TCRAP_Public/080115.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, January 15, 2008, Vol. 11, No. 10

                            Headlines

A U S T R A L I A

ARROW ENERGY: Inks Production Sharing Contract with PetroVietnam
BASETRON PTY: To Declare Dividend on January 31
CARRYCALL PTY: Members and Creditors to Meet on February 11
CBH RESOURCES: Ore Production Increases 17% for 3-Month Period
COMMSCOPE INC: Andrew Commences Tender Offer for 3-1/4% Notes

DIKRANIS DESIGN: Commences Liquidation Proceedings
DINARA PTY: To Declare First Dividend on January 31
EMPEROR MINES: Approves PNG Government’s Pollution Study
F. V. ELITE: To Declare First Dividend on January 29
GERRY’S ELECTRICAL: To Declare First Dividend on February 8

HART'S TYRE: Liquidator Presents Wind-Up Report
HEISER BROS: Placed Under Voluntary Liquidation
MARITIME INDUSTRY: Liquidator Presents Wind-Up Report
MBI COMPUTERS: Sets Final Meeting for Today
SENTRY FIRE: To Declare First Dividend on February 11

SYMBION HEALTH: Primary Extends AU$2.7-Bil Offer to February 7
WONSANA PTY: To Declare First Dividend on January 31


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

ACCORD CONTAINER: Liquidator Quits Post
ANDREW CORP: Commences Tender Offer for 3-1/4% Convertible Notes
ARVINMERITOR: Fitch Cuts Issuer Default Rating to B+ from BB-
AVENTIS CROPSCIENCE: Creditors' Proofs of Debt Due on Feb. 1
CATHAY TEXTILE: Commences Liquidation Proceedings

CHINA EASTERN: Air China Wants “Comprehensive” Tie-Up
CRUISER ENTERPRISES: Members Meeting Fixed for February 11
FAR EAST: Creditors' Proofs of Debt Due on Feb. 11
FOCAL_JM: Creditors' Proofs of Debt Due on Feb. 11
HOPSON DEVELOPMENT: Moody's Affirms Ba2 Ratings After Land Bid

KEENSEN LIMITED: Appoints New Liquidator
MAINLINE GLOBAL: Liquidator Quits Post
MAXTOR ASIA: Commences Liquidation Proceedings
OCEAN SCOPE: Appoints New Liquidator


I N D I A

BALLARPUR INDUSTRIES: Board to Consider Q2 Results on Jan. 23
BANK OF BARODA: Raises INR1,000 Crore from Bond Issue
CABLE & WIRELESS: Resolves Conflict with Union Workers in LatAm
DECCAN AVIATION: To Start Calcutta-Jaipur Flights on Jan. 15
EASTMAN KODAK: Earns US$37 Million in 2007 Third Quarter

HMT LTD: To Consider Third Quarter Results on Jan. 29
ITI LTD: Names B. P. Gupta as Director-Finance
JCT ELECTRONICS: Books INR84.3-Mil. Loss in Qtr. Ended Sept. 30


I N D O N E S I A

AVNET INC: Signs Definitive Pact Acquiring Azzurri Tech
BANK LIPPO: CIMB to Disclose Findings From Merger Study
FOSTER WHEELER: Subsidiary Bags Supply Contract for UTE CT
FOSTER WHEELER: Supplying Steam Generators to SINOCHEM
PERUSAHAAN LISTRIK: Suggests Gov't to Supply Power to 30 Hamlets

PHILIPS VAN: Unit Hires Robert Vignola as Pres. of Calvin Klein


J A P A N

ALITALIA SPA: Air France-KLM Chief Holds Preliminary Talks
BOSTON SCIENTIFIC: S&P Ratings Unmoved by Affirmed Court Ruling
DELPHI CORP: S&P Expects to Put B Rating After Chapter 11 Exit
GOODWILL GROUP: Ministry Halts Operations Due to Unlawful System
JABIL CIRCUIT: To Sell US$250 Million of Senior Unsecured Notes

JABIL CIRCUIT: Fitch Assigns BB+ Rating on US$300-Mln Sr. Notes
JABIL CIRCUIT: Moody's Puts Ba1 Rating on US$300MM Senior Notes
JAPAN AIRLINES: MUFG to Buy 49% of JALCard for JPY40 Billion
JAPAN AIR: To Set Up Cargo Service Venture with Mitsui, et al.


K O R E A

BIOMET INC: Reports US$89-Million Net Income in Second Quarter
BOE HYDIS: PVI Expects 85% Utilization Rate This Year
HYNIX SEMICONDUCTOR: Sees DRAM Rebound in 2Q This Year


M A L A Y S I A

ARK RESOURCES: Unveils Changes to Audit Committee
SOLUTIA INC: Mulls Offering US$400 Mil. of Senior Unsec. Notes
SOLUTIA INC: Joins Panel in Showing Cross-Appeal Issues v. BNY
TALAM CORP: Unit Completes MYR63-Mil. Disposal of Land PM 1038


N E W  Z E A L A N D

BUILDTECH CONSTRUCTION: Names James Stewart Murray as Liquidator
CAPITAL HOG: Court to Hear Wind-Up Petition on January 22
COMMAND RECRUITMENT: Taps Chilcott and Chatfield as Liquidators
CREATIVE PLAY: Commences Liquidation Proceedings
DENNY'S CORP: Reports 4th Qtr. & Full-Year 2007 Same-Store Sales

ELITE POOLS: Court Sets Wind-Up Petition Hearing for January 24
RESIDENTIAL MORTGAGES: Fixes Jan. 31 as Last Day to File Claims
WESTOX NEW ZEALAND: Subject to CIR's Wind-Up Petition


P H I L I P P I N E S

ATLAS CONSOLIDATED: Infuses Additional US$10 Million to Unit
BANK OF THE PHIL. ISLANDS: Seeks to Dispose of PHP30-Bil. ROPAs
BANK OF THE PHIL. ISLANDS: Sees No Need to Hike Capital in 2008
BANCO DE ORO-EPCI: BSP OKs Partnership with Property Developers
CE CASECNAN: Posts 3rd Quarter 2007 Profit of US$16.291 Million

CITY RESOURCES (PHIL): Stocks to Trade Under New Name on Jan. 18
GUESS? INC: Brean Murray Maintains Buy Rating on Firm's Shares
MANILA ELECTRIC: Files Proposed Amendment to Rates Schedules
METROPOLITAN BANK: Announces PHP722.91-Million Cash Dividend
SECURITY BANK: Francia Lina Marcelo Resigns as Vice-President


S I N G A P O R E

BIOFUEL INDUSTRIES: Wind-Up Petition Hearing Set for January 18
ENZER ELECTRONICS: Court to Hear Wind-Up Petition on January 16
FLEXTRONICS INT'L: Dr. Willy Shih Joins Board of Directors
PETROLEO BRASILEIRO: Subsea 7 Bags Gulf of Mexico Contract


T H A I L A N D

ADVANCE AGRO: Always Rich Holding Buys 75.79% Ownership Stake
PICNIC CORP: SET Posts Suspension “SP” Sign on Securities
TMB BANK: Six Board Members Resign

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

     - - - - - - - -

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

ARROW ENERGY: Inks Production Sharing Contract with PetroVietnam
----------------------------------------------------------------
Arrow Energy Ltd. signed a production sharing contract with the
Vietnam government-owned PetroVietnam in Hanoi.

In a statement lodged with the Australian Securities Exchange,
Arrow stated that the project will be known as the Hanoi Trough
(MVHN-01KT) Onshore PSC, wherein Arrow will be entitled to a
highly prospective Coal Seam Gas tenement area of 2,743 sq. km.
in the Hanoi Basin.

Under the terms of the contract, Arrow will receive a 70%
interest in the block and PetroVietnam Exploration and
Production, a subsidiary of PetroVietnam, will receive 30%.

Arrow, as required by the PSC, will spend US$1.5 million over a
period of 12 months to drill 8 wells on the block.  Arrow
believes the PSC to be a technically and commercially attractive
proposition.

According to the statement, Arrow is also considering bringing
an additional local partner into the project.

                    About Arrow Energy

Arrow Energy NL -- http://www.arrowenergy.com.au/-- is an  
Australian company engaged in the undertaking of gas exploration
and development activities.  The Company is focused on coal seam
gas exploration and production in the Surat, Clarence-Moreton
and Ipswich Basins in southeast Queensland and northern New
South Wales and the Styx Basin and Nagoorin Graben in coastal
central Queensland.  Arrow Energy NL has been carrying out
exploration/appraisal drilling (over 50 wells) and has proven a
large CSG resource. The Company's projects include Kogan North,
Tipton West, Moranbah, Daandine, Dundee, Mt Lindesay, Silverdale
and Boyne River.

The Troubled Company Reporter-Asia Pacific's Distressed Bonds
Column on January 8, 2008, listed Arrow Energy's bond, with a
10.000% coupon and a March 31, 2008 maturity date, as trading at
2.56% on the AU dollar.


BASETRON PTY: To Declare Dividend on January 31
-----------------------------------------------
Basetron Pty Limited, which is in liquidation, will declare
dividend on January 31, 2008.

Only creditors who were able to file their proofs of debt by
January 1, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

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

                         About Basetron Pty

Located at Sydney, in New South Wales, Australia, Basetron Pty
Limited is an investor relation company.


CARRYCALL PTY: Members and Creditors to Meet on February 11
-----------------------------------------------------------
The members and creditors of Carrycall Pty Limited will have
their final meeting on February 11, 2008, at 10:00 a.m.

The company's liquidator is:

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

                      About Carrycall Pty

Carrycall Pty Limited is in the business of local trucking
without storage.  The company is located at Leppington, in New
South Wales, Australia.


CBH RESOURCES: Ore Production Increases 17% for 3-Month Period
--------------------------------------------------------------
CBH Resources Ltd.'s Endeavor Mine achieved full rated
throughput capacity of 1.2 million tons per annum for the
quarter ended December 31, 2007, with a 17% increase in ore
processed compared to the previous quarter.

Ore production for the quarter continued to be dominantly
sourced from the bottom development level of the mine as
planned, however a number of secondary stopes were brought on
line in the central section of the mine as backfilling and mine
development progressed.  The focus for ore production is
shifting from primary stopes in the bottom level where the ore
is harder and grades lower to secondary stopes in the center
section where the majority of the mine's Ore Reserves are
located.  Production from the central min area is expected to
provide 70% of the mill feed in the March 2008 quarter.

Ore mined for the month of December was a record 118,600 tons
with 30,000 tons currently on the surface stockpile.  

Access to multiple high grade stopes in the central part of the
mine is being achieved through the paste backfill operation.  
Pastefill for the first two quarters has been 102% of budget.  
This process is being accelerated through the introduction from
the beginning of 2008 of a second backfill system that places
cemented fill from the surface directly into mine voids via
drill holes.

Ore grades for the December 2007 quarter were slightly lower
than for the previous quarter but are expected to improve in the
coming quarter.

Zinc metal output was up 6.8% compared to the previous quarter
while lead metal output was down 5.1%.

                     About CBH Resources

CBH Resources Limited -- http://www.consbh.com.au/-- is a  
Sydney-based mineral resources company engaged in the production
of zinc, lead and silver from the Endeavor Mine at Cobar.
Development studies are underway for the zinc, lead and silver
resources at Broken Hill, and copper and zinc resources a
Sulphur Springs in Western Australia.

The Troubled Company Reporter-Asia Pacific's Distressed Bonds
column on July 3, 2007, listed CBH Resources’ bond with a 9.500%
coupon and a Dec. 16, 2009 maturity date, trading at 0.39 cents
on the Australian dollar.


COMMSCOPE INC: Andrew Commences Tender Offer for 3-1/4% Notes
-------------------------------------------------------------
CommScope, Inc.'s indirect wholly owned subsidiary, Andrew
Corporation has commenced an offer to repurchase any and all of
its 3-1/4% Convertible Subordinated Notes due 2013.  The
indenture governing the Notes requires Andrew to make the offer
as a result of CommScope's acquisition of Andrew Corp., by way
of merger, effective Dec. 27, 2007.

Andrew Corp. is offering to purchase the Notes for cash at a
purchase price of 100% of their principal amount. If all of the
outstanding Notes are tendered in the tender offer, the
aggregate purchase price required to purchase the tendered Notes
is estimated to be approximately US$167 million.  The tender
offer for the Notes will expire at 5:00 p.m., New York City
time, on Feb. 15, 2008, unless extended or earlier terminated.
Holders may withdraw their tendered Notes at any time prior to
the expiration time.  On Feb. 15, 2008, Andrew will make a semi-
annual interest payment on the Notes to holders of record on
Feb. 1, 2008.  Andrew expects to fund the tender offer from cash
advanced by CommScope, which will utilize its available cash on
hand, and through borrowings under CommScope's existing credit
agreement.

As a result of the merger, each US$1,000 principal amount of the
Notes is now convertible at the option of the holder, on the
terms and subject to the conditions of the indenture governing
the Notes, into US$986.15 in cash and 2.304159 shares of
CommScope common stock, subject to adjustment from time to time
and payments for fractional shares, as provided in the
indenture; this represents a conversion price equal to the
consideration payable to Andrew stockholders in the merger of
(i) US$13.50 in cash per share of Andrew common stock,
multiplied by 73.0482, and (ii) 0.031543 shares of CommScope
common stock, multiplied by 73.0482.  On Jan. 9, 2008, the
closing price of CommScope common stock on the New York Stock
Exchange was US$42.37 per share.

Neither CommScope nor Andrew Corp.'s Board of Directors, nor any
other person makes any recommendation as to whether holders of
Notes should choose to tender their Notes in the offer, and no
one has been authorized to make such a recommendation.

                     About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                       About CommScope

Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV) --
http://www.commscope.com/-- is a world leader in infrastructure
solutions for communication networks.  Through its SYSTIMAX(R)
Solutions(TM) and Uniprise(R) Solutions brands, CommScope is the
global leader in structured cabling systems for business
enterprise applications.  It is also the world's largest
manufacturer of coaxial cable for Hybrid Fiber Coaxial
applications.  CommScope has facilities in Brazil, Australia,
China and Ireland.

                       *     *     *

As reported in the Troubled Company Reporter on Oct. 19, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
CommScope Inc. and Westchester, Illinois-based Andrew Corp. and
removed them from CreditWatch, where they were placed on June
27, 2007, with negative implications.  S&P also affirmed the
'BB-' corporate credit and 'B' subordinated debt ratings for
both companies.  The ratings on Andrew will be withdrawn
following its acquisition and debt refinancing.  S&P said the
outlook is stable.


DIKRANIS DESIGN: Commences Liquidation Proceedings
--------------------------------------------------
During a general meeting held on November 7, 2007, the members
of Dikranis Design & Construct Pty Ltd agreed to voluntarily
wind up the company's operations.

Gregory Stuart Andrews was appointed as liquidator.

The Liquidator can be reached at:

          Gregory Stuart Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton, Victoria 3053
          Australia
          Telephone:(03) 9662 2666
          Facsimile:(03) 9662 9544

                        About Dikranis Design

Dikranis Design & Construct Pty Ltd is a general contractor of
single-family houses.  The company is located at Melbourne, in
Victoria, Australia.


DINARA PTY: To Declare First Dividend on January 31
---------------------------------------------------
Dinara Pty Limited, which is in liquidation, will declare its
first dividend on January 31, 2008.

Creditors who were not able to file their proofs of debt by
January 1, 2008, will be excluded from the company's dividend
distribution.

The company's liquidator is:

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

                          About Dinara Pty

Dinara Pty Limited provides business consulting services.  The
company is located at Willetton, in Western Australia,
Australia.


EMPEROR MINES: Approves PNG Government’s Pollution Study
--------------------------------------------------------
Emperor Mines Ltd. welcomed a Papua New Guinea government-funded
study to determine if the company's Tolukuma gold mine endangers
villagers by polluting rivers, the Australian Associated Press
reports.

AAP relates that acting PNG Prime Minister Puka Temus said the
450,000 kina (AU$190,000) study would be approved by cabinet
later this month and it was hoped to have a report by mid-year.

If the new study would confirm that dumped mine tailings harmed
humans, agreements with Emperor would be reviewed, a tailings
dam would be pushed for and compensation might be warranted, Mr.
Temus conveys to AAP.

Mr. Temus noted a study done by Sydney-based pathologist
Sylvester Kotapu, who was commissioned by the Central Province
Government last year, saying that there were question marks over
the study claiming high levels of heavy metals in rivers
downstream from the mine about 100 km. north of Port Moresby.

Mr. Kotapu, in his report, stated that Mekeo and Goilala
villagers picked up lead, mercury, arsenic and cyanide from the
Auga and Angabanga Rivers where they washed, fished and drew
their fresh water, which makes the tenants more susceptible to
cancers and other prolonged illnesses, infertility and birth
deformities, recalls AAP.

Tolukuma's general manager, Brad Simpson claims that "Kotapu's
findings were totally contradictory to previous scientific
findings" and Emperor welcome PNG government's approval of a new
study, states AAP.

AAP reports that Mr. Temu believes that some aspects of the
first study "were not properly done."

However, should the new study confirm results of Kotapu's study,
then the government would "favor the people to protect the
environment" and would prompt the government to push very hard
for a tailings dam and look at provisions for damage payment,
AAP cites Mr. Temu.

AAP added that Emperor is in the process of selling the Tolukuma
mine.

                    About Emperor Mines

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

The Troubled Company Reporter-Asia Pacific, on January 11, 2008,
included in its "Large Companies with Insolvent Balance Sheets"
column Emperor Mines Ltd., with US$50.63 million in
stockholders' equity deficit on total assets of US$138.99
million.


F. V. ELITE: To Declare First Dividend on January 29
----------------------------------------------------
F. V. Elite (Aust.) Pty Ltd, which is in liquidation, will
declare its first dividend on January 29, 2008.

Creditors who were not able to file their proofs of debt by
January 14, 2008, will be excluded from the company's dividend
distribution.

The company's liquidator is:

          David H. Scott
          Scott Partners Consulting
          Level 1, 173 Burke Road
          Glen Iris, Victoria 3146
          Australia
          Telephone:(03) 9500 0511

                         About F. V. Elite

F.V. Elite (Aust.) Pty Ltd is a distributor of machine tools,
metal forming type.  The company is located at Noble Park, in
Victoria, Australia.


GERRY’S ELECTRICAL: To Declare First Dividend on February 8
-----------------------------------------------------------
Gerry’s Electrical Services Pty Limited, which is in
liquidation, will declare its first dividend on February 8,
2008.

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

The company's liquidator is:

          R. M. Sigelski
          Lawler Partners
          Chartered Accountants
          763 Hunter Street
          Newcastle West, New South Wales 2302
          Australia

                       About Gerry's Electrical

Gerry's Electrical Services Pty Ltd operates  electrical repair
shops.  The company is located at Gosford, in New South Wales,
Australia.


HART'S TYRE: Liquidator Presents Wind-Up Report
-----------------------------------------------
The members and creditors of Hart's Tyre & Mechanical Service
Pty Limited met on January 14, 2008, and received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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

                         About Hart's Tyre

Hart's Tyre & Mechanical Service Pty Limited operates auto and
home supply stores.  The company is located at Balgowlah, in New
South Wales, Australia.


HEISER BROS: Placed Under Voluntary Liquidation
-----------------------------------------------
During a general meeting held on November 22, 2007, the members
of Heiser Bros Pty Ltd resolved to voluntarily liquidate the
company's business.

Gregory Warwick Huggett was then appointed as liquidator.

The Liquidator can be reached at:

          Gregory Warwick Huggett
          107 Mulga Road
          Oatley West, New South Wales
          Australia

                          About Heiser Bros

Heiser Bros Pty Ltd is a distributor of packaging paper, coated,
laminated and plastics film.  The company is located at
Punchbowl, in  New South Wales, Australia.


MARITIME INDUSTRY: Liquidator Presents Wind-Up Report
-----------------------------------------------------
The members of Maritime Industry Finance Company Ltd 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:

          John Frederick Lord
          PKF
          Level 10, 1 Margaret Street
          Sydney, New South Wales 2000
          Australia

                      About Maritime Industry

Maritime Industry Finance Company Limited operates federal and
federally-sponsored credit agencies.  The company is located at
Canberra, in ACT, Australia.


MBI COMPUTERS: Sets Final Meeting for Today
-------------------------------------------
The members of MBI Computers Pty Limited will have their final
meeting today, January 15, 2008, at 10:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10, 76-80 Clarence Street
          Sydney
          Australia

                         About MBI Computers

MBI Computers Pty Limited is a distributor of durable goods.  
The company is located at South Granville, in New South Wales,
Australia.


SENTRY FIRE: To Declare First Dividend on February 11
-----------------------------------------------------
Sentry Fire Protection Pty Limited, which is in liquidation,
will declare its first dividend on February 11, 2008.

Only creditors who were able to file their proofs of debt by
January 4, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Robert Moodie
          c/o Rodgers Reidy
          Chartered Accountants
          Level 8, 333 George Street
          Sydney, New South Wales 2000
          Australia

                          About Sentry Fire

Sentry Fire Protection Pty Limited is a special trade
contractor.  The company is located at Monterey, in New South
Wales, Australia.


SYMBION HEALTH: Primary Extends AU$2.7-Bil Offer to February 7
--------------------------------------------------------------
Symbion Health Ltd.'s procurer, Primary Health Care Ltd., has
extended, for the second time, its AU$2.7-billion offer for its
rival to February 7 from January 21, Ben Wilson writes for
Reuters.

Reuters did not note of any specific reason for Primary's
extension of the bid offer.  

The Troubled Company Reporter-Asia Pacific reported on Jan. 2,
2008, that Primary first extended its offer period to January 21
from January 7.

In a statement filed with the Australian Securities Exchange on
January 11, Primary currently has 14.92% shares through the
institutional acceptance facility, plus 21.23% of relevant
interests in Symbion.

Primary now has a total of 36.15% of shares in Symbion.

Primary has been vying with Healthscope Ltd. for control of
Symbion's pathology, diagnostic imaging and medical centers
assets as Australia's healthcare sector is set for rapid growth
as the population ages and use of private health insurance
increases, says Reuters.

Reuters recalls that Healthscope has seen two bids for Symbion
fail in recent months, one blocked by Primary and the other by
an adverse tax ruling.

Reuters adds that Symbion shares fell after the announcement,
reflecting investor doubt that the eal will go ahead.  
Investors, according to the report, are waiting to see if
Healthscope comes up with another offer for Symbion.

                     About Symbion Health

Symbion Health Limited, headquartered in Melbourne, is a
diversified Australian domestic health care business.  Most of
its earnings are derived from the provision of pathology and
diagnostic imaging services.  The company also manufactures and
markets vitamin and mineral supplements (consumer
nutriceuticals).  In addition, it operates a wholesale medical
products distribution network, focusing on the distribution of
prescription drugs to pharmacies and hospitals.

                       *     *     *

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


WONSANA PTY: To Declare First Dividend on January 31
----------------------------------------------------
Wonsana Pty Ltd, which is in liquidation, will declare its first
dividend for its unsecured priority creditors on January 31,
2008.

Only creditors who were able to file their proofs of debt by
January 1, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          R. M. Sutherland
          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 Wonsana Pty

Wonsana Pty Ltd, which is also trading as Tower Taxi Trucks, is
in the business of local trucking without storage.  The company
is located at Mascot, in New South Wales, Australia.


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

ACCORD CONTAINER: Liquidator Quits Post
---------------------------------------
On January 11, 2008, Lau Siu Hung stepped down as liquidator for
Accord Container Line (HK) Limited, which is undergoing
liquidation.


ANDREW CORP: Commences Tender Offer for 3-1/4% Convertible Notes
----------------------------------------------------------------
Andrew Corporation, CommScope, Inc.'s indirect wholly owned
subsidiary, has commenced an offer to repurchase any and all of
its 3-1/4% Convertible Subordinated Notes due 2013.  The
indenture governing the Notes requires Andrew to make the offer
as a result of CommScope's acquisition of Andrew Corp., by way
of merger, effective Dec. 27, 2007.

Andrew Corp. is offering to purchase the Notes for cash at a
purchase price of 100% of their principal amount. If all of the
outstanding Notes are tendered in the tender offer, the
aggregate purchase price required to purchase the tendered Notes
is estimated to be approximately US$167 million.  The tender
offer for the Notes will expire at 5:00 p.m., New York City
time, on Feb. 15, 2008, unless extended or earlier terminated.
Holders may withdraw their tendered Notes at any time prior to
the expiration time.  On Feb. 15, 2008, Andrew will make a semi-
annual interest payment on the Notes to holders of record on
Feb. 1, 2008.  Andrew expects to fund the tender offer from cash
advanced by CommScope, which will utilize its available cash on
hand, and through borrowings under CommScope's existing credit
agreement.

As a result of the merger, each US$1,000 principal amount of the
Notes is now convertible at the option of the holder, on the
terms and subject to the conditions of the indenture governing
the Notes, into US$986.15 in cash and 2.304159 shares of
CommScope common stock, subject to adjustment from time to time
and payments for fractional shares, as provided in the
indenture; this represents a conversion price equal to the
consideration payable to Andrew stockholders in the merger of
(i) US$13.50 in cash per share of Andrew common stock,
multiplied by 73.0482, and (ii) 0.031543 shares of CommScope
common stock, multiplied by 73.0482.  On Jan. 9, 2008, the
closing price of CommScope common stock on the New York Stock
Exchange was US$42.37 per share.

Neither CommScope nor Andrew Corp.'s Board of Directors, nor any
other person makes any recommendation as to whether holders of
Notes should choose to tender their Notes in the offer, and no
one has been authorized to make such a recommendation.

                      About CommScope

Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV) --
http://www.commscope.com/-- is a world leader in infrastructure
solutions for communication networks.  Through its SYSTIMAX(R)
Solutions(TM) and Uniprise(R) Solutions brands, CommScope is the
global leader in structured cabling systems for business
enterprise applications.  It is also the world's largest
manufacturer of coaxial cable for Hybrid Fiber Coaxial
applications.  CommScope has facilities in Brazil, Australia,
China and Ireland.

                      About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America Oct.
23, 2007, Standard & Poor's Ratings Services affirmed its
ratings on Andrew Corp. and removed them from CreditWatch, where
they were placed on June 27, 2007, with negative implications.
S&P also affirmed the 'BB-' corporate credit and 'B'
subordinated debt ratings for the company.


ARVINMERITOR: Fitch Cuts Issuer Default Rating to B+ from BB-
-------------------------------------------------------------
Fitch Ratings has taken these rating actions on ArvinMeritor:

  -- Issuer Default Rating downgraded to 'B+' from 'BB-';

  -- Senior secured revolver affirmed at 'BB' and assigned
     'RR1';

  -- Senior unsecured notes affirmed at 'B+' and assigned
     'RR4'.

The Rating Outlook is Negative.  The ratings affect
approximately US$1.1 billion of outstanding debt.

The downgrade of the IDR reflects Fitch's expectation for
negative free cash flow in fiscal 2008 and deterioration in
ARM's key credit metrics.  Rating concerns include low margins
in ARM's light vehicle operations, the effects of increased
cyclicality in light vehicle volume (resulting in lower 2008 OEM
production volumes), and expectations of a muted rebound in the
company's heavy vehicle operations.  Partially offsetting
Fitch's concerns, ArvinMeritor has a diversified customer base,
limited exposure to the Detroit Three (revenue from domestic
light vehicle customers represents 9% of total revenue), a
global manufacturing footprint, and strong market positions in
key products.  The company has also made progress in its
restructuring program.

The Recovery Ratings and the notching in the debt structure
reflect Fitch's recovery expectations in a scenario in which
distressed enterprise value is allocated to the various debt
classes, and the RR are explicitly assigned when IDRs are 'B+'
or lower.  The assignment of the 'RR1' recovery rating to the
senior secured revolving credit facility incorporates a
US$200 million reduction in the revolver and an expectation of
full recovery.  The secured facility benefits from first lien
status on certain U.S. assets and a 15% carve-out of
consolidated net tangible assets.  The affirmation of the senior
unsecured 'B+' rating and the assignment of the 'RR4' recovery
rating reflect Fitch's view that unsecured debtholders would
receive, after administrative, priority, trade creditor and
secured claims, 31% to 50% of their investment, which is about
average recovery in a distressed scenario.

The Negative Rating Outlook takes into consideration the
uncertain macro-economic environment which increases the
potential for lower than anticipated light and heavy vehicle
production volumes, higher than expected capital expenditures
and greater restructuring cash requirements.

Fitch believes a return to positive free cash flow in fiscal
2008 is unlikely for ARM due to low margin LVS operations, the
cash needed for capital investment to improve CVS Europe's
efficiency and potential customer volume declines due to a
weakened economy.  Also, Fitch believes LVS' capital
expenditures may need to increase as ARM's annual spending level
as a percent of revenue lags its peers, as LVS moves operations
into low cost countries as well as growth regions where its
customers have migrated and due to shortening light vehicle
makers' product cycles.  While Fitch believes ARM will continue
to experience negative free cash flow in fiscal 2008, free cash
flow is unlikely to deteriorate from 2007 levels, and could be
higher than 2007 levels, for several reasons.  Going forward,
Fitch expects ARM to benefit from already completed LVS
restructuring activity including the divestiture of the
emissions business late in fiscal 2007, investment in Europe
CVS to improve those operations' efficiency beginning in the
second calendar quarter and an increase in second half North
American heavy truck production after a substantial decline in
demand in 2007.

The cyclical heavy truck industry continues to affect ARM's
financial performance.  After the divestiture of LVS
discontinued operations, ARM's revenue is roughly 65% generated
from CVS.  The heavy truck industry is coming out of a
legislation-induced cycle-trough year due to emissions
regulations implemented in 2007.  U.S. Class 8 unit sales for
calendar 2007 are likely to be in the 148,000 range, dropping
precipitously by 47% from 284,008 units in calendar 2006,
slightly more than Fitch's original expectations of a 35% to 45%
decline.

For 2008, Fitch had been expecting healthy heavy truck demand on
the assumption that sales volume would be more normalized after
the 2006 pull-ahead of 2007 demand.  However, the potential for
an economic slow down in 2008 will likely cause tractor sales
volumes to increase only modestly from 2007 levels as fleet
operators take a cautious wait-and-see approach to investing in
new capacity to better gauge freight demand.  Mitigating the
potential economic impact to Class 8 volume, aging tractors may
become an issue for fleet operators and will eventually need to
be replaced.  As a result, Fitch believes that calendar 2008
U.S. Class 8 unit sales will probably be in the 160,000 to
170,000 unit range, with demand being more heavily weighted
towards the second half of the year.  Since ArvinMeritor's
fiscal year ends Sept. 30, the company should experience a
modest volume benefit in the fourth quarter of fiscal 2008.

ARM's fiscal 2009 free cash flow should benefit from increased
U.S. Class 8 sales volumes due to the implementation of stricter
diesel emissions standards beginning in 2010.  However, a
legislation-induced demand pull-ahead may be muted due to the
early introduction of 2010 compliant engine technology and that
the new engines and exhaust treatments are not expected to be as
costly as the 2007 technology.  LVS revenue generation and cost
reduction efforts should enable even more improvement in margins
for fiscal 2009, supporting the potential for positive free cash
flow.

CVS Europe operations have experienced higher than expected
demand but due to a lack of investment in more flexible
operations, ARM did not capitalize on the higher volume.  The
inefficient European operations contributed to the decline in
consolidated EBITDA for fiscal 2007.  Fitch expects
inefficiencies to continue into at least the first half of
fiscal 2008.  ARM will also increase capital investment in CVS
Europe in the first half of fiscal 2008 to increase operational
flexibility.

ARM's LVS operations may be impacted by domestic volume
declines, although Detroit Three light vehicle sales only
account for 9% of total consolidated revenue.  Through the past
two cycle troughs, domestic manufacturers have reduced
inventories by spurring demand with heavy incentives.  Unlike
the past two cycle downturns, Fitch expects the domestics to be
much more aggressive in cutting production in order to better
manage inventory levels, in part due to greater flexibility
gained in the recent UAW contract.

Despite operational difficulties and due in large part to
proceeds from the sale of discontinued operations, ArvinMeritor
maintains good liquidity, including US$409 million in cash and
cash equivalents as of Sept. 30, 2007.  With the exception of
the undrawn US$700 million revolver which expires in 2011, ARM
has no substantial maturities in the next 5 years.  Total debt,
including outstanding securitizations and factoring but
excluding operating leases, declined slightly in fiscal 2007 to
US$1,463 million from US$1,500 million despite negative free
cash flow during the year of US$252 million (negative
US$108 million excluding discontinued operations).  ARM was able
offset negative free cash flow with US$310 million in gross
proceeds from the sale of discontinued operations.  The company
substantially increased its utilization of European
securitizations and factoring during fiscal 2007, after paying
off a US$170 million secured term loan and a US$40 million
balance under its U.S. securitization program.


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


AVENTIS CROPSCIENCE: Creditors' Proofs of Debt Due on Feb. 1
------------------------------------------------------------
The creditors of Aventis Cropscience China Limited are required
to file their proofs of debt by February 1, 2007, for them to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on December 28,
2007.

The company's liquidators are:

         Ying Hing Chui
         Chung Miu Yin, Diana
         Level 28
         Three Pacific Place
         1 Queen's Road East
         Hong Kong


CATHAY TEXTILE: Commences Liquidation Proceedings
-------------------------------------------------
Cathay Textile Corporation Limited commenced liquidation
proceedings on January 7, 2008.

The company's liquidator is:

          Yang Sih Yu
          Samuel of Room 2
          1st Floor, Block A
          Sea View Estate
          2-8 Watson Road
          Hong Kong


CHINA EASTERN: Air China Wants “Comprehensive” Tie-Up
-----------------------------------------------------
China National Aviation Holding Co., the parent of Air China,
will propose a "comprehensive" alliance with China Eastern
Airlines Corp. that could include code-sharing, a joint cargo
venture and an equity tie-up, Reuters reports, citing a CNAHC
official who refused to be named.

Reuters source also said that the alliance might also involve a
share swap between Air China and China Eastern, instead of
CNAC's mere purchase of a stake in China Eastern.

According to the report, the official said CNAHC wants to work
with China Eastern so that both of them can be stronger and more
competitive.  "Cooperation does not mean one side would be eaten
up by the other.  It could be a win-win situation," Reuters
quotes the official as saying.

Moreover, the official told Reuters that China Eastern would
remain "an independent legal entity."

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 10, 2008, shareholders of China Eastern rejected a bid by
Singapore Airlines to buy a minority stake after CNAHC pledged a
higher offer.  Specifically, CNAHC vowed to pay at least HK$5.00
a share, or at least 32% more than Singapore Airlines' and
Temasek Holding Pte Ltd's HK$3.80 per share, or HK$7.2 billion
(US$923 million) in aggregate, bid for a holding in China
Eastern.  

The rejection, the TCRAP stated, paved the way for a possible
counterbid for China Eastern by CNAHC.    

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

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

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


CRUISER ENTERPRISES: Members Meeting Fixed for February 11
----------------------------------------------------------
The members of Cruiser Enterprises Limited will
have their final general meeting on February 11, 2008, at Strada
Acquasalata, 5D, Serravalle, in the Republic of San Marino,
Central, Hong Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is Seto Sau Kuen Christine.


FAR EAST: Creditors' Proofs of Debt Due on Feb. 11
--------------------------------------------------
The creditors of far East Refractories Limited are required to
file their proofs of debt by February 11, 2007, for them to be
included in the company's dividend distribution.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Fegurson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central Hong Kong


FOCAL_JM: Creditors' Proofs of Debt Due on Feb. 11
--------------------------------------------------
The creditors of Focal_JM Lab Asia Limited are required to file
their proofs of debt by February 11, 2008, for them to be
included in the company's dividend distribution.

The company's liquidator is:

         Jacques Marie-Paul
         Suite 2414, Level 24
         Two Pacific Place
         88 Queensway
         Hong Kong


HOPSON DEVELOPMENT: Moody's Affirms Ba2 Ratings After Land Bid
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating and senior unsecured debt rating of Hopson Development
Holdings Limited.  The outlook for both ratings remains stable.

The affirmation follows the company's announcement that it has
successfully bid for the initial land development of
approximately 4.1 square kilometers situated at Houzaiwan,
Dayawan Economic and Technology Development Zone, in Guangdong
Province, China.

The development will entail an aggregate investment of around
CNY3 billion and Hopson is expected to complete the process by
phases over a period of about 2 years.

"The funding requirement at any time will be lower than
CNY3 billion as Hopson will receive reimbursements from the
municipal government through the sale of parcels of land," says
Peter Choy, a Moody's Vice President and Senior Credit Officer,
adding, "While the company is expected to raise certain
financing for this project, the additional debt will not
materially alter its near term credit metrics -- the projected
Debt/Cap of around 45-48% remains consistent with the rating."

Upon completion of the land development, the municipal
government will sell the land in parcels to prospective property
developers.  Moody's expects Hopson to bid for some of the land
to develop its own properties.  However, if Hopson funds such
land acquisitions aggressively through additional debt, its
ratings will come under pressure.

Hopson Development Company Holdings Limited is one of the
largest property developers in China.  Its principal businesses
are residential developments in four major cities -- Guangzhou,
Beijing, Shanghai and Tianjin -- and their surrounding areas.


KEENSEN LIMITED: Appoints New Liquidator
------------------------------------------
The members of Keensen Limited appointed Ying Hing Chui as
liquidator for the company.

The Liquidator can be reached at:

          Ying Hing Chui
          Level 28
          Three pacific Place
          1 Queen's Road East
          Hong Kong


MAINLINE GLOBAL: Liquidator Quits Post
--------------------------------------
On January 11, 2008, Ying Hing Chui and Chung Mui Yin, Diana,
stepped down as liquidators for Mainline Global Hong Kong
Limited, which is undergoing liquidation.


MAXTOR ASIA: Commences Liquidation Proceedings
----------------------------------------------
Maxtor Asia Pacific Limited commenced liquidation proceedings on
December 31, 2007.

The company's liquidators are:

          Lai Kar Yan
          Darach E. Haughey
          35th Floor
          One Pacific Place
          88 Queensway
          Hong Kong


OCEAN SCOPE: Appoints New Liquidator
------------------------------------
The members of Ocean Scope Limited appointed Wong Hou Nung,
Lawrence, as liquidator for the company.

The Liquidator can be reached at:

          Wong Hou Nung, Lawrence
          Room 1307-8, Dominion Centre
          43-59 Queen's Road East
          Wanchai, Hong Kong


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

BALLARPUR INDUSTRIES: Board to Consider Q2 Results on Jan. 23
-------------------------------------------------------------
Ballarpur Industries Ltd's board of directors will hold a
meeting on Jan. 23, to consider the company's unaudited
financial results for the second quarter and half year ended
Dec. 31, 2007.

In the quarter ended Dec. 31, 2006, the company posted a net
profit of INR621.5 million on net sales of INR5.51 billion.

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is a paper manufacturer and exporter.
BILT has five product groups: coated wood-free, uncoated wood-
free, copier, creamwove, and business stationery.  There are
three types of products in the coated wood-free segment: two
side coated paper, two side coated boards, and single side
coated products.  The company has a presence in all segments of
the paper usage spectrum that includes writing and printing
paper, industrial paper, and specialty paper.

On April 12, 2004, Standard and Poor's Ratings Services gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.  As of Dec. 2, 2007, the company
still carry those ratings.


BANK OF BARODA: Raises INR1,000 Crore from Bond Issue
-----------------------------------------------------
Bank of Baroda informed the Bombay Stock Exchange that its issue
of unsecured, non-convertible, redeemable, subordinated upper
tier II bonds opened for subscription on Jan. 3, 2008.
The bonds, in the nature of promissory notes series VIII with
face value of INR10 lacs each, raised INR1,000 crore.

The bonds carry a fixed annual coupon of 9.30% and a tenure of
15 years with call option at the end of 10 years.

Having received full subscription on the first day itself, Bank
of Baroda has decided to exercise the option of early closure of
the issue.

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  Bank of Baroda has branches in the Bahamas,
Belgium, the Fiji Islands, Mauritius, Republic of South Africa,
Seychelles, Singapore, Sultanate of Oman, United Arab Emirates,
the United Kingdom, and the United States of America.

                        *     *     *

On July 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due in 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: US$250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes programme.  Fitch said the outlook on all
ratings is stable.


CABLE & WIRELESS: Resolves Conflict with Union Workers in LatAm
---------------------------------------------------------------
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 œ20
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%


DECCAN AVIATION: To Start Calcutta-Jaipur Flights on Jan. 15
------------------------------------------------------------
Deccan Aviation Ltd will start servicing daily flights between
Calcutta and Jaipur on Jan. 15, 2008, The Telegraph reports.

“The new flight between Calcutta and Jaipur will facilitate easy
connectivity at affordable fares for corporate travellers and
tourists,” the daily quoted Deccan Officiating CEO Ramki
Sundaram as saying.

As previously reported in the Troubled Company Reporter-Asia
Pacific, Deccan's board of directors has unanimously approved a
merger of the scheduled airline business undertaking of UB
Group's Kingfisher Airlines Ltd into Deccan.  The merger calls
for Deccan's changing of name to Kingfisher Airlines Ltd, which
merged entity will become a subsidiary of UB Holdings.  The
merger is still subject to statutory approvals including
those of the shareholders.

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in             
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the INR3.41-
billion loss incurred in FY 2006.


EASTMAN KODAK: Earns US$37 Million in 2007 Third Quarter
--------------------------------------------------------
Eastman Kodak Company reported net income of US$37.0 million for
the quarter ended Sept. 30, 2007, compared with a net loss of
US$37.0 million in the same period last year.

Sales for the 2007 third quarter totaled US$2.58 billion, a
decrease of 1% from US$2.60 billion in the third quarter of
2006.

Digital revenue totaled US$1.59 billion, a 12% increase from
US$1.42 billion.  Traditional revenue totaled US$986.0 million,
a 16% decline from US$1.17 billion in the year-ago quarter.

The company reported third-quarter earnings from continuing
operations of US$29.0 million pre-tax, US$34.0 million after
tax, compared with a loss of US$53.0 million pre-tax,
US$83.0 million after tax in the year-ago period.  This
represents an improvement of US$82.0 million pre-tax and
US$117.0 million after-tax.  

Items of net expense impacting comparability in the third
quarter of 2007 totaled US$94.0 million after tax.  The most
significant item was restructuring costs of US$127.0 million
before tax and US$96.0 million after tax.  In the third quarter
of 2006, items of net expense impacting comparability totaled
US$137.0 million after tax, primarily reflecting restructuring
costs.

"I am very pleased with our third-quarter performance, which
represents a milestone in the emergence of the new Kodak," said
Antonio M. Perez, chairman and chief executive officer, Eastman
Kodak Company.  "We delivered solid, value-creating digital
growth, powered by a 12% increase in digital revenue, as well as
expanded gross margins and positive net earnings.  This
increases my confidence in achieving our full-year goals and
positions us well as we enter 2008."

The company's third-quarter earnings from continuing operations,
before interest, other income, net, and income taxes were
US$20.0 million, compared with a loss of US$11.0 million in the
year-ago quarter.

Gross Profit margin was 26.4% for the quarter, up from 25.1%
in the prior year, primarily attributable to lower costs from
manufacturing footprint reductions, offset by adverse silver
and aluminum costs.

Net Cash Generation for the third quarter represented a use of
US$95.0 million, compared with positive cash flow of
US$151.0 million in the year-ago quarter.  This corresponds to
net cash provided by operating activities from continuing
operations of US$1.0 million for the third quarter, compared
with US$237.0 million in the year-ago quarter.

The company's debt level stood at US$1.63 billion as of
Sept. 30, 2007.  This is a US$1.15 billion reduction from the
2006 year-end debt level of US$2.78 billion.

Kodak held US$1.85 billion in cash and cash equivalents as of
Sept. 30, 2007, an increase of US$745.0 million from the  year-
ago period.  This was primarily the result of proceeds from the
company's sale of its Health Group, which was completed in the
second quarter of 2007.

                          Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$12.93 billion in total assets, US$10.27 billion in
total liabilities and US$2.66 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?26f7

                       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 on Sept. 14, 2007,
Standard & Poor's Ratings Services 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.  The outlook is negative.


HMT LTD: To Consider Third Quarter Results on Jan. 29
-----------------------------------------------------
HMT Ltd's board of directors will consider the company's
unaudited  results for the third quarter ended Dec. 31, 2007, at
a meeting on Jan. 29.

In the same quarter in 2006, the company booked a net loss of
INR44.9 million on revenues of INR701.3 million.

HMT Limited -- http://www.hmtindia.com/-- is a public sector
engineering conglomerate.  The company retains the Tractor's
Business, which develops tractors ranging from 25 horsepower to
75 horsepower.  It has an installed capacity of 18,000 tractors
for manufacturing and assembly operations.  The company has
three tractor manufacturing units in India located at Pinjore in
Haryana, Mohali in Punjab, and Hyderabad in Andhra Pradesh.  The
subsidiaries of the company include HMT Machine Tools Limited,
HMT Watches Limited, HMT Chinar Watches Limited, HMT
(International) Limited, HMT Bearings Limited and Praga Tools
Limited.  The principal segments include Machine tools, Watches,
Tractors, Bearings and Exports.  The company has a Joint Venture
with SUDMO HMT Process Engineers (India) Limited, Bangalore.

Credit Analysis and Research Limited downgraded HMT's long-term
bond issue of INR310 crore to CARE BB(SO) on Feb. 18, 2005.
At the same time, the company's medium term bond issue of
INR40.40 crore was likewise downgraded to CARE BB(SO).
Instruments rated 'Double B' are considered to be speculative,
with inadequate protection for interest and principal payments.


ITI LTD: Names B. P. Gupta as Director-Finance
----------------------------------------------
B. P. Gupta, 57 years old, has taken over as Director-Finance of
ITI Ltd.  He previously held the position of General Manager –
Finance at the Corporate Office of the company.

A Honours in B.Com., he qualified as Chartered Accountant in
1976.  After several stints in private and public sector
companies, Mr. Gupta began his career with ITI as Chief Manager-
Finance in 1989.  Working in different plants, he gained
experience in finance, accounts and audit management, which
tempered  his post-qualification experience of over 31 years.  

With his track record in financial management and commercial
negotiations, the company believes Mr. Gutpa will have an
effective role to play in the turnaround of ITI.

As previously reported by the Troubled Company Reporter-Asia
Pacific, ITI has just asked the government for a INR2,000-crore
fund infusion.  The telecom company reportedly will use the
funds to help get rid of accumulated losses of INR2,225 crore
and to obtain working capital for telecom equipment
manufacturing.

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

                        *     *     *

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

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

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


JCT ELECTRONICS: Books INR84.3-Mil. Loss in Qtr. Ended Sept. 30
---------------------------------------------------------------
JCT Electronics Ltd recorded a net loss of INR84.3 million in
the three months ended Sept. 30, 2007, down 83% from the
INR520.4-million loss incurred in the same quarter in 2006.

Even with decreased revenues, the net loss narrowed because of
the huge slide in interest charges.  The company's total
revenues decreased 6% to INR811.3 million in the July-Sept.
2007, from the INR864.1 million last year.  Operating expenses
also slightly decreased to INR863.4 million, bringing the
company an operating loss of INR  52.1 million.

Interest charges, however, took a plunge to INR8.7 million from
the INR349.4 million in the July-Sept. 2006 quarter.

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?2701

JCT Electronics Ltd. manufactures color picture and black &
white tubes for television sets.  The company also manufactures
cathode ray tubes and gas discharge tubes.

JCT Electronics incurred net losses for at least two consecutive
years -- INR1.83 billion in FY2005-06 and INR1.73 billion in
FY2006-07.

The Troubled Company Reporter-Asia Pacific reported on Jan. 11,
2008, that JCT Electronics has a stockholder's equity deficit of
INR50.17 million.


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

AVNET INC: Signs Definitive Pact Acquiring Azzurri Tech
-------------------------------------------------------
Avnet Inc. has entered into a definitive agreement to acquire
the UK-based distributor Azzurri Technology Ltd.  Azzurri is one
of Europe's leading design distributors of high technology
semiconductors and embedded systems products.  The closing of
the transaction is subject to customary regulatory approval and
other closing conditions. Upon closing, Azzurri will be
integrated into Avnet Electronics Marketing EMEA primarily
within the Avnet Memec specialist division.

Azzurri has been in business for more than ten years and has
operations in the UK, Germany, France and Italy.  Its annual
revenue is approximately US$100 million and it employs about 80
people.  Azzurri has established a first class reputation for
introducing leading technology products into the European
electronics market.  Azzurri is focused on a small number of
franchised suppliers with the prime objective of assisting
customers with the design-in of complex semiconductors and sub-
system level solutions.

Harley Feldberg, president of Avnet Electronics Marketing,
commented, "Adding Azzurri's design and engineering expertise to
our European team will enhance Avnet Memec's position as the
leading pan-European specialist distributor and will benefit
both customers and suppliers alike.  The acquisition will add
new semiconductor suppliers to Avnet Memec's breadth of product
offerings in microprocessors, microcontrollers and analog
components and expands our presence in Europe's largest
markets."

"Design-in distribution with exceptional service to our
customers and suppliers is the foundation of our company," said
Mike Carlucci, Azzurri's president and CEO.  "Avnet Memec has a
similar approach to the marketplace and that is why the
strategic fit is so strong.  Both companies have much to
gain from working together and merging them will bring many
benefits to employees, suppliers and customers," added Mr.
Carlucci.

With the addition of Mr. Azzurri, Avnet Memec will add talented
employees in several important markets and increase its revenue
base over 40%.  The combined organization's strength in
engineering will be complemented by Avnet's world-class supply
chain management and logistics capabilities.  The transaction is
expected to be immediately accretive to earnings, excluding
minimal integration charges, and supports Avnet's long-term
return on capital goals.

The two organizations share the same market approach, have
complementary line cards and put design and engineering
expertise at the core of their value proposition for customers
and suppliers.  Steve Haynes, president of Avnet Memec EMEA
stated, "I am enthusiastic about this acquisition, not just
because it creates an opportunity to broaden our presence within
our customer base, but also because Azzurri is the ideal match
to Avnet Memec."

                         About Avnet Inc.

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

                         *     *     *

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


BANK LIPPO: CIMB to Disclose Findings From Merger Study
-------------------------------------------------------
CIMB group, which is currently conducting a feasibility study on
Khazanah Nasional Bhd's proposed merger of its Indonesian banks,
PT Bank Niaga and PT Lippo Bank Tbk, expects to disclose results  
in the first quarter this year, various reports say.

Group Chief Executive Datuk Nazir Razak told The Star Online
News that details such as the execution process needed to be
ironed out.

Mr. Razak was quoted by The Edge Daily News as saying, "It
shouldn't take too long.  We will hear something in terms of the
next step we have to take, in the first quarter this year."
Mr. Razak did not expect Bank Indonesia to reject the merger
proposal.

As reported by the Troubled Company Reporter-Asia Pacific on  
Dec. 19, 2007, Khazanah Nasional is looking into the possibility
of merging Lippo Bank and Bank Niaga given the synergy involved,
and also to comply with Indonesia's single presence policy.

Under Bank Indonesia's single-presence policy, foreign parties
cannot own a controlling stake in more than one Indonesian bank
and must submit statements of compliance to this rule.

Currently, Khazanah has an indirect equity interest of
approximately 93% in Bank Lippo, through Santubong Investments
BV and Greatville Pte Ltd, and an indirect equity interest of
approximately 64% in Bank Niaga through Bumiputra-Commerce
Holdings Berhad.

Yong Yen Nie of The Edge writes that Mr. Nazir said the banks
have very good fit with each other, and they have gone some
distance in realizing the synergies between CIMB and Niaga.   
With Lippo Bank coming into the equation, the prospects are even
greater, he added.

Mr. Nazir also said, The Star relates, CIMB group was excited
about the merger of both banks.  In fact, this proposed merger
was even contemplated by previous shareholders of the two banks
without the single-presence policy, he  added.

                        About Bank Lippo

Headquartered in Jakarta, Indonesia, PT Lippo Bank Tbk
-- http://www.lippobank.co.id/-- offers two product segments:      
Consumer Products, comprised of personal accounts, debit cards,
distribution cards, VIP banking, credit cards, loans,
bancassurance, payment services, loyalty programs and safe
deposit boxes, and Corporate Products, consisting of
LippoKredit, LippoTrade, LippoGiro, LippoDeposit, e-LippoLink
and MFTS. The bank is supported by 134 branch offices, 21 sub
branch offices, 238 cash offices and four payment service
offices nationwide.

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

The detailed ratings are:

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

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

On Sept. 11, 2007, Fitch Ratings upgraded the Individual Ratings
of PT Bank Lippo Tbk to 'C/D' from 'D.  At the same time, the
agency upgraded Bank Lippo's National Long-term Rating to 'AA-'
from 'A+'.  The Outlook remains Stable.  All other ratings have
been affirmed:

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

   * Short-term foreign currency Rating at 'B',

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

On July 12, 2007, Standard & Poor's Ratings Services assigned
'B+' long-term and 'B' short-term counterparty credit ratings to
Indonesia-base Lippo Bank.  The outlook is stable.  Standard &
Poor's also assigned its 'D' bank fundamental strength rating to
the bank.  At the same time, Standard & Poor's assigned its 'B-'
issue rating to Lippo Bank's US$200 million subordinated notes
due in 2016.  The differential between the 'B+' counterparty
credit rating on Lippo Bank and the 'B-' rating on its
subordinated notes reflects the subordinated feature of the
notes.


FOSTER WHEELER: Subsidiary Bags Supply Contract for UTE CT
----------------------------------------------------------
Foster Wheeler Ltd.'s subsidiary of its Global Power Group has
been awarded a contract by the Spanish company UTE CT
Mejillones, which is owned by Cobra Instalaciones y Servicios
S.A., part of the ACS group., for a 165 MWe (gross megawatt
electric) circulating fluidized-bed boiler island to be
located at the Andino power plant in Mejillones, in the north of
Chile.  This is the second unit to be awarded to Foster Wheeler
at the Andino power plant.

Foster Wheeler has received a full notice to proceed on this
contract.  The terms of the award were not disclosed, and the
contract will be included in the company's bookings for the
fourth-quarter of 2007.

Foster Wheeler will supply the 165 MWe CFB steam generator,
auxiliary equipment and advisory services for erection and
commissioning of the boiler island.  The boiler will be designed
to burn imported bituminous coal and/or petroleum coke, as well
as providing the option to burn small amounts of biomass-type
fuels.  Commercial operation of the new boiler is scheduled for
the second half of 2010.

"The award of this second unit is further assurance of our
customer's confidence in our CFB technology as reliable and
environmentally responsible," said Tomas Harju-Jeanty, chief
executive officer of Foster Wheeler Energia Oy.

                     About Foster Wheeler

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

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

                          *     *     *

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

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


FOSTER WHEELER: Supplying Steam Generators to SINOCHEM
------------------------------------------------------
Foster Wheeler Ltd.'s subsidiaries of its Global Power Group
have been awarded a contract for two circulating fluidized-bed
-- CFB -- steam generators by SINOCHEM Quanzhou Petrochemical
Co. Ltd, a subsidiary of Sinochem Corporation, located in
southeast Fujian Province in the People's Republic of China.
This CFB project is part of a major residue-processing project
by SINOCHEM Quanzhou Petrochemical Co. Ltd.

Foster Wheeler has received a full notice to proceed on the
engineering and supply of two 75 MWe class (gross megawatt
electric) CFB steam generators.  The terms of the award were not
disclosed, and the contract will be included in the company's
bookings for the fourth-quarter of 2007.

"Foster Wheeler's ability to provide reliable efficient
combustion of petcoke in our CFB technology was key in the
selection of our technology by SINOCHEM," said Byron Roth, chief
executive officer of Foster Wheeler Power Group Asia.  "We are
looking forward to a long term, mutually beneficial relationship
between Foster Wheeler and SINOCHEM."

"We are fully confident in Foster Wheeler's high quality CFB
product and the outstanding service they will bring to our
refinery," said Mr. Wang Zhongshang, president of SINOCHEM
Quanzhou Petrochemical Co. Ltd.  "Foster Wheeler's previous work
on projects in the petrochemical industry demonstrated the
company's expertise and professionalism in completing complex
jobs - and was a major factor in our selection of the company to
provide the boilers for Quanzhou."

The coke-fired CFBs will be designed by Foster Wheeler
International Engineering & Consulting (Shanghai) Company
Limited.  Foster Wheeler Power Machinery Company Limited, which
owns a state-of-the-art manufacturing facility in Xinhui, China,
will be responsible for the manufacturing.  Commercial operation
of the new boilers is scheduled for the fourth quarter of 2009.

                       About Foster Wheeler

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

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

                          *     *     *

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

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


PERUSAHAAN LISTRIK: Suggests Gov't to Supply Power to 30 Hamlets
----------------------------------------------------------------
PT Perusahaan Listrik Negara's Bali office has suggested that
the central government supply power to 30 of the 98 hamlets in
Bali, which have yet to enjoy electricity, Antara News reports.

PLN Bali Office Spokesman I Wayan Redika told the news agency
that the suggestion is expected to be approved by the central
government and realized in March this year.   

According to the report, Mr. Redika said the hamlets are
generally remotely located far from company's networks and power
relay stations.  The power for the hamlets would be supplied in
stages based depending on availability of the funding, he added.

The cost currently available was enough to supply power to two
to five hamlets each year, the report notes.

The 98 hamlets, Antara relates, have yet to get electricity
supplies because they have divided and expanded, while new
settlements have emerged and later developed into new hamlets.

                    About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity            
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero).  The outlook
is stable.  At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.


PHILIPS VAN: Unit Hires Robert Vignola as Pres. of Calvin Klein
---------------------------------------------------------------
Phillips-Van Heusen Corporation's unit Calvin Klein, Inc.
appointed Robert Vignola as President of Calvin Klein
Collection, a newly created position to support the brand's
global business.  Based in the company's New York headquarters,
Mr. Vignola will be responsible for sales and merchandising and
will report to Fabio Fusco, subject to the completion of the
proposed transfer to CKI of Confezioni Moda Italia S.r.l., the
Trento-based licensee of Calvin Klein Collection men's and
women's apparel and accessories.  

Mr. Fusco is CEO of CMI and would remain with the company after
the completion of the transfer.  Mr. Fusco would report to Tom
Murry, President & COO, Calvin Klein, Inc.  

PVH announced in December 2007 that it had reached an agreement
in principle with The Warnaco Group, Inc. pursuant to which
Warnaco would transfer CMI to CKI.  The transaction is targeted
to close in mid-January 2008 but is not final and is subject to
the negotiation and the execution of definitive documentation,
which in turn could be subject to closing conditions.  "This is
a very exciting time for Calvin Klein Collection and the
appointment of Robert Vignola is an important step to enhance
the structure of the business for global growth and intensified
brand development," said Mr. Murry.  "Robert is a talented
executive who will strengthen the existing Calvin Klein
Collection management team and support Fabio Fusco with the
level of talent required to build the Calvin Klein Collection
brand into a top global luxury business."

Mr. Vignola has over 30 years of experience in luxury and
designer brand development, as well as extensive licensing,
merchandising, and sourcing experience.  Most recently he served
as the President and CEO of Judith Leiber LLC, where he oversaw
the turnaround and revitalization of that luxury accessories
company, as well as the Judith Leiber brand's expanded global
sales distribution.  Prior to that position, Mr. Vignola held
senior positions at Burberry, Hartmarx Corporation, GFT
Corporation, and Polo Ralph Lauren.

                        About Calvin Klein

Calvin Klein, Inc. is one of the leading fashion design and
marketing studios in the world.  It designs and markets women's
and men's designer collection apparel and a range of other
products that are manufactured and marketed through an extensive
network of licensing agreements and other arrangements
worldwide.  Brands/lifestyles include Calvin Klein Collection,
ck Calvin Klein, Calvin Klein, Calvin Klein Jeans, and Calvin
Klein Underwear.  Product lines under the various Calvin Klein
brands include apparel, accessories, shoes, sleepwear, hosiery,
socks, swimwear, belts, eyewear, watches, jewelry, coats, suits
and fragrances, as well as products for the home.

                    About Phillips-Van HeUSSen

Phillips-Van Heusen Corporation -- http://www.pvh.com/-- owns     
and markets the Calvin Klein brand worldwide.  It is a shirt
company that markets a variety of goods under its own brands:
Van HeUS$en, Calvin Klein, IZOD, Arrow, Bass and G.H. Bass &
Co., Geoffrey Beene, Kenneth Cole New York, Reaction Kenneth
Cole, BCBG Max Azria, BCBG Attitude, Sean John, MICHAEL by
Michael Kors, Chaps and Donald J. Trump Signature.

It has operations in the Asia-Pacific region, including
Indonesia, China, Philippines, Malaysia, and Thailand.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 21, 2007, Moody's Investors Service affirmed Phillips-Van
Heusen Corporation's Corporate Family and Probability of Default
ratings at Ba2, its senior secured debenture rating at Baa3, and
its senior unsecured notes rating at Ba3.  At the same time,
Moody's revised the outlook to positive from stable.


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

ALITALIA SPA: Air France-KLM Chief Holds Preliminary Talks
----------------------------------------------------------
Air France-KLM Group S.A. CEO Jean-Cyril Spinetta has held
preliminary meetings with Alitalia S.p.A. executives, government
officials and trade unions over its planned acquisition of
Italy's 49.9% stake in the national carrier, various reports
say.

"[I had] very useful meetings," Mr. Spinetta was quoted by
Bloomberg News as saying.  "We're carrying on the dossier."

During the meetings, Mr. Spinetta confirmed plans to:

   -- acquire 100% of the shares of Alitalia through an
      exchange offer;

   -- acquire 100% of Alitalia convertible bonds; and

   -- immediately inject at least EUR750 million into  
      Alitalia through a capital increase, that will be open to
      all shareholders and be fully underwritten by Air France.

Mr. Spinetta also confirmed plans to cut 1,700 jobs, Reuters
relates.

The Air France CEO, however, downplayed reports that Italy would
hold a 3% stake in the merged Air France-Alitalia after a share-
swap deal is completed, Reuters reports.

Mr. Spinetta added that acquiring AZ Servizi, Alitalia's ground
services and maintenance unit, would be based on "economic and
social" considerations, Reuters added.

                          Milan Plans

Mr. Spinetta, on a press conference, defended plans to downsize
Alitalia's operations in Milan's Malpensa airport, and assured
that the national carrier will not abandon its slots in the
northern hub, Agenzia Giornalistica Italia reports.

"The big majority of Alitalia's losses come from Malpensa," Mr.
Spinetta was quoted by Reuters as saying. "Continuing to ignore
this fact would bring about the end of Alitalia."

Mr. Spinetta revealed that should the French carrier acquire
100% of Alitalia shares, Air France would list itself in the
Milan bourse.

Renata Polverini, head of the UGL labor union, said Mr. Spinetta
showed "flexibility" on the issue of downscaling Milan
operations and AZ Servizi plans, the airline's ground services
and maintenance unit, Bloomberg News says.

                          About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina and Japan.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


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.

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

                      *     *     *

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


DELPHI CORP: S&P Expects to Put B Rating After Chapter 11 Exit
--------------------------------------------------------------
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, Standard & Poor's expects to assign these
issue-level ratings:

  -- A 'B+' issue rating (one notch above the corporate credit
     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 (one notch below the corporate credit
     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 S&P.  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 Delphi'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'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 would have total debt of US$5.35 billion, or
a little more than US$8 billion, including Standard & Poor's
adjustments for underfunded postretirement benefits and the
present value of operating leases.
     
In S&P's debt ratio calculations, S&P also treated as debt
Delphi'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 leads S&P 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 (for example, if GM converts it into common equity or if a
third party purchases it), S&P believes it is also possible that
Delphi 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 consider these tranches to be more
permanent in nature.
     
Delphi's leverage will remain high after emergence, with
adjusted debt to expected 2008 EBITDA of about 6.5x.  This
calculation excludes restructuring costs, but incorporates
various transactions that lower adjusted leverage and that will
take place soon after emergence.  These transactions include
Delphi'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 6x.
      
"Following emergence, we would characterize Delphi's business
risk profile as vulnerable," said Standard & Poor'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 has taken, or is in the process of taking, to
address its cost structure include:

  -- Dramatically reducing its U.S. 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 Delphi's cost for
remaining United Auto Workers (UAW) 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
Delphi 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's liquidity.  Standard & Poor'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 (ABL) 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 ABL 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 ABL 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's ongoing restructuring efforts could
total nearly US$500 million in 2008.  Delphi 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.  Delphi'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.     

Standard & Poor'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.  Delphi'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 Delphi will continue to make some
progress on its cost structure and profitability, enabling it to
reduce leverage, including Standard & Poor's adjustments, to 6x
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 Delphi demonstrates positive and sustainable cash flow
for debt reduction, enabling it to reduce leverage to
significantly less than 6x, including S&P's adjustments.  S&P is
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.


GOODWILL GROUP: Ministry Halts Operations Due to Unlawful System
----------------------------------------------------------------
Goodwill Group Inc. was ordered by the Health, Labor and Welfare
Ministry to suspend operations due to a series of law violations
involving the dispatch of temporary workers to jobs they are not
permitted to undertake or the double dispatch of workers, Kyodo
News reports.

According to the report, the order covers all of Goodwill's 737
branches nationwide wherein 67 branches, found to have illegally
dispatched temp workers, were ordered to suspend operations for
four months, while the remaining branches were told to stop
operations for two months.

In addition, the ministry issued a business improvement order
for Goodwill to take preventive measures, conveys Kyodo News.

Double dispatch, explains Kyodo News, is the unlawful
dispatching of temp workers to companies that in turn sent them
to other firms.

A ministry investigation determined Goodwill's illegal practices
included the dispatch of temp workers to unauthorized fields,
including stevedoring and construction, relates Kyodo News.

The ministry's move, states Kyodo News, was prompted when the
Tokyo Labor Bureau filed an accusation with police against a
Tokyo-based cargo inspection agency, Towa Lease, on suspicion
that it violated the employment security law by allegedly
sending workers from Goodwill to another port service company.

In June 2005, the same bureau ordered Goodwill to improve its
business practices after it was found to have dispatched workers
to the construction industry, recalls Kyodo News.

Furthermore, in June 2006, Goodwill's nursing-care business,
Comsn Inc., was ordered by the ministry to terminate the
operating licenses of most of its nursing-care homes, which was
found to have made false declarations to authorities, adds Kyodo
News.

                    About Goodwill Group

Japan-based The Goodwill Group, Inc. --
http://www.goodwill.com/gwg/english/index.html-- is a involved  
in five business segments.  The Staffing segment offers
recruitment services for technicians, senior workers and others.
The Human Resources-related segment provides employee-hiring
support services to corporate clients, counseling services to
workers and outplacement services to retired and retiring
workers.  The Nursing-care and Medical Support segment is
engaged in the provision of home-care services, care services in
facilities and dental examination services at home, as well as
the sale of nursing-care goods and equipment, among others.  The
Senior Residence and Restaurant segment operates nursing home
under the name THE BARRINGTON HOUSE, and also operates
restaurant in both domestic and overseas markets.  The Others
segment is engaged in the planning, designing and management of
pet care facilities, the operation of pet care shops, the
operation and management of nurseries, the provision of baby-
sitting services and others.

The Troubled Company Reporter-Asia Pacific reported on
June 14, 2007, that The Goodwill Group is thinking of selling
its home nursing-care services division after the Japanese
government banned it from renewing its licenses due to its
involvement in a fraud scandal.  The article conveyed that the
firm allegedly obtained some of the licenses for nursing-care
service operators certified under a public insurance program
through fraudulent applications, including those with an
inflated number of employees.


JABIL CIRCUIT: To Sell US$250 Million of Senior Unsecured Notes
---------------------------------------------------------------
Jabil Circuit, Inc. (NYSE:JBL) has priced an offering of
US$250 million principal amount of its 8.25% senior unsecured
notes due 2018.  The Senior Notes will be issued at a price of
99.965% of par and will mature on March 15, 2018.  The terms of
the notes include an interest rate adjustment provision that
provides that the interest rate on the notes will be subject to
adjustment upon the occurrence of certain specified changes in
one or more of the ratings of Jabil's debt securities.  The net
proceeds from the sale of the notes will be used to repay a
portion of Jabil's outstanding borrowings under the revolving
credit portion of its five-year unsecured credit facility . The
transaction is expected to close on Jan. 16, 2008.

The notes have been offered only to qualified institutional
buyers in reliance on Rule 144A, under the Securities Act of
1933, as amended, and in offshore transactions pursuant to
Regulation S under the Securities Act.  The notes have not been
registered under the Securities Act and may not be offered or
sold in the United States absent registration or an applicable
exemption from registration requirements.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale is unlawful.  This press
release is being issued pursuant to and in accordance with Rule
135c under the Securities Act of 1933.

Headquartered in St. Petersburg, Florida, Jabil Circuit, Inc.,
-- http://www.jabil.com/-- is an electronic product solutions
company providing comprehensive electronics design,
manufacturing and product management services to global
electronics and technology companies.  Jabil Circuit has more
than 50,000 employees and facilities in 20 countries, including
Brazil, Mexico, United Kingdom and Japan.


JABIL CIRCUIT: Fitch Assigns BB+ Rating on US$300-Mln Sr. Notes
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Jabil Circuit,
Inc.'s proposed Rule 144A offering of US$300 million senior
unsecured notes due 2018.

Fitch currently rates Jabil Circuit as:

  -- Issuer default rating 'BB+';
  -- Senior unsecured revolving credit facility 'BB+';
  -- Senior unsecured debt 'BB+'.

The Outlook is Stable.

Fitch expects the company to utilize the proceeds from the
proposed debt issuance to repay US$300 million outstanding under
its revolving credit facility.  The funds drawn on the credit
facility were previously used to repay US$400 million due on
Jabil Circuit's US$1 billion bridge facility, which funded the
purchase of Taiwan Greenpoint in 2007.

Liquidity was solid as of Nov. 30, 2007, and included US$664
million in cash and an US$800 million unsecured revolving credit
facility, expiring 2012, of which, US$700 million should be
available to the company following the notes offering.  Jabil
Circuit also has an off-balance sheet US$325 million accounts
receivable securitization program, which the company utilizes
for additional liquidity.  Annual free cash flow has averaged
approximately US$200 million historically but declined to
negative US$231 million in August 2007 following the loss of a
significant customer program early in the year, which resulted
in a temporary decline in profitability.  Fitch expects free
cash flow to return to a more normal level in August 2008 as
EBIT margins have risen above 3% from a recent low of 1.6% in
fiscal second quarter on February 2007.

Total debt outstanding pro forma for the proposed notes offering
is US$1.3 billion consisting primarily of:

  i) US$100 million outstanding on the company's US$800 million
     revolving credit facility;

ii) US$297 million in 5.875% senior unsecured notes due 2010;

iii) US$400 million senior unsecured term loan due July 2012;
     and

iv) US$300 million in senior unsecured notes due 2018.

Additionally, the company has approximately US$266 million
outstanding under its US$325 million accounts receivable
securitization program, which matures in February 2008.

Jabil Circuit, Inc., headquartered in St. Petersburg, Florida --
http://www.jabil.com/-- is an electronic product solutions
company providing comprehensive electronics design,
manufacturing and product management services to global
electronics and technology companies.  Jabil Circuit has more
than 50,000 employees and facilities in 20 countries, including
Brazil, Mexico, United Kingdom and Japan.


JABIL CIRCUIT: Moody's Puts Ba1 Rating on US$300MM Senior Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to Jabil
Circuit, Inc.'s proposed offering of US$300 million senior notes
due 2018 and affirmed its existing ratings and negative outlook.
Moody's also assigned a speculative grade liquidity rating of
SGL-1.  The new issue proceeds will be used to repay debt
outstanding under the company's US$800 million revolving credit
facility, which represents the remaining debt incurred to
finance the Taiwan Green Point Enterprises acquisition.

The rating for the senior notes is the same as the Ba1 corporate
family rating, which reflects the competitive pricing pressures
and inherent volatility that currently plague the EMS industry,
as well as rising capex and working capital associated with
Jabil Circuit's transition to a more vertically integrated
business model to compete more effectively against its
competitors.  The rating is constrained by the company's single
digit gross margins, US$200-250 million three-year restructuring
program and its associated near-term negative impact on already
thin gross/operating margins.  Additionally, weakness in the
consumer segment, unfavorable product mix and the winding down
of old OEM programs prior to full ramp-up of higher margin
vertical programs are expected to pressure revenue growth rates
and restrain average margins.  Finally, financial leverage of
3.1, which still reflects the 2007 debt-financed acquisition of
Green Point, positions Jabil Circuit in the Ba1 rating category.
Moody's notes that the rating also considers the possibility of
further debt-funded acquisitions as the company seeks to advance
its market position against competitors in the EMS space.

Notwithstanding these near-term challenges, Moody's expects the
company will maintain a solid market position longer-term,
benefiting from the overall growth in the electronics markets,
the secular OEM outsourcing trend as well as the opportunities
from convergence of similar capabilities with ODMs and component
distributors.  Jabil's Tier 1 leadership status, historic
quality execution and customer service in the traditional EMS
space, growing market share and global footprint with facilities
near OEM customer sites are also positive credit drivers.  The
company has adopted an operating model concentrating on end-to-
end solutions, mechanical design and vertical component
production, and on emerging EMS end markets with higher
margin/low volume characteristics, which Moody's views
favorably.  Consideration is given to the company's
rationalization of its manufacturing footprint, the shift of
production to lower cost regions, improving working capital and
expected costs savings from restructuring initiatives.

The negative outlook reflects Jabil Circuit's reduced financial
flexibility as a result of increased financial leverage,
profitability weakness and expectations of diminished free cash
flow over the next several quarters.  Notwithstanding the
company's anticipation for improvement in working capital
efficiency over the near term, the negative outlook also
considers the increase in working capital consumption in the
recent fiscal year without a commensurate increase in
profitability, expectations of capex slightly above historical
levels and risks associated with the integration of Green Point.

Moody's could stabilize the outlook upon Jabil Circuit's
achievement of sustainable free cash flow generation while
maintaining leverage at or below current levels, commensurate
with the Ba1 rating.  The outlook could also stabilize upon
evidence of operational execution in non-traditional high
margin/low volume EMS segments and successful integration of
Green Point resulting in higher sustainable operating margins.

The company's SGL-1 rating reflects very good liquidity and
financial flexibility.  As of Nov. 30, 2007, the company
maintained roughly US$664 million of cash.  Although free cash
flow was negative US$228.5 million for fiscal 2007, US$229.7
million of positive free cash flow was generated in the last two
quarters.  Free cash flow is expected to remain weak, yet
gradually recover as the company's cash conversion cycle
improves.  In July 2007, Jabil Circuit entered into an amended
and restated US$1.2 billion unrated five-year senior unsecured
credit facility with its initial lenders comprised of an US$800
million revolver and US$400 million term loan.  At that time,
US$400 million was drawn from the term loan to pay down amounts
outstanding under the Bridge Facility.  The company currently
has US$400 million outstanding under the revolver.  The amended
credit facility, which requires a material adverse change
representation for each borrowing, contains financial covenants
requiring the maintenance of interest coverage of 3.0 EBITDA and
financial leverage equal to or less than 3.5 debt to EBITDA.

These new ratings were assigned:

-- US$300 Million Senior Unsecured Notes due 2018 -- Ba1 (LGD-
    4, 52%)

-- Speculative Grade Liquidity -- SGL-1

These ratings were affirmed:

-- Corporate Family Rating -- Ba1

-- Probability of Default Rating -- Ba1

-- US$300 Million Senior Unsecured Notes due 2010 -- Ba1 (LGD-
    4, 52%)

Jabil Circuit, Inc., headquartered in St. Petersburg, Florida --
http://www.jabil.com/-- is an electronic product solutions
company providing comprehensive electronics design,
manufacturing and product management services to global
electronics and technology companies.  Jabil Circuit has more
than 50,000 employees and facilities in 20 countries, including
Brazil, Mexico, United Kingdom and Japan.


JAPAN AIRLINES: MUFG to Buy 49% of JALCard for JPY40 Billion
------------------------------------------------------------
Mitsubishi UFJ Financial Group will acquire a 49% stake in Japan
Airline International Co., Ltd.'s credit card unit for about
JPY40 billion, Thomson Financial, citing the Nikkei business
daily, reports.

MUFG was expected to notify JAL of its final decision, the
Thomson Financial report notes.

Credit Saison Co., which is among the bidders, has decided to
withdraw its offer, states Thomson Financial, citing the
business daily.

According to the report, officials from Mitsubishi UFJ and JAL
were not immediately available for comment.

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

                         *     *     *

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

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

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


JAPAN AIR: To Set Up Cargo Service Venture with Mitsui, et al.
--------------------------------------------------------------
Japan Airlines Corp. (9205.TO) will set up a joint venture this
April with Mitsui & Co. (8031.TO), Mitsubishi Corp. (8058.TO)
and others to operate cargo flight services, Market Watch
reports, citing an earlier report by the Yomiuri Shimbun.

According to the Yomiuri report, the new venture will be set up
in a bid to fight intense global competition.

The new joint venture will oversee and streamline Japan Air's
cargo flight units, but the airline will continue to operate
cargo jets, Trading Market notes.

In the year ended March 31, 2007, Japan Air's cargo flight
business racked up sales of JPY220 billion, but incurred an
operating loss of JPYY10 billion due to stiff competition,
Trading Market recounts.

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

                         *     *     *

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

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

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


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

BIOMET INC: Reports US$89-Million Net Income in Second Quarter
--------------------------------------------------------------
Biomet Inc. reported financial results for its second fiscal
quarter ended Nov. 30, 2007.

The company earned US$89 million for the three months ended
Nov. 30, 2007, compared to net income of US$104.8 million for
the same period in 2006.

During the second quarter of fiscal year 2008, net sales
increased 11% to US$578.1 million.  Excluding the impact of
foreign currency, net sales increased 8% worldwide.  Excluding
both the impact of foreign currency and instruments, which the
Company discontinued selling to distributors in the United
States in the third quarter of fiscal 2007, worldwide sales
increased 9% during the quarter.

As previously announced, on Sept. 25, 2007, Biomet Inc. merged
with LVB Acquisition Merger Sub, Inc., a wholly owned subsidiary
of LVB Acquisition, Inc.  LVB Acquisition, Inc. is indirectly
owned by investment partnerships directly or indirectly advised
or managed by The Blackstone Group L.P., Goldman Sachs & Co.,
Kohlberg Kravis Roberts & Co. L.P. and TPG Capital.  These
financial results have been prepared in a manner that complies,
in all material respects, with generally accepted accounting
principles in the U.S. with the exception of certain purchase
accounting adjustments related to the Merger, including the
effects of the merger-related debt and associated interest
expense.  The company will reflect the purchase accounting
adjustments related to the Merger by the end of fiscal year
2008.

During the second quarter of fiscal year 2008, the company
incurred special charges (pre-tax) of 16.6 million,
approximately half of which related to the previously announced
operational improvement program.

Reported operating income for the second quarter of fiscal year
2008 was US$145.7 million compared to operating income of
US$155.1 million for the second quarter of fiscal year 2007.
Adjusted operating income was US$162.3 million for the second
quarter of fiscal year 2008 compared to US$159.1 million for the
second quarter of fiscal year 2007.  Adjusted net income for the
second quarter of fiscal year 2008 was US$99.1 million compared
to adjusted net income for the second quarter of fiscal year
2007 of US$107.5 million.  Adjusted earnings before interest,
taxes, depreciation and amortization (EBITDA) for the second
quarter of fiscal year 2008 was US$194.4 million as compared to
US$182.5 million in the second quarter of fiscal year 2007.

Biomet's President and Chief Executive Officer Jeffrey R. Binder
stated, "The Company's reconstructive sales category performed
very well again this quarter with accelerated growth continuing
across various product groups within this category, particularly
for knees.  In addition, sales of craniomaxillofacial fixation
and arthroscopy products were also strong during the second
quarter."

Mr. Binder added, "We continue to work to strengthen our trauma
and spine business.  We've built a strong foundation for change
and continue to believe we can reach our goal of producing
positive revenue growth within the Biomet Trauma and Biomet
Spine business during the first half of fiscal year 2009."

                          About Biomet

Based in Warsaw, Indiana, Biomet Inc. (NASDAQ: BMET) and its
subsidiaries design, manufacture, and market products used
primarily by musculoskeletal medical specialists in both
surgical and non-surgical therapy.  Biomet and its subsidiaries
currently distribute products in more than 100 countries,
including the Netherlands, Argentina and Korea.

Biomet Inc. and its subsidiaries design, manufacture, and market
products used primarily by musculoskeletal medical specialists
in both surgical and non-surgical therapy.  Biomet's product
portfolio encompasses reconstructive products, fixation
products, spinal products, and other products.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2007, Moody's Investors Service has assigned final
debt ratings to Biomet, Inc. (B2 Corporate Family Rating) in
conjunction with the close of the leveraged buy-out transaction
by a consortium of equity sponsors.  Moody's said the rating
outlook is negative.


BOE HYDIS: PVI Expects 85% Utilization Rate This Year
-----------------------------------------------------
Taiwan-based Prime View International Company expects the
utilization rate of BOE Hydis Technology Company Limited to
increase to 85% in 2008, compared to less than 50% in the past,
Digitimes News reports

As reported by the Troubled Company Reporter-Asia Pacific on,
Nov. 28, 2007, Prime View will buy BOE Hydis's 95% stake for
KRW260 billion.  

BOE Hydis, the report recounted, was looking for a potential
buyer to take up to 100% of the company, with expectations that
the sale contract will be complete this quarter.

Rebecca Kuo of Digitimes writes that some shareholders
questioned that the financial status of BOE Hydis will bring
trouble to the PVI.  The Taiwan-based company highlighted that
the utilization rate and operation of BOE will greatly improve
this year, the report adds.

                  About BOE Hydis Technology

Headquartered in Seoul, South Korea, BOE Hydis Technology
Company, Limited -- http://www.boehydis.com/-- develops,    
manufactures and distributes flat panel display products for a
wide range of applications, including laptop computers, Tablet
PC's, monitors, medical, avionic and car navigation systems.
China's BOE Technology Group Co. acquired the Company from
Korea's Hynix Semiconductor Inc. in 2003.  BOE Hydis is one of
the 10 LCD manufacturers in the world and has over 1,000
employees in China, Germany, Japan, Korea, Singapore, Taiwan,
and the United States.

As reported by the Troubled Company Reporter-Asia Pacific, BOE
Hydis applied for corporate rehabilitation on September 8, 2006,
with the Seoul Central District Court.


HYNIX SEMICONDUCTOR: Sees DRAM Rebound in 2Q This Year
------------------------------------------------------
Hynix Semiconductor Inc. expects a rebound in its key computer
chip market in the second quarter of this year, various reports
say citing Company CEO Kim Jong-kap.

Mr. Kim was quoted by Korea.Net as saying, "The semiconductor
sector tends to undergo around 15 months of price declines once
the downswing starts."  Considering the downward move started
earlier last year, the prices are likely to rebound from the
second quarter, he added.

Hynix, Reuters recounts, has seen prices of dynamic random
access memory chips tumble in 2007 as makers kept churning out
the semiconductors despite obvious signs of oversupply and weak
demand.

According to Reuters, citing a data provided by DRAMeXchange,
spot prices of some of the main DRAM chips plunged more than 85%
in 2007 according to data provided by DRAMeXchange, and in some
cases below their cost of production.  Still, in recent weeks,
investors and analysts have pointed to signs that memory prices
are finally reaching a bottom, the report adds.

Marie-France Han of Reuters writes that analysts predict a
turnaround for the middle of the year, but any recovery is
likely to be muted after a year-long war of attrition that has
savaged memory companies' share prices.

Mr. Kim, Reuters relates, said  Hynix did not plan to reduce its
DRAM shipment growth total in 2008 and would keep it in the
industry range of a 50 to 60% shipment growth for the full year.

Reuters adds that Mr. Kim said memory chip demand is likely to
be the fastest among all semiconductor categories.

                  About Hynix Semiconductor

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

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

                         *     *     *

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

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


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

ARK RESOURCES: Unveils Changes to Audit Committee
-------------------------------------------------
Wong Wai Choong was appointed as a member of ARK Resources
Berhad's Audit Committee and at the same time the company's non-
executive director.  Mr. Wong holds a Bachelor degree of
Architecture from Kansas State University, USA.  He is a
Registered Professional Architect with the Board of Architects
Malaysia and a Corporate Member of Malaysian Institute of
Architects.

Meanwhile, Rashidi Aly Bin Abdul Rais was tapped to become a
member of the company's Audit Committee.  Mr. Rashidi  holds a
Bachelor degree of Economics/Accountancy from City University
London, England.  He is a Certified Public Accountant and a
member of the Malaysian Institute of Accountants.  He is
currently the Group Managing Director/Chairman of ARK.

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

On April 24, 2006, Lankhorst was classified as an affected
listed issuer under the Bourse's Practice Note 17/2005.  It was,
therefore, required to submit and implement a plan to regularize
its financial condition category.


SOLUTIA INC: Mulls Offering US$400 Mil. of Senior Unsec. Notes
--------------------------------------------------------------
Solutia Inc. is planning to offer US$400 million aggregate
principal amount of senior unsecured notes, which are expected
to mature in 2016.

On Oct. 31, 2007, the company disclosed that the notes offering
is part of a US$2 billion exit financing package that would be
used to pay certain creditors upon Solutia's emergence from
Chapter 11 pursuant to its confirmed plan of reorganization, and
for the ongoing operations of the company after emergence.

As part of this exit financing package, Solutia also intends to
enter into a senior secured asset-based revolving credit
facility in the aggregate principal amount of US$400 million and
a senior secured term loan facility in an aggregate principal
amount of US$1.2 billion.

The notes will be governed by an indenture that is expected to
contain covenants restricting Solutia's ability to, among other
things, incur indebtedness, pay dividends, incur liens, and sell
assets.

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

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

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

                       *     *     *

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

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


SOLUTIA INC: Joins Panel in Showing Cross-Appeal Issues v. BNY
--------------------------------------------------------------
Solutia Inc. and certain of its subsidiaries and affiliates and
the Official Committee of Unsecured Creditors present issues in
their cross-appeal from the U.S. Bankruptcy Court for the
Southern District of New York's final order granting partial
summary judgment in favor of the Debtors and the Committee.  The
judgment is related to the Debtors' objection to the Bank of New
York's Claim No. 6210.  The Bank of New York is the indenture
trustee for the holders of the 11.25% senior secured notes due
2009.

The cross-appeal encompasses all other orders rendered
appealable, including the memorandum decision on joint motion
for partial summary judgment with respect to Claim No. 6210, as
modified by the errata order entered on Nov. 21, 2007.

The Committee has filed before the Court a motion for the
application of certain postpetition payments made to Bank of New
York on behalf of the 2009 Noteholders in reduction of the
principal amount of the 2009 Noteholders' Claim.  The
Postpetition Interest Motion sought a determination by the Court
as to whether the 2009 Noteholders are receiving and will
continue to receive more than the amount of postpetition cash
interest payments than the 2009 Noteholders are entitled under
Section 506(b) of the Bankruptcy Code.

At a Dec. 10, 2007 hearing on the Postpetition Interest Motion,
the Court opined that the parties had stipulated on the record
to the amount of postpetition cash interest payments due to the
2009 Noteholders, and that the stipulation was reflected in the
Court's Order and Memorandum Decision.

The Court denied, without prejudice, the Committee's request for
application of around US$12,100,000 in postpetition payments
made to Bank of New York, as indenture trustee for the 11.25%
senior secured notes due 2009 issued by Solutia, or its
predecessor, in reduction of the principal amount of the 2009
Noteholders' Claim No. 6210.

The Debtors and the Committee do not agree that the parties made
that stipulation or that the Order or Memorandum Decision
reflect the stipulation or address the issue of postpetition
cash interest.

The Cross-Appellants filed their protective cross-appeal to
resolve these issues:

   (a) Whether the Court, in the Memorandum Decision or Order,
       determined the proper amount of postpetition cash
       interest payments to which the 2009 Noteholders are
       entitled under Section 506(b), as the Court indicated
       on the record at the Dec. 10, 2007 hearing on Cross-
       Appellants' Motion; and

   (b) If so, whether the Court erred in finding that the 2009
       Noteholders are entitled to receive an amount of
       postpetition interest that exceeds the amount due under
       Section 506(b).

As reported in the Troubled Company Reporter on Dec. 5, 2007,
The Bank of New York, as Indenture Trustee for the 2009 Notes,
issued by Solutia and its predecessor, takes an appeal to the
Court under 28 U.S.C. Section 158(a) from each and every part
of:

   (a) the order of the Court denying BNY's request for relief
       from the automatic stay, entered Nov. 26, 2007;

   (b) the Court's November 9 memorandum decision on joint
       motion partial summary judgment with respect to Claim No.
       6210, and the November 26 final order granting partial
       summary judgment in favor of the Debtors and the Official
       Committee of Unsecured Creditors regarding the Debtors'
       objection to BNY's Claim No. 6210; and

   (c) the Court's ruling on BNY's emergency motion for
       reconsideration of the Memorandum Decision on Joint
       Motion for Partial Summary Judgment, issued on Nov. 26.

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

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

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

                       *     *     *

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

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


TALAM CORP: Unit Completes MYR63-Mil. Disposal of Land PM 1038
--------------------------------------------------------------
Pandan Indah Medical Management Sdn Bhd, a wholly owned
subsidiary of Talam Corporation Berhad, has completed the
disposal of a leasehold land held under PM 1038, at Lot 2374,
Mukim of Empangan, District of Ulu Langat, in the State of
Selangor, together with a Hospital Office Building of 6 floors
and a Medical Officers’ Block of 3 floors to  Hospital Pantai
Indah Sdn Bhd for a price consideration of MYR63,500,000.

The approximately age of the Hospital Building is 8 years.  The
Audited Net Book Value of the Hospital Building and Land for the
financial year ended January 31, 2006, is MYR40,049,349.00 and
MYR1.00 respectively.

The updated valuation on the Hospital Building has been carried
out on May 26, 2006, by Colliers, Jordan Lee & Jaafar Sdn Bhd,
an independent valuer, with the updated market value of
MYR60,000,000.00, using the combination of the Cost Method and
Investment Method.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in       
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of Talam
Corporation for the financial year ended January 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on
the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.  
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


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

BUILDTECH CONSTRUCTION: Names James Stewart Murray as Liquidator
----------------------------------------------------------------
On December 9, 2007, the shareholders of Buildtech Construction
Ltd. appointed James Stewart Murray as the company's liquidator.

Creditors are required to file their proofs of debt by Feb. 1,
2008, to be included in the company's dividend distribution.

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


CAPITAL HOG: Court to Hear Wind-Up Petition on January 22
---------------------------------------------------------
A petition to have Capital Hog Ltd.'s operations wound up will
be heard before the High Court of Wellington on January 22,
2008, at 10:00 a.m.

Accident Compensation Corporation filed the petition on Nov. 22,
2007.

Accident Compensation's solicitor is:

          Dianne S. Lester
          Maude & Miller
          McDonald’s Building, 2nd Floor
          PO Box 50555, Porirua City
          New Zealand


COMMAND RECRUITMENT: Taps Chilcott and Chatfield as Liquidators
---------------------------------------------------------------
On December 10, 2007, the shareholders of Command Recruitment
Group (NZ) Ltd. appointed Laurence George Chilcott and Peter
Charles Chatfield as the company's liquidators.

Only creditors who are able to file their proofs of debt by
January 11, 2008, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Laurence George Chilcott
          Peter Charles Chatfield
          c/o Smith Chilcott Bertelsen Harry
          Chartered Accountants
          Shortland Tower One, Level 11
          51-53 Shortland Street
          PO Box 5545, Auckland
          New Zealand
          Telephone:(09) 379 8035
          Facsimile:(09) 307 8892


CREATIVE PLAY: Commences Liquidation Proceedings
------------------------------------------------
Creative Play Ltd. Commenced liquidation proceedings on Dec. 6,
2007.

Creditors are required to file their proofs of debt by Jan. 31,
2008, for them to be included in the company's dividend
distribution.

The company's liquidator is:

          Shaun Neil Adams
          c/o BDO Spicers
          Rifleman Tower, Level 8
          120 Albert Street
          Auckland 1010
          New Zealand
          Telephone:(09) 373 9053
          Facsimile:(09) 303 2830
          e-mail: shaun.adams@akl.bdospicers.com


DENNY'S CORP: Reports 4th Qtr. & Full-Year 2007 Same-Store Sales
----------------------------------------------------------------
Denny's Corporation reported same-store sales for its company-
owned and franchised restaurants during the quarter and year
ended Dec. 26, 2007, compared with the related periods in fiscal
year 2006.

                            4th Quarter         Full Year
   Sales:                  2007     2006       2007    2006
   ------                  ----     ----       ----    ----
   Company Restaurants

      Same-Store Sales    (1.2%)    1.6%       0.3%    2.5%

      Guest Check Average  6.3%     1.9%       4.6%    4.4%
      Guest Counts        (7.1%)   (0.3%)     (4.1%)  (1.8%)

   Franchised Restaurants

      Same-Store Sales     0.3%     2.3%       1.7%    3.6%

During the fourth quarter, Denny's opened two new company
restaurants, closed two and sold 74 company restaurants to
franchisee operators.  Also during the fourth quarter,
franchisees opened eleven new restaurants, closed four and
purchased 74 company restaurants.  The Denny's system began 2007
with 34% company restaurants (521) and 66% franchised and
licensed restaurants (1,024).  Denny's ended the year with 25%
company restaurants (394) and 75% franchised and licensed
restaurants (1,152).

Nelson Marchioli, President and Chief Executive Officer, stated,
"We are pleased to report that despite a difficult sales
environment we expect to meet our full-year earnings guidance.
Excluding the impact of severe winter weather in December, our
same-store sales results for the fourth quarter were in line
with our expectations.  We continue to manage our business to
produce the most profitable result given the current pressures
on consumer spending.

"While the operating environment has remained challenging, we
are pleased to report considerable progress on several of our
strategic initiatives.  During the fourth quarter, we completed
the sale of 74 company restaurants to franchisee operators
bringing the year-to-date total to 130 restaurants sold under
our Franchise Growth Initiative. With these asset sale proceeds
and our operating cash flow we were able to reduce our
outstanding debt by approximately US$55 million during the
fourth quarter, yielding a full-year debt reduction of more than
US$100 million for the second consecutive year.  In addition, we
reached an important goal of net positive unit growth in 2007
and look forward to building on that achievement in 2008. We are
confident in our strategic direction and will continue to
execute upon it in order to grow our brand and optimize our
business model," Mr. Marchioli concluded.

                      Additional Information

Denny's expects to release final results for its fourth quarter
and year ended Dec. 26, 2007, after the markets close on
Feb. 13, 2008.

                    About Denny's Corporation

Headquartered in Spartanburg, South Carolina, Denny's
Corporation (Nasdaq: DENN) -- http://www.dennys.com/-- is a
full-service family restaurant chain in the U.S., with 521
company-owned units and 1,024 franchised and licensed units,
with operations in the United States, Canada, Costa Rica, Guam,
Mexico, New Zealand and Puerto Rico.

                          *     *     *

Denny's Corp. carries Standard & Poor's 'B+' Long Term Foreign
Issuer and 'B+' Long Term Local Issuer ratings.


ELITE POOLS: Court Sets Wind-Up Petition Hearing for January 24
---------------------------------------------------------------
The High Court of Auckland will hear on January 24, 2008, at
10:00 a.m., a petition to have Elite Pools Ltd.'s operations
wound up.

The petition was filed by the Commissioner of Inland Revenue on
October 4, 2007.

The CIR's solicitor is:

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


RESIDENTIAL MORTGAGES: Fixes Jan. 31 as Last Day to File Claims
---------------------------------------------------------------
The creditors of Residential Mortgages Ltd. are required to file
their proofs of debt by January 31, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 6,
2007.

The company's liquidators are:

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


WESTOX NEW ZEALAND: Subject to CIR's Wind-Up Petition
-----------------------------------------------------
On November 7, 2007, the Commissioner of Inland Revenue filed a
petition to have Westox New Zealand Ltd.'s operations wound up.

The petition will be heard before the High Court of Christchurch
on January 28, 2008, at 10:00 a.m.

The CIR's solicitor is:

          Julia Beech
          c/o Inland Revenue Department
          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


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

ATLAS CONSOLIDATED: Infuses Additional US$10 Million to Unit
------------------------------------------------------------
Atlas Consolidated Mining and Development Corp., together with
Crescent Asian Special Opportunities Portfolio, has just infused
an additional US$10 million to Carmen Copper Corp., a subsidiary
of Atlas.

Atlas shouldered US$6.553 million of the amount while Crescent
gave US$3.447 million.  The capital infusion was done by way of
subscription to 112,328,767 common shares in Carmen Copper.

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

As of December 31, 2006, Atlas' total liabilities of
PHP3.81 billion exceeded total assets of PHP2.99 billion,
resulting in a capital deficiency of PHP820.5 million.  Total
current liabilities of PHP1.91 billion as of December 31, 2006,
also exceeded total current assets of PHP305.22 million.


BANK OF THE PHIL. ISLANDS: Seeks to Dispose of PHP30-Bil. ROPAs
---------------------------------------------------------------
The Bank of the Philippine Islands this year eyes disposing of
about PHP30 billion in real and other properties that it has
acquired, citing the current strength of the property sector,
the Philippine Star reports.

According to the article, BPI President Aurelio Montinola III
said in a briefing on Thursday that the bank may divide the
ROPAs into five or six large prices in order to attract more
buyers while maintaining profitability for the bank.

The bank official said that the bank seeks to dispose of the
properties as early as possible, as prices may decline by 2009.  
He also said that the strengthening of the peso may discourage
overseas Filipino workers from further buying of properties in
the country, although BPI remains upbeat about the economy.

Mr. Montinola also said that, aside from getting rid of its
ROPAs, the bank is also planning to dispose of PHP11 billion
worth of non-performing loans.  


Bank of the Philippine Islands -- http://www.bpi.com.ph/-- is
the oldest bank in South East Asia and is the second largest
commercial bank in the Philippines in terms of assets, deposits,
loans and capital base in the year 2003.  The bank has two major
products and services categories: the first covers its deposit
taking and lending/investment activities, while the second
covers income derived from all services other than deposit
taking, lending and investing, which are generally in the form
of commissions, service charges and fees.

On May 28, 2007, Moody's Investor Services assigned a B1 foreign
currency deposit rating to BPI.


BANK OF THE PHIL. ISLANDS: Sees No Need to Hike Capital in 2008
---------------------------------------------------------------
The Bank of the Philippine Islands sees no immediate need to
raise capital this year because of the growth in its revenues
for the first nine months last year, the Philippine Star
reports.

The bank recorded an 11% growth in revenues for the January-
September period last year, the article recounts.  As of
September 30, 2007, the bank had total resources of
PHP573 billion while assets in trust were at PHP240 billion.  
The bank also recorded a growth in deposits to PHP456 million,
the article adds.

According to PhilStar, BPI President Aurelio Montinola III added
that the bank's income may not grow as fast as it did last year.  
"Business volume will be strong despite the spread compression
seen in 2008," he said.

Bank of the Philippine Islands -- http://www.bpi.com.ph/-- is
the oldest bank in South East Asia and is the second largest
commercial bank in the Philippines in terms of assets, deposits,
loans and capital base in the year 2003.  The bank has two major
products and services categories: the first covers its deposit
taking and lending/investment activities, while the second
covers income derived from all services other than deposit
taking, lending and investing, which are generally in the form
of commissions, service charges and fees.

On May 28, 2007, Moody's Investor Services assigned a B1 foreign
currency deposit rating to BPI.


BANCO DE ORO-EPCI: BSP OKs Partnership with Property Developers
---------------------------------------------------------------
The Bangko Sentral ng Pilipinas has approved the application by
Banco de Oro-Equitable PCI Inc. to team up with Sta. Lucia
Realty & Development Inc., Filinvest Land Inc. and Crown Asia
Inc., allowing it to dispose of over PHP200 million in
distressed assets.

According to BusinessWorld Online Edition, BSP Deputy Governor
Nestor Espenilla Jr. said BDO had only formalized the joint
venture with the three developments which had been existing
since 2005.

BDO would now be able to reclassify the foreclosed properties
into performing assets and would no longer be compelled to make
capital provisions for them, Mr. Espenilla told the Philippine
Star.  The joint venture will also allow the bank to turn the
assets around, he added.

The BSP official also told PhilStar that banks are now
preferring to establish joint ventures with property developers
regarding their foreclosed properties.  However, he said, banks
are only allowed to participate as owners of the properties,
saying that banks should concentrate on core businesses and not
property development.

The BSP had approved the joint ventures in 2006 through Circular
No. 518, BusinessWorld recounts.  The circular had effectively
allowed banks to develop non-banking properties acquired through
mergers by entering into joint ventures with real estate
property developers.

The BSP is also expecting the number of joint ventures between
banks and property developers to increase this year as
opportunities in the real estate market opens, Mr. Espenilla
revealed to the Star.  However, he added, the BSP has no plans
of easing up limitations on these joint ventures.

                    About Banco de Oro-EPCI

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banco de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.


CE CASECNAN: Posts 3rd Quarter 2007 Profit of US$16.291 Million
---------------------------------------------------------------
CE Casecnan Water & Energy Co. Inc. posted a net income of
US$16.291 million for the third quarter of 2007, dropping 43.33%
from the US$28.745-million net income reported for the same
period in 2006.

For the quarter ended September 30, 2007, the company earned
revenues of US$27.501 million, lower than the US$40.585 million
in September 30, 2006.  Total operating expenses for the period
is at US$19.468 million, comprising of US$5.438 million in
depreciation and US$2.55 million spent in plant operations.  
Interest expenses is at US$4.113 million, while interest income
and net other income is at US$609,000 and US$867,000,
respectively.  

The company also reported a US$41.107-million net income for the
nine months ending September 30, 2007, lower than the
US$59.421-million net income during the same period in 2006.  
Revenues for the period is at US$78.853 million, operating
expenses is at US$51.087 million, and total other expenses for
the period is at US$8.256 million.

As of September 30, 2007, the company's balance sheets showed  
US$416.879 million in total assets and US$182.471 million in
total liabilities, resulting in a shareholders' equity of
US$234408 million.

The company's third quarter financial statements can be
downloaded for free at:

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


CE Casecnan, an 85%-owned subsidiary of MidAmerican Energy
Holdings Co. (MidAmerican Energy; A-/Stable/--), is the owner
and operator of a combined water and hydroelectric power project
on the island of Luzon in the Philippines.  The project diverts
water through 29 km of tunnels from the Casecnan and Denip
rivers to a 150-megawatt (MW) power plant.  The Philippine
National Irrigation Administration uses the water for irrigation
and sells the electricity to National Power Corp. (foreign
currency BB-/Stable/--; local currency BB+/Stable/--), the
national electric utility.

The Troubled Company Reporter-Asia Pacific reported that on
Sept. 15, 2006, Standard & Poor's Ratings Services raised its
issue rating on Philippines' CE Casecnan Water and Energy Co.
Inc.'s US$171.5 million senior secured notes to 'BB-' from 'B+'.
The outlook is stable.  The rating upgrade reflects its improved
financial risk profile, after significant debt amortization in
2005.


CITY RESOURCES (PHIL): Stocks to Trade Under New Name on Jan. 18
----------------------------------------------------------------
The securities of City Resources (Phil.) Corp. will be traded
under the name of First Philippine Infrastructure Inc. effective
January 18, 2008.

In light of the company's change in corporate name, the
company's stockholders are required to surrender their stock
certificates bearing the company's old name to Securities
Transfer Services Inc., City Resources' stock transfer agent.

Securities Transfer Services is located at the 4th floor of the
Benpres Building, Exchange Road, in Pasig City, Metro Manila.

Stockholders who will personally surrender their old certificate
will be required to present two valid government ID's.  
Authorized representatives are required to bring along a duty
notarized letter of authority, two valid government ID's of the
shareholder being represented and two valid government ID's of
the representative.

Meanwhile, stockholders who will surrender their old stock
certificates through mail will receive their new stock
certificates through registered mail.

Pasig City, Philippines-based City Resources (Phils.)
Corporation (CRC) is now a holding company after all of its
assets over mining rights over all of its mineral properties in
the Municipalities of Paracale and Labo, both in the Province of
Camarines Norte, were sold as far back as January 31, 1994 to
Crescent Mining and Development Corporation. On March 1, 1994,
the stockholders approved the change in the primary purpose of
the company from mining to that of a holding company. The SEC
approved this amendment on March 24, 1994. Since then CRC had no
operations.

On October 2000, Lopez, Inc. acquired the right to purchase
7,515,850 fully paid shares and 79,504,310 partially paid shares
of the company from Starfield Holdings, Inc., representing at
least 91% of the outstanding capital stock of the company. For
the year 2001, Lopez Inc. intends to exercise the rights and
transfer the shares under its name or under the name of the
affiliate. Lopez, Inc. will also revive the operations of the
company as a holding Company by transferring assets to the
company and will organize the company and activate its
management in 2001.

CRC is not presently conducting any business operations.


GUESS? INC: Brean Murray Maintains Buy Rating on Firm's Shares
--------------------------------------------------------------
Brean Murray analyst Eric M. Beder has kept his "buy" rating on
Guess? Inc.'s shares, Newratings.com reports.

Newratings.com relates that the target price for Guess?'s shares
was set at US$57.

Mr. Beder said in a research note that Guess? reported good
double-digit December comps, despite a tough economic
environment and difficult comps.

Newratings.com notes that Mr. Beder is positive Guess? has
various multi-year growth drivers in the domestic and
international markets.  According to Mr. Beder, Guess?'s stock
deserves to trade at a premium.

Earnings per shares estimates for the fiscal years 2007 and 2008
were increased to US$1.98 from US$1.96 and to US$2.50 from
US$2.46, respectively, Newratings.com states.

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.


MANILA ELECTRIC: Files Proposed Amendment to Rates Schedules
------------------------------------------------------------
The Manila Electric Co. has filed on Friday its proposed set of
rate schedules under the performance-based regulation approved
by the Energy Regulatory Commission, a company press release
says.

Under the proposal, small residential customers that consume a
maximum of 100 kilowatts per hour will continue to enjoy a
lifeline discount of 20%-50%.  MERALCO is also seeking approval
to provide a 10% special discount on distribution-related
charges to government hospitals and charitable institutions.  
MERALCO is also proposing lowered generation charges for
streetlighting customers.  The rates aim to avoid price shocks
to any customer segment.

Mr. Cuna concluded that "with this shift in the distribution
rate-setting methodology, consumers can likewise expect higher
levels of service as PBR incorporates incentive and penalty
mechanisms related to the electric and customer service
performance of distributors."


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

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


METROPOLITAN BANK: Announces PHP722.91-Million Cash Dividend
------------------------------------------------------------
Metropolitan Bank & Trust Co. has announced a PHP722.91-million
or 2% cash dividend to be paid not later than February 13, 2008,
a press release by the bank says.

The Bank has fixed January 18, 2008, as the record date to
determine eligible stockholders for the dividend.

The bank's Board of Directors had approved earlier the 2% cash
dividend that translates to PHP0.40 per share based on the par
value of PHP20 per share.  The dividend will be taken from its
total profits on hand.

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
Internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the Philippines, and its overseas branch
network has enabled it to service the fund remittances of
Filipino overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                        *     *     *

In November 2006, Moody's Investors Service revised the outlook
of Metropolitan Bank & Trust Co.'s foreign currency long-term
deposit rating of B1 and foreign currency subordinated debt
rating of Ba3 from negative to stable.  The outlooks for
Metropolitan Bank's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of "D" remain
stable.

On Sept. 21, 2006, Fitch Ratings upgraded Metrobank's Individual
rating to 'D' from 'D/E'.  All the bank's other ratings were
affirmed: Long-term Issuer Default rating 'BB-' -- with a stable
Outlook; Short-term rating 'B'; and Support rating '3.

On March 3, 2006, Standard and Poor's Rating Service assigned a
CCC+ rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.


SECURITY BANK: Francia Lina Marcelo Resigns as Vice-President
-------------------------------------------------------------
Francia Lina E. Marcelo has resigned as vice president of the
Security Bank Corp.

Ms. Marcelo's resignation is effective February 1, 2008.

Makati City-based Security Bank Corporation --
http://www.securitybank.com.ph/-- offers a wide variety of
financial products and services.  The bank's services include
peso, dollar and third currency deposits, domestic and
international fund transfers, deposit pick-up and payroll
services, and ancillary services.  Security Bank also provides
working capital financing, term arrangements and loan
syndication services.

Security Bank holds Fitch Ratings' 'BB' Long-Term Foreign
Currency Issuer Default Rating, a 'BB' Long-Term Local Currency
Issuer Default Rating, a 'D' Individual Rating and a '4' Support
Rating.


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

BIOFUEL INDUSTRIES: Wind-Up Petition Hearing Set for January 18
---------------------------------------------------------------
The High Court of Singapore will hear on January 18, 2008, at
10:00 a.m., a petition to have Biofuel Industries Pte. Ltd.'s
operations wound up.

Firstlink Capital Pte. Ltd. filed the petition on December 28,
2007.

Firstlink's solicitors are:

          Rodyk & Davidson LLP
          80 Raffles Place
          #33-00 UOB Plaza 1
          Singapore 048624


ENZER ELECTRONICS: Court to Hear Wind-Up Petition on January 16
---------------------------------------------------------------
A petition to have Enzer Electronics Pte Ltd's operations wound
up will be heard before the High Court of Singapore on Jan. 16,
2008, at 10:00 a.m.

Tay Swee Sze filed the petition on December 13, 2007.

Tay Swee's solicitor is:

          Rodyk & Davidson LLP
          No 80 Raffles Place
          #33-00 UOB Plaza 1
          Singapore 048624


FLEXTRONICS INT'L: Dr. Willy Shih Joins Board of Directors
----------------------------------------------------------
Flextronics International has announced that Willy Shih, Ph.D.,
Harvard Business School senior lecturer, has been appointed to
the company's Board of Directors effective immediately.

Dr. Shih is currently a senior lecturer for the Harvard Business
School, a role he has held since January 2007.  Dr. Shih's broad
industry career experience includes significant accomplishments
for globally recognized organizations such as Kodak, IBM,
Silicon Graphics and Thomson.  While at Kodak, Dr. Shih led the
organization to leadership market positions in the United States
in consumer digital cameras, photo printing consumables and
online photofinishing services.  He also managed key
intellectual property projects at Thomson and at Kodak. Dr. Shih
holds a Ph.D. in Chemistry from the University of California,
Berkeley and S.B. degrees in Chemistry and Life Sciences from
the Massachusetts Institute of Technology.

"Willy is a strong leader who brings complementary and well-
rounded experience to the Flextronics Board along with a shared,
practical approach to the leadership of complex global
organizations. We feel we have added significant strength to our
organization," said Flextronics chief executive officer, Mike
McNamara. "I would like to welcome Willy as the newest member of
the Flextronics Board."

As previously announced and in connection with the appointment
of the new director, Michael Marks has simultaneously retired as
a director of Flextronics International.  Ray Bingham has
assumed the role of Flextronics' Chairperson of the Board.  Mr.
Bingham has served as a member of Flextronics Board since
October 2005.  He has also served in a number of capacities with
Cadence Design Systems, Inc., a supplier of electronic design
automation software and services.  Mr. Bingham served Cadence as
its Executive Chairperson from May 2004 to July 2005, Director
from November 1997 to April 2004, President and Chief Executive
Officer from April 1999 to May 2004, and Executive Vice
President and Chief Financial Officer from April 1993 to April
1999.

Mr. McNamara continued, "On behalf of the Board, I would like to
thank Michael for his many contributions to Flextronics over the
years.  His guidance and leadership have been significant to our
organization and we wish Michael all the best in his future
endeavors."

                    About Flextronics

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 4, 2007, Fitch Ratings has completed its review of
Flextronics International Ltd. following the company's
acquisition of Solectron Corp. and resolved Flextronics' Rating
Watch Negative status by affirming these ratings: Issuer Default
Rating at 'BB+'; and Senior unsecured credit facility at 'BB+'.

Fitch also rated Flextronics' new senior unsecured Term B loan
at 'BB+'.  Additionally, Fitch has downgraded the rating on
Flextronics' senior subordinated notes from 'BB' to 'BB-'.
Fitch said the rating outlook is negative.

At the same time, Moody's Investors Service confirmed the
ratings of Flextronics International Ltd. with a negative
outlook and assigned a Ba1 rating to the company's new US$1.75
billion delayed draw unsecured term loan in response to the
closing of the Solectron acquisition.  The initial draw on the
term loan (US$1.1 billion) will finance the cash portion of the
merger consideration.


PETROLEO BRASILEIRO: Subsea 7 Bags Gulf of Mexico Contract
----------------------------------------------------------
Petroleo Brasileiro SA is awarding Norwegian engineering firm
Subsea 7 a contract for installation works in the deepwater
Cascade and Chinook fields in the Gulf of Mexico, according to
Business News Americas.

Under the deal, Subsea 7 will receive up to US$50 million to:

  -- engineer and install 70km of power cables, control
     umbilicals and

  -- manufacture and install 16 jumpers in the Cascade and
     Chinook fields.

Subsea 7 disclosed that "the offshore installation campaign will
be carried out by one of Subsea 7's deepwater umbilical
installation vessels late 2009 and early 2010," BNamericas
relates.

BNamericas says that Petrobras will be using first-time floating
production storage and offloading vessel to develop Cascade and
Chinook.

                  About Petrobras Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp-
- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil.  Petrobras has operations in China, India, Japan, and
Singapore.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'.  In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'.  Fitch
said the rating outlook is stable.


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

ADVANCE AGRO: Always Rich Holding Buys 75.79% Ownership Stake
-------------------------------------------------------------
Always Rich Holding Ltd. has acquired 75.79% of the paid-up
shares of Advance Agro PCL by entering into a purchase agreement
with all entities holding securities in the company.

Always Rich entered into agreement with these entities:

      Shareholder              No. of Shares Held

    * King Star Enterprise Ltd.    24,236,579
    * Mega Well Trading Ltd.       21,950,000
    * Fidelity Trading Ltd.        22,548,000
    * 1- Talent Asia Ltd.           1,278,200
    * Info-Max Investment Ltd.      6,050,000
    * Citimaster Ltd.              25,500,000
    * Jenox Investments Ltd.       75,036,328
    * Smartsea Investment Ltd.     16,164,404
    * JA Worzno SA                  2,872,133
    * Ocean Advance Ltd.            9,848,000
    * Anglo Join Int'l Ltd.        12,500,000
    * Neutron Investments Ltd.     15,964,000
    * Transnet Worldwide Corp.     33,151,685
    * Jade Profits Ltd.             8,400,000
    * Skytrend Development Ltd.    26,526,000
    * Fast Forward Ltd.            26,500,000
    * Langley Finance Ltd.         24,050,000
    * Maxcon Enterprises Ltd.      24,448,275
    * Pentix Investment Ltd.       26,490,300

These agreements are for a total number of 403,514,803 ordinary
shares and were executed on January 10, 2008, for a total price
of THB15.694 billion.  These shares represent 75.79% of the
company's paid-up capital.

To acquire the remaining 24.21% of the company, Always Rich made
a tender offer through Yothin Damnerncharnvanich to purchase the
remaining 128,866,504 ordinary shares for a total tender price
of THB5.025 billion.  The tender is expected to be submitted on
January 22, 2008.

Advance Agro Public Company Limited --
http://www.advanceagro.com/-- is a pulp and paper manufacturer     
and distributor.  It markets its products under the brand name
Double A.  The company also distributes its products through
Double A Copy Center with over 1,500 branches in Thailand and
overseas and Double A Stationery with approximately 100 shops
nationwide.  In addition, Advance Agro operates three power
plants.   Headquartered in Prachinburi Province, the company has
a branch office in Bangkok.  Advance Agro is comprised of a
number of subsidiaries.

The Troubled Company Reporter-Asia Pacific reported on Nov. 12,
2007, that  Moody's Investors Service has changed to negative
from positive the rating outlook for Advance Agro Public Company
Ltd's B3 corporate family rating and B3 senior unsecured bond
rating.

The negative outlook mainly reflects:

   1) the uncertainties pertaining to Advance Agro's financial
      and business strategies; and

   2) Moody's concerns about the company's corporate governance
      and level of disclosure post-privatization.

The TCR-AP also reported on December 19, 2007, that Standard &
Poor's Ratings Services affirmed its 'B-' corporate credit
ratings and issue ratings on Thailand's integrated pulp and
paper company, Advance Agro Public Co. Ltd. (Advance Agro), and
removed them from CreditWatch, where they were placed with
negative implications on Nov. 9, 2007.  The outlook is negative.


PICNIC CORP: SET Posts Suspension “SP” Sign on Securities
---------------------------------------------------------
The Stock Exchange of Thailand has posted an "SP" sign for the
suspension of trading for Picnic Corp. PCL's securities.

The sign was posted upon Picnic's request, stating that it has
been significantly affected by the actions of one of its
creditors.  The company told the SET that it is currently trying
to resolve the issue with the creditor.

Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.

                      Going Concern Doubt

After reviewing the company's 2007 third quarter financial
statements, Somchai Kurujitkosol at S.K. Accountant Services Co.
Ltd. raised significant doubt on the company's ability to
continue as a going concern.

Mr. Somchai said that the group had working capital deficits of
THB4.16 billion at September 30, 2007 and THB2.191 billion at
December 31, 2006.  Mr. Somchai also said that the group has
various loans, some of which are already in default.  The
company's management is now negotiating with various financial
institutions to jointly invest in the company to solve the
problem.

Mr. Somchai concluded that the company's ability to continue as
a going concern is dependent on its ability to negotiate debt
restructuring of the Company and share capital increment, as
well as on its ability to follow-up of debt collection from
trading account receivables and loans due from associated
companies.


TMB BANK: Six Board Members Resign
----------------------------------
The Board of Directors of TMB Bank PCL has approved the
resignation of six directors, the Asian Banker reports.

According to the report, these directors resigned from the bank:

    * Jeanette Wong Kai Yuan    -- appointed by DBS Bank
    * Rajan Raju Kankipati      -- appointed by DBS Bank
    * Somchai Sujjapongse       -- represents Finance Ministry
    * Vudhibhandhu Vichairatana -- represents Finance Ministry
    * Pang Malakul Na Ayudhya   -- represents Royal Thai Army
    * Kraithip Krairiksh

On the other hand, the Asia Banker says, new shareholder ING
Bank named three directors to the board: Willem Nagel, Philippe
Damas and Vaughn Nigel Richtor.

Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

Standard & Poor's Ratings Services lowered its issue credit  
rating on Thailand's TMB Bank Public Co. Ltd.'s hybrid Tier-1  
issue to 'D' from 'CC'.  This comes after the bank said it would  
not pay interest on its US$200 million perpetual non-cumulative  
hybrid Tier-1 securities.

On October 30, 2007, Fitch Ratings placed TMB Bank Public
Company Limited's Long-term foreign currency Issuer Default
Rating of 'BB+', Short-term foreign currency IDR of 'B', foreign
currency subordinated debt rating of 'BB', foreign currency
hybrid Tier 1 rating of 'B', Individual 'D', Support '3',
Support Rating Floor of 'BB', national Long-term 'A(tha)',
national Short-term 'F1(tha)', national subordinated debt 'A-
(tha)' (A minus (tha)) rating on Rating Watch Evolving.


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

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

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


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


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

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


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


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

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






                         *********

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

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

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


                            *********


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

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