TCRAP_Public/080129.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, January 29, 2008, Vol. 11, No. 20

                            Headlines

A U S T R A L I A

ADOLFI PTY: Members Opt to Shut Down Firm
ADVANCE FIBREGLASS: Liquidator Presents Wind-Up Report
ALMA COURT: Placed Under Voluntary Liquidation
CHRYSLER LLC: Invests US$27 Million in Toledo Machining Plant
CONSTELLATION BRANDS: Selling Three Wine Brands for US$134 Mil.

DIAN NOMINEES: Placed Under Voluntary Liquidation
DUXTRON PTY: To Declare First Dividend on January 30
FORTESCUE METALS: Says Pilbara Final Forecast Cost is AU$2.70BB
GETTY IMAGES: S&P Affirms BB Corp. Credit Rating; Outlook Neg.
GILLESPIE INVESTMENTS: Undergoes Liquidation Proceedings

J. & D.A. FRITH FAMILY: Members Resolve to Liquidate Business
JASPAL ELECTRIC: Commences Liquidation Proceedings
KELDON HOLDINGS: To Declare First Dividend on January 30
SEVEN STAR: Members' Final Meeting Slated for February 14
SYMBION: Healthscope and Primary to Start Consolidation Talks

ZINIFEX LTD: Reports Rise in 1st Quarter Zinc and Lead Output


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

AGRICULTURAL BANK: Would Seek IPO Within Three Years
BALL CORP: Reports US$281.3 Million 2007 Full Year Earnings
BILLION METRO: Members Set Final Meeting on February 18
EVERICH CREATION: Court to Hear Wind-Up Petition on Jan. 30
FIAT SPA: Moody's Affirms Ba1 Corp. Family Rating; Outlook Pos.

GALAWELL INVESTMENT: Members Set Final Meeting on February 18
HEXCEL CORP: Net Income Down to US$13-Million in Fourth Quarter
HK ASSOCIATION OF PATHOLOGY: Commences Liquidation Proceedings
HONG KONG & KOWLOON: Members Meeting Fixed for Feb. 20
HUMBERT MANUFACTURING: Members Meeting Fixed for Feb. 19

MAXLAND COMPUTER: Court to Hear Wind-Up Petition on Feb. 27
NIHON (HONG KONG): Members Meeting Fixed for Feb. 19
PETROLEOS DE VENEZUELA: Oil Output Drops 148,000 bpd in 2007
PROMINENCE REALTY: Pays Second and Final Dividend to Creditors
TRW AUTOMOTIVE: Earns US$23 Mln in Third Quarter Ended Sept. 28

WAYRISE LIMITED: Members Set Final Meeting on February 18
YIU TING: Members Set Final Meeting on February 18


I N D I A

ANDHRA CEMENTS: Profit Soars to INR182MM in  Qtr. Ended Dec. 31
GERDAU SA: Chaparral Steel Acquisition is Biggest Takeover Deal
GLOBAL BROADCAST: Shareholders Approve 1:5 Stock Split
IFCI LTD: Puts Vishwas Steels Units on Sale to Recover Debt
QUEBECOR WORLD: To Use US$750MM DIP Fund to Buy Receivables

QUEBECOR: Wants Access to RBC's & Soc Gen's Cash Collateral
SAMTEL COLOR: Allots Shares to Two Promoter Companies
SAMTEL COLOR: Allots 29,21,499 Preference Shares to CDR Lenders
TATA MOTORS: Offers Customers Free Fuel for New Purchases
* Fitch Teleconference for Auto Sector Outlook Set on Jan. 30


I N D O N E S I A

ARPENI PRATAMA: Pefindo Reaffirms "idA" Ratings
AVNET INC: Reports US$142.2-Mln Net Income in Qtr. Ended Dec. 31
DIRECTED ELECTRONICS: Reduces Debt by US$75 Million in 2007
EXCELCOMINDO PRATAMA: Moody's Affirms Ba2 Local Currency Rating
GARUDA INDONESIA: To Conduct Extra Flights for China Routes

GOODYEAR: European Unit to Reduce Production at Two Factories
HM SAMPOERNA: To Issue IDR1-Tril. Bond for Foreign Debt Payment
INDOSAT: Russian Altimo Still Aiming to Buy Company Shares


J A P A N

ALITALIA SPA: Air France-KLM to Retain Alitalia Brand
DELPHI CORP: Bankruptcy Court Confirms Chapter 11 Plan
DELPHI CORP: To Sell Steering Business to Platinum Equity
FORD MOTOR: Auto Credit Arm Earns US$775 Million in 2007
FORD MOTOR: Neapco Inks Sale Agreements for ACH Driveshaft Biz

FORD MOTOR: Posts US$2.7 Billion Net Loss in Fiscal Year 2007
HARMAN INT'L: Declares US$0.0125 Per Share Quarterly Dividend
XEROX CORPORATION: Earns US$1.1 Billion in Year Ended Dec. 31
* Six Cooperatives May Get JPY20-Billion Bailout from Shinkumi


K O R E A

BURGER KING: May No Longer Buy Tomatoes from Immokalee
KOREAN EXPRESS: Kumho-Asiana Group Signs Deal to Acquire Stake
MAGNACHIP SEMICONDUCTOR: Reports 2007 Fourth Quarter Results


M A L A Y S I A

AVAYA INC: Works with Extreme Networks in Ethernet Transition
CNLT (FAR EAST): Bourse Grants June 10 Deadline to Submit Plan
MANGIUM INDUSTRIES: Unit Defaults on MYR17 Mil. as of Dec. 31
MEGAN MEDIA: Suruhanjaya Approves Time Extension Request
SHAW GROUP: Environmental Unit Bags Deal from General Electric

SHAW GROUP: Nuclear Unit Launches New Office in Shanghai, China


N E W  Z E A L A N D

AIR NEW ZEALAND: Cuts Domestic Fares to Fill Seats
AIR NEW ZEALAND: To Suspend Nadi-Los Angeles Flights
ISTATION LTD: Wind-Up Petition Hearing Set for February 11
JK HORTICULTURE: Wind-Up Petition Hearing Set for January 30
KABO DEVELOPMENTS: Faces CIR's Wind-Up Petition

MARFIT INDUSTRIES: Taps Whittfield & van Delden as Liquidators
NORTHRIDGE ARCHITECTURE: Faces CIR's Wind-Up Petition
NORTHRIDGE CONSTRUCTION: Creditors' Meeting Set for January 30
SPENTA CONSULTANCY: Subject to Kiwi Capital's Wind-Up Petition
TARANAKI CONSUMER: Faces CIR's Wind-Up Petition

THE LITZ COMPANY: Subject to CIR's Wind-Up Petition
ZURVAN INVESTMENTS: Faces Kiwi Capital's Wind-Up Petition


P H I L I P P I N E S

BANCO DE ORO-EPCI: Board Declares Semi-Annual Cash Dividend
CHIQUITA BRANDS: May Bid for Five Million Boxes of Bananas
EIB REALTY: Stockholders OK Increase in Capital to PHP2.946 Bil.
EIB REALTY: To Hold Annual Stockholders' Meeting on June 2
EXPORT AND INDUSTRY: Annual Stockholders' Meeting Set for May 30

IPVG CORP: Seeks Non-Disclosure Deal with PeopleSupport on Offer
NATIONAL POWER CORP: Moody's Changes Rating Outlook to Positive
NIHAO MINERAL: Net Loss Climbs 220% to PHP741,113 for 3Q 2007
RIZAL COMMERICAL: BSP Gives Nod to PHP7-Billion Tier 2 Issuance
URC PHILIPPINES: Moody's Changes Rating Outlook to Positive


S I N G A P O R E

ADVANCED MICRO: Fitch Cuts Issuer Default Rating to B- from B
AKZO NOBEL: Requires Creditors to File Claims by February 18
LI PIN: Creditors' Proofs of Debt Due on February 4
RADAC PRIVATE: Creditors' Proofs of Debt Due on February 10
SANG CHOY: Court Enters Wind-Up Order


T H A I L A N D

ARVINMERITOR INC: To Supply Hyundai Unit w/ Plastic Door Modules
BANK OF AYUDHYA: Uses THB10.17 Billion for Working Capital
WYNCOAST IND'L: Board Taps Koranun Sukonritikorn as Deputy CEO

* BOND PRICING: For the Week 28 January to 01 February 2008

     - - - - - - - -

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

ADOLFI PTY: Members Opt to Shut Down Firm
-----------------------------------------
At an extraordinary general meeting held on December 17, 2007,
the members of Adolfi Pty Ltd agreed to voluntarily liquidate
the company's business.

Leonard A. Milner of Venn Milner & Co. was then appointed as
liquidator.

The Liquidator can be reached at:

          Leonard A. Milner
          Venn Milner & Co.
          Suite 1, 43 Railway Road
          Blackburn, Victoria 3130
          Australia

                          About Adolfi Pty

Adolfi Pty Ltd is a distributor of durable goods.  The company
is located at Deer Park, in Victoria, Australia.


ADVANCE FIBREGLASS: Liquidator Presents Wind-Up Report
------------------------------------------------------
The creditors of Advance Fibreglass Pty Ltd met on January 23,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          P. Newman
          HLB Mann Judd
          Chartered Accountants
          Level 1, 160 Queen Street
          Melbourne, Victoria 3000
          Australia

                     About Advance Fibreglass

Advance Fibreglass Pty Ltd is a distributor of non-metallic
mineral products.  The company is located at Dandenong, in
Victoria, Australia.


ALMA COURT: Placed Under Voluntary Liquidation
----------------------------------------------
The members of Alma Court Pty. Ltd. met on December 12, 2007,
and agreed to voluntarily wind up the company's operations.

Barry Keith Taylor was then appointed as liquidator.

The Liquidator can be reached at:

          Barry Keith Taylor
          B. K. Taylor & Co.
          8/608 ST. Kilda Road
          Melbourne, Victoria 3004
          Australia

                         About Alma Court

Alma Court Pty Ltd, which is also trading as House Of Recliners,
operates furniture stores.  The company is located at Hartwell,
in Victoria, Australia.


CHRYSLER LLC: Invests US$27 Million in Toledo Machining Plant
-------------------------------------------------------------
Tom LaSorda, Chrysler LLC Vice Chairman and President, disclosed
that Chrysler would invest more than US$27 million in its Toledo
Machining Plant in Ohio.  The plans were revealed during a
keynote speech at the Toledo Regional Chamber of Commerce's
annual meeting.

Toledo Machining, which currently builds torque converters and
steering columns, will divide the investment into two separate
parts of the plant: US$26.4 million will go toward the
manufacturing of a redesigned torque converter for automatic
transmissions and an additional US$1.5 million will be used for
production of a new steering column.

The torque converter investment will deliver improved fuel
efficiency and refinement and retain 164 jobs.  The steering
column investment will retain 44 hourly jobs.

"Chrysler's investments in the Toledo area are rooted in our
faith that we can keep good-paying manufacturing jobs in America
as long as government, our unions and our companies all pull
together for the common good," Mr. LaSorda said.  "We at
Chrysler have a stake in Toledo being a vital city, and we're
pleased at the ongoing progress."

Overall, the Toledo Machining investment will enhance Chrysler's
ability to offer the highest quality products and advanced
technical expertise.

"This is an important day for the future of the UAW and
Chrysler, and in particular for the continued competitiveness of
our team here in the State of Ohio," General Holiefield, UAW
Vice President, who directs the union's Chrysler Department,
said.  "This investment is a significant step toward realizing
our vision to see this company and our union grow this business
and be competitive for the long run."

"Chrysler is the largest manufacturing employer and one of the
best corporate citizens in Wood County," Tom Blaha, Executive
Director of the Wood County Economic Development Commission,
said.  "This investment is a testament to the hard working men
and women at Toledo Machining."

The Toledo Machining Plant is located in Perrysburg, Ohio.  The
plant covers 1.2 million square feet and employs 1,530.
Employees at the plant are represented by UAW Local #1435.  The
plant builds steering columns and torque converters for vehicles
across the Chrysler, Jeep(R), Dodge product line.

Chrysler, a good neighbor and good citizen, sponsors various
community events through its philanthropic arm, The Chrysler
Foundation, including the Art Tatum Jazz Heritage Festival,
Toledo Urban League, City's Youth Entrepreneur Program, Toledo
Opera, the Toledo Museum of Art, Valentine Theatre and the
Diamante Awards.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007.  S&P
said the outlook is negative.


CONSTELLATION BRANDS: Selling Three Wine Brands for US$134 Mil.
---------------------------------------------------------------
Constellation Brands Inc. has entered into an agreement to sell
the Almaden and Inglenook wine brands, and the Paul Masson
winery located in Madera, California, to The Wine Group LLC for
US$134 million in cash, subject to closing adjustments.

Close of the transaction is subject to routine and customary
regulatory review, and is expected by the end of Constellation's
fiscal year on Feb. 29, 2008.

"This transaction, when coupled with the recent acquisition of
Clos du Bois, the number one super-premium U.S. wine brand, will
allow our wine sales forces to focus on selling higher-growth,
higher-margin premium wines," Rob Sands, Constellation Brands
president and chief executive officer, said.  "This change also
demonstrates our commitment to improve return on invested
capital."

"Almaden and Inglenook are table wines which retail for less
than US$3 per 750 ml bottle equivalent," Mr. Sands added.  "The
Mission Bell Winery, also in Madera, California, will be
retained and allows the company to increase premium wine
production in California's important San Joaquin Valley wine
producing region.  This winery will also provide wine production
services to The Wine Group for a period of time on a contract
basis."

The transaction is expected to result in a pre-tax loss of
approximately US$27 million or an after-tax loss of US$0.13
diluted earnings per share on a reported basis, and will be
excluded from the company's comparable basis earnings per share.
The loss on the disposal is driven by the higher write-off of
goodwill unrelated to these brands as required by generally
accepted accounting principles in the U.S. and the low tax basis
associated with goodwill.

Proceeds from the transaction will be used to reduce borrowings.
The impact of this transaction is expected to be slightly
dilutive to ongoing reported basis and comparable basis diluted
earnings per share for fiscal 2009.  The Almaden and Inglenook
wine brands are expected to generate approximately
US$130 million of net sales for fiscal 2008, and represent
approximately 10 million 9-liter cases of the company's U.S.
wine volume.

The proceeds from this transaction do not impact free cash flow,
and therefore the company's free cash flow guidance for fiscal
2008 remains unchanged at US$280-US$300 million.

                 About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- has more than 250
brands in its portfolio, sales in approximately 150 countries
and operates approximately 60 wineries, distilleries and
distribution facilities.  The company has market presence in
the U.K., Australia, Canada, New Zealand; Mexico.

Barton Brands Ltd. is the spirits division of Constellation
Brands Inc. is a producer, importer and exporter of a wide range
of spirits products, including brands such as Black Velvet
Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen
vodka.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 3, 2007,
Fitch Ratings assigned a 'BB-' rating to a note registered by
Constellation Brands Inc. to fund the purchase price of Beam
Wine Estates Inc., a subsidiary of Fortune Brands Inc: US$500
million 8.375% senior unsecured note due Dec. 15, 2014.  Fitch
said the rating outlook is negative.


DIAN NOMINEES: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on December 14, 2007, the members
and creditors of Dian Nominees Pty Ltd resolved to voluntarily
wind up the company's operations.

Gregory Stuart Andrews of G S Andrews & Associates was then
appointed as liquidator.

The Liquidator can be reached at:

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

                      About Dian Nominees

Dian Nominees Pty Ltd, which is also trading as Mallop Doors, is
involved with millwork business.  The company is located at
Bayswater, in Victoria, Australia.


DUXTRON PTY: To Declare First Dividend on January 30
----------------------------------------------------
Duxtron Pty. Ltd., which is in liquidation, will declare its
first dividend on January 30, 2008.

Creditors are required to file their proofs of debt today,
January 29, 2008, for them to be included on the company's
dividend distribution.

The company's liquidator is:

          Barry Keith Taylor
          B. K. Taylor & Co.
          8/608 St. Kilda Road
          Melbourne, Victoria 3004
          Australia

                       About Duxtron Pty

Duxtron Pty Ltd is a distributor of durable goods.  The company
is located at Ballarat, in Victoria, Australia.


FORTESCUE METALS: Says Pilbara Final Forecast Cost is AU$2.70BB
---------------------------------------------------------------
Fortescue Metals Group Ltd said that its planned first shipment
of iron ore from its Pilbara ore and infrastructure project
remains on schedule for mid-May with overall project completion
at 82%, the Sydney Morning Herald reports.

According to the Australian Associated Press, Fortescue said the
project final forecast cost is AU$2.699 billion, which is an
increase of AU$17 million from the forecast during the previous
period.  During the month, AAP notes, there was also a draw on
contingency of AU$22 million.

The combined increase of AU$39 million, SMH explains, came from
scope changes at Port Hedland worth AU$24.5 million, additional
costs of AU$10 million and AU$4 million for port power supply
costs.

Fortescue said port works at the project were 87% advanced, mine
sight works were 75% complete, and rail works were 79% complete,
SMH relates.  Fortescue informed the press that there are no
material delays to the project this month.

According to AAP, Fortescue Chief Executive Officer Andrew
Forrest, during the company's annual meeting, tipped cost
overruns at the Pilbara project of two to three per cent.

                   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: S&P Affirms BB Corp. Credit Rating; Outlook Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings and
outlook on Seattle, Washington-based visual imagery company
Getty Images Inc., including its 'BB' corporate credit rating,
following the company's announcement that it is exploring
strategic alternatives.  The outlook is negative.

"We believe that a sale of the company could potentially result
in a weakened credit profile, but that current unfavorable
economic and credit market conditions suggest a lower
probability of a transaction within the next three months," said
S&P's credit analyst Tulip Lim.

The ratings on Getty Images reflect risks related to its limited
business diversity, its reliance on sales to the cyclical
advertising and publishing industries, the trend of organic
revenue decline, and secular pressures related to the
unfavorable economics of digital migration.  The company's good
competitive position in the niche market for generic (or stock)
visual imagery, solid discretionary cash flow generation, and
low leverage partially offset these risks.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.


GILLESPIE INVESTMENTS: Undergoes Liquidation Proceedings
--------------------------------------------------------
On December 14, 2007, the members of Gillespie Investments Pty
Ltd resolved to voluntarily wind up the company's operations.

                   About Gillespie Investments

Located at Hawthorn, in Victoria, Australia, Gillespie
Investments Pty Ltd is an investor relation company.


J. & D.A. FRITH FAMILY: Members Resolve to Liquidate Business
-------------------------------------------------------------
The members of J. & D.A. Frith Family Investments Pty. Ltd. met
on December 14, 2007, and agreed to voluntarily wind up the
company's operations.

Anthony Robert Cant and Simon Patrick Nelson were then appointed
as liquidators.

The Liquidators can be reached at:

          Anthony Robert Cant
          Simon Patrick Nelson
          Romanis Cant, Chartered Accountants
          106 Hardware Street
          Melbourne
          Australia

                        About J. & D.A.

Located at Daylesford, in Victoria, Australia, J. & D.A. Frith
Family Investments Pty Ltd is an investor relation company.


JASPAL ELECTRIC: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary general meeting held on December 10, 2008,
the members of Jaspal Electric Pty Ltd resolved to voluntarily
wind up the company's operations.

William Bernard Abeyratne and Loke Ching Wong were then
appointed as liquidators.

The Liquidators can be reached at:

          William Bernard Abeyratne
          Loke Ching Wong
          c/o Harrisons Insolvency
          Level 5, 150 Albert Road
          South Melbourne, Victoria 3205
          Australia
          Telephone:(03) 9696 2885

                       About Jaspal Electric

Jaspal Electric Pty Ltd is involved with electrical work.  The
company is located at Taylors Lakes, in Victoria, Australia.


KELDON HOLDINGS: To Declare First Dividend on January 30
--------------------------------------------------------
Keldon Holdings Pty. Ltd. will declare its first dividend on
January 30, 2008.

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

The company's liquidator is:

          Leigh Dudman
          B. K. Taylor & Co.
          8/608 St. Kilda Road
          Melbourne, Victoria 3004
          Australia

                     About Keldon Holdings

Keldon Holdings Pty Ltd is involved in the business of trusts,
except educational, religious, and charitable trusts.  The
company is located at North Bondi, in New South Wales,
Australia.


SEVEN STAR: Members' Final Meeting Slated for February 14
---------------------------------------------------------
The members of Seven Star (International) Pty Ltd will have
their final meeting on February 14, 2008, at 10:30 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

           B. J. Marchesi
           Bent & Cougle Pty Ltd
           Chartered Accountants
           Level 5, 332 St Kilda Road
           Melbourne, Victoria 3004
           Australia

                       About Seven Star

Seven Star (International) Pty Ltd operates investment offices.
The company is located at Northcote, in Victoria, Australia.


SYMBION: Healthscope and Primary to Start Consolidation Talks
-------------------------------------------------------------
Healthscope Ltd and Primary Health Care Ltd will begin
negotiations within days for the carve-up of Symbion Health
Ltd.'s pathology, radiology and medical centers, the Sydney
Morning Herald reports.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 18, 2007, Symbion had refused to let Healthscope and
Primary talk to each other before January 26 about breaking a
stalemate in their rival takeover ambitions.

Now, the temporary contractual restriction against Healthscope
has been lifted, and Healthscope and Primary are now free to
talk and are expected to begin discussions as soon as possible,
SMH says.

Primary, which has made a AU$4.10 cash offer for Symbion, is
expected to further extend its bid past its current February 7
deadline as talks are held, SMH notes.  Primary, SMH explains,
holds 44.06% of Symbion's stock, while Healthscope has voting
power over 11.9%.

SMH cites Merrill Lynch health-care analyst Matthew Prior as
saying that he expects a resolution to the AU$2.7-billion tussle
in the next month.

"The recent market weakness has assisted Primary in gaining
accelerated acceptance for its AU$4.10 cash bid for Symbion,"
Mr. Prior wrote in a note to clients late last week, SMH notes.
"In the coming days, if Primary approaches 50 per cent
acceptance, we would not be surprised to see the Symbion board
support its offer."

However, the report relates, Symbion reiterated late on Friday
that its shareholders should not accept Primary's AU$4.10-a-
share offer, after Primary made a renewed attempt to attract
support by citing sharemarket uncertainties and breaches of bid
conditions that allow it to walk away from the offer.

SMH cites a supplementary bidder's statement released late on
Thursday as indicating that Primary said Symbion shareholders
should accept its cash offer, partly because it provided
security in an uncertain market.  Primary also said the failure
of its bid might cause a downturn in Symbion's share price,
which it said was being supported by its bid.  Primary further
noted that the recent decline in the ASX 200 index had triggered
a clause in its bid, giving it the right to walk away if the
market falls more than 15% from the date it announced its offer.

The breach means that the underwriters of Primary's
AU$1.41-billion equity raising to fund the acquisition -- Credit
Suisse, ABN Amro Rothschild and Deutsche Bank -- can walk away,
SMH explains.  Primary said the banks have not yet decided to
terminate their obligations but retain the right to do so.

However, Primary said it remained committed to the bid and would
provide an update to the market about the status of the
conditions of its offer on Wednesday, SMH writes.

                     About Symbion Health

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

                       *     *     *

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


ZINIFEX LTD: Reports Rise in 1st Quarter Zinc and Lead Output
-------------------------------------------------------------
Zinifex Ltd recorded positive first quarter production results,
Jamie Freed of the Sydney Morning Herald.

Zinifex produced 147,288 tonnes of zinc and 18,863 tonnes of
lead in the December quarter, up from 143,116 tonnes of zinc and
14,565 tonnes of lead it produced in the same period in 2006.

Herald Sun relates that for the half-year period to December
2007, Zinifex lifted zinc production by 8% to 301,274 tonnes,
while lead output rose 12% to 37,406 tonnes.

The Century mine in northwest Queensland, Herald Sun says, was a
major contributor, producing 463,600 tonnes of zinc concentrate
and 40,459 tonnes of lead concentrate in the half-year period.

SMH quotes UBS analyst Glyn Lawcock as saying that the result
"was about 4% ahead of our expectations."

According to SMH, the price of zinc plunged last year, finishing
38% lower in the December quarter than in the same period a year
earlier.  Zinc prices, according to Herald Sun, averaged
US$2,623 a tonne in the December quarter.

SMH relates that Zinifex, which recently sold its smelters, said
the market appeared to be expecting that new zinc supply would
enter the market this year, returning it to a surplus.  The
company also noted that there was growing uncertainty over the
state of the U.S. economy.

Zinifex's acting chief executive officer, Tony Barnes, assured
that shareholders demand remained healthy, especially from
China, the report notes.  "We believe markets have already
priced in an appropriate zinc price correction in response to
the most pessimistic of forward outlooks," Mr. Barnes said.

According to Reuters, Zinifex said that price volatility in zinc
markets was making it difficult for miners and smelting
companies to agree on treatment fees for 2008.  Reuters explains
that the fees to process concentrates supplied by miners into
refined zinc are a major source of revenue for smelting
companies, such as Belgium's Nyrstar NYR,BR, which was formed
last year through the merger of the smelting assets of Zinifex
and Umicore of Belgium.

SMH notes that Zinifex was in the middle of negotiations over
smelter treatment charges for its zinc concentrate.  The report
explains that although Zinifex used to treat the bulk of its
concentrate at its own smelters, it always priced into its
financial results a market-level treatment charge to allow it to
compare the mining and smelting businesses independently.  This
year, Zinifex will sell most of its concentrate to Nyrstar and
will help set the benchmark price of treatment charges.

SMH adds that copper treatment charges have fallen this year,
but the copper concentrate market is much tighter than the zinc
concentrate market.

Zinifex said the smelter sale had helped give it a AU$2-billion
"war chest" for acquisitions, including its current
AU$775-million cash offer for Allegiance Mines, SMH notes
further.

                     About Zinifex Ltd.

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


                      *     *     *

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


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

AGRICULTURAL BANK: Would Seek IPO Within Three Years
----------------------------------------------------
The Agricultural Bank of China would offer shares to the public
within three years, China Knowledge reports, citing the bank's
governor, Xiang Junbo, as saying at a work conference.

According to the report, while Agricultural Bank outlined the
time frame for its listing, it didn't provide details about how
the government plans to recapitalize the bank.

China Knowledge notes Mr. Xiang as adding that they plan to see
Agricultural Bank as becoming a world-famous lender by 2012 and
a China-focused modern bank with global operations by 2017.


The Agricultural Bank of China --
http://www.abchina.com/en/hq/index.jsp/index.html-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of 2006.

According to XFN-Asia, at the end of September 2007,
Agricultural Bank had outstanding loans of CNY3.44 trillion, of
which 22.11% were bad loans.

The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


BALL CORP: Reports US$281.3 Million 2007 Full Year Earnings
-----------------------------------------------------------
Ball Corporation has reported full-year 2007 net earnings of
US$281.3 million, or US$2.74 per diluted share, on sales of
US$7.39 billion, compared to US$329.6 million, or US$3.14 per
diluted share, on sales of US$6.62 billion in 2006.

Fourth quarter 2007 net earnings were US$33.3 million, or 33
cents per diluted share, on sales of US$1.76 billion, compared
to US$48.3 million, or 46 cents per diluted share, on sales of
US$1.59 billion in the fourth quarter of 2006.

In both 2007 and 2006 results included costs from business
consolidation activities and significant non-operating items.
Fourth quarter 2007 results included net after-tax costs of
approximately US$27 million, or 27 cents per diluted share, for
business consolidation primarily in the company's food and
household products packaging, Americas, segment.  Full-year 2007
results included the fourth quarter business consolidation costs
and a third quarter after-tax charge of US$51.8 million, or 50
cents per diluted share, related to a customer settlement.

Fourth quarter 2006 results included net after-tax costs of
US$20.2 million, or 19 cents per diluted share, from business
consolidation activities, reduced by a one-time tax gain.  Full-
year 2006 results included property insurance proceeds resulting
from a fire at a plant in Germany, offset by business
consolidation costs, for a net after-tax gain of
US$25.6 million, or 24 cents per diluted share.

Chairperson, president and chief executive officer, R. David
Hoover said "2007 was a record year for Ball in terms of
operating results."

"On a comparable basis, our diluted earnings per share were
US$3.50 in 2007, up 21 percent from our previous record of
US$2.90 in 2006.  This came despite a difficult fourth quarter
comparison where, also on a comparable basis, we earned 60 cents
per diluted share in the period in 2007 versus 65 cents in the
fourth quarter of 2006," Mr. Hoover said.

"While we generally are pleased with our results from 2007, we
have identified and are executing on numerous initiatives that
we believe will lead to further improvements in 2008 and better
position us for the longer term," Mr. Hoover said.  "Earlier
this week our board of directors elected John A. Hayes as
executive vice president and chief operating officer of Ball
Corporation. John has done a superior job of leading our
operations in Europe in recent years.  We look forward to having
him as chief operating officer for all of our businesses."

             Metal Beverage Packaging, Americas

Metal beverage packaging, Americas, segment operating earnings
were US$213.6 million in 2007 on sales of US$2.76 billion,
including an US$85.6 million charge for a customer settlement,
compared to US$269.4 million on sales of US$2.60 billion in
2006.  For the fourth quarter, earnings were US$57.8 million on
sales of US$666.6 million in 2007, compared to US$75.9 million
on sales of US$611.9 million in 2006.

"Continued strong demand for specialty size cans contributed to
overall results in our metal beverage packaging, Americas,
segment in 2007," Mr. Hoover said.  "Work is progressing on
schedule to install a new 24-ounce can production line in our
Monticello, Indiana, beverage can plant.  That capacity will
come on stream later this year to help us keep up with the
growing demand for that particular container, primarily for
energy drinks and beer."

Ball Corp.'s board of directors approved yesterday the
corporation's participation in a one-line metal beverage
container plant in southeastern Brazil.  The plant will be part
of Latapack-Ball Embalagens, Ltda., the company's 50-50 joint
venture can company in Brazil.  Its capacity will be 900 million
cans per year and can be expanded to 2 billion cans per year as
demand grows.  The plant will be financed entirely by cash flows
from the joint venture, and production is expected to begin in
mid-2009.

            Metal Beverage Packaging, Europe/Asia

Metal beverage packaging, Europe/Asia, segment results in 2007
were operating earnings of US$256.1 million on sales of
US$1.9 billion, compared to US$268.7 million on sales of
US$1.51 billion in 2006, which included a pre-tax property
insurance gain of US$75.5 million related to a fire in a German
plant.  For the fourth quarter, operating earnings in 2007 were
US$37.6 million on sales of US$455.5 million, compared to
US$33 million on sales of US$352.6 million in the fourth quarter
of 2006.

Ball Corp. announced today plans to build a new beverage can
manufacturing plant in Poland in order to meet the rapidly
growing demand for beverage cans there and elsewhere in Central
and Eastern Europe.  The plant will be built in Lublin, near the
borders of Belarus and Ukraine.  It will initially have one
production line with an annual capacity of approximately 750
million cans per year and is expected to begin production in the
first half of 2009.

"Our metal beverage packaging, Europe/Asia, segment had a strong
2007, with improved results throughout Europe and in China, and
we have numerous growth opportunities," Mr. Hoover said.  "We
currently are speeding up certain production lines in Germany
and Poland in advance of the busy 2008 summer selling season.
In addition, during the fourth quarter of 2007 we announced
plans for a beverage can plant in India that will use existing
manufacturing equipment."

     Metal Food & Household Products Packaging, Americas

Metal food and household products packaging, Americas, segment
results for 2007 were a loss of US$8 million on sales of
US$1.18 billion, including business consolidation costs of
US$44.2 million, compared to US$2.4 million on sales of
US$1.14 billion in 2006.  For the fourth quarter of 2007,
segment results were a loss of US$33.4 million on sales of
US$271.1 million, compared to a loss of US$23.2 million on sales
of US$288.1 million in the same period of 2006.  The fourth
quarter and full-year 2007 results included business
consolidation costs of US$44.2 million.  The fourth quarter and
full-year 2006 results include business consolidation costs of
US$33.8 million and US$35.5 million, respectively.

"Work has begun on the further restructuring announced early in
the fourth quarter of our metal food and household products
packaging, Americas, segment," Mr. Hoover said.  "The
restructuring plan includes closing aerosol can production
plants in California and Georgia and exiting the custom and
decorative tinplate can business.  Even though the anticipated
annualized cost savings of US$15 million from this restructuring
are not expected until 2009, we believe other improvements we
have already made and continue to make in pricing and operating
efficiencies will lead to much improved performance in this
segment in 2008."

                 Plastic Packaging, Americas

Plastic packaging, Americas, segment results for 2007 were
operating earnings of US$25.9 million on sales of
US$752.4 million, compared to US$28.3 million on sales of
US$693.6 million in 2006.  For the fourth quarter, earnings in
2007 were US$8.8 million on sales of US$172.1 million, compared
to US$10 million on sales of US$172.6 million for the same
period in 2006.

"Plastic packaging, Americas, segment results were down slightly
in 2007 from 2006 and are at unacceptable levels," Mr. Hoover
said.  "We will continue to emphasize our heat set and other
higher margin plastic containers while pursuing price increases
for commodity plastic containers for water and carbonated soft
drinks, where returns are well below our cost of capital and
must improve."

                 Aerospace and Technologies

Aerospace and Technologies segment results were operating
earnings of US$64.6 million on sales of US$787.8 million in
2007, compared to US$50 million on sales of US$672.3 million in
2006.  For the fourth quarter, earnings were US$11.1 million on
sales of US$190.9.  Fourth quarter 2006 earnings were
US$16.7 million on sales of US$166.6 million.

"Our aerospace and technologies segment enjoyed an outstanding
year in 2007, even though fourth quarter results were down from
a year ago," Mr. Hoover said.  "We have several large projects,
such as the WorldView 2 satellite for DigitalGlobe, in progress
and are competing for several other large contracts. The market
continues to hold strong demand for the products and
technologies for which we are most recognized."

                           Outlook

Raymond J. Seabrook, executive vice president and chief
financial officer, said adjusted free cash flow for 2007 was
US$440 million and that 2008 free cash flow will be lower due to
higher cash taxes, a one-time after-tax payment of US$42 million
for the customer settlement reached in the third quarter of 2007
and higher 2008 capital expenditures, offset partially by a
reduction in working capital.

"In part due to lower than expected capital expenditures in 2007
which will be spent in 2008, and due to growth projects in the
company's worldwide beverage can business, we expect capital
spending to exceed US$300 million in 2008," Mr. Seabrook said.
"Approximately 75 percent of our anticipated capital spending
will be in our beverage can segments, with more than US$150
million of the total earmarked for top-line growth projects.
Cost reduction and maintenance capital spending for the total
company should be approximately 60 percent of overall
depreciation.

"Our credit profile remains strong with net debt at the end of
2007 at US$2.2 billion.  This strong credit profile should allow
us to repurchase approximately US$300 million of our common
stock in 2008, including the accelerated share buyback program
we announced in December," Mr. Seabrook said.

"We are optimistic about 2008," Mr. Hoover said.  "We are
focused on getting results in our food and household products
packaging and plastic packaging segments to more acceptable
levels.

"We have attractive opportunities for growth in our beverage can
operations worldwide, and much of our capital spending will be
directed at these opportunities.  Our aerospace and technologies
segment is coming off of a remarkable record year that will be
difficult to duplicate, but results in 2008 should remain
strong," Mr. Hoover said.

"For full year 2008 we will work hard to achieve greater than
the US$3.50 per diluted share we made in 2007, excluding
restructuring and customer settlement costs," Mr. Hoover said.

                      About Ball Corp.

Headquartered in Broomfield, Colorado, Ball Corp. --
http://www.ball.com/-- is a supplier of high-quality metal and
plastic packaging products.  It owns Ball Aerospace &
Technologies Corp. -- a developer of sensors, spacecraft,
systems and components for government and commercial customers.
Ball Corp. reported sales of US$7.4 billion in 2007 and the
company employs about 15,500 people worldwide, including
Argentina, Hong Kong and China.

                        *     *     *

As of July 30, 2007, the company holds Moody's Ba1 long-term
corporate family rating, bank loan debt, senior unsecured debt,
and probability of default rating.  Moody's said the outlook is
stable.

Standard & Poor's rates the company's long-term foreign and
local issuer credits at BB+ with a stable outlook.

Fitch also rates the company's bank loan debt at BB+ and long-
term issuer default rating and senior unsecured debt at BB.
Fitch said the outlook is stable.


BILLION METRO: Members Set Final Meeting on February 18
-------------------------------------------------------
The members of Billion Metro Investment Limited will have their
final general meeting on February 18, 2008, at 2-4 Dai Fat
Street, Tai Po Industrial Estate, in Tai Po New Territories, to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is Ng Lai Ching.


EVERICH CREATION: Court to Hear Wind-Up Petition on Jan. 30
-----------------------------------------------------------
On November 26, 2007, Nice Theme Limited, filed a petition to
have Everich Creation Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
January 30, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Tanner De Witt
          1806, Tower Two, Lippo Centre
          89 Queensway, Hong Kong


FIAT SPA: Moody's Affirms Ba1 Corp. Family Rating; Outlook Pos.
---------------------------------------------------------------
Moody's Investors Service has affirmed Fiat SpA's Ba1 Corporate
Family Rating, and the group's other long-term senior unsecured
ratings.  At the same time, the positive outlook was maintained.
The short term Not Prime rating remains unchanged.

Moody's Senior Vice President and the lead analyst for the
European automotive sector, Falk Frey said:  "In 2007 Fiat
continued on its successful path towards a sustainable recovery
of its financial profile mainly driven by further operating
improvements at Fiat Group Automobiles but also higher
contributions from all other industrial businesses in particular
Iveco and CNH.  This strong performance of Fiat is very much in
line with Moody's expectations of late August when we changed
our outlook to positive on the rating"

Mr. Frey went on to say, "Moody's believes that 2008 might be
more challenging for Fiat, as a weakness in the overall economy
and the strengthening competitive landscape could slow down the
strong growth observed in the last few years.  Should Fiat be
able to sustain its market share performance achieved in Europe
last year also during 2008 while at least consolidating the
level of operating profitability reached in 2007, the ratings
could be upgraded to investment grade over the next 6 to 12
months."

Moody's says that the positive outlook is based on the
expectation that the company is well positioned to sustain the
current momentum, benefiting from (i) the strong demand of the
Fiat 500 launched in Q3 2007, (ii) a gradual overhaul of its
Alfa Romeo and Lancia models, (iii) an ongoing improvement of
Fiat Group Automobiles' dealer network as well as (iv) ongoing
efficiency gains.  Moody's nonetheless notes that company's
performance may no longer be aided by the favourable 2007
environment, notably in the company's core markets, but that the
heavy restructuring engaged by the company in the past years
should mitigate this possible headwind.

As Moody's outlined in its last press release dated
Aug. 22, 2007, the possibility of another positive rating change
as indicated by the positive outlook would be mainly dependent
on Fiat's ability to demonstrate the robustness of its current
business model in a more challenging market environment in 2008.
Among those challenges are Fiat's ability (i) to maintain
positive market share trend in Western Europe and Latin America,
Fiat's principal markets and (ii) to further solidify the
profitability and cash flows which will be necessary to fund
rising capital expenditure needs in order to keep a robust and
steady renewal rate.  In Moody's view, this sustained
development is a key factor to sustain the regained strength in
the company's competitive position and a factor where Fiat has
to close the gap compared to its direct peers.  A successful
execution of these challenges should go in line with a
trajectory of credit metrics towards RCF/Net debt above 50%,
which is one of the metrics expected from Baa Automotive
credits.

Moody's last rating action on Fiat SpA was an upgrade of the
Corporate Family Rating to Ba1 with a positive outlook from Ba2
on Aug. 22, 2007.

                      About Fiat S.p.A.

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

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


GALAWELL INVESTMENT: Members Set Final Meeting on February 18
-------------------------------------------------------------
The members of Galawell Investment Limited will have their final
general meeting on February 18, 2008, at 2-4 Dai Fat Street, Tai
Po Industrial Estate, in Tai Po New Territories to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is Ng Lai Ching.


HEXCEL CORP: Net Income Down to US$13-Million in Fourth Quarter
---------------------------------------------------------------
Hexcel Corporation reported results for the fourth quarter and
full year of 2007.  Net sales from continuing operations during
the quarter were US$317.6 million, 20.8% higher than the
US$262.9 million reported for the fourth quarter of 2006.
Related operating income for the fourth quarter was US$20.8
million, compared to US$17.5 million for the same quarter last
year.

Included within the 2007 operating income figure is US$9.4
million of pension settlement expense associated with the
termination of Hexcel's U.S. defined benefit pension plan and
US$3.2 million of impairment costs on certain purchased
technology and fixed assets, incurred as part of its portfolio
realignment.  Net income from continuing operations for the
fourth quarter of 2007 was US$13.0 million compared to US$17.7
million in 2006.  Net income from continuing operations for the
fourth quarter of 2007 was US$0.20 per share excluding one-time
items of the termination of Hexcel's U.S. defined pension plan,
the impairment costs and favorable tax adjustments.  Net income
for the fourth quarter of 2006 included the benefit from an
after-tax gain of US$9.6 million on the sale of a joint venture
interest.  Adjusted net income in the fourth quarter of 2006 was
US$6.9 million.

Chief Executive Officer David E. Berges commented, "This was a
very good closing quarter to a successful year of significant
transition for Hexcel.  Fourth quarter sales were at record
levels, led by the extremely strong growth in revenues from
aerospace (both commercial and defense) and assisted by strong
sales in the wind energy markets.  Our diluted earnings per
share for the quarter were a solid US$0.20 excluding the one-
time items, as compared to US$0.08 last year."

"For the year, we not only met all of our financial targets, we
accomplished or made great progress on all of our strategic
goals.  Our portfolio realignment is now complete and has
resulted in a more focused Company with better long-term growth
prospects.  Over 80% of our markets and submarkets delivered
double digit growth this year and have the potential to continue
doing so for years to come.  Our restructuring programs have
resulted in a single, lean entity, down from three business
units in 2005.  Our capacity expansion programs are all on
track, new product introductions are being embraced and we are
well positioned for the A350XWB."

"Despite the distractions presented by the restructuring and
business sale transactions, we are pleased with our financial
progress, particularly in the second half.  Adjusted operating
income margin was up for the fourth year in a row, at 11.5% of
sales, 40 basis points better than 2006, despite 30 basis points
of compression from exchange rates.  We have also achieved our
longstanding goal of reducing our net debt to EBITDA leverage
ratio below two times."

"As described in our 2008 Outlook, published in December 2007,
we expect the good growth trends to continue through at least
the next three years, thanks to sustained increases in wind
energy markets and in aircraft production, plus incremental new
programs from customers such as at Airbus, Boeing and USEC.  We
expect continued improvement of our financial performance.
While the impact of the recently announced delays of the 787
have not yet been determined, we are targeting to offset any
negative effects and do not expect it to cause a change in our
2008 earnings outlook of US$0.90 to US$0.95 per diluted share."

                     About Hexcel Corp.

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter on April 5, 2007,
Moody's Investors Service has raised the ratings of Hexcel
Corporation, Corporate Family Rating to Ba3 from B1.  The
ratings on Hexcel's senior secured credit facility have been
upgraded to Ba1 from Ba2, while the subordinated notes ratings
were upgraded to B1 from B3.  Moody's said the ratings outlook
is stable.


HK ASSOCIATION OF PATHOLOGY: Commences Liquidation Proceedings
--------------------------------------------------------------
Hong Kong Association of Pathology Directors Limited commenced
liquidation proceedings on January 16, 2008.

The company's liquidator is:

          Lee Chee Wah
          Room 3501, 35th Floor
          Gloucester Tower
          The Landmark
          15 Queen's Road Central
          Hong Kong


HONG KONG & KOWLOON: Members Meeting Fixed for Feb. 20
------------------------------------------------------
The members of Hong Kong & Kowloon Sun Hing Clansmen General
United Association Limited will have their final general meeting
on February 20, 2008, at 33rd Floor, Hanson House, 794-802
Nathan Road, 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 Leung, Kai Ming.


HUMBERT MANUFACTURING: Members Meeting Fixed for Feb. 19
--------------------------------------------------------
The members of Humbert Manufacturing Company Limited will have
their final general meeting on February 19, 2008, at Room 1520,
15th Floor Leighton Centre, 77 Leighton Road, Causeway Bay, in
Hong Kong, to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is Chung, Yau Yan Sammy.


MAXLAND COMPUTER: Court to Hear Wind-Up Petition on Feb. 27
-----------------------------------------------------------
On December 27, 2007, Industrial and Commercial bank of China
(Asia) Limited, filed a petition to have Maxland Computer
Systems Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
February 27, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Ho and Wong
          Rooms 1408-1411
          14th Floor China Merchants Tower
          Shun Tak Centre
          168-200 Connaught Road Central
          Hong Kong


NIHON (HONG KONG): Members Meeting Fixed for Feb. 19
----------------------------------------------------
The members of Nihon (Hong Kong) Company Limited will have their
final general meeting on February 19, 2008, at 35th Floor, One
Pacific Place, 88 Queensway, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are Lai Kar Yan, Derek and Darach
Eoghan Haughhey.


PETROLEOS DE VENEZUELA: Oil Output Drops 148,000 bpd in 2007
------------------------------------------------------------
As published by the Organization of Petroleum Exporting
Countries, El Univeral reports that Venezuela's oil production
has declined to 148,000 barrels per day with an average of 2.39
million bpd.

OPEC has recorded a decrease in January to September, although
the production picked up in the last 2007 quarter, the same
paper states.

Based on the OPEC statistics, the country's oil output has
plunged for two consecutive year.  In 2007, Oil production fell
246,000 bpd from a peak of 2.63 million bpd in 2005, El
Universal relates.

According to the report, OPEC members that will cut production
were Venezuela, Nigeria, Libya, and Ecuador in a medium of
boosted output by most OPEC members.

                  About Petroleos de Venezuela

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

                        *     *     *

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


PROMINENCE REALTY: Pays Second and Final Dividend to Creditors
--------------------------------------------------------------
Prominence Realty (International) Limited, which is in voluntary
liquidation, paid second and final preferential dividend to its
creditors.

The company paid 7.6% on account of all received claims.

The company's liquidator is Anthony Nedderman.


TRW AUTOMOTIVE: Earns US$23 Mln in Third Quarter Ended Sept. 28
---------------------------------------------------------------
TRW Automotive Holdings Corp. reported net earnings of
US$23.0 million for the third quarter ended Sept. 28, 2007,
which compares to net earnings of US$5.0 million in the
corresponding period ended Sept. 29, 2006.

The company reported third-quarter 2007 sales of US$3.5 billion,
an increase of US$480.0 million or 16.0% over the prior year
period. The 2007 quarter benefited from higher customer vehicle
production in Europe and China, continued growth of safety
products in all markets (including a higher mix of lower margin
modules) and the positive effect of foreign currency
translation.  These positive factors were partially offset by
price reductions provided to customers.

"The growing market demand for our advanced active and passive
safety products is helping to drive our solid 2007 financial
performance," said John Plant, president and chief executive
officer.  "We have seen a 16.0 percent increase in total sales
related to electronic stability control, electric park brake,
electrically powered steering, tire pressure monitoring and side
and curtain airbag systems during the first nine months of the
year.

"In addition to the success of these products, we continue to
derive significant benefits from the diversity of having nearly
70.0% of sales outside the challenging North American market,
aggressive cost reduction efforts and interest savings
attributable to our 2007 debt recapitalization."

Mr. Plant added, "Safety continues to be a major focus of
manufacturers and governments seeking to reduce driving related
injuries and fatalities, and of consumers who want their
vehicles equipped with technology that can help protect their
families.  As the global leader in safety with the most
comprehensive portfolio of products on the market, we are at the
forefront of development and are recognized as a solution
provider, especially when it comes to integrated products that
encompass both active and passive safety technologies."

Operating income for third-quarter 2007 was US$95.0 million,
which compares favorably to US$82.0 million in the prior year
period. Restructuring and asset impairment expenses in the 2007
period were US$13.0 million, which compares to US$3.0 million in
2006. Excluding these expenses from both periods, operating
income was US$108.0 million in 2007, which represents an
increase of 27.0% compared to the 2006 adjusted result.

The year-to-year increase was driven primarily by higher product
volumes and savings generated from cost improvement and
efficiency programs, including reductions in pension and OPEB
related costs.  These positive factors were in part offset by
pricing provided to customers and higher commodity costs.

Net interest and securitization expense for the third quarter of
2007 totaled US$56.0 million, which compares to US$62.0 million
in the prior year.  The year-to-year decline can be attributed
to the benefits derived from the company's 2007 debt
recapitalization, which was completed during the second quarter
of this year.

Tax expense was US$18.0 million in both 2007 and 2006.  The
effective tax rate in the 2007 quarter was 44.0%, which compares
favorably to 78.0% in the prior year primarily due to a change
in the company's geographical earnings mix.

Earnings before interest, securitization costs, loss on
retirement of debt (where applicable), taxes, depreciation and
amortization, or EBITDA, were US$237.0 million in the third
quarter, which compares to the prior year level of
US$213.0 million.

                        Year-to-Date 2007

For the nine-month period ended Sept. 28, 2007, the company
reported sales of US$10.8 billion, an increase of
US$944.0 million or approximately 10.0% compared to prior year
sales of US$9.9 billion. The 2007 period benefited primarily
from higher product volumes related to new product growth,
robust industry sales in overseas markets and the positive
effect of foreign currency translation. These positive factors
were partially offset by the decline in North American customer
vehicle production and price reductions provided to customers.

Year-to-date 2007 net earnings were US$34.0 million, which
compares to US$143.0 million in the 2006 period.  Net earnings
excluding  debt retirement costs from both periods were
US$189.0 million, which compares to US$200.0 million in 2006.

EBITDA for the first nine months of 2007 was US$890.0 million,
which is lower than the prior year level of US$899.0 million,
primarily due to the lower level of operating income in the
current year.

                        Capital Structure

The company completed its debt recapitalization plan during the
second quarter of 2007.  Transactions related to the plan
included the refinancing of the company's US$2.5 billion credit
facilities on May 9, 2007.  Prior to this transaction, on
March 26, 2007, the company completed its US$1.5 billion Senior
Note offering and repurchased substantially all of the existing
US$1.3 billion Notes through a tender offer.  The company
incurred debt retirement charges of approximately
US$155.0 million during the year-to-date period related to these
transactions.

On Feb. 2, 2006, the company's wholly owned subsidiary, Lucas
Industries Limited, completed the tender for its outstanding GBP
94.6 million 10 7/8% bonds.  As a result of the transaction, the
company incurred a US$57.0 million charge for loss on retirement
of debt.

As of Sept. 28, 2007, the company had US$3.515 billion of debt
and US$486.0 million of cash and marketable securities,
resulting in net debt of US$3.029 billion.  This net debt
outcome, excluding the Receivable Facility repayment, is
US$144.0 million higher than the balance at the end of the
second quarter primarily due to the seasonal cash outflow in the
third quarter.

                         Balance Sheet

At Sept. 28, 2007, the company's consolidated balance sheet
showed US$11.93 billion in total assets, US$9.21 billion in
total liabilities, US$128,000 in minority interests, and
US$2.59 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 28, 2007, are available
for free at http://researcharchives.com/t/s?2764

                      About TRW Automotive

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trw.com/-- ranks among the
world's leading automotive suppliers.  The company, through its
subsidiaries, operates in 28 countries -- including China,
Brazil, Italy and Germany -- and employs approximately 63,800
people worldwide.  TRW Automotive products include integrated
vehicle control and driver assist systems, braking systems,
steering systems, suspension systems, occupant safety systems
(seat belts and airbags), electronics, engine components,
fastening systems and aftermarket replacement parts and
services.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 25, 2008,
Moody's Investors Service affirmed the ratings of TRW Automotive
Inc.: Corporate Family Rating, Ba2; senior secured bank credit
facilities, Baa3; and senior unsecured notes, Ba3, but revised
the rating outlook to negative from stable.

As reported in the Troubled Company Reporter on Oct. 2, 2007,
Fitch Ratings affirmed TRW Automotive Holdings Corp.'s BB Issuer
Default Rating.  It also affirmed TRW Automotive Inc.'s BB
Issuer Default Rating.  The Rating Outlook is Stable.


WAYRISE LIMITED: Members Set Final Meeting on February 18
---------------------------------------------------------
The members of Wayrise Limited will have their final general
meeting on February 18, 2008, at 7th Floor, San Toi Building,
139 Connaught Road Central, in Hong Kong, to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are Chow Sheung Bing and Keung Sai
Tung.


YIU TING: Members Set Final Meeting on February 18
---------------------------------------------------
The members of Yiu Ting Company Limited will have their final
general meeting on February 18, 2008, at Room 803, Harvest
Building, 29-35 Wing Kut Street, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is Wu Wallen.


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

ANDHRA CEMENTS: Profit Soars to INR182MM in  Qtr. Ended Dec. 31
---------------------------------------------------------------
Andhra Cements Ltd, in the three months ended Dec. 31, 2007,
reported a net profit of INR182.4 million, more than five times
the INR32.1-million earned in the same quarter in 2006.

The improved bottom line comes with the rising revenues and the
dip in interest charges.

Total income in the Oct.-Dec. quarter rose to INR905.6 million
from 2006's INR518 million.  With operating expenses of
INR706.8 million, the company booked an operating profit of
INR198.8 million in the quarter ended Dec. 31, 2007.

Interest charges slid from INR35.7 million in the Oct.-Dec. 2006
to INR13.7 million in the latest quarter under review.

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

              http://ResearchArchives.com/t/s?2776

Headquartered in Guntur, India, Andhra Cements Limited,
manufactures and distributes cement.  Andhra is part of the
Kolkata-based Duncan Goenka group.  The original promoter of
Andhra Cements handed over the reins to Goenka in 1994 when the
company was under the Board for Industrial and Financial
Reconstruction's purview.

Andhra Cements had been operating under the sanctioned
rehabilitation scheme of the BIFR dated June 16, 1994.  The
scheme is presently under revision.


GERDAU SA: Chaparral Steel Acquisition is Biggest Takeover Deal
---------------------------------------------------------------
PricewaterhouseCoopers said in a report that Gerdau SA's
acquisition of U.S. firm Chaparral Steel was the biggest
takeover transaction by a Brazilian company last year.

Business News Americas relates that Gerdau unit Gerdau
Ameristeel closed the deal to buy Chaparral Steel for US$4.22
billion in September 2007.

Meanwhile, Gerdau's accord to buy US-based Quanex Corp.'s steel
mill operation Macsteel for US$1.70 billion was also listed in
the 2007 ranking.

According to PricewterhouseCoopers' report, Gerdau also figures
among the Brazilian companies that conducted 10 or more mergers
or acquisitions last year.

Headquartered in Porto Alegre, Brazil, Gerdau SA
-- http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

As reported in the Troubled Company Reporter-Latin America on
Nov. 26, 2007, Moody's Investors Service affirmed Gerdau S.A.'s
Ba1 corporate family rating and stable outlook, following the
announcement of an agreement to acquire the specialty steel
operations of Quanex Corporation, mainly represented by its
MacSteel division for some US$1.46 billion in cash.  All other
ratings related to the company were affirmed.

Ratings affirmed are:

Issuer: Gerdau S.A.

-- Ba1 Global Local Currency Corporate Family Rating

-- US$600 million Senior Unsecured Guaranteed Perpetual Notes:
    Ba1 Foreign Currency Rating

Issuer: Gerdau Brazil (fictitious entity representing the
Brazilian operations of Gerdau S.A. comprising Gerdau Acominas
S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and
Gerdau Comercial de Acos S.A.).

-- Ba1 Global Local Currency Corporate Family Rating

Issuer: Gerdau Ameristeel Corporation

-- Ba1 Probability of Default Rating
-- Ba1 Corporate Family Rating
-- US$405 million Senior Unsecured Regular Bond: Ba1, LGD4 59%

Issuer: Jacksonville Economic Development Comm.

-- US$23 million Senior Unsecured Revenue Bonds guaranteed by
   Gerdau Ameristeel: Ba1, LGD4 59%

Outlook for all ratings: stable


GLOBAL BROADCAST: Shareholders Approve 1:5 Stock Split
------------------------------------------------------
Global Broadcast News Ltd's shareholders, by way of postal
ballot, approved the company's proposed 1:5 stock split, a
regulatory filing with the Bombay Stock Exchange discloses.

Specifically, the shareholders gave their nods to sub-divide the
nominal value of the company's equity shares from the INR10 to
INR2 per share.  With the stock split, Global Broadcast's
existing authorized equity share capital of of INR40,00,00,000
divided into 4,00,00,000 shares of INR10 will be sub-divided and
re-classified as INR40,00,00,000 divided into 20,00,00000 shares
of the nominal value of INR2.

Headquartered in New Delhi, Global Broadcast News Limited --
http://www.ibnlive.com/-- owns and operates a 24-hour English
language news and current affairs channel called CNN-IBN. CNN-
IBN was launched in December 2005.  The Company has an agreement
with CNN for an exclusive, limited, non-transferable right to
use and reproduce, inter alia, the CNN name and principal logo.
It also has news services agreement with Turner for production
and broadcasting services.  It is also part of the TV 18 group,
which owns and operates some business channels and Internet
portals.

The Troubled Company Reporter-Asia Pacific reported on Sept. 28,
2007, that Global Broadcast had a stockholders' deficit of
US$30.6 million.


IFCI LTD: Puts Vishwas Steels Units on Sale to Recover Debt
-----------------------------------------------------------
IFCI Ltd has put the Goa and Tarapur units of Vishwas Steels on
the sale block to regain its debts, media reports say.  IFCI
reportedly is to recover about INR72 crore from Vishwas Steels.

According to the reports, secured creditors having more than 75%
of Vishwas Steels have already given their consent for the sale.

The Business Standard said that the reserve price for the Goa
unit has been fixed at INR20 crore, while for Tarapur unit,  at
INR4.60 crore.

Interested parties have until Feb. 26 to submit their bids for
one or both units.

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

                          *     *     *

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

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


QUEBECOR WORLD: To Use US$750MM DIP Fund to Buy Receivables
-----------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York for
permission to immediately obtain up to an aggregate of
US$750,000,000 revolving loans and letters of credit under a
debtor-in-possession facility to allow them to purchase
Receivables Portfolio worth US$416,800,000.

As reported in the Troubled Company Reporter yesterday, the
Debtors formally sought the Bankruptcy Court's authority to
enter into a US$1,000,000,000 senior secured superpriority DIP
credit agreement from a syndicate of lenders led by Credit
Suisse Securities (USA), LLC, as administrative and collateral
agent, and Morgan Stanley Senior Funding Inc.

Receivables Portfolio refers to certain accounts receivable and
other related rights sold, assigned and initially transferred by
the Debtors to one of its non-debtor affiliate, Quebecor World
Finance Inc., who, in turn, sold those account receivables to
third parties.

As previously reported, the US$1,000,000,000 DIP Facility
comprises of a US$600,000,000 term loan and a US$400,000,000
revolving credit facility.  The Revolving Credit Facility also
includes a US$100,000,000 letter of credit subfacility and a
US$25,000,000 swing line subfacility.

Aside from purchasing the Receivables Portfolio, the remaining
proceeds of the DIP Facility will be used to provide the Debtors
financing for working capital, letters of credit, capital
expenditures and other general corporate purposes, the Debtors'
proposed counsel Michael J. Canning, Esq., at Arnold & Porter
LLP, in New York, says.

The DIP Facility's Borrowing Base will mean at any time of
determination the sum of:

   (a) up to 85% of eligible US and Canadian trade accounts
       receivable of the Debtors, other than accounts receivable
       subject to a lien in favor of the lenders under the
       existing Credit Agreements with the Royal Bank of Canada
       and the Societe Generale (Canada); and

   (b) the lesser of (x) up to 85% of the Orderly Liquidation
       Value Percentage of eligible US inventory of the Debtors,
       other than inventory subject to a lien in favor of the
       lenders under the Existing Credit Agreements, and (y) up
       to 65% of eligible US inventory of the Debtors, minus (z)
       reserves to be reasonably determined by Credit Suisse.

The DIP Facilities, the Guarantees and any Hedging Arrangements
will be secured by substantially all the assets of the Debtors,
except any proceeds of Avoidance Actions.  Security granted to
the Lenders will include:

   -- a perfected first-priority pledge of all the equity
      interests of Quebec World (USA), Inc.;

   -- a perfected first priority pledge of all the equity
      interests held by Quebec World, Inc., QWUSA or any other
      Guarantor; and

   -- a perfected first-priority security interests in, and
      mortgages on, substantially all assets of QWI, QWUSA and
      each Guarantor.

The Collateral will not include accounts receivable of European
Guarantors, which are subject to existing factoring arrangements
or factoring arrangements that are otherwise acceptable to the
DIP Agent up to an amount to be agreed.  The DIP Agents' liens
on the Collateral will be junior to:

   -- all valid liens presently held securing indebtedness
      pursuant to the Amended and Restated Credit Agreement
      among QWI, QWUSA, the lenders, Royal Bank of Canada, as
      administrative agent, and RBC Capital Markets, as
      arranger;

   -- all valid liens presently held securing indebtedness
      pursuant to that certain Credit Agreement, among QWI,
      QWUSA and Societe Generale (Canada), as lender;

   -- capitalized leases, purchase money security interests or
      mechanics' liens in existence at the bankruptcy filing or
      perfected subsequent to the bankruptcy filing;

   -- other limited liens to be agreed on; and

   -- the Carve-Out for the payment of allowed fees and
      disbursements of professionals hired by the Debtors and a
      statutory committee of unsecured creditors.

The superpriority perfected security interests in the assets of
QWI in its insolvency proceedings under the Canadian Companies'
Creditors Arrangement Act will be subject and subordinate to an
administration charge.

Loans under the Term Facility will be prepaid with 100% of the
net cash proceeds of all asset sales or other dispositions of
property by the Debtors; 100% of the net cash proceeds of
issuances, offerings or placements of debt obligations of the
Debtors; and 100% of Extraordinary Receipts.

Mandatory prepayments under the Revolving Credit Facility will
be required if the DIP Revolving Credit Facility Usage exceeds
the then effective commitments under the Revolving Credit
Facility or the DIP Revolving Credit Facility Usage exceeds
Availability.

Voluntary prepayments of the borrowings under the Revolving
Credit Facility will be permitted at any time without premium or
penalty, subject to payment of customary breakage costs in the
case of a prepayment of an adjusted LIBOR borrowing other than
on the last day of the relevant interest period.

Mr. Canning asserts that approval of the DIP Facility will
enable the Debtors to maintain the confidence of their vendors,
customers and employees.  Absent approval of the DIP Facility,
the Debtors will run out of cash before the end of January 2008,
resulting in severe disruptions to their business, he further
asserts.

                       About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  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.

Quebecor World and its debtor-affiliates filed for chapter 11
bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.  The
Debtors listed total assets of US$5,554,900,000 and total debts
of US$4,140,700,000 when they filed for bankruptcy.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

(Quebecor World Bankruptcy News, Issue No. 2; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


QUEBECOR: Wants Access to RBC's & Soc Gen's Cash Collateral
-----------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York for
permission to use certain collateral pledged to the prepetition
secured lenders.  The prepetition secured lenders are group
lenders led by Royal Bank of Canada and another group of lenders
led by Societe Generale (Canada).

The Debtors tell the Court that they do not have sufficient
liquidity to pay obligations that either are currently due or
are expected to become due in early 2008, proposed counsel
Michael J. Canning, Esq., at Arnold & Porter, LLP, in New York,
relates.  RBC Lenders have indicated that it will not provide
any further advances from a US$750,000,000 prepetition credit
agreement because the Debtors have not satisfied conditions and
refinancing milestones set by the RBC Lenders.

Mr. Canning adds that suppliers are demanding cash terms and
customers are threatening to cease doing business with the
Debtors unless they are provided with letters of credit or
similar accommodations.  Hence, the Debtors need infusion
of additional cash.

              US$750 Million RBC Credit Facility

The RBC Lenders committed to provide a US$750,000,000 revolving
credit facility, which was secured up to a maximum of
US$135,000,000 by:

   (a) unlimited guaranties from certain Debtors;

   (b) a pledge of the shares of Debtor QW Memphis Corp. by the
       Debtors Quebecor World (USA) Inc., the Webb Company, and
       Quebecor World Memphis, LLC;

   (c) a pledge of the shares of QWUSA by Debtor Quebecor
       Printing Holding Company;

   (d) security on all personal and real property of QW Memphis,
       excluding accounts receivable subject to the Existing
       Receivables Facility and certain real estate located in
       Covington, Tennessee; and

   (d) security on all inventory of QWI located in Canada.

As of Jan. 18, 2008, the aggregate amount of indebtedness
outstanding under the RBC Credit Agreement was approximately
US$735,000,000.

          CADUS$136 Million Soc Gen Credit Agreement

A Soc Gen Credit Agreement, on the other hand, provides for an
equipment financing credit facility in the aggregate amount of
the CADUS$136,165,415, expiring on July 1, 2015.  The amounts
due under the Soc Gen Credit Agreement are guaranteed and
secured on a pari passu basis up to US$35,000,000 by the same
collateral as the credit facilities under the RBC Credit
Agreement.  As of Jan. 11, 2008, the aggregate amount
outstanding under the Soc Gen Credit Agreement was approximately
US$155,000,000.

To protect the interest of the Prepetition Secured Lenders in
the QW Memphis Collateral, for any diminution in value from the
use of the QW Memphis Collateral, and for the imposition of the
automatic stay, the Debtors will release any liens of the
Prepetition Secured Lenders in QW Memphis' accounts immediately
on the entry of an interim cash collateral order.

             Establishment of Cash Collateral Account

The Debtors will establish a cash collateral account with a
certain bank.  Certain security interests and liens will be
granted:

   (a) to the Prepetition Secured Lenders, a valid, binding,
       continuing, enforceable, fully perfected first priority
       senior security interest in and lien on the Memphis Cash
       Collateral Account, securing any Prepetition Secured
       Indebtedness that is secured by valid, perfected non
       avoidable and enforceable liens in existence as of the
       bankruptcy filing; provided that the security interest
       granted will be included in the cap on the Prepetition
       Secured Indebtedness provided for in the Prepetition
       Security Agreements; and

   (b) to Credit Suisse Securities (USA), LLC, as the DIP
       Facility's Administrative Agent, a valid, binding,
       continuing, enforceable, fully perfected security
       interest in and lien on the Memphis Cash Collateral
       Account immediately junior to the Prepetition Secured
       Lenders' Lien.

The Debtors will deposit in the Memphis Cash Collateral Account
an amount equal to the bankruptcy filing value of the QW Memphis
Inventory divided by 46 each day until the date on which the
balance on deposit in the Memphis Cash Collateral Account is
equal to the QW Memphis bankruptcy filing inventory amount.  As
of Jan. 22, 2008, the Debtors have not disclosed the approximate
bankruptcy filing value of the Memphis Inventory.

On the Memphis Inventory Release Date, the Debtors will release
any Liens of the prepetition secured lenders in the QW Memphis
Bankruptcy Filing Inventory.

                       About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  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.

Quebecor World and its debtor-affiliates filed for chapter 11
bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.  The
Debtors listed total assets of US$5,554,900,000 and total debts
of US$4,140,700,000 when they filed for bankruptcy.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

(Quebecor World Bankruptcy News, Issue No. 2; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SAMTEL COLOR: Allots Shares to Two Promoter Companies
-----------------------------------------------------
Samtel Color Ltd's committee of the board of directors, at its
meeting on Jan. 25, 2008, issued a fresh 46,51,163 equity shares
of the company of face value of INR10 each at a premium of
INR11.5 per share to two promoter companies:

   1. Teletube Electronics Ltd
      Shares Allotted: 35,34,884

   2. CEA Consultants P Ltd
      Shares Allotted: 11,16,279

The shares were issued at a premium of INR11.5 per share.

After the allotment, the issued & paid up equity share capital
of the company is increased from 4,66,05,775 shares at INR10
each for INR46,60,57,750 to 5,12,56,938 shares at INR10 each
fully paid up for INR51,25,69,380 (including forfeited partly
paid 6,000 equity share INR5 each).

The committee additionally alloted 23,25,581 warrants having
optional right of conversion against each into one equity share
of at a premium of INR11.5 per share to M/s. CEA Consultants Pvt
Ltd (one of the promoter company).

Headquartered in New Delhi, India, Samtel Color Ltd --
http://www.samtelgroup.com/samtelnew/home.jsp-- manufactures a
range of display devices like television picture tubes, tubes
for avionics, medical and industrial applications, glass parts
for picture tubes, components for tubes like deflection yokes
and engineering services.  The company also manufactures glass
for television and display tubes.  Through Samtel Electron
Devices GmbH, the company manufactures professional cathode ray
tube.

As reported by the Troubled Company Reporter-Asia Pacific on
June 30, 2006, ICRA Limited downgraded the rating for the
INR250-million Long-Term Non-Convertible Debenture Programme of
Samtel Color Limited to LBB from the LBBB- assigned earlier.
LBB is the inadequate-credit-quality rating assigned by ICRA.
The rated instrument carries high credit risk.  The rating
downgrade follows Samtel's delay in meeting its repayment
obligations against term loans from banks and financial
institutions because of the liquidity pressures brought about by
a sharp decline in the company's income and profits.


SAMTEL COLOR: Allots 29,21,499 Preference Shares to CDR Lenders
---------------------------------------------------------------
Samtel Color Ltd's Finance Committee, on Friday, issued a fresh
29,21,499 shares of the company's 8% Non-Convertible Redeemable
Preference Shares of face value of INR100 each to Corporate Debt
Restructuring Lenders.

The NCRPS allotment is pursuant to, among others, the CDR Scheme
approved by CDR cell on September 27, 2007.

The details of the equity shares allotted and issued to CDR
Lenders are:

   1. Export-Import Bank of India: 395000 shares

   2. Syndicate Bank: 351537 shares

   3. Union Bank of India: 270018 shares

   4. ICICI Bank Ltd: 918930 shares

   5. Axis Bank Ltd: 398845 shares

   6. Punjab National Bank: 300585 shares

   7. State Bank of India: 143780 shares

   8. Canara Bank: 142804 shares

With the allotment, the issued and paid up share capital of
Samtel Color is:

   a. 5,12,56,938 equity shares at INR10 each fully paid up
      aggregating of INR51,25,69,380 (including forfeited partly
      paid 6000 equity share at INR5 each; and

   b. 2921499 - 8% NCRPS of INR100 each aggregating of
      INR292149900.

Headquartered in New Delhi, India, Samtel Color Ltd --
http://www.samtelgroup.com/samtelnew/home.jsp-- manufactures a
range of display devices like television picture tubes, tubes
for avionics, medical and industrial applications, glass parts
for picture tubes, components for tubes like deflection yokes
and engineering services.  The company also manufactures glass
for television and display tubes.  Through Samtel Electron
Devices GmbH, the company manufactures professional cathode ray
tube.

As reported by the Troubled Company Reporter-Asia Pacific on
June 30, 2006, ICRA Limited downgraded the rating for the
INR250-million Long-Term Non-Convertible Debenture Programme of
Samtel Color Limited to LBB from the LBBB- assigned earlier.
LBB is the inadequate-credit-quality rating assigned by ICRA.
The rated instrument carries high credit risk.  The rating
downgrade follows Samtel's delay in meeting its repayment
obligations against term loans from banks and financial
institutions because of the liquidity pressures brought about by
a sharp decline in the company's income and profits.


TATA MOTORS: Offers Customers Free Fuel for New Purchases
---------------------------------------------------------
Tata Motors Ltd has tied up with Hindustan Petroleum Corp. to
offer free fuel on all new purchases, The Financial Express
reports.

According to the financial daily, free fuel will be offered from
INR10,000-INR20,000 up to one year to all new buyers of Tata
Indica and some model of Tata Indigo and Fiat cars across  New
Delhi and the national capital region.

Industry experts believe the move may be aggressive effort to
win back customers with the negative growth felt end of 2007, FE
relates.

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.


* Fitch Teleconference for Auto Sector Outlook Set on Jan. 30
-------------------------------------------------------------
Fitch Ratings India will hold a teleconference on Wednesday,
Jan. 30, 2008, at 4:00 p.m. India to comment on its outlook on
the domestic auto and auto components sectors.

The Indian auto sector has had one of the longest and strongest
positive market cycles in its history during FY03-FY07.  Against
this backdrop, Fitch will present its 2008 outlook for the
industry, including key market trends and the impact of these
trends on the sector's financials.

At the teleconference, Priyamvada Balaji (auto) and Shailesh
Agrawal (auto ancillary) of Fitch's Corporates team will present
their views on their respective sectors, which will then be
followed by a Q&A session.

The call coincides with the release of Fitch's '2008 Outlook for
Indian Autos: Short-Term Pain, Medium-Term Recovery ' and
'Indian Auto Components -- Outlook 2008' which is available on
the Fitch Ratings subscription-based Web site at
http://www.fitchresearch.com

To register for this event, please contact Nidhi Singh at (91)22
4000 1781/ nidhi.singh@fitchratings.com

Dial in numbers:
   Mumbai Main Access: 022 2788 3362
   Mumbai Standby Access: 022 4422 3062
   Bangalore Toll Number: 080 2237 8260 / 080 4422 3060
   Delhi Toll Number: 011 4422 3061 / 011 2654 0761
   Chennai Toll Number: 044 2831 0760 / 044 4422 3060

Contacts: Priyamvada Balaji, Mumbai, +91 22 4000 1742/
priyamvada.balaji@fitchrating.com; Shailesh Agrawal, New Delhi,
+91 11 4165 7230 ext 106/ shailesh.agrawal@fitchratings.com


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

ARPENI PRATAMA: Pefindo Reaffirms "idA" Ratings
-----------------------------------------------
Pefindo reaffirmed "idA" ratings for PT Arpeni Pratama Ocean
Line Tbk.  The company's Bond I/2003 of IDR171 billion due
October 2008 and at the same time assigned "idA" rating for its
proposed bond II with a maximum amount of IDR750 billion to be
due in 2013.  The outlook for the ratings is "Stable".

Proceeds of the proposed bond will be used for debt refinancing
(IDR675 billion) and working capital (IDR75 billion).  The
ratings reflect the company's strong market position in dry bulk
shipment, strong business growth potential from the ongoing
implementation of Cabotage principle and favorable coal demand
in the future as well as relatively strong liquidity.  However,
the ratings are still constrained by the company's aggressive
vessels acquisition plan going forward and exposure to freight
rate cyclicality.

APOL provides a wide range of shipping services for transporting
coal, oil, LPG, pulp, timber and general products, and is also
engaged as an agency and ship management.  APOL is a public
company with shareholding composition as:

   * PT. Mandira Sanni Pratama (30.67% of total shares)

   * PT Ayrus Prima (21.04%), Melon S/A Cundhill Recovery FD
     (9.67%), DEG (8.67%) and public (29.95%).  As of 3Q07, APOL
     operates 96 vessels, consisting of 73 self owned vessels
     and 23 chartered in vessels.

The ratings are supported by:

    * Strong market position in dry bulk shipment.  APOL has
      continued to maintain its strong market position in
      domestic dry bulk shipment especially for coal.  APOL is
      estimated to hold a significant market share in terms of
      coal shipping to power plant industry (PLTU).  The strong
      market position is supported by favorable fleet profile
      and its 30 years presence in shipping business.  The
      company's experience and expertise has been proven by its
      long standing relationship with domestic coal producers
      (PT Tambang Batu Bara Bukit Asam Tbk, PT Berau Coal and PT
      Kideco Jaya Agung), PT Pertamina, and world class shipping
      companies (Noble Shipping Inc. BVI and Hyundai Merchant
      Marine).  With the existing fleets dedicated for dry bulk
      shipment (9 bulk carriers, 24 pairs of barges & tug boats,
      8 floating cranes), APOL is believed to be the only
      domestic company that is able to provide one stop shipping
      services for coal shipment.  APOL's revenue only from dry
      bulk segment totaled to IDR841.14 billion in 3Q07 and is
      projected to be IDR1.21 trillion in FY07, as compared to
      IDR936.89 billion in FY06.  In addition, APOL has been
      announced as a winner to provide coal shipping and jetty
      management for PLTU Tanjung Jati B for a period of 15
      years with total contract value of IDR3.08 trillion.

    * Strong business growth potential from the ongoing
      implementation of Cabotage principle and favorable coal
      demand.  Cabotage principle requires intra Indonesian
      cargo to be carried by Indonesian shipping companies.
      There are at least thirteen major national products that
      must be carried by domestic flag vessels at certain
      period, including oil, gas, coal and crude palm oil (CPO)
      whose all have strong demand growth in the future.  In
      addition, all government funded trade will also have to be
      carried by domestic shipping companies.  Fully
      implementation of the policy will eventually eliminate the
      competition from foreign shipping companies.  Meanwhile,
      the ratification of Maritime Liens and Mortgages 1993
      should provide domestic players better access to financing
      sources, which in turn should help domestic player improve
      their fleet profile.  On the demand side, coal demand in
      domestic and international market is expected to continue
      growing in line with increased price of oil & gas.  In
      domestic market, power sector is the biggest consumer of
      domestic coal products, followed by cement, pulp & paper
      and other sectors.  Government's commitment to accelerate
      coal fired power plants development will create additional
      40 million tons of coal consumption and consequently
      intra-Indonesia coal trade.  Therefore, APOL is considered
      as one of domestic shipping companies who should enjoy the
      most benefits from current favorable development and the
      same time be able to strengthen its business position.

    * Relatively strong liquidity.  As of 3Q07, APOL's cash
      balance and marketable securities totaled to
      IDR497.31 billion and IDR119.12 billion while annual
      EBITDA is expected to reach minimal about IDR500 billion.
      As such, APOL will have a relatively strong liquidity to
      cover the maturing loan of IDR820.40 billion, consisting
      of working capital loan (IDR373.13 billion) and loan
      installment (IDR447.28 billion).  On the liquidity
      analysis, PEFINDO also has incorporated the proceeds of
      proposed bond that will be used to refinance its existing
      debt, including loan from Bank Mandiri (US$38.1 million),
      working capital loan from BII (US$19.18 million) and parts
      of loan from UOB of US$38.64 million.  Pefindo also
      expects the company's cash flow protection to remain
      relatively strong in the medium term with EBITDA/IFCCI and
      EBITDA/Total debt to be stable at 3.0x and 0.2x.  This is
      mainly attributable to higher operating profit coming from
      more operated vessels and strong freight rate.

The ratings are constrained by:

    * Aggressive vessels acquisition plan going forward.  Over
      the next three years, APOL's strategy to strengthen its
      fleet profile is considered aggressive as it plans to
      acquire 4 vessels in 2008, 15 vessels in 2009 and 3
      vessels in 2010 with estimated total investment of
      US$365.06 million.  Pefindo anticipates that the
      investment would be partly financed with external
      borrowing.  Consequently, APOL's financial leverage ratio
      measured with Debt to Equity ratio is projected to remain
      aggressive in the medium term.

    * Exposed to freight rate volatility risk.  By nature,
      APOL's business and financial profile is always exposed to
      the fluctuation of freight rates.  The fluctuation is
      driven by the seasonal demand that is highly linked to the
      global economic cycle, overall shipping capacity in the
      market and seaborne changes.  Although in the last three
      years freight rate stayed relatively strong, the risk
      remains in place because shipping markets are cyclical and
      fragmented.  Over supply market condition could further
      result in declining freight rates and increased vessel
      unemployment, both of which could affect the company's
      business and financial profiles.

                             Outlook

A"stable" outlook is assigned to the above ratings.  The
company's aggressive financial leverage in the future due to
vessels acquisition should be compensated by stronger market
position in domestic shipping business especially in dry bulk
segment.  APOL is expected to book higher operating cash flow
and maintain its cash flow protection at the current level.

                       About Arpeni Pratama

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

                         *     *     *

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

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


AVNET INC: Reports US$142.2-Mln Net Income in Qtr. Ended Dec. 31
----------------------------------------------------------------
Avnet Inc. reported revenue of US$4.75 billion for second
quarter fiscal 2008 ended Dec. 29, 2007, representing an
increase of 22.2% over second quarter fiscal 2007.  Pro forma
revenue growth, as defined in the Non-GAAP Financial Information
Section, was 6.3% over the prior year second quarter.  Net
income for second quarter fiscal 2008 was US$142.2 million, as
compared with net income of US$99.1 million, or US$0.67 per
share, for the second quarter last year.  Included in the
current quarter results are a one-time gain on the sale of a
building and an additional gain from a prior sale of a business
resulting from the receipt of a contingent payment.  Excluding
these items, net income and diluted earnings per share were
US$135.9 million and US$0.89, respectively, representing an
increase of 37.1% and 32.8% over the year ago period.  Included
in these results is stock compensation expense of US$0.02 per
diluted share in the current and prior year quarters.

Operating income for second quarter fiscal 2008 was a record
US$207.9 million, up 26.9% as compared with operating income of
US$163.8 million in the year ago quarter.  Operating income as a
percent of sales was 4.4%, up 16 basis points from last year’s
second quarter.

Roy Vallee, Chairman and Chief Executive Officer, commented,
"Our results continue to demonstrate the positive impact that
our value-based management strategy, augmented by value-creating
acquisitions, is having on our business.  While sequential sales
growth reflected normal seasonal trends, our year-over-year
growth of 22% was bolstered by seven value-creating acquisitions
that span both operating groups and all three regions.  In
addition to the top line growth, we increased year-over-year
operating income 27% and, excluding the gain on the sale of
assets, increased EPS 33% while driving return on capital
employed to a record 12.8%."

                     Operating Group Results

Electronics Marketing (EM) sales of US$2.48 billion in the
second quarter fiscal 2008 were up 6.2% year over year on a
reported basis and up 2.4% when adjusted to exclude the impact
of changes in foreign currency exchange rates.  EM sales in the
Americas, EMEA and Asia regions increased 3.7%, 7.2% and 8.5%,
respectively, year over year. EM operating income of US$126.6
million for second quarter fiscal 2008 was up 6.4% over the
prior year second quarter operating income of US$119.1 million
and operating income margin of 5.1% was flat as compared with
the prior year quarter.

Mr. Vallee added, "Electronics Marketing’s revenue growth was
above our expectations and represents the third consecutive
quarter of moderate acceleration in year-over-year growth.  The
Americas region grew sequentially and returned to positive year-
over-year growth following four quarters of negative growth.  EM
had another strong performance in its interconnect, passive and
electromechanical (IP&E) product line which grew revenue at a
double digit rate over the year ago quarter. Since the beginning
of the fiscal year, we closed three IP&E international
acquisitions, which should increase EM’s global revenue for its
IP&E business to roughly 15% of total revenue exiting this
fiscal year, as compared with 10% just a year ago.

Technology Solutions (TS) sales of US$2.27 billion in the second
quarter fiscal 2008 were up 46.0% year over year on a reported
basis and up 6.9% on a pro forma basis.  On a pro forma basis,
second quarter fiscal 2008 sales in the Americas, EMEA and Asia
were up 6.6%, 1.9%, and 45.6%, respectively, year over year.  TS
operating income was US$99.4 million in the second quarter
fiscal 2008, a 55.3% increase as compared with second quarter
fiscal 2007 operating income of US$64.0 million, and operating
income margin of 4.4% increased by 26 basis points over the
prior year second quarter benefited by the change to net revenue
accounting on the sales of supplier service contracts.

Mr. Vallee further added, "Technology Solutions revenue was
above the high end of our guidance range as we delivered a
strong December quarter aided by better than expected sales in
the final week.  Despite the well-publicized concerns with the
U.S. economy, our Americas region experienced better than
normal sequential growth in our seasonally strong December
quarter and year-over-year pro forma growth of 6.6%. We also
achieved strong sequential growth in the EMEA and Asia regions.
With solid revenue growth, both organically and through our
value-creating acquisitions, TS delivered record operating
income for the quarter."

                            Cash Flow

During the second quarter of fiscal 2008, the company generated
US$83.8 million of cash flow from operations and on a rolling
four quarter basis generated US$553.6 million.  As a result, the
company ended the quarter with US$417.1 million of cash and cash
equivalents and net debt (total debt less cash and cash
equivalents) of US$863.0 million.

Ray Sadowski, Chief Financial Officer, stated, "We had a solid
quarter of cash flow generation which further strengthened our
credit statistics and our overall balance sheet.  We achieved
record levels of working capital velocity due to business mix
and EM’s year-over-year improvement in inventory turns and net
days.  This improvement in velocity, combined with the year-
over-year growth in operating income margin, drove return on
working capital 336 basis points above last year’s second
quarter."

                             Outlook

For Avnet’s third quarter fiscal 2008, management expects normal
seasonality at both operating groups with sales at EM
anticipated to be in the range of US$2.64 billion to US$2.74
billion and sales for TS to be between US$1.73 billion and
US$1.83 billion.  Therefore, Avnet’s consolidated sales are
forecasted to be between US$4.37 billion and US$4.57 billion for
the third quarter of fiscal 2008.  Management expects third
quarter earnings to be in the range of US$0.85 to US$0.89 per
share, up 16.4% - 21.9% as compared with last year’s third
quarter.  The above EPS guidance does not include the
amortization of intangible assets or integration charges related
to acquisitions that have closed or will close in the March
quarter.

                         About Avnet Inc.

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

                        *     *     *

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


DIRECTED ELECTRONICS: Reduces Debt by US$75 Million in 2007
-----------------------------------------------------------
Directed Electronics Inc. paid down approximately
US$43 million of its debt during the fourth quarter of 2007,
including US$40 million of term debt, bringing the total debt
paid in fiscal year 2007 to US$75 million.  This additional
fourth quarter debt reduction leaves the total debt balance as
of December 31, 2007 at US$267 million, or 22% lower as
compared with US$342 million at the end of fiscal 2006.

Jim Minarik, Directed's President and CEO, commented, "Our
revenue and efficient use of working capital generated the cash
flow necessary to pay off a meaningful portion of our long-term
debt, particularly compared to our full year 2007 required
principal payments of approximately US$3 million.

With the combination of our new 2008 products, expanding
distribution opportunities, and a significantly increased focus
on managing working capital, we believe our business plan is
solid and will keep us in compliance with our debt covenants."

Directed will update investors on its debt covenants and provide
specific fourth quarter 2007 results during its year-end
earnings call, which is expected to occur in March 2008.

                   About Directed Electronics

Directed Electronics, Inc. (Nasdaq: DEIX) --
http://www.directed.com/-- is the largest designer and marketer
of consumer branded vehicle security and convenience systems in
the United States based on sales and a major supplier of home
audio, mobile audio and video, and satellite radioproducts.  As
the sales leader in the vehicle security and convenience
category, Directed offers a broad range of products, including
security, remote start, hybrid systems, GPS tracking and
navigation, and accessories, which are sold under its Viper(R),
Clifford(R), Python(R), and other brand names. In the home audio
market, Directed designs and markets Definitive Technology(R)
and a/d/s/(R) premium loudspeakers.  Directed's mobile audio
products include speakers, subwoofers, and amplifiers.  Directed
also markets a variety of mobile video systems under the
Directed Video(R), Directed Mobile Media(R) and Automate(R)
brand names.  Directed also markets and sells certain SIRIUS-
branded satellite radio products, with exclusive distribution
rights for such products to Directed's existing U.S. retailer
customer base.  The company has Asian Sales offices, including
in Indonesia, Japan, Malaysia, Singapore, Korea and Thailand.

The Troubled Company Reporter-Asia Pacific reported on  Dec. 3,
2007, Moody's Investors Service downgraded Directed Electronics'
corporate family rating to B2 from B1 and the probability of
default rating to B3 from B2 following continued softness in the
company's operating performance.  At the same time, the ratings
on the senior secured credit facility (term loan and revolver)
were also downgraded to B2 from B1 and the ratings were placed
under review for further possible downgrade.  LGD assessments
are also subject to change.

Oct. 13, 2006, Standard & Poor's Ratings Services lowered its
ratings on consumer electronics maker Directed Electronics Inc.
following its acquisition of Polk Audio Inc., a provider of
loudspeakers and audio equipment for homes and cars, for US$136
million in cash.  The corporate credit rating was lowered to B+'
from 'BB-', and was removed from CreditWatch negative where it
was placed on Aug. 25.


EXCELCOMINDO PRATAMA: Moody's Affirms Ba2 Local Currency Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed PT Excelcomindo Pratama
Tbk's Ba2 local currency issuer rating and changed the outlook
to stable from positive.  At the same time, Moody's has affirmed
XL's Ba2 senior unsecured foreign currency rating.
Concurrently, PT Moody's Indonesia has affirmed the company's
national scale rating of Aa1.id.  The outlook for all ratings is
stable.

"The change in outlook reflects the improving standalone credit
fundamentals of XL as well an assessment of a lower level of
support provided by Telekom Malaysia International Berhad,
following its de-merger from Telekom Malaysia," says Laura
Acres, a Moody's Vice President.

"The reduction in the support level, in part represents, TMI's
weaker financial metrics as well as the removal of the cross
default provision such that one-notch uplift to the final Ba2
rating is more appropriate.  Previously XL has enjoyed two-notch
uplift to the final Ba2 rating," adds Acres.

"XL's rating on a stand-alone basis has been upgraded one-notch
to Ba3 from B1.  XL's improving underlying credit strength is
underpinned by its ability to gain market share despite the
highly competitive environment and continued solid growth in the
country's under-penetrated cellular market," says Acres, adding
"XL's skill at executing a significant debt funded capex
programme whilst maintaining leverage and coverage ratios
strengthen its financial profile."

The current rating also considers various challenges that XL
faces, including:

   a) XL's distant third position as regards market share;

   b) large debt-funded capex programme in excess of
      US$1.1 billion over the next 2-3 years, which will result
      in continued negative free cash flow;

   c) growing competition; and

   d) XL's inherent exposure to economic, social and political
      pressures in Indonesia.

The stable outlook reflects Moody's expectation that XL will
execute its business plan as outlined and maintain its
anticipated financial profile.

Upward rating pressure will be driven by an improvement in XL's
underlying credit strength which could emerge should the company
establish a clear path to positive free cash flow while
maintaining adjusted debt/adjusted EBITDA below 3.0x on a
sustainable basis.  Moody's would also look for XL to maintain
its market share without damaging EBITDA margins such that they
would not fall below 40% and for retained cash flow/adjusted
debt to remain in excess of 20%.

Conversely, downward pressure on the XL's standalone rating
could emerge should there be any material deterioration in XL's
underlying credit strength which would arise from diminishing
operating margins, weaker operating cash flow or rising FX risk
- all of which may be reflected in a ratio of adjusted
debt/adjusted EBITDA rising above 3.5-4x or retained cash
flow/adjusted debt falling below 15%.

In addition, Moody's would consider any reduction in TMI's
shareholding in XL post de-merger as having potentially negative
rating pressure since it may impact the support and resultant
rating uplift.

XL is the third largest cellular provider in Indonesia; as at
31st December 2007 XL had a market share of approximately 15%
and 15.5 million subscribers of which approximately 97% were
prepaid.


GARUDA INDONESIA: To Conduct Extra Flights for China Routes
-----------------------------------------------------------
PT Garuda Indonesia plans to conduct extra flights in a number
of Chinese cities to meet highly increasing demand for air
transportation due to the Chinese Lunar Year and the Bejung
Olympic Games, Antara News reports.

Pikri Ilham, general manager of Garuda's branch office in
Beijing, told the news agency that the airline is at present
serving its Jakarta-Beijing route three times a week, its
Jakarta-Shanghai route four times a week and its Jakarta-
Gaungzhou route four times a week.

Late this year, Garuda would conduct 12 additional flights on
its Jakarta-Beijing route, 12 additional flights on its Jakarta-
Guangzhou route and 6 additional flights on its Jakarta-Shanghai
route, the report relates.

Mr. Ilham, Antara notes, said the extra flights will meet
requests from several travel agents in Beijing who foresee a
drastic surge in the number of tourists from China to Indonesia
and the other way round later this year.

                     About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The Troubled Company Reporter-Asia Pacific reported on Sept. 6,
2007, that Garuda, saddled with a debt of around US$750 million
including some US$475 million owed to the European Credit
Agency, is in negotiations with creditors to restructure some of
its debt.  The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


GOODYEAR: European Unit to Reduce Production at Two Factories
-------------------------------------------------------------
The Goodyear Tire & Rubber Company disclosed that its European
Union business unit is planning to reduce tire production at its
two factories in Amiens, France, because their costs are not
competitive.

The action will result in a reduction of up to 500 employees at
the plants and follows a rejection in October 2007 by employees
of company plans to modernize and renovate the plants.

"We have communicated extensively with the trade unions,
explaining the need for major changes,” Serge Lussier,
Goodyear's Europe, Middle East and Africa vice president of
manufacturing, said.  “These changes would increase our
competitiveness.  Unfortunately, they have rejected the plan to
improve competitiveness.  Therefore, we have no choice but to
reduce our costs as the plants are currently uncompetitive."

Goodyear said production of some tires impacted by the move
would be transferred to other, lower-cost factories in Europe
and elsewhere.  Some products will be eliminated.

Mr. Lussier said the plan presented in October 2007, requiring
an investment of approximately $75 million in the two plants,
would allow them to become more competitive, particularly
through the supply of high performance tires.  This would
require a new work pattern, involving four rotating crews
working eight-hour shifts, including weekends.  The plants would
run for 350 days a year, maximizing their usage.

Goodyear employs about 3,800 people in France, of which 2,700
are in the Amiens plants.

                       About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear's operations are located in Argentina,
Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica,
Peru, Russia, among others.  Goodyear employs more than 80,000
people worldwide.

                          *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  The ratings still apply to
date.


HM SAMPOERNA: To Issue IDR1-Tril. Bond for Foreign Debt Payment
---------------------------------------------------------------
PT Hanjaya Mandala Sampoerna Tbk will issue a five-year bond
worth IDR1 trillion to repay its foreign debt, The Jakarta Post
reports citing HM Sampoerna Chief Financial Officer
Ekadharmajanto Kasi.

According to the report, majority of the bonds' proceeds will be
used to refinance the company's US$120 million in debt that
matured in 2002, to a group of syndicated banks.  The remaining
roughly US$20 million will be used to strengthen the company's
working capital, the report notes.

Mr. Kasi told The Post that the company would hold on to the
proceeds from the bonds allocated for debt refinancing until the
syndicated loan matured.

The bonds, which will be listed on the Surabaya Stock Exchange
in February, will carry a fixed coupon rate of between 17% and
18% per annum with semiannual payments, The Post relates.

PT Danareksa Sekuritas and PT ABN Amro Asia Securities
Indonesia, The Post notes, will underwrite the bond issue, with
state Bank Negara Indonesia acting as the paying bank.

The report says that HM Sampoerna had outstanding short-term and
long-term debts of some IDR3.3 trillion as of June 2007.  A
large portion of the debts were in the form of long-term foreign
loans, the report says.  These foreign loans comprise:

   * US$117.5 million in Yankee bonds, which matured in 2006;

   * US$133.5 million syndicated bank loan due at the end of
     2002;

   * US$9.9 million financial lease, which matures in two to
     three years; and

   * about US$18.4 million in loans from a European financial
     institution, which mature within three years.

                     About H.M. Sampoerna

Surabaya, East Java-based PT Hanjaya Mandala Sampoerna Tbk --
http://www.sampoerna.com/-- manufactures hand rolled and
machine rolled clove-blended cigarettes.  The company
distributes its products in the domestic and international
market.  Through its subsidiaries, the company also develops
properties.

HM Sampoerna currently carries Standard and Poor's Ratings
Services gave HM Sampoerna's Long Term Foreign Issuer Credit a
'BB+' and a 'B' rating for its Long Term Foreign Issuer Credit


INDOSAT: Russian Altimo Still Aiming to Buy Company Shares
----------------------------------------------------------
Russian business company Altimo Group is temporarily delaying
its plan to buy Temasek Holdings' shares in PT Indosat Tbk,
Tempo Interactive reports.

As reported by the Troubled Company Reporter-Asia Pacific on
May 4, 2007, Altimo-Alfa Group is said to buy 42% of Indosat's
shares that is owned by Singapore Technologies Telemedia, a unit
of state investor Temasek Holdings.

According to the TCR-AP, the sale was discovered through an
institutional study conducted by the Coordinator of the Business
Technology and Information Analysis Institute.  The study showed
that Alfino provided US$2 billion of funds for the transaction,
the report adds.

Tempo relates that Mr. Soeharto, the senior Altimo-Alfa Group
representative in Indonesia, said the dispute between Temasek
and the Business Competition Monitoring Agency (KPPU) is growing
more complicated and will take a long time.

Another TCR-AP report on Nov. 23, 2007, related that Temasek
Holdings was found guilty by KPPU of violating Indonesia's anti-
monopoly laws.  Temasek violated the country's anti-monopoly
laws through its ownership in Indosat and PT Telekomunikasi
Selular Indonesia.

The TCR-AP said 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

However, Tempo points out, Altimo Group said they are ready when
the opportunity to talk to any party is open.

Mr. Soeharto was quoted by Tempo as saying, "We're ready any
time.  The price must be the market price.  If it's over the
market price, we''ll think about it first.

                         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: Air France-KLM to Retain Alitalia Brand
-----------------------------------------------------
Air France-KLM SA has given its reassurance that it will retain
the Alitalia S.p.A. brand after it acquires the Italian
government's 49.9% stake in the national carrier, Thomson
Financial reports, citing the Anpac pilots union.

"There have been full and concrete assurances that there will
not be a 'regionalization' of the Italian flag carrier and the
Alitalia brand's value will be exploited and improved," said
Anpac, which with Anfav and Avia unions, met with Air France CEO
Jean Cyrille Spinetti.

Anpac added that the first phase of the plan will see a network
and fleet rationalization that will allow for a turnaround in
the results in order to reach breakeven beginning 2010, Thomson
Financial relates.

Air France also assured that following the downscaling of
Alitalia's operations at Milan's Malpensa airport, there will be
an expansion of flights to European destinations, Thomson
Financial adds.

Air France, Alitalia and trade unions will meet in February to
discuss the business plan for the national carrier.

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 Japan and Argentina.

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: Bankruptcy Court Confirms Chapter 11 Plan
------------------------------------------------------
The Honorable Judge Robert D. Drain of the United States
Bankruptcy Court for the Southern District of New York entered
an order on January 25, 2008, confirming the First Amended Joint
Plan of Reorganization, as modified, of Delphi Corporation and
certain of its affiliates.  The Court ruled that Delphi had met
all of the statutory requirements to confirm its Plan.

"Today's confirmation represents one of the most significant
events of a very complex business reorganization to be completed
during a challenging time in the automotive industry," said
Robert S. "Steve" Miller, Delphi's executive chairman.  "The
industry-changing accomplishments contemplated by this Plan
could not have been achieved without the hard work and continued
focus of our employees, the support of our customers, suppliers
and other stakeholders, and the dedication of our
professionals."

Delphi plans to emerge during the current calendar quarter
following the syndication and closing of approximately
$6.1 billon of exit financing facilities and satisfaction of
other conditions to the Effective Date of the Plan including
completing the rights offerings provided for under the Plan,
closing of the Investment Agreement with the Plan Investors and
consummation of the Global Settlement Agreement with General
Motors Corp.

"Delphi has substantially achieved all of the objectives that we
identified in our 2006 transformation plan," said Rodney O'Neal,
Delphi's CEO and President.  "Since the chapter 11 cases were
filed in late 2005, we have negotiated amended collective
bargaining agreements with our U.S. unions resulting in more
competitive U.S. operations; entered into comprehensive
settlement and restructuring agreements with General Motors;
made substantial progress in divesting or winding down
facilities and business lines that are not core to Delphi's
future plans; implemented initiatives in our organizational cost
structure to achieve important cost savings and rationalize our
salaried workforce to competitive levels; and obtained pension
funding waivers from the Internal Revenue Service which will
permit Delphi to fund its defined benefit pension plans
following emergence from chapter 11."

Delphi earlier announced broad-based stakeholder support for the
Plan.  Eighty-one percent of all voting creditors aggregated
across classes voted to accept the Plan.  Of the total amount
voted by all general unsecured creditor classes, 78% voted to
accept the Plan. More than 70% of the ballots cast and 70% of
the total dollar amount voted by Delphi's senior note claims,
TOPrS claims, and all other claims (including trade claims)
segments each voted separately to accept the Plan.  One hundred
percent of the ballots cast in the GM and MDL classes voted to
accept the Plan.  Of the approximately 217,000,000 shares voted
by shareholders, 78% voted to accept the Plan.  While one class
each in two lower tier Delphi subsidiaries did not accept the
Plan, the Bankruptcy Court confirmed the Plan over the vote of
the two subsidiary dissenting classes holding that Delphi was
entitled to confirm and implement the Plan for several reasons
including based on "new value" contributed by Delphi to the
subsidiaries.

Details of the Plan can be found by accessing the Delphi Legal
Information web site at http://www.delphidocket.com/

                        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 convened hearings to consider confirmation of
the Plan beginning Jan. 17, 2008.

(Delphi Bankruptcy News, Issue No. 109; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: To Sell Steering Business to Platinum Equity
---------------------------------------------------------
Delphi Corporation said it will seek approval from the U.S.
Bankruptcy Court for the Southern of New York  to sell its
steering and halfshaft businesses to an affiliate of Platinum
Equity at a sale hearing on February 21, 2008.

Delphi said, in a news release, plans to conclude the sale as
soon as all regulatory approvals have been received.

Divestiture solutions firm Platinum Equity, LLC --
http://www.platinumequity.com/-- through affiliate Steering
Solutions Corp., has offered to purchase Delphi's global
steering and halfshaft businesses for US$447,000,000.  Delphi
previously disclosed in January 2007 that it was working on
finalizing a sale and purchase  agreement with Platinum Equity
regarding the sale of the businesses.

Pursuant to a Master Sale And Purchase Agreement dated Dec. 10,
2007, have agreed to sell the global steering and halfshaft
businesses to Platinum Equity, but subject to competitive
bidding at an auction scheduled for January 28, 2008.  Delphi
said that Platinum Equity was the sole bidder for the subject
assets.

Steering Holding, LLC, previously opposed to Platinum Equity's
designation as stalking horse bidder on grounds that (i) the
proposed break up fee and expense reimbursements, which could
reach up to US$8,000,000, is not justified; and (ii) it could
provide a better offer for Delphi's steering and halfshaft
businesses.  The Court, however, denied Steering Holding's
objection, but the party was entitled to submit a competing bid
by January 18, 2008, under the Court-approved protocol.

Under its steering and halfshaft businesses, Delphi designs and
manufactures steering and driveline systems and components for
automotive vehicle manufacturers and adjacent markets.  The
businesses operate 22 manufacturing plants in 15 locations
worldwide, five regional systems engineering centers, and 11
local customer support  enters.  In addition, the businesses
employ approximately 9,700 individuals globally, about 5,625 of
whom work in the U.S.  The businesses' customer base includes
major domestic, transnational, and international original
equipment manufacturers, including General Motors Corp., Fiat,
Ford, DaimlerChrysler, and Chevy.  In 2006, the businesses
generated US$2,530,000,000 in revenues.

                       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 convened hearings to consider confirmation of
the Plan beginning Jan. 17, 2008.  The Court entered an order
confirming the Plan on January 25, 2008.

(Delphi Bankruptcy News, Issue No. 109; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


FORD MOTOR: Auto Credit Arm Earns US$775 Million in 2007
--------------------------------------------------------
Ford Motor Credit Company reported net income of US$775 million
in 2007, down US$508 million from earnings of US$1,283 million a
year earlier.  On a pre-tax basis, Ford Motor Credit earned
US$1.215 billion in 2007, down US$738 million from 2006.  The
decrease in full year earnings primarily reflected the non-
recurrence of credit loss reserve reductions, higher borrowing
costs, higher depreciation expense for leased vehicles and
higher costs due to our North American business transformation
initiative.  These were offset partially by lower net losses
related to market valuation adjustments from derivatives and
lower expenses primarily reflecting improved operating costs.

In the fourth quarter of 2007, Ford Motor Credit's net income
was US$186 million, down US$93 million from a year earlier.  On
a pre-tax basis, Ford Motor Credit earned US$263 million in the
fourth quarter, compared with US$406 million in the previous
year.  The decrease in fourth quarter earnings primarily
reflected the non-recurrence of credit loss reserve reductions,
higher borrowing costs and higher depreciation expense for
leased vehicles, offset partially by lower expenses and the non-
recurrence of losses related to market valuation adjustments
from derivatives.

"We had a good year in 2007 with a business that performed
consistently and predictably," Mike Bannister, chairman and CEO,
said.  "With our sound business fundamentals, we have a strong
foundation for the future."

Ford Motor Credit expects its earnings in 2008 to be about equal
to its earnings in 2007.

On Dec. 31, 2007, Ford Motor Credit's on-balance sheet net
receivables totaled US$141 billion, compared with US$135 billion
at year-end 2006.  Managed receivables were US$147 billion, down
from US$148 billion a year ago.

On Dec. 31, 2007, managed leverage was 9.8 to 1.

                   About Ford Motor Credit

Ford Motor Credit Company LLC -- http://www.fordcredit.com/--
an indirect, wholly owned subsidiary of Ford Motor Company, is
an automotive finance company and has supported the sale of Ford
products since 1959.  It provides automotive financing for Ford,
Lincoln, Mercury, Jaguar, Land Rover, Mazda and Volvo dealers
and customers.

                         About Ford Motor

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

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

                          *     *     *

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


FORD MOTOR: Neapco Inks Sale Agreements for ACH Driveshaft Biz
--------------------------------------------------------------
Ford Motor Company, Automotive Components Holdings LLC and
Neapco Drivelines, LLC have signed definitive agreements for the
sale of the ACH driveshaft business currently located in the ACH
Monroe (Michigan) Plant.  The transfer of the business will
begin next week and continue through the rest of the year.

This announcement follows the recent United Auto Worker
ratification of the collective bargaining agreement negotiated
with Neapco.

Neapco Drivelines is opening a 345,000 sq. ft. state-of-the-art
manufacturing facility in Van Buren Township, Michigan.

Approximately 300 salaried and hourly employees from the Monroe
Plant and associated technical and support staffs are being
offered positions at the new facility.

Approximately 30 percent of the Monroe Plant's 1,100 employees
are associated with the driveshaft business.  The majority of
the salaried employees currently are leased to ACH from Visteon
and the majority of the UAW hourly employees are leased from
Ford Motor.

"This is another sign of progress toward achievement of our ACH
strategy and our pathway to profitability in North America in
2009," said Ford executive vice president and president of The
Americas, Mark Fields.

Added Automotive Components Holdings Chief Executive Officer,
Bill Connelly:  "This is our third sale and the first involving
a U.S. business.  It represents another important step toward
our goal to improve the competitiveness of these operations
under new ownership and improve Ford's material costs."

"We are pleased to add the Ford driveshaft business and the
expertise of the ACH people to our organization," said Neapco
president and CEO, Robert Hawkey.  "The Wanxiang Group and
Neapco are growing globally through strategic acquisitions of
innovative driveline products and technologies. We are very
appreciative of the support and encouragement we have received
from the state, the local community and the United Auto Workers
to maintain this business in Michigan."

Neapco Drivelines, LLC and its parent company, Neapco LLC, are
headquartered in Pottstown, Pa. Wanxiang Group, which is
headquartered in Hangzhou, China, is the majority investor in
Neapco, LLC.  Neapco, LLC supplies drivelines, steering shafts
and components for OEM and aftermarket automotive, truck,
agricultural, off-highway and specialty vehicle applications
from its facilities in Pennsylvania, Nebraska and Mexico.

Automotive Components Holdings was established by Ford Motor
Company in October 2005 to ensure the flow of quality components
and systems to Ford, while the 17 ACH plants, formerly owned by
Visteon, are prepared for sale or other disposition.  After this
sale is complete, ACH will have 11 plants supported by about
10,500 leased hourly and salaried employees.

                     About Ford Motor

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

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

                       *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 20,
2007, Moody's Investors Service affirmed the long-term
ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3
senior secured, Caa1 senior unsecured, and B3 probability of
default), but changed the rating outlook to Stable from Negative
and raised the company's Speculative Grade Liquidity rating to
SGL-1 from SGL-3.  Moody's also affirmed Ford Motor Credit
Company's B1 senior unsecured rating, and changed the outlook to
Stable from Negative.  These rating actions follow Ford's
announcement of the details of the newly ratified four-year
labor agreement with the UAW.


FORD MOTOR: Posts US$2.7 Billion Net Loss in Fiscal Year 2007
-------------------------------------------------------------
Ford Motor Company reported a 2007 full-year net loss of
US$2.7 billion.  This compares with a 2006 full-year net loss of
US$12.6 billion.

Ford's 2007 revenue, excluding special items, was
US$173.9 billion, up from US$160.1 billion a year ago.  The
increase primarily reflected changes in exchange rates, higher
net pricing and improved product mix.

For full-year 2007, Ford earned a pre-tax operating profit from
continuing operations, excluding special items, of
US$126 million.  Including taxes, Ford's full-year loss from
continuing operations was US$366 million, compared with a 2006
loss of US$2.7 billion.

Special items, which primarily reflected non-cash charges
associated with a Premier Automotive Group asset impairment
(related to Volvo) and a change in business practice for
providing retail incentives to dealers throughout the year,
reduced full-year pre-tax results by US$3.9 billion, which
included a reduction in revenue of US$1.4 billion.

Automotive gross cash, which includes cash and cash equivalents,
net marketable securities, loaned securities and short-term VEBA
assets, was US$34.6 billion at Dec. 31, 2007, an increase of
US$700 million from year-end 2006.

"Each of our Automotive operations is improving, and we are
encouraged by the progress, which validates our strategy and
plan," Ford President and CEO Alan Mulally said.  "In 2007, we
introduced great new products around the globe that received
strong third-party endorsements for styling, quality and safety.
This year, we have some outstanding new product introductions
including the Ford Flex, Lincoln MKS, and Ford F-150 in North
America, and Ford Kuga and the production version of the Ford
Verve concept in Europe."

                        Full-Year Highlights

Full-year 2007 highlights supporting the company's plan
included:

   * Reached agreement with the United Auto Workers on a new
     four-year national labor contract, which significantly
     improves the company's competitiveness going forward.

   * Continued to align capacity to match demand and improve
     productivity in North America, and reduced personnel by
     32,800 in 2007.

   * Achieved US$1.8 billion in cost savings in 2007 (at
     constant volume, mix and exchange; excluding special
     items).

   * Introduced Ford SYNC -– the company's award-winning, fully
     integrated, voice-activated in-car communications and
     entertainment system developed in association with
     Microsoft –- which will be available in nearly every Ford,
     Lincoln and Mercury product by the end of 2008.

   * In the U.S., Ford, Lincoln and Mercury crossover utility
     vehicles led the fastest-growing segment with a sales gain
     of 62% in 2007.

   * The Ford Mustang convertible made history as the first
     sports car and first convertible to earn the highest
     possible safety ratings from the National Highway Traffic
     and Safety Administration.  The Mustang convertible earned
     five-star ratings in all crash test and rollover
     categories.

   * Ford Taurus, Taurus X and Mercury Sable earned Top Safety
     Pick ratings from the Insurance Institute for Highway
     Safety for achieving the highest possible ratings in
     frontal, side and rear crash test performance.  They also
     earned five-star crash-test ratings from NHTSA.

   * Ford Europe captured Autocar Magazine's annual "Car Company
     of the Year" award.

   * Ford Mondeo joins three other models -– Ford Focus, Galaxy
     and S-MAX -– with a five-star performance on the Euro NCAP
     Top 10 list, reinforcing Ford Europe's position as the
     manufacturer with the highest number of vehicles in the top
     10 for adult occupant protection.

   * Ford South America had record pre-tax profits and unit
     sales were up 19% year-over-year.

   * Land Rover achieved a third straight year of record unit
     sales.

   * Volvo S80 won AutoMundo Magazine's 2007 Car of the Year
     Award, and Volvo C30 was named Automobile Magazine's 2008
     All-Star.

   * Launched operations at new assembly plant in Nanjing,
     China, that will produce the latest small-car models from
     both Ford and Mazda.

   * Ford China unit sales rose 26% in 2007, outpacing industry
     growth in China.

   * Mazda CX-9 named "North American Truck of the Year," the
     first-ever Mazda to win the honor.

   * Completed the sale of Automobile Protection Corporation,
     Aston Martin and two Automotive Components Holdings plants.

   * Reduced Automotive debt by $2.7 billion by completing trust
     preferred exchange offer and debt/equity swap.

                      Fourth Quarter Results

The company reported a 2007 fourth-quarter net loss of
US$2.8 billion.  This compares with a net loss of US$5.6 billion
in the same period a year ago.

Ford's fourth-quarter revenue, excluding special items, was
US$45.5 billion, up from US$40.3 billion a year ago.  The
increase reflected changes in currency exchange rates, higher
net pricing, and improved volume.

Ford's fourth-quarter after-tax loss from continuing operations,
excluding special items, was US$429 million, compared with a
2006 after-tax loss of US$2.0 billion.

Special items reduced pre-tax results by US$3.9 billion in the
fourth quarter, which included a revenue reduction of
US$1.4 billion.  These primarily reflected non-cash charges
associated with a PAG asset impairment (related to Volvo) and a
change in business practice for providing retail incentives to
dealers.

                         About Ford Motor

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

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

                          *     *     *

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


HARMAN INT'L: Declares US$0.0125 Per Share Quarterly Dividend
-------------------------------------------------------------
Harman International Industries Incorporated has declared a cash
dividend of US$0.0125 per share for the second quarter ended
Dec. 31, 2007.

The quarterly dividend will be paid on Feb. 20, 2008, to each
stockholder of record as of the close of business on
Feb. 6, 2008.

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

                       *     *     *

In October 2007, Standard & Poor's Ratings Services revised its
CreditWatch implications for the 'BB-' corporate credit rating
on Harman International Industries Inc. to positive from
developing.


XEROX CORPORATION: Earns US$1.1 Billion in Year Ended Dec. 31
-------------------------------------------------------------
Xerox Corporation reported US$1.1 billion of net income for the
year ended Dec. 31, 2007, compared to net income of
US$1.2 million for the same period in 2006.  The company also
earned US$382 million for the three months ended Dec. 31, 2007,
compared to net income of US$214 million for the same period in
2007.

Total revenue of US$4.9 billion grew 11 percent in the quarter
with post-sale and financing revenue up 12 percent; this annuity
stream represents about 70 percent of total revenue.  Both total
revenue and post-sale revenue included a currency benefit of
four percentage points as well as the benefit from Xerox's
acquisition of Global Imaging Systems.

"Our growing annuity revenue and strong cash generation, along
with our disciplined approach to controlling costs, result in
consistent delivery of solid performance year after year," said
Anne M. Mulcahy, Xerox chairman and chief executive officer.
"In 2007, we expanded earnings, grew revenue, generated
US$1.9 billion in operating cash flow, repurchased
US$631 million in Xerox shares and declared a dividend.  As
important, we fortified our leadership in the marketplace
through increased distribution and innovative technology and
document management services.

"Xerox operates in a global business environment, serving a wide
range of markets with more than 50 percent of our revenue
generated from customers outside the U.S.," she added.  "This
worldwide reach and our effective business model -- combined
with our competitive offerings and strong recurring revenues
-- position us well to continue building value for shareholders.
As a result, we remain committed to delivering on our 2008
full-year EPS guidance of US$1.31 to US$1.35, and we are
increasing our guidance for full-year operating cash flow."

The acquisition of Global Imaging Systems, which provides a
broader distribution to small and mid-size businesses in the
U.S., led to a 10 percent increase in equipment sales, including
a five-point benefit from currency.  In 2007, Xerox introduced
39 products, more than twice the number of products it launched
in 2006.  More than two-thirds of Xerox's equipment sale revenue
comes from products launched in the past two years.

Revenue from color grew 14 percent in the fourth quarter and now
represents 40 percent of Xerox's total revenue, up 3 points from
the fourth quarter of 2006.  Xerox color devices print the
highest volume of pages in the industry -- producing more than
40 billion color pages in 2007, an increase of more than 30
percent from 2006.  In the fourth quarter, the number of color
pages grew 34 percent, and now represent 14 percent of total
pages, up 4 points from the prior year.  Color performance
excludes Global Imaging Systems results.

Xerox services help businesses simplify work processes, manage
office technology and in-house print shops, digitize paper
files, create digital archives and much more.  During 2007,
Xerox Global Services generated US$3.4 billion in annuity
revenue, an 8 percent increase over 2006.

"As businesses shift to more color in the office and begin to
see the cost benefits of simplifying their work processes,
they're turning to Xerox for our innovation and expertise.  Our
focus on color and document services is fueling our annuity
stream and creating long-term value in our company," said
Ms. Mulcahy.

Xerox's production business provides commercial printers and
document-intensive industries with high-speed digital printing
and services that enable on-demand, personalized printing.
Total production revenue increased 5 percent in the fourth
quarter, including a six-point currency benefit. Production
color installs grew 3 percent.  Installs of production black-
and-white systems declined 10 percent.  Demand for the Xerox
Nuvera(R) EA and Xerox Nuvera 288 digital presses as well as
continuous feed systems only partially offset declines from
other high-volume and light-production systems.

Through expanded channels of distribution and competitive
offerings for businesses of any size, Xerox continues to drive
the demand for color in the office with installs of color
multifunction systems up 67 percent.  Total office revenue was
up 14 percent in the fourth quarter, including a five-point
benefit from currency.  Installs of the company's black-and-
white multifunction devices increased 6 percent.

Gross margins were 40.5 percent, down about a half a point from
the fourth quarter of 2006.  Selling, administrative and general
expenses were 24.3 percent of revenue, up 1 point from fourth-
quarter 2006.  The strength of Xerox's annuity-based business
model led to a significant increase in operating cash flow,
generating US$1 billion in the fourth quarter and US$1.9 billion
for the full year.

Since launching its stock buyback program in October 2005, Xerox
has repurchased 137 million shares or 13 percent of outstanding
shares.  Earlier this week, Xerox's Board of Directors
authorized an additional US$1 billion, adding to the remaining
US$370 million available for share repurchase.

Xerox expects first-quarter 2008 earnings in the range of 25 to
28 cents per share.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2007, Fitch upgraded Xerox Corp.'s and its subsidiary's
debt as:

  -- Issuer Default Rating to 'BBB' from 'BBB-';
  -- Senior unsecured credit facility to 'BBB' from 'BBB-';
  -- Senior unsecured debt to 'BBB' from 'BBB-';
  -- Trust preferred securities to 'BBB-' from 'BB'.

Approximately US$9.1 billion of securities, including the US$2
billion credit facility, are affected by Fitch's action.  Fitch
says the rating outlook is stable.


* Six Cooperatives May Get JPY20-Billion Bailout from Shinkumi
--------------------------------------------------------------
The Shinkumi Federation Bank, the central bank for credit
cooperatives, is considering injecting an aggregate of
JPY20 billion into six credit cooperatives by the end of March
to help strengthen their capital bases, the Japan Times reports,
citing industry sources.

The credit cooperatives include Yamanashikenmin Shinyokumiai in
Kofu, Yamanashi Prefecture; Daitokyo Shinyokumiai in Tokyo; and
Nasu Shinyou Kumiai in Nasushiobara, Tochigi Prefecture, the
report says.

According to Japan Times, the credit cooperatives are struggling
due to bad loans and sluggish lending for small and medium-sized
firms.

Yamanashikenmin Shinyokumiai is expected to get about
JPY10 billion, which is the biggest portion, Japan Times notes.


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

BURGER KING: May No Longer Buy Tomatoes from Immokalee
------------------------------------------------------
Doug Ohlemeier at ThePacker.com reports that Burger King sent a
letter to tomato suppliers, warning that it may stop purchasing
tomatoes from Immokalee, Florida.

According to ThePacker.com, Immokalee workers' union Coalition
of Immokalee Workers demanded fast-food firms to pay a penny a
pound more for tomatoes, causing uneasiness among Florida
growers.

The Associated Press relates that the letter was allegedly a
result to the demands.  The Coalition of Immokalee has demanded
Burger King and other fast food operators to pay workers an
additional penny a pound for the tomatoes they pick.

However, Burger King spokesperson Denise Wilson denied to
ThePacker.com that its warning was connected to the workers’
wage issue.

Ms. Wilson commented to ThePacker.com, "We buy from many regions
and make plans for a variety of reasons.  We’re asking our
suppliers for contingency plans, in case of bad weather or
freezes, which happened this January."

ThePacker.com relates that Burger King requested in the letter
that the suppliers come up and present to the fast-food chain
contingency plans "for the possibility that we would choose not
to purchase tomatoes grown on farms in the Immokalee."  The
letter was signed by Burger King's food safety, quality
assurance and regulatory compliance vice president Steven
Grover.

The letter explains that the request is for the prevention of
supply disruptions and that packers should develop plans for a
phased implementation of the plan, ThePacker.com says.

West Coast Tomato Inc. vice president and sales manager Bob
Spencer commented to ThePacker.com, "I would be shocked if
Burger King switched from Florida tomatoes to the only viable
alternative, which would be Mexican tomatoes, because of a labor
dispute in Florida.  We are the most heavily regulated
agricultural community in the world.  If Burger King chooses to
switch to tomatoes grown in Mexico, where there is nowhere near
the regulation and oversight (that we have), it doesn’t speak
well on how they feel about protecting their consumers."

The Florida tomato sector would be open to talking with Burger
King about the issue and to see if the packers could show the
firm that it is being fed misinformation regarding the Immokalee
tomato pickers, ThePacker.com states, citing Mr. Spencer.

Headquartered in Miami, Florida, The Burger King (NYSE: BKC)
-- http://www.burgerking.com/-- operates more than 11,000
restaurants in more than 69 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Beginning in 1982, BK
and its franchisees began operating stores in several East Asian
countries, including Japan, Taiwan, Singapore and Korea.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2007, Moody's Investors Service has affirmed the Ba2
corporate family rating of Burger King Corporation. Moody's also
affirmed the Ba2 rating assigned to the company's US$250 million
senior secured term loan A, US$1.1 billion senior secured term
loan B, and US$150 million senior secured revolving credit
facility.  In addition, Moody's changed the outlook for Burger
King to stable from negative.


KOREAN EXPRESS: Kumho-Asiana Group Signs Deal to Acquire Stake
--------------------------------------------------------------
Kumho-Asiana Group has signed a preliminary agreement to take
over Korea Express Co., Yonhap News reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2008, Korea Express named Kumho-Asiana through
affiliates Asiana Airlines Ltd. and Daewoo E & C, as the
preferred bidder for a controlling stake in the company.

The TCR-AP noted that Korea Express, which has been under court
receivership since November 2000, plans to find a new owner by
selling new shares equal to 50% of enlarged capital plus one
share.

Kumho-Asiana, Yonhap notes, won the bid for Korea Express
beating Hanjin Group, STX Group and Hyundai Heavy Industries Co.

According to Yonhap, Kumho-Asiana will conduct a formal due
diligence investigation of Korea Express by Feb. 15, and the
final contract will be signed on March 5.

                    About Korea Express Co.

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

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

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

Korea Investors Service gave the company a BB rating.


MAGNACHIP SEMICONDUCTOR: Reports 2007 Fourth Quarter Results
------------------------------------------------------------
MagnaChip Semiconductor reported results for the fourth quarter
ended December 31, 2007.

Revenue for the three months ended December 31, 2007 was
US$246.5 million, compared to US$162.3 million in the fourth
quarter of 2006.

Gross margin was US$63.5 million or 25.8% of revenue for the
quarter ended December 31, 2007, compared to US$18.0 million or
11.1% of revenue for the fourth quarter of 2006.

Operating expenses for the fourth quarter of 2007 were
US$58.9 million or 23.9% of revenue, compared to US$57.0 million
or 35.1% of revenue for the fourth quarter of 2006.

Operating income was US$4.7 million during the current quarter,
compared to an operating loss of US$39.0 million in the prior
year quarter.

Net interest expense for the fourth quarter of 2007 was
US$15.6 million, compared to US$14.1 million in the fourth
quarter of 2006.

Net loss for the three months ended December 31, 2007, was
US$29.5 million, compared to a net loss of US$45.6 million in
the fourth quarter of 2006.

Sang Park, Chairman and CEO of MagnaChip Semiconductor,
commented, "We are pleased with how the fourth quarter
developed.  Revenue came in above prior guidance, which called
for an increase of approximately 20% vs. the third quarter, and
we returned to an operating profit.  We designated 2007 to be
the year of MagnaChip's recovery and believe that our strong
performance this quarter demonstrates we have achieved this
objective.

Importantly, these results are based on new design wins and
account development, as well as improved operational execution.
Further, there are a number of strategic initiatives that we
expect to contribute to our future growth.  As recently
announced, we have begun marketing a new line of power
management products as part of an overall strategy to leverage
our analog and mixed signal technology platform to expand our
market opportunities.  We continue to strengthen our market
position through technical leadership in display driver ICs for
AMOLED displays and our portfolio of technologies, such as Smart
Mobile Luminance Control, that manage the power consumption of
displays.  We believe our AMOLED and power management products
and technologies are timely due to the increasing market
requirements for 'green,' energy-efficient products and
applications.  Overall, we are optimistic that initiatives such
as these, coupled with our continued focus on performance and
execution excellence across our three existing business lines,
will drive our business going forward."

Robert Krakauer, President and CFO of MagnaChip Semiconductor,
said, "Our design wins this year translated into significant
momentum in our revenue recovery, with revenue growth of 62%
from the first quarter of 2007 to the fourth quarter of 2007.
We met our expectation of doubling gross margin in the fourth
quarter of 2007 versus the third quarter of 2007, even though
our operational improvements were partially offset by both a
significantly higher valuation and balance of inventory at the
start of the fourth quarter versus the end of the fourth
quarter.  While we expect a seasonally slow first quarter of
2008 versus the fourth quarter of 2007, we believe our design
wins continue to position us well.  We remain focused on
maintaining our cost competitiveness while strengthening our
intellectual property and broadening our product lineup.

                  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-'.


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

AVAYA INC: Works with Extreme Networks in Ethernet Transition
-------------------------------------------------------------
Avaya Inc. is working with its global partner Extreme Networks,
Inc. to provide a transition path for its customers who have
installed the Avaya Cajun(R) line of Ethernet switches and plan
to upgrade their converged network infrastructure.

Avaya is recommending the Extreme Networks BlackDiamond(R) and
Summit(R) Ethernet switches to its customers as the Avaya Cajun
family of switches approach end-of-sale status.  Ethernet
switches are typically used to accommodate the bandwidth
required for advanced applications in IP telephony, security and
wireless local area networks.

"Avaya has been integrating and supporting the Extreme Networks
product lines worldwide in its Intelligent Communications
solutions for more than four years," said Avaya Converged
Communications Division vice president, Simon Woollett.  "It's
only natural that Extreme would be Avaya's preferred offer for
our customers who want to transition from Avaya's Cajun
switches."

"Together, Avaya and Extreme Networks provide the right
combination of ntelligent features, performance, proven
interoperability and management integration, making for a solid
convergence solution," said Extreme Networks' Volume Products
Group vice president and general manager, Douglas Murray.  "Our
ExtremeXOS(TM) based BlackDiamond and Summit switches offer
Avaya's customers the right foundation for voice, video and
data."

Extreme Networks provides comprehensive Ethernet switching
product lines that are well proven in the market to support
Avaya's broad portfolio of communication products.  These
solutions and support services can be purchased by customers
from Avaya and its BusinessPartners in market segments that
include education, government, manufacturing, entertainment,
media, retail and financial services.

                   About Extreme Networks

Extreme Networks, Inc.  (Nasdaq: EXTR) --
http://www.extremenetworks.com-- designs, builds, and installs
Ethernet infrastructure solutions that solve the toughest
business communications challenges.  The company's commitment to
open networking sets it apart from the alternatives by
delivering meaningful insight and unprecedented control to
applications and services.  The company believes openness is the
best foundation for growth, freedom, flexibility, and choice.
Extreme Networks focuses on enterprises and service providers
who demand high performance, converged networks that support
voice, video and data, over a wired and wireless infrastructure.

                       About Avaya Inc.

Headquartered in Basking Ridge, New Jersey, Avaya Inc. (NYSE:
AV) -- http://www.avaya.com/-- designs, builds and manages
communications networks for more than one million businesses
worldwide, including more than 90% of the FORTUNE 500(R).  Avaya
is a world leader in secure and reliable Internet Protocol
telephony systems and communications software applications and
services.

Avaya has locations in Malaysia, Argentina and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Moody's Investors Service has assigned a B2
corporate family rating to newly private Avaya, Inc. as well as
Ba3 ratings to its new senior secured US$200 million revolver
and US$3.8 billion term loan.  The company was acquired by TPG
Capital LLC and Silver Lake Partners on Oct. 26, 2007 for US$8.3
billion. Moody's also withdrew the company's previous Ba3
corporate family rating and shelf ratings, which were placed
under review for downgrade after the company announced the going
private transactions.  Moody's said the outlook is stable.


CNLT (FAR EAST): Bourse Grants June 10 Deadline to Submit Plan
--------------------------------------------------------------
The Bursa Securities Berhadm, through a letter dated Jan. 25,
2008, granted CNLT (Far East) Berhad an extension of its
deadline to submit its regularization plans to the Securities
Commission and other relevant authorities for approval from
February 11, 2008, until June 10, 2008.

The Bursa Securities further decided that:

   -- in the event the company submits its regularization plans
      to the Approving Authorities for approval within the
      Extended Timeframe, Bursa Securities will await the
      outcome of the company's submission; and

   -- the company must proceed to implement its regularization
      plans expeditiously within the timeframes or extended
      timeframes stipulated by the Approving Authorities in the
      event it obtains all approving Authorities' approval
      necessary for the implementation of its regularization
      plans.

Update on application for an Extension of Time to comply with
Paragraph 4.1 of Practice Note No. 17/2005 ("PN17") of the
Listing Requirements of Bursa Malaysia Securities Berhad

                          About CNLT

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

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

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


MANGIUM INDUSTRIES: Unit Defaults on MYR17 Mil. as of Dec. 31
-------------------------------------------------------------
Mangium Industries Bhd.'s wholly owned subsidiary, Mangium
Sawmill Sdn Bhd, has not paid and is deemed to have defaulted in
its repayments on facilities granted by Standard Chartered Bank
Malaysia Berhad and CIMB Bank Berhad, which are unsecured.  As
of December 31, 2007, the amount default is estimated to be
MYR17,651,784.

The cause of default was due to the unfavorable timber market
and depressed prices for timber and timber related products
throughout Asia since the financial crisis in the year 1997.
Many of the Group's buyers were adversely affected and are
facing financial difficulties leading to their inability to
settle their outstanding balances despite efforts made by the
management to collect these outstanding debts with the Group.
As a result, the cash flow generated from operations was not
sufficient to service the interest and principal obligations to
the lenders as and when they fell due.

To address the default, the company is currently working on
other alternatives since the Proposed Debt Settlement &
Restructuring Scheme was abandoned on February 27, 2007.

Since Mangium Industries is the guarantor for the loan taken
from CIMB Bank Bhd, the company is liable for the full amount
and any further interest and financial cost levied there or
until the settlement of these debts.

Mangium Industries Berhad's principal activities are the
manufacture and trade of timber and timber related products.
Other activities include provision of printing services,
publisher, printer consultants and advertisers, trading of
alcoholic beverages, general trading of office furniture,
operation and development of the plantation and investment
holding.  Operations of the Group are carried out in Malaysia.

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


MEGAN MEDIA: Suruhanjaya Approves Time Extension Request
-------------------------------------------------------
Suruhanjaya Syarikat Malaysia has approved Megan Media Holdings
Berhad's request to hold its Annual General Meeting on the
extended date of February 21, 2008, and to present on that day,
its audited financial statements for the year ended
April 30, 2007.

In a report by the Troubled Company Reporter-Asia Pacific on
January 8, 2008, the company's new auditor, SJ Grant
Thornton, has previously announced that Megan's financial
statements are expected to be completed by the end of this
month.  However, the company failed to timely submit its annual
audited accounts and annual report for the financial year ended
April 30, 2007, to Bursa Malaysia Securities Bhd due to the
resignation of its previous auditors, KPMG.

The TCR-AP also added that the default of the company's
subsidiaries on maturing banking facilities amounting to
MYR47.36 million also added to the delay in submission of the
company's annual audited accounts.

Megan Media Holdings Berhad' s principal activities are
manufacturing and trading data storage media products like
Computer diskettes, video cassette tapes, compact disc
recordable (CD-R's) and digital versatile disc recordable (DVD-
R's).  The Group operates in Malaysia, Singapore and other
countries.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that the Rating Agency Malaysia downgraded the long-
term rating of Memory Tech Sdn Bhd's MYR320 million Bai Bithaman
Ajil Islamic Debt Securities (2005/2012) ("BaIDS"), from C3
(with a negative outlook) to D.  The BaIDS carries a corporate
guarantee from MTSB's holding company, Megan Media Holdings
Berhad.

Concurrently, RAM has lifted the Rating Watch (with a negative
outlook) that had been placed on MTSB on May 9, 2007, following
the failure of MTSB and MJC (Singapore) Pte Ltd, another wholly
owned subsidiary of Megan Media, to repay their trade facilities
amounting to MYR47.36 million.

On June 19, 2007, the company was classified as a PN17 company,
and is then required to submit and implement a substantive plan
to regularize its financial condition.


SHAW GROUP: Environmental Unit Bags Deal from General Electric
--------------------------------------------------------------
The Shaw Group Inc.'s Environmental & Infrastructure Group has
been awarded a contract by the General Electric Company for work
on the Upper Hudson River dredging project.  The value of Shaw's
contract, which will be included in the company's fiscal year
2008-second quarter backlog, was not disclosed.

"We are pleased to assist GE in the important environmental
cleanup of the Hudson River," said Ronald W. Oakley, president
of Shaw's Environmental & Infrastructure Group.  "With our
involvement in the Hudson River project, and the Fox River
project in Wisconsin, Shaw is playing a significant role in two
of the largest and most important sediment remediation projects
in the U.S."

Once dredging begins, Shaw will operate the processing
facilities needed to manage sediments that are dredged from the
Upper Hudson River.  These facilities include:

   -- a barge terminal where sediments will be delivered and
      unloaded;

   -- a dewatering building with specialized equipment that will
      press water from dredged sediments;

   -- a water treatment plant that will remove polychlorinated
      biphenyls (PCBs) from the water; and

   -- large railroad staging facilities for the rail cars
      transporting the processed sediment for disposal.

Shaw will manage the project out of its Latham, N.Y., office.

With this contract, Shaw plans to utilize local subcontractors
and local manpower from Washington County and the Capital
District Region in New York.

                      About Shaw Group

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

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

                        *     *     *

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

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


SHAW GROUP: Nuclear Unit Launches New Office in Shanghai, China
---------------------------------------------------------------
The Shaw Group Inc. announced that the Nuclear Division of the
Shaw Power Group 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.


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

AIR NEW ZEALAND: Cuts Domestic Fares to Fill Seats
--------------------------------------------------
Air New Zealand Ltd cut its domestic travel rates by up to 30%
to boost passengers.  The fare cuts, effective for travel from
February 23, mean reductions of 9%-27% on lead-in Smart Saver
fares on almost 40 domestic routes, ANZ said in a filing with
the New Zealand Stock Exchange.   The carrier said these will be
introduced alongside reductions of 20%-30% on top end fares on a
number of regional routes popular with business customers, and
reductions of 15% on top end fares on the domestic main trunk.

"The new pricing strategy was designed to help stimulate travel
and tourism within New Zealand, and was the latest initiative
from the airline's wide-ranging review of domestic operations
that began in early 2007," ANZ Chief Executive Officer Rob Fyfe
said.

According to Mr. Fyfe, ANZ now needed to turn its attention to
encouraging even more Kiwis to get out and see more of their
country.  The carrier is committed to growing its business and
can only do that by stimulating demand since there is no benefit
in flying empty seats, he added.

Group General Manager Short Haul Airlines Bruce Parton said
ANZ's strategy was to drive revenue and its return to
shareholders by boosting the number of people traveling rather
than charging higher fares.

However, ANZ made it clear that continuing pressure on costs,
notably fuel and airport charges, which particularly affected
some of the smaller, more costly routes, meant it was not in a
position to offer across-the-board reductions.

ANZ's fare cuts is an admission it has been charging too much,
Radio New Zealand quoted Pacific Blue Airline spokesperson
Adrian Hamilton-Manns as saying.  The budget airline's spokesman
further challenged ANZ to make sure enough of the lower fares
are available to benefit all travelers.

                     About Air New Zealand

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.


AIR NEW ZEALAND: To Suspend Nadi-Los Angeles Flights
----------------------------------------------------
Air New Zealand Ltd said it will suspend flights between Los
Angeles and Nadi, Fiji, operated by the airline three times per
week, effective April 26, 2008.

Instead, Air New Zealand will expand its code-share agreement
with Air Pacific from four services per week to six services per
week.  All six code-share services will connect from and to Air
New Zealand's London services to ensure the flow of Northern
Hemisphere tourism into Fiji.

Air New Zealand Group General Manager International Airline Ed
Sims said the code-share agreement with Air Pacific announced
last year was working well.

Mr. Sims said it was pragmatic for the airline to extend its
code-share agreement with Air Pacific and deploy its Boeing 767-
300ER aircraft onto higher yielding routes, particularly given
ongoing operational pressures such as the high cost of jet fuel.

Air New Zealand currently operates services on Monday, Wednesday
and Friday, code-sharing the other days of the week.  Its last
Monday service will be on April 21, the last Wednesday service
will be on April 23 and the last Friday service will be on
April 25.  The expanded code-share service will begin with Air
Pacific operating a Wednesday service from April 30 and a Monday
service from June 2.

The new arrangement means that Air New Zealand code-share
services between Los Angeles and Nadi will operate every day
except Fridays.

Air Pacific operates Boeing 747-400 aircraft on this route with
a capacity of 28 business class and 452 economy class seats.

Mr. Sims said Air New Zealand remained committed to a strong
presence in the Pacific and the airline's capacity between New
Zealand and Fiji would not be negatively impacted by the
schedule change.

                     About Air New Zealand

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.


ISTATION LTD: Wind-Up Petition Hearing Set for February 11
----------------------------------------------------------
The High Court of Rotorua will hear on February 11, 2008, at
11:45 a.m., a petition to have Istation Ltd.'s operations wound
up.

Officemax New Zealand Limited filed the petition on Nov. 9,
2007, at 11:45 a.m.

Officemax New Zealand's solicitor is:

          Kevin Patrick McDonald
          Kevin McDonald & Associates
          Takapuna Towers, Level 11
          19-21 Como Street
          PO Box 331065, Takapuna
          Auckland
          New Zealand
          Telephone:(09) 486 6827
          Facsimile:(09) 486 5082


JK HORTICULTURE: Wind-Up Petition Hearing Set for January 30
------------------------------------------------------------
The High Court of Napier will hear on January 30, 2008, at
10:00 a.m., a petition to have JK Horticulture Contracting
Services Ltd.'s operations wound up.

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

The CIR's solicitor is:

          Kathleena Hemotitaha Smith
          c/o Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150, Takapuna
          Auckland
          New Zealand
          Telephone:(09) 984 1309
          Facsimile:(09) 984 3116


KABO DEVELOPMENTS: Faces CIR's Wind-Up Petition
-----------------------------------------------
On November 26, 2007, the the Commissioner of Inland Revenue
filed a petition to have Kabo Developments Ltd.'s operations
wound up.

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

The CIR's solicitor is:

          Kay S. Morgan
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0373
          Facsimile:(07) 959 7614


MARFIT INDUSTRIES: Taps Whittfield & van Delden as Liquidators
--------------------------------------------------------------
On January 9, 2008, John Trevor Whittfield and Boris van Delden
were appointed liquidators of Marfit Industries Ltd.

Messrs. Whittfield and van Delden are accepting creditors'
proofs of debt until February 20, 2008.

The Liquidators can be reached at:

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


NORTHRIDGE ARCHITECTURE: Faces CIR's Wind-Up Petition
-----------------------------------------------------
On August 3, 2007, the Commissioner of Inland Revenue filed a
petition to have Northridge Architecture Ltd's operations wound
up.

The petition will be heard before the High Court of Auckland on
January 31, 2008, at 10:45 a.m.

The CIR's solicitor is:

          Kathleena Hemotitaha Smith
          c/o Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150, Takapuna
          Auckland
          New Zealand
          Telephone:(09) 984 1309
          Facsimile:(09) 984 3116


NORTHRIDGE CONSTRUCTION: Creditors' Meeting Set for January 30
--------------------------------------------------------------
The creditors of Northridge Construction Ltd. will meet on
January 30, 2008, at 2:00 p.m., to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          James Peterson
          c/o PricewaterhouseCoopers
          Auckland
          New Zealand
          Telephone:(09) 355 8192
          Facsimile:(09) 355 8013


SPENTA CONSULTANCY: Subject to Kiwi Capital's Wind-Up Petition
--------------------------------------------------------------
On December 11, 2007, Kiwi Capital Limited filed a petition to
have Spenta Consultancy Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
March 12, 2008, at 10:00 a.m.

Kiwi Capital's solicitor is:

          D. J. King
          c/o Dennis King Law
          Level 5, 62 Gill Street
          PO Box 1092, New Plymouth
          New Zealand


TARANAKI CONSUMER: Faces CIR's Wind-Up Petition
-----------------------------------------------
On November 7, 2007, the Commissioner of Inland Revenue filed a
petition to have Taranaki Consumer Consultants Ltd.'s operations
wound up.

The petition will be heard before the High Court of New Plymouth
on February 5, 2008, at 10:00 a.m.

The CIR's solicitor is:

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


THE LITZ COMPANY: Subject to CIR's Wind-Up Petition
---------------------------------------------------
The Commissioner of Inland Revenue filed, on October 23, 2007, a
petition to have The Litz Company Ltd.'s operations wound up.

The petition will be heard before the High Court of New Plymouth
on February 5, 2008, at 10:00 a.m.

The CIR's solicitor is:

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


ZURVAN INVESTMENTS: Faces Kiwi Capital's Wind-Up Petition
---------------------------------------------------------
A petition to have Zurvan Investments Ltd.'s operations wound up
will be heard before the High Court of Auckland on March  12,
2008, at 10:00 a.m.

Kiwi Capital Limited filed the petition on December 11, 2007.

Kiwi Capital's solicitor is:

          D. J. King
          c/o Dennis King Law
          Level 5, 62 Gill Street
          PO Box 1092, New Plymouth
          New Zealand


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

BANCO DE ORO-EPCI: Board Declares Semi-Annual Cash Dividend
-----------------------------------------------------------
The Board of Directors of Banco de Oro-EPCI Inc. declared a
semi-annual cash dividend on its Preferred Shares B during a
meeting held on January 26, 2008.

The dividends will be paid at a rate of 6.5% per annum payable
in US dollars.


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.

On January 28, 2008,  Moody's Investors Service has revised the
outlook of the foreign currency debt and deposit ratings to
positive from stable for these ratings of Banco de Oro-EPCI
Inc.:

    * Foreign currency long-term deposit rating of B1 and
      foreign currency senior unsecured debt rating of Ba2
      (including the senior unsecured debt issued by the former
      Equitable PCI)

    * BFSR of D

    * Local currency deposit ratings of Baa2/P-2 and

    * Foreign currency Not-Prime short-term deposit rating,
      Equitable PCI's foreign currency subordinated debt rating
      of Ba2


CHIQUITA BRANDS: May Bid for Five Million Boxes of Bananas
----------------------------------------------------------
Chiquita Brands International may bid for the five million boxes
of bananas that Panama will auction next month, Reuters reports.

Western Panamanian co-operative Coosemupar wants to auction some
four million, 40-pound boxes of premium quality bananas to
international buyers, and one million boxes of other qualities,
Panama's commodity exchange chief Abelardo Carles told Reuters.

Reuters relates that the auction would be on Feb. 14.  It will
mark the end of Coosemupar's long-standing distribution deal
with Chiquita Brands that gave the firm the exclusive rights to
by the crop.

Coosemupar told Reuters that it seeks to sell bananas to
European distributors.  However, Chiquita Brands is unlikely to
be excluded from bidding.

According to Reuters, the sale accounts for around a quarter of
Panama's yearly crop.  It could bring in US$35 million.

The sale is a significant quantity for large buyers although
Panamanian banana production is small compared to Costa Rica and
Colombia, Reuters states, citing Mr. Carles.

Cincinnati, Ohio-based Chiquita Brands International Inc. (NYSE:
CQB) -- http://www.chiquita.com/-- markets and distributes
fresh food products including bananas and nutritious blends of
green salads.  The company markets its products under the
Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.

Chiquita employs approximately 25,000 people operating in more
than 70 countries worldwide, including Colombia, Panama and the
Philippines.

                        *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.


EIB REALTY: Stockholders OK Increase in Capital to PHP2.946 Bil.
----------------------------------------------------------------
The stockholders of EIB Realty Developers Inc. have agreed to
approve the increase in its authorized capital stock from
PHP246.257 million to PHP2.946 billion.

The capital stock will be divided into 16,368,095,199 common
shares at a par value of PHP0.18 per share.

EIB Realty Developers, Inc. is engaged in real estate
development, including building and development of residential,
industrial and commercial properties.  The company owns 55% of
Urban Property Holdings Inc., which also engages in the
development of real estate.  Export and Industry Bank, Inc. owns
71.7567% of the Company.

EIBR incurred net losses of PHP126.3 million in the year ended
December 31, 2006, and PHP8.28 million in the year ended
Dec. 31, 2005.


EIB REALTY: To Hold Annual Stockholders' Meeting on June 2
----------------------------------------------------------
EIB Realty Developers Inc. will hold its annual stockholders'
meeting on June 2, 2008, at 8:30 a.m.

The meeting will be held at the Activity Center, Lower Lobby,
Exportbank Plaza in Exportbank Drive corner Chino Roces Avenue,
Makati City.

Only stockholders of record as of May 12, 2008, will be entitled
to notice of and to vote at the said meeting.

EIB Realty Developers, Inc. is engaged in real estate
development, including building and development of residential,
industrial and commercial properties.  The company owns 55% of
Urban Property Holdings Inc., which also engages in the
development of real estate.  Export and Industry Bank, Inc. owns
71.7567% of the Company.

EIBR incurred net losses of PHP126.3 million in the year ended
December 31, 2006, and PHP8.28 million in the year ended
Dec. 31, 2005.


EXPORT AND INDUSTRY: Annual Stockholders' Meeting Set for May 30
----------------------------------------------------------------
Export and Industry Bank Inc. will hold its annual stockholders'
meeting on May 30, 2008, at a venue that is yet to be determined
by its board of directors.

Stockholders of record as of May 9, 2008, will be entitled to
notice of and to vote at the said meeting.

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

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


IPVG CORP: Seeks Non-Disclosure Deal with PeopleSupport on Offer
----------------------------------------------------------------
IPVG Corp. is proposing the execution of a non-disclosure
agreement with PeopleSupport Inc. to facilitate the exchange of
non-public information regarding its offer to acquire the
business process outsourcing company.

In a letter to PeopleSupport, the company said it needs
PeopleSupport to sign an NDA before it could provide information
regarding the financing structure of its offer.

IPVG, together with AO Capital Partners, is proposing to buy
PeopleSupport for US$17 per share after PS rejected the earlier
offer of US$15 per share, stating that was inadequate and does
not consider PS's strategic value and success.

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

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


NATIONAL POWER CORP: Moody's Changes Rating Outlook to Positive
---------------------------------------------------------------
Moody's Investors Service changed on Jan. 15 the outlook of
National Power Corporation's B1 senior unsecured debt rating to
positive from stable.  This rating action follows Moody's
decision to change the outlook of Philippines' B1 long-term
government foreign currency rating to positive from stable.

Moody's says that the B1 rating continues to reflect the
Philippine government's unconditional and irrevocable guarantee
for NPC's rated senior unsecured debts.

National Power Corporation, 100% owned by the Philippine
Government, is the principal supplier of electricity in the
Philippines.


NIHAO MINERAL: Net Loss Climbs 220% to PHP741,113 for 3Q 2007
-------------------------------------------------------------
NiHao Mineral Resources International Inc. reported a net loss
of PHP741,113 for the quarter ended September 30, 2007, an
increase of 220% from the PHP230,886 reported for the same
period in 2006.

For the July-September period, the company recorded revenues of
PHP19,634, which reflects its interest income for the quarter.
Expenses are at PHP760,747.

The company's nine-month loss for 2007 also ballooned to
PHP12.327 million, from the PHP760,206 reported in 2006.
Revenues for the January-September 2007 period are at PHP19,634
while expenses are at PHP12.347 million.

As of September 30, 2007, the company had PHP123.231 million in
assets and PHP125.334 million in liabilities, resulting in a
capital equity deficit of PHP2.102 million.

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

            http://researcharchives.com/t/s?2771

Formerly known as Magnum Holdings Inc., Pasig City, Philippine-
based NiHAO Mineral Resources Inc. was originally organized to
engage in mining exploration.

On June 28, 2007, the Securities and Exchange Commission
approved the change in its Magnum Holdings Inc.'s name to NiHAO
Mineral Resources, Inc.

After auditing the company's annual report for FY2006, Napoleon
Calderon at MCJ & Co. raised significant doubt on the company's
ability to continue as a going concern, citing the company's:

    * losses of PHP920,708 and capital deficit of
      PHP4.82 million for the year ended Dec. 31, 2006;

    * losses of PHP788,695 and capital deficit of
      PHP3.90 million for the year ended Dec. 31, 2005; and

    * losses of PHP691,286 and capital deficit of
      PHP3.11 million for the year ended Dec. 31, 2004.


RIZAL COMMERICAL: BSP Gives Nod to PHP7-Billion Tier 2 Issuance
---------------------------------------------------------------
The Bangko Sentral ng Pilipinas has approved the PHP7-billion
subordinated debt or tier 2 notes issuance plan of the Rizal
Commercial Banking Corp., the Philippine Daily Inquirer notes.

RCBC will offer these notes beginning February 4 this year,
until February 15, the Inquirer adds.

The notes will have a call option after give years, president
Lorenzo Tan told the Inquirer.  This means the bank can redeem
the notes on that year, but it is not an obligation, he said.

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 January 28, 2008, the Troubled Company Reporter-Asia Pacific
reported that Moody's Investors Service has revised the outlook
of the foreign currency debt and deposit ratings of Rizal
Commercial Banking Corp. to positive from stable.

The outlooks for the following ratings were revised to positive:

    * Foreign currency long-term deposit rating of B1
    * Foreign currency senior unsecured debt rating of Ba3

The outlooks for the following ratings were unaffected by the
action, and remain stable:

    * BFSR of E+, foreign currency Not-Prime short-term deposit
      rating

    * Foreign currency hybrid tier-1 rating of B3

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.


URC PHILIPPINES: Moody's Changes Rating Outlook to Positive
-----------------------------------------------------------
On January 25, 2008, Moody's Investors Service changed the
outlook to positive from stable for the Ba3 foreign currency
bond rating of URC Philippines Ltd which is guaranteed by
Universal Robina Corporation.  This rating action follows
Moody's decision to change the outlook of Philippines' Ba3
foreign currency country ceiling to positive from stable.

At the same time, Moody's has affirmed the Ba2 local currency
corporate family rating of URC with a stable outlook.

URC, headquartered in Manila, Philippines and listed on the
Philippines Stock Exchange, is one of the largest branded
consumer food companies in the country.  It has production
facilities in Thailand, Malaysia, China, Indonesia, and Vietnam,
with sales/marketing offices in Hong Kong and Singapore.  URC is
also engaged in Agro-industrial products, sugar milling, flour
milling and packaging businesses in the Philippines.


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

ADVANCED MICRO: Fitch Cuts Issuer Default Rating to B- from B
-------------------------------------------------------------
Fitch has downgraded these ratings on Advanced Micro Devices
Inc.:

   -- Issuer Default Rating to 'B-' from 'B'; and
   -- Senior unsecured debt to 'CCC'/RR6 from 'CCC+/RR6'.

The Rating Outlook remains Negative.  Approximately
US$4.1 billion of debt securities are affected by Fitch's
actions.

The downgrade and Negative Outlook mainly reflect Fitch's
expectations that Advanced Micro's:

   -- operating performance, which was significantly weaker
      than expected over the last several quarters due to a
      combination of a key product delay and Intel Corp.'s
      strengthened product portfolio, will not meaningfully
      improve over the near-term.  For 2008, Fitch believes the
      company will benefit from anticipated microprocessor unit
      (MPU) growth, a refreshed product portfolio, and lower
      fixed costs after having restructured operations during
      2007.  Nonetheless, Fitch believes average selling prices
      will remain pressured, driven by Intel's low-cost
      manufacturing footprint, sales mix shift toward lower-
      priced models in emerging markets and desktops for newer
      original equipment manufacturer relationships,
      constraining potential profitability expansion.

   -- financial flexibility will continue to be limited by the
      company's modest liquidity position (consisting solely of
      US$1.9 billion of available cash, an amount that could be
      augmented by additional equipment sales during 2008),
      particularly with the company's limited intermediate-term
      profitability prospects and significant planned capital
      expenditures of US$1.1 billion in 2008.  Fitch believes
      the company will burn more than US$500 million in 2008
      (compared to US$1.9 billion usage in 2007) unless the
      company cuts capital spending, either via postponing
      discretionary investments and/or moving forward with an
       'asset light' strategy.

Fitch believes that additional negative rating actions would
likely occur if:

   (1) the company depletes its current cash balance at a faster
       than expected pace; or

   (2) profitability contracts further.

The ratings could be stabilized if over the next few quarters,
the company:

   (1) Steadily improves profitability and

   (2) bolsters financial flexibility by obtaining additional
       external funding.

Ratings concerns continue to center on:

   -- Significant product technology risk associated with the
      MPU market, resulting in cyclical operating results.
      However, given its relatively weak financial flexibility
      and limited market share, Fitch believes the company's
      ability to withstand technology roadmap missteps is
      limited.

   -- Intel's meaningful manufacturing technology advantage
      over Advanced Micro, driven by capital expenditures
      consistently in excess of US$5 billion, effectively
      requiring the company to continue investing aggressively
      to upgrade its manufacturing facilities; and

   -- expectations that the company's debt levels will remain
      high, driven by the company's investment  requirements,
      thereby constraining its financial flexibility over the
      long-term.

The ratings are supported by the company's:

   -- expectations for solid MPU unit growth over the next
      couple of years;

   -- strengthened and expanding relationships with all
      personal computer original equipment manufacturers, most
      recently including Toshiba Corporation ('BBB/F2' with a
      Stable Outlook by Fitch) and Dell Inc. ('A/F1'; Stable
      Outlook), driven in part by its enhanced ability to
      provide platform products to the marketplace following
      the acquisition of ATI Technologies in October 2006; and

   -- staggered and longer-term debt maturities, as well as its
      now proven willingness to cut capital spending in the
      face of less favorable market conditions.

At Sept. 29, 2007, total debt was US$5.3 billion and consisted
of:

   -- US$1.0 billion of secured debt related to Fab 36,
      including US$866 million of Fab 36 Secured Euro Term Loan
      due 2011;

   -- US$1.5 billion 5.75% convertible senior unsecured notes
      due 2012;

   -- US$2.2 billion 6% senior unsecured convertible notes due
      2015;

   -- US$390 million 7.75% senior unsecured notes due 2012; and

   -- other debt, including capital leases, of approximately
      US$242 million.

The Recovery Ratings reflect Fitch's belief that Advanced Micro
would be liquidated rather than reorganized in a bankruptcy
scenario, given Fitch's estimates that the company's projected
liquidation value of US$1.1 billion would exceed a
reorganization value of only US$615 million, driven by the
meaningful deterioration of the company's operating EBITDA over
the past year.  In estimating liquidation, Fitch applies advance
rates of 80%, 20%, and 10%, respectively, to its accounts
receivables, inventories, and property, plant, and equipment
balances as of the quarter ended Dec. 31, 2007.  Fitch arrives
at an adjusted reorganization value of US$1.0 billion after
subtracting administrative claims.  Based upon these
assumptions, and given that approximately US$1.0 billion of
unrated borrowings related to Fab 36 and capital leases are
essentially secured, minimal recovery (0-10%) would be available
for the approximately US$4.2 billion of senior unsecured debt,
resulting in 'RR6' ratings.

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. (NYSE: AMD) -- http://www.amd.com/-- provides innovative
processing solutions in the computing, graphics and consumer
electronics markets.  The company has a facility in Singapore.
It has sales offices in Belgium, France, Germany, the United
Kingdom, Mexico and Brazil.


AKZO NOBEL: Requires Creditors to File Claims by February 18
------------------------------------------------------------
The creditors of Akzo Nobel South East Asia Pte. Ltd. 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's liquidators are:

          Chia Soo Hien
          leow Quek Shiong
          c/o BDO Raffles
          5 Shenton Way
          #07-01 UIC Building
          Singapore 068808


LI PIN: Creditors' Proofs of Debt Due on February 4
---------------------------------------------------
The creditors of Li Pin Furniture Industries Pte Ltd are
required to file their proofs of debt by February 4, 2008, for
them to be included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o RSM Chio Lim
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


RADAC PRIVATE: Creditors' Proofs of Debt Due on February 10
-----------------------------------------------------------
Radac Private Limited, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by Feb. 10,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Chou Kong Seng
          17 Jurong Port Road
          Singapore 619092


SANG CHOY: Court Enters Wind-Up Order
-------------------------------------
On January 11, 2007, the High Court of Singapore entered an
order to have Sang Choy Color Pte. Ltd.'s operations wound up.

Hong Leong Finance Limited filed the petition against the
company.

Sang Choy's liquidator is:

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


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

ARVINMERITOR INC: To Supply Hyundai Unit w/ Plastic Door Modules
----------------------------------------------------------------
ArvinMeritor, Inc.'s Light Vehicle Systems business group has
been awarded a multi-year contract to supply Hyundai North
America with an innovative plastic door module and accompanying
corporate latch product for the new Hyundai Sonata.  Production
is scheduled to begin in March 2010.

The highly integrated plastic door module will replace the
current steel version, and is part of ArvinMeritor's smart
systems(TM) product strategy to combine electronics and controls
with heritage mechanical components to enhance vehicle systems
performance.  The door module uses an innovative composite
construction to intelligently integrate the electro-mechanical
and modular components, saving up to 25 percent in weight and
representing the first application of plastic door module
technology at Hyundai.  It is also the first such ArvinMeritor
product to appear on the North American market.

The Hyundai Global Latch will be delivered alongside the highly
integrated plastic and is ArvinMeritor's next generation
corporate latch for Hyundai.  This product is an adaptable
global concept based upon robust functional modules and provides
improvements in security, weight, packaging and cost.

Both of these products will be manufactured in North America
with an initial annual volume projected to be approximately
700,000 units each.

"This new business win is another example of how ArvinMeritor is
leveraging unique integration expertise into innovative modules
and systems," said LVS vice president and general manager of
ArvinMeritor Body Systems, Aziz Aghili.  "These new developments
allow us to bring real value to exciting vehicle manufacturers
such as Hyundai, while continuing to expand our global reach and
customer base."

ArvinMeritor's LVS business group is a market leader in the
product categories it serves, supplying integrated systems and
modules to the world's leading passenger car and light truck
OEMs.  Through smart systems(TM) technologies, the intelligent
application of controls and electronics, ArvinMeritor's
traditional mechanical products are taking on new form and
function at both the component and system levels.  With advanced
technology and systems design expertise in body systems, chassis
and wheels, LVS combines high-quality components into cost-
effective, performance-based solutions for virtually every car
and light truck on the road today.

                     About ArvinMeritor

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 14, 2008, Fitch Ratings has taken these rating actions on
ArvinMeritor Inc.:

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

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

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

Fitch's rating outlook is negative.  The ratings affect
approximately US$1.1 billion of outstanding debt.


BANK OF AYUDHYA: Uses THB10.17 Billion for Working Capital
----------------------------------------------------------
The Bank of Ayudhya PCL has reported to the Stock Exchange of
Thailand regarding the use of its capital increase for the
second half of 2007.

The bank said it has used a total of THB10.171 billion in
capital increase funds as working capital for its operations.

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, effective September 2007.


WYNCOAST IND'L: Board Taps Koranun Sukonritikorn as Deputy CEO
--------------------------------------------------------------
Wyncoast Industrial Park PCL has appointed Koranun Sukonritikorn
as Deputy CEO effective February 1, 2008.

Ms. Koranun was appointed by the Board of Directors during a
meeting held on January 25, 2008.

Wyncoast Industrial Park Public Company Limited, formerly
Capetronic International (Thailand) Public Company Limited, is a
Thailand-based company engaged in real estate development
business. The Company operates an industrial park under the name
Wyncoast Free Zone in Chachoengsao Province with the total area
of 38,566 square meters.  It provides a custom free zone, which
grants certain tax and tariffs benefits, including custom
service available in the area as to reduce time and procedure
enhancing exports and imports. Its customers include investors
specializing in the combination of manufacturing, processing,
packaging - repackaging, warehousing, assembling, transshipment,
distribution centers, and exhibition centers. In addition, the
Company in also involved in the operations of railway loading
services. Wyncoast Industrial Park has three subsidiaries,
Wyncoast Service Co., Ltd., Wyncoast Logistics Co., Ltd. and
Wyncoast Transport Co., Ltd.

                    Going Concern Doubt

After reviewing the company's third quarter and nine-month
period financial statements, Ampol Chamnongwat at S.K.
Accountant Services Co. Ltd., raised points that question the
future operations of the company.

In his opinion, Mr. Ampol cited the group's losses for the
quarter and nine-month periods ending September 30, 2007, as
well as its working capital deficit of THB183.99 million and
equity deficit of THB127.21 million.

The group also has a loan payable to financial institutions of
THB68.75 million.

The auditor also cited the working capital deficit and equity
deficits of THB104.24 million and THB127.62 million,
respectively, in the company's separate financial statements. He
also brought attention to the third-quarter and nine-month
losses in the separate financial statements of THB89.39 million
and THB113.29 million, respectively.


* BOND PRICING: For the Week 28 January to 01 February 2008
-----------------------------------------------------------



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

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

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

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

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

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

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

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






                         *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Marites Claro, Mark Andre Yapching, Azela Jane
Taladua, Rousel Elaine Tumanda, Valerie Udtuhan, Tara Eliza
Tecarro, Freya Natasha Fernandez-Dy, Frauline Abangan, and Peter
A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                 *** End of Transmission ***