TCRAP_Public/080114.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Monday, January 14, 2008, Vol. 11, No. 9

                            Headlines

A U S T R A L I A

A.C. KOLA: Members Opt to Shut Down Business
ABS GROUP: Placed Under Voluntary Liquidation
ALEXANDER MOIR: Undergoes Liquidation Proceedings
ALLIED & GENERAL: Members & Creditors Hear Wind-Up Report
AVINGTON PTY: Commences Liquidation Proceedings

BALLOOK PTY: Shareholders Receive Wind-Up Report
BNP PARIBAS: Members Opt to Shut Down Business
CENTRO PROPERTIES: Securities Placed in Trading Halt
CENTRO PROPERTIES: MFS Ltd. Offers to Supervise Centro MCS Fund
CHANNEL CONTRACTORS: Members & Creditors Hear Wind-Up Report

CHRYSLER LLC: Certified Pre-Owned Vehicle Sales Up 5% in 2007
CONSTELLATION BRANDS: 3rd Qtr. Net Income Up 13% to US$82-Mil.
CONSTELLATION BRANDS: US$700MM Notes Exchange Offer
CURRENT KNOWLEDGE: Members’ & Creditors’ Meeting Set for Today
FORTESCUE METALS: Affirms May 15 Iron Ore Shipment Deadline

H.C. SERVICING: Liquidator to Present Wind-Up Report on Jan. 18
J ELKHOURY: Liquidator Presents Liquidation Report
KIRKLAND’S (TASMANIA): Joint Meeting Slated for January 22
MOIR PROPERTY: Placed Under Voluntary Liquidation
PEABODY ENERGY: Appoints Richard Navarre as President & CCO

PEABODY ENERGY: Gets 35MM-Ton Coal Reserves from Joint Venture
PERSONAL INVESTMENT: Members Resolve to Liquidate Business
RALSTON PURINA: Undergoes Wind-Up Proceedings
REGAL CASCADE: To Declare Dividend on January 23
RIDGEBACK INVESTMENTS: To Declare First Dividend on January 30

STUMPLEE PTY: Placed Under Voluntary Liquidation
TROYVELL PTY: Members’ Final Meeting Slated for January 16
VAN-VILLAGE PTY: Undergoes Liquidation Proceedings
ZINIFEX LTD: Allegiance Shareholder Says Zinifex Offer “Too Low”


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

(ROCDACO) COMPANY: Court to Hear Wind-Up Petition on Feb. 13
CUMMINS INC: Earns US$184 Million in 2007 Third Quarter
DICKSON CONSTRUCTION: Appoints New Liquidators
DICKSON (CHINA): Appoints New Liquidator
DICKSON PROPERTIES: Appoints New Liquidator

HIP SOON TRADING: Members & Creditors Meeting Fixed for Jan. 15
INTELSAT LTD: Will Redeem US$860 Mln Floating Rate Senior Notes
INTELSAT LTD: Unison Capital Investing US$50 Million in Firm
NOVA CHEMICALS: Plans for Ontario Polyethylene Asset Expansion
ORIENTAL PLAN: Members & Creditors Meeting Fixed for Jan. 18

PETROLEOS DE VENEZUELA: Expands El Palito Plant to Boost Output
PETROLEOS DE VENEZUELA: Cuts Int'l Oil Buyers' Payment Term
PETROLEOS DE VENEZUELA: Gas Unit to Add 110-Mln Cubic Ft. Output
TIMBERLAND INDUSTRIAL: Pays Second Ordinary Dividend on Jan. 25


I N D I A

AFFILIATED COMPUTER: Purchases Syan Holdings for US$60 Million
BANK OF INDIA: To Consider Q3 Financial Results on Jan. 22
CABLE & WIRELESS: Protest to End After Reaching Pact with Union
EASTMAN KODAK: To Set Annual Strategy Meeting on Feb. 7
IMAX CORP: Moody's Changes Outlook; Affirms Junk Ratings

IMAX CORP: Sept. 30 Balance Sheet Upside-Down by US$76.8 Million
SHREE RAMA: Incurs INR29.9 Million Net Loss in July-Sept. 2007
TATA MOTORS: Unveils World's Cheapest Car Tata 'NANO'
TATA TELESERVICES: Gets DOT's In-Principle Approval on GSM Foray


I N D O N E S I A

EXCELCOMINDO PRATAMA: User Base Increases 63% in 2007
INFOASIA TEKNOLOGI: Moody's Affirms Ba2 Ratings; Outlook Stable
PARKER DRILLING: Updates Kazakhstan Tax Case


J A P A N

BANNERS CO: Revises Earnings Forecast for FY2007
BOSTON SCIENTIFIC: Completes US$750MM Sale of Surgery Business
BOSTON SCIENTIFIC: S&P Ratings Unmoved by Affirmed Court Ruling
DELPHI CORP: S&P Sees 'B' Corporate Credit Rating Upon Emergence
DELPHI CORP: Committees Want Participation in Exit Loan Process

FORD MOTOR: Focused Talks Spur Tata Motors' High Bond Risk
IHI CORP: In Talks with JFE to Combine Shipbuilding Operations
ORIX-NRL TRUST: S&P Affirms JPY1.1 Bil.-Worth of Certificates
SANYO ELECTRIC: To Pay FSA JPY8.3 Billion for Accounting Error


K O R E A

KOREAN EXPRESS: To Pick Desired Bidder for Stake Sale This Week
PERRY ELLIS: Buying C&C Calif. and Laundry Brands for US$37 Mil.


M A L A Y S I A

ELECTRONIC DATA: Flemish Government Renews Pact w/ EDS-Telindus
MANGIUM: Seeks July 20 Extension of Plan Filing Deadline
SHAW GROUP: Earns US$2.2 Million in Quarter Ended Nov. 30


N E W  Z E A L A N D

AIR NEW ZEALAND: To Add 2 Boeing 737 to Boost Domestic Services
AMAR INVESTMENTS: Faces Repco's Wind-Up Petition
ASPECT DESIGN: Taps Madsen-Ries & Vance as Liquidators
BAY TRUCK: Taps Parsons and Kenealy as Liquidators
BROADLEAF ENTERPRISES: Taps Simpson and Ruscoe as Liquidators

BROOKLYN HOLDINGS: Faces Titan Cranes' Wind-Up Petition
CONCRETE PUMPING: Court to Hear Wind-Up Petition on January 31
E.C.D. CONTRACTORS: Court to Hear Wind-Up Petition on Jan. 29
EUROPLASTER LIMITED: Appoints Madsen-Ries & Vance as Liquidators
EVENTMAKERS: Court to Hear Wind-Up Petition on February 14

FAI (NZ) GENERAL: Creditors' Proofs of Debt Due on Jan. 28
FONAGY MURCHISON: Taps Levin and Vance as Liquidators
GOLF WINE: Wind-Up Petition Hearing Slated for February 14
KUPELL INVESTMENTS: Placed Under Voluntary Liquidation
LKH LTD: Commences Liquidation Proceedings

MIGHTY CARS: Appoints Madsen-Ries & Vance as Liquidators
MORNING STAR: Subject to SAITeysMcMahon's Wind-Up Petition
NOLRAY INTERNATIONAL: Commences Liquidation Proceedings
NORTH RIDGE: Appoints Parsons and Kenealy as Liquidators
PAINT SMART: Taps Brown and Rodewald as Liquidators

PENYWEARN HOLDINGS: Undergoes Liquidation Proceedings
PETER VILE: Appoints Levin and Jordan as Liquidators
THE ACE ENTERTAINMENT: Wind-Up Petition Hearing Set for March 13


P H I L I P P I N E S

DEL MONTE: Appoints Nils Lommerin as Chief Operating Officer
GUESS? INC: Discloses Strong Same-Store Sales in Retail Business
IPVG CORP: Hikes Offer to Buy PeopleSupport to US$17 Per Share
RIZAL COMMERCIAL: 2007 Global Fixed Income Operations is Third


S I N G A P O R E

EPL DISTRIBUTION: Court Enters Wind-Up Order
NAM WHATT: Pays First and Final Dividend
OPTIMUM-3: Creditors' Proofs of Debt Due on February 11
POLYONE CORP: Splits Polymer Coating Business Into Two Units
SCOTTISH RE: Names David Carrick as Sr. VP for Group Controller


T H A I L A N D

FEDERAL-MOGUL: Moody's Holds Low-B Ratings with Stable Outlook
KRUNG THAI BANK: Gains THB1.021 Mil. from Unit's Liquidation

     - - - - - - - -

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

A.C. KOLA: Members Opt to Shut Down Business
--------------------------------------------
During a general meeting held on November 28, 2007, the members  
of A.C. Kola Pty Limited agreed to voluntarily wind up the
company’s operations.

P Ngan was then tapped as liquidator.

The Liquidator can be reached at:

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

                       About A.C. Kola

A.C. Kola Pty Limited is a distributor of durable goods.  The
company is located at Tuggerah, in New South Wales, Australia.


ABS GROUP: Placed Under Voluntary Liquidation
---------------------------------------------
During a general meeting held on November 21, 2007, the members
of ABS Group (Australia) Pty Ltd agreed to voluntarily wind up
the company’s operations.

Jason Bettles and Susan Carter were appointed as liquidators.

The Liquidators can be reached at:

          Jason Bettles
          Susan Carter
          Worrells Solvency & Forensic Accountants
          Australia
          Web site: http://www.worrells.net.au

                          About ABS Group

ABS Group (Australia) Pty Ltd provides business services.  The
company is located at Bundall, in Queensland, Australia.


ALEXANDER MOIR: Undergoes Liquidation Proceedings
-------------------------------------------------
During a general meeting held on November 30, 2007, the members
of Alexander Moir & Co Pty Ltd agreed to voluntarily wind up the
company’s operations.

John Scarfe was appointed as liquidator.

The Liquidator can be reached at:

          John Scarfe
          c/o Borough Mazars
          Level 6, 77 Castlereagh Street
          Sydney, New South Wales 2000
          Australia

                       About Alexander Moir

Alexander Moir & Co Pty Ltd, which is also trading as Moirs
Paper, is a distributor of printing and writing paper.  The
company is located at Erskineville, in New South Wales,
Australia.


ALLIED & GENERAL: Members & Creditors Hear Wind-Up Report
---------------------------------------------------------
The members and creditors of Allied & General Pty Ltd met on
January 11, 2007, and resolved to voluntarily wind up the
company’s operations.

Warren Pantzer and Robert Whitton were then appointed as
liquidators.

The Liquidators can be reached at:

          Warren Pantzer
          Robert Whitton
          c/o Lawler Partners
          Charted Accountants
          Level 9, 1 O’Connell Street
          Sydney, New South Wales 2000
          Australia

                     About Allied & General

Allied & General Pty Ltd is involved with real estate investment
trusts.  The company is located at Collaroy, in New South Wales,
Australia.


AVINGTON PTY: Commences Liquidation Proceedings
-----------------------------------------------
During a general meeting held on October 29, 2007, the members
of Avington Pty Ltd resolved to voluntarily liquidate the
company’s business.

Paul Fletcher was appointed as liquidator.

The Liquidator can be reached at:

          Paul Fletcher
          Level 16, 120 Edward Street
          Brisbane, Queensland 4000
          Australia

                       About Avington Pty

Located at Bellbowrie, in Queensland, Australia, Avington Pty
Ltd is an investor relation company.


BALLOOK PTY: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Ballook Pty Ltd met on December 28, 2007,
and received the liquidator’s report on the company’s wind-up
proceedings and property disposal.

The company’s liquidator is:

          Ian John Snook
          c/o William Buck (SA) Pty Ltd
          48 Greenhill Road
          Wayville, South Australia 5034
          Australia
          Telephone:(08) 8272 2333
          Facsimile:(08) 8272 1972

                        About Ballook Pty

Located at Melbourne, in Victoria, Australia, Ballook Pty Ltd is
an investor relation company.


BNP PARIBAS: Members Opt to Shut Down Business
----------------------------------------------
During a general meeting held on November 23, 2007, the members
of BNP Paribas Equities (Australia) Limited agreed to
voluntarily liquidate the company’s business.

John Melluish of Ferrier Hodgson was then appointed as
liquidator.

The Liquidator can be reached at:

          John Melluish
          Ferrier Hodgson
          GPO Box 4114
          Sydney, New South Wales 2001
          Australia

                         About BNP Paribas

Located at Sydney, in New South Wales, Australia, BNP Paribas
Equities (Australia) Limited is an investor relation company.


CENTRO PROPERTIES: Securities Placed in Trading Halt
----------------------------------------------------
Centro Properties Group and Centro Retail Group securities have
been placed in a trading halt pending the release of an
announcement by the company, the Australian Associated Press
relates.

The securities, reports AAP, will be on halt from normal
trading until January 15 or when an announcement will be made.

According to AAP, Centro declined reports that its lawyers had
met with the Australian Securities and Investment Commission in
Sydney.

ASIC, states AAP, would not make any comment about the reported
meeting, or whether future meetings were planned between the
two.

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 Jan. 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.


CENTRO PROPERTIES: MFS Ltd. Offers to Supervise Centro MCS Fund
---------------------------------------------------------------
Centro Properties Group was approached by fund manager MFS
Ltd. with an offer to take over supervision of 35 unlisted
property funds, Laura Cochrane writes for Bloomberg News.

MFS, in a statement with the Australian Stock Exchange, said it
wants to manage most of the AU$8.5 billion of funds supervised
by Centro MCS, which now manages 37 funds, called direct
property syndicates, relates Bloomberg.

Centro MCS, the report recalls, was set up in 2003 when Centro
paid AU$193.5 million to acquire MCS Property Ltd., which then
managed AU$1.4 billion of assets in 19 closed retail property
funds.

Justin Blaess, property portfolio manager at ING Investment
Management in Sydney shared with Bloomberg that selling fund
management rights "wont solve half Centro's problems because
the money they could raise is not enough; they need millions."

Mr. Blaess, notes Bloomberg, added that MFS is not the only
company to have approached Centro to purchase assets.  However,
according to the report, MFS said it is not seeking to buy
property from Centro.

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that the board and management of Centro are seeking
expressions of interest from companies to help them refinance
its AU$3.9-billion debt by a February 15, 2008 deadline.

                    About Centro Properties

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

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


CHANNEL CONTRACTORS: Members & Creditors Hear Wind-Up Report
------------------------------------------------------------
The members and creditors of Channel Contractors Pty Limited met
on January 11, 2008, and heard the liquidator’s report on the
company’s wind-up proceedings and property disposal.

The company’s liquidator is:

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

                       About Channel Contractors

Channel Contractors Pty Limited provides electrical work.  The
company is located at Hornsby, in New South Wales, Australia.


CHRYSLER LLC: Certified Pre-Owned Vehicle Sales Up 5% in 2007
-------------------------------------------------------------
Posting its sixth consecutive year of sales growth, Chrysler LLC
reported that its Chrysler, Jeep(R) and Dodge dealers sold
122,028 Certified Pre-owned Vehicles year-to-date in 2007, a
5 percent increase from 2006 sales of 116,577 units.

For the year, Chrysler brand sales increased 2 percent to 39,924
units; Jeep brand sales jumped 12 percent to 31,388 units and
Dodge brand sales rose 2 percent to 50,716 units.

Select certified-used vehicles posted improvement across all
three brands in 2007 including the Chrysler 300 with sales up
34 percent to 6,711 units; Jeep Liberty sales were up 9 percent
to 8,926 units and Dodge Ram pickup truck climbed 4 percent to
10,835 units.  For the month of December, sales declined
5 percent to 8,860 units.

"As the fastest growing CPOV brand for the past six years, 2007
was another record year for our Brand Spankin' Used(R) brand,"
Director of Remarketing, Peter Grady said.  "However, it is
important to note we could not sustain this type of record-
breaking success without our solid dealer network, who work
diligently each month to sell certified-used vehicles and invite
new customers to Chrysler's CPOV brand."

Chrysler offers one of the most comprehensive Certified Pre-
owned Vehicle programs in the industry.  For a vehicle to be
certified under Chrysler's used-vehicle program, it must be a
2003 through 2008 model pre-owned vehicle with less than 65,000
miles and pass a stringent 125-point mechanical, safety and
condition standard inspection.  Chrysler certified-used vehicles
are backed by an eight-year/80,000-mile powertrain limited
warranty, 24-hour, 365-day full roadside assistance with a US$35
per day rental car allowance and a three-month or 3,000-mile
Maximum Care warranty, in addition to a Carfax vehicle history
report and buyback guarantee.

Marketed as "Brand Spankin' Used," Chrysler Certified Pre-Owned
Vehicles are sold only through Chrysler, Jeep and Dodge
dealerships that have had a comprehensive validation of the
dealership's facilities, operational processes, salesperson and
technician training accreditation before they are authorized to
sell Chrysler Certified Pre-Owned Vehicles.

Used vehicle shoppers can learn more about Chrysler's Brand
Spankin' Used Certified Pre-owned Vehicle program as well as
find detailed inventory and dealer listings online at
http://www.brandspankinused.comor by searching independent,
used, vehicle search engines including AutoTrader.com, Cars.com,
AutoExtra.com and AutoMart.com.

                     About Chrysler LLC

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

                        *     *     *

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


CONSTELLATION BRANDS: 3rd Qtr. Net Income Up 13% to US$82-Mil.
--------------------------------------------------------------
Constellation Brands, has reported diluted earnings per share on
a reported basis of US$0.55 for the quarter ended Nov. 30, 2007
(third quarter 2008), compared with US$0.45 for the prior year
third quarter.  On a comparable basis, third quarter 2008
diluted EPS totaled US$0.55 versus US$0.58 for the prior year.

"The company's third quarter performance was in line with our
expectations, and we are especially pleased with the
performances from our North American wine business and our
spirits business," said Constellation Brands president and chief
executive officer, Rob Sands.  "We're also delighted with the
addition of the Fortune Brands U.S. wine portfolio to
Constellation's U.S. wine business and the benefits we expect
from our expanded super-premium-plus offerings.  Also, we are
continuing our efforts in the U.K. to mitigate the impact of the
lingering Australian wine surplus in the marketplace and to
maximize profitability."

                  Net Sales Commentary

The reported consolidated net sales decrease of 27 percent
primarily reflects the impact of reporting the Crown Imports and
Matthew Clark wholesale business joint ventures under the equity
method, partially offset by the benefits of favorable foreign
currency, branded wine business growth and the SVEDKA Vodka
acquisition.  Organic net sales increased six percent on a
constant currency basis.

Branded wine net sales increased four percent on an organic
constant currency basis.  For North America, branded wine net
sales increased five percent on a constant currency basis,
reflecting solid growth in the United States.

"Our U.S. branded wine business turned in a solid third quarter
performance, with wines such as Woodbridge, Robert Mondavi
Private Selection, Blackstone, Estancia, Kim Crawford and Simi
leading the way with very healthy sales growth," explained Mr.
Sands.  "Growth of these brands is indicative of the trade-up
trends we've been seeing for the past several years, and we feel
that the growth trajectory for our premium and luxury brands
will continue due to consumer preferences for these wines."

Organic net sales for branded wine for Europe increased four
percent on a constant currency basis, primarily due to higher
sales of popular priced wine in mainland Europe, and a slight
increase in net sales for the U.K.  On a constant currency
basis, net sales for Australia/New Zealand branded wine were
even with the prior year.  The branded wine market in the U.K.
and Australia reflects ongoing competitive challenges and
continued pricing pressure.

Total spirits net sales increased 31 percent for the quarter,
primarily due to the March 2007 acquisition of SVEDKA Vodka,
with 12 percent growth in organic net sales reflecting higher
average selling prices and volume gains.

"SVEDKA's double-digit growth continues to prove that this is an
exceptional brand," stated Mr. Sands.  "We anticipate SVEDKA
will continue to be a growth engine in our spirits portfolio.
Additionally, focus on our premium offerings, including Black
Velvet, the 99 Schnapps line and Ridgemont Reserve 1792 has
bolstered our spirits portfolio performance."

   Operating Income, Net Income, Diluted EPS Commentary

The decrease in operating income and the increase in equity
earnings for third quarter 2008 were primarily due to the impact
of reporting US$62 million of equity earnings from the Crown
Imports joint venture under the equity method.

Wines segment operating income decreased US$12 million versus
the prior year.  This was primarily due to the impact of the
U.K. and Australia business performance, which was somewhat
offset by an increased contribution from the North American
business.  Spirits segment operating income increased US$4
million primarily due to the addition of SVEDKA Vodka and from
the increase in base business net sales, offset somewhat by
higher material costs.

For the third quarter, acquisition-related integration costs,
restructuring and related charges and unusual items totaled US$3
million, compared with US$45 million for the prior year.  Net
income and diluted EPS were also impacted by interest expense,
which increased 13 percent to US$82 million for third quarter
2008, primarily due to the financing of the SVEDKA Vodka
acquisition and US$500 million of share repurchases completed
earlier this year.

On a year-to-date basis through November the company generated
free cash flow of US$173 million versus a usage of US$22 million
in the prior year.  The increase in free cash flow was primarily
driven by improved working capital, reduced tax payments and
lower capital spending.  As a result of the strong free cash
flow generated through the first three quarters of the fiscal
year, the company has increased its free cash flow guidance for
fiscal 2008 to a range of US$280 - US$300 million.

             Acquisition and Integration of
           Fortune Brands U.S. Wine Business

Constellation Brands completed the acquisition of the Fortune
Brands U.S. wine portfolio on Dec. 17, 2007, for a purchase
price of US$885 million, subject to closing adjustments.  The
company announced its plan for the integration of the acquired
business into the Constellation Wines U.S. business.  The
company intends to consolidate activities wherever it makes
business sense to do so, while maintaining an appropriate level
of expertise to maintain and grow the acquired business.

"This acquisition significantly advances our strategy for
expanding our presence in the growing high-end U.S. wine
business," stated Mr. Sands.  "To fully leverage the acquisition
we will realign the sales and marketing organization supporting
our U.S. wine business.  The sales and marketing teams will
focus on specific consumer segments that include luxury/fine
wine, premium wine and value/specialty wine.  In connection with
these actions, we are also rationalizing our U.S. wine product
portfolio, primarily related to our value products, which we
believe will generate efficiencies and enhance our focus on
higher growth, higher margin brands," Mr. Sands concluded.

The company expects the integration of the acquired wine
business, realignment of the U.S. wine sales and marketing teams
and portfolio rationalization to produce net cost savings of
approximately US$30 million annually by the end of fiscal 2010,
with approximately US$20 million anticipated as savings in
fiscal 2009.  The company expects to incur one-time cash charges
of US$22 million and one-time non-cash charges of US$23 million,
for a total of US$45 million in one-time charges.

Constellation Brands also expects to incur one-time cash costs
of approximately US$28 million that will be recorded in the
company's allocation of purchase price in connection with the
acquired wine business, including US$19 million for employee
termination costs and US$9 million for contract termination and
other costs that will be paid primarily in fiscal 2009.

Full-year fiscal 2008 guidance includes these current
assumptions, including the impact of the acquisition and
integration of the Fortune Brands U.S. wine business:

   -- Net sales: low single-digit growth in organic net sales
      and low single-digit incremental benefit from the
      acquisitions of Vincor International Inc., the SVEDKA
      Vodka brand and related business, and the U.S. wine
      business from Fortune Brands.  As a result of these
      increases, and the impact of reporting the Crown Imports
      joint venture and the joint venture for the Matthew Clark
      wholesale business under the equity method, reported net
      sales are expected to decrease 29 to 31 percent from net
      sales for fiscal year 2007

   -- Interest expense: approximately US$340 - US$350 million

   -- Stock compensation expense: approximately US$30 million

   -- Tax rate: approximately 39 percent on a reported basis,
      which includes a provision of approximately two
      percentage points related to the loss on disposal in
      connection with the company's contribution of its U.K.
      wholesale business to the Matthew Clark joint venture and
      the repatriation of proceeds associated with this
      transaction, or approximately 37 percent on a comparable
      basis

   -- Weighted average diluted shares outstanding:
      approximately 225 million

   -- Free cash flow: US$280 - US$300 million

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- is a producer and
marketer of beverage alcohol in the wine, spirits and imported
beer categories, with market presence in the U.S., Canada,
Chile, U.K., Australia and New Zealand.  The company has more
than 250 brands in its portfolio, sales in 150 countries and
operates approximately 60 wineries, distilleries and
distribution facilities.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2007, Fitch Ratings assigned a 'BB-' rating to a note
registered by Constellation Brands Inc. to fund the purchase
price of Beam Wine Estates Inc., a subsidiary of Fortune Brands
Inc: US$500 million 8.375% senior unsecured note due Dec. 15,
2014.  Fitch said the rating outlook is negative.


CONSTELLATION BRANDS: US$700MM Notes Exchange Offer
---------------------------------------------------
Constellation Brands Inc. has extended its offer to exchange
US$700 million aggregate principal amount of its 7.25% Senior
Notes due 2017 for all US$700 million of its outstanding 7.25%
Senior Notes due 2017.

The exchange offer, which had been scheduled to expire on
Jan. 7, 2008 at 5:00 p.m., New York City time, has expired on
Jan. 10, 2008, at 5:00 p.m., New York City time, unless further
extended by the company.

The extension of the exchange offer has been made to allow
holders of outstanding Original Notes who have not yet tendered
their Original Notes for exchange additional time to do so.  All
other terms, provisions and conditions of the exchange offer
will remain in full force and effect.

As of 5:00 p.m. New York City time, Jan. 7, 2008, US$697,499,000
in aggregate principal amount of the Original Notes had been
validly tendered and not withdrawn in the exchange offer,
representing approximately 99.6% of the outstanding principal
amount of the Original Notes.

Persons with questions regarding the exchange offer should
contact the exchange agent, The Bank of New York Trust Company,
N.A., at 212-815-2742.

The company will not receive any proceeds from the exchange
offer, nor will the company's debt level change as a result of
this exchange offer.  The terms of the Exchange Notes and the
Original Notes are substantially identical in all material
respects, except that the Exchange Notes have been registered
under the Securities Act.

A copy of the prospectus for the exchange offer, dated Dec. 6,
2007, and related letter of transmittal, which have been filed
with the United States Securities and Exchange Commission, may
be obtained by calling the exchange agent, The Bank of New York
Trust Company, N.A., at 212-815-2742.

                   About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- has more than 250  
brands in its portfolio, sales in approximately 150 countries
and operates approximately 60 wineries, distilleries and
distribution facilities.  The company has market presence in
the U.K., Australia, Canada, New Zealand; Mexico.

Barton Brands Ltd. is the spirits division of Constellation
Brands Inc. is a producer, importer and exporter of a wide range
of spirits products, including brands such as Black Velvet
Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen
vodka.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 3, 2007,
Fitch Ratings assigned a 'BB-' rating to a note registered by
Constellation Brands Inc. to fund the purchase price of Beam
Wine Estates Inc., a subsidiary of Fortune Brands Inc: $500
million 8.375% senior unsecured note due Dec. 15, 2014.  The
rating outlook is negative.


CURRENT KNOWLEDGE: Members’ & Creditors’ Meeting Set for Today
--------------------------------------------------------------
The members and creditors of Current Knowledge Print Group Pty
Limited will meet today, January 14, 2008, at 10:45 a.m., to
hear the liquidator’s report on the company’s wind-up
proceedings and property disposal.

The company’s liquidator is:

          Manfred Holzman
          Holzman Associates
          32 Martin Place, Level 2
          Sydney, New South Wales 2000
          Australia

                     About Current Knowledge

Current Knowledge Print Group Pty Ltd is involved with
commercial printing.  The company is located at Mascot, in New
South Wales, Australia.


FORTESCUE METALS: Affirms May 15 Iron Ore Shipment Deadline
-----------------------------------------------------------
Fortescue Metals Group Ltd. is sticking to its May 15 deadline
for its first iron ore shipment, denying speculation that its
debut delivery could be as late as August, reports WA Business
News.

FMG executive director Graeme Rowley told WA Business there was
no truth to the speculation and that it was on track to meet its
May deadline.

According to the report, there were rumors that FMG would not
only miss its internal shipping deadline of March 31, but it
would also miss its public deadline of May 15.

WA Business adds that FMG has plans for 45 million tonne per
annum mining operation in the Pilbara iron ore project.

                    About Fortescue Metals

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

                         *     *     *

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


H.C. SERVICING: Liquidator to Present Wind-Up Report on Jan. 18
---------------------------------------------------------------
The members and creditors of H.C. Servicing Pty Limited will
have their final meeting on January 18, 2008, at 10:15 a.m., to
hear the liquidator’s report on the company’s wind-up
proceedings and property disposal.

The company’s liquidator is:

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

                         About H.C. Servicing

H.C. Servicing Pty Limited is a special trade contractor.  The
company is located at Pendle Hill, in New South Wales,
Australia.


J ELKHOURY: Liquidator Presents Liquidation Report
--------------------------------------------------
The member and creditors of J Elkhoury & Sons Constructions Pty
Limited met on January 11, 2008, and received the liquidator’s
report on the company’s wind-up proceedings and property
disposal.

The company’s liquidators are:

          Warren Pantzer
          Robert Whitton
          c/o Lawler Partners
          Charted Accountants
          Level 9, 1 O’Connell Street
          Sydney, New South Wales 2000
          Australia

                         About J Elkhoury

J Elkhoury & Sons Constructions Pty Ltd is a general contractor
of single-family houses.  The company is located at Blacktown,
in New South Wales, Australia.


KIRKLAND’S (TASMANIA): Joint Meeting Slated for January 22
----------------------------------------------------------
Kirkland’s (Tasmania) Pty Ltd will hold a joint meeting for its
members and creditors on January 22, 2008, at 10:30 a.m.

At the meeting, Johnathan Murrell, Kirkland’s liquidator, will
give a report on the company’s wind-up proceedings and property
disposal.

The Liquidator can be reached at:

          Johnathan Murrell
          Paul Cook & Associates
          105 Macquarie Street
          Hobart, Tasmania 7000
          Australia
          Telephone:(03) 6223 2555
          Facsimile:(03) 6223 2556
          e-mail:info@pjc.com.au

                     About Kirkland’s (Tasmania)

Kirkland’s (Tasmania) Pty Ltd is a distributor of durable goods.  
The company is located at Howden, in Tasmania, Australia.


MOIR PROPERTY: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on November 30, 2007, the members
of Moir Property Pty Ltd agreed to voluntarily wind up the
company’s operations.

John Scarfe was then appointed as liquidator.

The Liquidator can be reached at:

          John Scarfe
          c/o Borough Mazars
          Level 6, 77 Castlereagh Street
          Sydney, New South Wales 2000
          Australia

                         About Moir Property

Moir Property Pty Ltd operates miscellaneous retail stores.  The
company is located at Erskineville, in New South Wales,
Australia.


PEABODY ENERGY: Appoints Richard Navarre as President & CCO
-----------------------------------------------------------
Peabody Energy Corporation has named Richard A. Navarre as its
President and Chief Commercial Officer.

In his new role, Mr. Navarre has executive responsibility for
Peabody's:

  -- global sales and trading;
  -- business development;
  -- strategic planning, generation and Btu Conversion
     initiatives;
  -- resource development opportunities;
  -- international growth initiatives including China;
  -- business performance and investor relations and corporate
     communications.

Mr. Navarre also will remain Chief Financial Officer until a
successor is named.

"Rick Navarre has been a key member of the team that has added
significant value to Peabody over the last 15 years.
Specifically, he led the company's financial and capital market
initiatives through the company's leveraged buyout, initial
public offering and shaping of the capital structure, directed
Peabody's largest acquisitions, and led our initiatives to serve
the fast-growing China market," said the company's Chairman and
Chief Executive Officer Gregory H. Boyce.  "I look forward to
working with Rick as we continue to focus on creating
outstanding shareholder value.  Rick possesses an excellent
ability to think strategically and act decisively, coupled with
a proven record of driving complex high-value projects to
successful completion."

Mr. Navarre has been Chief Financial Officer since 1999 and has
25 years of varied financial and business management experience.
He has held a series of increasingly responsible positions with
the company, including executive responsibility for departments
as diverse as Sales, Marketing, Trading and Transportation;
Legal; Information Technology; Materials Management; and
Post-Mining Reclamation.

"It is an honor to be named president of Peabody at an
extraordinary time in the history of the energy industry and the
company," said Mr. Navarre.  "Coal continues to raise its
profile as the fastest-growing fuel in the world, global coal
demand is rapidly expanding, clean coal technologies are being
advanced around the world, and leading countries and companies
are aggressively pursuing all energy resources.  I look forward
to working with the best team in the global coal industry to
continue our intense focus on industry leadership and value
creation."

Mr. Navarre has been recognized as America's Best CFO in the
Metals and Mining Sector by Institutional Investor Magazine.  He
is a member of the Hall of Fame of the College of Business at
Southern Illinois University Carbondale, a member of the Board
of Advisors of the College of Business and Administration and
the School of Accountancy of Southern Illinois University
Carbondale; a member of the International Business Advisory
Board of the University of Missouri - St. Louis; a Director of
the United Way of Greater St. Louis; a Director of the Missouri
Historical Society; a member of Financial Executives
International and the Civic Entrepreneurs Organization; and a
former chairman of the Bituminous Coal Operators' Association.

Reporting to Mr. Navarre will be:

  -- President of COALSALES Bryan A. Galli;
  -- President of COALTRADE International Paul T. Demzik;
  -- President of Peabody China Tayeb Tahir;
  -- Senior Vice President of Business Development Robert L.
     Reilly;
  -- Senior Vice President of Resource Development Terry L.
     Bethel;
  -- Senior Vice President of Investor Relations and Corporate
     Communications Vic Svec;
  -- Vice President of Business Performance Christopher J.
     Hagedorn; and
  -- Senior Vice President of Btu Conversion and Strategic
     Planning Rick A. Bowen.

In addition to the company's Generation Development, Coal-to-Gas
and Coal-to-Liquids functions, Mr. Bowen will now also have Vice
President of Strategic Planning Daniel Jaouiche reporting to
him.

               Additional Organizational Changes

Chairman and Chief Executive Officer Greg Boyce also announced
several additional organizational changes.

Executives reporting to Mr. Boyce, in addition to Mr. Navarre,
are:

   * Executive Vice President and Chief Operating Officer Eric
     Ford, with continued responsibilities for Safety, U.S.
     Operations, Australia Operations, Operations Planning,
     Operations Improvement, and Engineering and Technical
     Services;

   * Executive Vice President and Chief Administrative Officer
     Sharon D. Fiehler. In addition to responsibilities for
     Compensation, Benefits, Organizational Development;
     Information Technology and Flight Operations, Ms. Fiehler
     will now have Vice President of Procurement Lance N.
     Throneberry reporting to her;

   * Executive Vice President Roger B. Walcott, Jr.
     Mr. Walcott has announced his plans to retire on June 1,
     2008, following a successful 10-year career with Peabody.
     For the balance of his time at Peabody, he will be focused
     on the transition of Australian operations leadership, as
     well as implementing a shared services structure for
     Australian operations;

   * Executive Vice President and Chief Legal Officer Alexander
     C. Schoch;

   * Senior Vice President of Government Relations Fredrick D.
     Palmer; and

   * An Executive Vice President and Chief Financial Officer
     position to be named.

                       About Peabody

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its coal
products fuel 10% of all U.S. and 3% of worldwide electricity.
The company has coal operations in Australia and Venezuela.

                       *      *      *

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Fitch has affirmed these ratings for Peabody
Energy Corporation's:

-- Issuer Default Rating at 'BB+';

-- Senior unsecured notes at 'BB+';

-- Senior unsecured revolving credit and term loan at 'BB+';

-- Convertible junior subordinated debentures due 2066 at
   'BB-'.

Fitch's outlook is stable.


PEABODY ENERGY: Gets 35MM-Ton Coal Reserves from Joint Venture
--------------------------------------------------------------
Peabody Energy has commenced the Millennium/BHP Mitsui Coal Pty.
Ltd. joint venture that provides the company with approximately
35 million tons of additional high quality metallurgical coal
reserves and provides BHP Mitsui Coal Pty. Ltd. with a 50
percent ownership position in the Millennium preparation
facility and associated infrastructure assets.  The reserves
contribute to Peabody Energy's industry-leading position of more
than 9 billion tons.

"This value-added transaction gives us significant metallurgical
and PCI coal reserves at a time of record demand and pricing,"
said Peabody Executive Vice President and Chief Operating
Officer Eric Ford.  "The addition of these reserves allows us to
continue to ramp up production to full capacity."

The Millennium Preparation Facility is a three-stage coal
handling and preparation plant capable of annually processing 6
million tons of coal split equally between Peabody Energy and
BHP Mitsui Pty Ltd that can be exported via the Dalrymple Bay
Coal Terminal.  It will serve both Peabody's Millennium Mine and
BHP Mitsui Pty Ltd's nearby Poitrel Mine.

The Millennium Mine began ramping up last year and is on track
to produce three million tons by 2010.  It is among three new
greenfield mines Peabody Energy has completed in Queensland and
New South Wales this past year.

Coal has been the world's fastest-growing fuel the past five
years, and Australia is the world's largest exporter of coal.
Use of coal is expected to grow nearly 75 percent over the next
25 years, driven by huge growth in China and India.

Peabody Energy is increasing its commercial presence to serve
high-growth Asian markets through its Australian business
platform and expanded coal trading, coal marketing and business
partnerships.

                       About Peabody

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its coal
products fuel 10% of all U.S. and 3% of worldwide electricity.
The company has coal operations in Australia and Venezuela.

                       *      *      *

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Fitch has affirmed these ratings for Peabody
Energy Corporation's:

-- Issuer Default Rating at 'BB+';

-- Senior unsecured notes at 'BB+';

-- Senior unsecured revolving credit and term loan at 'BB+';

-- Convertible junior subordinated debentures due 2066 at
    'BB-'.

Fitch's outlook is stable.


PERSONAL INVESTMENT: Members Resolve to Liquidate Business
----------------------------------------------------------
During a general meeting held on November 26, 2007, the members
of Personal Investment Planners Pty Ltd resolved to voluntarily
wind up the company’s operations.

Sule Arnautovic was then appointed as liquidator.

The Liquidator can be reached at:

          Sule Arnautovic
          Jirsch Sutherland
          GPO Box 4256
          Sydney, New South Wales 2001
          Australia
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail:admin@jirschsutherland.com.au

                      About Personal Investment

Located at Chatswood, in New South Wales, Australia, Personal
Investment Planners Pty Ltd is an investor relation company.


RALSTON PURINA: Undergoes Wind-Up Proceedings
---------------------------------------------
At an extraordinary general meeting held on November 21, 2007,
the members of Ralston Purina Australia Pty Ltd agreed to
voluntarily wind up the company’s operations.

Keiran William Hutchison and John Raymond Gibbons of Ernst &
Young were then appointed as liquidators.

The Liquidators can be reached at:

          Keiran William Hutchison
          John Raymond Gibbons
          Ernst & Young
          Level 37, 680 George Street
          Sydney, New South Wales 2000
          Australia

                        About Ralston Purina

Ralston Purina Australia Pty Ltd is a distributor of dog and cat
food.  The company is located at North Ryde, in New South Wales,
Australia.


REGAL CASCADE: To Declare Dividend on January 23
------------------------------------------------
Regal Cascade Pty Ltd, which is in liquidation, will declare its
first dividend on January 23, 2008.

Only creditors who are able to file their proofs of debt by
January 2, 2007, will be included in the company’s dividend
distribution.

The company’s liquidators are:

          T. J. Clifton
          M. C. Hall
          PPB Chartered Accountants
          10th Floor, 26 Flinders Street
          Adelaide, South Australia 5000
          Australia
         Telephone:(08) 8211 7800

                         About Regal Cascade

Regal Cascade Pty Ltd, which is also trading as The Mutual
Buying Group, is a distributor of drugs, drug proprietaries, and
druggists’ sundries.  The company is located at Thebarton, in
South Australia, Australia.


RIDGEBACK INVESTMENTS: To Declare First Dividend on January 30
--------------------------------------------------------------
Ridgeback Investments Pty Ltd, which is in liquidation, will
declare its first dividend for its unsecured creditors on
January 30, 2008.

Only creditors who are able to file their proofs of debt by
January 2, 2008, will be included in the company’s dividend
distribution.

The company’s liquidator is:

          M. C. Hall
          PPB Chartered Accountants
          10th Floor, 26 Flinders Street
          Adelaide, South Australia 5000
          Australia
          Telephone:(08) 8211 7800

                    About Ridgeback Investments

Ridgeback Investments Pty Ltd provides business services.  The
company is located at Beaumont, in South Australia, Australia.


STUMPLEE PTY: Placed Under Voluntary Liquidation
------------------------------------------------
The members of Stumplee Pty Ltd met on November 27, 2007, and
agreed to voluntarily wind up the company’s operations.

Robert Caldwell was then appointed as liquidator.

The Liquidator can be reached at:

          Robert Caldwell
          Caldwell Business Partners
          Suite 12, Jetty Village Shopping Centre
          361 Harbour Drive
          Coffs Harbour, New South Wales 2450
          Australia

                          About Stumplee Pty

Stumplee Pty Ltd is a distributor of burls and wood.  The
company is located at Gloucester, in New South Wales, Australia.


TROYVELL PTY: Members’ Final Meeting Slated for January 16
----------------------------------------------------------
The members of Troyvell Pty Ltd will have their final meeting on
January 16, 2008, at 9:00 a.m., to hear the liquidator’s report
on the company’s wind-up proceedings and property disposal.

The company’s liquidator is:

          Robert Kellaway
          c/o Kellaway Cridland Pty Ltd
          Level 4, 48 Hunter Street
          Sydney, New South Wales 2000
          Australia

                         About Troyvell Pty

Troyvell Pty Ltd is a distributor of service establishment
equipments and supplies.  The company is located at Mascot, in
New South Wales, Australia.


VAN-VILLAGE PTY: Undergoes Liquidation Proceedings
--------------------------------------------------
During a general meeting held on November 19, 2007, the members
of Van-Village Pty Ltd agreed to voluntarily wind up the
company’s operations.

Philip Rundell and Darren Weaver were named as liquidators.

The Liquidators can be reached at:

          Philip Rundell
          Darren Weaver
          Ferrier Hodgson,
          BankWest Tower, Level 26
          108 St Georges Terrace
          Perth, Western Australia 6000
          Australia

                         About Van-Villages

Van-Villages Pty Ltd provides amusement and recreation services.  
The company is located at Narooma, in New South Wales,
Australia.


ZINIFEX LTD: Allegiance Shareholder Says Zinifex Offer “Too Low”
----------------------------------------------------------------
Allegiance Mining NL's largest shareholder, Jinchuan Group
Ltd., said that Zinifex Ltd.'s AU$775-million bid for the
company is too low, various reports say.

Jesse Riseborough of Bloomberg News quotes Jinchuan as stating
that Zinifex's AU$1.00 a share offer "is not reflective of the
true value of the company."

Zinifex, last month, offered 90 cents for each share of
Allegiance and said it would raise the bid to AU$1-a-share
should it gain more than 30% board approval from Allegiance.

The Australian Associated Press reports that at 90 cents a
share, Allegiance is valued at AU$697.435 million, increasing
to AU$744.927 million if the bid is lifted to AU$1.00 per
share.

The Troubled Company Reporter-Asia Pacific reported on Dec. 19,
2007, that the board of directors Allegiance advised its
shareholders to take no action regarding Zinifex's all-cash
takeover offer, saying that the offer is unsolicited and
opportunistic, and designed to take advantage of the company.

AAP quotes Jinchuan, which has 1 10.4% stake, says, "We
strongly support the management and the board of Allegiance and
believe they are creating excellent value for shareholders and
jointly, we will continue to do so."

Allegiance's Avebury nickel mine, about 30 kilometers from a
Zinifex zinc mine, is expected to yield 8,500 tonnes of nickel
annually, as stated by James Regan of Reuters.

Jinchuan, writes AAP, has an agreement to buy all nickel
produced at the mine.

According to Reuters, a series of corporate transactions by
Jinchuan outside of China has fueled market speculation that
Jinchuan would table an offer of its own for the company, which
is in the late stages of developing mine in the island state of
Tasmania.

                     About Zinifex Ltd.

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered  
in Melbourne, Australia.  The company owns and operates two
mines and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.  
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.               
           

                      *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 18,
2007, that Fitch Ratings affirmed Zinifex Limited's 'BB+'
Long-term foreign currency Issuer Default Rating (IDR),
following the announcement of an all cash offer for Allegiance
Mining NL (Allegiance).  The Outlook is Stable.


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

(ROCDACO) COMPANY: Court to Hear Wind-Up Petition on Feb. 13
------------------------------------------------------------
On December 11, 2007, Orix Asia Limited filed a
petition to have (Rocdaco) Company Limited's operations wound
up.

The High Court of Hong Kong will convene at 9:30 a.m. on
February 13, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Deacons
          5th Floor
          Alexandra House
          18 Charter Road
          Central, Hong Kong


CUMMINS INC: Earns US$184 Million in 2007 Third Quarter
-------------------------------------------------------
Cummins Inc. reported net earnings of US$184 million in the
third quarter ended Sept. 30, 2007, versus net earnings of
US$171 million in the comparable 2006 period.

Sales grew 20.0% to US$3.37 billion, from US$2.81 billion during
the same period in 2006, led by record sales in the Engine,
Power Generation and Distribution segments while the Components
segment also experienced a strong sales performance.

Earnings before interest and taxes rose 3.4% to US$306 million,
or 9.1% of sales, from US$296.0 million, or 10.5% of
sales, in the same period in 2006.  Earnings growth was
moderated by a downturn at some OEM customers, and the expected
higher costs associated with the introduction of new emissions-
related products.

"We continue to experience significant growth in most of our
markets around the world, and are well-positioned to take
advantage of many opportunities for future growth," said Cummins
chairman and chief executive officer Tim Solso.  "Our technology
leadership has resulted in a sustainable competitive advantage
for Cummins, and we remain focused on producing profitable
growth for all our stakeholders."

Net earnings for the nine months ended Sept. 30, 2007, were
US$541.0 million on sales of US$9.53 billion, compared to net
earnings of US$526.0 million on sales of US$8.33 billion in the
corresponding period of 2006.

                           Liquidity

Cash and cash equivalents decreased US$216.0 million during the
period to US$624.0 million at the end of the first nine months
compared to US$840.0 million at the beginning of the period.
Cash and cash equivalents were higher at the end of 2006 due to
lower accounts receivable at the end of 2006.

In the first quarter of 2007, approximately US$62.0 million of
the company's US$120.0 million 6.75% debentures were repaid on
Feb. 15, 2007, at the election of the holders.  Total debt as a
percent of the company's total capital, including total debt,
was 17.2% at Sept. 30, 2007, compared with 22.4% at Dec. 31,
2006, and 28.4% at Oct. 1, 2006.

                         Balance Sheet

At Sept. 30, the company's consolidated balance sheet showed
US$8.03 billion in total assets, US$4.56 billion in total
liabilities, US$275.0 million in minority interests, and US$3.20
billion in total shareholders' 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?26e2

                         About Cummins

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea.  Its also has facilities in Europe, particularly in the
United Kingdom.

                         *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


DICKSON CONSTRUCTION: Appoints New Liquidators
----------------------------------------------
The members of Dickson Construction (Housing) Limited, on
December 19, 2007, appointed Stephen Liu Yiu Keung and Chan Wai
Hing as the company's liquidators.

The Liquidators can be reached at:

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


DICKSON (CHINA): Appoints New Liquidator
----------------------------------------
The members of Dickson (China) Enterprises Limited, on Dec. 19,
2007, appointed Stephen Liu Yiu Keung and Chan Wai Hing as the
company's liquidators.

The Liquidators can be reached at:

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


DICKSON PROPERTIES: Appoints New Liquidator
----------------------------------------
The members of Dickson Properties Limited, on December 19, 2007,
appointed Stephen Liu Yiu Keung and Chan Wai Hing as the
company's liquidators.

The Liquidators can be reached at:

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


HIP SOON TRADING: Members & Creditors Meeting Fixed for Jan. 15
---------------------------------------------------------------
The members and creditors of Hip Soon Trading Company Limited
will have their final general meeting on January 15, 2008, at
the Official Receiver's Office, 10th Floor, Queensway government
offices, 66 Queensway, in Hong Kong, to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is Lee Mei Yee May.


INTELSAT LTD: Will Redeem US$860 Mln Floating Rate Senior Notes
---------------------------------------------------------------
Intelsat, Ltd., as requested by new investors, will redeem all
of its outstanding US$260 million Floating Rate Senior Notes due
2013 and US$600 million Floating Rate Senior Notes due 2015.
The redemption of the notes is conditioned upon consummation of
the acquisition of Intelsat Holdings, Ltd. -- the indirect
parent of Intelsat (Bermuda), Ltd. -- by affiliates of funds
advised by BC Partners Holdings Limited, Silver Lake and certain
other investors and the receipt from the new investors of
sufficient moneys to effect the redemption.

Intelsat issued a notice of redemption for each of the
indentures for the 2013 and the 2015 notes.  Intelsat said that
it will redeem all of those notes on Feb. 7, 2008.  The
redemption date may be extended.

The redemption price for the 2013 Notes will be equal to 100% of
the principal amount of the 2013 Notes plus a premium determined
in accordance with the indenture for the 2013 Notes and accrued
and unpaid interest thereon to the redemption date.  The
redemption price for the 2015 Notes will be equal to 102% of the
principal amount of the 2015 Notes plus accrued and unpaid
interest thereon to the redemption date.

Headquartered in Bermuda, Intelsat, is the largest fixed
satellite service operator in the world and is owned by Apollo
Management, Apax Partners, Madison Dearborn, and Permira.

Intelsat has sales offices in Australia, China, Japan, and
Singapore.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Moody's Investors placed the long-term debt
ratings of the Intelsat Ltd. group of companies on review for
possible downgrade.

Issuer: Intelsat (Bermuda), Ltd.

-- Senior Unsecured Bank Credit Facility, Placed on Review for
    Possible Downgrade, currently B2

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently Caa1

Issuer: Intelsat Corporation

-- Senior Secured Bank Credit Facility, Placed on Review for
    Possible Downgrade, currently Ba2

-- Senior Secured Regular Bond/Debenture, Placed on Review for
    Possible Downgrade, currently Ba2

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently B2

Issuer: Intelsat Holding Corporation

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently Caa1

Issuer: Intelsat Intermediate Holding Company, Ltd.

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently B3

Issuer: Intelsat Subsidiary Holding Co. Ltd.

-- Senior Secured Bank Credit Facility, Placed on Review for
    Possible Downgrade, currently Ba2

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently B2

Issuer: Intelsat, Ltd.

-- Probability of Default Rating, Placed on Review for
    Possible Downgrade, currently B2

-- Corporate Family Rating, Placed on Review for Possible
    Downgrade, currently B2

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently Caa1

Outlook Actions:

Issuer: Intelsat, Ltd.

-- Outlook, Changed To Rating Under Review From Stable

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Fitch Ratings placed these Intelsat Ltd. ratings
on Rating Watch Negative:

   -- Issuer Default Rating 'B';
   -- Senior unsecured notes 'CCC/RR6'.

Fitch also placed the ratings of Intelsat's subsidiaries on
Rating Watch Negative.

Fitch placed these ratings of Intelsat subsidiaries on Rating
Watch Negative:

Intelsat (Bermuda), Ltd.

   -- Issuer Default Rating 'B';
   -- Senior unsecured guaranteed notes 'BB-/RR2';
   -- Guaranteed Term Loan 'BB-/RR2';
   -- Senior unsecured non-guaranteed notes 'CCC+/RR6'.

Intelsat Intermediate Holding Company, Ltd. (Int Holdco)

   -- Issuer Default Rating 'B';
   -- Senior unsecured discount notes 'B-/'RR5'.

Intelsat Subsidiary Holding Company, Ltd. (Sub Holdco)

   -- Issuer Default Rating 'B';
   -- Senior secured credit facilities 'BB/RR1';
   -- Senior unsecured notes 'BB-/RR2'.

Intelsat Corporation (f/k/a PanAmSat Corporation)

   -- Issuer Default Rating (IDR) 'B';
   -- Senior secured credit facilities 'BB/RR1';
   -- Senior secured notes 'BB/RR1';
   -- Senior unsecured notes 'B/RR4'.

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services lowered its
ratings on Pembroke, Bermuda-based Intelsat Ltd. and affiliated
entities, including the corporate credit rating, which was
lowered to 'B+' from 'BB-'.  All ratings were immediately placed
on CreditWatch with negative implications.


INTELSAT LTD: Unison Capital Investing US$50 Million in Firm
------------------------------------------------------------
Intelsat Ltd. will get US$50 million investment from Japanese
private equity firm Unison Capital to help its expansion plans
in Asia, financial sources told Alison Tudor at Reuters.

Unison Capital would help Intelsat expand in Asia through
organic growth and acquisition, Reuters notes.

Reuters relates that since British buyout firm BC Partners
bought 76% of Intelsat for US$4.6 billion in June 2007, other
funds have been invited to invest in Intelsat.

A source told Reuters that US private equity firm Silver Lake
would also join the consortium.

Reuters states that BC Partners is purchasing the majority stake
in Intelsat from the private equity owners:

         -- Apax Partners,
         -- Permira,
         -- Apollo Management, and
         -- Madison Dearborn Partners.

BC Partners will keep the remaining 24% stake in Intelsat,
Reuters states.

                    About Unison Capital

Unison Capital was established in 1998.  It is a pioneer of
private equity investment in Japan.  It helps implement
sustainable, long-term business growth strategies.

                       About Intelsat

Headquartered in Bermuda, Intelsat, is the largest fixed
satellite service operator in the world and is owned by Apollo
Management, Apax Partners, Madison Dearborn, and Permira.

Intelsat has sales offices in Australia, China, Japan, and
Singapore.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Moody's Investors placed the long-term debt
ratings of the Intelsat Ltd. group of companies on review for
possible downgrade.

Issuer: Intelsat (Bermuda), Ltd.

-- Senior Unsecured Bank Credit Facility, Placed on Review for
    Possible Downgrade, currently B2

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently Caa1

Issuer: Intelsat Corporation

-- Senior Secured Bank Credit Facility, Placed on Review for
    Possible Downgrade, currently Ba2

-- Senior Secured Regular Bond/Debenture, Placed on Review for
    Possible Downgrade, currently Ba2

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently B2

Issuer: Intelsat Holding Corporation

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently Caa1

Issuer: Intelsat Intermediate Holding Company, Ltd.

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently B3

Issuer: Intelsat Subsidiary Holding Co. Ltd.

-- Senior Secured Bank Credit Facility, Placed on Review for
    Possible Downgrade, currently Ba2

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently B2

Issuer: Intelsat, Ltd.

-- Probability of Default Rating, Placed on Review for
    Possible Downgrade, currently B2

-- Corporate Family Rating, Placed on Review for Possible
    Downgrade, currently B2

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently Caa1

Outlook Actions:

Issuer: Intelsat, Ltd.

-- Outlook, Changed To Rating Under Review From Stable

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Fitch Ratings placed these Intelsat Ltd. ratings
on Rating Watch Negative:

   -- Issuer Default Rating 'B';
   -- Senior unsecured notes 'CCC/RR6'.

Fitch also placed the ratings of Intelsat's subsidiaries on
Rating Watch Negative.

Fitch placed these ratings of Intelsat subsidiaries on Rating
Watch Negative:

Intelsat (Bermuda), Ltd.

   -- Issuer Default Rating 'B';
   -- Senior unsecured guaranteed notes 'BB-/RR2';
   -- Guaranteed Term Loan 'BB-/RR2';
   -- Senior unsecured non-guaranteed notes 'CCC+/RR6'.

Intelsat Intermediate Holding Company, Ltd. (Int Holdco)

   -- Issuer Default Rating 'B';
   -- Senior unsecured discount notes 'B-/'RR5'.

Intelsat Subsidiary Holding Company, Ltd. (Sub Holdco)

   -- Issuer Default Rating 'B';
   -- Senior secured credit facilities 'BB/RR1';
   -- Senior unsecured notes 'BB-/RR2'.

Intelsat Corporation (f/k/a PanAmSat Corporation)

   -- Issuer Default Rating (IDR) 'B';
   -- Senior secured credit facilities 'BB/RR1';
   -- Senior secured notes 'BB/RR1';
   -- Senior unsecured notes 'B/RR4'.

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services lowered its
ratings on Pembroke, Bermuda-based Intelsat Ltd. and affiliated
entities, including the corporate credit rating, which was
lowered to 'B+' from 'BB-'.  All ratings were immediately placed
on CreditWatch with negative implications.


NOVA CHEMICALS: Plans for Ontario Polyethylene Asset Expansion
--------------------------------------------------------------
NOVA Chemicals Corporation is planning for a series of
polyethylene plant modernization and expansion projects in the
Sarnia, Ontario, region.  The projects will add a total of up to
250 million pounds per year of new polyethylene capacity in
stages over the next two years.

"These projects should have about a two year pay-back and will
generate meaningful earnings growth for our shareholders in
every part of the industry business cycle," said Jeffrey M.
Lipton, Chief Executive Officer.  "The upgrades include
technology that will enable us to produce higher value products
that our customers are hungry for."

The projects include:

  * Upgrading products, improving reliability and expanding the
    low density polyethylene unit at Mooretown, Ontario

  * Optimizing the high density polyethylene unit at Mooretown
    to increase throughput rates and improve product quality

  * Debottlenecking high density polyethylene and linear low
    density polyethylene production at the St. Clair River site
    at Corunna, Ontario

The projects are now feasible because the Corunna flexi-cracker
modernization completed in 2007 has successfully delivered:
greater ethylene capacity, increased energy efficiency, improved
plant reliability and global cost competitiveness.  The total
cost of the projects will be approximately US$80 million, which
will not result in a material change in the company's overall
capital program.  The projects will require appropriate Board of
Directors approvals as they proceed.

Headquartered in Calgary, Alberta, Canada, Nova Chemicals Co.
(NYSE:NCX) (TSX:NCX) -- http://www.novachem.com/-- is a leading
producer of ethylene, polyethylene, styrene, polystyrene, and
expanded polystyrene.  Nova Chemicals' manufacturing sites are
strategically situated throughout Canada, the US and South
America.  Its South American operations are located in Chile.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 25, 2007, Moody's Investors Service has confirmed Nova
Chemicals Corporation's Ba3 corporate family rating and senior
unsecured debt ratings following regulatory approval for the
expansion of its styrenics joint venture and the belief that low
olefin feedstock costs could allow the company to meaningfully
reduce debt over the next 12 to 18 months.


ORIENTAL PLAN: Members & Creditors Meeting Fixed for Jan. 18
------------------------------------------------------------
The members and creditors of Oriental Plan Development Limited
will have their final general meeting on January 18, 2008, at
the 18th Floor of the Bel Trade Commercial Building, 1-3 Burrows
Street, in Wanchai, Hong Kong, to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Kwok Tai Wai
          18th Floor
          Bel Trade Commercial Building
          1-3 Burrows Street
          Wanchai, Hong Kong


PETROLEOS DE VENEZUELA: Expands El Palito Plant to Boost Output
---------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that it will expand its El Palito plant to boost the
production of gasoline components.

Business News Americas relates that Carabobo-based El Palito
processes some 140,000 barrels per day to produce fuels for the
Venezuelan market.  Petroleos de Venezuela had been buying
significant amounts of gasoline components in recent months from
other nations to meet domestic demand.

According to BNamericas, the pre-ignition catalytic converter
project for El Palito will increase the flexibility of the
plant's fluid catalytic cracking plant.

Petroleos de Venezuela said in a statement that it acquired the
needed equipment for the expansion.

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

                       *     *     *

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


PETROLEOS DE VENEZUELA: Cuts Int'l Oil Buyers' Payment Term
-----------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that it has cut the payment term for international
crude oil buyers to 8 days from the previous 30-day term.

Petroleos de Venezuela told Business News Americas that the
reduction of the payment term was made to protect Venezuela's
interests in the international oil market.

According to Petroleos de Venezuela's statement, several oil
producers use an 80-day payment term to consolidate benefits
associated with the 22-day reduction.

"In our case, this money was unjustly held in the hands of the
buyer for too long," Petroleos de said in a statement.

Petroleos de Venezuela told the Voice of America that having the
payments sooner will let it re-invest its income quickly.

BNamericas relates that the payment term reduction was also due
to the "constant" depreciation of the US dollar and high product
quality expectations.

Industry officials told Enrique Andres Pretel at Reuters that
Petroleos de Venezuela "periodically faces cash crunches"
despite high crude prices.  Much of the firm's income goes to
Venezuelan President Hugo Chavez's social programs "for his
majority poor backers."

The reduced payment term affected "spot sales," Reuters says,
citing a source familiar with Petroleos de Venezuela sales.  The
new payment term "could have the unintended consequence" of
decreasing Petroleos de Venezuela's income.

The source commented to Reuters, "The decision hurts the price.
Those clients that accept the new conditions can demand a better
price because there is an implied financial cost for them in the
transaction."

Sources told Reuters that Petroleos de Venezuela has borrowed
heavily and has made in-kind payments to creditors in crude to
avoid spending cash.

Oil industry players were angered by the new payment term, which
followed last year's nationalization drive, Reuters states.

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

                       *     *     *

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


PETROLEOS DE VENEZUELA: Gas Unit to Add 110-Mln Cubic Ft. Output
----------------------------------------------------------------
PDVSA Gas, a subsidiary of Petroleos de Venezuela, implemented
the highly inclined drilling technology in the RG 278 well
located in Santa Rosa oilfield, eastern Anzoategui state.  The
use of this technique in 14 wells included in Anaco's major area
will raise the domestic gas output by 110 million cubic feet.

PDVSA has devised a pilot project to drill shallow deposits and
get the technical and economic feasibility to develop
significant, easily accessible gas reserves of 800-900 feet deep
that had been not developed earlier.

The surveys of RG 278 well found an output capacity of more than
11 million cubic feet/day -an additional input to the Anaco
area, presently at 1.6 billion cubic feet/day.

This new strategy on highly inclined drilling will help operate
two shallow deposits concomitantly, resulting in high
productivity levels and profitable operations.

Testing and the first stage of production of well RG 278 proved
to be successful and went far beyond the expectations of the
PDVSA Gas staff without the need for increasing expenses.

The introduction of new techniques to develop deposits
containing large gas reserves will bolster energy development in
east Venezuela, according to the plans and strategies of the
Bolivarian government to ensure domestic supply and fulfill the
commitments aimed at Latin American and Caribbean integration.

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

                      *     *     *

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


TIMBERLAND INDUSTRIAL: Pays Second Ordinary Dividend on Jan. 25
---------------------------------------------------------------
Timberland Industrial Limited, which is in liquidation, will pay
its second ordinary dividend on January 25, 2008.

The company's liquidators can be reached at:


          Roderick John Sutton
          Kelvin Edward Flynn
          Ferrier Hodgson Limited
          14th Floor Hong Kong Club
          3A Charter Road Hong Kong


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

AFFILIATED COMPUTER: Purchases Syan Holdings for US$60 Million
--------------------------------------------------------------
Affiliated Computer Services, Inc. has acquired Syan Holdings
Limited, one of the United Kingdom's largest IBM Business
Partners, for approximately US$60 million (GBP30.5 million).  
Syan Holdings' trailing twelve-months revenue was approximately
US$75 million.  The transaction will be funded entirely with
existing cash on hand.

The acquisition strengthens Affiliated Computer's global IT
Outsourcing presence by adding a solid base of U.K. operations,
including two data centers, and expanding its reach into the
United Kingdom.  It also enhances the company's position as a
leading provider of IT solutions to global FORTUNE 1000 clients.

"This acquisition strengthens ACS' end-to-end IT services.  Syan
Hodlings' data center facilities in the United Kingdom, combined
with their exceptional subject matter expertise, will enable ACS
to provide clients with multi-scope IT services on a global
scale," said Affiliated Computer Services senior managing
director of IT Outsourcing, Derrell James.  "Syan's clients will
be backed by a FORTUNE 500 company that offers a global delivery
model, and ACS will be able to leverage an impressive suite of
ITO services for our global clients who have operations in the
United Kingdom and Europe."

Syan Holdings' expertise is the delivery and support of managed
services and technology solutions involving IBM mid-range and
Intel servers.  Client services include server hosting and
management, applications management, desktop management, high-
availability solutions, and help desk operations.

"The acquisition of Syan by ACS represents a shared commitment
to providing leading-edge technology, innovation, and solution
expertise for our clients around the globe.  It increases the
breadth and depth of our IT capabilities and enables us to offer
the robust services our clients need," said Syan Holdings
managing director, George Djuric.  "With our combined leadership
talents, we have strengthened our ability to deliver proven IT
services to clients in the United Kingdom and around the globe."

The business, which will be rebranded ACS Syan, will continue to
be run by Syan Holdings' existing management team.

                       About Syan Holdings

One of the leading IT outsourcing specialists in the United
Kingdom, Syan Holdings Ltd. -- http://www.syan.co.uk-- has more
than 20 years experience and a reputation for successful
delivery of high-quality services.  With four U.K. facilities,
including two high-specification data centers in Shropshire,
England, Syan provides an extensive range of services to
companies throughout the United Kingdom, with a particular
emphasis on information security to ISO 27001 standards.  The
company's outsourcing services include colocation, hosting,
server management, desktop management, call center services, and
application management.

               About Affiliated Computer Services

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 8, 2008, Standard & Poor's Ratings Services affirmed its
'BB' corporate credit rating on Dallas, Texas-based Affiliated
Computer Services Inc., and removed it from CreditWatch, where
it had been placed with negative implications on March 20, 2007.
The outlook is negative.


BANK OF INDIA: To Consider Q3 Financial Results on Jan. 22
----------------------------------------------------------
Bank of India's board of directors will hold a meeting on
Jan. 22, 2008, to consider and approve the bank's unaudited
financial results for the third quarter ended Dec. 31, 2007.

In the same quarter in 2006, the bank reported a net profit of
INR2.55 billion on revenues aggregating INR26.41 billion.

Headquartered in Mumbai, India, Bank of India --
http://www.bankofindia.com-- 2628 branches in India spread over
all states/ union territories, including 93 specialized
branches.  The bank provides a range of financial products and
services, including numerous credit schemes, deposit schemes,
cash management services, credit/debit cards, deposit vaults and
corporate bonds.  It also extends finance to small and medium
enterprises and small-scale industries. It provides a variety of
loans, such as mortgage loans, educational loans, auto finance
loans, holiday loans, personal loans and home loans.  The bank
offers Internet banking services for both the retail and
corporate clients.

The bank operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                        *     *     *

Standard & Poor's Ratings Services assigned on March 26, 2007,
its 'BB' issue rating to the bank's Hybrid Tier I notes to be
issued by India's Bank of India (BOI; BBB-/Stable/A-3), acting
through its Jersey branch.  These notes are being issued under
the bank's US$1 billion medium-term notes program.


CABLE & WIRELESS: Protest to End After Reaching Pact with Union
---------------------------------------------------------------
The Caribbean Broadcasting Corp. reports that the conflict
between Cable & Wireless and the union representing its workers
has been resolved, after Prime Minister Owen Arthur brokered an
accord between the two parties.

CBC relates that Cable & Wireless Prime Minister intervened in
the industrial dispute between Cable & Wireless and the union
after protests have interrupted most of the company's operations
in Barbados for five days.  He ordered a meeting with the
company and the union at government headquarters.

As reported in the Troubled Company Reporter-Latin America on
Jan. 8, 2008, Cable & Wireless' workers in Barbados launched
demonstrations against the firm after negotiations over wages,
retroactive payments and other "protracted issues" failed.
Cable & Wireless's head Donald Austin said that the company's
offer of 10.5% over two years was made up of 6% in year one and
4.5% in year two across all categories of staff.  For some
workers, the offer would eventually equate to as high as a 30%
wage hike.  These employees would benefit from "movement in
scales of 4% and a proposed retro payment of around 4% --
translating to an increase of about 15% over two years on an
ongoing basis.

CBC relates that union general secretary Sir Roy Trotman accused
Cable & Wireless of breaching aspects of the collective
agreement.  Mr. Trotman commented to CBC, "We charge Cable &
Wireless with attempting to circumvent the accepted practices.
We charge Cable & Wireless with trying to undermine the trade
union in the exercise of their loyal functions.  And we are
telling that the workers of Barbados that we may be calling on
you shortly, to demonstrate to all employers in Barbados that
neither at Cable & Wireless nor at any other workplace should
employers be allowed to disrespect the rights of workers."

Prime Minister Arthur told the press, "We have been able to
broker a settlement in relation to wages and all outstanding
issues [during the meeting]."

Mr. Trotman told Anmarie Bailey at The Nation Newspaper, "We
looked at about four items.  We have agreed that a timetable
will be set very slowly to deal with all of the nine or so
matters which have caused all of the unrest.  We have especially
dealt with matters of relations, management to staff, because
the Prime Minister himself has been able, from our
presentations, to recognize that that is the major underlying
difficulty between the management on the one hand and the staff
on the other."

According to CBC, the settlement will result in a 12.5% salary
increase and retroactive payments.

Mr. Trotman told CBC that there will be significant dual payment
that will be paid out to all workers in hired by the company for
the period 1997 to 2007.  According to him, the salary
settlement is a 2% increase over what Cable & Wireless was
refusing to give.

"There will be an increase of seven-and-a-half-per cent in year
one, which is another one-and-a-half per cent on the company's
offer, and then there is a further half per cent in year two,"
Mr. Trotman explained to The Nation Newspaper.

The Nation notes that the issue of bonuses, where some high-
level managers received high cash bonuses, was also settled.

The demonstrations had a minimal impact on Cable & Wireless'
operations, Mr. Austin assured CBC.  He explained, "We have been
able to maintain all of our major systems.  Obviously some
individual customers have been impacted and we will get out to
them as soon as possible."

"We are also going to have, importantly, a discussion on and we
are going to develop an incentive program that will cause
workers to share in the profitability of the company, so we
won't any longer be having situations of one man with \u015320
million and others with only promises," Mr. Trotman told The
Nation Newspaper.

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

                         *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


EASTMAN KODAK: To Set Annual Strategy Meeting on Feb. 7
-------------------------------------------------------
Eastman Kodak Company will hold its annual strategy meeting with
the institutional investment community on Feb. 7, in New York
City.

The meeting will be held at the Digital Sandbox Event Center,
located at 55 Broad Street (between Beaver St & Exchange Place).
The doors will open at 8:00 AM Eastern time, and investors are
welcome to view and participate in demonstrations of some of the
products that will help define Kodak's future.  The formal
program will begin promptly at 9:00 AM and is expected to
conclude by noon.  Following the presentations, the product
demonstrations will reopen until 1:00 PM.

The program will include presentations by:

  * Antonio Perez, Chairman and Chief Executive Officer,
  * Phil Faraci, President & Chief Operating Officer,
  * Frank Sklarsky, Chief Financial Officer, and
  * Mary Jane Hellyar, President, Film, Photofinishing and
    Entertainment Group,

and will conclude with a question-and-answer session.

                    About Eastman Kodak

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

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

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


IMAX CORP: Moody's Changes Outlook; Affirms Junk Ratings
--------------------------------------------------------
Moody's Investors Service has changed the outlook for IMAX
Corporation to stable from positive indicating that an upgrade
over the near term is less likely.

IMAX Corp. recently announced a joint-venture agreement to
install 100 digital projection systems at AMC Entertainment,
Inc., locations across the United States.  Moody's believes that
while this agreement should contribute to an increase in
enterprise value and improve cash flow visibility over the long
term, it will require substantial upfront cash investments,
straining the company's limited liquidity over the next couple
of years.  Furthermore, the widescale rollout of the digital
systems poses execution risk.  The company has not installed any
digital theaters to date and expects to nearly double its U.S.
theater base over the next several years with the AMC
Entertainment deal, as well as expanding its presence through
other sales and joint ventures involving digital systems in the
U.S. and internationally.

Moody's also affirmed the Caa1 corporate family and the Caa1
probability of default ratings for IMAX Corp. as well as the
Caa2 rating on its senior unsecured bonds.

Ratings List:

  -- Outlook, Changed To Stable From Positive
  -- Corporate Family Rating, Affirmed at Caa1
  -- Probability of Default Rating, Affirmed at Caa1
  -- Senior Unsecured Bonds, Affirmed at Caa2, LGD 4, 60%

The Caa1 corporate family rating reflects high financial risk
and the lack of visibility regarding IMAX Corp.'s long term cash
flow prospects, as well as execution risk related to the
strategic transition to increased use of joint ventures and the
rollout of the new digital system. A highly enforceable backlog
of signed contracts, recent positive business indicators --
including increased system signings and film slate announcements
-- and the value of the IMAX brand support the ratings.

Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ:IMAX) -- http://www.imax.com/-- is an entertainment
technology company, with emphasis on film and digital imaging
technologies including 3D, post-production and digital
projection.  IMAX is a fully-integrated, out-of-home
entertainment enterprise with activities ranging from the
design, leasing, marketing, maintenance, and operation of
IMAX(R) theatre systems to film development, production, post-
production and distribution of large-format films.  IMAX also
designs and manufactures cameras, projectors and consistently
commits significant funding to ongoing research and development.
IMAX has locations in Guatemala, India, Italy, among others.


IMAX CORP: Sept. 30 Balance Sheet Upside-Down by US$76.8 Million
----------------------------------------------------------------
IMAX Corp.'s consolidated balance sheet at Sept. 30, 2007,
showed US$212.7 million in total assets and US$289.5 million in
total liabilities, resulting in a US$76.8 million total
stockholders' deficit.

IMAX Corporation reported a net loss of US$7.5 million on
revenues of US$29.8 million for the third quarter of fiscal
2007, compared to a restated net loss of US$5.6 million on
revenues of US$31.0 million for the third quarter of fiscal
2006.  

IMAX co-chief executive officers Richard L. Gelfond and Bradley
J. Wechsler stated, "We are excited to be on the threshold of
launching our digital projection system late in the second
quarter of 2008, ahead of schedule.  Although we have
experienced both disappointments and successes over the course
of the past decade in bringing IMAX digital to the cusp of
reality, the company is now poised to benefit from the
transition from a film-based system to a digital format.  We
believe our system will embody the IMAX(R) brand and experience
and that this transition will have a very positive impact on the
company's growth and on our financial performance over the long
term."

"We are extremely happy with film performance in the third
quarter, and indeed throughout 2007," stated Messrs. Gelfond and
Wechsler.  "The strength of the slate is clearly reflected in
our DMR revenues, which increased 84% in the third quarter of
fiscal 2007 compared to the fiscal third quarter of last year,
and 71% in the first nine months of 2007 compared to the same
period last year."

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?26ec

                      About IMAX Corporation

Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ: IMAX) -- http://www.imax.com/-- designs, manufactures,  
sells or leases theater systems for large-format theaters
including commercial theaters, museums and science centers, and
destination entertainment sites.  In addition, the company
specializes in digital and film based motion picture
technologies, designs and manufactures high-end sound systems
and produces, remasters and distributes large-format films.  At
Sept. 30, 2007, there were 296 IMAX theaters operating in 40
countries.  IMAX has locations in Guatemala, India, Italy, among
others.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 27, 2007,
Standard & Poor's Ratings Services revised its outlook on IMAX
Corp. to stable from positive.  S&P also affirmed the ratings on
the company, including the 'CCC+' corporate credit rating.


SHREE RAMA: Incurs INR29.9 Million Net Loss in July-Sept. 2007
--------------------------------------------------------------
In the three months ended Sept. 30, 2007, Shree Rama Multi-Tech
Ltd reported a net loss of INR29.9 million, an improvement when
compared to the INR39.7-million loss booked in the same quarter
in 2006.

With revenues totaling INR171.5 million and operating
expenditures of INR122.9 million, the company booked an
operating profit of INR48.6 million in the July-Sept. 2007
period.

The operating profit was pulled down by depreciation for the
three-month period of INR76.5 million.  The company also booked
taxes of INR200,000.

The company is currently negotiating a composite scheme of
arrangement in the nature of compromises and arrangement with
its lenders and shareholders.  In view of the scheme being
pending, the Interest of INR260.20 million on company's
borrowings for six month ended on Sept. 30, 2007 has not been
provided.

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

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

Shree Rama Multi-Tech Ltd is an Ahmedabad-based packaging
solutions provider. Its products include multilayer film,
laminated tubes and laminated webs.

The Troubled Company Reporter-Asia Pacific reported on Jan. 11,
2008, that the company has a US$7.83 million equity deficit.
The company booked at least two years of consecutive net losses
-- INR950.8 million in the year ended March 31, 2007, and
INR216.9 million in the year ended March 31, 2006.


TATA MOTORS: Unveils World's Cheapest Car Tata 'NANO'
-----------------------------------------------------
On Thursday, at the Ninth Auto Expo in New Delhi, Tata Motors
Ltd unveiled the much-hyped world's cheapest car, which Tata
Group Chairman Ratan N. Tata hopes will get India's masses off
motorbikes and into cars.

"We are happy to present the People's Car to India and we hope
it brings the joy, pride and utility of owning a car to many
families who need personal mobility,” Mr. Tata said at the
unveiling ceremony.

The four-door People's Car or the Tata 'NANO,' can seat four
persons and measures 3.1 meters in length, 1.5 meters in width
and stands 1.6 meters.

The INR1-lakh price is for the dealers so the buyers will have
to pay more for the taxes and profit margins , Rueters pointed
out.  However, the news agency continued, "it will still cost
about half the cheapest car currently on the market, a 25-year
old model from rival Maruti Suzuki."

According Tata Motors, NANO was designed with a family in mind,
hence the roomy passenger compartment with generous leg space
and head room.  The car's mono-volume design, with wheels at the
corners and the powertrain at the rear, enables it to uniquely
combine both space and manoeuvrability, which will set a new
benchmark among small cars, the company said in a release.

To address critics of the People's Car, Tata Motors pointed out
to NANO's fuel-efficient engine, and asserted that the car meets
safety norms and all foreign environmental criteria:

* Fuel-efficient Engine

  The People's Car has a rear-wheel drive, all-aluminium, two-
  cylinder, 623 cc, 33 PS, multi point fuel injection petrol
  engine.  This is the first time that a two-cylinder gasoline
  engine is being used in a car with single balancer shaft.  The
  lean design strategy has helped minimize weight, which helps
  maximize performance per unit of energy consumed and delivers
  high fuel efficiency.  Performance is controlled by a
  specially designed electronic engine management system.

* Meets all Safety Requirements

  The People's Car's safety performance exceeds current
  regulatory requirements.  With an all sheet-metal body, it has
  a strong passenger compartment, with safety features such as
  crumple zones, intrusion-resistant doors, seat belts, strong
  seats and anchorages, and the rear tailgate glass bonded to
  the body.  Tubeless tyres further enhance safety.

* Environment-Friendly

  The People's Car's tailpipe emission performance exceeds
  regulatory requirements.  In terms of overall pollutants, it
  has a lower pollution level than two-wheelers being
  manufactured in India today.  The high fuel efficiency also
  ensures that the car has low carbon dioxide emissions, thereby
  providing the twin benefits of an affordable transportation
  solution with a low carbon footprint.

Tata, however, did not address worries of the car overwhelming
the already clogged Indian roads.  The media also noted that
NANO's standard version has no radio, no passenger-side mirror,
no air conditioning and only one windshield wiper.

Tata NANO will be sold in India later this year and will be
available in standard and deluxe versions.  Both versions will
offer a wide range of body colors and other accessories so that
the car can be customized to an individual's preferences.  Tata
will focus on India for two to three years before considering
exports of the Nano to Africa, Latin America and Southeast Asia,
Reuters relates.

                         About Tata Motors

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.

                          *     *     *

On Jan. 7, 2008, Standard & Poor's Ratings Services placed its
'BB+' long-term corporate credit ratings on India-based
automaker Tata Motors Ltd. on CreditWatch with negative
implications.  At the same time, Standard & Poor's placed its
'BB+' foreign currency rating on all of Tata Motor's rated debt
issues on CreditWatch with negative implications.

As reported in the TCR-Asia-Pacific on Jan. 8, 2008, Moody's
Investors Service placed the Ba1 Corporate Family Rating of Tata
Motors Ltd on review for possible downgrade.


TATA TELESERVICES: Gets DOT's In-Principle Approval on GSM Foray
----------------------------------------------------------------
Tata Teleservices Maharashtra Ltd has received the Department of
Telecommunications' in-principle approval for use of GSM
technology, the company said in a filing with the Bombay Stock
Exchange.

The company currently offer mobile services under CDMA
technology platform, the Press Trust of India relates.

The DOT in Oct. 19, 2007, allowed telecom service providers to
use alternate technology under their existing Unified Access
Service Licenses after obtaining DoT approval and on payment of
the prescribed fee.  Subsequently, the company applied for GSM
spectrum use.

The company was given the government's nod after payment of a
non-refundable fee of INR393 crore, the BSE filing states.  
Allocation of spectrum, however, is subject to availability and
existing guidelines.

India Infoline News noted that the DoT has already allowed rival
CDMA operator Reliance Communications to start GSM services.  
The Anil Dhirubhai Ambani Group has also deposited INR16.51
billion as license fee and is awaiting award of spectrum,
Infoline adds.

A subsidiary of Tata Sons Limited, Tata Teleservices
(Maharashtra) Limited, is an Indian company engaged in the
business of providing telecommunication services.  The company
provides services in about 357 towns and cities in the States of
Maharashtra and Goa through its telephone exchanges.

The company has incurred at least two years of consecutive net
losses -- INR3.15 billion in fiscal year ended Mar. 31, 2007,
and INR5.41 billion in FY2006.


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

EXCELCOMINDO PRATAMA: User Base Increases 63% in 2007
-----------------------------------------------------
PT Excelcomindo Pratama Tbk's user base jumped 63.2% in 2007
because of lower prepaid rates and cheaper handset prices,
Reuters reports.

According to the report, the company said it ended 2007 with
15.5 million subscribers compared with 9.5 million in the
previous year.  The increase in the number of subscribers pushed  
fourth-quarter revenue up over a fifth from the previous three
months, the company told Reuters.

The company, the report relates, is extremely satisfied with the
fourth-quarter's result, in which revenue has increased more
than 20% compared to the third quarter of 2007.  In the three
months ended Sept. 30, Excelcom's revenue was slightly over
IDR2 trillion, Reuters notes.

Reuters relates that in anticipation of higher growth in the
sector, Excelcom plans to raise up to US$950 million of new
funding, which will be used to pay for this year's capital
spending and refinance its US$350 million bonds in January .

At this moment, XL already has IDR6.7 trillion in place and
expects to lock in another US$150 million within this month, the
company was quoted by the news agency as saying.

                    About Excelcomindo Pratama

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/ -- provides wireless telecommunications         
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec 12,
2007, Standard & Poor's Ratings Services affirmed its 'BB-'
corporate credit ratings on Indonesian cellular operator, PT
Excelcomindo Pratama Tbk, and removed them from CreditWatch with
negative implications. The outlook is stable.  The 'BB-' ratings
on all foreign currency senior unsecured debt were also
affirmed.

In October 2007, Moody's Investors Service upgraded Excelcomindo
Finance Company B.V.'s foreign currency senior unsecured bond
rating to Ba2 from Ba3.  The bond is irrevocably and
unconditionally guaranteed by Excelcomindo Pratama.  At the same
time, Moody's affirmed the Ba2 local currency corporate family
rating of XL with a positive outlook.

In May 2007, Fitch Ratings affirmed PT Excelcomindo Pratama
Tbk's Long-term Foreign Currency and Local Currency Issuer
Default Ratings at 'BB-'.  The Outlook remains Stable.  At the
same time, Fitch affirmed the 'BB-' rating on its senior
unsecured notes programme.


INFOASIA TEKNOLOGI: Moody's Affirms Ba2 Ratings; Outlook Stable
---------------------------------------------------------------
PT Moody's Indonesia has affirmed the Ba2.id national scale
corporate family and bond ratings of PT Infoasia Teknologi
Global Tbk.  At the same time, Moody's has revised the outlook
to stable from negative for both ratings.

"The stable outlook recognizes the timely repayment of the
company's IDR35 billion bond matured on December 23, 2007, which
has alleviated the near-term refinancing risk," says Joko
Widodo, Moody's lead analyst for Infoasia, adding, "Moody's
draws further comfort from the company's ability to manage its
declining operating profile.  This has been reflected by better
than expected September 2007 results, including gradually
improving operating cash flow during the third quarter of 2007
as a result of better working capital management."

"Furthermore, the acquisition of PT Gemilang Putri Nusantara --
which will support Infoasia's voice over Internet protocol
retail business and multimedia services particularly in the Bali
area-- along with the deployment of 70,000 internet protocol
based telephone lines with 'iMax' trademark should improve
Infoasia's business profile over time," says Widodo.

Infoasia's credit metrics could potentially support a higher
rating on a national scale basis.  However, the Ba2.id rating
reflects the company's small operating scale and weak market
position in the domestic telecom market, its tight liquidity
profile with ongoing refinancing requirements, and the execution
risk with regard to its investment in its new retail, multimedia
and fixed-line ventures.

Upward rating pressure could emerge if Infoasia executes its new
businesses as planned, without a deterioration in its credit
metrics while at the same time improving its liquidity profile.

On the other hand, the ratings could experience downward
pressure if the company fails to implement its expansion as
planned, there is a further material decline in its wholesale
traffic business, and/or its financial profile continues to
weaken.  Such a trend would include Adjusted Debt/EBITDA
increasing to 4.0-4.5x or EBIT/interest falling below 1.0x.

Starting life as a distributor for IBM Computer Hardware in 1996
under the name of PT Sejahtera Mandiri, Infoasia is a
telecommunications company providing network services and system
integration, network provider/internet services, as well as
telecommunications services and voice/data traffic wholesaling
from one country to another at lower rates.  In 2006, the
company completed the acquisition of GPN and the development of
70,000 internet protocol based telephone lines with 'iMax'
trademark.

As of September 2007, Infoasia was owned by PT Infoasia Inti
(51.4%), Eurochina Capital Pte Ltd (15%), Soony Widjaja Wong
(0.28%) with the remaining owned by the public.

                    About Infoasia Teknologi

PT Infoasia Teknologi Global Tbk is an Indonesia-based
telecommunication company. It is engaged in trading services,
telecommunication networks and telecommunication information
technology. The Company subsidiaries include PT Global Teknindo
Infotama, which sells computers; PT Sejahtera Globalindo, which
is engaged in computer trading, internet services,
telecommunications data and voice traffic; Global Communication
Inc., which provides telecommunications data and voice traffic;
Distribution Technology Inc., which sells computer, and PT
Gemilang Putri Nusantara, which provides cable television
services. The Company is headquartered in Jakarta, Indonesia.


PARKER DRILLING: Updates Kazakhstan Tax Case
--------------------------------------------
Parker Drilling Company  reported that in December 2007 a
subsidiary paid US$26 million in income taxes to the Republic of
Kazakhstan pursuant to a previously reported tax assessment.  
The payment is exclusive of interest and net of estimated taxes
previously paid of approximately US$12 million.  The Company
will receive a foreign tax credit for this payment against
future tax payments which would otherwise be paid to the United
States Treasury, excluding any currency exchange losses. The
Kazakhstan branch of the Company's subsidiary has filed an
appeal requesting a reduction in the interest.

Parker has funded a portion of this tax payment by borrowing
US$20 million of approximately US$45 million available under its
revolving credit facility.  It is anticipated that this US$20
million of borrowings will be repaid during the latter half of
2008.  Parker also anticipates that it can fund any interest
ultimately assessed from cash on hand or from additional
borrowings under its revolving credit facility.

                     About Parker Drilling

Headquartered in Houston, Texas, Parker Drilling Company
-- http://www.parkerdrilling.com/-- provides contract drilling   
and drilling-related services worldwide.  The company has rigs
located in Indonesia, New Zealand, Colombia and Mexico, among
others.

The Troubled Company Reporter-Asia Pacific reported on July 4,
2007, that Standard & Poor's Ratings Services assigned its 'B-'
rating to contract drilling and rental tool provider Parker
Drilling Co.'s proposed US$115 million convertible senior notes
due 2012.  At the same time, S&P affirmed the 'B' corporate
credit rating on Parker and the 'B-' rating on its US$150
million senior floating rate notes due 2010 and US$225 million
senior notes due 2013.  The outlook is positive.

On Oct. 12, 2006, in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the oilfield service
and refining and marketing sectors last week, the rating agency
confirmed its B2 Corporate Family Rating for Parker Drilling
Company, as well as it B2 rating on the company's 9.625% Senior
Unsecured Guaranteed Global Notes Due 2013, and Senior Unsecured
Guaranteed Floating Rate Global Notes Due 2010.  Moody's
assigned those debentures an LGD4 rating suggesting note holders
will experience a 55% loss in the event of default.


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

BANNERS CO: Revises Earnings Forecast for FY2007
------------------------------------------------
Banners Co., Ltd., revised its consolidated full-year earnings
forecast for the period ending March 31, 2008, Bloomberg News
reports.

According to the report, net income, which was initially
forecast to be at JPY192 million, is now estimated to reach
JPY792 million.  Revenue for the fiscal year remains to be seen
at JPY1.9 billion.

Banners Co., Ltd. sells thread and fabric for apparel as well
as automobiles.  The company also leases land, buildings, and
parking garages.

The Troubled Company Reporter-Asia Pacific, on January 11,
2008, included in its "Large Companies with Insolvent Balance
Sheets" column Banners Co., Ltd., with US$14.11 million in
stockholders' equity deficit and total assets of
US$46.33 million.


BOSTON SCIENTIFIC: Completes US$750MM Sale of Surgery Business
--------------------------------------------------------------
Boston Scientific Corporation has completed the sale of
its Cardiac Surgery and Vascular Surgery businesses to the
Getinge Group of Sweden for US$750 million in cash.

As reported in the Troubled Company Reporter on Nov. 7, 2007,
Boston Scientific Corporation signed a definitive agreement for
the sale of its Cardiac Surgery and Vascular Surgery businesses
to the Getinge Group.

The company disclosed its intent to sell the Cardiac Surgery and
Vascular Surgery businesses on Aug. 16, as part of its plan to
divest non-strategic assets and increase shareholder value.

Boston Scientific acquired the Cardiac Surgery business in
April 2006 as part of the Guidant transaction.

The Cardiac Surgery business is a developer of medical
technologies designed for use in surgical cardiac procedures,
including beating-heart bypass surgery systems and endoscopic
vessel harvesting for coronary bypass surgery.  The business
employs approximately 450 people.

The company expects to record after-tax charges of approximately
US$240 million in connection with the transaction. These charges
will be recorded during the fourth quarter of 2007 and the first
quarter of 2008.

"We have now sold three of our five previously identified non-
strategic businesses, and we expect to close on the remaining
two -- Fluid Management and Venous Access -- this quarter," Jim
Tobin, president and chief executive officer of Boston
Scientific, said.  "These divestitures -- along with our ongoing
efforts to reduce expenses and simplify our operating model --
should help us achieve our overall goals of restoring profitable
growth, increasing shareholder value and strengthening Boston
Scientific for the future."

                    About Boston Scientific

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

                         *     *     *

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


BOSTON SCIENTIFIC: S&P Ratings Unmoved by Affirmed Court Ruling
---------------------------------------------------------------
Boston Scientific Corp. announced that the Court of Appeals for
the Federal Circuit affirmed a District Court ruling that found
the NIR stent infringed one claim of a patent owned by
Johnson & Johnson.  Standard & Poor's Ratings Services' says
that this does not affect its ratings or outlook for Boston
Scientific.  

Boston Scientific's corporate credit rating is rated 'BB+' by
S&P with a negative outlook.

The District Court must now rule on Johnson & Johnson's request
for the reinstatement of damages of US$324 million.  Also, the
company has not indicated that it will appeal this decision, but
noted that the District court may need to revisit the issue of
validity in light of a revised claim construction.  As a result,
the amount and timing of a potential payment by Boston
Scientific are unknown.  To some degree, the financial
uncertainty of litigation is factored into the rating.  Boston
Scientific, like many of its peers, is involved in several
patent and product liability lawsuits.  The company has both
initiated litigation and been subject to challenges by other
companies, and such proceedings can be protracted.

Boston Scientific continues to make progress in reducing its
debt burden; adjusted debt to EBITDA declined to 3.8x for the 12
months ended Sept. 30, 2007, from 4.1x at the end of the second
quarter of 2007.  Cash was US$1.2 billion at the end of the
second quarter, and proceeds from recently announced asset
divestitures should provide the means for further debt
reduction.


DELPHI CORP: S&P Sees 'B' Corporate Credit Rating Upon Emergence
----------------------------------------------------------------
Standard & Poor's Ratings Services expects to assign its
'B' corporate credit rating to Troy, Michigan-based automotive
supplier Delphi Corp. upon the company's emergence from
Chapter 11 bankruptcy protection, which may occur by the end of
the first quarter of 2008.  S&P expects the outlook to be
negative.

In addition, S&P's expects to assign the following issue-level
ratings:

  -- A 'B+' issue rating, and '2' recovery rating to the
     company's proposed US$3.7 billion senior secured first-
     lien term loan; and

  -- A 'B-' issue rating, and '5' recovery rating to the
     company's proposed US$825 million senior secured second-
     lien term loan.

The expected ratings are based upon preliminary terms and
conditions and assume successful placement of the loans as
represented to us.  Any changes to the terms of the loans prior
to placement may result in different ratings.  In addition, the
expected ratings are subject to confirmation and substantial
consummation of Delphi's plan of reorganization, and to S&P's
receipt and satisfactory review of final documentation.  The
expected ratings reflect the company's highly leveraged
financial risk profile, based on poor profitability and near-
term negative cash flow in North America despite substantial
cost improvements obtained in the company's reorganization.  The
ratings also reflect Delphi Corp.'s vulnerable business risk
profile as an automotive supplier that still depends highly on
the very difficult North American market in general, and on
former parent General Motors Corp. (GM; B/Stable/B-3) for sales
as well as ongoing operational support.

Pro forma for the proposed exit financings and emergence from
bankruptcy, Delphi Corp. would have total debt of US$5.35
billion, or a little more than US$8 billion, including S&P's
adjustments for underfunded postretirement benefits and the
present value of operating leases.

In its debt ratio calculations, S&P also treated as debt the
company's proposed US$1.1 billion of junior convertible
preferred equity.  This preferred equity, which GM will hold
after emergence, has no dividend and minimal voting rights--
characteristics that lead us to view it as a temporary piece of
Delphi's capital structure.  Although this equity has no
maturity and could be replaced without an increase in Delphi's
debt, S&P believes it is also possible that the company could
raise debt in the future and use proceeds to repurchase the
junior preferred -- in effect, reproducing the capital structure
under an earlier version of Delphi's plan of reorganization,
before weakness in the credit markets forced a reduction in
planned emergence debt levels.

S&P has not treated as debt the proposed US$800 million in
Series A and Series B convertible preferred equity, to be held
by Appaloosa Management L.P. and other plan investors after
emergence, because S&P considers these tranches to be more
permanent in nature.

Delphi Corp.'s leverage will remain high after emergence, with
adjusted debt to expected 2008 EBITDA of about 6.5.  This
calculation excludes restructuring costs, but incorporates
various transactions that lower adjusted leverage and that will
take place soon after emergence.  These transactions include the
company's payment of a US$1.2 billion "catch-up" contribution to
its worldwide pension plans, and the transfer of US$1.5 billion
in net pension liabilities to GM in exchange for a US$1.5
billion cash payment to the same.  Excluding the junior
preferred equity in S&P's ratio calculations, pro forma 2008
leverage would be a little less than 6.0.

"Following emergence, we would characterize Delphi's business
risk profile as vulnerable," said S&P's credit analyst Gregg
Lemos Stein.  "Delphi has made significant strides in shedding
burdensome legacy costs in North America and in transforming the
company's mix of businesses during bankruptcy. Nevertheless,
customer pricing pressure and competition are severe, and
production volumes are likely to remain volatile -- especially
in North America, where vehicle demand has been sluggish and the
outlook remains clouded amid increasing signs of macroeconomic
weakness."

Other steps Delphi Corp. has taken, or is in the process of
taking, to address its cost structure include:

  -- Dramatically reducing its United States hourly work force
     to about 17,000 as of the end of 2007 from nearly 35,000
     prior to bankruptcy via asset sales and attrition
     programs that GM partly subsidizes.  Additional planned
     asset sales will result in further U.S. headcount
     reductions over the next few years.

  -- Significantly reducing labor costs for remaining U.S.
     hourly workers (about US$27 per hour plus benefits to
     start, but increasing over time) in exchange for lump-sum
     payments, also subsidized by GM.

  -- Selling or closing 31 of the 39 U.S. manufacturing sites
     in operation as of the bankruptcy filing, plus additional
     non-U.S. plants mainly in higher-cost European locations.

  -- Transferring virtually all of its U.S. hourly other
     postemployment benefit liabilities to GM soon after
     emergence, reducing liabilities by more than US$8
     billion.

  -- Freezing its U.S. defined-benefit pension plans as of
     emergence and replacing them with a defined-contribution
     plan.

In addition to these items, Delphi will also receive from GM
ongoing cash payments that will reduce its cost for remaining
United Auto Workers employees to about US$26 per hour, including
benefits.  The UAW accounts for a majority of Delphi's U.S. work
force.  GM also has agreed to support noncore manufacturing
sites so that they are cash flow neutral to Delphi prior to
their sale or closure.

Despite the magnitude of these cost-cutting initiatives and the
exit from weaker product segments, S&P expects profitability to
return to only acceptable levels by the end of the 2008 at the
earliest.  S&P expects EBITDA margin, excluding restructuring
expense, to improve to about 8% of sales in 2008, compared with
less than 2% in 2007.  Margins should be higher in Europe and
Asia-Pacific, which account for a growing minority share of
Delphi's sales (about 37% and 15%, respectively, based on
expected 2008 revenues and excluding noncontinuing businesses).
However, this won't be enough to offset weak margins in North
America, which represents about 44% of projected 2008 revenues.
South America accounts for the remaining 4%.

Customer diversity has improved, but GM exposure remains a risk
factor.  Delphi expects GM to account for about 30% of sales in
2008, excluding noncontinuing businesses.  Prior to Delphi's
bankruptcy in 2005, this figure was about 50%.  S&P expects the
company to continue to gradually diversify its customer base.
However, further market share losses or sudden production cuts
by GM would still pressure Delphi's results, potentially
negating the future cost savings Delphi aims to achieve in areas
such as administrative overhead and materials purchasing.

After emergence, continued cash usage in North America will
challenge Delphi Corp.'s liquidity.  S&P's expects free cash
flow from global operations to be negative in 2008, excluding a
series of transactions with GM following emergence and the
US$1.2 billion catch-up pension contribution.  However, S&P
expects borrowing availability will be sufficient to fund
expected cash usage and ongoing restructurings.  An unrated
US$1.6 billion asset-based lending revolving credit facility
will have about US$1.4 billion of borrowing availability after
anticipated borrowings and outstanding-but-undrawn LOCs are
taken into account.  Governing the asset-based lending is a
borrowing base calculation, under which GM accounts receivable
can account for no more than 25% of eligible accounts receivable
and inventory, or 20% beginning in 2010.  Therefore, a GM
production decline would not severely reduce asset-based lending
borrowing availability.  Cash balances after the post-emergence
transactions will be about US$800 million, but only about US$100
million will be in the U.S., where cash usage is greatest.

The cash costs of Delphi Corp.'s ongoing restructuring efforts
could total nearly US$500 million in 2008.  The company plans to
make additional pension contributions for the next several
years, on top of the US$1.2 billion catch-up contribution, in an
effort to bring its U.S. plans to fully funded status.  However,
these should be manageable, averaging about US$150 million per
year, with some latitude as to timing.  The company's proposed
exit financings include minimal maturities through the end of
the decade.

As with most automotive original equipment suppliers, working
capital needs are highest in the middle of the calendar year
because of typical seasonal production patterns, and this
results in weaker cash flow in the first and second quarters.
S&P expects Delphi's cash flow to benefit from improved terms,
with its suppliers following emergence from bankruptcy,
potentially offsetting its cash usage in early 2008.  However,
S&P remains concerned about cash flow prospects in the U.S. over
the longer term.

S&P's expects to rate Delphi's proposed US$3.7 billion first-
lien senior secured term loan 'B+', one notch higher than the
corporate credit rating.  This and the expected recovery rating
of '2' indicate that lenders can expect substantial (70%-90%)
recovery in the event of a payment default or bankruptcy.  The
company's proposed US$825 million second-lien secured term loan
is expected to be rated 'B-', one notch lower than the company's
corporate credit rating.  This and the expected recovery rating
of '5' indicates that lenders can expect modest (10%-30%)
recovery.

S&P expects the outlook to be negative, reflecting Delphi's cash
use in North America, ongoing restructuring needs, and the
uncertain outlook for vehicle demand in the U.S. in 2008.  S&P's
expected ratings assume that the company will continue to make
some progress on its cost structure and profitability, enabling
it to reduce leverage, including its adjustments, to 6,0 or less
over time.  S&P could lower the ratings if overall leverage or
negative cash flow in North America failed to improve, or if
liquidity were to diminish.  On the other hand, S&P could revise
the outlook to stable, perhaps by the end of 2008, if the
company demonstrates positive and sustainable cash flow for debt
reduction, enabling it to reduce leverage to significantly less
than 6.0, including its adjustments.  S&P are unlikely to
upgrade the company or revise the outlook to positive, given the
current challenges facing the North American auto supplier
industry and sluggish vehicle demand.

                      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 CORP: Committees Want Participation in Exit Loan Process
---------------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to permit members of
the Official Committee of Unsecured Creditors and the Official
Committee of Equity Security Holders to participate in the
syndication of the Debtors' Exit Financing.

As reported in the Troubled Company Reporter on Nov. 19, 2007,
the Debtors disclosed that they are in the process of arranging
for 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.

The Court has authorized JPMorgan Securities Inc., JPMorgan
Chase Bank, N.A., and Citigroup Global Markets Inc., to assemble
a syndicate of lenders to provide the exit financing
arrangements.

At this stage of their bankruptcy cases, other than achieving
the necessary votes on their proposed Plan, the chief remaining
step that the Debtors must take before emerging from Chapter 11
is to obtain exit financing in what is a very turbulent
financing marketplace, according to John Wm. Butler, Jr., Esq.,
at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago,
Illinois.

The Debtors believe that they and the Exit Lenders should
continue their aggressive pursuit of exit financing from a
number of sources, including certain members of the Statutory
Committees.

Mr. Butler points out that the Court-approved Disclosure
Statement, which contains approximately 3,000 pages of financial
and other information about the Debtors, is in the hands of all
parties-in-interest and is readily available in the public
domain.  "The amount and nature of current financial and other
information available to Statutory Committee members and to
those who have not previously been privy to material nonpublic
information during the cases is now largely the same as a result
of the distribution of this disclosure to the public," he says.

With the Disclosure Statement now in the public domain, the
Debtors aver that there will not be any conflict if Statutory
Committee members were to participate in the syndication of the
Exit Financing.  "Nor is there any reason why a Statutory
Committee member should required to resign from either of the
Statutory Committees on account of participation in the Exit
Financing Syndication," Mr. Butler asserts.

The Debtors propose that the Court require any Statutory
Committee member who intends to participate in the Exit
Financing Syndication to, in advance of its participation, make
written disclosure of its intention to the Debtors, counsel to
each of the Statutory Committees, and the U.S. Trustee.

                     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: Focused Talks Spur Tata Motors' High Bond Risk
----------------------------------------------------------
Tata Motors Ltd.'s bond risk rose to a record with credit-
default swaps on the company reaching 325 basis points Tuesday
morning from 300 basis points last week, The Economic Times
reports.

According to the report, the increase of the risk of the Tata
Motors defaulting on its bonds was brought about by the concern
that it will borrow to fund its acquisition of Ford Motor Co's
Jaguar and Land Rover brands.

As reported in the Troubled Company Reporter on Jan. 4, 2008,
Lewis Booth, executive vice president for Ford of Europe and
Premier Automotive Group (Chairman - Jaguar, Land Rover, Volvo
and Ford of Europe) said that Ford has entered into "focused
negotiations at a more detailed level" with Tata Motors,
signaling that the Indian carmaker has become the preferred
bidder for the two brands.

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

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

                      About Tata Motors

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


IHI CORP: In Talks with JFE to Combine Shipbuilding Operations
--------------------------------------------------------------
IHI Corp. is in talks with JFE Holdings Inc. to combine
shipbuilding operations this year to create Japan's largest
company to compete against South Korean and Chinese shipyards,
Masumi Suga, citing the Nikkei newspaper, writes for Bloomberg
News.

Nikkei, relates Bloomberg, reported that the new company would
have sales of about JPY345 billion to become the sixth biggest
shipbuilder in the world.  Nikkei did not say which company
would control the combined business or how far talks have
progressed, states Bloomberg.

Bloomberg quotes an IHI spokesman as saying, "We're in
discussions with JFE about shipbuilding operations.  Details
have yet to be decided."  JFE, however, declined to comment,
Bloomberg relates.

Analyst Cho In Karp opined to Bloomberg that, "Japanese
shipbuilders need to merg and become bigger to compete against
South Korea and China.  Japanese shipyards need to fina a way to
keep their business going."

According to Clarkson Plc, Japan lost the title of the world's
biggest shipbuilding nation to South Korea in 2003, while China
overtook Japan two years ago, relates Bloomberg.

                       About IHI Corp.

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

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


ORIX-NRL TRUST: S&P Affirms JPY1.1 Bil.-Worth of Certificates
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the
class B certificates issued under the ORIX-NRL Trust 13
transaction to 'AAA' from 'AA', its rating on the class C
certificates to 'AA' from 'A', its rating on the class D
certificates to 'A' from 'BBB', and that on the class E
certificates to 'BBB' from 'BBB-'.  At the same time, Standard
& Poor's affirmed its ratings on the class A, F, G, H and X
certificates.

Ratings Raised

JPY21.1 billion trust certificates due September 2013

Class     To    From   Current Balance   Initial Balance

  B       AAA   AA     JPY1.7 bil.       JPY1.7 bil.
  C       AA    A      JPY1.4 bil.       JPY1.4 bil.
  D       A     BBB    JPY1.1 bil.       JPY1.1 bil.
  E       BBB   BBB-   JPY0.4 bil.       JPY0.4 bil.


Ratings Affirmed

Class    Rating   Current Balance   Initial Balance

  A       AAA     JPY11.57618 bil.  JPY15.4 bil.
  F       BB      JPY0.6 bil.       JPY0.6 bil.
  G       BB-     JPY0.2 bil.       JPY0.2 bil.
  H       B       JPY0.3 bil.       JPY0.3 bil.
  X       AAA     JPY17.27618 bil.  JPY21.1 bil.(notional       
                                           principal

According to the latest reports submitted by the servicer and
the trustee, a real estate property backing one underlying
nonrecourse loan equivalent to about 16.9% of the initial loan
amount (as of the cut-off date) was liquidated.  That led to
the prepayment of the nonrecourse loan and the redemption of an
equivalent amount of trust certificates during the payment
dates in November and December 2007, respectively.

In addition, Standard & Poor's confirmed that the lender
(trustee) has retained funds equivalent to principal, accrued
interest and expenses on three underlying nonrecourse loans in
its account.  The funds were retained after the liquidation of
real estate properties backing two underlying nonrecourse
loans, and the liquidation of a portion of real estate
properties backing one underlying nonrecourse loan.  The
accumulated amount recovered so far, including the retained
funds, is equivalent to 31.5% of the initial loan amount as of
the cut-off date.  The retained funds will be applied to the
redemption of principal and interest on the next payment dates
in March and September 2008.

Standard & Poor's raised its ratings on the class B to E
certificates to reflect a decline in the loan-to-value (LTV)
ratios of the trust certificates, and a rise in the
subordination levels that serve as credit enhancement.  The
improvements are due to redemption carried out under the
sequential payment scheme of the transaction, and the retention
of funds equivalent to the scheduled repayment of principal.  
The rating actions are also based on the favorable performance
of residual loans and the underlying real estate properties.

ORIX-NRL Trust 13 is a multi-borrower CMBS backed by
nonrecourse loans that were extended by ORIX Corp. and
specified bonds issued by 11 obligors, and secured by 21 real
estate properties.  ORIX Corp. serves as the arranger and ORIX
Asset Management & Loan Services Corp. acts as the servicer for
this transaction.


SANYO ELECTRIC: To Pay FSA JPY8.3 Billion for Accounting Error
--------------------------------------------------------------
Sanyo Electric Co., Ltd. said it will pay the Financial Services
Agency an JPY8.3-million fine for issuing false financial
statements over several years, Kyodo News reports.

Last month, Sanyo, who apologized to its shareholders for
causing trouble, corrected its unconsolidated earnings for the
years from fiscal 2000 and admitted that it had paid around
JPY28 billion in illegal dividends when the profits necessary to
justify the payments were lacking, relates Kyodo News.

According to the report, the Securities and Exchange
Surveillance Commission recommended that the FSA fine Sanyo
JPY8.3 billion in the form of a surcharge.

The Troubled Company Reporter-Asia Pacific reported on Dec. 27,
2007, that Sanyo has amended its non-consolidated financial
statements for the fiscal years 2000-2005 in conformance to
practical business guidelines related to accounting standards
and financial commodities accounting.

Kyodo News states that the earnings corrections were necessary
after Sanyo reassessed appraisal losses on shares of its
semiconductor and liquid crystal display affiliates.

On December 25, 2007, Sanyo's stock was put under supervision
for delisting by the Tokyo Stock Exchange after the correction
announcement, Kyodo News adds.

                     About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                         *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


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

KOREAN EXPRESS: To Pick Desired Bidder for Stake Sale This Week
---------------------------------------------------------------
Korea Express Co. Ltd. will pick its preferred bidder to buy a
controlling stake in the company this week, Asia Pulse reports.

As reported by the Troubled Company Reporter-Asia Pacific on
September 11, 2007, Korea Express, which has been under court
receivership since November 2000, plans to find a new owner by
selling new shares equal to 50% of enlarged capital plus one
share.

Potential buyers, TCR-AP related, will have a chance to carry
out preliminary due diligence by Jan. 4.  The buyer will be
selected in late February after a preferred bidder is picked in
the middle of January, the report noted.

According to Asia Pulse, ten potential buyers, including Hanjin
Group and Kumho-Asiana Group, have been conducting preliminary
due diligence after submitting their letters of intent to
purchase 24 million new shares of Korea Express.

The potential buyers, Asia Pulse points out, are required to
submit preliminary bids by January 16.  The company plan to pick
a preferred bidder within one or two days after receiving the
bids, the report adds.

Asia Pulse relates that a consortium led by Merrill Lynch & Co.
is managing the sale.

                     About Korea Express Co.

Headquartered in Seoul, Korea Express Co., Ltd. --
http://www.korex.co.kr/-- provides land and marine     
transportation, and logistics services.  The company also
operates stevedoring, distribution, and warehousing businesses
that serve domestic and international customer needs.  Korea
Express transports a variety of products, ranging from consumer
goods to machinery and turbines.  Korea Express also operates
Internet home shopping business.

Korea Express Bank has been under court receivership since June
2001 after it could not service a KRW1.5-trillion debt,
including KRW919 billion owed by then-parent Dong-Ah
Construction Industrial Co.  Korea Express President Lee Kook-
Dong will decide with a Seoul court about when to sell the
company, which has a market value of US$601 million.

In the company's Web site, Mr. Lee said that Korea Express will
strive to end court receivership and improve its liquidity,
maximize sales profit through strengthening of cooperation
between management and labor, and seek continuous development.

Korea Investors Service gave the company a BB rating.


PERRY ELLIS: Buying C&C Calif. and Laundry Brands for US$37 Mil.
----------------------------------------------------------------
Perry Ellis International has entered into a definitive
agreement for the acquisition of the C&C California and Laundry
brands from Liz Claiborne Inc. for US$37 million subject to
inventory adjustment.

The acquisition will be financed through existing cash and
borrowings under the company's existing credit facility.  The
company expects to close the acquisition, subject to receipt of
customary government approvals and other customary conditions,
by Feb. 4, 2008.

"These acquisitions, which advance Perry Ellis International's
growth strategy with two strong brands, with a very young
following," George Feldenkreis, chairman and chief executive
officer, said.  "The addition of C&C California and Laundry will
allow us to aggressively pursue women's apparel in the
contemporary segment, which is the fastest growing one of the
women's market today.  With this acquisition, we increase our
long term growth potential and mark another key milestone in our
company's history."

Subject to completion of the transaction, Perry Ellis
International will combine its C&C California and Laundry
operations with the Original Penguin brand to create a new
Contemporary Business Platform.

The company relates that the combined additional annual revenues
for Fiscal 2009 of these two brands are expected to be
approximately US$60 million.  Reflecting the high growth
potential for Original Penguin, C&C California and Laundry, the
contemporary brand revenues would increase at a double digit
annual rate over the next five years.  The acquisition will have
no impact on Fiscal 2008, and accretion in the range of US$0.08
to US$0.10 is expected in Fiscal 2009.

"We are pleased to welcome the associates from C&C California
and Laundry to the Perry Ellis International family," Oscar
Feldenkreis, president and chief operating officer, concluded.
"We believe our contemporary platform will benefit greatly from
their experience and knowledge."

"The creation of this platform is an indication of our
commitment to building new vehicles for sustainable growth," Mr.
Feldenkreis added.  "We believe that these brands will also
translate into our swimwear division, plus expansion into
children's and additional product lines."

                       C&C California(R)

Based in Los Angeles, C&C California is a contemporary brand for
missy and juniors.  C&C is sold in luxury retail, department
stores and high end specialty boutiques and online at –
http://www.candccalifornia.com/--   

                           Laundry(R)

Laundry has offices both in New York and Los Angeles, with
showrooms in both cities.  Laundry is a key dress brand for
major retailers such as Saks, Bloomingdale's, Nordstrom and
Neiman Marcus.

                 About Perry Ellis International

Headquartered in Miami, Florida, Perry Ellis International Inc.
(NASDAQ:PERY) – http://www.pery.com/-- is a designer,  
distributor and licensor of a line of quality men's and women's
apparel, accessories, and fragrances.  The company's collection
of dress and casual shirts, golf sportswear, sweaters, dress and
casual pants and shorts, jeans wear, active wear and men's and
women's swimwear is available through all major levels of retail
distribution.  The company, through its wholly owned
subsidiaries, owns a portfolio of recognized brands.  The
company enhances its roster of brands by licensing trademarks
from third parties including Dockers(R) for outerwear, Nike(R)
and JAG(R) for swimwear, and PING(R) and PGA TOUR(R) for golf
apparel.

The company has sourcing offices in Korea, Indonesia, India,
Thailand, Peru, Nicaragua, and El Salvador.

                         *     *     *

Moody's Investor Service placed Perry Ellis International Inc.'s
probability of default rating at 'B1' in September 2006.  The
rating still hold to date with a stable outlook.


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

ELECTRONIC DATA: Flemish Government Renews Pact w/ EDS-Telindus
---------------------------------------------------------------
Flemish Government has awarded the Electronic Data System
Corp.'s EDS-Telindus Consortium a renewal of its information
communications technology contract.  The contract has a seven-
year term and is worth approximately EUR582 million (US$831
million), the largest outsourcing contract ever awarded in
Belgium.

The new agreement includes a broad package of information
technology services including end-user support and management of
end-user infrastructure to ensure the availability of the ICT
environment for the Flemish Government.  Electronic Data and
Telindus have been in partnership at the Flemish Government
since 2003.

"Luc Chauvin, the ICT manager of the Flemish Government, and his
team have introduced a very open and very flexible outsourcing
model that stimulates multi-vendor integration, continuous
innovation and price competitiveness," said Electronic Data
Belgium managing director, Eric Van Bael.  "We have put the best
minds of EDS and Telindus together to live up to these very high
standards of execution and are extremely proud that we are once
again selected as the preferred partner of the Flemish
Government."

"Winning this contract is very important for Telindus Belgacom
ICT and EDS, and it proves that our partnership is able to
deliver convincing solutions for complex IT landscapes," added
director Corporate Market for Telindus Belgacom ICT, Jan De
Schepper.

"Thanks to our experience and business knowledge, the EDS-
Telindus Consortium has been able to respond promptly and with
flexibility to the extremely high expectations and quality
standards of the Flemish Government and its end-users," said
EDS-Telindus Consortium managing director, Patrick Urkens.

Under this agreement, Electronic Data is responsible for system
and application management, application development and support,
service desk, and server, storage and mainframe infrastructure.
Telindus is responsible for the network, PC support and security
of the Flemish Government's ICT systems.

Work on the new contract begins Feb. 1, 2008, with all new and
renewed services and supporting tools scheduled to be fully
implemented in accordance with the new contract by Sept. 1,
2008.

                       About Telindus

Telindus is a Belgian company offering ICT solutions and
services.  Telindus serves business and public market needs as a
solution and sourcing partner, delivering secured converged
networking, and secured systems & applications underpinned by
management and support services.  With over 37 years experience
in ICT, Telindus is investing considerably in expertise to
service modern IT and telecommunications infrastructures
throughout their life cycle.  Telindus' enviable track record
and longstanding partnerships with leading equipment suppliers
offers a safe route for enterprises, telecom operators and
government bodies looking to deploy long-lasting ICT solutions.
In January 2006, Telindus joined the Belgacom Group to become
the IT Services Branch of a new business leader in the market.

                About Electronic Data System

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

                       *     *     *

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


MANGIUM: Seeks July 20 Extension of Plan Filing Deadline
--------------------------------------------------------
Mangium Industries Bhd asks the Bursa Malaysia Securities
Berhad’s approval for an extension of time of 6 months or up to
July 20, 2008, from the expiry of the 8 months time frame
obligation imposed by PN17/2005, to submit a regularization plan
to the relevant authorities, and to formulate a revised plan to
comply with Paragraph 8.16A of the Listing Requirements.

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

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

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


SHAW GROUP: Earns US$2.2 Million in Quarter Ended Nov. 30
---------------------------------------------------------
The Shaw Group Inc. reported net income for the three months
ended Nov. 30, 2007, inclusive of its Investment in Westinghouse
segment, of US$2.2 million.  Excluding the Westinghouse segment,
which includes a non-cash, pre-tax, foreign exchange translation
loss of US$57.2 million, net income was US$41.2 million.  In
comparison, for the three months ended Nov. 30, 2006, inclusive
of its Westinghouse segment which was owned for 45 days during
that period, Shaw reported a loss of US$12.3 million.  Net
income for the three months ended Nov. 30, 2006, excluding the
Westinghouse segment, was US$9.1 million.

Earnings before interest expense, income taxes, depreciation and
amortization (EBITDA) for the first quarter of 2008, including
the Westinghouse segment, were US$29.3 million, and US$78.6
million excluding the Westinghouse segment.  In comparison for
the three months ended Nov. 30, 2006, Shaw reported a net
loss before interest expense, taxes, depreciation and
amortization of US$0.3 million including the Westinghouse
segment, and EBITDA of US$30.3 million excluding the
Westinghouse segment.

Net cash provided by operating activities totaled US$108.6
million during the first quarter of fiscal 2008 compared to
US$130.7 million in the first quarter of fiscal 2007.  Revenues
for first quarter of 2008 were US$1.7 billion, compared to
US$1.3 billion in the corresponding 2007 period.

Shaw's backlog of unfilled orders as of Nov. 30, 2007, was
US$14.0 billion with approximately US$5.8 billion, or 41%, of
the backlog expected to be converted to revenues during the next
12 months.

"We are pleased with our operating results for the quarter and
in particular, our continued strong operating cash flow," said
J.M. Bernhard, Jr., Shaw's chairman, president and chief
executive officer.  "Our Fossil and Nuclear Power, and our
Fabrication and Manufacturing Groups are performing well in what
continues to be a robust market.  Our Energy and Chemicals Group
and Maintenance Group also performed well during the quarter.
With strong markets and accelerating progress on major projects,
we forecast our results to improve over the remainder of our
2008 fiscal year.

"Global energy and petrochemical markets remained robust
contributing to our near record quarterly backlog of US$14
billion, 47 percent higher than a year ago.  We expect these
markets to remain strong and we have seen improvements in
federal government contracting which should support further
backlog growth in 2008," said Mr. Bernhard.

                     About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                       *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


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

AIR NEW ZEALAND: To Add 2 Boeing 737 to Boost Domestic Services
---------------------------------------------------------------
Air New Zealand Ltd plans to add two Boeing 737 to help
strengthen domestic services, Reuters reports, citing a
statement made by the airline.

Still undecided if if it will buy or lease the two jets, the
company told the news agency that it is currently in talks with
both leasing companies and manufacturer.

The jets would be used to increase services, due to start in the
middle of the year, to at least two provincial cities, Reuters
relates.

The addition would bring the number of the carrier's domestic
737 jets to 18.

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

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

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


AMAR INVESTMENTS: Faces Repco's Wind-Up Petition
------------------------------------------------
Repco Limited filed on November 6, 2007, a petition to have Amar
Investments Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
March 13, 2008, at 10:45 a.m.

Repco Limited's solicitor is:

          Amy Marie O'Connor
          c/o Credit Services (NZ) Limited
          Level 6, 138 Victoria Street
          Christchurch
          New Zealand


ASPECT DESIGN: Taps Madsen-Ries & Vance as Liquidators
------------------------------------------------------
Vivien Judith Madsen-Ries and David Stuart Vance were named
liquidators of Aspect Design Limited on December 6, 2007.

Only creditors who are able to file their proofs of debt by
January 10, 2007, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

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


BAY TRUCK: Taps Parsons and Kenealy as Liquidators
--------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of Bay Truck Wash Ltd. on December 6,
2007.

The Liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          c/o Indepth Forensic Limited
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Web site: http://www.indepth.co.nz


BROADLEAF ENTERPRISES: Taps Simpson and Ruscoe as Liquidators
-------------------------------------------------------------
Grant Simpson and David Ian Ruscoe were appointed liquidators of
Broadleaf Enterprises Ltd. on December 5, 2007.

Only creditors who are able to file their proofs of debt by
December 19, 2007, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Grant Simpson
          David Ian Ruscoe
          80 The Terrace
          PO Box 10712, Wellington
          New Zealand
          Telephone:(04) 474 8500
          Facsimile:(04) 474 8509


BROOKLYN HOLDINGS: Faces Titan Cranes' Wind-Up Petition
-------------------------------------------------------
On November 22, 2007, Titan Cranes Limited filed a petition to
have Brooklyn Holdings Ltd.'s operations wound up.

The petition will be heard before the High Court of Wellington
on January 22, 2008, at 10:00 a.m.

Titan Cranes' solicitor is:

          D. G. Dewar
          c/o Thomas Dewar Sziranyi Letts Solicitors
          1 Margaret Street, 2nd Floor
          PO Box 31240, Lower Hutt
          New Zealand


CONCRETE PUMPING: Court to Hear Wind-Up Petition on January 31
--------------------------------------------------------------
The High Court of Auckland will hear on January 31, 2008, at
10:45 a.m., a petition to have Concrete Pumping Services NZ
Ltd.'s operations wound up.

Allied Nationwide Finance Limited filed the petition on
August 21, 2007.

Allied Nationwide's solicitor is:

          G. M. Sandelin
          Lumley Centre, Level 20
          88 Shortland Street
          PO Box 3798, Auckland 1140
          New Zealand


E.C.D. CONTRACTORS: Court to Hear Wind-Up Petition on Jan. 29
-------------------------------------------------------------
A petition to have E.C.D. Contractors Ltd.'s operations wound up
will be heard before the High Court of Hamilton on January 29,
2008, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
Nov. 12, 2007.

The CIR's solicitor is:

         Julia Beech
         c/o Legal and Technical Services
         First Floor Reception
         224 Cashel Street
         PO Box 1782, Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


EUROPLASTER LIMITED: Appoints Madsen-Ries & Vance as Liquidators
----------------------------------------------------------------
Vivien Judith Madsen-Ries and David Stuart Vance were named
liquidators of Europlaster Limited on December 6, 2007.

Only creditors who are able to file their proofs of debt by
January 10, 2007, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

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


EVENTMAKERS: Court to Hear Wind-Up Petition on February 14
----------------------------------------------------------
The High Court of Auckland will hear on February 14, 2008, at
10:45 a.m., a petition to have Eventmakers International Ltd.'s
operations wound up.

Show Light and Power Limited filed the petition on Nov. 2, 2007.

Show Light's solicitor is:

         R. J. Hooker
         Vallant Hooker & Partners
         19 Blake Street, Ponsonby
         PO Box 47088, Auckland
         New Zealand
         Telephone:(09) 360 0321
         Facsimile:(09) 360 9292


FAI (NZ) GENERAL: Creditors' Proofs of Debt Due on Jan. 28
----------------------------------------------------------
The creditors of FAI (NZ) General Insurance Company Ltd. are
required to file their proofs of debt by January 28, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

         Kerryn M. Downey
         McGrath Nicol + Partners (NZ) Limited
         18 Viaduct Harbour Avenue, Level 2
         Auckland
         New Zealand
         Telephone:(09) 366 4655
         Facsimile:(09) 366 4656


FONAGY MURCHISON: Taps Levin and Vance as Liquidators
-----------------------------------------------------
On December 6, 2007, Henry David Levin and David Stuart Vance
were named liquidators of Fonagy Murchison Ltd.

Only creditors who are able to file their proofs of debt by
January 10, 2008, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

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


GOLF WINE: Wind-Up Petition Hearing Slated for February 14
----------------------------------------------------------
The High Court of Auckland will hear on February 14, 2008, at
10:00 a.m., a petition to have Golf Wine New Zealand Ltd.'s
operations wound up.

Hertz New Zealand Limited filed the petition on October 19,
2007.

Hertz New Zealand's solicitor is:

         Kevin Patrick McDonald
         c/o Kevin McDonald & Associates
         Takapuna Towers, Level 11
         19-21 Como Street
         PO Box 331065, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 486 6827
         Facsimile:(09) 486 5082


KUPELL INVESTMENTS: Placed Under Voluntary Liquidation
------------------------------------------------------
Kupell Investments Ltd. went into liquidation on December 3,
2007.

John Richard Palairet was appointed as liquidator.

The Liquidator can be reached at:

          John Richard Palairet
          c/o BDO Spicers Hawkes Bay
          86 Station Street
          PO Box 944, Napier
          New Zealand
          Telephone:(06) 835 3364
          Facsimile:(06) 835 3388


LKH LTD: Commences Liquidation Proceedings
------------------------------------------
LKH Ltd. commenced liquidation proceedings on November 30, 2007.

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

The company's liquidator is:

          Eddie Jansen
          PO Box 30568, Lower Hutt
          New Zealand
          Telephone:(04) 569 9069


MIGHTY CARS: Appoints Madsen-Ries & Vance as Liquidators
--------------------------------------------------------
On December 6, 2007, the High Court of Auckland appointed Vivien
Judith Madsen-Ries and David Stuart Vance as the liquidators of
Mighty Cars Ltd.

Only creditors who are able to file their proofs of debt by
January 10, 2007, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

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


MORNING STAR: Subject to SAITeysMcMahon's Wind-Up Petition
----------------------------------------------------------
On October 26, 2007, SAITeysMcMahon Property Limited filed a
petition to have Morning Star Enterprises Ltd.'s operations
wound up.

The petition will be heard before the High Court of Auckland on
February 14, 2008, at 10:00 a.m.

SAITeysMcMahon's solicitor is:

          Mark Terence Davies
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland
          New Zealand
          Telephone:(09) 336 7610


NOLRAY INTERNATIONAL: Commences Liquidation Proceedings
-------------------------------------------------------
On December 4, 2007, the shareholders of Nolray International
Ltd. resolved to voluntarily liquidate the company's business.

James Stewart Murray was appointed as liquidator.

The Liquidator can be reached at:

          James Stewart Murray
          PO Box 46, Orewa
          Auckland 0946
          New Zealand
          Telephone:(09) 426 8488
          Facsimile:(09) 426 8486


NORTH RIDGE: Appoints Parsons and Kenealy as Liquidators
--------------------------------------------------------
On December 3, 2007, Dennis Clifford Parsons and Katherine
Louise Kenealy were appointed liquidators of North Ridge Homes
Ltd.

The Liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          c/o Indepth Forensic Limited
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Web site: http://www.indepth.co.nz


PAINT SMART: Taps Brown and Rodewald as Liquidators
---------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were named
liquidators of Paint Smart Services Ltd. on December 6, 2007.

The Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         c/o Rodewald Hart Brown Limited
         127 Durham Street
         PO Box 13380, Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Web site: http://www.rhb.co.nz


PENYWEARN HOLDINGS: Undergoes Liquidation Proceedings
-----------------------------------------------------
Penywearn Holdings Ltd. commenced liquidation proceedings on
December 7, 2007.

Creditors are required to file their proofs of debt by Jan. 25,
2008, to be included in the company's dividend distribution.

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


PETER VILE: Appoints Levin and Jordan as Liquidators
----------------------------------------------------
On December 6, 2007, Henry David Levin and Barry Phillip Jordan
were named liquidators of Peter Vile Builders Ltd.

Only creditors who are able to file their proofs of debt by
January 10, 2008, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

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


THE ACE ENTERTAINMENT: Wind-Up Petition Hearing Set for March 13
----------------------------------------------------------------
A petition to have The Ace Entertainment Ltd.'s operations wound
up will be heard before the High Court of Auckland on March 13,
2008, at 10:00 a.m.

Lyon Elkew Partnership filed the petition on October 8, 2007.

Lyon Elkew's solicitor is:

          Michael David Arthur
          c/o Chapman Tripp Sheffield Young
          ANZ Centre, Level 35
          23-29 Albert Street
          Auckland
          New Zealand


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

DEL MONTE: Appoints Nils Lommerin as Chief Operating Officer
------------------------------------------------------------
Del Monte Foods Company has hired Nils Lommerin as its Chief
Operating Officer.  Mr. Lommerin will continue to report to Rick
Wolford, Chairman and Chief Executive Officer of Del Monte.

In his new position, Mr. Lommerin, who previously served as Del
Monte's Executive Vice President of Operations, will assume
responsibility for the Company's Marketing divisions, and
continue to oversee the Company's Research & Development,
Operations and Supply Chain.

This new organizational structure will further enhance the
integration of the Company's marketing and business functions.
Jeff Watters, Del Monte's Senior Vice President, Pet Products,
and Apurva Mody, Senior Vice President, Consumer Products, will
now report to Mr. Lommerin.

"Nils has made exceptional contributions to our organization and
has delivered strong results," said Rick Wolford, Chairman and
Chief Executive Officer of Del Monte.  "In his five years at Del
Monte, he has demonstrated solid business acumen, excellent
decision-making skills and strong cross-functional capabilities.
Nils has also shown an ability to provide strong pragmatic
strategic and business leadership, which will serve the Company
well in his new role as COO."

Mr. Wolford continued, "Del Monte's realigned reporting
structure will strengthen execution against our annual
performance objectives.  Importantly, it will also enable an
enhanced senior focus on our innovation initiatives, on
maximizing our brands in the market and on optimizing our
ability to fully implement the actions needed to meet our
performance and strategic goals."

"I look forward to the opportunities and challenges I will face
in this new position," stated Mr. Lommerin.  "We have an
exceptional team and an unbelievable stable of brands.  I am
confident that we can work together to grow these brands while
at the same time achieving our cost reduction goals."

Mr. Lommerin joined Del Monte in 2003 as Executive Vice
President of Human Resources.  He assumed his role as Executive
Vice President of Operations in 2004.  Before joining Del Monte,
Mr. Lommerin served as Executive Vice President of Operations
and Corporate Services at Oxford Health Plans, Inc.  Prior to
that, Mr. Lommerin held various positions at PepsiCo, Inc. and
Kraft Foods.

Mr. Lommerin holds an M.S. degree in Management from Carnegie
Mellon University and a B.A. degree in Economics from East
Stroudsburg University.


Based in San Francisco, California, Del Monte Foods Company
(NYSE: DLM) -- http://www.delmonte.com/-- produces and
distributes processed vegetables, fruit and tomato products, and
pet products.  The products are sold under Del Monte, Contadina,
S&W, Starkist, College Inn, 9Lives, Kibbles 'n Bits, Meow Mix,
Milk-Bone, Pup-Peroni, Snausages, Pounce, and Meaty Bone.  The
Group has food-processing plants in South America and has
subsidiaries in Venezuela, Colombia, Ecuador and Peru.  The
production facilities are operated in California, the Midwest,
Washington and Texas, as well as 7 distribution centers.  Del
Monte has operations in the Philippines.

As reported by the Troubled Company Reporter-Asia Pacific on
October 4, 2007, Moody's Investors Service affirmed Del Monte
Foods Company's Ba3 corporate family rating, Ba3 probability of
default rating and speculative grade liquidity rating of SGL-2,
following the company's announcement that its board had
authorized the repurchase of up to US$200 million of the
company's stock over the next 36 months.


GUESS? INC: Discloses Strong Same-Store Sales in Retail Business
----------------------------------------------------------------
Guess? Inc.'s North American retail business continued to
perform ahead of expectations for December 2007, delivering a
double digit same store sales increase for the five week period
ended Jan. 5, 2008.  This performance followed a double digit
same store sales increase for the November 2007 period.  As a
result of the improved sales performance, the company is
increasing revenue guidance for its retail segment for the
current fiscal year to grow about 16.5% versus its previous
expectations for an increase of 16%.

The company also reaffirmed its outlook for its other business
segments for the year ending Feb. 2, 2008.  The company plans to
release its actual fiscal 2008 fourth quarter and year end
financial results on March 19, 2008.

Guess? Inc. (NYSE: GES) -- http://www.guessinc.com/-- designs,
markets, distributes and licenses a lifestyle collection of
contemporary apparel, accessories and related consumer products.
At May 5, 2007, the company operated 336 retail stores in the
United States and Canada.  The company also distributes its
products through better department and specialty stores around
the world, including the Philippines, Hungary and the Dominican
Republic.

                       *     *     *

Guess? Inc. still carries Standard & Poor's "BB" long-term
foreign and local issuer credit ratings, which were assigned in
December 2006.


IPVG CORP: Hikes Offer to Buy PeopleSupport to US$17 Per Share
--------------------------------------------------------------
IPVG Corp. has renewed its efforts to acquire PeopleSupport Inc.
and increased its cash takeover offer to US$17 per share from
the previous US$15 per share, the Philippine Star reports.

According to PhilStar, IPVG told the Philippine Stock Exchange
that the revised offer is now a 34.81% premium to
PeopleSupport's 60-day weighted average closing price of
US$12.61 per share, 13.33% higher than the earlier offer.

In its earlier offer to acquire PeopleSupport, IPVG President
Enrique Gonzalez said that the company recognizes
PeopleSupport's scale and position in the marketplace.  The
acquisition would add value to PeopleSupport's operations given
IPVG's fully integrated presence in the Philippines, Mr.
Gonzalez added.

PeopleSupport had earlier refused the previous takeover offer,
saying that the offer was "inadequate" given PeopleSupport's
strategic value and success in implementing its growth strategy,
PhilStar recounts.

Now, the report adds, PeopleSupport said it will consider the
proposal.

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

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


RIZAL COMMERCIAL: 2007 Global Fixed Income Operations is Third
--------------------------------------------------------------
The Rizal Commercial Banking Corp.'s has bagged third place
among local banks for the performance of its global fixed income
operations for 2007, the Daily Tribune reports.

The bank has traded a total value of US$2.8 billion or
PHP115 billion worth of Republic of the Philippines cash bonds
for the January-September 2007 period, the Tribune relates.

The report cites RCBC executive vice president and treasury head
Sergio Edeza as saying that structural charges within RCBC
contributed largely to the expansion in business.  He also
acknowledged the skills of the newly recruited people, saying
that their "fresh insights and dynamism effectively combined
with our existing players' wealth of experience" was a crucial
factor in achieving the figures for the fixed income service.

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

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

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

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


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

EPL DISTRIBUTION: Court Enters Wind-Up Order
--------------------------------------------
On January 4, 2008, the High Court of Singapore entered an order
to have EPL Distribution Private Limited's operations wound up.

Neville Trading & Manufacturing Pte Ltd filed the petition
against the company.

EPL Distribution's solicitor is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


NAM WHATT: Pays First and Final Dividend
----------------------------------------
Nam Whatt Textile Merchants Private Limited paid its first and
final dividend on December 5, 2007.

The company paid 8.95% to all received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


OPTIMUM-3: Creditors' Proofs of Debt Due on February 11
-------------------------------------------------------
Optimum-3 International Pte Ltd, which is in compulsory
liquidation, requires its creditors to file their proofs of debt
by February 11, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

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


POLYONE CORP: Splits Polymer Coating Business Into Two Units
------------------------------------------------------------
PolyOne Corporation has reorganized its Polymer Coating Systems
into two business units.

The Wilflex inks and specialty colorants businesses and the
BayOne equity investment will be combined into a new operating
segment named Specialty Inks and Polymer Systems.  Scott Craig,
who recently joined PolyOne Corp. from Cookson Electronics'
Semiconductor Packaging Materials business, will be the general
manager of this new operating segment.

The remaining Polymer Coating businesses, plastisols and coated
fabrics, will be integrated with the Vinyl Business segment and
combined with the Specialty Resins business to form Specialty
Resins and Coatings.  Dan Kickel, who had served as vice
president and general manager of Polymer Coating Systems, will
become vice president and general manager of this new business
unit.

"This realignment gives us the ability to better serve our
customers," said chairperson, president and chief executive
officer, Stephen D. Newlin.  "We will more effectively and
efficiently focus our resources with the needs of our customers
and the marketplace."

The number of PolyOne Corp.'s reportable segments remains at
four: Vinyl Business, International Color and Engineered
Materials, PolyOne Distribution, and Resin and Intermediates.
All Other will now include North American Engineered Materials,
North American Color and Additives, Producer Services, and
Specialty Inks and Polymer Systems.  Historical segment data
will be recast for this reorganization in the company's 10K
filing for the fiscal year ending Dec. 31, 2007.

                        About PolyOne

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

                       *     *     *

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


SCOTTISH RE: Names David Carrick as Sr. VP for Group Controller
---------------------------------------------------------------
Scottish Re Group Limited has appointed David Carrick as Senior
Vice President, Group Controller, effective Jan. 1, 2008.  
Mr. Carrick is based at the company's Hamilton, Bermuda,
headquarters, reporting to Terry Eleftheriou, Scottish Re Group
Limited Executive Vice President and Chief Financial Officer.

Mr. Carrick's career extends over eighteen years of senior
finance and controllership roles with international
corporations.  Most recently, Mr. Carrick was the Director of
Finance for Tyco International, Ltd, where he was responsible
for all of the finance functions of Tyco's Dublin, Luxembourg,
and Bermuda offices, including treasury and operations support.
Prior to Tyco, Mr. Carrick spent over six years with the Bank of
Bermuda/HSBC where he held the position of Head of Global
Financial Reporting with responsibility for maintaining all
aspects of financial and regulatory reporting for the bank.  Mr.
Carrick's career also included strategic roles at Bacardi
Capital Limited and KPMG.

Mr. Carrick received a BA from Heriot Watt University, in
Edinburgh, Scotland with a specialization in Accounting and
Finance.  Additionally, Mr. Carrick is a member of the Institute
of Charter Accountants of Scotland.

In his role as Group Controller, Mr. Carrick will be responsible
for oversight of the corporate financial reporting and
controllership activities based in Bermuda and other key
locations.  He will also oversee internal financial controls
important to the integrity of internal and external
communications, safeguarding of assets and mitigation of risk,
including compliance activities related to annual and quarterly
certifications in accordance with Sarbanes-Oxley.  Mr. Carrick
will be an integral part of the corporate finance team and will
liaise closely with the segment finance, tax, investments,
treasury, investor relations and audit functions of Scottish Re.

"We are very pleased to have David join Scottish Re in this new
role of Group Controller," stated Terry Eleftheriou.  "David's
experience in global control practices and financial reporting
will be an asset to the organization as we continue to upgrade
and streamline our financial processes and enhance our internal
financial controls."

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.


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

FEDERAL-MOGUL: Moody's Holds Low-B Ratings with Stable Outlook
--------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of the
reorganized Federal-Mogul Corp. -- Corporate Family Rating, Ba3;
Probability of Default Rating, Ba3; and senior secured bank
credit facilities, Ba2.  The outlook is stable.  The financing
for the company's emergence from Chapter 11 bankruptcy
protection has been funded in line with the structure originally
rated by Moody's in a press release dated Nov. 28, 2007.

These ratings were confirmed:

-- Ba3 Corporate Family rating;

-- Ba3 Probability of Default rating;

-- Ba2 (LGD3, 42%) rating for the US$540 million senior
    secured asset based revolver;

-- Ba2 (LGD3, 42%) rating for the US$1.0 billion senior
    secured delayed term loan facility, which includes a US$50
    million senior secured synthetic letter of credit facility
    and a US$0.95 billion senior secured delayed draw term
    loan;

-- Ba2 (LGD3, 42%) rating for the US$1.96 billion senior
    secured term loan.

The Speculative Grade Liquidity Rating of SGL-2 is unchanged.

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.
Aside from the U.S.  Federal-Mogul also has operations in other
locations which includes, Mexico, Malaysia, Australia, Belgium,
China, India, Japan, Korea, Poland, Thailand, United Kingdom,
among others.


KRUNG THAI BANK: Gains THB1.021 Mil. from Unit's Liquidation
------------------------------------------------------------
Krung Thai Bank PCL has received THB1.021 million worth of
proceeds from the liquidation of its subsidiary, NC Associates
Co. Ltd.

According to a disclosure with the Stock Exchange of Thailand,
the proceeds include a capital gain of THB478,000.  The bank
said it is not affected by the liquidation since NC Associates
has not undertaken any business activities.


Headquartered in Bangkok, Thailand, Krung Thai Bank Public
Company Limited -- http://www.ktb.co.th/-- began its operation       
on March 14, 1966, through the merger of business between the
Agricultural Bank Limited and the Provincial Bank Limited with
the Ministry of Finance as its major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that
Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the proposed perpetual, non-cumulative,
hybrid Tier-I securities by Krung Thai Bank Public Co. Ltd
(BBB/Stable/A-2).






                         *********

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

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

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


                            *********


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

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