TCRAP_Public/080108.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, January 8, 2008, Vol. 11, No. 5

                            Headlines

A U S T R A L I A

CENTRO PROPERTIES: Unable to Extend Interest Rate Hedges
CHRYSLER LLC: Simon Boag Named Global Alliance Operations EVP
CHRYSLER LLC: U.S. December S2007 Sales Increase 1%
* Australian Employees of Failed Companies Can Get Pension


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

AU OPTRONICS: Affiliate Plans Construction of Taiwan Plant
C.T. ENTERPRISES: Members to Receive Wind-Up Report on Jan. 30
CHAROEN POKPHAND: Members Meeting Fixed for January 30
CHIA-TAI ZHEN HUA: Members Meeting Fixed for January 30
CHINA EASTERN: Shares Climb After Air China's Expressed Bid

DANA CORP: Plaza Tire Wins Bid for Cape Girardeau Property
HOVER STATE: Members to Receive Wind-Up Report on Jan. 30
INTERFORM INVESTMENT: Commences Liquidation Proceedings
INTEX INVESTMENT: Members to Receive Wind-Up Report on Jan. 30
KARVEN INVESTMENT: Members Meeting Fixed for January 30

LIMCOLNSHIRE DEV'T: Members to Receive Wind-Up Report on Jan. 30
LINK WIDE: Members to Receive Wind-Up Report on Jan. 30
LOCKING DEVELOPMENT: Members Meeting Fixed for January 30
LUBANGO INVESTMENTS: Members to Get Wind-Up Report on Jan. 30
NAH LOONG: Members Meeting Fixed for January 30

NATION PROFIT: Members to Receive Wind-Up Report on Jan. 30
PIROL DEVELPOMENT: Members Meeting Fixed for January 30
QISDA CORP: November 2007 Sales Down by 5%
PETROLEOS DE VENEZUELA: To Boost Natural Gas Output
PETROLEOS DE VENEZUELA: Paying US$630MM on Cerro Linked Bonds

POLYMER GROUP: Brings In Robert Kocourek as Vice President
SOLAR PROFIT: Members to Receive Wind-Up Report on Jan. 30
SKY PROJECT: Members Meeting Fixed for January 30
SINOGREAT INT'L: Members to Receive Wind-Up Report on Jan. 30
SOTA ELECTRONICS: Commences Liquidation Proceedings

TOMAX ENTERPRISES: Members to Receive Wind-Up Report on Jan. 30
WISE POOL: Members Meeting Fixed for January 30
YING KEE: Members to Receive Wind-Up Report on Jan. 30
WILBURY COMPANY: Members Meeting Fixed for January 30
VARALLO ENTERPRISES: Members to Get Wind-Up Report on Jan. 30


I N D I A

AFFILIATED COMPUTER: S&P Maintains 'BB' Corporate Credit Rating
AFFILIATED COMPUTER: Inks Strategic Alliance with Ingenix
IMAX CORP: To Sell Feinstein Theatre to National Amusements
TATA MOTORS: Moody's Puts Rating on Review for Likely Downgrade
TATA MOTORS: ICRA Places Ratings on Negative Watch

TATA MOTORS: May Tap Sr. Ford Exec to Head Jaguar-Land Rover
TATA STEEL: Sees INR100,000-Crore Turnover in Fiscal Year 2008
WESTERN INDIA: Loss Soars to INR96 Mil. in Qtr. Ended Sept. 30
WESTERN INDIA: Members OK Proposed Preferential Allotment


I N D O N E S I A

BANK MANDIRI: To Increase Stake in PT AXA Mandiri
GARUDA: Flies 21,650 Customers from Beijing to Jakarta in 2007
GOODYEAR TIRE: Tire Mounting Biz Sells Assets to EnovaPremier
INDOSAT: Singtel Expects Decision by Early March
* Fitch Assigns 'BB-' Rating to Indonesia's Forthcoming Bond

* Moody's Assigns Ba3 Rating to Indonesia's Forthcoming Bond


J A P A N

DELPHI CORP: Seeks Provisional Allowance of Unreconciled Claims
DELPHI CORP: UAW Objects to Management Compensation Plan
ELPIDA MEMORY: Issues Sixth Unsecured Straight Bonds
FUJI HEAVY: To Make Low-Price SUV with Toyota Motor
GAP INC: Names Simon Kneen as Creative Dir. for Banana Republic

HERBALIFE LTD: Promotes Jerry Li to China Unit General Manager
JAPAN AIRLINES: Final Bidding for JALCard to be Held This Week


K O R E A

COREBRID: Establishes New Subsidiary
KAFCO C&I: Completes Merger with Open Object Component
KAFCO C&I: Signs Distribution Contract with Korea-Based Company
SEJI CO: Completes Issuance of New Shares
SEJI CO: Signs KRW2.99-Million Contract with Trans Global One


M A L A Y S I A

HARVEST COURT: To Seeks Court OK for Capital & Premium Reduction
MANGIUM INDUSTRIES: Divests Plantations Holding for US$6.03 Mil.
MEGAN MEDIA: Fails to Submit Annual Audited Accounts
MEGAN MEDIA: Expects to Release Financial Statements by Jan. 31
MEGAN MEDIA: Gives Updates on PN1 Status

SUNWAY INFRASTRUCTURE: Parent Sells Entire Stake to Affin


N E W  Z E A L A N D

GLASS EARTH: Grants Incentive Stock Options to NZ-Based Staff


S I N G A P O R E

INTERMEC INC: Honeywell is Licensee After Hand Held Acquisition
STANDARD AERO: Wins US$9-Mil. Contract From Lufthansa Cityline


T H A I L A N D

FEDERAL-MOGUL: S&P Puts BB- Rating on $2.96 Billion Senior Loan


* BOND PRICING: For the Week 07 January to 11 January 2008

     - - - - - - - -

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

CENTRO PROPERTIES: Unable to Extend Interest Rate Hedges
--------------------------------------------------------
In a statement filed with the Australian Securities Exchange,
Centro Properties Group says it has been unable to extend
maturing interest rate hedges resulting to below historical
levels of the company's current interest rate hedging.

Centro claims that this has increased the company's exposure to
interest rate movements and could translate into volatility in
its earnings if interest rates rise or fall significantly.

The interest rate hedging positions of Centro's managed funds,
including Centro Retail Trust, are not affected.

The fixed rate portion of Centro's Australian dollar interest
rate exposure is currently approximately 50%.  The weighted
average term-to-maturity of Centro's AU$ fixed interest rates
remains within policy at approximately 6.2 years (compared with
5.3 years as reported in August 2007.)  The current AU$ average
fixed interest rate is 5.63% (excluding margin.)

The fixed rate portion of Centro's US dollar interest rate
exposure is currently approximated 40%.  The weighted average
term-to-maturity of Centro's US$ interest rates remains within
policy at approximately 4.0 years (compared with 5.3 years as
reported in August 2007.)  The current USD average fixed
interest rate is 4.73% (generally excluding margin.)

Centro's ongoing hedging levels are being considered as part of
the previously advised Strategic Review.  Given the review of
Centro's overall financing structure and move towards reducing
debt levels, the current interest rate hedging profile may be
appropriate based upon future debt levels.  The change in
interest hedging position does not impact or require action
under the arrangements with Centro's financiers.  Centro has
advised its relationship banks of the issues involved and will
be seeking to co-develop a solution with them.

Meanwhile, in a separate filing with the ASX, Centro has
appointed Ivan St. Clair as the group's acting Chief Financial
Officer and a member of the Executive Committee as Romano Nenna
is on leave fore health reasons.

                     About Centro Properties

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

The Troubled Company Reporter-Asia Pacific reported on
January 4, 2008, that Standard & Poor's Ratings Services lowered
its issuer credit, senior-unsecured debt and preferred stock
ratings to 'CCC+' with negative implications reflecting the
potential of the group's assets to be sold in softening market
conditions, particularly in the U.S.


CHRYSLER LLC: Simon Boag Named Global Alliance Operations EVP
-------------------------------------------------------------
Chrysler LLC has named Simon Boag to the newly created position
of Executive Vice President -- Global Alliance Operations,
reporting to Vice Chairperson and President Tom LaSorda.  Mr.
Boag will lead the operations side of Chrysler's alliances which
are designed to expand opportunities for global growth.

"As outlined in the Company's Recovery and Transformation Plan,
growth in markets outside of North America is critical to the
success of Chrysler," said Mr. LaSorda.  "We are looking for new
alliances and growth opportunities all over the world."

Mr. Boag joined Chrysler in April 2005 as Vice President --
Assembly and Stamping Operations.  Following this assignment, he
spent a year and a half as the head of Production Planning for
Mercedes-Benz Passenger Cars, and most recently held the
position of Executive Vice President -- Procurement and Supply.
Mr. Boag also serves as the Co-Chairperson of ENVI, an
organization within Chrysler that is responsible for the
development of electric-drive vehicles and related advanced-
propulsion technologies.

In an additional announcement, the company appointed John P.
Campi to the post of Executive Vice President -- Procurement,
also reporting to Mr. LaSorda.

In this role, Mr. Campi will be responsible for all worldwide
purchasing and supplier quality activities.

"John is a recognized leader in field of sourcing and cost
management," said Mr. LaSorda.  "His addition to the already
strong Chrysler executive team further ensures that we have the
talent and experience to succeed in even the most challenging of
economic environments."

Mr. Campi has more than 35 years of experience in the sourcing
industry.  Before joining Chrysler, he was President of Genesis
Consulting Group, a company he founded.  Mr. Campi and Genesis
Consulting were hired as Chrysler consultants in October 2007.
Previously, Mr. Campi led the drive for standardization and
optimization of The Home Depot Global Supply Chain as its Senior
Vice President of Sourcing and Vendor Management.  Prior to
joining The Home Depot, Mr. Campi served as Vice President for
E.I. du Pont de Nemours & Co. and Chief Procurement Officer for
Global Sourcing and Logistics.

"Purchasing plays a critical role in cost management and
building high-quality vehicles for our customers, and affects
every facet of the company," said Mr. Campi.  "My goal is to
take a disciplined approach to purchasing and apply best
practices learned from both within and outside of the automotive
industry."

Mr. Campi is a graduate of Indiana University with a bachelor's
degree in Accounting.  He also earned his master's degree from
the Executive Program of the Weatherhead School of Management,
Case Western Reserve University.

Chrysler's Supply Operations -- which include Logistics,
Packaging, Materials Handling and Production Scheduling -- will
be realigned to report to Manufacturing under Joe L. Chao, Vice
President -- Advance Manufacturing Engineering and Supply.  Mr.
Chao reports to Frank Ewasyshyn, Executive Vice President --
Manufacturing.

                      About Chrysler LLC

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

                       *     *     *

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


CHRYSLER LLC: U.S. December S2007 Sales Increase 1%
---------------------------------------------------
Chrysler posted a 1% rise in December 2007 sales to 191,423
units, up from 190,415 in December the previous year.

We talked to Steven Landry, Executive Vice President of North
American Sales, about the results.

"December is always a little unpredictable," Mr. Landry said.
"We're very happy with our sales being up 1%. I will also add
inside that 1% sales, our fleet was down and our retail number
was up, so it's all going in the right direction.  In the month
of December, it looks like we will gain market share."

Not all automakers have posted results yet, precise market share
figures are not available.  "Our forecast estimate is that we
will pick up half a point of market in the month of December,"
he said.

Mr. Landry said that Chrysler has momentum going into January,
and the new "Zero Plus" incentive program should help.  Under
that program, qualified customers can choose 0% APR financing
for 36 months or 3.9% APR financing for 60 months PLUS consumer
cash allowance amounts of up to $2,500.  The program runs
through Feb. 29, 2008.

"We're providing the opportunity for some consumers to have that
down payment, that elusive down payment, that is important for
consumers to get a deal done today," Mr. Landry said.  "With the
banks and the financial institutions the way they are today,
they like to see a bigger down payment, it makes it easier for
them to do financing."

The all-new Chrysler Town & Country and Dodge Grand Caravan
minivans recorded strong results in December, which also gives
Mr. Landry confidence for 2008.

                      About Chrysler LLC

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

                         *     *     *

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


* Australian Employees of Failed Companies Can Get Pension
----------------------------------------------------------
Employees of failed Australian companies now have greater legal
rights to claim their superannuation entitlements, reports Asia
Pulse.

According to the report, under new laws, which came into effect
last week, superannuation will be given the same priority as
other debts and will rank equally with employee entitlements
such as unpaid wages and annual leave.

The Australian Taxation Office says any outstanding
superannuation contributions and superannuation guarantee
charge will be paid to employees before payments to ordinary
unsecured creditors and once priority creditors and liquidators
fees are paid, relates Asia Pulse.

Excluded employees such as directors and their relatives will
also be entitled to claim the super guarantee charge debt but
this will be capped at AU$200, states the report.

The new rules, adds Asia Pulse, apply to companies that go into
liquidation, administration or receivership from December 31,
2007.  

In addition to the new law, employers must pay compulsory
superannuation contributions into a complying superannuation
fund or retirement savings account on behalf of their eligible
employees.  

Further, employers who don't pay enough superannuation
contributions by the quarterly cut-off dates or to the employee
chosen fund are liable for the superannuation guarantee charge,
which is payable to the tax office, relates Asia Pulse.


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

AU OPTRONICS: Affiliate Plans Construction of Taiwan Plant
----------------------------------------------------------
Toppan CFI (Taiwan), an affiliate of AU Optronics Corp., is
planning to build a plant in Taiwan to produce more color
filters for fifth-generation panels, DigiTimes reports.

The new plant, with volume production slated to begin in the
fourth quarter of 2008, will augment Toppan's existing capacity
at its current plants, DigiTimes relates.

DigiTimes explains that AUO is said to house a monthly capacity
of 70,000 substrates at L5D, currently, and the panel maker aims
to boost the amount to 120,000 in the future.


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.


C.T. ENTERPRISES: Members to Receive Wind-Up Report on Jan. 30
--------------------------------------------------------------
The members of C.T. Enterprises Management Limited will have
their final general meeting on January 30, 2008, at 15:40 p.m.,
at Room 804 of China Merchants Building, 152-155 Connaught Road,
in Central Hong Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


CHAROEN POKPHAND: Members Meeting Fixed for January 30
------------------------------------------------------
The members of Charoen Pokpahand Insurance (H.K.) Limited will
have their final general meeting on January 30, 2008, at Room
804 of China Merchants Building, 152-155 Connaught Road, in
Central Hong Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


CHIA-TAI ZHEN HUA: Members Meeting Fixed for January 30
-------------------------------------------------------
The members of Chia-Tai Zhen-Hua 851 International Company
Limited will have their final general meeting on January 30,
2008, at Room 804 of the China Merchants Building, 152-155
Connaught Road, in Central Hong Kong, to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is Pang Siu Chik, Alick.


CHINA EASTERN: Shares Climb After Air China's Expressed Bid
-----------------------------------------------------------
Shares of China Eastern Airlines Corp. rose 3% on January 7
after Air China's parent -- China National Aviation Holding Co.
-- vowed to pay at least 32% more than what Singapore Airlines
agreed to pay for a holding in Chine Eastern, Reuters reports.

According to Reuters, China Eastern shares were set to open at
HK$7.15, up HK$0.23 while Air China fell 3.7% to HK$10.40.

The report recounts that CNAHC had earlier pledged to pay at
least HK$5.00 a share if stockholders were to reject Singapore
Air's and Temasek Holding Pte Ltd's proposal to buy a 24% stake
in China Eastern for HK$3.80 per share, or HK$7.2 billion
(US$923 million) in aggregate.

China Eastern shareholders, the Wall Street Journal notes, are
set to meet today and decide on the proposed China Air/Singapore
Air tie-up.

The WSJ report indicates that Cathay Pacific Ltd may play a role
in case China Eastern shareholders reject the proposed
partnership with the Singapore-based investors.  The report says
that although CNAHC didn't mention Cathay Pacific directly, it
said that Air China "and its business partners" would cooperate
in any strategic partnership with China Eastern.

Cathay Pacific said in a statement to the Hong Kong stock
exchange late yesterday that it "will seriously consider any
proposals" by Air China on Cathay's participation in a
partnership, WSJ relates.

WSJ writes that the new bid adds to questions relating to China
Eastern's fate and that of its tie-up with Singapore Air.  The
report says that it is unclear where the Chinese government
stands on the fight between two state-controlled airlines.

If Air China's bid is successful, it will shake up the status
quo in China's aviation sector by promoting a single dominant
Chinese carrier, WSJ writes.


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

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

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


DANA CORP: Plaza Tire Wins Bid for Cape Girardeau Property
----------------------------------------------------------
Plaza Tire Service Inc. won the bidding for the industrial
building that formerly housed Dana Corp.'s production facility
in Cape Girardeau, the Southeast Missourian reports, citing
Plaza Tire Service's vice president Scott Rhodes.

As reported in the Troubled Company Reporter on Dec. 18, 2007,
Rhodes Development Company, LLC, had expressed interest in
purchasing the Cape Girardeau property at a purchase price
higher than that of Schaefer's Power Panels, Inc., hence, it had
asked the Debtors to consider its offer.

As previously reported, the Debtors had asked authority from the
U.S. Bankruptcy Court for the Southern District of New York the
to sell a 15-acre parcel of real estate and a 150,000 square-
foot building located at 2075 Corporate Circle in Cape
Girardeau, Missouri, to Schaefer's Power Panels, Inc., for
US$2,841,750.

According to the Southeast Missourian, Plaza Tire edged out an
offer from Schaefer's Electrical Enclosures, which had strong
support from city and economic development leaders.  Bidders
submitted their best price to the U.S. Bankruptcy Court for the
Southern District of New York, and the Dana court deemed Plaza's
bid the best offer, Southeast Missourian's Rudi Keller reports.

The facility will house corporate offices and a distribution
center for Plaza Tire's 49 stores in Missouri and Illinois,
according to Southeast Missourian.

Details of the transaction were not immediately available,
Southeast Missourian notes.

Plaza Tire Service consists of 49 tire stores and is listed as
the 28th largest independently owned tire retailer in North
American by Tire Business' magazine, according to information
posted on the company's Web site.

                         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 confirmed
the Debtors' Chapter 11 Plan on Dec. 26, 2007.  (Dana
Corporation Bankruptcy News, Issue No. 67; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


HOVER STATE: Members to Receive Wind-Up Report on Jan. 30
---------------------------------------------------------
The members of Hover State Investment Limited will have their
final general meeting on January 30, 2008, at 9:00 a.m., at Room
804 of the China Merchants Building, 152-155 Connaught Road, in
Central Hong Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


INTERFORM INVESTMENT: Commences Liquidation Proceedings
-------------------------------------------------------
Interform Investment Company  Limited commenced liquidation
proceedings on December 18, 2007.

The company's liquidators are:

          Stephen Liu Yui Keung
          Chan Wai Hing
          Room 1908-9, Tower One
          Lippo Centre, 89 Queensway
          Hong Kong


INTEX INVESTMENT: Members to Receive Wind-Up Report on Jan. 30
--------------------------------------------------------------
The members of Intex Investment Limited will have their final
general meeting on January 30, 2008, at 9:20 a.m., at Room 804
of the China Merchants Building, 152-155 Connaught Road, in
Central Hong Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


KARVEN INVESTMENT: Members Meeting Fixed for January 30
-------------------------------------------------------
The members of Karven Investment Limited will have their final
general meeting on January 30, 2008, at 9:40 a. m., at Room 804
of the China Merchants Building, 152-155 Connaught Road, in
Central Hong Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


LIMCOLNSHIRE DEV'T: Members to Receive Wind-Up Report on Jan. 30
----------------------------------------------------------------
The members of Limcolnshire Development Limited will have their
final general meeting on January 30, 2008, at Room 804 of the
China Merchants Building, 152-155 Connaught Road, in Central
Hong Kong, to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


LINK WIDE: Members to Receive Wind-Up Report on Jan. 30
-------------------------------------------------------
The members of Link Wide Trading Limited will have their final
general meeting on January 30, 2008, at 10:00 a.m., at Room 804
of the China Merchants Building, 152-155 Connaught Road, in
Central Hong Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


LOCKING DEVELOPMENT: Members Meeting Fixed for January 30
---------------------------------------------------------
The members of Locking Development Company Limited will have
their final general meeting on January 30, 2008, at Room 804 of
the China Merchants Building, 152-155 Connaught Road, in Central
Hong Kong, to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


LUBANGO INVESTMENTS: Members to Get Wind-Up Report on Jan. 30
-------------------------------------------------------------
The members of Lubango Investments Limited will have their final
general meeting on January 30, 2008, at Room 804 of the China
Merchants Building, 152-155 Connaught Road, in Central Hong
Kong, to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


NAH LOONG: Members Meeting Fixed for January 30
-----------------------------------------------
The members of Nah Loong Trading Company Limited will have their
final general meeting on January 30, 2008, at 10:00 a.m., at
Room 804 of the China Merchants Building, 152-155 Connaught
Road, in Central Hong Kong, to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


NATION PROFIT: Members to Receive Wind-Up Report on Jan. 30
-----------------------------------------------------------
The members of Nation Profit International Limited will have
their final general meeting on January 30, 2008, at Room 804 of
the China Merchants Building, 152-155 Connaught Road, in Central
Hong Kong, to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


PIROL DEVELPOMENT: Members Meeting Fixed for January 30
-------------------------------------------------------
The members of Pirol Development Limited will have their final
general meeting on January 30, 2008, at 10:40 a.m., at Room 804
of the China Merchants Building, 152-155 Connaught Road, in
Central Hong Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


QISDA CORP: November 2007 Sales Down by 5%
------------------------------------------
Qisda Corp.'s November 2007 consolidated sales amounted to
TWD10.5 billion, down 5% from the figure in October 2007,
TradingMarkets.Com reports.

The report cites Qisda Chief Financial Officer David Wang as
saying that the decline was due to a decrease in LCD monitors
shipment, which overshadowed sales growth for the company's
other product lines.


Headquartered in Taiwan, Republic of China, Qisda Corp., fka
BenQ Corp., Inc. -- http://www.benq.com/-- is principally  
engaged in manufacturing developing and selling of computer
peripherals and telecommunication products.  It is also a major
provider of 3G handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 3,
2008, that Taiwan Ratings Corp. affirmed its twBB+ long-term
corporate credit rating and twB short-term rating on Qisda Corp.
At the same time, the rating agency also affirmed its twBB+
ratings on the company's unsecured corporate bonds and unsecured
exchangeable bond.  The outlook on the long-term rating is
negative.


PETROLEOS DE VENEZUELA: To Boost Natural Gas Output
---------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that it will increase its natural gas production to
110 million cubic feet per day through horizontal drilling in
the RG 278 well on the Santa Rosa block in Anzoategui.

Business News Americas relates that testing in RG 278 showed
that the well could increase production to 11 million cubic feet
per day.

According to Petroleos de Venezuela's statement, the firm will
apply the technology to 14 nearby wells.  The horizontal
drilling technique will allow two wells to be drilled at the
same time.

The new drilling "will target gas reserves of depths between 800
feet and 900 feet that have never been developed."  The new gas
produced will be used to meet domestic demand and gas
integration deals signed between Venezuela and other Latin
American nations, BNamericas states.

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: Paying US$630MM on Cerro Linked Bonds
-------------------------------------------------------------
Petroleos de Venezuela SA is paying US$630 Million all bonds
linked to the multi-billion dollar Cerro Negro heavy oil project
that President Hugo Chavez nationalized last year, FinancialWire
states.

Report shows that in the 1990's, Exxon Mobil and BP Plc has
partnered with PDVSA in the project.

Exxon Mobil Shares upped US$1.33 to close at US$95.00, while BP
shares plunged eight cents to close at US$73.95.

                 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.


POLYMER GROUP: Brings In Robert Kocourek as Vice President
----------------------------------------------------------
Polymer Group, Inc. has appointed Robert Kocourek as vice
president and chief accounting officer.

Mr. Kocourek assumes the responsibilities of the principal
accounting officer, which were previously performed by Willis C.
Moore III, the company's chief financial officer.  Such
responsibilities include the development of global financial
accounting policies, interpretations of accounting literature
and ensuring that the company's financial statements are
prepared in accordance with generally accepted accounting
principles on a global basis.  Mr. Kocourek will continue to
report to Moore, who remains chief financial officer.

Mr. Kocourek previously served as vice president, corporate
finance and treasurer since he joined the company in May 2006.
Prior to joining the company, Mr. Kocourek assisted the company
in its Sarbanes-Oxley implementation efforts and other financial
accounting and reporting projects as a consultant and gained
extensive financial and accounting experience working with Ernst
& Young, LLC and Coopers and Lybrand earlier in his career.

"I am very pleased that Bob has agreed to take this position and
believe it will further our on-going efforts to achieve best in
class accuracy and transparency of our global financial
reporting," said Mr. Moore.

Polymer Group, Inc., -- http://www.polymergroupinc.com/-- (OTC
Bulletin Board: POLGA/POLGB) develops, manufactures and markets
engineered materials.  The company operates 22 manufacturing
facilities in 10 countries throughout the world.  The company
has manufacturing offices in Argentina, China and France, among
others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Standard & Poor's Ratings Services has affirmed
its ratings on Polymer Group Inc., including its 'BB-' corporate
credit rating.  S&P said the outlook is negative.


SOLAR PROFIT: Members to Receive Wind-Up Report on Jan. 30
----------------------------------------------------------
The members of Solar Profit Company Limited will have their
final general meeting on January 30, 2008, at 11:00 a.m., at
Room 804 of the China Merchants Building, 152-155 Connaught
Road, in Central Hong Kong, to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


SKY PROJECT: Members Meeting Fixed for January 30
-------------------------------------------------
The members of Sky Project Limited will have their final general
meeting on January 30, 2008, at 11:20 a. m., at Room 804 of the
China Merchants Building, 152-155 Connaught Road, in Central
Hong Kong, to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


SINOGREAT INT'L: Members to Receive Wind-Up Report on Jan. 30
-------------------------------------------------------------
The members of Sinogreat International Limited will have their
final general meeting on January 30, 2008, at 11:40 a.m., at  
Room 804 of the China Merchants Building, 152-155 Connaught
Road, in Central Hong Kong, to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


SOTA ELECTRONICS: Commences Liquidation Proceedings
---------------------------------------------------
Sota Electronics Company Limited commenced liquidation
proceedings on December 19, 2007.

The company's liquidator is:

          Poon Ka Lee Barry
          1607, ING Tower
          308 Des Voeux Road Central
          Hong Kong


TOMAX ENTERPRISES: Members to Receive Wind-Up Report on Jan. 30
---------------------------------------------------------------
The members of Tomax Enterprises Limited will have their final
general meeting on January 30, 2008, at 12:00 p.m., at Room 804
of the China Merchants Building, 152-155 Connaught Road, in
Central Hong Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


WISE POOL: Members Meeting Fixed for January 30
-----------------------------------------------
The members of Wise Pool Limited will have their final general
meeting on January 30, 2008, at 12:20 p.m., at Room 804 of the
China Merchants Building, 152-155 Connaught Road, in Central
Hong Kong, to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


YING KEE: Members to Receive Wind-Up Report on Jan. 30
------------------------------------------------------
The members of Ying Kee Limited will have their final general
meeting on January 30, 2008, at 12:40 p.m., at Room 804 of the
China Merchants Building, 152-155 Connaught Road, in Central
Hong Kong, to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


WILBURY COMPANY: Members Meeting Fixed for January 30
-----------------------------------------------------
The members of Wilbury Company Limited will have their final
general meeting on January 30, 2008, at 15:00 p.m., at Room 804
of the China Merchants Building, 152-155 Connaught Road, in
Central Hong Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is Pang Siu Chik, Alick.


VARALLO ENTERPRISES: Members to Get Wind-Up Report on Jan. 30
-----------------------------------------------------------
The members of Varallo Enterprises Limited will have their final
general meeting on January 30, 2008, at 10:00 a.m., at the 21st
Floor of the Fee Tat Commercial Centre, No. 613 Natahn Road, in
Kowloon, Hong Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is Wong Kam Chiu, Paul.


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

AFFILIATED COMPUTER: S&P Maintains 'BB' Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on Dallas, Texas-based Affiliated Computer
Services Inc. (ACS), and removed it from CreditWatch, where it
had been placed with negative implications on March 20, 2007.   
The outlook is negative.
     
The affirmation follows the withdrawal of a buyout offer by
private equity firm Cerberus Capital Management, and led by ACS'
chairman and founder, for over US$8 billion (including the
assumption of debt).
      
"Although ACS' current debt levels (in the 3x area) are somewhat
moderate for the rating given ACS' satisfactory business
profile, the company has exhibited a much more aggressive
financial policy in its willingness to pursue an LBO, and it may
continue to pursue ongoing acquisitions and share repurchases,"
said Standard & Poor's credit analyst Philip Schrank.  "At the
'BB' rating level, our expectation is that ACS will manage its
debt leverage at 3x-5x over the intermediate term, which would
allow it to complete its outstanding US$800 million share
repurchase program, as well as make some moderate-size
acquisitions."
     
The negative outlook reflects ACS' ability within its credit
facilities to significantly increase debt to finance sizable
share repurchases or acquisitions, if it desires.

              About Affiliated Computer Services

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


AFFILIATED COMPUTER: Inks Strategic Alliance with Ingenix
---------------------------------------------------------
Affiliated Computer Services, Inc. and Ingenix has announced a
strategic alliance to provide Medicaid Management Information
Systems decision support solutions to state governments.

Under the terms of the alliance agreement, the two companies
will work with each other to supply decision support solutions
for Affiliated Computer's state Medicaid Systems initiatives.
Affiliated Computer will license its portfolio of federally
certified decision support technologies to Ingenix, which will
provide its Medicaid Systems clients with a broad array of
decision support methodologies, software applications, and
related consulting services.  Decision support systems analyze
data to help health administrators assess Medicaid program
status, analyze healthcare policy, monitor budget trends and
measure program performance.

"This partnership allows us to enhance our current systems and
deliver better service to our Medicaid clients," said Affiliated
Computer senior vice president and managing director, Government
Healthcare Solutions, Christopher T. Deelsnyder.  "Combining
Ingenix' innovative decision support capabilities with ACS'
technologies strengthens our ability to streamline and improve
the delivery of healthcare in Medicaid programs."

Impact Pro for Care Management is Ingenix' innovative platform
for helping state Medicaid programs better identify and manage
both chronic and acute health conditions.  This predictive
modeling and care management tool is currently being used by the
ACS-Ingenix alliance to support the State of Mississippi's
Division of Medicaid.

"This relationship brings together an unparalleled set of data,
technology and experience that will increase efficiency, reduce
costs and improve care outcomes for Medicaid recipients and the
state governments that manage their health services," said
Ingenix chief executive officer, Andy Slavitt.  "Together, we
will offer a unique set of solutions that will help us grow our
respective businesses by giving our clients a suite of services
that meet their expectations."

                         About Ingenix

Ingenix --http://www.ingenix.com--,a wholly owned subsidiary of
UnitedHealth Group (NYSE: UNH), transforms organizations and
improves health care through information and technology.
Organizations rely on its innovative products, services and
consulting to improve the delivery and operations of their
business.

               About Affiliated Computer Services

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 5, 2007, Fitch Ratings has removed Affiliated Computer
Services, Inc. from Rating Watch Negative and affirmed these
ratings: Issuer Default Rating 'BB'; Senior secured revolving
credit facility at 'BB'; Senior secured term loan at 'BB';
Senior notes at 'BB-'.

Fitch said the rating outlook is stable.


IMAX CORP: To Sell Feinstein Theatre to National Amusements
-----------------------------------------------------------
IMAX Corporation and National Amusements Inc., the United
States' fifth largest theatre operator, have announced IMAX's
sale of the Feinstein IMAX(R) Theatre in Providence, Rhode
Island to National Amusements.  The IMAX theatre had been owned
and operated by IMAX Corp. since it opened in June, 2000.  Under
the terms of the sale, National Amusements assumed ownership and
control of the theatre effective close of business on Dec. 31,
2007.

"IMAX theatres are becoming an increasingly important component
of today's modern multiplex and nothing underscores this more
than when the world's top exhibitors increase the number of IMAX
screens they operate," said IMAX Co-Chief Executive Officers and
Co-Chairpersons Richard L. Gelfond and Bradley J. Wechsler.
"National Amusements has been a phenomenal IMAX operator both
domestically and internationally, and we are pleased they are
expanding their IMAX presence in Providence."

National Amusements is the first major exhibitor to operate IMAX
theatres on three continents -- with a total of nine IMAX
theatres in North America, South America and Europe.  The
exhibitor's purchase of the Feinstein IMAX Theatre in
Providence, Rhode Island was made on the heels of a record-
breaking box office year for the IMAX theatre network, which
showcased a strong slate of digitally re-mastered IMAX releases
that included 300, Spider-Man 3, Harry Potter and the Order of
the Phoenix, Transformers, Beowulf and I Am Legend.

IMAX and National Amusements both have marketing partnerships
with Movietickets.com, giving North American consumers greater
access to The IMAX Experience(R).  National Amusements' current
IMAX locations in North America are at City Center 15: Cinema de
Lux in White Plains, New York; Showcase Cinemas Stonybrook in
Louisville, Kentucky; Showcase Cinemas Buckland Hills in
Manchester, Connecticut; Springdale 18: Cinema de Lux in
Springdale, Ohio; and The Bridge: Cinema de Lux in Los Angeles,
California; Showcase Cinemas Ann Arbor in Ypsilanti, Michigan.

Internationally, the exhibitor's IMAX locations are the IMAX
Theatre at Center Norte in Buenos Aires as well as the Coca-Cola
IMAX Kinostar City in St. Petersburg, Russia.

                  About National Amusements

National Amusements, Inc., is a world leader in the motion
picture exhibition industry operating more than 1,500 screens in
the U.S., U.K., Latin America and Russia.  National Amusements
delivers a superior entertainment experience in theatres around
the world under its Showcase, Multiplex, Cinema de Lux, and
KinoStar brands.  Based in Dedham, Massachusetts, it is a
closely held company operating under the third generation of
leadership by the Redstone family.  The company is also an equal
partner in the online ticketing service, MovieTickets.com, and
is the parent company of both Viacom and CBS Corporation.

                         About IMAX

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-Latin America on
Dec. 28, 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.


TATA MOTORS: Moody's Puts Rating on Review for Likely Downgrade
---------------------------------------------------------------
Moody's Investors Service placed the Ba1 Corporate Family Rating
of Tata Motors Ltd on review for possible downgrade.  This
rating action follows the announcement by Ford Motor Company
(B3/Stable) naming TML as the preferred buyer for Ford's luxury
Jaguar and Land Rover car brands after several months of
discussion.  TML will now be entering a period of more focused
and detailed negotiations with Ford and hopes to reach an
agreement in the forthcoming weeks.  Moody's believes TML has a
keen interest in the two brands.

"Should TML proceed with the transaction and acquire these two
businesses, it will face considerable execution and integration
challenges," says Elizabeth Allen, a Moody's Vice
President/Senior Analyst.

"Furthermore, while TML enjoys a strong position primarily in
the low to mid-end vehicle segments in India and in some
developing markets, the acquisition of the Jaguar and Land Rover
brands will expose the company to the luxury product category as
well as to broader geographies; these are areas in which TML
lacks experience.  Moody's therefore believes such a transaction
would materially increase the business risk profile of TML,"
says Allen.

On the other hand, Moody's acknowledges that in the long term
this potential acquisition could elevate TML from a major Indian
player into a global automobile manufacturer, enlarge its
operating scale, improve its technology base and broaden its
product range.  Nonetheless, the challenges in the near to
medium term are substantial.

The review will focus on 1) the funding structure of the
potential transaction, 2) the potential transaction's overall
impact on TML's operating and financial profile -- including the
company's plans to address the potential integration challenges
and Moody's assessment of the substantial funding arrangements
involved.

Should TML decide not to proceed with the transaction, the
rating outlook is likely to revert to stable.

Tata Motors Ltd, incorporated in 1945, is India's largest
manufacturer of commercial vehicles and second largest
manufacturer of passenger vehicles. Products include light,
medium and heavy commercial vehicles (trucks, pick-ups and
buses), utility vehicles and cars.

TML is listed on the Bombay Stock Exchange, the National Stock
Exchange of India and New York Stock Exchange.  It is ultimately
33.42% owned by the Tata Group as of September 2007.


TATA MOTORS: ICRA Places Ratings on Negative Watch
--------------------------------------------------
ICRA has placed the ratings assigned to Tata Motors Limited on
rating watch with negative implications.  The rating watch
reflects the likely increase in the business and financial risk
profile of TML, in the event of successful conclusion of Jaguar
and Land Rover acquisitions, where Ford has announced focused
discussions with TML concerning potential sale of the combined
Jaguar Land Rover business.  ICRA would take further rating
action as and when full details of the proposed acquisition are
made available.  Should the proposed acquisition fall through,
the rating watch is likely to be removed, restoring back the
stable outlook.

TML currently has LAA+ rating outstanding on its INR40 billion
fund based limits.  The rating indicates high-credit quality of
the rated instrument.  TML also has A1+ (pronounced A 1 plus)
rating outstanding on TML's INR20 billion non fund based limits.
This is the highest-credit-quality rating assigned by ICRA in
the short term.  Further, TML has a rating outstanding of A1+
for short-term debt programme of INR30 billion and a rating
outstanding of LAA+ (pronounced L double A plus) for its
INR4.5 billion and INR2.5 billion Non- Convertible Debenture
(NCD) Programmes.

Company Profile: TML is India's largest automotive company with
market leadership in the CV segment.  The Tata Group holds a
33.4% equity stake in the company.  TML has four manufacturing
plants in India at Pune (Maharashtra), Lucknow (Uttar Pradesh),
Jamshedpur (Jharkhand), Pant Nagar (Uttaranchal) and a
manufacturing facility in Gunsan (South Korea).  As of March
2007, TML's manufacturing capacities stood at 310,500 for trucks
and UVs and 225,000 for cars at India besides CV capacity of
20,000 units in South Korea.

Traditionally a CV manufacturer, TML entered the passenger car
business in 1998-99 with the launch of an indigenously developed
B segment car.  Currently, TML enjoys 15.4% share in the Indian
PV industry through a single platform (three models -Indica,
Indigo and Indigo Marina) for cars and single platform for MUVs
(Safari).  With the existing PV products, TML is the second
largest player and its existing product portfolio addresses
about 65% of the 1 million domestic PV market.  The company is
in the process of setting up a car manufacturing facility at
Singur (West Bengal).


TATA MOTORS: May Tap Sr. Ford Exec to Head Jaguar-Land Rover
------------------------------------------------------------
After being chosen as preferred bidder for Ford Motor Co.'s
Jaguar and Land Rover brands, Tata Motors Ltd, according to
media reports, is expected to to name a Ford senior executive to
head the two brands.

Last week, Ford disclosed that it has entered into "focused
negotiations at a more detailed level" with Tata Motors,
signalling that the Indian carmaker has become the preferred
bidder.

Even if there is no deal yet and nothing is final, the Press
Trust of India quoted The Sunday Times, citing unnamed senior
industry sources, as reporting that Tata was likely to name a
top Ford executive in Europe as chief executive of the Jaguar-
Land Rover group.  Presently, the group's chief executive is  
Geoff Polities, an Australian, PTI notes.

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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


TATA STEEL: Sees INR100,000-Crore Turnover in Fiscal Year 2008
--------------------------------------------------------------
Tata Steel Ltd Managing Director B. Muthuraman is optimistic
that the company, together with Corus, will post a turnover of
INR100,000 this fiscal, according to media reports.

Mr. Muthuraman admitted that the Corus acquisition, in the
short-term, had put pressure on EBIDTA margins.  However, the
synergies between the two companies will help double EBIDTA in
the next five years, the Business Standard quotes the managing
director as saying.

Mr. Muthuraman also told the media about Tata Steel's plans to
begin construction of 6,000,000-ton plant at Kalinganagar in
Orissa in the next three months.  The Kalinganagar fab, which is
expected to be completed by 2010, will entail the company an
investment of around INR2,000 crore.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 3, the company has already started the building expansion
of its Jamshedpur plant's capacity to 10,000,000 tonnes.  The
managing director, BS relates, said Tata would invest INR20,000
crore in scaling up the capacity in the Jamshedpur plant.

For a INR250-crore investment, the company will commission a
galvanized steel production plant at Gopalpur in Orissa within
the next two years, Mr. Muthuraman added.


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.


WESTERN INDIA: Loss Soars to INR96 Mil. in Qtr. Ended Sept. 30
--------------------------------------------------------------
Western India Shipyard Ltd's net loss soared more than four
times to INR96.45 million in the quarter ended Sept. 30, 2007,
from the INR21.36-million loss booked in the same quarter in
2006.

The widening loss resulted from sales that dipped 66% to
INR48.57 million, from the July-August 2006 sales of
INR141.5 million.  With other income of INR2.68 million, total
revenues for the quarter aggregated INR51.24 million.  
Expenditures from operations aggregating INR78.63 million
brought the company an operating loss of INR27.39 million.

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

             http://ResearchArchives.com/t/s?26d6

Operating as a composite ship repair facility in India, Western
India Shipyard Ltd -- http://www.westinshp.com/-- offers ship  
routine maintenance and damage repairs; cargo hold/tank space
blasting and coating; main engine overhauls; rudder, propeller,
and tailshaft repairs; cargo gear overhaul and repairs; heating
coil hydro test and electric works; hatch cover modifications
and container cell guide conversions; and auxiliary machinery
overhauls.

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Western India Shipyard has a stockholder's equity
deficit of US$22.78 million.

The company has incurred at least two years of consecutive net
losses -- INR207.58 million in the year ended Mar. 31, 2007, and
INR233.68 million in the year ended Mar. 31, 2008.


WESTERN INDIA: Members OK Proposed Preferential Allotment
---------------------------------------------------------
Western India Shipyard, in a filing with the Bombay Stock
Exchange, disclosed that its shareholders, at the 15th Annual
General Meeting in December, authorized the company's board of
directors to:

   a. issue, on preferential basis, not more than 48,32,850
      shares of the company with face value of INR10 each,
      subject to 80% write down condition, pursuant to the
      options received or default proviso for the conversion of
      8,05,475 - 12% Secured Redeemable Non-convertible
      Debentures with face value of INR60 each to the debenture
      holders on record on the date yet to be fixed by the
      company.

   b. issue 37,20,500 shares, of INR10 each fully paid up at
      par, on preferential basis to UTI Asset Management Company
      Ltd on conversion of 37,20,500 Zero Coupon Optionally
      Fully Convertible debentures (series II: Unsecured) of
      INR10 each, subject to 80% write down of the face value of       
      each share of INR10 each up to INR2 each.

The preferential allotment to debenture holders is pursuant to
the terms and conditions of the Scheme of Arrangement approved
by the holders on March 11, 2005 and confirmed by the High Court
of Bombay, Goa Bench at Panaji on June 23, 2006.  The issuance
to UTI Asset is under the terms of sanction letters dated
April 29, 2002, and June 12, 2003, for the restructuring of the
liabilities of the company and their option letter dated
Aug. 16, 2007.  

Subject to the confirmation of the High Court of Bombay, Goa
Bench at Goa, the shareholders agree that the issued and paid-up
share capital of the company aggregating to INR4,83,28,500
(consisting of 48,32,850 shares with face value of INR10 each)
issued to the debenture holders pursuant to the terms and
conditions contained in the Scheme of Arrangement approved by
the holders of 8,46,100 - 12% Secured Redeemable Non-Convertible
Debentures on Sept. 11, 2005, be reduced to INR96,65,700
(consisting of 48,32,850 equity shares of the face value of INR2
each) by extinguishing or canceling a sum of INR8 of the face
value of each equity share or 80%, against the losses of the
company pari-passu with the existing shareholders of the
company.

During the meeting, the shareholders further accorded to the:

   -- re-appointment of P. B. Gadgil as director;

   -- re-appointment of M/s. V. V. Kale & Company, Chartered
      Accountants, as auditors to hold office up to the
      conclusion of the next AGM; and

   -- appointment of Cdr. Subhash Kumar Mutreja, (Retd) as  
      whole time director & chief executive officer for a term
      of one year.

Operating as a composite ship repair facility in India, Western
India Shipyard Ltd -- http://www.westinshp.com/-- offers ship  
routine maintenance and damage repairs; cargo hold/tank space
blasting and coating; main engine overhauls; rudder, propeller,
and tailshaft repairs; cargo gear overhaul and repairs; heating
coil hydro test and electric works; hatch cover modifications
and container cell guide conversions; and auxiliary machinery
overhauls.

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Western India Shipyard has a stockholder's equity
deficit of US$22.78 million.

The company has incurred at least two years of consecutive net
losses -- INR207.58 million in the year ended Mar. 31, 2007, and
INR233.68 million in the year ended Mar. 31, 2008.


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

BANK MANDIRI: To Increase Stake in PT AXA Mandiri
-------------------------------------------------
PT Bank Mandiri wants to increase its 49% stake in its mutual
fund subsidiary PT AXA Mandiri Financial Services, Asia Pulse
reports.

According to the report, the majority stake of 51% of AMFS is
now owned by AXA Pacific Holdings through National Mutual Fund
Pty Ltd.

State Bank Director Bambang Setiawan said Bank Mandiri's
negotiations on a proposal to increase its stake in  AXA Pacific
to 51% is now in progress, the report notes.


PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is         
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on Dec. 7,
2007, that Fitch Ratings upgraded the Individual Rating of PT
Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and its
National Long-term rating to 'AA+ (idn)' from 'AA (idn)'.  The
Outlook on the National rating remains Stable.  At the same
time, all other ratings are affirmed, as follows:

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

   -- Short-term IDR at 'B'

   -- Support at '4', and

   -- Support Floor at 'B+'

On Oct. 19, 2007, Moody's Investors Service raised the foreign
currency long-term debt and foreign currency long-term deposit
ratings of Bank Mandiri.

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

   -- The Not Prime foreign currency short-term deposit rating,
      Baa2 global local currency deposit rating and D- BFSR were
      unaffected.


GARUDA: Flies 21,650 Customers from Beijing to Jakarta in 2007
--------------------------------------------------------------
PT Garuda Indonesia flew 21,650 passengers from Beijing to
Jakarta in 2007 with a seat occupancy rate of 81.8%, Antara News
reports citing Garuda General Manager for Beiing Pikri Ilham K.

Mr. Ilham was quoted by the news agency as saying, "Amid tight
competition with foreign airlines which also serve the Beijing-
Jakarta route, the number of Garuda's passengers from Beijing
continued to increase in 2007."   Garuda used B737 New
Generation (NG) airplanes in flying passengers from Beijing to
Jakarta with a capacity of 26,499 seats, he added.

According to the report, besides serving the Beijing-Jakarta
route, Garuda also plied the Shanghai-Jakarta and Guanzhou-
Jakarta routes with four flights a week respectively.

Mr. Ilham, the report adds, hopes that Garuda would fly more
passengers this year.

                    About Garuda Indonesia

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

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

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

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

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


GOODYEAR TIRE: Tire Mounting Biz Sells Assets to EnovaPremier
-------------------------------------------------------------
The Goodyear Tire & Rubber Company reported that T&WA Inc., a
tire mounting business based in Louisville, Ky., has sold
substantially all of its assets to EnovaPremier, LLC.  Goodyear
has had a minority ownership interest in T&WA since 1999.

T&WA and EnovaPremier have not disclosed the terms of the
transaction.

Goodyear anticipates recording an after-tax, non-cash loss of
US$30 million to US$35 million in the fourth quarter of 2007 as
a result of the transaction, subject to post-closing
adjustments.

The company said T&WA's exit from the tire and wheel assembly
business is consistent with Goodyear's previously announced
strategy to focus on its core consumer and commercial tire
businesses.  T&WA is a variable interest entity that is
consolidated with Goodyear under generally accepted accounting
principles.

T&WA, a minority business enterprise that was founded in 1995,
supplies mounted and balanced tire and wheel assemblies to auto
manufacturers.  The business operates facilities in Alabama,
Indiana, Kentucky and Michigan.

                      About Goodyear Tire

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

                         *     *     *

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


INDOSAT: Singtel Expects Decision by Early March
------------------------------------------------
PT Indosat Tbk's shareholder Singapore Telecommunications  
expects a Jakarta court to rule on the fate of its stake in
Indosat by late February or early March, Reuters reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2007, Temasek Holdings, which owns 54% of SingTel, was
found guilty by the Business Competition Monitoring Commission
(KPPU) of violating Indonesia's anti-monopoly laws.  Temasek
violated the country's anti-monopoly laws through its ownership
in PT Indosat Tbk and PT Telekomunikasi Selular Indonesia.

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

SingTel International CEO Lim Chuan Poh was quoted by Reuters as
saying, "The first court hearing should be sometime before the
end of January.  We hope a decision (will be made) by the court
by end of next month or early March."

Mr. Pohsaid SingTel has not considered selling its stake in
Telkomsel and had not been approached by a buyer.  "We remain
committed to our investment in Indonesia," he said.

Another TCR-AP report on Dec. 20, 2007, noted that Temasek
Holdings filed an appeal against the Indonesian court ruling
that said it broke antitrust laws.  According to the TCR-AP,
analysts at DBS Vickers Research Singapore said Temasek will use
the legal process to appeal the ruling and the worst-case
scenario is an imposition of a tariff cut on Indonesian mobile-
phone companies.

Reuters notes that ST Telemedia holds a 75% stake in Asia Mobile
Holdings, which in turn owns about 40% of Indosat.

                       About Indosat

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

                        *     *     *

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

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


* Fitch Assigns 'BB-' Rating to Indonesia's Forthcoming Bond
------------------------------------------------------------
Fitch Ratings has assigned an expected Long-term foreign
currency rating of 'BB-' to the Republic of Indonesia's
forthcoming benchmark US dollar-denominated Global Bond.  The
final rating is contingent upon receipt of final documents
conforming to information already received.

Fitch placed Indonesia's foreign and local currency Issuer
Default ratings, which are both 'BB-', on Positive Outlook in
January 2007.  The agency notes that Indonesia's economic growth
momentum will only be marginally impacted by weakness in
external demand, as domestic demand has recovered.  The
country's structural reform agenda on both the public and
external finances front remains intact, which in turn will help
to improve Indonesia's credit risk profile going forward.


* Moody's Assigns Ba3 Rating to Indonesia's Forthcoming Bond
------------------------------------------------------------
Moody's has assigned a Foreign Currency rating of 'Ba3' with a
stable outlook to the Republic of Indonesia's forthcoming
benchmark US dollar-denominated Global Bond.

Moody's upgraded the local- and foreign-currency bond ratings of
Indonesia to Ba3 from B1 in October 2007.  The agency noted that
a track record of fiscal prudence and a more resilient external
position coupled with structural reforms and improved policy
management has bolstered the government's credit fundamentals.
Moody's also expects political stability through upcoming
elections which should help to underpin a generally orthodox and
pro-reform economic policy stance.


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

DELPHI CORP: Seeks Provisional Allowance of Unreconciled Claims
---------------------------------------------------------------
Delphi Corp. and its debtor-affiliates seek the provisional
allowance or estimation of 1,817 claims solely for purposes of
distributing the Discount Rights provided for the in First
Amended Plan of Reorganization.  The estimated allowed amounts
for the claims aggregate US$414,716,298, but majority of the
claims are estimated at US$0.

The Plan provides that each holder of an Allowed General
Unsecured Claim will receive:

   (i) the number of shares of New Common Stock equal to 77.3%
       of the Face Amount of the Allowed Claim and

  (ii) the entitlement to participate in the Discount Rights
       Offering.

Discount Rights are to be distributed on a pro rata basis to
holders of allowed claims in Class C - General Unsecured Claims
under the Plan.  The Plan provides in pertinent part that "[i]f
a Claim of a Discount Rights Offering Eligible Holder is not
Allowed or otherwise reconciled by the Debtors by the date of
commencement of the Confirmation Hearing, such Claim shall be
temporarily allowed, solely for purposes of participation in the
Discount Rights Offering, in the amount so estimated by the
Bankruptcy Court or agreed to by the holder of the claim and the
Debtors."

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, relates that to make a pro rata
distribution of the Discount Rights, it is necessary to estimate
or temporarily allow any claims that have not been allowed,
disallowed, or reconciled prior to the commencement of the
Discount Rights Offering.

Although the vast majority of claims against the Debtors have
been allowed or reconciled, there remain a number of
Unreconciled Claims that will need to be estimated or
provisionally allowed for purposes of making the appropriate
calculations for a pro rata distribution of the Discount Rights,
Mr. Butler tells the Court.

A list of the Unreconciled Claims, and their estimated allowed
amounts is available for free at:

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

The list includes certain holders of Supplemental Executive
Retirement Program claims for which the holder has not yet filed
a proof of claim, but for whom the Debtors will schedule an
actuarially determined SERP claim prior to the confirmation
hearing so that these claimants are able to participate in the
Discount Rights Offering.
                                                                 
In particular, several claims that were filed as secured claims
or claims with other priority status, but which the Debtors
assert should be reclassified as general unsecured claims, are
included on the list in the amount of $0 because as currently
classified they are not entitled to participate in the Discount
Rights Offering under the Plan, Mr. Butler explains.

The Debtors note that, to the extent that the Claimants will
receive contract cure payments in cash, and those amounts are
reconciled prior to the commencement of the Discount Rights
Offering, the amount at which the claimants are entitled to
participate in the Discount Rights Offering will be
correspondingly reduced.

The Debtors also propose that, should the provisional allowance
or estimation results in a particular claimant's receiving more
Discount Rights than the claimant should have received based on
the ultimate allowed amount of the claim and those rights are
transferred or exercised, then, in the Reorganized Debtors' sole
discretion, (a) an amount of New Common Stock equivalent to the
value of the Excess Discount Rights will be withheld from the
ultimate distribution to such claimant or (b) the claimant will
be required to remit payment to the Reorganized Debtors in an
amount equal to the value of the Excess Discount Rights.

The Debtors, in this request, do not seek estimation or
temporary allowance of certain claims which, while filed as
general unsecured claims, will not be entitled to distributions
as general unsecured claims.  These claims include Flow-Through
Claims, which are not impaired under the Plan, and certain other
unsecured claims that will be expunged or otherwise resolved on
or shortly after the Effective Date of the Plan, or that have
been or will be satisfied pursuant to other orders of the Court.

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

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

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


DELPHI CORP: UAW Objects to Management Compensation Plan
--------------------------------------------------------
The International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America objects to
confirmation of Delphi Corp. and its debtor-affiliates' Joint
Plan of Reorganization solely based on the Management
Compensation Plan, which was made part of the Plan.

The UAW reserves its right, after taking discovery, to amend,
change or add to the assertions set forth herein, to reflect
facts and evidence discovered.

The proposed MCP includes, among other things, cash and equity
emergence awards to be issued on the Plan's effective date, as
well as other compensation to be paid to executives after the
Effective Date, including a long-term incentive plan that
purports to reserve 8% of Reorganized Delphi's fully diluted new
common stock for annual grants to executives covered by the MCP.

Peter D. DeChiara, Esq., at Cohen, Weiss and Simon LLP, in New
York, avers that among other possible grounds that the UAW may
assert for its objection after taking discovery, the UAW objects
on the ground that Plan, to the extent it contains the
MCP, fails to satisfy Section 1129(a)(3) of the Bankruptcy Code.

Section 1129(a)(3) provides that a court shall only confirm a
plan if it "has been proposed in good faith and not by any means
forbidden by law."

Mr. DeChiara argues that the MCP is not reasonable and is not
fundamentally fair to the UAW-represented employees who made
enormous sacrifices for the Debtors' reorganization.  In
particular, the MCP, he says, violates the "Equivalence of
Sacrifice" provision of the UAW-Delphi-GM Memorandum of
Understanding, which the Court approved on July 19, 2007.
                         
The UAW finds the MCP in its entirety objectionable, in that the
total compensation that it will provide to the executives
covered by it will make it impossible to conclude that the Plan
is fundamentally fair to the UAW-represented employees or that
the executives have sacrificed in a manner equivalent to the
UAW-represented employees.

UAW intends to focus on these provisions on the MCP -- Short-
Term Incentive Plan, the Long-Term Incentive Plan and the
Chapter 11 Effective Date Executive Payments.  These specific
provisions will make the executives covered by it whole or
substantially whole for any compensation they did not receive
because of the Debtors' Chapter 11 filing, Mr. DeChiara relates.  
He notes that the UAW-represented employees, by contrast, have
not been and will not be made whole, but have sacrificed
tremendously for the Debtors' reorganization.

Mr. DeChiara adds that the incentives and payments under the
MCP will leave some or all of the executives above market levels
regarding some or all of their compensation.  "To the extent
some or all of the executives are above market levels as a
result of the MCP, the POR is unfair and violates the
equivalence-of-sacrifice requirement."

UAW filed the Amended Objection to heed to certain demands by
the Debtors.  At a meet-and-confer held on Dec. 19, 2007, the
Debtors told UAW that they would not agree to the discovery
requested by the union, unless it (i) amended its preliminary
objection to reflect that it was an objection to confirmation of
the Plan; and (ii) add allegations on the specific provisions of
the MCP to which the UAW was objecting.

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

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

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


ELPIDA MEMORY: Issues Sixth Unsecured Straight Bonds
----------------------------------------------------
Elpida Memory, Inc., has determined the terms of the 6th
unsecured straight bonds (with inter-bond pari passu clause)
based on the domestic straight bond shelf registration
(registered amount: JPY150 billion, effective period: through
October 26, 2009) as stated below:

   * Issue Size: JPY20 billion

   * Denomination: JPY100 million

   * Interest Rate: 2.10% per annum

   * Issue price: JPY100 per face value JPY100

   * Duration: 5 years

   * Maturity Date: November 29, 2012

   * Interest Payment Date: May 29, and November 29 each year

   * Payment Date: November 29, 2007

   * Underwriters: Nomura Securities Co.,Ltd.; Mizuho           
     Securities Co., Ltd. (joint lead managers and joint      
     bookrunners)

   * Fiscal Agent: Mizuho Corporate Bank, Ltd.

   * Rating: BBB+ (Japan Credit Rating Agency, Ltd.)

   * Use of Proceeds: Repayment of loans and lease obligations

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.


FUJI HEAVY: To Make Low-Price SUV with Toyota Motor
---------------------------------------------------
Fuji Heavy Industries Ltd. has been consigned by Toyota Motor
Corp. to develop and produce a new low-price sports car
targeting young drivers, sources disclosed to The Yomiuri
Shimbun.

According to the paper's sources, Fuji Heavy and Toyota are in
negotiations toward an agreement within the current fiscal year
and seek to put the vehicle on the market around 2009.

The car, which is to be marketed overseas, including the U.S.,
will be equipped with a 2-liter engine and rear-wheel drive
system.  It will be priced around JPY2 million and positioned
as an entry-level car.  Fuji Heavy, states The Yomiuri Shimbun,
plans to take the development initiative and base the car on
its horizontally opposed engine and chassis design used in its
existing models.

The Yomiuri Shimbun adds that the sports car will be sold
solely under the Toyota brand and not under Fuji Heavy's Subaru
brand.

Sources said that Toyota's consignment benefits Fuji Heavy by
boosting engineer morale and improving operating rates at
plants while Toyota, quickly expanding worldwide and needing to
make up for a shortage of development engineers, finds it
efficient to use Fuji Heavy's engineering power.

                      About Fuji Heavy

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp-- is manufacturing company engaged in  
four business segments.  The Automobile segment is engaged in
the manufacturing, repair and sale of light vehicles, compact
cars and standard vehicles.  The Industrial Machinery segment
offers motors, machinery for agricultural, forestry and
constructional use, as well as other machinery and equipment.  
The Aerospace segment offers airplanes, aerospace-related
equipment and parts. The Others segment is engaged in the
manufacturing, repair and sale of dustcarts, bus-related parts
and houses, as well as the leasing of real estates.  The
Company distributes its products in both domestic and overseas
markets.  As of March 31, 2007, Fuji Heavy Industries has 109
subsidiaries and nine associated companies. The Company has a
global network.

Fuji Heavy still carries' Standard & Poor's Ratings Services'
BB+ long-term foreign and local currency Issuer Default
Ratings, with a stable outlook.  The rating was announced on
June 17, 2005.  S&P's rating based it on Fuji Heavy's
diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.


GAP INC: Names Simon Kneen as Creative Dir. for Banana Republic
---------------------------------------------------------------
Gap Inc. has appointed Simon Kneen as executive vice president
of design and creative director for Banana Republic, effective
January 9.

Simon Kneen is a fashion leader with more than 25 years of
experience in key design roles for apparel brands in the United
States and Europe.

In this role, Mr. Kneen will set the product direction for
Banana Republic apparel and accessories, well as set the overall
creative direction for the brand.

"Simon has a tremendous ability to creatively guide a brand,
experience delivering a consistent aesthetic across all
expressions of the brand, and a proven track record of fostering
strong creative teams," Jack Calhoun, president of Banana
Republic, said.  "After talking with dozens of fantastic
candidates, it's clear that Simon is a great fit for Banana
Republic."

For the past five years, Mr. Kneen served as creative design
director for the Retail Brand Alliance, where he led the
creative vision for such well-known brands as Brooks Brothers
and Adrienne Vittadini.  He was the first to design a fashion
collection for men's and women's at Brooks Brothers, and was
part of the leadership team that helped reposition the brand.
While at the Retail Brand Alliance, he was also responsible for
designing the collections under the Casual Corner label from
2003 until 2005, prior to the brand's sale.

From 2001 to 2003, Mr. Kneen was creative director for Maska,
the Italian fashion house known for its exclusive couture
collection and fashionable ready-to-wear line.  Prior to that,
he was head designer, Pret-a Porter, for Maison Balmain, based
in Paris.  Mr. Kneen also led his own design firm and produced
the Simon Kneen Collection, a line of suiting, separate,
knitwear and accessories sold through luxury apparel retailers
in Italy.

Mr. Kneen, 46, will report to Mr. Calhoun in this new role.

                      About Banana Republic

Banana Republic is a luxury brand, offering quality apparel and
accessories collections for men and women.  The brand offers
essentials and seasonal collections of accessories, shoes,
personal care products and intimate apparel.  From work to
casual occasions, Banana Republic offers covetable,
uncomplicated style.

                          About Gap Inc.

Headquartered in San Francisco, California, Gap Inc. (NYSE: GPS)
-- http://www.gapinc.com/-- is an international specialty  
retailer offering clothing, accessories and personal care
products for men, women, children and babies under the Gap,
Banana Republic, Old Navy, Forth & Towne and Piperlime brand
names.  Gap Inc. operates more than 3,100 stores in the United
States, the United Kingdom, Canada, France, Ireland and Japan.  
In addition, Gap Inc. is expanding its international presence
with franchise agreements for Gap and Banana Republic in
Southeast Asia and the Middle East.

                          *     *     *

Moody's Investor Service placed Gap Inc.'s corporate family,
senior unsecured debt and probability of default ratings at
'Ba1' in February 2007.  The ratings still hold to date with a
stable outlook.


HERBALIFE LTD: Promotes Jerry Li to China Unit General Manager
--------------------------------------------------------------
Herbalife Ltd. has promoted Jerry Li to general manager of the
company's China operations.  Mr. Li reports to Paul Noack, who
was recently named managing director of the company's Asia
Pacific region.

Mr. Li has extensive experience in the direct selling industry.
Since joining the company as sales director in December 2004, he
has held various operational roles, and most recently, was
jointly responsible for the day-to-day operations in China.
Prior to joining Herbalife, Mr. Li worked at Amway for about
seven years, ultimately as senior manager overseeing operations
for the Shandong province.  He earned an MBA from Peking
University.

Herbalife received its first direct selling license from China's
Ministry of Commerce in March 2007.  In July, the license was
expanded to include the entire Jiangsu province.  Headquartered
in Shanghai, the company currently operates 90 stores in 29
provinces in China.

Herbalife sells more than 34 products in China.  The company
operates its own manufacturing facility in Suzhou, China, that
produces products for local use and export.

Herbalife is affiliated with, and plays an active role in a
large number of industry trade organizations, including The
World Federation of Direct Selling Associations, the Federation
of European Direct Selling Associations and 40 individual direct
selling associations globally.

                    About Herbalife Ltd.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn.,
Guadalajara, Mexico, and El Salvador.  The company also has
operations in Venezuela.

                       *     *      *

As reported in the Troubled Company Reporter on April 5, 2007,
Standard & Poor's Ratings Services said that its 'BB+' corporate
credit rating on Los Angeles-based Herbalife Ltd. remains on
CreditWatch with negative implications following the company's
announcement that the company's board of directors has rejected
a bid to be acquired by Whitney V L.P.  The board indicated that
although it views Whitney's bid as too low, it would consider an
improved offer.


JAPAN AIRLINES: Final Bidding for JALCard to be Held This Week
--------------------------------------------------------------
Japan Airlines International Co., Ltd., will hold the final
round of bidding for shares in JALCard in the later part of this
week, sources familiar with the matter revealed to Jiji Press.

Jiji Press' sources say that JAL has already narrowed down the
candidates to buy shares of its wholly owned credit card unit
to five companies, including Mitsubishi UFJ Financial Group
Inc., Credit Saison Co., and U.S. investment fund TPG.

The five selected bidders are expected to participate in the
upcoming bidding where JAL will decide the winner in late
March, relates Jiji Press.

According to the report, JAL will take into account not only
the bid prices but also the business plans presented by the
bidders.  The sources of Jiji Press further revealed that JAL
may consider giving up its majority stake in JALCard.

JAL, which intends to use the proceeds of the share sale to
reduce interest-bearing debts and strengthen its financial
standing, hopes to tie-up with the procurer of JALcard and
wants the new shareholder to agree to retain the brand name,
adds Jiji Press.

Jiji Press states that JALCard is expected to total tens of
billions of yen.

                      About Japan Airlines

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

                       *     *     *

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

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

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


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

COREBRID: Establishes New Subsidiary
------------------------------------
CoreBrid Inc. has established a new subsidiary, Reuters Key  
Developments reports.

According to the report, the new unit is mainly engaged in the
shipbuilding material businesses.

This company move, the report notes, used a capital of
KRW100 million.

Seoul-based CoreBrid Inc. previously known as Curon Inc. --
http://www.curon.co.kr-- is engaged in the provision of     
diaphragms, vaporizers and Video On Demand servers.  The company
provides three main products: diaphragms and vaporizers, which
are used in gas meters, speakers, automobiles, medical
applications, heavy machinery, industrial valves and pumps; VOD
servers such as StreamXpert, which supply High Definition
Television (HDTV) multimedia content; and Telematics, which are
used in entertainment, games, digital multimedia players,
traffic information, satellites, digital versatile discs, TVs
and radios.

Korea Ratings gave Curon Inc.'s US$10 million convertible bond a
B- rating with a stable outlook on February 22, 2007.


KAFCO C&I: Completes Merger with Open Object Component
------------------------------------------------------
Kafco C&I Co. Ltd. has completed the merger with Open Object
Component, Reuters Key Developments reports.

According to the report, the merger took effect on November 19,
2007.

Headquartered in Gyeonggi Province, Korea, Kafco C&I Co., Ltd.
is an equipment manufacturer of lithium batteries.  The company
provides its products under two categories: formation and power
supply equipment.  Its formation equipment includes formation
and grading equipment, disposable battery dischargers and
research and development (R&D) equipment used by manufacturers
of lithium batteries, mobile phones, condensers and others. Its
power supply equipment is used in electric power stations,
plating factories and others.

Korea Ratings gives the company's KRW1.20-billion bond a CCC
rating with negative outlook, as of April 18, 2006.


KAFCO C&I: Signs Distribution Contract with Korea-Based Company
---------------------------------------------------------------
Kafco C&I Co. Ltd. has signed a contract with a Korea-based
company to get a right to distribute IDsentrie (Network Identity
Management), Reuters Key Developments reports.

Reuters explains that IDsentrie is a networks product in Korea.

Headquartered in Gyeonggi Province, Korea, Kafco C&I Co., Ltd.
is an equipment manufacturer of lithium batteries.  The company
provides its products under two categories: formation and power
supply equipment.  Its formation equipment includes formation
and grading equipment, disposable battery dischargers and
research and development (R&D) equipment used by manufacturers
of lithium batteries, mobile phones, condensers and others. Its
power supply equipment is used in electric power stations,
plating factories and others.

Korea Ratings gives the company's KRW1.20-billion bond a CCC
rating with negative outlook, as of April 18, 2006.


SEJI CO: Completes Issuance of New Shares
-----------------------------------------
Seji Co Ltd. has completed issuance of 14,515,058 common shares
of the company at an offer price of KRW500 per share, through a
private placement, Reuters Investing Keys reports.

According to the report, this brings the total number of the
company's outstanding common shares to 76,391,659.

Headquartered in Korea, Seji Company Limited specializes in the
field of environmental engineering.  The Company develops and
manufactures sludge collectors, screens and filters, dehydrators
and other related equipment. It also carries out work from
design to manufacturing, installation, testing of water, air and
waste treatment facilities and their automatic control devices.

Seji Co' balance sheet as of January 4, 2007, showed total
assets of US$37.25 million and total liabilities of
US$37.56 million, resulting to a shareholder's deficit of
US$0.31 billion.

The company had been suffering net losses of KRW3.25 trillion,
KRW7.32 trillion, KRW9.25 trillion and KRW10.05 trillion from
2003 through 2006.


SEJI CO: Signs KRW2.99-Million Contract with Trans Global One
-------------------------------------------------------------
Seji Co Ltd has signed a contract with Trans Global One
Investments Corp, Reuters Key Developments reports.

Under the business agreement, the report notes, Seji Co will
supply HMS 1&2 (iron and steel scarp) for the latter company.

The contract amount is worth KRW2,985,336,000, the report adds.

Headquartered in Korea, Seji Company Limited specializes in the
field of environmental engineering.  The Company develops and
manufactures sludge collectors, screens and filters, dehydrators
and other related equipment. It also carries out work from
design to manufacturing, installation, testing of water, air and
waste treatment facilities and their automatic control devices.

Seji Co' balance sheet as of January 4, 2007, showed total
assets of US$37.25 million and total liabilities of
US$37.56 million, resulting to a shareholder's deficit of
US$0.31 billion.

The company had been suffering net losses of KRW3.25 trillion,
KRW7.32 trillion, KRW9.25 trillion and KRW10.05 trillion from
2003 through 2006.


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

HARVEST COURT: To Seeks Court OK for Capital & Premium Reduction
----------------------------------------------------------------
The Troubled Company Reporter-Asia Pacific reported on Dec. 21,
2007, that the shareholders of Harvest Court Industries Berhad
approved all the proposals presented at their Extraordinary
General Meeting held on December 19, 2007.

The proposals passed during the extraordinary general meeting
were:

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

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

   * proposed amendments to the company’s memorandum and
     articles of association to facilitate the proposed capital
     reconstruction;

   * proposed increase in authorized share capital;

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

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

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

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

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

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

Now, the company discloses in a regulatory filing that it is in
the process of submitting an application to seek the approval of
the High Court of Malaya for the Proposed Share Capital
Reduction and Proposed Share Premium Reduction.

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

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

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


MANGIUM INDUSTRIES: Divests Plantations Holding for US$6.03 Mil.
----------------------------------------------------------------
Mangium Industries Berhad proposes to dispose of the entire
issued and paid-up share capital of Mangium Plantations Sdn Bhd
to Global Emerging Markets Forestry Investors LLC for a cash
consideration of US$6,025,000, the company said in a regulatory
filing.

The company has also submitted a proposed utilization of the
proceeds, which move is currently pending review and approval by
the Securities Commission.

Mangium Industries is currently working on a full comprehensive
regularization plan to be submitted to the relevant authorities
for approval.


Mangium Industries Berhad's principal activities are the
manufacture and trade of timber and timber related products.
Other activities include provision of printing services,
publisher, printer consultants and advertisers, trading of
alcoholic beverages, general trading of office furniture,
operation and development of the plantation and investment
holding.  Operations of the Group are carried out in Malaysia.

The Troubled Company Reporter-Asia Pacific reported on May 25,
2007, that Mangium Industries, on May 22, became an affected
listed issuer pursuant to the provisions of Amended Practice
Note 17/2005, as its shareholders' equity on consolidated basis
is less than 25% of its issued and paid-up capital.  As an
affected listed issuer, Mangium is required to formulate and
implement a plan to regularize its financial condition within a
timeframe stipulated by relevant authorities.

Mangium's balance sheet as of March 31, 2007, showed total
assets of MYR45.09 million and total liabilities of
MYR93.33 million.  Shareholders' equity deficit totaled
MYR46.11 million.


MEGAN MEDIA: Fails to Submit Annual Audited Accounts
----------------------------------------------------
Megan Media Holdings Bhd has failed to submit its annual audited
accounts and annual report for the financial year ended
April 30, 2007, to Bursa Malaysia Securities Bhd for public
release within the stipulated timeframe, Bernama reports.

The report says that the company blames the delay in submitting
the audited accounts annual report, supposedly due on Aug. 31
and Oct. 31, 2007, respectively, to the resignation of its
auditors, KPMG.

The company appointed Shamsir Jasani Grant Thornton as its new
auditors on Dec. 18, 2007.

The report adds that the company will continue to work with the
new auditors to complete the audit as soon as possible so as to
avoid any further enforcement action by the regulators.

Megan Media Holdings Berhad' s principal activities are
manufacturing and trading data storage media products like
Computer diskettes, video cassette tapes, compact disc
recordable (CD-R's) and digital versatile disc recordable (DVD-
R's).  The Group operates in Malaysia, Singapore and other
countries.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that the Rating Agency Malaysia downgraded the long-
term rating of Memory Tech Sdn Bhd's MYR320 million Bai Bithaman
Ajil Islamic Debt Securities (2005/2012) ("BaIDS"), from C3
(with a negative outlook) to D.  The BaIDS carries a corporate
guarantee from MTSB's holding company, Megan Media Holdings
Berhad.  

Concurrently, RAM has lifted the Rating Watch (with a negative
outlook) that had been placed on MTSB on May 9, 2007, following
the failure of MTSB and MJC (Singapore) Pte Ltd, another wholly
owned subsidiary of Megan Media, to repay their trade facilities
amounting to MYR47.36 million.

On June 19, 2007, the company was classified as a PN17 company,
and was given eight months to submit a substantive plan to
regularize its financial condition.


MEGAN MEDIA: Expects to Release Financial Statements by Jan. 31
---------------------------------------------------------------
Megan Media Holdings Berhad's audited financial statements are
expected to be completed by the end of January 2008, Bernama
reports.

The announcement was made by the company's new auditor, SJ Grant
Thornton.

According to Bernama, SJGT managing partner Datuk N.K. Jasani
had said that it will be up to the company's directors to
consider the audited accounts.  "When they think they are ready,
they can call for the annual general meeting to approve the
audited accounts," he added.

Mr. Jasani said the audit carried out by SJGT was progressing
accordingly, Bernama relates.  Mr. Jasani also said that their
"challenge is to ensure that the management has put through all
the transactions, otherwise we have to highlight it in (their)
report," Bernama recounts.

Bernama explains that Megan Media failed to timely submit its
annual audited accounts and annual report for the financial year
ended April 30, 2007, to Bursa Malaysia Securities Bhd for
public release.

Bernama recounts that the company blamed the delay in submitting
the audited accounts and annual report, originally due on August
31 and October 31, 2007, respectively, to the resignation of its
previous auditors, KPMG.

To top it all off, the company's subsidiaries, Memory Tech Sdn
Bhd and MJC (Singapore) Pte Ltd, had defaulted on maturing
banking facilities amounting to MYR47.36 million, Bernama
relates.

Furthermore, on June 29, 2007, the company announced a massive
unaudited net loss of MYR1.27 billion for the 2007 financial
year, which was largely contributed by deliberate falsification
of the group's financial statements, Bernama adds.

Megan Media Holdings Berhad' s principal activities are
manufacturing and trading data storage media products like
Computer diskettes, video cassette tapes, compact disc
recordable (CD-R's) and digital versatile disc recordable (DVD-
R's).  The Group operates in Malaysia, Singapore and other
countries.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that the Rating Agency Malaysia downgraded the long-
term rating of Memory Tech Sdn Bhd's MYR320 million Bai Bithaman
Ajil Islamic Debt Securities (2005/2012) ("BaIDS"), from C3
(with a negative outlook) to D.  The BaIDS carries a corporate
guarantee from MTSB's holding company, Megan Media Holdings
Berhad.  

Concurrently, RAM has lifted the Rating Watch (with a negative
outlook) that had been placed on MTSB on May 9, 2007, following
the failure of MTSB and MJC (Singapore) Pte Ltd, another wholly
owned subsidiary of Megan Media, to repay their trade facilities
amounting to MYR47.36 million.

On June 19, 2007, the company was classified as a PN17 company,
and was given eight months to submit a substantive plan to
regularize its financial condition.


MEGAN MEDIA: Gives Updates on PN1 Status
----------------------------------------
Megan Media Holdings Berhad, in a regulatory filing with the
Malaysia Securities Berhad, reports that there is no material
change to the business conditions of its subsidiaries, Memory
Tech Sdn Bhd and MJC (Singapore) Pte Ltd.

The company disclosed on Dec. 3, 2007, that both subsidiaries
have not paid MYR899.96 million in maturing banking facilities,
excluding interest.

The company said that constraints to current cash flow from its
manufacturing operations render both subsidiaries unable to
service and repay amounts due to lenders.  The group continues
to be saddled with debts procured from banks on the back of its
trading business, which Investigative Accountants have now
established as fraudulent.

           Measures Taken to Address the Default

Following initial meetings with Creditor Banks in May 2007, the
company, working with its Specialist Advisors, Sage 3 Capital
Sdn Bhd, had proposed the appointment of Investigative
Accountants to probe into what its advisors viewed as highly
suspicious and irregular transactions.

Pursuant to those meetings, the creditor banks proposed the
appointment of Ferrier Hodgson MH Sdn Bhd as Investigative
Accountants for the Malaysian operations.

PricewaterhouseCoopers, who were initially appointed by the
company as independent financial advisors to MJC in Singapore,
have more recently been appointed as judicial managers and will
have responsibilities for managing and conducting investigations
into the affairs of MJC in Singapore.

This appointment was at the behest of the company and its
specialist advisors.  FH has since reported its commercial
findings to all Malaysian Creditor Banks and the company on
July 30, 2007.

The work to initiate legal proceedings to recover all amounts
lost due to the irregularities is on going given the quantum of
the losses incurred.  In this regard, the company is continuing
to work with its Legal Counsel and Specialist Advisors.

The company continues to adopt a consultative approach and has
been in discussions with the creditor banks.

The company, with support from its specialist advisors,
forwarded a formal proposal to the Creditors Steering Committee
on Sept. 11, 2007 of a Comprehensive Debt Restructuring and
Regularization Plans.  Pending its review and acceptance or
rejection, the creditor banks reserve their legal rights.

On Oct. 26, 2007, the company presented a revised proposal to
the Malaysian creditor banks with an exposure to the company and
its subsidiary, Memory Tech.  On Oct. 30, 2007, the company
presented a formal proposal to Singapore creditor banks that
have a corporate guarantee from the company.

In addition, the company had appointed OSK Investment Bank
Berhad on Oct. 29, 2007, to act as the advising merchant bank.

The board had announced on Nov. 6, 2007, that the High Court of
Malaya, Kuala Lumpur has granted the company and Memory Tech a
court order to undertake a compromise or arrangement with its
creditors or any class of creditors. The court also granted a
restraining order for 90 days effective from Nov. 6, 2007 until
Feb. 3, 2008.

Megan Media Holdings Berhad' s principal activities are
manufacturing and trading data storage media products like
Computer diskettes, video cassette tapes, compact disc
recordable (CD-R's) and digital versatile disc recordable (DVD-
R's).  The Group operates in Malaysia, Singapore and other
countries.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that the Rating Agency Malaysia downgraded the long-
term rating of Memory Tech Sdn Bhd's MYR320 million Bai Bithaman
Ajil Islamic Debt Securities (2005/2012) ("BaIDS"), from C3
(with a negative outlook) to D.  The BaIDS carries a corporate
guarantee from MTSB's holding company, Megan Media Holdings
Berhad.  

Concurrently, RAM has lifted the Rating Watch (with a negative
outlook) that had been placed on MTSB on May 9, 2007, following
the failure of MTSB and MJC (Singapore) Pte Ltd, another wholly
owned subsidiary of Megan Media, to repay their trade facilities
amounting to MYR47.36 million.

On June 19, 2007, the company was classified as a PN17 company,
and was given eight months to submit a substantive plan to
regularize its financial condition.


SUNWAY INFRASTRUCTURE: Parent Sells Entire Stake to Affin
---------------------------------------------------------
In an update lodged with the Malaysian stock exchange, Sunway
Infrastructure Bhd disclosed that Sunway Holdings Berhad has
sold its 65,090,802 shares in SunInfra to Affin Investment Bank
Berhad, subject to the approval of SunInfra's shareholders.

The Troubled Company Reporter-Asia Pacific reported on Dec. 3,
2007, that Sunway Infrastructure Bhd targets the first quarter
of 2008 to complete the restructuring of its Islamic bonds,
saying that the company is merely waiting for the approval of
its exercise.

As reported by the TCR-AP on Aug. 9, 2007, the company received
a proposal from Affin Investment Bank Berhad that will make the
company pay MYR50 million cash plus relinquishing all economic
rights to its 36% stake in SunInfra in consideration for the
termination/ cancellation of the Letter of Undertaking --
granted by Sunway at the time of issuance of the BaIDS -- as
part of the restructuring of the existing BaIDS.

In addition, the Affin banking group would pump in up to MYR220
million, with a minimum 64% of the bondholders participating in
the restructuring scheme, which was accepted by the bondholders.


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

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

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


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

GLASS EARTH: Grants Incentive Stock Options to NZ-Based Staff
-------------------------------------------------------------
Glass Earth Ltd, pursuant to its rolling stock option plan
approved by shareholders at the annual general meeting held on
June 27 2007, at its board meeting on Dec. 20 2007, granted to
New Zealand-based staff and consultants incentive stock options
entitling them to purchase up to an aggregate of 1,905,000
common shares, exercisable at a price of NZ$0.26 per common
share and expiring on Dec. 20, 2012.

In addition, the company advises that 300,000 incentive stock
options were granted to New Zealand-based staff and consultants
on July 17, 2007.  These options are exercisable at a price of
NZ$0.25 per common share and expiring on July 17, 2012.

Glass Earth Ltd, now known as Glass Earth Gold Ltd --
http://www.glassearthlimited.com/-- and its subsidiaries'   
principal activity is the exploration for and mining of gold
deposits in New Zealand.  Glass Earth has established a large
portfolio of gold prospecting and exploration permits in New
Zealand, including advanced gold prospects in the Hauraki-Waihi
area; advanced and greenfields gold prospects at the Mamaku-
Muirs Reef area between Rotorua and Tauranga; Greenfield gold
prospects in the Central Volcanic Region between Rotorua and
Taupo, and advanced and greenfields gold prospects in the Otago
mesothermal gold fields, including priority over a 20,550km2
prospecting permit area which it believes is prospective for
Macraesstyle gold mineralisation.

All Glass Earth's business operations are owned and managed by
its New Zealand subsidiaries Glass Earth (New Zealand) Limited
and HPD New Zealand Limited.  As of December 27, 2006, St Andrew
Goldfields Ltd. held approximately 50.2% interest in the
company.

As of June 30, 2007, the company booked a deficit of
CND3,422,000, compared with the CND1,953,000 deficit as of
May 31, 2006.


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

INTERMEC INC: Honeywell is Licensee After Hand Held Acquisition
---------------------------------------------------------------
Intermec Technologies Corp. has disclosed that Honeywell Inc.
has become a Rapid Start licensee under Intermec's RFID patents
following its acquisition of Hand Held Products Inc.

Intermec holds more than 154 RFID patents covering broad areas
of supply chain applications.  Intermec's patents cover all
global standards and classes for the practice of RFID
technology, including EPCglobal Class 0, Class 1, Class 1
Generation 2, ISO, ETSI and others.  Honeywell's license
will give it access to this technology with respect to portable
RFID readers.

Honeywell joins 22 other licensees under Intermec's RFID
patents, including Accu-sort, Avery Dennison, AWID, Cisco,
Datamax, EM Micro, Feig Electronics, Hand Held Products, LXE,
Motorola, Philips Semiconductor, PSC, Psion Teklogix, Sato,
Sharp Corp., Symbol Technologies, Texas Instruments, Thingmagic,
Toppan Printing, Tyco, Transcore and Zebra Technologies.

With the addition of Honeywell to its group of RFID licensees,
Intermec continues to support RFID end users and suppliers by
ensuring that the market has an ample supply of high-quality,
properly licensed RFID equipment from global manufacturers.

                     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.


STANDARD AERO: Wins US$9-Mil. Contract From Lufthansa Cityline
--------------------------------------------------------------
Standard Aero Holdings, Inc. wins two new contracts from
Lufthansa CityLine for maintenance on auxiliary power units.  
The contracts together are worth US$9 million.

One contract is a Standard Aero trademarked Total Engine Asset
Management program.  The contract is a five-year, pay-by-the-
hour agreement for service on Lufthansa CityLine GTCP36-150RJ
APUs produced by Honeywell, on the carrier's fleet of CRJ200
aircraft.

The other contract is a 10-year TEAM maintenance cost guarantee
program for Lufthansa's Honeywell RE220 APUs on the carrier's
Bombardier CRJ900 aircraft.

"Standard Aero is pleased to support Lufthansa CityLine's CRJ
aircraft through our trademarked TEAM program, which offers a
customized APU maintenance programs," said Ian Smart, Standard
Aero Airlines & Fleets Senior Vice President.  "Standard Aero
has a strong support network in Europe and we intend to continue
to grow our presence in the region."

Lufthansa CityLine operates a fleet of 24 CRJ200 aircraft and 12
CRJ900 aircraft. Furthermore Lufthansa has ordered an additional
15 CRJ900 aircraft.

"Standard Aero provided Lufthansa CityLine with comprehensive
cost coverage and guarantees," said Franz-Ulrich Stang,
Propulsion Engineering Manager, Lufthansa CityLine.  "With its
TEAM programs that build in cost predictability yet flexibility,
Standard Aero provides the service and costing we require to
operate effectively."

Standard Aero will perform the APU maintenance at its Maryville,
Tenn., operation.  Standard Aero is Honeywell authorized on both
the RE220 and the CTCP-36-150RJ APUs and processes more than 700    
APUs at the operation each year.

                      About Standard Aero

Standard Aero Holdings, Inc.--  http://www.standardaero.com--  
maintains, repairs, and overhauls engine parts, wheels, and
braking systems for military and business aircraft. Previously
divided into two groups -- design and manufacturing and engine
repair and overhaul -- the company was split when investment
firm Doughty Hanson sold the group for US$1.4 billion to US
investment firm The Carlyle Group and British aerospace parts
manufacturer Meggitt.

Standard Aero operates facilities strategically located in
Canada, USA, Europe, Australia, Singapore and Asia.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 11, 2006,  Moody's Investors Service has affirmed the
ratings of Standard Aero Holdings, Inc., Corporate Family Rating
of B2, and has changed the ratings outlook to stable from
negative.  The change in outlook was prompted by the company's
recent announcement that it has negotiated an extension of its
contract with a key customer, Kelly Aviation Center, L.P.,
assuring Standard Aero will be the sole subcontractor for
Maintenance, Repair, and Overhaul work on KAC's Kelly Air Force
Base contract through 2010.  Standard Aero has a Speculative
Grade Liquidity Rating of SGL-3.


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

FEDERAL-MOGUL: S&P Puts BB- Rating on $2.96 Billion Senior Loan
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.     
following the company's emergence from Chapter 11 on Dec. 27,
2007.  The outlook is stable.
     
Standard & Poor's also assigned Federal-Mogul's $540 million
asset-based revolving credit facility due 2013 a 'BB+' rating
(two notches higher than the corporate credit rating) with a
recovery rating of '1', indicating an expectation for very high
(90%-100%) recovery in the event of a payment default.
     
Standard & Poor's assigned Federal-Mogul's $2.96 billion senior
secured term loan a 'BB-' bank loan rating (the same level as
the corporate credit rating) with a recovery rating of '4',
indicating an expectation for average (30%-50%) recovery.  The
term loan consists of a $1 billion eight-year facility and a
$1.96 billion seven-year facility.  Of the total term loan, $878
million was drawn at closing and the balance was drawn on Jan.
3, 2008.
      
"The corporate credit rating reflects Federal-Mogul's weak
business profile and high leverage, but also its adequate
liquidity," said Standard & Poor's credit analyst Nancy Messer.
     
These ratings are consistent with our report published Nov. 28,
2007, in which S&P detailed the ratings it expected to assign to
Federal-Mogul upon emergence.  Federal-Mogul has about
$3.1 billion of total balance-sheet debt outstanding following
emergence from bankruptcy, with the senior secured term loan
fully drawn and applied toward refinancing other debt incurred
as part of the plan of reorganization.
     
Downside ratings risk is mitigated by S&P's expectation of
continued modest sales and EBITDA expansion and of positive free
cash flow that could allow for reduced leverage in the near
term.  Also limiting downside risk is Standard & Poor's
expectation that the effect of restructuring activities will
produce improved EBITDA margin in 2008-2009.  Federal-Mogul's
diverse end-market, product portfolio, and customer base also
provide ratings support.


* BOND PRICING: For the Week 07 January to 11 January 2008
----------------------------------------------------------




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

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.75
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.50
Allco Hybrid Investment        9.000%  08/17/09     AUD    63.10
Allco Hybrid Investment        9.000%  12/31/10     AUD    70.00  
Antares Energy Limited        10.000%  10/31/13     AUD     1.61
Arrow Energy NL               10.000%  03/31/08     AUD     2.56
Babcock & Brown Pty Ltd        8.500%  11/17/09     NZD    10.00
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    10.30
Becton Property Group          9.500%  06/30/10     AUD     0.91
Bounty Industries Limited     10.000%  06/30/10     AUD     0.06
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    11.75
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.40
China Century Capital Ltd     12.000%  09/30/10     AUD     1.02
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.96
FGL Finance                    6.250%  03/17/10     AUD     8.05
Fletcher Building Ltd          8.600%  03/15/08     NZD    10.00
Fletcher Building Ltd          7.800%  03/15/09     NZD    10.00  
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.75
Heemskirk Consolidated
   Limited                     8.000%  09/30/11     AUD     3.05
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    10.80
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    11.60
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     9.75
LongReach Group Limited       10.000%  10/31/08     AUD     0.22
Metal Storm Ltd               10.000%  09/01/09     AUD     0.11
Nylex Limited                 10.000%  12/08/09     AUD     2.35
PPCS Limited                  11.500%  12/15/10     NZD    72.50
Salomon SB Aust                4.250%  02/01/19     USD     8.93
Speirs Group Ltd.             13.160%  06/30/49     NZD    60.00
TrustPower Ltd                 8.300%  12/15/08     NZD    10.50
TrustPower Ltd                 8.500%  09/15/12     NZD     9.40
TrustPower Ltd                 8.500%  03/15/14     NZD     9.25


CHINA
-----
CITIC Guoan Information
   Indust. Co., Ltd            1.200%  09/14/13    CNY     70.35
Rizhao Port Co., Ltd.          1.400%  11/27/13    CNY     73.34
Shenzhen Expressway Co. Ltd.   1.000%  10/09/13    CNY     73.50
Yunnan Yuntianhu Co., Ltd.     1.200%  01/29/13    CNY     74.33


JAPAN
-----
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.36
Nara Prefecture                1.520%  10/31/14     JPY     9.41
NIS Group Co., Ltd.            2.290%  03/23/09     JPY    70.10
NIS Group Co., Ltd.            2.730%  02/26/10     JPY    69.93

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    42.82
Korea Dev. Bank                7.450%  10/31/21     KRW    42.79
Korea Dev. Bank                7.400%  11/02/21     KRW    42.78
Korea Dev. Bank                7.310%  11/08/21     KRW    42.73
Korea Dev. Bank                8.450%  12/15/26     KRW    67.38


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.17
Berjaya Land Bhd               5.000%  12/30/09     MYR     6.45
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/16/08     MYR     1.45
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.05
EG Industries Berhad           5.000%  06/16/10     MYR     0.50
Equine Capital                 3.000%  08/26/08     MYR     1.61
Greatpac Holdings              2.000%  12/11/08     MYR     0.12
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.53
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.50
Insas Berhad                   8.000%  04/19/09     MYR     0.68
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.39
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.54
Kumpulan Jetson                5.000%  11/27/12     MYR     0.52
Lebuhraya Kajang               2.000%  06/12/19     MYR    71.06
Lebuhraya Kajang               2.000%  06/12/20     MYR    68.57
Lebuhraya Kajang               2.000%  06/12/21     MYR    66.15
Lebuhraya Kajang               2.000%  06/12/22     MYR    63.74
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.53
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.53
Malaysian Gov't                6.450%  11/30/08     MYR    20.00  
Media Prima Bhd                2.000%  07/18/08     MYR     1.70
Mithril Bhd                    8.000%  04/05/09     MYR     0.24
Mithril Bhd                    3.000%  04/05/12     MYR     0.60
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.46
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.23
Pelikan International          3.000%  04/08/10     MYR     1.95
Pelikan International          3.000%  04/08/10     MYR     4.00
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.80
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.15
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.62
Senai-Desaru Expressway        3.500%  12/09/19     MYR    74.95
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.56
Southern Steel                 5.500%  07/31/08     MYR     2.08
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.07
Tradewinds Corp.               2.000%  02/08/12     MYR     1.13
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.65
TRC Synergy Berhad             5.000%  01/20/12     MYR     2.35
Wah Seong Corp.                3.000%  05/21/12     MYR     6.20
WCT Land Bhd                   3.000%  08/02/09     MYR     3.86
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.76
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.08


SINGAPORE
---------
Sengkang Mall Ltd.             8.000%  11/20/12     SGD     0.20    

SRI LANKA
---------
Sri Lanka Govt                6.850%  04/15/12     LKR     72.93
Sri Lanka Govt                6.850%  10/15/12     LKR     71.59
Sri Lanka Govt                8.500%  01/15/13     LKR     70.11
Sri Lanka Govt                7.500%  08/01/13     LKR     64.69
Sri Lanka Govt                7.500%  11/01/13     LKR     63.75
Sri Lanka Govt                8.500%  02/01/18     LKR     73.27
Sri Lanka Govt                8.500%  07/15/18     LKR     72.77
Sri Lanka Govt                7.500%  08/15/18     LKR     67.28
Sri Lanka Govt                7.000%  10/01/23     LKR     59.49




                         *********

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 ***