TCRAP_Public/080118.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, January 18, 2008, Vol. 11, No. 13

                            Headlines

A U S T R A L I A

COEUR D'ALENE: Promotes Key Officers in Bolivia, Mexico & Alaska
DENSLEYS FREIGHT: Declares Second and Final Dividend
G R & P L HOLDINGS: Commences Liquidation Proceedings
HELTON AUSTRALIA: Members Opt to Shut Down Business
HERMANS NOMINEES: Undergoes Liquidation Proceedings

M.S.L LINEN: Declares Dividend for Priority  Employees
NORTH WEST: To Declare First Dividend on January 30
PEET & CO: Declares First Dividend for Creditors
R W AIR: Members and Creditors Receive Wind-Up Report
RED DOOR: Members and Creditors Hear Wind-Up Report

SOUTH EAST: Placed Under Voluntary Liquidation


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

ARTALENT LIMITED: Creditors' Proofs of Debt Due on Feb. 11
BIO-RAD LABORATORIES: S&P Upgrades Corporate Credit Rating
BLACKBOARD INC: To Acquire NTI Group for US$182 Million
BLACKBOARD INC: S&P Ratings Unaffected by NTI Group Acquisition
CUSHION COMPANY: Appoints Sung Mi Yin as Liquidator

ELITE VIEW: Creditors' Proofs of Debt Due on Feb. 11
FIAT SPA: Buys Back 3.86 Million Ordinary Shares
FIAT SPA: Magneti Unit Forms Joint Venture with Sumi Motherson
HENDERSON SUN: Commences Liquidation Proceedings
HI-IMPEX: Creditors' Proofs of Debt Due on Feb. 20

MAINFAT INVESTMENT: Members Meeting Fixed for February 11
NOBLE GROUP: S&P Revises Outlook on Credit Profile Improvement
PHILIP MORRIS: Paul Moyes & Yeung Betty Step Down as Liquidators
SOUTHWOOD LIMITED: Creditors' Proofs of Debt Due on Jan. 30
TAIWAN INTERNATIONAL: 2007 Sales Total TWD10.83 Billion

TOCCATE COMPANY: Appoints New Liquidator
VASOMEDICAL INC: Posts US$64,000 Net Loss in Qtr. Ended Nov. 30
* Fitch: Positive Outlook Enables Real Estate Cos. to Expand Ops
* Chinese Property Developers Face Rising Pressure, Fitch Says


I N D I A

BANK OF BARODA: To File Unaudited Q3 Results on Jan. 30
BANK OF BARODA: Plans to Establish Presence in Thailand
BILT: Chairman Eyes Restructuring Business Into Small Groups
IFCI LTD: Sterlite Says Bid for 26% Stake Still Valid
INDUSTRIAL DEV'T BANK: Earns INR1.76 Bil. in Qtr. Ended Dec. 30

QUEBECOR WORLD: Fails to Get Financing on Securitization Waivers
TATA MOTORS: Inducts 80 Singur Youths for Nano-Car Plant
TATA STEEL: To Develop Limestone Mine in Oman with Al Bahja
TATA STEEL: Brazil's Vale May Tie Up With Company, Report Says


I N D O N E S I A

ALCATEL-LUCENT: Bags U.S. Cellular's Network Expansion Contract
BANK MANDIRI: To Control 80% of Bank Sinar
BANK NEGARA: Leads Firms to Provide IDR4-Tril. Toll Road Loan
BANK NISP: To Sell IDR600BB Worth of 10-Year Subordinated Bonds
TELKOMSEL: 2007 Revenue Increases Nearly 24%


J A P A N

DELPHI CORP: Expands Supply Contract with VaST Systems
DELPHI CORP: Obtains "Broad-Based" Support on Plan
ELAN CORP: US FDA Approves TYSABRI Biologics License Application
FIDELITY NATIONAL: Robert W. Baird Keeps Outperform Rating
FLOWSERVE CORP: 2007 Full Year Bookings Up 19% to 4.3 Billion

NIPPON PAPER: Boss to Step Down Over False Paper Blending Rate
SENBA KITCHO: Files for Court Protection Under Civil Rehab Law
* Company Bond Risk Rises in Japan, Default Swaps Show


K O R E A

DURA AUTOMOTIVE: Pacificor Still Silent on Deal Outlook
DURA AUTOMOTIVE: Wants to Move Plan-Filing Deadline to April 30
THE LEADCORP: KGRF Korea & Three Individuals Sell Stake
THE LEADCORP: Largest Shareholder Sells Stake


M A L A Y S I A

SELOGA HOLDINGS: Enters Call Option Agreement with AJSB
SHAW GROUP: Boosts Credit Facility to US$1 Billion
SHAW GROUP: Unit Gets Task Order Contract from U.S. Army Corps
SINORA INDUSTRIES: Has Until Dec. 22 to Give Requirements to SC
SOLUTIA INC: Reaches Settlement with Senior Secured Noteholders


N E W  Z E A L A N D

BURWOOD (NZ): Commences Liquidation Proceedings
CONCEPTIONS LTD: Creditors' Proofs of Debt Due on January 25
DAVE ORRELL: Wind-Up Petition Hearing Slated for February 11
DOUBTLESS BAY: Appoints Madsen-Ries and Levin as Liquidators
HERITAGE GOLD: All 3 Licenses on Dunmarra Project Granted

IS BLISS: Appoints Anne Veronica Stephenson as Liquidator
MEDICTRONIX: Subject to Medical Technologies' Wind-Up Petition
MOTUROA CYCLES: Placed Under Voluntary Liquidation
SHOWERTECH: Creditors' Proofs of Debt Due on Jan. 31
SOVEREIGN INDUSTRIES: Court to Hear Wind-Up Petition on April 1

WEDDING EARTHMOVERS: Court to Hear Wind-Up Petition on April 11


P H I L I P P I N E S

IPVG CORP: Lists 40.5 Million New Common Shares in Local Bourse
METROPOLITAN BANK: Sells Off PHP4.63-Bil. in Bad Loans to Orix
MRC ALLIED: Annual Stockholders' Meeting Set for February 12
RIZAL COMMERCIAL BANKING: Expects PHP3.6-Billion Profit for 2008
RIZAL COMM'L: Plans to Issue About PHP7-Billion in Debt Notes


S I N G A P O R E

CKE RESTAURANTS: Renews Multi-Year Beverage Deal with Coca-Cola
INTERMEC INC: Teams Up with Apriva to Provide Payment Processing
KIM HOCK: Court to Hear Wind-Up Petition Today
STATS CHIPPAC: Moody's Affirms Ba1 rating; Outlook Stable
SUNNING INTERNATIONAL: Fixes Feb. 9 as Last Day to File Claims

SYNIVERSE TECH: Appoints Jeffrey Gordon as Chief Tech Officer
ZHONGGUO JILONG: Creditors' Proofs of Debt Due on January 24


T H A I L A N D

TOTAL ACCESS: To Enter Into 3G Joint Venture with CAT Telecom

* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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A U S T R A L I A
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COEUR D'ALENE: Promotes Key Officers in Bolivia, Mexico & Alaska
----------------------------------------------------------------
Coeur d'Alene Mines Corporation has promoted key personnel at
its San Bartolome (Bolivia), Palmarejo (Mexico), and Kensington
(Alaska) projects, to guide each project from construction into
production phase.  Promotions were also announced in the
corporate Treasury and Human Resources divisions to prepare for
the company's growth.

"The promotions of Rick Irvine at San Bartolome; Stuart Mathews
at Palmarejo; and Tom Henderson at Kensington to key officer
positions at our three major growth projects is designed to
significantly strengthen our operations management team.  In
addition to the new officers named in our corporate Treasury and
Human Resources divisions, these leaders at our sites help
further secure the Company's position in its next level of
strategic growth as the world's leading silver producer," said
Dennis E. Wheeler, Chairman, President and Chief Executive
Officer.  "With the imminent production at San Bartolome and the
addition of Palmarejo in 2009, Coeur is poised to deliver
approximately 30 million ounces of silver annually.  I am
confident these are the right people to help us deliver on this
new and exciting growth."

All of the three new Vice Presidents at the project sites were
previously General Managers at their respective properties and
have added the titles of Vice President.

                     Palmarejo, Mexico

Stuart Mathews is the new Vice President and General Manager of
the Palmarejo silver/gold project in northern Mexico.  The
Palmarejo Project is expected to begin production in just over a
year at an annualized rate of approximately 10.4 million ounces
of silver and 115,000 ounces of gold per year with cash costs,
net of gold by-product credits, of an estimated (US$0.41) per
ounce of silver and an initial mine life of nine years.

                  San Bartolome, Bolivia

At San Bartolome, Rick Irvine is now Vice President and General
Manager for Company's new silver mine in Potosi, Bolivia.  As
San Bartolome moves toward its expected 2008 startup, over 1,600
personnel on site at the project have surpassed 3.2 million man
hours without a lost time accident.  Initial production levels
are estimated at approximately 9 million ounces of silver
annually.

                    Kensington, Alaska

At Kensington -- Coeur's major gold project near Juneau, Alaska
-- Tom Henderson was promoted to Vice President and General
Manager for Coeur Alaska.  Construction at Kensington is over
90% complete.  The process plant and ancillary construction
activities, including pre-operational testing, are fully
complete.  A supplemental operations team remains focused on
improving the process plant control systems, as well as other
minor activities including sediment control, overall site
maintenance, and weather conditioning.

               Additional Corporate Promotions

In addition, Carolyn S. Turner was promoted to Treasurer and
Larry A. Nelson was promoted to Vice President Human Resources
at the company's corporate offices.  Ms. Turner joined Coeur in
March 1996 in the accounting department at Coeur Silver Valley.  
She served as Assistant Treasurer for Coeur since December 2006.  
Ms. Turner is a licensed CPA and earned her MBA from Regis
University and her Bachelor of Science Degree in Business
Administration with Accounting Emphasis from Eastern Montana
College.

Mr. Nelson joined Coeur in March 1996 as Human Resources Manager
at Coeur Silver Valley, and was most recently Director of Human
Resources for Coeur.  He has over thirty years of experience in
human resources in the mining and nonferrous metals industries.  
Mr. Nelson holds an MBA from Pacific Lutheran University and
Bachelor of Science Degree in Business Administration from
the University of Montana.

                    About Coeur d'Alene

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                       *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's B- rating.


DENSLEYS FREIGHT: Declares Second and Final Dividend
----------------------------------------------------
Densleys Freight Services Pty Ltd, which is in liquidation,
declared its second and final dividend on January 4, 2008.

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

The company's liquidator is:

          K. E. Barnet
          Bentleys MRI Chartered Accountants
          GPO Box 740
          Brisbane, Queensland 4001
          Australia

                    About Densley's Freight

Densley's Freight Services Pty Ltd, which is also trading as
B G A Transport, is involved in the trucking business, except
local.  The company is located at Geebung, in Queensland,
Australia.


G R & P L HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------------
During a general meeting held on November 15, 2007, the members
of G R & P L Holdings Pty Ltd agreed to voluntarily wind up the
company's operations.

Ian Richard Hall and David Clement Pratt were appointed as
liquidators.

The Liquidators can be reached at:

          Ian Richard Hall
          David Clement Pratt
          Riverside Centre, 123 Eagle Street
          Brisbane, Queensland 4001
          Australia

                      About G R & P L Holdings

G R & P L Holdings Pty Ltd operates miscellaneous retail stores.  
The company is located at Brisbane, in Queensland, Australia.


HELTON AUSTRALIA: Members Opt to Shut Down Business
---------------------------------------------------
During a general meeting held on November 27, 2007, the members
of Helton Australia Pty Ltd resolved to voluntarily wind up the
company's operations.

Con Kokkinos of O'Keeffe Walton Richwol was then appointed as
liquidator.

The Liquidator can be reached at:

          Con Kokkinos
          O'Keeffe Walton Richwol
          Chartered Accountants
          Suite 3, 431 Burke Road
          Glen Iris 3146
          Australia

                       About Helton Australia

Helton Australia Pty Ltd provides business services.  The
company is located at Malvern East, in Victoria, Australia.


HERMANS NOMINEES: Undergoes Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on November 29, 2007,
the members of Hermans Nominees Pty Ltd resolved to voluntarily
wind up the company's operations.

Gary John Anderson was then appointed as liquidator.

The Liquidator can be reached at:

          Gary John Anderson
          PO Box 1661
          West Perth, Western Australia 6872
          Australia
          Telephone:(08) 9486 7822
          Facsimile:(08) 9226 4250
          e-mail:garya@iinet.net.au

                       About Hermans Nominees

Hermans Nominees Pty Ltd, which is also trading as A Hermans
Electrical, provides electrical work.  The company is located at
Wangara, in Western Australia, Australia.


M.S.L LINEN: Declares Dividend for Priority  Employees
------------------------------------------------------
M.S.L Linen Rental Pty Ltd declared dividend for its priority
employees on January 10, 2007.

Only creditors who were able to file their proofs of debt by
December 21, 2007, were included in the company's dividend
distribution.

The company's deed administrator is:

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

                          About M.S.L Linen

M.S.L Linen Rental Pty Ltd, which is also trading as The Mackay
Steam Laundry, is in the business of garment pressing, laundries
and drycleaners.  The company is located at Mackay, in
Queensland, Australia.


NORTH WEST: To Declare First Dividend on January 30
---------------------------------------------------
North West Mining Services Pty Ltd will declare its first
dividend on January 30, 2008.

Only creditors who were able to file their proofs of debt by
December 26, 2007, will be included in the company's dividend
distribution.

The company's liquidators are:

          J. W. Cunningham
          J. R. Park
          Ramsay Clout Chartered Accountants
          63 The Esplanade, Suite 2
          Maroochydore, Queensland 4558
          Australia
          Telephone:(07) 5479 6411
          Facsimile:(07) 5479 6350

                          About North West

North West Mining Services Pty Ltd is a distributor of
construction and mining, except petroleum, machineries and
equipments.  The company is located at Maroochydore, in
Queensland, Australia.


PEET & CO: Declares First Dividend for Creditors
------------------------------------------------
Peet & Co Point Cook Land Syndicate Limited declared its first
dividend for creditors on December 24, 2007.

Only creditors who were able to file their proofs of debt by
December 23, 2007, were included in the company's dividend
distribution.

The company's liquidator is:

          Alan Ledger
          Ledger Consulting Group
          PO Box 3009
          Perth Adelaide Tce, Western Australia 6832
          Australia

                       About Peet & Co Point

Peet & Co Point Cook Land Syndicate Limited is a land subdivider
and developers, except for cemeteries.  The company is located
at Perth, in Western Australia, Australia.


R W AIR: Members and Creditors Receive Wind-Up Report
-----------------------------------------------------
The members and creditors of R W Air Pty Ltd met on January 7,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ivor Worrell
          Worrells Solvency & Forensic Accountants
          8th Floor, 102 Adelaide Street
          Brisbane, Queensland 4000
          Australia
          Telephone:(07) 3225 4391
          Facsimile:(07) 3225 4311
          Web site: http://www.worrells.net.au

                           About R W Air

R W Air Pty Ltd provides refrigeration and air-conditioning
repair services.


RED DOOR: Members and Creditors Hear Wind-Up Report
---------------------------------------------------
The members and creditors of Red Door Property Group Pty Ltd met
on January 11, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ivor Worrell
          Worrells Solvency & Forensic Accountants
          8th Floor, 102 Adelaide Street
          Brisbane, Queensland 4000
          Australia
          Telephone:(07) 3225 4383
          Facsimile:(07) 3225 4311
          Web site: http://www.worrells.net.au

                         About Red Door

Red Door Property Group Pty Ltd is a general contractor of
single-family houses.  The company is located at East Brisbane,
in Queensland, Australia.


SOUTH EAST: Placed Under Voluntary Liquidation
----------------------------------------------
During a general meeting held on November 26, 2007, the members
of South East Queensland Bond Stores Pty Ltd resolved to
voluntarily wind up the company's operations.

David Michael Stimpson and Terry Grant van der Velde were then
appointed as liquidators.

The Liquidators can be reached at:

          David Michael Stimpson
          Terry Grant van der Velde
          c/o SV Partners
          Web site: http://www.svpartners.com.au

                          About South East

South East Queensland Bond Stores Pty Ltd, which is also trading
as Msi Auto Imports, operates general automotive repair shops.  
The company is located at Oxenford, in Queensland, Australia.


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

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

The company's liquidators are:

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


BIO-RAD LABORATORIES: S&P Upgrades Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Hercules, California-based Bio-Rad Laboratories Inc.
to 'BBB-' from 'BB+' following a review of the company's
financial policies.
     
"The upgrade reflects our expectation that Bio-Rad will maintain
a financial risk profile appropriate for an investment-grade
rating while conducting small acquisitions," said Standard &
Poor's credit analyst David Lugg, "with significant acquisitions
a rare event following by rapid deleveraging."

Headquartered in Hercules, California, Bio-Rad Laboratories,
Inc. (AMEX: BIO) (AMEX: BIOb) -- http://www.bio-rad.com/-- is a
multinational manufacturer and distributor of life science
research products and clinical diagnostics.  It serves more than
85,000 research and industry customers worldwide through its
global network of operations.  The company employs over 5,000
people globally and had revenues of nearly USUS$1.3 billion in
2006.  Aside from the United State, the company maintains
operations in Bulgaria, Canada, Denmark, Greece, India,
Philippines, Taiwan, and The Netherlands, Brazil, El Salvador,
Mexico and Puerto Rico.


BLACKBOARD INC: To Acquire NTI Group for US$182 Million
-------------------------------------------------------
Blackboard Inc. disclosed a definitive agreement to acquire
privately-held NTI Group, Inc.  Under terms of the agreement,
Blackboard will acquire NTI for US$182 million subject to
certain adjustments. The purchase price will be paid
US$132 million in cash and US$50 million in stock.  In addition,
up to an additional US$17 million in consideration may be paid
in stock based on attainment of certain financial targets over
the two years following the close of the acquisition.

This acquisition enables Blackboard to better help institutions
address several key challenges and trends which are taking place
within the education community, namely:

   1. as online learning continues to grow and more institutions
      utilize the internet to connect with traditional and
      virtual students, it is becoming increasingly important to
      have the capability to deliver mass communications with
      large populations of users across an array of technical
      devices;

   2. in addition, it has become imperative that academic
      institutions have the ability to quickly and effectively
      communicate with their entire campus constituency in the
      wake of a range of school and campus tragedies, severe
      weather and other safety concerns; and

   3. institutions are focusing on mobile-centric strategies and
      looking to tightly integrate their learning environments
      with cell phones and PDAs.

In addition, this positions Blackboard to assist Governmental
agencies and municipalities which are also increasingly expected
to reach their entire constituencies directly in an expeditious,
time sensitive and cost-effective manner in the event of serious
public safety matters.

The acquisition of the NTI Group moves Blackboard into the fast-
growing alert and notification market, forecast by Yankee Group
to grow to an estimated US$1.2 billion in revenue in the United
States by 2011, representing a five-year compounded average
annual growth rate of over 30%.  The combination of Blackboard
and NTI adds another mission-critical offering to Blackboard's
existing suite of enterprise products and fulfills a key
education technology priority.  The addition of NTI's Connect-ED
offering will allow Blackboard to extend its leadership in North
American higher education and establish a much more significant
presence with U.S. K-12 institutions where NTI has already
established a significant client base.

NTI is located in Sherman Oaks, California and provides
comprehensive communication services designed specifically for
academic institutions as well as local, state and federal
government entities.  As of the third quarter of 2007, NTI had
more than 1,200 contracts for the Connect-ED system in the U.S.
K-12 market covering more than 14,000 schools and districts.  
NTI had 130 contracts in the U.S. higher education market
covering approximately 200 colleges and universities.  
Additionally, the Connect-CTY, Connect-GOV and Connect-MIL
services provide mass notification functionality to a fast
growing number of municipal, government and military customers.

The company's mass notification systems are designed to allow
users to quickly and easily record and send time-sensitive
notifications to thousands of people in minutes using just a
computer or telephone.  The NTI service operates as a fully
hosted, fully managed Application Service Provider/Software as a
Service; users are able to deploy a complete messaging and
notification system without investing in, or maintaining,
hardware, software, or additional phone lines.  Messages can be
sent to recipients' landlines, cell phones, PDAs/text- based
devices, SMS, e-mail accounts, and TTY/TDD devices for the
hearing impaired.

"Time-sensitive mass notification systems are a top priority for
global academic institutions," said Michael Chasen, Blackboard's
President and Chief Executive Officer.  "NTI is the leading
provider of these systems to educational institutions and
government agencies and the addition of their solutions is an
excellent next step in the growth of Blackboard's product
portfolio.  NTI expands our client base significantly and in
particular adds more than 1,200 new relationships with key IT
decision makers in the K-12 market.  I believe the union of our
companies will create substantial cross- selling opportunities
and add significant shareholder value."

"We are extremely pleased to become a part of Blackboard and
enhance their product offering with our mission critical
communications technology," said Robin Richards, NTI Chairman
and Chief Executive Officer.  "We believe that we can leverage
Blackboard's existing infrastructure, geographic diversity and
relationships in higher education to efficiently expand the
reach of our communications platform."

Both companies' Boards of Directors have approved the
transaction.  Subject to regulatory approval and other customary
closing conditions, the transaction is expected to close in the
first quarter of 2008.  The combined companies will operate
under the Blackboard name and brand with corporate headquarters
located in Washington, DC.

                      Acquisition Benefits

The combination of Blackboard and NTI unites two innovators
serving academic institutions, as well as government and
corporate clients.  Key strengths expected from the combination
include:

   -- Combined client base of more than 4,900 K-12 schools,
      colleges and universities as well as a growing presence in
      government organizations and corporations;

   -- Unmatched depth and breadth of product offering;

   -- Enhanced cross-selling opportunities to both the existing
      NTI and Blackboard client bases;

   -- Strengthened management with extensive experience in
      global education technology; and

   -- Increased revenue growth, profitability and cash flow over
      time.

              Financial Details of the Acquisition

NTI's business model offers many of the same financial
characteristics as Blackboard's, including an annual recurring
subscription-based licensing model, ratable revenue recognition,
a stable institutional client base and historically high renewal
rates.  As a result, the combination is expected to enhance
growth and profitability over time.  Blackboard expects the
transaction to be slightly accretive to earnings on a non-GAAP
adjusted basis excluding the impact of purchase accounting
adjustments on deferred revenues and non-recurrinfedders corpg
merger-related costs and dilutive on a GAAP basis for fiscal
year 2008.

Blackboard retained Wachovia Securities as its financial advisor
and Dewey & LeBoeuf as its legal advisor.  NTI retained UBS
Investment Bank as its financial advisor and Latham and Watkins
LLP as its legal advisor.

                     About Blackboard Inc.

Headquartered in Washington, D.C., Blackboard Inc. (Nasdaq:
BBBB) provides enterprise software applications and related
services to the education industry.  Founded in 1997, Blackboard
enables educational innovations everywhere by connecting people
and technology.  With two product suites, the Blackboard
Academic Suite(TM) and the Blackboard Commerce Suite(TM),
Blackboard is used by millions of people at academic
institutions around the globe, including colleges, universities,
K-12 schools and other education providers, as well as textbook
publishers and student-focused merchants that serve education
providers and their students.  Blackboard has offices in North
America, the Netherlands, Australia, and China.


BLACKBOARD INC: S&P Ratings Unaffected by NTI Group Acquisition
---------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings and outlook
on Blackboard Inc. (B+/Positive/--) would not be affected by the
company's announced acquisition of The NTI Group Inc., a
provider of mass notification systems to schools, for
US$182 million, of which US$132 million will be in cash and the
remaining amount will be in common stock.  The agreement also
includes earnout of up to US$17 million in common stock based
upon the achievement of certain performance milestones.  
     
In 2007, NTI had revenue of approximately US$30 million.  At
worst case, Washington, District of Columbia-based Blackboard's
acquisition of NTI would leave operating lease-adjusted debt
leverage unchanged at 3.3x as of Sept. 30, 2007, which is good
for the rating.  However, Standard & Poor's expects the
transaction to be EBITDA accretive and leverage to improve
slightly from its current level.  Following this transaction,
Blackboard still has some capacity for debt-financed
acquisitions at the current rating.

                     About Blackboard Inc.

Headquartered in Washington, D.C., Blackboard Inc. (Nasdaq:
BBBB) provides enterprise software applications and related
services to the education industry.  Founded in 1997, Blackboard
enables educational innovations everywhere by connecting people
and technology.  With two product suites, the Blackboard
Academic Suite(TM) and the Blackboard Commerce Suite(TM),
Blackboard is used by millions of people at academic
institutions around the globe, including colleges, universities,
K-12 schools and other education providers, as well as textbook
publishers and student-focused merchants that serve education
providers and their students.  Blackboard has offices in North
America, the Netherlands, Australia, and China.


CUSHION COMPANY: Appoints Sung Mi Yin as Liquidator
---------------------------------------------------
The members of Cushion Company Limited appointed Sung Mi Yin as
the company's liquidator.

The Liquidator can be reached at:

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

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

The company commenced liquidation proceedings on January 3,
2008.

The company's liquidator is:

         Au Yeung Kiu
         Block 8, Ping Wu Garden
         Sheung Cheung Wai
         Wai, Ping, Shau
         Yuen Long, NT


FIAT SPA: Buys Back 3.86 Million Ordinary Shares
------------------------------------------------
Fiat S.p.A. purchased 38,609 Fiat ordinary shares at the average
price of EUR16.4254 including fees on Jan. 11, 2008, within the
frame of the buy back program announced on April 5, 2007.

On Jan. 10, 2008, the company bought 3.851 million Fiat ordinary
shares at the average price of EUR16.1705 including fees.

From the start of the buy back program on April 24, 2007, the
total number of shares purchased by Fiat amounts to
31.54 million for a total invested amount of EUR603.4 million.

                   Share Repurchase Program

At a stockholders meeting on April 5, 2007, Fiat authorized the
purchase of treasury shares from the aggregate three classes of
stock, which shall not exceed in the aggregate 10% of the
capital stock and maximum amount of EUR1.4 billion.  The
authorization will last 18 months from April 5, 2007, and will
therefore expire on Oct. 5, 2008.  The buy back will be carried
out on the regulated markets as:

   -- it will end on April 30, 2008, or once the maximum amount
      of EUR1.4 billion or a number of shares equal to 10% of
      the capital stock is reached;

   -- the maximum purchase price will not exceed 10% of the
      reference price reported on the stock exchange on the day
      before the purchase is made; and

   -- the maximum number of shares purchased daily will not
      exceed 20% of the total daily trading volume for each
      class of shares.

                       About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


FIAT SPA: Magneti Unit Forms Joint Venture with Sumi Motherson
--------------------------------------------------------------
Fiat S.p.A.'s Magneti Marelli S.p.A. and Sumi Motherson Group
have signed an agreement for the creation of a joint venture in
India aimed at the production of automotive components in the
area of lighting and engine control systems.

According to the provisions of the agreement, Magneti Marelli
Holding and Sumi Motherson Group, through its holding company
Samvardhana Motherson Finance Limited, will each own a 50%
interest in the joint venture.

The industrial facilities will be located in the areas of New
Delhi and Pune and will concentrate on the production and
assembly of intake manifolds for engines and headlamps and rear
lamps for automobiles.

The joint venture’s activities will target the Indian market and
the local and international carmakers operating in the
territory.

"The joint venture with Sumi Motherson Group represents our
second important agreement signed in India within a few months,
and it confirms our strategy to be directly present on the
automotive markets featuring a high growth rate, at the service
of our global automotive clients and of local companies,"  
Eugenio Razelli Magneti Marelli CEO disclosed.

"Thanks to a solid partner like Sumi Motherson, in addition to
further expanding our offer in the powertrain sector, we will
also be able to play an important role in India in the area of
lighting systems for motor vehicle. Shared investments with
local partnerships facilitate rapid growth in fast developing
markets. In those markets, that are becoming more and more
global, the need for technology is growing rapidly," Mr. Razelli
added.

"The joint venture with Magneti Marelli will further strengthen
our existing relations in the Automotive Industry.  We are
continuously exploring new areas and niches where we can add
value by acquiring new technologies.  We firmly believe that we
will be able to provide the latest and world class products to
our customers in the areas of lighting and engine control
systems.  This joint venture will further enhance our philosophy
of creating more value per car," V.C. Sehgal Sumi Motherson
chairman disclosed.

Magneti Marelli, a company belonging to the Fiat Group, designs,
produces and markets advanced systems and components for motor
vehicles. It has 45 production facilities and 25,000 employees
and a turnover of EUR4.5 billion in 2006.

                       About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                         *     *     *

As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


HENDERSON SUN: Commences Liquidation Proceedings
-------------------------------------------------
Henderson Sun Investment Company Limited commenced liquidation
proceedings on December 31, 2007.

The company's liquidator is:

          Cheung Fong Ming
          72-76 Floor
          Two International Finance Centre
          8 Finance Street
          Central Hong Kong


HI-IMPEX: Creditors' Proofs of Debt Due on Feb. 20
--------------------------------------------------
The creditors of Hi-Impex (Hong Kong) Limited are required to
file their proofs of debt by February 20, 2008, for them to be
included in the company's dividend distribution.

The company's liquidator is:

         IP Chung Yuen
         22nd Floor
         Guangdong Investment Tower
         148 Connaught Road Central
         Hong Kong


MAINFAT INVESTMENT: Members Meeting Fixed for February 11
----------------------------------------------------------
The members of Mainfat Investment Limited will have their final
general meeting on February 11, 2008, at the 20th Floor of
Island Beverly, 1-5 Great George Street, in Causeway Bay, Hong
Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is Lian Mingshun.


NOBLE GROUP: S&P Revises Outlook on Credit Profile Improvement
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
outlook on the rating on Noble Group Ltd. to positive from
stable.  At the same time, it affirmed the 'BB+' long-term
corporate credit rating on the company.

"The rating actions reflect Noble's improving risk management.
Its transformation from largely a commodity-trading operation to
an increasingly vertically integrated business model is gaining
traction and is a positive rating factor," said Standard &
Poor's credit analyst Ryan Tsang.

Noble has shown its commitment to balancing growth and managing
risk by investing in risk management functions and resources in
the past few years to keep up with its rapid growth and
expansion into new business lines.  Its risk functions are now
better integrated with its operations than in the past.  The
company's risk management department has expanded outside Hong
Kong to a number of key offices.  Noble plans to further enhance
its risk management functions by implementing more sophisticated
tools to measure the risk and returns of its investments and
operations.  These developments could further improve its risk
management capability.

Continuous diversification of Noble's geographical and product
lines is likely to further reduce its concentration risk.  The
company has successfully managed its global commodity supply
chain, with a secure feedstock supply, through investments and
equity stakes in upstream fixed assets.  It has also continued
to lower its revenue concentration; its revenue from China as a
percentage of total revenue has declined in the past few years.
In addition, Noble has diversified its product lines, including
carbon credit trading, to reduce product concentration and
leverage its customer base to cross sell.

Noble's strengths are counterbalanced by the inherent risks of
its commodity trading business, with volatility in commodity
prices and low operating margins, as well as financial and
execution risks associated with the company's rapid expansion.

The company is trying to improve its profit margin by
integrating vertically and creating more profit points in its
commodity supply chain business.  Noble's entrepreneurial spirit
has inherent risks.  The company invests in new businesses, as
well as in plants and upstream assets that have a poor operating
record and are high risk investments in nature -- albeit with
high return potential.  The company's satisfactory track record
on investment selections and integration of acquired operations
partly offsets these concerns.

Noble Group Ltd., headquartered in Hong Kong and listed on the
Singapore Stock Exchange, is mainly engaged in the sourcing and
distribution of a wide range of commodity products in
agriculture, energy and metals as well as the logistics
management business.  It has over 70 offices in 42 countries.


PHILIP MORRIS: Paul Moyes & Yeung Betty Step Down as Liquidators
---------------------------------------------------------------
On January 11, 2008, Paul David Stuart Moyes and Yeung Betty
Yeun stepped down as liquidators for Philip Morris China
Limited, which is still undergoing liquidation.


SOUTHWOOD LIMITED: Creditors' Proofs of Debt Due on Jan. 30
-----------------------------------------------------------
The creditors of Southwood Limited are required to file their
proofs of debt by January 30, 2008, for them to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on December 27,
2007.

The company's liquidators are:

         Gerard Dubois
         Richard Alan Wallis
         207 Corporation Square
         No. 8 Lam Lok Street
         Kowloon Bay
         Kowloon, Hong Kong


TAIWAN INTERNATIONAL: 2007 Sales Total TWD10.83 Billion
-------------------------------------------------------
Taiwan International Securities Corporation's unconsolidated
sales in December 2007 fell 15.84% year-on-year to
TWD1.17 billion from TWD1.39 billion, according to data obtained
from Bloomberg.

The company's full-year 2007 unconsolidated sales hit
TWD10.83 billion, a 27.08% improvement against sales of
TWD8.52 billion a year earlier.

Taiwan-based Taiwan International Securities Corporation --
http://www.tisc.com.tw/-- is engaged in the businesses of  
brokerage, underwriting, bond trading, as well as the research,
design and issuing of financial products.

On April 20, 2005, Fitch Ratings assigned a BB long-term issuer
default rating and B short-term issuer default rating to the
company.

TOCCATE COMPANY: Appoints New Liquidator
----------------------------------------
The members of Toccate Company Limited appointed Sung Mi Yin as
liquidator for the company.

The Liquidator can be reached at:

          Sung Mi Yin
          11th Floor, Ritz Plaza
          122 Austin Road
          Tsimshatsui
          Kowloon, Hong Kong


VASOMEDICAL INC: Posts US$64,000 Net Loss in Qtr. Ended Nov. 30
---------------------------------------------------------------
Vasomedical Inc. reported its financial results for the three
months ended Nov. 30, 2007.

Total revenues were US$1,388,000 in the second quarter of fiscal
2008, compared with total revenues of US$1,523,000 in the second
quarter of fiscal 2007.  Revenues from equipment sales increased
approximately 4% to US$597,000 in the three months ended
Nov. 30, 2007, as compared to US$575,000 for the same period for
the prior year.  

Equipment rentals and services were US$791,000 in the three
months ended Nov. 30, 2007, down approximately 17% from
US$948,000 for the same period in the previous year.  Revenue
from equipment rental and services represented 57% of total
revenue in the second quarter of fiscal 2008 compared to 62% in
the second quarter of fiscal 2007.  This decrease in revenue
resulted primarily from a 16% decrease in service-related
revenue and a 56% decline in rental revenue.

The company recorded a net loss attributable to common
shareholders of US$64,000 during the three months ended
Nov. 30, 2007, compared to a loss of US$369,000, during the
three months ended Nov. 30, 2006.  The decrease in the net loss
compared to the prior-year quarter reflects a US$420,000, or
36%, decrease in operating expenses as a result of continuing to
restructure our costs to be better aligned with potential near-
term sales.

Dr. John C.K. Hui, President and Chief Executive Officer of
Vasomedical, commented, "As we end the 2nd quarter of 2008, it
is apparent that the financial status of the company has
improved significantly due to cost cutting measures and the
injection of new capital.  We have been focusing on sales
related to the treatment of refractory angina, which is
reimbursed domestically, and at the same time expanding our
international market to explore additional claims such as heart
failure and the applications of EECP(R) therapy as a preventive
treatment for cardiovascular disease.  Going forward, we will
concentrate on growing our sales, while at the same time
continuing to expand our clinical data to support EECP(R)
therapy as a safe and effective treatment to gain widespread
recognition from both physicians and the public."

As of Nov. 30, 2007, the company had cash and cash equivalents
balances of US$2,556,000 compared with US$850,000 as of
May 31, 2007, and working capital as of Nov. 30, 2007, of
US$3,107,000 compared with US$1,320,000 as of May 31, 2007.

                   Going Concern Doubt

As reported in the Troubled Company Reporter on Sept. 8, 2006,
Miller Ellin & Company LLP, in New York, expressed substantial
doubt about Vasomedical Inc.'s ability to continue as a going
concern after auditing the company's financial statements
for the fiscal year ended May 31, 2006.  The auditing firm
pointed to the company's recurring losses from operations and
net capital deficiency.

                    About Vasomedical

Vasomedical Inc. -- http://www.vasomedical.com/-- develops,  
manufactures and markets EECP(R) therapy systems to deliver its
proprietary form of enhanced external counterpulsation therapy.  
EECP(R) therapy is a noninvasive, outpatient therapy used in the
treatment of ischemic cardiovascular diseases, currently used to
manage chronic stable angina and heart failure.

The company has operations in Brazil, China and the United
Kingdom.


* Fitch: Positive Outlook Enables Real Estate Cos. to Expand Ops
----------------------------------------------------------------
Fitch Ratings said that the overall positive momentum in the
Hong Kong property market enables real estate companies to
allocate additional resources into mainland China.

"The generally strong operating cash flows from recurring
sources allow companies to take on additional risks," said
Michael Wu, director in Fitch's Asia Corporates team, in a
special report on the outlook for Hong Kong's property market
this year.  "For instance, both Sun Hung Kai Properties Limited
(SHKP, 'A'/Stable) and The Wharf (Holdings) Limited (Wharf, 'A-'
(A minus)/Stable) have publicly announced that they will speed
up, albeit cautiously and prudently, their investment in
mainland China," said Mr. Wu.  He further explained that Fitch
views this as positive, given that diversification will help
companies to achieve more stability in their cash flow -- as
long as additional risks are controlled, and a capital structure
is maintained which is in line with global peers at the same
rating level.

"However, current rating levels of the rated property investors
already reflect Fitch's view of the industry.  Therefore, near-
term positive rating actions driven by industry fundamentals are
unlikely," Mr. Wu added.

The outlook for the mass market should continue to be positive.
Completion of new units is expected to be on the low side in
2008, although some alleviation is likely thereafter.  Positive
factors which could boost market sentiment -- a steady macro
environment, strong results in public land auctions, and easy
availability of mortgage credit -- are also expected to
continue.

Meanwhile, the 2008 outlook for the luxury market remains
positive, although some uncertainty has begun to surface.  The
prognosis is principally driven by limited supply in traditional
high-end residential districts, and the easing -- but still
solid -- demand from overseas investors and executives in the
financial services sector.  The tightening monetary environment
in China and other related austerity measures might lead to a
moderately lower level of investment inflow from the mainland.
Furthermore, the subprime fallout in the U.S. might translate
into lower compensation and job security for bank executives,
which will limit their desire to acquire luxury properties.

The report, entitled "2008 Hong Kong Real Estate Market
Outlook", also highlights that Fitch expects a reversal of the
previous diverging performance between Central and non-Central
properties for the office sector.  Rental levels in Central are
expected to move within a tight range given that tenants have
begun to demonstrate resistance to the current high rentals.  
For the non-core districts, moderate growth in rentals should be
provided by the strong local economy, the decentralization
trend, and the much-improved vacancy rate, despite abundant
supply in the pipeline.

The agency expects the outlook for the retail property market to
be positive, reflecting a firm expectation of retail sales due
to the strong local economy and booming visitor arrivals.
However, the positive effect would be partially diluted by the
ongoing supply of new retail properties.

In conjunction with the report, Fitch Ratings will be hosting a
teleconference today, Jan. 18, 2008, at 10:00 a.m. Hong
Kong/Beijing time to discuss the 2008 outlook for the Hong Kong
and China property sectors.


* Chinese Property Developers Face Rising Pressure, Fitch Says
--------------------------------------------------------------
Fitch Ratings said that due to the increasingly stricter
regulations aimed at both adjusting the imbalance between demand
and supply, and curbing the soaring property prices, the agency
expects an ease in rising prices within the Chinese property
market, with property developers likely to face more pressure in
financing and liquidity this year.

The widening demand-supply gap in recent years has resulted in
rising property prices in China, which fuels concerns about a
sector "bubble".  Undersupply, relating to land shortages and
land hoarding, has been blamed for the soaring prices but real
demand "overdrawn" in advance and investment-driven demand also
play important roles due to the expectation of rapid price
increases, which creates a self-fulfilling cycle.  "The market
will consequently face stricter regulations, and credit
tightening will become the normal practice in the sector," said
Matthew Kong, associate director in Fitch's Asia Corporates
team, in a special report on the outlook for China's property
market this year.  "However, the authorities will put more
emphasis on addressing supply issues while continuing to curb
demand to narrow the demand-supply gap and steady property
prices," added Mr. Kong.

Although the central government has started to push all local
governments to honor their responsibility to plan and supply
low-rent and affordable housing in their jurisdictions, Fitch
expects policy effects to be gradual given the low proportion of
this housing in total supply.  The central government will
therefore be more likely to seek to end land hoarding in order
to accelerate housing development in the short term.

The cumulative effects of the regulations and policies will
narrow the demand-supply gap and thereby curb the price rises.
However, in some cities where property prices grew dramatically
during 2007, there will be considerable property price
volatility.  Nevertheless, Fitch does not expect property prices
to drop materially nationwide as the government's core supply
polices will take some time to be effective.

Fitch's expectation of a reduction in price increases assumes
that the new regulations will be put in place and firmly
enforced by all levels of governments, as the immature nature of
the Chinese market calls for not just more stringent
regulations, but also better enforcement.  The agency therefore
expects strengthening and monitoring the enforcement of the
regulations to be one of the government's policy focuses in
2008.

Meanwhile, tightening credit and rising land acquisition costs
have raised entry barriers to the industry and also affected
property developers' financial flexibility and liquidity.  In
general, some small developers with little-known brands and few
resources, as well as those companies that aggressively buy
large areas of land at high costs, may encounter liquidity
issues, as tightening credit and the potential demand slowdown
make them vulnerable to a possibly weakened cash flow.  The
agency considers that the larger, publicly-listed Chinese
property companies, particularly companies rated in the 'BB'
range and above, which may have relatively better execution
capability, management quality, corporate governance and
multiple funding channels, to be better positioned in the
current competitive landscape and therefore to reap gains in the
consolidation stage of market evolution.  On the other hand,
companies rated in the 'B' range, with limited cash flow bases
and financing flexibility would be forced to focus on regional
or niche markets.

Fitch views that the sector outlook is somewhat negative in
2008.  However, it notes that the Chinese property market will
continue to benefit from the nation's strong fundamentals, such
as robust economic growth, rapid urbanisation and a significant
real demand for housing, which will remain the driving forces of
sector growth in 2008.  Underpinned by these factors, Fitch
views that it is less likely to see a collapse of the market in
2008, which is not the goal of the Chinese government either,
but an accommodating market, which will enable the market to
squeeze the "bubble" and build the foundation for sustainable
growth.

A copy of the special report entitled "Chinese Property Market
Outlook 2008" will be available shortly on
http://www.fitchratings.com/ In conjunction with the report,  
Fitch Ratings will be hosting a teleconference today, Jan. 18,
2008, at 10:00 a.m. Hong Kong/Beijing time to discuss the 2008
outlook for the China and Hong Kong property sectors.


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

BANK OF BARODA: To File Unaudited Q3 Results on Jan. 30
-------------------------------------------------------
Bank of Baroda's board of directors, on Jan. 30, 2008, will
consider and approve, among others, the bank's unaudited
financial results for the third quarter ended Dec. 31, 2007.

In the same quarter last year, the bank recorded a net profit of
INR3.29 billion on revenues aggregating of INR27.21 billion.

On Jan. 30, the board will also be considering the bank's
results for the nine months ended Dec. 31, 2007, and relevant
segment reporting.

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

                        *     *     *

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

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


BANK OF BARODA: Plans to Establish Presence in Thailand
-------------------------------------------------------
Bank of Baroda wants to expand in Thailand to take advantage of
the trade growth between India and Thailand, the Bangkok Post
reports.

According to the news agency, the bank is already in talks with
Thai authorities.

"Hopefully in six months' time, we will be a powerhouse offering
a vast array of products to customers here," the Post quotes BoB
Chairman & Managing Director Anil K. Khandelwal as saying.

Thailand is part of the bank's overall strategy of growth, the
CMD added.

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

                        *     *     *

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

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


BILT: Chairman Eyes Restructuring Business Into Small Groups
------------------------------------------------------------
Ballarpur Industries Ltd Chairman Gautam Thapar wants to
restructure the company by creating different special purpose
vehicles and list them overseas, Shabani Bagai and Arijit Barman
of NDTVProfit.com reports.

Without naming sources, the report said the plan will be to
divide Ballarpur Industries into four broad business units while
real estate will be hived off into one entity.  “The process is
on and very soon a 2-tier structure will be in place,” NDTV
relates.

The sum of the valuation of separate listings is believed to
generate more value than the valuation of just one combined
entity.

According to NDTV, the Thapar family currently owns 39% in BILT
while the remaining stake is held by the public and
institutions.

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is a paper manufacturer and exporter.
BILT has five product groups: coated wood-free, uncoated wood-
free, copier, creamwove, and business stationery.  There are
three types of products in the coated wood-free segment: two
side coated paper, two side coated boards, and single side
coated products.  BILT's Indian subsidiaries include BILT Tree
Tech Limited and BILT Graphic Paper Products Limited.  The
company's two wholly owned foreign subsidiaries in Netherlands
include Ballarpur International Holdings B.V. and Ballarpur
Paper Holdings B.V. In March 2007, the company acquired 97.8% of
Sabah Forest Industries Sdn Bhd, Malaysia, which operates an
integrated paper and pulp mill in Malaysia.

On April 12, 2004, Standard and Poor's Ratings Services gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.  As of Jan. 16, 2008, the company
still carry those ratings.


IFCI LTD: Sterlite Says Bid for 26% Stake Still Valid
-----------------------------------------------------
Sterlite Industries said the group had no plans to change the
management of IFCI Ltd and that it's bid for a 26% stake om the
company, the Press Trust of India reports.

As previously reported by the Troubled Company Reporter-Asia
Pacific, IFCI called off plans to sell 26% of the company after
its board of directors rejected the financial proposal submitted
by the consortium of Sterlite Industries and Morgan Stanley and
Co, saying that the conditional offer is unacceptable.

Management control reportedly was the reason behind the deal
cancellation.  Thomson Financial News, citing the Times,
reported that the Sterlite-led consortium was seeking a
guarantee from IFCI to ensure that any further dilution in IFCI
stake be undertaken with their consent, which was unacceptable
to IFCI.

"We put the highest bid to turn it around,” PTI quotes Sterlite
Industries Chairman Anil Agarwal in an interview with CNBC-TV18.  
“Our offer is still valid.  The government can consider it
anytime and talk to us."

Mr. Agarwal insisted that the group had no plans to bring
changes to the current IFCI management.  “[W]e believe in the
existing management,” he added.

IFCI Limited -- http://www.ifciltd.com/-- is established to   
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.

Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'.  The outlook on the rating is stable.


INDUSTRIAL DEV'T BANK: Earns INR1.76 Bil. in Qtr. Ended Dec. 30
---------------------------------------------------------------
The Industrial Development Bank of India Ltd, for the three
months ended Dec. 30, 2007, posted a net profit of
INR1.76 billion, more than 39% compared to the INR1.27 billion
earned in the same quarter in 2006.

Total revenues for the Oct.-Dec. 2007 quarter jumped 32% to
INR24.71 billion, which includes interest on advances of
INR17.06 billion.  Total expenditure increased by 24% to
INR20.79 billion.

The company also provided INR215 million for taxes and booked
INR1.95 billion for provisions and contingencies.

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

              http://ResearchArchives.com/t/s?2721

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.


QUEBECOR WORLD: Fails to Get Financing on Securitization Waivers
----------------------------------------------------------------
Quebecor World Inc., in connection with the waivers obtained
from its banking syndicate and the sponsors of its
securitization program announced on Dec. 31, 2007, has not
obtained by Jan. 15, 2008, US$125 million of new financing, as
had been required under the terms of the waivers.

The non-satisfaction of this condition of the Dec. 31, 2007
waiver does not automatically result in the termination of the
banking syndicate's waiver or an acceleration of the maturity of
indebtedness under the Company's credit facilities or a cross-
default under other financial instruments of Quebecor World.  
Any such termination, acceleration or default would require
formal notification from a majority of the banking syndicate to
Quebecor World.

The non-satisfaction of this condition of the Dec. 31, 2007
waivers also entitles the sponsors under the Company's
securitization program to terminate such program, but any such
termination would not, if effected, result in cross-defaults
under any financial instrument of the company.  The company had
requested a one week waiver of this condition from its banking
syndicate and securitization sponsors to facilitate the rescue
financing initiative currently underway, but has declined to pay
the significant waiver costs requested by its banking syndicate
for this waiver, as the company believes it must preserve cash
and this payment would not be in the best interests of all of
the company's stakeholders.  The company renewed its request
that the banking syndicate provide a suitable waiver and is
awaiting the response.

In addition, Quebecor World announced that in light of the
announced rescue initiative and its current circumstances, it
will not make the US$19.5 million payment of interest due today
on its outstanding US$400 million 9.75% Senior Notes due 2015.  
Under the terms of the indentures relating to the 9.75% Senior
Notes due 2015, failure to pay interest does not result in an
immediate default and the company has 30 days to cure the
non-payment.

Quebecor World continues to work with Quebecor Inc. and Tricap
Partners Ltd. on the rescue-financing plan announced on Jan. 14,
2008 and believes that satisfaction of the conditions of such
initiative would be in the best interests of the Company and all
its stakeholders.  There is no assurance all the consents and
approvals to the completion of the rescue-financing plan and
recapitalization initiative will be received on a timely basis.

                 About Quebecor World Inc.

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Moody's Investors Service has downgraded Quebecor
World Inc.'s corporate family rating by two notches to Caa2.

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Montreal-based printing
company Quebecor World Inc. two notches to 'CCC' from 'B-'.

In addition, Standard & Poor's lowered the senior unsecured debt
rating on the company by three notches to 'CCC-' from 'B-',
reflecting the junior position of the notes in relation to
Quebecor World's US$750 million revolving credit facility
(unrated), which is fully guaranteed and partially secured, and
the high likelihood that the company's debt level will increase
in the near term.


TATA MOTORS: Inducts 80 Singur Youths for Nano-Car Plant
--------------------------------------------------------
Tata Motors Ltd, on Wednesday, inducted a batch of 80 youth as
apprentices at the Singur People's Car plant, as per the
Memorandum of Understanding signed by the company with West
Bengal's Department of Technical Education & Training and West
Bengal Industrial Development Corporation, a media release
stated.

According to a report at Sify.com, the 80 apprentices were from
families that have lost their lands at Singur, in West Bengal,
where Tata Motors will set up a plant for its INR1-lakh Nano
car.

The move is part of Tata Motors' comprehensive community
development program for Singur, the company said.  

As reported by the Troubled Company Reporter-Asia Pacific on
Mar. 13, 2007, the Government of West Bengal and WBIDC signed an
agreement for Tata Motor's to build the small-car plant at
Singur, which plans raised protests from the locals because of
the transfer of agricultural land required for the factory.
Tata Motors would pay WBIDC INR1,000 crore for a 90-year Singur
land lease, payment of which will be in a phased manner --
INR1 crore per annum for the first five years, INR10 crore in
the next 10 years and in the next 30 years, INR20 crore yearly.

The Singur-plant program, the company explained, includes:

   a) training, according to an individual's educational
      qualifications and skills, to improve their employability;

   b) training women for employability -- through facilitation
      of cooperative societies -- to produce a diverse range of
      items, which could be used in the Tata Motors plant or the
      vendor plants; and

   c) social development in the Singur area, through community
      centers, and support for primary health, primary/secondary
      education and adult education.

Tata Motors said another group of 311 individuals, all from
Singur villages, are now undergoing a training program since May
2007.  After completing their respective program, they will
undertake a trade test.  Successful candidates will then undergo
15 months' hands-on training at Tata Motors facilities to make
them multi-skilled.  On successful completion of the program,
the trainees will take the trade tests to qualify for trade
certificates issued by the National Council for Vocational
Training and will become eligible for employment at the Singur
plant and vendor facilities.

                         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 STEEL: To Develop Limestone Mine in Oman with Al Bahja
-----------------------------------------------------------
Tata Steel Ltd and the members of Oman business house Al Bahja
Group entered into a joint venture deal for the development of
the Uyun Limestone deposits at Salalah in the Sultanate of Oman,
the company said in a media release.

According to the release, Tata Steel will be holding 70% stake
in the existing company named AL Rimal Mining LLC through its
subsidiary, TS Global Minerals Holdings Pte Ltd.  Al Rimal
Mining will execute the project of developing and operating the
Uyun Mine.

The release, however, did not disclose financial details of the
deal.

Tata Steel Managing Director B. Muthuraman said, "We value our
partnership with the Al Bahja Group, and we are sure that this
partnership will play a significant role in the mineral
development of the Sultanate of Oman.  These investments in
mining are the foundations towards achieving Tata Steel's vision
of becoming a global benchmark in Value Creation, Corporate
Social Responsibility, Environmental Protection and Safety
through passionate, talented and motivated employees."

The initial phase will involve exploration and detailed
feasibility studies, Tata Steel stated.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd, and changed the
outlook to negative from stable.


TATA STEEL: Brazil's Vale May Tie Up With Company, Report Says
--------------------------------------------------------------
Vale, formerly known as Companhia Vale do Rio Doce, may tie up
with, among others, Tata Steel Ltd to set up steel mills in
Brazil, Jeb Bount of Bloomberg News reports citing a Vale
statement.

According to the report, Vale told the news agency that
feasibility studies are conducted of projects with Tata Steel
and Japan's JFE Holdings Inc.

Last month, Ishita Dutt Ayan wrote for the Business Standard
that Vale was in talks with Tata Steel to set up a steel lab
plant in Brazil.  Citing industry analysts, the BS report said
that a Tata Steel-Vale alliance will be a win-win scenario for
both companies.

“While Vale is looking to leverage its mineral resources and
cash in on the booming steel market, Tata Steel is aiming to set
up steel plants close to its raw material base as well as ramp
up its raw material security,” Ms. Dutt wrote.

Vale is the world's largest producer of iron ore and pellets
with mineral exploration efforts in 19 countries worldwide.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd, and changed the
outlook to negative from stable.


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

ALCATEL-LUCENT: Bags U.S. Cellular's Network Expansion Contract
---------------------------------------------------------------
U.S. Cellular has announced a five-year agreement for Alcatel-
Lucent SA to supply a wide variety of network equipment,
software and services supporting US Cellular's ongoing network
expansion.

The equipment, software and services from Alcatel-Lucent will
make it possible for U.S. Cellular to improve their customers'
experience through increased coverage and capacity of its
network based on CDMA2000(R) technology.  This platform will
enable US Cellular to provide an enhanced mobile data customer
experience, including faster uploads and downloads when
connecting to the Internet, and new mobile high-speed data
services, including mobile video telephony, high-quality music
streaming and other multimedia applications.

"U.S. Cellular has repeatedly been recognized for providing our
customers with the greatest wireless experience, so it's
critical that we partner with a vendor that can help us create
and maintain the best wireless network possible," said U.S.
Cellular Executive Vice President and Chief Technology Officer,
Michael S. Irizarry.  "Alcatel-Lucent has been a trusted partner
since the very beginning of U.S. Cellular and we chose to
continue our ongoing relationship based on Alcatel-Lucent's
knowledge of our business, its understanding of our vision and
the breadth of its portfolio."

Under the agreement, Alcatel-Lucent will provide a range of base
stations designed to fit a wide variety of deployment scenarios
to enable US Cellular to address the needs of its customers no
matter where they live, work and play.

"By once again choosing Alcatel-Lucent to expand and grow its
network, U.S. Cellular is demonstrating its confidence not only
in CDMA technology but also the CDMA market in general," said
Alcatel-Lucent's Americas region president, Cindy Christy.  
"This is a significant contract for Alcatel-Lucent and we look
forward to continuing our longstanding relationship with U.S.
Cellular as we help them rapidly deploy new revenue generating
applications and services."

Earlier this year, the J.D. Power and Associates 2007 Wireless
Call Quality Performance Study(SM) for the fourth consecutive
time ranked US Cellular "Highest Call Quality Performance among
Wireless Cell Phone Users in the North Central Region, for Two
Years."

                        About US Cellular

US Cellular (Amex: USM) is the nation's sixth-largest wireless
service carrier, providing wireless service to six million
customers in 26 states.  The Chicago-based company employs 8,000
associates and operates on a customer satisfaction strategy,
meeting customer needs by providing a comprehensive range of
wireless products and services, superior customer support, and a
high-quality network.

                      About Alcatel-Lucent

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

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

                          *     *     *

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

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


BANK MANDIRI: To Control 80% of Bank Sinar
------------------------------------------
PT Bank Mandiri will control 80% of small-sized Bank Sinar and
use the bank to serve the country's small business, various
reports say.

On December 3, 2007, Thomson Financial recounts, Bank Mandiri
and Bali-based Bank Sinar signed a conditional sale and purchase
agreement.  Bank Mandiri said it will initially purchase 50% of
Bank Sinar shares but did not give the value of the stake, the
report adds.

According to Antara News, following the purchase, Bank Mandiri
will inject IDR80 billion into Bank Sinar, raising its capital
base to IDR100 billion.  Following the injection, Bank Mandiri
will control 80% of Bank Sinar, and the remaining 20% will be
held by former Bank Sinar shareholders, Thomson Financial
relates.

Antara News adds that Bank Mandiri said it will use its internal
cash reserves for Bank Sinar's purchase, which is expected to be
finalized on May 5.

                      About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is           
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on Dec. 7,
2007, that Fitch Ratings upgraded the Individual Rating of PT
Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and its
National Long-term rating to 'AA+ (idn)' from 'AA (idn)'.  The
Outlook on the National rating remains Stable.  At the same
time, all other ratings are affirmed, as follows:

   -- Long-term foreign and local currency Issuer Default
      ratings at 'BB-' with a Positive Outlook

   -- Short-term IDR at 'B'

   -- Support at '4', and

   -- Support Floor at 'B+'

On Oct. 19, 2007, Moody's Investors Service raised the foreign
currency long-term debt and foreign currency long-term deposit
ratings of Bank Mandiri.

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

   -- The Not Prime foreign currency short-term deposit rating,
      Baa2 global local currency deposit rating and D- BFSR were
      unaffected.
Indonesia's Mandiri aims for 20 pct 08 loan growth


BANK NEGARA: Leads Firms to Provide IDR4-Tril. Toll Road Loan
-------------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk will lead a syndicate of
banks and a securities company to provide about IDR4 trillion in
financing for a toll road project, media reports quote Bank
President Director Sigit Pramono as saying.

Pramono told Reuters that the 21-km toll road connecting a
suburb in East Jakarta to Bekasi town on the outskirts of
Jakarta will cost IDR5.8 trillion.  From the total syndicated
loans of IDR4 trillion, Bank Negara will contribute
IDR1.4 trillion, he added.

According to Antara News, PT Bank Rakyat Indonesia Tbk has
provided IDR500 billion, PT Bank Bukopin Tbk IDR350 billion and
a combination of 11 regional banks provided IDR1.3 trillion.  
Securities company PT Andalan Artha Advisindo Sekuritas extended
IDR260.4 billion, the report adds.

                        About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial       
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter-Asia Pacific
Troubled Company Reporter-Asia Pacific on Dec. 7, 2007, Fitch
Ratings has upgraded the National Long-term rating of PT Bank
Negara Indonesia to 'AA-(idn)' (AA minus (idn)) from 'A+ (idn)).  
The Outlook is Stable.  This rating action resolves the Positive
Outlook that BNI's National rating was placed on in September
2007.   At the same time, Fitch has affirmed BNI's other
ratings, as follow:

   -- Long-term foreign and local currency Issuer Default   
      Ratings at 'BB-' with a Positive Outlook,

   -- Short-term rating at 'B'

   -- Individual rating at 'D'

   -- Support rating at '4', and

   -- Support rating floor at 'B+'

Oct. 19, 2007, Moody's Investors Service raised PT Bank Negara
Indonesia (Persero) Tbk.'s foreign currency long-term debt
rating to Ba2 from Ba3 and foreign currency long-term deposit
rating to B1 from B2.

On April 20, 2007, Standard & Poor's Ratings Services raised
Bank Negara's long-term counterparty credit ratings to 'BB-'
from 'B+'.


BANK NISP: To Sell IDR600BB Worth of 10-Year Subordinated Bonds
---------------------------------------------------------------
PT Bank NISP Tbk plans to sell IDR600 billion worth of 10-year
subordinated bonds and use the proceeds to expand its long-term
lending and raise its capital base, Thomson Financial reports.

According to the report, the bonds will be sold on Feb 25-27,
2008, followed by listing on the Indonesian Stock Exchange on
March 5.

Bank NISP has yet to set the coupon, but it said that from the
sixth to 10th years the coupon will be higher than in the first
five years, the report notes.

Thomson relates that PT CIMB-GK Securities, PT Standard
Chartered Securities and PT NISP have been appointed to
underwrite the issue.

                         About Bank NISP

PT Bank NISP Tbk -- http://www.banknisp.com/english/index.html   
-- categorizes its products into two groups: Funding, which
consists of savings and deposits, and Lending, consisting of
working capital loans, investment loans and consumer loans. In
addition, the bank has three service categories: Individual,
Corporate and Others. As of January 18, 2006, the bank has 29
branch offices, 101 representative offices and 26 cash offices
throughout the country.  The Bank is headquartered in Jakarta,
Indonesia.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Dec. 21, 2007, that Fitch Ratings has affirmed all the ratings
of PT Bank NISP Tbk:

   -- Long-term foreign and local currency Issuer Default
      Ratings at 'BB-'with a Positive Outlook,

   -- Short-term foreign currency IDR 'B', National Long-term
      'AA+(idn) with a Stable outlook',

   -- Individual 'C/D' and Support '3'.


TELKOMSEL: 2007 Revenue Increases Nearly 24%
--------------------------------------------
PT Telekomunikasi Selular Indonesia has reported a 24%
year-on-year rise in revenues in 2007 to IDR29.15 trillion,
various reports say.

According to Telegeography News, the increase is driven by
sustained subscriber growth.

Telkomsel President Director Kiskenda Suriahardja said the
company had decided to lift its capital spending this year to
US$1.7 billion from US$1.5 billion as it seeks to expand its
network quality and coverage, the report notes.

Telegeography relates that the company hopes to boost revenues
by 15% in fiscal year 2008.

Mr. Suriahardja was quoted by Reuters as saying, "We are trying
to maintain our EBITDA level.  Last year we had an EBITDA margin
of 69%."

Telkomsel had 47.8 million users as of December and the number
of customers can reach 50 million by the end of this month after
the company cut its prepaid tariffs, Reuters adds.

                     About Telkomsel

PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/        
-- is the leading operator of cellular telecommunications
services in Indonesia by market share.  By the end of June 2006,
Telkomsel had close to 29.3 million customers, which, based on
industry statistics, represented a market share of more than
50%.

Telkomsel provides GSM cellular services in Indonesia, through
its own nationwide Dual band 900/1800 MHz GSM network, an
internationally, through 259 international roaming partner in 53
countries as of June 2006.  The company provides its subscribers
with the choice between two prepaid cards-simPATI and kartuAs of
a pre-paid simPATI service, or the post-paid kartuHALO service,
as well as a variety of value-added services and programs.

Fitch Ratings, in August 2006, upgraded PT Telekomunikasi
Selular's long-term foreign currency issuer default rating to
'BB' from 'BB-'.


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

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

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

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

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

                        About VaST

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

                     About Delphi Corp.

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

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

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


DELPHI CORP: Obtains "Broad-Based" Support on Plan
--------------------------------------------------
Delphi Corp. reported the voting results for its First Amended
Joint Plan of Reorganization to the U.S. Bankruptcy Court for
the Southern District of New York.  Voting by classes of
creditors and holders of interests, including shareholders,
entitled to vote on the Plan illustrates broad-based support for
the Plan, the company said in a news release.  

Of the more than 4,000 ballots cast by general unsecured
creditors voting on the Plan, 3,329 or 81% of all voting
creditors aggregated across classes voted to accept the Plan --
excluding ballots cast by GM, plaintiffs in the multi-district
litigation and holders of interests.  Of the total amount voted
by all general unsecured creditor classes, 78% or
US$2,083,647,859.13 voted to accept the Plan.  100% of the
ballots cast in the GM and MDL classes voted to accept the Plan
in the respective amounts of US$2.57 billion and
US$57.2 million.  Of the approximately 217,000,000 shares voted
by shareholders, 78% or 170,297,851 shares voted to accept the
Plan.

The broad-based support expressed by creditors and shareholders
of Delphi Corporation and its principal subsidiaries holding its
US and global businesses was reflected in the votes of each of
the principal segments of the general unsecured creditor class
of the Delphi-DAS Debtors (Class 1C).  More than 70% of the
ballots cast and 70% of the total dollar amount voted by
Delphi's senior note claims, TOPrS claims, and all other claims,
including trade claims, segments each voted separately to accept
the Plan.  The company noted that one of the classes in one of
the subsidiary debtors (Delphi Diesel Systems Corp. - Class 6C)
rejected the Plan because less than two-thirds in amount of the
ballots cast supported the Plan.  In addition, depending on
whether the Bankruptcy Court allows certain other contested
ballots to be counted, one additional class in each of two
additional subsidiary debtors (Connection System Debtors - Class
3C and Delco Electronics Overseas Corporation - Class 5C) will
have rejected the Plan based on a reduction in the percentage of
dollar amounts voted in favor of the Plan below the statutory
threshold.

Although no assurances can be made, Delphi believes that the
Plan satisfies the requirements of the Bankruptcy Code and is
confirmable notwithstanding the rejection of the Plan by certain
classes.  A confirmation hearing on the Plan is scheduled to
begin on Jan. 17, 2008.

Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
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. 107; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)  


ELAN CORP: US FDA Approves TYSABRI Biologics License Application
----------------------------------------------------------------
The U.S. Food and Drug Administration has approved the
supplemental Biologics License Application of Elan Corporation
plc and Biogen Idec for TYSABRI(R) (natalizumab).  

TYSABRI is approved for inducing and maintaining clinical
response and remission in adult patients with moderately to
severely active Crohn's disease with evidence of inflammation
who have had an inadequate response to, or are unable to
tolerate, conventional CD therapies and inhibitors of TNF-alpha.
TYSABRI will be available for the treatment of CD upon the
completion of key implementation activities related to the
approved risk management plan.  The companies anticipate TYSABRI
will be available to Crohn's patients by the end of February
2008.

"The FDA's approval of TYSABRI is an important step forward in
the treatment of Crohn's disease," Dr. Stephen Hanauer,
professor of Medicine & Clinical Pharmacology & chief of the
Section of Gastroenterology at the University of Chicago
Pritzker School of Medicine, said.  "A significant number of
patients either fail or cannot tolerate current therapies.  The
unique mechanism of action of TYSABRI affords us a new class of
therapy in our fight against this debilitating disease."

The FDA granted approval based on its review of TYSABRI CD
clinical trial data and overall safety data.  The approval is
accompanied by robust labeling with safety warnings; and a CD-
specific risk management plan (including the mandatory TOUCH(TM)
Prescribing Program) designed to inform prescribers, patients
and infusion centers about the use of TYSABRI and to minimize
potential risk of progressive multifocal leukoencephalopathy and
other opportunistic infections.

"We are delighted that TYSABRI will be available for Crohn's
patients and their physicians, who continue to need new
therapeutic options with novel mechanisms of action," Gordon
Francis, MD, senior vice president, Global Clinical
Development, Elan, said.  "We are committed to providing
therapeutic choice to those patients who can benefit from
TYSABRI, and will continue to work with the FDA and the medical
community to implement the TOUCH(TM) Prescribing Program for
Crohn's patients."

"We are pleased with the FDA's decision to make TYSABRI
available to Crohn's patients suffering from this chronic,
debilitating disease," Evan Beckman, MD, senior vice president,
Immunology Research and Development, Biogen Idec, said.  
"Despite the therapeutic advances of the TNF-alpha inhibitors in
CD, there remains a significant unmet need for Crohn's patients
who have inadequate responses to, or are unable to tolerate,
current CD therapies."

                  TOUCH(TM) Prescribing Program

The TOUCH(TM) (TYSABRI Outreach: Unified Commitment to Health)
Prescribing Program was developed in conjunction with the FDA to
facilitate appropriate use of TYSABRI and to assess, on an
ongoing basis, the incidence and risk factors for PML and other
serious opportunistic infections associated with TYSABRI
treatment.  This program represents Elan and Biogen Idec's
commitment to making the unique benefits of TYSABRI available in
a responsible manner.  The program already has been implemented
for patients receiving TYSABRI therapy for MS.

                         About TYSABRI

Data from the ENCORE trial showed that TYSABRI induced response
and remission among patients with moderately to severely active
Crohn's disease, and objective evidence of inflammation, as
measured by elevated C-reactive protein.  After 12 weeks of
therapy, 60% of TYSABRI-treated patients attained response,
compared to 44% of placebo treated patients, and 48% of patients
had sustained response at both weeks 8 and 12, compared to 32%
of placebo treated patients (p less than 0.005 for both).  Among
the patients who had inadequate response to prior treatment with
inhibitors of TNF-alpha, 38% achieved sustained response at
weeks 8 and 12.

Data from the ENACT-2 showed that an additional year of TYSABRI
therapy sustained response and remission among patients with an
initial response to TYSABRI after 3 months in ENACT-1.  Of
patients with response in ENACT-1, sustained response during
ENACT-2 was seen in 61% of patients treated with TYSABRI at
every visit through an additional 6 months of therapy, compared
to 29% for placebo.  This treatment difference was also
sustained through 12 months of additional therapy (54% vs. 20%).
Remission was sustained at every visit with an additional 6
months or 12 months of TYSABRI in 45% and 40% of patients,
respectively, compared to 26% and 15% of placebo treated
patients (p less than 0.005 for all comparisons).  Among the
patients that had previously failed TNF-inhibitors, response and
remission was sustained at every visit through an additional 6
months of TYSABRI in 52% and 30% of patients, respectively.
Among patients on steroids and in whom a clinical response was
achieved, approximately two-thirds were able to discontinue
steroids within 10 weeks of beginning to taper steroids.

TYSABRI increases the risk of PML, an opportunistic viral
infection of the brain that usually leads to death or severe
disability.  Other serious adverse events that have occurred in
TYSABRI-treated patients included hypersensitivity reactions
(e.g., anaphylaxis) and infections.  Serious opportunistic and
other atypical infections have been observed in TYSABRI-treated
patients, some of whom were receiving concurrent
immunosuppressants.  Herpes infections were slightly more common
in patients treated with TYSABRI.  In MS and CD clinical trials,
the incidence and rate of other serious adverse events,
including serious infections, were similar in patients receiving
TYSABRI and those receiving placebo.  Common adverse events
reported in TYSABRI-treated MS patients include headache,
fatigue, infusion reactions, urinary tract infections, joint and
limb pain, and rash.  Other common adverse events reported in
TYSABRI-treated CD patients include respiratory tract infections
and nausea.  Clinically significant liver injury has been
reported in patients treated with TYSABRI in the post-marketing
setting.

TYSABRI has previously been approved for relapsing forms of MS
in the United States and relapsing-remitting MS in the European
Union.  According to data that have been published in the New
England Journal of Medicine, after two years, TYSABRI treatment
led to a 68% relative reduction (p less than 0.001) in the
annualized relapse rate compared to placebo and reduced the
relative risk of disability progression by 42-54% (p less than
0.001).  In addition to the United States and European Union,
TYSABRI is also approved for MS in Switzerland, Canada,
Australia, New Zealand and Israel.  TYSABRI was discovered by
Elan and is co-developed with Biogen Idec.

                        About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.  The company has locations in Bermuda and
Japan.

                          *     *     *

As reported in the TCR-Europe on Oct. 15, 2007, Standard &
Poor's Ratings Services revised its outlook on Elan
Corp. PLC to positive from stable and affirmed the ratings on
the company and its subsidiaries, including the 'B' corporate
credit rating.

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, Moody's
Investors Service confirmed its B3 Corporate Family Rating for
Elan Corporation plc and assigned a B2 probability-of-default
rating to the company.

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

* Issuer: Elan Finance plc
                                                Projected
                              Debt     LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$150M Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

   US$850M 7.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$465M 8.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65


FIDELITY NATIONAL: Robert W. Baird Keeps Outperform Rating
----------------------------------------------------------
Robert W. Baird analysts have kept their "outperform" rating on
Fidelity National Information Services Inc.'s shares,
Newratings.com reports.

Newratings.com relates that the target price for Fidelity
National's shares was decreased to US$49 from US$62.

The Robert W. Baird analysts said in a research note that
Fidelity National pre-announced its fourth quarter and 2007
earnings per share in-line with expectations.

The analysts told Newratings.com that the pre-announcement shows
that Fidelity National had a good fourth quarter performance
despite several challenges like:

         -- imminent spin-off of the Lender Services division,
         -- mortgage exposure, and
         -- big bank exposure.

The change in the target price indicates lower "industry
multiples," Newratings.com states, citing Robert W. Baird.

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.


FLOWSERVE CORP: 2007 Full Year Bookings Up 19% to 4.3 Billion
-------------------------------------------------------------
Flowserve Corp. reported record bookings for both the fourth
quarter and full year of 2007.  Fourth quarter bookings were up
19 percent over the prior year quarter to approximately US$1.1
billion, while full year bookings increased 19 percent over 2006
to US$4.3 billion.

Fourth quarter 2007 bookings increased approximately 19 percent,
to a record of approximately US$1.1 billion, including currency
benefits of approximately US$75 million.  This compares to
bookings of US$934 million in the same period a year ago.  Full
year 2007 bookings increased about 19 percent, to a record of
approximately US$4.3 billion, including currency benefits of
approximately US$200 million.  This compares to bookings of
US$3.6 billion for full year 2006.

"We are very pleased with our continued strong bookings growth
and are excited about the outlook for 2008 due to the robust
markets we are seeing," said Lewis Kling, Flowserve's President
and Chief Executive Officer.  "We also believe that our strong
execution abilities are enabling us to take market share from
our competitors."

                      About Flowserve

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  In Latin
America, Flowserve operates in 36 countries such as the
Dominican Republic, Guatemala,Guyana, Belize,
Belgium, Netherlands, Indonesia, Singapore, and Japan.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.


NIPPON PAPER: Boss to Step Down Over False Paper Blending Rate
--------------------------------------------------------------
The president of Nippon Paper Group Inc, Masatomo Nakamura,  
said on Wednesday that he will resign from his post at a yet-
undetermined date to take the blame for the company's selling of
recycled paper products containing smaller-than-claimed amounts
of used paper, Japan Today reports.

"I'm prepared to resign although I can't say when," the report
quotes Mr. Nakamura as saying.

Japan Today relates that an in-house investigation by the
company uncovered the practice, which involved holiday greeting
cards as well as other products, including copy, printing and
notebook papers.


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.


SENBA KITCHO: Files for Court Protection Under Civil Rehab Law
--------------------------------------------------------------
Senba Kitcho K.K. filed Wednesday for court protection from
creditors amid suspension of its business in the wake of a food
mislabeling scandal, Japan Times reports.

According to the Times, Senba Kitcho said it sought to alleviate
around JPY800 million in liabilities and rebuild operations
under the Civil Rehabilitation Law.

Pursuant to the business rehabilitation plan Senba Kitcho
announced in a news conference in Osaka, the company's
president, Masanori Yuki, stepped down as of Wednesday, while
his wife, Sachiko, who was a board member, was named as the new
president, the report says.

The Yuki couple's two sons -- Kikuo, in charge of purchases at
the main outlet, and Shoji, in charge of Kyushu -- also stepped
down as board members, the Times adds.  Meanwhile, the master
chef of Senba Kitcho's main outlet will join the board.

The report relates that the effective bankruptcy came about
three months after revelations in October that the firm had
engaged in false labeling of its beef and other products.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2008, Senba Kitcho suspended operations for nearly two
months since the scandal last year that lead to the
deterioration in its finances and forced it to cut costs by
seeking voluntary retirement from its employees.  Most of the
companies liabilities are on account of employee wages and
tenant charges for its outlets.

The TCR-AP report stated that allegations against Senba Kitcho
include acts of falsely labeling the ingredients of three
processed beef products sold between March and October, using
broiler chickens for products that listed an indigenous breed of
chicken as ingredients on their labels, and faking expiration
dates of noodle dipping sauce and those of expired dessert items
sold at its delicatessen in the Iwataya department store.

Osaka-based Sencho Kitcho K.K., is a restaurant chain operator
with 12 branches all over Japan.


* Company Bond Risk Rises in Japan, Default Swaps Show
------------------------------------------------------
The risk of Japanese companies defaulting on their debt rose to
a record, according to traders of credit-default swaps Thursday,
Bloomberg News reports.

Bloomberg's Oliver Biggadike writes that, according to Morgan
Stanley prices, the Markit iTraxx Japan Series 8 Index increased
2 basis points to 56.5 basis points as of 9:23 a.m. in Tokyo.
The cost exceeds the previous high set the day before, Jan. 16.

The benchmark index of 50 investment-grade Japanese companies,
including All Nippon Airways Co. and Japan Tobacco Inc., rises
as perceptions of credit quality deteriorate, the report adds.

"There is some room for the index to go wider," Bloomberg quotes
Yasuhiro Matsumoto, credit analyst at Shinsei Securities Co.
Ltd. in Tokyo.  "The U.S. economy's probability of entering into
a recession really affects the Japanese economy too."

Bloomberg notes that the Japan iTraxx rose for a 10th day after
the Federal Reserve said growth slowed in late November and
December and Intel Corp., the world's largest chipmaker,
forecast sales that fell short of analyst's first-quarter
estimates.  The index may rise as high as 60 basis points within
a month, Shinsei's Matsumoto predicted.

The report explains that credit-default swaps, financial
instruments based on bonds or loans, were conceived to protect
bondholders by paying the buyer face value in exchange for the
underlying securities should the borrower default.


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

DURA AUTOMOTIVE: Pacificor Still Silent on Deal Outlook
-------------------------------------------------------
Pacificor LLC has been silent about the outlook on its equity
rights offering deal with Dura Automotive Systems Inc. and its
debtor-affiliates, the Associated Press reports.

As reported in the Troubled Company Reporter on Jan 7, 2008,
Pacificor, as back stop party, committed to purchase up to
US$160 million in reorganized DURA by buying shares of new
common stock that were not purchased in an equity rights
offering -- only US$1.3 million shares were purchased in the
rights offering.  The Pacificor commitment, which expires
Jan. 31, 2008, is however, contingent upon DURA obtaining the
exit financing.

The Associated Press relates that DURA did not provide a comment
on what it would do if it is unable to obtain exit financing
before the back stop commitment expires.  In an e-mail sent to
AP, DURA spokeswoman Christina Stenson said, "DURA is now
working with its creditors on a revised plan of reorganization
and various options for financing."

                     About Pacificor LLC

Headquartered in Santa Barbara, California, Pacificor LLC --
http://www.pacificor.com/-- is a registered investment advisor
that manages several hedge funds focused on high yield debt.

                          About DURA

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.   (Dura Automotive
Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DURA AUTOMOTIVE: Wants to Move Plan-Filing Deadline to April 30
---------------------------------------------------------------
Dura Automotive Systems, Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to further
extend the time within which they may file a plan of
reorganization through and including April 30, 2008, and solicit
votes to approve that plan through and including June 30, 2008.  

To recall, in late November 2007, the Debtors asked the Court to
extend their Exclusive Periods through and including
Jan. 31, 2008.  

Richard M. Cieri, Esq., at Kirkland & Ellis, LLP, in New York,
however, says that the Debtors will not be able to confirm a
reorganization plan before the January 31 deadline given that
they are unable to obtain sufficient exit financing on
acceptable terms in view of the tightening credit markets and a
deteriorating outlook in the North American automotive sector.

"Given the lack of acceptable exit financing options available
under the terms of the current Plan, the Debtors are now faced
with a tight timeline within which to renegotiate, draft,
solicit, and confirm an alternative plan of reorganization,
Mr. Cieri tells the Court.

The Debtors anticipate that it will require 30 days or more to
renegotiate an alternative reorganization plan and intend to
mirror the negotiation process with parallel drafting of the
amended plan and disclosure statement to minimize the lag time
between reaching agreement with creditor constituencies on the
structure of an amended plan and commencement of the
solicitation process, Mr. Cieri adds.

He asserts that the proposed April 30 deadline accounts for the
length of time necessary for the Debtors to renegotiate a plan
of reorganization, obtain approval of an amended disclosure
statement, and solicit and confirm a substantially re-tooled
reorganization plan.

He tells the Court that the Debtors are currently engaged in
revising their business plan and valuation to reflect economy
changes.  They are also renegotiating key Plan economic terms
and are in active negotiations with their DIP lenders regarding
the terms of their DIP Credit Facility that would extend through
June 30, 2008.  

Mr. Samis assures the Court that the proposed extension is not
intended to pressure the Debtors' creditors.  He says the
extension will ensure the integrity of the Debtors'
restructuring efforts and ensure that they maintain the freedom
to conduct fruitful negotiations with key creditor
constituencies.

Without an extension, the Debtors could be faced with
unwarranted interference from a dissident party attempting to
frustrate the consensual restructuring process, Mr. Samis
asserts.

The Court will convene a hearing of the Debtors' extension
request on Jan. 29, 2008.  By application of Rule 9006-2 of the
Local Rules of Bankruptcy Practice and Procedures of the U.S.
Bankruptcy Court for the District of Delaware, the Debtors'
exclusive plan filing period is automatically extended through
the conclusion of that hearing.

                          About DURA

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.   (Dura Automotive
Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


THE LEADCORP: KGRF Korea & Three Individuals Sell Stake
-------------------------------------------------------
KGRF Korea Investments Co., Ltd. and three other persons have
sold 11,906,338 shares of The Leadcorp Inc, Reuters Investing
Keys reports.

As a result, the report relates, KGRF Korea Investments and
three other persons do not have any equity stake in the company.

Seoul, Korea-based The LEADCORP, Inc. is engaged in the
provision of oil and consumer financial service.  The company
operates its business under three main sectors: oil, gas station
and resting place, and consumer financial service.  Its oil
business supplies gasoline, lamp oil, light oil and other
related products predominantly in Jeolla Province, Korea.  Its
gas station and resting place business operates Cheon Ahn
resting place in Chungcheong Province, Korea.  The consumer
financial service business offers loan service primarily through
the Internet with its 10 domestic branches.

On June 28, 2006, Korea Investors Service affirmed the company's
straight bonds series 13's 'BB-' rating with a stable outlook.


THE LEADCORP: Largest Shareholder Sells Stake
---------------------------------------------
The Leadcorp Inc.'s largest shareholders APGF3 Korea Investments
Co. Ltd. and KGRF Korea Investments Co. Ltd., have signed a
contract to sell off 10,329,450 shares of the company to
dkmarine.co.ltd and its affiliates, Reuters Investing Keys
reports.

According to the report, the 37.49% stake was priced at
KRW48,507,097,200.

As a result of the move, the report notes, the company's largest
shareholders is now dkmarine.co.ltd and its affiliates.

Seoul, Korea-based The LEADCORP, Inc. is engaged in the
provision of oil and consumer financial service.  The company
operates its business under three main sectors: oil, gas station
and resting place, and consumer financial service.  Its oil
business supplies gasoline, lamp oil, light oil and other
related products predominantly in Jeolla Province, Korea.  Its
gas station and resting place business operates Cheon Ahn
resting place in Chungcheong Province, Korea.  The consumer
financial service business offers loan service primarily through
the Internet with its 10 domestic branches.

On June 28, 2006, Korea Investors Service affirmed the company's
straight bonds series 13's 'BB-' rating with a stable outlook.


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

SELOGA HOLDINGS: Enters Call Option Agreement with AJSB
-------------------------------------------------------
Seloga Holdings Berhad entered into a Call Option Agreement with
AJSB on January 12, 2008.

The salient terms of the agreement are:

   * At the request of Seloga and in consideration of MYR1.00
     only, AJSB agreed to grant Seloga an option to require AJSB
     and/or its nominees to sell to the company, free from all
     liens, charges, trust and other encumbrances, all the
     Kemaman Oil Corporation Sdn Bhd's Shares held by them and
     all further Kemaman's Shares subscribed or acquired by AJSB
     and its nominees within one year from the Agreement;

   * The Proposed Call Option is conditional upon AJSB and its
     nominees holding 50% shareholding in Kemaman and the shares
     of Seloga remain listed on the Bursa Malaysia as at
     March 30, 2008;

   * Option Price means AJSB’s and its nominees’ purchase cost
     of the Kemaman Shares plus a holding cost per annum based
     on Malayan Banking Berhad Base Lending Rate;

   * In the event that Seloga has not exercised the Proposed
     Call Option upon the expiry of the Option Period, AJSB
     and nominees will be free to deal with the Option Shares in
     any manner as it deems fit including without limitation to
     sell or dispose of it without the need of consent from
     Seloga;

The exercise of the Proposed Call Option will be subject to
Seloga meeting with these conditions:

   -- the approvals of the relevant authorities including the
      Securities Commission for the exercise of the Proposed
      Call Option, SHB’s proposed regularization plan and
      exemption from extending a mandatory general offer under
      the Malaysian Code on Take-overs and Mergers, 1998 for the
      remaining ordinary shares in Kemaman Shares not already
      owned by the company upon the exercise of the Proposed
      Call Option;

   -- approval of Seloga’s shareholders in a general meeting for
      the exercise of the Proposed Call Option and its proposed
      regularization plan; and

   -- Seloga not being in default of any of its banking
      facilities or under any financing agreement with any
      lenders or financial institutions;

   -- AJSB and Seloga agreed that the Option Price will be paid
      through the funds to be raised from the proposed rights
      issue by Seloga.  The proposed rights issue will be
      completed within 6 months from the written notice served
      by Seloga on AJSB to exercise the Proposed Call Option.
      Failing which, the said notice will be deemed null and
      void and AJSB and/or its nominees will be free to deal
      with the Option Shares in any manner as it deems fit
      including without limitation to sell or dispose of it
      without the need for consent from Seloga; and

   -- During the Option Period, AJSB hereby irrevocably grant
      Seloga the same rights in the existing management
      participations and controls in Kemaman and its
      subsidiaries or associates as if Seloga has exercised the
      Proposed Call Option.

   * Funding Arrangement for the Proposed Call Option

The Board and management of Seloga are currently deliberating on
the funding arrangement for the Proposed Call Option.  An
announcement will be made upon its finalization.

  * Rationale for the Proposed Call Option

With the expiry of the call option with Tipco Asphalt Public Co.
Ltd. and Thai Bitumen Company Limited, the Proposed Call Option
will allow Seloga another opportunity to participate in the
shareholding of Kemaman, and ultimately in Kemaman Bitumen
Company Sdn Bhd.

AJSB and its nominees have the rights to subscribe or acquire
further Kemaman Shares during the Option Period that they will
hold up to 50.0% equity interest in Kemaman.  With that, Seloga
will be able to purchase up to 50% equity interest in Kemaman  
of the eventual enlarged issued and paid-up share capital.

As a result, Seloga will be able to participate in the future
earnings of KBC mainly from the commercial operations of the
bitumen plant by virtue of the company’s interests in Kemaman.

                      About Seloga Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding. Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings. The Group operates predominantly in Malaysia.

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.


SHAW GROUP: Boosts Credit Facility to US$1 Billion
--------------------------------------------------
The Shaw Group Inc. has increased its existing credit facility
to US$1 billion from US$850 million.  Shaw also has received
approval from its lenders to seek additional commitments that
could increase the credit facility to US$1.25 billion without
further amendment.

"We appreciate the confidence and the continued support of our
lenders evidenced by the increase in our credit facility," Brian
K. Ferraioli, executive vice president and chief financial
officer of Shaw, said.  "Shaw has nearly US$500 million of cash
on hand and the increased facility will be used primarily for
letters of credit to support our continued business growth.  Our
fiscal 2007 revenues of US$5.7 billion were 20 percent higher
than in 2006, and we forecast our 2008 revenues to increase by
an additional 20 percent to approximately US$7 billion."

The amended credit facility retains its original maturity date
of April 25, 2010, and other substantive terms of the original
agreement remain unchanged.  No borrowings are outstanding under
the facility, which is currently being utilized for the issuance
of letters of credit frequently required in the engineering and
construction industry.

                        About Shaw Group

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

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

                          *     *     *

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

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


SHAW GROUP: Unit Gets Task Order Contract from U.S. Army Corps
--------------------------------------------------------------
The Shaw Group Inc.'s Environmental & Infrastructure Group has
been awarded a two-year task order contract extension for work
at the Linde Formerly Utilized Sites Remedial Action Program
site in Tonawanda, New York.  The task order extension will be
executed under Shaw's Kansas City Total Environmental
Restoration Contract program.

Shaw's work at the former uranium-processing site includes
remedial action, building demolition, radiological
characterizations, excavation, transportation and disposal,
water treatment, final status surveys and site restoration
activities.  Shaw has completed work at five other FUSRAP sites
and has ongoing contracts at two additional sites.

"We are pleased to continue our work at the Linde FUSRAP site
and to play a critical role in cleaning up these sites and
returning them to a usable state," said Ronald W. Oakley,
president of Shaw Environmental & Infrastructure, Inc.  "Shaw
will continue to leverage its institutional knowledge of the
site and to provide cost-effective solutions to our client."

Shaw and its predecessor companies have been working at the
Linde site for the U.S. Army Corps of Engineers since 1999.  The
FUSRAP program was established to identify, investigate, and
clean up or control sites previously used by the U.S. Atomic
Energy Commission and its predecessor, the Manhattan Engineer
District.

                       About Shaw Group

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

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

                         *     *     *

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

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


SINORA INDUSTRIES: Has Until Dec. 22 to Give Requirements to SC
---------------------------------------------------------------
Sinora Industries Berhad was given by the Securities Commission
a time extension of one year -- until December 22, 2008 -- to
comply with the condition imposed in relation to the unapproved
structures and extensions on the company's buildings situated on
the land bearing the title CL075376153 and CL075472338, at Batu
Sapi, District of Sandakan, in Sabah.

Headquartered in Kota Kinabalu, Malaysia, Sinora Industries
Berhad was engaged in the manufacture and sale of plywood, sawn
timber, veneer and molded wood products.  Its other activities
included investment holding and the provision of management
services.  Operations of the Group are carried out in Malaysia,
Japan, Korea, the United States of America, Europe and other
Asian countries.

Sinora is still under the Practice Note 17 status of the Listing
Requirements of Bursa Malaysia Securities Bhd.  

Delisting procedures and suspension on the trading of Sinora's
securities will be imposed in the event that:

   * the company is unable to achieve its profit forecast for
     FY2007 or its unaudited financial results for FY2007 is
     not submitted by February 28, 2008;

   * the company fails to announce and submit its Regularization
     Plan to the Approving Authorities for approval by Feb. 28,
     2008;

   * the company fails to obtain the approval from any of the
     Approving Authorities necessary for the implementation of
     the Regularization Plan and does not appeal to the
     Approving Authorities within the timeframe prescribed to
     lodge an appeal; and

   * the company fails to implement the Regularization Plan
     within the timeframe or extended timeframe stipulated by
     the Approving Authorities.


SOLUTIA INC: Reaches Settlement with Senior Secured Noteholders
---------------------------------------------------------------
Solutia Inc. has reached a settlement with the Bank of New York,
as indenture trustee for Solutia's 11.25% senior secured notes
due 2009, and holders of the 2009 notes representing the
requisite principal amount needed to direct the trustee to enter
into the settlement terms.  Under the terms of the settlement,
the noteholders will receive $220.5 million in cash plus all
accrued but unpaid interest through the effective date of
Solutia's plan of reorganization.

Solutia anticipates the effective date of its plan of
reorganization will be later this month.  This settlement is
subject to approval by the U.S. Bankruptcy Court for the
Southern District of New York.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on November 29, 2007, the Court confirmed the
Debtors' Consensual Plan.  (Solutia Bankruptcy News; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


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

BURWOOD (NZ): Commences Liquidation Proceedings
-----------------------------------------------
Burwood (NZ) Ltd. commenced liquidation proceedings on Dec. 20,
2007.

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

The company's liquidator is:

          Clyde Steven Young
          O’Halloran HMT Limited
          New Zealand
          Telephone:(09) 366 5050
          Facsimile:(09) 366 5001


CONCEPTIONS LTD: Creditors' Proofs of Debt Due on January 25
------------------------------------------------------------
The creditors of Conceptions Ltd. are required to file their
proofs of debt by January 25, 2008, for them to be included in
the company's dividend distribution.

The company's liquidators are:

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


DAVE ORRELL: Wind-Up Petition Hearing Slated for February 11
------------------------------------------------------------
A petition to have Dave Orrell Builders Ltd.'s operations wound
up will be heard before the High Court of Rotorua on Feb. 11,
2008, at 11:45 a.m.

Page Transport Limited filed the petition on November 16, 2007.

Page Transport's solicitor is:

          Ross Peter Harris
          c/o Harris Tate, 29 Brown Street
          Tauranga
          New Zealand


DOUBTLESS BAY: Appoints Madsen-Ries and Levin as Liquidators
------------------------------------------------------------
On December 17, 2007, Vivien Judith Madsen-Ries and Henry David
Levin were appointed liquidators of Doubtless Bay Engineering &
Welding Supplies 1999 Ltd.

The Liquidators are accepting creditors' proofs of debt until
February 18, 2008.

The Liquidators can be reached at:

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


HERITAGE GOLD: All 3 Licenses on Dunmarra Project Granted
---------------------------------------------------------
Heritage Gold NZ Ltd has disclosed in a regulatory filing with
the New Zealand Stock Exchange that all three licenses have been
granted on the Dunmarra Basin uranium exploration project.

As reported by the Troubled Company Reporter-Asia Pacific on
April 13, 2007, Heritage Gold decided to enter into a joint
venture to explore for uranium in the Dunmarra Basin.

In its agreement with an Australian syndicate, Heritage Gold
will issue 2.5 million fully paid ordinary shares to the vendors
immediately after due diligence, and 2.5 million more fully paid
ordinary shares when exploration licenses are granted.

With the granting of the licenses, Heritage issued 2,500,000
fully paid shares at an issue price of AU$0.035.  Proceeds from
the share issuance, which was completed yesterday, will be used
to pay part consideration of Heritage being entitled to earn an
interest in the three exploration licenses.

According to the TCR-AP report, Heritage Gold will pay out
AU$2 million over three years from the granting of the licenses
in exchange for a right to earn up to 50% interest in the
tenements.  It may increase its interest to 75% upon the
expenditure of an additional AU$2 million, depending on the
election of the vendors to contribute or dilute.

Parnell, New Zealand-based Heritage Gold NZ Limited --
http://www.heritagegold.co.nz/-- is a mining company.  The      
company is a systematic and persistent acquirer of prime gold
areas in New Zealand's Waihi district.  Heritage Gold NZ Limited
has a 33% equity interest in Broken Hill Cobalt Limited (BHCL),
which has tenements over the Thackaringa cobalt project near
Broken Hill in New South Wales.  The company has an exploration
license south of Broken Hill, where several geophysical,
geological and geochemical anomalies represent targets with
potential for gold and base metal mineralization.  Its wholly
owned subsidiaries include Coromandel Gold Limited, Northland
Minerals Limited and Strength Investments Limited.

The group incurred consecutive losses of NZ$807,000,
NZ$2,639,467 and NZ$331,563 for the years ended March 31, 2007,
2006, and 2005, respectively.


IS BLISS: Appoints Anne Veronica Stephenson as Liquidator
---------------------------------------------------------
On  December 20, 2007, Anne Veronica Stephenson was appointed
liquidator of Is Bliss Ltd.

The company commenced liquidation proceedings on that day.

The Liquidator can be reached at:

          Anne Veronica Stephenson
          PO Box 11051, Wellington 6142
          New Zealand
          Telephone:(04) 473 1980
          Facsimile:(04) 473 9483


MEDICTRONIX: Subject to Medical Technologies' Wind-Up Petition
--------------------------------------------------------------
On October 17, 2007, Medical Technologies filed a petition to
have Medictronix New Zealand Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
March 13, 2008, at 10:00 a.m.

Medical Technologies' solicitor is:

          Malcolm Whitlock
          c/o Debt Recovery Group NZ Limited
          Level 5, 5 Short Street
          Newmarket, Auckland
          New Zealand


MOTUROA CYCLES: Placed Under Voluntary Liquidation
--------------------------------------------------
Moturoa Cycles Ltd. commenced liquidation proceedings on
December 20, 2007.

Kevin Dennis Landrigan was then appointed as liquidator.

The Liquidator can be reached at:

          Kevin Dennis Landrigan
          BDO Spicers
          Chartered Accountants & Advisors
          10 Young Street
          PO Box 332, New Plymouth
          New Zealand
          Telephone:(06) 759 9034
          Facsimile:(06) 759 9047


SHOWERTECH: Creditors' Proofs of Debt Due on Jan. 31
----------------------------------------------------
The creditors of Showertech Bathroomware (2002) Ltd. are
required to file their proofs of debt by January 31, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:
  
          Andrew Marchel Oorschot
          c/o Ashton Wheelans & Hegan
          Chartered Accountants
          PO Box 13042, Christchurch
          New Zealand
          Telephone (03) 366 7154


SOVEREIGN INDUSTRIES: Court to Hear Wind-Up Petition on April 1
---------------------------------------------------------------
The High Court of Auckland will hear on April 1, 2008, at 10:45
a.m., a petition to have Sovereign Industries Ltd.'s operations
wound up.

The petition was filed by G.S. Shapland Limited on Dec. 21,
2007.

G.S. Shapland's solicitor is:

          M. M. Edwards
          Fortune Manning
          gen-i Tower, Level 12
          66 Wyndham Street
          PO Box 4139, Auckland
          New Zealand


WEDDING EARTHMOVERS: Court to Hear Wind-Up Petition on April 11
---------------------------------------------------------------
A petition to have Wedding Earthmovers Ltd.'s operations wound
up will be heard before the High Court of Auckland on April  11,
2008, at 10:45 a.m.

Waterside Group Developments Limited filed the petition on
December 6, 2007.

Waterside Group's solicitor is:

          M. F. Allan
          c/o Malloy Goodwin Harford
          5 Broadway, Level 1
          PO Box 9892, Newmarket
          Auckland
          New Zealand
          Facsimile:(09) 367 2008


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

IPVG CORP: Lists 40.5 Million New Common Shares in Local Bourse
---------------------------------------------------------------
IPVG Corp. has listed an additional 40.5 million common shares
in the Philippine Stock Exchange.

The shares are intended to cover these private placement
transactions which have an aggregate value of PHP79 million:

    * 35 million common shares issued to Elite Holdings Inc. at
      an issue price of PHP1 each

    * 2.5 million common shares issued to Solar Securities Inc.
      at an issue price of PHP8 each

    * 2 million common shares issued to Juan Kevin G. Belmonte
      at an issue price of PHP8 each

    * 1 million common shares issued to Gerardo S. Limlingan Jr.
      at an issue price of PHP8 each

The listing of the shares is set for today, January 18, 2008.

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

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


METROPOLITAN BANK: Sells Off PHP4.63-Bil. in Bad Loans to Orix
--------------------------------------------------------------
The Metropolitan Bank & Trust Co. has sold PHP4.63 billion of
non-performing loans to the Japanese financial services group
Orix Corp. through the Special Purpose Vehicle Framework, the
Philippine Daily Inquirer reports.

The bank has now disposed of PHP8.85-billion in bad assets since
last year, the Inquirer says.  The Inquirer also adds that the
bank is seen to incur a nonperforming loan ratio of 4.6% versus
7.1% in 2006 with this sale.  

The bank's non-performing loan ratio will also go below the
5.26% industry average as recorded by the Bangko Sentral ng
Pilipinas as of October 31 last year, the report says.


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

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

                        *     *     *

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

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

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


MRC ALLIED: Annual Stockholders' Meeting Set for February 12
------------------------------------------------------------
MRC Allied Industries Inc. will hold its annual stockholders'
meeting on February 12, 2008, at 8:00 am at the McKinley Room,
Manila Polo Club, McKinley Road in Forbes Park, Makati City.

Only stockholders of record as of December 28, 2007, will be
entitled to notice and to vote during the meeting.

MRC Allied Industries, Inc., formerly known as Makilala Rubber
Corporation, was initially engaged in the processing and export
of baled natural rubber.  In 1993, MRC diversified into the
property development business, particularly in industrial estate
and township development.

At present, the company is concentrating on its two main
projects, the New Cebu Township One in Naga, Cebu, and the
Amihan Woodlands Township in Leyte.  Phase One of the New Cebu
Township One, a Philippine Economic Zone Authority-approved
Special EconomiZone in Naga, Cebu, consisting of 123 hectares,
has been developed and is available for sale to investor-
locators.

MRC is also developing 2,312-hectare Amihan Woodlands Township
in San Isidro, Leyte which was proclaimed as another special
Economic Zone by the Office of the President in Malacanang.  It
is billed as the Philippines' largest eco-tourism project with
Special Economic Zone status.  This project is being developed
as a township based on tourism and incorporating a business park
for non-polluting light industries.

The company continues to explore various investment
opportunities.  However, given the present economic conditions,
particularly with respect to increasing fuel and power costs and
uncertainties in the tax system of the government, the company
has been very prudent on its investment decisions.

                      Going Concern Doubt

After auditing the company's financial statements for the year
ended December 31, 2006, Emmanuel V. Clarino at SyCip Gorres
Velayo & Co. raised doubt on the company's ability to continue
as a going concern.  Mr. Clarico pointed out that the company
incurred net losses of PHP37.7 million, PHP36.8 million and
PHP36.4 million for the years ended December 31, 2006, 2005 and
2004, respectively, and as of December 31, 2006 and 2005,
respectively.  The Company’s deficit amounted to PHP785.4
million and PHP747.8 million.  The Company was also unable to
meet principal and interest amortizations on its bank loans and
has substantially reduced its development activities.


RIZAL COMMERCIAL BANKING: Expects PHP3.6-Billion Profit for 2008
----------------------------------------------------------------
The Rizal Commercial Banking Corp. is confident of surpassing
its PHP2-billion income target for 2007 and is eying a PHP3.6-
billion annual profit for 2008, RCBC President and Chief
Executive Officer Lorenzo V. Tan told the Philippine Star.

The bank had reported a steady growth in its annual income in
2005 and 2006, reporting a PHP2.011-billion income in 2006 and
PHP1.63 billion in 2005, the Star recounts.  The bank also
reported an increased income of PHP1.81 billion for the first
half of last year, compared to 2006's PHP524 million.

"Whichever way it goes, we are looking at PHP3.6 billion as 2008
profit target," Mr. Tan said.

In a disclosure with the Philippine Stock Exchange, the bank
says the growth target is based on the bank’s current financial
strength and the ongoing initiatives for growth.

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

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

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

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


RIZAL COMM'L: Plans to Issue About PHP7-Billion in Debt Notes
-------------------------------------------------------------
The Rizal Commercial Banking Corp. may issue up to PHP7-billion
worth of debt notes as it aims to keep capital adequacy ratio at
18%, RCBC President and Chief Executive Officer Lorenzo V. Tan
told the Philippine Star.

The notes have a proposed maturity of five years ad will replace
the bank's PHP5-billion Tier 2 capital, the Star relates.

The Bangko Sentral ng Pilipinas requires local banks to have at
least 10% of CAR, while the Basel II international bank
framework mandates at least 8% worldwide.

According to Mr. Tan, the bank will be paying more attention to
the consumer or retail market including small and medium
enterprises.

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

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

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

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


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

CKE RESTAURANTS: Renews Multi-Year Beverage Deal with Coca-Cola
---------------------------------------------------------------
CKE Restaurants, Inc., parent company of Carl's Jr.(R) and
Hardee's(R) restaurants, has renewed its multi-year beverage
contract with The Coca-Cola Company.  Under the terms of the
agreement, Coca-Cola Foodservice, the division of Coca-Cola
North America that serves the restaurant and foodservice
industry, will continue to be the beverage provider for CKE
Restaurants, supplying soft drinks including Coke(R), Diet
Coke(R), and Sprite(R), Minute Maid(R) juices and Dasani(R)
waters to Carl's Jr. and Hardee's locations nationwide.

"Carl's Jr. and Hardee's are known for our premium-quality
hamburgers.  And nothing goes better with our burgers than a
Coke," said CKE Restaurants president and Chief Executive
Officer, Andrew Puzder.  "Coca-Cola brings a full range of
products and support, including marketing and consumer insights,
as well as the leading fountain drinks for our customers.  I
look forward to continuing our long and successful partnership
with Coca-Cola for many more years to come."

"We love to partner our consumer-preferred brands with Carl's
and Hardee's because both are powerful brands in their own
right," said Coca-Cola FoodService president, Chris Lowe.  "We
look forward to continuing to help Carl's and Hardee's delight
consumers and build their business -- and ours."

                  About Coca-Cola FoodService

Coca-Cola FoodService serves the restaurant and hospitality
industry as part of The Coca-Cola Company --
http://www.thecoca-colacompany.com-- , the world's largest  
beverage company.  Along with Coca-Cola(R), recognized as the
world's most valuable brand, the company markets four of the
world's top five nonalcoholic sparkling beverage brands,
including Diet Coke(R), Fanta(R) and Sprite(R), and a wide range
of other beverages, including diet and light beverages, waters,
juices and juice drinks, teas, coffees, energy and sports
drinks.  Through the world's largest beverage distribution
system, consumers in more than 200 countries enjoy the company's
beverages at a rate exceeding 1.4 billion servings each day.

                     About CKE Restaurants

Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR)
-- http://www.ckr.com-- through its subsidiaries, franchisees
and licensees, operates some of the most popular U.S. regional
brands in quick-service and fast-casual dining, including the
Carl's Jr.(R), Hardee's(R), La Salsa Fresh Mexican Grill(R) and
Green Burrito(R) restaurant brands.  The company operates 3,036
franchised, licensed or company-operated restaurants in 42
states and in 13 countries -- including Mexico and Singapore.

                       *     *     *

As reported in the Troubled Company Reporter on Sept. 10, 2007,
Standard & Poor's Ratings Services has revised its outlook on
Carpenteria, California-based CKE Restaurants Inc. to negative
from stable.  At the same time, S&P's has affirmed all the
ratings, including the 'BB-' corporate credit rating, on the
company.


INTERMEC INC: Teams Up with Apriva to Provide Payment Processing
----------------------------------------------------------------
Intermec Inc. and Apriva have partnered to provide payment
processing capabilities on Intermec's CN3 Mobile Computer,
providing customers the highest level of security for credit
card compliance.

Apriva completed Class A certification of the CN3 Mobile
Computer using the Apriva Secure POS Suite running on the
device.  Apriva's Class A certification allows Apriva to provide
a choice of Level 1, direct merchant support, or Level 2, ISO
support, for the product.  The Class A certification verifies
that Apriva has fully reviewed and tested the solution and its
usability on multiple processing partner platforms.

"The combined solution from Intermec and Apriva will enable
customers to accept mobile payments on the CN3 with the
assurance that their payment solution meets the highest level of
security available.  Apriva's platform has achieved
certifications for both PCI DSS and MasterCard PTS which makes
them an ideal solution partner for our customers," commented
Retail Industry Marketing Director for Intermec, Brian Schulte.

"We are pleased to announce our partnership with Intermec and
are delighted to include Intermec in our Certified Secure
Program," said Bill Clark, Apriva's Senior Vice President of
Sales and Marketing.

                       About Apriva

Founded in 1999, Apriva --http://www.apriva.com/-- is the
leading wireless solution provider integrating the hardware,
software and network infrastructure required to develop and
deploy high-performance high-reliability solutions in the Point
of Sale (POS) and Secure Mobile Messaging markets.  Apriva
offers end-to-end solutions for Point of Sale that make it easy
and cost-effective to develop, deploy and maintain highly secure
and reliable business critical mobile applications.

                    About Intermec Inc.

Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.

The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, Singapore and the United Kingdom.

                       *     *     *

Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'.  The upgrade
reflects expectations that Intermec will sustain current levels
of profitability and leverage.  S&P said the outlook is stable.


KIM HOCK: Court to Hear Wind-Up Petition Today
----------------------------------------------
A petition to have Kim Hock Recycling (Pte) Ltd's operations
wound up will be heard before the High Court of Singapore today,
January 18, 2008, at 10:00 a.m.

Vezzani S.P.A. filed the petition on December 28, 2007.

Vezzani S.P.A.'s solicitors are:

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


STATS CHIPPAC: Moody's Affirms Ba1 rating; Outlook Stable
---------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating and Ba1 senior unsecured debt rating of STATS ChipPAC
Limited.  The outlook for the ratings remains stable.

The affirmation follows STATS ChipPAC's announcement of a
proposed cash distribution of as much as US$813million to
shareholders.

The capital reduction plan is subject to and conditional upon
adequate debt financing being obtained to fund the distribution
and repayment of certain outstanding debt.

"While the proposed capital reduction will increase STATS
ChipAC's leverage and weaken its standalone credit fundamentals,
the Ba1 rating will continue to reflect the support that Moody's
believes Temasek (Aaa/Stable), through Singapore Technologies
Semiconductors Pte Ltd (STS), is likely to provide in a distress
situation," say Wonnie Chu, Moody's lead analyst for the
company.

"Such support provides a 2-notch rating uplift under Moody's
joint default analysis approach for government related issuers,"
says Chu.

The rating further recognizes STATS ChipPAC's strong back-up
liquidity arrangement and expected strong industry fundamentals.

"However, any further debt-funded capital reduction programs or
expansion plans, which weaken its underlying credit
fundamentals, will pressure the rating," says Chu.

Sinora is still under the Practice Note 17 status of the Listing
Requirements of Bursa Malaysia Securities Bhd.  

Delisting procedures and suspension on the trading of Sinora's
securities will be imposed in the event that:

   * the company is unable to achieve the profit forecast for
     FYE 2007 or its unaudited financial results for FYE 2007 is
     not submitted by February 28, 2008;

   * the company fails to announce and submit its Regularization
     Plan to the Approving Authorities for approval by Feb. 28,
     2008;

   * the company fails to obtain the approval from any of the
     Approving Authorities necessary for the implementation of
     the Regularization Plan and does not appeal to the
     Approving Authorities within the timeframe prescribed to
     lodge an appeal; and

   * the company fails to implement the Regularization Plan
     within the timeframe or extended timeframe stipulated by
     the Approving Authorities.

                    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.


SUNNING INTERNATIONAL: Fixes Feb. 9 as Last Day to File Claims
--------------------------------------------------------------
Sunning International Pte. Ltd. requires its creditors to file
their proofs of debt by February 9, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


SYNIVERSE TECH: Appoints Jeffrey Gordon as Chief Tech Officer
-------------------------------------------------------------
Syniverse Technologies has named Jeffrey S. Gordon as chief
technology officer, succeeding Paul Wilcock who is retiring
after 20 years with the company.

"It has been a privilege working with Paul," said Tony Holcombe,
the company's President and Chief Executive Officer.  "He not
only led the development and introduction of products and
services that are the foundation of our company today, but he
also is an outstanding leader in our organization."

Mr. Wilcock will remain with Syniverse through March 31 to
assist with the organizational transition, and will continue on
a consulting basis for the following twelve months.

Holcombe said that although Wilcock will be missed, he is
looking forward to working with Gordon.

"Jeff brings to us a wealth of technology leadership experience
in the wireless space, and his broad global experience is a
perfect fit for Syniverse as we continue to grow our business
throughout the world," he said.

Mr. Gordon joins Syniverse after 19 years in senior technology
roles.  Most recently, he was senior vice president of industry
solutions at Convergys Corporation (NYSE: CVG).  Prior to
Convergys, he held a wide range of key technology positions at
Bell Atlantic, IBM and General Electric.  Mr. Gordon, who is the
author of seven U.S. patents relating to systems architecture
and wireless communications, also served on the boards of
Intelesolve, Edge Capital and Convergys Information Management
India.

"I'm very pleased to join the Syniverse team," Mr. Gordon said.
"The company plays a vital role in providing interoperability
and clearing house services for mobile operators worldwide, and
has an outstanding reputation for customer service.  I look
forward to working with Syniverse customers to make sure the
solutions we offer them meet both their business and technology
requirements."

Mr. Gordon is a graduate of the IBM Systems Research Institute
and earned his bachelor's degree in electrical engineering
honors from Purdue University.

                     About Syniverse

Syniverse Technologies Inc. in Tampa, Florida (NYSE: SVR)
-- http://www.syniverse.com/-- provides technology services for
wireless telecommunications companies.  Its integrated suite of
services include technology interoperability services, which
enable the invoicing and settlement of domestic and
international wireless roaming telephone calls and wireless data
events; SMS and MMS routing and translation services between
carriers; and interactive video and mobile broadband solutions,
prepaid applications, and roaming services.  Celebrating its
20th anniversary in 2007, Syniverse has offices in major cities
around the globe.  Syniverse is ISO 9001:2000 certified and TL
9000 approved, adhering to the principles of customer focus and
quality improvement practices.  The company has its
international offices in the Netherlands, China, Japan and
Singapore, among others.

                       *     *     *

As reported in the Troubled Company Reporter on June 29, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating, along with its stable outlook, and its 'B' senior
subordinated debt rating on Tampa, Florida-based Syniverse
Technologies Inc.  At the same time, Standard & Poor's assigned
its 'BB' bank loan rating and '2' recovery rating to Syniverse's
proposed US$489 million senior secured bank facility.  The bank
loan rating, which is one notch above the corporate credit
rating, along with the '2' recovery rating, reflect our
expectation for substantial (70%-90%) recovery of principal by
creditors in the event of a payment default.


ZHONGGUO JILONG: Creditors' Proofs of Debt Due on January 24
------------------------------------------------------------
The creditors of Zhongguo Jilong Limited are required to file  
their proofs of debt by January 24, 2008, for them to be
included in the company's dividend distribution.

The company's judicial manager is:

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


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

TOTAL ACCESS: To Enter Into 3G Joint Venture with CAT Telecom
-------------------------------------------------------------
Total Access Communications PCL and CAT Telecom PCL are set to
form a joint venture for the offering of third-generation (3G)
mobile services on its analogue 850 MHz frequency, the Bangkok
Post reports.

According to the Post, under the concept, DTAC would claim its
analogue frequency with the National Telecommunications
Commission and upgrade it to 3G, imitating the system
implemented by Australian mobile operator Telstra.  DTAC and CAT
could then set up a joint venture and apply for a Type 3
operating license for 3G.

DTAC had submitted an application with the NTC for the upgrade
of its analogue frequency, the Post adds.

According to DTAC chief executive Sigve Brekke, they won't need
to wait and apply for a 3G license if they could modify their
existing frequencies to comply with 3G standards.  DTAC and CAT
are already negotiating about expanding their business plan for
3G, he said, but he did not provide figures on the timeframe of
the upgrade and the investment amount.

However, Mr. Brekke said that the joint venture is eyeing a
license on the 2.1 GHz spectrum in order to allow both companies
to provide 3G services on both frequencies.  

Total Access Communications, DTAC -- http://www.dtac.co.th/--       
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.  
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 3,
2006, that Moody's Investors Service upgraded its corporate
family and senior unsecured rating for Total Access
Communications Public Co Ltd to Ba1 from Ba2 with a positive
outlook.  This concluded the review for possible upgrade
commenced on October 21, 2005.

Standard and Poor's gave the company a BB+ Long-term local and
foreign issuer credit ratings.

Fitch Ratings on July 18, 2006, affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha).  The company's National Short-term rating
was also affirmed at F1(tha).  The Outlook on the ratings is
Stable.



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


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

AUSTRALIA     

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


CHINA AND HONG KONG     

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

INDIA     

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

INDONESIA     

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

JAPAN     

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

KOREA     

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

MALAYSIA     

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

PHILIPPINES     

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

SINGAPORE     

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

TAIWAN   

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

THAILAND     

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







                         *********

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

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

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


                            *********


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

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