TCRAP_Public/080125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Friday, January 25, 2008, Vol. 11, No. 18

                            Headlines

A U S T R A L I A

18 109 317 446 PTY: To Declare First Dividend on February 18
ABS BUMPER: To Declare First Dividend on February 15
CENTRO PROPERTIES: Largest Shareholder Sees Potential in Assets
CENTRO: New CEO Optimistic About Debt Refinancing Extension
CORONEOS CHIROPRACTIC: Creditors' Proofs of Debt Due on Feb. 15

ESSENTIAL HOUSEWARES: Supreme Court Enters Wind-Up Order
FININVEST AUSTRALIA: Members Agree on Voluntary Liquidation
FORTESCUE METALS: Says Pilbara Iron Ore Project is 82% Complete
GETTY IMAGES: Board of Directors Explores Strategic Options
J & J INDUSTRIES: Commences Liquidation Proceedings

METRO MUSIC: Inability to Pay Debts Prompts Wind-Up
PINE COUNTRY: Members Final Meeting Slated for February 13
SIRSI PARADISE: Members & Creditors Receive Wind-Up Report
WESTPOINT GROUP: Court Grants Carey & Others to Travel
WILFRID H.C. KELVIN: Members Opt to Shut Down Business


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

ASIA FORTUNE: Members Meeting Fixed for February 21
BOMBARDIER INC: Earns US$91 Million in 3rd Quarter Ended Oct. 31
CHINA EASTERN: To Push for Singapore Air Tie-Up, Report Says
CITIC RESOURCES: Enters Into US$280 Mln Loan Deal with 10 Firms
GLOBAL POWER: Emerges from Chapter 11 Bankruptcy

GLOBAL SPECIALTY: Members Final Meeting Slated for February 20
INDO HONG KONG: Creditors' Proofs of Debt Due on Feb. 29
INTERNATIONAL SOCIETY: Creditors' Proofs of Debt Due on Feb. 29
MENLO WORLDWIDE: Liquidator Presents Wind-Up Report
NEOMAX TRADING: Creditors' Proofs of Debt Due on Feb. 18

PARSEED DEVELOPMENT: Creditors' Proofs of Debt Due on Feb. 19
PEDRENA LIMITED: Liquidator Quits Post
PETROLEOS DE VENEZUELA: Three Plants Have Refining Problems
SHAW GROUP: Nuclear Division Opens Office in Shanghai
SHORTRIDGE LIMITED: Liquidator Presents Wind-Up Report

SOL MELIA: Members Meeting Fixed Today
TOYOTA TSUSHO: Members Meeting Fixed for Feb. 19


I N D I A

BALLARPUR INDUSTRIES: Earns INR739 Mil. in Qtr. Ended Dec. 31
BALLARPUR INDUSTRIES: Two Firms to Invest US$175 Mil. in Unit
BANK OF INDIA: Shareholders Approve QIP Issue
CANARA BANK: Open Offer in Can Fin Fails; Acquires Only 0.92%
CANARA BANK: Books INR4.6-Bil. Net Profit in Qtr. Ended Dec. 31

FERTILIZERS & CHEMICALS: Oct-Dec Loss Widens to INR544.6 Million
GENERAL MOTORS: Sells More Than 9 Million Vehicles Globally
ICICI BANK: Unit to Raise US$1 Bil. via Pre-IPO Share Placement
QUEBECOR WORLD: Moody's Cuts Corp. Family & Bond Ratings to Ca
TATA MOTORS: Allies with Chrysler to Sell Electric Truck in U.S.


I N D O N E S I A

ALCATEL-LUCENT: Unit to Promote Home Telecommuting
INDOSAT: Temasek Says Appeal Against KPPU's Ruling Will Win


J A P A N

ALITALIA SPA: Ministers Say Political Crisis Not Affecting Talks
DELPHI CORP: Judge Drain Wants Executive Bonuses Reduced
JABIL CIRCUIT: Paying US$0.07 Per Share Dividend on March 3
NIS GROUP: JCR Assigns BB- Senior Debt Rating


K O R E A

DAEWOO E&C: Gets US$262-Million Deal to Build Shipyard
KENERTEC: Sets Jan. 31 as Establishment Date for Indonesian Unit
THE LEADCORP: Adjusts Conversion Price of 1st Convertible Bonds
MAGNACHIP: To Hold Conference Call for 4Q Results Today
MIJU RAIL: Largest Shareholder Sells 6,320,000 Shares

MIJU STEEL: Lowers Outlook for FY2007 Revenue & Operating Profit
* Moody's says Korean Banks 1H08 Funding Tight, Ratings Stable


M A L A Y S I A

ASPEN TECHNOLOGY: Deloitte Declines Re-Appointment as Accountant
MALAYSIAN AIRLINES: Chooses RMG Worldwide as Service Provider
SHAW GROUP: Finalizes Little Gypsy 3 Re-Power Project Agreement
SOLUTIA INC: Chapter 11 Emergence Delayed on Credit Woes


N E W  Z E A L A N D

ADVANCED SCAFFOLDING: Subject to CIR's Wind-Up Petition
AIR NEW ZEALAND: To Release Half-Year Result by Feb. 29
ASSET BUILDERS: Subject to CIR's Wind-Up Petition
BONSAI PRODUCTIONS: Faces Carol Margaret's Wind-Up Petition
CHANNEL PUBLISHING: Faces CIR's Wind-Up Petition

CITILAND LTD: Court to Hear Wind-Up Petition on February 21
CONNEXIONZ LTD: Now Owns 100% of U.K. Joint Venture CIL
CONNEXIONZ LTD: Gets NZ$1.1 Million Order From Reading Borough
DDJ (RENTALS): Wind-Up Hearing Set for January 28
JCR DEVELOPMENTS: Subject to Ian Dick's Wind-Up Petition

KFP HOLDINGS: Court to Hear Wind-Up Petition on January 28
RATAHI CONTRACTING: Faces CIR's Wind-Up Petition
RHODES APARTMENTS: Appoints Vance & Jordan as Liquidators


P H I L I P P I N E S

BANCO DE ORO-EPCI: SSS Gains PHP1.59 Bil. from Shares Sale
METROPOLITAN BANK: To Refinance US$235-Mil. Tier 2 Notes in 4Q
RIZAL COMMERCIAL: May Issue Up to PHP7 Billion in Tier 2 Notes


S I N G A P O R E

FIRST ICE: Court Enters Wind-Up Order
LOONG GUAN: Court to Hear Wind-Up Petition on February 15
NANO IMAGING: Court Directs Wind Up of Operations


T H A I L A N D

BANK OF AYUDHYA: Incurs THB3.991-Billion Net Loss for FY2007
KRUNG THAI BANK: NPLs Fall to 9.53% of Lending at December 2007
TMB BANK: Analysts See Hard Recovery Despite ING's Participation


* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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

18 109 317 446 PTY: To Declare First Dividend on February 18
------------------------------------------------------------
18 109 317 446 Pty Ltd, which is in liquidation, will declare
its first dividend on February 18, 2008.

Only creditors who were able to file their proofs of debt by
January 21, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          John Sheahan
          Sheahan Lock Partners
          Level 2, 234 George Street
          Sydney, New South Wales 2000
          Australia

                     About 18 109 317 446 Pty

18 109 317 446 Pty Ltd operates employment agencies.  The
company is located at Parramatta, in New South Wales, Australia.


ABS BUMPER: To Declare First Dividend on February 15
----------------------------------------------------
ABS Bumper Bar Reconditioners Pty Ltd will declare its first
dividend on February 15, 2008.

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

The company's deed administrator is:

          M. J. M. Smith
          Smith Hancock
          Level 4, 88 Phillip Street
          Parramatta, New South Wales 2150
          Australia

                         About ABS Bumper

ABS Bumper Bar Reconditioners Pty Ltd operates non-classifiable
establishments.  The company is located at Toongabbie, in New
South Wales, Australia.


CENTRO PROPERTIES: Largest Shareholder Sees Potential in Assets
---------------------------------------------------------------
Centro Properties Group's largest shareholder, Colonial First
State, held onto its entire stake in the firm amid a price
plunge because it still sees value in the company, reports The
West.

According to The West, John Snowden, who manages an equivalent
of AU$6.9 billion as head of property securities at Colonial
First, said his funds retained their 8.3% stake in Centro
because Centro's Australian assets will provide "significant
value" if it can better manage its debt.

Mr. Snowden reveals in an interview with The West that, "Their
assets are good quality and are performing well; we are very
focused on cashflow, which we see as a starting point to
determine where relative value lies."

The report states that Centro's eight most profitable shopping
centers are in Australia, where retail sales increased for a
sixth month in November.

However, The West notes that UBS AG analyst Simon Garing earlier
said that Centro had a better chance of selling Australian
shopping centers near book value than the U.S. malls.  Thus, the
health of the Australian assets may mean they are the easiest
for Centro to sell to pay off debt, relates The West.

Colonial First, adds The West, and its parent Commonwealth Bank
of Australia, together hold a total of 96.8 million Centro
shares, equal to an 11.5% stake.

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

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


CENTRO: New CEO Optimistic About Debt Refinancing Extension
-----------------------------------------------------------
Centro Properties Group's new chief executive officer, Glenn
Rufrano, expressed optimism about securing an extension for a
AU$3.9-billion debt refinancing, and ruled out a fire sale of
its assets, the Australian Associated Press reports.

Mr. Rufrano, according to the report, also said that the company
would open a data room next week for potential buyers of some or
all of its interest, including two wholesale funds.

AAP relates that Mr. Rufrano is optimistic that the banks will
give them an extension for the deadline of its maturing debt.

In a media briefing, Mr. Rufrano said, "The banks are not going
to put themselves in a position with us that will make it
untenable for them and us as long as we are doing our jobs," and
added that Centro owns good quality properties.

Mr. Rufrano, relates AAP, met with local banks and will be
meeting with U.S. banks next week when he returns to the U.S.

AAP further quotes Mr. Rufrano as saying, "The problem we have
is the balance sheet issue, it's not an operating issue."

Centro is considering the sale of its investments in the Centro
Australian Wholesale Fund and Centro America Fund, which have
AU$2.6 billion and AU$1.1 billion under management,
respectively.  In addition, Centro is looking for an equity
injection, but did not say for how much, says AAP.

Mr. Rufrano affirms that he has no plans of selling the more
than 800 shopping centers of Centro across Australia, New
Zealand and the United States, adds AAP.

With regards to those interested parties for some or all of the
company's interests, Mr. Rufrano was tight-lipped but said that
there was "heavy interest" from around the world.

"We have had a lot of consideration from all three forms of
equity raising.  All options are favored equally," says Mr.
Rufrano.

                   About Centro Properties

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

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


CORONEOS CHIROPRACTIC: Creditors' Proofs of Debt Due on Feb. 15
---------------------------------------------------------------
The creditors of Coroneos Chiropractic Centre Pty Limited are
required to file their proofs of debt by February 15, 2008, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on December 31,
2007.

The company's liquidator is:

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

                     About Coroneos Chiropractic

Coroneos Chiropractic Centre Pty Ltd operates offices and
clinics of chiropractors.  The company is located at Chatswood,
in New South Wales, Australia.


ESSENTIAL HOUSEWARES: Supreme Court Enters Wind-Up Order
--------------------------------------------------------
On December 21, 2007, the Supreme Court of New South Wales
entered an order to have Essential Housewares Australia Pty
Limited's operations wound up.

D. I. Mansfield was then appointed as liquidator.

The Liquidator can be reached at:

          D. I. Mansfield
          Moore Stephens
          Chartered Accountants
          Level 6, 460 Church Street
          Parramatta, New South Wales 2150
          Australia

                     About Essential Housewares

Essential Housewares Australia Pty Ltd is a distributor of home
furnishings.  The company is located at Artarmon, in New South
Wales, Australia.


FININVEST AUSTRALIA: Members Agree on Voluntary Liquidation
-----------------------------------------------------------
During a general meeting held on December 19, 2007, the members
of Fininvest Australia (New South Wales) Pty Limited resolved to  
voluntarily liquidate the company's business.

Roderick Mackay Sutherland was then appointed as liquidator.

The Liquidator can be reached at:

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

                    About Fininvest Australia

Fininvest Australia (New South Wales) Pty Limited provides
management consulting services.  The company is located at  
Chatswood, in New South Wales, Australia.


FORTESCUE METALS: Says Pilbara Iron Ore Project is 82% Complete
---------------------------------------------------------------
Fortescue Metals Group Ltd. said that the construction of its
AU$2.7-billion (US$2.4-billion) iron ore project in the Pilbara
region of Australia was 82% complete as of the end of December,
Jesse Riseborough writes for Bloomberg News.

According to Bloomberg, Fortescue said in a statement to the
Australian Stock Exchange that the cost of building the project
increased AU$17 million (US$15 million).

The company, the report notes, assures that the first shipment
of ore from the Pilbara mine remains on schedule for May.

                   About Fortescue Metals

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

                         *     *     *

Fortescue reported a net loss for the past three fiscal years.  
Net loss for the year ended June 30, 2007, was AU$68.43 million,
while net losses for FY2006 was AU$2.15 million and for FY2005
was AU$4.52 million.


GETTY IMAGES: Board of Directors Explores Strategic Options
-----------------------------------------------------------
Getty Images Inc. confirmed that its board of directors is
exploring strategic alternatives to enhance shareholder value.  
The board of directors has retained Goldman Sachs & Co. as its
financial advisor and Weil Gotshal & Manges LLP as its legal
advisor in connection with its evaluation of such alternatives.

While the evaluation process, including discussions with various
interested parties, is ongoing, there can be no assurance that
any transaction will occur or as to the timing, structure, price
or terms of any transaction.

Getty Images does not plan to update the market with any further
information on the process unless and until such time as its
board deems appropriate.

Headquartered in Seattle, Washington, Getty Images Inc.
(NYSE:GYI) -- http://www.gettyimages.com/-- is a creator and  
distributor of visual content.  The company provides relevant
imagery to professionals at advertising agencies, graphic design
firms, corporations, and film and broadcasting companies;
editorial customers involved in newspaper, magazine, book,
compact disc  and online publishing, and corporate marketing
departments and other business customers.  Getty Images offers
its imagery and related services through the company's website
and a global network of company-owned offices and delegates.  
The company has corporate offices in Australia, the United
Kingdom and Argentina.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 2, 2007,
Standard & Poor's Ratings Services raised its ratings on
Getty Images Inc., including raising the corporate credit rating
to 'BB' from 'B+, and removed the ratings from CreditWatch.  The
outlook is negative.


J & J INDUSTRIES: Commences Liquidation Proceedings
---------------------------------------------------
J & J Industries (New South Wales) Pty Limited commenced
liquidation proceedings on December 28, 2007.

Peter Ngan was then appointed as liquidator.

The Liquidator can be reached at:

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

                     About J & J Industries

J & J Industries (New South Wales) Pty Limited provides
management consulting services.  The company is located at  
Rooty Hill, in New South Wales, Australia.


METRO MUSIC: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------
The members and creditors of Metro Music (Australia) Pty Ltd met
on December 21, 2007, and resolved to voluntarily wind up the
company's operations due to its inability to pay debts when they
fall due.

Geoffrey McDonald and Blair Pleash were then appointed as
liquidators.

The Liquidators can be reached at:

          Geoffrey McDonald
          Blair Pleash
          c/o Hall Chadwick
          Level 29, 31 Market Street
          Sydney, New South Wales 2000
          Australia

                        About Metro Music

Metro Music (Australia) Pty Ltd provides services allied to
motion pictures.  The company is located at Avalon, in New South
Wales, Australia.


PINE COUNTRY: Members Final Meeting Slated for February 13
----------------------------------------------------------
Pine Country Pty Limited will hold a final meeting for its
members on Feb. 13, 2008, at 10:00 a.m., at 8 Ash Street, in
Orange New South Wales 2800, Australia.

At the meeting, the members will:

   -- receive and adopt the liquidator's report on his dealings
      during the conduct of the wind-up;

   -- receive and adopt Australian Securities and Investments
      Commission Form 524 Accounts and the liquidator's
      statement; and
   
   -- transact other business which may properly be brought
      forward at the meeting.

                         About Pine Country

Pine Country Pty Limited operates non-classifiable
establishments.  The company is located at Orange, in New South
Wales, Australia.


SIRSI PARADISE: Members & Creditors Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of Sirsi Paradise Waters Pty Ltd met
on December 19, 2007, and received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Edmund C. So
          The Accountancy Practice (Services) Pty Limited
          Suite 7, Ground Floor
          20 Bungan Street
          Mona Vale, New South Wales
          Australia
          Telephone:(02) 9999 0288
          Facsimile:(02) 9979 4088

                       About Sirsi Paradise

Sirsi Paradise Waters Pty Ltd is a distributor of durable goods.   
The company is located at Newport, in New South Wales,
Australia.


WESTPOINT GROUP: Court Grants Carey & Others to Travel
------------------------------------------------------
One of the directors of Westpoint Group, Norm Carey, has
succeeded in lifting court orders preventing him from leaving
Australia, the Australian Associated Press reports.

Mr. Carey and his lawyer, Mark de Kerloy, opposed what the
Australian Securities & Investments Commission sought in
extending freezing orders and travel restrictions for Mr. Carey
along with other former Westpoint directors and officers,
relates AAP.

According to the report, the freeze orders were extended until
January 31, 2008, after the ASIC said a potential criminal case
was being prepared for the Director of Public Prosecutions.

The report notes that, specifically, Justice French extended the
orders in relation to asset preservation until midnight on March
6, and scheduled a hearing on the matter at a date to be set in
early March.  Meanwhile, the orders capping legal representation
and restricting travel were not extended.

AAP quotes Mr. Kerloy as saying to Justice French, "There is no
evidence that Mr. Carey in any way, shape or form, represents a
flight risk."

AAP adds that Justice French said that Mr. Carey and others
affected by the travel restrictions would be able to collect
their passports from the court after January 31, unless ASIC
successfully lodges a new application against the move.

ASIC, represented by Stephen Owen-Conway, said it was going to
take legal action against a number of financial adviser and five
directors and officers associated with the Westpoint collapse to
recover about AU$245 million, recalls AAP.

                    About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property  
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.  
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


WILFRID H.C. KELVIN: Members Opt to Shut Down Business
------------------------------------------------------
During a general meeting held on December 21, 2007, the members  
of Wilfrid H.C. Kelvin & Associates Accountancy Pty Limited
resolved to voluntarily wind up the company's operations.

Stephen Wesley Hathway and Terry Grant van der Velde of SV
Partners were then appointed as liquidators.

The Liquidators can be reached at:

          Stephen Wesley Hathway
          Terry Grant van der Velde
          SV Partners
          Insolvency Accountants and Business Solutions
          Suite 6.03, Level 6
          135 King Street
          Sydney, New South Wales 2000
          Australia

                     About Wilfrid H.C. Kelvin

Wilfrid H C Kelvin & Associates Accountancy Pty Limited provides
accounting, auditing, and bookkeeping services.  The company is
located at Terrey Hills, in New South Wales, Australia.


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

ASIA FORTUNE: Members Meeting Fixed for February 21
---------------------------------------------------
The members of Asia Fortune Holdings Limited will have their
final general meeting on February 21, 2008, at the 13th Floor of
Lawison Building, No. 37 Hillwood Road, Tsimshatsui, in Kowloon,
Hong Kong, to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is Keiko Ishikawa.


BOMBARDIER INC: Earns US$91 Million in 3rd Quarter Ended Oct. 31
----------------------------------------------------------------
Bombardier Inc. reported net income of US$91.0 million for the
third quarter of fiscal 2008, ended Oct. 31, 2007, compared with
net income of US$74.0 million in the corresponding period in
fiscal 2007.  

Earnings before financing income, financing expense and income
taxes, from continuing operations, reached US$201.0 million,
compared to US$105.0 million for the same period in the previous
year.  This brings the EBIT margin to 4.8%, which compares
favorably to fiscal 2007's 3.1% for the same quarter.  Free cash
flow also surged by US$677.0 million to reach US$560.0 million.

Net financing expense amounted to US$68.0 million for the third
quarter of fiscal year 2008, compared to US$50.0 million for the
corresponding period of last year.

Consolidated revenues totaled US$4.2 billion for the third
quarter ended Oct. 31, 2007, compared to US$3.4 billion for the
same period last year.

Cash and cash equivalents increased by US$1.0 billion compared
to Jan. 31, 2007, totaling US$3.6 billion at the end of the
third quarter of fiscal 2008.  

"Both business groups produced substantial increases in revenues
and made steady improvement in profitability," commented Laurent
Beaudoin, chairman of the Board and chief executive officer,
Bombardier Inc.  "They also generated high levels of free cash
flow for the quarter.  At Aerospace, orders for business
aircraft remained solid, and deliveries of both business and
regional aircraft continued to climb.  

"At Transportation, order levels were similarly robust, bringing
our book-to-bill ratio to a healthy 1.7 for the quarter," added
Mr. Beaudoin.  "Indeed, the corporation's solid backlog, which
now tops more than US$50.0 billion, testifies to the enduring
demand for our fully diversified product offering.  I am
confident that Bombardier will continue to build from this solid
foundation to execute its market leadership strategy."

                       Nine Month Results

For the nine-month period ended Oct. 31, 2007, consolidated
revenues reached US$12.2 billion compared to US$10.5 billion for
the same period last year.  

For the nine-month period ended Oct. 31, 2007, EBIT from
continuing operations before special items amounted to
US$597.0 million, or 4.9% of revenues, compared to
US$333.0 million, or 3.2% of revenues, for the same period the
previous year.  

For the nine-month period ended October 31, 2007, net financing
expense reached US$209.0 million, compared to US$148.0 million
for the same period last year.  

The special item for the nine-month period ended Oct. 31, 2007,
relates to the write-off of the carrying value of the investment
in Metronet in Transportation.

Net income was US$99.0 million for the nine-month period ended
Oct. 31, 2007, compared to US$156.0 million for the same period
the previous year.

                          Balance Sheet

At Oct. 31, 2007, the company's consolidated balance sheet
showed US$20.57 billion in total assets, US$17.50 billion in
total liabilities, and US$3.07 billion in total stockholders'
equity.

                      About Bombardier Inc.

Headquartered in Canada, Bombardier Inc. (TSE: BBD) --
http://www.bombardier.com/-- is a manufacturer of innovative  
transportation solutions, from regional aircraft and business
jets to rail transportation equipment, systems and services.
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 Jan. 22, 2008,
Fitch Ratings upgraded Bombardier Inc.'s ratings, including the
company's Issuer Default Rating to 'BB' from 'BB-', and removed
the ratings from Rating Watch Positive following the company's  
early redemption of approximately $1.0 billion of debt.  The
Rating Outlook is Positive.


CHINA EASTERN: To Push for Singapore Air Tie-Up, Report Says
------------------------------------------------------------
China Eastern Airlines intends to try harder to gain the support
of its shareholders with regard to a tie-up with Singapore
Airlines, Reuters reports, citing China Eastern Chairman Li
Fenghua.

According to Reuters, Mr. Li told China Daily that China Eastern
wanted to hold another shareholder meeting to discuss the
planned stake sale.

As reported by the Troubled Company Reporter-Asia Pacific on  
Jan. 10, 2008, nearly 78% of China Eastern shareholders earlier
rejected a bid by Singapore Airlines and Temasek Holding Pte Ltd
to buy a minority stake in China Eastern after rival Air China
and its parent, China National Aviation Corp., pledged a higher
offer.

The TCR-AP reported that Air China and CNAC specifically vowed
to pay at least 32% more (or at least HK$5.00 a share) than what
Singapore Airlines and Temasek agreed to pay for a 24% stake in
China Eastern.  Singapore Air and Temasek had proposed to pay
China Eastern HK$3.80 per share, or HK$7.2 billion (US$923
million) in aggregate.

Shortly after the rejection, Reuters recounts, CNAC proposed a
"strategic partnership" with China Eastern.

An earlier Reuters report stated 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.

Mr. Li, Reuters notes, did not give a timetable for another
shareholder meeting.

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

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

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


CITIC RESOURCES: Enters Into US$280 Mln Loan Deal with 10 Firms
---------------------------------------------------------------
CITIC Resources Holdings Ltd. had entered into a US$280-million
term loan facility agreement with 10 financial institutions,
Reuters reports.

Reuters, citing a statement by CITIC Resources, notes that the
loan has a term of five years, starting Jan. 23, and will be
applied towards refinancing an existing facility of
US$150 million, as well as corporate funding requirements.

According to the report, lenders could require the loan to be
repaid if CITIC Resources' state-backed parent, CITIC Group,
ceases to hold at least 40% of the firm's issued share capital.

                      About CITIC Resources

Incorporated in Bermuda in 1997, CITIC Resources has its shares
listed on the Hong Kong Stock Exchange.  The company positions
itself as an integrated provider of key commodities and
strategic natural resources with particular focus in oil
business.  The principal activities of the company and its
subsidiaries are in the fields of oil, aluminium, coal, import
and export of commodities, manganese and iron ore.  CITIC Group
(formerly China International Trust and Investment Corporation)
became the majority controlling shareholder of the Company in
March 2004, indirectly holding interest in the Company of over
54%.

The Troubled Company Reporter-Asia Pacific reported on July 31,
2007, that Standard & Poor's Ratings Services raised the
corporate credit rating on CITIC Resources Holdings Ltd. to
'BB+' from 'BB'.

The TCR-AP reported on Dec. 19, 2007, that Moody's Investors
Service affirmed the Ba2 corporate family rating on CITIC
Resources Holdings Ltd, and the Ba2 rating of the US$1 billion
seven-year unsecured senior notes issued by CITIC Resources
Finance (2007) Ltd and guaranteed by CITIC Resources.


GLOBAL POWER: Emerges from Chapter 11 Bankruptcy
------------------------------------------------
Global Power Equipment Group Inc. has successfully reorganized
its business operations and emerged from chapter 11 bankruptcy
protection.  The company has completed the steps necessary to
cause its Plan of Reorganization to become effective, including
securing US$150 million in exit financing and completing its
rights offering and private placement that raised US$71 million
in new capital for the company.

"After almost a year and half in the bankruptcy process, our
company achieved an extraordinary milestone and exited chapter
11 with a sound financial position in order to remain a global
leader as an equipment and services provider to the power
infrastructure, energy and process industries," John Matheson,
President and Chief Executive Officer of Global Power, said.
"Our dedicated employees and management team have a great sense
of pride for our company's accomplishments and remain committed
to serving our strong customer base.  We thank our customers and
stakeholders for their perseverance, and going forward we pledge
to continue providing the highest quality products and
services."

Consistent with the terms of the order confirming the Plan, the
company entered into a US$150 million exit financing package
with a group of lenders led by Morgan Stanley Senior Funding,
Inc., as lead arranger, bookrunner and administrative agent.
The exit-financing package consists of a US$60 million revolving
credit facility and a US$90 million term loan.

In accordance with the Plan, the funds from the exit financing
and new equity investment will be used, in part, to pay all
allowed creditor claims of Global Power and its Williams and
Braden subsidiaries in full.  A separate cash reserve of
US$34 million has been established for the payment of allowed
unsecured claims against the company's Deltak, L.L.C.
subsidiary.

In addition to the payment of allowed claims, Global Power will
also be issuing approximately 134 million shares of new common
stock to its shareholders and participants in the new equity
investment, and it will issue warrants for approximately
16 million additional shares as consideration to the group of
shareholders that fully backstopped the rights offering and
private placement.  Under the rights offering and private
placement, the share price was dependant upon the final amount
of equity capital raised by the company.  The final amount of
equity capital raised by the company was US$71 million,
resulting in a per share price of US$0.85 for the new common
stock issued pursuant to the Plan.  The company has begun its
initial distributions of cash and new common stock provided for
under the Plan and it expects to complete initial distributions
by the end of January 2008.

With the company's successful emergence from chapter 11, Global
Power has a new five-member board of directors.  The directors,
in addition to John Matheson, are Carl Bartoli, Terence Cryan,
Eugene I. Davis, and Charles Macaluso.

              About Global Power Equipment Group

Based in Oklahoma, Global Power Equipment Group Inc. (Pink
Sheets: GEGQQ) -- http://www.globalpower.com/-- is a design,  
engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries.  The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience.  The company's equipment is installed in power
plants and in industrial operations in more than 40 countries on
six continents.  In addition, the company provides routine and
specialty maintenance services to nuclear, coal-fired, fossil,
and hydroelectric power plants and other industrial operations.

The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.

The company filed for chapter 11 protection on Sept. 28, 2006
(Bankr. D. Del. Case No. 06-11045).  Thomas E. Lauria, Esq.,
Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham,
Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M.
Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq.,
at The Bayard Firm, represent the Debtors.  Kurtzman Carson
Consultants LLC acts as the Debtors' noticing and claims agent.
At Oct. 31, 2006, Global Power's balance sheet showed total
assets of US$177,758,000 and total debts of US$99,017,000

Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte
Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official
Committee of Unsecured Creditors.  The Official Committee of
Equity Security Holders is represented by Howard L. Siegel,
Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels
LLP.


GLOBAL SPECIALTY: Members Final Meeting Slated for February 20
--------------------------------------------------------------
The members of Global Specialty Chemicals Limited will have
their final general meeting on February 20, 2008, at Room 601 of
the Albion Plaza, 2-6 Granville Road, Tsimshatsui, in Kowloon,
Hong Kong, to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is Tsang Chui Woon.


INDO HONG KONG: Creditors' Proofs of Debt Due on Feb. 29
--------------------------------------------------------
The creditors of Indo Hong Kong International Finance Limited
are required to file their proofs of debt by February 29, 2008,
for them to be included in the company's dividend distribution.

The company commenced liquidation proceedings on January 11,
2008.

The company's liquidators are:

         Chan Wah Tip, Michael
         Ho Man Kei
         601 Prince's Building
         Charter Road
         Central, Hong Kong


INTERNATIONAL SOCIETY: Creditors' Proofs of Debt Due on Feb. 29
---------------------------------------------------------------
The creditors of International Society of Life-Nurturing
Traditions Limited are required to file their proofs of debt by
February 29, 2008, for them to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on January 11,
2008.

The company's liquidator is:

         Tong Fuk Hung
         21st Floor
         Weswick Commercial Building
         147-149 Queen's Road East
         Wanchai, Hong Kong


MENLO WORLDWIDE: Liquidator Presents Wind-Up Report
---------------------------------------------------
The members of Menlo Worldwide Forwarding Hong Kong Limited will
have their final general meeting on February 19, 2008, at 2855
Campus Drive, San Mateo, in California, U.S.A., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are Chan Wah Tip, Michael, and Ho Man
Kei, Keith.


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

The company commenced liquidation proceedings on January 9,
2008.

The company's liquidators are:

         Darach Eoghan Haughey
         Lai kar Yan, Derek
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


PARSEED DEVELOPMENT: Creditors' Proofs of Debt Due on Feb. 19
-------------------------------------------------------------
The creditors of Parseed Development Limited are required to
file their proofs of debt by February 19, 2008, for them to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on January 11,
2008.

The company's liquidators are:

         Puen Wing Fai
         Lo Yeuk Ki, Alice
         6th Floor, Kwan Chart Tower
         6 Tonnochy Road
         Wanchai, Hong Kong


PEDRENA LIMITED: Liquidator Quits Post
--------------------------------------
On January 8, 2008, Kwok Chi Sun Vincent stepped down as
liquidator for Pedrena Limited.

The former liquidator can be reached at:

         Kwok Chi Sun, Vincent
         Suite 1703, 17th Floor
         88 Hing Fat Street
         Causeway Bay, Hong Kong


PETROLEOS DE VENEZUELA: Three Plants Have Refining Problems
-----------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA's El
Palito, Cardon, and Amuay plants are experiencing "profound"
refining problems, Business News Americas reports, citing an
industry source.

As reported in the Troubled Company Reporter-Latin America on
Jan. 23, 2008, a source at El Palito plant said that operations
at the refinery has restarted after an electrical outage shut
down units.

As reported on Jan. 22, 2008, Petroleos de Venezuela also
restarted operations at its Amuay and Cardon plants.  Petroleos
de Venezuela had said that its Amuay plant in the Paranguana
refining complex in Falcon was temporarily closed down due to
power failure.  The problem came from a power unit in Amuay's
block 29.  Paraguana managers activated emergency procedures at
Amuay.

The source commented to BNamericas, "They [the plants] are
importing high-octane components and are desperately looking for
a cargo of finished mogas [gasoline]."

According to BNamericas, some industry analysts have said that
Petroleos de Venezuela has refining problems partly due to
investment deficits and insufficient qualified personnel.

A Petroleos de Venezuela spokesperson told BNamericas that the
three plants were operating normally.  However, he didn't
confirm or deny reports that they were importing gasoline
components, saying, "That would be strategic information that we
don't release, but it's generally not like that."

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.


SHAW GROUP: Nuclear Division Opens Office in Shanghai
-----------------------------------------------------
The Shaw Group Inc.'s Nuclear Division has opened a new office
in Shanghai, China, to support the rapidly growing Chinese
nuclear power marketplace.  The office will accommodate the Shaw
project management team already working on four AP1000 nuclear
reactors at power plants in Sanmen and Haiyang.

"We are extremely pleased to expand our China operations," said
Richard F. Gill, president of Shaw's Power Group.  "Having a
significant presence in both Beijing and Shanghai will allow us
to serve our customers more efficiently, facilitate the
successful execution of our existing nuclear power projects in
China and strengthen our position for future projects and
services in the world's fastest-growing economy."

Shaw selected Shanghai as the location for its newest office to
establish and grow a strong presence in the business center of
China.  The location also will facilitate close interaction with
the Shanghai Nuclear Engineering Research and Design Institute,
which is the premier nuclear design institute in China and
provides important engineering services to the Consortium.  Shaw
will maintain its well-established Beijing office to continue
providing business development services for the nuclear, fossil
and process industries in China.

Shaw and Westinghouse Electric Company, its AP1000 Consortium
partner, signed contracts in July 2007 to provide services and
equipment for two AP1000 nuclear reactors in Sanmen and two
reactors in Haiyang.  China has indicated plans to build as many
as 30 new nuclear reactors by 2020.

                        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.


SHORTRIDGE LIMITED: Liquidator Presents Wind-Up Report
------------------------------------------------------
The members of Shortridge Limited will have their final general
meeting on February 1, 2008, at the 13th Floor of Gloucester
Tower, The Landmark, 15 Queen's Road, in Central, Hong Kong to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.


SOL MELIA: Members Meeting Fixed Today
--------------------------------------
The members of Sol Melia China Limited will have their final
general meeting today, January 25, 2008, at the 27th Floor,
Alexandra House, 18 Charter Road, in Central, Hong Kong, to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is Edward S. Middleton.


TOYOTA TSUSHO: Members Meeting Fixed for Feb. 19
-----------------------------------------------
The members of Toyota Tsusho (Hong Kong) Company Limited will
have their final general meeting on February 19, 2008, at Room
2702, Block 1, 27th Floor, Admiralty Centre, 18 Hancourt Road,
in Hong Kong to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is Moriyama Tsunenage.


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

BALLARPUR INDUSTRIES: Earns INR739 Mil. in Qtr. Ended Dec. 31
-------------------------------------------------------------
Ballarpur Industries Ltd's posted a INR738.8-million
consolidated net profit after tax, minority interest and share
in associates for the quarter ended Dec. 31, 2007.  The bottom
line is an improvement compared to the INR624.5 million earned
in the same quarter in 2006.

Reuters said the increased net profit could be attributed to
higher paper prices and on gains from its unit Sabah Forest
Industries Sdn Bhd, Malaysia.  The company acquired the
Malaysian unit on March 16, 2007.

BILT's total income rose to INR7.49 billion in Oct.-Dec. 2007,
from 2006's INR6.07 billion.  Expenditures totaled
INR6.21 billion, which included, among others consumption of Raw
materials aggregating INR1.89 billion, consumption of stores &
spare parts of INR1.22 billion and INR1.11 billion in utility
expenses.

Interest charges for the quarter were at INR357.8 million while
taxes totaled INR188.3 million.
  
A copy of BILT's consolidated financial results for the quarter
ended Dec. 31, 2007, is available for free at:

              http://ResearchArchives.com/t/s?2754

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

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


BALLARPUR INDUSTRIES: Two Firms to Invest US$175 Mil. in Unit
-------------------------------------------------------------
Ballarpur Industries Ltd has disclosed the approval of
US$175 million in equity investments by two major private equity
investment firms -- GIC Special Investments Pte Ltd, a wholly
owned subsidiary of Government of Singapore Investment
Corporation Pte Ltd, and JP Morgan's Principal Investment
Management Group -- in Ballarpur Paper Holdings B.V.  BPH is a
wholly owned step-down subsidiary of BILT in Netherlands.

The investment will entitle GIC Special and Principal Investment
to around 21% equity stake in BPH.  

BILT had created BPH as a special purpose vehicle for the
acquisition of Sabah Forest Industries Sdn Bhd, the largest
integrated pulp and paper mill in Malaysia.  BPH owns 97.8% of
the capital in SFI and the remaining 2.2% is held by the
Government of Sabah.

Pursuant to the financial restructuring terms of the approved
Scheme of Arrangement and Reorganization, the three undertakings
of BILT at Bhigwan, Ballarpur and Kamalapuram were transferred
to its wholly owned subsidiary in India, BILT Graphic Paper
Products Ltd, through a slump exchange effective July 1, 2007,
for a lump sum value of INR1,950 crore.  BILT will transfer its
investments in BGPPL to BPH.

BPH will utilize the funds to be received from the two
investment firms to part finance consideration payable to BILT
for sale of its investments in BGPPL.

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

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


BANK OF INDIA: Shareholders Approve QIP Issue
---------------------------------------------
Bank of India's shareholders, at a meeting on Jan. 23, 2008,
approved the proposed issuance of up 3,77,72,600 shares through
qualified institutional placement, a filing with the Bombay
Stock Exchange disclosed.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 2, the bank's board of directors decided to raise Tier I
Capital by way of the share issuance.

Based on the floor price, we could raise INR1,350-1,400 crore
through the QIP, the Press Trust of India quoted BoI Chairman
and Managing Director T. S. Narayanasami as saying.  The money
would be used for credit expansion, Basel II compliance and
explore new business opportunities, the news agency relates.

The bank has also received the approval of India's Ministry of
Finance.

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

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

                        *     *     *

Moody's Investors Service gave a Ba2 rating to the bank's
Foreign LT Bank Deposits.


CANARA BANK: Open Offer in Can Fin Fails; Acquires Only 0.92%
-------------------------------------------------------------
Canara Bank was only able to acquire 1,89,130 shares, or 0.92%,
in Can Fin Homes compared to the 43,14,246 shares, or 21.06%,
that it intended to purchase pursuant to an open offer to
shareholders of the housing finance firm.

Canara planned to increase its stake by 21.06% to 51% in Can Fin  
Homes but with the little response from shareholders, the bank
was only able to hike its holding 30.86%.

Originally, Canara made an open offer to acquire up to 43,14,246
fully paid-up equity shares of Can Fin Homes for INR58 per
share.  As reported by the Troubled Company Reporter-Asia
Pacific on Dec. 18, 2007, the bank increased its open offer for
the stake to INR63 per share and later to INR78 per share.

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com-- provides services to a diverse     
clientele group with a range of subsidiaries and sponsored
institutions. The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card. The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator. Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments. Corporate Cash Management Services network of the Bank
provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility. Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services. Its Agricultural Consultancy Services handled
60 projects during the fiscal year ended March 31, 2006.

Standard & Poor's Ratings Services, on July 4, 2007, assigned
its 'BB' issue rating to Canara Bank's US$250 million Upper Tier
II subordinated notes due in 2021.


CANARA BANK: Books INR4.6-Bil. Net Profit in Qtr. Ended Dec. 31
---------------------------------------------------------------
For the three months ended Dec. 31, 2007, Canara Bank posted a
net profit of INR4.59 billion, more than 26% than the
INR3.63 billion earned in the same quarter in 2006.  Total
income  increased from INR32.45 billion in 2006 to
INR40.97 billion in the latest quarter under review.

The bank's expenditures in Oct.-Dec. 2007 aggregated
INR33.39 billion, including operating expenses at
INR7.23 billion and interest charges of INR26.16 billion.

The bank also provided INR1 billion for taxes and
INR1.99 billion as provisions and contingencies.

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

               http://ResearchArchives.com/t/s?275a

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com-- provides services to a diverse     
clientele group with a range of subsidiaries and sponsored
institutions. The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card. The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator. Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments. Corporate Cash Management Services network of the Bank
provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility. Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services. Its Agricultural Consultancy Services handled
60 projects during the fiscal year ended March 31, 2006.

Standard & Poor's Ratings Services, on July 4, 2007, assigned
its 'BB' issue rating to Canara Bank's US$250 million Upper Tier
II subordinated notes due in 2021.


FERTILIZERS & CHEMICALS: Oct-Dec Loss Widens to INR544.6 Million
----------------------------------------------------------------
Fertilizers & Chemicals Travancore Ltd's net loss widened to
INR544.6 million in the three months ended Dec. 31, 2007, from
the INR269.3-million loss incurred in the same quarter in 2006.

FACT's total income dipped from INR4.26 billion in the Oct.-Dec.
2007 quarter to INR1.48 billion for the latest quarter under
review.  The company booked an operating loss of
INR334.2 million after recording operating expenses of
INR1.82 billion, which is comprised of:

      Change in Stock In Trade INR171.6 million
      Consumption of Raw Materials INR975.6 million
      Other Expenditure             INR235.3 million
      Cost of Power & Fuel       INR151.4 million
      Employees Cost             INR284.7 million

FACT also posted depreciation of INR96.8 million and interest
charges of INR113.6 million.

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

             http://ResearchArchives.com/t/s?2756

Headquartered in Kochi, Kerala, India, Fertilisers & Chemicals
Travancore Limited is principally engaged in the manufacturing
and distribution of fertilizers and chemicals.  Its products
include ammonium sulphate, factomfos, urea and caprolactam.  The
company operates solely in the domestic market.

The company, which had been making profits for over a decade,
started reporting losses from 1998-99 onwards due to the steep
rise in cost of raw materials like naphtha, benzene, sulphur and
rock phosphate.  There were also uneconomic realization from
sales and the company had to stop production because of a
liquidity crunch.  In 2004, the company was referred to the
Board for Industrial and Financial Reconstruction as a
potentially sick unit.  The company is currently undergoing a
revamp program to turn its business around.


GENERAL MOTORS: Sells More Than 9 Million Vehicles Globally
-----------------------------------------------------------
General Motors Corp. sold 9,369,524 cars and trucks around the
world in 2007, an increase of 3%, according to preliminary sales
figures released.  In the fourth quarter, GM sold 2,305,752
vehicles, an increase of 4.8% compared with a year ago.

"We set a record in China with more than a million vehicles
sold. We nearly doubled our sales in Russia to an all-time
record of more than 258,000 vehicles delivered.  And we set a
record in Brazil with nearly a half-million vehicles sold," John
Middlebrook, GM vice president, Global Sales, Service and
Marketing Operations said.  "This is the kind of emerging market
growth that fuels our global performance.  Customers are
responding to our fuel-efficient and dynamically-designed
product lineup around the world."

The 2007 tally was the second best global sales total in the
company's 100-year history and marked the third consecutive and
fourth time (2007, 2006, 2005 and 1978) GM sold more than
9 million vehicles in a calendar year.

GM's global position -- especially the emerging markets -- built
sales momentum.

Global sales of GM's top-selling brand, Chevrolet, grew more
than 4% to 4.49 million vehicles compared with 2006 sales of
4.30 million.  Chevrolet grew in all three regions outside North
America, with the strongest performance in Europe with a nearly
34% increase compared with 2006.  The Latin America, Africa and
Middle East region saw strong Chevrolet growth with an
additional 23% (208,000 vehicles) delivered over the 2006 level.  
Chevrolet also performed well in the Asia Pacific region, which
was up 22%.  The Aveo helped Chevrolet field a strong competitor
in the very competitive global car market.

GM also retains its strong truck portfolio, evidenced by
3.80 million truck sales around the world, an increase of more
than 33,000 vehicles (1%) compared with 2006.  Chevrolet sold
more than 1.96 million trucks globally last year.  GMC global
sales grew nearly 6% in 2007, with 613,000 vehicles delivered,
compared with 579,000 in 2006.  Wuling sales in the Asia Pacific
region also fueled significant truck, mini-truck, and mini-van
performance with 516,000 vehicles sold, a 24% increase over
2006.  GM increased full-size pickup truck market share in the
U.S. in 2007 by 0.2 ppts to 40.2%.

Cadillac saw global growth with sales increases outside of North
America last year, thanks to a 45% increase in the Europe, a 42%
climb in the Latin America, Africa and Middle East region, and
an impressive 106% hike in the Asia Pacific region.

Saab saw annual sales increases of 13% in the Latin America,
Africa and Middle East region, and 5% in Asia Pacific.  In
Europe, Saab maintained its market share position (0.4%), and
with the extension of BioPower to its 9-3 model range, continues
to be the leading brand for E-85 vehicles in Europe.

Global sales highlights include:

   * GM sold 9.37 million vehicles in 2007, an increase of 3%.  
     In the quarter, sales of 2.31 million vehicles were up
     4.8%.  At 5.50 million vehicles, 2007 sales outside of the
     United States accounted for about 59% of GM's total global
     sales, outpacing the industry average growth rate.  The
     industry has seen significant volume increases in the
     global automotive market in the past five years, and the
     market now nears 71 million.  In 2007, GM's top three
     brands in sales volume were Chevrolet (4.49 million, up        
     4%), Opel/Vauxhall (1.69 million vehicles, up 4%) and GMC
     (613,000, up 6%).

   * In the Asia Pacific region, GM sales of 1.43 million
     vehicles topped 1 million vehicles for the third
     consecutive year, and GM China saw more than 18% sales
     growth compared with 2006.  The company had regional Q4
     sales of 382,000 vehicles, up nearly 17%, exceeding the
     industry average growth rate.  GM was the top-selling
     global automaker in China in 2007, with 1.03 million
     vehicles sold -- becoming the first global automaker to
     exceed 1 million vehicle sales.  Sales in India also set
     records with an annual volume growth of 74%, driven by the
     recent launch of the Chevrolet Spark and strong
     performances by the Chevrolet Tavera, Aveo and Optra.

   * In the Latin America, Africa and Middle East region, GM
     sales reached an all-time record 1.23 million vehicles,      
     exceeding 1 million vehicles for the second time, up 19% in
     volume compared with 2006.  For the quarter, 341,000
     vehicles were sold, up 18%.  GM saw volume increases in
     most major Latin America, Africa and Middle East markets in
     2007.  GM Brazil set an all-time domestic sales record with
     499,000 vehicles delivered.  The Chevrolet Corsa, Aveo and
     Celta were the three top sellers across the region in 2007.

   * In Europe, GM's record sales -- for the second year --
     exceeded 2.18 million vehicles, up about 9%.  Sales for the
     quarter of 529,000 vehicles were up 11%, exceeding the
     industry average.  Full-year sales in Russia set an all-
     time record for the company by nearly doubling, up 95%.  
     Sales volume in Russia exceeded a quarter million vehicles.  
     Opel/Vauxhall, Chevrolet and Cadillac reported sales growth
     in Europe.  Strong performance by the new Corsa, Astra,
     Meriva and Zafira led Opel/Vauxhall sales to more than 4%
     growth.  Chevrolet achieved record sales of 458,000
     vehicles, up nearly 34%.  Cadillac sales were up 45%.  Saab
     sold nearly 85,000 vehicles.

Several of GM's regional brands also experienced notable growth
in 2007.

Saturn sales in North America were up 8% compared with 2006,
largely on the popularity of the new 2007 AURA, AURA Hybrid,
SKY, OUTLOOK, VUE, and VUE Green Line Hybrid.

GM Holden sold 158,000 vehicles in 2007 as the Commodore
remained Australia's best-selling car for the 12th consecutive
year.  Holden held its second-place position in the country's
automotive market.  2008 marks Holden's 60th anniversary
producing Australia's first locally-developed vehicle.    

                           About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive.  In an
environment of weakening prospects for US auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets in the US,
Canada and Germany.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.


ICICI BANK: Unit to Raise US$1 Bil. via Pre-IPO Share Placement
---------------------------------------------------------------
ICICI Bank Ltd's wholly owned subsidiary, ICICI Securities Ltd,
aims to raise as much as US$1 billion through a pre-Initial
Public Offering placement of shares, Reuters reports, citing
ICICI Bank CEO & Managing Director K.V. Kamath.

The Troubled Company Reporter-Asia Pacific, on Jan. 21, reported
that ICICI Securities' board of directors has approved an IPO,
as well as a private placement of shares to institutional
investors.  The bank's board also approved the proposed
capital raising.

Mr. Kamath told Reuters that the plan is to raise between three
quarters of a billion to a billion dollars, adding that the
issue will be done in the April-June period.

ICICI Securities “could use a large part of the money in its own
business,” Bloomberg News quotes Mr. Kamath as saying.  “This
company could make investments in other companies.”

The TCR-AP also reported that aside from ICICI Securities, the
bank also plans other three subsidiaries.  The other units
reportedly are ICICI Prudential and ICICI Lombard, both into
insurance, and one housing finance subsidiary.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                         *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


QUEBECOR WORLD: Moody's Cuts Corp. Family & Bond Ratings to Ca
--------------------------------------------------------------
Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to Ca.  The company's debt instruments
and those of related companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, were also downgraded
to Ca.

In addition, the company's probability-of-default rating was
downgraded to D to respond to QWI's Jan. 21, 2008 announcement
that had applied for creditor protection under the Companies'
Creditors Arrangement Act in Canada and Chapter 11 of the United
States Bankruptcy Code in the United States.  QWI's announcement
also indicated that, pending court approval, it had entered into
a US$1 billion financing commitment with Credit Suisse and
Morgan Stanley that will allow the company "to meet all current
operating needs, including wages, benefits and other operating
expenses" as it restructures its operations and finances.
Following these rating actions, Moody's will withdraw all of the
relevant ratings.

Downgrades:

   * Issuer: Quebecor World, Inc.

   -- Corporate Family Rating, Downgraded to Ca from Caa2;

   -- Probability of Default Rating, Downgraded to D from Caa2;

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ca
      (LGD4, 67) from Caa2 (LGD4, 67).

   * Issuer: Quebecor World Capital Corporation

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ca
      (LGD4, 67) from Caa2 (LGD4, 67).

   * Issuer: Quebecor World Capital ULC

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ca
     (LGD4, 67) from Caa2 (LGD4, 67).

Outlook Actions:

   * Issuer: Quebecor World, Inc.

   -- Outlook, Changed To Stable From Negative.

   * Issuer: Quebecor World Capital Corporation

   -- Outlook, Changed To Stable From Negative.

   * Issuer: Quebecor World Capital ULC

   -- Outlook, Changed To Stable From Negative.

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.


TATA MOTORS: Allies with Chrysler to Sell Electric Truck in U.S.
----------------------------------------------------------------
Tata Motors Ltd has entered into an agreement with a unit of
Chrysler LLC for the development of an electric version of
Tata's mini truck Ace, media reports say.

Pursuant to a development contract that Tata Motors entered into
with Chrysler's Global Electric Motorcars, the parties will  
develop and market battery-operated neighborhood electric
vehicles that will be sold in the United States.

The NEVs, which can ferry passengers and cargo, has passed
required safety and reliability tests, and the prototype is
ready for production, Alka Kshirsagar of the Business Line
relates, citing unnamed sources in the industry. The vehicles,
which will be shipped as completely built units, will mark Tata
Motor's entry into the U.S. markets, BL points out.

A Tata Motors spokesperson has admitted that the company, in
partnership with an American firm, is exploring the possibility
of a vehicle on the Ace platform with a U.S.-suitable electrical
engine, BL relates.  “But it is premature at this stage to
furnish any details,” the spokesperson added.

According to Reuters, Tata Motors will begin exporting around
10,000 units by year-end and ramp up to 50,000 units.

The Press Trust of India, in a report on Wednesday, observed
that Tata Motors' stock rose 1.56% to INR668.50 on reports of
the Chrysler deal.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Tata Motors on Jan. 10 unveiled the INR1-lakh (around
US$2,500) Tata Nano, which it plans to launch in India late this
year.

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

Tata Motors has operations in Russia and the United Kingdom.

                         *     *     *

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


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

ALCATEL-LUCENT: Unit to Promote Home Telecommuting
--------------------------------------------------
Alcatel-Lucent discloses the signature by its subsidiary
Alcatel-Lucent France of a company-wide agreement to promote
home telecommuting with all the unions present in the company.
This innovative agreement offers employees of the different
units and sites of Alcatel-Lucent France the possibility of
working from their home one to two days a week provided the
employees agree to do so and that their activity is eligible for
telecommuting.  This agreement makes every telecommuter an
ambassador of his/her own Alcatel-Lucent products and solutions
(such as collaborative enterprise applications).

This agreement results from several trials conducted since 2003
within the sites of Velizy and then Villarceaux, both in the
Paris area.  It will progressively be implemented site by site
throughout 2008 in France.

Broadband technologies will enable employees to improve their
work/life balance through greater flexibility in how to organize
their work.  In addition, home telecommuting is in line with
Alcatel-Lucent's actions in favor of sustainable development*,
among others by contributing to reducing polluting emissions, in
particular by limiting the travel of its employees in Ile-de-
France (Paris Region).

"As a world leader of broadband technologies, Alcatel-Lucent
wanted to contribute to new ways of working by developing
telecommuting initiatives.  In 2007, a workgroup and studies
associating unions and occupational physicians provided an
indication of the impact of telecommuting on the organization of
teams and their productivity.  Today, nearly 500 employees based
in the Paris area are already trialing telecommuting one to two
days per week" states Jean-Christophe Giroux, Chief Executive
Officer of Alcatel-Lucent France.  "The signing of this
agreement confirms Alcatel-Lucent’s desire to be a socially
responsible company that combines technological know-how,
corporate competitiveness and responsibility in terms of
sustainable development".

This agreement is in line with the inter-professional frame
agreement on telecommuting signed at the European level on
July 16, 2002 and its adoption into French law by the national
inter-professional agreement of July 19, 2005.

                       About Alcatel-Lucent

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

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

                         *     *     *

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

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


INDOSAT: Temasek Says Appeal Against KPPU's Ruling Will Win
-----------------------------------------------------------
PT Indosat Tbk's shareholder Temasek Holdings, an investment arm
of the Singapore state, is confident that its appeal against the
Business Competition Supervisory Commission's ruling will be
successful, Antara News reports citing company lawyer Todung
Mulya Lubi.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2007, Temasek Holdings was found guilty by the Business
Competition Monitoring Commission (KPPU) of violating
Indonesia's anti-monopoly laws.  Temasek violated the country's
anti-monopoly laws through its ownership in PT Indosat Tbk and
PT Telekomunikasi Selular Indonesia.

The TCR-AP related that KPPU ruled that Temasek must sell its
minority stake in either Telekomunikasi Selular or Indosat.  
Syamsul Maarif, KPPU commission assembly chairman, reportedly
said the shares must be sold within two years at the maximum
since the decision has legal grounds.

Mr. Lubis told Antara that the company was now only waiting for
a summons from the Central Jakarta District Court to attend
hearings on its appeal.

The court, Antara relates, had postponed the hearings pending a
decision of the Supreme Court on which district court would
handle Temasek's appeal.  Mr. Lubis said the choice would also
depend on the KPPU's preference as conveyed to the Supreme
Court, the report notes.

Temasek Corporate Affairs Director Deliea Mohamad said the
company was unaffected by the KPPU's ruling and would continue
to invest in Indonesia, Antara adds.

                        About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully               
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and has also
changed the outlook to stable.  At the same time, Moody's
affirmed Indosat's Ba3 senior unsecured foreign currency rating.  
The rating outlook on the bond remains positive which is in line
with the outlook on Indonesia's foreign currency country
ceiling.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


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

ALITALIA SPA: Ministers Say Political Crisis Not Affecting Talks
----------------------------------------------------------------
Italian ministers assured that the current political crisis in
the country will not affect the exclusive talks to sell the
government's 49.9% stake in Alitalia S.p.A. to Air France-KLM
SA, published reports say.

"[Alitalia Chairman Maurizio] Prato has full powers to conduct
and conclude talks with Air France, with the duty to keep the
minister informed, even during a government crisis," Transport
Minister Alessandro Bianchi told Reuters.

"Nothing changes, even if there is a government crisis,"
Economic Development Minister Pierluigi Bersani told Thomson
Financial.

"There is no disturbance," Mr. Bersani adds.

Prime Minister Romano Prodi no longer has a majority in the
Italian Senate after the Udeur party left the coalition
government.  Mr. Prodi yesterday survived a confidence vote in
the lower parliamentary house, but may tender resignation on
pressure from allies before the Senate vote, The Wall Street
Journal says.

As reported in the TCR-Europe on Jan. 17, 2007, Alitalia and
Italy have commenced exclusive sale talks with Air France-KLM.  
The carriers have two months to reach an agreement, which would
be approved by the government.

Tommaso Padoa Schioppa, Italy's finance minister, has delivered
a letter to Alitalia S.p.A. approving the commencement of
exclusive talks with Air France-KLM.

In its non-binding offer, Air France plans to:

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

   -- acquire 100% of Alitalia convertible bonds; and

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

Air France CEO Jean-Cyril Spinetta confirmed plans to cut 1,700
jobs and defended plans to downsize Alitalia's operations in
Milan's Malpensa airport.

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

Mr. Schioppa will represent the Italian government during sale
talks and will evaluate whether to sell to the state's majority
stake in Alitalia, Agenzia Giornalistica Italia says.

                          About Alitalia

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

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

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


DELPHI CORP: Judge Drain Wants Executive Bonuses Reduced
--------------------------------------------------------
As widely reported, the Honorable Robert Drain of the U.S.
Bankruptcy Court for the Southern District of New York said he
will approve Delphi Corp. and its debtor-affiliates' First
Amended Joint Plan of Reorganization on the condition that the
total payout of cash bonuses to top executives is reduced.

"I am prepared to enter the confirmation order, provided the
management compensation plan is changed," Judge Drain said at
the confirmation hearings, which began Jan. 17, 2008.

Reuters reports the Court wants the emergence bonus for Delphi's
officers reduced to US$16.5 million from the US$87.9 million
that Delphi had proposed to award to 500 managers upon
emergence.  But the United Auto Workers and the International
Union of Electronic Workers-Communications Workers of America
objected to payments, citing among other things, that while
unionized Delphi employees suffered pay-cuts, the managers, who
are already adequately compensated, are given generous bonuses.

The management compensation plan seeks to grant an
US$8.3 million "performance payment" to Executive Chairman
Robert Miller; and a US$5.3 million cash emergence payment to
Chief Executive Officer Rodney O'Neal.

Delphi aims to emerge from Chapter 11 by the end of first
quarter of 2008.  Delphi, however, has yet to secure the
US$6.1 billion exit financing to pay claims and fund its post-
bankruptcy operations.  According to The Associated Press, a
Delphi executive said that the company expects to obtain a
commitment for US$4.5 billion of the financing by Jan. 23, 2008,
but there has been no indication whether the company is close to
securing the loans.

Delphi told the Court that the First Amended Plan satisfies the
conditions for confirmation under Section 1129 of the Bankruptcy
Code.  It noted that the Plan has been approved by 81% of 4,000
creditors entitled to vote on the Plan.

According to Bloomberg News, Delphi resolved or had overruled
objections to earlier changes to the Plan, including those
triggered by a US$2.55 billion investment in Delphi by a group
of investors led by Appaloosa Management LP.  Delphi, Bloomberg
News reports, said that Davidson Kempner Capital Management LLC,
Whitebox Advisors LLC and other bondholders have agreed to
withdraw their objections, in exchange for, among other things,
payment of the group's legal fees up to US$5 million.

                      About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 108; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


JABIL CIRCUIT: Paying US$0.07 Per Share Dividend on March 3
-----------------------------------------------------------
Jabil Circuit Inc.'s Board of Directors has approved payment of
a quarterly dividend to shareholders of record as of
Feb. 15, 2008.  The dividend of US$0.07 per share is payable on
March 3, 2008.

The company intends to continue to pay regular quarterly
dividends; however the declaration and payment of future
dividends are discretionary and will be subject to determination
by the Board each quarter following its review of the Company's
financial performance.

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 14, 2008, Moody's Investors Service has assigned a Ba1
rating to Jabil Circuit, Inc.'s proposed offering of US$300
million senior notes due 2018 and affirmed its existing ratings
and negative outlook.

At the same time, Fitch Ratings also assigned a 'BB+' rating to
Jabil Circuit, Inc.'s proposed Rule 144A offering of US$300
million senior unsecured notes due 2018.

Fitch currently rates Jabil Circuit as:

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


NIS GROUP: JCR Assigns BB- Senior Debt Rating
---------------------------------------------
Japan Credit Rating Agency, Ltd. has assigned a preliminary BB-
rating to shelf registration of NIS Group Co., Ltd.

JCR has been placing rating on senior debts of NIS Group under
Credit Monitor with Negative direction since October 2007
because there are concerns about the Company's liquidity on
hand, relationships with the lenders and drop in its financial
stability.  NIS Group announced on December 10, 2007, its
strategic capital and operational alliance with a US-based
private equity firm TPG Inc.  The alliance with TPG will lead to
stabilization of NIS Group's financial footing.  On the other
hand, there remain points that have to become clear for analysis
on impact of the alliance on NIS Group's management and business
development.  Therefore, JCR will continue to place the rating
under Credit Monitor to examine carefully the impact on
creditworthiness of the Company centering on the above concerns
to be reflected in the future rating for the Company.

Headquartered in Ehime Prefecture, Japan, NIS Group Co., Ltd.,
formerly Nissin Co., Ltd., --
http://www.nisgroup.jp/japanese/ind...-- is mainly engaged in  
the provision of secured and unsecured loans to individuals,
including small business owners, consumers, small- and medium-
sized enterprises in Japan.  The Company operates in four
business segments.  The Integrated Loan Services segment is
engaged in the provision of secured and unsecured loans, trust
assurance, leasing and securities services to individuals and
corporate clients.  The Debt Management and Collection segment
is engaged in the purchase, management and collection of debts.  
The Real Estate segment is engaged in the purchase, sale and
development of real estate, as well as the asset management
business.  The Others segment is engaged in the provision of
construction services and enterprise support services, among
others.  The Company has 54 subsidiaries and 10 associated
companies.


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

DAEWOO E&C: Gets US$262-Million Deal to Build Shipyard
------------------------------------------------------
Daewoo Engineering & Construction has clinched a US$443-million
order to build a shipyard in Oman jointly with an Oman-based
builder, Yonhap News reports.

According to the report, the company said in a regulatory filing
that the ship repair yard is to be built in Duqm, a port city of
Al Wusta on the southeastern coast of Oman.

The company, the report says, holds a 59.07% in the order,
equivalent to US$262 million, while Galfar Engineering and
Contracting Co. has the rest of the stake.

The company, however, did not disclose when it will start the
construction of the ship repair yard, the report adds.

Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com-- has become a  
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities.  In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few.

Daewoo Engineering was formed in 2000 by creditors after Daewoo
Group, then South Korea's second-largest industrial consortium,
collapsed under about KRW85 trillion in debt.

In early 2004, Daewoo Engineering's largest shareholder, the
Korea Asset Management Company, disclosed a proposed auction of
the construction firm.  Daewoo Engineering is the latest part of
the bankrupt Daewoo business empire to be sold.

The contractor turned around its finances and outlook, posting
KRW409.8 billion in net income in 2005, and has a backlog of
KRW18.47 trillion worth of orders from regions including Africa,
the Middle East and South Korea.  The company's market value
rose 70% in 2005 to KRW4.5 trillion.  Operating profit was
KRW432.1 billion in 2005, equal to 8.5% of revenue.  Debt
accounted for 130% of shareholder equity as of Dec. 31, 2005.


KENERTEC: Sets Jan. 31 as Establishment Date for Indonesian Unit
----------------------------------------------------------------
Kenertec Co. Ltd amended the January 15, 2008 settlement date
for the establishment of Kenertec Indonesia to January 31,
Reuters Investing Keys reports.

As reported by the Troubled Company Reporter - Asia Pacific on  
Jan. 9, 2008,  the company planned to acquire 2,500,000
shares of Kenertec Indonesia for KRW2,316,500,000.

The company move will make Kenertec Indonesia a wholly owned
subsidiary of the company, the report recounted.

Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co.,
Ltd. -- http://www.kenertec.co.kr/-- is provides industrial         
burners and energy-related equipment.  The company operates two
main divisions: Furnace division, which provides regenerative
combustion systems, including regenerative combustion industrial
furnace burners, regenerative combustion radiant tube burners,
regenerative combustion raddle burners, radiant combustion
devices, direct heat-treatment burners, flat flame burners,
turndish-heating burners, high-spray burners, low-nitrogen-oxide
radiant tube burners, oxygen burners, flare stack burners and
rotary kiln burners, and Energy division, which provides
cogeneration systems, community energy systems and energy
diagnosis equipment.

Korea Ratings gave the company's convertible bond a BB rating on
Jan. 30, 2007.


THE LEADCORP: Adjusts Conversion Price of 1st Convertible Bonds
---------------------------------------------------------------
The Leadcorp Inc. has adjusted the conversion price of its first
convertible bonds from KRW2,720 to KRW2,626 per share, Reuters
Investing Keys reports.

According to the report, this company disclosure took effect on
January 23, 2008.

The initial announcement regarding the bond issuance was made on
June 21, 2006, the report recounts.

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

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


MAGNACHIP: To Hold Conference Call for 4Q Results Today
-------------------------------------------------------
MagnaChip Semiconductor Ltd. will hold a conference call with
investors and analysts to discuss the company's fourth quarter
2007 results on January 25, 2008, at 9:30 a.m. EDT, in New York.

The news release announcing the fourth quarter 2007 results will
be disseminated before the New York Stock Exchange opens on
January 25, 2008 in New York.

The dial-in number for the live audio call beginning at 9:30
a.m. EDT, on January 25, in New York is +1-201-689-8560.  A live
webcast of the conference call will be available on MagnaChip's
Web site at http://www.magnachip.com

A replay of the call will be available from 12:30 p.m. EDT on
Friday, January 25, 2008 through midnight on February 1, 2008 in
New York at http://www.magnachip.comand by telephone at +1-201-
612-7415.  The account number to access the replay is 3055 and
the conference ID number is 268781, respectively.

                   About MagnaChip Semiconductor

Based in Korea, MagnaChip Semiconductor --
http://www.magnachip.com/-- designs, develops, and manufactures       
mixed-signal and digital multimedia semiconductors addressing
the convergence of consumer electronics and communications
devices.  MagnaChip also provides wafer foundry services
utilizing CMOS high voltage, embedded memory, and analog and
power process technologies for the manufacture of IC's for
customer-owned designs.  MagnaChip has world-class manufacturing
capabilities and an extensive portfolio of approximately 8,500
registered and pending patents.  As a result, MagnaChip is a
valued partner in providing leading technology solutions to its
customers worldwide.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 10,
2007, that Moody's Investors Service confirmed the B2 corporate
family rating of MagnaChip Semiconductor LLC.  At the same time,
Moody's confirmed the ratings of the debt issued by MagnaChip
Semiconductor Finance Co and MagnaChip Semiconductor S.A.,
including:

  1) B1 rating of the US$100 million five-year senior secured
     credit revolver

  2) B2 rating of the US$500 million aggregate floating and
     fixed-rate second-priority senior secured notes due 2011

  3) Caa1 rating of the US$250 million senior subordinated notes
     due 2014

On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.


MIJU RAIL: Largest Shareholder Sells 6,320,000 Shares
-----------------------------------------------------
Miju Rail MFG. Co. Ltd.'s largest shareholder, Ilkyung Co. Ltd.,
has signed a contract to sell 6,320,000 shares of the company to
a Korea-based company, Reuters Investing Keys reports.

According to the report, the shares are sold at the price of
KRW14,902,560,000.

Upon completion of the transaction, the Korea-based company is
expected to become the largest shareholder of Miju Rail, the
report adds.

Incheon, Korea-based Miju Rail MFG. Co., Ltd.
-- http://www.miju.co.kr/-- is a manufacturer of steel  
products.  The company offers carbon steel pipes, stainless
steel pipes, spiral steel pipes, elevator guardrails, light
rails and steel plates.

Korea Ratings, on May 8, 2006, gave the company's US$3,000,000
overseas bond with warrants issue a 'BB-' rating with a stable
outlook.


MIJU STEEL: Lowers Outlook for FY2007 Revenue & Operating Profit
----------------------------------------------------------------
Miju Steel Co. Ltd. has lowered the outlook for full year 2007
revenue and operating profit to KRW201,738 million and
KRW4,246 million, Reuters Investing Keys reports.

According to the report, the company's initial forecast was of
KRW248,400 million for revenues and KRW18,200 million for
operating profit.

The company, the report relates, also issued its full year 2008
guidance, expecting its revenue and operating profit to be at
KRW224,802 million and KRW12,343 million, respectively.

Headquartered in Incheon, South Korea, Miju Steel Co., Ltd. --
http://www.mijusteel.com/-- is engaged in the provision of     
steel pipes.  The company produces three major products:
electric resistance welded (ERW) carbon steel pipes which used
for water supply facilities, buildings, bridges, bicycles,
telegraph poles and hand rails; stainless steel pipes, which
used for pharmaceutical, food and semiconductor factories, and
spirally-welded steel pipes, which used for foundation of
buildings, bridges and harbors.

Korea Ratings gave the company's US$4,000,000 overseas bond with
warrant a 'B+' rating with a stable outlook on August 9, 2006.

  
* Moody's says Korean Banks 1H08 Funding Tight, Ratings Stable
--------------------------------------------------------------
According to a recently published report from Moody's Investors
Service, 1H08 will be the most challenging funding period for
Korean banks.  While the report acknowledges that liquidity in
the system appears to be sufficient, refinancing costs will be
substantially higher thereby negatively impacting profitability.

"We do expect Korean banks to pull through their current tight
funding phase, which began some four years ago, and for their
financial fundamentals to remain broadly intact," says Beatrice
Woo, a Moody's VP/Senior Credit Officer and author of the
report, adding, "Even though loan to deposit ratios which
already average 120% are rising, key liquidity ratios are
deteriorating and profitability is weakening."

"In addition, Moody's believes that existing bank financial
strength ratings adequately cover the added stress from funding
tightness.  The weighted average BFSR of Korea's 14 Moody's-
rated banks is C- and incorporates some cushion, given the big
event risk nature of the Korean market," adds Woo.

The report points to a combination of several factors - a long-
term trend towards deposit disintermediation, turbulent global
credit markets, uncertainty arising from the election of a new
president and regulatory changes involving foreign currency - as
exacerbating funding conditions.

However, the latter two factors should persist only for the
short term.  Newly-elected President Lee Myung-bak, who will be
sworn in February 25, has already announced various plans
thereby removing some policy uncertainty.  Meanwhile, the market
should by now have fully adjusted to regulatory changes which
became effective January 1.  As such, Moody's expects the
situation to improve in 2H08, assuming global credit markets do
not weaken further.

The report also notes that unlike the 1997 Asian financial
crisis, bank liabilities, including their borrowings, are
primarily in local currency with medium-term tenors.  This is in
contrast to the massive foreign currency short-term borrowings
which created the problems a decade ago.

According to the report, the banks also have some room to
maneuver with regard to their funding options.  For instance, a
simple and fairly immediate remedy would be to restrain lending:
indeed, bank managements have stated that loan growth in
December 2007 had begun to taper off.  Banks have also
introduced more innovative deposit products to counter deposit
outflows into securities companies, while recent stock market
volatility may also help provide some reprieve for deposit
losses.

An observation in the report is that the banks have been more
active in liabilities management, resulting in a growing
reliance on Won-denominated debentures for funding.  Some banks
face lumpy maturity profiles of these instruments, with a large
portion due in 1H08.  However, Moody's believes that refinancing
risk lies in the pricing, rather than the availability of funds
as domestic liquidity appears adequate and as evidenced by
recent issuances.

Banks are also exploring alternative sources of refinancing such
as securitization.  In addition, a successful bond raising by
Korea Development Bank indicates that Korean banks are still
able to access global capital markets, albeit at higher costs.

Finally, profits will continue to be undermined by the higher
cost of funds.  Moreover, the higher interest rates and slower
economic growth may adversely impact borrower affordability, and
thus asset quality and credit costs.


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

ASPEN TECHNOLOGY: Deloitte Declines Re-Appointment as Accountant
----------------------------------------------------------------
Aspen Technology Inc. disclosed that its independent registered
public accounting firm Deloitte & Touche LLP, is declining to
stand for re-appointment for the fiscal 2008 audit.

There is no disagreement between the company and Deloitte on any
matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure.

AspenTech's Audit Committee has begun the process of selecting a
successor independent registered public accounting firm, and it
will make an announcement when this process concludes.

Deloitte's decision does not impact their engagement to complete
the audit of AspenTech's financial statements as of
June 30, 2006 and 2007 and for each of the three years in the
period ended June 30, 2007.  In addition, Deloitte has agreed to
be engaged for the review of the company's interim consolidated
financial statements included in its Quarterly Report on Form
10-Q for the quarter ended Sept. 30, 2007.

While substantial progress has been made in these efforts, the
company has requested from the Nasdaq Listings Qualification
Panel an additional extension to February 8 to file the above
financial statements and related reports with the SEC and comply
with Nasdaq listing requirements.  There can be no assurance
that the Nasdaq Listing Qualifications panel will grant the
company's request, and failure to grant the request would likely
result in the company's securities being delisted from the
Nasdaq Global Market.

Brad Miller, Aspen's Chief Financial Officer, said "We believe
we are in the final stages of completing our work on the
accounting positions related to income taxes.  Once completed,
this would bring to close the previously disclosed detailed
review of our financial accounting and put the company in a
position to become current in its filings."

                   About Aspen Technology

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software  
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations.  The company has operations in
Brazil, Malaysia and France.

                       *     *     *

Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating.  Moody's said the outlook
is stable.

The company carries Standard & Poor's B long-term foreign and
local issuer credit ratings, with negative outlook.


MALAYSIAN AIRLINES: Chooses RMG Worldwide as Service Provider
-------------------------------------------------------------
Malaysian Airlines System Bhd has chosen RMG Worldwide (M) Sdn
Bhd as its Web site service provider, effective Jan. 15, 2008,
after demonstrating digital solutions which are aligned to the
company's strategy to transform it into a "Five Star Value
Carrier", the EdgeDaily reports.

According to Yantoultra Ngui Yichen of the EdgeDaily, the
company's statement declares that the contract is effective
until May 15, 2010, or up to two years, but with an option to
renew for another year.

Malaysian Airlines' senior general communications manager Indira
Nair said that one of the key business initiatives that MAS has
adopted to help drive the transformation plan is the
implementation of the passenger services system programme, which
is aimed at providing customers with more convenient, efficient
and 'hassle-free’ travel experience, the EdgeDaily notes.

The initiative also included the revamp of the website and the
introduction of a new booking engine to ensure that bookings
made on the company's Web site is easy, simple and
straightforward, the report adds.

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


SHAW GROUP: Finalizes Little Gypsy 3 Re-Power Project Agreement
---------------------------------------------------------------
The Shaw Group Inc. disclosed 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," J.M. Bernhard Jr., Shaw's chairman,
president and chief executive officer, said.  "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.”

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: Chapter 11 Emergence Delayed on Credit Woes
--------------------------------------------------------
Solutia Inc. discloses that the effective date of its confirmed
plan of reorganization and its emergence from Chapter 11 will be
delayed from the previously anticipated Jan. 25, 2008 emergence
date.

As previously reported, Solutia's Consensual Plan, which was
confirmed on Nov. 29, 2007, is subject to numerous closing
conditions, including entering into an exit financing facility.
The lead arrangers of Solutia's exit financing -- Citigroup
Global Markets Inc. and certain of its affiliates, Goldman Sachs
Credit Partners L.P., Deutsche Bank Trust Company Americas and
Deutsche Bank Securities Inc. -- informed Solutia yesterday
that, in their view, due to continuing conditions in the credit
markets, they have not been able to complete the exit financing
they committed to on October 25, 2007. The exit financing
consists of a US$1,200,000,000 senior secured term loan
facility, a US$400,000,000 senior secured asset-based revolving
credit facility and US$400,000,000 aggregate principal amount of
senior unsecured notes.

Under the terms of the commitment, the lead arrangers of the
exit financing have an obligation, subject to certain
conditions, to provide the term loan facility, the revolving
credit facility and, in case they are not able to successfully
market the senior unsecured notes, a US$400,000,000 senior
unsecured bridge facility. The commitment expires on Feb. 29,
2008.

Solutia said in a statement that one of the conditions of the
lead arrangers' obligations to provide those credit facilities
is the absence of any adverse change since Oct. 25, 2007, in the
loan syndication, financial or capital markets generally that,
in their reasonable judgment, materially impairs syndication of
the proposed loan facilities.  The lead arrangers have asserted
that this condition has not been satisfied.

Solutia, however, believes that the ongoing conditions in the
credit markets began long before October 25, 2007. Accordingly,
the company believes that the lead arrangers are required to
fund their commitments on or before Feb. 29, 2008.

"While we disagree with the position asserted by the lead
arrangers, we intend to continue to work with them to
successfully syndicate the exit facility," said Jeffry N. Quinn,
Chairman, President and Chief Executive Officer of Solutia.

The delayed deal has ramifications for recoveries throughout the
capital markets and for companies that go into default, said
Matthew Dundon, head of research at Miller Tabak Roberts
Securities, according to Reuters.

"An obvious conclusion is the market is demanding better terms
and higher spreads now than it was then," Mr. Dundon said.  "It
indicates that the bank loan market remains strained.

"In fact it is not just hard to sell debt that you agreed to
originate before last summer, it may be hard to sell debt that
you agreed to originate in October," Mr. Dundon added, citing
changes in fiscal policy, the economic outlook and concerns
about the liquidity of credit markets and bond insurance.

                      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.

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; 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 $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
====================

ADVANCED SCAFFOLDING: Subject to CIR's Wind-Up Petition
-------------------------------------------------------
On November 22, 2007, the Commissioner of Inland Revenue filed a
petition to have Advanced Scaffolding Ltd.'s operations wound
up.

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

The CIR's solicitor is:

          Julie Newton
          c/o Inland Revenue Department
          Legal and Technical Services
          First Floor Reception
          224 Cashel Street
          PO Box 1782, Christchurch 8140
          New Zealand
          Telephone:(03) 968 0807
          Facsimile:(03) 977 9853


AIR NEW ZEALAND: To Release Half-Year Result by Feb. 29
-------------------------------------------------------
Air New Zealand Limited informed the New Zealand Stock Exchange
in a regulatory filing that its results for the six months ended
Dec. 31 2007, will be released prior to the market opening on
Feb. 29, 2008.

For the year ended June 30, 2007, the carrier booked a profit of
NZ$268 million before unusuals and tax, an increase of 79% on
the previous year.

In another regulatory filing, ANZ said it will announce a new
domestic pricing strategy at a media briefing at on Friday,
Jan. 25.

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

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

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


ASSET BUILDERS: Subject to CIR's Wind-Up Petition
-------------------------------------------------
On August 21, 2007, the Commissioner of Inland Revenue filed a
petition to have Asset Builders International Ltd.'s operations
wound up.

The petition will be heard before the High Court of Auckland on
January 31, 2008, at 10:00 a.m.

The CIR's solicitor is:

          Sandra Joy North
          c/o Inland Revenue Department
          Legal and Technical Services
          17 Putney Way
          PO Box 76198, Manukau
          Auckland 2241
          New Zealand
          Telephone:(09) 985 7214
          Facsimile:(09) 985 9473


BONSAI PRODUCTIONS: Faces Carol Margaret's Wind-Up Petition
-----------------------------------------------------------
A petition to have Bonsai Productions Ltd.'s operations wound up
was filed by Carol Margaret Down on September 11, 2007.

The High Court of Auckland will hear the petition on Feb. 14,
2008, at 10:00 a.m.

Carol Margaret's solicitor is:

          B. P. Molloy
          Haigh Lyon
          Dorchester Building, Level 14
          34 Shortland Street
          Auckland
          New Zealand


CHANNEL PUBLISHING: Faces CIR's Wind-Up Petition
------------------------------------------------
On September 5, 2007, the Commissioner of Inland Revenue filed a
petition to have Channel Publishing Group Ltd.'s operations
wound up.

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

The CIR's solicitor is:

          Julie Newton
          c/o Inland Revenue Department
          Legal and Technical Services
          First Floor Reception
          224 Cashel Street
          PO Box 1782, Christchurch 8140
          New Zealand
          Telephone:(03) 968 0807
          Facsimile:(03) 977 9853


CITILAND LTD: Court to Hear Wind-Up Petition on February 21
-----------------------------------------------------------
A petition to have Citiland Ltd.'s operations wound up will be
heard before the High Court of Auckland on February 21, 2008, at
10:45 a.m.

Metro City Limited filed the petition on September 18, 2007.

Metro City's solicitor is:

          D. M. Hughes
          c/o Kensington Swan
          18 Viaduct Harbour Avenue
          Auckland
          New Zealand


CONNEXIONZ LTD: Now Owns 100% of U.K. Joint Venture CIL
-------------------------------------------------------
Connexionz Ltd disclosed that it had acquired the remaining 50%
shareholding in its United Kingdom joint venture Connexionz
Investments Ltd.  Accordingly, Connexionz now owns 100% of the
U.K. operation.

CIL's shareholders accepted 1,875,000 CNX shares at a price of
NZ$0.25 per share in return for their holding.

Connexionz's chairman, Craig Boyce, said, "Its in the best
interests of both companies to be part of one global
organization."

Christchurch, New Zealand-based Connexionz Limited --
http://www.connexionz.co.nz/-- is a technology company that
develops real-time vehicle tracking systems for the local and
international markets.  The company's products include city-side
systems, airport buses, bus interchanges, the BusFinder and
technical papers.  Connexionz has a real time system for
tracking a fleet of buses across a city, handling up to 10,000
vehicles and up to 2,500 routes. The Company's BusFinder signs
provide passengers with information citywide at bus stops,
within interchange buildings and in malls and restaurants.  The
Company has also customized their system to provide real time
information for airport bus services.

For the 12 months ended March 31, 2007, Connexionz reported a
net loss of NZ$975,463, a 262% increase from the NZ$268,802 loss
incurred in the previous fiscal year.


CONNEXIONZ LTD: Gets NZ$1.1 Million Order From Reading Borough
--------------------------------------------------------------
Connexionz Ltd has won a NZ$1.1-million order to provide new in-
bus computers for Reading Borough Council, the company said in a
regulatory filing with the New Zealand Stock Exchange.

According to the company, the new computers will support
multimedia applications on the buses and a new WiMAX
communications network.  The company's systems allow bus
passengers to find out how far away a bus is from their stop in
real time.  The system also provides operational information for
bus system operators and urban planners.  Connexionz's systems
are operating in the United Kingdom, the Netherlands, Brazil,
Australia, New Zealand and the U.S.A.

Christchurch, New Zealand-based Connexionz Limited --
http://www.connexionz.co.nz/-- is a technology company that
develops real-time vehicle tracking systems for the local and
international markets.  The company's products include city-side
systems, airport buses, bus interchanges, the BusFinder and
technical papers.  Connexionz has a real time system for
tracking a fleet of buses across a city, handling up to 10,000
vehicles and up to 2,500 routes. The Company's BusFinder signs
provide passengers with information citywide at bus stops,
within interchange buildings and in malls and restaurants.  The
Company has also customized their system to provide real time
information for airport bus services.

For the 12 months ended March 31, 2007, Connexionz reported a
net loss of NZ$975,463, a 262% increase from the NZ$268,802 loss
incurred in the previous fiscal year.


DDJ (RENTALS): Wind-Up Hearing Set for January 28
-------------------------------------------------
A petition to have DDJ (Rentals) Ltd.'s operations wound up will
be heard before the High Court of Christchurch on January 28,
2008, at 10:00 a.m.

C.T.T. One Limited filed the petition on December 6, 2007.

C.T.T. One's solicitor is:

          A. M. O’Connor
          R. A. Fraser & Associates
          Level 2, 151 Worcester Street
          PO Box 163, Christchurch
          New Zealand


JCR DEVELOPMENTS: Subject to Ian Dick's Wind-Up Petition
--------------------------------------------------------
On November 15, 2007, Ian Dick Concrete Contractors (1995)
Limited filed a petition to have JCR Developments Ltd.'s
operations wound up.

The petition will be heard before the High Court of Napier on
January 30, 2008, at 10:00 a.m.


Ian Dick's solicitor is:
          E. C. Fackney
          c/o Willis Toomey Robinson
          116 Vautier Street, Napier
          New Zealand


KFP HOLDINGS: Court to Hear Wind-Up Petition on January 28
----------------------------------------------------------
The High Court of Christchurch will hear on January 28, 2008, at
10:00 a.m., a petition to have KFP Holdings Ltd.'s operations
wound up.

The petition was filed by the Commissioner of Inland Revenue on
November 14, 2007.

The CIR's solicitor is:

          Julie Newton
          c/o Inland Revenue Department
          Legal and Technical Services
          First Floor Reception
          224 Cashel Street
          PO Box 1782, Christchurch 8140
          New Zealand
          Telephone:(03) 968 0807
          Facsimile:(03) 977 9853


RATAHI CONTRACTING: Faces CIR's Wind-Up Petition
------------------------------------------------
On October 26, 2007, the Commissioner of Inland Revenue filed a
petition to have Ratahi Contracting Ltd.'s operations wound up.

The petition will be heard before the High Court of Invercargill  
on January 30, 2008, at 10:00 a.m.

The CIR's solicitor is:

          Amy Jean York
          c/o Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          PO Box 1462, Wellington
          New Zealand
          Telephone:(04) 890 3203
          Facsimile:(04) 890 0009


RHODES APARTMENTS: Appoints Vance & Jordan as Liquidators
---------------------------------------------------------
David Stuart Vance and Barry Phillip Jordan were appointed
liquidators of Rhodes Apartments Ltd. on December 20, 2007.

Messrs. Vance and Jordan are accepting creditors' proofs of debt
until January 31, 2008.

The Liquidators can be reached at:

          David Stuart Vance
          Barry Phillip Jordan
          PPB McCallum Petterson
          The Todd Building, Level 8
          95 Customhouse Quay
          PO Box 3156, Wellington
          New Zealand
          Telephone:(04) 499 7796
          Facsimile:(04) 499 7784


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

BANCO DE ORO-EPCI: SSS Gains PHP1.59 Bil. from Shares Sale
----------------------------------------------------------
The Social Security System has recorded a gain of
PHP1.59 billion from the sale of its 14.9% shareholdings in
Banco de Oro-EPCI Inc. through a block sale on the Philippine
Stock Exchange on January 18, the Philippine Daily Inquirer
reports.

The fund sold 338.1 million shares in the bank to the SM Group,
for a total price of PHP17.28 billion, according to data from
the PSE, the Inquirer reveals.

Citing a source involved in the transaction, the Inquirer notes
that SSS made a gain because it had acquired the block for
PHP15.69 billion and had already considered losses from the
devaluation of the shares to only PHP43.50 per share.

The sale raised the SM group's equity in BDO-EPCI to about 64%,
BDO President Nestor Tan told the Inquirer.


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

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

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


METROPOLITAN BANK: To Refinance US$235-Mil. Tier 2 Notes in 4Q
--------------------------------------------------------------
The Metropolitan Bank & Trust Co. is studying ways to refinance
its US$235-million tier-2 notes which mature in October this
year, Metrobank President Arthur Ty told the Manila Standard.

The bank is expected to undertake refinancing in the fourth
quarter of this year, the report relates, recounting that
Metrobank had refinanced US$125 million of tier-2 notes in
October 2007 by issuing PHP8-billion worth of peso notes.


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

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

                        *     *     *

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

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

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


RIZAL COMMERCIAL: May Issue Up to PHP7 Billion in Tier 2 Notes
--------------------------------------------------------------
Rizal Commercial Banking Corp. may issue PHP5 billion to
PHP7 billion worth of tier 2 notes, Deutsche Bank told the
Manila Standard.

The notes will be used to refinance RCBC's US$100 million worth
of notes that will mature this quarter, the report says.

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

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

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

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


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

FIRST ICE: Court Enters Wind-Up Order
-------------------------------------
On January 11, 2008, the High Court of Singapore entered an
order to have First Ice Pte Ltd's operations wound up.

The petition was filed by First Ice Pte Ltd.

First Ice's liquidator is:

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


LOONG GUAN: Court to Hear Wind-Up Petition on February 15
---------------------------------------------------------
A petition to have Loong Guan Enterprise Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
February 15, 2008, at 9:45 a.m.

Weidmann Systems International Ltd filed the petition on
December 17, 2007.

Weidmann's solicitors are:

          Kelvin Chia Partnership
          6 Temasek Boulevard
          #29-00 Suntec Tower Four
          Singapore 038986


NANO IMAGING: Court Directs Wind Up of Operations
-------------------------------------------------
The High Court of Singapore entered an order to have Nano
Imaging Devices Pte Ltd's operations wound up.

The company's liquidator is:

          The Official Receiver
          Insolvency and Public Trustee’s Office
          45, Maxwell Road #06-11
          The URA Centre (East Wing)
          Singapore 069118


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

BANK OF AYUDHYA: Incurs THB3.991-Billion Net Loss for FY2007
------------------------------------------------------------
Bank of Ayudhya PCL has incurred a net loss of THB3.991 billion
for the year ended December 31, 2007, compared to a net income
of THB1.666 billion in 2006.

For the year 2007, the bank reported a net interest and dividend
income of THB19.622 billion, comprising of interest and dividend
income of THB35.064 billion minus interest expenses of
THB15.442 billion.  The bank also made provisions of
PHP8.588 billion for bad debts and THB3.776 billion for losses
on debt restructuring, resulting in a THB7.257 billion interest
and dividend income net of debt restructuring.

Total non-interest is at THB7.546 billion and non-interest
expenses are at THB18.664 billion, resulting in a
THB3.86-billion loss before income tax expenses of
THB123.914 million.

As of December 31, 2007, the bank has THB652.367 billion in
total assets and THB574.3 billion in total liabilities,
resulting in a shareholders' equity of THB78.066 billion.

The bank's annual financial statements for 2007 can be
downloaded for free at:

            http://researcharchives.com/t/s?2757


Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

Bank of Ayudhya's subordinated debts carry Fitch Ratings
Services' BB+ rating.

Fitch Ratings (Thailand) Limited also assigned a National Long-
term rating of 'A+(tha)' to the debentures of Bank of Ayudhya
Public Company Limited (BAY) Tranche 1 due 2010 and Tranche 2
due 2011 of up to THB15 billion each.

The Troubled Company Reporter - Asia Pacific reported on
December 13, 2007 that Moody's Investors Service has placed on
review for possible upgrade the Bank of Ayudhya Public Co Ltd's
("BAY") Baa3 deposit and debt ratings and its D- bank financial
strength rating.

The following ratings have been placed on review for upgrade:
    * Bank financial strength rating of D-
    * Long-term foreign currency deposit rating of Baa3
    * Short-term foreign currency deposit rating of Prime-3
    * Senior unsecured foreign currency debt rating of Baa3

The rating action was based on BAY's track record of improving
economic solvency, increasing earnings diversification, and
strengthening risk management practices.   


KRUNG THAI BANK: NPLs Fall to 9.53% of Lending at December 2007
---------------------------------------------------------------
Krung Thai Bank PCL has reported a decrease in its non-
performing loans to 9.53% of total lending by December 31, 2007,
Reuters reports.

This compares to 9.97% of total lending at September 30, 2007,
the report says.

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

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

                          *     *     *

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


TMB BANK: Analysts See Hard Recovery Despite ING's Participation
----------------------------------------------------------------
Analysts are predicting a hard time for Thailand's TMB Bank PCL
to regain its investors' confidence after it has performed
poorly despite a US$1.1-billion recapitalization last year, the
Wall Street Journal reports.

According to the report, analysts say that the acquisition of
ING Groep of a 30% stake in the bank, making it TMB's majority
shareholder, has improved the bank's prospects in the long-term.  
However, it has almost no positive effect on the bank's share
price in the short term, because of share dilution, huge losses
and a weak loan portfolio and the possibility that TMB's former
majority shareholder DBS Group Holdings may unload its shares in
the bank.

The bank has a long way to go in terms of competitiveness and
profitability, analysts say.

Analysts worry about the bank's direction after ING's entry, the
Wall Street Journal reveals.  They find it vague and unclear, as
the bank still has not decided whether to replace Subhak
Siwaraksa as CEO and president, and is yet to review its
business plans and strategy.

However, some analysts find good about the bank's shares and see
their weakness as a buying opportunity, the report adds.  
Worawat Saisupatphol at KGI Securities said that TMB is not "a
bad stock," but it pales against Kasikornbank and Siam
Commercial Bank in terms of returns.  However, Mr. Worawat touts
TMB's future as "promising" given ING's participation.

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

Standard & Poor's Ratings Services raised its issuer credit
rating of TMB Bank Public Co. Ltd.'s Hybrid Tier-1 securities to
'B+' from 'D', reflecting expectations that the bank will report
a profit in the first half of fiscal 2008 and will pay the
coupon on its hybrid notes in accordance with the issue's terms
and conditions.

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



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



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

AUSTRALIA      

Advance Healthcare Group Ltd      AHG      15.65       -6.78    
Allstate Exploration NL           ALX      18.20      -42.75    
Austar United Communications      
  Limited                         AUN     411.16      -43.72
Biron Apparel Ltd                 BIC      19.71       -2.22
Croesus Mining NL                 CRS      16.00      -13.81
Emperor Mines Limited             EMP     138.99      -50.63
Evans & Tate Ltd                  ETW     103.76      -50.22
Hutchison Telecommunications      
  (Aust) Ltd.                     HTA    1637.04    -1443.69      
Intellect Holdings Limited        IHG      15.25      -10.88      
KH Foods Ltd                      KHF      38.40       -6.79      
Lafayette Mining Limited          LAF     105.24     -190.86    
Renison Consolidated Mines NL     RSN      38.83       -3.94    
Tooth & Co. Ltd.                  TTH     120.47      -87.64    
UnderCoverWear Limited            UCW      28.92      -16.07      
ViaGOLD Capital Limited           VIA      15.49       -3.11    


CHINA AND HONG KONG      

Asia Telemedia Limited            376      16.97       -7.53      
Baiyin Copper Commercial      
  Bldg (Group) Co                 672      24.47       -2.40      
Beiya Industrial (Group)      
  Co., Ltd                     600705     462.13      -20.57
Brilliant Arts Multi-Media      
  Holding Ltd                    8130      11.62       -2.32    
Cangzhou Chemical Industrial      
  Co.Ltd                       600722     496.98      -91.41    
Chang Ling Group                  561      85.06      -80.88      
Changjiang Securities
  Co., Ltd                        783     357.75      -84.57    
Chia Tai Enterprises      
  International Ltd.              121     316.12       -8.92    
China HealthCare Holdings Ltd     673      25.44       -3.37    
China Liaoning International      
  Cooperation (Group) Ltd         638      20.46      -41.24    
Chinese.com Logi                  805      13.75      -32.33    
Chongqing Int'l Enterprise      
  Investment Co                000736      19.88      -15.67    
Compass Pacific Holdings Ltd     1188      46.98      -14.92    
Datasys Technology      
  Holdings Ltd                   8057      14.10       -2.07      
Dongxin Electrical Carbon      
  Co., Ltd                     600691      34.19       -2.90      
Dynamic Global Holdings Ltd.      231      44.64       -9.70      
Everpride Biopharmaceutical      
  Company Limited                8019      14.19       -0.02      
Ever Fortune Intl.      
  Hldgs. Limited                  875      14.41       -4.03    
Fujian Changyuan Investment      
  Holdings Limited                592      34.52      -66.85      
Fujian Sannong Group Co. Ltd      732      42.50     -100.37      
Fujian Start Computer      
  Group Co.Ltd                 600734     114.76      -16.98    
Guangzhou Oriental    
  Baolong Automotive Co        600988      15.78      -11.11    
Guangdong Hualong Groups      
  Co., Ltd                     600242      15.23      -46.94    
Hisense Kelon Electrical
  Hldngs Co., Ltd                 921     596.71      -94.69    
Guangdong Meiya Group      
  Co., Ltd.                       529      70.62      -59.86    
Guangxia (Yinchuan) Industry      
  Co. Ltd.                        557      48.71      -59.63      
Hainan Dadonghai Tourism      
  Centre Co., Ltd                 613      18.34       -8.39      
Hainan Overseas Chinese      
  Investment Co., Ltd          600759      28.97       -9.90      
Hans Energy Company Limited       554      85.00       -0.49      
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47    
Heilongjiang Black Dragon      
  Co., Ltd                     600187     113.45      -74.67    
Hisense Kelon Electrical      
  Hldngs. Co., Ltd                921     596.71      -94.69      
Hualing Holdings Limited          382     262.90      -32.17      
HuaTongTianXiang Group      
  Co., Ltd.                    600225      52.77      -42.02      
Huda Technology & Education      
  Development Co. Ltd.         600892      17.12       -0.39    
Hunan Anplas Co.                  156      77.57      -77.92    
Innovo Leisure Recreation      
  Holdings Ltd.                   703      13.40       -4.50    
Jiaozuo Xin'an-a                  719      50.82      -25.45
Junefield Department      
  Store Group Limited             758      12.93       -5.39    
Lan Bao Technology       
  Information Co.,Ltd             631     110.09      -78.89    
Loulan Holdings Limited          8039      11.14       -2.21    
Mianyang Gao Xin Industrial      
  Dev (Group)                  600139      23.90      -15.65      
New City China Development Ltd    456     253.47      -25.03    
Orient Power Holdings Ltd.        615     176.86      -64.20    
Paladin Ltd.                      495     167.43       -6.23      
Plus Holdings Ltd.               1013      18.52       -3.34      
Qinghai Xiancheng Industry      
  Stock Co.,Ltd                600381      55.58      -55.04      
Regal Real Estate      
  Investment Trust               1881     945.38     -234.68      
Sanjiu Yigong Biopharmaceutical      
  & Chem                       000403     218.51       -3.48
Shanghai Worldbest      
  Pharmaceutical Co.Ltd        600656      66.75      -13.42      
Shanghai Xingye Housing   
  Co.,Ltd                      600603      16.23      -49.40
Shenyang Hejin Holding      
  Company Ltd.                    633     103.86       -3.16      
Shenz China BI-A                20017      34.21     -238.76    
Shenzhen Dawncom Business      
  Tech. and Service Co., Ltd.     863      32.57     -137.55      
Shenzhen Shenxin Taifeng      
  Group Co., Ltd.                  34      69.92      -53.39    
Shenzhen Konda-A                   48     112.05      -15.98    
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11      
Sichuan Direct-A                  575     143.71      -94.34    
Stellar Megaunion Corporation  000892      54.33     -152.43      
Success Information Industry      
  Group Co.                       517      77.23      -17.78    
Suncorp Tech Ltd.                1063      75.28       -5.03    
Suntek Technology Co., Ltd     600728      49.03      -14.65    
Suntime International      
  Economic Trading             600084     359.49      -47.93    
Taiyuan Tianlong Group Co.      
  Ltd                          600234      19.47      -89.51      
The First Investment &      
  Merchant Co, Ltd             600515      90.66        5.98      
Tianjin Marine Shipping      
  Co. Ltd                      600751     111.03       -3.59      
Tianyi Science & Technology      
  Co., Ltd                     600703      45.82      -41.20      
Tibet Summit Industry      
  Co., Ltd                     600338      90.92       -4.05      
Winowner Group Co. Ltd.        600681      23.34      -72.39      
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74      
Yueyang Hengli Air-Cooling      
  Equipment Inc.                  622      40.61      -17.21
Yun Sky Chemical (Int)
  Hldg. Ltd                       663      29.31       -1.13
Zarva Technology Co. Ltd.         688      25.83     -175.37      
Zhejiang Haina Science & Tech      
  Co., Ltd.                       925      28.53      -36.27      

INDIA      

Andrew Yule & Co. Ltd             ANY      81.41      -30.90
Artson Engr.                      ART      10.31       -0.71      
Ashima Ltd.                     NASHM     104.15      -35.01
Balaji Distiller                  BLD      45.66      -74.20      
Birla VXL Ltd                    NVXL      37.82      -11.29
CFL Capital Financial      
  Services Ltd                  CEATF      25.42      -47.32      
Core Healthcare Ltd.             CPAR     196.08     -229.95    
Dish TV India Limited            DITV     239.48      -12.62
Elque Polyesters                 ELQP      13.04      -22.66
Gujarat Sidhee Cement Ltd.       GSCL      59.44       -0.66    
Himachal Futuris                 HMFC     574.62      -38.68      
JCT Electronics Ltd.             JCTE     117.60      -50.17      
Jenson & Nic Ltd                   JN      14.81      -81.79    
JK Synthetics Ltd                 JKS      17.99       -2.61      
JOG Engineering                   VMJ      50.08      -10.08
Kalyanpur Cement                 KCEM      38.11      -48.48
Lloyds Metals                    LYDM      70.72      -10.25    
Lloyds Steel Ind                 LYDS     404.38      -86.45      
LML Ltd.                          LML      81.21      -11.89      
Mafatlal Ind.                     MFI      96.32      -82.81
Modi Rubber Ltd                   MDR      39.76      -24.30
Mysore Cements                    MYC      82.02      -14.57      
Panyam Cements                    PYC      17.18      -18.32    
Parekh Platinum                  PKPL      59.20      -75.23    
Rollatainers Ltd                  RLT      20.68       -3.88    
RPG Cables Ltdd                  NRPG      55.40       -3.10    
Shree Rama Multi Tech Ltd.      NSRMT      79.66       -7.83      
Shyam Telecom                    NSHY     147.34      -22.80    
Sil Businesse Enterprises Ltd.   SILB      12.46      -19.96    
Tata Teleservices (Maharashtra)      
  Limited                       NTTLS     657.28      -73.89
TVS Electronics                 TVSEL      30.73       -1.57
UB Engineeering                   UBE      47.78       -2.77    


INDONESIA      

Ades Waters Indonesia Tbk        ADES      25.94      -24.09      
Argo Pantes Tbk                  ARGO     217.96      -15.70
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21      
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57      
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82      
Sekar Bumi Tbk                   SKBM      23.07      -41.95      
Steady Safe Tbk                  SAFE      19.65       -2.43      
Surya Dumai Industri Tbk         SUDI     105.06      -30.49      
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86      
Unitex Tbk                       UNTX      29.08       -5.87      
Wicaksana Overseas      
  International Tbk              WICO      43.09      -46.36    

JAPAN      

Banners Co., Ltd                 3011      46.33      -14.11    
C4 Technology, Inc               2355      33.71       -1.24
Heiwa Okuda Co., Ltd             1790      82.68       -6.66
NIWS Co., HQ Ltd.                2731     541.08      -33.01
Orient Corporation               8585   37956.19    -1109.02
TascoSystem Co., Ltd             2709      48.80      -13.52      
Trustex Holdings, Inc.           9374     102.84       -7.81    

KOREA      

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

MALAYSIA      

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

PHILIPPINES      

APC Group Inc.                    APC      71.75     -218.13      
Atlas Consolidated Mining and      
  Development Corp.                AT      61.14      -16.74    
Benguet Corp.                      BC      55.45      -44.94    
Central Azucarera de Tarlac       CAT      35.74       -1.80    
Cyber Bay Corporation            CYBR      12.49      -64.98    
East Asia Power Resources Corp.   PWR      92.52      -82.10    
Fil Estate Corp.                   FC      36.10       -7.75      
Filsyn Corporation                FYN      20.88       -9.68      
Gotesco Land, Inc.                 GO      18.68      -10.86    
Mariwasa Manufacturing, Inc.      MMI      71.98       -0.78    
Prime Orion Philippines Inc.     POPI      99.69      -82.12      
Unioil Resources & Holdings      
  Company Inc.                    UNI      11.37      -11.44    
United Paragon                    UPM      22.80      -29.23      
Universal Rightfield Property      UP      45.12      -13.48      
Uniwide Holdings Inc.              UW      62.99      -38.58    
Victorias Milling Company Inc.    VMC     175.01      -38.64


SINGAPORE      

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

TAIWAN    

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

THAILAND      

Bangkok Rubber PCL                BRC      79.58      -65.24
Bangkok Steel Industry    
  Public Co. Ltd                  BSI     378.66     -120.56    
Central Paper Industry PCL      CPICO      12.29     -186.37      
Circuit Electronic      
  Industries PCL               CIRKIT      21.90      -75.21
Daidomon Group PLC              DAIDO      12.92       -8.51      
Datamat Public Co., Ltd           DTM      17.55       -1.72      
Kuang Pei San Food Products      
  Public Co.                   POMPUI      15.77      -11.32      
Safari World Public Company    
  Limited                      SAFARI     107.75       -1.98    
Sahamitr Pressure Container      
  Public Co. Ltd.                SMPC      26.36      -28.88
Siam General Factoring PCL        SGF      30.84       -5.36   
Sri Thai Food & Beverage Public      
  Company Ltd                     SRI      18.29      -43.37      
Thai-Denmark PCL                DMARK      19.57       -3.02    







                         *********

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

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

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


                            *********


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

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