TCRAP_Public/080111.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Friday, January 11, 2008, Vol. 11, No. 8

                            Headlines

A U S T R A L I A

AUSTRALIAN CORRUGATED: Members Agree on Voluntary Liquidation
BASIS CAPITAL: Wants Court to Name Stakeholders' Representatives
BIVIANO'S FRUIT: Creditors Receive Wind-Up Report
CENTRE MANAGEMENT: Commences Liquidation Proceedings
CENTRO PROPERTIES: Invited by ASIC Regarding AU$1-Billion Debt

ENTERTAINMENT MEDIA: Acquires 51% Controlling Stake in Nexbis
FOREST PRODUCTS: Commences Liquidation Proceedings
INTEGRATED DATA: Liquidator to Present Wind-Up Report Today
ITRON INC: Posts US$3.4 Million Net Loss in 2007 Third Quarter
LAFAYETTE MINING: In Talks with Four Prospects for Rapu-Rapu

M GOEBEL: Liquidator Presents Wind-Up Report
MEANDERHAM PTY: Members Receive Wind-Up Report
PINETHORPE PTY: Declares Dividend for Creditors
REJAN DEVELOPMENT: Members Opt to Shut Down Business


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

ALERIS INT'L: To Phase Out Toronto Coil Coating Facility
ARIMA COMPUTER: Renews Houston Plant Lease
CHUNG SHING TEXTILE: December 2007 Sales Falls 89.70%
CONCORD SECURITIES: December 2007 Sales Slumps 34.95%
EVERLIGHT ELECTRONICS: December Sales Rise by 45.25%

INT'L PAPER: Declares US$0.25 Per Share Quarterly Dividend
KAO HSIUNG: 2007 Sales Amounts to TWD11 Billion
QUANTA COMPUTER: Sells 3.1 Million Notebooks in December
QUANTA COMPUTER: Issues 50 Million Shares for Employees
SILICONWARE PRECISION: Increases Investment in China

YEU TYAN: December 2007 Sales Down to TWD9,000


I N D I A

AXIS BANK: Brings In K. N. Prithviraj as Additional Director
DISH TV: Indivision Buys 4.9% Stake for INR2.5 Billion
DRESSER-RAND GROUP: To Supply Advanced Turbomachine to Pazflor
EUTELSAT COMMS: Picks EADS Astium to Launch KA-Band Satellite
FORD MOTOR: Investing US$500 Million to Expand India Operations

GERDAU SA: Board Authorizes Preferred Shares Buyback Program
ICICI BANK: To List Four Units Starting With ICICI Securities
ITI LTD: Seeks for INR2,000-Crore Fund Infusion
SAMTEL COLOR: De-lists Shares in Three Stock Exchanges
SPICEJET LTD: Stock Rises on Takeover Speculations

TATA POWER: Shortlisted for Government's Dhopave Power Project
VISTEON CORP: Collaborates with 3M at Electronic Show in Vegas
* Corporate Restructuring Workshop in Mumbai on Jan. 19

I N D O N E S I A

GARUDA INDONESIA: Japan Unit to Open Nagoya-Bali Route
GARUDA INDONESIA: To Raise Fuel Charge by 11-12%
FOSTER WHEELER: Approves Increase in Authorized Common Shares
TUPPERWARE BRANDS: Schedules January 30 Earnings Call


J A P A N

BOWNE & CO: Earns US$804,000 in Quarter Ended Sept. 30
DELPHI CORP: Expands Supply Contract with VaST Systems
DELPHI CORP: Court Rejects Intermet's Demand for Claims Payment
DELPHI CORP: Deloitte Resolves Securities Fraud Claims for $38MM
DELPHI CORP: Plans To Reduce US$6.8 Billion Exit Financing

FORD MOTOR: Tata May Tap Ford Senior Exec to Head Two Brands
J-CORE: S&P Upgrades Rating on Class E Trust Certificate to BB+
JAPAN AIRLINES: To Ask JPY60 Billion More From Creditors
JAPAN AIRLINES: MUFG to Likely Win Bid for JALCard Unit
SOSHISHA PUBLISHING: Files for Bankruptcy Amid JPY2.25BB Debt


K O R E A

DAEWOO ELECTRONICS: Creditors Pick Buyers for Stake
DAEWOO ELECTRONICS: Buys  MMP License From TPL Group
JINRO LTD: To Sell 5-Million Shares in Second Half of 2008


M A L A Y S I A

LITYAN HOLDINGS: Restraining Order Effective Until April 8
SOLUTIA INC: Posts US$15,000,000 Net Loss in Nov. 1-30, 2007


N E W  Z E A L A N D

AIS INSULATION: Appoints Rea & Sargison as Liquidators
LONGSEA PROPERTIES: Placed Under Voluntary Liquidation
MARCHTYME HOLDINGS: Fixes Jan. 21 as Last Day to File Claims
MORELL CONTRACTING: Creditors' Proofs of Debt Due on January 18
PARK TERRACE: Wind-Up Petition Hearing Set for Jan. 14

PRESERVATION & MAINTENANCE: Wind-Up Petition Hearing on Jan. 31
THE HIGHWAY VILLAGE: Court to Hear Wind-Up Petition on Jan. 22
THORBY TRANSPORT: Taps Brown & Rodewald as Liquidators
ULTIMAX LTD: Subject to Auckland Packaging's Wind-Up Petition
ZX CORPORATION: Subject to CIR's Wind-Up Petition


P H I L I P P I N E S

BANKARD INC: SEC Approves Capital Increase to PHP2 Billion
GLOBE TELECOM: Lists 6,886 Additional Shares in Local Bourse
LIBERTY TELECOMS: Taps Ensign Icamen as Corporate Secretary/CIO
PHIL. LONG DISTANCE: Unit to Provide Services to Vietnamese Firm
* Moody's Airs Concerns on Government's Fiscal Position, Reforms


S I N G A P O R E

AVAGO TECH: S&P Raises Corporate Credit Rating to 'BB-' from 'B'
EPOCH MONTAGE: Court to Hear Wind-Up Petition on January 18
HOLA DEVELOPMENT: Creditors' Meeting Slated for January 15
SCOTTISH RE: Receives Non-Compliance Notice from NYSE
TUBAN HDPE: Requires Creditors to File Claims by January 25

TUBAN VCM: Creditors' Proofs of Debt Due on January 25


T H A I L A N D

DAIDOMON GROUP: Expects to Submit Rehab Plan by February 11

* AP Bond Risk Rises on Countrywide Bankruptcy Concerns
* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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

AUSTRALIAN CORRUGATED: Members Agree on Voluntary Liquidation
-------------------------------------------------------------
The members of Australian Corrugated Pallets Pty Ltd met on
Nov. 19, 2007, and agreed to voluntarily liquidate the company's
business.

Paul Vartelas of B.K. Taylor & Co. was then appointed as
liquidator.

The Liquidator can be reached at:

          Paul Vartelas
          B.K. Taylor & Co.
          8th Floor, 608 St. Kilda Road
          Melbourne
          Australia

                    About Australian Corrugated

Australian Corrugated Pallets Pty Ltd is a distributor of  
corrugated and solid fiber boxes.  The company is located at
Coburg North, in Victoria, Australia.


BASIS CAPITAL: Wants Court to Name Stakeholders' Representatives
----------------------------------------------------------------
Basis Capital Funds Management Ltd. intends to ask the Supreme
Court of New South Wales to appoint representatives for the
stakeholders in two of its local funds, Stuart Kelly writes for
Bloomberg News.

According to the report, Basis, in an e-mailed statement, said
that they want the court to select representatives for the
different categories of investors in its Basis Yield Fund and
Basis Aust-Rim Diversified Fund.

The company froze investors' applications to redeem cash in July
after prices slumped for subprime mortgage bonds it held,
triggering margin calls the fund manager was unable to meet,
recalls Bloomberg.

Bloomberg quotes Basis as saying, "Basis Capital will be seeking
a declaration from the court regarding the appropriate treatment
of June redemptions from and applications to the two funds to
make sure that any action taken is in accordance with the rights
and entitlements of all investors."

Geoffrey Newman of The Australian writes that Basis denied a
report it was being driven by investors.

The Australian quotes Basis as saying, "Basis Capital has been
working constructively with the Investment and Financial
Services Association to give investors of the funds a voice at
the proceedings."

                     About Basis Capital

Basis Capital Funds Management Ltd. manages and advises multi
strategy, relative value and arbitrage funds for Australian
domestic and international investors.

The Troubled Company Reporter-Asia Pacific reported on July 30,
2007, that the Basis Field Fund and Basis Aust-Rim Fund ran
into trouble by investing in the unrated, riskiest portions of
collaterized debt obligations.  These portions also known by
bankers as "toxic waste" are first in line for any losses when
borrowers fall short on mortgage payments and have hired
Blackstone Group LP as an adviser to help avoid a fire of sale
of assets.  Blackstone will advise the hedge fund firm "to
prevent adverse pricing and selling of assets."


BIVIANO'S FRUIT: Creditors Receive Wind-Up Report
-------------------------------------------------
The creditors of Biviano's Fruit Haven Pty Ltd met on Jan. 4,
2008, and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          R. A. Sutcliffe
          Ground Floor
          192-198 High Street
          Northcote, Victoria 3070
          Australia
          Telephone:(03) 9482 6277

                       About Biviano's Fruit

Biviano's Fruit Haven Pty Ltd operates grocery stores.  The
company is located at Templestowe Lower, in Victoria, Australia.


CENTRE MANAGEMENT: Commences Liquidation Proceedings
----------------------------------------------------
The members and creditors of Centre Management Pty Ltd met on
November 23, 2007, and resolved to voluntarily liquidate the
company's business.

Jonathan Paul McLeod of McLeod & Partners was then appointed as
liquidator.

                       About Centre Management

Centre Management Pty Ltd provides business services.  The
company is located at Southport, in Queensland, Australia.


CENTRO PROPERTIES: Invited by ASIC Regarding AU$1-Billion Debt
--------------------------------------------------------------
Four Australian Securities & Investments Commission staff had a
locked-in discussion with Centro Properties Group, writes
Anthony Klan and Michael West of The Australian.

According to The Australian, they overheard in ASIC's foyer,
two lawyers from Clayton Utz advising a Centro executive before
the ASIC meeting.  The Centro representative, states the
report, made light-hearted comments to the lawyers about how he
believed in taking an optimistic view of unfavorable
circumstances.

The Australian writes that ASIC is likely to be interested in
Centro's failure to properly account for more than AU$1 billion
of debt in its June 30 accounts.  In those accounts, Centro
incorrectly classifies AU$1.097 billion of current debts as
"non-current" in a move that masked a AU$450 million funding
blackhole that would have showed that Centro was unable to pay
its short-term debts, relates The Australian.

An analyst interviewed by The Australian expresses that the
Commonwealth Bank of Australia, which held AU$600 million
first-ranking secured debt and AU$600 million of unsecured debt
with Centro, is now understood to be the first Centro lender to
have pulled long-term debt funding from the group last month,
triggering Centro's debt crisis.

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

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


ENTERTAINMENT MEDIA: Acquires 51% Controlling Stake in Nexbis
-------------------------------------------------------------
Entertainment Media & Telecoms Corporation Limited has entered
into an agreement to acquire a controlling interest in Nexbis
Sdn Bhd funded by shares and cash that includes a placement to
institutional investors arranged by Cartesian Capital and
Foresight Securities.  Nexbis holds the intellectual property
rights for a mobile application and solution product range
designed for National Security and Identity Authentication,
known as NexCode, which is currently in trials in with
Government Ministries in Malaysia.

The Share Purchase Agreement contains the terms:

   1. Acquisition of 51% (Board and Management "controlling"    
      interest) Nexbis Sdn Bhd;

   2. An Entity Valuation of AU$60 million, so "first tranche"  
      valued at AU$30.6 payable in a combination of EMT stock   
      and cash;

   3. Acquisition is subject to vote at EGM and completion of   
      the current capital raising; and

   4. The Directors have secured a call option to acquire the   
      remaining 49% at the same EV (AU$60 million) at any time  
      until June 30th 2008.

Entertainment Media Chief Executive Officer John Houston said,
"One of the most exciting elements of Nexbis' business model is
that the revenues flow from a 'royalty' for the use of the
Nexcode on Government issued documents such as Visa, Driving
Licenses, Road Tax documents and the like.  An example in
Malaysia is for Vehicle Road Tax for the 8 million taxable
vehicles in that country where the minimum royalty would amount
to around AU$1.50 per annum per vehicle.  The NexCode is
readable by any camera enabled mobile phone and the underlying
data can be instantaneously retrieved by a police officer or
gov't official from government's own database, allowing the
first rapidly deployable 'forensic level' security validation
method in the world.  Nexbis Sdn Bhd is the holder of Global
patent filing P120070169 covering this invention, and recently
has been granted 'MSC' status by the Malaysian Government,
which affords it IP protection and tax-free status for up to 10
years."

                    About Entertainment Media

Headquartered in Sydney, supported by offices in Singapore,
Toronto and Halifax, Entertainment Media & Telecoms Corporation
Ltd is a telecommunications company.  AMT aims to be a provider
in the provision of cost-effective technology, products and
services throughout the Asia-Pacific region.  AMT operates two
divisions: Entertainment Media, which specializes in the
provision and implementation of digital service delivery
systems for the hospitality sectors, as well as new
technologies and premium intrigue systems, and Telecoms, which
is a sales and marketing agent for a telecommunications firm,
providing sales services for communications products and
services.

The Troubled Company Reporter – Asia Pacific reported on
September 23, 2005 that Entertainment Media and Telecoms
collapsed under AU$12 million of debt.  After a shareholder vote
to issue more shares was defeated, receivers and managers were
appointed to the company.

                       Going Concern Doubt

Bruce Gordon of PKF, the company's independent auditor, said,
on February 28, 2005, that "the company expects its business to
deliver positive operating cash flows and operating profits in
the future.  The achievement of these results is dependent upon
the ability of the company to obtain adequate debt and/or
equity funding and the extension of existing facilities
in order to fund the working capital of the business and to
enable the roll out of the company's Hospitality Entertainment
Division in accordance with the proposed business plan.  If
these events do not occur there is significant uncertainty
whether Entertainment Media & Telecoms Corporation Limited will
be able to continue as a going concern."

The company has not issued any financials after the half-year
report for the period ending December 31, 2004.


FOREST PRODUCTS: Commences Liquidation Proceedings
--------------------------------------------------
During a general meeting held on November 29, 2007, the members
of Forest Products Australia Pty Ltd resolved to voluntarily
liquidate the company's business.

Simon A. Wallace-Smith and Timothy B. Norman were appointed as
liquidators.

The Liquidators can be reached at:

          Simon A. Wallace-Smith
          Timothy B. Norman
          Deloitte Touche Tohmatsu
          180 Lonsdale Street
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9208 7000

                       About Forest Products

Forest Products Australia Pty Ltd is a distributor of wood
household furnitures, except upholstered.  The company is
located at  Kew, in Victoria, Australia.


INTEGRATED DATA: Liquidator to Present Wind-Up Report Today
-----------------------------------------------------------
The members and creditors of Integrated Data Solutions Pty Ltd
will meet today, January 11, 2008, at 3:00 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Moira Carter
          Ian Jessup
          Jessup & Partners
          Accountants & Business Advisors
          Level 3, 155-157 Denham Street
          Townsville, Queensland 4810
          Australia
          Telephone:(07) 4772 3515
          Facsimile:(07) 4721 4513

                        About Integrated Data

Integrated Data Solutions Pty Ltd is involved with telephone
communication, except radio.  The company is located at  
Garbutt, in Queensland, Australia.


ITRON INC: Posts US$3.4 Million Net Loss in 2007 Third Quarter
--------------------------------------------------------------
Itron Inc. reported a net loss of US$3.4 million for the third
quarter ended Sept. 30, 2007, compared with net income of
US$9.2 million in the same period in 2006.  The loss was
primarily due to the accelerated amortization of debt fees.

Total revenues for the third quarter of US$434 million were
US$269 million, or 164%, higher than 2006 third quarter revenues
of US$165 million.  Itron North America revenues for the third
quarter of US$153 million were about US$12 million, or 7%, lower
than the third quarter of 2006.  Actaris revenues of US$281
million were comprised of shipments to electric, gas and water
utilities of approximately 40%, 32% and 28%, respectively.

"Our results for the quarter were about in line with our
expectations," said LeRoy Nosbaum, chairman and chief executive
officer.  "We had our highest bookings ever at US$440 million
and Actaris operating results are showing the positive effect of
a more geographically diverse business model.  Although we have
experienced a pause in business in the US that we thought might
occur, we continue to drive revenue and EPS growth in the short-
term and believe that we are very well positioned for the long-
term."

Gross margin for the third quarter of 2007 was 33%.  This
compares with 41% in the third quarter of 2006.  Third quarter
2007 Itron North America gross margin of 40% was similar to the
third quarter of 2006.  Actaris gross margin of 30% was
comparable to the second quarter of 2007 without the effect of
the inventory charge.

Total operating expenses for the third quarter of 2007 were
US$116 million.  Itron North America operating expenses were
US$43 million, reflecting a US$2 million decrease over the third
quarter of 2006.  INA operating expenses as a percentage of
revenue were 28%, which was similar to 2006.  Actaris operating
expenses of US$64 million were 23% of revenue.  

Corporate unallocated expenses were US$8.5 million for the
quarter, or about US$2.3 million higher than the third quarter
of 2006.  The increase was primarily attributable to higher
expenses for internal controls for financial reporting and
consulting services for tax planning related to the Actaris
acquisition.  Corporate unallocated expenses also include an
impairment charge for the company's old corporate headquarters
building.  

Net interest expense of US$34 million in the third quarter of
2007 was substantially higher than the US$561,000 in the
comparable period in 2006, primarily due to the placement of
US$1.2 billion in senior secured bank debt for the Actaris
acquisition.  Debt fee amortization expense, which is included
in net interest expense, was US$9.2 million in the third
quarter.  Debt fee amortization expense included US$6.6 million
of accelerated amortization related to the company's convertible
subordinated debt becoming subject to conversion.  Other expense
of US$873,000 was comprised primarily of foreign currency
revaluation of trade receivables and payables.

The company had a US$2.7 million GAAP income tax benefit for
the third quarter of 2007.  This compares with a GAAP income tax
provision of US$5.9 million in the third quarter of 2006.  The
benefit is due to the pre-tax GAAP loss and also includes a
benefit related to legislative reductions in tax rates in
Germany and the United Kingdom in the third quarter.

Non-GAAP operating income, which excludes amortization expense
related to intangible assets, was US$55 million, or 13% of
revenues, in the third quarter of 2007, compared with US$24
million, or 15% of revenues, in the third quarter of 2006.  Non-
GAAP net income, which also excludes amortization of debt fees,
was US$21 million in 2007 compared with US$15 million in the
2006 period.  Non-GAAP net income is higher in the third quarter
of 2007 primarily due to the Actaris acquisition.  

Total revenues for the nine months ended Sept. 30, 2007, of
US$984 million were US$499 million or 103%, higher than 2006
nine-month revenues of US$484 million.  Itron North America
revenues for the first nine months of 2007 of US$453 million
were approximately US$31 million, or 6%, lower than the same
period in 2006.

GAAP net loss for the first nine months of 2007 was US$20
million,  compared with net income of US$26 million in the first
nine months of 2006.  The loss was primarily due to acquisition-
related charges for IPR&D and inventory and the accelerated
expensing of debt fees.

Net cash provided by operating activities was US$90 million for
the first nine months of 2007, compared with US$87 million in
the same period in 2006.  Adjusted earnings before interest,
taxes, depreciation and amortization in the third quarter of
2007, was US$67 million compared with US$28 million for the same
period in 2006. Adjusted EBITDA for the first nine months of
2007 was US$158 million, or more than US$72 million higher than
the first nine months of 2006, primarily due to the acquisition
of Actaris.

                          Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$3.04 billion in total assets, US$2.34 billion in total
liabilities, and US$697.5 million in total stockholders' equity.

The company's consolidated balance sheet at Sept. 30, 2007, also
showed strained liquidity with US$666.5 million in total current
assets available to pay US$728.9 million in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?26d9

                         About Itron Inc.

Headquartered in Liberty Lake, Washington, Itron Inc. (NASDAQ:
ITRI) -- http://www.itron.com/-- operates in two divisions; as  
Itron in North America and as Actaris outside of North America.
The company provides metering, data collection and software
solutions, with nearly 8,000 utilities worldwide relying on its
technology to optimize the delivery and use of energy and water.

Itron maintains operations in Canada, Qatar, Mexico, Taiwan,
France, Australia, The Netherlands, and the United Kingdom.

                          *     *     *

Itron Inc. carries to date Standard & Poor's Ratings Services'
B+ corporate credit rating.


LAFAYETTE MINING: In Talks with Four Prospects for Rapu-Rapu
------------------------------------------------------------
Lafayette Mining Ltd. is in talks with four potential investors
to raise about AU$152 million for its Philippine copper-mining
project, Heather Smith of Bloomberg News reports.

Lafayette spokesman Bayani Agabin, in an interview with
Bloomberg, said that the potential investors are Southeast
Asian Strategic Assets Fund, a hedge fund, and two companies
with interests in commodity trading.

According to the report, Southeast Asian has already held talks
with Lafayette before they called in administrators Ferrier
Hodgson to run its business after failing to pay off debt.

Mr. Agabin said that the company is looking to raise AU$152
million from the sale.

                    About Lafayette Mining

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.

TCR-AP's "Large Companies with Insolvent Balance Sheets" column
on January 4, 2008, reflected Lafayette Mining Limited as
having a US$190.86 million equity deficit, on total assets of
US$105.24 million.


M GOEBEL: Liquidator Presents Wind-Up Report
--------------------------------------------
The members of M Goebel Pty Ltd met on December 14, 2007, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Maxwell Goebel
          348 Flaxton Drive
          Flaxton, Queensland 4560
          Australia

Located at Flaxton, in Queensland, Australia, M Goebel Pty Ltd
is an investor-relation company.


MEANDERHAM PTY: Members Receive Wind-Up Report
----------------------------------------------
The members of Meanderham Pty Ltd met on January 7, 2007, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          M. G. McCann
          Grant Thornton
          Chartered Accountants
          Ground Floor, 102 Adelaide Street
          Brisbane, Queensland 4000
          Australia

                       About Meanderham Pty

Meanderham Pty Ltd, which is also trading as Townsville
Travelodge, operates hotels and motels.  The company is located
at Townsville, in Queendsland, Australia.


PINETHORPE PTY: Declares Dividend for Creditors
-----------------------------------------------
Pinethorpe Pty Ltd, which is in liquidation, declared its
dividend for its creditors on December 18, 2007.

Only creditors who were able to file their proofs of debt  by
December 14, 2007, were included in the company's dividend
distribution.

The company's liquidator is:

          Ivor Worrell
          Worrells Solvency & Forensic Accountants
          8th Floor, 102 Adelaide Street
          Brisbane, Queensland 4000
          Australia
          Telephone:(07) 3225 4334
          Facsimile:(07) 3225 4311
          Web site: http://www.worrells.net.au

                         About Pinethorpe Pty

Located at Runaway Bay, in Queensland, Australia, Pinethorpe Pty
Ltd is an investor relation company.


REJAN DEVELOPMENT: Members Opt to Shut Down Business
----------------------------------------------------
At an extraordinary general meeting held on November 20, 2007,
the members of Rejan Development Pty Ltd resolved to voluntarily
liquidate the company's business.

Nicholas Martin was then appointed as liquidator.

The Liquidator can be reached at:

          Nicholas Martin
          PPB, Chartered Accountants
          Level 10, 90 Collins Street
          Melbourne, Victoria
          Australia

                      About Rejan Development

Rejan Development Pty Ltd operates is a general contractor of
non-residential buildings, other than industrial buildings and
warehouses.  The company is located at Notting Hill, in
Victoria, Australia.


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C H I N A ,   H O N G  K O N G   &   T A I W A N
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ALERIS INT'L: To Phase Out Toronto Coil Coating Facility
--------------------------------------------------------
Aleris International Inc. will be permanently closing its
Toronto, Ontario coil coating facility.  Production will be
phased-out during the first quarter of 2008 and the site will be
permanently closed shortly thereafter.

The facility, which was acquired by Aleris when it acquired the
downstream aluminum business of Corus plc in 2006, employs
64 people and supplies coated aluminum coil for building and
construction, transportation, distribution and consumer durables
applications.  

Aleris expects to take a restructuring charge of approximately
$5 million to $6 million related to severance, shutdown costs
and asset impairment. Production will be transferred to other
Aleris facilities in North America and Aleris will continue to
provide the same high quality products and services that
customers expect.

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled  
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The company operates 42 production
facilities in the United States, Brazil, Germany, Mexico, Wales,
and China, and employs approximately 4,200 employees.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable.  At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company.  Concurrently, S&P assigned a 'B-'
rating to the company's recent $105 million 9% senior notes due
2014, which are an add-on to the company's existing $600 million
9% senior notes due 2014.


ARIMA COMPUTER: Renews Houston Plant Lease
------------------------------------------
Arima Computer Corp. has renewed its 73,800-square foot lease at
6377 Windfern Road in Houston, CoStar.Com News reports.

The report says that the computer solutions designer and
manufacturer signed for another three years.

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.


CHUNG SHING TEXTILE: December 2007 Sales Falls 89.70%
-----------------------------------------------------
Chung Shing Textile Co. Ltd.'s sales in December 2007 fell
89.70% year-on-year to TWD84.93 million from TWD824.41 million,
according to data obtained from Bloomberg News.

The company's year-to-date sales totaled TWD3.07 billion, 73.16%
less than the previous year's TWD11.44 billion.

Taiwan-based Chung Shing Textile Co. Ltd. -- http://www.chung-
shing.com.tw/ -- is engaged in the manufacture and sale of
various fibers, textiles and garments.  The Company's products
include knitting cotton apparels and knitting synthetic fiber
apparels, cotton yarns, synthetic fiber cloth, plain woven
cloth, polyester yarns, nylon filament yarns, polyester staple
fibers, textured yarns, polyester chips and others.

As of Sept. 30, 2007, the company had a shareholders' equity
deficit of TWD3.09 billion on total assets of TWD10.37 billion
and total liabilities of TWD13.46 billion.

The company also incurred net losses TWD1.82 billion,
TWD988.70 million, TWD1.69 billion, TWD2.90 billion and
TWD1.13 billion for the years ending Dec. 31, 2002 through 2006.


CONCORD SECURITIES: December 2007 Sales Slumps 34.95%
-----------------------------------------------------
Concord Securities Co., Ltd.'s sales in December 2007 fell
34.95% year-on-year to TWD158.37 million from TWD243.45 million,
according to data obtained from Bloomberg News.

The company's year-to-date sales totaled TWD2.45 billion, a
31.73% improvement against the TWD1.86 billion posted a year
earlier.

Headquartered in Taipei, Taiwan, Concord Securities Co., Ltd. --
http://www.6016.com.tw/-- is engaged in the brokerage,  
underwriting and proprietary trading of securities, as well as
futures proprietary trading business.

Fitch Ratings placed its BB rating on the company's foreign
currency long-term debt and long-term issuer default on Dec. 1,
2004.


EVERLIGHT ELECTRONICS: December Sales Rise by 45.25%
----------------------------------------------------
Everlight Electronics Co., Ltd.'s sales in December 2007 rose
45.25% year-on-year to TWD900.36 million from TWD619.88 million,
according to data obtained from Bloomberg News.

Year-to-date sales totaled TWD9.87 billion, a 24.13% improvement
year-on-year.

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

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


INT'L PAPER: Declares US$0.25 Per Share Quarterly Dividend
----------------------------------------------------------
International Paper has declared a regular quarterly dividend of
US$0.25 per share for the period from Jan. 1, 2008, to
March 31, 2008, inclusive, on its common stock, par value US$1.
This dividend is payable on March 14, 2008, to holders of record
at the close of business on Feb. 15, 2008.

The company also declared a regular quarterly dividend of US$1
per share for the period from Jan. 1, 2008, to March 31, 2008,
inclusive, on the cumulative US$4 preferred stock of the
company.  This dividend is also payable on March 14, 2008, to
holders of record at the close of business on Feb. 15, 2008.

Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest
products industry for more than 100 years.  The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia,
including in China.  International Paper is committed to
environmental, economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.

                       *     *     *

International Paper Co. carries Moody's Investors Service's Ba1
senior subordinate rating and Ba2 Preferred Stock rating.

In December 2005, Moody's Investors Service placed International
Paper Co.'s senior subordinate rating at 'Ba1'.  Moody's
assigned a stable outlook on the rating.


KAO HSIUNG: 2007 Sales Amounts to TWD11 Billion
-----------------------------------------------
Kao Hsiung Chang Iron & Steel Corp.'s December 2007 sales fell
4.46% year-on-year to TWD960.31 million.

The company's full-year 2007 sales amounted to TWD11.05 billion,
a 3.18% improvement against sales of TWD10.71 billion a year
earlier.

Kaohsiung, Taiwan-based Kao Hsiung Chang Iron & Steel Corp. --
http://www.khc.com.tw/-- is engaged in the manufacture of cold-
rolled steel products and steel pipes.  The company's products
include galvanized steel pipes, cold-rolled steel rolls, hot-
rolled steel rolls and galvanized steel rolls, among others.
The company distributes its products within the domestic market
and to overseas markets, including Hong Kong, Mainland China,
the Americas and Northeast Asia.

The company has incurred net losses of TWD1.7 billion and
TWD459.3 million for the years ended Dec. 31, 2005 and 2006.


QUANTA COMPUTER: Sells 3.1 Million Notebooks in December
--------------------------------------------------------
Quanta Computer Inc.'s parent sales in December 2007 rose to
TWD70.38 billion from TWD39.47 billion in the same month a year
earlier, TradingMarkets.Com reports.

TradingMarkets.Com also says that for the full year 2007, parent
sales rose to TWD732.69 billion from TWD461.52 billion.  

The report states that consolidated data showed December sales
at TWD71.71 billion mainly due to shipments of 3.10 million
notebook personal computers while cumulative sales in 2007
reached TWD751.22 billion on the back of the delivery of
31.80 million notebook PCs.

Headquartered in Taoyuan, Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is principally engaged in the    
manufacture, research, development and sale of laptop computers
and components.  The company offers laptops, cellular
telephones, liquid crystal display televisions, servers, LCD
monitors, computer peripherals, computer components, wireless
local area network (WLAN) bridges and communications products.
It serves overseas markets, predominantly the Americas, Asia and
Europe.

The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Fitch Ratings assigned Quanta Computer a long-term
foreign currency issuer default rating of BB.


QUANTA COMPUTER: Issues 50 Million Shares for Employees
-------------------------------------------------------
Quanta Computer Inc. will issue 50 million new shares to
facilitate its plans to grant 50,000 stock options to employees,
TradingMarkets.Com reports.

TradingMarkets.Com, citing a company statement, relates that the
exercise price will be the closing price of the common shares on
their date of issue.

Headquartered in Taoyuan, Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is principally engaged in the    
manufacture, research, development and sale of laptop computers
and components.  The company offers laptops, cellular
telephones, liquid crystal display televisions, servers, LCD
monitors, computer peripherals, computer components, wireless
local area network (WLAN) bridges and communications products.
It serves overseas markets, predominantly the Americas, Asia and
Europe.

The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Fitch Ratings assigned Quanta Computer a long-term
foreign currency issuer default rating of BB.


SILICONWARE PRECISION: Increases Investment in China
----------------------------------------------------
Siliconware Precision Industries Ltd. will increase investment
at its Suzhou, China operation by another US$50.0 million,
DigiTimes.Com reports.

Digitimes says that by adding the latest investment, the company
in Taiwan has accumulated an investment amount of over
TWD2.5 billion across the strait.

DigiTimes explains that the company employs about 1,000 staff at
this site and runs production on a total of 360 wire bonders.  
The company previously indicated that another 240 sets of wire
bonders will be added at this site in the first half of 2008,
the report adds.

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.


YEU TYAN: December 2007 Sales Down to TWD9,000
----------------------------------------------
Yeu Tyan Machinery Manufacturing Company, Ltd.'s sales for
December 2007 fell 97.21% year-on-year to TWD9,000 from
TWD323,000, Bloomberg News reports.

The report adds that sales figures for the whole year of 2007
totaled TWD2.27 million, down 41.89% from sales figures in
the previous corresponding period.

Yeu Tyan Machinery Manufacturing Company, Ltd. manufactures and
markets automobile and related parts.

The company incurred net losses of TWD973.5 million,
TWD699.8 million, TWD487.2 million, TWD537.4 million, and
TWD351.5 million for the years ending Dec. 31, 2002 through
2006.

The Troubled Company Reporter-Asia Pacific reported that as of
June 30, 2007, the company had total assets of TWD1.3 billion
and total liabilities of TWD10.2 billion, resulting in a capital
deficiency of TWD9.0 billion.


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

AXIS BANK: Brings In K. N. Prithviraj as Additional Director
------------------------------------------------------------
AXIS Bank Ltd has informed the Bombay Stock Exchange that K. N.
Prithviraj has been appointed as an additional director to the
bank's board with immediate effect.

The new director is the nominee of the Administrator of the
Specifies Undertaking of the Unit Trust of India.

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.


DISH TV: Indivision Buys 4.9% Stake for INR2.5 Billion
------------------------------------------------------
Dish TV India has sold a 4.9% stake in the company to a
Mauritius-based private equity firm, Indivision India Partners,
for INR2.5 billion, reports MyIris.Com citing The Business
Standard.

Dish TV's shareholders approved the allotment of equity shares
to Indivision, Dish TV said in a corporate disclosure with the
Bombay Stock Exchange Limited.

Shareholders have approved the issuance and allotment of:

   * 12,500,000 equity shares of INR1 each for cash at a price
     of INR100 per equity share (including premium of INR99 per
     equity share; and

   * 9,615,385 equity warrants, entitling the warrant holder(s)
     from time to time, in one or more tranches, at their
     option, to convert the warrants into, and apply for, equal
     number of equity shares of INR1 each for cash at INR130 per
     equity share (including premium of INR129 per share)

According to MyIris.Com, the sales proceed will be used to
expand Dish TV's operations.  The company is planning to raise
over INR10 billion in the next two years for expansion.

Dish TV India Limited (fka ASC Enterprises Limited) --
http://www.dishtvindia.in/-- is mainly in the business of  
providing direct-to-home satellite television service and
teleport service, including placement and active service.

The company has been implementing a corporate restructuring
scheme since April 1, 2006.

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


DRESSER-RAND GROUP: To Supply Advanced Turbomachine to Pazflor
--------------------------------------------------------------
Dresser-Rand Group Inc. will supply advanced turbomachinery for
a floating, production, storage and offloading vessel for the
Pazflor Field offshore Angola.

The award is approximately US$44 million.  Dresser-Rand will
supply gas compression packages.  The company will provide four
Datum(R) centrifugal compression trains.  Two trains will be
driven by gas turbines and two trains will be driven by electric
motors.  The company booked the order in December 2007.

"We are very excited about the floating production market which
is a strategically important market for Dresser-Rand", said
Dresser-Rand's executive vice president, New Equipment
Worldwide, Jesus Pacheco.  "This award is representative of the
value our technology brings to our clients.  Our DATUM(R)
technology adds value to Total by reducing the weight and
footprint of the compression system, as fewer casings are
required.  It also maximizes gas throughput compared to
competitor offerings as a result of the high efficiency of the
compressors.  We believe activity in the floating production
market will continue to be significant and that our market share
will remain strong."

Pazflor's floating production unit will operate in Block 17 and
will be designed to handle 200,000 barrels of oil per day and
will be able to store about 1.9 million barrels of crude.  First
oil production will be in 2011.

Total Group is one of the world's major oil and gas groups, with
activities in more than 130 countries.  Its 95,000 employees put
their expertise to work in every part of the industry --
exploration and production of oil and natural gas, refining and
marketing, gas trading and electricity.

                        About Dresser-Rand

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Standard & Poor's Ratings Services assigned its
bank loan and recovery ratings to the US$500 million senior
secured revolving credit facility due 2012 of Dresser-Rand Group
Inc. (BB-/Stable/--).


EUTELSAT COMMS: Picks EADS Astium to Launch KA-Band Satellite
-------------------------------------------------------------
Eutelsat Communications has selected EADS Astrium to deliver its
first satellite operating exclusively in KA-band frequencies.
The satellite will form the cornerstone of a major new satellite
infrastructure programme that will significantly expand capacity
for consumer broadband services across Europe and the
Mediterranean Basin, while providing new opportunities for local
and regional television markets.

Currently called KA-SAT and scheduled for launch in third
quarter 2010, the satellite will be configured with over 80
spotbeams, making it the most advanced multi-spot satellite
designed in the world to date.  A network of eight gateways
managed by Eutelsat, and which will provide access to KA-SAT and
deliver the full range of services to end users, will form an
integral part of the new infrastructure.

                 New Capacity to Join Eutelsat's
                     Hot Bird(TM) Satellites

Eutelsat will locate KA-SAT at 13 degrees East where it will
join three large HOT BIRD(TM) Ku-band broadcasting satellites
that form the world's leading video neighbourhood.  This
collocation will enrich the range of consumer entertainment
services offered from the Group's prime neighbourhood by
enabling satellite homes to receive television in the Ku-band
and new rich media services in the Ka-band through a single
dual-frequency antenna.  In advance and in preparation of
KA-SAT, Eutelsat is using Ka-band capacity on its Hot Bird(TM) 6
satellite for a new consumer broadband service, launched in
Europe at the end of 2007, and called Tooway(TM).  The service
is operated by the Group's broadband subsidiary Skylogic, in
cooperation with ViaSat, a world-leader in powering
innovative satellite platforms.  Tooway(TM) uses ViaSat's well
established SurfBeam(R) Docsis(R) system.

                   Uniting Technology Expertise
                and New Collaboration with ViaSat

KA-SAT is the European equivalent to ViaSat-1, a high-capacity
Ka-band broadband satellite ordered by ViaSat to serve the North
American market and planned to launch in 2011.  ViaSat and
Eutelsat are cooperating closely around ViaSat's Ka-band
SurfBeam(R) networking system and a similar wholesale business
model that works through ISPs, telecommunications companies and
pay-TV platforms to serve subscribers.  This collaboration
builds on a long-standing relationship that has enabled the
development and provision of groundbreaking broadband services
for enterprise, in-flight, maritime and high-speed rail markets
across Europe, the Middle East and Africa.

KA-SAT marks a material step forward in multi-spot satellites,
which are already demonstrating their efficiency for consumer
Internet access, HDTV and local television broadcasting in hard-
to-serve areas in North America.  In particular, first-
generation multi-spot satellites using ViaSat SurfBeam(R)
Docsis(R) technology and operated by WildBlue and Telesat have
already reached over 300,000 Internet subscribers since their
launch in 2005.  As a standard used by several tens of millions
of cable customers worldwide, Docsis, together with powerful new
Ka-band multi-spot satellites can facilitate important economies
of scale to enable satellite-based consumer Internet services to
achieve costs and bandwidth comparable to ADSL.

                 Breaking New Barriers in Capacity

The amount of bandwidth provided by KA-SAT, coupled with
ViaSat's next generation SurfBeam(R) ground networking system,
will take satellite operations to new levels of efficiency and
capacity, delivering a total throughput of over 70 Gigabits per
second.  A watershed in satellite-based IP access, the new
satellite and associated gateways will dramatically increase the
number of addressable households to well beyond one million,
with end-user speeds comparable to ADSL.  This compares to
several tens of thousands of professional users served by
existing Ku-band satellites serving Europe.

On signing the contract for KA-SAT with EADS Astrium, Eutelsat
Chairperson and Chief Executive Officer, Giuliano Berretta said:
"With their high power and broad coverage, today's Ku-band
satellites are highly optimised for video broadcasting and
professional data networks and are the core component of
Eutelsat's satellite system.  Today, with the announcement of
our first full KA-band programme, we are crossing a new frontier
to a specifically designed infrastructure for interactive
consumer services.  And by combining this satellite
infrastructure at our Hot Bird(TM) neighbourhood with our Ku-
band satellites optimised for broadcasting, we are in a unique
position to expand the range of digital entertainment services
available from a single neighbourhood to homes across Europe."

Mr. Berretta added, "We will also leverage the substantial
capacity available in the Ka-band for new opportunities for
local and regional content.  KA-SAT is also uniquely designed
for transmitting new video applications requiring ultra high bit
rates such as HD digital cinema and 3D television."

"Through the satellite infrastructure programmes announced by
Eutelsat and ViaSat, and the collaboration between our two
companies, consumer satellite broadband is making exciting
progress in terms of efficiency and competitiveness and can have
a substantial impact in resolving the digital divide.  More than
15 million homes in Europe and as many in North America will
still be beyond range of terrestrial broadband networks in
2010," Mr. Berretta concludes.

                Procurement of the infrastructure

Based on the Eurostar E3000 platform, KA-SAT is the 17th
satellite commissioned by Eutelsat from EADS Astrium.  Designed
to operate for 15 years, it will have a launch mass of 5.8
tonnes and a payload consuming more than 11 kW of power.  Its
solar arrays will generate 15 kW of power.

The procurement of this satellite and associated ground system
forms part of the investment objective of Eutelsat
Communications announced in October 2007 on the occasion of the
Group's first quarter revenues for the 2007-2008 financial year.

                          About Eutelsat

Headquartered in Paris, France, Eutelsat Communications
(Euronext Paris: ETL) -- http://www.eutelsat.com/-- is the
holding company of Eutelsat S.A.  The Group is a leading
satellite operator with capacity commercialized on 23 satellites
providing coverage over the entire European continent, as well
as the Middle East, Africa, India and significant parts of Asia
and the Americas.  One of its worldwide operations is located in
Brazil.  The Group is one of the world's three leading satellite
operators in terms of revenues.  Its satellites are used for
broadcasting nearly 1,800 TV and 900 radio stations to more than
120 million cable and satellite homes.  The Group also provides
TV contribution services, corporate networks, mobile positioning
and communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and in-flight applications.

                          *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
Technology sectors, Moody's Investors Service confirmed its Ba2
Corporate Family Rating for Eutelsat Communications S.A.
Moody's also assigned a Ba3 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                              Projected
                         Debt       LGD       Loss-Given
Debt Issue               Rating     Rating    Default
----------               -------    ------    ----------
Senior Unsecured
Bank Credit Facility      Ba3        LGD4       55%


FORD MOTOR: Investing US$500 Million to Expand India Operations
---------------------------------------------------------------
Ford Motor Company disclosed plans to invest US$500 million to
expand its India operations, reaffirming its commitment to
developing and implementing an aggressive growth strategy in the
country.  The new investment will fund several new initiatives,
including the expansion of Ford India's current manufacturing
facility in Chennai to begin production of a new small car
within the next two years, and construction of a fully
integrated and flexible engine manufacturing plant that will go
online by 2010.

The new investment increases Ford's total financial commitment
in India to more than US$875 million, and underscores its plan
to elevate India as one of the strategic production hubs for
small cars in the company's Asia Pacific and Africa region.  In
2007, Ford reported a US$500 million investment to build small
cars in Thailand, just weeks after launching production of small
cars at a new US$510 million, state-of-the-art facility in
Nanjing, China.

"This new investment highlights the significance of India's role
in our continued expansion and overall strategy for the Asia
Pacific and Africa region," John Parker, executive vice
president, Asia Pacific and Africa, said.  "We've developed a
long-term and strategic plan for India that's anchored on a
substantial product program and new engine manufacturing
facility."

The overall investment plan for India has already commenced, and
will be implemented in phases over the next three years.  The
first phase currently underway includes the addition of a diesel
engine assembly plant at the Chennai site that will have an
initial annual capacity of 50,000 units.  The first engines are
scheduled to roll off the line in April, and will be used in the
local production of the Fiesta and Fusion to satisfy domestic
demand.

A significant part of the investment will be utilized for the
development of new product programs, primarily to expand the
Chennai plant and accommodate volume production of the new small
car. Production of the small car is scheduled to commence within
the next two years, increasing our overall annual production at
the expanded plant to 200,000 units by 2010.

"Ford India's small car will be a worthy addition to the already
successful and robust product mix that we offer to Indian
consumers, and will further strengthen our competitive position
in this increasingly dynamic market," Arvind Mathew, president
and managing director of Ford India, explained.

The second major component of the investment plan is a new,
state-of-the-art and fully-integrated engine manufacturing
facility to be constructed adjacent to the current vehicle
plant.  This new flexible facility will be capable of
manufacturing both petrol engines and Ford's next generation
diesel engine.  Initial annual production capacity is planned
for 250,000 units, with the first engines coming off line by
2010.  Production at the diesel assembly plant that's currently
being set up will be integrated into the new facility.

"Our investment plan clearly signals Ford's intent to implement
an aggressive and comprehensive growth strategy for the India
market.  Reaching volume production of vehicles and engines will
not only allow us to participate in the future growth of India's
auto industry, but really to help drive it, both in terms of
domestic sale and export potential," Mr. Mathew asserted.

The new facilities and capacity expansion will create more than
9,000 jobs -- including 1,500 direct and 7,500 indirect jobs --
as Ford India considerably increases its supplier base to meet
the expanded production volumes.  This, in turn, will compound
additional investment by its suppliers and vendors and
contribute to the overall growth of India's auto industry.

"We'll be significantly increasing our local sourcing to meet
the requirements of our expanded production," Mr. Mathew added.
"One of the factors in deciding this investment was Ford's
confidence in the international standards and capabilities of
India's supply base.  We're also committed to the ongoing
development of our own human resources, and we'll be providing
skills training for the additional work force."

Ford India added 20 new authorized dealers to its network in
2007, bringing the total to 130 locations throughout the
country.  The company plans to further expand its dealership
base to accommodate the planned rise in domestic sales.

Ford will continue to introduce world-class customer service
programs in India, such as the introduction of a 24-hour Ford
Roadside Assistance Program in 2007, as well as professional
service programs that include Ford's Quality Care, Brand@Retail
and Total Maintenance Plans.

                         About Ford India

Established in 1995, Ford India Pvt. Ltd., a wholly owned
subsidiary of Ford Motor Company, manufactures and distributes
automobiles made at its modern integrated manufacturing
facility, at Maraimalai Nagar, near Chennai.  With more than
2,000 employees, the company's models include the Ikon, Fusion,
Endeavour and Fiesta.  Ford India is in its eleventh year of
operations in the country.

                         About Ford Motor

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

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

                          *     *     *

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


GERDAU SA: Board Authorizes Preferred Shares Buyback Program
------------------------------------------------------------
Gerdau said in a statement that its board of directors has
approved a buyback program focused on its preferred shares.

Business News Americas relates that the acquisition of up to one
million preferred stocks -- some 0.34% of the outstanding
preferred shares in Gerdau -- will be conducted using cash from
existing profit reserves.

Stocks to be bought will remain in the treasury.  The buyback
program will be conducted at market prices through brokers,
Gerdau said in a statement.

Headquartered in Porto Alegre, Brazil, Gerdau SA
-- http://www.gerdau.com.br/-- produces and distributes crude   
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

As reported in the Troubled Company Reporter-Latin America on
Nov. 26, 2007, Moody's Investors Service affirmed Gerdau S.A.'s
Ba1 corporate family rating and stable outlook, following the
announcement of an agreement to acquire the specialty steel
operations of Quanex Corporation, mainly represented by its
MacSteel division for some US$1.46 billion in cash.  All other
ratings related to the company were affirmed.

Ratings affirmed are:

Issuer: Gerdau S.A.

-- Ba1 Global Local Currency Corporate Family Rating

-- US$600 million Senior Unsecured Guaranteed Perpetual Notes:
    Ba1 Foreign Currency Rating

Issuer: Gerdau Brazil (fictitious entity representing the
Brazilian operations of Gerdau S.A. comprising Gerdau Acominas
S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and
Gerdau Comercial de Acos S.A.).

-- Ba1 Global Local Currency Corporate Family Rating

Issuer: Gerdau Ameristeel Corporation

-- Ba1 Probability of Default Rating
-- Ba1 Corporate Family Rating
-- US$405 million Senior Unsecured Regular Bond: Ba1, LGD4 59%

Issuer: Jacksonville Economic Development Comm.

-- US$23 million Senior Unsecured Revenue Bonds guaranteed by
   Gerdau Ameristeel: Ba1, LGD4 59%

Outlook for all ratings: stable


ICICI BANK: To List Four Units Starting With ICICI Securities
-------------------------------------------------------------
ICICI Bank Ltd will be listing four subsidiaries starting with
its investment banking and brokerage unit ICICI Securities,
various reports say, citing K. V. Kamath, bank managing director
and CEO.

Mr. Kamath told reporters that the bank will "unlock value" of
its four arms, which process is expected to commence in six
months.

The managing director reportedly said that at current levels
they are undervalued.  Value is visible in insurance and asset
management company, while there is value embedded in securities
and home loan subsidiaries," Reuters quotes Mr. Kamath as
saying.

The Press said that the other three units that will be listed
include ICICI Prudential and ICICI Lombard, both into insurance,
and one housing finance subsidiary.

The move still needs the nod of the bank's board of directors.

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.


ITI LTD: Seeks for INR2,000-Crore Fund Infusion
-----------------------------------------------
Just three years after a INR1,025-crore fund infusion from the
Union government, ITI Ltd is again seeking government bailout,
now to the tune of INR2,000 crore, Malovika Rao of livemint.com
reported.

According to the report, the telecom company will need new  
funds to help get rid of accumulated losses of INR2,225 crore
and to obtain working capital for telecom equipment
manufacturing.

A committee has already been set up to finalize the revival
package, the Mint quoted an unnamed ITI officer as saying.  The
officer told the news agency that delay in the approval of the
package will affect ITI's ongoing projects especially with
current orders totaling INR2,800 crore but insufficient working
capital.

The company's financial results filed with the Bombay Stock
Exchange shows annual net losses since the the year ended
March 31, 2003.  In FY 2006-2007, the company booked a net loss
of INR4.12 billion.

ITI Limited -- http://www.itiltd-india.com/-- is a
telecom company, which manufactures a range of telecom
equipment, including switching products; transmission systems,
such as satellite communication systems, optical line
terminating equipments and digital microwave systems; access
products, such as fixed wireless local loop systems and digital
local loop carriers; terminal equipment, such as telephones,
integrated services digital network products and video
conferencing systems; microelectronic products and software;
information technology products and telecom products for the
defense sector, and other products, including solar power
systems and bank mechanizing products. It also provides value-
added services, such as shared hub very-small aperture terminal
services, and public mobile radio trunked services and
turnkey solutions.  Its customers include The Department of
Telecommunications, defense, railways, oil sector and corporates
in India, and certain African and South Asian nations.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 23, 2007, Credit Analysis & Research Ltd. revised the
rating assigned to the 'L' series long term bond issue of ITI
Limited to CARE D (SO) [Single D (Structured Obligation)] from
CARE AAA (SO) [Triple A (Structured Obligation))] with Credit
Watch.  The rating revision took into account the delay in the
interest payment of the above said bond issue.

The TCR-AP reported on Nov. 3, 2006, that Fitch Ratings assigned
final National ratings of 'D(ind)(SO)' to ITI's INR550 million
'J-1' Series long-term bonds.

ITI has incurred losses for at least two consecutive years --
INR4.12 in FY2006-07 and INR4.51 billion in FY2006-06.  The
company is a sick company as per provisions of India's Sick
Industrial Companies Act 1985.


SAMTEL COLOR: De-lists Shares in Three Stock Exchanges
------------------------------------------------------
Samtel Color Ltd has published a notice in a financial daily for
voluntary de-listing of in the company's shares in three stock
exchanges:

   1. The Delhi Stock Exchange Association Ltd
   2. Bangalore Stock Exchange Ltd
   3. The Calcutta Stock Exchange Association Ltd

The Troubled Company Reporter-Asia Pacific reported on Dec. 13,
of the shareholders' approval of the move.

Headquartered in New Delhi, India, Samtel Color Ltd --
http://www.samtelgroup.com/samtelnew/home.jsp-- manufactures a
range of display devices like television picture tubes, tubes
for avionics, medical and industrial applications, glass parts
for picture tubes, components for tubes like deflection yokes
and engineering services.  The company also manufactures glass
for television and display tubes.  Through Samtel Electron
Devices GmbH, the company manufactures professional cathode ray
tube.

As reported by the Troubled Company Reporter-Asia Pacific on
June 30, 2006, ICRA Limited downgraded the rating for the
INR250-million Long-Term Non-Convertible Debenture Programme of
Samtel Color Limited to LBB from the LBBB- assigned earlier.
LBB is the inadequate-credit-quality rating assigned by ICRA.
The rated instrument carries high credit risk.  The rating
downgrade follows Samtel's delay in meeting its repayment
obligations against term loans from banks and financial
institutions because of the liquidity pressures brought about by
a sharp decline in the company's income and profits.


SPICEJET LTD: Stock Rises on Takeover Speculations
--------------------------------------------------
SpiceJet Ltd's shares rose on speculation that the Tata Group or
Anil Ambani's ADAG group is in the race to acquire the carrier.

The stock has risen 70% since December 10, when it was quoting
at INR56.70, Nirmal John of Sify noted on Wednesday.

According to The Economic Times, the takeover buzz started after
the consolidation of the Indian aviation sector.

Tata currently owns a 6.42% stake of SpiceJet.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  The company
changed its financial year from June-May to April-March.  For
the ten months ended March 31, 2007, the airline carrier booked
a net loss of INR707.43 million.


TATA POWER: Shortlisted for Government's Dhopave Power Project
--------------------------------------------------------------
Tata Power Co. Ltd is among the six companies that have been
shortlisted for the state government's Dhopave power plant
project, the Press Trust of India reports.

Also in the shortlist are Reliance Energy, Lanco, JSW and Essar
Power, PTI states.

According to the report, the power plant will run on coal and
will have a capacity of 1,600 MW.

The role of the state, PTI adds, will be to give the land with
all the clearances to the party that will win the project in the
bidding process.

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

                          *     *     *

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

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


VISTEON CORP: Collaborates with 3M at Electronic Show in Vegas
--------------------------------------------------------------
Visteon Corporation and 3M have announced a global advanced
technology collaboration at a 2008 International Consumer
Electronics Show press conference in Las Vegas.  The companies
unveiled a jointly developed demonstration vehicle showcasing
more than 50 technologies designed to enhance the driving
experience.  The technologies demonstrate potential commercial
applications that could result from this collaborative
arrangement.  The vehicle is on display at Visteon Corp.'s booth
(CP7) during the show, which runs from Jan. 7-10.

The collaboration paves the way for the two Fortune 500
companies to develop consumer-focused original equipment and
aftermarket automotive products that capitalize on the expertise
of each company.

Combined, the two companies have years of experience supplying
products and services to the automotive industry.  3M is
recognized universally as an innovator, supplying more than
1,000 products to the automotive marketplace by tapping into a
broad range of technology platforms. Lighting, optical films and
capacitive sensing technologies are just a few examples of
technologies 3M applies in the automotive space.  Visteon Corp.
is known in the automotive industry for its first-to- market
innovations in automotive climate, interior and electronics
systems.

The collaboration on this demonstration vehicle is the
culmination of discussions initiated several years ago by the
two companies.  The initial discussions between the two
companies were intended to learn about one another's innovation
processes.

"From those discussions, we realized we had very similar
cultures that fostered open innovation," said Visteon
electronics vice president, Steve Meszaros.  "From there, we
reframed our discussions and began collaborating on solution-
based products; that is, products that solve a particular
consumer need."

The companies began to design a solution-based prototype
vehicle, taking into consideration consumer research and mega-
trends.  The vehicle unveiled demonstrates more than 50
innovative technologies.  These technologies are solution based,
addressing six social trends: comfort, connectivity,
convenience, health, flexibility, and sensory.  For example, the
vehicle's center stack electronics has the capability to link
the user's personal devices -- such as an iPod(R) or mobile
phone -- to the vehicle's audio system, allowing the vehicle
controls to become the user interface.  This solution addresses
the connectivity trend.  The two companies plan to unveil
another demonstration vehicle in Europe later this year.

"This relationship is exciting; it brings together two
automotive companies with unique and complementary strengths,"
said 3M Global Automotive Market Center marketing director,
Steve Schreiner.  "3M and Visteon intend to use the
demonstration vehicle as a centerpiece in discussions with
automakers about developing technology that addresses social
trends and meets consumer needs."

Visteon Corp. and 3M are able to innovate intelligently because
of their in-depth understanding of both the OEMs who manufacture
vehicles and the end consumers who ultimately purchase vehicles.

This collaborative approach is key to Visteon Corp.'s
electronics strategy.  The company strategically aligns itself
with leading innovators in the consumer segment to ensure its
products use the latest cutting edge technologies.

"We've worked with Nintendo to bring GameBoy(R) Advanced to the
vehicle and other companies such as Boston Acoustics to bring
the industry the best there is in sound systems," explained Mr.
Meszaros.  "3M is a known innovator in a broad range of
technologies that can be applied to current customer concerns
and future trends."

                            About 3M

3M Company -- -- http://www.3M.com-- operates as a diversified
technology company with six segments: Industrial and
Transportation; Health Care; Display and Graphics; Consumer and
Office; Safety, Security, and Protection Services; and Electro
and Communications.  Founded in 1902, the company is based in
St. Paul, Minnesota.

Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete,
Command and Vikuiti are trademarks of 3M.

                         Visteon Corp.

Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company has more than
170 facilities in 24 countries and employs around 50,000 people.

With corporate offices in the Michigan (U.S.); Shanghai, China;
and Kerpen, Germany; the company has more than 170 facilities in
24 countries, including Mexico and India, and employs
approximately 50,000 people.

                       *     *     *

Fitch Ratings affirmed its CCC issuer default rating and B
senior secured bank facility rating on Visteon Corp. on
April 2007.  At the same time, Fitch downgraded its CCC- senior
unsecured rating to CC.


* Corporate Restructuring Workshop in Mumbai on Jan. 19
-------------------------------------------------------
A workshop on strategic and legal aspects of corporate
restructuring will be held on Jan. 19, 2008, from 9:45 a.m. to
4:30 p.m. at JW Marriott, in Juhu, Mumbai.

Programme Content:

   * Corporate restructuring including strategic and legal
     aspects relating to mergers, de-mergers, capital
     restructuring and hiving off.

   * Contemporary issues relating to the Stamp Act and Income
     tax law.

   * Live case studies - 10 to 15 cases would be dealt with
     during the course of the workshop.

   * Some of these cases involve ideas on the subject matter,
     which have been first of its kind in India, at the time it
     was innovated.

   * All the above matters would involve the provisions of
     Section 391 to Section 394 of the Companies Act, 1956
     including Section 100 of the Companies Act, 1956.

Faculty: L.V.V. Iyer

   * L V V Iyer is a Corporate Lawyer, specializing in Company
     Law matters.  

   * Having co-edited one of the best known books on Company
     Law, viz., Guide to Companies Act by A Ramaiah and also
     having been a practitioner of Company Law for over 25 years
     now, L.V.V. Iyer is rightly acclaimed as one of the leading
     specialists in Company Law in India.  

   * He is also a specialist in Corporate Restructuring, having
     strategized and implemented about 70 mergers and
     acquisitions, some of which are first of its kind in India.  

   * Iyer also specializes in major corporate agreements
     including international agreements under diverse legal
     jurisdictions, with a specialist focus on International
     Arbitration Law.

   * His Book entitled Guide to Company Directors is a standard
     book on law relating to Directors in India.  Iyer is a
     columnist in SEBI & Corporate Laws, a leading Corporate Law
     Journal in India.

   * Having spoken at numerous seminars and conferences, Iyer is
     a noted public speaker on the subject of Corporate Law.

Registration

To register, send an e-mail to princetona@vsnl.net with name of
participant, company, contact details and cheque no.
Registration fee is INR7,900 + 12.36 % Service Tax (Service Tax
No- AADPB 6346D ST001) per participant, which includes lunch,
tea, course material, etc.  Cheque should be drawn in favour of
“Princeton Academy Mumbai II”, payable at Mumbai.


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

GARUDA INDONESIA: Japan Unit to Open Nagoya-Bali Route
--------------------------------------------------------
PT Garuda Indonesia in Japan will carry through its plan to open
a Nagoya-Bali route despite the fact that the air transportation
business has been severely affected by the soaring oil price,
Antara News reports citing Garuda District Manager for Japan,
China and the United States Arif Wibowo.

Mr. Wibowo was quoted by the news agency as saying, "The air
transportation business has been greatly affected by the soaring
oil price but our management is predicting that the route will
be profitable."  Garuda is being supported by Centrair, the
airport authority in Chubu, the international airport for the
central part of Japan, and Nagoya Chamber of Commerce and
Industry," he added.

According to the report, Mr. Wibowo further said Garuda in Tokyo
had conducted a study and approached related parties in Nagoya
in relation with the planned opening of the new route.  The
route was expected to be opened in June this year to support
Garuda's business expansion in Japan with a flight frequency of
three times a week, he added.

                    About Garuda Indonesia

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

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

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

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

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


GARUDA INDONESIA: To Raise Fuel Charge by 11-12%
-----------------------------------------------
PT Garuda Indonesia will again raise its fuel surcharges by 11-
12% next week in response to a recent surge in airplane fuel
price, Asia Pulse reports, citing  Garuda District Manager for
Manado Muchwendy Harahap.

According to the report, Mr. Harahap said the fuel surchages
will be raised because the price of aircraft fuel has continued
to increase as the consequence of the global oil price hike.  
The increase would be set on the basis of flying hours, he
added.

Mr. Haraha said, the report points out, the increase would be
effective as of January 15.

                     About Garuda Indonesia

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

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

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

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

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


FOSTER WHEELER: Approves Increase in Authorized Common Shares
-------------------------------------------------------------
Foster Wheeler Ltd., during its special general meeting of
common shareholders, has approved an increase in the company's
authorized share capital, doubling authorized common shares to
approximately 296 million shares.

As previously announced on Nov. 7, 2007, the company's board of
directors had approved a two-for-one stock split of the
company's common shares, subject to receipt of the shareholder
approval.  The stock split will be effected in the form of a
stock dividend in a ratio of one additional Foster Wheeler
common share in respect of each common share outstanding as of
the close of business on Jan. 8, 2008, the previously announced
record date for the stock dividend.

The anticipated effective date of the stock split is
Jan. 22, 2008.  The company anticipates that its common shares
will begin trading on a split basis at the beginning of trading
on Jan. 23, 2008.  Foster Wheeler will have approximately 144
million common shares outstanding after the stock split.

                      About Foster Wheeler

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.

                         *     *     *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
Standard & Poor's Ratings Services revised its outlook on Foster
Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the company.  The company had
about US$217 million of total debt at Sept. 29, 2006.


TUPPERWARE BRANDS: Schedules January 30 Earnings Call
-----------------------------------------------------
Tupperware Brands Corp. will hold its quarterly conference call
to discuss fourth quarter 2007 earnings on January 30 at 10:00
a.m., ET.

The call is available via dial-in, and is also being webcast by
Thomson/CCBN.  It can be accessed at the company's Web site.  
The webcast is being distributed through the Thomson
StreetEvents Network.
    
Headquartered in Orlando, Florida, Tupperware Brands Corporation  
(NYSE: TUP)-- http://www.tupperware.com/-- is a portfolio of   
global direct selling companies, selling premium innovative
products across multiple brands and categories through an
independent sales force of 2.0 million.  Product brands and
categories include design-centric preparation, storage and
serving solutions for the kitchen and home through the
Tupperware brand and beauty and personal care products for
consumers through the Avroy Shlain, BeautiControl, Fuller,
NaturCare, Nutrimetics, Nuvo and Swissgarde brands.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 19, 2007,
Moody's Investors Service assigned a Ba1 rating to Tupperware
Brands Corporation proposed senior secured credit facilities,
consisting of a US$200 million revolving credit facility and a
US$550 million term loan A, both due 2012.  Moody's also
affirmed the company's Ba2 corporate family rating and Ba3
probability of default rating, and changed the outlook to
positive from stable.


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

BOWNE & CO: Earns US$804,000 in Quarter Ended Sept. 30
------------------------------------------------------
Bowne & Co. Inc. reported net income of US$804,000 in the third
quarter ended Sept. 30, 2007, compared with a net loss of
US$11.8 million, including loss from discontinued operations,
net of tax of US$12.1 million, in the same period last year.

Revenue of US$181.4 million in the third quarter of 2007
compared to US$175.1 million in 2006.  Gross margin improved to
34.7% from 33.8%.  Income from continuing operations increased
to US$884,000 million from US$296,000.

For the nine months ended Sept. 30, 2007, revenue was
US$654.9 million up from US$641.2 million reported in the
comparable 2006 period.  Gross margin increased US$21.8 million,
or 9.7%, and as a percentage of revenue improved to 37.4% from
34.8% in the nine months ended Sept. 30, 2006.  Income from
continuing operations increased US$14.8 million, or 124%, to
US$26.8 million from US$11.9 million reported in 2006.  Net
income was US$27.2 million, compared with a net loss of US$4.0
million, including loss from discontinued operations, net of tax
of US$15.9 million, in the same period last year.

"We continue to be pleased with our overall performance," said
David J. Shea, Bowne chairman, president and chief executive
officer.  "Our margin and profitability improvement is a direct
result of the effective implementation of our strategic
initiatives to grow non-transactional revenue and improve the
efficiency and utilization of our operations.

"We're also excited about the acquisition of Alliance Data Mail
Services, an affiliate of Alliance Data Systems Corporation,
which directly supports our strategy to grow non-transactional
revenue with strategic, bolt-on acquisitions and accelerate our
growth in marketing and business communications services by
expanding our geographic reach and industry verticals, while
adding new technology capabilities."

                    Restructuring, Integration
                  and Asset Impairment Charges

Restructuring, integration and asset impairment charges totaled
US$2.1 and US$12.2 million for the 2007 third quarter and year-
to-date respectively, compared to US$1.9 and US$12.1 million in
the comparable 2006 periods.  Third quarter 2007 charges include
US$1.4 million related to the previously disclosed consolidation
of the digital Milwaukee facility into the existing South Bend
manufacturing facility, creating the company's first fully-
integrated offset and digital distributive platform.

Year-to-date 2007 charges include facility exit costs and asset
impairment charges related to the consolidation of leased space
at 55 Water Street in New York City, severance, integration and
facility costs related to the integration of the St Ives
Financial business and the aforementioned consolidation of the
Milwaukee facility.

                            Cash Flow

For the nine months ended Sept. 30, 2007, cash and marketable
securities of US$82.4 million declined US$3.2 million from year-
end 2006.  This includes the funding of US$40.1 million in stock
repurchases, US$12.6 million for acquisitions, US$14.3 million
in capital expenditures and a US$3.3 million contribution to the
company's pension plan.

The cash expenditures above were funded by an increase in net
cash provided by operations of US$72.0 million.  Net cash
provided by operating activities of US$57.0 million for the nine
months ended Sept. 30, 2007, compared to net cash used in
operating activities of US$15.1 million for the nine months
ended Sept. 30, 2006.  This significant increase is primarily
due to improved operating results, reduced accounts receivable
and decreases in income taxes paid and in the funding of the
company's pension plans in 2007 as compared to 2006.

At Sept. 30, 2007, the company has no borrowings outstanding
under its US$150.0 million five-year senior, unsecured revolving
credit facility, maturing in May 2010.

                     Share Repurchase Program

In the 2007 third quarter, the company spent US$21.4 million
repurchasing 1.3 million shares of its common stock at an
average price per share of US$16.71.  During the nine months
ended Sept. 30, 2007, the company repurchased 2.4 million shares
of its common stock for US$40.1 million.  From December 2004,
the inception of the company's share repurchase program, through
Sept. 30, 2007, Bowne has spent approximately US$185.3 million
to repurchase 12.3 million shares at an average price per share
of US$15.08.  As of Nov. 5, 2007, US$5.8 million of its share
repurchase authorization remained.  Total shares outstanding as
of Nov. 1, 2007, were 26,691,860.

                         Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$497.7 million in total assets, US$239.9 million in
total liabilities, and US$257.8 million in total stockholders'
equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?26d1

                      About Bowne & Co. Inc.

Headquartered in New York City, Bowne & Co. Inc. (NYSE: BNE)
-- http://www.bowne.com/-- provides financial, marketing and
business communications services around the world.  Bowne has
3,200 employees in 60 offices around the globe.  The company's
Latin American offices are located in Argentina, Brazil, Mexico,
Japan and Portugal.

                         *     *     *

Bowne & Co. Inc. still carries Moody's 'Ba3' corporate family
rating which was affirmed in January 2007.  Moody's said the
outlook remains positive.


DELPHI CORP: Expands Supply Contract with VaST Systems
------------------------------------------------------
Delphi Corp. has expanded its contract with VaST Systems to
supply virtualization solutions.

Delphi Electronics & Safety Division uses VaST's solutions to
help develop electronic control unit (ECU) software.  VaST helps
Delphi develop software without requiring hardware prototypes.
The use of VaST virtualization solutions can bring deeper
visibility and controllability to the software design process
helping to net higher quality products.

"Automotive electronic systems are experiencing exponential
growth in software complexity with the growing expectation of
improving product quality," said Frank Winters, Delphi
Electronics & Safety manager of design methodology. "VaST's
solutions help Delphi manage complexity."

"Delphi is a leader in automotive electronics and a key customer
in one of our most important market segments. Delphi's use of
VaST solutions is indicative of an industry trend toward
virtualized electronic system development.  We are extremely
pleased to provide Delphi with solutions that help them extend
their leadership by delivering superior, differentiated
products," said Jeff Roane, vice president of marketing at VaST.

                           About VaST

VaST Systems drives electronics virtualization.  With VaST
virtualization electronics companies develop software before
hardware, enable early software development by ecosystem
partners.

                        About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period will expire on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  On Dec. 10, 2007, the Court entered an
order approving the Debtors' Disclosure Statement.  The hearing
to consider confirmation of the Plan is set for Jan. 17, 2008.


DELPHI CORP: Court Rejects Intermet's Demand for Claims Payment
---------------------------------------------------------------
The Honorable Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York denies Intermet Corp.'s request
for US$417,200 administrative claim payment.

The Court finds that pursuant to a 2007 settlement agreement
between Intermet Corp. and the Debtors, Intermet released all
claims and rights related to the parties' Dec. 12, 2003
prepetition rebate agreement, and thereby released its right to
recover its US$417,200 Administrative Claim.

"Intermet has failed, in any event, to establish that it is
entitled to administrative expense priority under the Bankruptcy
Code," Judge Drain relates.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, emphasizes that Intermet's
purported administrative claim arose at the time:

   (1) the parties entered into the Prepetition Agreement; and

   (2) Intermet gave the Debtors consideration in the form of
       advanced rebate.

The Debtors' failure to meet minimum purchase obligations was
clearly contemplated under the Prepetition Agreement, Mr. Butler
points out.  Intermet's request for a refund, therefore, cannot
form the basis of an administrative expense claim.

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

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

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


DELPHI CORP: Deloitte Resolves Securities Fraud Claims for $38MM
----------------------------------------------------------------
An agreement in principle has been reached with Delphi Corp.'s
former outside auditor, Deloitte & Touche LLP, to settle claims
against the auditing firm for $38,250,000 in cash.

The announcement of the agreement was made by the law firms of
Grant & Eisenhofer P.A., Bernstein Litowitz Berger & Grossmann
LLP, Schiffrin Barroway Topaz & Kessler, LLP, and Nix, Patterson
& Roach, LLP, who are court-appointed co-lead counsel for the
Lead Plaintiffs in the securities class action litigation
involving Delphi, the U.S. auto parts maker now in Chapter 11
bankruptcy proceedings.

The case arises out of alleged accounting improprieties at
Delphi that forced the Company, on June 30, 2005, to restate its
financial results for all fiscal periods dating back to 1999 and
to reverse hundreds of millions of dollars in reported earnings
during those periods.

Lead Plaintiffs

     -- Teachers' Retirement System of Oklahoma,
     -- Public Employees' Retirement System of Mississippi,
     -- Raiffeisen Kapitalanlage Gesellschaft m.b.H., and
     -- Stichting Pensioenfonds ABP

were appointed by a federal court in June 2005 to represent a
proposed class of investors who acquired Delphi securities
between March 7, 2000 and March 3, 2005.

The Complaint filed by those institutional Lead Plaintiffs
asserted claims under the federal securities laws against
Delphi, Deloitte, who was Delphi's outside auditor during the
Class Period, certain officers and directors of Delphi, the
banks that underwrote Delphi's offerings of securities, and
certain other entities.

The Honorable Gerald E. Rosen, the federal judge in the Eastern
District of Michigan before whom the case is pending, appointed
a retired federal judge, Layn R. Phillips, to serve as a Special
Master to conduct settlement discussions.  Following an
extensive mediation conducted by Judge Phillips, Deloitte and
Lead Plaintiffs reached an agreement whereby Deloitte will pay
to the Class US$38,250,000 to settle all claims asserted against
Deloitte in the action.

The settlement is one of the larger settlements obtained from an
accounting firm to settle claims of securities fraud.  The
settlement is conditioned on approval by Judge Rosen, who will
pass on the settlement after the members of the Class are given
appropriate notice of the settlement and an opportunity to be
heard.

This settlement follows an earlier settlement in the case, also
arising out of a mediation conducted by Judge Phillips, whereby
Lead Plaintiffs obtained a settlement potentially worth at least
$284 million from Delphi and its insurance carriers and its
former banks to resolve all claims against Delphi and certain
other defendants. That settlement is contingent upon final
approval by Judge Rosen as well as approval of Delphi's plan of
reorganization in Delphi's Chapter 11 proceeding.

For more information about this settlement, please contact co-
lead counsel for Lead Plaintiffs:

         Stuart Grant, Esq.
         Grant & Eisenhofer P.A.
         1201 North Market Street Wilmington, DE 19801
         Telephone (302) 622-7000

         Bradley E. Beckworth, Esq.
         Nix, Patterson & Roach, LLP
         205 Linda Drive Daingerfield, Texas 75638
         Telephone (903) 645-7333

         John "Sean" P. Coffey, Esq.
         Bernstein Litowitz Berger & Grossmann LLP
         1285 Avenue of the Americas New York, New York 10019
         Telephone (212) 554-1400

         Michael Yarnoff, Esq.
         Schiffrin Barroway Topaz & Kessler, LLP
         280 King of Prussia Road Radnor, PA 19087
         Telephone (610) 667-7706

         Allan Ripp
         Grant & Eisenhofer, P.A.
         Telephone (212) 262-7477

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.

(Delphi Bankruptcy News, Issue No. 104; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Plans To Reduce US$6.8 Billion Exit Financing
----------------------------------------------------------
Delphi Corp. and its debtor-affiliates relayed, in a regulatory
filing with the U.S. Securities and Exchange Commission, their
intent to reduce the amount of the US$6.8 billion exit
financing.

Delphi Corp. Vice President and Chief Restructuring Officer John
D. Sheehan notes that during the second half of 2007, Delphi
generated cash flow in excess of the amount projected in its
revised business plan, ending the year with more cash available
than set forth in its First Amended Joint Plan of
Reorganization.

"As a result of a permanent improvement in liquidity, Delphi
will be reducing the amount of requested exit financing," Mr.
Sheehan relates.  

Delphi did not disclose the amount of reduction.  As reported in
the Troubled Company Reporter on Nov. 19, 2007, the contemplated
exit financing comprised of:

   * a US$1.6 billion senior secured first lien asset-based
     revolving credit facility;

   * a US$3.7 billion senior secured first-lien term facility;
     and

   * a US$1.5 billion senior secured second-lien term facility,
     of which up to US$750 million will be in the form of a note
     issued to General Motors Corp. in connection with the
     distributions contemplated under the First Amended Joint
     Plan of Reorganization.

Delphi was expected to launch for syndication its proposed exit
financing on January 8, market sources told Reuters Loan Pricing
Corp.

                        About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  (Delphi Bankruptcy News, Issue No. 105;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


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

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

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

                          About Tata

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

Tata Motors has operations in Russia and the United Kingdom.

                            About Ford

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

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

                          *     *     *

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


J-CORE: S&P Upgrades Rating on Class E Trust Certificate to BB+
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on three
classes of J-CORE 8 Trust Certificates' JPY34.5 billion
floating-rate trust certificates due December 2012.  Standard &
Poor's raised its rating on the class C trust certificates to
'AAA' from 'AA', its rating on class D to 'A-' from 'BBB', and
that on class E to 'BB+' from 'BB'.  At the same time, Standard
& Poor's affirmed its rating on the class B trust certificates.
The class A trust certificates have been fully redeemed.  The
trust certificates were issued in November 2005.

The upgrade reflects a decline in the LTV ratios for the class
C, D, and E trust certificates as of Dec. 28, 2007, due to the
sequential redemption of trust certificates in these classes
accounting for about 7.4% of the initial issue amount,
following the sale of a real estate trust certificate interest
that ultimately backs the trust certificates.  The redeemed
amount, on an accumulated basis, represents approximately 67%
of the initial issue amount, including the latest redemption.  
The number of remaining underlying real estate trust
certificate interests and real estate properties is now five.

Standard & Poor's has conducted hearings on the five real
estate properties and confirmed that there are no major
concerns over the performance of these properties, or over
plans for their disposal.

This transaction is a sales-type CMBS transaction ultimately
secured by specified bonds (tokutei shasai), and backed by real
estate trust certificate interests (28 properties in total).
Deutsche Securities Inc. serves as the arranger.

Ratings Raised

JPY34.5 billion floating rate trust certificates due December
2012

Class     To    From    Current Balance    Initial Balance

  C       AAA   AA      JPY3.3 bil.          JPY3.3 bil.
  D       A-    BBB     JPY3.0 bil.          JPY3.0 bil.
  E       BB+   BB      JPY2.0 bil.          JPY2.0 bil.


Rating Affirmed

Class     Rating   Current Balance     Initial Balance

  B       AAA      JPY3.239356120 bil.   JPY3.5 bil.


JAPAN AIRLINES: To Ask JPY60 Billion More From Creditors
--------------------------------------------------------
Japan Airlines International Co. Ltd. plans to ask for a
capital injection totaling about JPY60 billion from its four
major bank creditors as part of its JPY150-billion capital
increase plan, sources familiar with the matter revealed to
Kyodo News.

Kyodo News' sources say that the four banks are the Development
Bank of Japan, Mizuho Corporate Bank, the Bank of
Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp.

Jiji Press reports JAL will raise the JPY60 billion through
some issuance of preferred shares to its creditors.

According to Jiji Press, JAL will ask investment worth JPY20
billion each from Development Bank of Japan and Mizuho
Corporate Bank, JPY18 billion from Mitsubishi UFJ Financial
Group and JPY5 billion from Sumitomo Mitsui Financial Group
Inc.

Jiji Press further reports that JAL plans to raise some JPY90
billion through the issuance of preferred shares to business
partners, mainly trading houses.  The amount is part of JAL's
plan to issue a total of JPY150 billion-worth of preferred
shares by the end of the fiscal year as part of its business
turnaround measures.

Of the JPY90-billion portion, JAL plans to seek JPY20 billion
each from major traders Mitsui & Co., Mitsubishi Corp. and
Sojitz Corp., JPY10 billion each from Itochu Corp. and Marubeni
Corp., and JPY5 billion from Japan Energy Corp, relates Jiji
Press.

JAL procures aircraft and related parts through the traders,
and buys aircraft fuel from Japan Energy, notes Jiji Press.

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

                         *     *     *

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

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

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


JAPAN AIRLINES: MUFG to Likely Win Bid for JALCard Unit
-------------------------------------------------------
Mitsubishi UFJ Financial Group is likely to win the bidding for
a large stake in Japan Airlines International Co., Ltd.'s
credit card unit, Edwina Gibbs and Alison Tudor of Reuters
reports, citing the Yomiuri newspaper.

A financial source of the paper opined that MUFG has an
advantage in the deal because it has existing business ties
with JALCard, relates Reuters.

Other bidders include Credit Saison Co., Ltd., and TPG.  TPG,
according to Yomiuri's source, is viewed as the outside
contender as it has weaker links to the credit card business.

JAL, undergoing restructuring, is looking to sell up to 49% of
its unlisted credit card unit and will probably reach a
decision by the end of the month.  However, Reuters sources
said that JAL may be open to selling more than a 50% stake.

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

                       *     *     *

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

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

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


SOSHISHA PUBLISHING: Files for Bankruptcy Amid JPY2.25BB Debt
-------------------------------------------------------------
Soshisha Publishing Co. filed for bankruptcy with the Tokyo
District Court after accumulating debts of JPY2.25 billion,
Kyodo News reports.

Officials of the company said that it has sought protection
from creditors under the Civil Rehabilitation Law plunging into
a financial crisis amid a general slump in the publishing
business, relates Kyodo News.

Soshisha, states Kyodo News, which plans to pick its sponsor by
the end of February, will continue to operate as more than one
publishing company approached Soshisha to sponsor its
rehabilitation.

Soshisha was found in 1968 mainly publishing non-fiction titles
and often achieved marketing success by coming up with uniqu
titles for its publications, recalls Kyodo News.


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

DAEWOO ELECTRONICS: Creditors Pick Buyers for Stake
----------------------------------------------------
Daewoo Electronics Corp.'s creditors picked seven parties to bid
for their stake in the South Korean company, Bloomberg News
reports citing Yonhap News.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2007, over 10 foreign companies are jockeying for
position in their attempt to acquire Daewoo Electronics.

Woori Investment and Securities and Samil Pricewaterhouse
Coopers, the TCR-AP related, reported that after registering a
letter of intent, 10 companies expressed their interest in
acquiring Daewoo.

Seonjin Cha of Bloomberg writes that creditors plan to sign a
preliminary contract to sell their stake around the end of
February after receiving offers in the middle of next month.

According to Bloomberg, creditors own a combined 97.5% of Daewoo
Electronics, according to the company's annual report for 2006.

Another TCR-AP report on Nov. 28, 2007, Daewoo Electronics is
put up for sale a second time as the US$746-million Videocon-
Ripplewood bid fails.

                   About Daewoo Electronics

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer        
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale for US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.


DAEWOO ELECTRONICS: Buys  MMP License From TPL Group
----------------------------------------------------
Daewoo Electronics Corp. has purchased a Moore Microprocessor
Patent Portfolio license from The TPL Group.  Daewoo
Electronics, the first Korean licensee to purchase an MMP
license, has operations in more than 40 countries, with regional
headquarters in the U.S., Europe, Central America and the Middle
East.

While the MMP Portfolio Licensing Program has been in place for
over two years, 30% of the license purchases have followed the
favorable Markman ruling issued earlier this summer, confirming
the strength of the MMP Portfolio, and enhancing the momentum of
the Licensing Program.

The sweeping scope of applications using MMP design techniques
continues to encourage manufacturers of end-user products from
around the globe to become MMP licensees.  Since January 2006
more than twenty companies have purchased MMP Portfolio
licenses; they include: Hewlett Packard, Sony, Casio, Fujitsu,
Nikon, Seiko Epson, Pentax, Olympus, Kenwood, Agilent, Lexmark,
Schneider Electric, NEC Corp., Funai Electric, SanDisk, Sharp
Corp., Nokia, Bull, LEGO, DMP Electronics, Denso Wave, Philips,
TEAC and Daewoo Electronics.

The Moore Microprocessor Patent Portfolio contains intellectual
property that is jointly owned by the privately held TPL Group
and publicly held Patriot Scientific Corp.  The portfolio
includes seven U.S. patents as well as their European and
Japanese counterparts.  It is becoming widely recognized that
the jointly-owned patents protect fundamental technology used in
designing microprocessors, microcontrollers, digital signal
processors, embedded processors and system-on-chip devices.

                   About Daewoo Electronics

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer        
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale for US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.


JINRO LTD: To Sell 5-Million Shares in Second Half of 2008
----------------------------------------------------------
Jinro Ltd. has submitted a preliminary application to the
nation's stock exchange for a planned sale of its shares,
following their de-listing in 2003, various reports say.

Under the submitted plan, Antara News relates, Jinro expects to
sell 5 million new shares in the second half of this year, or
10.4% of the company's enlarged capital.

According to Korea.Net, Jinro, the company's share in the
nation's soju market has topped 50% since July last year.

Jinro was de-listed in January 2003, Korea.Net recounts, on
financial woes in the wake of the 1997-98 Asian financial
crisis.  In 2005, Hite acquired Jinro for KRW3.4 trillion, the
report adds.

Korea.Net notes that Woori Investment & Securities Co., Samsung
Securities Co. and Daishin Securities Co. were named to manage
the planned sale of Jinro shares.

                        About Jinro Ltd.

With distilleries in Ichon, Cheongwon and Masan in South Korea,
Jinro Ltd. -- http://www.jinro.co.kr/english/main.asp/--    
specializes in manufacturing soju, a vodka-like distilled
liquor.  Jinro also produces and sells wine, whisky and ginseng
liquors as well as non-alcoholic beverages like mineral water
and soft drinks.  In addition, the Company provides information
processing, financial services as well as construction services.

Before it was sold to Hite Brewery in 2005, Jinro was declared
bankrupt on September 9, 1997.  The Company was delisted
effective Jan. 10, 2003.

According to the Financial Times, in spite of high expectations
of synergies from Hite's takeover of Jinro, the company is
facing severe competition in the Soju market.  Jinro, market
share, the report says, has fallen from 55% in Feb. 2006 to 50%
at the end of June 2006.

The Financial Times related that analysts cautioned that the
acquisition of Jinro would lay a substantial financial burden on
Hite.  Although Hite's operating profit was only 3% lower in the
first quarter of 2006 compared with a year ago, its profits
before tax were down 59%, largely due to Jinro.


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

LITYAN HOLDINGS: Restraining Order Effective Until April 8
----------------------------------------------------------
Pursuant to Section 176(10) of the Companies Act, 1965, the High
Court of Malaya granted Lityan Holdings Berhad a restraining
order for a period of 90 days effective from Jan. 9, 2008, to
April 8, 2008, which covers the company and its subsidiaries:

   * Lityan Systems Sdn Bhd;
   * Imageword (M) Sdn Bhd;
   * Integrated Telecommunication Technology Sdn Bhd;
   * Konsortium Jaya Sdn Bhd;
   * Impianas Sdn Bhd;
   * Sistem Komunikasi Gelombang Sdn Bhd;
   * Lityan Marketing Sdn Bhd;
   * Lityan Management Sdn Bhd;
   * Digital Transmission Systems Sdn Bhd;
   * Imagebase Sdn Bhd;
   * Slam Atomised Metal Sdn Bhd;
   * Hi Pro Edar (M) Sdn Bhd;
   * Lityan Foreign Equities Sdn Bhd;
   * Advanced Business Solutions (M) Sdn Bhd;
   * Teem Business Solutions Sdn Bhd;
   * Lityan Applications Sdn Bhd;
   * Kirium Solutions Sdn Bhd;
   * KJ Telecommunications Sdn Bhd; and
   * KJ Mobidata Sdn Bhd.

The restraining order was applied in order to facilitate the
Proposed Restructuring Scheme, which includes:

   * Proposed Capital Reconstruction;

   * Proposed Debt Restructuring;

   * Proposed Special Issue to Lembaga Tabung Haji;

   * Proposed Acquisition of THT Integrated Solutions Sdn Bhd
     from TH Technologies Sdn Bhd, a wholly-owned subsidiary of
     LTH;

   * Proposed Waiver to LTH and persons acting in concert from a
     take-over obligation; and

   * Proposed offer for sale/placement.

The sealed restraining order dated Jan. 9, 2008, is pending
extraction from the High Court.

In addition, Lityan has also obtained an order from the High
Court to convene meetings with the creditors and members in
relation to the Proposed Restructuring Scheme pursuant to
Section 176(1) of the Act within a period of 90 days from
Jan. 9, 2008, with liberty to apply for an extension of time, if
necessary.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides         
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


SOLUTIA INC: Posts US$15,000,000 Net Loss in Nov. 1-30, 2007
------------------------------------------------------------
                  Solutia Chapter 11 Debtors
             Unaudited Statement of Consolidated
                      Financial Position
                   As of November 30, 2007

                             ASSETS

Cash                                               US$3,000,000
Trade Receivables, net                              194,000,000
Account Receivables-Unconsolidated Subsidiaries      64,000,000
Inventories                                         176,000,000
Other Current Assets                                 81,000,000
Assets of Discontinued Operations                     6,000,000
                                                --------------
Total Current Assets                                524,000,000

Property, Plant and Equipment, net                  652,000,000
Investments in Subsidiaries and Affiliates          687,000,000
Intangible Assets, net                              106,000,000
Other Assets                                         67,000,000
                                                --------------
Total Assets                                   US$2,036,000,000

             LIABILITIES AND SHAREHOLDERS' DEFICIT

Accounts Payable                                 US$217,000,000
Short Term Debt                                     943,000,000
Other Current Liabilities                           172,000,000
Liabilities of Discontinued Operations                2,000,000
                                                --------------
Total Current Liabilities                         1,334,000,000

Long-Term Debt                                       19,000,000
Other Long-Term Liabilities                         175,000,000
                                                --------------
Total Liabilities not Subject to Compromise       1,528,000,000

Liabilities Subject to Compromise                 1,936,000,000

Shareholders' Deficit                            (1,428,000,000)
                                                --------------
Total Liabilities & Shareholders' Deficit      US$2,036,000,000


                  Solutia Chapter 11 Debtors
        Unaudited Consolidated Statement of Operations
             For the Month Ended November 30, 2007

Total Net Sales                                  US$199,000,000
Total Cost Of Goods Sold                            185,000,000
                                                --------------
Gross Profit                                         14,000,000

Total MAT Expense                                    17,000,000
                                                --------------
Operating Income (Loss)                              (3,000,000)

Equity Earnings from Affiliates                               0
Interest Expense, net                                (9,000,000)
Other Income, net                                     4,000,000

Reorganization Items:
Professional fees                                    (6,000,000)
Employee severance and retention costs               (1,000,000)
Adjustment to allowed claim amounts                           0
Settlements of prepetition claims                             0
                                                --------------
                                                    (7,000,000)
                                                --------------
Income from continuing operations before taxes      (15,000,000)

Income tax expense (benefit)                                  0

Income from discontinued operations                           0
                                                --------------
Net Loss                                         (US$15,000,000)

Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) --
http://www.solutia.com/-- and its subsidiaries, engage in the   
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide.   Solutia has
operations in Malaysia, China, Singapore, Belgium, and Colombia.
The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice. The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, the Court confirmed the
Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No.
112; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                       *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Standard & Poor's Ratings Services assigned its 'B+' loan rating
to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior
secured term loan and a '3' recovery rating, indicating the
likelihood of a meaningful (50%-70%) recovery of principal in
the event of a payment default.  The ratings are based on
preliminary terms and conditions.

S&P also assigned its 'B-' rating to the company's proposed
US$400 million unsecured notes.


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

AIS INSULATION: Appoints Rea & Sargison as Liquidators
------------------------------------------------------
On December 3, 2007, the shareholders of AIS Insulation Ltd.
appointed Gerald Stanley Rea and Paul Graham Sargison as the
company's liquidators.

Messrs. Rea and Sargison are accepting creditors' proofs of debt
until January 21, 2008.

The Liquidators can be reached at:

          Gerald Stanley Rea
          Paul Graham Sargison
          c/o Gerry Rea Partners
          PO Box 3015, Auckland
          New Zealand
          Telephone:(09) 377 3099
          Facsimile:(09) 377 3098


LONGSEA PROPERTIES: Placed Under Voluntary Liquidation
------------------------------------------------------
Longsea Properties Ltd. commenced liquidation proceedings on
December 4, 2007.

Creditors are required to file their proofs of debt by Jan. 22,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Lyle Richmond Irwin
          Prince & Partners
          PO Box 3685, Auckland 1001
          New Zealand
          Telephone:(09) 379 5324
          Facsimile:(09) 307 0778
          e-mail: office@prince.co.nz


MARCHTYME HOLDINGS: Fixes Jan. 21 as Last Day to File Claims
------------------------------------------------------------
The creditors of Marchtyme Holdings Ltd. are required to file
their proofs of debt by January 21, 2008, to be included in the
company's dividend distribution.

The company went into liquidation on December 3, 2007.

The company's liquidator is:

          John Michael Gilbert
          c/o C & C Strategic Limited
          Ponsonby, Auckland
          New Zealand
          Telephone:(09) 376 7506
          Facsimile:(09) 376 6441


MORELL CONTRACTING: Creditors' Proofs of Debt Due on January 18
---------------------------------------------------------------
Morell Contracting Ltd. requires its creditors to file their
proofs of debt by January 18, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          D. C. Parsons
          c/o Indepth Forensic Limited
          Insolvency Practitioners
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Facsimile:(07) 957 8677


PARK TERRACE: Wind-Up Petition Hearing Set for Jan. 14
------------------------------------------------------
A petition to have Park Terrace Apartments Ltd.'s operations
wound up will be heard before the High Court of Christchurch on
January 14, 2008, at 10:00 a.m.

G & A Nelson Limited filed the petition on November 29, 2007.

G & A Nelson's solicitor is:

          C. R. Johnstone
          c/o Wynn Williams & Co
          PO Box 4341, Christchurch
          New Zealand


PRESERVATION & MAINTENANCE: Wind-Up Petition Hearing on Jan. 31
---------------------------------------------------------------
The High Court of Auckland will hear on January 31, 2008, at
10:00 a.m., a petition to have Preservation and Maintenance
Engineering Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition on
August 22, 2007.

The CIR's solicitor is:

          Kathleena Hemotitaha Smith
          c/o Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150, Takapuna
          Auckland
          New Zealand
          Telephone:(09) 984 1309
          Facsimile:(09) 984 3116


THE HIGHWAY VILLAGE: Court to Hear Wind-Up Petition on Jan. 22
--------------------------------------------------------------
The High Court of Wellington will hear on January 22, 2008, at
10:00 a.m., a petition to have The Highway Village (1984) Ltd.'s
operations wound up.

Maureen Joan Young filed the petition on November 19, 2007.

Maureen Joan's solicitor is:

          Jonathan Robert Parker
          Morrison Kent House, 19th Floor
          105 The Terrace
          Wellington
          New Zealand
          Telephone:(04) 472 0020)


THORBY TRANSPORT: Taps Brown & Rodewald as Liquidators
------------------------------------------------------  
Kenneth Peter Brown and Thomas Lee Rodewald were named
liquidators of Thorby Transport Ltd.

Only creditors who were able to file their proofs of debt by
December 28, 2007, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Kenneth Peter Brown
          Thomas Lee Rodewald
          c/o Rodewald Hart Brown Limited
          Level 2, 127 Durham Street
          PO Box 13380, Tauranga
          New Zealand


ULTIMAX LTD: Subject to Auckland Packaging's Wind-Up Petition
-------------------------------------------------------------
On August 6, 2007, Auckland Packaging Company Limited filed a
petition to have Ultimax Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
February 21, 2008, at 10:45 a.m.

Auckland Packaging's solicitor is:

          Malcolm David Whitlock
          c/o Baycorp House, Level 2
          15 Hopetoun Street
          Auckland
          New Zealand


ZX CORPORATION: Subject to CIR's Wind-Up Petition
-------------------------------------------------
On September 26, 2007, the Commissioner of Inland Revenue filed
a petition to have ZX Corporation (2001) Ltd.'s operations wound
up.

The petition will be heard before the High Court of Auckland on
February 14, 2008, at 10:45 a.m.

The CIR's solicitor is:

          Kay S. Morgan
          c/o Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0373
          Facsimile:(07) 959 7614


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

BANKARD INC: SEC Approves Capital Increase to PHP2 Billion
----------------------------------------------------------
The Securities and Exchange Commission has approved Bankard
Inc.'s capital increase from PHP600 million to PHP2 billion.

The capital increase shares, divided into 2 billion shares, will
have a par value of PHP1 each.

Bankard, Inc. -- http://www.bankard.com/-- is a 67%-owned
subsidiary of RCBC Capital Corporation.  It was organized by
PCIBank in December 1981 as Philippine Commercial Credit Card,
Inc. to engage in domestic credit card operation.  It issued the
country's first credit card by a commercial bank.  On July 8,
1992, PCCCI changed its corporate name to Bankard Inc.

Bankard is a licensee of Mastercard International Incorporated,
JCB International Co., Ltd. and VISA International Service
Association to issue credit cards accepted by affiliated banks
and merchant establishments worldwide.  The company markets a
line of credit cards, which includes Bankard MasterCard, Bankard
Visa, Bankard JCB Standard and Premiere and its latest, myDream
JCB.

Bankard reported a net loss of PHP597.6 million for the year
ended December 31, 2006, which translated to a loss per share of
PHP1.92, the bank said in it annual financial statements filed
with the Philippine Stock Exchange.  The bank also had a net
loss of PHP422.4 million for the year ended December 31, 2005.


GLOBE TELECOM: Lists 6,886 Additional Shares in Local Bourse
------------------------------------------------------------
Globe Telecom Inc. has listed an additional 6,886 common shares
for trading in the Philippine Stock Exchange.

The new shares reflect the 380 common shares exercised and fully
paid under the employee stock option plan of the company, and
the 6,506 common shares under its employee stock ownership plan.

The company now has 752,672 shares listed under the ESOP and
1,085,704 shares listed under the company's ESOWN.

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

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

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

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


LIBERTY TELECOMS: Taps Ensign Icamen as Corporate Secretary/CIO
---------------------------------------------------------------
Liberty Telecoms Holdings Inc.'s president and chairman, Raymond
M. Moreno, has appointed Atty. Ensign M. Icamen as acting
corporate secretary and acting compliance officer/acting
information officer.

The appointment is effective January 14, 2008, subject to
confirmation of the company's Board of Directors in its next
meeting.

Headquartered in Makati City, Liberty Telecoms Holdings
Incorporated was incorporated in January 1994 primarily to
engage in real and personal property businesses; to deal in
stocks, bonds and other securities or evidence of indebtedness
of any entity; and to acquire all or any part of the business of
any entity.  LIB's business strategy is to offer products and
services to meet the telecommunication needs of its various
customers.

The company, in its effort to stop continuing losses, decided to
temporarily close down the nationwide telecommunications
business operations of subsidiaries Liberty Broadcasting Network
Inc and Skyphone Logistics Inc sometime in April 2005.  The
decision became inevitable due to the inability of the company
to meet interest payments and principal repayments on the
financial obligations to creditor banks and private creditors.  

In 2005, as part of the company's plan to resolve and to
continue normal operations, the Board of Directors of the
company and its subsidiaries -- Liberty Broadcasting Network,
Inc. and Skyphone Logistics, Inc. -- approved to file a
petition for the corporate rehabilitation and a petition for
suspension of payments.

Liberty Telecoms Holdings Inc. posted a consolidated net loss of
PHP482.81 million for the year ended December 31, 2006, its
third annual consecutive loss since 2004.  Its capital deficit
also increased from PHP351.59 million in 2005 to
PHP834.40 million as of December 31, 2006.


PHIL. LONG DISTANCE: Unit to Provide Services to Vietnamese Firm
----------------------------------------------------------------
Mabuhay Satellite Corp. a subsidiary of the Philippine Long
Distance Telephone Co., has inked a deal with Vietnam's Viettel
Corp. for the provision of satellite bandwidth and services, the
Philippine Daily Inquirer reports.

According to the Inquirer, Mabuhay, has in fact activated
services for 20 sites, sales officer Edmundo Ona said in a
telephone interview.  Mabuhay's contract was to provide services
to 75 sites, he added.

However, the report notes, Mr. Ona declined to disclose project
costs.

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.


* Moody's Airs Concerns on Government's Fiscal Position, Reforms
----------------------------------------------------------------
Representatives of ratings agency Moody's Investor Service has
aired concerns regarding the government's tax collection
shortfall and a proposal to lift the 12% value-added tax for oil
products.

Moody's said that major reversals of fiscal reforms including
EVAT as a way to streamline oil price risks will negatively
affect the Philippines, investor relations officer Renato
Pizzaro told the Philippine Daily Inquirer.  The Philippines'
macroeconomic stability and sovereign outlook and rating will be
negatively affected, he added.

Moody's, according to the Inquirer, has criticized the
government's dependence on privatization as a means to raise
revenues, saying that its sustainability is questionable.  

Without the government's PHP47-billion proceeds from the sale of
its stake in the PNOC-Energy Development Corp., the Philippine
Star notes, the government would have recorded a deficit of
PHP35 billion from January to November.  

Moody's is concerned with medium-term sustainability, a
government official told both PhilStar and the Inquirer.  The
government should generate more revenues from tax collections if
it is to generate financing for development programs including
infrastructure.

"We are doing something about it. . . We cannot sustain
especially the growth in infrastructure if the tax effort is
low," Finance Undersecretary Gil Beltran told PhilStar.

                          *     *     *

On September 14, 2007, Standard & Poor's Ratings Services
affirmed its 'BB-/B' foreign currency and 'BB+/B' local currency
issuer credit ratings on the Philippines. The outlook is stable.  
Also in May 2007, S&P assigned its 'BB+' senior unsecured rating
to the Philippines' new three- and five-year benchmark bond
issues.  The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively.  The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.

Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively.  The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.

On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing.  The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.


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

AVAGO TECH: S&P Raises Corporate Credit Rating to 'BB-' from 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services removed its ratings on San
Jose, Calif.- and  Singapore-based Avago Technologies Finance
Pte. Ltd. and related entities, from CreditWatch, where they
were placed on Sept. 19, 2007, with positive implications, and
raised the company's corporate credit rating to 'BB-' from 'B'.

This rating action includes an upgrade of the company's senior
secured rating to 'BB-' on its revolving credit facility, which
was recently upsized from US$250 million to US$375 million.  The
recovery rating remains '1', indicating the expectation of a
very high (90%-100%) recovery of principal in the event of a
payment default.  The outlook is stable.

"The rating action follows the company's steps to delever, while
its operating trends have remained stable over the last several
quarters," said Standard & Poor's credit analyst Lucy Patricola.
"The ratings reflect Avago Technologies' challenges in growing
its portfolio of sole-sourced, leading-edge technology
semiconductors; modest free cash flow; and short operating track
record as an independent company.  These factors are partially
offset by the company's broad product line--which produces
stable revenues and earnings with minimal product, market, or
customer concentration--and leverage that is moderate for the
rating."

The outlook is stable.  A broad-based portfolio affords the
company stability in its operating trends and downside
protection.  Upside potential is constrained by its niche focus
and lack of revenue growth.


EPOCH MONTAGE: Court to Hear Wind-Up Petition on January 18
-----------------------------------------------------------
A petition to have Epoch Montage Labs (S) Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
January 18, 2008, at 10:00 a.m.

Tyco Healthcare Pte Ltd filed the petition on December 26, 2007.

Tyco Healthcare's solicitors are:

          Genesis Law Corporation
          112 Robinson Road #07-02
          Singapore 068902


HOLA DEVELOPMENT: Creditors' Meeting Slated for January 15
----------------------------------------------------------
Hola Development Pte Ltd, which is in compulsory liquidation,
will hold a meeting for its creditors on January 15, 2008, at
3:00 p.m., at 400 Orchard Road, in #08-02 Orchard Towers,
Singapore 238875.

At the meeting, the creditors will be asked to:

   -- receive a brief account on the conduct of liquidation;

   -- determine if it is required to appoint a committee of
      inspection to act with liquidator, and if so who are to be
      the members of the committee; and

   -- discuss other business.

The company's liquidator is:

          Goh Boon Kok
          1 Claymore Drive #08-11
          Orchard Towers (Rear Block)
          Singapore 229594


SCOTTISH RE: Receives Non-Compliance Notice from NYSE
-----------------------------------------------------
Scottish Re Group Limited has been notified, Jan. 2, 2008, by
the NYSE Regulation, Inc. that the company had fallen below one
of the quantitative criteria of the New York Stock Exchange's
continued listing standards related to maintaining a consecutive
thirty trading-day average closing stock price of over US$1.00
per ordinary share, as required by paragraph 802.01C of the NYSE
Listed Company Manual.  On Dec. 31, 2007, the company's thirty
trading-day average closing stock price was US$0.95 per ordinary
share and its absolute closing price was US$0.73 per ordinary
share.

The company has notified the NYSE that it intends to submit
plans to address the price deficiency within the required ten
business day period following the receipt of the notification.

Subject to ongoing reassessment by NYSE Regulation, the
notification has no effect on the listing of the company's
ordinary shares and 7.25% non-cumulative perpetual preferred
shares, and the ordinary and preferred shares will continue to
trade on the NYSE under the symbols "SCT" and "SCT-PB,"
respectively.  Under NYSE rules, at the end of the six month
period following receipt of the original notification, the
company must have brought its ordinary shares price and average
share price for a consecutive thirty trading-day period back
above US$1.00, or be subject to suspension and delisting
procedures.  In the interim, the NYSE will add the indicator
".BC" to the ticker symbol for the company's ordinary and
perpetual preferred shares to signify that the company remains
"below criteria" required by the NYSE for continued listings.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Moody's Investors Service has affirmed the
ratings of Scottish Re Group Limited's senior unsecured shelf of
(P)Ba3 and changed the outlook to negative from stable.


TUBAN HDPE: Requires Creditors to File Claims by January 25
-----------------------------------------------------------
Tuban HDPE Pte Ltd, which is in voluntary liquidation, requires
its creditors to file their proofs of debt by January 25, 2008,
to be included in the company's dividend distribution.

The company's liquidator is:

          Zalinah Samade
          c/o IP Consultants Pte Ltd
          50 Robinson Road
          No. 15-02 VTB Building
          Singapore 068882


TUBAN VCM: Creditors' Proofs of Debt Due on January 25
------------------------------------------------------
The creditors of Tuban VCM Pte Ltd are required to file their
proofs of debt by January 25, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Zalinah Samade
          c/o IP Consultants Pte Ltd
          50 Robinson Road
          No. 15-02 VTB Building
          Singapore 068882


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

DAIDOMON GROUP: Expects to Submit Rehab Plan by February 11
-----------------------------------------------------------
Daidomon Group PCL expects to submit a business rehabilitation
plan to the Central Bankruptcy Court by February 11, 2008.

According to a disclosure with the Stock Exchange of Thailand,
the company is still in the process of examining creditors'
proofs of debt.  The company is permitted to submit the plan
within a period of one month from January 9, 2008, the
disclosure says.

Headquartered in Bangkok, Thailand, Daidomon Group Public Co.
Limited -- http://www.daidomon.co.th/-- operates barbecue and
Japanese food restaurants under the brand name of Daidomon.  The
group's products include barbecue, dessert and drinks, and
bottled sauce.  The company is currently undergoing
rehabilitation.

The Troubled Company Reporter-Asia Pacific reported on Feb. 16,
2007, that Daidomon Group had total assets of US$12.92 million
and a total capital deficiency of US$8.51 million.


* AP Bond Risk Rises on Countrywide Bankruptcy Concerns
-------------------------------------------------------
The risk of companies and governments in the Asia-Pacific region
defaulting on their debt rose for the fifth day on concerns
Countrywide Financial Corp., the largest U.S. mortgage lender,
will file for bankruptcy, Bloomberg News reports.

The Markit iTraxx Australia Series 8 Index increased 4 basis
points to 76.5 basis points on Jan. 8, 2008, extending the
previous day's record, Citigroup Inc. prices show.  The index
contains credit-default swaps tied to 25 borrowers including BHP
Billiton Ltd. and Australia's five biggest banks, Bloomberg
relates.

Countrywide shares dropped the most since October 1987 on the
New York Stock Exchange as investors speculated that a cash
shortage and declining lending business would force bankruptcy,
Bloomberg explains.

Bloomberg further explains that more than 100 mortgage lenders
closed or sold themselves in 2007, increasing concerns the U.S.
housing slump will lead to recession in the world's largest
economy.

Bloomberg recounts that credit-default swaps are financial
instruments based on bonds and loans that are used to speculate
on a company's ability to repay debt.  They pay the buyer face
value in exchange for the underlying securities or the cash
equivalent should a borrower fail to adhere to its debt
agreements.


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

                                                     Total    
                                          Total   Shareholders    
                                         Assets      Equity    
Company                        Ticker    (US$MM)    (US$MM)    
-------                        ------     ------   ------------    

AUSTRALIA    

Advance Healthcare Group Ltd      AHG      15.65       -6.78  
Allstate Exploration              ALX      18.20      -42.75  
Austar United Communications    
  Limited                         AUN     411.16      -43.72
Croesus Mining N.L.               CRS      16.00      -13.81
Emperor Mines Limited             EMP     138.99      -50.63    
Hutchison Telecommunications    
  (Aust) Ltd.                     HTA    1637.04    -1443.69    
Intellect Holdings Limited        IHG      15.25      -10.88    
KH Foods Ltd                      KHF      38.40       -6.79    
Lafayette Mining Limited          LAF     105.24     -190.86  
Renison Consolidated Mines NL     RSN      38.83       -3.94  
Tooth & Co. Ltd.                  TTH     120.47      -87.64  
UnderCoverWear Limited            UCW      28.92      -16.07    
ViaGOLD Capital Limited           VIA      15.49       -3.11  


CHINA AND HONG KONG    

Asia Telemedia Limited            376      16.97       -7.53    
Baiyin Copper Commercial    
  Bldg (Group) Co                 672      24.47       -2.40    
Beiya Industrial (Group)    
  Co., Ltd                     600705     462.13      -20.57
Brilliant Arts Multi-Media    
  Holding Ltd                    8130      11.62       -2.32  
Cangzhou Chemical Industrial    
  Co.Ltd                       600722     496.98      -91.41  
Chang Ling Group                  561      85.06      -80.88    
Changjiang Sec-A                  783     357.75      -84.57  
Chia Tai Enterprises    
  International Ltd.              121     316.12       -8.92  
China HealthCare Holdings Ltd     673      25.44       -3.37  
China Liaoning International    
  Cooperation (Group) Ltd         638      20.46      -41.24  
Chinese.com Logi                  805      13.75      -32.33  
CIS Technology Inc.              2326      33.74      -18.91  
Chongqing Int'l Enterprise    
  Investment Co                000736      19.88      -15.67  
Compass Pacific Holdings Ltd     1188      46.98      -14.92  
Datasys Technology    
  Holdings Ltd                   8057      14.10       -2.07    
Dongxin Electrical Carbon    
  Co., Ltd                     600691      34.19       -2.90    
Dynamic Global Holdings Ltd.      231      44.64       -9.70    
Everpride Biopharmaceutical    
  Company Limited                8019      14.19       -0.02    
Ever Fortune Intl.    
  Hldgs. Limited                  875      14.41       -4.03  
Fujian Changyuan Investment    
  Holdings Limited                592      34.52      -66.85    
Fujian Sannong Group Co. Ltd      732      42.50     -100.37    
Fujian Start Computer    
  Group Co.Ltd                 600734     114.76      -16.98  
Guangzhou Oriental  
  Baolong Automotive Co        600988      15.78      -11.11  
Guangdong Hualong Groups    
  Co., Ltd                     600242      15.23      -46.94  
Guangdong Kel-A                   921     596.71      -94.69  
Guangdong Meiya Group    
  Co., Ltd.                       529      70.62      -59.86  
Guangxia (Yinchuan) Industry    
  Co. Ltd.                        557      48.71      -59.63    
Hainan Dadonghai Tourism    
  Centre Co., Ltd                 613      18.34       -8.39    
Hainan Overseas Chinese    
  Investment Co., Ltd          600759      28.97       -9.90    
Hans Energy Company Limited       554      85.00       -0.49    
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47  
Heilongjiang Black Dragon    
  Co., Ltd                     600187     113.45      -74.67  
Hisense Kelon Electrical    
  Hldngs. Co., Ltd                921     596.71      -94.69    
Hualing Holdings Limited          382     262.90      -32.17    
HuaTongTianXiang Group    
  Co., Ltd.                    600225      52.77      -42.02    
Huda Technology & Education    
Development Co. Ltd.           600892      17.12       -0.39  
Hunan Anplas Co.                  156      77.57      -77.92  
Innovo Leisure Recreation    
  Holdings Ltd.                   703      13.40       -4.50  
Jiaozuo Xin'an-a                  719      56.77       -6.52    
Junefield Department    
  Store Group Limited             758      12.93       -5.39  
Lan Bao Technology     
  Information Co.,Ltd             631     110.09      -78.89  
Loulan Holdings Limited          8039      11.14       -2.21  
Mianyang Gao Xin Industrial    
  Dev (Group)                  600139      23.90      -15.65    
New City China Development  
Limited                           456     253.47      -25.03  
Orient Power Holdings Ltd.        615     176.86      -64.20  
Paladin Ltd.                      495     167.43       -6.23    
Plus Holdings Ltd.               1013      18.52       -3.34    
Qinghai Xiancheng Industry    
  Stock Co.,Ltd                600381      55.58      -55.04    
Regal Real Estate    
  Investment Trust               1881     945.38     -234.68    
Sanjiu Yigong Biopharmaceutical    
  & Chem                       000403     218.51       -3.48
Shanghai Worldbest    
  Pharmaceutical Co.Ltd        600656      66.75      -13.42    
Shanghai Xingye Housing
  Co.,Ltd                      600603      16.23      -49.40
Shenyang Hejin Holding    
  Company Ltd.                    633     103.86       -3.16    
Shenz China BI-A                20017      34.21     -238.76  
Shenzhen China Bicycle Co.,    
  Hlds. Ltd.                       17      34.21     -238.76    
Shenzhen Dawncom Business    
  Tech. and Service Co., Ltd.     863      32.57     -137.55    
Shenzhen Shenxin Taifeng    
  Group Co., Ltd.                  34      69.92      -53.39  
Shenzhen Koda-a                    48     112.05      -15.98  
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11    
Sichuan Direct-A                  575     143.71      -94.34  
Stellar Megaunion Corporation  000892      54.33     -152.43    
Success Information Industry    
  Group Co.                       517      77.23      -17.78  
Suncorp Tech Ltd.                1063      75.28       -5.03  
Suntek Technology Co., Ltd     600728      49.03      -14.65  
Suntime International    
  Economic Trading             600084     359.49      -47.93  
Swank International    
  Manufacturing Co Ltd            663      29.31       -1.13  
Taiyuan Tianlong Group Co.    
  Ltd                          600234      19.47      -89.51    
The First Investment &    
  Merchant Co, Ltd             600515      90.66        5.98    
Tianjin Marine Shipping    
  Co. Ltd                      600751     111.03       -3.59    
Tianyi Science & Technology    
  Co., Ltd                     600703      45.82      -41.20    
Tibet Summit Industry    
  Co., Ltd                     600338      90.92       -4.05    
Winowner Group Co. Ltd.        600681      23.34      -72.39    
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74    
Yueyang Hengli Air-Cooling    
  Equipment Inc.                  622      40.61      -17.21    
Zarva Technology Co. Ltd.         688      25.83     -175.37    
Zhejiang Haina Science & Tech    
  Co., Ltd.                       925      28.53      -36.27    

INDIA    

Andrew Yule & Co. Ltd             ANY      81.41      -30.90    
Ashima Ltd.                     NASHM      96.57      -42.59    
ATV Projects India Ltd.           ATV      68.25      -30.17  
B S Refrigerator                NBPLE      75.91      -10.23  
Balaji Distiller                  BLD      45.66      -74.20    
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62  
Birla VXL Ltd                    NVXL      98.77      -14.62    
CFL Capital Financial    
  Services Ltd                  CEATF      25.42      -47.32    
Core Healthcare Ltd.             CPAR     185.37     -241.91  
Dish TV India Limited            DITV     239.48      -12.62  
Dunlop India Ltd                 DNLP      52.75      -65.30    
GKW Ltd.                          GKW      35.75      -13.52    
Gujarat Sidhee Cement Ltd.       GSCL      59.44       -0.66  
Himachal Futuris                 HMFC     574.62      -38.68    
HMT Limited                       HMT     316.41     -175.33    
JCT Electronics Ltd.             JCTE     117.60      -50.17    
Jenson & Nic Ltd                   JN      14.81      -81.79  
JK Synthetics Ltd                 JKS      17.99       -2.61    
Kothari Sugars and    
  Chemicals Ltd.                NKTSG      43.24      -29.24  
JOG Engineering                   VMJ      50.08      -10.08  
Lloyds Metals                    LYDM      70.72      -10.25  
Lloyds Steel Ind                 LYDS     404.38      -86.45    
LML Ltd.                          LML      81.21      -11.89    
Mafatlal Ind.                     MFI      95.67      -85.81    
Malanpur Steel Ltd.               HDC      82.08      -52.01    
Modern Threads                    MRT      78.18      -20.71  
Mysore Cements                    MYC      82.02      -14.57    
Mysore Kirloskar Ltd.              MK      23.71       -3.04    
Panchmahal Steel Ltd.             PMS      51.02       -0.33  
Panyam Cements                    PYC      17.18      -18.32  
Parekh Platinum                  PKPL      59.20      -75.23  
Rollatainers Ltd                  RLT      20.68       -3.88  
RPG Cables Ltdd                  NRPG      51.43      -20.19  
Shree Rama Multi Tech Ltd.      NSRMT      79.66       -7.83    
Shyam Telecom                    NSHY     147.34      -22.80  
Sil Businesse Enterprises Ltd.   SILB      12.46      -19.96  
SIV Ind. Ltd.                    NSIV     101.16      -66.27    
Steel Tubes Ltd                  NSTU      30.47      -26.45  
Synthetics & Che                 SYNC      54.94       -6.90  
Tata Teleservices (Maharashtra)    
  Limited                       NTTLS     657.28      -73.89  
UB Engineeering                   UBE      47.78       -2.77  
Western India Sh                 WISL      39.34      -22.78  

INDONESIA    

Ades Waters Indonesia Tbk        ADES      21.35       -8.93    
Argo Pantes Tbk                  ARGO     217.96       -15.7  
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21    
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57    
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82    
Sekar Bumi Tbk                   SKBM      23.07      -41.95    
Steady Safe Tbk                  SAFE      19.65       -2.43    
Suba Indah Tbk                   SUBA      85.17       -9.18    
Surya Dumai Industri Tbk         SUDI     105.06      -30.49    
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86    
Unitex Tbk                       UNTX      29.08       -5.87    
Wicaksana Overseas    
  International Tbk              WICO      43.09      -46.36  

JAPAN    

Banners Co., Ltd                 3011      46.33      -14.11  
C4 Technology, Inc               2355      33.71       -1.24  
NIWS Co., HQ Ltd.                2731     541.08      -33.01
Orient Corporation               8585   37956.19    -1109.02
Tasco System Co., Ltd            2709      48.80      -13.52    
Trustex Holdings, Inc.           9374     102.84       -7.81  

KOREA    

Cosmos PLC Co., Ltd            053170      19.31       -4.95  
DaiShin Information &    
  Communication Co.             20180     740.50     -158.45  
E-Rae Electronics Industry    
  Co., Ltd                      45310      45.47      -10.37  
E Star B Co., Ltd.              55250     186.00       -1.50    
EG Semicon Co. Ltd.             38720     166.70      -12.34    
Everex Inc                      47600      35.66       -0.66  
Hyundai IT Corp.                48410     137.08      -48.10  
Inno Metal Izirobot Inc.        70080      28.56       -0.33  
Oricom Inc.                     10470      82.65      -40.04  
Rocket Electric Co., Ltd.         420      77.37       -4.76  
Seji Co., Ltd                   53330      37.25       -0.31  
Starmax Co., Ltd                17050      76.61       -1.50  
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77  
Unick Corporation               11320      36.54       -4.45  

MALAYSIA    

Boustead Heavy Industries    
  Corp. Bhd                      BHIC      57.34     -152.51  
FED Furniture                    FFHB      38.27       -5.11  
Harvest Court Industries  Bhd    HAR      10.17       -3.85  
Lityan Holdings Berhad            LIT      18.84      -23.22  
Mangium Industries Bhd           MANG      14.24      -12.15  
Megan Media Holdings Berhad      MMHB      47.76     -232.89  
Pan Malay Industries             PMRI     185.98       -6.91    
PanGlobal Berhad                  PGL     181.15     -125.36  
Paxelent Corp                    PAXE      13.16       -4.51  
Putera Capital Berhad            PCAP      10.56       -4.70    
Sino Hua-An International Bhd   HUAAN     184.60      -98.30    
Sunway Infrastructure Berhad      SIB     399.84      -10.08  
Sycal Ventures Berhad             SYC      58.76      -85.36    
TAP Resources Bhd                 TAP      13.05       -1.33  
Techventure Bhd                  TECH      36.31       -6.21  
Tenggara Oil Bhd                 TENG      12.87       -0.34  
Wembley Industries    
  Holdings Bhd                    WMY     118.13     -243.99    

PHILIPPINES    

APC Group Inc.                    APC      71.75     -218.13    
Atlas Consolidated Mining and    
  Development Corp.                AT      61.14      -16.74  
Benguet Corp.                      BC      55.45      -44.94  
Central Azucarera de Tarlac       CAT      35.74       -1.80  
Cyber Bay Corporation            CYBR      12.49      -64.98  
East Asia Power Resources Corp.   PWR      92.52      -82.10  
Fil Estate Corp.                   FC      36.10       -7.75    
Filsyn Corporation                FYN      20.88       -9.68    
Gotesco Land, Inc.                 GO      18.68      -10.86  
Mariwasa Manufacturing, Inc.      MMI      71.98       -0.78  
Prime Orion Philippines Inc.     POPI      99.69      -82.12    
Unioil Resources & Holdings    
  Company Inc.                    UNI      11.37      -11.44  
United Paragon                    UPM      22.80      -29.23    
Universal Rightfield Property      UP      45.12      -13.48    
Uniwide Holdings Inc.              UW      62.99      -38.58  
Victorias Milling Company Inc.    VMC     151.59      -37.48    

SINGAPORE    

ADV Systems Auto                  ASA      14.32       -8.54  
Compact Metal Industries Ltd.     CMI      47.42      -36.47    
Falmac Limited                    FAL      10.51       -2.30    
Gul Technologies                  GUL     155.76      -15.21    
HLG Enterprise                   HLGE     116.77       -8.71    
Informatics Holdings Ltd         INFO      20.42      -11.65  
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43    
L&M Group Inv                     LNM      56.91      -10.59  
Pacific Century Regional          PAC    1569.35      -88.20    
Semitech Electronics Ltd.        SEMI      11.01       -0.23    

TAIWAN  

CIS Technology Inc.              2326      33.74      -18.91  
Pacco Tech Co Ltd                5510      16.01       -7.00  
Protop Technology Co., Ltd.      2410      55.69      -13.46  
Yeu Tyan Machine                 8702      39.57     -271.07  

THAILAND    

Bangkok Rubber PCL                BRC      70.19      -56.98    
Bangkok Steel Industry  
  Public Co. Ltd                  BSI     378.66     -120.56  
Central Paper Industry PCL      CPICO      12.29     -186.37    
Circuit Electronic    
  Industries PCL               CIRKIT      20.37      -64.80    
Daidomon Group PLC              DAIDO      12.92       -8.51    
Datamat Public Co., Ltd           DTM      17.55       -1.72    
Kuang Pei San Food Products    
  Public Co.                   POMPUI      15.77      -11.32    
Safari World Public Company  
  Limited                      SAFARI     107.75       -1.98  
Sahamitr Pressure Container    
  Public Co. Ltd.                SMPC      26.36      -28.88    
Sri Thai Food & Beverage Public    
  Company Ltd                     SRI      18.29      -43.37    
Thai-Denmark PCL                DMARK      19.57       -3.02  




                         *********

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

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

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


                            *********


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

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