TCRAP_Public/080124.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, January 24, 2008, Vol. 11, No. 17

                            Headlines

A U S T R A L I A

ANERES PTY: Members & Creditors to Hear Wind-Up Report on Feb. 8
CAPITAL & COUNTIES: Creditors' Proofs of Debt Due on February 17
DATEX-OHMEDA: Undergoes Liquidation Proceedings
DTBS PTY: Placed in Liquidation with AU$7.5 Million in Debts
ECHO HILLS: Members Pass Resolution to Wind Up Firm

ENESCO GROUP: Amended Plan Confirmation Hearing Moved to Jan. 30
K.S. COY: Placed Under Voluntary Liquidation
LTC FORKLIFT: Commences Liquidation Proceedings
MAH-CHUT: To Declare First Dividend on February 19
MALCOLM CRAIG: Final Meeting Slated for January 28

PRANA BIOTECH: Completes PBT2 Trial in Alzheimer's Patients
TRENTCORP PTY: Members Opt to Shut Down Business
YALE-LTC INDUSTRIAL: Members Agree on Voluntary Liquidation
ZINIFEX LTD: Revises Allegiance Mining Offer to AU$1 Per Share


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

BAUSCH & LOMB: Projects 4th Qtr. Revenues in $654-660 Mil. Range
BOMBARDIER INC: To Supply 24 Units to Angel Trains for US$65 Mln
CHINA EASTERN: CNAC Says it Won't Resubmit Tie-Up Proposal
CHINA EASTERN: To Cooperate with China Southern on Sales
FLOWER SENSE: Creditors' Proofs of Debt Due on February 18

GTI FINANCIAL: Members Final Meeting Slated for February 25
JHT CAPITAL: Taps Chan Kin Hang as Liquidator
MEXON (Hong Kong): Creditors' Proofs of Debt Due on February 18
MOK YING KIE: Creditors' Proofs of Debt Due on February 18
NEHLSEN HONG KONG: Commences Liquidation Proceedings

PETROLEOS DE VENEZUELA: Earmarks US$1.2 Bil. for Social Programs
QISDA CORP: Seen to Make 1-2 Million LCD TVs for Philips in 2008
RELIEF & POVERTY: Liquidator Lai Kin Keung Quits Post
SEARCH ASIA: Commences Liquidation Proceedings
SONIE GARMENTS: Creditors' Proofs of Debt Due on February 18


I N D I A

BAUSCH & LOMB: Expects Up to US$414 Mln EBITDA for 2007
KINETIC ENGINEERING: Shareholders Approve Capital Increase
KINETIC ENGINEERING: Board OKs Merger With Jaya Hind Division
KINETIC ENGINEERING: To Sell Surplus Assets for INR480 Million
QUEBECOR WORLD: Gets CCAA Order for Creditor Protection

TATA POWER: North Delhi Power Now a Subsidiary
TATA STEEL: Board to Consider Oct.-Dec. 2007 Results on Jan. 31
TATA TELESERVICES: Books INR274-Mil. Loss in Qtr. Ended Dec. 31
TATA TELESERVICES: Managing Director Charles Anthony Resigns


I N D O N E S I A

ADARO INDONESIA: To Build Coal-Fired Power Plant With PT Makmur
BANK NEGARA: Sells Stake in Bank Finconesia for IDR127.122 Bil.
BANK NEGARA: To Offer Singapore Remittance Service
PARKER DRILLING: Sets Year-End 2007 Earnings Release on Feb. 26
PERUSAHAAN LISTRIK: Gov't Agrees to Carry Out Company Subsidy

PT INCO: Requests a Meeting With DEMR to Discuss Undertakings


J A P A N

TIMKEN CO: Signs Acquisition Agreement with Boring Specialties


K O R E A

KOREAN EXPRESS: Posts KRW76-Billion Net Profit in 2007
UAL CORP: Reports Highest Annual Pre-tax Income Since 1999
UAL: Commences Merger Talks w/ Delta Air & Northwest Airlines


M A L A Y S I A

CNLT (FAR EAST): Answers Allegations of Fraud Report
CNLT (FAR EAST): Asks Court for Extension of Restraining Order
CNLT (FAR EAST): Seeks June 10 Extension of Plan-Filing Period
MANGIUM: Required by Bourse to Give Reasons to Defer De-Listing
SHAW GROUP: Fossil Unit Inks Definitive Pact with Entergy

SOLUTIA INC: DuPont Demands Payment of US$1,394,718 Admin. Claim
SOLUTIA INC: Files 2nd Supplement to Stock Offering Prospectus


N E W  Z E A L A N D

ALPHA AVIATION: Put Into Liquidation; Parent Seeks Trading Halt
AQUARIUS HOUSE: Placed Under Voluntary Liquidation
ARTZ HAIR: Wind-Up Petition Hearing Set for February 11
AZTEC CLEANING: Placed Under Voluntary Liquidation
BOSS INDUSTRIES: Appoints Brown and Rodewald as Liquidators

HOT ZONES: Subject to CIR's Wind-Up Petition
HUMAN COMMERCIALS: Subject to CIR's Wind-Up Petition
JANE DAWSON: Court to Hear Wind-Up Petition on January 28
SPECTRUM PHARMACEUTICALS: Undergoes Liquidation Proceedings
TRADITIONAL GOLF: Faces CIR's Wind-Up Petition

WAKATIPU TRUSTEE: Taps Nellies and Jenkins as Liquidators


P H I L I P P I N E S

EAST ASIA POWER: 3Q Net Loss Drops 19.8% to PHP189 Mil. in 2007
MANILA ELECTRIC: About 8% of MERALCO Sold for PHP6.84 Billion
PHILCOMSAT HOLDINGS: Delfin Angcao Resigns Post as Secretary
VICTORIAS MILLING: Qtr. Ended Nov. 30 Income Drops to PHP348MM


S I N G A P O R E

CHANGJIANG CHEMICAL: Creditors' Proofs of Debt Due on Feb. 18
COM-TEX ASSOCIATES: Court to Hear Wind-Up Petition Tomorrow
FUJITRANS (SINGAPORE): Court Enters Wind-Up Order
PETROLEO BRASILEIRO: Discovers Gas Field in Pre-Salt Layer
SBI TIMBER: Requires Creditors to File Claims by February 22


T H A I L A N D

BANGKOK RUBBER: Court to Hear Rehabilitation Request on April 17
FEDERAL-MOGUL: 75 Chapter 11 Cases Dismissed Effective Dec. 27
LIVING LAND: Earns THB19 Mil. in Share Offer to Thai Incubator
NATURAL PARK: To Increase Registered Capital by THB4.028 Billion

     - - - - - - - -

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

ANERES PTY: Members & Creditors to Hear Wind-Up Report on Feb. 8
----------------------------------------------------------------
The members and creditors of Aneres Pty Ltd will have their
joint meeting on February 8, 2008, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Neil R. Cussen
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

                         About Aneres Pty

Aneres Pty Ltd operates eating places.  The company is located
at Sydney, in New South Wales, Australia.


CAPITAL & COUNTIES: Creditors' Proofs of Debt Due on February 17
----------------------------------------------------------------
The creditors of Capital & Counties (Australia) Holdings Limited  
are required to file their proofs of debt by February 17, 2008,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on December 17,
2007.

The company's liquidator is:

          James Duncan Rae
          Chartered Accountant
          Level 9, 26 Ridge Street
          North Sydney, New South Wales 2060
          Australia

                     About Capital & Counties

Located at Chatswood, in New South Wales, Australia, Capital &
Counties (Australia) Holdings Limited is an investor relation
company.


DATEX-OHMEDA: Undergoes Liquidation Proceedings
-----------------------------------------------
During a general meeting held on December 14, 2007, the members
of Datex-Ohmeda Pty Limited agreed to voluntarily wind up the
company's operations.

David Clement Pratt and Timothy James Cuming were then tapped as
liquidators.

The Liquidators can be reached at:

          David Clement Pratt
          Timothy James Cuming
          Level 15, 201 Sussex Street
          Sydney, New South Wales 1171
          Australia

                        About Datex-Ohmeda

Datex-Ohmeda Pty Limited is a distributor of medical, dental and
hospital equipments and supplies.  The company is located at  
Rydalmere, in New South Wales, Australia.


DTBS PTY: Placed in Liquidation with AU$7.5 Million in Debts
------------------------------------------------------------
DTBS Pty Ltd has been wound up owing Queensland businesses more
than AU$7.5 million, the Australian Associated Press reports.

According to Goldcoast.com, DTBS is owned by Titans sponsor
David Taylor, who was killed in a road accident last month.  

Press reports say that about 500 creditors are owed money by
DTBS and liquidators said that the final figure could be higher.

The AAP cites Liquidator Susan Carter, of Worrells Solvency, at
Surfers Paradise in the Gold Coast, as saying that the outlook
for creditors is grim.

"As every day rolls on, we are advised of several more creditors
that weren't listed in the company's records," the APP quotes
Ms. Carter as telling Channel Ten.  "They will recover less than
20 cents in the dollar. . .if anything," she added.

Goldcoast.com further quotes Ms. Carter as admitting that "the
company's financial records were inadequate and when the person
who knows most about the company is not here to talk to, it
makes things hard."

Reports state that Mr. Taylor's widow, Jacqueline, is now the
sole shareholder of DTBS.  Mrs. Taylor was the one who decided
to have the company wound up.

Goldcoast.com notes that Ms. Carter said four of the company's
current projects -- two on the Gold Coast and two in Brisbane --
had been terminated and its 35-strong staff sacked.

Goldcoast.com says that DTBS specialized in construction and
worked on several sites around the Tweed and Gold Coast region.  
Its projects included HQ at Robina and Santai Resort at
Casuarina.  DTBS was an official Titans sponsor and its logo was
on every player's shorts.  DTBS was also tipped to build a
state-of-the-art training facility for the Titans.

ECHO HILLS: Members Pass Resolution to Wind Up Firm
---------------------------------------------------
The members of Echo Hills Pty Ltd met on December 19, 2007,  
passed a resolution to wind up the company's operations.

Stephen Humphrys was then appointed as liquidator.

                         About Echo Hills

Echo Hills Pty Ltd is involved in the business of sheeps and
goats.  The company is located at Lackrana, in Tasmania,
Australia.


ENESCO GROUP: Amended Plan Confirmation Hearing Moved to Jan. 30
----------------------------------------------------------------
The United States Bankruptcy Court for the Northern District of
Illinois continued the hearing to Jan. 30, 2008, at 10:00 a.m.
to consider confirmation of Enesco Group, Inc. and its debtor-
affiliates' Second Amended Chapter 11 Plan of Liquidation.

The Court previously set Nov. 28, 2007, to consider confirmation
of the Debtors' Second Amended Liquidation Plan.

The Debtors related that the Plan proposes to liquidate the
remaining assets of the Debtors and distribute the proceeds to
the holders of the allowed claims.  The principal source of the
distributions will be:

   a) cash on hand as of the effective date of the Plan;

   b) proceeds from the Debtors' lender settlement;

   c) proceeds and tax refunds arising out of the resolution of
      the Hong Kong Tax Dispute;

   d) proceeds from the Contingency Litigation Agreement; and

   e) Litigation Trust Proceeds.

           Summary Treatment of Claims Under The Plan

The Plan proposes that all holders of allowed administrative
claims, allowed priority claims, other than the Internal Revenue
Service, and the allowed non-tax priority claims will have their
allowed claims paid in full on or about the effective date of
the plan from the proceeds of the Lender Settlement.

In addition, within 60 days of the effective date, general
unsecured creditors will receive their pro-rate share of
US$480,000 from the proceeds of the Lender Settlement.  The
Debtors say that general unsecured creditors are expected to
receive 27% of their claims.  Unsecured creditors will further
be entitled to receive additional future distribution.

Within the same time frame, the Internal Revenue Service will
receive US$650,000 from the proceeds of the Lender Settlement
and will be entitled to receive additional future distribution.

Additional contributions, the Debtors say, are however,
contingent on future recoveries by the Debtors and are not
guaranteed.  The Contingency Litigation Trust, the Debtors add,
are also not guaranteed.

        Summary Creditor Treatment if Plan is Not Confirmed

The Debtors tell the Court that if the Plan is not confirmed,
then they are not substantively consolidated for purposes of the
Plan or their cases are converted to ones under Chapter 7 of the
Bankruptcy Code.

At the conclusion of the Chapter 7 cases, administrative claims
will still be paid in full.  However, tax priority claims
holders will only receive 4.9% of their claims.  General
Unsecured Creditors on the other hand, will receive nothing.

The Debtors reveal that the primary reasons for the
significantly smaller distributions under this scenario are:

   1) the proceeds and other benefits from the:

      -- Lender Settlement;
      -- the Contingency Litigation Agreement; and
      -- the resolution of the Hong Kong Tax Dispute,

      will be substantially compromised or lost, resulting in a
      significantly smaller recovery by the Debtors' estates;
      and

   2) there will be additional administrative costs if the
      Plan is not confirmed.

                       About Enesco Group

Based in Itasca, Illinois, Enesco Group, Inc. --
http://www.enesco.com/-- is a producer of giftware, and home
and garden decor products.  Enesco's product lines include some
of the world's most recognizable brands, including Disney,
Heartwood Creek, Nickelodeon, Cherished Teddies, Lilliput Lane,
Border Fine Arts, among others.

Enesco distributes products to a wide array of specialty gift
retailers, home decor boutiques and direct mail retailers, as
well as mass-market chains.  The company serves markets
operating in Europe, particularly in the United Kingdom and
France, as well in the Asia Pacific in Australia and Hong Kong.
The company also has Latin-American operations in Mexico.

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).
Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors.  Epiq
Bankruptcy Solutions, LLC, acts as the Debtors' claims and
noticing agent.  Adelman & Gettleman Ltd. represents the
Official Committee of Unsecured Creditors as bankruptcy counsel.  
In schedules of assets and debts filed with the Court, Enesco
disclosed total assets of US$61,879,068 and total debts of
US$231,510,180.


K.S. COY: Placed Under Voluntary Liquidation
--------------------------------------------
During a general meeting held on December 17, 2007, the members
of K.S. Coy and Sons Pty Ltd resolved to voluntarily wind up the
company's operations.

David Clement Pratt and Timothy James Cuming were then appointed
as liquidators.

The Liquidators can be reached at:

          David Clement Pratt
          Timothy James Cuming
          Level 15, 201 Sussex Street
          Sydney, New South Wales 1171
          Australia

                           About K S Coy

Located at Kensington, in Victoria, Australia, K S Coy And Sons
Pty Ltd is an investor relation company.


LTC FORKLIFT: Commences Liquidation Proceedings
-----------------------------------------------
The members of LTC Forklift Rentals Pty Ltd met on December 17,
2007, and agreed to voluntarily liquidate the company's
business.

David Clement Pratt and Timothy James Cuming were then tapped as
liquidators.

The Liquidators can be reached at:

          David Clement Pratt
          Timothy James Cuming
          Level 15, 201 Sussex Street
          Sydney, New South Wales 1171
          Australia

                       About LTC Forklift

LTC Forklift Rentals Pty Ltd is involved with equipment rental
and leasing.  The company is located at Clayton, in Victoria,
Australia.


MAH-CHUT: To Declare First Dividend on February 19
--------------------------------------------------
Mah-Chut Architects Pty Limited, which is in liquidation, will
declare its first dividend on February 19, 2008.

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

John D. Green is the company's liquidator.

                    About Mah-Chut Architects

Mah-Chut Architects Pty Limited provides architectural services.  
The company is located at Crows Nest, in New South Wales,
Australia.


MALCOLM CRAIG: Final Meeting Slated for January 28
--------------------------------------------------
Malcolm Craig and Associates Pty Limited will have its final
meeting on January 28, 2008, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Schon G. Condon RFD
          c/o Condon Associates
          Australia
          Telephone:(02) 9893 9499

                        About Malcolm Craig

Malcolm Craig & Associates Pty Ltd is involved with real estate
agents and managers.  The company is located at Thirroul, in New
South Wales, Australia.


PRANA BIOTECH: Completes PBT2 Trial in Alzheimer's Patients
-----------------------------------------------------------
Prana Biotechnology Limited disclosed that it has completed its
Phase IIa clinical trial of PBT2 in patients with early
Alzheimer's disease.

All patients have completed their final clinical assessment.  
The data are being analyzed, and results will be delivered in
the first quarter of 2008.

Geoffrey Kempler, Chairman and CEO of Prana Biotechnology, said,
"The completion of the Phase IIa trial for PBT2 represents a
significant milestone in the development of Prana's innovative
therapeutic platform for Alzheimer's Disease, and other
neurodegenerative diseases."

This Phase IIa trial is a double blind, placebo-controlled study
exploring the safety and tolerability of PBT2, Prana's
proprietary lead compound. The trial also measured PBT2's
effects on the mechanism and progression of the disease, by
investigating biomarkers of Alzheimer's Disease, as well as
measures of cognition.

               About Prana Biotechnology Limited

Based in Melbourne, Australia Prana Biotechnology Limited
(Nasdaq: PRAN, ASX: PBT) -- http://www.pranabio.com/-- was
established to commercialize research into Alzheimer's disease
and other major age-related neurodegenerative disorders. The
company was incorporated in 1997 and listed on the Australian
Stock Exchange in March 2000 and listed on NASDAQ in September
2002.  Researchers at prominent international institutions
including The University of Melbourne, The Mental Health
Research Institute (Melbourne) and Massachusetts General
Hospital, a teaching hospital of Harvard Medical School,
contributed to the discovery of Prana's technology.

Prana Biotech has incurred consecutive annual net losses.  It
recorded net losses of AU$11,142,320 for the year ended June 30,
2007, AU$11,590,594 for the year ended June 30, 2006, and
AU$10,293,031 for the year ended June 30, 3005.


TRENTCORP PTY: Members Opt to Shut Down Business
------------------------------------------------
During a general meeting held on December 17, 2007, the members
of Trentcorp Pty Limited agreed to voluntarily wind up the
company's operations.

The company's liquidators are:

          David Clement Pratt
          Timothy James Cuming
          Level 15, 201 Sussex Street
          Sydney, New South Wales 1171
          Australia

                        About Trentcorp Pty

Trentcorp Pty Limited, which is also trading as Rentpac, is
involved in the business of equipment rental and leasing.  The
company is located at Flemington Markets, in New South Wales,
Australia.


YALE-LTC INDUSTRIAL: Members Agree on Voluntary Liquidation
-----------------------------------------------------------
The members of Yale-LTC Industrial Trucks Pty Ltd met on
December 17, 2007, and agreed to voluntarily wind up the
company's operations.

David Clement Pratt and Timothy James Cuming were then tapped as
liquidators.

The Liquidators can be reached at:

          David Clement Pratt
          Timothy James Cuming
          Level 15, 201 Sussex Street
          Sydney, New South Wales 1171
          Australia

                          About Yale-LTC

Yale-LTC Industrial Trucks Pty Ltd is a distributor of
industrial machineries and equipments.  The company is located
at Kensington, in Victoria, Australia.


ZINIFEX LTD: Revises Allegiance Mining Offer to AU$1 Per Share
--------------------------------------------------------------
Zinifex Ltd. simplified its AU$775 million (U$675 million) offer
for Allegiance Mining NL, Bloomberg reports.

According to Reuters, citing a Zinifex statement with the
Australian Stock Exchange, the company simplified its bid for
Allegiance to a flat AU$1 per share.

As stated in previous press reports, Zinifex's initial offer
provided two different prices -- AU$0.9 per share or AU$1 per
share -- with the higher offer set on the condition that Zinifex
could successfully buy more than 30% shares of Allegiance or
that the Allegiance board suggest shareholders to accept the
acquisition plan.

The Troubled Company Reporter-Asia Pacific reported on Jan. 21
that Allegiance is trading above Zinifex's offer price.  Reuters
notes that Allegiance's board has already rejected the bid,
saying it undervalued the company's growth prospects.

Zinifex, as widely reported by the media, wants control of
Allegiance's Avebury nickel mine in Tasmania, which has a
AU$3-billion supply agreement with China's Jinchuan Group Ltd.

                     About Zinifex Ltd.

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

                      *     *     *

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


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

BAUSCH & LOMB: Projects 4th Qtr. Revenues in $654-660 Mil. Range
----------------------------------------------------------------
Bausch & Lomb Inc. disclosed Sunday certain preliminary and
unaudited fourth-quarter and full-year 2007 financial metrics.

While the company has not yet finalized its financial close
process, including purchase accounting associated with the
recently completed merger with affiliates of Warburg Pincus, it
currently projects it will report fourth-quarter net sales of
between US$654.0 million and US$660.0 million, compared to
US$597.6 million in the same period in 2006.  

The company currently projects fourth-quarter Adjusted EBITDA of
between US$120.0 million and US$126.0 million, compared to
US$85.7 million in the year-ago period.

For the full year, Bausch & Lomb currently projects it will
report net sales between US$2.513 billion and US$2.519 billion,
compared to US$2.292 billion in 2006.  

The company currently projects full-year Adjusted EBITDA of
between US$408.0 million and US$414.0 million, compared to
US$338.5 million in 2006.

These selected financial metrics are estimates and subject to
change.  Bausch & Lomb's auditors have not completed their audit
procedures for the year ended Dec. 29, 2007.  Bausch & Lomb
cautions investors not to place undue reliance on the company's
preliminary financial information as herein presented.

Adjusted EBITDA excludes: non-cash stock compensation expense;
direct charges associated with the MoistureLoc(R) lens care
solution recall; the impact of the 2007 reversal of certain
Brazilian tax reserves based on amnesty granted by the tax
authority; expenses incurred in connection with brand rebuilding
efforts subsequent to the MoistureLoc recall; fees and other
costs associated with the merger between the company and
affiliates of Warburg Pincus; fees associated with the defense
of product liability cases related to the MoistureLoc recall and
shareholder lawsuits, as well as the cost of actual MoistureLoc
claims settled; fees related to accounting investigation and
enhanced audit procedures; and other adjustments.

Estimated adjustments to EBITDA included in the company's
current projections for the fourth quarter and full-year 2007
totaled approximately US$93.0 million and US$132.0 million,
respectively.  Such adjustments to EBITDA totaled
US$19.4 million and US$98.4 million for the fourth quarter and
full-year 2006, respectively.

                     About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).

                          *     *     *

Bausch & Lomb Inc. still carries Moody's Investors Service 'B2'
corporate family, 'B1' bank loan debt, 'Caa1' senior unsecured
debt, and 'B2' probability of default ratings, which were last
placed on Oct. 5, 2007.


BOMBARDIER INC: To Supply 24 Units to Angel Trains for US$65 Mln
----------------------------------------------------------------
Bombardier Transportation has won a second order for its next
generation "Green Trains".  The contract, worth approximately
EUR44 million (US$65 million), is an order for twelve 2-car
Bombardier next generation diesel multiple units from Angel
Trains.  The trains are being provided for London Overground
Rail Operations Ltd. for use on the London Overground Network
and for Chiltern Railways.  The units will be delivered between
Q4 2009 and with the final delivery in Q3 2010.

"I am delighted that Bombardier has won another important
contract for our next generation DMU Class 172 vehicle,"
Stephane Rambaud-Measson, president of Bombardier's mainline &
metros division commented.  "This is the second order for this
new train and further extends our relationship with Angel
Trains."

"This vehicle will be the lightest and greenest modern DMU in
its class and will provide low risk step changes in technology,
providing the financiers and operator with a vehicle which meets
the latest legislation in emissions, improves the passenger
experience and which is able to optimize operating costs," Mr.
Rambaud-Measson continued.

Production of the new class 172 will take place in Bombardier's
derby plant.  The units will feature the Bombardier Mitrac
system, offering proven reliability and energy efficiency and
offering applications to secure safe and economically optimized
traction power.

"Following so closely after our first order for the next
generation "Green Trains", this provides confirmation that this
is the product of choice for operators replacing older multiple
units," Colin Walton, chairman of Bombardier in the UK said.

                        About Angel Trains

Based in London, Angel Trains -- http://www.angeltrains.co.uk/
-- owns and leases more than 5,000 trains throughout the UK,
Europe, and North America.  The company also finances
construction for new railway stock as well as the rebuilding of
older stock. Angel Trains has invested more than

EUR4.8 billion in new trains since its inception in 1994.  In
addition to its UK headquarters, Angel Trains has operations in
Belgium, Germany Italy, Spain, and the US.

                         About Bombardier

Bombardier Inc. -- http://www.bombardier.com/-- (TSE:BBD.B)
manufactures innovative transportation solutions, from regional
aircraft and business jets to rail transportation equipment,
systems and services.  Headquartered in Canada, the company also
has offices in the U.S., Northern Ireland, United Kingdom,
Germany, Switzerland, Sweden, Austria, Australia and China.

                           *     *     *                         

As reported in the Troubled Company Reporter on Nov. 5, 2007,
Fitch Ratings affirmed the ratings for Bombardier Inc.

-- Issuer Default Rating at 'BB-';

-- Senior unsecured debt at 'BB-';

-- Preferred stock at 'B'.


CHINA EASTERN: CNAC Says it Won't Resubmit Tie-Up Proposal
----------------------------------------------------------
Air China's parent, China National Aviation Corp, said that it
will not submit a more detailed proposal for a tie-up with China
Eastern Airlines unless China Eastern was willing to sit down at
the negotiating table, Reuters reports.

The Troubled Company Reporter-Asia Pacific reported on Jan. 22
that China Eastern Airlines said it could not respond to a
partnership proposal launched by CNAC on Jan. 18 because the
proposal was incomplete and lacked legal validity.  

According to the TCR-AP reported, China Eastern contended that
the CNAC's proposal for "strategic partnership" did not carry
the authorization of CNAC's board of directors and that CNAC
needs to make a formal, complete proposal.

Reuters recounts that CNAC said its proposal could bring
China Eastern a cash injection of US$1.9 billion and involve a
broad tie-up between the two airlines' operations.  CNAC
suggested that it and the China Eastern group buy a placement of
2.98 billion new Hong Kong-listed H shares in China Eastern,
while the airlines would consolidate their cargo operations and
cooperate in areas such as sharing flights, frequent flyer
programmes, maintenance and ground service, the report adds.

"We submitted our proposal to China Eastern after serious
consideration," a CNAC senior executive, who refused to be
named, told Reuters.  "China Eastern needs time to study it, and
we will not come up with a more detailed proposal before it is
willing to sit down with us at the negotiating table," the
executive added.

Reuters relates that CNAC's statement could prolong a stand-off
between CNAC and China Eastern, since China Eastern's parent
group had already said it will not respond to CNAC's proposal
without more details.


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

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

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


CHINA EASTERN: To Cooperate with China Southern on Sales
--------------------------------------------------------
China Eastern Airlines and China Southern Airlines have agreed
to cooperate in areas such as sales and procurement, Reuters
reports, citing the official Shanghai Securities News.

According to Reuters, the newspaper said that a "framework
agreement" signed between the two airlines provides for both to
help each other in sales, aircraft procurement, ground service,
sharing facilities and other areas.

Reuters notes that the cooperation does not involve equity
investment by the companies in each other.

Shanghai Securities, adds Reuters, cited China Eastern's
chairman, Li Fenghua, as saying that the cooperation deal would
not affect China Eastern's effort to attract investment and find
a strategic partner.

Liu Shaoyong, China Southern's chairman, was also quoted by the
newspaper as saying that talks on the agreement had begun more
than a year ago, and that the deal did not exclude cooperation
with other carriers such as Air China.

Moreover, Shanghai Securities noted, Mr. Liu said that his
airline was willing to nominate China Eastern for membership in
SkyTeam, the international frequent flyer programme that China
Southern shares with other carriers, including Continental
Airlines and Air France-KLM.

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

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

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


FLOWER SENSE: Creditors' Proofs of Debt Due on February 18
----------------------------------------------------------
The creditors of Flower Sense Limited are required to file their
proofs of debt by February 18, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 10,
2008.

The company's liquidator is:

         Leung Mei Fan
         Room 1005
         Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


GTI FINANCIAL: Members Final Meeting Slated for February 25
-----------------------------------------------------------
The members of GTI Financial Information Limited will have their
final general meeting on February 25, 2008, Unit 9, 17th Floor,
Citicorp Centre, 18 Whitfield Road, Causeway Bay, in Hong Kong,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is Lau Cheuk Man Timothy.


JHT CAPITAL: Taps Chan Kin Hang as Liquidator
---------------------------------------------
The members of JHT Capital Limited, on January 18, 2008,
appointed Chan Kin Hang, Danvil as the company's liquidator.

The Liquidator can be reached at:

          Chan Kin Hang, Danvil
          Room 2301, 23rd Floor
          Ginza Square, 565-567 Nathan Road
          Yaumatel, Kowloon, Hong Kong


MEXON (Hong Kong): Creditors' Proofs of Debt Due on February 18
---------------------------------------------------------------
The creditors of Mexon (Hong Kong) Limited are required to file
their proofs of debt by February 18, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 10,
2008.

The company's liquidator is:

         Leung Mei Fan
         Room 1005
         Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


MOK YING KIE: Creditors' Proofs of Debt Due on February 18
----------------------------------------------------------
The creditors of Mok Ying Kie Limited are required to file their
proofs of debt by February 18, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 10,
2008.

The company's liquidators are:

         Chan Kim Chee
         Chui Fan Wa
         1001 Admiralty Centre Tower 1
         18 Harcourt Road
         Hong Kong


NEHLSEN HONG KONG: Commences Liquidation Proceedings
----------------------------------------------------
Nehlsen Hong Kong Limited commenced liquidation proceedings on
December 10, 2007.

The company's liquidator is:

          Pui Chui Wing
          501A, Kin Wing Commercial Bldg.
          24-30 Kin Wing Street
          Tuen Mun, N.T.


PETROLEOS DE VENEZUELA: Earmarks US$1.2 Bil. for Social Programs
----------------------------------------------------------------
Rafael Ramirez, Petroleos de Venezuela SA's president, said that
the company has set aside US$1.2 billion for social programs,
the Associated Press says.  He added that a new subsidiary in
the agricultural sector will be launched, a move that met with
criticism from some sectors that claimed non-oil investments
hurt oil output.

The AP relates that this new unit will use US$150 million to buy
milk, beef, chicken, sugar, and other agricultural products for
distribution to the public.

This plan is on top of the US$15.6 billlion investment budget
this year that was reported in several papers.  The higher
investment budget is aimed at boosting the oil sector's output
to 5.8 million per day by 2012, from the current three million
barrels of daily output.

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

                        *     *     *

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


QISDA CORP: Seen to Make 1-2 Million LCD TVs for Philips in 2008
----------------------------------------------------------------
Qisda Corp (2352.TW) is expected to assemble around 1 million to
2 million LCD televisions for Royal Philips Electronics NV in
2008, XFN-Asia reports, citing the Commercial Times.

Qisda is among the latest additions to the Dutch company's list
of contract-makers, XFN notes.  Other additions are TCL Corp and
Funai Electric Co Ltd.  Philips expects to sell over 50% more
LCD TVs this year, the report says.                  

The report notes that Philips has set a target of delivering 14-
16 million LCD TVs this year, up from nearly 9 million in 2007,
with the weighting of outsourced units raised to 70% from 60%.

Qisda, formerly known as BenQ Corp, consigned the old name to
its branded operations after they were spun off in September,
XFN relates.  The parent company now focuses on original design
manufacturing for clients, including the BenQ unit.

Headquartered in Taiwan, Republic of China, Qisda Corp., fka
BenQ Corp., Inc. -- http://www.benq.com/-- is principally    
engaged in manufacturing developing and selling of computer
peripherals and telecommunication products.  It is also a major
provider of 3G handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 3,
2008, that Taiwan Ratings Corp. affirmed its twBB+ long-term
corporate credit rating and twB short-term rating on Qisda Corp.
At the same time, the rating agency also affirmed its twBB+
ratings on the company's unsecured corporate bonds and unsecured
exchangeable bond.  The outlook on the long-term rating is
negative.


RELIEF & POVERTY: Liquidator Lai Kin Keung Quits Post
-----------------------------------------------------
On January 18, 2007, Lai Kin Keung stepped down as liquidator
for Relief & Poverty Alleviation Action Limited.

The former liquidator can be reached at:

         Lai Kin Keung
         Block A, 1st Floor
         152 Prince Edward Road
         Kowloon, Hong Kong


SEARCH ASIA: Commences Liquidation Proceedings
----------------------------------------------
Search Asia Pacific Limited commenced liquidation proceedings on
January 18, 2008.

The company's liquidator is:

          Wong lam Kit Yee
          Unit 1601, 16th Floor
          Malaysia Building
          50 Gloucester Road
          Wanchai, Hong Kong


SONIE GARMENTS: Creditors' Proofs of Debt Due on February 18
------------------------------------------------------------
The creditors of Sonie Garments Manufacturing Limited are
required to file their proofs of debt by February 18, 2008, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on January 4,
2008.

The company's liquidator is:

         Lam Hoo Sum
         2nd Floor
         Wing Yee Commercial Building
         5 Wing Kut Street
         Central Hong Kong



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

BAUSCH & LOMB: Expects Up to US$414 Mln EBITDA for 2007
-------------------------------------------------------
Bausch & Lomb Inc. disclosed certain preliminary and unaudited
fourth-quarter and full-year 2007 financial metrics.

While the company has not yet finalized its financial close
process, including purchase accounting associated with the
recently completed merger with affiliates of Warburg Pincus, it
currently projects it will report fourth-quarter net sales of
between US$654 million and US$660 million, compared to
US$597.6 million in the same period in 2006.  That would
represent an increase of approximately 10%, or approximately 4%
growth excluding the effects of changes in foreign currency
exchange rates.  The Company currently projects fourth-quarter
Adjusted EBITDA of between US$120 million and US$126 million,
compared to US$85.7 million in the year-ago period.

For the full year, Bausch & Lomb currently projects it will
report net sales between US$2.513 billion and US$2.519 billion,
compared to US$2.292 billion in 2006. That would represent an
increase of approximately 10%, or approximately 6% growth
excluding the effects of changes in foreign currency exchange
rates.  The Company currently projects full-year Adjusted EBITDA
of between US$408 million and US$414 million, compared to
US$338.5 million in 2006.

                        About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.  In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                         *     *     *

As of Jan. 23, 2008, Bausch & Lomb carries B2 Corporate Family
and Probability-of-Default ratings, B1 Bank Loan Debt rating and
Caa1 Senior Unsecured Debt rating from Moody's Investor Service,
which said the outlook is stable.

The company also carries B+ Foreign and Local Issuer Credit
ratings from Standard & Poor's.   


KINETIC ENGINEERING: Shareholders Approve Capital Increase
----------------------------------------------------------
Kinetic Engineering Ltd's shareholders, at their Extraordinary
General Meeting on Jan. 22, gave their nods on the proposed
increase in the company's share capital to INR93,40,00,00 from
the current INR63,40,00,000.

The shareholders further approved preferential issuance of
shares to certain entities and the raising of as much as
US$18 million:

   -- issuing to Micro Age Instruments Pvt Ltd, on preferential
      basis, up to 8,65,384 Optionally Convertible Cumulative
      Preference shares of INR156 each, convertible in full into
      a maximum 8,65,384 fully paid-up equity shares of the
      company with the face value of INR10 each at a price of
      INR156 per share;

   -- allotting, by way of preferential issue, up to 19,23,077
      Compulsorily Convertible Cumulative Preference shares of
      INR156 each convertible in full into a maximum 19,23,077
      of the company's INR10 each shares at a price of INR156
      per share to these AIG Entities:

         * AIG Asian Opportunity Fund II

         * L P (AOF II),

         * American International Assurance Company (Bermuda)
           Ltd [AIA(B)],

         * American International Assurance Company Ltd (AIA),

         * Ashoka Investment Holding Ltd (AIHL), and

         * Ambadevi Mauritius Holding Ltd (AMHL); and

   -- raising as much as US$18 million via international
      offerings of securities including foreign currency
      convertible bonds.  

India-based Kinetic Engineering Ltd. --
http://www.kineticindia.com/-- is an automobile manufacturer,
which specializes in two wheelers.  The company has sold over 6
million vehicles in India.  Kinetic has brought to India
technologies, such as four valve engines, electric start on
scooters and motorcycles, v-twin engines and upside down (USD)
forks.  The company offers top-end bikes, such as Comet and
Aquila.  It has a nationwide network of nearly 450 dealers and
over 1,000 service centers.  Kinetic exports vehicles to the
United States, Canada, Latin America, Europe, Africa, Middle
East and South Asia.

For the 15 months ended Dec. 30, 2006, the company booked a net
loss of INR432.9 million.  For the period Apr. 1, 2004, to
Sept. 30, 2005, the company incurred a net loss of
INR549.6 million.


KINETIC ENGINEERING: Board OKs Merger With Jaya Hind Division
-------------------------------------------------------------
Kinetic Engineering Ltd's board of directors, at a meeting on
Tuesday, approved the merger of the Auto Component Division of
Jaya Hind Sciaky Ltd with the company.

According to a filing with the Bombay Stock Exchange, JHS has
two divisions -- one for manufacturing of auto components like
variators and power train components and another for
manufacturing capital coeds like SPM/welding machines.  Kinetic
Engineering believes that it will have multi-fold benefits from
the proposed merger.  As of March 31, 2007, JHS's auto component
division recorded:

   EBITA: INR36.2 million
   Revenue: INR165.3 million
   Book Value of Net Assets: INR311.4 million

For the Scheme of Merger, Net Assets of JHS have been valued at
INR280.60 million as per a valuation report and Kinetic is
proposing to issue 17,82,774 shares JHS shareholders, with a
swap ratio of 3.80:1.

During the meeting, the board also approved the execution of a
brand license agreement with affiliate Kinetic Motor Company
Ltd, allowing KMCL:to use the company's trademark and logo for
KMCL's business of manufacturing, trading and selling of
automobiles.

India-based Kinetic Engineering Ltd. --
http://www.kineticindia.com/-- is an automobile manufacturer,
which specializes in two wheelers.  The company has sold over 6
million vehicles in India.  Kinetic has brought to India
technologies, such as four valve engines, electric start on
scooters and motorcycles, v-twin engines and upside down (USD)
forks.  The company offers top-end bikes, such as Comet and
Aquila.  It has a nationwide network of nearly 450 dealers and
over 1,000 service centers.  Kinetic exports vehicles to the
United States, Canada, Latin America, Europe, Africa, Middle
East and South Asia.

For the 15 months ended Dec. 30, 2006, the company booked a net
loss of INR432.9 million.  For the period Apr. 1, 2004, to
Sept. 30, 2005, the company incurred a net loss of
INR549.6 million.


KINETIC ENGINEERING: To Sell Surplus Assets for INR480 Million
--------------------------------------------------------------
Kinetic Engineering Ltd informed the Bombay Stock Exchange that
it has decided to sell some of its surplus assets for
INR480 million.  The assets refer to land, building and
utilities near Pune.

The company has identified a buyer and they have entered a
memorandum of understanding.  Formalities including obtaining
various approvals, however, is still under process.  The company
expects to complete the process by March 31, 2008.

India-based Kinetic Engineering Ltd. --
http://www.kineticindia.com/-- is an automobile manufacturer,
which specializes in two wheelers.  The company has sold over 6
million vehicles in India.  Kinetic has brought to India
technologies, such as four valve engines, electric start on
scooters and motorcycles, v-twin engines and upside down (USD)
forks.  The company offers top-end bikes, such as Comet and
Aquila.  It has a nationwide network of nearly 450 dealers and
over 1,000 service centers.  Kinetic exports vehicles to the
United States, Canada, Latin America, Europe, Africa, Middle
East and South Asia.

For the 15 months ended Dec. 30, 2006, the company booked a net
loss of INR432.9 million.  For the period Apr. 1, 2004, to
Sept. 30, 2005, the company incurred a net loss of
INR549.6 million.


QUEBECOR WORLD: Gets CCAA Order for Creditor Protection
-------------------------------------------------------
Quebecor World Inc. has obtained an Order for creditor
protection under the Companies' Creditors Arrangement Act.

Under the terms of the Order, Ernst & Young Inc. will serve as
the Court-appointed Monitor under the CCAA process and will
assist the company in formulating its restructuring plan.

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
Jan. 21, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Montreal-based printing
company Quebecor World Inc. to 'D' from 'CCC'.  Standard &
Poor's also lowered the rating on the company's US$400 million
9.75% senior unsecured notes due 2015 to 'D' from 'CCC-'.  In
addition, S&P lowered the rating on the company's other senior
unsecured notes to 'CC' from 'CCC-'.  The preferred stock rating
remains unchanged at 'D'.  With these rating actions, S&P also
removed the ratings from CreditWatch with negative implications,
where they were placed Aug. 9, 2007.

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.


TATA POWER: North Delhi Power Now a Subsidiary
----------------------------------------------
Tata Power Company Ltd disclosed that North Delhi Power Ltd has
become one of the company's subsidiaries with immediate effect.  

According to the company, it has acquired 73,60,000 shares of
NDPL, which represents 2% of its share capital.

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

                          *     *     *

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

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


TATA STEEL: Board to Consider Oct.-Dec. 2007 Results on Jan. 31
---------------------------------------------------------------
Tata Steel Ltd said that its board of directors will hold a
meeting on Jan. 31, to take on record the company's audited
financial results for the quarter ended Dec. 31, 2007.

In the same quarter in 2006, Tata Steel's financial statements
showed a net profit of INR2.8 billion on revenues of
INR12.5 billion.  

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 TELESERVICES: Books INR274-Mil. Loss in Qtr. Ended Dec. 31
---------------------------------------------------------------
Tata Teleservices Maharashtra Ltd's net loss narrowed to
INR274.3 million in the three months ended Dec. 31, 2007, from
the INR591.7-million loss incurred in the same quarter in 2006.

Total revenues increased 25% from INR3.67 billion in Oct.-Dec.
2006, to INR4.59 billion in the latest quarter under review.  
Operating expenses rose by 17% to INR3.31 billion, bringing the
company an operating profit of INR1.28 million.

The company also recorded interest charges of INR419.2 million,
depreciation of INR1.14 billion and INR1.3 million in taxes.

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?2748

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

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


TATA TELESERVICES: Managing Director Charles Anthony Resigns
------------------------------------------------------------
Charles Anthony has tendered his resignation as Tata
Teleservices Maharashtra Ltd's managing director, a filing with
the Bombay Stock Exchange reveals.

According to Rajesh S. Kurup of the Business Standard, Mr.
Anthony cited personal reasons for his decision.

The company's board of directors accepted the resignation at a
meeting on Tuesday.  The board has yet to decide the date when
the the resignation will take effect.

At the same meeting, the board has, subject to the approval of
the shareholders and the central government, appointed Dr.
Mukund Govind Rajan as managing director.  The board proposed
that Dr. Rajan will hold office for a period of five years with
effect from Jan. 23, 2008.

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

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


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

ADARO INDONESIA: To Build Coal-Fired Power Plant With PT Makmur
---------------------------------------------------------------
PT Adaro Indonesia plans to build a mine-mouth coal-fired power
plant together with construction firm PT Makmur Sejahtera
Wisesa, Antara News reports.

Adaro Indonesia Spokesman Y Andriansyah said the 60-MW plant
will be built on 86 hectares of land at Maridu village in
Tabalong district, South Kalimantan province, and is expected to
be operational late next year.

Under the cooperation agreement, the report notes, Adaro
Indonesia will only supply coal to the power plant while Makmur
Sejahtera will bear all the cost arising from its construction.

The area is believed to hold 600 million tons of coal deposits,
the report adds.

                      About Adaro Indonesia

Headquartered in Indonesia, PT Adaro Indonesia
-- http://www.adaro-envirocoal.com-- operates one of the     
world's largest sub-bituminous coalmines in Kalimantan,
Indonesia.  The company operates under a Coal Cooperation
Agreement with the Government of Indonesia, which gives it the
right to mine coal within its agreement area in the Tanjung
district of South Kalimantan Province until the year 2022 with
rights to extend by mutual agreement.  There are four deposits
within the Agreement Area, which contain total coal resources of
approximately 3.0 billion tones of open cut coal characterized
by extremely thick seams of up to 50 meters with relatively low
overburden.

                          *     *     *

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

On Nov. 9, 2007, that Moody's Investors Service placed PT Adaro
Indonesia's Ba3 local currency corporate family and foreign
currency bondratings under review for possible upgrade.


BANK NEGARA: Sells Stake in Bank Finconesia for IDR127.122 Bil.
---------------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk has sold all its
5,035,095 shares in privately-run Bank Finconesia to PT Dian
Intan Perkasa for IDR127.122 billion, Antara News reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 22, 2007, Bank Negara Indonesia will sell its equity
stake in Bank Finconesia.   After the transaction, Bank Negara
will no longer hold any shares of Bank Finconesia, the report
said.

Bank BNI Corporate Secretary Elvin G. Masassya said the shares
accounting for 48.51% of Bank Finconesia's total shares were
sold at IDR25.247 each, the report relates.

Antara recounts that the two banks signed an agreement for the
share purchase on December 29 last year.

Bank Negara, the TCR-AP noted, plans to use the proceeds from
the sale to acquire a small bank.

                         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 NEGARA: To Offer Singapore Remittance Service
--------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk and Singapore Post
Limited will offer a new remittance service
to Indonesia at 51 designated SingPost branches.

CASHOME is a fast, convenient, yet secure remittance service
that allows the sender to remit money into a recipient's bank
account maintained with Bank Negara in Indonesia.

A fast remittance transfer time is in store for customers as
funds remitted by the sender through the post office before
3:00 p.m. will be received by the recipient on the same day.
Funds remitted after 3:00 p.m. will be received by the recipient
on the next business day.  The money will be credited directly
to the recipient's bank account maintained by Bank Negara.

Customers can use their NETS card or cash to remit funds to
their recipients who can access the funds at Bank Negara's wide
network of over 970 branches and close to 20,000 ATMs across
Indonesia.  They will also enjoy the convenience of using the
CASHOME card for the initial and subsequent transactions.

A CASHOME card is an identification card for customers
to use to remit money to their recipient, saving them the hassle
of filling out forms each time they need to remit money.

SingPost Executive Vice President for Retail & Financial
Services Mr Loh Choo Beng said: "We are pleased to partner BNI
to offer yet another value-added service to our
customers who will get to enjoy the best of both worlds –
SingPost's wide retail network of post offices and BNI's
extensive branches and ATMs in Indonesia.  This is another
option to remit money to Indonesia."

BNI President Director Mr Sigit Pramono said: "BNI has already
engaged in similar cooperation with banks and remittance
agencies in Malaysia, Brunei, Hongkong, Taiwan and many Middle
East countries.  All have been successful in bringing mutual
benefit to both parties."

                      About Singapore Post

SingPost, the designated Public Postal Licensee for Singapore,
provides efficient and high quality domestic and international
postal services.  One of the most efficient postal operators
in the world, SingPost has received global recognition in the
World Mail Awards for the Quality category in 2007.  SingPost is
also the leading logistics provider in the domestic
market, with global service offerings to more than 220
territories/countries.  It has won the EMS Cooperative
Certification Gold Level Award by the Universal Postal Union for
its Speedpost Worldwide courier service and is the only postal
administration in the world to win this for six consecutive  
years since 2001.  SingPost also owns one of the largest retail
distribution networks through its tri-channel platform of post
offices, Self-service Automated Machines and vPOST, its internet
portal. With its extensive network, SingPost provides a one-stop
convenience to its customers for a wide range of products and
services, including agency, postal and financial services.

                        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+'.


PARKER DRILLING: Sets Year-End 2007 Earnings Release on Feb. 26
---------------------------------------------------------------
Parker Drilling Company will host a conference call on Feb. 26,
at 9:00 a.m. CST (10:00 a.m. EST), to discuss fourth quarter and
year-end 2007 financial results.  Earnings for the quarter will
be released that morning prior to the call.  Those interested in
participating in the call may dial in at 303-262-2075.

The conference call replay can be accessed from Feb. 26 through
March 4 by dialing (800) 405-2236 and using the access code
11107527#.  Alternatively, the call can be accessed live through
the investor relations section of company's website at
http://www.parkerdrilling.comand will be archived on the site  
for 12 months.  

Information on earnings will also be available on the company's
website.
                     About Parker Drilling

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

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

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


PERUSAHAAN LISTRIK: Gov't Agrees to Carry Out Company Subsidy
------------------------------------------------------------
Indonesia's finance department confirmed that it will fulfill
the electricity subsidy for PT Perusahaan Listrik Negara
regardless of the amount since it has already been firmly
regulated by the State Budget, Tempo Interactive reports citing
Head of the Fiscal Policy Agency at the Finance Department
Anggito Abimanyu.

The report relates that Mr. Abimanyu said the government has
already calculated the forthcoming electricity subsidy burden.
This is reflected in the many scenarios of oil price increases
that have been made.  "The calculation of the subsidy growth is
already in the scenarios, even in the scenarios if the world’s
oil price reaches US$100 per barrel," he added.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 23, 2008, the company had difficulties in fulfilling
primary energy fuel demands from its power plants due
to an increase of oil prices reaching above US$90 per barrel.

Based on a provisional calculation, Tempo relates, the
electricity subsidy will grow to IDR70 trillion if the world's
oil price is US$80 per barrel.  Now the government set the
electricity subsidy at around IDR28.5 trillion or less than
IDR32.4 trillion in 2007, the report says.

Mr. Abimanyu told Tempo that the government will pay the subsidy
burden in line with the electricity production cost the company
expends.  The realization will certainly be verified by the
state auditor.  "We'll only pay according to the realization.",  
he added.  The additional subsidy will be proposed through the
2008 Revised State Budget, Tempo notes.

Meanwhile, Tempo points out that Energy and Mineral Resources
Minister Purnomo Yusgiantoro said the government will not change
the electricity subsidy in the 2008 Budget despite the fact that
the oil price is US$90 per barrel.  "This year the subsidy has
been agreed upon, so there won't be any change," he said.  The
change of the subsidy will be accomplished through the Revised
State Budget, the report adds.

                    About Perusahaan Listrik

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

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


PT INCO: Requests a Meeting With DEMR to Discuss Undertakings
-------------------------------------------------------------
PT International Nickel Indonesia Tbk has requested a meeting
with the Department of Energy and Mineral Resources to discuss
the company's obligation under its modified and extended
Contract of Work with the Indonesian government to construct a
processing facility at Bahodopi.

The company recently received a report prepared by an
independent consultant.  The report reviewed various options
regarding the Bahodopi property and concluded that, while the
ore may be well suited for a ferro-nickel processing facility,
such a project would not be economically feasible based on
current circumstances.  One of the purposes of the meeting will
be to discuss the results of the study with the DEMR.

The company proposes to conclude an agreement with the
government to allow it to commence mining operations at
Bahodopi, and to construct a high pressure acid leach processing
facility at Sorowako in substitution for the company's
undertaking in the Contract of Work to construct a processing
facility at Bahodopi.

Under the company's proposal, ore from Bahodopi would be
combined with ore from the Sorowako area to feed both the
existing pyrometallurgical processing facility in Sorowako and
the proposed high pressure acid leach processing facility.  The
company would also continue its exploration program at Bahodopi
and continue to study options for developing a processing
facility there in the future.

To carry out these proposals, the company will need to proceed
with feasibility studies on the proposed high pressure acid
leach processing facility to be located in Sorowako.  It will
also need to conclude agreements with the government and secure
necessary permits to support a significant capital investment.
Any decision to proceed with an investment will require the
approval of the Board of Directors and Board of Commissioners of
the company.

                          About PT Inco

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer           
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi.  Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.

                           *    *    *

As of October 29, 2007, the company carried Standard and Poor's
"BB-" long-term foreign and local issuer credit ratings; and
Fitch Rating's "BB" LT Issuer Default rating.


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

TIMKEN CO: Signs Acquisition Agreement with Boring Specialties
--------------------------------------------------------------
The Timken Company has entered into an agreement to acquire the
assets of Boring Specialties Inc., a leading provider of a wide
range of precision deep-hole oil and gas drilling and extraction
products and services.  Based in Houston, Texas, BSI had 2006
sales of approximately US$48 million and employs 190 people.

The acquisition will extend Timken's presence in the growing
energy market by adding BSI's value-added products to its wide
range of alloy steel products for oil and gas customers.  Terms
of the acquisition, which Timken expects to be accretive during
the first year of ownership, were not disclosed.

Founded in 1972 by Charlie Elder, BSI primarily serves the oil
and gas industry, with value-added products used in the
manufacture of down-hole drilling and completion components.  
Timken steel is used in a number of BSI's products.  Mr. Elder
will continue as president of the new entity following
successful completion of the transaction.

"Customers operating in an oilfield environment face some of the
most demanding conditions on earth, and both Timken and BSI
provide the products they need to succeed," said Salvatore J.
Miraglia, president - Steel Group.  "As the search for new
energy reserves goes farther afield and deeper below the
surface, we believe that together we can capitalize on growth
opportunities that alone we could not have tapped."

The transaction is subject to customary closing conditions,
including expiration or termination of the waiting period under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended.  Timken expects the transaction to close in the first
quarter of 2008.

Timken solutions span a variety of energy and power-generation
applications from windmill gearboxes to energy exploration.  The
demanding conditions encountered in oil and gas drilling lead
companies to turn to Timken for high-quality steel products that
can withstand the extremes encountered below the earth's
surface.

                      About Timken Co.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR)
-- http://www.timken.com/-- is a manufacturer of highly
engineered bearings and alloy steels.  It also provides related
components and services such as bearing refurbishment for the
aerospace, medical, industrial and railroad industries.  The
company has operations in Argentina, Australia, Belgium, Brazil,
Canada, China, Czech Republic, England, France, Germany,
Hungary, India, Italy, Japan, Korea, Mexico, Netherlands,
Poland, Romania, Russia, Singapore, South America, Spain,
Taiwan, Turkey, United States, and Venezuela and employs 27,000
employees.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's US$300
million Medium Term Notes, Series A.


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

KOREAN EXPRESS: Posts KRW76-Billion Net Profit in 2007
------------------------------------------------------
Korea Express Co. posted a net profit of KRW76 billion last
year, Asia Pulse reports.

According to the report, the company's operating profit rose
4.9% to KRW63 billion.  Sales climbed 8.3% to KRW1.26 trillion,
the report notes.

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

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

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

Korea Investors Service gave the company a BB rating.


UAL CORP: Reports Highest Annual Pre-tax Income Since 1999
----------------------------------------------------------
UAL Corporation reported on January 22, 2008, pre-tax income of
US$695 million for 2007, the highest since 1999.  Pre-tax income
excluding special items and severance was US$606 million, US$665
million higher than 2006.

The company:

     -- Reported annual diluted earnings per share (EPS) of
        US$2.79, despite a basic loss per share of US$0.47 in
        the fourth quarter.

     -- Increased annual mainline passenger unit revenue (or
        PRASM) by 7.1 percent year-over-year, excluding special
        items, through continued capacity discipline and revenue
        execution, with fourth quarter mainline PRASM increasing
        13.1 percent year-over-year.

     -- Continued its focus on controlling costs, with 2007
        annual operating expenses increasing 1.1 percent versus
        2006.

     -- Generated operating cash flow of US$2.1 billion in 2007,
        a 37 percent increase from 2006.

     -- Strengthened its balance sheet in 2007 by reducing on
        and off balance sheet debt by US$2.3 billion, including
        a reduction of nearly US$700 million in the fourth
        quarter.  The company ended the year with an
        unrestricted cash and short-term investments balance of
        US$3.6 billion as of December 31, 2007 and restricted
        cash of US$0.8 billion.

     -- Announced a special distribution of US$2.15 per share of
        UAL common stock, or approximately US$250 million, to
        holders of record as of January 9, 2008.

     -- Reported that employees had earned about US$170 million
        of cash payments related to 2007 performance, composed
        of approximately US$110 million in profit-sharing, US$40
        million in Success Sharing incentives and US$20 million
        from the special distribution.

                  2007 Earnings Growth Driven
                 By Strong Revenue Performance    

The company generated net income of US$403 million in 2007, the
first full-year profit since 2000, excluding reorganization
items.  Excluding special and reorganization items and
severance, 2007 net income of US$352 million was US$417 million
higher than 2006.

On a full-year basis, the company reported pre-tax income of
US$695 million, or US$606 million excluding special items and
severance, resulting in a pre-tax margin of 3.0 percent compared
to a negative 0.3 percent for full-year 2006.  The company
generated US$1.0 billion of operating income for the year, or
US$948 million excluding special items and severance, US$515
million or nearly 120 percent higher than 2006, more than
doubling operating margin to 4.7 percent.

The company's fourth quarter results were negatively affected by
the sharp rise in the price of fuel.  While the company reported
passenger unit revenue growth that was among the best in the
industry, consolidated fuel expense increased US$359 million as
fuel prices rose more than 25 percent versus last year.  As a
result, the company reported an operating loss of US$64 million
for the fourth quarter of 2007, a pre-tax loss of US$98 million
and a net loss of US$53 million, US$8 million better than the
fourth quarter of 2006.

"Our employees and management team made real progress in 2007 to
strengthen the core airline and provide a return to
shareholders, delivering the highest annual profit since 1999,"
said Glenn Tilton, United chairman, president and CEO.  "We will
continue to improve in 2008, as we add breadth to our leadership
team in areas critical to the success of our strategy such as
strategic sourcing and information technology, that we will
leverage to reduce our costs, improve our operation and
strengthen the infrastructure we use to deliver enhanced
services for our customers."

Annual operating expenses increased 1.1 percent versus 2006,
while full-year 2007 mainline CASM, excluding fuel, special
items and severance, was up 3.1 percent.  Fourth quarter
operating expenses increased by US$531 million or approximately
11.6 percent year-over-year primarily due to the US$359 million
increase in consolidated fuel expense.  Fourth quarter mainline
CASM, excluding fuel and special items, of 8.28 cents was up 9.2
percent year-over-year driven mainly by lower capacity, higher
heavy maintenance volumes, increased purchased services expense
for information technology deployment and efficiency and revenue
improvement initiatives, as well as higher profit-sharing
expense.  Additionally, the severe winter storms that took place
in Chicago and Denver in December increased staffing, glycol and
other related costs for the quarter.

The company's consolidated passenger revenue for the fourth
quarter includes approximately US$55 million of non-cash revenue
relating to the quarterly amortization of the benefit from the
change to the expiration period for inactive Mileage Plus
accounts announced in January 2007.  In addition, at year-end
when miles expired for the first time under the new policy, the
company recorded mileage expiration that was higher than it had
estimated in previous quarters.  As a result, the company
recognized approximately US$66 million of incremental non-cash
revenue, bringing the total impact of the change in the policy
to US$121 million for the fourth quarter.  Offsetting this, the
change to deferred revenue accounting for the Mileage Plus
program, from the previous incremental cost method, decreased
passenger revenue by US$61 million in the fourth quarter of
2007, US$34 million lower than the effect of deferred revenue
accounting in the fourth quarter of 2006.  In total, these
Mileage Plus changes resulted in consolidated passenger revenue
increasing by US$60 million for the fourth quarter, and on a
year-over-year basis resulted in revenue increasing by US$155
million.

Annual mainline unit earnings, which is mainline revenue per
available seat mile (RASM) minus mainline CASM, excluding fuel,
special items and severance, increased 13.6 percent in 2007
compared to 2006.  Mainline unit earnings for the fourth quarter
of 2007 decreased to (0.19) cents from 0.07 cents a year ago,
while mainline unit earnings, excluding fuel and special items,
increased 19.2 percent to 3.91 cents from 3.28 cents last year.

Regional affiliates' annual contribution to operating income
increased US$45 million or 58 percent in 2007.  For the quarter,
the regional operation reported break-even operating income as a
9.6 percent increase in regional affiliate revenue was offset by
a 9.3 percent increase in operating expenses due to higher fuel
prices.

The company recorded a largely non-cash, full-year income tax
expense of US$297 million for 2007 and a non-cash income tax
benefit of US$43 million for the fourth quarter.  The effective
tax rates for the year and the quarter were 43 percent and 44
percent, respectively.  Because of its Net Operating Loss carry-
forwards, the company expects to pay minimal cash taxes for the
foreseeable future.

         Focus On Balance Sheet Improvement Continues

Despite the seasonally slower quarter and the rapid escalation
of fuel prices, the company generated positive operating cash
flow of US$132 million, ending the year with an unrestricted
cash and short-term investments balance of US$3.6 billion and a
restricted cash balance of US$756 million.

Including both on and off balance sheet debt and deducting the
debt securities the company repurchased during the year, the
company reduced total debt by US$2.3 billion in 2007.  On the
same basis, during the fourth quarter, the company reduced total
debt by US$681 million, including a US$500 million pay down on
its credit facility and the repurchase of US$20 million of debt
securities. The repurchased securities are classified as
available-for-sale investments in the consolidated balance
sheet.  The company separately records interest income and
interest expense on the repurchased notes; the related savings
in financing costs from these investments are included in the
total savings from debt repurchases noted below.

The company expects to reduce annual net financing costs by
approximately US$120 million through the transactions it has
implemented in 2007.

Full-year free cash flow, defined as operating cash flow less
capital expenditures, increased by 23 percent year-over-year to
US$1.5 billion, and to US$1.7 billion after excluding the impact
certain aircraft refinancing transactions in 2007.  Fourth
quarter free cash flow was a negative US$98 million, reflecting
the significant increase in fuel prices and a US$120 million
year-over-year increase in capital expenditures to US$230
million.

On January 23, 2008, the company will make a special
distribution of US$2.15 per share to common stockholders.  The
total payment to stockholders will be approximately US$250
million, including approximately US$20 million to employee
shareholders.

"We made significant financial strides in 2007 -- delivering
among the best revenue and free cash flow performance in the
industry, paying down more than US$2.0 billion of debt and
continuing our focus on cost control," said Jake Brace, EVP and
chief financial officer.  "We are pleased to be making a US$250
million distribution to our shareholders tomorrow, and that
employees earned US$170 million in cash payments related to our
2007 performance -- a well earned reward for their hard work
throughout the year."

                 Strong Revenue Growth Enabled
               By Continued Capacity Discipline

The company's focus on capacity discipline and revenue execution
continues to drive strong revenue performance both
internationally and domestically.  Total revenues, excluding
special items, increased by 3.9 percent in 2007 compared to the
prior year and increased by 9.7 percent in the fourth quarter
versus the same period last year, driven by growth in passenger
and cargo revenue that was partially offset by the elimination
of pass-through sales for our fuel subsidiary, UAFC.

Full-year 2007 consolidated passenger revenue per available seat
mile (PRASM), excluding special items, increased 6.5 percent
year-over-year, driven by a 5.9 percent increase in passenger
yield, which includes the effect of the changes in Mileage Plus
accounting.

The company's 2007 mainline RASM increased by 4.7 percent, as
the increase in passenger yield was partially offset by a
decline in other operating revenues due to the elimination of
US$307 million in pass-through sales for our fuel subsidiary,
UAFC. Excluding UAFC and special items, mainline RASM increased
by 6.5 percent from 2006.

Total passenger revenues increased by 11.6 percent in the fourth
quarter compared to the prior year driven by a 13.0 percent
consolidated yield improvement which includes the effect of
changes in Mileage Plus accounting.  Fourth quarter mainline
domestic PRASM increased by 12.3 percent, aided by a 5.0 percent
reduction in capacity.  International markets continued to
produce strong unit revenue growth; international PRASM grew
14.9 percent in the fourth quarter compared to the same period
last year despite a 5.0 percent increase in international
capacity year-over-year.

In total, consolidated PRASM increased by 12.6 percent versus
the fourth quarter of 2006.  Fourth quarter mainline PRASM
increased by 13.1 percent on a 1.2 percent decrease in traffic,
a 1.0 percent decrease in capacity and a 13.5 percent increase
in yield.

                        About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.

                        *     *     *

Fitch Ratings, on May 2007, affirmed the Issuer Default Ratings
of UAL Corp. and its principal operating subsidiary United
Airlines Inc. at B-.


UAL: Commences Merger Talks w/ Delta Air & Northwest Airlines
-------------------------------------------------------------
UAL Corp. and Northwest Airlines Corp. have engaged in formal
merger talks with Delta Air Lines Inc., reports The Wall Street
Journal.

WSJ says Delta, which is in the early stages of discussions with
both Northwest and UAL, hopes to reach an agreement with one of
them over the next two weeks.

Delta is anticipating a deal disclosure early as mid-February
after Delta's board meeting scheduled early in the month, says
the report.

"A special committee of the board is working with management to
explore strategic options, including potential consolidation
transactions.  However, we are not providing updates, while this
process is ongoing," Delta spokeswoman Betsy Talton, said.

Northwest and UAL declined to comment.

A UAL-Delta or a Northwest-Delta merger, which would likely be a
stock for stock transaction, would make Delta the largest
airline in the world, according to reports.

Experts in the airline industry, however, believe that a
Northwest-Delta merger is more likely as Delta's Chief Executive
Richard Anderson was previously CEO at Northwest, and is already
well acquainted with Northwest's operations.

Senator Johnny Isakson, a Georgia Republican, said that Mr.
Anderson told him in December that if there's a merger or an
acquisition, Delta would keep its name and Atlanta hub,
Bloomberg News reports.

                        About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.

                        *     *     *

Fitch Ratings, on May 2007, affirmed the Issuer Default Ratings
of UAL Corp. and its principal operating subsidiary United
Airlines Inc. at B-.


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

CNLT (FAR EAST): Answers Allegations of Fraud Report
----------------------------------------------------
In accordance to the Bursa Malaysia Securities Berhad's  
Corporate Disclosure Policy, CNLT (Far East) Berhad has
submitted to the Bourse, a report in respond to The Edge
Financial Daily's article entitled "Fraud at CNLT?".

The Bourse has particularly pointed out the statement reported
by the EdgeDaily that, the the company's forensic auditors
concluded in its report that there was "clear evidence
that the management and some of the directors had attempted to
mislead investors and Bursa Malaysia with fictitious invoices
amounting to 20% of revenue announced for the second quarter
ended June 30, 2007."

Moreover, the Bourse wants CNLT to provide facts for:

   * further clarification on the alleged:

     -- failure to provide for impairment of its plant and
        equipment; and

     -- fictitious invoices;

   * a statement of the relevant financial impact of the above
     to the company; and

   * the steps taken and proposed to be taken by the company in
     respect of the preliminary findings.

In response, CNLT categorically denies all allegations made of
any accounting fraud committed by the company.  In this regard,
the company wants to clarify that:

   1) The Provisional Liquidators, Ong Kong Lai and Wong Cham
      Mew of O&M Corporate Advisory Sdn Bhd were appointed over
      the company on September 12, 2007, pursuant to an ex-parte
      court order dated September 6, 2007.  On the same day of
      September 12, 2007, the company was also served with a
      wind-up petition by Vaaibz Pte Ltd.  However, the
      appointment of the Provisional Liquidators was
      subsequently set-aside by the high court on Sept. 19,
      2007;

   2) It should be noted that the wind-up petition served on
      CNLT by Vaaibz Pte Ltd is still pending at the high court
      and not set-aside on September 19, 2007, as reported by
      The Edge Financial Daily;

   3) Subsequent to the setting-aside of the appointment of the
      Provisional Liquidators, a forensic report dated Sept. 26,
      2007, was prepared by Twin Leaders who was purportedly
      engaged by the Provisional Liquidators.  The Management of
      the company was also not aware of the appointment of Twin
      Leaders by the Provisional Liquidators and there was also
      no basis for the preparation of the Forensic Report.  The
      Forensic Report was only produced by Vaaibz Pte Ltd in its
      application to the high court to set aside the court order
      dated Sept. 19, 2007, that had set-aside the appointment
      of the Provisional Liquidators;

   4) The allegation that “the forensic auditors were
      subsequently denied access to the financial records by
      CNLT’s management” as reported in The Edge Financial
      Daily, is untrue as the Management was not even aware of
      the appointment of Twin Leaders by the Provisional
      Liquidators and the appointment of the Provisional
      Liquidators was also set aside by the high court;

   5) The Forensic Report was therefore prepared without any
      consultation or clarification with the Management.  The
      Management views the serious allegations made in the
      Forensic Report and as reported by The Edge Financial
      Daily, as baseless and mischievous;

   6) In the Forensic Report, Twin Leaders had also qualified
      that their purported investigation work was limited to
      only three days.  Notwithstanding it was reported by The
      Edge Financial Daily in the said Article that Twin Leaders
      had concluded that “there were clear evidence that the
      management and some of the directors have attempted to
      mislead investors and Bursa Malaysia with fictitious
      invoices amounting to 20% of revenue announced for 2nd
      Quarter 2007”.  In the following paragraph of the said
      Article, which is in contradiction to the purported clear    
      evidence, The Edge Financial Daily had also quoted in
      verbatim that “The company’s transaction with one of its
      customers, MTI (Far East) Sdn Bhd is highly irregular and
      warrants further investigation”.  In the above light, it
      would appear that the conclusion in the Forensic Report
      was premature and unjustified given that it was arrived at
      based on certain presumptions, which were made by Twin
      Leaders without any further verification;

   7) There is nothing irregular with the transaction between
      the company and MTI Sdn Bhd as alleged in the Forensic
      Report or the Article.  In the Forensic Report, Twin
      Leaders had based their conclusion of the alleged
      fictitious invoices on the assumption that there was no
      evidence of acknowledgment of the receipt of goods from
      MTI in the delivery orders in respect of some of the
      invoices amounting to MYR4.27 million.  In fact, the
      company was waiting for the instructions by MTI for the
      delivery of the goods to a 3rd party.  There is also
      nothing irregular about the transaction as MTI is a long
      standing customer of the company for over the past 20
      years.  It is also untrue that the company has not
      received any payments from MTI since selling goods in
      December 2005 which, on the contrary, the company had
      indeed receive payments for good from MTI after Dec. 2005;

   8) The Management also denies the allegation in the Forensic
      Report and the Article that “the company has failed to
      provide for MYR13.9 million impairment of its plant and
      equipment, a clear attempt to cook the books of the
      company to hide its insolvency position”.  After
      discussions with its external auditors, the Management
      commissioned an updated valuation exercise in 2007 by
      external valuers.  The valuation exercise confirmed
      the carrying values of the company’s plant and equipment
      for the financial year ended December 31, 2006.  This was
      accepted by the company’s audit committee, the Board of
      Directors and its external auditors;

   9) The allegation made in the Forensic Report and as reported
      by The Edge Financial Daily, that the “impairment
      adjustments would have resulted in an unprecedented loss
      of MYR32 million for CNLT and that would lead to negative
      shareholders equity for the group, rendering it impossible
      for auditor not to arrive at an opinion that the Group is
      insolvent” is baseless as it is evident that the
      shareholders equity of the Group will not fall into a
      deficit position even if an impairment adjustment of
      MYR13.9 million is to be made based on the balance sheet       
      of the Group as at the financial year of December 31,
      2006; and

  10) The company had on June 11, 2007, made an announcement to
      the Bursa Securities that it is an affected listed issuer
      under Practice Note No. 17/2005 of the Listing
      Requirements of the Bursa Securities and is required to,
      inter alia, submit a plan to regularize its financial
      condition to the approving authorities.  Further, the
      company had on Oct. 10, 2007, announced to the Bursa
      Securities pursuant to the Amended Practice Note No.
      1/2001 of the Listing Requirements of the Bursa Securities
      on the default of interest payment required to service the
      MYR60 million Bank Guaranteed Commercial Papers Programme
      as the company was experiencing financial difficulties due
      to constraints in its cash flow from operations which are
      insufficient to meet its debt obligations.  It was also
      announced that the company was having ongoing discussions
      pursuant to Section 176 (10) of the Companies Act, 1965 on
      with its secured bank creditors on a debt restructuring
      plan.  In addition, the company had also announced to the
      Bursa Securities that it had been granted a restraining
      order by the high court October 26, 2007.

On the above basis, the company cannot be deemed that it had
attempted to mislead investors and the Bursa Securities by
hiding the position that the company is in financial distress
and in need of a plan to regularize its financial position.

CNLT had also consistently made announcements to the Bursa
Securities on the status of its plans to regularize its
financial condition and the status of the default on its bank
facilities on a monthly basis since being classified as an
affected listed issuer under PN17 and PN1.

The company's Management strongly views that the allegations
made in the said Article is defamatory and is now consulting
their solicitors on the appropriate actions.

                         About CNLT

Based in Malaysia, CNLT (Far East) Bhd was admitted into the
Amended PN17 listing criteria of the Bursa Malaysia Securities
Bhd as it has triggered Paragraph 2.1(e) of the bourse's listing
requirements:

    (i) Based on the unaudited quarterly results of CNLT for
        the first quarter ended March 31, 2007, as announced
        to Bursa Securities, the shareholders' equity on a
        consolidated basis is less than 50% of the issued and
        paid up capital of the company ; and

   (ii) The auditors of CNLT have expressed a modified opinion
        with emphasis on the Company's going concern in its
        latest audited accounts


CNLT (FAR EAST): Asks Court for Extension of Restraining Order
--------------------------------------------------------------
CNLT (Far East) Berhad has applied with the Kuala Lumpur High
Court for an extension of time for the restraining order granted
by the High Court, pursuant to Section 176 (10) of the Companies
Act, 1965, which expired on January 23, 2008.

The company’s application for the extension of the Restraining
Order is to facilitate the finalization of its corporate and
debt restructuring exercise and the preparation of the
submission of its regularization plan to the approving
authorities pursuant to Paragraph 8.14C and Practice Note No.
17/2005 of the Listing Requirements of the Bursa Malaysia
Securities Berhad.

                         About CNLT

Based in Malaysia, CNLT (Far East) Bhd was admitted into the
Amended PN17 listing criteria of the Bursa Malaysia Securities
Bhd as it has triggered Paragraph 2.1(e) of the bourse's listing
requirements:

    (i) Based on the unaudited quarterly results of CNLT for
        the first quarter ended March 31, 2007, as announced
        to Bursa Securities, the shareholders' equity on a
        consolidated basis is less than 50% of the issued and
        paid up capital of the company ; and

   (ii) The auditors of CNLT have expressed a modified opinion
        with emphasis on the Company's going concern in its
        latest audited accounts for the financial year ended
        December 31, 2005.


CNLT (FAR EAST): Seeks June 10 Extension of Plan-Filing Period
--------------------------------------------------------------
CNLT (Far East) Berhad asks the Bursa Malaysia Securities Berhad
to extend, until June 10, 2008, by which to submit its
regularization plan pursuant to Paragraph 8.14C and Practice
Note No. 17/2005 of the Listing Requirements of Bursa
Securities.

The company’s request is now pending the consideration of the
Bursa Securities and the company will advise on the decision of
the Bursa Securities in due course.

                         About CNLT

Based in Malaysia, CNLT (Far East) Bhd was admitted into the
Amended PN17 listing criteria of the Bursa Malaysia Securities
Bhd as it has triggered Paragraph 2.1(e) of the bourse's listing
requirements:

    (i) Based on the unaudited quarterly results of CNLT for
        the first quarter ended March 31, 2007, as announced
        to Bursa Securities, the shareholders' equity on a
        consolidated basis is less than 50% of the issued and
        paid up capital of the company ; and

   (ii) The auditors of CNLT have expressed a modified opinion
        with emphasis on the Company's going concern in its
        latest audited accounts for the financial year ended
        December 31, 2005.


MANGIUM: Required by Bourse to Give Reasons to Defer De-Listing
---------------------------------------------------------------
Mangium Industries Bhd is required to make written
representations to Bursa Malaysia Securities Berhad, supported
by documentary evidence, if any, within five market days from
Jan. 22, 2008, as to why the company's securities should not be
de-listed from the Official List of Bursa Securities.  The
Bourse also informed the company that:

   (a) in the event the Bursa Securities decides to de-list
       Mangium Industries, the company's securities will be
       removed from the Official List of Bursa Securities upon
       the expiry of seven market days from the date of
       notification of the decision to de-list the company or
       other date as may be specified by Bursa Securities unless
       an appeal is made within the prescribed time frame; and

   (b) in the event Bursa Securities decides not to de-list the
       company, other appropriate action/penalty may be imposed
       pursuant to rule 16.17 of the Listing Requirements of
       Bursa Securities.

As reported by the Troubled Company Reporter-Asia Pacific on
January 23, 2008, the Bursa Securities rejected the company's
application to extend the deadline for it to submit its
regularization plan.

The company asked for an extension of another six months, or
until July 20, 2008,to submit its regularization plan, the
TCR-AP noted.

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

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


SHAW GROUP: Fossil Unit Inks Definitive Pact with Entergy
---------------------------------------------------------
The Shaw Group Inc. reported that Entergy Louisiana, LLC has
signed a definitive agreement for the Fossil Division of Shaw’s
Power Group to proceed with engineering, procurement and
construction services to re-power the existing Unit 3 at Entergy
Louisiana’s Little Gypsy station in St. Charles Parish, near New
Orleans.  The value of Shaw’s contract, which will be added to
its second quarter fiscal 2008 backlog, was not disclosed.

Shaw’s EPC work will include replacing an existing natural gas-
fired boiler with two new circulating fluidized bed boilers that
will supply steam to an existing steam turbine generator at
Little Gypsy 3.  The new facility is expected to be completed
early in 2012.

“We are pleased to have received from Entergy the full notice to
proceed on the Little Gypsy 3 re-power project, which will
provide residents and businesses in the New Orleans area with
the power needed to continue the rebuilding and revitalization
of the city and the region,” said J.M. Bernhard Jr., Shaw's
chairman, president and chief executive officer.  “The Shaw
Group and Entergy are two Fortune 500 companies headquartered in
Louisiana, and it is a proud moment when two of the state’s
largest companies can join forces to bolster the economic
fortunes of our state.”

“At its peak, this project will create more than 1,500 new and
good-paying jobs, but also will rely on a number of local
products and services, which extends the benefits of the Little
Gypsy 3 project to many other businesses and families in
Louisiana,” Mr. Bernhard said.

                      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.


SOLUTIA INC: DuPont Demands Payment of US$1,394,718 Admin. Claim
----------------------------------------------------------------
E.I. DuPont de Nemours and Company asks the U.S. Bankruptcy
Court for the Southern District of New York to compel Solutia
Inc. and its debtor-affiliates to immediately pay a US$1,394,718
administrative claim.

DuPont sold certain product on an exclusive basis to Solutia
Inc., pursuant to a contract dated Jan. 1, 2002.  The Contract
was assumed by Solutia pursuant to an order approved by the
Court in Oct. 19, 2005.

Allan L. Hill, Esq., at Phillips Lytle LLP, in New York, relates
that the Contract contained a "Meet or Release" provision, which
provided that if Solutia received an offer from a third party
supplier to supply Material to Solutia at a lower price than the
price currently charged by DuPont, then Solutia could demand
that DuPont either match the price of the new offer or release
Solutia from its obligation to purchase the Material from
DuPont.  By letter dated Feb. 17, 2006, Solutia invoked the
"Meet or Release" provision.

DuPont elected to "meet" the offer of the third party supplier,
effective immediately, subject to a third party audit to
determine whether Solutia met the terms of the "Meet or Release"
provision, Mr. Hill says.  Solutia and DuPont entered into an
amendment to the Contract as of March 1, 2006, to reflect those
new terms.  The Contract Second Amendment states that "if the
third party auditor . . . concludes that Solutia has failed to
comply with the meet or release clause of the Contract . . .
this Amendment shall be null and void and the Contract shall
continue as if this Amendment were never executed."

By letter agreement dated March 31, 2006, Solutia and DuPont
agreed to the terms under which a third party auditor would make
the determination of whether Solutia properly invoked the "Meet
or Release" provision.

On Aug. 29, 2007, BDO Seidman LLP, the third party auditor,
issued a report setting forth its conclusion that "Solutia did
not meet the terms of the 'Meet or Release' clause."

As a result of the BDO report, the Contract Second Amendment
setting forth reduced prices for the Material provided by DuPont
to Solutia is, by its own terms, null and void.  Mr. Hill
contends that DuPont is entitled to the difference between what
Solutia paid for Material between March 1, 2006, and Dec. 31,
2006, and what Solutia should have paid in absence of the
Contract Second Amendment, plus interest and certain rebates.  
Solutia has refused to pay the Claim Amount.

                       About Solutia Inc.

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.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 114;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Standard & Poor's Ratings Services assigned its 'B+' loan rating
to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior
secured term loan and a '3' recovery rating, indicating the
likelihood of a meaningful (50%-70%) recovery of principal in
the event of a payment default.  The ratings are based on
preliminary terms and conditions.  S&P also assigned its 'B-'
rating to the company's proposed US$400 million unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.  
S&P expect the outlook to be stable.


SOLUTIA INC: Files 2nd Supplement to Stock Offering Prospectus
--------------------------------------------------------------
Solutia Inc. filed with the Securities and Exchange Commission a
second supplement to its Nov. 21, 2007 prospectus with respect
to the rights offering for 28,906,562 shares of new common
stock.  The Supplement dated Jan. 14, 2008, amends and updates
the Prospectus.

Solutia is pursuing a proposed private placement of debt
securities and is meeting with potential lenders for its
anticipated new senior secured asset-based revolving credit
facility and new senior secured term loan facility.

The securities to be issued in the proposed private placement
will not be registered under the Securities Act of 1933, as
amended, and will not be offered or sold absent registration or
an applicable exemption from registration requirements.  Solutia
expects, but cannot provide any assurances that it will emerge
from bankruptcy by the end of January 2008.

Solutia distributed rights to subscribe for 28,906,562 shares of
the company's new common stock to certain pre-petition general
unsecured creditors, noteholders and holders of common stock.

Eligible creditors to participate in the creditor rights
offering may purchase new common stock at US$13.33 per share.  
Eligible stockholders that will participate in the equity rights
offering may purchase new common stock at US$17.23 per share.  

Solutia disclosed that the closing price of its new common stock
was reported on the New York Stock Exchange at US$17.60 per
share as of Jan. 11, 2008.  The ticker symbol for the stock is
"SOA."  Currently the ticker symbol also includes the "wi"
notation, which means the stock is being traded on a "when
issued" basis. The "wi" notation will be removed when the stock
begins "regular way" trading.

Rosemary L. Klein, senior vice president, general counsel and
corporate secretary of Solutia, reports that assuming that the
confirmed Plan is consummated, certain creditors, holders of
equity interests or other entities may own significant portions
of the new common stock and may be principal stockholders of the
newly reorganized company.

The potential principal stockholders of reorganized Solutia
include Merrill Lynch, Pierce, Fenner and Smith Incorporated;
funds managed by Longacre Fund Management, LLC, and by Murray
Capital Management, Inc.; Bear, Stearns & Co. Inc.; Highland
Crusader Holding Corporation, and UBS Securities, LLC.

Those companies and their affiliates may potentially be holders
of up to 31% of the outstanding new common stock as a result of
their commitment obligation in case the creditor rights offering
at US$13.33 per share is not fully funded, according to Ms.
Klein.

Additionally, the Monsanto Company may potentially be a holder
of up to 17% of the outstanding new common stock, assuming the
equity rights offering at US$17.23 per share is not fully
funded.

Ms. Klein says that a significant portion of Solutia's debt and
equity is held in street name and through nominees.  Holders of
the company's debt, equity and claims are also able to trade in
those holdings until it emerges from Chapter 11.

Therefore, Solutia is unable to ascertain from the claims and
equity registers in its Chapter 11 case the aggregate amount of
new common stock that the potential principal stockholders, or
any other entity, will own of the emerged company.

A full-text copy of the Second Supplement to the Prospectus is
available for free at:

             http://ResearchArchives.com/t/s?273d

                       About Solutia Inc.

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.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 114;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Standard & Poor's Ratings Services assigned its 'B+' loan rating
to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior
secured term loan and a '3' recovery rating, indicating the
likelihood of a meaningful (50%-70%) recovery of principal in
the event of a payment default.  The ratings are based on
preliminary terms and conditions.  S&P also assigned its 'B-'
rating to the company's proposed US$400 million unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.  
S&P expect the outlook to be stable.


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

ALPHA AVIATION: Put Into Liquidation; Parent Seeks Trading Halt
---------------------------------------------------------------
Alpha Aviation has been put into liquidation, the New Zealand
Press Association reports, citing a statement made by the
company in a staff meeting on Tuesday.

The company, according to NZPA, further informed its staff that
it can't pay wages.

Also on Tuesday, Alpha Aviation's parent, Australian-based
Inventis requested for a halt in the trading of its securities.
According to NZPA, Inventis appointed a liquidator after costs
spiraled out of control, and a three-month search had failed to
find a buyer of the business.

Citing a report by The Times, NZPA relates that the liquidator
was likely to try and sell the Alpha as a going concern to
another aircraft manufacturer and reopen the factory.

Based in Hamilton, New Zealand, Alpha Aviation produces the
Alpha 2000 Series (formerly known as the Robin R2160 and R2120)
training aircraft.


AQUARIUS HOUSE: Placed Under Voluntary Liquidation
--------------------------------------------------
Aquarius House Ltd. was placed under voluntary liquidation on
December 19, 2007.

Iain Andrew Nellies and Paul William Gerrard Jenkins were then
appointed as liquidators.

The Liquidators can be reached at:

          Iain Andrew Nellies
          Paul William Gerrard Jenkins
          c/o Insolvency Management Limited
          Burns House, Level 3
          10 George Street
          PO Box 1058, Dunedin
          New Zealand


ARTZ HAIR: Wind-Up Petition Hearing Set for February 11
-------------------------------------------------------
A petition to have Artz Hair Ltd.'s operations wound up will be
heard before the High Court of Rotorua on February 11, 2008, at
11:45 a.m.

The Commissioner of Inland Revenue filed the petition on
November 15, 2007.

The CIR's solicitor is:

          Rachel L. Scott
          c/o Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0416
          Facsimile:(07) 959 7614


AZTEC CLEANING: Placed Under Voluntary Liquidation
--------------------------------------------------
On December 17, 2007, the High Court of Christchurch entered an  
order to have Aztec Cleaning Ltd.'s operations wound up.

Wayne John Deuchrass and Iain Andrew Nellies were appointed as
liquidators.

The Liquidators can be reached at:

          Wayne John Deuchrass
          Iain Andrew Nellies
          c/o Insolvency Management Limited
          Level 1, 148 Victoria Street
          PO Box 13401, Christchurch
          New Zealand


BOSS INDUSTRIES: Appoints Brown and Rodewald as Liquidators
-----------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed
liquidators of Boss Industries Ltd. on December 24, 2007.

The Liquidators can be reached at:

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


HOT ZONES: Subject to CIR's Wind-Up Petition
--------------------------------------------
On October 29, 2007, the Commissioner of Inland Revenue filed a
petition to have Hot Zones Ltd.'s operations wound up.

The petition will be heard before the High Court of Rotorua on
February 11, 2008, at 11:45 a.m.

The CIR's solicitor is:

          Rachel L. Scott
          c/o Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0416
          Facsimile:(07) 959 7614


HUMAN COMMERCIALS: Subject to CIR's Wind-Up Petition
----------------------------------------------------
On November 5, 2007, the Commissioner of Inland Revenue filed a
petition to have Human Commercials Ltd.'s operations wound up.

The High Court of Rotorua will hear the petition on February 11,
2008, at 11:45 a.m.

The CIR's solicitor is:

          Rachel L. Scott
          c/o Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0416
          Facsimile:(07) 959 7614


JANE DAWSON: Court to Hear Wind-Up Petition on January 28
---------------------------------------------------------
A petition to have Jane Dawson Ltd.'s operations wound up will
be heard before the High Court of Palmerston North on Jan. 28,
2008, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
Nov. 30, 2007.

The CIR's solicitor is:

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


SPECTRUM PHARMACEUTICALS: Undergoes Liquidation Proceedings
-----------------------------------------------------------
Spectrum Pharmaceuticals Ltd. commenced liquidation proceedings
on December 19, 2007.

Iain Andrew Nellies and Paul William Gerrard Jenkins were then
tapped as liquidators.

The Liquidators can be reached at:

          Iain Andrew Nellies
          Paul William Gerrard Jenkins
          c/o Insolvency Management Limited
          Burns House, Level 3
          10 George Street
          PO Box 1058, Dunedin
          New Zealand


TRADITIONAL GOLF: Faces CIR's Wind-Up Petition
----------------------------------------------
On November 29, 2007, the Commissioner of Inland Revenue filed a
petition to have Traditional Golf Design Ltd.'s operations wound
up.

The petition will be heard before the High Court of Tauranga on
February 11, 2008, at 11:45 a.m.

The CIR's solicitor is:

          Rachel L. Scott
          c/o Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0416
          Facsimile:(07) 959 7614


WAKATIPU TRUSTEE: Taps Nellies and Jenkins as Liquidators
---------------------------------------------------------
On December 17, 2007, Iain Andrew Nellies and Paul William
Gerrard Jenkins were appointed liquidators of Wakatipu Trustee
Ltd.

The company commenced liquidation proceedings on that day.

The Liquidators can be reached at:

          Iain Andrew Nellies
          Paul William Gerrard Jenkins
          c/o Insolvency Management Limited
          Burns House, Level 3
          10 George Street
          PO Box 1058, Dunedin
          New Zealand


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

EAST ASIA POWER: 3Q Net Loss Drops 19.8% to PHP189 Mil. in 2007
---------------------------------------------------------------
East Asia Power Resources Corp.'s consolidated net loss for the
third quarter has decreased 19.8% in 2007 to PHP189.434 million
from 2006's PHP236.204 million.

The company and its subsidiaries reported no revenues for the
quarter ending September 30, 2007, reporting instead a decreased
operating expenses of PHP143.983 million from 2006's PHP428.415
million.  The group reported all other charges to be at
PHP45.451 million.

However, the group's nine-month net loss ballooned to PHP595.681
million in 2007 from 2006's PHP250.119 million.  

The increase in net loss is brought about by the company's
operating cost of PHP504.495 million, which became its operating
loss because of the absence of revenues for the period.  This is
a sharp increase from 2006's PHP39.137 million operating loss
for the nine-month period because of a PHP2.104-billion revenue
and PHP2.143-million operating cost.  All other charges for the
January-September 2007 period are at PHP91.186 million.

As of September 30, 2007, the group had PHP4.213 billion in
total assets and PHP8.832 billion in total liabilities,
resulting in a capital deficit of PHP4.618 billion.  The
company's current liabilities as of September 30, 2007 are at
PHP8.318 billion, exceeding its current assets of only
PHP658.304 million.

The company's third-quarter and nine-month financials for 2007
can be downloaded for free at:

              http://researcharchives.com/t/s?274a

                     About East Asia Power

East Asia Power Resources Corporation was established in 1975 as
a mining company under the name Olecram Mining Corporation.  It
ceased commercial operations as a mining firm after a decade and
changed its corporate name to Northwest Holdings & Resources
Corporation in 1992.  Consequently, the company changed its
primary purpose from mining to holdings.  In 1996, the company's
Board of Directors approved the change of its corporate name to
East Asia Power Resources Corporation.

East Asia Power operates power generation facilities in Metro
Manila, Bataan, Cebu, and Mactan Island, and has interests in a
24 MW coal-fired power plant in Jiangsu Province in the People's
Republic of China.  In addition to its power plant operations,
the company owns 100% of East Asia Power Services, Inc., which
offers planning, construction, operation and maintenance
consultancy services to other prospective and established power
generating facilities.  The company also ventured into the
transmission and distribution sub-industries of the power sector
through the incorporation of a wholly owned subsidiary, East
Asia Transmission and Distribution Corporation.

                       Going Concern Doubt

Isla Lipana & Co. raised significant doubt on East Asia Power
Resources Corporation's ability to continue as a going concern
after auditing the company's and it's subsidiaries' consolidated
financial results for the fiscal year ended Dec. 31, 2006.

Isla Lipana pointed out that East Asia Power and its units --
East Asia Diesel Power Corporation; Duracom Mobile Power
Corporation; Sunrise Power Company, Inc.; East Asia Global
Management Limited; East Asia Power Services, Inc.; First
Electric Utilities Service Corporation; and East Asia
Transmission and Distribution Corporation -- have been incurring
significant losses and have reported significant capital
deficiencies as of Dec. 31, 2006, and 2005.  The group is
experiencing operational and financial difficulties as indicated
by the inability of the remaining operating subsidiaries --
EADPC and DMPC -- to generate sufficient cash flows to meet
their obligations and to sustain their operations, and the non-
operation of SPCI, EAGML, EAPSI, FEUSC and EATDC whose future
business prospects are uncertain.

East Asia Power's consolidated balance sheets as of Dec. 31,
2006, showed illiquidity with total current assets of
PHP1,175,553,298 and total current liabilities of
PHP8,643,284,322.

East Asia's total assets as of end-December 2006 was
PHP4,632,566,264 and its total liabilities was PHP8,656,366,619,
resulting in a capital deficiency of PHP4,023,800,355.

The company and its subsidiaries incurred a net loss of
PHP595,224,005 for the year ended Dec. 31, 2006 -- or PHP0.167
per share -- on total revenues of PHP2,220,986,371.


MANILA ELECTRIC: About 8% of MERALCO Sold for PHP6.84 Billion
-------------------------------------------------------------
A block of shares representing about 8% of the Manila Electric
Co. was sold for PHP6.84 billion on Monday, the Philippine Daily
Inquirer reports.  Stock analysts allege that government
entities were involved, the Inquirer adds.

According to data from the Philippine Stock Exchange, two
transactions took place involving the shares.  Each transaction
sold 42.297 million shares sold at PHP80.91 each, the PSE
revealed.

However, the report adds, sources within the Lopez family said
that they were not part of the transactions.  These sources
further said that the government was mostly likely the seller
and buyer of the shares.

The Inquirer reveals that rumors abound linking the Government
Service Insurance System and the Social Security System, both of
which are government-run pension funds, to the sale but GSIS
general manager Winston Garcia said the pension fund did not put
up any MERALCO share that it owns for sale.  THe SSS likewise
denied the allegation, with president Corazon dela Paz saying
SSS-owned shares were not involved in the sale.

"Whoever the buyer is will soon disclose [the deal] to the
Securities and Exchange Commission," Mr. Garcia instead said.

However, the Inquirer relates, stockbrokers have speculated that
the government wanted to consolidated its ownership in MERALCO
in order to attain a favorable price.

The government had announced its intent to sell its
shareholdings in MERALCO this year, the Inquirer recalls.

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

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


PHILCOMSAT HOLDINGS: Delfin Angcao Resigns Post as Secretary
------------------------------------------------------------
The board of directors of Philcomsat Holdings Corp. has accepted
the resignation of Delfin P. Angcao as corporate secretary
during a meeting held on Tuesday, January 22, 2008.

According to a disclosure with the Philippine Stock Exchange,
the board accepted the resignation of Mr. Angcao and replaced
him with Atty. Alma Kristina Alobba.  Atty. Alobba, who is
formerly the company's assistant corporate secretary, will be
replaced by Atty. Kristine Joy R. Diaz.  Attys. Alobba and Diaz,
along with Gerald T. Gutierrez, will be the company's new
corporate information officers.  

Mr. Angcao will remain as CIO until January 31, 2008.

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

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


VICTORIAS MILLING: Qtr. Ended Nov. 30 Income Drops to PHP348MM
--------------------------------------------------------------
Victorias Milling Co. Inc. has reported a decrease in its net
income for the first fiscal quarter ending November 30, 2007,
from 2006's PHP441.571 million to 2007's PHP348.19 million.

For the September-November 2007 period, the company reported an
operational income of PHP442.201 million.  This figure includes
a gross profit of PHP417.067 million, made up of operational
revenues of PHP772.205 million minus cost of sales of PHP355.138
million.  Other income for the period is at PHP56.168 million.

Other figures include: selling expenses of PHP775,000,
administrative expenses of PHP30.835 million, other operating
expenses of PHP975,000 and financing cost of PHP93.361 million.

As of November 30, 2007, the company has assets of PHP8.172
billion and liabilities of PHP9.656 billion, resulting in a
capital deficit of PHP1.484 billion.  The company is also
illiquid as of November 30, 2007, as its current liabilities of
PHP3.328 billion exceed its current assets of PHP1.262 billion.

The company's financial statements for the quarter ended
November 30, 2007 can be downloaded for free at:

             http://researcharchives.com/t/s?274b

Headquartered in Victorias City, Negros Occidental, Victorias
Milling Company Inc. -- http://www.victoriasmilling.com/-- was
organized in 1919 and is engaged in the acquisition,
construction, maintenance and operation of sugar mills, as well
as other related business activities.  Through the years, the
company has expanded its operations to include a foundry, a
machine shop, a fabrication shop, a food canning company, an
organic fertilizer plant and a piggery.

On July 4, 1997, the company filed an application with the
Securities and Exchange Commission to suspend payments to
creditors.  On July 8, 1997, the SEC issued a stay order
restraining all Victorias Milling creditors or any of its
subsidiaries from enforcing their claims, to allow the company
or any of its subsidiaries to continue to their normal business
operations.  The SEC also ordered the formation of a Management
Committee to oversee the company's operations and
rehabilitation.

The company is currently undergoing debt restructuring.

                       Going Concern Doubt

After auditing the company's FY2007 financial statements,
Bonifacio M. Lumacang Jr., a partner at Manabat Delgado Amper &
Co., raised significant doubt on the company's ability to
continue as a going concern.

Mr. Lumacang said that:

    * The company has an accumulated deficit of PHP3.4 billion
      and PHP3.6 billion as of August 31, 2007 and August 31,
      2006, respectively.

    * The company also has a capital deficiency of
      PHP1.8 billion and PHP1.9 billion as of Aug. 31, 2007 and
      Aug. 31, 2006, respectively.

The company also defaulted in its payments to creditors.


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

CHANGJIANG CHEMICAL: Creditors' Proofs of Debt Due on Feb. 18
-------------------------------------------------------------
The creditors of Changjiang Chemical Transportation Co. (S) Pte
Ltd are required to file their proofs of debt by Feb. 18, 2008,
to be included in the company's dividend distribution.

The company's liquidators are:

          Catherine Lim Siok Ching
          Low Mei Mei Maureen
          18 Cross Street #07-02
          Marsh & McLennan Centre
          Singapore 048423


COM-TEX ASSOCIATES: Court to Hear Wind-Up Petition Tomorrow
-----------------------------------------------------------
A petition to have COM-tex Associates Pte Ltd's operations wound
up will be heard before the High Court of Singapore on Jan. 25,
2008, at 10:00 a.m.

IIC-INTERSPORT International Corporation GmbH filed the petition
on January 4, 2007.

IIC-INTERSPORT's solicitors are:

          Donaldson & Burkinshaw
          24 Raffles Place
          #15-00 Clifford Centre
          Singapore 048621


FUJITRANS (SINGAPORE): Court Enters Wind-Up Order
-------------------------------------------------
On January 11, 2008, the High Court of Singapore entered an
order to have Fujitrans (Singapore) Pte Ltd's operations wound
up.

The company's liquidators are:

          Chay Fook Yuen
          Yeap Lam Kheng
          Bob Yap Cheng Ghee
          KPMG Business Advisory Pte. Ltd.
          c/of 16 Raffles Quay
          #22-00 Hong Leong Building
          Singapore 048581


PETROLEO BRASILEIRO: Discovers Gas Field in Pre-Salt Layer
----------------------------------------------------------
Petroleo Brasileiro SA announced that the consortium formed by
Petrobras (80% - Operator) and Galp Energia (20%) to explore
block BM-S-24, in ultradeep Santos Basin waters, informed that
well 1-BRSA-559-RJS (1-RJS-652), called Jupiter, has proved the
existence of a large natural gas and condensate field in the
Santos Basin’s pre-salt layer.  The pioneer well is at a final
depth of 5,252 meters, 290 km off the coast of the state of Rio
de Janeiro and 37 km east of the Tupi area, at a water depth of
2.187 meters.

The discovery was communicated to the NPA Jan. 21, and is
located in reservoirs at depths of some 5,100 meters.  The
hydrocarbon-bearing rock is more than 120 meters thick, and this
structure’s area’s dimensions may be similar to that of the Tupi
discovery.

The consortium will proceed with the required activities and
make the investments necessary not only to check this new
field’s dimensions, but also to determine the natural gas and
condensate-bearing reservoir characteristics.  A Discovery
Assessment Plan is being elaborated and will be forwarded to the
NPA as provided for in the Concession Agreement.

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

                        *     *     *

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


SBI TIMBER: Requires Creditors to File Claims by February 22
------------------------------------------------------------
SBI Timber Trading Pte Ltd requires its creditors to file their
proofs of debt by February 22, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Wee Hui Pheng
          Wee Seng Tiong & Co.
          1 Coleman Street #06-10
          The Adelphi
          Singapore 179803


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

BANGKOK RUBBER: Court to Hear Rehabilitation Request on April 17
----------------------------------------------------------------
The Central Bankruptcy Court will hear on April 17, 2008, at
9:00 a.m., a petition by P.A. Capital Co. Ltd. to rehabilitate
Bangkok Rubber PCL.

On September 30, 2007, the Central Bankruptcy Court cancelled
Bangkok Rubber's rehabilitation, but PA Capital filed a motion
for reconsideration.  The Court then scheduled a hearing for
December 20, 2007, but postponed the hearing because more time
is required to review the witness statements.

Headquartered in Bangkok, Thailand, Bangkok Rubber Public
Company Limited -- http://www.pan-group.com/-- manufactures
shoes and footwear under Pan, Kodomo, Diadora, and Heel Care
brand names.

After reviewing Bangkok Rubber PCL's consolidated financial
statements for the second quarter of 2007, Nonglak Pumnoi at
Ernst & Young Office Ltd. raised substantial doubt on the
company's ability to continue as a going concern.

The auditor cited the company's THB2.326-billion capital deficit
and its postponement of debt payment under its rehabilitation
plan.  Mr. Pumnoi then stated that the company's ability to
continue as a going concern depends upon the its success in
revising the rehabilitation plan and complying with its
conditions, and to find additional sources of funding, and on
the outcome of their operations.


FEDERAL-MOGUL: 75 Chapter 11 Cases Dismissed Effective Dec. 27
--------------------------------------------------------------
James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware, relates that bankruptcy cases of 75 Non-
Plan Debtors were dismissed on Dec. 27, 2007, without prejudice:

    * AE Dayton Services Limited

    * AE Group Machines Limited

    * AE Holdings Limited

    * AE International Limited

    * AE Limited

    * AE Sales (Africa) Limited

    * Amber Supervision Limited

    * Associated Engineering Group Limited

    * Awncast Limited, Bearings (North-Western) Limited

    * Colvan Rubber Co. Limited

    * Contact 100 Limited

    * Cosmid Limited

    * Cranhold Limited

    * Dealings Limited

    * Dumplington Services Limited

    * E W Engineering Limited

    * Engineering Components Limited

    * Federal-Mogul Acquisition Company Limited

    * Federal-Mogul Brake Systems Limited

    * Federal-Mogul Export Services Limited

    * Federal-Mogul U.K. Limited

    * FHE Technology Limited

    * FP Diesel Limited

    * G.B. Tools & Components Exports Limited

    * Genthope Limited, High Precision Equipment Limited

    * Inblot Limited

    * Instantwonder Limited

    * Kings Park Housing Limited

    * Lalton Limited

    * Lanoth Precision Equipment Limited

    * Leeds Piston Ring & Engineering Co. Limited

    * M.T.A. (Kettering) Limited

    * Mantro Engineering Co. Limited

    * Mobile Distrbuting (Spares) Limited

    * Moores Plastic Units Limited

    * Ontall Limited

    * Payen (Europe) Limited

    * Pecal Limited

    * Presswork-Components Limited

    * Sintration Eight Limited

    * Sourcelook Limited

    * Specialloid Limited

    * STS (1996) Limited

    * T&N Shelf Eight Limited

    * T&N Fifteen Limited

    * T&N Shelf Five Limited

    * T&N Shelf Four Limited

    * T&N Shelf Fourteen Limited

    * T&N Shelf Nine Limited

    * T&N Shelf Six Limited

    * T&N Shelf Sixteen Limited

    * T&N Shelf Ten Limited

    * T&N Shelf Thirteen Limited

    * T&N Shelf Thirty Limited

    * T&N Shelf Thirty One Limited

    * T&N Shelf Thirty Three Limited

    * T&N Shelf Twenty-Eight Limited

    * T&N Shelf Twenty Five Limited

    * T&N Shelf Twenty Four Limited

    * T&N Shelf Twenty Nine Limited

    * T&N Shelf Twenty-Two Limited

    * T&N Shelf Two Limited

    * T&N Trade Marks Limited

    * T&N Welfare Trust Limited

    * TBA Belting (Residual) Limited

    * Telford Rubber Processors Limited

    * The British Piston Ring Company Limited

    * Tinblo Limited

    * Touchdown Adhesive Products Limited

    * Tynoda Limited

    * Vanwall Cars Limited

    * Wellworthy Property Developments Limited

    * Wiliam C. Jones (Polymers) Limited

As previously reported, Judge Fitzgerald ruled that the 75 Non-
Plan Debtors' Chapter 11 cases will be dismissed without
prejudice as of the Effective Date of the Federal-Mogul
Corporation and its debtor-affiliates' Fourth Amended Joint Plan
of Reorganization.  The Fourth Amended Plan became effective on
Dec. 27, 2007.

According to Mr. O'Neill, each of the Non-Plan Debtors is a U.K.

Debtor that has:

   (i) either few or no known third party creditors;

  (ii) no history of using asbestos or manufacturing, selling
       or distributing asbestos-containing products; and

(iii) never to the U.S. Debtors' knowledge been named in any
       asbestos-related lawsuits or comparable proceedings.

Moreover, each of the Non-Plan Debtors is either a dormant
company, a holding company for various dormant entities, or, in
a small number of cases, solely conducts operations that are for
the benefit of other corporate entities with the Federal-Mogul
group of companies.

                       About Federal-Mogul

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

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and US$8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The Fourth Amended Plan was
confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed
by the District Court on Nov. 14.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 10, 2008,
Moody's Investors Service confirmed the ratings of the
reorganized Federal-Mogul Corporation -- Corporate Family
Rating, Ba3; Probability of Default Rating, Ba3; and senior
secured bank credit facilities, Ba2.  The outlook is stable.
The financing for the company's emergence from Chapter 11
bankruptcy protection has been funded in line with the structure
originally rated by Moody's in a press release dated Nov. 28,
2007.

As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.
following the company's emergence from Chapter 11 on Dec. 27,
2007.  The outlook is stable.


LIVING LAND: Earns THB19 Mil. in Share Offer to Thai Incubator
--------------------------------------------------------------
Living Land Capital PCL has earned a total of THB19 million from
its sale of 10 million ordinary shares to Thai Incubator Dot Com
Co. Ltd.

The shares were offered through a private placement at a price
of THB1.90 per share.

Headquartered in Bangkok, Thailand, Living Land Capital PCL
reported liabilities aggregating THB552 million in 2004, versus
lesser assets totaling THB480.64 million.  Formerly known as
Hantex PCL, the company drifted further to being insolvent in
2005, with THB608 million in liabilities -- almost double the
THB319.86 million in assets reported.

The company is currently undergoing rehabilitation.  The Court
had approved the Restructuring Plan according to Bankruptcy
legislation B.E.2483 Act. 90/58 dated September 25, 2007, and
the edition of the Plan No.1 dated June 7, 2007.  The company
expects to thoroughly implement the Plan and complete it by the
end of 2007.

Living Land is in the Non-Performing Group, but still has a
listed status.


NATURAL PARK: To Increase Registered Capital by THB4.028 Billion
----------------------------------------------------------------
Natural Park PCL will increase its capital by THB4.028 billion
from the current registered capital of THB8.057 billion to
THB12.086 billion.

To facilitate this increase, the company will issue
4,028,728,000 ordinary shares to existing shareholders as of
February 12, 2008.  The shares will be issued at a par value of
THB1 per share, with a ratio of 1 new share for every 2 old
shares held with an offering price of THB0.05 each.  

Subscription period will be from March 5 until March 7, 2008.  
Payment period will be from March 10 until March 11, 2008.

Based in Bangkok, Thailand, Natural Park Public Company Limited
engages in developing, renting, leasing, selling and managing of
residential and commercial properties. Its business groups
include the operations of a luxury apartment complex, The
Natural Park Apartment, in Bangkok, the management of Novotel
Beach Resort Phanwa Phuket and the operations of french
restaurants, LENOTRE and LENOTRE BOUTIQUE. In addition, the
Company is involved in the catering services.

Natural Park has suffered consecutive annual losses for the
years ended December 31, 2006, and December 31, 2005.  The
company's consolidated income statements reported net losses of
THB1.05 billion for 2006 and PHP669.83 million for 2005.





                         *********

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.
   
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Information contained herein is obtained from sources believed
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