TCRAP_Public/080117.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, January 17, 2008, Vol. 11, No. 12

                            Headlines

A U S T R A L I A

ARTMILL DISTRIBUTORS: Liquidators Present Wind-Up Report
CENTRO PROPERTIES: Former Chief Refuses to Admit Mistakes
EVAN STAFFORD: Commences Liquidation Proceedings
FEDERATED STEVEDORES: Members Receive Liquidation Report
FIRE ENGINEERING: Liquidators Present Wind-Up Report

FORD MOTOR: Appoints Mr. Osborne as New President of AU Unit
FRESHMARK PTY: Members Hear Liquidation Report
KENDLE INT'L: Hires Philip Davies as Phase I Vice President
LAFAYETTE MINING: To File Petition for Rehab, Not Bankruptcy
MALLEYS TRANSPORT: Members Receive Wind-Up Report

MARTIN SHIRLEY: Liquidators Give Wind-Up Report
NIPPON MANGANESE: Placed Under Voluntary Liquidation
PACK-TAINERS RAIL: Members Receive Wind-Up Report
TEREX CORP: Inks Acquisition Deal with ASV for US$488 Million
THE COMPLETE TREE: Commences Liquidation Proceedings

TOLL RELOCATIONS: Holds Meeting for Members
URS CORP: EG&G Division Bags Air Force Contract for US$267 Mil.
W. & M. MEAT: Liquidators Present Wind-Up Report


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

BEHAVIOR TECH: Sales Reach TWD7.91 Billion in 2007
CHINA EASTERN: Says No Further Comment on Air China Tie-Up
CONCORD SECURITIES: Fitch Upgrades Long-Term Rating to BB+
EMI GROUP: Terra Firma Outlines Restructuring Plan
JIANGXI COPPER: Will Purchase Parent's Assets to Boost Profit

LEALEA ENTERPRISE: December Sales Rise 53% to TWD823.03 Million
PACCO TECH: December 2007 Sales Fall 99.83%
PETROLEOS DE VENEZUELA: Shuts Down Amuay Plant
QUANTA COMPUTER: Expects to Sell 40 Million Laptops in 2008
RITEK CORP:  Sales Hit TWD18.81 Billion in 2007

SHIHLIN PAPER: 2007 Sales Total TWD1.78 Billion
SHIMAO PROPERTY: Moody's Revises Rating Outlook to Negative
VE WONG: December 2007 Sales Fall 6.42%


I N D I A

INDUSTRIAL DEV'T BANK: To Propose ESOP Scheme, Works on Details
ESSAR OIL: Unit Strikes Deal to Buy 50% in Kenya Petroleum
JENSON & NICHOLSON: Posts INR23-Mil. Loss in Qtr. Ended Sept. 30
TATA MOTORS: Nano Will Bring Company to Top, Research Firm Says
TATA MOTORS: Eyes Testing Nano in China & Other Markets

WESTERN INDIA: Board to Consider Preferential Issue on Jan. 29


I N D O N E S I A

ALCATEL-LUCENT: Argentine Unit's Revenues Rose Up to 15% in 2007
ANEKA TAMBANG: Upgrades Corporate Family Rating to Ba3
ARPENI PRATAMA: To Issue IDR750 Billion Bonds in Early March  
EXCELCOMINDO PRATAMA: 40 Firms Interested to Buy Stake in Unit
PERUSAHAAN LISTRIK: Secures US$1.9-BB Loan for Five Power Plants

PERUSAHAAN LISTRIK: Signs EPC Contract to Build Four Plants


J A P A N

DELPHI CORP: Moody's Assigns Ratings After Bankruptcy Emergence
DELPHI CORP: S&P Expects to Put B Rating After Chapter 11 Exit
DELPHI CORP: Commences Exit Financing Syndication
DELPHI CORP: US Trustee Balks at Panel's Exit Loan Participation
FIDELITY NAT'L: To Announce 2007 Financial Reports on Feb. 14

FORD MOTOR: Tata May Tap Ford Exec. to Head Two Luxury Brands
HARMAN INTERNATIONAL: Amends Fiscal Year 2008 Earnings Guidance
IHI CORP: Releases Corrected Financial Results for Q1 of FY2008
IHI CORP: Net Loss for First Half of FY08 Totals JPY37.3 Billion
JAPAN AIRLINES: May See Operating Profit of JPY48BB for FY08

NIPPON PAPER: Unit Strengthens Alliance with Kimberly-Clark
* New Law to Replace Rehabilitation Law, Moody's Says
* Regional Banks' Net Profit Up 2% for 1H of FY07, S&P Says


K O R E A

FRESH DEL MONTE: John Inserra to Quit as Chief Fin'l Officer
HANAROTELECOM: Expects Over KRW1.8 Trillion in Sales for 2007
HYNIX: Creditors Advise Firm to Begin US$4-Bil. Stake Sale in 1Q


M A L A Y S I A

OCI BERHAD: Ernst & Young Raises Going Concern Doubt
TALAM CORP: Aims to Reduce Debts to MYR300 Mil. Through Revamp


N E W  Z E A L A N D

ADVERTISING ADVISORY: Appoints Tay Wilson as Liquidator
AUTO SUPREME: Taps Fisk and Sanson as Liquidators
AUTOPAC RENTALS: Creditors' Proofs of Debt Due on February 29
CONTACT CONTRACTS: Undergoes Liquidation Proceedings
HAWKES BAY: Commences Liquidation Proceedings

IBS GROUP: Appoints Fatupaito and Fisk as Liquidators
MARFORD DEVELOPMENTS: Court to Hear Wind-Up Petition on Jan. 22
MILLER INVESTMENT: Fixes Jan. 24 as Last Day to File Claims
PAKURANGA EARTHMOVERS: Fixes Feb. 10 as Last Day to File Claims
PLIMMERTON CAFE: Appoints Fisk and Sanson as Liquidators

ROSH HOLDINGS: Fixes Jan. 25 as Last Day to File Proofs of Debt
WVC 2004: Subject to CIR's Wind-Up Petition


P H I L I P P I N E S

EXPORT AND INDUSTRY: Changes Stock Trading Symbol to "EIBA"
FIRST PHILIPPINE: Lopez Offers to Buy 7.979 Mil. Common Shares
MANILA ELECTRIC: Lopez Firm Reiterates Interest In Gov't Stake
PHILCOMSAT HOLDINGS: Board Elects New Members of Exec. Committee


S I N G A P O R E

CLP ENERGY: Creditors' Proofs of Debt Due on February 11
STATS CHIPPAC: Intends to Undertake Capital Reduction
WELLNESS MEDIA: Court to Hear Wind-Up Petition on January 18
ZHONGGUO JILONG: Creditors' Meeting Slated for January 31


T H A I L A N D

KRUNG THAI: Expects 6% Growth in Loans for 2008
NFC FERTILIZER: Court to Hear Rehab Petition on February 8

     - - - - - - - -

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

ARTMILL DISTRIBUTORS: Liquidators Present Wind-Up Report
--------------------------------------------------------
The members of Artmill Distributors Pty Ltd met on January 11,
2008, and received a report by David Clement Pratt and
Stephen Graham Longley, the company's liquidators, regarding
Artmill's wind-up proceedings and property disposal.

The Liquidators can be reached at:

          David Clement Pratt
          Stephen Graham Longley
          PricewaterhouseCoopers
          Freshwater Place
          2 Southbank Boulevard
          Southbank, Victoria 3006
          Australia

                   About Artmill Distributors

Artmill Distributors Pty Ltd is a distributor of non-durable
goods.  The company is located at Newcastle, in New South Wales,
Australia.


CENTRO PROPERTIES: Former Chief Refuses to Admit Mistakes
---------------------------------------------------------
Centro Property Group's former chief executive officer, Andrew
Scott, was defiant about his role in the company's debacle when
he talked about his resignation, writes Miriam Steffens for The
Sydney Morning Herald.

As reported by the Troubled Company Reporter - Asia Pacific on
Jan. 16, 2007, Mr. Scott stepped down from his post as CEO and
will be replaced by Glenn Rufrano, who heads Centro's business
in the United States.

According to Ms. Steffens, Mr. Scott, while he may have been
forced to resign, was not about to admit mistakes.  

Reading a prepared statement over the phone, SMH relates that
Mr. Scott has "stepped aside" for Centro's and his own good.  
Mr. Scott added that he resigned "without any sense of guilt or
belief" that he has failed the company.

SMH further quotes Mr. Scott as saying, "Unfortunately
circumstances have placed Centro in a difficult position from
which I believe it will recover."


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

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


EVAN STAFFORD: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on December 3, 2007,
the members of Evan Stafford & Associates resolved to
voluntarily wind up the company's operations.

Victor Raymond Dye and Roger Darren Grant were then appointed as
liquidators.

The Liquidators can be reached at:

          Victor Raymond Dye
          Roger Darren Grant
          Dye & Co. Pty Ltd
          Chartered Accountants
          165 Camberwell Road
          Hawthorn East, Victoria 3123
          Australia

                      About Evan Stafford

Evan Stafford & Associates P/L operates holding companies.  The
company is located at Gardenvale, in Victoria, Australia.


FEDERATED STEVEDORES: Members Receive Liquidation Report
--------------------------------------------------------
The members of Federated Stevedores Darwin Pty Limited met on
January 11, 2008, and heard the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          David Clement Pratt
          Stephen Graham Longley
          PricewaterhouseCoopers
          Freshwater Place
          2 Southbank Boulevard
          Southbank, Victoria 3006
          Australia

                   About Federated Stevedores

Federated Stevedores Darwin Pty Limited is engaged in the
business of marine cargo handling.  The company is located at
Darwin, in NT, Australia.


FIRE ENGINEERING: Liquidators Present Wind-Up Report
----------------------------------------------------
The members of Fire Engineering Pty Limited met on January 11,
2008, and received a report by David Clement Pratt and
Stephen Graham Longley, the company's liquidators, regarding
Fire Engineering's wind-up proceedings and property disposal.

The Liquidators can be reached at:

          David Clement Pratt
          Stephen Graham Longley
          PricewaterhouseCoopers
          Freshwater Place
          2 Southbank Boulevard
          Southbank, Victoria 3006
          Australia

                    About Fire Engineering

Fire Engineering Pty Limited provides business services.  The
company is located at Sydney, in New South Wales, Australia.


FORD MOTOR: Appoints Mr. Osborne as New President of AU Unit
----------------------------------------------------------------
Ford Motor Australia appoints a new president as it moves to
play a bigger role in the automaker's global operations, the
Australian Associated Press reports.

According to the report, Bill Osborne, 47, who is currently the
chief executive officer of the Ford Motor Company in Canada,
will take over the post as president next month.  Former
Australia chief Tom Gorman, who has led the company for almost
four years, is leaving the company to take up other business
opportunities, relates AAP.

The change comes following one of Ford's most turbulent years in
Australia, which included a decision to close its engine plant
in Geelong in 2010, a move that would cut 600 jobs, relates AAP.

Ford believes its decision to close the Geelong facility will
allow it to improve efficiencies and cut costs as it replaces
the locally made engine with one sourced from the United States.

The Geelong plant closure, states AAP, was prompted by a falling
demand for large cars in Australia due to rising cost of fuel.

                       About Ford Motor

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

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

                        *     *     *

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


FRESHMARK PTY: Members Hear Liquidation Report
----------------------------------------------
The members of Freshmark Pty Ltd met on January 11, 2008, and
heard the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          David Clement Pratt
          Stephen Graham Longley
          PricewaterhouseCoopers
          Freshwater Place
          2 Southbank Boulevard
          Southbank, Victoria 3006
          Australia

                      About Freshmark Pty

Freshmark Pty Ltd is involved in the trucking business, except
local.  The company is located at West Melbourne, in Victoria,
Australia.


KENDLE INT'L: Hires Philip Davies as Phase I Vice President
-----------------------------------------------------------
Kendle International Inc. has appointed Philip J.W. Davies to
the position of Vice President of Phase I.  Mr. Davies will
provide global leadership to strengthen and grow the company's
Phase I business, which includes a Clinical Pharmacology Unit in
The Netherlands and a bioequivalence unit in West Virginia, and
will focus on expanding Phase I capabilities globally.  Mr.
Davies will be based in Kendle's Cincinnati headquarters and
will report directly to Chairperson and Chief Executive Officer,
Candace Kendle, PharmD.

"Phase I is a rapidly growing area of opportunity and is an
integral part of Kendle's business plan, with the market
expected to grow between 13.4 and 16 percent annually through
2010," said Dr. Kendle.  "I am pleased to welcome Phil to this
key leadership role as Kendle focuses on the strategic expansion
of our early stage capabilities to meet our customers' needs."

Mr. Davies brings more than two decades of pharmacology
expertise to this position.  He joins Kendle from Eli Lilly and
Company where he served most recently as Director of Global
Exploratory and Program Phase Medical Operations.  He has been
with Eli Lilly since 2001, serving in multiple roles of
increasing responsibility, including Director, Global
Exploratory Medicine Operations; Director, Global Clinical
Pharmacology Operations; and Director, United States Clinical
Pharmacology Operations.  Prior to Eli Lilly, Mr. Davies served
as Director of Kendle's Clinical Pharmacology Unit in The
Netherlands and previously held Clinical Pharmacology roles in
Germany and the UK.

                        About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL) --
http://www.kendle.com/-- is a global clinical research   
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions: North America; Europe;
Asia/Pacific, including Australia; Africa; and Latin America,
including Brazil.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2007, Standard & Poor's Rating Services has revised its
outlook on Kendle International Inc. to positive from stable.
S&P also revised its issue rating on the company's amended
US$53.5 million revolver to 'BB' with a recovery rating of '1',
indicating the expectation of very high (90%-100%) recovery of
principal in the event of default.  At the same time, S&P
affirmed all existing ratings, including its 'B+' corporate
credit rating, on the company.


LAFAYETTE MINING: To File Petition for Rehab, Not Bankruptcy
------------------------------------------------------------
Lafayette Mining Ltd. said that its Rapu Rapu Group is filing a
petition for rehabilitation, not bankruptcy as reported by the
media, The Philippine News Agency reports.

According to the report, legal counsel of Lafayette Philippines,
Bayani Agabin, explains that rehabilitation means operations
will continue and people would remain employed.  Bankruptcy,
Mr. Agabin points out, "would mean mining operations stop,
people would be laid off and the remaining assets sold."

Mr. Agabin clarifies this matter as news broke out that the firm
has declared bankruptcy, says the report.

Mr. Agabin further clarifies that the Rapu Rapu project mine is
not closing down and "is definitely not bankrupt, and simply
needs time to get back on its feet by being allowed to suspend
payment of its present obligations," relates PNA.

Carlos G. Dominguez, chairman and president of Lafayette Phils.,
said the local unit will file a petition for rehabilitation so
it can continue normal operations.  The petition, states the
report, is expected to result in a court order instructing the
group's present creditors and suppliers to continue their
services and transactions with the local companies for as long
as they are paid on cash basis.

PNA adds that under rehab protection, payment for existing debts
will be suspended until the court has approved a rehabilitation
plan that will fairly settle all outstanding debts and ensure
the continued operations of the company.
       
                     About Lafayette Mining

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

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


MALLEYS TRANSPORT: Members Receive Wind-Up Report
-------------------------------------------------
The members of Malleys Transport Pty Ltd met on January 11,
2008, and heard the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          David Clement Pratt
          Stephen Graham Longley
          PricewaterhouseCoopers
          Freshwater Place
          2 Southbank Boulevard
          Southbank, Victoria 3006
          Australia

                    About Malleys Transport

Malleys Transport Pty Ltd operates non-classifiable
establishments.  The company is located at Tully, in Queensland,
Australia.


MARTIN SHIRLEY: Liquidators Give Wind-Up Report
-----------------------------------------------
The members of Martin Shirley & Associates Pty Ltd met on
January 11, 2008, and received a report by David Clement Pratt
and Stephen Graham Longley, the company's liquidators, regarding
Martin Shirley's wind-up proceedings and property disposal.

The Liquidators can be reached at:

          David Clement Pratt
          Stephen Graham Longley
          PricewaterhouseCoopers
          Freshwater Place
          2 Southbank Boulevard
          Southbank, Victoria 3006
          Australia

                     About Martin Shirley

Martin Shirley & Associates Pty Ltd is involved with freight
transportation arrangement.  The company is located at  
Yarraville, in Victoria, Australia.


NIPPON MANGANESE: Placed Under Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on November 28, 2007,
the members of Nippon Manganese Sales Pty Ltd resolved to
voluntarily wind up the company's operations.

John Georgakis of Ernst & Young was then appointed as
liquidator.

The Liquidator can be reached at:

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

                       About Nippon Manganese

Nippon Manganese Sales Pty Ltd provides management consulting
services.  The company is located at Melbourne, in Victoria,
Australia.


PACK-TAINERS RAIL: Members Receive Wind-Up Report
-------------------------------------------------
On January 11, 2008, the members of Pack-Tainers Rail Services
Pty Ltd had a meeting and received the liquidators' report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

          David Clement Pratt
          Stephen Graham Longley
          PricewaterhouseCoopers
          Freshwater Place
          2 Southbank Boulevard
          Southbank, Victoria 3006
          Australia

                       About Pack-Tainers

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


TEREX CORP: Inks Acquisition Deal with ASV for US$488 Million
-------------------------------------------------------------
Terex Corporation has reached a definitive agreement to acquire
A.S.V. Inc. through a tender offer followed by a merger.  The
transaction is valued at approximately US$488 million, or US$18
per fully diluted share of ASV common stock, and is subject to
the valid tender of a majority of ASV's fully diluted common
shares, regulatory approvals and other customary conditions.
Terex expects the transaction to close by the end of the first
quarter of 2008.

"ASV is a leader in compact track loader technology and with the
global reach of Terex, we see tremendous opportunity for
expanding ASV product sales," said Ronald M. DeFeo, Terex
Chairman and Chief Executive Officer.  "The ASV acquisition is
an excellent strategic and cultural fit and provides a great
addition to our product offerings as Terex continues to grow as
a global construction equipment manufacturer.  From a financial
perspective, we expect that ASV will add approximately $220-250
million in sales on a 2008 full-year basis and we are confident
that this acquisition will enhance future earnings growth
potential for Terex."

ASV compact track loaders feature a patent-protected
undercarriage and exert one-tenth the ground pressure of a skid
steer loader, resulting in much less ground or turf damage
during work.  In addition, compact track loaders offer increased
traction and greater stability.  ASV compact track loaders will
join an existing Terex compact equipment range of backhoe-
loaders, mini excavators, compact wheel loaders, site dumpers,
compaction rollers, light towers, generators and telehandlers.

"This combination with Terex is a perfect fit for ASV," said
Richard A. Benson, Chairman and CEO of ASV.  "We gain access to
the resources and know-how of a much larger company with a very
impressive global footprint.  ASV will have access to a broader
product line and our production facilities could benefit
significantly from the incremental volume of Terex machines.
The timetable for meeting ASV's strategic priorities is
accelerated considerably by the merger, which is a big plus for
employees, dealers and the communities in which we do business.
Caterpillar Inc. (NYSE:CAT) a large ASV customer and owner of
23.5% of ASV shares, has indicated its support for the merger."

"We are truly excited to welcome ASV, its team members and
distributors to the Terex Construction family," said Robert
Isaman, President, Terex Construction.  "There is no question
that our combination with ASV represents a great step forward
for both companies and that our customers in the construction,
landscaping and homeowners with acreage segments will be the
ultimate beneficiaries of our expanded product offerings."

                        About ASV

ASV, Inc. -- http://www.asvi.com/-- designs, manufactures and
sells rubber track machines and related components, accessories,
and attachments.  Its purpose-built chassis and patented rubber
track undercarriage technology are unique and lead all rubber
track loaders in innovation and performance.  ASV products are
able to traverse nearly any terrain with minimal damage to the
ground, making them effective in markets such as construction,
landscaping, forestry and agriculture.  ASV's wholly owned
subsidiary Loegering Mfg., Inc. designs, manufactures and sells
traction products and attachments for the skid-steer industry.

                 About Terex Corporation

Headquartered in Westport, Connecticut, Terex Corporation
(NYSE:TEX) - http://www.terex.com/-- manufactures a broad range
of equipment for use in various industries, including the
construction, infrastructure, quarrying, surface mining,
shipping, transportation, refining, and utility industries.
Terex offers a complete line of financial products and services
to assist in the acquisition of Terex equipment through Terex
Financial Services.  The company operates in five business
segments: Aerial Work Platforms, Construction, Cranes, Materials
Processing & Mining, and Roadbuilding, Utility Products and
Other.  The company has operations in Australia, Brazil, China,
Japan, Germany, United Kingdom, among others.

                       *     *     *

In August 2007, Moody's placed the company's long-term corporate
family rating and probability of default rating at Ba2, bank
loan debt rating at Ba1, and senior subordinate rating at Ba3.
These ratings still hold to date.  Moody's said the outlook is
stable.

Standard & Poor's placed the company's long-term foreign and
local issuer credits at BB, which still hold to date.  S&P said
the rating's outlook is stable.


THE COMPLETE TREE: Commences Liquidation Proceedings
----------------------------------------------------
During a general meeting held on December 3, 2007, the members
of The Complete Tree & Garden Company Pty Ltd resolved to
voluntarily liquidate the company's business.

Victor Raymond Dye and Roger Darren Grant were appointed as
liquidators.

The Liquidators can be reached at:

          Victor Raymond Dye
          Roger Darren Grant
          Dye & Co. Pty Ltd
          Chartered Accountants
          165 Camberwell Road
          Hawthorn East, Victoria 3123
          Australia

                      About The Complete Tree

The Complete Tree & Garden Company Pty Ltd is a distributor of  
durable goods.  The company is located at Camberwell East, in
Victoria, Australia.


TOLL RELOCATIONS: Holds Meeting for Members
-------------------------------------------
Toll Relocations Pty Ltd held a meeting for its members on
January 11, 2008.

At the meeting, David Clement Pratt and Stephen Graham Longley,
Toll Relocations' liquidators, presented a report on the
company's wind-up proceedings and property disposal.

The Liquidators can be reached at:

          David Clement Pratt
          Stephen Graham Longley
          PricewaterhouseCoopers
          Freshwater Place
          2 Southbank Boulevard
          Southbank, Victoria 3006
          Australia

                       About Toll Relocations

Toll Relocations Pty Ltd operates non-classifiable
establishments.  The company is located at Melbourne, in
Victoria, Australia.


URS CORP: EG&G Division Bags Air Force Contract for US$267 Mil.
---------------------------------------------------------------
URS Corporation's EG&G Division has been selected by the U.S.
Air Force's Air Education and Training Command to support its
Undergraduate Flight Training program.  The re-compete contract
includes a one-year base period and five one-year options
periods.  The maximum value of the contract to URS is US$267
million over the full six years.

Under the terms of the contract, URS will provide courseware
development, simulator and academic instruction for the T-1, T-
6, T-37 and T-38 aircraft, as well as combat systems officer
training, in support of the UFT program.

Commenting on the award, Randall A. Wotring, President of the
EG&G Division, said: "We are very pleased to have been selected
by the Air Force for this contract, which underscores URS'
position as a leader in military flight training.  URS has been
working with Air Force for 16 years to support the UFT program
and is proud to be continuing this important work."

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 7, 2007, Moody's Investors Service has downgraded the
Corporate Family Rating of URS Corporation to Ba2 from Ba1
following the company's acquisition of Washington Group
International, Inc.  Moody's said the ratings outlook is stable.


W. & M. MEAT: Liquidators Present Wind-Up Report
------------------------------------------------
The members of W. & M. Meat Transport Pty Ltd met on Jan. 11,
2008, and received the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

          David Clement Pratt
          Stephen Graham Longley
          PricewaterhouseCoopers
          Freshwater Place
          2 Southbank Boulevard
          Southbank, Victoria 3006
          Australia


                      About W. & M. Meat

W. & M. Meat Transport Pty Ltd is involved in the trucking
business, except local.  The company is located at Tingalpa, in
Queensland, Australia.


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

BEHAVIOR TECH: Sales Reach TWD7.91 Billion in 2007
--------------------------------------------------
Behavior Technology Computer Corp.'s sales for December 2007
fell 24.14% year-on-year to TWD579.28 million from
TWD763.60 million, according to data obtained from Bloomberg.

The company's full-year sales totaled TWD7.91 billion, a 13.90%
fall year-on-year from TWD9.18 billion.

Behavior Technology Computer Corp. -- http://www.btc.com.tw--  
designs, manufactures, and markets computer peripheral equipment
such as compact disk read only memory drives, keyboards, sound
cards and fax modems.

The company incurred net losses of TWD942.3 million,
TWD2.38 billion and TWD3.12 billion for the years ended Dec. 31,
2006 through 2004.


CHINA EASTERN: Says No Further Comment on Air China Tie-Up
----------------------------------------------------------
China Eastern Airlines said on Tuesday that it would make no
further comment regarding a tie-up with Air China before any
detailed proposal, Reuters reports.

"The market is waiting to see what Air China can bring to the
table.  There is no point speculating what our reaction will be
before the proposal actually comes out," Reuters quotes China
Eastern spokesman Luo Zhuping as saying.

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 Air China's
parent, China National Aviation Holding Co., 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 bid of HK$3.80 per share, or HK$7.2 billion
(US$923 million) in aggregate, for a holding in China Eastern.  

After the rejection, the TCRAP stated, Air China said it will
make a rival proposal for a stake in China Eastern.  China
Eastern, however, expressed that it would not consider having
Air China as a strategic investor.

Reuters recalls that the Beijing News, however, earlier quoted
Mr. Luo as indicating that China Eastern was softening its
stance and was prepared to consider a partnership with Air
China.

In addition, the TCR-AP reported on Jan. 16 that sources told
China Knowledge that China Eastern and Air China were discussing
an alliance plan that involve a swapping of shares.

However, Mr. Luo clarified with Reuters that China Eastern's
position had not changed since the shareholders meeting.


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.


CONCORD SECURITIES: Fitch Upgrades Long-Term Rating to BB+
----------------------------------------------------------
Fitch Ratings has upgraded Concord Securities Corporation's
ratings as follows:

   * long-term foreign currency issuer default rating to BB+
     from BB,

   * national long-term rating to A-(twn) from BBB+(twn), and

   * individual rating to C/D from D.

The agency also affirmed CSC's Short-term foreign currency IDR
at B, national short-term rating at F2(twn), support rating at
5, and support rating floor at NF.  The outlooks on the long-
term IDR and national long-term rating remain stable.

The upgrades reflect CSC's strengthened franchise and the
efficiency of its brokerage business, as well as Fitch's
expectations of the company's ability to sustain profitable
operations and a financial profile commensurate with its rating
level.

Improvements in brokerage market share and sales of wealth
management services have been notable in 2007.  Although its
share of the Taiwan Stock Exchange brokerage increased
moderately to 1.5% from 1.3% a year ago, CSC actively pursued
expansion in providing margin finance in 2007 for better risk-
reward.  Its margin financing volume nearly doubled in a year
and market share increased to 2.1% in September 2007 from 1.98%
a year earlier.  In addition, CSC sealed an exclusive dealership
contract with KBC Asset Management, a wholly-owned asset manager
of Belgium's KBC Group (AA-)and started to distribute KBC AM's
investment funds in September 2006.  Sales of offshore
investment funds add a new source of less volatile fee revenues
and are above expectations, thanks to the funds' niche
investment strategies and CSC's strong sales drive.  CSC's
profitability improved to an annualised ROE of 13.6% in the
first nine months of 2007 (2006: 6.6%), due to strong brokerage
revenues, its satisfactory proprietary trading results and
better-controlled operating expenses.  However, this will not be
sustained for the full year owing to trading losses arising from
the sharp 16% correction in the Taiwan stock market from end-
Q307 so that its ROE for the full year is likely to remain in
mid single digits, indicating a modest level of profitability
but on a large capital base.

CSC's risk management appears adequate for its size and its
relatively uncomplicated activities.  The rapidly expanded
margin finance business has added potential credit risk.

However, the market's stringent requirements on margin
maintenance and the company's active surveillance could mitigate
this risk.  CSC actively manages its liquidity and funding.
Successful TWD1.7bn two-year syndicated loans and sizeable
conversion of its convertible bonds to equities this year have
improved CSC's liquidity and funding profile.  By end-September,
CSC's long-term funding was sufficient to cover 2.8x of its less
liquid assets.  CSC's statutory risk-based capital ratio was
379% at end-September 2007's well above the regulatory threshold
of 150%.

CSC, established in 1990, ranks 17th in Taiwan in terms of
equity and holds a 1.5% market share of securities brokerage,
with 22 brokerage branches.

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


EMI GROUP: Terra Firma Outlines Restructuring Plan
--------------------------------------------------
Terra Firma Plc, EMI Group Plc's new owner, confirmed plans to
restructure the music company, particularly its Recorded Music
Division.

Guy Hands, EMI Group's chairman, unveiled a fundamental
reshaping of the business to reflect the rapidly-changing nature
of the music industry.

The changes include:
      
    * positioning EMI’s labels to ensure they will be
      completely focussed on A&R and maximizing the potential of
      all their artists;

    * developing a new partnership with artists, based on
      transparency and trust, and helping all artists monetise
      the value of their work by opening new income streams such
      as enhanced digital services and corporate sponsorship
      arrangements;

    * bringing together all the group’s key support activities
      including sales, marketing manufacturing and distribution
      into a single division with a unified global leadership;
      and

    * the elimination of significant duplications within the
      group to simplify processes and reduce waste.

The changes, which will be implemented over the next six months,
will enable the group to invest more in its A&R operations both
to identify and sign promising new artists and to maximize the
potential of its existing roster.

The restructuring is being carried out following an intense
three-month consultation review of the business by Terra Firma
since it acquired the business last year and many of the
measures being implemented have come at the suggestion of staff,
artists or their managers.

The restructuring will also enable the group to capture
significant efficiencies and cost reductions which are expect to
reduce costs by up to £200 million per year.  The restructuring
is also expected to lead to a worldwide headcount reduction
within the group of between 1,500 and 2,000.

"We have spent a long time looking intensely at EMI and the
problems faced by its Recorded Music division which, like the
rest of the music industry, has been struggling to respond to
the challenges posed by a digital environment," Mr. Hands
commented.

"We believe we have devised a new revolutionary structure for
the group that will improve every area of the business," Mr.
Hands continued.  "In short it will make EMI’s music more
valuable for the company and its artists alike. The changes we
are announcing today will ensure that this iconic company will
be creating wonderful music in a way that is profitable and
sustainable."

                       About Terra Firma

Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994.  Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent     
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

EMI Group's consolidated balance sheet for the fiscal year ended
March 31, 2007, showed GBP1.498 billion in total assets,
GBP2.649 billion in total liabilities and GBP1.151 billion in
shareholders' deficit.

The company issued two profit warnings since January 2007.


JIANGXI COPPER: Will Purchase Parent's Assets to Boost Profit
-------------------------------------------------------------
Jiangxi Copper Co. plans to buy assets from its parent --
Jiangxi Copper Group -- to boost faltering profits and asked for
shares to be suspended in Shanghai and Hong Kong starting
January 16 pending further announcement, Xiao Yu writes for
Bloomberg News.

According to the report, Jiangxi Copper disclosed to the Hong
Kong stock exchange that it plans to sell shares in China as
part of the proposal.

Bloomberg notes that the company, facing declining profits
because a lack of ore forces it to buy two-thirds of raw
materials, may buy mines from its parent producing lead, zinc
and copper.  China wants state-owned companies to inject assets
into publicly-traded units to improve competition and
transparency, the report adds.

Jiangxi Copper Group, owns the Yinshan lead and zinc mine and
the Dongxiang copper and gold mine, Bloomberg notes, citing
Cazenove Asia Ltd.  Buying them would boost the traded unit's
copper reserves by 16%, gold reserves by 52% and silver reserves
by 27%, the brokerage further told Bloomberg.

Jiangxi Copper rose 9% to close at CNY66.85 on Tuesday on the
Shanghai Stock Exchange on speculation it would announce the
purchase soon, Bloomberg relates.  The stock has risen almost
fivefold in the past 12 months, compared with the 136% gain on
the key CSI 300 index.

Bloomberg says that the company didn't say when it would make
the announcement.

Jiangxi Copper, Bloomberg recounts, posted a 16% decline in
third-quarter profit in October as processing fees fell.  
Jiangxi Copper buys two-thirds of the copper concentrate it
processes to make the metal used in wires and pipes, and needs
to acquire more mines to cut reliance on imports, Bloomberg
explains, citing analysts.

Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an     
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

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


LEALEA ENTERPRISE: December Sales Rise 53% to TWD823.03 Million
---------------------------------------------------------------
Lealea Enterprise Co. Ltd.'s unconsolidated sales in December
2007 rose 52.55% to TWD823.03 million from the TWD539.51 million
recorded in December 2006, according to data obtained from
Bloomberg.

The company's full-year 2007 sales amounted to TWD8.67 billion,
a 30.21% improvement against the TWD6.66 billion recorded a year
earlier.


Taipei, Taiwan-based Lealea Enterprise Co. Ltd. --
http://www.lealea.com.tw/-- manufactures and markets textile  
products.  The company distributes its products within the
domestic market and to overseas markets, including Asia, South
America and Europe.

The company incurred net losses of TWD215.7 million,
TWD373.1 million, and TWD5.5 million for the years ended
Dec. 31, 2004 through 2006.


PACCO TECH: December 2007 Sales Fall 99.83%
-------------------------------------------
Pacco Tech Co. Ltd.'s unconsolidated sales in December 2007 fell
99.83% to TWD3,000 from sales of TWD1,774,000 recorded a year
earlier, according to data obtained from Bloomberg.

The company's full year 2007 sales amounted to TWD3,410,000, a
fall of 97.50% year-on-year from TWD136,215,000.

Pacco Tech Co. Ltd. -- http://www.paccogroup.com/--  is a  
Taiwan-based company engaged in the manufacture and sale of
electronic products, as well as construction business.

As of June 30, 2007, the company had total assets of
TWD282.3 million and total liabilities of TWD617.5 million,
resulting in a capital deficiency of TWD335.2 million.


PETROLEOS DE VENEZUELA: Shuts Down Amuay Plant
----------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that its Amuay plant in the Paraguana refining
complex in Falcon was temporarily closed down due to power
failure.

Business News Americas relates that the problem came from a
power unit in Amuay's block 29.  Paraguana managers activated
emergency procedures at Amuay.

Petroleos de Venezuela said in a statement that operations at
the plant would be restored within five days.

According to BNamericas, Petroleos de Venezuela ensured fuel
supplies for domestic and markets.

Petroleos de Venezuela told BNamericas that it has enough
inventories.

BNamericas notes that Petroleos de Venezuela said its refinery
problems were normal.

However, industry analysts told BNamericas that the failures
indicate larger operational problems within Petroleos de
Venezuela.

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

                       *     *     *

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


QUANTA COMPUTER: Expects to Sell 40 Million Laptops in 2008
-----------------------------------------------------------
Quanta Computer Inc. raised its forecast for 2008 laptop
shipments to 40 million on increased demand for the portable
computers, Bloomberg News reports.

Bloomberg recounts that the earlier forecast was 36 million
units.

Bloomberg estimates that worldwide laptop shipments will climb
26% to 138.6 million this year, outpacing the estimated 3%
growth for desktop computers.

The Troubled Company Reporter-Asia Pacific reported on Jan. 11,
2008, that Quanta Computer Inc.'s parent sales in December 2007
rose to TWD70.38 billion from TWD39.47 billion in the same month
a year earlier.  The company's full-year sales rose to
TWD751.22 billion for 2007, on the back of the delivery of 31.80
million notebook PCs.


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

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


RITEK CORP:  Sales Hit TWD18.81 Billion in 2007
-----------------------------------------------
Ritek Corporation's unconsolidated sales in December 2007 fell
43.82% year-on-year to TWD1.14 billion from TWD2.03 billion,
according to data obtained from Bloomberg.

The company's full-year 2007 sales amounted to TWD18.81 billion,
falling 23.63% year-on-year from TWD24.63 billion a year
earlier.

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

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


SHIHLIN PAPER: 2007 Sales Total TWD1.78 Billion
-----------------------------------------------
Shihlin Paper Corp.'s unconsolidated sales in December 2007 rose
14.70% year-on-year to TWD139.68 million from TWD121.78 million,
according to data obtained from Bloomberg News.

The company's full-year 2007 sales totaled TWD1.78 billion, a
32.48% improvement year-on-year from TWD1.34 billion.

Taipei, Taiwan-based Shihlin Paper Corp. --
http://www.shihlin.com.tw/-- is engaged in manufacturing and  
distributing paper and related products.

The company incurred annual losses of TWD246.3 million,
TWD357.9 million, TWD320.8 million, and TWD33.1 million for the
years ended Dec. 31, 2003 through 2006.


SHIMAO PROPERTY: Moody's Revises Rating Outlook to Negative
-----------------------------------------------------------
Moody's Investors Service has changed the outlook for Shimao
Property Holdings Limited's Baa3 issuer and bond ratings to
negative from stable.

This rating action follows Shimao's announcement that it has
acquired new property projects in Hangzhou and Dalian for
CNY3.07 billion and CNY1.65 billion respectively.

"The negative outlook is due to concerns that the aggressive
nature of Shimao's strategy for acquiring land could increase
its financial leverage and weaken its liquidity profile in the
near term," says Peter Choy, a Moody's Vice President and Senior
Credit Officer.

"In addition, its latest acquisitions come at a time when the
company has fully drawn its US$328 million syndicated revolving
loan to meet upcoming land premium payments, while the
outstanding issue on the financing terms of the loan remain
unresolved," says Mr. Choy.

"Until these terms are resolved favorably for Shimao, the
availability and continuation of commitments from its banks will
stay uncertain," says Mr. Choy, adding, "Any pre-mature
cancellation of the facility will further weaken its liquidity
profile."

"Moreover, management has increased its pace in land
acquisitions, exceeding Moody's expectations and leading to
concerns about financial discipline," says Mr. Choy.

"At the same time, the Baa3 rating stays supported by Shimao's
competitive business model, sizeable land bank, the attractive
locations of its projects, the good quality of its investment
portfolio, and strong brand name," says Mr. Choy.  "Moody's also
notes the company largely met its cash sales target in 2007."

With this latest land acquisitions, debt leverage will be close
to 40%.  However, any further aggressive land acquisitions will
put pressure on the rating.

Further downward rating pressure would also emerge if its
liquidity and financial strength deteriorate due to:

   (a) a slowdown in sales;

   (b) more aggressive debt-funded acquisitions of
       land/projects;

   (c) a material increase in debt;

   (d) premature termination of material financing commitments,
       or refinancing at higher interest costs; or

   (e) implementation of austerity measures by the Chinese
       government, resulting in the group suffering tight
       liquidity for its projects.

On the other hand, the outlook may return to stable if Shimao
can:

   (a) manage its property sales according to plan;

   (b) demonstrate financial discipline in acquiring land and
       within its business budget;

   (c) raise new equity funds to provide a buffer for any
       downturn in property sales; and

   (d) obtain agreement from lenders to amend the terms of its
       US$328 million syndicated loan, such that it will remain
       available without constraint and not subject to any
       prepayment risk.

                         About Shimao

Shimao Property Holdings Limited -- http://www.shimaogroup.com/  
-- is a large-scale developer of real estate projects in China,
specializing in high-end developments in prime locations.  The
company's business portfolio comprises the development of
residential properties, retail properties, offices and hotels.
The company has 15 projects at various stages of development
located in Shanghai, Beijing, Harbin, Wuhan, Nanjing, Fuzhou,
Kunshan, Changshu, Shaoxing and Wuhu.

The Troubled Company Reporter-Asia Pacific reported on June 13,
2007, that Standard & Poor's Ratings Services said that its
rating on Shimao Property Holdings Ltd. (BB+/Stable/--) was not
immediately affected by the company's recent proposal to inject
most of its retail and commercial assets into A-sharelisted
Chinese property company, Shanghai Shimao Co. Ltd., in return
for ultimate controlling ownership in the company.

In addition, on July 24, 2007, Fitch Ratings has assigned a
Long-term Foreign Currency Issuer Default Rating of 'BB+' to
China-based Shimao Property Holdings Limited.  Simultaneously,
Fitch has assigned issue ratings of 'BB+' to Shimao's US$350
million senior notes due 2016 and USD250m senior floating rate
notes due 2011, respectively.  The Outlook for the IDR is
Stable.


VE WONG: December 2007 Sales Fall 6.42%
---------------------------------------
Ve Wong Corp.'s sales for December 2007 fell 6.42% year-on-year
to TWD152.94 million from TWD163.44 million, according to data
obtained from Bloomberg.

The company's full-year sales totaled TWD1.79 billion, a 5.23%
rise year-on-year from TWD1.70 billion.

Taipei, Taiwan-based Ve Wong Corp. -- http://www.vewong.com/--  
manufactures and markets food products.  The company produces
monosodium glutamate, instant noodles, soy sauce, canned foods,
and soft drinks.

The company incurred net losses of TWD76.7 million and
TWD138.5 million for the years ended Dec. 31, 2005 and 2006.


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

INDUSTRIAL DEV'T BANK: To Propose ESOP Scheme, Works on Details
---------------------------------------------------------------
The Industrial Development Bank of India is working on details
of a scheme to issue stock options to compensate and retain its  
employees, the Business Standard reports.

The bank will move a proposal to the government for the ESOP
scheme, the report relates, citing bank CMD Yogesh Agarwal who
did not specify a date.

Mr. Argawal told BS that the scheme may cover employees from
substaff to top officials like the chairman.

Yesterday, however, the bank informed the Bombay Stock Exchange
that a section of its employees has proposed a strike on
Jan.  25, 2008.

Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com-- is a commercial bank that offers
a range of products, including secured loans, such as housing
loans, mortgage loans and loan against securities, and unsecured
loans, such as personal loans, educational loans and overdrafts
to merchant establishments.  It also distributes third-party
products, such as insurance and mutual fund products to its
retail customers. IDBI also offers project financing, film
financing, equipment financing, asset credits, corporate loans,
working capital loans, direct discounting, the financing of
receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

                         *     *     *

As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on April 24,
2007, affirmed Industrial Development Bank of India's BFSR at
D-.  Moody's also maintains the bank's Foreign Currency Deposit
Rating at Ba2.


ESSAR OIL: Unit Strikes Deal to Buy 50% in Kenya Petroleum
----------------------------------------------------------
Essar Energy Overseas Ltd, a subsidiary of Essar Oil Ltd, has
entered into an agreement to acquire 50% of Kenya Petroleum
Refineries Ltd, a 4 million metric tonne (MMTRA) per annum
refinery in Mombasa, Kenya, the company said in a press release.   
According to the release, the Government of Kenya holds the
remaining 50% of KPRL.

Essar will acquire the stake from the existing shareholders --
The Shell Petroleum Company Ltd, Chevron Global Energy Inc and
BP Africa Ltd.  Subject to certain conditions, the acquisition
is expected to complete in early 2008.

The company, however, did not disclose the financial terms of
the deal.

The Mombasa refinery is the only refinery in Eastern Africa, the
company relates.  It currently produces LPG, gasoline, diesel,
kerosene and fuel oil.  The refinery is planned to be upgraded
by adding secondary units at a project cost of USD 400-450
million.

Naresh Nayyar, Chief Executive of Essar Energy Holdings Ltd said
"We are very pleased that our first refinery acquisition outside
of India will be made in Kenya.  We look forward to working with
the Government of Kenya to develop KPRL further to supply the
growing Kenyan and adjacent markets and finalise the upgrade
project".

KRRL's products are sold into the Kenyan market and exported to
neighbouring countries including Tanzania, Uganda, Burundi and
Rwanda.  Demand for petroleum products in these markets is
estimated at 5 million tonnes per annum.

The company believes that this first international acquisition
in the refining sector fits its strategy of achieving refining
capacity of one million barrels per day.  In addition, Essar
already has three exploration and production blocks in
Madagascar and one in Nigeria.

                        About Essar Oil

Headquartered in Jamnagar, India, Essar Oil Limited --
http://www.essar.com-- is engaged in the exploration,       
production and marketing of oil and gas.  The company's
principal activities are to develop, explore, produce, and
refine oil and gas.  Vadinar Power Company Limited is a wholly
owned subsidiary of the company.

On August 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65 billion and INR2 billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


JENSON & NICHOLSON: Posts INR23-Mil. Loss in Qtr. Ended Sept. 30
----------------------------------------------------------------
Jenson & Nicholson India Ltd, in the three months ended
Sept. 30, 2007, reported a net loss of INR23.08 million, a bit
higher than the INR22.4-million loss booked in the same quarter
last year.

The paint maker's negative bottom line widened even with
increased revenues because of the much higher expenses incurred
in the current quarter under review.

In July-Sept. 2007, the company reported total revenues of
INR79.06 million, 31% more than that earned last year.  
Operating expenditures, however, rose 39% to INR91.8 million
from last year's INR65.92 million.

The company also booked interest charges of INR2.68 million,
depreciation expenses of INR10.24 million, INR180,000 in taxes
and INR2.75 million for extraordinary items.

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?2711

Jenson & Nicholson India Ltd -- http://www.jensonnicholson.com/
-- is a paint manufacturer catering to domestic and industrial
customers.  It has 33 branches and stock points across India and
manufacturing plants at Naihati (near Calcutta), Sikandrabad
(near Delhi) and Panvel (near Mumbai).  The company reinvented
itself as a completely Indian company in 1973 when the foreign
holding was bought over by S. P. Sinha, an industrialist with
interest in cement and hotels.

The Board for Industrial and Financial Reconstruction has
declared the company as sick company with in the purview of
SICA, Act.   IDBI was appointed as operating agency to work out
a package for its revival.  Its proposal for financial
restructuring is pending with banks and financial institutions.  
The company said it continues to suffer due to shortages of
working capital.


TATA MOTORS: Nano Will Bring Company to Top, Research Firm Says
---------------------------------------------------------------
Tata Motors Ltd's Nano will propel the auto manufacturer as
India's biggest light vehicle manufacturer by 2013, the Press
Trust of India cites a study by CSM World Wide, a German
research firm, as stating.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Ratan N. Tata, chairman of the Tata Group and Tata
Motors, unveiled on Jan. 10 the INR1-lakh car Tata Nano.  Mr.
Tata hopes the much-hyped world's cheapest car will get India's
masses off motorbikes and into cars.

PTI says that Tata Motors would roll out almost 1.2 million
light vehicles annually in the next five years, of which Nano
would contribute more than 50%.   In 2013, PTI continues, Tata
will sell about two lakh units more than Maruti Suzuki, the
current market leader in the low-cost, small-car segment.

The TCR-AP, citing a Reuters report, related that even if the
Nano's INR1-lakh price is just for the dealers -- buyers will
have to pay more for the taxes and profit margins -- it will
still cost about half the price tag of a Maruti Suzuki.

CSM's study further noted that by 2013, Tata Motors, Maruti
Suzuki and Hyundai will be able to retain the top three position
in light vehicle sales in India at 12, 10 and 4 lakh units,
respectively.

                       About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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


TATA MOTORS: Eyes Testing Nano in China & Other Markets
-------------------------------------------------------
Tata Motors Ltd is looking to test Tata Nano, the INR1-lakh car,
in other countries, including China, once it makes its mark in
India, the China Daily reports, citing Girija Pande, top
executive of Tata Consultancy Services, the Asia-Pacific arm of
Tata Group's IT subsidiary.

Nano, the four-door People's Car, was unveiled on Jan. 10, at
the Ninth Auto Expo in New Delhi.  The Nano can seat four
persons and measures 3.1 meters in length, 1.5 meters in width
and stands 1.6 meters.

Tata Group Chairman Ratan N. Tata, who helped design the Nano,
came up with the world's cheapest car idea, to get India's
masses off motorbikes and into cars.  The company plans to sell
the Nano in India later this year, which will be available in
standard and deluxe versions.

Mr. Pande also told the Chinese Daily that Tata Motors is in
talks with Chinese counterparts to set up joint ventures China.  
The news agency, however, did not name the Chinese parties whom
the car manufacturer had talks with.

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                         *     *     *

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

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


WESTERN INDIA: Board to Consider Preferential Issue on Jan. 29
--------------------------------------------------------------
Western India Shipyard Ltd board of directors will meet on
Jan. 29, 2008, to consider, among others, the preferential
allotment of 85,53,350 shares of the company with the face value
of INR10 each to UTI Asset Management Company Ltd and to certain
small Non-Convertible Debenture holders, a filing with the
Bombay Stock Exchange disclosed.

The preferential issue of shares is subject to 80% reduction in
the face value of each share from INR10 to INR2 each.  The
allotment is proposed to be made under a scheme of restructuring
and to a scheme of arrangement sanctioned by the High Court of
Bombay, Goa Bench at Panaji.

Pursuant to the schemes:

   a. not more than 48,32,850 shares will be issued to NCD
      holders on record on the date yet to be fixed by the
      company; and

   b. 37,20,500 shares will be issued UTI Asset Management on
      conversion of 37,20,500 Zero Coupon Optionally Fully
      Convertible debentures (series II: Unsecured) .

As previously reported by the Troubled Company Reporter-Asia
Pacific, the board already has the shareholders' approval of the
move.

On the Jan. 29 meeting, the board will also take on record the
company's unaudited Financial Results for the third quarter
ended Dec. 31, 2007.

Operating as a composite ship repair facility in India, Western
India Shipyard Ltd -- http://www.westinshp.com/-- offers ship   
routine maintenance and damage repairs; cargo hold/tank space
blasting and coating; main engine overhauls; rudder, propeller,
and tailshaft repairs; cargo gear overhaul and repairs; heating
coil hydro test and electric works; hatch cover modifications
and container cell guide conversions; and auxiliary machinery
overhauls.

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Western India Shipyard has a stockholder's equity
deficit of US$22.78 million.

The company has incurred at least two years of consecutive net
losses -- INR207.58 million in the year ended Mar. 31, 2007, and
INR233.68 million in the year ended Mar. 31, 2008.


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

ALCATEL-LUCENT: Argentine Unit's Revenues Rose Up to 15% in 2007
----------------------------------------------------------------
Alcatel-Lucent Argentine unit's general director Javier
Rodriguez Falcon told Business News Americas that the firm's
revenues increased up to 15% in 2007, from 2006.

The main drivers of Alcatel-Lucent's growth in Argentine in 2008
would be the mass adoption of broadband through wired and
wireless technology, BNamericas says, citing Mr. Falcon.

Mr. Falcon commented to BNamericas, "I believe that this year we
will see the first deployment of WiMax technology based on the
standard e, which allows mobility.  We have some of our clients
studying WiMax development during 2008 and 2009."

Mr. Falcon told BNamericas that Alcatel-Lucent underwent
restructuring in October 2007.  It currently has three business
units:

         -- carrier,
         -- enterprise, and
         -- services.

The new carrier unit includes former fixed, wireless and
convergence units, BNamericas says, citing Mr. Falcon.

Alcatel-Lucent sees many opportunities in the local triple play
market once regulations let telecoms operators offer
broadcasting services.  The firm expects that sooner or later,
the regulator will allow the service as was the case in Mexico,
Brazil and Chile, Mr. Falcon told BNamericas.

"Over the next two years, operators will move towards a massive
deployment of broadband infrastructure.  I believe that by the
end of 2009 there will be approximately eight million broadband
connections compared to the current 2.4 million," Mr. Falcon
commented to BNamericas.

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

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

                       *     *     *

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

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


ANEKA TAMBANG: Upgrades Corporate Family Rating to Ba3
-----------------------------------------------------
Moody's Investors Service has upgraded PT Aneka Tambang
(Persero) Tbk's corporate family rating to Ba3 from B1.  This
concludes the review for possible upgrade which commenced on
October 22, 2007.

At the same time, PT Moody's Indonesia has assigned Antam a
national scale rating of Aa3.id.  The outlook for both ratings
is stable.

"The upgrade recognizes Antam's strengthened credit
fundamentals, driven in turn by continued strength in the base
metals industry, including the persistence of high nickel prices
into 2008, because of favorable global demand as well as tight
supply," says Kathleen Lee, Moody's lead analyst for Antam.

"Moreover, unprecedented levels of strong cash have placed Antam
in an enviable net cash position, amounting to about US$460
million as of 30 September 2007," says Lee, adding, "This gives
it significant leverage to undertake various acquisitions and/or
downstream projects into alumina processing and even further
downstream into stainless steel production."

"All such activities will broaden its long-term earnings base,"
says Lee.

That said, the rating recognizes Antam's small size and limited
diversity with close to 90% of revenues from nickel production,
as well as its aggressive debt-funded acquisitions and plans to
invest in gold reserves and its pipeline of downstream projects.

"The final Ba3 rating further factors in medium support from the
Indonesian government, given its 65% ownership in Antam under
joint default analysis for government-related issuers, which has
provided a one-notch rating uplift," says Lee.

The rating outlook is stable, incorporating Moody's expectation
of some moderation in nickel and ferro-nickel prices.  Cash
generation and financial flexibility are expected to remain
supportive in the near term for the company's aggressive growth
plan.

The ratings would experience upward pressure if Antam can
successfully grow its productive capacity over the next few
years, while maintaining its sound financial and liquidity
profiles.

On the other hand, Moody's would consider a downgrade if there
is a weakening in its underlying credit strength due to:

   a) industry fundamentals deteriorating beyond Moody's
      expectations,

   b) major problems continue to emerge after repairs at its
      FeNi III plant, or

   c) higher-than-anticipated investments in its expansion
      projects, such as the Tayan chemical-grade alumina project
      and FeNi IV plant, resulting in a deterioration in debt
      protection measures with EBIT interest coverage less than
      6x and CFO (less dividends)/Adjusted Debt below 20% on a
      sustained basis.

The rating could also be lowered if there is a weakening in
support from the government.  This could result from a sell-down
of the government's majority ownership or from a broader trend
evidencing a change in the government's strategy towards Antam.

A change in the Indonesian government rating would have no
impact on Antam's rating.

Established in 1968 and listed on the stock exchanges of
Indonesia and Australia, PT Aneka Tambang (Persero) Tbk is a
leading Indonesian company engaged in the exploration,
excavation, processing, refining and marketing of nickel ore,
ferronickel, gold, silver, bauxite and iron sands.  It has joint
venture interests in several exploration projects.  Antam is a
65% owned by the Indonesian government with the remaining 35% in
the hands of the public.


ARPENI PRATAMA: To Issue IDR750 Billion Bonds in Early March  
------------------------------------------------------------
PT Arpeni Pratama Ocean Line Tbk plans to offer IDR750 billion
bonds in early March to repay debt and for working capital,
Reuters reports.

According to the report, the company has appointed PT DBS
Vickers Securities Indonesia and CIMB-GK to handle the issuance.

PT Arpeni Pratama Ocean Line Tbk -- http://www.apol.co.id/-- is   
a marine shipping company.  The company's activities include
bulk and liquid transportation services.  Arpeni operates a
fleet of general-purpose specialist, such as their tweendecker
MV Alas, which is designed to transport dry cargoes such as
plywood and agricultural products.

                         *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Jul 05, 2007, that Fitch Ratings has affirmed the 'BB-'Long-term
Foreign and Local Currency Issuer Default Ratings, and the
'A+(idn)' National Long-term Rating of PT Arpeni Pratama Ocean
Line Tbk.  The Outlook for the ratings remains Stable.  At the
same time, Fitch has affirmed the 'BB-'rating on Arpeni's US$160
million senior notes due 2013.

The TCR-AP also reported on April 24, 2006, that Standard &
Poor's Ratings Services assigned its B+ corporate credit rating
to PT Arpeni.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B+' rating to the proposed
US$160 million seven-year senior unsecured notes to be issued by
the company.  The company intends to use a part of the net
proceeds -- about US$93 million -- for refinancing existing
debt, and the balance for capital expenditure and vessel
financing.


EXCELCOMINDO PRATAMA: 40 Firms Interested to Buy Stake in Unit
--------------------------------------------------------------
Around 40 companies showed interest in buying PT Exelcomindo
Pratama Tbk's unit, which specializes in handling all the base
transceiver station towers that belong to the telecommunication
operator company, Tempo Interactive News reports.

According to the report, the firms are interested even though
the unit is still in the process of establishment.

Exelcomindo Managing Director Hasnul Suhaimi, the report
relates, said that the process of establishment will perhaps be
finished by the second or third quarter of the year.

Mr. Suhaimi told Tempo that the company has between 6,000 and
7,000 towers throughout Indonesia.  Tempo points out that some
of the company's towers were rented by PT Hutchinson, PT Bakrie
Telecom, PT Sampoerna Telekomunikasi Indonesia and PT Natrindo
Telepon Seluler.

Despite several towers being rented, Mr. Suhaimi told the news
agency, it does not mean the company will sell the shares of the
new subsidiary to these four companies.

                 About Excelcomindo Pratama

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

                          *     *     *

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

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

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


PERUSAHAAN LISTRIK: Secures US$1.9-BB Loan for Five Power Plants
----------------------------------------------------------------
Perusahaan Listrik Negara had secured loans for the construction
of its five coal-fired power plants to be built under the
government's '10,000 megawatt crash' program.

PLN President Director Eddie Widiono told the news agency that
the firm was set to sign "financial facilities packages" with
six banks in February.  The loans would cover 40%, or about
US$1.9 billion, of the capital needed to build the mega project,
the report adds.

According to the report, Head of the Government's Power Sector
Development Program Yogo Pratomo said signing might be a follow-
up to PLN's tendering process last year, when the firm secured
financing worth up to US$1 billion for the 600-MW Rembang plant
in Central Java and the 600-MW Indramayu plant in West Java from
both local and foreign lenders.

For the two projects, Mr. Pratomo told the news agency that PLN
had secured dollar-denominated loans from the Bank of China and
the U.S. Berkeley Bank, and rupiah-denominated loans from Bank
Mandiri and Bank Central Asia.  For the remaining three
projects, the loans are most likely to be given to the 600-MW
Labuan plant in Banten, the 600-MW Paiton Baru plant in East
Java and the new 600-MW Suralaya plant in Banten, he added.

The Post relates that Mr. Pratomo said PLN would again invite
bids for the financing of the company's four coal-fired power
plants later this month.

The tender would be aimed at obtaining loans of up to
US$2 billion for the development of four coal-fired power plants
in Java -- the 600-MW Pacitan plant in East Java, the 900-MW
Pelabuhan Ratu plan in West Java, the 900-MW Teluk Naga plant in
Banten and the 600-MW Tanjung Awar-awar plant in East Java, the
report adds.

                  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.


PERUSAHAAN LISTRIK: Signs EPC Contract to Build Four Plants
-----------------------------------------------------------
PT Perusahaan Listrik Negara signed four EPC contracts with four
consortia made up of local companies and Chinese developers to
build four power plants outside Java, The Jakarta Post reports.

According to the report, The project is estimated to cost
US$190 million, all of which would be paid with the company's
internal cash.

The operation of the new power plants would cut the company's
spending for fuels by IDR3 trillion each year, the report notes.

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.


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

DELPHI CORP: Moody's Assigns Ratings After Bankruptcy Emergence
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to Delphi
Corporation for the company's financing for emergence from
Chapter 11 bankruptcy protection:  Corporate Family Rating of
(P)B2; US$3.7 billion of first lien term loans, (P)Ba3; and
US$0.825 billion of 2nd lien term debt, (P)B3.  In addition, a
Speculative Grade Liquidity rating of SGL-2 representing good
liquidity was assigned. The outlook is stable.

The (P)B2 CFR reflects the magnitude of the company's
indebtedness upon emergence, weak but improving coverage over
the intermediate term as the anticipated benefits of
restructuring initiatives take hold, and the absence of free
cash flow in its initial year after emergence.  The rating
recognizes substantial improvements in the company's cost
structure and operational efficiencies achieved during its
period of bankruptcy re-organization and ongoing benefits from
its global scale and manufacturing footprint.  However, the
rating also considers the extent of the company's exposure to
General Motors Corp.'s North American operations.  While GM's
North American exposure has significantly declined, it will
continue as the largest individual component in the customer
base, leaving Delphi Corp. vulnerable to any further reduction
in GM's production volumes or market share in this critical
region.

Delphi Corp.'s strengths include its geographic diversification,
and large book of long term contracts to supply components for
various vehicle platforms.  The company significantly reduced
its legacy liabilities through the bankruptcy process, shed
unprofitable operations, and identified other initiatives that
should improve its operating cost structure and better position
the company to compete in the auto parts supply business.
However, the full benefit of these initiatives will only be
achieved over time, and during the near term the company's
financial metrics will remain consistent with ratings at the low
end of the B range.  In particular, it is noted that the company
will require incremental restructuring disbursements of roughly
US$800 million over the next few years, which will likely
preclude free cash flow generation during 2008.  It is also
noted that the company will be emerging from bankruptcy at a
time when economic trends suggest potential for further weakness
in automotive sales.  While the benefits of restructuring
initiatives should yield improvement in financial metrics over
time, economic pressures could temper the rate of improvement.
Consequently, Moody's views the company's rating profile as more
consistent with the B2 rating category at this time.

The stable outlook is supported by Delphi Corp.'s liquidity
profile, expectations that the pace of operational improvements
will gain traction over the intermediate term, and the company's
participation in multiple geographic regions with different
growth prospects.  These factors along with an expected
transition to positive free cash flow in 2009 have the potential
to produce stronger coverage ratios and lower leverage going
forward.

Ratings assigned:

-- Corporate Family Rating, (P)B2

-- Probability of Default Rating, (P)B2

-- US$2,950 million first lien term loan, (P)Ba3 (LGD-2, 26%)

-- US$825 million of second lien term debt, (P)B3 (LGD-4,
    60%)

-- Speculative Grade Liquidity rating, SGL-2

Outlook, stable

Delphi Holdings Luxembourg S.ar.l.:

-- EUR Equivalent of US$750 million first lien term loan
    guaranteed by Delphi Corp., (P)Ba3 (LGD-2, 26%)

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

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

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


DELPHI CORP: 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.


DELPHI CORP: Commences Exit Financing Syndication
-------------------------------------------------
The syndication of Delphi Corp.'s exit financing package to
support the company's planned first quarter of 2007 emergence
from Chapter 11 reorganization was set to commence as early as
last week with potential lenders' meetings in New York on
Jan. 9, and in London on Jan. 10, the company stated in a press
release.

The proposed exit facilities, which are being arranged on a best
efforts basis by J.P. Morgan Securities, Inc., and Citigroup
Global Markets, Inc., were approved by the Court on Nov. 16,
2007.

Delphi Corp. Controller and Chief Accounting Officer Thomas S.
Timko reported, in a regulatory filing with the U.S. Securities
and Exchange Commission, that Delphi will provide supplemental
financial information at the scheduled meetings containing an
unaudited borrowing base calculation for debtor entities as of
Sept. 30, 2007, and EBITDAR information covering the periods
from Oct. 1, 2006, through Sept. 30, 2007, each as measured by
the covenants contained in Delphi's refinanced DIP Facility and
selected debt levels.

An exhibit containing the borrowing base calculation, EBITDAR
information, selected debt levels and a reconciliation to the
nearest comparable U.S. GAAP measurements, where applicable,
that Delphi intends to provide to potential lenders is available
for free at the SEC's Web site at:

              http://ResearchArchives.com/t/s?2707

The borrowing base calculation and selected debt levels
presented should not be considered in isolation or as a
substitute for items on Delphi's consolidated balance sheet
presented in accordance with generally accepted accounting
principles in the U.S., Mr. Timko cautioned.  In addition, the
EBITDAR information should not be considered as an alternative
to operating income, as a substitute for items in Delphi's
consolidated statement of operations, or as an indicator of
Delphi's operating performance.  All the information, he said,
should be viewed in conjunction with Delphi's financial
statements, footnotes including accounting policies contained in
the company's 2006 annual report and subsequent periodic reports
as filed with the SEC.

                    Exit Financing Reduced

Primarily as a result of improved operating performance and
lower capital expenditures for the 2007 fiscal year than
forecast in the company's 2007 business plan projections
included in its First Amended Disclosure Statement, Delphi
estimates its year-end unaudited cash position to be
approximately US$850 million favorable to its business plan.

After adjusting anticipated cash flows in 2008 to reflect
retiming of certain payments previously forecast for 2007 and
lower projections for certain forecast emergence cash payments
in 2008, Delphi is reducing its proposed exit facilities from
the previously announced US$6.8 billion authorized by the Court
to approximately US$6.1 billion.

The reduced facilities will include:

   (a) US$1.6 billion in an asset-backed revolving credit
       facility;

   (b) US$3.7 billion in a first-lien term loan facility; and

   (c) US$825 million in a second lien term loan facility.

Delphi says it intends to use the exit financing proceeds to
make payments on the Effective Date of its First Amended Joint
Plan of Reorganization, including repayment of the company's
senior secured DIP financing, and to support the post-
reorganization operations of the reorganized company.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court will convene the hearing to consider
confirmation of the Plan on Jan. 17, 2008.

(Delphi Bankruptcy News, Issue No. 106; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: US Trustee Balks at Panel's Exit Loan Participation
----------------------------------------------------------------
Diana G. Adams, the U.S. Trustee for Region 2, asserts that
members of the Official Committee of Unsecured Creditors and the
Official Committee of Equity Security Holders who wish to
participate in Delphi Corp. and its debtor-affiliates' Exit
Financing should be required to resign from their respective
committees.

Representing the U.S. Trustee, Alicia M. Leonhard, Esq., in New
York, argues that a committee member's participation in the Exit
Financing while serving on a statutory committee is inconsistent
with that member's fiduciary duties to its constituents.  "This
dual role creates a conflict of loyalties . . . and gives rise
to the appearance that the committee member is personally
benefiting from its status as a committee member," Ms. Leonhard
tells Judge Drain.

The Debtors' allegation that "virtually" all formerly
confidential information is public does not the mitigate the
effect of the impermissible dual loyalties or the appearance of
impropriety, Ms. Leonhard asserts.  She notes that in any
negotiation, the Exit Lenders and the Statutory Committees will
sit on opposite sides of the bargaining table as adverse
parties.

The Exit Lenders will try to exact as many concessions as
possible from the Debtors in light of the tight credit market,
but the Statutory Committees should concentrate on obtaining the
most favorable terms for the Debtors.  Because the interests of
the Exit Lenders and the Statutory Committees are in direct
conflict, a committee member cannot engage in aggressive
negotiations with the Debtors with respect to the contemplated
Exit Financing and, at the same time, maintain undivided loyalty
and the appearance of fairness to its constituents, Ms. Leonhard
maintains.

The U.S. Trustee contends that the Debtors may not preclude her
from exercising her statutory duties.  Section 1102(a) of the
Bankruptcy Code vests the U.S. Trustee with the power to appoint
and remove members of statutory committees.

If the Debtors become aggrieved if the U.S. Trustee removes a
committee member for any reason, then they should seek a
judicial review of the U.S. Trustee's action after the action
has occurred, instead of seeking to constrain a future decision
by the U.S. Trustee without any facts, Ms. Leonhard says.

The U.S. Trustee thus asks the Court to sustain her objection;
and deny the Debtors' request.

The U.S. Trustee clarifies that she has no objection to the
participation of any committee member in the Exit Financing so
long as that committee member resigns from the committee.

"Resignation is the only way to maintain the transparency,
appearance of fairness and integrity of these cases and the
bankruptcy system," Ms. Leonhard avers.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court will convene the hearing to consider
confirmation of the Plan on Jan. 17, 2008.

(Delphi Bankruptcy News, Issue No. 106; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


FIDELITY NAT'L: To Announce 2007 Financial Reports on Feb. 14
-------------------------------------------------------------
Fidelity National Information Services, Inc. has reiterated its
outlook for full year 2007 earnings.  Consistent with its
previous guidance issued Oct. 24, 2007, the company anticipates
full year 2007 adjusted net earnings of approximately US$1.90
per diluted share, and adjusted cash earnings of approximately
US$2.44 per diluted share.  These expectations are based on a
preliminary review of the company's unaudited full year and
fourth quarter 2007 results, and are subject to adjustments
arising in the course of completing the fourth quarter and year-
end financial closing process.

Fidelity National will announce fourth quarter and full year
2007 financial results before the open of regular market trading
on Thursday, Feb. 14, 2008.

                   About Fidelity National

Based in Jacksonville, Florida, Fidelity National Information
Services, Inc. (NYSE: FIS) --
http://www.fidelityinfoservices.com/-- provides core processing
for financial institutions; card issuer and transaction
processing services; mortgage loan processing and mortgage
related information products; and outsourcing services to
financial institutions, retailers, mortgage lenders and real
estate professionals.  FIS has processing and technology
relationships with 35 of the top 50 global banks, including nine
of the top ten.  Nearly 50% of all US residential mortgages are
processed using FIS software.  FIS maintains a strong global
presence, serving over 7,800 financial institutions in more than
60 countries worldwide, including Brazil and Japan.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Standard & Poor's Ratings Services has placed its
ratings, including the 'BB' corporate credit rating, on Fidelity
National Information Services Inc. on CreditWatch with negative
implications.

Moody's Investors Service has placed Fidelity National
Information Services' ratings on review for possible downgrade:

-- US$1.6 billion First Lien Senior Secured Term Loan B Ba1

-- US$2.1 billion First Lien Senior Secured Term Loan A Ba1

-- US$900 million First Lien Senior Revolving Credit
   Facility Ba1

-- US$200 million 4.75% (Certegy) notes due September 2008
   Ba1

-- Corporate Family Rating Ba1.


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

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

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

                        About Tata

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

Tata Motors has operations in Russia and the United Kingdom.

                     About Ford Motor

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

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

                       *     *     *

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


HARMAN INTERNATIONAL: Amends Fiscal Year 2008 Earnings Guidance
---------------------------------------------------------------
Harman International Industries Incorporated revised its
previously announced guidance for the current fiscal year ending
June 30, 2008.  The company now expects non-GAAP diluted EPS for
the 2008 fiscal year to be between US$3.00 and US$3.10, before
after-tax merger related costs of US$8.0 million, or US$0.13 per
diluted share but including the impact of the company's ongoing
accelerated share repurchase.  Because the accounting impact of
previously announced restructuring charges has not been
determined, it is not included in the current estimate and,
therefore, no GAAP diluted EPS for the fiscal 2008 is provided.

The change in guidance was prompted primarily by a major shift
in the market for Portable Navigation Devices.  In recent months
this sector has experienced significant pricing pressure, which
is affecting the entire industry.

"While the growth fundamentals of our core business remain
sound, the difficult PND environment presents a challenge.  As
we have indicated previously, we will be launching a record
number of automotive infotainment platforms in 2008.  Although,
we are not happy with the higher than planned R&D engineering
and material costs, the additional investment is necessary to
deliver the new platforms to our valued customers," said Dinesh
Paliwal, Vice Chairman and Chief Executive Officer.  "Harman
continues to have excellent business prospects, and we are
confident that we will capitalize on these opportunities as we
position our Company to achieve its full potential."

The company is implementing a series of strategic initiatives to
optimize its global footprint in manufacturing, engineering and
sourcing, to drive profitable growth and to enhance shareholder
value.  The company will provide further details on these
initiatives during its quarterly earnings conference call on
Feb. 5, 2008.

Headquartered in Washington, D.C., Harman International
Industries Inc. (NYSE: HAR) -- http://www.harman.com/-- makes
audio systems through auto manufacturers, including
DaimlerChrysler, Toyota/Lexus, and General Motors.  Also the
company makes audio equipment, like studio monitors, amplifiers,
microphones, and mixing consoles for recording studios, cinemas,
touring performers, and others.  Harman Int'l has operations in
Japan, Mexico and France.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Standard & Poor's Ratings Services revised its
CreditWatch implications for the 'BB-' corporate credit rating
on Harman International Industries Inc. to positive from
developing.


IHI CORP: Releases Corrected Financial Results for Q1 of FY2008
---------------------------------------------------------------
IHI Corp. has released its amended consolidated financial
results for the first quarter of the current fiscal year, which
was initially released on August 7, 2007.

Net income for the three months ended June 30, 2007, totaled
JPY10.3 billion a 58.5 % difference from the JPY6.5-billion net
income announced earlier.  Operating income is now at
JPY14.8 billion from the previously announced JPY13.2 billion,
while ordinary income is JPY15.3 billion compared to the initial
JPY12.7 billion, and net sales amounted to JPY250.5 billion from
the JPY265.9 billion reported earlier.

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

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


IHI CORP: Net Loss for First Half of FY08 Totals JPY37.3 Billion
----------------------------------------------------------------
IHI Corp. posted its consolidated financial results for the six-
month period ended September 30, 2007.

According to the IHI, its net loss has dipped to JPY37.3 billion
as compared to the net loss of JPY10.1 billion in the same
period last fiscal year.

Operating loss went downhill to JPY54.4 billion from the
JPY8.8 billion in the six months ended September 30, 2006.

Ordinary loss also slid to to JPY59.7 billion from the previous
year's JPY10.3 billion.

Net sales increased to JPY54.4 billion from JPY517.5 billion.

IHI has total current assets of JPY1.0 trillion to pay
JPY893.3 billion of total current liabilities.

As of September 30, 2007, the company's consolidated balance
sheets showed total assets of JPY1.5 trillion and total
liabilities of JPY1.3 trillion, resulting in a capital
deficiency of JPY0.2 billion.

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

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


JAPAN AIRLINES: May See Operating Profit of JPY48BB for FY08
------------------------------------------------------------
Japan Airlines International Co., Ltd. posted an operating
profit of JPY54.5 billion for the April-November period, against
last year's loss of JPY14.8 billion, Jiji Press reports.

Despite the impact of higher fuel prices, JAL countered these
with a reduction in personnel costs an the closing of
unprofitable routes, relates Jiji Press.

According to Jiji Press, the strong eight-month performance
consolidates the path for the struggling group to swing into the
black in its 9-month period ended December 30, 2007, the first
profit in three years for the same period.

JAL, states the report, is close to achieving its forecast of a
consolidated operating profit of JPY48 billion for the full
business year to March 2008.

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.
S&P said 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.  
Moody's said 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.


NIPPON PAPER: Unit Strengthens Alliance with Kimberly-Clark
-----------------------------------------------------------
Nippon Paper Crecia strengthened strategic alliance with
Kimberly-Clark Nippon Paper Group, Inc.

Nippon Paper Crecia Co., Ltd., Nippon Paper Group's household
paper business subsidiary, and Kimberly-Clark Corporation have
renewed their License Agreements so as to strengthen their
strategic alliance.   KC is a global leading health and hygiene
company based in U.S. and owns world-famous trademarks such as
Kleenex(R).

In this renewal, Crecia has newly obtained a right in Japan to
deal with KC's technologically advanced products for
professional safety, in addition to existing consumer tissue
products (Kleenex(R), Scottie(R), etc.) and personal care
products (Diaper for aged people, etc.).

Demand for household paper in Asia is expected to increase
greatly as their economic growth improves the sanitary
consciousness of consumers there.   Crecia would collaborate
with KC for its business expansion in that market, discussing
the possibility to provide its products made in Japan to KC's
business hubs in Asia.

Crecia is committed to extend Nippon Paper Group's household
paper business leveraging the alliance with KC.

Nippon Paper Group, Inc. -- http://www.np-g.com/-- is a Japan-
based holding company mainly engaged in the paper manufacturing
business.  The Company is active in four business segments.  Its
Paper and Pulp segment manufactures and sells foreign paper,
paperboards and paper pulp, as well as paper for household,
newspaper and phone directory use.  This segment is also
involved in the import sale and overseas sale of paper products.  
The Paper-related segment offers processed paper products, such
as paper containers and adhesive-related products, in addition
to cardboards, chemical products and others.  Its Wooden
Material, Construction Material and Civil Engineering-related
segment is engaged in the purchase and sale of wooden materials,
the purchase, manufacture and sale of construction materials and
the civil engineering-related business.  The Others segment is
involved in the distribution business, the manufacture and sale
of soft drinks, the supply of electrical power and the leisure
business, among others.

The Troubled Company Reporter Asia-Pacific reported on
September 20, 2007, that Standard & Poor’s Rating Agency
affirmed its BB+ long-term corporate credit rating with a stable
outlook on Nippon Paper Group Inc. reflecting the company's
prospects for improved profitability and cash flow generation
and a limited increase in the company's financial burdens
despite the continuing high level of capital expenditures.


* New Law to Replace Rehabilitation Law, Moody's Says
-----------------------------------------------------
Moody's Investors Service says in a new report that Japan's new
Revival Law -- which takes effect April 1 2009 -- will encourage
greater fiscal responsibility among the country's local
governments and support their credit profiles.

"The new law, which will replace the 50-year old Rehabilitation
Law, will bolster the local government sector's credit risk
profile," says Yuka Tamba, a Moody's Analyst and the report's
author, adding, "It reflects the central government's strong
intention to reduce the risk of financial crisis at the local
level."

The report discusses Moody's view of the new Revival Law,
compares it with its predecessor, and analyzes the existing
fiscal management activities of local governments.  Currently,
Moody's rates eight local governments in Japan.

The report is titled "Local Government Finance in Japan and the
New Revival Law."

"At the same time, local governments in Japan have to do more to
show greater transparency in their fiscal management practices
and greater accountability to domestic and foreign investors,"
says Tamba.

The report says that this latest effort by Japan's central
government to increase fiscal responsibility and reform at the
local government level occurs against a backdrop of mixed
developments.

"Firstly, from a positive perspective, there has been an end to
the rise in local government debt and even its reduction in some
cases," says Tamba.

"At the same time, local governments continue to experience
spending pressures, such as those associated with Japan's aging
population, as well as the service costs generated by debt that
is higher than that of their counterparts in other industrial
countries," says Tamba.

In this context, Tamba says the new Revival Law will exert a
positive influence and is part of a history in Japan of central
government oversight of local finances to enforce the
application of prudential rules and controls.

"Hence, our credit assessments in this sector remain favorably
influenced by the very high likelihood that national
institutions would intervene to support a local government if
one found itself on the verge of defaulting on its debt," Tamba
says.

"But, Moody's would also like to emphasize that such a
circumstance is unlikely," Tamba says.


* Regional Banks' Net Profit Up 2% for 1H of FY07, S&P Says
-----------------------------------------------------------
All 25 regional banks rated by Standard & Poor's Ratings
Services posted sound financial results for the first half of
fiscal 2007 (ended Sept. 30, 2007), reflecting stable revenues
sourced from their core retail businesses, Standard & Poor's
said in a Japanese-language report.  The banks' total net profit
increased 2% to JPY272.2 billion as of Sept. 30, 2007, from
JPY267.7 billion on Sept. 30, 2006.  Their combined core profits
increased 5% from the previous year, driven mainly by higher
interest income and fee-based income.

However, the regional banks' improving asset quality and
capitalization have hit a turning point, and began showing signs
of deterioration in the first half of fiscal 2007, reflecting
macroeconomic shifts.  Also, the disparity in regional economic
conditions is widening with regard to certain trends, such as
the number of bankruptcy cases and total debt at the point of
bankruptcy filing.  For this reason, Standard & Poor's will
adopt a more forward-looking posture when conducting credit
assessments of the Japanese regional banks, evaluating the
fundamental economic trends of the region, as well as each
regional bank's financial base.

The regional banks reported a collective core profit of
JPY555.0 billion on Sept. 30, 2007, which was up 5% from the
previous year.  The growth in core profit was attributed to a
larger increase in gross profit than the growth in expenses.  
Gross profit increased 8%, supported mainly by a 6% increase in
interest income, due to growth in outstanding loans and
investment balances, and a 6% increase in fee income.  
Meanwhile, growth in general and administrative expenses was
limited to 7%.  The key challenge for the banks is to boost
their income by improving their loan-to-deposit margins (yield
on lending minus yield on deposits).  Although regional banks
improved their collective loan-to-deposit margin by 3 basis
points to 1.82% from Sept. 30, 2006, this is not as impressive
as the 14-basis-point improvement achieved by the major banks in
the same period.  The major banks are Mitsubishi UFJ Financial
Group Inc., Mizuho Financial Group Inc., Sumitomo Mitsui
Financial Group Inc., Resona Holdings Inc., Sumitomo Trust &
Banking Co. Ltd., and Chuo Mitsui Trust & Banking Co. Ltd.  The
regional banks are expected to enhance their profitability by
lowering their expense ratio, which currently exceeds that of
the major banks, and by diversifying their income sources, such
as fee income.

Capital quality remains satisfactory, with deferred tax assets
remaining negative, offset by deferred tax liabilities, and the
ratio of preferred stock and securities to Tier 1 capital was
limited to 6% as of Sept. 30, 2007.  On the other hand, the
banks' Tier 1 capitalization stood at 8.5% on Sept. 30, 2007,
down 0.3 percentage points from March 31, 2007, as the increase
in outstanding loans has increased risk assets.

Standard & Poor's foresees increasing anxiety over the Japanese
domestic economy as a result of the weakening growth of the U.S.
economy, and because of signs of deterioration in the regional
banks' asset quality, which had been improving.  The regional
banks' reported combined net NPL ratio was 2.3% at
Sept. 30, 2007, up 0.1 percentage points from March 31, 2007.  
The ratio of credit costs to core profit stood at 24% in the
first half of fiscal 2007, which continued to be higher than
that of the major banks.  Two indicators of the status of the
Japanese macro economy, total bankruptcy cases nationwide, and
the total debt amount at the time of bankruptcy filings from
April 2007 to September 2007, increased 8% and 18%,
respectively, from the April-to-September period in 2006.  There
are statistical indications that Japan's economy is weakening.  
Of the 47 prefectures in Japan, 31 have recorded increases in
total bankruptcy cases, and 24 have more total debt at the point
of bankruptcy filing.  The ties that bind the conditions of the
macro economy and the regional banks' asset quality have been
reaffirmed; among the regional banks that have operating bases
in the regions in which the total number of bankruptcies and
total debt increased, there are many that have seen rises in
credit costs and NPL ratios.  Although asset quality varies
among the banks, given the ambiguous conditions of the macro
economy, each bank needs to dispose of existing NPLs and curb
future losses by setting aside enough loan-loss reserves.

There will be no impact on the credit quality of the 25 rated
regional Japanese banks from the subprime-related problems in
the United States, given that the regional banks' exposure to
U.S. subprime loans is lower than that of the major Japanese
banks, which in turn are far less exposed than major banks in
other developed countries.

Standard & Poor's may upgrade the regional banks whose outlooks
are positive if the banks improve the quality and quantity of
their core profits, or enhance their comprehensive risk
management, or regional economic conditions improve.  On the
other hand, if the weakening macroeconomic conditions adversely
affect the revenues and capitalization of the banks, the
regional banking industry will likely come under downward
pressure, and Standard & Poor's may downgrade some of the banks
or revise the outlooks on some of the ratings downward.  

The 25 regional banks are listed on Standard & Poor's web site.  
They include one second-tier regional bank.  Consolidated
financial data from holding company HokuHoku Financial Group is
used for Hokuriku Bank Ltd. in this report.  Similar to Hokuriku
Bank, data for Yamaguchi Bank Ltd. are derived from the
consolidated data of Yamaguchi Financial Group.  Also,
consolidated data from Fukuoka Financial Group are used for Bank
of Fukuoka Ltd.


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

FRESH DEL MONTE: John Inserra to Quit as Chief Fin'l Officer
------------------------------------------------------------
Fresh Del Monte Produce Inc. disclosed that John F. Inserra,
Executive Vice President and Chief Financial Officer, will
retire after a distinguished career of nearly 32 years with the
Company.  For the past 13 years, Mr. Inserra served as Fresh Del
Monte's Executive Vice President and Chief Financial Officer,
and he will continue in that role until the leadership
transition to a qualified successor is completed.

Mohammad Abu-Ghazaleh, Fresh Del Monte's Chairman and Chief
Executive Officer, said, "John has been an integral part of the
success of Fresh Del Monte over these past many years due in
large part to his dedication, integrity and leadership qualities
in guiding the Company's financial functions.  We will ensure
that his successor brings the same qualities to the position
after a seamless and smooth transition is complete."

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading
vertically integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2007, Standard & Poor's Ratings Services has affirmed
its 'BB-' corporate credit rating on Fresh Del Monte Produce
Inc., and removed the rating from CreditWatch, where it was
placed with positive implications on Nov. 1, 2007.  S&P said the
outlook is stable.


HANAROTELECOM: Expects Over KRW1.8 Trillion in Sales for 2007
-------------------------------------------------------------
hanarotelecom Inc. is likely to post a net profit in 2007 and
sees further gains in revenue in 2008, Reuters reports, citing
hanarotelecom CEO Park Byung-moo.

Mr. Park also told the news agency that the company expects to
post more than KRW1.8 trillion in sales for 2007.  hanarotelecom
could have sales of KRW2 trillion or more in 2008, he added.

hanarotelecom Inc. -- http://www.hanaro.com/-- is the second        
largest player in the Korean local telephone market.  It
provides high-speed Internet services in Korea.  It provides
high-speed Internet services in Korea.  In June 2001, the
company integrated broadband Internet access services which
included ADSL, Hybrid Fiber Coaxial cables and Broadband
Wireless Local Loop into a single brand called HanaFOS.
hanarotelecom offers VoIP services to its broadband business
customers as a bundled service and also as a stand alone
service.

                        *     *     *

Moody's Investor Service has given hanarotelecom's long-term
corporate family and its senior unsecured debt 'Ba2' ratings.

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.


HYNIX: Creditors Advise Firm to Begin US$4-Bil. Stake Sale in 1Q
----------------------------------------------------------------
Hynix Semiconductor Inc's creditors advised the company to begin
its US$4 billion stake sale in the first quarter of this year,
The Economic Times reports.

The report relates that one of Hynix's creditors, Korean
Exchange Bank, told the news agency that Credit Suisse, which
was picked to advise on the sale in September, reported to Hynix
creditors that it saw a number of potential buyers for its
shares after it tested the market.

Creditors own a combined 36.1% in Hynix, a stake with a market
value of KRW3.9 trillion, the report relates.  Korean Exchange
Bank is the top single shareholder in the company with an 8.2%
stake, the report notes.

                   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
---------------

OCI BERHAD: Ernst & Young Raises Going Concern Doubt
----------------------------------------------------
OCI Berhad's auditor, Ernst & Young, expressed substantial doubt
regarding the company's ability to continue as a going concern
after having audited the company's financial statements for the
year ended June 30, 2007.  The auditor points to the company's
losses and, together with its subsidiaries, the default on the
repayment of various financial obligations.

For the year ended June 30, 2007, the company incurred net
losses of MYR50,141,828 and as of that date, OCI's current
liabilities exceeded its current assets by MYR52,920,634.

The company and certain of its subsidiaries have also defaulted
on the repayment of various financial obligations.  

Currently, OCI's management, together with its consultants, is
formulating a scheme to restructure the company's financial
obligations.  The outcome of the restructuring exercise may
result in adjustments being made to certain amounts and the
reclassification of assets and liabilities of the company, the
final outcome of which is uncertain now.


TALAM CORP: Aims to Reduce Debts to MYR300 Mil. Through Revamp
--------------------------------------------------------------
Talam Corporation Bhd aims to reduce its existing MYR1.1-billion
debt to MYR300 million through a revamp, which it hopes will be
approved by the Securities Commission by the end of January, the
Edge Daily reports.

The Edge Daily relates that Talam's executive director, Chua Kim
Lan, said that the company has gone for some assets divestment
for the past few months to pay out some loans.

“That means we will only be left with MYR300 million which is
very manageable,” the Edge Daily quotes Ms. Chua as saying.

Ms. Chua, the Edge Daily notes, also affirmed that Talam had
locked in MYR825 million in sales from various projects, which
would be realized in the next 18 months.

According to the report, Ms. Chua refused to reveal details of
Talam's revised restructuring plans except to say the company
would start with a clean slate once the plans are approved.  
Ms. Chua also added that once the plans are approved, it would
wipe out all the company's accumulated losses.


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
--------------------

ADVERTISING ADVISORY: Appoints Tay Wilson as Liquidator
-------------------------------------------------------
Tay Wilson was appointed liquidator of Advertising Advisory
Services Ltd. on December 13, 2007.

The company commenced liquidation proceedings on that day.

The Liquidator can be reached at:

          Tay Wilson
          PO Box 3650, Wellington
          New Zealand
          Telephone:(04) 385 0072
          Facsimile:(04) 384 7205


AUTO SUPREME: Taps Fisk and Sanson as Liquidators
-------------------------------------------------
On December 17, 2007, John Howard Ross Fisk and Craig Alexander
Sanson were appointed liquidators of Auto Supreme Group Limited.

Creditors are required to file their proofs of debt by Feb. 29,
2008, for them to be included in the company's dividend
distribution.

The Liquidators can be reached at:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          New Zealand
          Telephone:(04) 462 7000
          Facsimile: (04) 462 7492


AUTOPAC RENTALS: Creditors' Proofs of Debt Due on February 29
-------------------------------------------------------------
The creditors of Autopac Rentals Ltd. are required to file their
proofs of debt by February 29, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          New Zealand
          Telephone:(04) 462 7000
          Facsimile: (04) 462 7492


CONTACT CONTRACTS: Undergoes Liquidation Proceedings
----------------------------------------------------
Contact Contracts Ltd. commenced liquidation proceedings on
August 28, 2007.

Tay Wilson was appointed as liquidator.

The Liquidator can be reached at:

          Tay Wilson
          PO Box 3650, Wellington
          New Zealand
          Telephone:(04) 385 0072
          Facsimile:(04) 384 7205


HAWKES BAY: Commences Liquidation Proceedings
---------------------------------------------
Hawkes Bay Wind Machines Ltd. commenced liquidation proceedings  
on December 13, 2007.

John Richard Palairet was then appointed as liquidator.

The Liquidator can be reached at:

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


IBS GROUP: Appoints Fatupaito and Fisk as Liquidators
-----------------------------------------------------
On December 14, 2007, Vivian Judith Fatupaito and John Howard
Ross Fisk were appointed liquidators of IBS Group Ltd.

Creditors are required to file their proofs of debt by March 14,
2008, for them to be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Vivian Judith Fatupaito
          John Howard Ross Fisk
          c/o PricewaterhouseCoopers
          188 Quay Street, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


MARFORD DEVELOPMENTS: Court to Hear Wind-Up Petition on Jan. 22
---------------------------------------------------------------
A petition to have Marford Developments Ltd.'s operations wound
up will be heard before the High Court of Wellington on Jan. 22,
2008.

Lorraine Blenkhorn and Collis John Blake filed the petition on
November 28, 2007.

James Clifford Simpson of Simpson & Co. is the petitioners'
solicitor.


MILLER INVESTMENT: Fixes Jan. 24 as Last Day to File Claims
-----------------------------------------------------------
The creditors of Miller Investment Services Ltd. are required to
file their proofs of debt by January 24, 2008, to be included in
the company's dividend distribution.

The company went into liquidation on November 20, 2007.

The company's liquidator is:

          Lyall Walton Brown
          PO Box 99841, Newmarket
          Auckland
          New Zealand
          Telephone:(09) 520 9200
          Facsimile:(09) 520 9201


PAKURANGA EARTHMOVERS: Fixes Feb. 10 as Last Day to File Claims
---------------------------------------------------------------
Pakuranga Earthmovers Ltd. requires its creditors to file their
proofs of debt by February 10, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Jeffrey Philip Meltzer
          Lloyd James Hayward
          c/o Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          New Zealand
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


PLIMMERTON CAFE: Appoints Fisk and Sanson as Liquidators
--------------------------------------------------------
John Howard Ross Fisk and Craig Alexander Sanson were appointed
liquidators of Plimmerton Cafe Limited on December 17, 2008.

The company requires its creditors to file their proofs of debt
by February 29, 2008, to be included in the company's dividend
distribution.

The Liquidators can be reached at:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          New Zealand
          Telephone:(04) 462 7000
          Facsimile:(04) 462 7492


ROSH HOLDINGS: Fixes Jan. 25 as Last Day to File Proofs of Debt
---------------------------------------------------------------
Rosh Holdings Ltd. requires its creditors to file their proofs
of debt by January 25, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

          Stephen Mark Lawrence
          Anthony John McCullagh
          c/o Horwath Corporate (Auckland) Limited
          PO Box 3678, Auckland 1140
          New Zealand
          Telephone:(09) 306 7421
          Facsimile:(09) 302 0536


WVC 2004: Subject to CIR's Wind-Up Petition
-------------------------------------------
On November 2, 2007, the Commissioner of Inland Revenue filed a
petition to have WVC 2004 Holdings Ltd.'s operations wound up.

The petition will be heard before the High Court of Hamilton on
January 29, 2008, at 10:45 a.m.

The CIR's solicitor is:

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


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

EXPORT AND INDUSTRY: Changes Stock Trading Symbol to "EIBA"
-----------------------------------------------------------
The Export and Industry Bank Inc. has changed its stock trading
symbol in the Philippine Stock Exchange from "EIB" to "EIBA."  

The change will be reflected on the PSE's computer system
beginning January 22, 2008.


Headquartered in Makati City, Manila, Export and Industry Bank,
Inc. -- http://exportbank.com.ph/-- has 50 branches and has     
revived former Urban Bank unit under new names.  Its principal
activity is the provision of commercial banking services such as
deposit taking, loans and trade finance, domestic and foreign
fund transfers, treasury, foreign exchange and trust services.

The bank is saddled with the PHP10 billion non-performing assets
it inherited from Urban Bank when the two banks merged in 2002.

The TCR-AP reported on May 10, 2006, that Exportbank is
scheduled to complete a rehabilitation program, which was
proposed in order to reverse a 2005 net loss of PHP1.66 million,
by 2007.

Under an agreement dated December 29, 2005, the Philippine
Deposit Insurance Corp. extends annual financial aid of
PHP600 million to the bank.

Export and Industry Bank Inc. has posted a consolidated net loss
of PHP166.634 million in fiscal year 2006, its third annual net
loss following a PHP1.691-billion loss in 2005 and a
PHP459.07-million loss in 2004.


FIRST PHILIPPINE: Lopez Offers to Buy 7.979 Mil. Common Shares
--------------------------------------------------------------
Lopez Inc. is offering to buy 7,979,840 outstanding common
shares of First Philippine Infrastructure Inc. that is held by
the public, a disclosure with the Philippine Stock Exchange
says.

According to the disclosure, these shares are not covered by the
share purchase agreement between Lopez Inc. and Starfield
Holdings Inc. on December 27, 1996.  Lopez is offering to buy
them at PHP2.98 per share.

Formerly known as City Resources (Phils.)
Corporation (CRC), Pasig City, Philippines-based First
Philippine Infrastructure Inc. 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.


MANILA ELECTRIC: Lopez Firm Reiterates Interest In Gov't Stake
--------------------------------------------------------------
First Philippine Holdings Corp. is still keen on buying the
government's stake in the Manila Electric Co., ABS-CBN News
says, citing Reuters as a source.

According to Reuters, FPHC Chairman Oscar Lopez told reporters
in a forum that the company still wants to acquire the
government's 26% stake in MERALCO.  

Another official also said that FPHC would raise US$1.1 billion
to refinance debt and increase two of its power plants' output,
Reuters adds.


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.


PHILCOMSAT HOLDINGS: Board Elects New Members of Exec. Committee
----------------------------------------------------------------
Philcomsat Holdings Corp. has elected new members of its
executive committee to replace those of the Ilusorio-Africa
group of private shareholders.

According to a disclosure with a Philippine Stock Exchange, the
Board of Directors has elected Guy de Leon, Alma Kristina O.
Alobba and Philip G. Bordett as replacements of Benito V.
Araneta, Manuel H. Nieto Jr. and Erlinda Ilusorio-Bildner.

The Board of PHC, a subsidiary of the Philippine Communications
Satellite Corp. and Philippine Overseas Telecommunications
Corp., is a subject of a dispute between the government-
appointed Locsin-Poblador group and a group of private
shareholders.

On November 21, 2007, the Troubled Company Reporter-Asia Pacific
revealed in earlier reports, citing the Philippine Daily
Inquirer, that the government had reportedly appointed new
nominees into the boards of PHC's parent companies through the
representation of Presidential Management Staff Undersecretary
Enrique Perez and Department of Justice lawyers.

On December 26, 2007, the TCR-AP outlined a complaint by the
government-appointed directors of PHC, claiming that the private
shareholders' group used letters signed by former Government
Service Insurance System chairman Bernardo Aves and Solicitor
General Agnes Devanadera to appoint themselves.  The complaint
alleged that Mr. Perez was unauthorized to vote for the
government's shares and that only the Presidential Commission on
Good Government could represent these shares.  

In response to the complaint, the TCR-AP said in a report on
December 28, 2007, the SandiganBayan nullified the results of
the November 19 election and barred the new board from taking
over PHC.  

The new government nominees defended their position. On January
3, the TCR-AP reported quoted Atty. Daniel Gutierrez, one of the
nominees, telling ABS-CBN that they were representing
government-owned shares and not sequestered shares which are the
sole jurisdiction of the PCGG.

                 About Philcomsat Holdings

Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956.  During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.
The company has since withdrawn from oil exploration because
there was no commercial discovery of oil.  On January 10, 1997,
the company approved amendments to its Articles of
Incorporation, changing its primary purpose from embarking in
the discovery, exploitation, development and exploration of
mineral oils, petroleum in its natural state, rock or carbon
oils, natural oils and other volatile mineral substances to a
holding company.

According to a Troubled Company Reporter-Asia Pacific report
on May 18, 2006, Philcomsat Holdings has not declared dividends
for the past two fiscal years.  Philcomsat is involved in an
anomaly brought about by huge losses.  The company reported a
PHP6.965-million loss in 2004 and a PHP22-million loss in 2005.
The Philippine Senate has initiated an inquiry into the matter.
Moreover, according to press reports, a huge fraction of the
shareholdings of Philcomsat, which is said to be ill-gotten, had
been confiscated by the Government.


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

CLP ENERGY: Creditors' Proofs of Debt Due on February 11
--------------------------------------------------------
CLP Energy Singapore Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by Feb. 11,
2008, for them to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on December 31,
2007.

The company's liquidators are:

          Seshadri Rajagopalan
          Aaron Loh Cheng Lee
          c/o One Raffles Quay
          North Tower, Level 18
          Singapore 048583


STATS CHIPPAC: Intends to Undertake Capital Reduction
-----------------------------------------------------
STATS ChipPAC Ltd. unveils its proposed capital reduction
exercise, with the intention to effect a proposed payout of up
to US$813 million to shareholders of the company.

The Capital Reduction is subject to and conditional upon
adequate debt financing being obtained to fund the Cash
Distribution and the repayment of certain outstanding debt of
the company (including the redemption and/or repurchase of its
senior notes), on terms and conditions acceptable to the
company.  The amount of the Cash Distribution would accordingly
be determined based on the proceeds of such debt financing made
available to the company.  The Capital Reduction is also subject
to approvals by the Singapore Exchange Securities Trading
Limited, and applicable regulatory authorities, as well as of
Shareholders at an extraordinary general meeting of Shareholders
to be convened to seek Shareholders’ approval of the proposed
Capital Reduction.  Approval from the Singapore High Court is
also needed for the Capital Reduction.

The Board of Directors may however decide, even if these
conditions have been satisfied, that it is then not in the best
interests of the company to effect the Cash Distribution in
which event the company would take all necessary steps and
action to terminate the Capital Reduction exercise.  There is
therefore currently no assurance that the Capital Reduction will
be effected and if effected, on the amount of the Cash
Distribution and the Capital Amount.

If the company determines that these conditions have been
satisfied and it decides to proceed to lodge a copy of the Order
of Court approving the Capital Reduction with the Registrar of
Companies and Businesses of Singapore, the company would then
make the lodgment, whereupon the Capital Reduction would become
effective and the Cash Distribution would become payable.  If
the Capital Reduction becomes effective, the company will
promptly make an announcement of the effectiveness of the
Capital Reduction, the Books Closure Date, the amount of the
Cash Distribution, the Capital Amount and the date of payment of
the Cash Distribution in due course.

If the Capital Reduction is effected, shareholders would receive
a fixed amount for each STATS ChipPAC ordinary share held as at
a books closure date to be determined by the Directors of the
company.  The Capital Amount would be determined by dividing the
amount of the Cash Distribution by the number of issued Shares
as at the Books Closure Date.

The Capital Reduction, if effected, would not result in a
cancellation of Shares or a change in the number of Shares, held
by shareholders immediately after the Capital Reduction.

The Capital Reduction, if effected, would allow the company to
return surplus capital to the shareholders.  Giving proforma
effect to the Capital Reduction as at Sept. 30, 2007, and
assuming the Cash Distribution is US$813 million, as well as the
full conversion into Shares of US$134.5 million of 2.5%
Convertible Subordinated Notes due 2008 held by Temasek
Holdings (Private) Limited indirectly through its wholly-owned
subsidiary Singapore Technologies Semiconductors Pte Ltd, the
Capital Reduction will reduce the share capital of the company
as at September 30, 2007, from approximately US$1,889 million to
approximately US$1,211 million.

After the Capital Reduction, the company’s financial position is
expected to remain healthy and the company believes the
continued cash flow generated from its operations and
financial resources are expected to be able to support its
foreseeable near-term investment and operational needs.

As previously announced, Temasek and STSPL have been in
discussions with the company on the Capital Reduction.  The
xompany expects Temasek, through STSPL, to vote in favor of the
Capital Reduction at the EGM.

Further, as announced on December 12, 2007, the company
postponed the termination of its American Depositary Receipts
program with Citibank, N.A., the depositary for the American
Depositary Shares, until it could eliminate its outstanding
obligations to deliver ADSs under its employee benefit plans.

In light of the Capital Reduction exercise, the company has
decided to continue to maintain its ADR program with the
Depositary until the Capital Reduction exercise is consummated
or abandoned.  Once it completes or abandons the Capital
Reduction exercise, the company will make its determination as
to whether any obligations to deliver ADSs under its employee
benefit plans remain outstanding and whether to proceed to
terminate the ADR program given such outstanding obligations at
that time.

                    About STATS ChipPAC

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

                          *     *     *

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


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

KHL Printing Co. Pte Ltd filed the petition on Dec. 21, 2007.

KHL Printing's solicitors are:

          Drew & Napier LLC
          20 Raffles Place #17-00
          Ocean Towers
          Singapore 048620


ZHONGGUO JILONG: Creditors' Meeting Slated for January 31
---------------------------------------------------------
The creditors of Zhongguo Jilong Limited will have their first
meeting on Jan. 31, 2008, at 9:30 a.m., at the Marina Room of
Ernst & Young, One Raffles Quay, North Tower, in Level 18,
Singapore 048583.

The company's judicial manager is:

          Seshadri Rajagopalan
          c/o Ernst & Young
          One Raffles Quay
          North Tower, Level 18
          Singapore 048583


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

KRUNG THAI: Expects 6% Growth in Loans for 2008
-----------------------------------------------
Krung Thai Bank PCL is expecting a growth of 6% in lending to
THB60 billion this year, Reuters reports.

According to Krung Thai's president, Apisak Tantivorawong, the
bank made the forecast on an expected 4.5-5% growth in the Thai
economy this year.

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

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

                          *     *     *

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


NFC FERTILIZER: Court to Hear Rehab Petition on February 8
----------------------------------------------------------
The Central Bankruptcy Court of Thailand has ordered a second
hearing on February 5, 2008, for SC Management Co. Ltd.'s
petition to put NFC Fertilizer PCL under business
rehabilitation.

The company's management is one of the shareholders of SC
Management.

In a disclosure with the Stock Exchange of Thailand, the company
said that there was only one objection to the petition during
the first hearing held on December 17, 2007.  This objection
came from the Industrial Estate Authority.

                      About NFC Fertilizer

Headquartered in Bangkok, NFC Fertilizer Public Company Limited
-- http://www.nfc.co.th-- produces chemical fertilizer
containing nitrogen, phosphate, and potash, under its Nation
Fertilizer brand name.  Additionally, it imports and distributes
urea, ammonium sulfate, and potassium chloride fertilizers.  The
company also distributes phosphoric acid and gypsum, which are
by-products of its fertilizer production.

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


                       Going Concern Doubt

After auditing the company's financial statements for the first
half and second quarter of 2007, Methee Ratanasrimetha at M.R. &
Associates Co. Ltd. raised substantial doubt on the company's
ability to continue as a going concern.

Mr. Methee said that the company acknowledged that it is not
worth to further invest in chemical fertilizer production by
using current equipment and machinery as it will generates even
further loss.  The Company is in the process of finding new
business and has continued importing and distributing chemical
fertilizer and chemical products.  The Company, therefore, has
not considered to stop its chemical fertilizer production.  The
auditor then said that the company's ability to continue as a
going concern depends on the resolution of these matters.






                         *********

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 ***