TCRAP_Public/080110.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

           Thursday, January 10, 2008, Vol. 11, No. 7

                            Headlines

A U S T R A L I A

A A A FINANCE: Commences Liquidation Proceedings
BOMBARDIER TRANSPORTATION: Commences Wind-Up Proceedings
COMMUNICON TELEVISION: Placed Under Voluntary Liquidation
INDOPHIL RESOURCES: Tampakan Project Raided by Communist Rebels
JESTON PTY: Members & Creditors Receive Wind-Up Report

LOUIS PHOENIX: To Declare First Dividend on January 18
MUERMANN PHOENIX: To Declare First Dividend on January 18
NOT JUST STATIONERY: Liquidator Presents Wind-Up Report
REPLY 2 AUSTRALIA: Members & Creditors Receive Wind-Up Report
SPLASH GROUP: Declares First and Final Dividend

TEMPERAIR SERVICES: Liquidator Presents Wind-Up Report
VANALPO PTY: Final Meeting Set for Today


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

ABLE REACH: Commences Liquidation Proceedings
ARIMA COMPUTER: December 2007 Sales Up by 29.39%
ASAT HOLDINGS: Has Until July 1 to Comply With Nasdaq Rules
BOSAN DEVELOPMENT: Proofs of Debt Due on February 28
BRIGHT TOWN INVESTMENT: Appoints New Liquidator

BUILD SKY DEVELOPMENT: Appoints New Liquidator
CHINA EASTERN: Shareholders Reject Singapore Air Tie-Up Plan
CHINA EASTERN: Needs Quick Outcome, Fitch Says
COUNTRY TRADE: Proofs of Debt Due on February 5
DANA CORP: Posts US$29,000,000 Net Loss in Month Ended Nov. 30

DANA HOLDING: Moody's Assigns (P)B1 Corporate Family Rating
FILMKO PICTURES: Names Chan K.H. as Liquidator
FULLYWELL HOLDINGS: Liquidators Quit Post
HKS MACAU: Commences Liquidation Proceedings
HOI YUEN INVESTMENT: Proofs of Debt Due on January 31

OCEAN COURT: Proofs of Debt Due on February 1
PERMTEK LIMITED: Commences Liquidation Proceedings
PIZZAVEST SHENZHEN: Proofs of Debt Due on February 4
PO FAT: Proofs of Debt Due on February 4
QISDA CORP: December 2007 Sales Drop 9.41%

RITEK CORP: Signs Licensing Agreement with Qflix Technology
SEARCH ASIAN: Commences Liquidation Proceedings
SEFAIR BROKERS: Members Meeting Fixed for Jan. 31
SELL POINT: Proofs of Debt Due on January 21
SILICONWARE PRECISION: December 2007 Sales Rise 16.91%

STAR CRUISES: Moody's Confirms B1 Corporate Family Rating
SUNNY TOP: Members and Creditors Meeting Fixed for Jan. 28
TAIWAN BUSINESS: December Revenues Rise 80.4%
TRUE KIN DEVELOPMENT: Proofs of Debt Due on February 4
UNICORN MARK: Liquidator Quits Post

WORKPLACE CO. LTD: Members & Creditors Meeting Fixed for Feb. 5
YIEH HSING: 2007 Sales Total TWD10.59 Billion


I N D I A

AXIS BANK: Net Profit Soars 66% in Qtr. Ended Dec. 31
BAGALKOT UDYOG: Sets Feb. 5 as Record Date for Capital Reduction
EASTMAN KODAK: Signs Tech License Pacts with Matsushita Electric
EMCO LTD: Board to Consider Stock Split on Jan. 17
GENERAL MOTORS: Offers Incentive Financing on Selected Vehicles

ICICI BANK: Board to Consider Q3 Results on Jan. 19
ROLLATAINERS LTD: Re-Appoints Manoj Mohan as Auditors
ROLLATAINERS LTD: Converts Debentures into Shares
SAURASHTRA CEMENT: Gujarat High Court Approves CDR Scheme
SHYAM TELECOM: Re-appoints Mehra Goel as Auditors


I N D O N E S I A

ALCATEL-LUCENT: Remi Thomas Joins as VP of Investor Relations
AVNET INC: Selects Four New Corporate Vice Presidents
BANK CENTRAL ASIA: Aims to Disburse IDR5-Tril. Loans in 2008
BANK INTERNASIONAL: Opens New Branch in Pekanbaru


J A P A N

TYSON FOODS: Ties Up with Kemin to Produce Pet Food Ingredient


K O R E A

HYNIX SEMICON: Partner MunEDA to Integrate Tool Family Wicked
HYNIX SEMICON: Change in Personnel Attracts Attention
MIJI STEEL: Changes 21st Convertible Bonds into Shares
NDCORP CO: Adjusts Exercise Price of Seventh Bonds with Warrants


M A L A Y S I A

ELECTRONIC DATA: Bags Bristol-Myers' US$715-Mln IT Services Deal
ELECTRONIC DATA: Bags US$209.9-Mil. Contract from Indiana State
OCI BERHAD: Sets Annual General Meeting on January 30
PAN MALAYSIAN: Completes Capital Reconstruction Exercise


N E W  Z E A L A N D

AUTOWAYS LTD: Creditors' Proofs of Debt Due Today
BAD IDEA: Fixes Feb. 29 as Last Day to File Claims
GLAMIS HOSPITAL: Shareholders Agree on Voluntary Liquidation
HAURAKI NORFOLK: Taps Toon & Finnigan as Liquidators
LICKERISH HOLDINGS: Undergoes Liquidation Proceedings

RENDELL PROPERTIES: Commences Liquidation Proceedings
SPECIAL MANAGED: Appoints Toon & Finnigan as Liquidators
T & J TE HUNA: Court to Hear Wind-Up Petition on February 13
T5 CONSTRUCTION: Creditors' Proofs of Debt Due on January 14
WENDSLEYDALE HOLDINGS: Appoints Bastion as Liquidator


P H I L I P P I N E S

LAFAYETTE MINING: Reveals Pending Copper Shipment to China
MIRANT CORP: Court Enters Final Decree Closing 21 Chap. 11 Cases
PHIL. LONG DISTANCE: Lists 9,000 New Common Shares with PSE
PHIL. NATIONAL BANK: S&P Keeps B and B1 Credit Ratings


S I N G A P O R E

AVAGO TECH: Completes Redemption of Sr. Floating Notes Due 2013
CIRCLE INFOCOM: Pays First and Final Dividend
FREESCALE SEMI: Will Develop Power Management Chip for Intel
ISV INVESTMENT: Pays First and Final Dividend
LAURA ASHLEY: Placed Under Voluntary Liquidation

LAZARD LTD: Appoints John Rutherford as Managing Director
SEMITECH ELECTRONICS: Unveils Shareholders' Change of Interest
SHENTON MEDICAL: Requires Creditors to File Claims by Feb. 4
WIN BO: Court to Hear Wind-Up Petition on January 18


T H A I L A N D

BANGKOK RUBBER: Faces Possible Delisting of Shares by SET
SAFARI WORLD: Rents Land from Bird Circus to Plant Animal Foods
THAI WAH: 1st Half 2007 Profit Falls 28.94% to THB384.3 Million
THAI WAH: 2007 3rd Quarter Profit Falls 91% to THB11.805 Million

     - - - - - - - -

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

A A A FINANCE: Commences Liquidation Proceedings
------------------------------------------------
The creditors of A A A Finance Services Pty Limited met on
August 28, 2007, and resolved to voluntarily wind up the
company's operations.

Martin John Green was then appointed as liquidator.

The Liquidator can be reached at:

          Martin John Green
          c/o GHK Green Krejci Pty Ltd
          Chartered Accountants
          Level 13, 1 Castlereagh Street
          Sydney, New South Wales 2000
          Australia

                        About A A A Finance

A A A Finance Services Pty Limited provides services for
insurance agents and brokers.  The company is located at  
Drummoyne, in New South Wales, Australia.


BOMBARDIER TRANSPORTATION: Commences Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on November 13, 2007,  
the members of Bombardier Transportation (Signal) Australia Pty
Ltd resolved to voluntarily wind up the company's operations.

John Georgakis and Kathryn Warwick were then appointed as
liquidators.

The Liquidators can be reached at:

          John Georgakis
          Kathryn Warwick
          Ernst & Young
          Level 26, 8 Exhibition Street
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9288 8000

                   About Bombardier Transportation

Bombardier Transportation (Signal) Australia Pty Ltd provides  
communications equipments.  The company is located at Milton, in
Queensland, Australia.


COMMUNICON TELEVISION: Placed Under Voluntary Liquidation
---------------------------------------------------------
During a general meeting held on November 19, 2007, the members
of Communicon Television Pty Limited agreed to voluntarily
liquidate the company's business.

David Gregory Young was then appointed as liquidator.

The Liquidator can be reached at:

          David G. Young
          Pitcher Partners
          Level 3, 60 Castlereagh Street
          Sydney, New South Wales 2000
          Australia

                    About Communicon Television

Communicon Television Pty Limited is involved with motion
picture and video production.  The company is located at Crows
Nest, in New South Wales, Australia.


INDOPHIL RESOURCES: Tampakan Project Raided by Communist Rebels
---------------------------------------------------------------
Indophil Resources NL and partner Xstrata's joint Tampakan
project in the Philippines is facing further raids after
communist rebels warned of a campaign to stop the mine going
ahead, Andrew Trounson writes for The Australian.

Mr. Trounson says that in the early hours of New Year's Day,
40 communist rebels of the New People's Army raided the
Tampakan base camp on the island of Mindanao, burning two
buildings and firing off automatic weapons, although causing no
harm to workers.

According to the report, the attack, which was deliberately
timed to coincide with only the skeleton staff present, was "an
important milestone in the effort to put a stop to the firm's
destructive and plunderous mining operations," claims the
Communist Party of the Philippines.

The Australian relates that the rebels are supporting "local
folk" who are opposed to the proposed US$52 billion Tampakan
open-cut mine development, claiming that it threatens ancestral
lands, the environment and the water supply.

However, Xstrata rejects suggestions that there is significant
opposition to the development and has a strong government and
community support, says The Austraian.  Xstrata adds that it
will remain committed to the project.

Meanwhile, non-executive director John O'Reilly decided to step
down from his position effective December 31, 2007, states the
company in a filing with the Australian Securities Exchange.

No reason was stated for Mr. Reilly's resignation.

Also, Anita Krauser and Amber Rivamonte have joined Indophil as
Chief Financial Officer and Company Secretary respectively.

                 About Indophil Resources

Headquartered in Melbourne, Australia, Indophil Resources NL
-- http://www.indophil.com/-- conducts mineral exploration and  
evaluation activities in the Philippines.  On April 12, 2005,
Indophil and Xstrata Queensland Limited (Xstrata Copper) signed
a binding letter of agreement to amend the option granted to
Xstrata Copper to acquire a 62.5% interest in the Tampakan
Copper-Gold Project.  According to the revised agreement,
Indophil is required to sole fund an agreed pre-feasibility
study work program.

The Troubled Company Reporter-Asia Pacific's "Large Companies
with Insolvent Balance Sheets" column on April 20, 2007, listed
Indophil Resources with US$37.79 in assets and US$69.96 million
in capital deficiency.


JESTON PTY: Members & Creditors Receive Wind-Up Report
------------------------------------------------------
The members and creditors of Jeston Pty Ltd met on January 9,
2007, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Dean R. Mcveigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham, Victoria 3191
          Australia

                          About Jeston Pty

Jeston Pty Ltd provides business services.  The company is
located at Wantirna South, in Victoria, Australia.


LOUIS PHOENIX: To Declare First Dividend on January 18
------------------------------------------------------
Louis Phoenix Pty Ltd, which is in liquidation, will declare its
first dividend on January 18, 2008.

Only creditors who are able to file their claims by Dec. 17,
2007, will be included in the company's dividend distribution.

The company's liquidator is:

          Dean R. Mcveigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham, Victoria 3191
          Australia


MUERMANN PHOENIX: To Declare First Dividend on January 18
---------------------------------------------------------
Muermann Phoenix Australia Pty Ltd, which is in liquidation,
will declare first dividend on January 18, 2007.

Only creditors who are able to file their claims by Dec. 17,
2007, will be included in the company's dividend distribution.

The company's liquidator is:

          Dean R. Mcveigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham, Victoria 3191
          Australia

                       About Muermann Phoenix

Muermann Phoenix Australia Pty Ltd is a distributor of men's and
boys' clothing and furnishings.  The company is located at  
Melbourne, in Victoria, Australia.


NOT JUST STATIONERY: Liquidator Presents Wind-Up Report
-------------------------------------------------------
The members and creditors of Not Just Stationery Pty Ltd met on
January 9, 2007, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Dean R. Mcveigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham, Victoria 3191
          Australia

                     About Not Just Stationery

Not Just Stationery Pty Ltd operates stationery stores.  The
company is located at Mulgrave, in Victoria, Australia.


REPLY 2 AUSTRALIA: Members & Creditors Receive Wind-Up Report
-------------------------------------------------------------
The members and creditors of Reply 2 Australia Pty Limited met
on January 9, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          John Lord
          PKF Chartered Accountants
          Level 10, 1 Margaret Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9251 4100
          Facsimile:(02) 9240 9821
          Web site: http://www.pkf.com.au

                      About Reply2 Australia

Reply2 Australia Pty Limited is a distributor of durable goods.  
The company is located at East Sydney, in Victoria, Australia.


SPLASH GROUP: Declares First and Final Dividend
-----------------------------------------------
Splash Group Pty Limited, which is in liquidation, declared its
first and final dividend on December 19, 2007.

Only creditors who were able to file their proofs of debt by
December 17, 2007, were included in the company's dividend
distribution.

The company's liquidator is:

          Jamieson Louttit
          c/o Jamieson Louttit & Associates
          Suite 73, Level 15
          88 Pitt Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9231 0505
          Facsimile:(02) 9231 0303

                         About Splash Group

Splash Group Pty Limited operates advertising agencies.  The
company is located at Darwin, in NT, Australia.


TEMPERAIR SERVICES: Liquidator Presents Wind-Up Report
------------------------------------------------------
The members and creditors of Temperair Services Pty Limited met
on January 7, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          Level 4, 55 Hunter Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334

                     About Temperair Services

Temperair Services Pty Limited operates automotive repair shops.  
The company is located at Erskineville, in New South Wales,
Australia.


VANALPO PTY: Final Meeting Set for Today
----------------------------------------
The members and creditors of Vanalpo Pty Limited will have their
final meeting today, January 10, 2008, at 10:15 a.m., pursuant
to Section 509 of the Corporations Act 2001.

The company's liquidator is:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          Level 4, 55 Hunter Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail:admin@jirschsutherland.com.au

                         About Vanalpo Pty

Vanalpo Pty Limited operates non-classifiable establishments.  
The company is located at Dubbo, in New South Wales, Australia.


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

ABLE REACH: Commences Liquidation Proceedings
---------------------------------------------
Able Reach Limited commenced liquidation proceedings on
December 27, 2007.

The company's liquidator is:

          Sung Mi Yin
          Suite No A
          11th Floor, Ritz Plaza
          122 Austin Road, Tsimshatsui
          Kowloon, Hong Kong


ARIMA COMPUTER: December 2007 Sales Up by 29.39%
------------------------------------------------
Arima Computer Corp.'s sales in December 2007 rose 29.39% to
TWD1.37 billion from TWD1.06 billion a year earlier, according
to data obtained from Bloomberg News.

The company's year-to-date sales totaled TWD17.94 billion, a
23.05% increase from TWD14.58 billion in sales posted a year
earlier.

Taiwan-based Arima Computer Corp. --
http://www.arima.com.tw/index.asp-- is engaged in the design,  
manufacture and distribution of notebook computers and
peripherals, as well as related components.  The company has
design centers in Arima in Taiwan, United Kingdom, Switzerland,
Russia, the United States, Japan and China, and it distributes
its products in the domestic market and to overseas markets,
including the rest of Asia, the Americas and Europe.

The company has incurred annual net losses of TWD902.0 million,
TWD1.9 billion, TWD1.8 billion, and TWD2.0 billion for the years
ended Dec. 31, 2003 through 2006.


ASAT HOLDINGS: Has Until July 1 to Comply With Nasdaq Rules
-----------------------------------------------------------
ASAT Holdings Limited received a letter from the Nasdaq Staff
stating that for the prior 30 consecutive business days, the bid
price of the company's American Depositary Shares had closed
below the minimum US$1 per ADS requirement for continued
inclusion on the Nasdaq Capital Market as set forth in Nasdaq
Marketplace Rule 4320(e)(2)(E)(ii).

Therefore, in accordance with the Rule, the company was provided
with 180 calendar days, until July 1, 2008, to regain compliance
with the Rule.  If at any time before July 1, 2008, the bid
price of the company's ADSs closes at US$1 per ADS or more for a
minimum of 10 consecutive business days, the Nasdaq Staff will
provide written notification that the company complies with the
Rule.

If compliance with the Rule cannot be demonstrated by July 1,
2008, the Nasdaq Staff will determine whether the company meets
the initial listing criteria for the Nasdaq Capital Market,
other than the bid price requirement.

If the company meets the initial listing criteria, the Nasdaq
Staff will notify the company that it has been granted an
additional 180 calendar day period to regain compliance with the
Rule.  If the company is not eligible for an additional
compliance period, the Nasdaq Staff will provide written
notification that the company's ADSs will be delisted, and,
at that time, the company may appeal the Nasdaq Staff's
determination to delist to a Listing Qualifications Panel.

In addition, on Jan. 3, 2008, the company received a letter from
the Nasdaq Staff stating that the value of its listed securities
has been below US$35,000,000 as required for inclusion by
Marketplace Rule 4320(e)(2)(B).  Therefore, in accordance with
Marketplace Rule 4320(e)(2)(D), the company will be provided 30
calendar days, or until Feb. 4, 2008, to regain
compliance.

If, at any time before Feb. 4, 2008, the market value of
listed securities of the company's ADSs is US$35,000,000 or more
for a minimum of 10 consecutive business days, the Nasdaq Staff
will determine if the company regains compliance.

If compliance cannot be demonstrated by Feb. 4, 2008, the Nasdaq
Staff will provide written notification that the company's
securities will be delisted.  At that time, the company may
appeal the Nasdaq Staff's determination to delist to a Listing
Qualification Panel.

The company was also notified by Nasdaq on Jan. 3, 2008 that it
does not comply with the minimum stockholders' equity of
US$2,500,000 or net income from continuing operations of
US$500,000 in the completed fiscal year or in two of the last
three completed fiscal years, which are requirements for
continued listing on the Nasdaq Capital Market.

                  About ASAT Holdings Limited

Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of        
semiconductor package design, assembly and test services.  With
18 years of experience, the company offers a definitive
selection of semiconductor packages and world-class
manufacturing lines.  ASAT's advanced package portfolio includes
standard and high thermal performance ball grid arrays, leadless
plastic chip carriers, thin array plastic packages, system-in-
package and flip chip.  ASAT was the first company to develop
moisture sensitive level one capability on standard leaded
products.  The company has operations in the United States, Hong
Kong, China and Germany.

                          *     *     *

Standard & Poor's placed ASAT Holdings Limited's long term
foreign and local issuer credit ratings at 'CCC-' in September
2007.  The outlook is negative.


BOSAN DEVELOPMENT: Proofs of Debt Due on February 28
----------------------------------------------------
The creditors of Bosan Development Limited are required to file
their proofs of debt by February 28, 2008, so they can be
included in the company's dividend distribution.

The company commenced liquidation proceedings on December 28,
2007.

The company's liquidator is:
          
          Pun Ying Tong
          Room B, 17th Floor
          Great Smart Tower
          230 Wanchai Road
          Wanchai, Hong Kong


BRIGHT TOWN INVESTMENT: Appoints New Liquidator
-----------------------------------------------
The members of Bright Town Investment Limited, on December 19,
2007, appointed Stephen Liu Yiu Keung and Chan Wai Hing as
liquidators for the company.

The Liquidators can be reached at:

          Liu Yiu Keung
          Chan Wai Hing
          18th Floor
          Two International Finance Centre
          8 Finance Street
          Central, Hong Kong


BUILD SKY DEVELOPMENT: Appoints New Liquidator
----------------------------------------------
The members of Build Sky Development Consultancy Limited, on
December 19, 2007, appointed Stephen Liu Yiu Keung and Chan Wai
Hing as the company's liquidator.

The Liquidators can be reached at:

          Liu Yiu Keung
          Chan Wai Hing
          18th Floor
          Two International Finance Centre
          8 Finance Street
          Central, Hong Kong


CHINA EASTERN: Shareholders Reject Singapore Air Tie-Up Plan
------------------------------------------------------------
Shareholders of China Eastern Airlines Corp. rejected a bid by
Singapore Airlines to buy a minority stake after rival Air China
pledged a higher offer, the Associated Press reports.

According to AP, China Eastern supported Singapore Air's bid,
which would have brought it foreign expertise.  However, nearly
78% of shareholders rejected the deal at a meeting in Shanghai
on Tuesday.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 8, 2008, Air China's parent -- China National Aviation
Holding Co. -- vowed to pay at least 32% more than what
Singapore Airlines agreed to pay for a holding in China Eastern.  
Specifically, CNAHC pledged to pay at least HK$5.00 a share if
stockholders were to reject Singapore Air's and Temasek Holding
Pte Ltd's proposal to buy a 24% stake in China Eastern for
HK$3.80 per share, or HK$7.2 billion (US$923 million) in
aggregate.

The New York Times writes that the shareholders' move “could
remake the shape of China's aviation industry with the possible
emergence of one dominant Chinese carrier.”  The report says
that the decision by minority shareholders of China Eastern to
reject a tie-up with Singapore Airlines and a Singapore
government investor has set the stage for an unusual corporate
battle in China.

The rejection, according to NY Times, paves the way for a
possible counterbid for China Eastern by CNAHC, but China
Eastern has vowed to fight any counteroffer to retain its
independence.

Bloomberg News cites China Eastern Chairman Li Fenghua as
telling reporters at a press conference that the carrier will
continue to pursue cooperation with Singapore Air instead of a
tie-up with Air China.

"We will never consider Air China as a strategic investor," AP
quotes Mr. Li as addressing reporters.  "The most important
thing is not the price.  The most important thing is to improve
China Eastern Airlines' brand and management."

Singapore Air Chief Executive Officer Chew Choon Seng, in
December, said that the airline won't raise its offer, which
followed at least a year of talks, Bloomberg recounts.  However,
the report contends, scrapping the bid will hamper Singapore
Air's ability to challenge Air China in a battle for foothold in
China's air travel market, which, according to Boeing Co., may
grow fivefold by 2026.

AP explains that the Chinese aviation market is currently
dominated by three state-owned carriers -- Air China, China
Eastern and the biggest, China Southern Airlines -- all of which
have sold shares to public investors on the Hong Kong and
Shanghai stock markets.  The government, the report says, has
yet to issue a blueprint for consolidation, but officials have
talked about possibly going so far as to create a single, giant
Chinese airline.

The previous TCR-AP reported cited the Wall Street Journal as
indicating that Cathay Pacific Ltd may play a role in Air
China's possible bid.  The report said that although CNAHC
didn't mention Cathay Pacific directly, it said that Air China
"and its business partners" would cooperate in any strategic
partnership with China Eastern.


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

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

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


CHINA EASTERN: Needs Quick Outcome, Fitch Says
----------------------------------------------
Fitch Ratings said that China Eastern Airlines Company Limited
(CEA, 'B+'/Stable) needs a quick outcome to the ongoing battle
over who will become its main partner so that it can start
tackling its serious operational problems.

The ratings, however, will not be immediately impacted by the
successful blocking of a strategic tie-up between CEA and
Singapore Airlines yesterday by Air China Limited, through its
parent, China National Aviation Holding Company.  The majority
of CEA's voting shareholders voted against the deal, primarily
as the price offered by SIA was considered too low.  Before the
voting, Air China said it would launch its own bid for CEA,
within two weeks, with the per share price no lower than HKD5.0,
about 32% higher than SIA's offer of HKD3.8.

"CEA has to take quick actions to remedy its poor operating
results," commented Jinqing Li, associate director in Fitch's
Asia Pacific Corporates group.  "It will be difficult for CEA's
management to take strategic decisions until there is a clear
outcome over its shareholding structure and, consequently, on
the industry structure itself," added Mr. Li.  The long-term
competitive environment in the Chinese market will be
drastically different, depending on whether CEA ultimately teams
up with a foreign partner to form a major competitor to the Air
China/Cathay Pacific alliance or if CEA joins Air China to
become part of a super-carrier dominating the Chinese market.

Fitch considers strategic partnerships with strong international
players as an important step for Chinese airlines to improve
their management expertise, in terms of operational efficiency,
route allocation and yield management.  This is especially
important to the Chinese airlines amidst the process of industry
deregulation, given that they need to boost their
competitiveness, ahead of an "open skies" policy.  Nevertheless,
the speed of the process is contingent upon changes in the
regulatory environment.

Air China has been aiming to forge a close working relationship
with, or even take over, CEA and strengthen its presence in
Shanghai, which is one of largest aviation markets in China and
is of strategic importance to airlines.  Collectively, Air China
and CEA accounted for about 40% of the market share in China's
domestic market, in terms of overall passenger traffic at the
end of 2006.

CEA's current 'B+' rating has already factored in the company's
weaknesses in operational efficiency and financial leverage.
Given the management's demonstrated willingness to improve CEA's
business and financial profile, Fitch believes that the airline
will continue to seek strategic partner(s), in order to repair
its balance sheet and enhance its management skills.


COUNTRY TRADE: Proofs of Debt Due on February 5
-----------------------------------------------
The creditors of Country Trade Investment Limited are required
to file their proofs of debt by February 5, 2008, for them to be
included in the company's dividend distribution.

The company's liquidator is Lam Yat Chung.


DANA CORP: Posts US$29,000,000 Net Loss in Month Ended Nov. 30
--------------------------------------------------------------
Dana Corp. and its debtor-affiliates submitted to the U.S.
Bankruptcy Court for the Southern District of New York their
monthly operating report for November 2007, disclosing:

                          Dana Corporation
                 Unaudited Condensed Balance Sheet
                        At November 30, 2007

ASSETS

CURRENT ASSETS
Cash and cash equivalent assets              US$1,174,000,000
Accounts receivable
    Trade                                        1,407,000,000
    Other                                          293,000,000
Inventories                                       832,000,000
Assets of discontinued operations                  41,000,000
Other current assets                              154,000,000
                                                --------------
    Total current assets                         3,901,000,000

Investments and other assets                                 0
Investments in equity affiliates                   430,000,000
Net property, plant and equipment                1,752,000,000
Other noncurrent assets                          1,048,000,000
                                                --------------
TOTAL ASSETS                                  US$7,131,000,000

LIABILITY AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
DIP Financing                                  US$900,000,000
Notes payable, including current portion
    of long-term debt                              177,000,000
Accounts payable                                1,115,000,000
Liabilities of discontinued operations             18,000,000
Other accrued liabilities                         847,000,000
                                                --------------
Total current liabilities                        3,057,000,000

Liabilities subject to compromise                4,009,000,000
Deferred employee benefits and other
non-current liabilities                           487,000,000
Long-term debt                                      13,000,000
Minority interest in consolidated subsidiaries      99,000,000
Total liabilities                                7,665,000,000
Shareholders' equity                              (534,000,000)
                                                --------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY    US$7,131,000,000

                          Dana Corporation
             Unaudited Condensed Statement of Operations
                For the Month Ended November 30, 2007

Net Sales                                       US$778,000,000
Costs and expenses
Costs of sales                                    745,000,000
Selling, general and administrative expenses       22,000,000
Realignment charges                                 5,000,000
Other income, net                                   6,000,000
                                                --------------
Income from operations                              12,000,000

Interest expense                                    10,000,000
Reorganization charges                               8,000,000
                                                --------------
Loss before income taxes                            (6,000,000)

Income tax (expense) benefit                         9,000,000
Minority interest                                    2,000,000
Equity in earnings of affiliates                             0
                                                --------------
Loss before continuing operations                  (17,000,000)

Loss from discontinued operations                  (12,000,000)
                                                --------------
Net loss                                        (US$29,000,000)

                          Dana Corporation
              Unaudited Condensed Statement of Cash Flow
                For the Month Ended November 30, 2007

OPERATING ACTIVITIES
Net loss                                        (US$29,000,000)
Depreciation and amortization                       24,000,000
Loss on sale of business                                     0
Non-cash portion of U.K. pension charge                      0
Increase in working capital                        (19,000,000)
Unremitted equity earnings in affiliates             3,000,000
Other                                               26,000,000
                                                --------------
Net cash flow provided by
(used for) operating activities                      5,000,000
                                                --------------
INVESTING ACTIVITIES
Purchases of property, plant and equipment         (24,000,000)
Proceeds from sale of assets                                 0
Other                                                        0

Net cash flow provided by
(used for) operating activities                    (24,000,000)
                                                --------------
FINANCING ACTIVITIES
Net change in short-term debt                       11,000,000
Proceeds from DIP facility                                   0
                                                --------------
Net cash flow provided by
(used for) financing activities                     11,000,000

Net increase (decrease) in cash equivalents         (8,000,000)

Cash and cash equivalents, beginning of period   1,182,000,000
                                                --------------
Cash and cash equivalents, end of period      US$1,174,000,000

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.  The
Court confirmed the Debtor's Plan on Dec. 26, 2007.  (Dana
Corporation Bankruptcy News, Issue No. 67; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DANA HOLDING: Moody's Assigns (P)B1 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned prospective ratings to
the reorganized Dana Holding Corporation -- Corporate Family,
(P)B1; Probability of Default rating, (P)B1; senior secured
credit facilities, (P)Ba3, and Speculative Grade Liquidity
Rating, SGL-2.  The outlook is stable. In assigning prospective
ratings, Moody's notes that Dana continues to pursue a planned
emergence from Chapter 11 protection during January 2008, but
that the effectiveness of the new debt facilities remains
subject to final court approval.  Absent any significant changes
in the company's reorganization plan or capital structure,
Moody's will confirm the ratings and remove the prospective
designation upon completion of the emergence from bankruptcy.

The (P)B1 Corporate Family rating reflects expectations that
Dana Corp. will emerge from bankruptcy protection with a
moderately leveraged capital structure that will be more readily
serviced with the earnings and cash flows generated by its
restructured operations.  During the reorganization process the
company negotiated long-term customer pricing increases that
will eliminate significant losses that the company had been
incurring on portions of its business.  At the same time, the
company was able to achieve important labor and wage savings,
including the elimination of post retirement benefits, the
freezing of pensions, and other labor contract savings that will
make the company more cost competitive going forward.  The
company has also begun to implement manufacturing footprint
improvements utilizing lower cost production facilities; and
other SG&A cost reductions that should enhance overall margins
beginning in 2008.  However, the full effect of some of these
initiatives will only be achieved with the passage of time.
Given the weakening economic outlook, Moody's believes that the
company's automotive and heavy duty truck end markets will
remain under significant pressure during 2008, which could
constrain the company's ability to fully achieve anticipated
operating improvements.  Nevertheless, Moody's believes that the
company should sustain strong single digit EBITDAR margins and
debt service metrics that are consistent with the B1 rating.

Dana Holding has entered into an agreement with Centerbridge
Partners, L.P. and certain of Dana Corp.'s existing bondholders,
the Preferred Equity Investors, whereby the Preferred Equity
Investors would provide an investment of US$790 million of
preferred equity to the reorganized Dana. The Exit Facilities
combined with the preferred equity investment and certain cash
on hand will be used to repay the company's existing debtor-in-
possession facilities, make one-time contributions to union and
non-union "voluntary employee benefit associations", retire
remaining Dana Credit Corporation liabilities, and pay
transaction related fees, expenses, settlements and convenience
class claims.  The company expects to emerge from Chapter 11 on
or about Jan. 31, 2008.

The stable outlook reflects the adequacy of Dana's credit
metrics within the assigned ratings combined with the expected
good level of liquidity over the near term.  The company's
diverse platform mix and broad geographic revenue base should
help to mitigate production pressures in North America.
EBIT/interest coverage is expected to approximate 2.2 and
debt/EBITDA would approximate 3.2 at year-end 2008.  In
addition, the company is expected to be free cash flow positive
in 2008 after restructuring expenses and dividends.

Dana is expected to have good liquidity upon emergence with
satisfactory borrowing base availability under its new US$650
million asset based revolving credit facility, after about
US$200 million of letters of credit.  Cash balances of
approximately US$900 million -- US$1 billion should be more than
sufficient to absorb negative quarterly cash flow swings.  Dana
is expected to be free cash flow positive for 2008.  Covenants
under the term loan are expected to be set with sufficient
cushions over the near-term.  Alternative liquidity is limited
as all of the company's domestic assets and 66% of the non-
domestic subsidiaries secure the revolving credit and term-loan.

Assigned Ratings:

  -- (P)B1, Corporate Family Rating;

  -- (P)B1, Probability of Default Rating;

  -- (P)Ba3 (LGD3, 35%) rating for the US$650 million senior
     secured asset based revolving credit facility;

  -- (P)Ba3 (LGD3, 35%) rating for the US$1.350 billion senior
     secured term loan;

  -- Speculative Grade Liquidity Rating, SGL-2

Future events that have potential to drive the company's outlook
or ratings higher include operating performance improvements
that result in EBIT/Interest coverage sustained at 2.2, or in
leverage being reduced to 3.0.

Future events that have potential to drive Dana outlook or
ratings lower include production volume declines at the
company's OEM customers, material increases in raw materials
costs that cannot be passed on to customers or mitigated by
restructuring efforts, or deteriorating liquidity. Consideration
for a lower outlook or rating could arise if any combination of
these factors were to increase leverage over 5.0, or result in
EBIT/Interest coverage below 1.8 times.

                         About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.  The
Court confirmed the Debtors' Chapter 11 Plan on Dec. 26, 2007.
(Dana Corporation Bankruptcy News, Issue No. 67; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


FILMKO PICTURES: Names Chan K.H. as Liquidator
----------------------------------------------
The members of Filmko Pictures Limited, on December 21, 2007,
appointed Chan Kin Hang, Danvil as the company's liquidator.

The Liquidator can be reached at:

          Chan Kin Hang , Danvil
          Room 2301
          23rd Floor, Ginza Square
          565-567 Nathan Road
          Yaumatei, Kowloon
          Hong Kong


FULLYWELL HOLDINGS: Liquidators Quit Post
-----------------------------------------
On December 24, 2008, Lui Wan Ho and To Chi Man stepped down as
liquidators for Fullywell Holdings Limited, which is undergoing
liquidation.


HKS MACAU: Commences Liquidation Proceedings
--------------------------------------------
HKS Macau Holdings Limited commenced liquidation proceedings on
December 28, 2007.

The company's liquidator is:

          Chan Sun Kwong
          102, 1st floor, Oriental Centre
          67-71 Chatham Road
          Tsimshatsui, Kowloon
          Hong Kong


HOI YUEN INVESTMENT: Proofs of Debt Due on January 31
-----------------------------------------------------
The creditors of Hoi Yuen Investment Company Limited are
required to file their proofs of debt by January 31, 2008, so
they can be included in the company's dividend distribution.

The company commenced liquidation proceedings on December 28,
2007.

The company's liquidator is:
          
          Leung Wing Ching, Winston
          Room 1115, 11th Floor
          Bank of America Tower
          12 Harcourt Road
          Hong Kong


OCEAN COURT: Proofs of Debt Due on February 1
---------------------------------------------
The creditors of Ocean Court Limited are required to file their
proofs of debt by February 1, 2008, so they can be included in
the company's dividend distribution.

The company commenced liquidation proceedings on December 28,
2007.

The company's liquidator is:
          
          Ho Tak Sang
          Room 303, East Ocean Centre
          98 Granville Road
          TST East
          Kowloon


PERMTEK LIMITED: Commences Liquidation Proceedings
--------------------------------------------------
Permtek Limited commenced liquidation proceedings on Dec. 27,
2007.

The company's liquidators are:

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


PIZZAVEST SHENZHEN: Proofs of Debt Due on February 4
----------------------------------------------------
The creditors of Pizzavest Shenzhen (H.K.) Limited are required
to file their proofs of debt by February 4, 2008, so they can be
included in the company's dividend distribution.

The company commenced liquidation proceedings on December 27,
2007.

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


PO FAT: Proofs of Debt Due on February 4
----------------------------------------
The creditors of Po Fat Company Limited are required to file
their proofs of debt by February 4, 2008, so they can be
included in the company's dividend distribution.

The company commenced liquidation proceedings on December 24,
2007.

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


QISDA CORP: December 2007 Sales Drop 9.41%
------------------------------------------
Qisda Corp.'s sales in December 2007 fell 9.41% to
TWD8.50 billion from TWD9.38 billion a year earlier, according
to data obtained from Bloomberg News.

Year-to-date sales also dropped 6.08% year-on-year to
TWD122.41 billion from TWD130.33 billion.

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

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

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

                          *     *     *

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


RITEK CORP: Signs Licensing Agreement with Qflix Technology
-----------------------------------------------------------
RITEK Corporation and Sonic Solutions have signed a Qflix(TM)
technology and IP licensing agreement, Sonic Solutions said in a
press release.

RITEK is now taking orders on specialized DVDs that will enable
the on-demand recording of digitally distributed entertainment
with Content Scramble System encryption -- the same protection
found on commercially mass-produced titles.  The Qflix DVDs will
be used by duplication system operators providing custom DVD
publishing services to Internet retailers and in movie kiosks
that will offer retail customers touch-screen access to a vast
virtual inventory of rich content.  The Qflix media will also be
available for consumer use in the home as a way to legally
record premium entertainment downloaded from the Internet.

Headquartered in Hsinchu County, Taiwan, Ritek Corporation --
http://www.ritek.com/-- is engaged in the manufacture,  
processing and sale of optical products.  The company's major
products include electronic storage media products, such as
flash memory cards; information technology products;
optoelectronic components, such as indium tin oxide conductive
glasses, as well as optical discs and their peripherals.  The
company distributes its products in the domestic market and to
overseas markets, including the rest of Asia, the Americas and
Europe.

Ritek Corp. reported annual losses of TWD12.27 billion,
TWD2.35 billion, TWD6.67 billion for the years ended Dec. 31,
2004 through 2006.


SEARCH ASIAN: Commences Liquidation Proceedings
-----------------------------------------------
Search Asian Mezzanine Limited commenced liquidation proceedings
on December 28, 2007.

The company's liquidator is:

          Wong Lam Kit Yee
          Unit 1601, 16th Floor
          Malaysia, Building
          50 Gloucester Road
          Wanchai, Hong Kong


SEFAIR BROKERS: Members Meeting Fixed for Jan. 31
-------------------------------------------------
The members Sefair Brokers Limited will have their final general
meeting on January 31, 2008, at 3:00 p. m., at the 8th Floor of  
Gold & Silver Commercial Building, 12-18 Mercer Street, in
Central, Hong Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are Ho Hoi Lam and Man Fung Ying.


SELL POINT: Proofs of Debt Due on January 21
--------------------------------------------
The creditors of Sell Point Holdings Limited are required to
file their proofs of debt by January 21, 2008, for them to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on December 24,
2007.

The company's liquidator is:
          
          Tang Tse Yee
          2804, China Resources Building
          26 Harbour Road, Wanchai
          Hong Kong


SILICONWARE PRECISION: December 2007 Sales Rise 16.91%
------------------------------------------------------
Siliconware Precision Industries Ltd.'s sales in December 2007
rose 16.91% to TWD5.53 billion from TWD4.73 billion in sales
posted for a year earlier.

The company's full-year 2007 sales amounted to TWD64.62 billion,
a 14.67% increase from the TWD56.35 billion in sales posted for
the full-year 2006.

The Troubled Company Reporter-Asia Pacific reported on Nov. 14,
2007, that Siliconware Precision Industries expected its fourth-
quarter sales to grow 2%-5% from the previous quarter after it
reported a 61% rise in third-quarter profits.
Siliconware Precision Industries Ltd. -- http://www.spil.com.tw
-- is a leading provider of comprehensive  semiconductor
assembly and test services.

The company's long-term foreign and local issuer credit carries
Standard and Poors' BB+ rating since Dec. 5, 2006.


STAR CRUISES: Moody's Confirms B1 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service confirmed the B1 corporate family
rating of Star Cruises Limited.  The rating outlook is stable.
This concludes the rating review initiated on August 20, 2007.

This rating action follows the closing of the US$1 billion cash
investment in NCL Corporation Limited (NCL) for a 50% equity
interest by private equity group, Apollo Management, LP.  After
the transaction, SCL will continue to own the remaining 50%
stake.  The cash proceeds will be used to repay NCL's existing
debts and fund upcoming new builds.

"The confirmation reflects SCL's improved key financial metrics
as a result of the pro-rata consolidation -- rather than full
consolidation -- of NCL and, at the same time, factors in the
implied support of its major shareholders, particularly Genting
Berhad (rated Baa1/Stable)," says Kaven Tsang, Moody's lead
analyst for SCL.

In its assessment, Moody's consolidates 50% of NCL into SCL's
financial position, given the lower equity interest but, at the
same time, incorporates the expectation that NCL will remain a
key asset of the company.

"SCL's projected adjusted debt/EBITDA of around 5.5-6.5x and
adjusted EBITDA interest coverage of around 2.5-3x are
comparable with mid-B rated companies," says Tsang, adding "The
final B1 rating reflects Moody's view of ongoing support, if
necessary, for SCL from its shareholders, including Genting,
through Resorts World Bhd, as the company remains strategically
important to the group."

SCL's diversification into gaming in Macau is consistent with
the business direction and strategy of the overall group.
However, Moody's considers that a one-notch uplift will be
appropriate in view of the continuous reduction in Genting's
effective equity interest in SCL.

The ratings outlook is stable, reflecting Moody's expectation of
ongoing support from Genting in accordance with its shareholding
interests in the company.

Downgrade pressure will evolve if:

   1) evidence emerges that support from Genting and/or the Lim
      family for SCL weakens further;

   2) SCL provides additional support to NCL beyond its equity
      interest;

   3) material delays or cost overruns occur at the Macau
      project, such that SCL has to raise additional debt to
      fund increased capital requirements; or

   4) SCL conducts further debt-funded acquisitions, thereby
      weakening its financial profile.

In terms of financial metrics, Moody's sees adjusted EBITDA
interest coverage consistently below 2x and adjusted debt/EBITDA
high above 7x over the next 2 years as signals for a downgrade.

The rating is unlikely to be upgraded over the medium term in
view of SCL's modest financial profile and the high execution
and development risks associated with the Macau project.

Star Cruises Limited, publicly listed in Hong Kong, is 19.3%
owned by Resorts World Bhd, which is, in turn, 49.2% owned by
Genting Berhad.  SCL operates 21 ships with some 33,300 lower
berths under five brands: Star Cruises and Cruise Ferries, which
service Asia Pacific, and three brands under NCL.


SUNNY TOP: Members and Creditors Meeting Fixed for Jan. 28
----------------------------------------------------------
The members and creditors of Sunny Top (HK) Limited will have
their final general meeting on January 28, 2008, at 8:30 a.m.,
at Room 1705 of Ginza Plaza, 2A Sai Yeung Choi Street Mongkok,
in Kowloon, Hong Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on November 30,
2007.

The company's liquidator is:

          Charles Kong Cheung
          Room 1705, Ginza Plaza
          2A Sai Yeung Choi Street
          Mongkok, Kowloon
          Hong Kong


TAIWAN BUSINESS: December Revenues Rise 80.4%
---------------------------------------------
Taiwan Business Bank's unconsolidated revenues in December 2007
rose 80.4% to TWD1.6 billion from TWD859.6 million a year
before, according to data obtained from Bloomberg News.

The bank's year-to-date revenues also rose 19.3% to
TWD12.8 billion from TWD10.7 billion a year earlier.

Taipei, Taiwan-based Taiwan Business Bank --
http://www.tbb.com.tw/-- provides corporate financial services  
personal financial services.   The bank's domestic branch
network covers the whole island of Taiwan. In additon there are
three overseas units,including Los Angeles Branch in US, Hong
Kong Branch in Hong Kong and Sydney Branch in Australia.

The Troubled Company Reporter-Asia Pacific reported that Fitch
Ratings, on Jan. 22, 2007, affirmed the bank's long-term issuer
default rating at BB+,  and short-term rating at B.


TRUE KIN DEVELOPMENT: Proofs of Debt Due on February 4
------------------------------------------------------
The creditors of True Kin Development Limited are required to
file their proofs of debt by February 4, 2008, so they can be
included in the company's dividend distribution.

The company's liquidators are:
          
          Leung Shu Yin, William
          Au Wing Fai
          Rooms 904-908
          Kai Tak Commercial Building
          317-319 Des Voeux Road
          Central Hong Kong


UNICORN MARK: Liquidator Quits Post
------------------------------------
On January 4, 2008, Chan Sin Yui stepped down as liquidator for
Unicorn Mark Hong Kong Limited, which is undergoing liquidation.


WORKPLACE CO. LTD: Members & Creditors Meeting Fixed for Feb. 5
---------------------------------------------------------------
The members and creditors of Workplace Company Limited will have
their final general meeting on February 5, 2008, at 5:00 p.m.,
at the 2nd Floor of Jonsim Place, 228 Queen's Road East, in
Wanchai, Hong Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company, which is in liquidation, will pay its second
ordinary dividend on January 14, 2008.

The company's liquidator is Ip Pui Lam.


YIEH HSING: 2007 Sales Total TWD10.59 Billion
---------------------------------------------
Yieh Hsing Enterprise Co., Ltd.'s sales in December 2007 fell
36.43% to TWD591.28 million from TWD930.10 million a year
earlier.

The company's year-to-date sales totaled TWD10.59 billion, a
15.02% increase from TWD9.20 billion sales posted a year
earlier.


Kaohsiung Taiwan-based Yieh Hsing Enterprise Co., Ltd. --
http://www.yheco.com.tw/-- is a stainless steel and carbon  
steel producer.  The company distributes its products in the
domestic market and to overseas markets, including mainland
China, Southeast Asia, the United States and northeastern Asia.

The company has incurred net losses of TWD619.0 million and
TWD688.3 million for the years ended Dec. 31, 2005 and 2006.


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

AXIS BANK: Net Profit Soars 66% in Qtr. Ended Dec. 31
-----------------------------------------------------
AXIS Bank Ltd yesterday disclosed its unaudited results for the
three months ended Dec. 31, 2007.

The bank's net profit increased 66% to INR3.07 billion in the
third quarter ended Dec. 31, 2007, from the INR1.85-billion
profit booked in the same quarter in 2006.

Total income increased from INR14.46 billion to INR22.90 billion
in the current quarter under review, which figure is comprised
of:

   Interest on Advances                INR12.30 billion
   Income on Investment                    5.35 billion
   Interest on Balances                    0.27 billion
   Other Interests                         0.10 billion
   Other Income                            4.88 billion

The bank booked operating expenses totaling for INR5.63 billion
and interest expenditures of INR10.55 billion.

A copy of the bank's financial results for the three months
ended Dec. 31, 2007, is available for free at:

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

Headquartered in Mumbai, India, Axis Bank Ltd, formerly known as
UTI Bank Limited, -- http://www.axisbank.com/-- is engaged in
treasury and other banking operations. The treasury services
segment undertakes trading operations on the proprietary
account, foreign exchange operations and derivatives trading.
Revenues of the treasury services segment primarily consist of
fees and gains or losses from trading operations and interest
income on the investment portfolio. Other banking operations
principally comprise the lending activities (corporate and
retail) of the bank.  The corporate lending activity includes
providing loans and transaction services to corporate and
institutional customers.  The retail lending activity includes
raising of deposits from customers and providing loans and
advisory services to customers through branch network and other
delivery channels.

                          *     *      *

The bank's Foreign Long Term Bank Deposits carry Moody's
Investors Service's Ba2 rating, which was placed on July 1,
2005.


BAGALKOT UDYOG: Sets Feb. 5 as Record Date for Capital Reduction
----------------------------------------------------------------
Bagalkot Udyog Ltd has fixed Feb. 5, 2008, as the record date of
the reduction of share capital of the company to 10% of its
existing paid-up capital.  The date will also be the record date
to determine the shareholders' entitlement in the capital of the
resulting company, Bagalkot Cement & Industries Ltd.

As reported yesterday by the Troubled Company Reporter-Asia
Pacific, Bagalkot Udyog's board of directors, pursuant to the
order of the Board for Industrial and Financial Reconstruction,
has agreed to reduce the nominal value of the company's equity
shares from INR10 per share to INR1 per share.  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 Bagalkot Cement.

For every 100 fully paid-up shares of INR10 each of Bagalkot
Udyog held, its 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.


EASTMAN KODAK: Signs Tech License Pacts with Matsushita Electric
----------------------------------------------------------------
Eastman Kodak Company has entered into technology license
agreements with Matsushita Electric Industrial Company and with
Victor Company of Japan, Limited that will allow each company
access to the other's patent portfolio.

The license agreements, which provide significant benefits to
all companies, is royalty bearing to Kodak.  Additional
financial terms were not disclosed.

"We are pleased to have reached a mutually beneficial
arrangement that advances the interests of Kodak and of MEI and
JVC," said Laura G. Quatela, Chief Intellectual Property
Officer, and Vice President, Eastman Kodak.  "Each cross-license
agreement provides the companies with access to each other's
technology, and validates the strength of Kodak's intellectual
property portfolio."

                    About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China and India, among others.

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services has affirmed
its 'B+' corporate credit rating on Eastman Kodak Co. and
removed the ratings from CreditWatch, where they had been placed
with negative implications on Aug. 2, 2006.  S&P said the
outlook is negative.


EMCO LTD: Board to Consider Stock Split on Jan. 17
--------------------------------------------------
Emco Ltd's board of directors will hold a meeting on Jan. 17,
2008, to, among others, consider sub-division of the company's
equity share capital, a filing with the Bombay Stock Exchange
states.

During the meeting, the board also will discuss and consider
allotment of shares to the company's employees and shareholders
of transferor companies.  The  issuance of shares to employees
is pursuant to the company's Employee Stock Option Scheme 2006.  
The proposed allotment to shareholders is pursuant to the scheme
of amalgamation entered into by the company with Urja Engineers
Ltd. and India Energy Investments Pvt Ltd.  The scheme already
got the approval of the High Court of Judicature at Bombay.

On Jan. 17, the board will also be taking on record the
company's unaudited financial results for the quarter and nine
months ended Dec. 31, 2007.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com-- offers transmission and distribution
solutions within the power sector in India. Through its
Transformer Division, Emco offers power transformers,
specialized rectifier transformers, furnace transformers, and
locomotive and traction transformers. Through its Meters
Division, the company offers metering solutions like tamper-
proof electronic energy meters, automatic meter reading
solutions like drive by, walk by or fixed network, pre-payment
metering solutions and high-end metering like trivector meters.
It also offers energy and revenue management solutions. Through
its Projects Division, Emco offers turnkey solutions from
concept to commissioning for electrical substation projects. It
also undertakes entire industrial electrification work from
designing to execution. Emco offers information technology
solutions for power distribution management. Through its
International Division, EMCO offers transformers and energy
meters confirming to international specifications.

Emco's senior unsecured debt carries Credit Analysis and
Research Limited's BB rating, effective May 23, 2007.


GENERAL MOTORS: Offers Incentive Financing on Selected Vehicles
---------------------------------------------------------------
General Motors Corp. Certified Used Vehicles disclosed a new
nationwide GMAC rate incentive program on select GM Certified
Used Vehicles, including GMC Envoy, Chevrolet Malibu, Impala and
Trailblazer models.

The new rate incentive offer, effective Jan. 3, 2008, through
March 31, 2008, provides well-qualified GM Certified Used
Vehicles buyers with 2.9% APR financing for terms up to 48
months or 3.9% APR financing for terms up to 60 months from GMAC
Financial Services on 2003-2008 models of Chevrolet Malibu,
Impala and Trailblazer and GMC Envoy purchased from
participating GM Certified Used Vehicles dealers.

Or well-qualified customers can receive GMAC 4.9% APR financing
for terms up to 60 months on 2003-2008 models of Chevrolet Tahoe
and Suburban, GMC Yukon, Pontiac Grand Prix and Buick LaCrosse
vehicles at participating GM Certified dealers.

A monthly payment at 2.9% APR financing for 48 months is
US$22.09 for every US$1,000 financed.  Average example down
payment is 10%. A monthly payment at 3.9% APR financing for 60
months is US$18.37 for every US$1,000 financed.  Average example
down payment is 10%. A monthly payment at 4.9% APR financing for
60 months is US$18.83 for every US$1,000 financed.  Some
customers will not qualify.  Not available with other offers.  
Customers must take delivery from a participating GM Certified
Used Vehicles dealer by March 31, 2008.

"These incentives on some of our most popular models offer great
value for customers, who have the opportunity to purchase a
high-quality, low-mileage, like-new vehicle at affordable
finance rates," Paul Pejza, manager, GM Certified Used Vehicles,
said.

                 About GM Certified Used Vehicles

GM Certified Used Vehicles -- http://www.gmcertified.com/-- are  
high-quality, reconditioned vehicles, available at participating
Buick, Chevrolet, Pontiac and GMC dealers.  All models are six
years old or newer, have 60,000 miles or less, are reconditioned
to stringent GM Certified Used Vehicles quality standards and
must undergo a rigorous 117-point inspection and reconditioning
process.

                            About GM

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

                         *     *     *

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

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


ICICI BANK: Board to Consider Q3 Results on Jan. 19
---------------------------------------------------
ICICI Bank Ltd's board of directors will consider approving the
bank's audited financial results for the third quarter ended
Dec. 31, 2007, at a meeting on Jan. 19.

As previously reported by the Troubled Company Reporter-Asia
Pacific, ICICI Bank posted a net profit of INR9.10 billion in
the Oct.-Dec. 2006 quarter, a 42% increase from the INR6.401-
billion booked in the corresponding period in 2005.

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.


ROLLATAINERS LTD: Re-Appoints Manoj Mohan as Auditors
-----------------------------------------------------
Rollatainers Ltd.'s members have approved the re-appointment of
Manoj Mohan & Associates, Chartered Accountants, as the
company's auditors for another year, the company said in a
corporate disclosure.

The members made the re-appointment at the company's 36th annual
general meeting on December 31, 2007.

Other resolutions passed at the AGM include:

   * the adoption of the directors’ report and profit & loss
     Account for the financial year ended September 30, 2007,
     the balance sheet at that date and the auditors’ report
     thereon;

   * the appointment of Vinod Kumar Uppal, Ashish Pandit,
     Katessary Thomas James & Chandra Prakash Nagpal as
     directors of the company, liable to retire by rotation; and

   * the appointment of Chandra Prakash Nagpal as whole-time
     director of the company for three years starting on
     December 01, 2007, on remuneration, terms & conditions.

Rollatainers Ltd. -- http://www.rolapak.com/-- is a paper  
manufacturer whose primary products are packaging cartons and
polycoated packing material.  The company also manufactures
duplex paper board, writing and printing paper and packaging and
weighing machines.

The company has two annual net losses of INR58.9 million and
INR151.6 million for the years ended Sept. 30, 2007 and 2006.

The Troubled Company Reporter - Asia Pacific's Large Companies
with Insolvent Balance Sheets column on Jan. 4, 2008, indicates
that Rollatainers Ltd. has a capital deficiency of US$3.88
million on total assets of US$20.68 million.


ROLLATAINERS LTD: Converts Debentures into Shares
-------------------------------------------------
Rollatainers Ltd.'s board of directors have approved the
conversion of 90,00,000 optional fully convertible debentures of
INR10 each, held by its strategic investor, W.L.D. Investments
Pvt Ltd., into 90,00,000 equity shares of INR10 each, the
company said in a corporate disclosure with the Bombay Stock
Exchange Ltd.

The move is in accordance with the implementation of the
company's rehabilitation scheme sanctioned by BIFR vide its
order dated May 15, 2007 and amendment order dated August 6,
2007.

The OFCDs were issued pursuant to Corporate Debt Restructuring
Package approved under Corporate Debt Restructuring System.

The company will proceed to issue the equity shares upon
conversion of Optional Fully Convertible Debentures (OFCD) after
receipt of statutory approval.

Rollatainers Ltd. -- http://www.rolapak.com/-- is a paper  
manufacturer whose primary products are packaging cartons and
polycoated packing material.  The company also manufactures
duplex paper board, writing and printing paper and packaging and
weighing machines.

The company has two annual net losses of INR58.9 million and
INR151.6 million for the years ended Sept. 30, 2007, and 2006.

The Troubled Company Reporter - Asia Pacific's Large Companies
with Insolvent Balance Sheets column on Jan. 4, 2008, indicates
that Rollatainers Ltd. has a capital deficiency of
US$3.88 million on total assets of US$20.68 million.


SAURASHTRA CEMENT: Gujarat High Court Approves CDR Scheme
---------------------------------------------------------
Saurashtra Cement Ltd disclosed in a filing with the Bombay
Stock Exchange that the Gujarat High Court has approved the CDR
Scheme for restructuring the debts of the company's secured
lenders.

The filing, however, did not provide details of the scheme.

The High Court gave its nod on Dec. 24, 2007.  The cement
manufacturer is presently awaiting a certified copy of the
order.

The flagship company of The Mehta Group, Saurashtra Cement Ltd.
-- http://www.mehtagroup.com/scement.htm-- manufactures and           
exports cement including Ordinary Portland Cement, Pozzolana
Portland Cement, Sulphate Resistant Cement and Portland Slag
Cement.  SCL markets cement under the brand name "HATHI CEMENT".
The company also exports clinker.

On Dec. 9, 2006, Credit Rating Information Services of India Ltd
changed the outstanding rating of Saurashtra Cement's
INR477.6-million Non-Convertible Debenture Issue from 'D' to
'Not Meaningful.'  The revision followed the company's
registration in the Board of Industrial and Financial
Reconstruction as a Sick Industrial Company pursuant to the
SIC (SP) Act, 1985.

Saurashtra Cement is currently restructuring its debts.  Its
proposal for restructuring under the Corporate Debt
Restructuring Mechanism was approved through the letters issued
by CDR Cell on Dec. 26, 2005, and Feb. 17, 2006.


SHYAM TELECOM: Re-appoints Mehra Goel as Auditors
-------------------------------------------------
Shyam Telecom Ltd.'s members have re-appointed Mehra Goel & Co.,
Chartered Accountants as the company's auditors for another
year, Shyam said in a corporate disclosure.

The company's members also adopted the company's audited balance
sheet as of March 31, 2007, the profit and loss account for the
year ended on that date, the directors report and the auditors
report thereon.

The company's members also re-appointed Ravikant Jaipuria, Rajiv
Mehrotra & Alok Tandon as directors.

New Delhi, India-based Shyam Telecom Limited --
http://www.shyamtelecom.com/index.html-- and its subsidiaries'  
operations relate to investments, providing telecommunication
and information technology services. The telecom products and
services segment comprise of manufacturing and services in the
related area. The turnkey projects and trading services segment
includes the turnkey projects and trading in telecom products.  
The investment segment includes investments in the subsidiaries,
which are dealing in telecommunication sectors. The software
products and services segment includes the services in the area,
including software and information technology related and
information technology enabled services. It also offers
Internet-related products, including data on wire, data on air
and data on cable.

The company's balance sheet as of March 31, 2007 showed a
capital deficiency of INR1.02 billion on total assets of INR6.57
billion and total liabilities of INR7.59 billion


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

ALCATEL-LUCENT: Remi Thomas Joins as VP of Investor Relations
-------------------------------------------------------------
Remi Thomas will join Alcatel-Lucent as Vice President of
Investor Relations, responsible for communication with the
investment community, including financial analysts,
institutional investors and retail shareholders.  Mr. Thomas
will report to Hubert de Pesquidoux, Alcatel-Lucent's Chief
Financial Officer.  This appointment becomes effective
Jan. 21, 2008.

Since 2005, Mr. Thomas has served as deputy research director at
CA Cheuvreux.  He joined CA Cheuvreux in 1996 as a financial
analyst, and has lead the firm's Technology sector, including
Alcatel-Lucent and French telecom operators.  Prior to that he
focused on the capital goods sector.  From 1992 to 1995, Mr.
Thomas was financial analyst at Cholet Dupont (Credit Lyonnais).

"We are pleased to welcome Remi Thomas, one of the most
respected financial analysts covering the telecom industry, to
Alcatel-Lucent," said Alcatel-Lucent CFO, Mess. de Pesquidoux.
"Remi's comprehensive knowledge of our industry combined with
his first-hand experience and understanding of the financial
community and its needs will be a clear asset for our company."

Mr. Thomas holds a MBA from Warwick University, GB, and is a
graduate from the ESC business school in Toulouse, France.  He
is a member of the French financial analysts society (Societe
francaise des analystes financiers).

                    About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2007, Moody's Investors Service downgraded to Ba3 from
Ba2 the Corporate Family Rating of Alcatel-Lucent.   The ratings
for senior debt of the group were equally lowered to Ba3 from
Ba2 and the trust preferred notes of Lucent Technologies Capital
Trust I have been downgraded to B2 from B1.  At the same time,
Moody's affirmed its Not-Prime rating for short-term debt of
Alcatel-Lucent.  Moody's said the outlook for the ratings is
stable.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


AVNET INC: Selects Four New Corporate Vice Presidents
-----------------------------------------------------
Avnet Inc. has elected four new corporate officers and the
promoted two others.  John Paget, president, Avnet Technology
Solutions Global; Jim Smith, president, Avnet Logistics; and
K.P. Tang, president, Avnet Technology Solutions Asia Pacific,
have all been elected as new corporate vice presidents for
Avnet, Inc.  In addition, Jill Wysolmierski was elected chief
tax officer.  Phil Gallagher, president, Avnet Electronics
Marketing Americas, was promoted to corporate senior vice
president for Avnet, Inc., and Jun Li, assistant general
counsel, was promoted to secretary from assistant secretary.

"These promotions reflect the substantial contributions each of
these executives has made to the success of Avnet," said Roy
Vallee, chairman and CEO, Avnet, Inc.  "By demonstrating
exceptional performance in their respective areas of
responsibility, they have earned the respect of their peers,
both as leaders and colleagues, with a commitment to
excellence."

John Paget, president, Avnet Technology Solutions Global, joined
Avnet in 2007 and is responsible for leading Avnet's growing
US$6 billion computing business worldwide.  He came to Avnet
from Synnex Corporation, where he was president of the
Technology Solutions Division and had also served as president
of Synnex North America and chief operating officer.  Prior to
that position, he had worldwide responsibility for GE Technology
Financial Services as senior vice president and general manager.
He reports to Rick Hamada, chief operating officer for Avnet,
and is a member of the Avnet Executive Board.

Jim Smith was promoted to president of Avnet Logistics in 2006
after serving as senior vice president of Warehousing &
Distribution Worldwide for Avnet.  Mr. Smith oversees logistics
services globally and is a member of the Avnet Executive Board.
He joined Avnet in 2000 and was responsible for logistics
operations for Avnet Electronics Marketing in the Americas.
Prior to joining Avnet, he served in leadership positions with
Marshall Industries, Kierulff Electronics, Wyle Electronics
Marketing Group and Atlas Services North America.  He also
reports to Rick Hamada and is a member of the Avnet Executive
Board.

K.P. Tang, president, Avnet Technology Solutions Asia Pacific,
is responsible for the strategic direction and growth of Avnet
Technology Solutions' Asia Pacific region.  Mr. Tang joined
Avnet in 2005 and has had a distinguished career, most recently
serving as vice president of Asia Business and Development and
Sales for Celestica, Inc., a global provider of electronics
manufacturing services with operations in Asia, Europe and the
Americas.  His career also includes more than 30 years with IBM.
He reports to Mr. Paget.

Jill Wysolmierski, CPA, is vice president of Corporate Tax for
Avnet, Inc.  She has responsibility for managing all aspects of
global income tax matters.  Ms. Wysolmierski joined Avnet in
1998 and previously served in tax management positions with
AT&T, Hoke Incorporated and KPMG.  She reports to Ray Sadowski,
Avnet chief financial officer.

Phil Gallagher, president, Avnet Electronics Marketing Americas,
is responsible for leading Avnet Electronics Marketing in the
Americas, a position he has held since 2004.  He previously
served as senior vice president, global business development,
Avnet Electronics Marketing, where he was responsible for the
group's global supplier relationships.  He has been with Avnet
for more than 25 years, holding a series of progressively more
responsible positions.  He was first named a corporate officer
in November 1997 and reports to Harley Feldberg, president of
Avnet Electronics Marketing Global.

Jun Li, vice president and assistant general counsel, joined
Avnet in April 2005.  Mr. Li's responsibilities include managing
core entity information for the company's 200 plus subsidiaries
globally and counseling the Board of Directors and senior
management on corporate governance.  He joined Avnet in April
2005 as associate general counsel with primary responsibility
for providing legal support in the areas of securities law,
capital market transactions and corporate governance.  He first
became a corporate officer in 2006 and reports to David Birk,
Avnet general counsel.

                     About Avnet Inc.

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

                       *     *     *

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


BANK CENTRAL ASIA: Aims to Disburse IDR5-Tril. Loans in 2008
------------------------------------------------------------
PT Bank Central Asia aims to disburse IDR5 trillion in new
corporate credits this year, Asia Pulse reports.

Bank Central Corporate Director Dhalia Ariotedjo told the news
agency that the oil and gas and telecommunication sectors would
be the main targets of credit expansion.   Ms. Ariotedjo is
optimistic that the target would be reached with improvement in
economic conditions, the report notes.

According to the report, Bank Central Asia had IDR85 trillion in
outstanding credit by the end of 2007, up from the
IDR61.59 trillion a year before.

Asia Pulse further cites Ms. Ariotedjo as saying that the bank
is negotiating with PT Aneka Tambang on large credits needed by
the state mining company.

The bank has also agreed to finance construction of toll road
projects and power generating projects worth trillions of
rupiahs, Asia Pulse adds.

                     About Bank Central

Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk
-- http://www.klikbca.com/-- offers individual and business     
products and services.  The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities.  The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises.  In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting.  The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited.  It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs.  The bank serves
6.6 million accounts throughout Indonesia.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Nov. 2,
2006, that Fitch Ratings affirmed all the ratings of Bank
Central Asia as follows:

   * Long-term foreign currency Issuer Default rating: BB-
   * Short-term foreign currency rating: B
   * Individual: C/D and
   * Support: 4.


BANK INTERNASIONAL: Opens New Branch in Pekanbaru
-------------------------------------------------
PT Bank Internasional Indonesia Tbk has opened a new sub-branch
in Jalan Riau, Pekanbaru.

Deputy Head of BI Pekanbaru Djoko Wahyudiono said that by
including this new BII sub-branch, there are 50 registered sub-
branches in Pekanbaru.

"Hopefully this sub-branch can compete healthily with other
banks branches and also can create more conducive economic
situation," Mr. Wahyudiono said.

Bank Internasional has three sub-branches and one main branch in
Pekanbaru.  Channel Management Group Head Sudono J. Wong said
that hopefully this new sub-branch can give maximum services to
BII loyal customers.

"The transactions in main branch in Sudirman street are very
high.  By the presence of this new sub-branch, quality services
will become even better because part of customer traffics will
divert to this new sub-branch," Mr. Wong said.

Mr. Wong also added that, "this sub-branch does not only provide
saving transaction, but also other banking transactions, such as
loans within prudential corridors."

                  About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--        
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

The Troubled Company Reporter-Asia Pacific reported on  
October 19, 2007, that Moody's Investors Service raised the  
foreign currency long-term debt and foreign currency long-term  
deposit ratings of PT Bank Internasional Indonesia Tbk.

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

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

On Aug. 15, 2007, that Fitch Ratings affirmed all the ratings of  
Bank Internasional as follows:

   * Long term foreign currency IDR at 'BB-' with a Positive
     Outlook,

   * Short term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

   * Support Rating '4', Support Rating Floor 'B' and

   * National Rating 'AA-(idn)'.


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

TYSON FOODS: Ties Up with Kemin to Produce Pet Food Ingredient
--------------------------------------------------------------
Kemin Industries, Inc. and Tyson Foods, Inc. (NYSE:TSN) have
formed a strategic alliance to develop, manufacture, market and
sell liquid and dry flavor-enhancers known as palatants, to the
North American pet food market, the companies disclosed.

The alliance, which took effect January 1, combines the
expertise, experience and technology of the two companies to
provide cost competitive, high quality pet food palatants from
the sourcing of ingredients to the food bowl.

Both Kemin and Tyson will be involved in the research and
development of the palatants.  Tyson will manufacture the
products from raw materials supplied by the company's chicken,
beef and pork plants.  The Kemin Palasurance technisales team
will market the products under the Palasurance(TM) and
Topnotes(R) brands to major pet food companies.

"This alliance is another milestone in our core strategy of
revolutionizing the conversion of our meat and poultry by-
products into higher margin products," said Dick Bond, president
and CEO of Tyson Foods.

"Tyson has always led the industry in providing high quality
ingredients to the pet food market," said Jeff Webster, senior
vice president and general manager of Tyson's Renewable Products
division.  "By teaming up with Kemin, we're entering another
value-added segment of the pet food production process."

"Kemin continues its firm commitment to delivering the highest
quality products to our customers with this alliance," said
Giuseppe Abrate, president of the Kemin pet food ingredients
business.  "Kemin's core competencies in palatability,
freshness, and stability, along with our excellent customer
service combined with Tyson's ingredient and palatability
expertise, will bring to market products which deliver the best
flavor, palatability, stability and aroma on the market."

The alliance will cover the United States, Canada and Mexico
with an option to collaborate in other areas of the world in the
future.

The alliance will provide the industry with a line of palatants
that deliver consistent quality and stability, functional
properties, flavor enhancing characteristics, palatability,
aroma and specific label claims when applied on or in a pet
food.

"Kemin has always adhered to the strictest quality control
standards and verification throughout the manufacturing process
of our palatants," said Chris Nelson, president of Kemin
Industries.  "Our alliance with Tyson will further ensure that
our products are of the highest quality on the market."

                         About Kemin

Founded in 1961, Kemin Industries Inc. -- http://www.kemin.com  
-- provides health and nutritional solutions to the Agrifoods,
Food Ingredients, Pet Food and Human Health and Pharmaceutical
Industries.  Kemin Industries operates in more than 60 countries
with manufacturing facilities in Belgium, Brazil, China, India,
Singapore, South Africa, Thailand and the United States.

                       About Tyson Foods

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN)
-- http://www.tysonfoods.com/-- is a processor and marketer of   
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South
Korea, and Taiwan.  In Latin America, Tyson Foods has operations
in Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2007, Moody's Investors Service affirmed Tyson Foods
Inc.'s ratings, including its Ba1 corporate family rating and
Ba1 probability of default rating.  Moody's said the rating
outlook is negative.


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

HYNIX SEMICON: Partner MunEDA to Integrate Tool Family Wicked
-------------------------------------------------------------
Hynix Semiconductor Inc. has licensed MunEDA's enhanced DFM-DFY
analysis and optimization tool suite WiCkeD for using in Hynix
Analog Mixed-Signal Design & Foundry Flow on a long-term base.  
Hynix intends to use MunEDA's technology in all design business
units like computing, consumer and graphics memory as well as
mobile applications and flash technology.

Hynix will also use MunEDA's design validation and yield
verification tools for quality assurance of their Hynix design
kits.

Dr. Young-doo Choi, Senior Manager CAO Design Automation Team at
Hynix: "MunEDA's tools are best-in class for interactive and
fully automatic yield analysis and optimization in circuit
design.  As for every semiconductor company, design targets like
high performance and yield are number one research goals that
imply both profitability and time to market.  We added MunEDA's
solutions to Hynix design environment to follow our track in
establishing best design methodologies to our design goups and
therefore improve quality assurance to our customers."

Seunghwan Lee, Senior Research Engineer, Design Automation Team
at Hynix: "After successfully using MunEDA design analysis and
optimization tools for several circuits like pre-amplifiers and
latches for automotive applications we have seen the large
capabilities our designers can gain when they design circuits in
high-end process technologies.  As historically used process
corners are too pessimistic and not realistic for today's
designs, MunEDA's deterministic circuit analysis and
optimization helps us to speed up the design process and to
avoid unwanted redesigns."

"We are very pleased that Hynix has selected our solutions for
their front-end design flow," stated Andreas Ripp, Vice
President of Sales & Marketing and Managing Director at MunEDA.
"As MunEDA's solutions are already used by some Hynix foundry
customers, this is the logical next step.  We are looking
forward to an intense cooperation with Hynix designers and
research engineers, as well as with more Hynix foundry
customers".

                       About MunEDA

MunEDA provides leading EDA technology for analysis and
optimization of yield and performance of analog, mixed-signal
and digital designs.  MunEDA's products and consulting enable
customers to reduce the design times of their circuits and to
maximize robustness and yield. MunEDA's solutions are in
industrial use by leading semiconductor companies in the areas
of communication, computer, memories, automotive, and consumer
electronics.  WiCkeD is a comprehensive and powerful software
tool suite for interactive, manual, semi- and full automatic
analysis, sizing, and yield optimization of analog and mixed
signal circuits.  For more information, please visit the MunEDA
web site at http://www.muneda.com.

                  About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/-- is a semiconductor manufacturer.  
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.


HYNIX SEMICON: Change in Personnel Attracts Attention
-----------------------------------------------------
Memory module makers from Taiwan are on increased alert for a
possible change in their relationships with Hynix Semiconductor
Inc, amid the sudden management reshuffle at the company's Asian
operations, Digitimes News reports.

According to the report, sources at memory module makers in
Taiwan noted that Hynix has appointed a new chairman and general
manager for its Taiwan operations from 2008, following the
announced retirement of the current chairman while the general
manager will relocate his work base to Shanghai.   Moreover, the
sources also noted that many high-ranked executives from other
Asia operations, including Beijing, Hong Kong, Shanghai and
Singapore, may also announce structural changes, the report
points out.

Josephine Lien and Esther Lam of Digitimes write that the
sources also said such a change in high-ranked executives is due
to Hynix headquarters' dissatisfaction about procurement terms
during the previous DRAM price plummet.

The report notes that some Taiwan DRAM makers requested their
downstream customers to pay a considerable deposit before making
their procurements, but when prices dropped sharply afterwards,
dispute and tension arouse when some downstream customers wished
to claim back part of the deposit.  

Hynix headquarters was also said to be discontent with the
management of its Taiwan-based executives, Digitimes points out.

The report relates that the sources said that since the
executives have their respective special relationships with
memory module customers, industry players are aware of a
possible change in their relationship with Hynix.  

Some may find they get to enjoy better terms from Hynix while
some may see their solid ties subject to uncertainties in the
future, the report adds.

                About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/-- is a semiconductor manufacturer.  
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.


MIJI STEEL: Changes 21st Convertible Bonds into Shares
-------------------------------------------------------
Miju Steel Co Ltd.'s 21st convertible bonds have been converted
for 287,956 common shares of the company, at the conversion
price of KRW930 per share, Reuters Key Developments reports.

According to the report, this brings the total number of the
company's outstanding shares to 110,778,707.

Headquartered in Incheon, South Korea, Miju Steel Co., Ltd. --
http://www.mijusteel.com/-- is engaged in the provision of    
steel pipes.  The company produces three major products:
electric resistance welded (ERW) carbon steel pipes which used
for water supply facilities, buildings, bridges, bicycles,
telegraph poles and hand rails; stainless steel pipes, which
used for pharmaceutical, food and semiconductor factories, and
spirally-welded steel pipes, which used for foundation of
buildings, bridges and harbors.

Korea Ratings gave the company's US$4,000,000 overseas bond with
warrant a 'B+' rating with a stable outlook on August 9, 2006.


NDCORP CO: Adjusts Exercise Price of Seventh Bonds with Warrants
----------------------------------------------------------------
NDcrop Co. Ltd. has adjusted the exercise price of its seventh
bonds with warrants from KRW12,800 to KRW10,670 per share,
Reuters Key developments reports.

According to the report, the price adjustment took effect on
December 18, 2007.

With headquarters in Seoul, Korea, NDcorp Co., Ltd. is engaged  
in the storage area network (SAN) and communication solutions  
business.  The company has two divisions: Electronic-
Telecommunication business, which develops, produces and  
distributes wired and wireless communication products, including  
voice-over-Internet protocol (VoIP) residential gateways, VoIP  
asymmetric digital subscriber line (ADSL) modems and VoIP cable  
modems, and System Integration business, which provides servers,  
work stations and data storage systems for digital media  
services.  

Korea Ratings gave the company's KRW10.30 billion convertible  
bonds issue a B- rating with an evolving outlook on July 31,  
2006.  


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

ELECTRONIC DATA: Bags Bristol-Myers' US$715-Mln IT Services Deal
----------------------------------------------------------------
Electronic Data System Corp. has been awared a seven-year,
US$715 million information technology services contract to
deliver IT infrastructure services to Bristol-Myers Squibb.

"Leveraging EDS' expertise, scope and scale will allow the
company to improve productivity so Bristol-Myers Squibb can
remain focused on what it does best -- help patients prevail
over serious disease," said Bristol-Myers Squibb vice president
for Information Management Shared Services, Paul von Autenried.

The company will manage Bristol-Myers Squibb's IT environment,
which includes the company's critical operations data at
Bristol-Myers Squibb data centers around the world.  The
contract initially covers IT services in the Americas and Asia
Pacific regions, with the opportunity to include Europe, the
Middle East and Africa.  Additionally, the company will provide
computer capacity to Bristol-Myers Squibb from its data center
in Auburn Hills, Michigan.

The company will also provide multi-language field-level and
help desk support for the Bristol-Myers Squibb employees'
computing environment.  This includes the company's sales,
scientific and SAP systems and employee workstations in a number
of countries around the world.

The agility, flexibility and redundancy of Electronic Data's
Global Services Network offers cost savings while improving
global competitiveness with the ability to operate in a
leveraged and secure global environment.  It also provides the
ability to scale up or down based on business needs and
mitigates risk by spreading out computing power to multiple
locations.

"This biopharmaceutical pioneer is a significant addition to
EDS' healthcare customer base.  Our goal is to help Bristol-
Myers Squibb's global competitiveness by delivering innovative,
thought-leading IT services," said EDS Americas executive vice
president, Jeff Kelly.  "As a leader and important partner in
healthcare transformation, EDS helps healthcare organizations
worldwide address critical business challenges through IT,
allowing companies like Bristol-Myers Squibb to lead in the
fight against disease."

As part of this agreement, EDS Agility Alliance partners EMC,
Microsoft, Oracle and SAP will provide products and services to
Bristol-Myers Squibb, furthering efforts to increase
productivity, mitigate risk and lower costs.  The EDS Agility
Alliance is a coalition of companies globally recognized for
their quality, products and value to clients.  Its mission is to
innovate, develop and deliver the EDS Agile Enterprise Platform
-- the company' next-generation global delivery system.
Together, the company and its Agility Alliance partners
collaborate to design, build and run a market-leading services
platform and develop technology-based services to deliver
tangible client results.  EDS Agility Alliance partners include
Cisco, EMC, Microsoft, Oracle, SAP, Sun Microsystems and Xerox.

                    About Electronic Data

Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS)
-- http://www.eds.com/-- is a global technology services
company delivering business solutions to its clients.  The
company founded the information technology outsourcing industry
more than 40 years ago.  The company delivers a broad portfolio
of information technology and business process outsourcing
services to clients in the manufacturing, financial services,
healthcare, communications, energy, transportation, and consumer
and retail industries and to governments around the world.

EDS has locations in Argentina, Australia, Brazil, China, Chile,
Hong Kong, India, Japan, Malaysia, Mexico, Puerto Rico,
Singapore, Taiwan, Thailand and South Korea.

                        *     *     *

Moody's placed EDS Corp.'s senior unsecured debt rating at 'Ba1'
in July 2004, and its probability of default rating at 'Ba1' in
September 2006.  Moody's said the outlook is positive.  The
ratings still hold to date.


ELECTRONIC DATA: Bags US$209.9-Mil. Contract from Indiana State
---------------------------------------------------------------
Electronic Data System Corp., Indiana's Medicaid partner since
1991, has been awarded a US$209.9 million, six-and-a-half-year
contract to upgrade and continue to maintain the state's
Medicaid Management Information System.

The new contract will leverage Electronic Data's leading-edge
interChange Health System, which serves as an industry model and
is in operation or being implemented in more than a dozen
states, including Kansas, Oklahoma, Pennsylvania and Kentucky.
Among the upgrades are a Web-based tool that will enable health
care providers to electronically enroll in the Medicaid program
as well as a number of internal processes.

The company will continue as fiscal agent to the state and its
27,000 health care providers, who care for more than 800,000
recipients and comprise the nation's 17th-largest Medicaid
program.

The agreement includes a seven-month phase to design, develop,
test and implement the additional features followed by a six-
year management term.

The contract, which was signed in late December, extends a
16-year relationship between Electronic Data and Indiana state.

The Electronic Data solution will provide Indiana with enhanced
transparency as it implements Gov. Mitch Daniels' package of
Medicaid reforms such as the Healthy Indiana Plan, which
provides health coverage to previously uninsured Indiana
residents, and the movement of aged, blind and disabled
residents to a care management model.  It also will continue
claims processing coverage for other Indiana health programs.

"At the conclusion of the procurement process, it was evident
that EDS was able to bring great value and experience to the
taxpayers of Indiana," said Family and Social Services
Administration Secretary, Mitch Roob.  "The technology and
insight that EDS has to offer will be a tremendous asset as we
continue to make great strides in new, innovative programs, such
as the Healthy Indiana Plan."

"As Indiana's technology partner for more than a decade and a
half, EDS understands the Healthy Indiana Plan and the state's
goal to cover its uninsured residents," said EDS Global Health
Care vice president, Sean Kenny.  "Our continued relationship
will provide stability not only for the current Medicaid
program, but also for future reforms."

"Long relationships are reflections of earned trust and
understanding of cultures and goals," said EDS United States
Government Health Care vice president, Barbara Anderson.  "Over
the years, Indiana and EDS together have delivered program
efficiencies to enable reforms and help push forward vital new
programs to improve health outcomes for Hoosiers."

               About Electronic Data System

Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS)
-- http://www.eds.com/-- is a global technology services
company delivering business solutions to its clients.  The
company founded the information technology outsourcing industry
more than 40 years ago.  The company delivers a broad portfolio
of information technology and business process outsourcing
services to clients in the manufacturing, financial services,
healthcare, communications, energy, transportation, and consumer
and retail industries and to governments around the world.  The
company has locations in Argentina, Australia, Brazil, China,
Chile, Hong Kong, India, Japan, Malaysia, Mexico, Puerto Rico,
Singapore, Taiwan, Thailand and South Korea.

                       *     *     *

Moody's placed EDS Corp.'s senior unsecured debt rating at 'Ba1'
in July 2004, and its probability of default rating at 'Ba1' in
September 2006.  Moody's said the outlook is positive.


OCI BERHAD: Sets Annual General Meeting on January 30
-----------------------------------------------------
OCI Berhad will have its 24th Annual General Meeting on Jan. 30,
2008, at 10:00 a.m. on Jan. 30, 2008.  The meeting will be held
at Concord Hotel Shah Alam, No 3 Jalan Tengku Ampuan Zabedah
C9/C, 40100 Shah Alam, in Selangor Darul Ehsan.

At the meeting, shareholders will be asked:

  1. to receive the audited accounts for the year ended June 30,
     2007, and the Reports of the Directors and Auditors.

  2. to re-elect Mr. Wijoto Tjiptodihardjo who retires in
     accordance with Article 87 of the Company's Articles of
     Association.

  3. to re-elect Mr. Low Kuek Shin who retires in accordance
     with Article 87 of the Company's Articles of Association.

  4. to re-elect Mr. Loh Wann Yuan who retires in accordance
     with Article 87 of the Company's Articles of Association.

  5. to re-elect Mr. Lau Fook Meng who retires in accordance
     with Article 87 of the Company's Articles of Association.

  6. to re-appoint Ernst & Young as Auditors and to authorized
     the Directors to fix their remuneration.

  7. to transact any other business for which due notice will
     have been given in accordance with the company's Article of
     Association and the Companies Act 1965.


OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world.  On January 24, 2006, the Company disposed off its entire
51% equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer as the auditors have
expressed a modified opinion with emphasis on the company's
going concern in the company's audited financial statements for
the financial year ended June 30, 2006 and the shareholders'
equity of the company on a consolidated basis as at June 30,
2006, represented 40.8% of the issued and paid-up capital of the
company.


PAN MALAYSIAN: Completes Capital Reconstruction Exercise
--------------------------------------------------------
Pan Malaysian Industries Berhad has completed its Capital
Reconstruction Exercise, a disclosure with the Bursa Malaysia
Securities Bhd stated.

In this connection, PMI's entire issued and paid-up share
capital comprising 1,239,662,112 ordinary shares of MYR0.10 each
and 543,460,016 warrants were listed and quoted on the Main
Board of Bursa Malaysia Securities Berhad starting Jan. 9, 2008.

Notices of allotment to all entitled shareholders and the Notice
to Warrantholders will be dispatched on Jan. 15, 2008, the
company added.

The company had earlier implemented the Proposed Capital
Reconstruction exercise comprising of the Proposed Par Value
Reduction, Proposed Share Premium Reduction, and Proposed Share
Consolidation.


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

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

Pan Malaysian Industries Bhd's balance sheet as of June 30,
2007, went upside down by MYR29.1 million on total assets of
MYR643.76 million and total liabilities of MYR672.85 million.


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

AUTOWAYS LTD: Creditors' Proofs of Debt Due Today
-------------------------------------------------
The creditors of Autoways Ltd. are required to file their proofs
of debt today, January 10, 2008, for them to be included in the
company's dividend distribution.

The company's liquidator is:

          Murray G. Allott
          PO Box 29432, Christchurch 8540
          New Zealand
          Telephone:(03) 365 1028
          Facsimile: (03) 365 6400
          e-mail: murray@profitco.co.nz


BAD IDEA: Fixes Feb. 29 as Last Day to File Claims
--------------------------------------------------
Bad Idea Ltd., which is in liquidation, requires its creditors
to file their proofs of debt by February 29, 2008, for them to
be included in the company's dividend distribution.

The company's liquidators are:

          Vivian Judith Fatupaito
          Colin Thomas McCloy
          c/o PricewaterhouseCoopers
          188 Quay Street, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


GLAMIS HOSPITAL: Shareholders Agree on Voluntary Liquidation
------------------------------------------------------------
The shareholders of Glamis Hospital 1983 Ltd. met on Nov. 30,
2007, and agreed to voluntarily liquidate the company's
business.

Douglas Bruce Ellison was tapped as liquidator.

The Liquidator can be reached at:

          Douglas Bruce Ellison
          PO Box 8722, Symonds Street
          Auckland 1015
          New Zealand
          Telephone:(09) 303 2200
          Facsimile:(09) 307 2074


HAURAKI NORFOLK: Taps Toon & Finnigan as Liquidators
----------------------------------------------------
On November 29, 2007, Victoria Toon and Peri Micaela Finnigan
were named liquidators of Hauraki Norfolk Holdings Ltd.

Only creditors who are able to file their claims by Dec. 20,
2007, will be included in the company's dividend distribution.

The Liquidators can be reached at:

         Victoria Toon
         Peri Micaela Finnigan
         c/o McDonald Vague
         Wellesley Street
         PO Box 6092, Auckland
         New Zealand
         Telephone:(09) 306 3344
         Facsimile:(09) 303 0508


LICKERISH HOLDINGS: Undergoes Liquidation Proceedings
-----------------------------------------------------
On November 26, 2007, Lickerish Holdings Ltd. went into
liquidation.

Only creditors who are able to file their claims by Dec. 31,
2007, will be included in the company's dividend distribution.

The company's liquidator is:

          Kevin D. Newson
          Chartered Accountant
          PO Box 15130, Wellington
          New Zealand
          Telephone/Facsimile:(04) 973 9991


RENDELL PROPERTIES: Commences Liquidation Proceedings
-----------------------------------------------------
On December 3, 2007, the shareholders of Rendell Properties Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who are able to file their claims by Jan. 4,
2007, will be included in the company's dividend distribution.

The company's liquidator is:

         Douglas Kim Fisher
         Private Bag MBE M215
         Auckland
         New Zealand
         Telephone:(09) 630 0491
         Facsimile:(09) 638 6283


SPECIAL MANAGED: Appoints Toon & Finnigan as Liquidators
--------------------------------------------------------
On November 29, 2007, Victoria Toon and Peri Micaela Finnigan
were appointed liquidators of:

   -- Special Managed Investment Company No.10 Limited;
   -- Special Managed Investment Company No.11 Limited;
   -- Special Managed Investment Company No.50 Limited;
   -- Special Managed Investment Company No.65 Limited;
   -- Special Managed Investment Company No.94 Limited;
   -- Special Managed Investment Company No.47 Limited;
   -- Special Managed Investment Company No.63 Limited;
   -- Special Managed Investment Company No.46 Limited;
   -- Special Managed Investment Company No.89 Limited;
   -- Special Managed Investment Company No.99 Limited; and
   -- Special Managed Investment Company No.36 Limited

Only creditors who are able to file their claims by the Dec. 20,
2007 deadline will be included in the company's dividend
distribution.

The Liquidators can be reached at:

         Victoria Toon
         Peri Micaela Finnigan
         c/o McDonald Vague
         Wellesley Street
         PO Box 6092, Auckland
         New Zealand
         Telephone:(09) 306 3344
         Facsimile:(09) 303 0508


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


T5 CONSTRUCTION: Creditors' Proofs of Debt Due on January 14
------------------------------------------------------------
The creditors of T5 Construction Ltd. are required to file their
proofs of debt by January 14, 2008, for them to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 30,
2007.

The company's liquidators are:

          Boris van Delden
          Peri Micaela Finnigan
          c/o McDonald Vague
          PO Box 6092, Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


WENDSLEYDALE HOLDINGS: Appoints Bastion as Liquidator
-----------------------------------------------------
On December 21, 2007, Terence Charles Webb Bastion was named
liquidator of Wendsleydale Holdings Ltd.

Only creditors who are able to file their claims by Dec. 21,
2007, will be included in the company's dividend distribution.

The Liquidator can be reached at:

          Terence Charles Webb Bastion
          KBC House, 272 Karori Road
          Karori, Wellington
          New Zealand
          Telephone:(04) 476 5775
          Facsimile:(04) 476 5778


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

LAFAYETTE MINING: Reveals Pending Copper Shipment to China
----------------------------------------------------------
The Rapu-Rapu polymetallic project of Lafayette Mining
(Philippines) Inc. is about to ship 2,700 dry metric tons of
copper concentrates to China this week, company spokesperson
Bayani Agabin told the Philippine Star.

The shipment is worth US$5 million, the report relates.

According to PhilStar, Mr. Agabin said that the company is
currently negotiating with potential investors for additional
capital.  He also downplayed rumors that the company has gone
bankrupt and closed down, saying that they have not laid off any
of its employees.  Instead, he explained, they are only
rehabilitating their businesses.  

A foreign group has already expressed interest in the Rapu-Rapu
project, Mr. Agabin further told PhilStar.

                      About Lafayette

Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the    
Australian Stock Exchange since August 1997.  Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu-
Rapu in the Philippines.

The TCR-AP's "Large Companies with Insolvent Balance Sheets"
column on December 14, 2007, reflected Lafayette Mining Limited
as having US$190.86 million equity deficit, on total assets of
US$105.24 million.


MIRANT CORP: Court Enters Final Decree Closing 21 Chap. 11 Cases
----------------------------------------------------------------
Section 350(a) of the Bankruptcy Code provides that after an
estate is fully administered and the Court has discharged the
trustee, the Court will close the case.

Hence, at the New Mirant Entities' behest, the U.S. Bankruptcy
Court for the Northern District of Texas entered a final decree
closing each of the 21 Chapter 11 cases of administratively
consolidated Mirant Entities, effective on Dec. 19, 2007.

The Administered Entities are:

  Debtor                                     Case No.
  ------                                     --------
  Mirant California Investments, Inc.        03-46619
  Mirant California, LLC                     03-46620
  Mirant MD Ash Management, LLC              03-46637
  Mirant Special Procurement, Inc.           03-46650
  MLW Development, LLC                       03-46588
  Mirant Americas, Inc.                      03-46594
  Mint Farm Generation, LLC                  03-46596
  Mirant Americas Procurement, Inc.          03-46615
  Mirant Capital, Inc.                       03-46623
  Mirant Chalk Point Development, LLC        03-46625
  Mirant Dickerson Development, LLC          03-46630
  Mirant Fund 2001, LLC                      03-46631
  Mirant Intellectual Asset                  03-46633
     Management and Marketing, LLC
  Mirant Portage County, LLC                 03-46646
  Mirant Services, LLC                       03-46649
  Mirant Wichita Falls, LP                   03-46659
  Mirant Wyandotte, LLC                      03-46660
  Mirant Wrightsville Investments, Inc.      03-49548
  Mirant Wrightsville Management, Inc.       03-49556
  Wrightsville Power Facility, L.L.C.        03-49553
  Wrightsville Development Funding, L.L.C.   03-49555

Craig H. Averch, Esq., at Haynes and Boone, LLP, in Dallas,
Texas, points out that it is clear that a final decree is
appropriate in the case of each of the Administered Entities
since:

   (a) the order confirming the New Mirant Entities' Plan of
       Reorganization is final and non-appealable;

   (b) the Plan has been substantially consummated and payments
       to be made under the Plan are largely completed;

   (c) to the extent that any claims remain pending against any
       of the Administered Entities, the claims will remain
       pending against the debtor group to which the entity
       belonged, as provided for in the Plan; and

   (d) the rights of creditors will not be adversely affected
       by the closing of the Administered Entities' Chapter 11
       cases.

Mr. Averch tells Judge Lynn that under Section 1930 of the
Judiciary and Judicial Procedure Code, the Administered Entities
are incurring fees, and and will continue to incur the fees
until the Chapter 11 case of each entity is closed.

The United States Trustee for Region 6 did not oppose the
request, according to Mr. Averch.

As of the Chapter 11 Closing Effective Date, there are 17 cases
remaining in the Administratively Consolidated Cases of the New
Mirant Entities:

  Debtor                                     Case No.
  ------                                     --------
  Mirant Corporation                         03-46590
  Mirant Potomac River, LLC                  03-46647
  Mirant Americas Generation, LLC            03-46592
  Mirant New York, Inc.                      03-46641
  Mirant Bowline, LLC                        03-46618
  Mirant Lovett, LLC                         03-46636
  Mirant NY-Gen, LLC                         03-46642
  Hudson Valley Gas Corporation              03-46595
  Mirant Mid-Atlantic, LLC                   03-46593
  Mirant Chalk Point, LLC                    03-46626
  Mirant Piney Point, LLC                    03-46645
  Mirant Canal, LLC                          03-46621
  Mirant Kendall, LLC                        03-46634
  Mirant Potrero, LLC                        03-46648
  Mirant Delta, LLC                          03-46629
  Mirant Americas Energy Marketing, LP       03-46591
  Newco 2005 Corporation                     05-90365

                        PG&E Objects

Pacific Gas and Electric Company tried to block the Debtors'
request.  Pacific Gas asked Judge Lynn not to close the
bankruptcy proceedings of Mirant Delta, LLC and and Mirant
Potrero, LLC because Mirant Potrero assumed certain obligations
to indemnify PG&E for costs of work PG&E agreed to perform that
was requested by the Port of San Francisco, acting on behalf of
the City and County of San Francisco.

Jo E. Hartwick, Esq., at Stutzman Bromberg Esserman & Plifka, in
Dallas, Texas, states that Mirant Delta and Mirant Potrero, on
the one hand, and PG&E, on the other, memorialized Mirant
Potrero's agreement to indemnify PG&E in an agreement that was
subsequently approved by the Court on August 2, 2006.

Hence, PG&E sought to preserve its right to seek indemnification
pursuant to the Potrero Indemnity Obligations.

The Debtors responded that there was no reason for PG&E to
object to their Closing Motion, since the request did not
include Mirant Delta and Mirant Potrero.

                        About Mirant

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.

Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  On
March 7, 2007, the Court entered a final decree closing 46
Mirant cases.

Mirant NY-Gen LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant
New York Inc., and Hudson Valley Gas Corporation, were not
included.  On Feb. 15, 2007, Mirant NY-Gen filed its Chapter 11
Plan of Reorganization and on Feb. 22 filed a Disclosure
Statement explaining that Plan.  The Court approved the adequacy
of Mirant NY-Gen's Disclosure Statement on March 22, 2007, and
confirmed the Amended Plan on May 7, 2007.  Mirant NY-Gen
emerged from chapter 11 on May 7, 2007.

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization.  The Court confirmed Mirant Lovett's Plan on
Sept. 19, 2007.  Mirant Lovett emerged from bankruptcy on
Oct. 2, 2007.

(Mirant Bankruptcy News, Issue No. 134; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                       *     *     *

As reported in the Troubled Company Reporter on Dec. 26, 2007,
Moody's Investors Service upgraded the ratings of Mirant
Corporation (Mirant: Corporate Family Rating to B1 from B2) and
its subsidiaries Mirant Mid-Atlantic, LLC (MIRMA: pass through
trust certificates to Ba1 from Ba2), Mirant North America, LLC
(MNA: senior unsecured to B1 from B2 and senior secured to Ba2
from Ba3) and Mirant Americas Generation, LLC (MAG: senior
unsecured to B3 from Caa1).  Additionally, Mirant's Speculative
Grade Liquidity (SGL) rating was revised to SGL-1 from SGL-2.
Moody's said the rating outlook is stable for Mirant, MNA, MAG,
and MIRMA.


PHIL. LONG DISTANCE: Lists 9,000 New Common Shares with PSE
-----------------------------------------------------------
The Philippine Long Distance Telephone Co. has listed an
additional 9000 common shares with the Philippine Stock
Exchange.

The shares were listed on January 8.

The 9,000 shares reflect the same number of the company's Series
VI Cumulative Convertible Preferred Stock that have been
converted by their holders.

The company now has 11,547,616 common shares listed in the local
bourse arising from the conversion of the Series VI preferred
shares.


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

                        *     *     *

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

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


PHIL. NATIONAL BANK: S&P Keeps B and B1 Credit Ratings
------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B-' long-
term and 'B' short-term counterparty credit ratings on
Philippine National Bank.  The outlook is positive. At the
same time, Standard & Poor's affirmed its 'E+' bank fundamental
strength rating on PNB.

The ratings reflect PNB's strong domestic franchise and network
and the bank's comparatively weak asset quality and underlying
profitability by domestic as well as international standards.
Its capitalization also needs further support.  The positive
outlook indicates possibility of an upgrade in the long-term
rating should the bank's financial profile improve
significantly.

"Asset quality has improved over the past five years, but still
remains a challenge," said Standard & Poor's credit analyst Ivan
Tan.  The ratio of nonperforming assets (NPAs, including
nonperforming loans, foreclosed assets and restructured loans)
to loans declined to 40% as at June 30, 2007, from its five-year
peak of 91% in 2003 but still remains significantly higher than
the industry's 14% and that of its major domestic peers.

In terms of profitability, the bank's net interest margin of
3.0% at June 30, 2007, is notably below the industry's 4.2%.  In
addition, PNB has a very high cost base with a ratio of
noninterest expense to average adjusted asset of 3.5% due to
manpower and brick-and-mortar costs associated with its large
branch network located throughout the country.  Although
capitalization improved following the injection of Philippine
pesos 5.1 billion of fresh equity from a capital-raising
exercise in August 2007, in Standard & Poor's opinion, it is
weak considering that the bank's adjusted total equity (ATE) is
less than its uncovered NPAs.

The outlook on PNB remains positive as the bank continues to
improve its financial profile, although it is not sufficient to
warrant an upgrade in the bank's long-term rating.  The rating
could be raised within the next 12 to 18 months, if PNB
demonstrates significant capital strengthening and asset quality
improvement such that its ATE exceeds uncovered NPAs,
accompanied by better core earnings capability to boost its
profitability to industry averages.  Conversely, the outlook on
PNB would revert to stable if the improvement in financial
profile loses momentum.


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

AVAGO TECH: Completes Redemption of Sr. Floating Notes Due 2013
---------------------------------------------------------------
Avago Technologies, on December 18, 2007, completed the
redemption of US$200 million of its US$250 million aggregate
principal amount outstanding Senior Floating Rate Notes due
2013.

The Notes were redeemed at a price of 102% of the principal
amount, plus accrued and unpaid interest of approximately
US$4.43 per US$1,000 principal amount, for a total redemption
price of approximately US$1,024.43 per US$1,000 principal amount
of the Notes.

                       About Avago Tech

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--
is a semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

Worldwide Design, Manufacturing and Marketing Centers in the
United States, Italy, Germany, Singapore, Korea, China, Japan
and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
September 24, 2007, Standard & Poor's Ratings Services assigned
Avago with 'B' corporate credit rating with positive
implications reflecting the company's operational stability,
despite challenging market conditions, and leverage measures
that are strong for the rating.


CIRCLE INFOCOM: Pays First and Final Dividend
---------------------------------------------
Circle Infocom (S) Pte Ltd, which is in liquidation, paid its
first and final dividend to its creditors on January 4, 2008.

The company paid 0.9% to all received claims.

The company's liquidator is:

          Don M. Ho, FCPA
          c/o Don Ho & Associates
          Certified Public Accountants
          Corporate Advisory & Recoveries
          Equity Plaza
          20 Cecil Street #12-02 & 03
          Singapore 049705
          Telephone: 6532 0320 (8 lines)
          Facsimile: 6532 0331


FREESCALE SEMI: Will Develop Power Management Chip for Intel
------------------------------------------------------------
Freescale Semiconductor has reached agreement with Intel
Corporation to develop a high-performance audio and power
management solution for Intel-based MIDs.  The highly integrated
chip set is designed to efficiently manage power, enabling
smaller form factors and longer battery life.

"This collaboration combines the strengths of two semiconductor
industry leaders to address complex power-management challenges
for next-generation Mobile Internet Devices," said Arman
Naghavi, vice president and general manager of Freescale's
Analog, Mixed-Signal & Power Division.  "Freescale's
process technology and IP provide an ideal complement to Intel's
leadership and technology innovation in mobile processing."

The audio and power management chip set is planned to be
manufactured on Freescale's advanced SMARTMOS(TM) technology, a
high-voltage CMOS-based process that enables high integration of
precision analog, power devices and logic.  When paired with
Intel's low-power processors and chip sets, the forthcoming
power management chip set is expected to provide an energy-
efficient processing solution for a range of Mobile Internet
Devices.

"Mobile Internet Devices (MIDs) are an exciting growth
opportunity for the industry and will enable consumers to carry
a full Internet experience in their pockets," said Pankaj Kedia,
Director of Global Ecosystem Programs in the Ultra Mobility
Group at Intel Corporation.  "Freescale's power management
IC and Intel's low-power technologies will enable device makers
to deliver MIDs in increasingly smaller form factors with great
battery life."

Initial samples of Freescale's power management ICs are expected
to be available in the second half of 2008.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and    
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.   
Freescale Semiconductor became a publicly traded company in July
2004.  The company has design, research and development,
manufacturing or sales operations in more than 30 countries
including Singapore.  Revenues for the 12 months ended March 31,
2007 were US$6.2 billion.


                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2007, Moody's Investors Service has lowered the ratings
of Freescale Semiconductor Inc:

-- Corporate Family Rating to B1 from Ba3

-- Probability of Default Rating to B1 from Ba3

-- US$ 750 Million Senior Secured Revolving Credit Facility
    due 2012 to Ba1 (LGD-2, 17%) from Baa3 (LGD-2, 16%)

-- US$3.50 Billion Senior Secured Term Loan B Facility due
    2013 to Ba1 (LGD-2, 17%) from Baa3 (LGD-2, 16%)

-- US$2.35 Billion Senior Unsecured Notes due 2014 to B2 (LGD-
    4, 65%) from B1 (LGD-4, 63%)

-- US$ 500 Million Senior Unsecured Floating Rate Notes due
    2014 to B2 (LGD-4, 65%) from B1 (LGD-4, 63%)

-- US$1.50 Billion Senior Unsecured Toggle Notes due 2014 to
    B2 (LGD-4, 65%) from B1 (LGD-4, 63%)

-- US$1.60 Billion Senior Subordinated Unsecured Notes due
    2016 to B3 (LGD-6, 92%) from B2 (LGD-6, 91%)


ISV INVESTMENT: Pays First and Final Dividend
---------------------------------------------
ISV Investment Pte Ltd, which is in voluntary liquidation, paid
its first and final dividend on January 7, 2008.

The company paid 2.56& to all admitted ordinary claims.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          Stone Forest Corporate Advisory Pte Ltd
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


LAURA ASHLEY: Placed Under Voluntary Liquidation
------------------------------------------------
At an extraordinary general meeting held on December 28, 2007,
the members of Laura Ashley Singapore Pte. Ltd. resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by Feb. 4,
2008, for them to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          Lau Chin Huat & Co
          c/o Blk 150A, Mei Chin Road #02-00
          Singapore 140150


LAZARD LTD: Appoints John Rutherford as Managing Director
---------------------------------------------------------
Lazard Ltd. disclosed that John R. Rutherford has joined the
firm as a Managing Director and Head of North American Energy
Investment Banking.  Based in Houston, Mr. Rutherford was most
recently a Managing Director and Partner at Simmons & Company
International, an independent investment bank serving the energy
industry.

Mr. Rutherford will be a senior member of Lazard's energy effort
working closely with Bruce Bilger, who was recently hired as
Chairman and Head of Global Energy, based in Houston.  He also
will work with George Bilicic, who heads the firm's Global Power
& Energy group, and with Lazard investment bankers in North
America, South America, Europe, Australia and Asia.

"I have known John for twenty years," said Bruce Wasserstein,
Chairman and CEO of Lazard.  "As we continue to add industry
depth to our financial advisory business, he will bring
tremendous expertise to our global energy effort and to our
Southwest regional business."

Lazard's global Power & Energy sector has broadened and deepened
its expertise over the past five years.  The firm has most
recently advised on such announced and completed transactions as
the acquisition of TXU by KKR and an investor group, Sempra
Energy in its joint venture with the Royal Bank of Scotland, ASM
Brescia in its merger with AEM Milano, TransCanada in its
acquisition of ANR Pipeline and Storage, Duke Energy in the
separation of its gas and power businesses, KeySpan in its sale
to National Grid and Gaz de France on its proposed merger with
Suez.  The firm has continued to bolster its teams in its Power
& Energy effort, with the addition of Skip Grow in alternative
energy, and now with Mr. Bilger and Mr. Rutherford.

"John is one of the most respected investment bankers in
energy," said Mr. Bilger.  "He will play a key role in providing
specialist skills and industry knowledge, which will be a great
complement to our teams in Houston and North America."

"Lazard has taken the concept of premium, financial advice to a
global platform, while still bringing sector focus to the
table," said Mr. Rutherford.  "This is the perfect next step for
me, and I look forward to working with the Lazard teams in
Houston, North America and worldwide."

Mr. Rutherford joins Lazard after ten years at Simmons, where he
played a leadership role in building its financial advisory
businesses in the mid-stream, downstream, and exploration and
production sectors.  He also expanded Simmons' efforts in public
oil-field services industry transactions.  During his tenure
there he advised clients on such transactions as mergers and
acquisitions, corporate restructurings and other strategic
advisory assignments.  Prior to Simmons, Mr. Rutherford was a
senior M&A banker at Lehman Brothers in Houston in its Natural
Resources Group and Mergers and Acquisitions Group, where he was
primarily responsible for originating and executing M&A
assignments and strategic advisory assignments.

In his earlier years, Mr. Rutherford opened the Houston office
for Wasserstein Perella & Co. and was a banker at First Boston.
He also spent two years as CFO and partner of Sandefer Offshore.
Mr. Rutherford earned a BBA in Petroleum Land Management and
Accounting from the University of Texas at Austin, and an MBA
with Distinction from the Wharton School of Business.

                     About Lazard Ltd.

Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a
preeminent financial advisory and asset management firms, that
operates from 32 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides advice on mergers and
acquisitions, restructuring and capital raising, well as asset
management services to corporations, partnerships, institutions,
governments, and individuals.  The company has locations in
Australia, Brazil, China, France, Germany, India, Japan, Korea
and Singapore.

The company's consolidated balance sheet at Sept. 30, 2007,
showed US$3.51 billion in total assets, US$3.54 billion in total
liabilities, and US$49.0 million minority interest, resulting in
a US$74.5 million total shareholders' deficiency.


SEMITECH ELECTRONICS: Unveils Shareholders' Change of Interest
--------------------------------------------------------------
Semitech Holdings Pte Ltd, a subsidiary of Semitech Electronics
Ltd, unveiled that it has transferred all of its 90,015,000
shares in the company equally to its three shareholders.

Lawrence Lee Seng Kiong, one of the shareholders, now holds  
30,005,000 direct shares in the company with 12.09% issued share
capital.  Prior to the transfer of shares, Mr. Kiong held
90,015,000 deemed shares with 36.28% issued share capital.

Another shareholder, Neo Kian Chye, holds now 44,800,000 direct
shares with 18.05% issued share capital.  Prior to the
transaction, Mr. Chye held 14,795,000 direct shares with 5.96%
issued share capital and 90,015,000 deemed shares with 36.28%
issued share capital.

Tay Soon Lee, is currently holding 51,800,000 direct shares with
20.88% issued share capital.  Prior to the transaction, Mr. Tay
held 21,795,000 direct shares with 8.78% issued share capital
and 90,015,000 deemed shares with 36.28% issued share capital.

Headquartered in Singapore, Semitech Electronics Ltd. is
principally engaged in contract equipment manufacturing, trading
and distribution of equipment and providing after sales services
for voice and data communication products. Some of its wholly
owned subsidiaries include SEM Manufacturing Pte Ltd, Semitech
Electronics (Wuxi) Co. Ltd, Semitech Enterprise Pte Ltd and
Semitech Manufacturing Sdn Bhd.

Semitech has incurred SGD0.16 million, SGD2.37 million,
SGD5.1 million, and SGD6.5 million net losses since FY2003
through FY2006.


SHENTON MEDICAL: Requires Creditors to File Claims by Feb. 4
------------------------------------------------------------
The creditors of Shenton Medical Centre Pte Ltd are required 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


WIN BO: Court to Hear Wind-Up Petition on January 18
----------------------------------------------------
A petition to have Win Bo Pte Ltd's operations wound up will be
heard before the High Court of Singapore on January 18, 2008, at
10:00 a.m.

TSL Housing Pte Ltd filed the petition on December 28, 2007.

TSL Housing's solicitors are:

          Chancery Law Corporation
          30 Raffles Place
          #21-02 Chevron House
          Singapore 048622


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

BANGKOK RUBBER: Faces Possible Delisting of Shares by SET
---------------------------------------------------------
Bangkok Rubber PCL is facing a possible delisting by the Stock
Exchange of Thailand after failing to appoint the sufficient
number of audit committee members.

According to the SET, the company has to appoint a sufficient
number of audit committee members by June 19, 2008, after which
the SET will announce the company's possible removal from the
trading list.  If it still fails to comply with the requirement
by September 19, 2008, the SET may possibly delist the company's
securities.

Headquartered in Bangkok, Thailand, Bangkok Rubber Public
Company Limited -- http://www.pan-group.com/-- manufactures
shoes and footwear under Pan, Kodomo, Diadora, and Heel Care
brand names.

After reviewing Bangkok Rubber PCL's consolidated financial
statements for the second quarter of 2007, Nonglak Pumnoi at
Ernst & Young Office Ltd. raised substantial doubt on the
company's ability to continue as a going concern.

The auditor cited the company's THB2.326-billion capital deficit
and its postponement of debt payment under its rehabilitation
plan.  Mr. Pumnoi then stated that the company's ability to
continue as a going concern depends upon the its success in
revising the rehabilitation plan and complying with its
conditions, and to find additional sources of funding, and on
the outcome of their operations.


SAFARI WORLD: Rents Land from Bird Circus to Plant Animal Foods
---------------------------------------------------------------
Safari World PCL has rented land from Bird Circus Co. Ltd. for a
3-year period for THB3 million for every year of rent, for a
total of THB9 million.

The land, with a total area of 68-2-29.8 rais, would be used for
the cultivation of grass, banana, corn and other plants that
would be fed to animals.

                     About Safari World PCL

Bangkok-based Safari World Public Company Limited --
http://www.safariworld.com/-- is engaged in the entertainment    
business.  The company operates Safari World, which is comprised
of an open zoo, a marine park, a bird park and other theme
parks.  It offers animal performances and other recreational
activities such as jungle cruises and feeding shows.  The
company is also involved in food and beverage services, the sale
of souvenirs and the provision of air-conditioned coach
services. Safari World has a subsidiary, Phuket FantaSea Company
Limited, which is engaged in the operation of Phuket FantaSea (a
nighttime cultural theme park).

                       Going Concern Doubt

After reviewing the company's 2007 second quarter financial
statements, Atipong Atipongsakul of ANS Audit Co. Ltd. raised
substantial doubt on the company's ability to continue as a
going concern.

The auditor said that the Company and its subsidiary have
incurred a continuous operating loss and have a net consolidated
loss for the six-month periods ended June 30, 2007 and 2006,
amounting to approximately THB197.8 million and
THB208.4 million, respectively, and have total liabilities
exceeding total assets by THB269.2 million.

In addition, the Company has not complied with conditions
indicated in the debt restructuring agreement that caused the
default and the creditor filed a lawsuit against the Company
regarding the default in payment of loan and bank overdraft and
the enforcement of the mortgage. Presently, the Company has been
in the process of negotiating with another creditor to refinance
the debt.


THAI WAH: 1st Half 2007 Profit Falls 28.94% to THB384.3 Million
---------------------------------------------------------------
Thai Wah PCL has posted a consolidated net income of
THB384.316 million for the first half of 2007, a 28.94% decrease
from the THB540.839-million net income for the same period in
2006.

For the January-June 2007 period, the company earned revenues of
THB1.148 billion while incurring expenses of THB707.106 million.  
The company also posted interest expenses of THB30.030 million
and a corporate income tax of THB14.879 million.

As of June 30, 2007, the company had total assets of
THB5.413 billion and total liabilities of THB4.697 billion,
resulting in a shareholders' equity of THB715.97 million.


The company's first half financial statements can be downloaded
for free at:

             http://researcharchives.com/t/s?26e8
                        
Thai Wah Public Company Ltd's principal activity is the
manufacturing and marketing of various food products using mung
beans.  Products includes mung bean vermicelli, bean sheet
(Shanghai noodle) and salim starch.  Brands and trademarks of
the group include Double Dragon, Phoenix, Double Kilin and
Double Eagle brands for vermicelli; Double Dragon brand for
salim starch and bean sheet; and New Grade brand for tapioca
starch, tapioca pearls and rice flours.  It operates a factory
in Thailand located in Banglane District, Nakorn Pathom
Province.

Thai Wah is currently implementing a Reorganization Plan, whose
amendments were approved by the Central Bankruptcy Court in
November 2005.


THAI WAH: 2007 3rd Quarter Profit Falls 91% to THB11.805 Million
----------------------------------------------------------------
Thai Wah PCL has posted a consolidated net income of
THB11.805 million for the third quarter of 2007, a 91.65%
decrease from the THB141.436 million net income reported for the
same period in 2006.

For the quarter ended September 30, 2007, the group posted
revenues of THB472.491 million while incurring expenses of
THB442.929 million.  The group also interest expenses of
THB12.937 million, and recorded a corporate income tax of
THB2.448 million.

The group's net income for the January-September period in 2007
also went down 41.94% from 2006's THB682.275 million to 2007's
THB396.121 million.

The group's expenses for the nine-month period is at
THB1.621 billion, while expenses are at THB1.150 million.  The
company also recorded interest expenses at THB42.967 million and
corporate income tax at THB17.327 million.

As of September 30, 2007, the company's consolidated balance
sheets showed total assets of THB4.006 billion and total
liabilities of THB4.544 billion, resulting in a capital
deficiency of THB537.627 million.  The company is also illiquid,
as its consolidated current liabilities of THB4.539 billion
exceed current assets of THB847.892 million.

                      GOING CONCERN DOUBT

After reviewing the company's nine-month and third quarter
financial statements, Jadesada Hungsapruek at Karin Audit Co.
Ltd. raised significant doubt on the company's ability to
continue as a going concern.  

The auditor cited the company's THB537.63 million consolidated
capital deficit and THB2.056 million capital deficit in its
separate financial statements, as well as its working capital
deficits of THB3.691 million in the consolidated statements and
THB4.020 million in the separate statements.

The auditor also said that the company has defaulted in
principal and interest payments to a creditor, who sued the
company in Court.  The auditor added that the Central Bankruptcy
Court terminated the company's business reorganization because
it failed to implement the plan within the prescribed period.

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

             http://researcharchives.com/t/s?26e7

                      About Thai Wah PCL

Thai Wah Public Company Ltd's principal activity is the
manufacturing and marketing of various food products using mung
beans.  Products includes mung bean vermicelli, bean sheet
(Shanghai noodle) and salim starch.  Brands and trademarks of
the group include Double Dragon, Phoenix, Double Kilin and
Double Eagle brands for vermicelli; Double Dragon brand for
salim starch and bean sheet; and New Grade brand for tapioca
starch, tapioca pearls and rice flours.  It operates a factory
in Thailand located in Banglane District, Nakorn Pathom
Province.

Thai Wah is currently implementing a Reorganization Plan, whose
amendments were approved by the Central Bankruptcy Court in
November 2005.





                         *********

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-
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