TCRAP_Public/080109.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, January 9, 2008, Vol. 11, No. 6

                            Headlines

A U S T R A L I A

AGRICULTURAL LICENSING: Liquidator to Present Wind-Up Report
AUSTRALIAN : Liquidator to Present Wind-Up Report on Jan. 15
CHRYSLER LLC: International Markets Sell 599,618 Units in 2007
EMPEROR MINES: Gives Update on Tujuh Bukit Project in Indonesia
EMPEROR MINES: Shareholders to Study Intrepid's Proposal

FYSHWICK PTY: Federal Court Enters Wind-Up Order
HAKUHODO AUSTRALIA: Members & Creditors Receive Wind-Up Report
HASBRO INC: To Acquire Cranium for US$77.5 Million
HAYKET PTY: Members Receive Wind-Up Report
MOONFARE PTY: Members Opt to Shut Down Business

MUSWELLBROOK EQUIPMENT: Placed Under Voluntary Liquidation
PERFORMANCE TIMBER: Final Meeting Slated for Today
PRINCETON HOUSE: Commences Liquidation Proceedings
SCO GROUP: Wants Until May 11 to File Chapter 11 Plan
SMARTRYD PTY: Final Meeting Set for January 15

TOOTH & CO: ATO to Assess Three-Year Worth of Assets
WESTPOINT GROUP: ASIC Bans Another Adviser for Three Years


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

AU OPTRONICS: Books TWD480.19BB Consolidated Revenue for FY2007
CHINA SOUTHERN AIR: 2007 Profit Rises 10-Fold to CNY3 Billion
CLEVER RICH: Court to Hear Wind-Up Petition on Jan. 9
COSMOS BANK: Does Not See Profit in 2008
GOLDEN ELEPHANT: Appoints New Liquidators

HAINAN AIR: ICBC Leasing Unit Signs CNY1BB Deal with Subsidiary
HONG KONG HAITIAN: Court to Hear Wind-Up Petition on Jan. 30
PETROLEOS DE VENEZUELA: Will Form Food Production Unit PDVAL
PLEASANT SNOW: Court to Hear Wind-Up Petition on Jan. 16
SKY REGAL HOLDINGS: Court to Hear Wind-Up Petition on Feb. 6

TRIMAS CORP: Cequent Group Gets Rights to Let's Go Aero Products
WIDE HARVEST: Court to Hear Wind-Up Petition on Jan. 16


I N D I A

ARTSON ENGINEERING: Names Three New Directors to Board
BAGALKOT UDYOG: Reduces Capital; Transfers Cement Division
CABLE & WIRELESS: Workers Go on Strike After Failed Wage Talks
ICICI BANK: Mulls IPO for Investment Banking and Brokerage Arm
SHREE DIGVIJAY: Brings In Two New Directors to Board

TATA MOTORS: Ford Talks Cue S&P to Put Ratings on Negative Watch
TATA MOTORS: Long-Term Debt Ratings on CRISIL's Negative Watch
TATA MOTORS: Bond Risk Rises on Focused Discussions With Ford
TATA POWER: Board to Consider Oct.-Dec. 2007 Results on Jan. 29


I N D O N E S I A

INDOSAT: CIMB-GK Securities Lowers Target Price by 8%
TELKOM: CIMB-GK Securities Lowers Target Price by 23%
TELKOMSEL: Singtel Maintains Business in Indonesia


J A P A N

BOSTON SCIENTIFIC: Closes Auditory Biz & Drug Pump Program Sales
BOSTON SCIENTIFIC: Completes Sale of Stake in Auditory Business
DELPHI CORP: Incurs US$231 Mil. Net Loss in Month Ended Nov. 30
DELPHI CORP: Court Approves Downer and Co. as Financial Advisor
DELPHI CORP: Reaches Settlement with Ad Hoc Trade Committee

FORD MOTOR: To Equip Cars with Fuel-Efficient EcoBoost Engine
MAZDA MOTOR: Sees Growth in 2008
ORIENT CORP: Ernst & Young Raises Going Concern Doubt
* Moody's Sees Positive Outlook for Japan Property Firms


K O R E A

DURA AUTOMOTIVE: Court Defers DIP Financing Maturity to Jan. 31
DURA AUTOMOTIVE: Restructuring of Canadian Subsidiaries Approved
KENERTEC: Amends Settlement Date for the Establishment of Unit
KENERTEC: Decides 0.03 Share Per Share Annual Stock Dividend
KRISPY KREME: James Morgan Replaces D. Brewster as Pres. & CEO

LEADCORP: Shareholders Sells 37.49% Stake to Dkmarine Co
LEADCORP: Converts First Convertible Bonds to 141,426 Shares


M A L A Y S I A

FCW HOLDINGS: Completes Restructuring Scheme
PROTON HOLDINGS: May Get Strategic Partner in 3 to 5 Years
SINORA INDUSTRIES: Ling Resigns as Director & Audit Team Member


N E W  Z E A L A N D

AIR NEW ZEALAND: Agrees to Start Flights in Wairarapa
CASTOR BAY: Liquidator Presents Wind-Up Report
COLLEGE TRUST: Appoints Jordan and Vance as Liquidators
J .N. CONSTRUCTION: Names Levin & Ries as Liquidators
NZ GARDEN: Taps Levin and Vance as Liquidators

SNS LOGGING: Taps Shephard & Dunphy as Liquidators
SZENTI TRANSPORT: Appoints Shephard & Dunphy as Liquidators
T & J TE HUNA: Court to Hear Wind-Up Petition on February 13
THE MOUSE FACTORY: Appoints Levin & Vance as Liquidators
UNDER CAR: Commences Liquidation Proceedings

WOODCRAFT CREATIONS: Creditors' Proofs of Debt Due Today


P H I L I P P I N E S

CHIQUITA BRANDS: Grape Harvest Slows Down, Michael Mitchell Says
IPVG CORP: Acquires U.S.-Based Prolexic Technologies for US$10MM
JG SUMMIT: Commences Non-Deal Roadshow
MANILA ELECTRIC: No Distribution Rate Hike Next Month, VP Says
RIZAL COMMERCIAL: Lists 378 Additional Shares in Local Bourse

SAN MIGUEL: Expects Continued Growth in South China Operations
UNIVERSAL ROBINA: Buys Back 500,000 Shares
WELLEX INDUSTRIES: Special Stockholders Meeting Set for March 14
WELLEX INDUSTRIES: Board Appoints New Directors and Officers
WENDY'S INT'L: US Same-Store Sales Down 0.8% in 4th Quarter 2007


S I N G A P O R E

EHS HEALTH: Creditors' Proofs of Debt Due on February 4
GMMC MARITIME: Creditors' Proofs of Debt Due on February 4
ONE GROUP: Court to Hear Wind-Up Petition on January 18
SCHERING ASIA-PACIFIC: Creditors' Proofs of Debt Due on Feb. 5
STATS CHIPPAC: Buys Back US$12.4-Million Convertible Notes


T H A I L A N D

ARVINMERITOR INC: S&P Holds BB Rating on US$700M Credit Facility
G STEEL: ESOP Holders Cancel 14,012,300 Warrant Units

* Stable Outlook for Asian Palm Oil Producers, Fitch Says
* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

AGRICULTURAL LICENSING: Liquidator to Present Wind-Up Report
------------------------------------------------------------
The members and creditors of Agricultural Licensing Australia
Pty Limited will have their meeting on January 15, 2008, at
10:00 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          R. J. Porter
          c/o Moore Stephens
          Chartered Accountants
          Level 6, 460 Church Street
          Parramatta, New South Wales
          Australia

                    About Agricultural Licensing

Agricultural Licensing Australia Pty Limited is a distributor of
flowers, nursery stock, and florists' supplies.  The company is
located at Sydney, in New South Wales, Australia.


AUSTRALIAN : Liquidator to Present Wind-Up Report on Jan. 15
------------------------------------------------------------
Australian Cargo Logistics Pty Limited will hold a meeting on
January 15, 2008, at 10:00 a.m.

At the meeting, the members and creditors will hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          R. J. Porter
          c/o Moore Stephens
          Chartered Accountants
          Level 6, 460 Church Street
          Parramatta, New South Wales
          Australia

                      About Australian Cargo

Australian Cargo Logistics Pty Limited, which is also trading as
Acl, is involved with freight transportation arrangement.  The
company is located at Mascot, in New South Wales, Australia.


CHRYSLER LLC: International Markets Sell 599,618 Units in 2007
--------------------------------------------------------------
Chrysler LLC posted sales of 599,618 units in 2007 for markets
outside the U.S., an 8% increase versus 2006.

In Canada, 232,859 units were sold, a 6% increase while in
Mexico, there was an increase of 0.1%, with 128,541 units sold.

"On behalf of our leadership team, I would like to extend my
thanks and appreciation to Chrysler's global network for a
strong 2007," Bob Nardelli, Chrysler chairman and CEO disclosed.

"This global performance is a great demonstration of what can be
done when all of our employees, dealers, distributors and
suppliers are fully aligned and focused on meeting the needs of
our customers and being competitive in the industry.  As we
continue to grow globally, it's our proud heritage that will
continue to differentiate Chrysler in global markets and
resonate with customers worldwide," Mr. Nardelli added.

With the segment that it created, Chrysler LLC remains the
minivan leader with Dodge Grand Caravan holding the number one
position in the United States with 176,041 units sold in 2007
and ranking second in global sales with 232,000 units sold.  
With 30,937 units sold outside North America, Dodge Caliber was
the highest sales volume vehicle for the company.

"We are fortunate that in a tough industry, customers in the
United States, Canada, Mexico and around the world have
responded favorably to our Chrysler, Jeep® and more recently,
Dodge brands,"Jim Press, Chrysler's vice chairman and president,
said.  "This is a revitalized organization, moving in the right
direction, with a renewed emphasis on putting the global
customer first at every step in the process—anxious to serve,
proud of the value and quality of our products.  I am pleased to
say that our global results are beginning to show this."

Sales increases in select markets were driven by the worldwide
appeal and strong customer interest in Chrysler’s new vehicles,
including the Jeep Wrangler, Jeep Compass and Jeep Patriot.
Worldwide sales were down less than one percent during 2007 to
2,676,268 units versus 2,698,429 units in 2006.

                 Chrysler International Markets

Spurred by demand for new Chrysler, Jeep and Dodge products,
Chrysler achieved record sales outside North America in 2007,
outselling any previous year in the company’s history.  Year-to-
date sales increased 15% to 238,218 units from 2006 results of
206,925 units.  The highest volume markets outside North America
were: Italy (21,361 units); Venezuela (19,459 units); and the
United Kingdom (18,623 units).

                         Chrysler Canada

Chrysler Canada sales rose 6% to 232,859 units in 2007 compared
with 220,553 units sold in 2006, securing the automaker’s
position as the No. 2 seller of cars and trucks in Canada.
Furthermore, with the introduction of nine new models in 2007,
Chrysler Canada's sales growth has exceeded that of the Canadian
market by gaining more new customers than any other OEM.

                         Chrysler Mexico

Posting its best sales year since 2001, Chrysler Mexico sales
rose slightly (0.1%) to 128,541 units during 2007. Chrysler
Mexico sales and market share have been consistently increasing
in a competitive market; this growth has been made possible by
the complete product lineup offered by the Chrysler, Dodge and
Jeep brands in the Mexican automotive market.

                      Chrysler U.S. Market

In the United States, Chrysler LLC sold 2,076,650 units in 2007,
a decrease of 3% from the 2,142,505 units in 2006.  Chrysler LLC
continues to invest in new product, including new fuel-efficient
powertrains.  For 2008, the Company will offer six vehicles with
28 miles per gallon or better highway fuel economy including
Jeep Compass, Jeep Patriot, Dodge Avenger, Dodge Caliber,
Chrysler Sebring Sedan and Chrysler Sebring Convertible.  This
combined with the best-in-industry Lifetime Powertrain Warranty
on Chrysler, Jeep, and Dodge vehicles is bringing more customers
to showrooms.

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


EMPEROR MINES: Gives Update on Tujuh Bukit Project in Indonesia
---------------------------------------------------------------
Emperor Mines Limited reports that good progress is being made
on exploration activities at the Tujuh Bukit Project in eastern
Java, Indonesia.

As previously reported, Emperor Mines signed an alliance
agreement on August 19, 2007 allowing it to earn up to a 70%
economic interest in the gold-silver-copper project.  Diamond
drilling commenced on September 20, 2007 and to date 5 holes
have been completed for 2199m.  Final assay results have been
received for the first hole, GTD-07-015, and these confirm the
results from historical drilling by Golden Valley and Placer
Dome in 1999 & 2000.

Hole GTD-07-015 is located approximately 80mNE of hole GT-11
(Placer hole; 68m @ 1.04g/tAu, 54 ppm Ag & 30m @ 0.22g/tAu).  
Holes GTD-07-016 to 20 have been drilled on 80m centers
surrounding hole GT-11 so that data will be provided as soon as
possible to calculate a resource from this area.

The hole intersected oxidized silica-clay altered rock in the
upper portions, overlying similar less oxidized rock containing
chalcocite and other copper sulphide species.  A similar
vertical zonation has been observed in the other holes drilled
as part of the current program.  Elevated arsenic assays have
been received from some intervals.  This is geologically
consistent with a high sulphidation system and at this stage
does not appear to present any significant deleterious issues.

Emperor is encouraged by the confirmation of results from
previous explorers and by the indication of a gold-silver oxide
zone overlying a gold-copper+/-silver zone in a highly
brecciated "High Sulphidation" system.

Additional drilling results will be released as they are
received. A second drilling rig is expected to be mobilized to
the area in late January.

As the Indonesian Forestry Law restricts non forestry
activities within protected forests and prohibits mining using
an open pit method in protected forest areas, Emperor’s
Alliance partner, PT IMN, is working with relevant Indonesian
authorities to review forest land status and, where relevant,
is working through a prescribed process for potential
reclassification of land from protected forest to a status that
could allow open pit mining if the exploration activities
support such a decision.

PT IMN and Emperor are also implementing local community
development programmes and undertaking baseline environmental
surveys.  The Alliance partners are committed to responsible
exploration and resource development programmes involving all
stakeholders.

                    About Emperor Mines

Based in Sydney, Australia, Emperor Mines Limited --  
http://www.emperor.com.au/-- is engaged in the exploration,  
development and exploitation of gold deposits.

The Troubled Company Reporter-Asia Pacific, on January 4, 2008,
included in its "Large Companies with Insolvent Balance Sheets"
column Emperor Mines Ltd., with US$50.63 million in
stockholders' equity deficit on total assets of
US$138.99 million.


EMPEROR MINES: Shareholders to Study Intrepid's Proposal
--------------------------------------------------------
In a statement filed with the Australian Securities Exchange,
Emperor Mines Ltd. said that the Brisbane Registry of the
Federal court has ordered a meeting of the company's
shareholders to be convened to consider the scheme of
arrangement to effect the merger of Emperor and Intrepid Mines.

Aside from the shareholder's meeting, the federal court also
approved the explanatory statement to accompany the notice of
meeting.

The scheme booklet, which has already been registered with the
Australian Securities and Investments Commission, will be
dispatched to shareholders in mid-January.

Tentatively, the scheme meeting for the Emperor shareholders
will be conducted on February 28, 2008, and should the merger
push through, the implementation date is scheduled to be on
mid-March 2008.

                   About Emperor Mines

Based in Sydney, Australia, Emperor Mines Limited --  
http://www.emperor.com.au/-- is engaged in the exploration,  
development and exploitation of gold deposits.

The Troubled Company Reporter-Asia Pacific, on January 4, 2008,
included in its "Large Companies with Insolvent Balance Sheets"
column Emperor Mines Ltd., with US$50.63 million in
stockholders' equity deficit on total assets of
US$138.99 million.


FYSHWICK PTY: Federal Court Enters Wind-Up Order
------------------------------------------------
On November 9, 2007, the Federal Court of Australia entered an
order to have Fyshwick Pty Ltd's operations wound up.

Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

          Steven Nicols
          c/o Nicols + Brien
          Level 2, 350 Kent Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9299 2289
          Facsimile:(02) 9299 2239
          e-mail: mail@bankrupt.com.au

                         About Fyshwick Pty

Fyshwick Pty Ltd, which is also trading as Cafe Birkenhead,
operates eating places.  The company is located at Homebush, in
New South Wales, Australia.


HAKUHODO AUSTRALIA: Members & Creditors Receive Wind-Up Report
--------------------------------------------------------------
The members and creditors of Hakuhodo Australia Pty. Limited met
on January 7, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Yukio Hayashi
          Yukio Hayashi & Associates
          Suite 2, Level 10
          82 Elizabeth Street
          Sydney, New South Wales
          Australia

                     About Hakuhodo Australia

Hakuhodo Australia Pty Limited operates advertising agencies.  
The company is located at Moore Park, in New South Wales,
Australia.


HASBRO INC: To Acquire Cranium for US$77.5 Million
--------------------------------------------------
Hasbro Inc. has entered into an agreement to acquire privately-
held Cranium, Inc., and its wide range of Cranium branded games
and related products.  Hasbro will pay a base purchase price of
US$77.5 million, which may be adjusted based on Cranium's net
assets on the closing date.  The deal is expected to close
during the 1st quarter of 2008.

"This acquisition is consistent with Hasbro's ongoing strategy
to bring to market the most innovative toy and game brands in
the world," said Brian Goldner, Chief Operating Officer for
Hasbro, Inc.  "As the global leader in games, Hasbro is in a
unique position to maximize the long-term potential of the
Cranium brand, with real opportunity for growth in international
markets."

Cranium brands such as CRANIUM, CRANIUM HULLABALOO, CRANIUM
CADOO, CRANIUM CARIBOO, CRANIUM ZOOREKA, CRANIUM WHOONU and
CRANIUM BALLOON LAGOON will now join such timeless classics as
MONOPOLY, CLUE, SCRABBLE and TRIVIAL PURSUIT as part of Hasbro's
games portfolio.  Hasbro's global games and puzzles net revenues
in 2006 were approximately US$1.3 billion.

"A decade ago, we set out to create a brand that would give
everyone the chance to shine.  We've accomplished that and so
much more, making history with great products that have won five
Toy Industry Association Game of the Year awards," said Richard
Tait, Cranium Inc. co-founder and Grand Poo Bah.  "Now, the next
chapter in Cranium's story begins.  The Cranium brand will
benefit from the expertise and global presence of an industry
leader, Hasbro, who is as passionate about games as we are."

The parties have signed a Merger Agreement, pursuant to which a
newly-formed subsidiary of Hasbro will merge with Cranium, and
Cranium will thereby become a subsidiary of Hasbro.  Closing of
the merger is subject to closing conditions, including the
approval of Cranium's shareholders and obtaining necessary
consents.  The purchase price paid by Hasbro will be divided
between repayment of Cranium's outstanding debt and payments to
Cranium's shareholders.

                       About Cranium

Cranium Inc. -- http://www.cranium.com/-- is recognized as one
of Washington State's Top 100 Privately Held Companies, and
five-time winner of the Toy Industry Association's T.O.T.Y. Game
of the Year award.  With more than 22 million games, books, and
toys sold worldwide, Cranium continues to fuel a global movement
of more than half a million Craniacs in nearly 30 countries and
more than 10 languages.

                       About Hasbro

Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NYSE:
HAS) -- http://www.hasbro.com/-- provides children's and family
leisure time entertainment products and services, including the
design, manufacture and marketing of games and toys ranging from
traditional to high-tech.  The company has operations in
Australia, France, Hong Kong, and Mexico, among others.

                       *     *     *

Moody's Investors Service affirmed the Baa3 long-term debt
rating of Hasbro, Inc., and changed the ratings outlook to
positive from stable to reflect the expectation for continued-
strong operating performance and cash flows, leading to further
debt reduction and credit metric improvement over the near-to-
intermediate-term.  Ratings affirmed include the Baa3 senior
unsecured debt rating and the (P)Ba1 rating for subordinated
debt.


HAYKET PTY: Members Receive Wind-Up Report
------------------------------------------
The members of Hayket Pty Ltd met on December 28, 2007, and
heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Geoffrey Ellison
          Level 6, 1 Chifley Square
          Sydney, New South Wales 2000
          Australia

                          About Hayket Pty

Hayket Pty Ltd operates non-classifiable establishments.  The
company is located at Sydney, in New South Wales, Australia.


MOONFARE PTY: Members Opt to Shut Down Business
-----------------------------------------------
During a general meeting held on November 20, 2007, the members
of Moonfare Pty Limited resolved to voluntarily wind up the
company's operations.

P. Ngan was appointed as liquidator.

The Liquidator can be reached at:

          P. Ngan
          Ngan & Co Chartered Accountants
          Level 5, 49 Market Street
          Sydney, New South Wales 2000
          Australia

                        About Moonfare Pty

Moonfare Pty Limited is a general contractor of non-residential
buildings, other than industrial buildings and warehouses.  The
company is located at Sydney, in New South Wales, Australia.


MUSWELLBROOK EQUIPMENT: Placed Under Voluntary Liquidation
----------------------------------------------------------
During a general meeting held on November 23, 2007, the members  
of Muswellbrook Equipment Hire Pty Ltd resolved to voluntarily
liquidate the company's business.

John Robert Hallett was appointed as liquidator.

                     About Muswellbrook Equipment

Muswellbrook Equipment Hire Pty Ltd provides business services.  
The company is located at Muswellbrook, in New South Wales,
Australia.


PERFORMANCE TIMBER: Final Meeting Slated for Today
--------------------------------------------------
Performance Timber & Hardware Pty Limited will hold a final
meeting for its members and creditors today, January 9, 2008, at
10:00 a.m.

At the meeting, Geoffrey McDonald, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

The Liquidator can be reached at:

          Geoffrey McDonald
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney, New South Wales 2000
          Australia

                     About Performance Timber

Performance Timber & Hardware Pty Limited is involved with  
single-family housing construction.  The company is located at
Wetherill Park, in New South Wales, Australia.


PRINCETON HOUSE: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary general meeting held on November 26, 2007,
the members of Princeton House Pty Limited resolved to
voluntarily liquidate the company's business.

Paul Hermon Slade and John Russell Slade were appointed as
liquidators.

The Liquidators can be reached at:

          Paul Hermon Slade
          John Russell Slade
          304 Coonawarra Road
          Terry Hills, New South Wales 2084
          2 Coolabah Drive
          Orange New South Wales 2800
          Australia

                       About Princeton House

Located at Mona Vale, in New South Wales, Australia, Princeton
House Pty Ltd is an investor relation company.


SCO GROUP: Wants Until May 11 to File Chapter 11 Plan
-----------------------------------------------------
The SCO Group Inc. and its debtor-affiliates ask the United
States Bankruptcy Court for the District of Delaware to further
extend their exclusive periods to:

   a) file a Chapter 11 plan until May 11, 2008; and

   b) solicit acceptances of that plan until July 11, 2008.

The Debtors' exclusive period to file a plan expires on
Saturday, Jan. 12, 2008.

The Debtors tell the Court that they need more time to resolve
an issue regarding Novell Inc.'s rights in connection with the
sale of the Unix business.  The Debtor said that Novell objected
to the sale of that business and that the asset was a threshold
issue that must be determined before any sale.

Accordingly, the Debtors say that they have decided to allow the
dispute to narrow before they file a Chapter 11 plan.

The Debtors remind the Court that Novell obtained permission to
prosecute its counterclaim against the Debtor in the United
States Bankruptcy Court for the District of Utah.

A hearing on Feb. 5, 2008, at 10:00 a.m., has been set to
consider approval on the Debtors' request.  Objections to the
approval are due Jan. 29, 2008.

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--  
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, the United
Kingdom, among others.

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


SMARTRYD PTY: Final Meeting Set for January 15
----------------------------------------------
Smartryd Pty Limited will hold a final meeting for its members
on January 15, 2008, at 10:00 a.m.

At the meeting, Simon M. Dorahy, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.

The Liquidator can be reached at:

          Simon M. Dorahy
          6 Elliott Street
          North Sydney, New South Wales 2060
          Australia

                         About Smartryd Pty

Smartryd Pty Limited provides provides repair services.  The
company is located at Rydalmere, in New South Wales, Australia.


TOOTH & CO: ATO to Assess Three-Year Worth of Assets
----------------------------------------------------
The Federal Court of Australia has decided that certain units of
Tooth & Co. Ltd. are entitled to challenge tax assessments with
the Australian Taxation Office, according to a statement filed
with the Australian Securities Exchange.

The filing states that certain companies within the Dextran
Pty. Limited/Industrial Equity Limited will undergo the tax
assessments for the years 1991, 1993, and 1994.  

Tooth & Co. Limited operates in the investment industry in
Australia. Tooth's principal investments are its one-third
holding in Dextran Pty. Limited, which in turn owns all the
capital of Industrial Equity Limited, and its 50% investment in
Ortem (Holdings) Limited.  The Company's wholly owned
subsidiaries include Wright Heaton Limited, Parade Health Foods
Pty. Limited, Associated Foods Limited, Approved Health Foods
Pty. Limited, Property Resources Pty. Limited, WJ Bradshaw
Constructions Pty. Limited, Hygienic Food Supplies Pty. Limited,
Dizena Pty. Limited, Tooth Deposit Holder Pty. Limited and
Konadell Pty. Limited.

As of February 16, 2007, the company has a capital deficiency
of US$70.08 million on total assets of US$97.05 million.

                     Going Concern Doubt

HLB Mann Judd, the company's independent auditors, have raised
a significant doubt on the company's ability to continue as a
going concern, owing to the fact that the financial statements
of the consolidated entity have been prepared on a realization
basis rather than a going concern basis in expectation of
Residual Assco Group Limited, DJL Limited, Tooth & Co. Limited,
Dextran Pty. Limited, Industrial Equity Limited and Ortem
(Holdings) Limited and their wholly-owned controlled entities
being placed into some form of administration at some point in
the future.  

The realization basis, as the notes to the financial statements
said, assumes that the company and the consolidated entity are
not expected to continue as going concerns.


WESTPOINT GROUP: ASIC Bans Another Adviser for Three Years
----------------------------------------------------------
Australian Securities & Investments Commission has banned Edward
William Eikelboom, of Maddington in Western Australia, from
providing financial services for three years.

Mr. Eikelboom was banned after an ASIC investigation found that
in 2002 and 2003, he provided inappropriate advice to clients
about investing in Westpoint products, in breach of his duty to
his clients to provide them with investment advice that was
appropriate having regard to their personal circumstances,
investment objectives, financial situation and needs.

Mr. Eikelboom provided financial planning services through:

   * Brighton Hall Securities Pty. Ltd. between
     November 27, 2001 and September 12, 2003; and

   * EAS (WA) Pty. Ltd. between September 22, 2003 and
     May 9, 2006.

During this time, he was a proper authority holder and then an
authorized representative of Brighton Hall and an authorized
representative of EAS.

Mr. Eikelboom has the right to lodge an application with the
Administrative Appeals Tribunal for a review of ASIC’s decision.

Background

Seven banning briefs in relation to advisers who advised on
Westpoint Group products are currently under consideration.  Ten
advisers who advised on Westpoint products have now been banned.

Brighton Hall is now in liquidation.

                   About Westpoint Group

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

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

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


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

AU OPTRONICS: Books TWD480.19BB Consolidated Revenue for FY2007
---------------------------------------------------------------
AU Optronics Corp. (TAIEX: 2409; NYSE: AUO) released December
2007 revenue with preliminary consolidated revenue of
TWD48,940 million and unconsolidated revenue of
TWD48,828 million; decreasing 8.4% and 8.5% respectively from
the previous month.  On a year-over-year comparison, December
2007 consolidated and unconsolidated revenues increased by 73.6%
and 73.5% correspondingly.

For the year ended December 31, 2007, unaudited consolidated
revenue totaled TWD480,188 million, representing historical
record breaking result with a significant 63.8% Y-o-Y increase.
Meanwhile, unconsolidated revenue amounted to
TWD479,727 million, representing a Y-o-Y growth of 63.7%.

In December 2007, shipments of large-sized panels used in
desktop monitor, notebook PC, LCD TV and other applications
reached around 7.39 million units, showing a 6.8% decrease from
November 2007.  Shipments of small- and medium- sized panels
totaled 16.22 million, representing a slight 0.4 % sequential
decrease.

Preliminary shipments of large-sized panels for the fourth
quarter of 2007 reached 23.21 million units, representing a 4.3%
increase from last quarter. Shipments for small- and medium-
sized panels increased to total 48.01 million units, revealing a
17.9 % sequential growth.  Both broke the historical records.

In terms of the 2007 full-year unit shipments, large-sized
panels reached 80.9 million units with a significant 65.9% Y-o-Y
increase.  Meanwhile, small- and medium-sized panels had a
remarkable amount of 143.07 million units, revealing a Y-o-Y
growth of 80.7%.

                     About AU Optronics

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.


CHINA SOUTHERN AIR: 2007 Profit Rises 10-Fold to CNY3 Billion
-------------------------------------------------------------
China Southern Airlines' annual profit for 2007 soars 10-fold to
a record CNY3 billion (US$411 million), eTravel Blackboard
reports.  According to eTravel, the results for 2007 is the
second of two consecutive turnaround for China Southern, ending
four years of losses.

According to China View, China Southern carried 56.74 million
passengers in 2007, an increase of 15.3% from 2006.  This figure
represents a 30.2% share in China's aviation industry.  The
volume of cargo transport on the other hand, rose 5.4% to
863,000 tonnes, the report adds.

eTravel cites China Southern General Manager Liu Shaoyong as
saying that a large part of the profit jump was attributed to
expanded hub operations and through marketing the airline's
networks.  China Souther, the report notes, currently holds a
cooperative agreement with Air France-KLM which connects their
major hubs in Europe and China.

The report further relates that China Southern was also able to
cut operating costs by employing pilots with existing flying
licenses, explaining that Chinese airlines typically spend
CNY1 million for a four-year training per pilot.


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

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

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


CLEVER RICH: Court to Hear Wind-Up Petition on Jan. 9
-----------------------------------------------------
On October 11, 2007, Third Office Company Limited filed a
petition to have Clever Rich Limited's operations wound up.

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

The petitioners' solicitor can be reached at:

          Victor Chui Tsang & Partners
          8TH Floor, Club Lusitano
          16 Ice House Street
          Central, Hong Kong


COSMOS BANK: Does Not See Profit in 2008
----------------------------------------
Cosmos Bank Taiwan will take longer than previously forecast to
turn profitable, Reuters reports.

Reuters notes that Cosmos Chairman Simon Williams said in
September that he was "confident of turning the bank to
profitability in 2008."

Now, however, Mr. Williams says that a "turnaround to
profitability won't be quick," and that the bank has no
expectations it "could turn around something of this size
overnight," Reuters writes.

Mr. Williams adds that the bank would not make any large write-
downs in 2008, the report adds.

The Troubled Company Reporter-Asia Pacific reported on Nov. 14,
2007, that Cosmos Bank reported a net loss TWD8.98 billion for
the first nine months of 2007, 62.67% higher than the
TWD5.52-billion net loss reported for the first nine months of
2006.  The loss marks another one of the bank's consecutive
losses after mounting bad debts, which pushed it into the red
starting in the first quarter of 2006.

Things became rosier, however, when the bank completed its
recapitalization with a US$900-million infusion from SAC Private
Capital Group and GE Money, the TCR-AP reported on Jan. 3, 2008.

Headquartered in Taipei, Taiwan, Cosmos Bank, Taiwan --
http://www.cosmosbank.com.tw/-- provides financial services for  
individuals and small and medium-sized enterprises in Taiwan.

Cosmos reported a net loss of TWD11.29 billion (US$342.1
million) for FY2006.  Its capital-adequacy ratio fell to 7.51%
as of the end of March, below the 8% level required by Taiwan's
regulator.  In April, Cosmos said it planned to increase its
capital by the third quarter to avoid being taken over by the
government.

The Troubled Company Reporter-Asia Pacific reported on Sept. 6,
2007, that Fitch Ratings downgraded the bank's individual rating
of Cosmos Bank to F, reflecting Fitch Rating's view that Cosmos
would have defaulted if it had not received external support.   
In order to distinguish failed banks more clearly, Fitch, in
June 2007, added a sixth rating category to its Individual
rating scale, i.e. 'F', which denotes a bank that has either
defaulted or, in Fitch's opinion, would have defaulted if it had
not received external support.


GOLDEN ELEPHANT: Appoints New Liquidators
-----------------------------------------
The members of Golden Elephant Holdings Limited appointed Alan
Chung Wah and Wong Kwok Man as the company's liquidator.

The Liquidator can be reached at:

          Alan Chung Wah
          Wong Kwok Man
          13TH Floor, Gloucester Tower
          The Landmark
          No 11 Pedder Street
          Central, Hong Kong


HAINAN AIR: ICBC Leasing Unit Signs CNY1BB Deal with Subsidiary
---------------------------------------------------------------
A financial leasing company of Industrial and Commercial Bank of
China <601398><1398>, signed a CNY1-billion aircraft leaseback
agreement with Hainan Airline Group's <600221><900945>
subsidiary, Xinhua Express Airlines Limited Group, China
Knowledge reports, citing market sources.

According to China Knowledge, this was the first transaction
since ICBC's financial leasing company was established, which
indicated that the company has achieved a major breakthrough in
the aircraft leasing industry.  Meanwhile, China Knowledge says
that this symbols that China's financial leasing companies have
made a significant progress in this specific market.

Under the transaction, the ICBC unit provides financial leasing
services for Hainan Airline Group based on its abundant
experience and technology and promotes the further development
of the group, the report relates.


Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- is   
an airline company that operates nearly 500 domestic routes in
more than 80 major cities.  It also provides scheduled and non-
scheduled international flights from Hainan Province to
Southeast Asia and other Asian countries.

Xinhua Far East China Ratings gave the company a CC issuer
credit rating on October 31, 2005.


HONG KONG HAITIAN: Court to Hear Wind-Up Petition on Jan. 30
------------------------------------------------------------
On November 28, Lo Po Yee Carlos filed a petition to have Hong
Kong Haitian Trading Company Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
February 6, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

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


PETROLEOS DE VENEZUELA: Will Form Food Production Unit PDVAL
------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA will be
forming food production and distribution unit called PDVAL,
Reuters reports, citing Venezuelan President Hugo Chavez.

Reuters relates that Venezuela has been suffering shortages of
basic food products.  Businesses blame the shortage on
government price controls.

According to Reuters, President Chavez promised to resolve
shortages of groceries like:

         -- beef,
         -- eggs, and
         -- milk.

"They are going to belong to PDVSA [Petroleos de Venezuela],
soon the PDVALs will start appearing, to produce and distribute
food," President Chavez told Reuters.

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

                       *     *     *

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


PLEASANT SNOW: Court to Hear Wind-Up Petition on Jan. 16
--------------------------------------------------------
On November 8, 2007, Shanghai Commercial Bank Limited, filed a
petition to have Pleasant Snow Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 16, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Joseph C.T. Lee & Co
          10TH Floor, Euro Trade Center
          21-23 Des Voeux Road
          Central, Hong Kong


SKY REGAL HOLDINGS: Court to Hear Wind-Up Petition on Feb. 6
------------------------------------------------------------
On December 3, 2007, Kwan Man Ki, Maggie, filed a petition to
have Sky Regal Holdings Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
February 6, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

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


TRIMAS CORP: Cequent Group Gets Rights to Let's Go Aero Products
----------------------------------------------------------------
TriMas Corporation has announced that its Cequent Group has
acquired the rights to a number of Let's Go Aero product lines.
Let's Go Aero is the sole operating subsidiary of LGA Holdings,
Inc.

"We are excited about this transaction because it will enhance
Cequent's product offerings under our ROLA(R) and Highland(R)
brands by providing innovative cargo management solutions to our
customers, with the potential of adding several more of LGA's
proprietary products to our portfolio in the future," said
Cequent Group Vice President of New Business Development, Paul
Caruso.

"Partnering with the world's leading manufacturer of
recreational accessories will provide a powerful market entrance
for LGA's patented designs and strengthen our ability to develop
innovative cargo management products, as well as position our
company for long-term growth," said Let's Go Aero's President,
Marty L. Williams.

Under the terms of the licensing agreement, Let's Go Aero will
grant Cequent Group an exclusive worldwide license to
manufacture and sell product based on the licensed LGA
intellectual property.  In addition, the two companies have
agreed to pursue the development of new product based on Let's
Go Aero's core technology, in order to provide Cequent's
customers with the best choices and value in cargo management
solutions.

                       About Cequent

Cequent Group is a designer, manufacturer and marketer of a
broad range of accessories for light trucks, sport utility
vehicles, recreational vehicles, passenger cars and trailers of
all types. Products include cargo management and rack systems,
towing and hitch systems, and trailer and electrical brake
systems.  Cequent draws upon a 75-year-old heritage of superior
cargo management and recreational accessory brands, including:
ROLA(R), Highland(R), The Pro's Brand(R), Draw-Tite(R),
Reese(R), Hidden Hitch(R), Fulton(R), Wesbar(R), Bull Dog(R),
and Tekonsha(R).

                       About TriMas

Headquartered in Bloomfield Hills, Michigan, TriMas Corporation
(NYSE:TRS) -- http://www.trimascorp.com/-- is a diversified
growth company of high-end, specialty niche businesses
manufacturing a variety of products for commercial, industrial
and consumer markets worldwide.  TriMas Corporation is organized
into five strategic business groups: Packaging Systems, Energy
Products, Industrial Specialties, RV & Trailer Products, and
Recreational Accessories.  TriMas Corporation has nearly 5,000
employees at 80 different facilities in 10 countries.  The
company has manufacturing facilities in Indiana, Mexico,
England, Germany, Italy, and China.

                       *     *     *

As reported on May 28, 2007, Standard & Poor's Ratings Services
raised its ratings on Bloomfield Hills, Michigan-based TriMas
Corp., including its corporate credit rating, which goes to 'B+'
from 'B'.

At the same time, all ratings were removed from CreditWatch,
where they were placed with positive implications on Aug. 4,
2006, following the company's announcement that it had filed a
registration statement for an IPO.  S&P said the outlook is
stable.


WIDE HARVEST: Court to Hear Wind-Up Petition on Jan. 16
-------------------------------------------------------
On November 13, 2007, Madam Tam Wing Ching, filed a petition to
have Wide Harvest Development Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 16, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Messrs. Lau & Chan
          9TH Floor, Fung House
          19-20 Connaught Road Central
          Hong Kong SAR


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

ARTSON ENGINEERING: Names Three New Directors to Board
------------------------------------------------------
Artson Engineering Ltd's board of directors, at its meeting on
Jan. 4, 2008, has approved the appointment of three directors:

   1. K. P. Singh
      Category: Nominee of Tata Projects Ltd (Strategic
      Investor).

   2. Shailendra Krishan
      Category: Nominee of Tata Projects Ltd (Strategic
      Investor).

   3. H. H. Malgham
      Category: Independent Director

After effecting the changes, the company's board will be
comprised of:

   1. N. K. Jagasia
      Original Promoter Director of the Company

   2. P. S. Chopde
      Original Promoter Director of the Company

   3. K. P. Singh
      Nominee of Tata Projects Ltd (Strategic Investor).

   4. Shailendra Krishan
      Nominee of Tata Projects Ltd (Strategic Investor).

   5. H. H. Malgham
      Independent Director

Mr. Jagasia has stepped down as chairman and took in the
company's non-executive vice chairman post.  In his place, Mr.
Singh has been appointed as non-executive chairman.  .

The company has accepted the resignation of R. S. Medhi from his
director and whole-time director posts.

During the meeting, the board also agreed to allot 2,76,90,000
equity shares of INR1 each to Tata Projects Ltd pursuant to the
terms of the company's rehabilitation scheme.

As previously reported by the Troubled Company Reporter-Asia
Pacific, India's Bureau of Industrial and Financial
Reconstruction sanctioned on Dec. 18, 2007, the rehabilitation
scheme submitted by Artson Engineering.


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


BAGALKOT UDYOG: Reduces Capital; Transfers Cement Division
----------------------------------------------------------
Bagalkot Udyog Ltd's board of directors has decided to reduce
the nominal value of the company's equity shares from INR10 per
share to INR1 per share.  Hence, the authorized and paid up
capital of the company is reduced accordingly.

The move is pursuant to the order of Board for Industrial and
Financial Reconstruction dated Oct. 12, 2007.

To further comply with the BIFR Order, the board also agreed to
transfer the assets and liabilities pertaining to the company's
cement division as of June 30, 2007, to the resulting company
viz. Bagalkot Cement Industries Ltd.

As agreed by the board during the meeting, the shareholders of
the company will have these effects to the shares they are
holding:

   a. The nominal and paid-up value of each share will stand
      reduced from INR10 each to INR1 each.

   b. Against every 100 fully paid-up shares of INR10 each of
      Bagalkot Udyog held, the shareholder will get one fully
      paid up share of INR10 each of Bagalkot Cement. The
      fraction entitlement will be ignored and the same will be
      vested with the appointed Trustee.  The Trustee will hold
      the same in Trust on behalf of the shareholder and will
      sell the same in the market at a time, or at a price and
      to those he may deem fit and pay to Bagalkot Cement the
      net sale proceeds.  Bagalkot Cement in turn will  
      distribute the net proceeds subject to taxes, if any, to
      the members in proportion to their respective fractional
      entitlements.

Bagalkot Udyog Ltd manufactures cement, clinker and other by-
products.

The company incurred heavy losses that led to the erosion of its
entire net worth.  By order dated June 2, 2000, the Board for
Industrial & Financial Reconstruction, New Delhi, had declared
the company as a sick industrial unit under the provisions of
Sick Industrial Companies (Special Provisions), Act 1985.

On May 11, 2006, the operations of the company's cement plant at
Bagalkot came to a total stop.  The company booked net losses of
INR12.68 million for the fiscal year ended March 31, 2007, and
INR59.16 million in FY 2006.

For the revival of Bagalkot Udyog, the BIFR sanctioned a Scheme
for rehabilitation or Demerger pursuant to which the company's
cement division is demerged and transferred to Bagalkot Cement &
Industries Ltd on going concern basis with effect from July 1,
2007.  Accounting effect for the demerger will be considered
after complying with transfer formalities.


CABLE & WIRELESS: Workers Go on Strike After Failed Wage Talks
--------------------------------------------------------------
Cable & Wireless' workers in Barbados have launched
demonstrations against the firm after negotiations over wages,
retroactive payments and other "protracted issues" failed, Radio
Jamaica reports.

"The company's offer of 10.5% over two years was made up of 6%
in year one and 4.5% in year two across all categories of staff.
For some workers, the offer would eventually equate to as high
as a 30% wage hike," The Nation Newspaper notes, citing Cable &
Wireless's head, Donald Austin.  These employees would benefit
from "movement in scales of 4% and a proposed retro payment of
around 4% -- translating to an increase of about 15% over two
years on an ongoing basis."

Mr. Austin commented to The Nation Newspaper, "No company and
certainly not government has paid out in excess of 20% over two
years and even the company's offer on the table will put extreme
cost pressure on the business which will not be sustainable."

The Nation reports that the union wants nine and a half in the
first year and two and a half in the second.

The Nation Newspaper relates that most of Cable & Wireless'
employees joined the Barbados Workers' Union in the protest.

According to Radio Jamaica, the protest closed down Cable &
Wireless retail outlets in Barbados.  Only the company's bmobile
store at Carlisle House in Bridgetown continued doing business
during the strike.

Sir Roy Trotman -- general secretary of the Barbados Workers
Union, which represents 750 of Cable & Wireless' 825 workers --
told Radio Jamaica that the employees planned the picket at the
headquarters on a 24-hour basis until a resolution to the issues
is reached.

The union would continue the protest outside Cable & Wireless'
Windsor Lodge complex and its offices at Carlisle House,
Bridgetown, where the firm transacts most of its customer
services, The Nation Newspaper says, citing the union's senior
assistant general secretary Orlando "Gabby" Scott.

The Nation Newspaper says the protest would affect Cable &
Wireless' operations due to delays and disruptions of the
business.

The labor ministry has advised the two parties to reconsider
their positions and return to the negotiating table, Radio
Jamaica says, citing Mr. Roy.

Mr. Austin said in a press statement that the company is ready
to continue negotiations over wages for its employees at any
time.

Cable & Wireless told The Nation Newspaper that it never stopped
negotiating with the union over the new wages contract.  It
believed an accord would be reached.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                       *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                         Projected
                       Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


ICICI BANK: Mulls IPO for Investment Banking and Brokerage Arm
--------------------------------------------------------------
ICICI Bank Ltd is mulling an initial public offering fort its
investment banking and brokerage arm ICICI Securities, media
reports say.

The move, The Telegraph says, is designed to unlock the value of
its wholly owned subsidiary, which handles corporate finance,
fixed income business and equities.  A flotation, The Telegraph
continues, will boost the bank's stock with the current high
valuations of investment banking and brokerage companies.

Reuters says the source of talk on taking the unit public may be
the bank's meeting on Monday with selected investors.

There is a belief that if the subsidiaries are valued
separately, the sum-of-the-parts business that is the listed
entity ICICI Bank would have a far higher valuation than what
the market currently reflects, Reuters quotes KRIS Director Arun
Kejriwal as saying.

The press, citing an unnamed ICICI spokesperson as source,
relates that the bank is looking into various opportunities for
its subsidiaries and an announcement would be made if there was
any decision.

Market speculations about the planned IPO lifted the banks
shares by about 6%.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                         *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


SHREE DIGVIJAY: Brings In Two New Directors to Board
----------------------------------------------------
Shree Digvijay Cement Company Ltd brings in Joao Sande E. Castro
Salgado and Alvaro Joao Serra Nazare as additional directors to
the company's board.  According to a regulatory filing with the
Bombay Stock Exchange, the board appointed the two at at meeting
held on Jan. 7, 2008.

At the same meeting, O. P. Puranmalka and S. K. Maheshwari  
tendered their resignation from the board.

Shree Digvijay Cement Company Limited --
http://www.digvijaycement.com--is an Indian Company engaged in   
cement business.  The Company is a subsidiary of Grasim
Industries Ltd, the Company of Aditya Birla Group. Its products
include cements like Oil Well Cement, Sulphate Resisting
Portland Cement and Railway Sleeper Manufacturing Cement in
addition to other varieties of Ordinary Portland Cement, Birla
Plus and Slag Cement.  The Company operates through its brand,
KAMAL.

The Troubled Company Reporter-Asia Pacific reported on Nov. 2,
2007, that Shree Digvijay has a stockholder's equity deficit of
US$32.38 million.


TATA MOTORS: Ford Talks Cue S&P to Put Ratings on Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services, on Jan. 7, 2008, placed its
'BB+' long-term corporate credit ratings on India-based
automaker Tata Motors Ltd. on CreditWatch with negative
implications.  At the same time, Standard & Poor's placed its
'BB+' foreign currency rating on all of Tata Motor's rated debt
issues on CreditWatch with negative implications.

"This action follows the recent announcement by Ford Motor Co.
(B/Stable/B-3) that the company is in focused discussions with
Tata Motors on the potential sale of Ford Motor's Jaguar and
Land Rover business units," said Standard & Poor's credit
analyst Anshukant Taneja.  "This would be a large scale
acquisition for Tata Motors that could potentially have a
negative impact on the corporate credit ratings on the company,
especially if it is heavily funded by debt."  Standard & Poor's
notes that both parties are entering a period of more focused
and detailed negotiations and that this acquisition has to cross
several milestones with no binding agreement as yet.

Tata Motors is India's largest manufacturer of commercial
vehicles and the second largest in passenger vehicles. In fiscal
2007, the company sold a total of 589,428 vehicles with revenues
of INR366.4 billion and net income of INR21.7 billion.  For the
financial year ended March 31, 2007, Tata Motors' adjusted total
debt/EBITDA was 1.9x and FFO/total debt was 39.9%.

Ford is the world's third-largest automaker (based on unit
sales) after Toyota Motor Corp. (AAA/Stable/A-1+) and General
Motors Corp. (B/Stable/B-3).  Ford's wholesale shipments of 6.6
million vehicles in 2006 accounted for about 10% of vehicle
shipments worldwide.

"Before resolving the CreditWatch placement, Standard & Poor's
would assess the financing structure of this potential
acquisition and its impact on Tata Motors' financial risk
profile.  Standard & Poor's would also evaluate the change in
the company's business risk profile given that, with the
potential acquisition of the Jaguar and Land Rover units, Tata
Motors would be entering into the luxury car segment with
international exposure in addition to its domestic vehicle
market business," noted Mr. Taneja.


TATA MOTORS: Long-Term Debt Ratings on CRISIL's Negative Watch
--------------------------------------------------------------
Credit Rating Information Services of India Limited, on Jan. 7,
placed its ratings on Tata Motors Limited's non-convertible
debenture programme and cash credit facilities on 'Rating Watch
with Negative Implications':

   INR0.50 Billion Non-Convertible Debenture Issue: AA+
   INR40 Billion Cash Credit Limit: AA+

The ratings on the company's short-term debt programme and non-
fund based bank limits have been reaffirmed at 'P1+'.  The
rating action follows the announcement by Ford Motor Company
(rated 'B/Stable/B-3' by Standard & Poor's) that it is committed
to focused negotiations with Tata Motors on the potential sale
of its combined Jaguar and Land Rover business units.

This large acquisition, if successful, would give Tata Motors
access to the luxury car segment, and to markets and technology
that could benefit its automotive business over the long run.
However, if it involves a high level of debt, the transaction
would have an adverse impact on Tata Motors' financial risk
profile over the short to medium term.  It would also pose
challenges to Tata Motors' business risk profile, since a
significant proportion of the consolidated revenues will be
driven by the acquired businesses where Tata Motors has yet to
build and demonstrate its capabilities.

CRISIL will take a final view on the rating once the sale is
announced in favour of Tata Motors and details of the potential
acquisition cost, future investments, and mode of funding,
emerge.  CRISIL will have detailed discussions with Tata Motors'
management to better understand the implications of the
acquisition for the company's business and financial profile.
The deal is expected to be a complex one, and could encounter
several obstacles; if it does not go ahead, CRISIL is likely to
remove the ratings from watch and reaffirm them with a 'Stable'
outlook.


TATA MOTORS: Bond Risk Rises on Focused Discussions With Ford
-------------------------------------------------------------
Tata Motors Ltd bond risk rose to a record with credit-default
swaps on the company reaching 325 basis points on Tuesday
morning from  300 basis points last week, The Economic Times
reports.  According to the report, the increase of the risk of
the Tata Motors defaulting on its bonds was brought about by the
concern that it will borrow to fund its acquisition of Ford
Motor Co's Jaguar and Land Rover.

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

"It may not be a good time for Tata to enter into such a deal
given the state of the credit market," ET quotes Aaron Low, a
principal in Singapore at hedge fund Lumen Advisers as saying.

The Ford negotiations cued rating agencies to place Tata Motors
credit ratings on negative watch.

Moody's Investors Service has placed the Ba1 Corporate Family
Rating of the company on review for possible downgrade.  Should
Tata proceed with the transaction and acquire the two
businesses, it will face considerable execution and integration
challenges, Moody's Vice President/Senior Analyst Elizabeth
Allen said.

Standard & Poor's Ratings Services, on Jan. 7, 2008, placed on
CreditWatch with negative implications its:

   -- 'BB+' long-term corporate credit ratings on Tata Motors;
      and

   -- 'BB+' foreign currency rating on all of Tata Motor's rated
      debt issues.

Standard & Poor's Credit Analyst Anshukant Taneja said, Tata's
acquisition of the brands could potentially have a negative
impact on the corporate credit ratings on the company,
especially if it is heavily funded by debt.

India's rating agencies, ICRA and CRISIL also placed the
carmaker's ratings on rating watch with negative implications.

According to CRISIL, if the acquisition involves a high level of
debt, the transaction would have an adverse impact on Tata
Motors' financial risk profile over the short to medium term.  
It would also pose challenges to Tata Motors' business risk
profile, since a significant proportion of the consolidated
revenues will be driven by the acquired businesses where Tata
Motors has yet to build and demonstrate its capabilities, CRISIL
adds.

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 POWER: Board to Consider Oct.-Dec. 2007 Results on Jan. 29
---------------------------------------------------------------
Tata Power Company Ltd has informed the Bombay Stock Exchange
that its board of directors will hold a meeting on Jan. 29,
2008.  The board, among others, will consider and take on record
the company's audited financial results for the quarter ended
Dec. 31, 2007.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Tata Power recorded a profit after tax of
INR2.799 billion for the quarter ended Dec. 31, 2006.

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

                          *     *     *

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

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


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

INDOSAT: CIMB-GK Securities Lowers Target Price by 8%
-----------------------------------------------------
CIMB-GK Securities Indonesia has lowered its target price for
PT Indosat Tbk's shares by 8% on fears that tighter competition
will hurt earnings, Thomson Financial reports.

The new end-2008 target price, the report relates, is now set at
IDR9,300 rupiah per share from the old target of IDR10,100.

The news agency quotes CIMB analyst Kelvin Goh, in a note to the
clients, as stating that they maintain their neutral rating on
the stock as they feel that increasing competition will erode
its profitability.   "We are now more cautious on Indosat as PT
Excelcomindo is looking to lease its towers to the other
operators.  This would enable smaller operators to roll out
their networks in half the time versus building their own
towers, and erode the incumbent telcos' key competitive
advantage of coverage," Mr. Goh reportedly said.

According to the report, CIMB cut its 2008-09 core net profit
estimates for Indosat by 3-9% after reducing net add estimates
by 4-9 percent to account for stiffer competition.

                       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.


TELKOM: CIMB-GK Securities Lowers Target Price by 23%
-----------------------------------------------------
CIMB-GK Securities has lowered its end-2008 target price for
shares of PT Telekomunikasi Indonesia Tbk by 23% as tighter
competition is likely to eat into earnings, Thomson Financial
reports.

According to the report, the brokerage has set a new target
price of IDR11,300 from IDR14,600 previously.

CIMB analyst Kelvin Goh explained that they maintain our neutral
rating on the stock as concerns over greater competition are
likely to cap the stock's ability to outperform, the report
relates.  On the other hand, downside risks should be limited by
its fairly attractive dividend yield of over 4%, he added.

The brokerage, the report notes, is now more cautious on Telkom
because PT Excelcomindo Pratama is looking to lease its towers
to other operators.

Thomson Financial notes that CIMB reduced its 2008-2009 core net
profit estimates by 7-8% after cutting subscriber net add
assumptions by 3% and 8% respectively to account for greater
competition arising from smaller rivals gaining access to
Excelcomindo's 8,000 towers nationwide.

                 About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk --
http://www.telkom-indonesia.com/-- provides local and long               
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 24, 2007, that Moody's Investors Service changed the
outlook on PT Telekomunikasi Indonesia's local currency
corporate family rating to positive from stable.  At the same
time Moody's has affirmed Telkom's local currency corporate
family rating at Ba1.

On Sep. 12, 2007, Fitch Ratings affirmed Telekomunikasi
Indonesia's Long-term foreign and local currency Issuer Default
Ratings at 'BB-'.


TELKOMSEL: Singtel Maintains Business in Indonesia
--------------------------------------------------
Singapore Telecommunication Limited is still committed to
maintain its telecommunication business in Indonesia through PT
Telekomunikasi Selular, Tempo Interactive reports.

According to the report, SingTel International CEO Lin Chuan Poh
said that the decision of the Business Competition Commission
(KPPU) did not have too much effect.  "We're still committed to
invest in Telkomsel", Mr. Poh added.

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.

Mr. Poh told Tempo that the telecommunication industry is an
industry that is becoming more competitive and aggressive, and
currently cellular phone tariffs are decreasing.  The report
adds that Mr. Poh is still optimistic with the cellular business
in Indonesia, especially as regards growth managed by Telkomsel.

                      About Telkomsel

PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/       
-- is the leading operator of cellular telecommunications
services in Indonesia by market share.  By the end of June 2006,
Telkomsel had close to 29.3 million customers, which, based on
industry statistics, represented a market share of more than
50%.

Telkomsel provides GSM cellular services in Indonesia, through
its own nationwide Dual band 900/1800 MHz GSM network, an
internationally, through 259 international roaming partner in 53
countries as of June 2006.  The company provides its subscribers
with the choice between two prepaid cards-simPATI and kartuAs of
a pre-paid simPATI service, or the post-paid kartuHALO service,
as well as a variety of value-added services and programs.

Fitch Ratings, in August 2006, upgraded PT Telekomunikasi
Selular's long-term foreign currency issuer default rating to
'BB' from 'BB-'.


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

BOSTON SCIENTIFIC: Closes Auditory Biz & Drug Pump Program Sales
----------------------------------------------------------------
Boston Scientific Corporation has completed the sale of the
controlling interests in its auditory business and drug pump
development program to former principals and shareholders of
Advanced Bionics.  Boston Scientific acquired Advanced Bionics
in 2004.  The sale coincides with the closing of the amended
merger agreement with Advanced Bionics announced on Aug. 9,
2007.

As part of a new schedule of consolidated, fixed earnout
payments, Boston Scientific has paid former Advanced Bionics
shareholders US$650 million.  A final payment of US$500 million
will be paid in March 2009.  The former Advanced Bionics
principals and shareholders have paid Boston Scientific US$150
million for the controlling interests in the auditory business
and drug pump development program.

Under the amended merger agreement, Boston Scientific obtains
sole management control of the Pain Management business,
including the emerging indications program.  The Pain Management
business includes spinal cord stimulation technologies, as well
as emerging technologies such as a variety of applications of
the bion(R) microstimulator.  The Pain Management business and
emerging indications program will operate as Boston Scientific
Neuromodulation under the leadership of Michael Onuscheck,
currently head of the Pain Management business.  The business
will continue to be headquartered in Valencia, California.

As part of the transactions, the parties have agreed to dismiss
currently pending litigation between Boston Scientific and
former Advanced Bionics shareholders.

                  About Boston Scientific

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
ratings on Boston Scientific Corp., including the 'BB+'
corporate credit rating, and removed them from CreditWatch,
where they were placed with negative implications Aug. 3, 2007.
S&P said the rating outlook is negative.


BOSTON SCIENTIFIC: Completes Sale of Stake in Auditory Business
---------------------------------------------------------------
Boston Scientific Corporation has completed the sale of
the controlling interests in its auditory business and drug pump
development program to former principals and shareholders of
Advanced Bionics.  

As part of a new schedule of consolidated, fixed earnout
payments, Boston Scientific has paid former Advanced Bionics
shareholders US$650 million.  A final payment of US$500 million
will be paid in March 2009.  

The former Advanced Bionics principals and shareholders have
paid Boston Scientific US$150 million for the controlling
interests in the auditory business and drug pump development
program.

Under the amended merger agreement, Boston Scientific obtains
sole management control of the Pain Management business,
including the emerging indications program.  The Pain Management
business includes spinal cord stimulation technologies, as well
as emerging technologies such as a variety of applications of
the bion(R) microstimulator.

The Pain Management business and emerging indications program
will operate as Boston Scientific Neuromodulation under the
leadership of Michael Onuscheck, currently head of the Pain
Management business.  The business will continue to be
headquartered in Valencia, California.

As part of the transactions, the parties have agreed to dismiss
pending litigation between Boston Scientific and former Advanced
Bionics shareholders.

Boston Scientific acquired Advanced Bionics in 2004.  The sale
coincides with the closing of the amended merger agreement with
Advanced Bionics disclosed on Aug. 9, 2007.

                     About Advanced Bionics

Headquartered in Sylmar, California, Advanced Bionics –-
http://www.advancedbionics.com/-- makes the HiResolution Bionic  
Ear System, which includes a cochlear implant, sound processor,
and other equipment that together can restore hearing to the
deaf.  The company also makes the Precision spinal cord
stimulator, which can block pain signals.  

                    About Boston Scientific

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

                          *     *     *

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


DELPHI CORP: Incurs US$231 Mil. Net Loss in Month Ended Nov. 30
---------------------------------------------------------------

                   Delphi Corporation, et al.
              Unaudited Consolidated Balance Sheet
                    As of November 30, 2007
                         (In Millions)

                             ASSETS

Current assets:
  Cash and cash equivalents                              US$13
  Restricted cash                                          124
  Accounts receivable, net:
     General Motors and affiliates                       1,482
     Other third parties                                   949
     Non-Debtor affiliates                                 232
  Notes receivable from non-Debtor affiliates              286
  Inventories, net:
     Productive material, work-in-process & supplies       794
     Finished goods                                        215
  Other current assets                                     357
                                                      --------
     TOTAL CURRENT ASSETS                                4,452

Long-term assets:
  Property, net                                          1,756
  Investment in affiliates                                 380
  Investments in non-Debtor affiliates                   4,046
  Goodwill                                                 152
  Other intangible assets                                   25
  Other                                                    534
                                                      --------
     TOTAL LONG-TERM ASSETS                              6,893
                                                      --------
TOTAL ASSETS                                         US$11,345

             LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities not subject to compromise:
  Debtor-in-possession financing                      US$3,301
  Accounts payable                                       1,279
  Accounts payable to non-Debtor affiliates                525
  Accrued liabilities                                    1,362
  Notes payable to non-Debtor affiliates                    66
                                                      --------
  TOTAL CURRENT LIABILITIES                              6,533

Long-term liabilities not subject to compromise:
  Employee benefit plan obligations and other            1,143

Liabilities subject to compromise                       17,008
                                                      --------
  TOTAL LIABILITIES                                     24,684

Stockholders' deficit:
  TOTAL STOCKHOLDERS' DEFICIT                          (13,339)
                                                      --------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT          US$11,345

                   Delphi Corporation, et al.
         Unaudited Consolidated Statement of Operations
                 Month Ended November 30, 2007
                         (In Millions)

Net sales:
  General Motors and affiliates                         US$660
  Other customers                                          431
  Non-Debtor affiliates                                     54
                                                      --------
Total net sales                                          1,145
                                                      --------
Operating expenses:
  Cost of sales                                          1,023
  U.S. employee workforce transition program charges        41
  Long-lived asset impairment charges                        -
  Depreciation and amortization                             46
  Selling, general and administrative                       85
  Securities & ERISA litigation charge                       -
                                                      --------
Total operating expenses                                 1,195
                                                      --------
Operating loss                                             (50)

Interest expense                                           (41)
Loss on extinguishment of debt                              (4)
Other (expense) income, net                                 12
                                                      --------
Loss before reorganization items, income
  tax expense, and equity income                           (83)
Reorganization items                                       (13)
Income tax benefit (expense)                                (1)
Equity income from non-consolidated affiliates               4
Equity income from non-Debtor affiliates                  (138)
                                                      --------
NET LOSS                                               (US$231)

                   Delphi Corporation, et al.
         Unaudited Consolidated Statement of Cash Flows
                 Month Ended November 30, 2007
                         (In Millions)

Cash flows from operating activities:
  Net loss                                             (US$231)
  Adjustments to reconcile net loss
   to net cash provided by operating activities:
   Depreciation and amortization                            46
   Deferred income taxes                                    (1)
   Pension and other postretirement benefit expenses        68
   Equity income from unconsolidated affiliates             (4)
   Equity income from non-Debtor affiliates                138
   Reorganization items                                     13
   U.S. employee workforce transition program charges       41
   Loss on extinguishment of debt                            4
  Changes in operating assets and liabilities:
   Accounts receivable, net                                 55
   Inventories, net                                         69
   Other assets                                              3
   Accounts payable, accrued and other long-term debt     (138)
   Other                                                    17
U.S. employee workforce transition program payments       (37)
   Other postretirement benefit payments                   (20)
   Pension contributions                                    (2)
   Payments for reorganization items                       (14)
                                                      --------
Net cash used in operating activities                        7

Cash flows from investing activities:
  Capital expenditures                                     (37)
  Proceeds from divestitures                                20
  Increase in restricted cash                                2
                                                      --------
Net cash used in investing activities                      (15)

Cash flows from financing activities:
  Net proceeds from DIP facility                            22
  Repayments on borrowings from non-Debtor affiliates       (1)
                                                      --------
Net cash used in financing activities                       21
                                                      --------
Decrease in cash and cash equivalents                       13
Cash and cash equivalents at beginning of period             -
                                                      --------
Cash and cash equivalents at end of period               US$13

                        *     *     *

Reuters notes that Delphi's net loss of US$231,000,000 for
November has pushed the company's loss through the first 11
months of 2007 to US$2,782,000,000.

Reuters also notes that sales to General Motors Corp., Delphi's
former parent, totaling $660,000,000, accounted for 58% of the
auto-parts supplier's net revenues for November.  According to
Delphi's Monthly Operating Report, sales to General Motors and
its affiliates accounted for US$8,298,000,000 out of the
company's net sales of US$14,351,000,000 from January through
November.

Crain's Detroit Business says Delphi ranks second on the
Automotive News list of the top 100 global suppliers with
original equipment automotive parts sales of US$24,400,000,000
in 2006.

                  About Delphi Corporation

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.

On Sept. 6, 2007, the Debtors filed their chapter 11 plan of
reorganization and a disclosure statement explaining that plan.
They submitted an amended reorganization plan and disclosure
statement on Dec. 10, 2007.  The Debtors' exclusive plan-filing
period expires on March 31, 2008.  The Court has scheduled a
confirmation hearing on Jan. 17, 2008.  (Delphi Bankruptcy News,
Issue No. 104; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Court Approves Downer and Co. as Financial Advisor
---------------------------------------------------------------
Delphi Corp. and its debtor-affiliates obtained permission from
the U.S. Bankruptcy Court for the Southern District of New York
to employ independent middle market advisory firm Downer &
Company LLC as their financial advisor and investment banker
with regard to the divestiture or other strategic alternatives
relating to their power products business.  The Debtors propose
to hire Downer & Company nunc pro tunc to Aug. 27, 2007.

The Debtors' Power Products Business involve the engineering,
manufacturing, or selling of power sliding door systems, power
liftgate systems, power deck lid systems, internal cinching
latches, advanced development power cinching latches, and
advanced development power cinching strikers.

Pursuant to the parties' Oct. 26, 2007 letter agreement, Downer
& Company is expected to:

   -- assist in the review and analysis of the assets and the
      operating and financial strategies of the Power Products
      Business;

   -- assist in the definition of objectives related to the  
      value and terms of divestiture;

   -- assist in the market examination for potential purchasers
      and identification of a universe of parties who should be
      contacted in relation to the proposed transaction;

   -- at the Debtors' direction, contact a priority list of
      parties agreed in common with the Debtors as part of a
      pre- marketing strategy;

   -- assist in the collection and analysis of information
      relevant to the market and the proposed transaction;

   -- prepare and review with the Debtors the valuation of the
      Power Products Business;

   -- define procedures concerning the divestiture process at
      its different stages, and implementing them with the
      potential purchasers at the Debtors' direction and on its
      behalf;

   -- assist in the organization and coordination of datarooms,
      management presentations, and due diligence sessions;

   -- review, analyze, and advise on the value and terms of the
      offers received and on appropriate negotiating strategies
      in relation to the various potential purchasers in
      connection with the proposed transaction or other
      transactions;

   -- assist in the negotiation of binding contractual
      documentation in conjunction with the Debtors' legal
      advisors; and

   -- render other financial advisory and investment banking
      services as may be reasonably requested by the Debtors in
      connection with the disposition of the Power Products
      Business.

The services to be provided by Downer & Company will not
duplicate the services of the Debtors' other professionals,
Delphi Corp. vice president and chief restructuring officer John
D. Sheehan assured the Court.

In exchange for Downer & Company's services, the Debtors will
pay the firm non-refundable work fees totaling US$100,000:

   * US$25,000 upon approval of the Employment Application;

   * US$25,000 upon completion and delivery of a pre-marketing
     report;

   * US$25,000 upon receipt of the first round offers; and

   * US$25,000 upon receipt of the final offers in the form of a
     marked-up term sheet.

The Debtors will also pay Downer & Company a Transaction Fee
equal to US$600,000 plus:

   * 2.5% of the Transaction Value, as defined in the Engagement
     Letter, between US$35,000,000 and US$45,000,000; and

   * 3.25% of the Transaction Value in excess of US$45,000,000.

The Transaction Fee may be reduced by the total amount of work
fees paid if certain conditions are met as defined in the
Engagement Letter, Mr. Sheehan related.

Further more, the Debtors will reimburse Downer & Company for
all reasonable out-of-pocket expenses incurred in connection
with the performance of its duties under the Engagement Letter,
including transportation, telephone, lodging, meals, research,
postage, courier services, and interest fees.

Downer & Company's services are necessary to enable the Debtors
to maximize the value of their estates, Mr. Sheehan told the
Court.  The Debtors aver that Downer is well-qualified and able
to represent them in a cost-effective, efficient, and timely
manner.

Arthur G. Gottlieb, a managing director at Downer & Company,
LLC, assured the Honorable Robert Drain that Downer & Company
has no connection with, and holds no interests adverse to, the
Debtors, their creditors, or any other party-in-interest in the
matters for which it is proposed to be retained.  Downer &
Company, Mr. Gottlieb adds, is a "disinterested person," as that
term is defined in Section 101(14) of the Bankruptcy Code.

                       About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  (Delphi Bankruptcy News, Issue No. 103;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Reaches Settlement with Ad Hoc Trade Committee
-----------------------------------------------------------
The Ad Hoc Trade Committee's withdrawal of its objection to the
Dec. 3, 2007 Amendment to the New Equity and Purchase Agreement
between Delphi Corp., its debtor-affiliates and the Plan
Investors, led by Appaloosa Management L.P., is part of a
settlement reached between the Debtors and the Trade Committee.

In addition to the EPCA, the parties agreed to resolve their
disputes with respect to the Debtors' Joint Plan of
Reorganization.

"This is in full settlement of any and all objections of the ad
hoc trade committee to the disclosure and plan confirmation
process, including without limitation, the disclosure statement,
the proposed investment agreement amendment and the plan of
reorganization, including plan confirmation matters," John
Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in Chicago, Illinois, said at the Dec. 6, 2007 hearing.

The parties also agreed that:

   -- they will use commercially reasonable efforts to
      reconcile, if agreed, allow on or before the confirmation
      date trade claims held by members of the Ad Hoc Trade
      Committee; and

   -- the Debtors will reimburse the Trade Committee up to
      US$750,000 for reasonable and documented professional fees
      and expenses, provided, however, the Committee will file
      with the Court an application for the reimbursement.

Mr. Butler, however, said that the Trade Committee may still
object to the Plan if the Debtors propose modifications that
have a material adverse affect on the treatment of general
unsecured creditors.

The Debtors told the Court that they resolved majority of the
objections to the Amendment to the Investment Agreement.  In to
the Trade Committee, representatives of the Securities Lead
Plaintiffs, IUE-CWA, and the Official Committee of the Equity
Security Holders confirmed that their objections have been
resolved.  The Equity Committee agreed to withdraw its
objections following clarification on, among other things, the
preservation of its legal, equitable, and contractual rights in
connection with the Investment Agreement.

"In light of the consideration that's being offered to the
Equity Committee under the Plan, we're in support of the Plan
and the third-party release therein," said Debra Torres, Esq. at  
Fried Frank Harris Shriver & Jacobson, LLP, in New York, on
behalf of the Equity Committee.

                       About Delphi Corp.

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

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

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


FORD MOTOR: To Equip Cars with Fuel-Efficient EcoBoost Engine
-------------------------------------------------------------
Ford Motor Company is introducing a new engine technology called
EcoBoost that will deliver up to 20% better fuel economy on half
a million Ford, Lincoln and Mercury vehicles annually in North
America during the next five years.

The EcoBoost family of 4-cylinder and 6-cylinder engines
features turbocharging and direct injection technology.  
Compared with more expensive hybrids and diesel engines,
EcoBoost builds upon today’s affordable gasoline engine and
improves it, providing more customers with a way to improve fuel
economy and emissions without compromising driving performance.

"EcoBoost is meaningful because it can be applied across a wide
variety of engine types in a range of vehicles, from small cars
to large trucks –- and it’s affordable," Derrick Kuzak, Ford’s
group vice president of Global Product Development, said.  
"Compared with the current cost of diesel and hybrid
technologies, customers in North America can expect to recoup
their initial investment in a 4-cylinder EcoBoost engine through
fuel savings in approximately 30 months.  A diesel in North
America will take an average of seven and one-half years, while
the cost of a hybrid will take nearly 12 years to recoup –-
given equivalent miles driven per year and fuel costs."

Ford will introduce EcoBoost on the new Lincoln MKS flagship in
2009, followed by the Ford Flex and other vehicles.  By 2013,
Ford will have more than half a million EcoBoost-powered
vehicles on the road annually in North America.

In 2009, Ford first will introduce EcoBoost on the Lincoln MKS
featuring a 3.5-liter twin-turbocharged V-6.  It will produce
the power and torque of a V-8 engine with the fuel efficiency of
a V-6.  In fact, with an estimated 340-horsepower and more than
340 lb.-ft. of torque, the Lincoln MKS will be the most powerful
and fuel-efficient all-wheel-drive luxury sedan in the market.

                        More With Less

EcoBoost’s combination of direct injection and turbocharging
mitigates the traditional disadvantages of downsizing and
boosting 4- and 6-cylinder engines, giving customers both
superior performance as well as fuel economy.

With direct injection, fuel is injected into each cylinder of an
engine in small, precise amounts. Compared to conventional port
injection, direct injection produces a cooler, denser charge,
delivering higher fuel economy and performance.

                        Explorer America

To help explain its vehicle sustainability strategy, Ford has
created the Explorer America concept for the 2008 North American
International Auto Show.

The Explorer America concept delivers an approximately 20% to
30% fuel-economy improvement -– depending on engine selection –-
while providing room for six and their gear, along with moderate
towing and off-roading capabilities.

The concept aims to highlight for customers and auto show
attendees a number of innovations tied to Ford’s systems
approach, including:

   * A powertrain lineup that includes a 4-cylinder 2-liter
     engine with EcoBoost technology delivering 275 hp and 280  
     lb.-ft. of torque or, as a premium engine, a 3.5-liter V-6
     delivering about 340 hp.  Depending on engine selection,
     fuel-efficiency will improve by 20 to 30 percent versus
     today’s V-6 Explorer;

   * Migration from current body-on-frame to unibody
     construction, reducing weight and delivering superior
     driving dynamics;

   * A fuel-efficient 6-speed transmission with auto shift
     control, allowing the driver to select  and hold a lower
     gear with just the turn of a dial when conditions warrant
     it;

   * A weight reduction of 150 pounds for the V-6 version thanks
     to its downsized –- yet superior performing -– engine, as
     well as more lightweight materials, suspension and chassis
     components;

   * Fuel-saving electric power assisted steering and other
     engine actions that deliver a fuel savings benefit of about
     5%.  Between 80% to 90% of Ford, Lincoln and Mercury
     vehicles will have EPAS by 2012;

   * Aerodynamic and other parasitic improvements that add up to
     a 5% fuel economy gain.

The production model of the Explorer changed the landscape when
it arrived on the scene in 1990 as a 1991 model, delivering an
experience as unique as the owners who would eventually shape
the design of the Explorer America concept.

Today’s Explorer leads the mid-size SUV segment in sales.  Since
its introduction 18 years ago, Explorer has sold more than 6.5
million vehicles.

For 2008, Explorer adds several new features, including Ford’s
award-winning SYNC system that it developed with Microsoft.  
SYNC connects people and their favorite portable devices while
in the vehicle, including media players and Bluetooth-enabled
mobile phones.  In addition, Explorer receives Ford’s EasyFuel
capless refueling system, which is fitted as standard and new
available 20-inch polished aluminum wheels.

Ford Explorer received 5-star ratings in the National Highway
Traffic Safety Administration’s frontal and side-impact crash
tests for the second year in a row.  Explorer comes standard
with six air bags, including front seat and side-curtain air
bags and AdvanceTrac with class-exclusive Roll Stability
Control, an electronic stability enhancement system that
actually measures what other manufacturers’ systems ignore or
can only estimate.


MAZDA MOTOR: Sees Growth in 2008
--------------------------------
Mazda Motor Corporation is committed to further growth for the
year 2008.

As the company held its first-product-shipment-of-the-year
annual celebration, Mazda's President and Chief Executive
Officer, Hisakazu Imaki says, "2008 will be the second year of
our mid-term Mazda Advancement Plan, and it will be extremely
important year for us. The automotive industry’s operating
environment is tougher than ever, but we will confidently go
forward this year, taking steady steps in our operations toward
achieving our goals."

Mr. Imaki expressed that to achieve their goals, it must
improve brand value, strengthen business efficiency and improve
quality throughout the Mazda Group.

Among Mazda's mid-term plan was to reach 1.6 million units of
retail sales globally in fiscal year 2010.  In line with this,
Mazda, in its first year of plan, increased its production
capacity in Japan, started operations at new manufacturing
facilities in China and announced plans for a new passenger
vehicle plant at its AutoAlliance Thailand facility, making
solid progress toward achieving its goals.

                       About Mazda Motor

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

                       *     *     *

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

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

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


ORIENT CORP: Ernst & Young Raises Going Concern Doubt
-----------------------------------------------------
Ernst & Young ShinNihon expressed substantial doubt about Orient
Corp's ability to continue as a going concern after auditing
the company's financial statements for the year ended March 31,
2007.

Orient Corp. posted a net loss of JPY461.4 billions for the
fiscal year ended March 31, 2007, from the previous fiscal
year's net profit of JPY15.0 billion.

As of March 31, 2007, the company's balance sheet showed
JPY4.5 trillion in total assets and JPY4.6 trillion in total
liabilities, resulting to a shareholders' equity deficit of
JPY130.4 billion.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?26e1


Headquartered in Tokyo, Japan, -- http://www.orico.co.jp--  
Orient Corporation's principal activity is the provision of
consumer financing services including consumer credits, credit
cards, guarantee and loan agent services, commercial financing
and direct cash loans.  The Group's other activities include
real estate management, help supply, economy trend
research/analysis, sale of goods, textiles manufacturing and
golf courses.  The operations are carried out through the
following divisions: Financial services, Non-Financial Services,
Financial Income (interests and dividends) and Other.

The Troubled Company Reporter-Asia Pacific, on January 4, 2008,
included in its "Large Companies with Insolvent Balance Sheets"
column Orient Corp., with US$37,956.19 million in stockholders'
equity deficit.


* Moody's Sees Positive Outlook for Japan Property Firms
--------------------------------------------------------
Moody's Investors Service says the rating outlooks for Japanese
real estate companies are positive for the top three firms and
stable for others.

Moody's says -- in a new report -- that it has a cautious view
on Japan's real estate market in general due to uncertainties
in residential development and real estate funds.

However, it believes that the top three companies may
strengthen profitability in their core office leasing
businesses and improve their market positions by maximizing
their competitive strengths, Moody's says in its just-released
report.

The report covers a wide range of issues.  Aside from ratings,
it looks at each segment in detail -- for example, office space
and condominiums -- the impact of the economy, financial
fundamentals as well as capital and debt structures.

A tight demand and supply relationship in the office leasing
market, the core earnings source for rated companies,
continues, reflecting the strength of the domestic economy, the
report says.

Accordingly, Moody's expects the rated companies to further
strengthen their segment profitability by increasing average
rents and adding new properties to their asset portfolios over
the medium term.

As for financial fundamentals, the report says that the large
real estate companies have improved their financial positions
over a number of years, but have started increasing debt due to
recent active investments.

Nevertheless, their capital structures will level out in the
next few years, as shareholders' equity also increases due to
strong profitability.  Furthermore, appropriate investment
strategies and financial policies to deal with environmental
changes remain important rating factors.

The top three companies are Mitsubishi Estate (Aa3), Mitsui
Fudosan (A2) and Sumitomo Realty and Development (Baa2).  The
other rated companies are NTT Urban Development (Aa3), Hulic
(A3) and Kowa Real Estate (Baa2).

Copies of the report, entitled Japan Real Estate Industry
Outlook, can be found at www.moodys.com


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

DURA AUTOMOTIVE: Court Defers DIP Financing Maturity to Jan. 31
---------------------------------------------------------------
At the request of DURA Automotive Systems, Inc., and its debtor-
affiliates, the U.S. Bankruptcy Court for the District of
Delaware extended the maturity date of the Debtors' postpetition
secured revolving and term loan financing facilities until
Jan. 31, 2008.

The Debtors told the Court that without extensions of the
maturity dates, previously set Dec. 31, 2007, the Debtors
obligations under the revolving and term-loan facilities become
immediately due and payable, and the DIP Lenders would be
entitled to exercise all remedies available to them.  Absent the
extension, the Debtors would face, among other things,
insufficient working capital to fund ongoing operations.

Beginning in September 2007, the Debtors initiated discussions
with, and solicited exit financing proposals from, a variety of
potential exit lenders.  The Debtors have selected Goldman Sachs
Credit Partners L.P. and Barclays Capital to act as arrangers to
syndicate the exit financing, but as of mid-December 2007, the
arrangers have been unable to secure a full syndication of
DURA's proposed US$425 million exit financing, due to tighter
credit conditions.

Marc Kieselstein, P.C., Esq., at Kirkland & Ellis, LLP, in
Chicago, Illinois, recounted that, in December 2007, the Debtors
and their advisors also contacted several potential third-party
lenders, and solicited debtor-in-financing proposals that would
replace the existing DIP Facilities in one form or another.
Though some parties showed interest in providing proposals, none
expressed confidence they could close the transaction within the
time-frame required by the Debtors, said Mr. Kieselstein said.

According to Mr. Kieselstein, the Debtors along with their
advisors determined that six months would be an appropriate
length of for the maturity date extensions of each of the DIP
Facilities, but that, to meet the Debtors' operational financing
needs between February and June 2008, the extensions would
require an increase in the size of the term loan amount under
the DIP Facilities.  For January 2008, however, no term loan
increase is necessary to meet the debtors' operational financing
needs.  Accordingly, obtaining maturity date extensions of month
for each of the DIP facilities was the only feasible extensions
available to the Debtors, Mr. Kieselstein told the Court.

Given the short period of time allowed by the one-month
extensions, the Debtors are presently, however, attempting to
negotiate, among other things, follow-on five or six month
maturity date extensions of the each of the DIP facilities and
the term loan increase.  The Debtors will present any request
for further amendments to the DIP Facilities at the
Jan. 24, 2008 omnibus hearing.

                  Amendments to DIP Facilities

The significant amendments to the Term Loan Facility are:

  Maturity Date:   Jan. 31, 2008

  Fees:            Status Report filed under seal.

  Canada
  Restructuring:   Transaction authorized subject to pledge of
                   new entity stock in favor of Postpetition
                   Secured Parties, including necessary
                   covenant waivers and authority for
                   Postpetition Agents to release guaranties
                   and liens as necessary.

  Interest:        For Base Rate Loans, Base Rate plus 2.25%
                   per annum.  For LIBOR Loans, at the LIBOR
                   Rate plus 3.25% per annum.  All loans deemed
                   Base Rate Loans after Dec. 31, 2007.

  Immediate
  Default
  Interest:        Default Interest to accrue starting Dec. 31,
                   2007, provided that if the Event of Default
                   occurs after December 31, there will be no
                   additional increase in the interest rate
                   from that provided in the Term Loan DIP
                   Credit Agreement.

  Financial
  Advisor
  Engagement:     Counsel to the Goldman Sachs Credit Partners,
                  L.P., as administrative agent to engage a
                  financial advisor

  Cash Flow
  Forecasts:      Debtors to provide rolling cash flow
                  forecasts for the following 13-week period
                  each week.

  Capital
  Expenditures:   Maximum Consolidated Capital Expenditures for
                  January 2008 to be less than or equal to
                  US$9 million.

Amendments of the Revolving DIP Facility are:

  Maturity Date:   January 31, 2008

  Fees:            Status Report filed under seal.

  Canada
  Restructuring:   Transaction authorized subject to pledge of
                   new entity stock in favor of Postpetition
                   Secured Parties, including necessary
                   covenant waivers and authority for
                   Postpetition Agents to release guaranties
                   and liens as necessary.

  Minimum EBITDA
  Covenant:        None for January 2008.

  Immediate
  Default
  Interest:        None.  Default interest to accrue, only when
                   applicable, pursuant to the Postpetition
                   Revolving Credit Agreement.

  New Commitment
  Letter:          On or before January 15, 2008, the Debtors
                   will have procured a commitment from
                   financial institutions reasonably accepted
                   to the Lenders for a new term loan DIP
                   credit facility.

  New Financial
  Covenant:        During the term of the Maturity Date
                   extension, the Borrowers will have to comply
                   with minimum Excess Availability covenant.

  Eligible
  Receivables:     Revised to include "25% in respect of Ford
                   Motor Company including any of its
                   affiliates and subsidiaries, or an Account
                   Debtor whose securities are rated Investment
                   Grade."

  Base Rate Loans: All loans to be deemed Base Rate Loans.

  Use of Funds:    Proceeds of any Credit Extension may not be
                   used to refinance, repay, cash
                   collateralize, back to back, replace, or
                   otherwise support all or any part of the
                   synthetic letters of credit under the Term
                   Loan DIP Agreement or pay any principal
                   amounts due under that agreement other than
                   the amounts mutually agreed.

  Financial
  Advisor
  Engagement:     Counsel to the Administrative Agent to engage
                  a financial advisor.

  Cash Flow
  Forecasts and
  Borrowing Base
  Certificates:   Debtors to provide rolling cash flow forecast
                  for the following 13-week period and
                  Borrowing Base Certificate each week.

Mr. Kieselstein told the Court that the Debtors, in order to
obtain the Maturity Date extensions and effect the Canada
Restructuring, were required to offer "sufficient" consideration
to obtain unanimous lender consent under the DIP Facilities.
The Debtors, however, redacted the Amendment Fees from the
Amended Credit Agreements filed with the Court.

The Court ruled that all prepetition second priority liens and
replacement liens granted to prepetition second priority lenders
in the Final DIP Order on any assets being released by the
Postpetition Secured Parties in connection with the Canada
Restructuring will be released to the same extent as any liens
on the "Covered Assets" in favor of the Postpetition Secured
Parties are released.

All guarantees in favor of the Prepetition Second Priority
Lenders from any person that has also issued a guaranty in favor
of the Postpetition Secured Parties, which is being terminated
in connection with the Canada Restructuring, will be terminated
to the same extent as the guarantees by the Covered Guarantors
in favor of the Postpetition Secured Parties are terminated.

To the extent that (a) any Covered Assets are not property of a
Debtor or (b) any Covered Guarantor is not a Debtor, the
Prepetition Second Priority Agent will use all efforts to
release their liens on the Covered Assets and terminate the
guaranties in their favor from the Covered Guarantors.

The liens of the Postpetition Secured Parties granted in the
Final DIP Order, the Prepetition Second Priority Liens and the
replacement liens granted to the Prepetition Second Priority
Lenders in the Final DIP Order will each attach to 66% of the
capital stock of the newly formed German partnership to the same
extent and with the same priority as provided for in the Final
DIP Order.  All of those liens will be deemed perfected, valid,
binding, and enforceable by the Postpetition Secured Parties and
the Prepetition Second Priority Lenders and subject to the
priorities provided for in the Final DIP Order without the need
for any other filing or action, provided that the liens of the
Prepetition Second Priority Lenders will be junior in all
respects to the liens of the Postpetition Secured Parties.

The transfers contemplated in the Canada Restructuring will not
increase the value of assets subject to the liens or claims held
by the Prepetition Second Lien Lenders.

The Court also authorized the Debtors to pay the DIP Lenders
US$358,000 to overlook loan covenant violations as a result of
the Debtors' entry into Court-approved agreements with Johnson
Controls Systems, Inc., its affiliates and subsidiaries, and
Bridgewater Interiors LLC.

                Investor Dies in Plane Crash

In other news, Michael Kline, the chief executive officer of
Pacificor LLC, died in a plane crash on Dec. 23, 2007.
Pacificor has previously agreed to invest up to US$160 million
in reorganized DURA by buying shares of new common stock that
were not purchased in an equity rights offering.  The Pacificor
commitment depended on the bankruptcy exit loans that the
Debtors were unable to obtain and will expire on Jan. 31.

                        About DURA

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

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

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

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.   (Dura Automotive
Bankruptcy News, Issue No. 41 Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DURA AUTOMOTIVE: Restructuring of Canadian Subsidiaries Approved
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware also
authorized Dura Automotive Systems Inc. and its debtor-
affiliates to implement corporate restructuring of certain of
their subsidiaries located in Canada to obtain certain tax
savings.

Mr. Kieselstein told the Honorable Kevin J. Carey that, in order
to realize the tax savings, the Debtors must begin the Canada
Restructuring prior to Dec. 31, 2007.  In order to do so, the
Debtors required certain waivers under the DIP Facilities.

Specifically, the Canada Restructuring involves:

  (1) Transfer of Debtor Dura Automotive Canada ULC's (i) stock
      in Debtor Universal Tool & Stamping and Dura Automotive
      Cables and (ii) US$26 million notes receivables from
      Trident to Debtor Dura Operating Corp. as a return of
      capital;

  (2) Migration and re-incorporation of Debtor Dura Ontario,
      Inc., as an Unlimited Liability Company in British
      Columbia;

  (3) Formation of New German Holding Company (NewCo KG);

  (4) Removal of pledges on Canadian shares, assets and the
      US$84 million DOC-ULC note, and 65% of Dura Holding
      Germany shares and replacing them with pledge of 65% of
      NewCo KG shares;

  (5) Contribution of Dura Operating of its shares in DOC-ULC
      and the US$84 million Note to NewCo KG; and

  (6) Transfer of Dura Operating's 90% shares in DGH and its
      99.9% interest in Debtor Dura Operating Canada LP to
      NewCo KG.

Mr. Kieselstein says the DIP Amendments do not require specific
approval by the Ontario Superior Court of Justice.  RSM Richter
Inc., which provides the Ontario Court with updates on material
activities in the Debtors' Chapter 11 cases, supports the Canada
Restructuring.

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

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

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

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.   (Dura Automotive
Bankruptcy News, Issue No. 42; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


KENERTEC: Amends Settlement Date for the Establishment of Unit
--------------------------------------------------------------
Kenertec Co. Ltd. has amended the settlement date of Dec. 27,
2007, for the establishment its unit Kenertec Indonesia Co. Ltd.
to January 15, 2008, Reuters Investing Keys reports.

The company, the report recounts, planned to acquire 2,500,000
shares of Kenertec Indonesia for worth KRW2,316,500,000.

According to the report, the company move will make Kenertec
Indonesia a wholly owned subsidiary of the Company.

Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co.,
Ltd. -- http://www.kenertec.co.kr/-- is provides industrial        
burners and energy-related equipment.  The company operates two
main divisions: Furnace division, which provides regenerative
combustion systems, including regenerative combustion industrial
furnace burners, regenerative combustion radiant tube burners,
regenerative combustion raddle burners, radiant combustion
devices, direct heat-treatment burners, flat flame burners,
turndish-heating burners, high-spray burners, low-nitrogen-oxide
radiant tube burners, oxygen burners, flare stack burners and
rotary kiln burners, and Energy division, which provides
cogeneration systems, community energy systems and energy
diagnosis equipment.

Korea Ratings gave the company's convertible bond a BB rating on
Jan. 30, 2007.


KENERTEC: Decides 0.03 Share Per Share Annual Stock Dividend
------------------------------------------------------------
Kenertec Co Ltd has decided a yearly stock dividend of 0.03
share per share of common stock payable for the financial year
ended December 31, 2007, Reuters Investing Keys reports

According to the report, the total number of the stock dividend
is 403,382.

Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co.,
Ltd. -- http://www.kenertec.co.kr/-- is provides industrial        
burners and energy-related equipment.  The company operates two
main divisions: Furnace division, which provides regenerative
combustion systems, including regenerative combustion industrial
furnace burners, regenerative combustion radiant tube burners,
regenerative combustion raddle burners, radiant combustion
devices, direct heat-treatment burners, flat flame burners,
turndish-heating burners, high-spray burners, low-nitrogen-oxide
radiant tube burners, oxygen burners, flare stack burners and
rotary kiln burners, and Energy division, which provides
cogeneration systems, community energy systems and energy
diagnosis equipment.

Korea Ratings gave the company's convertible bond a BB rating on
Jan. 30, 2007.


KRISPY KREME: James Morgan Replaces D. Brewster as Pres. & CEO
--------------------------------------------------------------
Krispy Kreme Doughnuts Inc., Krispy Kreme Doughnut Corporation
and Daryl G. Brewster mutually determined to terminate their
employment relationship.

Mr. Brewster resigned, effective Jan. 6, 2008, the positions of
president, chief executive officer and director of the company
as well as all other director and officer positions with the
company's subsidiaries and affiliates.  He will cease to be an
employee on Jan. 31, 2008.

James H. Morgan, chairman of the board of directors, has been
elected to replace Mr. Brewster as president and chief executive
officer.  Mr. Morgan, 60, has been a director of the company
since July 2000 and was elected chairman of the board in January
2005.  Since 2001, Mr. Morgan has served as chairman and chief
investment officer of Covenant Capital LLC, an investment
management firm which he founded.

                    Agreement with Mr. Brewster

The company and Mr. Brewster have entered into an agreement and
release, dated as of Jan. 6, 2008.  The agreement, except as
otherwise provided, supersedes the employment agreement, dated
as of March 6, 2006, between the company and Mr. Brewster.

The agreement provides that Mr. Brewster will receive an amount
equal to one year's base salary under the employment agreement
or US$700,000 in cash over the year following the separation
date and that the company will grant to Mr. Brewster restricted
share units under the company's 2000 stock incentive plan with
respect to a number of shares of common stock of the company
having an aggregate fair market value (based on the closing
share price on Jan. 4, 2008) equal to US$1,190,000 (equivalent
to one year's base salary and target bonus under the employment
agreement), and the shares subject to the RSUs will be
distributed to Mr. Brewster on the third trading day after
fiscal year 2008 earnings are released, but no later than April
15, 2008.  Accordingly, Mr. Brewster will receive an aggregate
of 420,495 shares of common stock.  The employment agreement had
provided for two years of base salary payable in cash over the
two years following a not-for-cause termination of employment
and for two years of target bonus payable in cash over the two
years following such a termination.  Further, in the event of a
not-for-cause termination of employment, the employment
agreement had provided for an amount equal to a pro rated target
bonus for the year of termination.

Mr. Brewster also will be entitled to an additional pension
make-whole in the amount of US$319,552, payable Aug. 1, 2008,
which represents 24 months of additional vesting under the
pension make-whole, which is equivalent to what is provided for
in the employment agreement in the event of a not-for-cause
termination.

As of the agreement date, Mr. Brewster had 241,145 shares of
unvested restricted common stock which, under the terms of the
employment agreement, would have vested upon a not-for-cause
termination of employment.  Under the agreement, it is provided
that 120,573 of these shares will vest, and Mr. Brewster has
agreed that 120,572 of these shares will be forfeited.  In
addition, as of the agreement date, Mr. Brewster held unvested
options to purchase 333,333 shares of common stock of KKDI at an
exercise price of US$6.39 per share and unvested options to
purchase 201,399 shares at an exercise price of US$3.41 per
share, all of which would have vested upon a not-for-cause
termination of employment under the employment agreement.  He
also held vested options to purchase 166,667 shares of common
stock at an exercise price of US$6.39 per share.  In the
agreement, it is provided that the US$3.41 options will vest,
and Mr. Brewster has agreed that the US$6.39 options, both
unvested and vested, will be forfeited.

Under the terms of the agreement, Mr. Brewster releases the
company and its affiliates from all claims, including claims
relating to his employment with the company and the termination
of such employment.  Certain provisions of the employment
agreement, including the confidentiality provisions, the
noncompetition provisions, the nonsolicitation provisions and
the indemnification provisions, survive the termination of the
employment agreement.  The company has similarly released Mr.
Brewster from all claims, including claims relating to his
employment with the company.

                      About Krispy Kreme

Headquartered in Winston-Salem, North Carolina, Krispy Kreme
Doughnuts Inc. (NYSE: KKD) -- http://www.krispykreme.com/--
retails doughnuts.  There are about 411 Krispy Kreme stores
including satellites operating system-wide in 41 U.S. states,
Australia, Canada, Hong Kong, Indonesia, Japan, Kuwait, Mexico,
the Philippines, the Republic of South Korea, the United Arab
Emirates and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 17, 2007,
Moody's Investors Service lowered Krispy Kreme Doughnut
Corporation's Speculative Grade Liquidity rating to SGL-4 from
SGL-3, indicating weak liquidity.  Concurrently Moody's revised
the rating outlook to negative while affirming Krispy Kreme's
Caa1 corporate family rating and B3 rating of its US$160 million
senior secured credit facilities.


LEADCORP: Shareholders Sells 37.49% Stake to Dkmarine Co
--------------------------------------------------------
The Leadcorp Inc's largest shareholders APGF3 Korea Investments
Co. Ltd. and KGRF Korea Investments Co. Ltd. have signed a
contract to sell off 37.49% of the company to dkmarine.co.ltd
and its affiliates, Reuters Investing Keys reports.

According to the report, the shareholders priced the stake for
for KRW48,507,097,200.

As a result, the report notes, the largest shareholders will be
changed to dkmarine.co.ltd and its affiliates from APGF3 Korea
Investments Co., Ltd. and KGRF Korea Investments Co., Ltd.

Seoul, Korea-based The LEADCORP, Inc. is engaged in the
provision of oil and consumer financial service.  The company
operates its business under three main sectors: oil, gas station
and resting place, and consumer financial service.  Its oil
business supplies gasoline, lamp oil, light oil and other
related products predominantly in Jeolla Province, Korea.  Its
gas station and resting place business operates Cheon Ahn
resting place in Chungcheong Province, Korea.  The consumer
financial service business offers loan service primarily through
the Internet with its 10 domestic branches.

On June 28, 2006, Korea Investors Service affirmed the company's
straight bonds series 13's 'BB-' rating with a stable outlook.


LEADCORP: Converts First Convertible Bonds to 141,426 Shares
------------------------------------------------------------
The Leadcorp Inc.  converted its first convertible bonds for
141,426 shares at the conversion price of KRW2,720 per share,
Reuters Investing Keys reports.

According to the report, this brings the total number of the
company's outstanding common shares to 27,555,482.

Seoul, Korea-based The LEADCORP, Inc. is engaged in the
provision of oil and consumer financial service.  The company
operates its business under three main sectors: oil, gas station
and resting place, and consumer financial service.  Its oil
business supplies gasoline, lamp oil, light oil and other
related products predominantly in Jeolla Province, Korea.  Its
gas station and resting place business operates Cheon Ahn
resting place in Chungcheong Province, Korea.  The consumer
financial service business offers loan service primarily through
the Internet with its 10 domestic branches.

On June 28, 2006, Korea Investors Service affirmed the company's
straight bonds series 13's 'BB-' rating with a stable outlook.


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

FCW HOLDINGS: Completes Restructuring Scheme
--------------------------------------------
FCW Holdings Bhd has regularized its financial condition
and no longer triggers any of the criteria under Bursa Malaysia
Securities Bhd's Amended Practice Note 17/2005 category.

In a disclosure with the Bursa Malaysia Securities Berhad, the
company further advised that:

   (a) FCW Holding's additional 139,333,350 new ordinary shares
       of MYR0.50 each issued pursuant to the Rights Issue was
       granted listing and quotation with effect from 9:00 a.m.
       on Jan. 8, 2008; and

   (b) the company's 55,733,340 Warrants issued pursuant to the
       Rights Issue was admitted to the Official List of the
       Exchange and the listing and quotation of the Warrants
       under the "Loans" sector, on a "Ready" basis pursuant to
       the Rules of the Exchange, was granted with effect from
       9:00 a.m. on Jan. 8, 2008.

FCW Holdings's shares resumed trading at 9:00 a.m. on Jan. 8,
2008, with stock number 2755WB, Stock Short Name FCW-WB and ISIN
Code MYL2755WBNB5.


Headquartered in Selangor Darul Ehsan, Malaysia, FCW Holdings
Berhad is principally involved in investment holding, providing
management services and trading of telecommunications equipment.
Its other activities include renting of communication access,
selling and hiring of telecommunications equipment and
electronic goods, providing paging services and turnkey
contracting.

This concludes the TCR-AP's coverage of FCW Holdings until
circumstances warrant renewed or further reporting.


PROTON HOLDINGS: May Get Strategic Partner in 3 to 5 Years
----------------------------------------------------------
Proton Holdings Berhad will likely get a strategic partner in
three to five years' time, Reuters reports, citing second
finance minister Nor Mohamed Yakcop.

According to Reuters, The New Straits Times newspaper quotes
Mr. Yakcop as saying that ". . .whether the strategic partner
will be an equity partner or a technical partner (for Proton)
will have to be discussed and decided upon."

As reported by the Troubled Company Reporter-Asia Pacific on
November 21, 2007, alliance talks between Proton and Volkswagen
have collapsed.

The TCR-AP also noted that General Motors Corp. has not ruled
out interest in a possible tie-up with the company.

                     About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles,
related spare parts and accessories, holds intellectual
property, provides engineering consultancy, operates single make
race series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.


SINORA INDUSTRIES: Ling Resigns as Director & Audit Team Member
---------------------------------------------------------------
Susanah Chiu Mei Ling has resigned from her post as non-
independent director of Sinora Industries Berhad effective
Jan. 3, 2008.

According to a disclosure with the Bursa Malaysia Securities
Berhad, Ms. Ling also ceased as member of the company's audit
committee.

With Ms. Ling's resignation, Sinora Industries' audit committee
now comprises independent non-executive director Datuk Hj. Majin
Hj. Ajing, independent non-executive director Mary Mariati
Robert, independent non-executive director Datuk Jaswant Singh
Kler and executive director Lim Fook Hin.

Sinora is still under the Practice Note 17 status of the Listing
Requirements of Bursa Malaysia Securities Bhd.  

Delisting procedures and suspension on the trading of Sinora's
securities will be imposed in the event that:

   * the company is unable to achieve the profit forecast for
     FYE 2007 or its unaudited financial results for FYE 2007 is
     not submitted by February 28, 2008;

   * the company fails to announce and submit its Regularization
     Plan to the Approving Authorities for approval by Feb. 28,
     2008;

   * the company fails to obtain the approval from any of the
     Approving Authorities necessary for the implementation of
     the Regularization Plan and does not appeal to the
     Approving Authorities within the timeframe prescribed to
     lodge an appeal; and

   * the company fails to implement the Regularization Plan
     within the timeframe or extended timeframe stipulated by
     the Approving Authorities.


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

AIR NEW ZEALAND: Agrees to Start Flights in Wairarapa
-----------------------------------------------------
Tanya Katterns of The Dominion Post reported that Air New
Zealand Ltd has accepted a business plan to commence flights in
Wairarapa, a region located in the south east corner of the
North Island of New Zealand.

According to Ms. Katterns, Air New Zealand already made several
visits to Wairarapa and the proposed terminal site.  The airline
has yet to decide when the scheduled services would begin but
The Post expects the first commercial airline service for
Wairarapa to start toward the end of the year.

The terminal, which will still have to be built, will be leased
by Air NZ, the report added.

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

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

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


CASTOR BAY: Liquidator Presents Wind-Up Report
----------------------------------------------
The creditors of Castor Bay Villas Ltd. met on December 11,
2007, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mike Lamacraft
          c/o Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          New Zealand
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


COLLEGE TRUST: Appoints Jordan and Vance as Liquidators
-------------------------------------------------------
Barry Phillip Jordan and David Stuart Vance were appointed
liquidators of College Trust Company Ltd. on November 29, 2007.

The Liquidators can be reached at:

          Barry Phillip Jordan
          David Stuart Vance
          c/o PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street
          Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


J .N. CONSTRUCTION: Names Levin & Ries as Liquidators
-----------------------------------------------------
Henry David Levin and Vivien Madsen-Ries were named liquidators
of J .N. Construction Ltd. on November 29, 2007.

Only creditors who were able to file their proofs of debt by
January 3, 2008, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Henry David Levin
          Vivien Madsen-Ries
          c/o PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street
          Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


NZ GARDEN: Taps Levin and Vance as Liquidators
----------------------------------------------
Henry David Levin and David Stuart Vance were appointed
liquidators of NZ Garden Supermarkets Limited on November 29,
2007.

Creditors who were able to file their proofs of debt by Jan. 3,
2008, will be included in the company's dividend distribution.

The Liquidators can be reached at:

          Henry David Levin
          David Stuart Vance
          PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street
          Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


SNS LOGGING: Taps Shephard & Dunphy as Liquidators
--------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
liquidators of SNS Logging Limited on November 29, 2007.

The Liquidators can be reached at:

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


SZENTI TRANSPORT: Appoints Shephard & Dunphy as Liquidators
-----------------------------------------------------------
On November 29, 2007, the shareholders of Szenti Transport Ltd.
appointed Iain Bruce Shephard and Christine Margaret Dunphy as
the company's liquidators.

The Liquidators can be reached at:

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


T & J TE HUNA: Court to Hear Wind-Up Petition on February 13
------------------------------------------------------------
A petition to have T & J Te Huna Contracting Ltd.'s operations
wound up will be heard before the High Court of Wanganui on
February 13, 2008, at 10:00 a.m.

Rangitikei Aggregates Limited filed the petition on Nov. 5,
2007.

Rangitikei Aggregates' solicitor is:

          S. N. Mckenzie
          92 Spey Street
          PO Box 355, Invercargill
          New Zealand
          Telephone:(03) 211 0080
          Facsimile:(03) 211 0079


THE MOUSE FACTORY: Appoints Levin & Vance as Liquidators
--------------------------------------------------------
The High Court at Auckland appointed on November 29, 2007, Henry
David Levin and David Stuart Vance as liquidators of The Mouse
Factory Ltd.

Only creditors who were able to file their proofs of debt by
January 3, 2008, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Henry David Levin
          David Stuart Vance
          PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street
          Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


UNDER CAR: Commences Liquidation Proceedings
--------------------------------------------
Under Car Solutions Ltd. commenced liquidation proceedings on
November 28, 2007.

Grant Robert Graham and Brendon James Gibson were appointed as
liquidators.

The Liquidators can be reached at:

          Grant Robert Graham
          Brendon James Gibson
          KordaMentha
          Tower Centre, Level 16
          45 Queen Street
          PO Box 982, Auckland
          New Zealand
          Telephone:(09) 307 7865
          Facsimile:(09) 377 7794


WOODCRAFT CREATIONS: Creditors' Proofs of Debt Due Today
--------------------------------------------------------
The creditors of Woodcraft Creations Ltd. are required to file
their proofs of debt today, January 9, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

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


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

CHIQUITA BRANDS: Grape Harvest Slows Down, Michael Mitchell Says
----------------------------------------------------------------
Chiquita Brands International Inc.'s Director of Corporate
Communications, Michael Mitchell, disclosed that the grape
harvest has slowed down in the Chilean regions, Fresh Plaza
reports.

Mr. Mitchell asserted that the season started off the second and
third weeks of November, adding that the quality is good.

"We expect a good supply of grapes in terms of volume and
quality as the harvest gets stronger.  The volume will be steady
and good temperature and no rains are improving the quality of
the fruits.  There has been some hail, but this caused no
significant damage to our crops," Fresh Plaza relates, citing
Michael Mitchell.

Fresh Plaza adds that the company had exported products by which
20% of all of Chiquita's volume goes to Europe.

Report shows that the Chilean grape season will last until
April 2008.

Cincinnati, Ohio-based Chiquita Brands International Inc. (NYSE:
CQB) -- http://www.chiquita.com/-- markets and distributes
fresh food products including bananas and nutritious blends of
green salads.  The company markets its products under the
Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.

Chiquita employs approximately 25,000 people operating in more
than 70 countries worldwide, including Colombia, Panama and the
Philippines.

                       *     *     *

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

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


IPVG CORP: Acquires U.S.-Based Prolexic Technologies for US$10MM
----------------------------------------------------------------
IPVG Corp. has acquired Prolexic Technologies Inc. for
US$10.5 million, and expects to close the sale on Feb. 7, 2008,
ABS-CBN News reports.

The company is ready to become the leading distributed denial of
service mitigation provider with Prolexic under its wing, IPVG
CEO Enrique Gonzalez told ABS-CBN.

Prolexic has global security operations in Europe, US and Asia
that block DDoS, which is an attack that renders a computer
resource unavailable through flooding and eating up of
bandwidth, the article says.  It has clean pipe services that
watches Internet traffic patterns and blocks potential DDoS
attacks.


IPVG Corporation -- http://www.ipvg.com/-- is engaged in the     
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing. IPVG reaches its
customers through collaboration with international corporations
that have proven to be market leaders in their respective
geographic markets and industries.  Its current partners include
Fortune 1000 companies listed on the New York Stock Exchange,
such as Pacific Century Cyberworks Inc. and IDT.  The company
can offer established product and proprietary business knowledge
to the Philippine market by pairing each of its business
subsidiaries with strategic partners.

The TCR-AP reported on May 15, 2007, that the corporation posted
a net loss of PHP102.1 million for the year ended Dec. 31, 2006,
the company's third consecutive annual net loss after
PHP43.0 million in 2005 and PHP6.2 million in 2004.


JG SUMMIT: Commences Non-Deal Roadshow
--------------------------------------
JG Summit Holdings Inc. commenced a non-deal roadshow in Manila
on Monday to test investors' sentiment regarding a possible
high-yield bond, FinanceAsia reports.  The bond is intended to
refinance JG Summit's 2008 bonds, which will mature in June, the
article adds.

The roadshow, which is being managed by Credit Suisse and
Deutsche Bank, will head to Hong Kong and Singapore today, the
report says.

A source familiar with the credit revealed to FinanceAsia that
the company is not pressured to introduce a deal to the market
because its balance sheet is solid.  The source further said
that the company balance sheets are liquid enough against part
of that leverage, which it can use to refinance the bonds.  


JG Summit Holdings Inc. -- http://www.jgsummit.com.ph/-- is
engaged in manufacturing and distributing food and agro-
industrial products and commodities; development, leasing and
management of real estate and hotels; manufacturing and
exporting textiles; provision of voice and data
telecommunication services; manufacturing of polypropylene,
polyethylene and other industrial chemicals; operation of thrift
bank and foreign exchange and securities dealing; provision of
air transport services both domestic and international and other
supplementary businesses like manufacturing of printed circuit
boards; air charter services, power generation, printing
services, Internet-related services, packaging materials,
insurance brokering and securities investment.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 12, 2006, Standard & Poor's Ratings Services assigned its
B+ corporate credit rating to JG Summit, with a stable outlook.

At the same time, Standard & Poor's assigned its B+ rating to
the US$300 million 8% unsecured notes due 2013 issued in January
2006 by JGSH Philippines Limited, a special purpose vehicle
wholly owned by JG Summit.  The notes are irrevocably and
unconditionally guaranteed by JG Summit.


MANILA ELECTRIC: No Distribution Rate Hike Next Month, VP Says
--------------------------------------------------------------
There will be no increase in distribution rates next month, the
Manila Electric Co. told the Philippine Star.

PhilStar notes MERALCO's vice president for corporate
communications, Elpi Cuna Jr., as saying that the company is yet
to come up with a way to implement its rate adjustments under
the performance-based rate scheme which was approved by the
Energy Regulatory Commission.  Mr. Cuna said that the
application, which will be filed this week, will be published
and subject to public consultation, as well as the ERC approval.

The rates would have been effective next month if there were no
clarifications and motions for reconsideration regarding the
ERC's approval of the company's PBR application last August
2007, Mr. Cuna added.

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

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


RIZAL COMMERCIAL: Lists 378 Additional Shares in Local Bourse
-------------------------------------------------------------
The Rizal Commercial Banking Corp. has listed an additional 378
common shares in the Philippine Stock Exchange.  The shares are
set to be listed today.

The shares reflect the conversion of a total of 1052 convertible
preferred shares to the said number of common shares.  The
shares were converted at a ratio of 1 common share for every
2.7736 preferred shares.

The company has now listed a total fo 46,300,765 common shares
arising from the conversion of preferred shares.


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

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

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

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


SAN MIGUEL: Expects Continued Growth in South China Operations
--------------------------------------------------------------
San Miguel Corp. is expecting its Hong Kong unit's South China
brewery to show sustained growth in terms of volume, the Manila
Bulletin reports.

San Miguel volumes climbed 5% year-to-date in South China, the
report notes.  SMC added that costs will be streamlined, and
that long-term profitability will improve as a result of its
rationalization of its Hong Kong operations and its former
Guangzhou brewery.

According to the Bulletin, SMC has decided to restructure
operations after seeing lower operation and production costs in
SMBHK's South China brewery, San Miguel Guangdong Brewery.

SMC also said that it will continue implementing outlet-based
programs together with its brand awareness campaign, the article
relates.  


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

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

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


UNIVERSAL ROBINA: Buys Back 500,000 Shares
------------------------------------------
Universal Robina Corp. has purchased 500,000 shares on Monday,
January 7, under its share buyback program.

The company bought the shares at a price of PHP13.75 each.


Headquartered in Manila, Universal Robina Corporation --
http://www.urc.com.ph/-- the Philippines and listed on the    
Philippines Stock Exchange, is one of the largest branded
consumer food companies in the country.  It also has production
facilities in Thailand, Malaysia, China, Indonesia and Vietnam
and sales/marketing offices in HK and Singapore.  URC is also
engaged in Agro-industrial products, sugar milling, flour
milling and the packaging industry in the Philippines.

The Troubled Company Reporter - Asia Pacific reported on
November 13, 2006 that Moody's Investors Service upgraded its
local currency corporate family rating for Universal Robina
Corporation to Ba2 from Ba3.  At the same time, Moody's affirmed
the Ba3 foreign currency rating for the senior unsecured bonds
issued by URC Philippines Ltd and guaranteed by URC.  The Ba3
bond rating is in line with the foreign currency country ceiling
for the Philippines.  The ratings outlook is stable.

The company's long-term issuer credit carries S&P's BB rating.

The company now has 2.191 million outstanding shares and 30.602
million treasury shares after the transaction.


WELLEX INDUSTRIES: Special Stockholders Meeting Set for March 14
----------------------------------------------------------------
A special meeting for stockholders of Wellex Industries Inc.
will be hold on March 14, 2008, at 10:00 a.m. at the Top of the
Citi, 34th floor, Citibank Tower in 8741 Paseo de Roxas St.,
Makati City.

The meeting will tackle the Board of Directors' approval of the
company's amended articles of incorporation to reflect its
change of business from being a holding company to a company
engaged in mining and oil exploration.

                    About Wellex Industries

Makati City-based Wellex Industries, Inc., was originally
incorporated as Republic Resources and Development Corporation,
whose primary purpose was to engage in the business of mining
and oil exploration.  But due to financial distress, the firm's
business operations have been suspended.  The company's present
activity is focused on reorganizing its operations in
preparation for its new business.

In 1996, WIN's new management has developed a business plan for
the rehabilitation of the company, principally by changing its
primary business from mining and oil exploration to real estate
and energy development.  Mining, however, will continue to be
one of the company's secondary purposes.  In 1997, it
subsequently transformed to a holding company for manufacturing
concerns with the entry of the Wellex Group.  The company has
since then been able to initiate projects which have been true
to its vision.  In November 1999, WIN formalized the entry of
Plastic City Industrial Corporation (PCIC) into the group.  PCIC
is the Philippines' first fully integrated manufacturer of
plastic products used in a number of industries.

                    Going Concern Doubt

After auditing the company's financials for the year ended
December 31, 2006, Joycelyn J. Villaflores at Diaz Murillo
Dalupan and Co. raised significant doubt on the company's
ability to continue as a going concern.

The auditor cited these factors:

   * The company's deficit of PHP1.856 billion for 2006 and
     PHP1.369 bilion for 2005

   * The company's successive losses of PHP118.82 million for
     2006 and PHP61.52 million net loss for 2005.


WELLEX INDUSTRIES: Board Appoints New Directors and Officers
------------------------------------------------------------
The Board of Directors of Wellex Industries Inc. has appointed
new directors and officers to replace the immediate resignations
of five directors/officers of the company.

According to a disclosure with the Philippine Stock Exchange,
these officers/directors have tendered their resignations from
the company:

   * Atty. Lamberto Mercado Jr., director
   * Atty. Arthur R. Ponsaran, director
   * Roberto Borja, director
   * Rogelio Garcia, Chairman of the board
   * Elvira A. Ting, President

These new directors and officers were elected as replacements:

   * Eduardo Manalac as Director and Board Chairman
   * Joel Muyco as Director
   * Miguel Valera as Director
   * Rogelio Garcia as Vice Chairman of the Board
   * Weslie T. Gatchalian as President
   * Elvira A. Ting as Vice-president

                    About Wellex Industries

Makati City-based Wellex Industries, Inc., was originally
incorporated as Republic Resources and Development Corporation,
whose primary purpose was to engage in the business of mining
and oil exploration.  But due to financial distress, the firm's
business operations have been suspended.  The company's present
activity is focused on reorganizing its operations in
preparation for its new business.

In 1996, WIN's new management has developed a business plan for
the rehabilitation of the company, principally by changing its
primary business from mining and oil exploration to real estate
and energy development.  Mining, however, will continue to be
one of the company's secondary purposes.  In 1997, it
subse.quently transformed to a holding company for manufacturing
concerns with the entry of the Wellex Group.  The company has
since then been able to initiate projects which have been true
to its vision.  In November 1999, WIN formalized the entry of
Plastic City Industrial Corporation (PCIC) into the group.  PCIC
is the Philippines' first fully integrated manufacturer of
plastic products used in a number of industries.

                    Going Concern Doubt

After auditing the company's financials for the year ended
December 31, 2006, Joycelyn J. Villaflores at Diaz Murillo
Dalupan and Co. raised significant doubt on the company's
ability to continue as a going concern.

The auditor cited these factors:

   * The company's deficit of PHP1.856 billion for 2006 and
     PHP1.369 bilion for 2005

   * The company's successive losses of PHP118.82 million for
     2006 and PHP61.52 million net loss for 2005.


WENDY'S INT'L: US Same-Store Sales Down 0.8% in 4th Quarter 2007
----------------------------------------------------------------
Wendy's International, Inc., has announced preliminary average
same-store sales for the fourth quarter of 2007, which ended
Dec. 30, 2007.

Average same-store sales at United States company restaurants
decreased 0.8% for the quarter, compared to a 3.1% increase
during the same quarter a year ago.  The 2007 full-year average
same-store sales at U.S. company restaurants increased 0.9%.

Average same-store sales at U.S. franchise restaurants increased
0.2% for the quarter, compared to a 2.7% increase during the
same quarter a year ago.  The 2007 full-year average same-store
sales at U.S. franchise restaurants increased 1.4%.

"Although we made progress during the fourth quarter, I am not
satisfied by our same-store sales results," said Chief Executive
Officer and President Kerrii Anderson.  "We are addressing this
challenge in 2008 by concentrating more resources to grow the
top line with new products, customer service initiatives and
advertising that will more effectively highlight Wendy's(R)
superior quality."

During the fourth quarter, Wendy's promoted its Jalapeno Cheddar
Double Melt premium hamburger with toppings melted in the middle
of two fresh, never frozen beef patties.  In addition, the
company highlighted its Combo Choices, which allows customers to
mix-and-match their favorite sandwich, drink and choice of a
side item -- French fries, baked potato, side salad, Caesar side
salad, chili, or Mandarin oranges.

"Our enhanced strategic plan -- 'Doing What's Right for Our
Customers' -- leverages our strong history of quality and
innovation and is focused on core menu development in
hamburgers, chicken sandwiches and salads, as well as our total
value strategy," said Ms. Anderson.  "It also emphasizes
opportunities to grow our beverage, snack, late night and
breakfast business.

"Our plan is focused on attracting new and important customer
segments while we generate growth with a back-to-basics emphasis
on how we are different, special and better," added Ms.
Anderson.

    Wendy's Kicks off 2008 with New 99-Cents Stack Attack

The company recently introduced its new Stack Attack(TM) double
cheeseburger featuring two fresh, never frozen beef patties with
cheese in the center, topped with mayonnaise and ketchup -- at
an appealing price to customers of 99 cents.

"The new 99-cents Stack Attack is just one component of our
strategic approach that will broaden the way people think about
value from Wendy's," said Senior Vice President of Marketing
Strategy and Innovation, Paul Kershisnik.  "With the launch of
the Stack Attack, we're giving our customers more value and more
choices at a time when gasoline prices remain high and they may
be experiencing continued financial pressures."

In early 2008, the company will also continue to promote its
premium large hamburgers made with fresh, never frozen beef.  In
addition, it will emphasize its new breakfast menu in certain
markets that have a heavy concentration of company-owned
restaurants that offer the new breakfast menu.

                  About Wendy's International

Headquartered in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- and its subsidiaries      
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, and the Philippines, among others.

                          *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Moody's Investors Service lowered all ratings of Wendy's
International, Inc. and placed all ratings on review for further
possible downgrade.  Affected ratings include the company's
Ba2 corporate family rating which was lowered to Ba3 and
its (P)B1 preferred stock shelf rating which was lowered to
(P)B2.

Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'.  All ratings remain on
CreditWatch with negative implications, where they were placed
on April 26, 2007.


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

EHS HEALTH: Creditors' Proofs of Debt Due on February 4
-------------------------------------------------------
EHS Health Screeners Pte. Ltd. requires its creditors to file
their proofs of debt by February 4, 2008, for them to be
included in the company's dividend distribution.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


GMMC MARITIME: Creditors' Proofs of Debt Due on February 4
----------------------------------------------------------
GMMC Maritime Medical Centre Pte. Ltd. requires its creditors to
file their proofs of debt by February 4, 2008, for them to be
included in the company's dividend distribution.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


ONE GROUP: Court to Hear Wind-Up Petition on January 18
-------------------------------------------------------
A petition to have One Group Asia Holdings Pte. Ltd.'s
operations wound up will be heard before the High Court of
Singapore on January 18, 2008, at 10:00 a.m.

Tequila Asia-Pacific (Singapore) Pte Ltd filed the petition on
December 21, 2007.

Tequila Asia-Pacific's solicitors are:

          Central Chambers Law Corporation
          150 Cecil Street #16-00
          Singapore 069543


SCHERING ASIA-PACIFIC: Creditors' Proofs of Debt Due on Feb. 5
--------------------------------------------------------------
Schering Asia-Pacific Private Limited, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by February 5, 2008, for them to be included in the company's
dividend distribution.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o BDO Raffles
          5 Shenton Way
          #07-01 UIC Building
          Singapore 068808


STATS CHIPPAC: Buys Back US$12.4-Million Convertible Notes
---------------------------------------------------------------
STATS ChipPAC Ltd. repurchased the US$12.4 million principal
amount of its outstanding US$18.6 million zero coupon
convertible notes due 2008 at a consideration price of
US$14.7 million.  

The company financed the repurchase with cash on hand.  

STATS ChipPACwill deliver the repurchased convertible notes to
the trustee under the indenture governing the convertible notes
for cancellation, whereupon US$6.2 million principal amount,
representing approximately 5.3% of the original US$115.0 million
principal amount, of the convertible notes will remain
outstanding.

                    About STATS ChipPAC

STATS ChipPAC Ltd is a back-end semiconductor assembly and test
company.  It provides full-turnkey solutions to semiconductor
businesses, including foundries, integrated device manufacturers
and fabless companies in the U.S., Europe and Asia.  It ranked
fourth in the global outsourcing semiconductor assembly and test
industry as of end-2006.  In fiscal year 2006, packaging revenue
accounted for 74% of sales, and test and other revenues the
balance.  The communications segment accounted for 57% of sales.
The company's offices outside the United States are located in
Singapore, South Korea, China, Malaysia, Taiwan, Japan, the
Netherlands, and United Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
July 30, 2007, Standard & Poor's Ratings Services raised its
corporate credit rating on STATS ChipPAC Ltd. to 'BB+' from
'BB'.  The outlook is stable.  The issue rating on the senior
unsecured debt has also been raised to 'BB+' from 'BB'.  The
ratings have been removed from CreditWatch, where they were
placed with positive implications on March 2, 2007.


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

ARVINMERITOR INC: S&P Holds BB Rating on US$700M Credit Facility
----------------------------------------------------------------
Standard & Poor's Ratings Services said that although
ArvinMeritor Inc. amended its credit agreement on Dec. 10, 2007,
the issue-level rating on its US$700 million revolving credit
facility due 2011 remains unchanged at 'BB' (two notches higher
than the corporate credit rating), and the recovery rating on
this debt remains '1', indicating an expectation of very high
(90%-100%) recovery in the event of a payment default.

The amendments reduced the facility to $700 million from
$900 million, incorporated a new financial covenant package, and
modified the pricing schedule.

The corporate credit rating on ArvinMeritor is 'B+', and the
outlook is negative.

"The rating reflects the company's weak profitability, which has
recently kept cash flow negative, along with the cyclical and
competitive pricing pressures of the capital-intensive
automotive and heavy-vehicle component supply industry," said
Standard & Poor's credit analyst Lawrence Orlowski.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 29,000 people at more
than 120 manufacturing facilities in 25 countries.  These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.


G STEEL: ESOP Holders Cancel 14,012,300 Warrant Units
-----------------------------------------------------
G Steel PCL has reported to the Stock Exchange of Thailand on
the results of its exercise of warrants under its employee stock
option plan on December 28, 2007.

According to a disclosure with the SET, 14,012,300 units were
canceled by their holders, leaving the company with 85,959,900
ESOP warrant units.  No warrants were exercised during the
exercise period.  

Headquartered in Bangkok, G Steel Public Company Ltd --
http://www.g-steel.com/-- produces hot rolled coils (HRC) in     
different grades and gauges.  G Steel is a stand-alone operating
entity with no related group companies.

On November 1, 2007, Standard & Poor's Ratings Services lowered
its long-term corporate credit rating on G Steel Public Co. Ltd.
to 'B-' from 'B+', and removed it from CreditWatch, where it was
placed with negative implications on Oct. 4, 2007. The outlook
is negative.

Standard & Poor's also lowered the long-term issue credit rating
on G Steel's US$170 million senior unsecured notes to 'B-' from
'B+' and removed it from CreditWatch, where it was placed on
Oct. 4, 2007, with negative implications.

On November 1, 2007, Moody's Investors Service lowered the
corporate family rating and senior unsecured bond rating of G
Steel Public Company Limited to B3 from B2.  The outlook for
both ratings is negative.

The company is currently listed under the "Non-Performing Group"
sector of the Stock Exchange of Thailand.


* Stable Outlook for Asian Palm Oil Producers, Fitch Says
---------------------------------------------------------
Fitch Ratings expects Asian palm oil producers to continue
generating strong positive operating cash flows backed by
buoyant crude palm oil prices in 2008.  However, the agency
views the outlook for the palm oil producers to be stable in
2008 as most companies within the sector would continue to
sustain investments in palm oil plantations and downstream
assets, and make high shareholder distributions.

Since mid-2006, CPO prices have escalated substantially to reach
around USD880/metric tonne (Malaysia Free on Board (FoB)) by the
end of 2007, mostly driven by the demand for CPO as a feedstock
in the production of bio-diesel; although only around 5% of the
total world production of CPO is used for this purpose.  A
strong correlation now exists between the CPO prices and the
world mineral crude oil prices.  At the same time however, the
high mineral crude oil prices and the relative price of CPO
against other vegetable oils still make it an attractive
feedstock in the production of bio-diesel.

"The demand for CPO will continue to grow as support continues
for 'green energy' in many countries and the demand for edible
oil expands in markets such as China and India," says Buddhika
Piyasena, director with Fitch's corporate ratings team in
Singapore.  Although, CPO production in the major producing
countries, Indonesia and Malaysia, is expected to increase in
2008, such incremental capacity will be easily absorbed to fill
the anticipated gaps in the edible oils sector created by
production shortfalls expected in other oil seeds such as
soybeans, canola and sunflower.

Fitch believes that suitable land shortages in Malaysia will
continue to drive Malaysian palm oil companies into Indonesia.
"Furthermore, supported by the strong operating cash flows,
operators may continue to consider acquisitive growth strategies
and mergers seeking growth, scale and vertical integration
benefits despite the high asset prices that have adjusted to
reflect the currently high CPO prices," adds Mr Piyasena.  "Cost
management will also receive a lot of attention given the
escalating operational costs such as fertilizers and labor."

Mr Piyasena also said that "environmental issues will likely
receive greater attention in 2008".  There has been much debate
on the use of palm oil in the production of bio-diesel and the
adverse environmental impact of clearing land for oil palm
cultivation.  The challenge of tracing palm oil beyond the
millers has made it difficult to introduce a credible
certification of the 'environmental friendliness' of CPO, which
will be a considerable challenge for the industry.  Any barriers
for CPO in the bio-diesel industry owing to this can potentially
affect CPO prices to some extent, although demand for the
commodity is supported in the edible oils space.

The full outlook report, 'Asian Palm Oil Producers - Outlook
2008', will be available shortly on the Fitch Ratings' website
at http://www.fitchratings.com


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
January 10, 2008
  Turnaround Management Association
    Distressed Debt Panel
      University Club, Jacksonville, Florida

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

April 2-4, 2008
  Moody's Investors Service
    Fundamentals of Debt Capital Markets and Instruments
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

April 3, 2008
  International Women's Insolvency & Restructuring Confederation
    Annual Spring Luncheon
      Renaissance Hotel, Washington, District of Columbia
        Telephone: 703-449-1316
          Web site: http://www.iwirc.org

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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






                         *********

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

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

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


                            *********


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

Copyright 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 ***