reduction of the share premium account of Pan Malaysian
        Industries Berhad.

In connection to the Capital Reconstruction and Share
Consolidation undertaken by the Company as a SPEEDS Corporate
Exercise, the Bourse stressed that:

     (a) on or after the ex-date Jan. 3, 2008, trading of the
         Company's shares will be based on the newly adjusted
         share after the Capital Reduction and Share
         Consolidation of its shares; and

     (b) on the basis of settlement taking place on or after
         Jan. 8, 2008, with consolidated Pan Malaysian shares of
         MYR0.10 each, any entitled shareholder who owns Pan
         Malaysian shares as at ex-date may sell only up to the
         maximum Pan Malaysian shares he expects to receive
         after the Capital Reduction and Share Consolidation.

With the adjustments pursuant to the Capital Reduction and Share
Consolidation effected on PMI shareholders’ CDS account at the
end of the Books Closure Date, which is from Jan. 3, 2008 until
Jan. 7, 2008, an entitled shareholder may use the following
basis to estimate the maximum number of PMI shares that he may
sell:

    Number of PMI Shares that maybe = Numbers of Shares held x
                                      0.5 sold on Jan. 3 until
                                      Jan. 7, 2008

In addition, the Company told all participating organizations to
caution all dealers and remisiers that they are only entitled to
sell maximum of 50% of shares owned and were advised to take
note on the adjustments to PMI warrants which will take effect
on the same date.    


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

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


TALAM CORPORATION: Gives Update on Europlus Merger Status
---------------------------------------------------------
On Sept. 28, 2007, Talam Corporation Berhad informed the Bourse
that the Securities Commission has given a time extension of
until June 23, 2008, for Talam Corp. and Europlus Berhad to
comply with the SC-imposed conditions for the proposed merger of
their property related businesses.

Under the SC's approval for the time extension, Talam is
required to make an announcement on the status of compliance on
a quarterly basis.

In an update, Talam Corp. disclosed the current status of the
conditions imposed by the Securities Commission on the
properties of Talam:

PROPERTIES DESCRIPTION
   
(1) P.T. 2730, Mukim of Hulu Yam, District of Hulu Selangor  
    Selangor.  

    Condition: The ownership of the property must be transferred
    to Ulu Yam Golf & Country Club Sdn Bhd

    Status: The amount owed by Talam Corp. to SAP Holdings
    Berhad with respect to this property was MYR7.2 million. In
    addition to the amount owed, Talam also owes SAP some amount
    with respect to other properties.

    Talam has settled the owed amount to SAP on Dec. 21, 2007.

In addition, Talam is currently negotiating with Kumpulan Darul
Ehsan Berhad and Pendidikan Industri YS Sdn Bhd to dispose off
this property in settlement of amounts owing from Talam group to
KDEB and PIYS.

The ownership of this property shall be transferred directly to
KDEB upon the settlement agreement being completed.

Talam expects to enter into the settlement agreement with KDEB
and PIYS in the 1st quarter of 2008.

(2) State Land Lots 610 and 615, Section 67, Town and District
    of Kuala Lumpur.

    Conditions: The outstanding land alienation premium must be
    settled.

    Status: On May 18, 2007, Ambang Vista Sdn Bhd, a subsidiary
    of KEB, entered into a sale and purchase agreement with
    Tekal Perkasa Sdn Bhd, to dispose of Lots 610 and 615.

    The disposal was completed on Dec. 17, 2007.  As such, the
    Securities Commission’s condition with respect to this
    property is no longer applicable.


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

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


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

CLEAR CHANNEL: Donald Perry to Quit as President & CEO
------------------------------------------------------
Clear Channel Communications reported that Donald D. Perry,
president and chief executive officer of Clear Channel
Television, will depart the company to pursue the next phase of
his broadcast career.  Craig Millar, Senior Vice President,
Southern Region will assume Mr. Perry's duties on an interim
basis until a new president and chief executive officer is
named.

"Don has made significant contributions to Clear Channel, to
CCTV, and to the television industry during his long tenure with
our company," said Mark Mays, president and CEO of Clear Channel
Communications, to whom Perry reports.  "He's a seasoned
executive and we anticipate that his high standards and
professionalism will ensure continued industry contributions.
We sincerely thank him and wish him well in his future
endeavors."

Mr. Perry was named to his current position in January 2006, and
had served as executive vice president and chief operating
officer of the division since 2005.  He has also served as vice
president and general manager of WOAI-TV since 1996, and as
Southwest regional vice president of Clear Channel.

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 20, 2007, Standard & Poor's Rating Services has lowered its
issue-level ratings on Clear Channel Communication Inc.'s
roughly US$6.32 billion of existing senior unsecured notes to
'B-', two notches below the corporate credit rating, from 'B+'.
All ratings remain on CreditWatch with negative implications,
where they were originally placed on Oct. 26, 2007, pending the
completion of Clear Channel's LBO.


CLEAR CHANNEL: Gets Consents in Tender Offers for Senior Notes
--------------------------------------------------------------
Clear Channel Communications, Inc. has received tenders and
consents representing a majority of its outstanding 7.65% Senior
Notes due 2010 (CUSIP No. 184502AK8).  The company also
announced that its subsidiary, AMFM Operating Inc., has received
tenders and consents representing a majority of its outstanding
8% Senior Notes due 2008 (CUSIP No. 158916AL0), all pursuant to
the previously announced cash tender offers and consent
solicitations for the CCU Notes and the AMFM Notes.

As of 5:00 p.m., New York City time, on Dec. 31, 2007, the
company had received tenders and consents in respect of
US$710,729,000 of the outstanding principal amount of CCU Notes
(or approximately 94.76% of the aggregate principal amount), and
AMFM had received tenders and consents in respect of
US$555,582,000 of the outstanding principal amount of AMFM Notes
(or approximately 86.16% of the aggregate principal amount).

As a result of the receipt of the requisite consents for the CCU
Notes, the company expects to enter promptly into a supplemental
indenture incorporating the Clear Channel proposed amendments,
which eliminate substantially all of the restrictive covenants
and the covenants regarding mergers and consolidations
contained in the CCU Notes and in the indenture governing the
CCU Notes applicable to the CCU Notes, eliminate certain events
of default, and modify or eliminate certain other provisions,
including certain provisions relating to defeasance, contained
in the CCU Notes and in the indenture governing the CCU Notes
applicable to the CCU Notes.  As a result of the receipt of the
requisite consents for the AMFM Notes, AMFM expects to enter
promptly into a supplemental indenture incorporating the AMFM
proposed amendments, which eliminate substantially all of
the restrictive covenants and the covenants regarding mergers
and consolidations contained in the AMFM Notes and in the
indenture governing the AMFM Notes, eliminate certain events of
default, and modify or eliminate certain other provisions,
including certain provisions relating to defeasance and
providing for guarantees, contained in the AMFM Notes and in the
indenture governing the AMFM Notes.  Each supplemental indenture
will become operative upon acceptance and payment of the
tendered notes by AMFM or Clear Channel, as applicable.

The company and AMFM have decided to extend the consent payment
deadlines in connection with the tender offers and the consent
solicitations.  The new consent payment deadline for each series
of Notes is 8:00 a.m. EST on Jan. 16, 2007, which is the same
time as each tender offer expiration date.  Each of the consent
payment deadline and the tender offer expiration date is subject
to extension by AMFM, with respect to the AMFM Notes, and Clear
Channel, with respect to the CCU Notes, in their sole
discretion.  As a result of the extension of the consent
payment deadlines, all holders that validly tender their notes
in each tender offer will be eligible to receive the applicable
total consideration offered, including the applicable consent
payment.

In each case, holders whose Notes are accepted for payment in
the tender offers will receive accrued and unpaid interest in
respect of such purchased Notes to, but not including, the
applicable settlement date.

The Clear Channel tender offer and consent solicitation is being
made pursuant to the terms and conditions set forth in the Clear
Channel Offer to Purchase and Consent Solicitation Statement for
the CCU Notes dated Dec. 17, 2007, and the related Letter of
Transmittal and Consent.  The AMFM tender offer and consent
solicitation is being made pursuant to the terms and conditions
set forth in the AMFM Offer to Purchase and Consent Solicitation
Statement for the AMFM Notes dated Dec. 17, 2007, and the
related Letter of Transmittal and Consent.

Clear Channel has retained Citi to act as the lead dealer
manager for the tender offers and lead solicitation agent for
the consent solicitations and Deutsche Bank Securities Inc. and
Morgan Stanley & Co. Incorporated to act as co-dealer managers
for the tender offers and co-solicitation agents for the consent
solicitations.  Global Bondholder Services Corporation is the
Information Agent for the tender offers and the consent
solicitations.  Questions regarding the transaction should
be directed to Citi at (800) 558-3745 (toll-free) or (212) 723-
6106 (collect).  Requests for documentation should be directed
to Global Bondholder Services Corporation at (212)430-3774 (for
banks and brokers only) or (866) 924-2200 (for all others toll-
free).

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 20, 2007, Standard & Poor's Rating Services has lowered its
issue-level ratings on Clear Channel Communication Inc.'s
roughly US$6.32 billion of existing senior unsecured notes to
'B-', two notches below the corporate credit rating, from 'B+'.
All ratings remain on CreditWatch with negative implications,
where they were originally placed on Oct. 26, 2007, pending the
completion of Clear Channel's LBO.


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

GLOBE TELECOM: Records Increase in Mobile Users in 2007 4th Qtr.
----------------------------------------------------------------
Globe Telecom Inc. has recorded an increase in its mobile phone
subscriber base in the last three months of 2007, Globe
President Gerardo Ablaza told the Philippine Daily Inquirer.

However, the report relates that Mr. Ablaza did not specify any
figures, saying only that it was "healthy and in line with
[their] expectations."


Headquartered in Mandaluyong City, Philippines, Globe Telecom,
Inc. -- http://www.globe.com.ph/-- is one of the country's
major telecommunications companies.  It was incorporated on
January 15, 1935 as a traditional provider of telex/telegram and
VSAT services.  Thereon, it diversified its business into a
cellular, landline and international gateway facility services
provider for long distance telephone calls.

The company offers a wide range of telecommunications services
to business and residential subscribers, including wireless,
wireline and carrier services.  It has introduced innovative
features like text messaging, Infotext and Handyphone Mobile
Office.  It also offers caller ID, voice mail, call forwarding
and data/fax capabilities.  Recently, it launched various
services like video messaging, streaming video, wireline data
services, over-the-air loading and its latest, MyGLobe G-TV
service, which allows subscribers to view selected TV programs
on mobile phones, among others.

On June 4, 2007, the Troubled Company Reporter-Asia Pacific
reported that Moody's Investors Service raised the local
currency issuer rating for Globe Telecom Inc. to Baa1 from Baa2
with a stable outlook.

The TCR-AP also reported on November 16, 2007 that Fitch Ratings
affirmed Globe Telecom's issuer and instrument ratings following
the company's declaration of a special dividend at PHP50 per
common share, equivalent to PHP6.6 billion and payable on
December 17, 2007.  The affirmed ratings include Globe's Long-
term local currency Issuer Default Rating (IDR) at 'BBB-' (BBB
minus), its Long-term foreign currency IDR at 'BB+' and National
Long-term rating at 'AAA(phl)'.  The Outlook on the ratings
remains Stable.  Also, Globe's senior unsecured debt instruments
have been affirmed at 'BB+'.


MANILA ELECTRIC: ERC Vows Thorough Examination of Recovery Bid
--------------------------------------------------------------
The Energy Regulatory Commission has assured a transparent
review and verification of the Manila Electric Co.'s proposed
recovery of transmission charges from its customers, the
Philippine Star reports.

A hearing is scheduled to take place on Monday, January 7,
regarding MERALCO's petition, ERC Chairman Rodolfo Albano Jr.
told the Star.

The assurance follows MERALCO's application to recover about
PHP5 billion worth of transmission charges from its customers,
the article recounts.  MERALCO, which had delayed passing on the
charges to consumers since 2003, complained of its cash flow
being negatively affected and said that they had to source funds
from lenders to finance the transmission charges causing
additional financial burden.

Specifically, the Star says, MERALCO will recover the charges at
a rate of PHP0.2528 per kilowatt hour for all consumer classes
immediately after the ERC approves its petition.

Meanwhile, the Manila Bulletin reports, MERALCO has begun the
year with a PHP0.0136 per kilowatt hour adjustment in its
generation charges.

Manila Bulletin says that according to a ranking official, the
generation charge adjustment was due to MERALCO's higher
expenses in buying from the Wholesale Electricity Sport Market.  
MERALCO told the Bulletin that it will tell the Philippine
Electricity Market Corp. to explain the increases in the WESM
that has resulted to the adjustment in the generation charges.

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.


UNIOIL RESOURCES: PSE Lifts Trading Suspension on Securities
------------------------------------------------------------
The Philippine Stock Exchange has lifted the trading suspension
implemented on the shares of Unioil Resources & Holdings Co.
Inc. on Friday, January 4, 2008.

The company's securities have been suspended from trading by the
Securities and Exchange Commission since May 18 last year due to
violations of the Securities Regulation Code Rules.  

The SEC lifted the order of suspension on December 19, 2007, the
company said in a letter addressed to the PSE.


Headquartered in Makati City, Philippines, Unioil Resources &
Holdings Company, Inc., formerly Unioil Exploration and Mineral
Development Co., Inc., was organized primarily for the
exploration and development of petroleum and other mineral
products.  The company changed its name to Unioil & Gas
Development Co., Inc. in November 1992 as it concentrated on oil
exploration.

Unioil transformed itself from a gas and oil exploration and
development company into a holding company engaged primarily in
investment banking and other related concerns like equity and
quasi-equity fund mobilization.  All the oil exploration assets
and liabilities were spun off into another oil exploration
company called Phoenix Energy Corporation, in exchange for
notes, which are now carried on the books of the corporation as
long-term receivables.

As of June 30, 2007, the group's balance sheets reflected total
assets of PHP549.45 million and total liabilities of
PHP1.14 billion, resulting in a capital deficiency of
PHP589.12 million.


VICTORIAS MILLING: Posts Net Income of PHP80.403 Mil. for FY2007
----------------------------------------------------------------
Victorias Milling Co. Inc. has posted a net income of
PHP80.403 million for fiscal year ended August 31, 2007, an
increase of 70.9% from the PHP47.046-million net income reported
for FY2006.

For the year 2007, the company earned PHP2.059 billion in
revenues while incurring PHP1.324 billion in expenses, resulting
in an operational income of PHP734.592 million.  The company
also recorded a finance cost of PHP605.644 million and an income
tax expense of PHP48.545 million.

As of August 31, 2007, the company had PHP8.145 billion in total  
assets and PHP9.943 billion in total liabilities, resulting in a
stockholders' deficit of PHP1.798 billion.

                      GOING CONCERN DOUBT

After auditing the company's FY2007 financial statements,
Bonifacio M. Lumacang Jr., a partner at Manabat Delgado Amper &
Co., raised significant doubt on the company's ability to
continue as a going concern.

Mr. Lumacang said that:

    * The company has an accumulated deficit of PHP3.4 billion
      and PHP3.6 billion as of August 31, 2007 and August 31,
      2006, respectively.

    * The company also has a capital deficiency of
      PHP1.8 billion and PHP1.9 billion as of Aug. 31, 2007 and
      Aug. 31, 2006, respectively.

The company also defaulted in its payments to creditors.

The company's fiscal year 2007 financial statements can be
downloaded for free at:

           http://researcharchives.com/t/s?26c6

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

INTERMEC TECH: Hires David Yung as Asia Pacific Vice President
--------------------------------------------------------------
Intermec Technologies Inc. has appointed David Yung as its Vice
President and General Manager, Asia Pacific Region.

Mr. Yung is a technology veteran with over twenty years of
general management experience in the Asia Pacific region.  Mr.
Yung was most recently at RS Components LTD, where he served as
Asia Pacific, General Manager.  He was responsible for building
out a partner and distribution network for a B-to-B
electronic and automation instrumentation business line.

Previous to his role at RS Components, Mr. Yung was the Managing
Director at Lenovo, Inc., leading an enterprise sales capture
team focusing on large project awards and deployments to top
tier clients throughout Northern and Southern Asia.

"David is a results oriented general manager who demonstrates
effective team building, communications and planning skills,"
said Michael A. Wills, SVP of Global Sales and Service.  "These
leadership skills are a vital component to our growth prospects
in the Asia Pacific region."

                     About Intermec Inc.

Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.

The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, Singapore and the United Kingdom.

                       *     *     *

Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'.  The upgrade
reflects expectations that Intermec will sustain current levels
of profitability and leverage.  S&P said the outlook is stable.


POLYONE CORP: Completes Acquisition of GLS Corporation
------------------------------------------------------
PolyOne Corporation has completed its acquisition of GLS
Corporation, the North American provider of specialty
thermoplastic elastomer compounds for consumer and medical
applications.

As reported in the Troubled Company Reporter on Nov. 16, 2007,
PolyOne signed a definitive agreement to acquire GLS.  Terms of
the pending transaction were not disclosed.  However, PolyOne
expects that the acquisition will be slightly accretive to
earnings in the first year.

The company related that the acquisition will complement
PolyOne's Engineered Materials business portfolio and
accelerates the company's shift to specialization.  The
combination of GLS's specialty TPE technology, compounding
expertise and brand, along with PolyOne's infrastructure and
commercial presence offers customers:

   -- enhanced technologies;
   -- a broader range of products, services and solutions; and
   -- expanded access to specialized, high-growth markets
      around the globe.

The GLS senior management team will remain and lead the TPE
business unit, retaining the GLS name and brand.

                      About GLS Corporation

Headquartered in McHenry, Illinois, GLS Corporation --
http://www.glscorp.com/-- is a privately-held company owned by   
the Dehmlow family that provides specialty thermoplastic
elastomer compounds for consumer and medical applications.  The
company serves more than 1,200 customers worldwide.  With
approximately 200 employees, GLS supports its customers with
manufacturing facilities in Illinois and Suzhou, China.

                      About PolyOne Corp.

Headquartered in northeast Ohio, PolyOne Corporation (NYSE: POL)
-- http://www.polyone.com/-- is a provider of    specialized  
polymer materials, services and solutions.  PolyOne
has operations in North America, Europe, Asia and Australia, and
joint ventures in North America and South America.

                          *     *     *

Moody's Investor Services placed PolyOne Corporation's senior
unsecured debt, long term corporate family and probability of
default ratings at 'B1' in July 2007.  The ratings still hold to
date with a stable outlook.




                         *********

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.  Marites Claro, 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 ***