TCRAP_Public/080130.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

           Wednesday, January 30, 2008, Vol. 11, No. 21

                            Headlines

A U S T R A L I A

AVIS BUDGET: S&P Puts BB+ Rating on Negative CreditWatch
BGP GLOBAL: Undergoes Wind-Up Proceedings
BIRCHMILL PTY: Members Opt to Shut Down Firm
CHRYSLER LLC: Offers Compensation Packages to Hourly Workers
DEUGRO AUSTRALIA: Members & Creditors to Hear Wind-Up Report

DREWS RECYCLING: Liquidator to Give Wind-Up Report on Feb. 11
HASBRO INC: Completes US$77.5-Million Cranium Acquisition
JARALAW NOMINEES: Commences Liquidation Proceedings
KILSYTH BARGAIN: Members Decide to Liquidate Business
KLR PROPERTY: Placed Under Voluntary Liquidation

MCQUINN BROTHERS: Placed Under Creditors Voluntary Liquidation
MEGA BRANDS: Posts US$11 Million Net Loss in 2007 Third Quarter
NYLEX LTD: Shares Drop After CHAMP Withdrew Takeover Proposal
PEABODY ENERGY: Inks Investment Contract with GreatPoint Energy
RYAN FARM: Placed Under Creditors Voluntary Liquidation

SYMBION HEALTH: Highlights Uncertain Funding for Primary's Bid
TOWERFLEX PTY: Placed Under Members Voluntary Liquidation
WOODLANDS COMMERCIAL: Final Meeting Slated for February 12


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

BLUE OCEAN: Members Meeting Fixed for Feb. 25
BRAND DNA ADVERTISING: Appoints Ng Chun Chi as Liquidator
CENTRAL UNITY: Members Meeting Fixed for Feb. 18
HOLY MOST: Creditors' Proofs of Debt Due on Feb. 15
JIANGXI COPPER: To Complete Canadian Miner Buyout in 2 Months

MBF DISCOUNT: Liquidator Quits Post
PETROLEOS DE VENEZUELA: Moody's Says Debt Won't Affect B1 Rating
PRD ELECTRONICS: Commences Liquidation Proceedings
PROXMIA ALPHA: Ha Man Kit Marcus Steps Down as Liquidator
SUNA LIMITED: Commences Liquidation Proceedings

TALLISON (HONG KONG): Members Set Final Meeting on February 25
TONY YANG: Members Meeting Fixed for Feb. 18


I N D I A

BAUSCH & LOMB: Intent to Buy Eyeonics Won't Affect S&P's Rating
GLOBAL BROADCAST: Sets Feb. 28 as Record Date for Stock Split
LOK HOUSING: To Consider Warrant Issue to Promoter Companies
SOUTHERN IRON: Books INR64-Mil. Profit in Qtr. Ended Dec. 31
TATA POWER: Net Profit Down 30% in Qtr. Ended Dec. 31


I N D O N E S I A

ARPENI PRATAMA: Fitch Affirms 'BB-' Long-term Currency IDRs
DIRGANTARA INDONESIA: To Sell 10 Aircraft to Merpati Nusantara  
HUNTSMAN CORP: Agrees to Extend Review Period for Hexion Merger
PERUSAHAAN LISTRIK: To Build Two Thermal Plants in Sulawesi
TELKOM INDONESIA: Unit Buys 6.8% Stake in Scicom Technologies

TELKOM: BNI Securities Downgrades Rating on Shares to "Hold"


J A P A N

JABIL CIRCUIT: Earns US$62 Million in 1st Quarter Ended Nov. 30
JAPAN AIRLINES: To Boost Domestic Air Cargo Rates by 10%
MAZDA MOTOR: Launches Fully Redesigned Atenza
NOVA CORP: 4,000 Students to Get JPY200,000 Tuition Deal Each
SANYO ELECTRIC: To Dissolve TV Joint Venture with Quanta

SAPPORO: Steel Partners Urges Company to Reconsider Takeover
SENBA KITCHO: Reopens Main Outlet After Suspension
SOFTBANK CORP: Unveils 15 New Mobile Phone Models
XERIUM TECH: Opens Paper Machine Clothing Factory in Vietnam


K O R E A

BHK INC: Amends Exercise Price of Seventh Bonds With Warrants
DAEWOO ELECTRONICS: Decides Offering Price for Rights Issue
HYNIX SEMICONDUCTOR: May Issue KRW150 Bil. Convertible Bonds


M A L A Y S I A

MALAYSIAN AIRLINE: Los Angeles Office Served with Complaint
PUTERA CAPITAL: Incurs MYR1.88MM Net Loss in Qtr. Ended Nov. 30
SUNWAY INFRASTRUCTURE: Completes Refinancing Exercise


N E W  Z E A L A N D

ACCOMODATE STEEL: Wind-Up Petition Hearing Slated for Feb. 7
AIR NEW ZEALAND: December Passenger Load Up 6%
BARBAROSSA LTD: Court to Hear Wind-Up Petition on February 14
BLUES CONTRACTING: Faces Carrow Holdings' Wind-Up Petition
FOX & FOX: Subject to Heli Harvest's Wind-Up Petition

HENRY PROPERTY: Faces R & M Plumbing's Wind-Up Petition
MARINE MERCHANTS: Taps Shephard & Dunphy as Liquidators
PHOTO ENTERPRISES: Court to Hear Wind-Up Petition on February 11
PORTO'S NP: Court to Hear Wind-Up Petition on February 5
PROPERTYFINANCE: Lender Cannot Give Aid; Seeks Other Options

SILVER TIGER: Appoints Shephard & Dunphy as Liquidators
TDL MARINE: Names Shephard & Dunphy as Liquidators
* Investors of Collapsed Finance Firms Unite to Hold Road Show


P H I L I P P I N E S

METROPOLITAN BANK: Board Appoints Elizabeth D. Bondad as VP
PHIL. LONG DISTANCE: Moody's Affirms Ba2 Debt Rating


S I N G A P O R E

AAR CORP: Appoints Donald J. Wetekam as VP for MRO Segment
ALLIANCE SERTECH: Court Enters Wind-Up Order
CHEMTURA CORP: Selling Oleochemicals Business to PMC Group
HEXION SPECIALTY: Extends Huntsman-Merger Termination to July 4
SKY TECHNOLOGY: Creditors' Proofs of Debt Due on February 12

UNITED EAST: Court to Hear Wind-Up Petition on February 1
W7 PTE: Final General Meeting Slated for February 21


T H A I L A N D

ARVINMERITOR INC: Board Declares US$0.10 Quarterly Dividend
ARVINMERITOR INC: Names Barbara Novak VP & Corporate Secretary
BLOCKBUSTER INC: Movie Gallery Acquisition Unlikely, COO Says

* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

AVIS BUDGET: S&P Puts BB+ Rating on Negative CreditWatch
--------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Avis
Budget Group Inc., including the 'BB+' corporate credit rating,
on CreditWatch with negative implications.
      
"The CreditWatch listing reflects concerns regarding refinancing
risk, the effect of a weaker economy, and potential asset
impairments after several announcements made by Avis Budget [the
parent of the Avis and Budget car rental brands]," said Standard
& Poor's credit analyst Betsy Snyder.
     
At Sept. 30, 2007, Parsippany, New Jersey-based Avis Budget had
approximately $2.5 billion of asset-backed vehicle debt due
within the next year.  The company has already repaid a portion
from an increase in its principal asset-backed bank conduit
facility that was increased in October 2007 to $1.5 billion from
$1 billion.  It is also in the process of increasing its
seasonal vehicle-backed bank facility, which it expects to close
by the end of February 2008.  However, under current capital
market conditions, Avis Budget may find it more difficult to
achieve this goal.
     
The weakening U.S. economy could pressure the company's revenues
and earnings in 2008.  The company has indicated it expects its
2008 revenues, EBITDA, and pretax income, excluding unusual
items, to increase over 2007.  However, these expectations could
prove to be optimistic, especially if airline traffic, from
which the company derives a major portion of its business (the
on-airport sector), weakens significantly.  Like other car
rental companies, Avis Budget has the ability to reduce its
fleet if market conditions warrant, but weaker used car prices
could hurt the company's results.  Avis Budget, similar to other
industry participants, has increased the percentage of risk
vehicles in its fleet to about 50%.  Unlike vehicles covered
under manufacturer repurchase programs, there is residual risk
associated with these vehicles upon their sale.  A significant
reduction in vehicles by car rental companies to meet weaker
demand could exacerbate the
decline in used vehicle prices in a prolonged weak used car
market.
     
Finally, the company announced it would be required to record a
substantial one-time noncash charge for goodwill impairment in
the fourth quarter of 2007, based on a reconciliation of its
current equity market capitalization to shareholders' equity,
rather than recent results or longer term expectations.  The
company has indicated it does not expect this charge to affect
any of its borrowing arrangements.
     
Standard & Poor's will assess the progress of the refinancing,
consider the credit effect of the weaker economy, and evaluate
potential asset impairments over the next few months to resolve
the CreditWatch.  If the company is unsuccessful in its
refinancing, S&P would likely lower ratings.  S&P's evaluation
will also focus on the company's expected financial performance
in a more difficult economic environment.


Based in Parsippany, New Jersey, and operating under the AVIS
and BUDGET brand names, Avis Budget Car Rental, LLC --
http://www.avisbudgetgroup.com/-- is the one of the largest   
general use car rental companies in the world.  Avis is a
leading supplier to the premium travel segment and Budget is
considered a top value brand in the leisure segment.  For 2005,
the rental company maintained an average fleet of 372,000
vehicles.  Approximately 84% and 80% of the domestic Avis and
Budget car rental revenues, respectively, were derived from
airport locations in 2005.

The company has operations in Australia and New Zealand.


BGP GLOBAL: Undergoes Wind-Up Proceedings
-----------------------------------------
During a general meeting held on December 19, 2007, the members
and creditors of BGP Global Pty Ltd agreed to voluntarily
liquidate the company's business.

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 BGP Global

BGP Global Pty Ltd is involved with deep sea foreign
transportation of freight.  The company is located at South
Melbourne, in Victoria, Australia.


BIRCHMILL PTY: Members Opt to Shut Down Firm
--------------------------------------------
At an extraordinary general meeting held on December 13, 2007,
the members of Birchmill Pty Ltd resolved to voluntarily wind up
the company's operations.

Stephen Robert Dixon and Laurence Andrew Fitzgerald were then
appointed as liquidators.

The Liquidators can be reached at:

          Stephen Robert Dixon
          Laurence Andrew Fitzgerald
          c/o BDO Kendalls Chartered Accountants
          Level 30, 525 Collins Street
          Melbourne, Victoria 3000
          Australia

                       About Birchmill Pty

Located at Dandenong, in Victoria, Australia, Birchmill Pty Ltd
is an investor relation company.


CHRYSLER LLC: Offers Compensation Packages to Hourly Workers
------------------------------------------------------------
Chrysler LLC has extended compensation packages to United Auto
Workers union member at plants in the United States in line with
its aim to cut 8,500-10,000 hourly jobs through 2008 as
disclosed in November, several papers report.

Lump sum packages of up to $100,000 were allocated to hourly
employees at the Sterling Heights and Warren stamping plants,
the Trenton and Mack Avenue engine plants, Conner Avenue
Assembly Plant, Detroit Axle, Mt. Elliot Tool and Die, and the
Sterling Heights Vehicle Test Center, Tim Higgins of the Detroit
Free Press reports citing Chrysler spokeswoman Michele Tinson.

Workers at four facilities, namely, Toledo North in Toledo,
Ohio; St. Louis North and South in Fenton, Missouri; Belvidere,
Illinois; and Jefferson North in Detroit, Michigan, received
buyout proposals from the automaker early in January.

As reported in the Troubled Company Reporter on Nov. 5, 2007,
Chrysler disclosed that it would make volume-related
reductions at several of its North American assembly and
powertrain plants.  Shifts will be eliminated at five North
American assembly plants which, combined with other volume-
related manufacturing actions, will lead to a reduction of
8,500-10,000 additional hourly jobs through 2008.

Additional actions include reductions of salaried employment by
1,000 and supplemental (contract) employment by 37%.  The
company also plans to eliminate hourly and salaried overtime and
reduce purchased services due to reduction in volume.  The
volume-related actions are in addition to 13,000 jobs
eliminated by the three-year Recovery and Transformation Plan
announced in February.  The objectives of the RTP remain the
same.

Sources say, citing Chrysler spokesman David Elshoff, that the
first buyout program called the "special incentive program" was
offered to workers who were 62 years old or older with 10 years
(or more) of service.  The buyout program presented these white-
collared workers three months' salary and either a vehicle
voucher worth US$20,000 after taxes or a US$20,000 tax-free
contribution to a retirement health care account, in addition to
full pension and retiree health benefits.

Workers ages 53 to 61 with at least 10 years of service who make
less than US$100,000 annually, as well as select workers ages 55
to 61 with 10 years of service who make US$100,000 or more in
salary will be offered Chrysler's second buyout program, which
provides full pension and retiree health care benefits," Eric
Morath of The Detroit News relates.  The program is otherwise
known as "the special early retirement program."

                      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.


DEUGRO AUSTRALIA: Members & Creditors to Hear Wind-Up Report
------------------------------------------------------------
The members and creditors of Deugro Australia Pty Limited will
meet on February 7, 2008, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

           J. P. Downey
           J P Downey & Co
           Level 1, 22 William Street
           Melbourne, Victoria 3000
           Australia

                     About Deugro Australia

Deugro Australia Pty Limited, which is also trading as Olivevale
Cattle Station, is a land subdividers and developers.  The
company is located at Mareeba, in Queensland, Australia.


DREWS RECYCLING: Liquidator to Give Wind-Up Report on Feb. 11
-------------------------------------------------------------
The members and creditors of Drews Recycling Pty Ltd will meet
on February 11, 2008, wherein they will receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

          P. R. Vince
          Vince & Associates
          51 Robinson Street Dandenong
          Victoria
          Australia

                      About Drews Recycling

Drews Recycling Pty Ltd, which is also trading as D H R Waste
Services, operates refuse systems.  The company is located at
Burnley, in Victoria, Australia.


HASBRO INC: Completes US$77.5-Million Cranium Acquisition
---------------------------------------------------------
Hasbro Inc. has closed its acquisition of privately held
Cranium, Inc.

Cranium brands like CRANIUM, CRANIUM HULLABALOO, CRANIUM CADOO,
CRANIUM CARIBOO, CRANIUM ZOOREKA, CRANIUM WHOONU and CRANIUM
BALLOON LAGOON will now join such timeless classics as MONOPOLY,
CLUE, SCRABBLE and TRIVIAL PURSUIT as part of Hasbro's games
portfolio.

As reported in the Troubled Company Reporter-Latin America on
Jan. 8, 2008, Hasbro Inc. entered into a deal to acquire
Cranium, Inc., and its wide range of Cranium branded games and
related products.  Hasbro is paying a base purchase price of
US$77.5 million, which may be adjusted based on Cranium's net
assets on the closing date.

                          About Hasbro

Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NYSE:
HAS) -- http://www.hasbro.com/-- provides children's and family
leisure time entertainment products and services, including the
design, manufacture and marketing of games and toys ranging from
traditional to high-tech.  The company has operations in
Australia, France, Hong Kong, and Mexico, among others.

                          *     *     *

Moody's Investors Service affirmed the Baa3 long-term debt
rating of Hasbro, Inc., and changed the ratings outlook to
positive from stable to reflect the expectation for continued-
strong operating performance and cash flows, leading to further
debt reduction and credit metric improvement over the near-to-
intermediate-term.  Ratings affirmed include the Baa3 senior
unsecured debt rating and the (P)Ba1 rating for subordinated
debt.


JARALAW NOMINEES: Commences Liquidation Proceedings
---------------------------------------------------
On December 18, 2007, the creditors of Jaralaw Nominees Pty Ltd
passed a resolution to voluntarily wind up the company's
operations.

H. A. MacKinnon was then appointed as liquidator.

The Liquidator can be reached at:

          H. A. MacKinnon
          Bent & Cougle Pty Ltd
          Chartered Accountants
          Level 5, 332 St Kilda Road
          Melbourne, Victoria 3004
          Australia

                     About Jaralaw Nominees

Located at Endeavour Hills, in Victoria, Australia, Jaralaw
Nominees Pty Ltd is an investor relation company.


KILSYTH BARGAIN: Members Decide to Liquidate Business
-----------------------------------------------------
At an extraordinary general meeting held on December 21, 2007,
the members of Kilsyth Bargain Centre Pty. Ltd. decided to
voluntarily liquidate the company's business.

Nicholas Giasoumi and Roger Darren Grant were then tapped as
liquidators.

The Liquidators can be reached at:

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

                      About Kilsyth Bargain

Kilsyth Bargain Centre Pty Ltd is a distributor of furnitures.  
The company is located at Kilsyth, in Victoria, Australia.


KLR PROPERTY: Placed Under Voluntary Liquidation
------------------------------------------------
At an extraordinary general meeting held on December 21, 2007,
the members of KLR Property Development Pty Ltd agreed to
voluntarily wind up the company's operations.

Nicholas Giasoumi and Roger Darren Grant were then tapped as
liquidators.

The Liquidators can be reached at:

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

                       About Kilsyth Bargain

Kilsyth Bargain Centre Pty Ltd is a distributor of furnitures.  
The company is located at Kilsyth, in Victoria, Australia.


MCQUINN BROTHERS: Placed Under Creditors Voluntary Liquidation
--------------------------------------------------------------
The creditors of Mcquinn Brothers Pty Ltd met on December 20,
2007, and resolved to voluntarily liquidate the company's
business.

Gideon Rathner and David Coyne were then appointed as
liquidators.

The Liquidators can be reached at:

          Gideon Rathner
          David Coyne
          Lowe Lippmann Chartered Accountants
          5 St Kilda Road, St Kilda
          Victoria 3182
          Australia
          e-mail: dcoyne@lowelippmann.com.au

                     About Mcquinn Brothers

Mcquinn Brothers Pty Ltd provides electrical work.  The company
is located at Caulfield South, in Victoria, Australia.


MEGA BRANDS: Posts US$11 Million Net Loss in 2007 Third Quarter
---------------------------------------------------------------
Mega Brands Inc. reported a net loss of US$11.0 million for the
third quarter ended Sept. 30, 2007, compared with net income of
US$18.0 million in the same period in 2006.

Net sales in the third quarter of 2007 decreased 8.8% to
US$184.1 million compared to US$201.8 million in the
corresponding period last year.  The reduction in sales was
primarily due to production delays in Asia that resulted in at
least US$15.0 million of orders not shipped, as well as lower
shipments of MAGNETIX products.

For the nine-month period ended Sept. 30, 2007, net sales
increased 3.5% to US$395.7 million compared to US$382.5 million
in the same period last year.  

Gross profit in the third quarter of 2007 drop to US$35.8
million compared to US$90.5 million in the third quarter of
2006.  Gross margin declined to 19.5% compared to 44.8% in the
third quarter of last year.

Excluding the impact of sales of excess inventory of US$19.0
million and the recording of a non-cash inventory revaluation
adjustment of approximately US$20.0 million, the gross margin
was 38.1% for the quarter ended Sept. 30, 2007.

For the nine-month period ended Sept. 30, 2007, gross profit was
US$92.5 million compared to US$167.0 million for the same period
in 2006.  Excluding the MAGNETIX product recall and other
charges of US$30.5 million, the sale of excess inventory and the
recording of a non-cash inventory revaluation adjustment, the
gross margin was 41.3% compared to 43.7% in the same period of
the prior year.

Loss from operations amounted to US$5.1 million for the third
quarter of 2007 compared to earnings from operations of
US$26.4 million in the corresponding 2006 period.

For the nine-month period ended Sept. 30, 2007, the loss from
operations was US$31.7 million compared to an operating profit
of US$40.7 million in the corresponding period of 2006.  This
amount includes the MAGNETIX product recall and other charges
and litigation expenses of US$36.2 million, once the recovery
of US$3.6 million in product liability settlement from the
company's insurers is netted.  It also includes the inventory
related charges totaling approximately US$35.0 million.

Interest and other expenses in the third quarter of 2007 were
US$7.0 million compared to US$6.1 million in the same 2006
period.  For the nine months ended Sept. 30, 2007, interest and
other expenses amounted to US$19.8 million compared to
US$16.4 million in the prior year.

Income taxes for the third quarter ended Sept. 30, 2007,
amounted to a recovery of US$1.0 million, compared to an expense
of US$2.3 million in the corresponding period of the prior year.  
For the nine months ended Sept. 30, 2007, the income tax
recovery was US$20.6 million compared to an income tax expense
of US$1.7 million in the prior year.

                       Long-term Debt

Total long-term debt at the end of September 2007 was
US$321.6 million compared to US$312.0 million at the end of
2006.  The increase in long-term debt is mainly related to
working capital requirements.

As at Sept. 30, 2007, the company's long-term debt was comprised
mainly of US$9.6 million under its Term A facility maturing in
2009, US$254.8 million under its Term B facility maturing in
2012 and US$60.6 million drawn against its US$120.0 million
revolving credit facility, offset partially by unamortized
deferred financing costs of US$3.9 million.

                        Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$811.9 million in total assets, US$520.5 million in
total liabilities, and US$291.4 million in total stockholders'
equity.

                     About Mega Brands Inc.

MEGA Brands Inc. (TSE: MB) -- http://www.megabrands.com/--
designs, manufactures and markets high quality toys and
stationery products.  Headquartered in Montreal, the company has
approximately 4,500 employees with offices, manufacturing
facilities or distribution centers in 14 countries, including
Belgium, United Kingdom, Germany, France, Spain, Mexico, and
Australia.  The Corporation's products are sold in over 100
countries.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 25, 2008, Standard & Poor's Ratings Services lowered its
corporate credit and bank loan ratings on Mega Brands Inc. to
'B' from 'B+'.  The ratings remain on CreditWatch with negative
implications, where they were placed Nov. 9, 2007.  The '3'
recovery rating on the bank loan is unchanged.


NYLEX LTD: Shares Drop After CHAMP Withdrew Takeover Proposal
-------------------------------------------------------------
Shares in Nylex Ltd, manufacturer and distributor of plastic
products, fell by as much 22.5% after the takeover proposal from
CHAMP Private Equity was withdrawn.

"CHAMP today advised Nylex that they will not be making a firm
offer on the terms of their indicative proposal of 23 November
2007," chairman of Nylex, Peter George said.

"Discussions between Nylex and CHAMP have therefore ceased," he
added.

The withdrawal was received after the markets closed on Friday,
driving the shares down to open at a 10% discount on Tuesday
morning.

Nylex chairman Peter George attributed the withdrawal to the
current market volatility.

"Nylex's board and management were not surprised that the
indicative proposal could not be consummated in view of the
recent turbulence in global financial markets and remain
committed to maximising value for our shareholders," George
said.

"Looking forward, we are strongly positioned to continue to
generate growth from our unique group of businesses and derive
additional benefits from the restructuring programme."

On November 23, 2007, CHAMP made a 100% cash offer of AU$2.65
per ordinary share or convertible note and AU$0.81 per option.
The offer represented a 44% premium over Nylex's closing price
on the same day of AU$1.84.

Stock ranged between AU$1.55 and AU$1.80 during intraday
trading, to close at AU$1.65.

About 121,000 shares had changed hands.

                         About Nylex

Nylex Limited's principal activities are carried out through 3
segments: Lifestyle, Solutions and Automotive.  Nylex Lifestyle
distribute Nylex, Gardena, Esky, Ajax Fasteners, Senco, Melded,
Colorino and Frontrunner branded products.  Nylex Solutions
supply plastic based solutions including water tanks, garbage
bins, communications pits and plastic containment solutions.
Nylex Automotive supply plastic based products and interior
carpets to the car manufacturers and their suppliers including
fuel tank.  Nylex operates in Australia and New Zealand.

The Troubled Company Reporter-Asia Pacific's Distressed Bonds
column on Jan. 29, 2008, listed Nylex Limited's bonds, with a
10.00% coupon, a December 8, 2009 maturity date, and a trading
price of 2.35 cents on the AU$.


PEABODY ENERGY: Inks Investment Contract with GreatPoint Energy
---------------------------------------------------------------
Peabody Energy has reached an agreement to become a minority
investor in Cambridge-based GreatPoint Energy Inc.  As part of
the agreement, Peabody and GreatPoint Energy will evaluate the
potential for development of joint coal gasification projects
using Peabody reserves and land.

GreatPoint Energy uses a single-stage catalytic gasification
process to create natural gas that is 99.5% pure methane and can
be transported throughout North America utilizing the existing
natural gas pipeline infrastructure.  They are developing the
technology for commercial-scale use for power generation,
residential and commercial heating and production of chemicals.  

GreatPoint Energy has completed testing in a pilot facility in
Des Plaines, Illinois, and is commencing engineering for the
first commercial project.

"Using GreatPoint Energy's technology to turn coal into natural
gas while capturing carbon will provide a clean coal-based
alternative to expensive natural gas imports, while using
Peabody's industry-best reserve position," Rick A. Bowen,
Peabody senior vice president of Btu Conversion and Strategic
Planning, said.  

"Peabody is advancing technology-based solutions around the
world for greater use of coal to build energy security, drive
economic growth and create environmental solutions."

                      About GreatPoint Energy

Based in Cambridge, Massachussetts, GreatPoint Energy --
http://www.greatpointenergy.com/-- is a technology-driven  
natural resources company commercializing catalytic gasification
to convert abundant coal, petroleum coke and biomass into low-
cost natural gas (methane) while capturing and sequestering CO2.  
The company also develops bluegas(TM), coal-derived natural gas.   

                     About Peabody Energy Corp

Headquartered in St. Louis, Misouri, Peabody Energy Corporation
(NYSE:BTU) - http://www.peabodyenergy.com/-- is a coal company.   
The company owns majority interests in 40 coal operations
located throughout all the United States coal producing regions
and in Australia.  In addition, Peabody owns a minority interest
in one Venezuelan mine, through a joint venture arrangement.  
Most of the production in the western United States is low-
sulfur coal from the Powder River Basin.  In the West, it owns
and operates mines in Arizona, Colorado, New Mexico and Wyoming.  
In the East, it owns and operates mines in Illinois, Indiana,
Kentucky and West Virginia.  The company owns six mines,
including one late development-stage mine in Queensland,
Australia, and five mines, including one late development-stage
mine and one development-stage mine in New South Wales,
Australia.

                          *     *     *

Moody's Investor Services placed Peabody Energy Corporation's
bank loan debt, senior unsecured debt and probability of default
ratings at 'Ba1' in September 2006.  The ratings still hold to
date with a stable outlook.

As reported in the Troubled Company Reporter on Nov. 15, 2007,
Fitch affirmed these ratings for Peabody Energy Corporation's:
(i) issuer default rating at 'BB+'; (ii) senior unsecured notes
at 'BB+'; (iii) senior unsecured revolving credit and term loan
at 'BB+'; and (iv) convertible junior subordinated debentures
due 2066 at 'BB-'.  The outlook is stable.


RYAN FARM: Placed Under Creditors Voluntary Liquidation
-------------------------------------------------------
The creditors of Ryan Farm Machinery Pty Ltd met on December 19,
2007, and resolved to voluntarily liquidate the company's
business.

Gary Fettes of Scott Partners Consulting was then appointed as
liquidator.

The Liquidator can be reached at:

          Gary Fettes
          c/o Scott Partners Consulting
          Level 6, 455 Bourke Street
          Melbourne, Victoria 3000
          Australia

                         About Ryan Farm

Ryan Farm Machinery Pty Ltd is a distributor of farm and garden
machineries.  The company is located at Horsham, in Victoria,
Australia.


SYMBION HEALTH: Highlights Uncertain Funding for Primary's Bid
--------------------------------------------------------------
Symbion Health Ltd. expressed uncertainty over the funding of
suitor Primary Health Care Ltd.'s offer going ahead, urging its
shareholders to reject Primary's bid as the deadline for
accepting it looms, writes Sonali Paul for Reuters.

In a statement with the Australian Securities Exchange, Symbion
noted that the underwriters of the equity funding for Primary's
takeover offer for Symbion now have a right to terminate their
commitment to provide funds to Primary.  If the underwrites
exercise that right, Primary will not have the funds to pay
Symbion Health shareholders who accept Primary's offer and the
funding condition of its offer will not be satisfied.

In addition, Symbion's statement noted that Primary's claim that
the index decline condition of its offer has been already
triggered and that Primary believes it can rely on this to not
proceed with its offer if it chooses to do so.

Symbion Chairman Paul McClintock says, "Primary's recent
disclosure about its funding highlights the highly conditional
nature of Primary's offer."

The Symbion board continues to recommend to its shareholders to
reject Primary's "inadequate and highly conditional offer."

According to Reuters, Primary had won acceptances that would
give it control over 44% of Symbion, including its own 22.4%
stake.

                     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).


TOWERFLEX PTY: Placed Under Members Voluntary Liquidation
---------------------------------------------------------
At an extraordinary general meeting held on December 12, 2007,
the members of Towerflex Pty Ltd resolved to voluntarily wind up
the company's operations.

Philip Newman and Clyde Peter White were then appointed as
liquidators.

The Liquidators can be reached at:

          Philip Newman
          Clyde Peter White
          HLB Mann Judd
          Chartered Accountants
          Level 1, 160 Queen Street
          Melbourne, Victoria 3000
          Australia

                       About Towerflex Pty

Towerflex Pty Ltd provides computer related services.  The
company is located at Mount Eliza, in Victoria, Australia.


WOODLANDS COMMERCIAL: Final Meeting Slated for February 12
----------------------------------------------------------
The members and creditors of Woodlands Commercial Furniture Pty
Ltd will have their final meeting on February 12, 2008, at
9:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

          Robyn Erskine
          Peter Goodin
          Brooke Bird Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East, Victoria 3123
          Australia
          Telephone:(03) 9882 6666

                   About Woodlands Commercial

Woodlands Commercial Furniture Pty Ltd is a distributor of  
furniture and fixtures.  The company is located at Airport West,
in Victoria, Australia.


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

BLUE OCEAN: Members Meeting Fixed for Feb. 25
---------------------------------------------
The members of Blue Ocean Holdings Limited will have their final
general meeting on February 25, 2008, at Flat F, 17th Floor of
Phase 3, Golden Dragon Ind. Bldg., 172-180 Tai Lin Pai Road,
Kwai Chung, in N.T., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is Tso Kwai Ping.


BRAND DNA ADVERTISING: Appoints Ng Chun Chi as Liquidator
---------------------------------------------------------
The members of Brand DNA Advertising Agency Limited appointed Ng
Chun Chi as liquidator for the company.

The Liquidator can be reached at:

          Ng Chun Chi
          Room 1307-8
          43-59 Queen's Road East
          Wanchai, Hong Kong


CENTRAL UNITY: Members Meeting Fixed for Feb. 18
------------------------------------------------
The members of Central Unity International Limited will have
their final general meeting on February 18, 2008, at Rooms 2411-
12 Shui On Centre, 6-8 Harbour Road, in Hong Kong, to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is Hung See Mei, Elina.


HOLY MOST: Creditors' Proofs of Debt Due on Feb. 15
---------------------------------------------------
The creditors of Holy Most Limited are required to file their
proofs of debt by February 15, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

         Gerhad Tesan BINTI
         Jalan Permata Intan III
         Jakarta Selatan, Indonesia


JIANGXI COPPER: To Complete Canadian Miner Buyout in 2 Months
-------------------------------------------------------------
A joint venture of Jiangxi Copper Co Ltd will complete its
acquisition of Canada-based Northern Peru Copper Corp within two
months, Reuters reports.

According to Reuters, Jiangxi Copper said in a statement late on
Monday that NPC shareholders holding a 95.92% stake had approved
the sale of NPC to the joint venture formed by Jiangxi Copper
and China Minmetals Non-Ferrous Metals Co Ltd.

Jiangxi Copper and China Minmetals have paid CDN$437 million
(US$435 million) for the nearly 96% stake in NPC and will
acquire the remainder in the coming two months, Reuters notes,
citing a Minmetals statement.

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

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


MBF DISCOUNT: Liquidator Quits Post
----------------------------------
On January 11, 2008, Ha Man Kit Marcus stepped down as
liquidator for MBF Discount Card Limited, which is undergoing
liquidation.


PETROLEOS DE VENEZUELA: Moody's Says Debt Won't Affect B1 Rating
----------------------------------------------------------------
Moody's Investors Service has commented that the reported
increase in Petroleos de Venezuela's total consolidated
debt to US$16 billion in 2007, from approximately US$2.9 billion
at the end of 2006, will not affect the company's B1 global
local currency issuer rating with a stable outlook, based on the
company's low financial leverage and the level of its current
credit rating, the latter of which reflects Venezuelan sovereign
risk and control over the state oil company's operations.

Petroleos de Venezuela's financial results for 2007 have not yet
been made public.  However, the increase in total debt clearly
reflects a continuation of capital spending that exceeds
internal cash flow, with its cash flow from operations heavily
affected by large transfer payments to support government social
programs. Based on interim financial results, it appears that
2007 social payments will be in line with the US$13.8 billion
pre-tax of social payments that the company incurred in 2006.  
In the absence of such transfers, the company could internally
fund its capital spending.

The company has maintained access to capital markets and raised
significant funds in 2007, including a US$7.5 billion US dollar-
denominated domestic bond offering and credit lines from
financial institutions.  It has also increased debt at its
wholly-owned United States subsidiary, CITGO Petroleum, to fund
cash dividends, and assumed some US$1.2 billion of debt
obligations related to its increased ownership and takeover of
control at the heavy oil projects in Venezuela.  In Moody's
view, pressures from the government to maintain and to increase
social payments in a high oil price environment are likely to
lead to further debt increases for Petroleos de Venezuela in the
future, as the company is substantially raising its capital
spending to achieve, among other goals, an increase in oil
production from current levels in the area of 2.3-2.5 million
bpd to a stated goal of 5.8 million bpd by 2012.

The company's financial leverage remains relatively modest, with
total debt-to-capitalization in the area of 20%.  Moody's does
not see potential increases in leverage as affecting the
company's credit ratings for the foreseeable future, since the
low level of the rating already incorporates the political risk
associated with its transfer payments, past under-investment in
production capacity, and the state oil company's tight linkage
and high contribution to the Venezuelan government's fiscal
needs and increasing spending on social programs.

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.


PRD ELECTRONICS: Commences Liquidation Proceedings
--------------------------------------------------
Prd Electronics Limited commenced liquidation proceedings on
January 9, 2008.

The company's liquidators are:

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


PROXMIA ALPHA: Ha Man Kit Marcus Steps Down as Liquidator
---------------------------------------------------------
On January 11, 2008, Ha Man Kit Marcus stepped down as
liquidator for Proxmia Alpha Limited, which is undergoing
liquidation.


SUNA LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
Suna Limited commenced liquidation proceedings on January 18,
2008.

The company's liquidator is:

          Hue Yat Lun
          Room 509 Bank of America Tower
          12 Harcourt Road
          Central, Hong Kong


TALLISON (HONG KONG): Members Set Final Meeting on February 25
-------------------------------------------------------------
The members of Tallison (Hong Kong) Limited will have their
final general meeting on February 25, 2008, at Unit A, 11th
Floor, Wing On Cheong Building, 5 Wik Lok 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 Chu Chi Wa.


TONY YANG: Members Meeting Fixed for Feb. 18
--------------------------------------------
The members of Tony Yang Hong Kong Limited will have their final
general meeting on February 18, 2008, at the 8th Floor of the
Gloucester Tower, The Landmark, 15 Queen's Road, in Central,
Hong Kong, to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is Iain Ferguson, Bruce.


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

BAUSCH & LOMB: Intent to Buy Eyeonics Won't Affect S&P's Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating on
Bausch & Lomb Inc. (B+/Stable/--) is not affected by its
intention to acquire Eyeonics Inc.  S&P's analysis of the
company's financial profile after the acquisition by Warburg
Pincus incorporated some cushion for debt-financed acquisitions.  
In addition, the indication of EBITDA for 2007 exceeds S&P's
expectations for the year and, as a result, 2007 debt to EBITDA
should be more favorable than anticipated.  Notwithstanding
these factors, the acquisition may not be accretive in the near
term given its (publicly undisclosed) cost.
     
From a business perspective, eyeonics' crystalens intraocular
lens will complement the company's portfolio of monofocal IOLs;
currently, Bausch & Lomb is the only major player in the IOL
market (Advanced Medical Optics Inc. and Alcon both offer
multifocal IOLs) without a premium IOL.  The crystalens U.S. IOL
market share is estimated at about 30%.

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


GLOBAL BROADCAST: Sets Feb. 28 as Record Date for Stock Split
-------------------------------------------------------------
Global Broadcast News Ltd has fixed Feb. 28, 2008, as the Record
Date for stock split.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 29, 2008, Global Broadcast will conduct a 5:1 stock split
-- sub-divide the nominal value of the company's equity shares
from the INR10 to INR2 per share.  The company's shareholders
already gave their approval on the move.

With the stock split, the company'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.


LOK HOUSING: To Consider Warrant Issue to Promoter Companies
------------------------------------------------------------
Lok Housing & Constructions Ltd has informed the Bombay Stock
Exhange that its shareholders will hold an Extraordinary General
Meeting on Feb. 8, 2008, to consider, among others, the issuance
of warrants to four promoters of the company.

Specifically, the shareholders will consider issuing 50,00,000
warrants on preferential basis to:

   1. Seagreen Marketing Pvt Ltd
      Maximum No of warrants to be allotted: 20,00,000

   2. Oryx Finance & Investments Pvt Ltd
      Maximum No of warrants to be allotted: 20,00,000

   3. Midas Footwears Pvt Ltd
      Maximum No of warrants to be allotted: 6,00,000

   4. Ozone Finance And Investments Pvt Ltd
      Maximum No. of warrants to be allotted: 4,00,000

The warrants are convertible into 50,00,000 equity shares of
INR10 each at a price of INR354 per share (INR10 face value plus
INR344 premium).

Headquartered in Mumbai, India, Lok Housing and Constructions
Ltd constructs residential buildings.  Apart from housing
construction, the company manufactures concrete blocks catering
to in-house needs.  The company is also involved in the
construction of railway quarters, railway bridges and slum
rehabilitation programs through its associate companies.

Credit Rating Information Services of India Ltd, on June 27,
2007, reaffirmed its 'D' rating on Lok Housing's INR170-million
non-convertible debentures.  The rating continues to indicate
that the instrument is in default.  The arrears on interest and
principal payments have not been entirely cleared.


SOUTHERN IRON: Books INR64-Mil. Profit in Qtr. Ended Dec. 31
------------------------------------------------------------
Southern Iron & Steel Company Ltd reported a net profit of
INR63.8 million in the three months ended Dec. 31, 2007, an
improvement from the INR47.98-million earned in the same period
in 2006.

Total revenues went up by 62% to INR2.79 billion in Oct.-Dec.
2007 from 2006's INR1.73 billion.  With operating expenses of
INR2.33 billion, the company booked an operating profit of
INR465.8 million.

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?277e

Headquartered in Salem, India, Southern Iron & Steel Company
Limited is engaged in the business of manufacturing pig iron,
billets, bars and rods.  The company produces these products at
its integrated steel plant located in the district of Salem,
Tamil Nadu.  The plant has a capacity of 0.3 metric tons per
annum.  Southern Iron and Steel Company Ltd. also has plants for
the generation of power and production of oxygen.

On July 20, 2006, CRISIL Ratings reaffirmed the outstanding 'D'
rating on the INR280 million Non-Convertible portion of the
Optionally Convertible Debenture Issue of Southern Iron & Steel
indicating that the instrument continues in default.  The
original instrument has been restructured and is due for
redemption in two installments on May 17, 2007, and May 17,
2008.


TATA POWER: Net Profit Down 30% in Qtr. Ended Dec. 31
-----------------------------------------------------
Tata Power Company Ltd has posted a net profit after tax and
statutory appropriations of INR1.97 billion for the quarter
ended December 31, 2007, down 30% compared to the INR2.8 million
earned in the same quarter in 2006.

Total income in the Oct.-Dec. 2007 quarter, however, increased
to INR14.61 billion from INR12.46 billion in 2006.  With
operating expenses of INR11,56 billion, the company booked an
operating profit of INR3.05 billion.

The company attributed the decreased bottom line to higher
reversal of tax provisions for the quarter ended Dec. 31, 2006
-- INR1.48 billion -- compared o the INR13.1 million in Oct.-
Dec. 2007.

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?2784

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

                          *     *     *

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

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


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

ARPENI PRATAMA: Fitch Affirms 'BB-' Long-term Currency IDRs
-----------------------------------------------------------
Fitch Ratings 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 on the ratings has been revised to Negative from Stable.
At the same time, Fitch has affirmed the 'BB-' rating on
Arpeni's US$160 million senior notes due 2013.

The affirmation of Arpeni's ratings reflects its long-term
contract oriented business model which provides earnings
visibility, as well as the company's established position in the
domestic coal transportation market in Indonesia supported by
its track record and its position as the only end-to-end
solutions provider for coal transportation.  Growth prospects
for Arpeni remain robust with Indonesia's increasing dependence
on coal for power generation and the expected implementation of
cabotage for domestic coal transportation from 2010, from which
Arpeni stands to benefit the most.  At the same time, its
ratings are constrained by the company's high customer
concentration, with top 10 customers contributing around 50% of
nine-month ended 2007 revenues, and its moderately aggressive
financial profile.  Also of concern is the key person risk at
Arpeni -- the company's founder and president director plays a
pivotal role in the company's strategy and operations and to-
date no succession plan is put in place.

The revision of the rating Outlook to Negative reflects Arpeni's
elevated capital expenditure over the short- to medium-term to
expand its fleet, resulting in higher financial leverage over
the medium-term; much of the expected capital expenditure is to
expand its intra-Indonesian coal transportation operations.
Despite the incremental cash generation from these new assets,
Arpeni's financial leverage will increase over the medium-term
and is expected to remain above 3.0x on an adjusted debt net of
cash to Operating EBITDAR basis.  A negative rating action may
by triggered if this ratio is sustained above 3.5x.

However, the agency recognizes that Arpeni has a high level of
flexibility with regards to its fleet expansion programme and as
such, the company could rationalize its capital expenditure to
preserve the quality of its balance sheet.  A sustained
deleveraging trend, either through the scale back of capital
expenditure or improved operating earnings, will likely result
in the revision of the rating Outlook to Stable.

                      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.


DIRGANTARA INDONESIA: To Sell 10 Aircraft to Merpati Nusantara  
--------------------------------------------------------------
PT Dirgantara Indonesia will sell ten C-212-400 light transport
aircraft to PT Merpati Nusantara Airlines, The Jakarta Post
reports.

Merpati President Director Hotasi Nababan told the news agency
that they ordered the airplanes from Dirgantara Indonesia to
serve its routes in Nusa Tenggara, Sulawesi and Kalimantan.

DI President Director Budi Santoso told The Post that the unit
price had yet to be determined because the production facilities
had yet to be sent from CASA-EADS facility in San Paulo, Spain
to their assembly plant in Bandung.  A standard C-212-400
normally cost US$5.5 million, the report relates.

Currently, the report notes, Dirgantara Indonesia is producing
the older NC-212-200 version under license from CASA-EADS.  The
older version costs some US$4.5 million, The Post relates.

DI Spokesman Rakhendi was quoted by the news agency as saying,
"CASA-EADS and PT DI has signed a deal in 2006 transferring all
C-212-400 will be manufactured entirely in Bandung.  Once we
receive the production facilities, we will start making C-212-
400.  As of now, we are still finishing seven units of NC-212-
200," he added.

              State Banks to Provide Bank Guarantee

Bank Negara Indonesia and Bank Rakyat Indonesia have agreed to
provide a loan in bank guarantee of US$100 million to Dirgantara
Indonesia, Asia Pulse reports.

Dirgantara President Santoso told Asia Pulse that the support
from the two banks will provide a solution to financial
difficulties faced by the company in goods procurement.

BNI president Sigit Pramono said the bank guarantee is for the
procurement of aircraft infrastructure.  The two banks will
provide US$50 million each, he added.

Mr. Pramono, the report relates, said his bank even plans to
provide an investment credit to PT Dirgantara, which has record
poor performance over the past years.   The company has better
prospects with growing demand for aircraft, he said.

BRI President Sofyan Basir said with the credit facility
Dirgantara will able to resume operation after going through
difficulties in recent years, the report adds.

                     About Merpati Nusantara

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned     
carrier that services predominantly international routes.  The
carrier is facing the threat of being declared bankrupt with
IDR1.6 trillion in accumulated losses.

According to reports, Merpati suffered from high fuel prices and
hurt by the weaker rupiah.  The bombings in Bali in October 2005
hit the airline pretty hard in its revenue flow.  The airline is
also struggling to cope with new competition within Indonesia,
both from domestic airlines and from other airlines coming into
Indonesia internationally.

The Troubled Company Reporter - Asia Pacific reported in January
2006, the government promised to inject up to IDR400 billion
into the Company.  However, since it is also cash-strapped, the
government said it would disburse the amount in installments,
and initially meted out IDR75 billion for the company to
continue its business.

As of fiscal year end 2005, the company had an equity deficit of
IDR1.24 trillion.

On July 24, 2004, the Indonesian Government invited applications
from financial and legal advisers to help devise a privatization
scheme for the carrier.  The Government proposed a strategic
sale of the state's 51% stake in Merpati to help fund the
carrier's operations.

                    About Dirgantara Indonesia

Headquartered in Bandung, Indonesia, PT Dirgantara Indonesia
-- http://www.indonesian-aerospace.com/-- is one of the       
indigenous aerospace companies in Asia with core competence in
aircraft design, development and manufacture of civilian and
military regional commuter aircraft.  In its production line,
Dirgantara Indonesia has delivered more than 300 units of  
aircraft and helicopters, defense system, aircraft components
and other services.

According to press reports, the company was not able to fully
recover from the 1998 Asian financial crisis, and has sought
government help to turn its business around.  It has urged the
government to support the industry by purchasing aircraft from
PT DI, and is currently marketing its products to neighboring
countries in the region.

The Troubled Company Reporter-Asia Pacific reported on
September 13, 2006, that the Indonesian Government intends to
provide IDR40 billion in bailout funds to Dirgantara Indonesia.


HUNTSMAN CORP: Agrees to Extend Review Period for Hexion Merger
---------------------------------------------------------------
Hexion Specialty Chemicals and Huntsman Corporation have agreed
to allow additional time for the Federal Trade Commission to
review the proposed merger of the two companies.  As a result,
the merger is not expected to close before May 3.  To
accommodate the extension, Hexion has also given notice to
Huntsman that on April 5, it will exercise its option to extend
the Termination Date under the Merger Agreement for 90 days, and
thus, if the conditions to Hexion's extension right are met on
April 5, the termination date under the Merger Agreement will be
extended until July 4, 2008.

"This extension is not unusual in a transaction of this size
involving numerous global locations," said Craig O. Morrison,
Hexion's Chairman and Chief Executive Officer.  "We are fully
cooperating with regulatory agencies and will continue to work
closely with Huntsman and the agencies in order to obtain the
regulatory approvals required to complete the merger."

Hexion announced on July 12, 2007, that it had entered into a
definitive agreement to acquire Huntsman Corporation in an all-
cash transaction valued at approximately US$10.6 billion,
including the assumption of debt.  The transaction was approved
by Huntsman shareholders on Oct. 16, 2007 and is subject to
customary closing conditions, including regulatory approval in
the U.S. and several other countries.

                      About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexion.com/-- serves the global wood and industrial
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.  
The company has operations in Indonesia, Italy and Guatemala.
The company also has locations in China, Australia, Netherlands,
and Brazil. It is an Apollo Management L.P. portfolio company.
Hexion had 2006 sales of US$5.2 billion and employs more than
7,000 associates.

                         About Huntsman

Huntsman Corp. -- http://www.huntsman.com/-- manufactures and
markets differentiated and commodity chemicals.  Its operating
companies manufacture products for a variety of global
industries including chemicals, plastics, automotive, aviation,
textiles, footwear, paints and coatings, construction,
technology, agriculture, health care,  detergent, personal care,
furniture, appliances and packaging.  Originally known for
pioneering innovations in packaging and, later for rapid and
integrated growth in petrochemicals, Huntsman today has
operations in 24 countries, including Argentina, Belarus,
Japan, Luxembourg, Malaysia, Spain and the United Kingdom, among
others.  The company had 2006 revenues from all operations of
over US$13 billion.

                       *     *     *

As reported in the Troubled Company Reporter on June 28, 2007,
Moody's Investors Service placed the debt ratings and the
corporate family ratings (CFR -- Ba3) for Huntsman Corporation
and Huntsman International LLC, a subsidiary of Huntsman under
review for possible downgrade.


PERUSAHAAN LISTRIK: To Build Two Thermal Plants in Sulawesi
-----------------------------------------------------------
State electricity firm PT Perusahaan Listrik Negara and a
private company will build two thermal power plants with a
combined capacity of 40 MW in Southeast Sulawesi province this
year, Antara News reports.

Fauzi Arusman, PLN general branch manager in Southeast Sulawesi,
told the news agency that Perusahaan Listrik will also build
distribution networks to connect the power plants to the
existing interconnection networks.

Arusman said the existing power plants with a capacity of 30 MW
could not meet power demand particularly during the peak load,
the report adds.

                   About Perusahaan Listrik

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

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


TELKOM INDONESIA: Unit Buys 6.8% Stake in Scicom Technologies
-------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk's unit PT Telekomunikasi
Indonesia Internasional has bought a 6.8% stake in Scicom
Technologies Pvt Ltd through the Kuala Lumpur Stock Exchange,
Antara News reports.

Telkom Corporate Secretary Harsya Denny Suryo told the news
agency that the acquisition is in line with Telkom's goal of
developing unorganic businesses and strengthening corporate
businesses.

Scicom is a provider of outsourcing services in product
development, software support and maintenance, project services
and technology consulting for scientific, engineering and
enterprise data integration application areas.

                   About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk --
http://www.telkom-indonesia.com/-- provides local and long                
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 24, 2007, that Moody's Investors Service changed the
outlook on PT Telekomunikasi Indonesia's local currency
corporate family rating to positive from stable.  At the same
time Moody's has affirmed Telkom's local currency corporate
family rating at Ba1.

On Sep. 12, 2007, Fitch Ratings affirmed Telekomunikasi
Indonesia's Long-term foreign and local currency Issuer Default
Ratings at 'BB-'.


TELKOM: BNI Securities Downgrades Rating on Shares to "Hold"
------------------------------------------------------------
BNI Securities has downgraded its rating on shares of PT
Telekomunikasi Indonesia Tbk to "hold" from "buy" due to a
weaker earnings outlook, Thomson Financial reports.

According to the report, BNI is also cutting its target price
for the stock to IDR10,000 from IDR13,000.

The report notes that BNI analyst Norico Gaman, in a note to
clients, said that they projected Telkom's financial performance
to be weaker in 2008 due to tighter competition in cellular
business and a falling interconnection tariff.

Cellular accounts for 40% of Telkom's revenue and
interconnection accounts for 20%, the report relates.

Mr. Gaman told the news agency that Telkom's average revenue per
user (ARPU) is expected to fall to IDR48,000 this year from
about IDR55,000 in 2007.  As a result, BNI is expecting Telkom's
revenue to fall to IDR54.3 trillion this year from the
IDR58.9 trillion estimated for 2007, the report relates.

Thomson relates that the company's net profit is also expected
to decline to IDR11.4 trillion from the 11.9 trillion estimated
for 2007.  In 2009, BNI is expecting Telkom sales and net profit
to drop further to IDR48.9 trillion and IDR10.8 trillion,
respectively, the report adds.

                     About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk --
http://www.telkom-indonesia.com/-- provides local and long                
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 24, 2007, that Moody's Investors Service changed the
outlook on PT Telekomunikasi Indonesia's local currency
corporate family rating to positive from stable.  At the same
time Moody's has affirmed Telkom's local currency corporate
family rating at Ba1.

On Sep. 12, 2007, Fitch Ratings affirmed Telekomunikasi
Indonesia's Long-term foreign and local currency Issuer Default
Ratings at 'BB-'.


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

JABIL CIRCUIT: Earns US$62 Million in 1st Quarter Ended Nov. 30
---------------------------------------------------------------
Jabil Circuit Inc. reported net income of US$62.0 million for
the  first quarter of fiscal 2008 ended Nov. 30, 2007, compared
to net income of US$41.4 million for the same period in fiscal
2007.

"We are pleased to post a strong quarter with significantly
improved financial performance.  Cash flow from operations and
EBITDA margins were particularly strong and notably higher than
last year," said president and chief executive officer Timothy
L. Main.

Net revenue for the first quarter of fiscal 2008 increased 4.5%
percent to US$3.37 billion compared to US$3.22 billion for the
same period of fiscal 2007.

GAAP operating income for the first quarter of fiscal 2008
increased 62.0% to US$98.9 million compared to US$61.1 million
for the same period of fiscal 2007.

Jabil's first quarter of fiscal 2008 core operating income
increased 44.0% to US$122.1 million or 3.6% of net revenue
compared to US$85.0 million or 2.6% of net revenue for the first
quarter of fiscal 2007.  Core earnings increased 23.0% to
US$74.6 million compared to US$60.5 million for the first
quarter of fiscal 2007.

"In the first half of fiscal 2008, we expect core operating
income and EBITDA margins well above previous year levels.  In
the second half of fiscal 2008, we expect to continue our focus
on margin expansion, cash flow generation and higher returns on
invested capital.  As revenue increases in the second half, cash
flow generation and margin expansion is expected to be
particularly strong," said Main.

               Total Contractual Cash Obligations

At Nov. 30, 2007, the company had total contractual cash
obligations of US$1.71 billion, of which contractual obligations
for short and long-term debt arrangements totaled
US$1.28 billion.

                         Balance Sheet

At Nov. 30, 2007, the company's consolidated balance sheet
showed US$6.73 billion in total assets, US$4.15 billion in total
liabilities, $9.1 million in minority interest, and
US$2.58 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Nov. 30, 2007, are available
for free at http://researcharchives.com/t/s?2772

                       About Jabil Circuit

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

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 14, 2008,
Fitch Ratings assigned a 'BB+' rating to Jabil Circuit Inc.'s
proposed Rule 144A offering of $300 million senior unsecured
notes due 2018.  


JAPAN AIRLINES: To Boost Domestic Air Cargo Rates by 10%
--------------------------------------------------------
Japan Airlines International Co., Ltd., will raise air cargo
rates for domestic routes by 10% from April to counter higher
jet fuel costs, reports Cargo News Asia.

According to the report, although fierce competition from
trucking firms had previously dissuaded JAL from transferring
cost increases to domestic air cargo rates, the airlines has
decided to conduct the hike in view of surging fuel costs.

The report adds that this is the company's first increase in
domestic air cargo rates in 26 years.

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                        *     *     *

As reported on Feb. 9, 2007, that Standard & Poor's Ratings
Services affirmed its 'B+' long-term corporate credit and issue
ratings on Japan Airlines Corp. (B+/Negative/--) following the
company's announcement of its new medium-term management plan.
S&P said the outlook on the long-term corporate credit rating is
negative.

As reported on Oct. 10, 2006, that Moody's Investors Service
affirmed its Ba3 long-term debt ratings and issuer ratings for
both Japan Airlines International Co., Ltd and Japan Airlines
Domestic Co., Ltd.  The rating affirmation is in response to the
planned restructuring of the Japan Airlines Corporation group on
Oct. 1, 2006 with the completion of the merger of JAL's two
operating subsidiaries, JAL International and Japan Airlines
Domestic.  JAL International will be the surviving company.
Moody's said the rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


MAZDA MOTOR: Launches Fully Redesigned Atenza
---------------------------------------------
Mazda Motor Corporation launched its fully remodeled Mazda
Atenza (known as the all-new Mazda6 overseas) in Japan.
Available in three body styles -- Sedan, Sport (5-door
hatchback), and Sport Wagon -- Mazda’s globally acclaimed mid-
size car goes on sale from today at all Mazda and Mazda Anfini
dealerships throughout Japan.

Developed in line with Mazda's Zoom-Zoom evolution concept, the
all-new Mazda Atenza’s design theme is "Bold & Exquisite."  The
exterior look expresses a combination of athleticism and
delicate grace in all three body styles.  Sporty and
sophisticated interior design creates an environment in which
drivers can experience real driving pleasure, comfort and a
feeling of security.

Launched in Japan in May 2002, the first generation Atenza
combined unique and attractive styling with exceptional driving
performance.  Now, the second generation model takes these
characteristics one step further through substantially enhanced
environmental and safety performance.  With top class
aerodynamics, it features improved high speed stability, ride
quality and quietness, providing enhanced comfort levels worthy
of the "ultimate high speed long-distance touring car."

Mazda’s newly developed MZR 2.5-liter in-line four-cylinder
engine, mated to five-speed and six-speed automatic
transmissions which are newly combined with Active Adaptive
Shift (AAS) control*1, further evolve the exceptional driving
dynamics that were highly acclaimed on the first Atenza.  The
all-new Atenza is larger than its predecessor, but increased use
of high tensile steel has helped reduce the overall vehicle
weight.  In combination with the top-class aerodynamics, this
contributes to improved fuel economy.  To lower running costs,
the use of regular gasoline is now recommended for all model
grades.

Safety features on the all-new Mazda Atenza include Japan's
first rear vehicle monitoring system.  When driving at speeds
over 60 kilometers per hour, this system uses radar to detect
vehicles approaching from behind and alerts the driver.  Another
new feature is CF-Net (Cross Functional Network) functionality,
a combination of switches on the steering wheel with a
centralized display at the top of the instrument panel, which
provide simple control of all systems, including air
conditioning and audio.  This helps the driver focus on the road
and reduces hand movement away from the steering wheel.  Other
safety attributes include Dynamic Stability Control and Mazda’s
Traction Control System as standard equipment on all the 2.5-
liter model grades.  Mazda’s enhanced safety equipment and
functionality promote safe and comfortable driving.



                       About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its   
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                       *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating and the company's long-term senior unsecured debt
to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+


NOVA CORP: 4,000 Students to Get JPY200,000 Tuition Deal Each
-------------------------------------------------------------
The Health, Labor and Welfare Ministry will provide selected
Nova Corp. students tuition subsidies of up to JPY200,000 each,
the Japan Times reports, citing unnamed sources.

According to the Times, the Ministry will award the tuition deal
to some 4,000 former Nova students who enrolled to take
advantage of a government training program.

To get the subsidies, the report says, the students will be
required to continue their lessons at G.communication Co.

As reported by the TCR-AP on Nov. 9, 2007, G.communication was
selected to take over Nova's brand and operations.

The Times explains that the "subsidy for education and training"
program, started by the Ministry in 1998, was designed to help
students of foreign languages or those acquiring other skills at
government-designated schools.  To receive the money, the
applicants must complete the study or training course chosen --
which made it impossible for most of the students to collect on
the deal.

The Times says that the Ministry's decision will be a boon to an
estimated 4,000 people who entered Nova on the premise that they
would be able to get the subsidies before the language school
chain lost its government status as a subsidy-eligible school in
June 2007 over misleading advertising.

The report says that, according to the ministry, payment of the
subsidies will be given as long as students complete the
training and obtain certificates of completion from
G.communication.

                        About Nova Corp.

Osaka-based Nova Corporation-- http://www.nova.ne.jp/-- is   
primarily engaged in the operation of language schools.  The
Company has seven subsidiaries and two associated companies.
The Company is involved in the teaching of languages, the
creation of international environment of different languages and
cultures, the provision of real time services, the development
and provision of network contents, the development of hardware
technology, the building of human network, as well as the
organization of member groups to provide services
internationally.  The Company also has subsidiaries and
associates, which are engaged in advertisement services,
interior construction, facility and commodity sale, overseas
study services, computer system services, real estate brokerage,
facility leasing and installment sale, capital management,
cleaning services, sanitary management, multimedia goods sale,
Internet connection services, customer services and assistance
to foreigners.

Nova has reported two consecutive net losses -- JPY3.09-billion
net loss for fiscal year ended March 31, 2006, and JPY2.89
billion for the year ended March 31, 2007.

The Troubled Company Reporter-Asia Pacific reported that on
Oct. 26, 2007, Nova Corp. sought protection from creditors with
the Osaka District Court under the Corporate Rehabilitation Law
with JPY43.9 billion in aggregate debt.


SANYO ELECTRIC: To Dissolve TV Joint Venture with Quanta
--------------------------------------------------------
Sanyo Electric Co Ltd plans to dissolve its television
development joint venture with Quanta Computer Inc, Reuters
reports, citing the Nikkei business daily.

Reuters recounts that Sanyo and notebook PC maker Quanta said in
March 2006 that they would set up a venture to make and sell
flat TVs.

However, Reuters notes, shortly after the announcement, Taiwan-
based AU Optronics Corp agreed to buy Quanta Computer's liquid
crystal display unit, Quanta Display.

According to the report, Sanyo and Quanta set up joint venture
Sanyo Visual Technology later in 2006 with a capitalization of
JPY100 million (US$937,300), but the scope of the venture was
limited to product development and joint procurement of parts
and materials.

Reuters notes that, according to the Nikkei, the announcement to
end the venture, which is 81% owned by Sanyo and the remainder
owned by Quanta, is set for Jan. 30.

Reuters cites a Sanyo spokesman as saying that the company is
studying a wide range of options to expand its TV business, but
that nothing has been decided on the future of its joint venture
with Quanta Computer.

                        Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                         *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

The company also carries Standard & Poor's 'BB-' long-term
corporate credit rating.


SAPPORO: Steel Partners Urges Company to Reconsider Takeover
------------------------------------------------------------
Steel Partners Japan Strategic Fund (Offshore), L.P. sent to
Sapporo Holdings Ltd. (TOKYO:2501) a letter stating
disappointment over the Board of Director's continued refusal to
engage in meaningful negotiations related to Steel Partners'
interest in acquiring a larger stake in the Company.

At a meeting with Sapporo in Tokyo on January 23, 2008, Steel
Partners reiterated its request to negotiate "terms and
conditions that the Board can recommend to its shareholders."
Steel Partners also repeated its request to enter a
confidentiality agreement with Sapporo enabling it to receive
non-public information that may enable Steel Partners to enhance
its JPY825 per share offer, initially made on Feb. 15, 2007.  
Sapporo management declined both requests, Steel Partners.

"SPJSF believes that the Board's current refusal to engage in
meaningful discussions with respect to price, structure and
ownership percentage so that a transaction can be agreed to in a
negotiated manner, is contrary to the best interests of the
Company's stakeholders and is damaging the Company’s corporate
value," Warren Lichtenstein, Managing Partner of Steel Partners
wrote in the letter.

To support its request for negotiations, Steel Partners'
presentation to Sapporo on January 23:

    * explained that Steel Partners has been a long-term,
      supportive shareholder of Sapporo Holdings since 2004 and
      is currently the largest single shareholder with
      approximately 19%.

    * outlined key recommendations for enhancing Sapporo's
      business performance, as detailed in the Value Enhancement
      Plan submitted to Sapporo in November 2007.

    * explained that Steel Partners is not "abusive" as defined
      by Sapporo's Advance Warning System.

    * urged the Sapporo Board to respect the rights of
      shareholders to determine for themselves whether or not
      they should accept the proposal.

In its letter to the company, Steel Partners said it has no
reason to believe that any changes should be made to Sapporo's
senior management.  However, Mr. Lichtenstein noted: "we reserve
the right to take any action we deem necessary or appropriate if
the rights of shareholders are not protected, including
reevaluating our position on seeking Board representation in an
oversight role."

A copy of the January 23 presentation can be found at
http://www.SPJSF.jp

         About Steel Partners Japan Strategic Fund

Steel Partners Japan Strategic Fund (Offshore), L.P., is a
Cayman Islands-registered fund management subsidiary of Warren
Lichtenstein's Steel Partners and the biggest shareholder (18.6%
as of Feb. 2007) of Sapporo Holdings.  It submitted a proposal
to Sapporo seeking approval to raise its stake to 66.6%.

Steel Partners Japan Strategic Fund's address is:

       P.O. Box 2681 GT, Century Yard
       4th Floor, Cricket Square
       Hutchins Drive, George Town
       Grand Cayman, Cayman Islands
       British West Indies

                      About Sapporo Holdings

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--   
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                          *     *     *

As of May 16, 2007, the company carries Standard & Poor's Rating
Service's 'BB' Long-Term Foreign Issuer Credit and Long-Term
Local Issuer Credit Ratings that were issued on February 6,
2006; and Fitch Ratings' 'B' Short-term Foreign and Local
Currency Issuer Default Ratings that were issued on
March 14, 2006.


SENBA KITCHO: Reopens Main Outlet After Suspension
--------------------------------------------------
Senba Kitcho K.K. reopened its main restaurant in Chuo Ward,
Osaka, for the first time since the food chain suspended
operations in November due to a product-mislabeling scandal, The
Yomiuri Shimbun reports.

According to the Yomiuri, Senba Kitcho has terminated the sale
of deli items and sweets, which had been mislabeled with false
expiration dates, and has closed its restaurants in Shinsaibashi
in the ward and in the Tenjin area of Fukuoka.

The report notes that some of Senba Kitcho's regular customers
warmly welcomed the reopening, saying that they had been waiting
to taste the restaurant's cuisine again and were ready to dine
there again often.

However, the Yomiuri relates, some Senba Kitcho employees
claimed that true rehabilitation would not be possible as long
as a member of the founding family served as an executive.

Senba Kitcho's proprietress, Sachiko Yuki, who is a daughter of
the restaurant chain's founder and is the firm's new president,
personally welcomed the guests during the reopening, the Yomiuri
says.

The report further notes that the restaurant's beef kaiseki
course was not served during the course, as the restaurant had
been found to have mislabeled the meat used in the meal as Sanda
Beef, a brand of Hyogo Prefecture, although it was of a
different origin.

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

The Troubled Company Reporter-Asia Pacific reported on Jan. 18,
2008, that Senba Kitcho filed for court protection on Jan. 16
from creditors amid suspension of its business in the wake of a
food mislabeling scandal.  Senba Kitcho said it sought to
alleviate around JPY800 million in liabilities and rebuild
operations under the Civil Rehabilitation Law.


SOFTBANK CORP: Unveils 15 New Mobile Phone Models
-------------------------------------------------
Softbank Corp. (TSE:9984) unveiled 15 new handset models on
Monday, Bloomberg News reports.

According to Bloomberg, this is Softbank's way of closing the
gap with rival KDDI Corp., which introduced 10 models.

AsiaPulse says that Softbank's new collection includes a
diamond-studded phone produced jointly with luxury jeweler
Tiffany & Co. Japan Inc.  This model will sell for more than
JPY10 million (US$94,000).

Softbank will also release the Premium Texture, made by Sharp
Corp. (TSE:6753), where users can choose their own front panel
design. Selections include a wood pattern and a Japanese Yuzen
dye design, AsiaPulse adds.

Bloomberg further notes that Softbank also introduced a
minicomputer model that automatically checks e-mail from Yahoo
Japan Corp.'s server, similar to the service offered by Apple
Inc.'s iPhone.

Meanwhile, Bloomberg relates, six of KDDI's new models have new
movie and television services.

Softbank's new collection will hit the market gradually from
February to March, which is the peak season for signing up
subscribers before the April start of the Japanese school and
business years, AsiaPulse says.

                        About Softbank

Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese   
telecommunications and media corporation.  SoftBank was
established on September 3, 1981.  The company operates in eight
business segments:

   * Broadband Infrastructure Segment
   * Fixed-line Telecommunications Segment
   * e-Commerce Segment
   * Internet Culture Segment
   * Broadmedia Segment
   * Technology Services Segment
   * Media & Marketing Segment
   * Overseas Funds Segment

Softbank is also involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.  As of March 31, 2007, the company's paid-in
capital was JPY163.3 billion.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 7, 2007, that Standard & Poor's Rating Agency lifted its
long-term corporate credit and senior unsecured debt ratings to
BB from BB- in light of the company's increasing earnings
stability.  The outlook for the long-term credit rating is
stable.  Moody's Investors Service, on August 9, 2006, upgraded
Softbank Corp.'s stable long-term debt rating and issuer rating
to Ba2from Ba3, concluding a review initiated on March 17, 2006,
when the company announced that it would acquire a 97.7% stake
in mobile phone giant Vodafone Group's Japanese unit, Vodafone
K.K.


XERIUM TECH: Opens Paper Machine Clothing Factory in Vietnam
------------------------------------------------------------
Xerium Technologies, Inc. announced its official groundbreaking
ceremony for its state-of-the-art paper machine clothing factory
in Ho Chi Minh City, Vietnam.

At the event, which was attended by more than 100 dignitaries
from throughout the region, Cheryl Diuguid, President of Xerium
Asia, said, "With this new facility, Xerium is building on a
long, successful history of conducting business in the Asia
region.  Our investment in this facility, and specifically in
Vietnam, is an important step in our efforts to build on this
history and increase our participation in this important and
growing paper market.  Xerium has been a leading participant and
valued paper machine clothing supplier to Asian paper producers
for decades.  In addition to this Huyck.  Wangner facility we
are building, we have also expanded our roll covers business to
pursue additional growth opportunities in this segment of
the Asia market.  In November 2007, Xerium acquired a local roll
covers business with two manufacturing operations in China, and
we expect that the acquired operation will serve as the base for
our Stowe Woodward China business."

She added, "We made the decision to invest in Vietnam because we
believe this country provides us with excellent support for all
our critical success factors, including proximity to our major
customers, ease of logistics, technical capabilities, education
level of the local workforce, variable and manufacturing
overhead costs, government support and interest, local market
opportunities and expansion options.  To put it simply, we
wanted an "Ease of Business" environment and we are confident
that we have found it here."

The facility is being constructed in the My Phouc Industrial
Park, 40 km northeast of Ho Chi Minh City in the region of Binh
Duong.  This facility, which is expected to begin production in
the second half of 2008, is expected to employ more than 150
people at full production.

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two   
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.

                       *     *     *

Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believes the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.

Affirmed ratings are:

    * Corporate family rating; B1
    * Guaranteed senior secured term loan B; B1
    * Guaranteed senior secured revolving credit facility; B1


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

BHK INC: Amends Exercise Price of Seventh Bonds With Warrants
-------------------------------------------------------------
BHK Inc. has made an amendment regarding the exercise price of
its seventh bonds with warrants, which was initially announced
on December 7, 2007, Reuters Investing Keys reports.

According to the report, the exercise price of the bonds has
been amended to KRW1,835 from KRW1,605 per share.

Seoul, Korea-based BHK Inc. is engaged in international trading.
The company's products consist of liquid crystal display
televisions (LCD-TV's), electronic products, bed sheets,
pillows, pillowcases, curtains and clothing.  The company sells
its bedding products in the department stores under the brand
name Pierre Cardin.  Currently, the company is also in the
development stage for launching of a new business segment, which
specializes in biomedical products, namely MyoCell, for heart
muscle regeneration.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 14, 2007, that the company has a shareholders' equity
deficit of US$17.38 million on total assets of US$24.36 million.


DAEWOO ELECTRONICS: Decides Offering Price for Rights Issue
-----------------------------------------------------------
Daewoo Electronic Components Co. Ltd. has decided the offering
price for the rights issue of its 6 million common shares at
KRW5,000 per share, Reuters Investing Keys reports.

According to the report, the company initially announced the
shares offering on September 14, 2007, and amended the offering
method of the shares from public offering to rights issue on
September 19, 2007.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer          
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale for US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.


HYNIX SEMICONDUCTOR: May Issue KRW150 Bil. Convertible Bonds
------------------------------------------------------------
Hynix Semiconductor may issue KRW150 billion worth of
convertible bonds in the local market to raise money needed for
upgrading its facilities to produce advanced chips, The Korean
Times reports.

A Hynix official told The Korea Times that they have been
engaged in final talks to issue CBs for administrative and
investment purposes.

The official, however, declined to give further details, such as
coupon yields and maturity, the report notes.

Kim Yoo-chul of The Times writes that according to unnamed
sources, five local brokerages including NH Securities,
Goodmorning Shinhan Securities and the Korea Development Bank
will lead the issuance.

                   About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/-- is a semiconductor manufacturer.  
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.


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

MALAYSIAN AIRLINE: Los Angeles Office Served with Complaint
-----------------------------------------------------------
Malaysian Airline System Berhad's Los Angeles office has been
served with a complaint filed with the United States District
Court for the Central District of California (Los Angeles) on
behalf of Stephen Gaffigan against the company and 11 other
airlines.

The case involves allegations of price fixing on fuel surcharges
on transpacific passenger fares.

At this juncture, no infringement has been established.  The
recently served complaint does not make any mention of the
quantum of damages sought against Malaysian Airline.  Malaysian
Airlines is currently taking legal advice in relation to the
complaint.

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

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


PUTERA CAPITAL: Incurs MYR1.88MM Net Loss in Qtr. Ended Nov. 30
---------------------------------------------------------------
Putera Capital Berhad incurred a net loss of MYR1.88 million on
MYR2.68 million of revenues in the quarter ended Nov. 30, 2007,
compared with a net loss of MYR2.1 million on MYR4.1 million of
revenues in the same period in 2006.

As of November 30, 2007, the company's consolidated balance
sheet showed strained liquidity with current assets of
MYR14 million available to pay current liabilities of
MYR52 million.

In addition, Putera Capital's balance sheet as at Nov. 30, 2007,
went upside down with total assets of MYR33 million and total
liabilities of MYR53 million, resulting in a shareholders'
equity deficit of MYR20 million.

Headquartered in Kamunting-Taiping, Malaysia, Putera Capital
Berhad is principally involved in the investment and development
of properties.  Its other activities include the manufacture and
sale of yarn and woven fabrics, construction and management of
water and sewage treatment plant, contractor of construction
projects, distribution of marble, tiles, and related business
and investment holding.

The company is classified as an Affected Listed Issuer due to
these reasons:

     a) The shareholders' equity of the company on a
        consolidated basis has fallen below 25% of its issued
        and paid up capital as per its unaudited 3rd quarter
        financial results as announced on April 28, 2006.  As
        such its shareholders equity is less than the minimum
        issued and paid up capital.

     b) The auditors have expressed a modified opinion with
        emphasis on Putera's going concern in its audited
        accounts as of May 31, 2005.

     c) There are defaults in repayment of certain debt
        obligation by Putera and its subsidiaries and Putera is
        unable to provide a solvency declaration to Bursa
        Malaysia Securities Berhad.

The Troubled Company Reporter-Asia Pacific reported in its
October 26, 2007 "Large Companies with Insolvent Balance Sheets"
column that Putera Capital had US$10.56 million of total assets
and US$4.70 million of stockholders' equity deficit.


SUNWAY INFRASTRUCTURE: Completes Refinancing Exercise
-----------------------------------------------------
Sunway Infrastructure Berhad disclosed with the Malaysian Stock
Exchange that the Sukuk Mudharabah was issued on January 25,
2008, by Manfaat Tetap Sdn Bhd.  This marks the completion of
the company's refinancing exercise to redeem in full and cancel
the existing MYR2.01 billion Al-Bai Bithaman Ajil Islamic Debt
Securities issued by SILK in August 2001 pursuant to Affin
Investment's proposal to the BaIDS holders on August 17, 2007.

The Sukuk Mudharabah has features which allow the repayment
obligations of Manfaat Tetap to vary with the actual traffic
volumes generated by the KAJANG SILK Highway and it is expected
to provide a minimum profit rate of 8% per annum payable to the
investors in a manner which allows investors to share in the
excess cash flow of the Highway over the tenure of the Sukuk
Mudharabah.

The Sukuk Mudharabah, which is issued at par, has a tenure of up
to 21 years from the date of issuance.  The primary source of
redemption of the Sukuk Mudharabah will be from the Periodic
Ijarah Rental Payments payable by SILK to MTSB pursuant to the
sale and leaseback arrangement between SILK and MTSB.


Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure
Berhad -- http://www.sunway.com.my/-- is an investment holding         
company in Malaysia.  The Company's wholly owned subsidiary,
Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is
responsible for the construction of the Kajang Traffic Dispersal
Ring Road.  Silk's activities are the upgrading and widening of
existing roads; the design and construction of a new alignment,
and the operation of the Kajang Traffic Dispersal Ring Road,
including toll operations and maintenance.  Through SILK, the
Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd
mainly focuses on undertaking housing development for residents
whose dwellings are located on the land, on which the Kajang
Traffic Dispersal Ring Road is constructed or who are affected
by the construction of the Kajang Traffic Dispersal ring road.   
On November 22, 2005, SILK disposed of Salient Million Sdn. Bhd.

The company is an affected listed issuer pursuant to the Amended
PN17 since its auditors have expressed a modified opinion with
emphasis on the company's going concern in the company's audited
financial statements for the year ended June 30, 2006, and since
the unaudited shareholders' equity of approximately MYR26.702
million based on its quarterly results for the period ended
September 30, 2006, is less than 50% of its issued and paid up
capital of MYR90 million.

In addition, the Troubled Company Reporter-Asia Pacific
reported on March 20, 2007, that its shareholders' equity on a
consolidated basis based on the unaudited results for the
quarter ended Dec. 31, 2006, of MYR7.173 million, is less than
25% of the company's issued and paid-up capital of MYR90 million
and such shareholders' equity is less than the minimum issued
and paid-up capital as required under Paragraph 8.16A(1)
of the Listing Requirements of MYR60 million, triggering another
listing criteria under Amended PN17 listing requirements.


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

ACCOMODATE STEEL: Wind-Up Petition Hearing Slated for Feb. 7
------------------------------------------------------------
The High Court of Dunedin will hear on February 7, 2008, at
10:00 a.m., a petition to have Accomodate Steel Building Systems
Ltd.'s operations wound up.

Opus International Consultants Limited filed the petition on
December 7, 2007.

Opus International's solicitor is:

          Malcolm David Whitlock
          c/o Baycorp House, Level 2
          15 Hopetoun Street
          Auckland
          New Zealand


AIR NEW ZEALAND: December Passenger Load Up 6%
----------------------------------------------
Passenger numbers across Air New Zealand Ltd Group were 6%
higher in December 2007 than in the same month in 2006.  This
growth was achieved across both short-haul and long-haul routes,
with 4.7% and 12.8% growth respectively.

In the Domestic market passenger load factor decreased by 2.0
percentage points on the back of a 9.1% increase in available
seat kilometres on last December and new capacity introduced by
other carriers.

Long haul load factors have been particularly pleasing, driven
by high demand for both premium economy and business class.  At
the end of last year Air New Zealand's business class was for
the first time rated the top in the Star Alliance, which
represents more than 27% of global air travel.  Long haul load
factors reached 82.9% for December up 1.8 percentage points on
December 2006.

Load factors for the month remained strong against last
December's statistics:

   -- Short-haul passenger load factor increased 1.6 percentage
      points to 77.6%

   -- Domestic passenger load factor was down 2.0 percentage
      points to 74.2%

   -- Tasman / PI passenger load factor was up 3.4 percentage
      points to 79.3%

   -- Long-haul passenger load factor increased 1.8 percentage
      points to 82.9%

   -- Asia / Japan / UK passenger load factor increased 2.1
      percentage points to 77.2%

   -- North America / UK passenger load factor increased 1.3
      percentage points to 87.6%

Group-wide yields for the year-to-date were up 0.8% on the same
period last year.  The short-haul yields were 2.9% higher while
the long-haul yields were 2.9% higher than year-to-date last
year. Removing the impact of foreign exchange, group-wide yields
were up 4.1%.

                     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.


BARBAROSSA LTD: Court to Hear Wind-Up Petition on February 14
-------------------------------------------------------------
The High Court of Auckland will hear on February 14, 2008, at
10:45 a.m., a petition to have Barbarossa Ltd.'s operations
wound up.

The petition was filed by the Commissioner of Inland Revenue on
October 2, 2007, 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


BLUES CONTRACTING: Faces Carrow Holdings' Wind-Up Petition
----------------------------------------------------------
On October 30, 2007, Carrow Holdings Limited filed a petition to
have Blues Contracting Ltd.'s operations wound up.

The petition will be heard before the High Court of Tauranga on
February 11, 2008.

Carrow Holdings' solicitor is:

          Malcolm Whitlock
          Reynolds & Associates Limited
          Level 5, 5 Short Street
          Newmarket, Auckland
          New Zealand


FOX & FOX: Subject to Heli Harvest's Wind-Up Petition
-----------------------------------------------------
On November 28, 2007, Heli Harvest Limited filed a petition to
have Fox & Fox Ltd.'s operations wound up.

The petition will be heard before the High Court of Wellington
on February 4, 2008, at 10:00 a.m.

Heli Harvest's solicitor is:

          L. A. Foley
          Le Pine & Co
          corner of Paora Hapi and Gascoigne Streets
          PO Box 140, Taupo
          New Zealand


HENRY PROPERTY: Faces R & M Plumbing's Wind-Up Petition
-------------------------------------------------------
R & M Plumbing Limited filed on May 16, 2007, a petition to have
Henry Property Services Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
May 16, 2008, at 10:00 a.m.

R & M Plumbing's solicitor is:

          Debra M. Law
          Unit 11, 9 Freeman Way
          Manukau City, Auckland
          New Zealand
          Facsimile:(09) 263 9108


MARINE MERCHANTS: Taps Shephard & Dunphy as Liquidators
-------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
liquidators of Marine Merchants Ltd. on January 10, 2008.

The company commenced liquidation proceedings on that day.

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          c/o Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          New Zealand
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


PHOTO ENTERPRISES: Court to Hear Wind-Up Petition on February 11
----------------------------------------------------------------
The High Court of Tauranga will hear on February 11, 2008, at
11:45 a.m., a petition to have Photo Enterprises Ltd.'s
operations wound up.

UDC Finance Limited filed the petition on November 1, 2007.

UDC Finance's solicitor is:

          S. C. Gollin/M. D. Pascariu
          Minter Ellison Rudd Watts
          Lumley Centre, Level 20
          88 Shortland Street
          PO Box 3798, Auckland 1140
          New Zealand


PORTO'S NP: Court to Hear Wind-Up Petition on February 5
--------------------------------------------------------
A petition to have Porto's NP Ltd.'s operations wound up will be
heard before the High Court of New Plymouth on February 5, 2008,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
October 3, 2007.

The CIR's solicitor is:

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


PROPERTYFINANCE: Lender Cannot Give Aid; Seeks Other Options
------------------------------------------------------------
Propertyfinance Group Limited disclosed that the lender of the
bridging facility, from which the Group will draw down
NZ$710,000 to inject into subsidiary Propertyfinance Securities
Limited, cannot advance financial assistance.

According to the Group, the lender is one of those affected by
the challenges and uncertainties in both the domestic and
international financial markets.  The board of directors cannot
yet tell whether this will be a temporary issue of a few days or
develop into a permanent position.

The Group's shareholders last month agreed to retire the
receiver of PFSL, which went into receivership in August 2007,
after certain conditions are met, a filing with the New Zealand
Stock Exchange relates.  The company was able to meet the
conditions, allowing a settlement to occur.  The last step of
the restructuring process should have been the injection of
NZ$710,000 into the unit.

The Group, while apologizing for the continued period of
uncertainty to investors, says it will continue to work with the
trustee and receiver to consider both the situation and any
other options that may be available.  

Headquartered in Christchurch, New Zealand, PropertyFinance
Group Ltd, formerly Avon Investments Limited, through its
subsidiaries, is engaged in lending on first mortgage and is
also involved in property-related financial services.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 27, 2007, PropertyFinance Group's board of directors is
looking into a number of restructuring opportunities because of
concerns on the company's ability to manage its current
liquidity position.  The company believes its problem with
liquidity arose from a timing mismatch between its assets and
liabilities.

The Group owns a number of subsidiary companies, the principal
subsidiary of which is Propertyfinance Securities Limited.  PFSL
was placed in receivership by Covenant Trustee Company Limited
at the request of PFSL's directors on Aug. 29, 2007.  Grant
Graham and Brendon Gibson of Ferrier Hodgson were appointed as
receivers.  At the time of the receivership PFSL had total
assets of NZ$92 million (un-audited) and liabilities of some
NZ$82 million (un-audited).


SILVER TIGER: Appoints Shephard & Dunphy as Liquidators
-------------------------------------------------------
On January 10, 2008, Iain Bruce Shephard and Christine Margaret
Dunphy were named liquidators of Silver Tiger Catamarans Limited

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          c/o Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          New Zealand
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


TDL MARINE: Names Shephard & Dunphy as Liquidators
--------------------------------------------------
On January 10, 2008, the shareholders of TDL Marine Limited
appointed Iain Bruce Shephard and Christine Margaret Dunphy as
the company's liquidators.

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          c/o Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          New Zealand
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


* Investors of Collapsed Finance Firms Unite to Hold Road Show
--------------------------------------------------------------
Investors of finance firms that went into trouble have joined
together to hold a series of meetings throughout New Zealand,
the New Zealand Press Association reports.

The group, Exposing Unacceptable Financial Activities, will hold
two-week road show talking with investors that lost money in the
finance company collapses, NZPA relates.   According to the news
agencies, the meeting has already started on Monday and the last
will be in Invercargill on Feb. 8.

Financial advisors are ignoring their clients, receivers do not
keep in regular contact and generally investors feel isolated
with nowhere to turn, NZPA cites Coordinator Suzanne Edmonds as
saying.  While some people have received legal advice, few are
taking that path as it is a huge task, Ms. Edmonds adds.

Ms. Edmonds told NZPA that the group is sending out the message
that the investors will not be victims but belong to a strong
force of 'salt of the earth' New Zealanders who will force those
responsible to be held to account.


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

METROPOLITAN BANK: Board Appoints Elizabeth D. Bondad as VP
-----------------------------------------------------------
Elizabeth D. Bondad will serve as Metropolitan Bank & Trust
Co.'s vice president starting February 16, 2008.

Ms. Bondad was appointed by the bank's Board of Directors during
a meeting held on Monday, January 29.

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

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

                        *     *     *

Moody's Investors Service gave Metrobank a:

    * Foreign currency long-term deposit rating of B1
    * Foreign currency hybrid tier-1 rating of Ba3
    * BFSR of D
    * Local currency deposit ratings of Baa2/P-2
    * Local currency subordinated debt rating of Baa3, foreign
      currency Not-Prime short-term deposit rating
    * Foreign currency subordinated debt rating of Ba2

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

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


PHIL. LONG DISTANCE: Moody's Affirms Ba2 Debt Rating
----------------------------------------------------
Moody's Investors Service has affirmed Philippine Long Distance
Telephone Company's Ba2 senior unsecured foreign currency debt
rating and changed its outlook to positive from stable.  This
rating action follows Moody's decision to change the outlook of
Philippines' Ba3 country ceiling for foreign currency bonds to
positive from stable.

At the same time, Moody's has affirmed PLDT's Baa2 local
currency issuer rating with a stable outlook.

PLDT's Ba2 foreign currency debt rating is above the
Philippines' country ceiling for foreign currency bonds of Ba3.
The foreign currency bond ceiling incorporates foreign currency
transfer risk, which is the likelihood of the government
declaring a debt moratorium should it default.

As such, PLDT's foreign currency bond rating is a function of
its intrinsic creditworthiness, the probability of a Philippine
government default on its foreign debt (implied by its B1
rating), the likelihood that the government would declare a
moratorium in the event of a default (implied by the Ba3 foreign
currency ceiling) and, if it did, the chances that it would
exempt a company such as PLDT.

PLDT is headquartered in Manila.  Its shares are listed in the
Philippine Stock Exchange and its ADRs traded in the New York
Stock Exchange.  PLDT is an integrated provider of fixed-line,
broadband, cellular and ICT services.  PLDT has approximately
30 million cellular and 1.7 million fixed-line subscribers as of
December 2007 and is the country's leading telecommunications
service provider.  It has an approximate 58% market share for
cellular telephony and 63% for fixed-line services.

PLDT's major shareholders are First Pacific and NTT/NTT DoCoMo,
with effective common shareholdings of 26.3% and 20%
respectively as of January 22, 2008.  The remaining common
shares are publicly held.


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

AAR CORP: Appoints Donald J. Wetekam as VP for MRO Segment
----------------------------------------------------------
Donald J. Wetekam was appointed as the Group Vice President of
AAR Corp.'s Maintenance, Repair and Overhaul (MRO) segment.
Mr. Wetekam previously served as President and General Manager
of AAR's Aircraft maintenance facility in Oklahoma City.  As
Group Vice President, Mr. Wetekam will oversee all of AAR's MRO
activities and be responsible for growing the company's domestic
and international MRO business and expanding its offerings to
government customers.

"Don is a proven leader with a wealth of experience leading MRO
operations," said Timothy J. Romenesko, President and Chief
Operating Officer of AAR.  "His commitment to operational
excellence and process improvement will be invaluable as we grow
this part of the business and strengthen AAR's position as a
world-class MRO provider."

Prior to joining AAR, Mr. Wetekam served as Deputy Chief of
Staff for Installations and Logistics in the U.S. Air Force and
was a staunch advocate for the adoption of commercial process
improvement techniques, such as Lean and Six Sigma.  He also
directed operations at Warner Robins Air Logistics Center and
played key leadership roles at the Oklahoma City Air Logistics
Center at Tinker Air Force Base.

In another move to strengthen and increase its MRO business, AAR
has appointed Mickey Cohen as Vice President of Commercial MRO
Group, reporting to Mr. Wetekam.  In this expanded role,
Mr. Cohen will oversee all commercial MRO activities at AAR's
aircraft maintenance facilities in Indianapolis, Oklahoma City,
and Hot Springs, Arkansas.  Mr. Cohen will also continue to
serve as Corporate Vice President, Operations and Engineering.

"Mickey understands our airline customers' operations and knows
what it takes to run an efficient and successful commercial MRO
business," Mr. Romenesko continued.  "Since joining the company
in 2003, Mickey has been instrumental in building customer
relationships and instilling a culture of quality that has
contributed to the success of our MRO segment."

                       About AAR Corp.

AAR Corp. (NYSE: AIR) -- http://www.aarcorp.com/-- provides     
products and value-added services to the worldwide
aviation/aerospace industry.  With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing.  In Asia
Pacific, the company has offices in Singapore, China, Japan and
Australia.  In Latin America, the company has a sales office in
Rio de Janeiro, Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 18, 2006, Standard & Poor's Ratings Services upgraded AAR
Corp.'s corporate credit rating from 'BB-' to 'BB'.  The outlook
is stable.

The TCR-AP also reported on Dec. 5, 2006, that Moody's upgraded
AAR's corporate family rating and senior notes to Ba3 from B1,
in response to improving financial performance resulting from
the strong commercial and defense aviation supply and repair
environment.  The ratings outlook is stable.


ALLIANCE SERTECH: Court Enters Wind-Up Order
--------------------------------------------
On January 18, 2008, the High Court of Singapore entered an
order directing the wind-up of have Alliance Sertech Pte. Ltd.'s
operations.

Hong Leong Finance Limited filed the petition against the
company.

Alliance Sertech's solicitor is:

          Michael BB Ong & Co.
          The Official Receiver
          45 Maxwell Road #05-11/#06-11
          The URA Centre (East Wing)
          Singapore 069118

CHEMTURA CORP: Selling Oleochemicals Business to PMC Group
----------------------------------------------------------
Chemtura Corporation has reached agreement to sell its  
oleochemicals business to PMC Group NA Inc. for an undisclosed
amount, subject to financing and other conditions including
customary closing conditions.  Included in the transaction is
Chemtura's production facility at Memphis, Tennessee.  Proceeds
from the sale will be used primarily for debt reduction.

The transaction is expected to close by the end of the first
quarter.

The oleochemicals business had revenues for 2007 of
approximately $175 million.

"This transaction will be another step in improving our polymer
additives business by strategically divesting product lines to
better focus on the products and businesses where we have our
greatest strengths and leading market positions," Robert L.
Wood, Chemtura chairman and CEO, said.  "PMC Group NA Inc. is
committed to this business and its growth, which will be an
advantage to both customers and employees."

Chemtura's Memphis facility has about 260 employees, who are
expected to transfer to PMC Group NA Inc.  The facility produces
fatty acids, fatty esters, glycerin approved for pharmaceutical
applications, glycerol esters, amides, bisamides, stearates and
triglycerides.  The Memphis plant is the only producer of
primary amides in North America for the plastics additives
market.

                    About Chemtura Corporation

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a manufacturer and  
marketer of specialty chemicals, crop protection, and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  The company has facilities in Singapore,
Australia, China, Hong Kong, India, Japan, South Korea, Taiwan,
Thailand, Brazil, Belgium, France, Germany, Mexico, and The
United Kingdom.

                          *      *      *

As reported in the Troubled Company Reporter on Dec. 21, 2007,
Moody's Investors Service placed Chemtura Corporation's
corporate family rating, CFR of Ba2 under review for possible
downgrade after reports that its "board of directors has
authorized management to consider a wide range of strategic
alternatives available to the company to enhance shareholder
value."  

Standard & Poor's Ratings Services placed its 'BB+' corporate
credit and senior unsecured debt ratings of Chemtura Corp. on
CreditWatch with developing implications, after reports that
management is considering strategic alternatives, including sale
or merger of the company.  


HEXION SPECIALTY: Extends Huntsman-Merger Termination to July 4
---------------------------------------------------------------
Hexion Specialty Chemicals Inc. has informed Huntsman
Corporation that it will exercise its right under Section
7.1(b)(ii) of the Agreement and Plan of Merger dated July 12,
2007, to extend the termination date by 90 days from April 5, to
July 4, 2008.

Huntsman and Hexion had disclosed on Oct. 4, 2007, that each had
received a request for additional information from the Federal
Trade Commission under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended.  

Huntsman and Hexion have agreed with the FTC to allow the FTC
additional time to review the merger, such that the merger is
not expected to close before May 3, 2008.  Huntsman and Hexion
also continue to work closely with regulatory agencies in other
jurisdictions, including the European Union.

“This extension was clearly contemplated by the terms of the
merger agreement that we entered into with Hexion last July.  We
continue to work diligently with Hexion and its advisors to
secure the regulatory approvals that are necessary to close the
transaction”, Peter Huntsman, president and CEO, noted.

Under the terms of the Merger Agreement, the $28 per common
share cash price to be paid by Hexion upon any completion of the
merger that occurs after April 5, 2008, will be increased at the
rate of 8% per annum beginning on Apr. 5, 2008.

                    About Huntsman Corporation

Based in Salt Lake City, Utah, Huntsman Corporation (NYSE: HUN)
-- http://www.huntsman.com/-- manufactures and markets   
differentiated and commodity chemicals.  Its operating companies
manufacture products for a variety of industries including
chemicals, plastics, automotive, aviation, textiles, footwear,
paints and coatings, construction, technology, agriculture,
health care, detergent, personal care, furniture, appliances and
packaging.

                      About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexion.com/-- serves the global wood and industrial   
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.
The company has locations in Singapore, China, Australia,
Netherlands, and Brazil. It is an Apollo Management L.P.
portfolio company.  Hexion had 2006 sales of US$5.2 billion and
employs more than 7,000 associates.

                          *      *      *

Moody's Investor Service placed Hexion Specialty Chemicals
Inc.'s senior secured debt rating at 'B3', long term corporate
family and probability of default ratings at 'B2' in July 2007.  
The ratings still hold to date.


SKY TECHNOLOGY: Creditors' Proofs of Debt Due on February 12
------------------------------------------------------------
The creditors of Sky Technology Pte Ltd. are required to file
their proofs of debt by February 12, 2008, for them to be
included in the company's dividend distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


UNITED EAST: Court to Hear Wind-Up Petition on February 1
---------------------------------------------------------
A petition to have United East Engineering Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
February 1, 2008, at 10:00 a.m.

Use Enterprises Pte Ltd filed the petition on December 17, 2007.

Use Enterprises' solicitors are:

          Messrs. CTLC Law Corporation
          No. 5 Shenton Way
          #11-01 UIC Building
          Singapore 068808


W7 PTE: Final General Meeting Slated for February 21
----------------------------------------------------
W7 Pte Ltd, which is in voluntary liquidation will have its
final general meeting on February 21, 2008, at 10:00 a.m., at
47A Gilstead Road, in Singapore 309091.

At the meeting, Kon Yin Tong, Wong Kian Kok and Aw Eng Hai, W7
Pte's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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

ARVINMERITOR INC: Board Declares US$0.10 Quarterly Dividend
-----------------------------------------------------------
At a meeting held on Jan. 25, 2008, at its corporate
headquarters in Troy, Michigan, ArvinMeritor, Inc. Board of
Directors has declared a quarterly dividend of 10 cents
(US$0.10) per share on the common stock, payable March 10, 2008,
to holders of record at the close of business on Feb. 19, 2008.

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 said the rating outlook is negative.  The ratings affect
approximately US$1.1 billion of outstanding debt.


ARVINMERITOR INC: Names Barbara Novak VP & Corporate Secretary
--------------------------------------------------------------
ArvinMeritor Inc., following the company's Board of Directors
meeting, has appointed Barbara Novak as vice president and
corporate secretary, effective immediately.

Ms. Novak is responsible for the company's listing requirements
associated with the Securities and Exchange Commission and the
New York Stock Exchange, and will play a key role in financing
transactions, shareholder meetings, investor communications and
executive compensation.  She will also manage matters related to
the Board of Directors.

"We are very pleased that Barbara has joined us," said senior
vice president and general counsel, Vernon Baker.  "Her
significant work experience and exceptional education make her a
great asset to the ArvinMeritor team."

Most recently, Novak served as senior counsel, Securities, at
TRW Automotive Holdings Corp. in Livonia, Michigan.  Prior to
that, she held senior counsel positions at Delphi Corporation
and Collins & Aikman Corporation, after spending several years
as an associate at the law firm of Cravath, Swaine & Moore.

Ms. Novak holds a Bachelor of Arts degree from the University of
Michigan and a Juris Doctorate from Harvard Law School, where
she graduated cum laude and served on the "Harvard Law Review."  
Ms. Novak will continue to serve as an Adjunct Professor at the
University of Michigan Law School where she teaches securities
regulation to senior level law students.

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 said the rating outlook is negative.  The ratings affect
approximately US$1.1 billion of outstanding debt.


BLOCKBUSTER INC: Movie Gallery Acquisition Unlikely, COO Says
-------------------------------------------------------------
Acquiring Movie Gallery, Inc. is not part of Blockbuster, Inc.'s
"reshaping" plans for 2008, according to Blockbuster chairman
and chief operating officer James Keyes, reports The Wall Street
Journal.

Mr. Keyes said he wants to stay away from the financially
troubled Movie Gallery and focus more on building Blockbuster's
business.

"We are actually hoping for the ultimate resolution of Movie
Gallery's fate, that they will somehow find a way to survive,
because, frankly, good competition is healthy for an industry,"
Mr. Keyes said in an interview, reports WSJ.

"Blockbuster's challenge is to fix its core business before
considering any sort of aggressive asset or acquisition," Mr.
Keyes said.

                   About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment
specialty retailer.  The company owns and operates 4,600 retail
stores that rent and sell DVDs, videocassettes and video games.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, is the Debtors' local counsel.  The Debtors'
claims & balloting agent is Kutzman Carson Consultants LLC.  
When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.

The Debtors' spokeswoman Meaghan Repko said that the company
does not expect to exit bankruptcy protection before the second
quarter of 2008.  The Debtors have asked the Court to extend
their plan-filing exclusive periods to June 13, 2008.  

                  About Blockbuster Inc.

Based in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- is a leading global   
provider of in-home movie and game entertainment, with over
7,800 stores throughout the Americas, Europe, Asia and
Australia.  The company maintains operations in Brazil, Mexico,
Denmark, Italy, Taiwan, Thailand, Australia, among others.  
(Movie Gallery Bankruptcy News Issue No. 15; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or  
215/945-7000)

                       *     *     *

Blockbuster Inc. carries Fitch Ratings' long- term Issuer
Default Rating of 'CCC' and the senior subordinated notes of
'CC/RR6'.  The rating outlook is stable.  The company had
approximately US$991 million of debt outstanding as of Sept. 30,
2007.



* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
February 7, 2008
  Turnaround Management Association
    PowerPlay
      Philips Arena, Atlanta, Georgia
        Telephone: 678-795-8103
          Web site: http://www.turnaround.org/

February 7, 2008
  Turnaround Management Association
    Breakfast Event
      Carnelian Room, San Francisco, California
        Telephone: 510-346-6000 ext 226
          Web site: http://www.turnaround.org/

February 7, 2008
  Turnaround Management Association
    PowerPlay
      Philips Arena, Atlanta, Georgia
        Telephone: 678-795-8103
          Web site: http://www.turnaround.org/

February 14-16, 2008
  American Bankruptcy Institute
    13th Annual Rocky Mountain Bankruptcy Conference
      Westin Tabor Center, Denver, Colorado
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

February 19, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Singapore
        Web site: http://www.moodys.com/trainingservices
  
February 20-21, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

February 22, 2008
  American Bankruptcy Institute
    Bankruptcy Battleground West
      Fairmont Miramar, Santa Monica, California
        Web site: http://www.abiworld.org/

February 23-26, 2008
  Norton Institutes on Bankruptcy Law
    Bankruptcy Litigation Seminar I
      Park City, Utah
        Web site: http://www.nortoninstitutes.org/

February 26, 2008
  Turnaround Management Association
    Retail Panel
      Citrus Club, Orlando, Florida
        Web site: http://www.turnaround.org/

February 27-28, 2008
  Euromoney Institutional Investor
    6th Annual Distressed Investing Forum
      Union League Club, New York, New York
        Web site: http://www.euromoneyplc.com/

March 6-8, 2008
  ALI-ABA
    Fundamentals of Bankruptcy Law
      Mandalay Bay Resort, Las Vegas, Nevada
        Web site: http://www.ali-aba.org/

March 8-10, 2008
  American Bankruptcy Institute
    Conrad Duberstein Moot Court Competition
      St. John's University School of Law, New York
        Web site: http://www.abiworld.org/

March 12-14, 2008
  Moody's Investors Service
    Corporate Credit Analysis Series: General Corporate Credit
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

March 17-18, 2008
  Moody's Investors Service
    High Yield and Leveraged Finance Credit Analysis
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

March 19, 2008
  Turnaround Management Association
    South Florida Dinner
      Bankers Club of Miami, Florida
        Telephone: 561-882-1331
          Web site: http://www.turnaround.org/

March 25, 2008
  Turnaround Management Association
    Luncheon - Maggie Good
      Centre Club, Tampa, Florida
        Telephone: 561-882-1331
          Web site: http://www.turnaround.org/

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

March 27-30, 2008
  Norton Institutes on Bankruptcy Law
    Bankruptcy Litigation Seminar II
      Las Vegas, Nevada
        Web site: http://www.nortoninstitutes.org/

April 2-4, 2008
  Moody's Investors Service
    Fundamentals of Debt Capital Markets and Instruments
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

April 3, 2008
  International Women's Insolvency & Restructuring Confederation
    Annual Spring Luncheon
      Renaissance Hotel, Washington, District of Columbia
        Telephone: 703-449-1316
          Web site: http://www.iwirc.org

April 3, 2008
  American Bankruptcy Institute
    Nuts and Bolts for Young Practitioners - East
      The Renaissance, Washington, District of Columbia
        Web site: http://www.abiworld.org/

April 3-6, 2008
  American Bankruptcy Institute
    26th Annual Spring Meeting
      The Renaissance, Washington, District of Columbia
        Web site: http://www.abiworld.org/

April 7-8, 2008
  Moody's Investors Service
    Introduction to Collateralised Debt Obligations (CDOs)
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

April 10-11, 2008
  Moody's Investors Service
    Introduction to Credit Derivatives - Structures &
      Applications
        Singapore
          Web site: http://www.moodys.com/trainingservices

April 14-15, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Beijing, China
        Web site: http://www.moodys.com/trainingservices

April 17-18, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Shanghai, China
        Web site: http://www.moodys.com/trainingservices

April 25-27, 2008
  National Association of Bankruptcy Judges
    NABT Spring Seminar
      Eldorado Hotel & Spa, Santa Fe, New Mexico
        Web site: http://www.nabt.com/

May 1-2, 2008
  American Bankruptcy Institute
    Debt Symposium
      Hilton Garden Inn, Champagne/Urbana, Illinois
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 5-6, 2008
  Moody's Investors Service
    Islamic Bank Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

May 7-9, 2008
  Moody's Investors Service
    Bank Credit Risk Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

May 9, 2008
  American Bankruptcy Institute
    Nuts and Bolts for Young Practitioners - NYC
      Alexander Hamilton U.S. Custom House, New York
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 12, 2008
  American Bankruptcy Institute
    New York City Bankruptcy Conference
      Millennium Broadway Hotel & Conference Center, New York
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 12-14, 2008
  Moody's Investors Service
    Bank Credit Risk Analysis
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

May 13-16, 2008
  American Bankruptcy Institute
    Litigation Skills Symposium
      Tulane University, New Orleans, Louisiana
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 18-20, 2008
  International Bar Association
    14th Annual Global Insolvency & Restructuring Conference
      Stockholm, Sweden
        Web site: http://www.ibanet.org/

May 20-21, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Seoul, South Korea
        Web site: http://www.moodys.com/trainingservices

May 22, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Seoul, South Korea
        Web site: http://www.moodys.com/trainingservices

June 2-4, 2008
  Moody's Investors Service
    Corporate Credit Analysis Series: General Corporate Credit
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 5, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Hong Kong
        Contact: http://www.moodys.com/trainingservices

June 4-7, 2008
  Association of Insolvency & Restructuring Advisors
    24th Annual Bankruptcy & Restructuring Conference
      J.W. Marriott Spa and Resort, Las Vegas, Nevada
        Web site: http://www.airacira.org/

June 12-14, 2008
  American Bankruptcy Institute
    15th Annual Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa, Traverse City, Michigan
        Web site: http://www.abiworld.org/

June 18-20, 2008
  Moody's Investors Service
    Bank Credit Risk Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 19-21, 2008
  ALI-ABA
    Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
      Drafting, Securities, and Bankruptcy
        Omni Hotel, San Francisco, California
          Web site: http://www.ali-aba.org/

June 23, 2008
  Moody's Investors Service
    Hedge Fund Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 24-25, 2008
  Moody's Investors Service
    Sovereign and Sub-Sovereign Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 26, 2008
  Moody's Investors Service
    Economic Capital: Pillar II and ICAAP under Basel II
      Singapore
        Web site: http://www.moodys.com/trainingservices
  
June 26-29, 2008
  Norton Institutes on Bankruptcy Law
    Western Mountains Bankruptcy Law Seminar
      Jackson Hole, Wyoming
        Web site: http://www.nortoninstitutes.org/

July 1-2, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

July 3, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

July 4, 2008
  Moody's Investors Service
    Analyzing and Rating Hybrid Securities
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

July 10-13, 2008
  American Bankruptcy Institute
    16th Annual Northeast Bankruptcy Conference
      Ocean Edge Resort
        Brewster, Massachussets
          Web site: http://www.abiworld.org/events

July 31 - Aug. 2, 2008
  American Bankruptcy Institute
    4th Annual Mid-Atlantic Bankruptcy Workshop
      Hyatt Regency Chesapeake Bay
        Cambridge, Maryland
          Web site: http://www.abiworld.org/

August 16-19, 2008
  American Bankruptcy Institute
    13th Annual Southeast Bankruptcy Workshop
      Ritz-Carlton, Amelia Island, Florida
        Web site: http://www.abiworld.org/

August 20-24, 2008
  National Association of Bankruptcy Judges
    NABT Convention
      Captain Cook, Anchorage, Alaska
        Web site: http://www.nabt.com/

September 4-5, 2008
  American Bankruptcy Institute
    Complex Financial Restructuring Program
      Four Seasons, Las Vegas, Nevada
        Web site: http://www.abiworld.org/

September 4-6, 2008
  American Bankruptcy Institute
    Southwest Bankruptcy Conference
      Four Seasons, Las Vegas, Nevada
        Web site: http://www.abiworld.org/

September 8, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

September 22-23, 2008
  Moody's Investors Service
    High Yield and Leveraged Finance Credit Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

September 24-26, 2008
  International Women's Insolvency & Restructuring Confederation
    IWIRC 15th Annual Fall Conference
      Scottsdale, Arizona
        Web site: http://www.ncbj.org/

September 24-27, 2008
  National Conference of Bankruptcy Judges
    National Conference of Bankruptcy Judges
      Desert Ridge Marriott, Scottsdale, Arizona
        Web site: http://www.iwirc.org/

October 9, 2008
  Turnaround Management Association
    TMA Luncheon - Chapter 11
      University Club, Jacksonville, Florida
        Web site: http://www.turnaround.org/

October 15-16, 2008
  Moody's Investors Service
    High Yield and Leveraged Finance Credit Analysis
      Seoul, South Korea
        Web site: http://www.moodys.com/trainingservices

October 22-23, 2008
  Moody's Investors Service
    Securities Firms Analysis \u2013 Including Broker-Dealers
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 24, 2008
  Moody's Investors Service
    Hedge Fund Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 27, 2008
  Moody's Investors Service
    Economic Capital: Pillar II and ICAAP under Basel II
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 28-29, 2008
  Moody's Investors Service
    Sovereign and Sub-Sovereign Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 28-29, 2008
  Moody's Investors Service
    High Yield and Leveraged Finance Credit Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

November 4-5, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Hong Kong, China
        Web site: http://www.moodys.com/trainingservices

November 11-12, 2008
  Moody's Investors Service
    Introduction to Collateralised Debt Obligations (CDOs)
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

November 13-14, 2008
  Moody's Investors Service
    Introduction to Credit Derivatives-Structures & Applications
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

November 17-19, 2008
  Moody's Investors Service
    Fundamentals of Debt Capital Markets and Instruments
      Singapore
        Web site: http://www.moodys.com/trainingservices

November 17-18, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Beijing, China
        Web site: http://www.moodys.com/trainingservices

November 20-21, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Shanghai, China
        Web site: http://www.moodys.com/trainingservices

December 3-5, 2008
  American Bankruptcy Institute
    20th Annual Winter Leadership Conference
      Westin La Paloma Resort & Spa
        Tucson, Arizona
          Web site: http://www.abiworld.org/

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

May 7-10, 2009
  American Bankruptcy Institute
    27th Annual Spring Meeting
      Gaylord National Resort & Convention Center
        National Harbor, Maryland
          Web site: http://www.abiworld.org/

June 11-13, 2009
  American Bankruptcy Institute
    Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa
        Traverse City, Michigan
          Web site: http://www.abiworld.org/

June 21-24, 2009
  International Association of Restructuring, Insolvency &
    Bankruptcy Professionals
      8th International World Congress
        TBA
          Web site: http://www.insol.org/

July 16-19, 2009
  American Bankruptcy Institute
    Northeast Bankruptcy Conference
      Mt. Washington Inn
        Bretton Woods, New Hampshire
          Web site: http://www.abiworld.org/

September 10-12, 2009
  American Bankruptcy Institute
    17th Annual Southwest Bankruptcy Conference
      Hyatt Regency Lake Tahoe, Incline Village, Nevada
        Web site: http://www.abiworld.org/
  
October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

December 3-5, 2009
  American Bankruptcy Institute
    21st Annual Winter Leadership Conference
      La Quinta Resort & Spa, La Quinta, California
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/
  
Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/






                         *********

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 ***