TCRAP_Public/080131.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, January 31, 2008, Vol. 11, No. 22

                            Headlines

A U S T R A L I A

BALLARAT COLONY: Placed Under Voluntary Liquidation
CENTRO PROPERTIES: Unlisted Funds Carry High Sale Prices
EDUCATIONAL ASSISTANCE: Placed Under Voluntary Liquidation
F.B.A. IMPORTS: Members to Receive Wind-Up Report on Feb. 7
FMRSCHEM PTY: Commences Liquidation Proceedings

M. & M. PARTITIONS: Undergoes Liquidation Proceedings
N.O.F.S. PTY: Members Resolve to Liquidate Business
PDQR OPERATIONS: Placed Under Voluntary Liquidation
RATHSON PROPRIETARY: Members Opt to Shut Down Firm
SUNCORP-METWAY: Sells US$50 Million Floating Rate Notes

TRELILLE NO. 17: Commences Liquidation Proceedings
WHISTLER'S 7: Members Agree on Voluntary Liquidation


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

ADVERTASIA STREET: Appoints New Liquidator
BERRY PLASTICS: S&P Keeps Low-B Ratings on Captive Plastics Buy
FLANNEL (ASIA): James Wardell Steps Down as Liquidator
FIAT SPA: Posts EUR58.5 Billion in Revenues for Fiscal Year 2007
HONG CHANG PRINTING: Appoints New Liquidator

KOOKMIN LEASING: Members Set Final Meeting on February 26
LUXLAND DEVELOPMENT: Appoints New Liquidator
MABUCHI PRECISION: Liquidators Quit Post
NIDECO ELECTRONICS: Appoints New Liquidators
PARALLEL ASIA: Members Meeting Fixed for Feb. 28

SAMTA SHIPPING: Commences Liquidation Proceedings
THE UNIVERSITY OF HONG KONG: Appoints New Liquidators
TOP MIGHTY: Creditors' Proofs of Debt Due on March 15


I N D I A

AFFILIATED COMPUTER: Moody's Confirms Ba2 Corp. Family Rating
BANK OF BARODA: Profit Up 52% in Qtr. Ended Dec. 31, 2007
BHARTI AIRTEL: Profit Rose to INR14.2 Bil. in Qtr. Ended Dec. 31
ESSAR OIL: Books INR134-Mil. Loss in Qtr. Ended Dec. 31
ESSAR OIL: To Raise US$2 Bil. for Expansion and Exploration

ESSAR OIL: To Consolidate Upstream & Exploration in New Unit
HMT LTD: Net Loss Widens to INR157.5 Mil. in Qtr. Ended Dec. 31
INDIAN OVERSEAS BANK: Fitch Upgrades Individual Rating to 'C/D'
NCO GROUP: US$ Depreciation Cues S&P to Remove Watch Developing
TATA MOTORS: Nearing Deal With Ford on Jaguar & Land Rover Sale


I N D O N E S I A

ADARO INDONESIA: Moody's Upgrades Corporate Family Rating to Ba2
BANK TABUNGAN: Fitch Assigns 'D; Individual Rating
PERUSHAAN LISTRIK: Unit's Employees Reject Restructuring Plan
TUPPERWARE BRANDS: 4Q 2007 Sales Up 19% to US$577 Million


J A P A N

COSMO OIL: To Join Exploration Project in Australia
JVC CORP: Books JPY3.36-Billion Net Profit for Third Quarter
JVC CORP: To Tie Up with Funai on Supply of Flat-Panel TVs
JVC CORP: Enters Into Patent Cross-Licensing Deal with Microsoft


K O R E A

DAEWOO ELECTRONIC: Choi Yong Geon Acquires 6.93% Stake  
DAEYUVESPER: Signs KRW593-MM Contract With Tourism Organization
DURA AUTO: Seeks Court Consent for US$170MM Replacement Loan
HANAROTELECOM: Signs Deal With Disney to Provide Movies
LG TELECOM: Fourth Qtr. Earnings Down 48.9% on Increased Cost


M A L A Y S I A

AVAYA INC: Jenne Distributors to Offer Mid-Market Biz to Dealers
MANGIUM: Wants to Acquire MYR240 Mil. Assets in Ramajuta
TRIPLC BERHAD: Earns MYR1.07 Mil. in Quarter Ended November 30


N E W  Z E A L A N D

A.C. TIPPING: Creditors' Proofs of Debt Due on February 28
ABSAM HOLDINGS: Shareholders Resolve to Liquidate Business
C K FLOORING: Court to Hear Wind-Up Petition on February 8
CLEAR CHANNEL: S&P Retains B+ Corp. Credit Rating on Watch Neg.
FIRST PACIFIC: Fixes Feb. 19 as Last Day to File Claims

LADA LTD: Shareholders Opt to Liquidate Business
MERLIN EQUITIES: Faces CIR's Wind-Up Petition
METWORX LTD: Subject to CIR's Wind-Up Petition
SHETLAND RISE: Appoints van Delden & Whittfield as Liquidators
WASH N SHOP: Wind-Up Petition Hearing Slated for February 4

WILL & PHIL: Wind-Up Petition Hearing Slated for February 8

P H I L I P P I N E S

CHIQUITA BRANDS: Soliciting Consents to Amend Indenture Terms
CHIQUITA BRANDS: Gets Consent Solicitation for 7-1/2% Sr. Notes
PRC: Seeks to Hire Jenner & Block as Special Conflicts Counsel
PRC LLC: Wants to Hire CXO LLC as Restructuring Advisors
PRC LLC: Wants Court Nod on Evercore Group as Investment Bankers


S I N G A P O R E

FLEXTRONICS INT'L: Completes Avail Medical Products Acquisition
ITC GLOBAL: Creditors' Meeting Slated for February 13
MELROSE SINGAPORE: Creditors' Proofs of Debt Due on Feb. 25
OPTIMUM-3 INTERNATIONAL: Creditors to Meet on February 1
SEMITECH ELECTRONICS: Incurs SGD3.9-Mil. Net Loss for FY 2007

SEMITECH ELECTRONICS: Unveils Appointment & Resignation of Staff


T H A I L A N D

ABICO HOLDINGS: SEC Grants Request for Leniency on Special Audit
DOLE FOOD: Converts Salinas Equipment to B20 Bio-Diesel Fuel
G-STEEL: Exempted From Tender Offer on Nakornthai Purchase
PICNIC CORP: Liquidates Operations of Two Subsidiaries
SIAM GENERAL: Has Until June 29 to Complete Talks for Land

THAI-DURABLE GROUP: 3Q07 Net Loss Climbs 113% to THB30.341 Mil.
TMB BANK: Appoints Two New Independent Directors

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A U S T R A L I A
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BALLARAT COLONY: Placed Under Voluntary Liquidation
---------------------------------------------------
During a general meeting held on December 17, 2007, the members
of Ballarat Colony Operations Pty. Ltd. resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Richard Herbert Judson
          Members Voluntarys Pty. Ltd.
          PO Box 819
          Moorabbin, Victoria 3189
          Australia

Ballarat Colony Operations Pty Ltd operates non-classifiable
establishments.  The company is located at Melbourne, in
Victoria, Australia.


CENTRO PROPERTIES: Unlisted Funds Carry High Sale Prices
--------------------------------------------------------
Centro Properties Group opened its data room late on Tuesday,
with several of the larger unlisted property investors who were
said to have submitted initial expressions of interest at
considerably high prices, Carolyn Cummins writes for The Age.

The data room, which is a confidential Web site, allows
potential buyers to register a price, the report explains.  If
the offer is accepted, the potential buyers are then given
access to information by Centro's advisers.

Centro, The Age further explains, is selling its two unlisted
funds -- Centro Australia Wholesale Fund, with AU$2.6 billion of
funds under management; and Centro America Fund, with
AU$1.1 billion.

According to the report, it was believed that the average offer
price reflected a yield of about 6%, implying a high price (low
yield translates to a high asset price), given the quality in
some of the portfolio.

Fund managers, The Age notes, said that the high asking price
would limit the potential buyers to the unlisted and direct
property funds such as the Industry Superannuation Property
Trust, Colonial First State, AMP Capital Investors and
Macquarie.  These private vehicles, the report says, have more
cash available -- due to the large superannuation inflows --
than the listed property trusts.

The LPTs, The Age further points out, would need to go to the
market to raise funds, which, according to analysts, is a
difficult course considering the current state of equity and
debt markets.

The Age cites Winston Sammut, head of Maxim Asset Management, as
contending that investors still needed more information to make
an informed decision.

According to the report, the sales are said to be set on the
condition that Centro remains as manager of the centers.

Another potential hindrance is the joint ownership of some of
the centers within the two Centro unlisted funds that are on the
block, which could pose problems with pre-emptive ownership
contracts, the report adds.

                   About Centro Properties

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

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


EDUCATIONAL ASSISTANCE: Placed Under Voluntary Liquidation
----------------------------------------------------------
At an extraordinary general meeting held on December 21, 2007,
the members of Educational Assistance Pty Ltd resolved to
voluntarily wind up the company's operations.

Timothy M.S. Holden of Foremans Business Advisors (Southern) Pty
Ltd was appointed as liquidator.

The Liquidator can be reache at:

          Timothy M.S. Holden
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham, Victoria 3191
          Australia

                   About Educational Assistance

Educational Assistance Pty Ltd, which is also trading as Pack &
Deliver, provides schools and educational services.  The company
is located at Fitzroy, in Victoria, Australia.


F.B.A. IMPORTS: Members to Receive Wind-Up Report on Feb. 7
-----------------------------------------------------------
The members of F.B.A. Imports & Wholesale Pty Ltd will meet on
February 7, 2008, at 11:00 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 F.B.A. Imports

F.B.A. Imports & Wholesale Pty Ltd is a distributor of home
furnishings.  The company is located at Melbourne, in Victoria,
Australia.


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

Richard Herbert Judson was then appointed as liquidator.

The Liquidator can be reached at:

          Richard Herbert Judson
          Members Voluntarys Pty. Ltd.
          PO Box 819
          Moorabbin, Victoria 3189
          Australia

                        About FMRSCHEM Pty

FMRSCHEM Pty Ltd is a distributor of chemicals and allied
products.  The company is located at Ingleburn, in New South
Wales, Australia.


M. & M. PARTITIONS: Undergoes Liquidation Proceedings
-----------------------------------------------------
The members of M. & M. Partitions Pty. Ltd. met on December 21,
2007, and resolved to voluntarily wind up the company's
operations.

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

The Liquidators can be reached at:

          Anthony Robert Cant
          Simon Patrick Nelson
          106 Hardware Street
          Melbourne
          Australia

                     About M. & M. Partitions

M. & M. Partitions Pty Ltd is involved with carpentry work.  The
company is located at Hoppers Crossing, in Victoria, Australia.


N.O.F.S. PTY: Members Resolve to Liquidate Business
---------------------------------------------------
During a general meeting held on December 20, 2008, the members
of N.O.F.S. Pty Ltd resolved to voluntarily liquidate the
company's business.

James Patrick Downey was then appointed as liquidator.

The Liquidator can be reached at:

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

                        About N.O.F.S. Pty

N.O.F.S. Pty Ltd operates eating places.  The company is located
at St Kilda, in Victoria, Australia.


PDQR OPERATIONS: Placed Under Voluntary Liquidation
---------------------------------------------------
The members of PDQR Operations Pty Ltd met on December 17, 2007,
and agreed to voluntarily wind up the company's operations.

Richard Herbert Judson was then tapped as liquidator.

The Liquidator can be reached at:

          Richard Herbert Judson
          Members Voluntarys Pty. Ltd.
          PO Box 819
          Moorabbin, Victoria 3189
          Australia

                      About PDQR Operations

PDQR Operations Pty Ltd provides management consulting services.
The company is located at Carlton, in Victoria, Australia.


RATHSON PROPRIETARY: Members Opt to Shut Down Firm
--------------------------------------------------
During a general meeting held on December 17, 2007, the members
of Rathson Proprietary Limited agreed to voluntarily liquidate
the company's business.

The company's liquidator is:

          Richard Herbert Judson
          Members Voluntarys Pty. Ltd.
          PO Box 819
          Moorabbin, Victoria 3189
          Australia

                    About Rathson Proprietary

Located at Reservoir, in Victoria, Australia, Rathson
Proprietary Limited is an investor relation company.


SUNCORP-METWAY: Sells US$50 Million Floating Rate Notes
-------------------------------------------------------
Suncorp-Metway Ltd sold US$50 million of floating rate notes
maturing in 2009, Reuters reports, citing sole lead UBS as
saying on Wednesday.

The details of the deal are:

  Issuer:          Suncorp-Metway Ltd

  Facility:        Floating rate euronotes

  Amount issued:   US$50 million

  Maturity:        July 29, 2009

  Set date:        July 29

  Coupon:          +25 basis points over 3-month Libor

  Yield:           +25 basis points over 3-month Libor

  Margin:          +25 basis points over 3-month Libor

  Issue price:     100

  Lead(s):         UBS

  Issuer rating:   A+ (S&P), Aa3 (Moody's)

                    About Suncorp-Metway

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in retail and
business banking, general insurance, life insurance,
superannuation and funds management with a focus on retail
consumers and small to medium businesses.  Its brand offering
includes Suncorp and GIO, with GIO being the main insurance
brand outside of Queensland.

On March 20, 2007, Fitch Ratings gave a 'B' rating on Suncorp's
Individual Rating.

Subsequently, on May 4, 2007, Moody's Investors Service rated
Suncorp-Metway's bank financial strength a 'B-'.


TRELILLE NO. 17: Commences Liquidation Proceedings
--------------------------------------------------
The members of Trelille No. 17 Pty Ltd met on December 20, 2007,
and agreed to voluntarily wind up the company's operations.

Barry Keith Taylor was then appointed as liquidator.

The Liquidator can be reached at:

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

                       About Trelille No. 17

Trelille No. 17 Pty Ltd operates miscellaneous business credit
institutions.  The company is located at Numurkah, in Victoria,
Australia.


WHISTLER'S 7: Members Agree on Voluntary Liquidation
----------------------------------------------------
The members of Whistler's 7 Pty. Ltd. met on December 20, 2007,
and agreed to voluntarily liquidate the company's business.

Leigh Dudman was then appointed as liquidator.

The Liquidator can be reached at:

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

                         About Whistler's 7

Whistler's 7 Pty Ltd is a general contractor of single-family
houses.  The company is located at Richmond, in Victoria,
Australia.


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C H I N A ,   H O N G  K O N G   &   T A I W A N
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ADVERTASIA STREET: Appoints New Liquidator
------------------------------------------
The members of Advertasia Street Furniture Limited has appointed
Law Yui Lun as the company's liquidators.

The Liquidator can be reached at:

          Law Yui Lun
          Room 502
          5th Floor, Prosperous Building
          48-52 Des Voeux Road
          Central, Central Hong Kong


BERRY PLASTICS: S&P Keeps Low-B Ratings on Captive Plastics Buy
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' first-lien
and 'B' second-lien senior secured debt ratings on Berry
Plastics Corp.  S&P removed the first- and second-lien senior
secured debt ratings from CreditWatch, where they were placed
with negative implications on Jan. 3, 2008, following the
company's announced acquisition of Captive Plastics Inc.  Pro
forma for the debt-financed acquisition, total debt (adjusted to
include capitalized operating leases and unfunded postretirement
liabilities) was about US$3.9 billion at Sept. 29, 2007.
      
"The ratings affirmation reflects our expectation that the
issuance of additional debt to fund Berry's acquisition of
privately held Captive Holdings Inc., parent of Captive Plastics
Inc., will not diminish recovery prospects for the outstanding
first- and second-lien debt in the post-acquisition capital
structure," said Standard & Poor's credit analyst Liley Mehta.
     
Berry has obtained financing commitments to fund the acquisition
for about US$500 million in cash, and expects it to close in the
first quarter of 2008, subject to customary closing conditions.   
Captive manufactures blow-molded bottles and injection-molded
closures for the food, health care, spirits, and personal care
markets at 13 plants in the U.S.
     
The rating on Berry Plastics Group Inc. reflects the company's
highly leveraged financial profile, which offsets the company's
fair business profile with large market shares in niche
segments, a well-diversified customer base, and strong customer
relationships.
     
With about US$3.5 billion in annual sales pro forma for the
Captive acquisition, Berry ranks among the largest packaging
companies in North America, with leading positions in both the
rigid and flexible plastic packaging segments.

Based in Evansville, Indiana, Berry Plastics Corporation --
http://www.berryplastics.com/-- manufactures and markets rigid
plastic packaging products.  Berry Plastics provides a wide
range of rigid open top and rigid closed top packaging as well
as comprehensive packaging solutions to over 12,000 customers,
ranging from large multinational corporations to small local
businesses.  The company has 25 manufacturing facilities
worldwide, including in Italy, England and Hong Kong, and
employs more than 6,800 employees.


FLANNEL (ASIA): James Wardell Steps Down as Liquidator
------------------------------------------------------
On January 25, 2008, James Wardell, stepped down as liquidator
for Flannel (Asia) Limited, which is undergoing liquidation.


FIAT SPA: Posts EUR58.5 Billion in Revenues for Fiscal Year 2007
----------------------------------------------------------------
Fiat S.p.A. reported EUR58.5 billion in revenues for year ended
2007 compared with EUR51.8 billion in revenues for the year
ended 2006.  The revenues are driven by increased activity
across all major industrial businesses.

The Automobiles businesses posted revenues of EUR29 billion, on
the back of higher sales volumes at Fiat Group Automobiles,
whose revenues rose 13.1% to EUR26.8 billion.  Significant
contributions also came from Ferrari, whose revenues increased
15.3%, and Maserati, which recorded revenue growth of 33.7%.

Iveco had revenues of EUR11.2 billion due to outstanding sales
volume and improved pricing.

CNH-Case New Holland closed with revenues of EUR11.8 billion, up
12.5% from EUR10.5 billion in 2006.

Revenues in the Components and Production Systems businesses
totaled EUR13.4 billion, an overall increase of 8.2%.  Sales
increased 15.1% at FPT Powertrain Technologies and 12.2% at
Magneti Marelli.  Teksid revenues decreased by 20.0%, from
EUR783 million in 2007 from EUR979 million in 2006, in absolute
terms, mainly due to changes in the scope of consolidation

Comau reported a decline of 14.9%, in line with the reshaping of
the business initiated in 2006.

In the fourth quarter of 2007, Fiat Group revenues totaled
EUR15.8 billion, a 14.1% increase over EUR13.9 billion for the
fourth quarter in 2006, with all major sectors contributing to
the improvement.

In 2007, trading profit totaled EUR3.23 billion, an increase of
65.7% compared to the EUR1.95 million reported in 2006.  The
Automobiles businesses achieved trading profit of EUR1.09
million.

Fiat Group Automobiles, in particular, had a trading profit of
EUR803 million, an increase of EUR512 million compared to 2006,
while trading margin grew from 1.2% in 2006 to 3.0% in 2007.

Ferrari's trading profit totaled EUR266 million, an increase of
45.4%.  For the first time since its acquisition by Fiat in
1993, Maserati was profitable in 2007, achieving a trading
profit of EUR24 million against a loss of EUR33 million in
2006.

Agricultural and Construction Equipment had a trading profit of
EUR990 million, exceeding by EUR253 million the 2006 level;
trading margin grew from 7.0% in 2006 to 8.4% in 2007.

Iveco's trading profit also improved sharply from EUR546 million
in 2006 to EUR813 million in 2007, an increase of EUR267 million
or 48.9%.

In 2007, the Components and Production Systems business posted
trading profit of EUR509 million, representing a trading margin
of 3.8%.  The EUR161 million overall improvement reflects higher
trading profit at FPT Powertrain Technologies and Magneti
Marelli, and a much-reduced loss at Comau, whose reshaping plan
is starting to bear fruit.

Teksid's trading profit, down EUR9 million, improved by EUR16
million on a comparable scope of operations.

For the fourth quarter of 2007, trading profit was EUR947
million, up EUR405 million or 74.7% over Q4 2006, with
improvements across all businesses.

Operating income for the year totaled EUR3.15 billion. The
EIR1.09 million improvement from 2006 reflects higher trading
profit for EUR1.28 million, reduced by the difference of
EUR191 million in unusual items year-over-year

Gains of disposals worth EUR190 million in 2007 were more than
offset by restructuring costs of EUR105 million and other
one-off expenses of EUR166 million mainly related to the
remaining class of strategic suppliers in need of
rationalization.

In 2007, net financial expenses totaled EUR564 million and
included the positive impact of EUR70 million from two stock
option-related equity swaps, the financing costs for pension
plans and other employee benefits for EUR155 million, as well as
the one-off cost of EUR43 million related to the accelerated
redemption of CNH senior notes due 2011.

Investment income totaled EUR185 million in 2007, versus EUR156
million in 2006.  Income before taxes amounted to EUR2.77
million in 2007, against EUR1.64 million in 2006.

The improvement of EUR1.13 million is due to the EUR1.09 million
increase in operating income, lower net financial expenses of
EUR12 million and the increase of EUR29 million in investment
income.

Income taxes totaled EUR719 million, representing an effective
tax rate of 25.9%, at the low end of the expected income tax
rate range.

In 2007, net income before minority interest was EUR2.05
million, compared with income of EUR1.15 million in 2006.

Net industrial debt turned from EUR1.77 million at the end of
2006 to a net industrial cash position of EUR355 million at 2007
year end, reflecting strong net industrial cash flow of
approximately EUR2.7 billion, mainly as a result of positive
operating performance, partially offset by dividend distribution
of EUR0.3 billion and share repurchase for EUR0.4 billion.

Fiat Group's capital expenditures in 2007 for industrial
operations amounted to EUR3.7 billion, an increase of EUR0.8
billion against 2006.

The Group's cash position at December 31, 2007 was EUR6.9
billion compared with EUR8 billion at Dec. 31, 2006.  The
decrease follows the net reduction in external debt of about
EUR2.2 billion.

                     Outlook for 2008

The Western European automobile market is expected to remain
stable in 2008.  In this context, Fiat Group Automobiles expects
to gain market share in Italy and Western Europe, continuing to
leverage on the recently introduced Fiat 500, Fiat Bravo, Fiat
Linea, on the 2008 new model launches, as well as on new
engines.

The Brazilian market should continue to grow, posting in 2008 an
increase of more than 10% compared to 2007, and Fiat operations
are expected to maintain their leadership of the Brazilian
market.

Higher spending in advertising and network investments will
support Fiat Group Automobiles targeted volume growth of
approximately 200,000 units in 2008.

The agricultural equipment market is expected to grow in North
America, Europe and in Latin America and to remain flat in the
Rest of the World.  High global commodity prices and low levels
of agricultural stocks will lead to strong net farm incomes.
Increasing demand for corn and sugar cane to produce fuel
ethanol continues to support equipment sales.

The construction equipment market is expected to grow in Europe
and in the rest of the world, to be flat in Latin America and to
decrease in North America.  In the United States, further
declines in residential construction should be partly offset by
higher nonresidential and heavy construction activity. In North
America, housing starts are expected to continue declining but
will potentially stabilize later in the year; housing starts are
expected to be flat in Europe, Latin America and in the rest of
the world.

In this context, CNH expects to achieve a strong improvement in
unit volume along with continuing market share gains.  Momentum
of positive net pricing offsetting increases in certain raw
materials and components will continue.  In Western Europe, the
market for light, medium and heavy commercial vehicles is
expected to keep on growing, notably in the first half of the
year.

Central and Eastern European markets are expected to grow about
15% compared to 2007.  In this environment Iveco aims at gaining
market share thanks to new products and is targeting revenue
growth due to price repositioning and higher volumes.

To achieve its targets, the Fiat Group will continue to push
group-wide purchasing synergies, intensifying and accelerating
development of best-cost-country sourcing, strengthening
strategic partnerships with suppliers through long-term
contracts, and focusing on the implementation of world-class
manufacturing initiatives.

The Group confirms its targets for 2008: trading profit between
EUR3.4 and EUR3.6 billion, net income between EUR2.4 and EUR2.6
billion (earnings per share between EUR1.90/EUR2.00).

Consolidated net revenues will be in excess of EUR60 billion.
The Group expects to close the year again debt free, with a
minimum of EUR1.5 billion of net cash on hand.

While working on the achievement of these objectives, the Fiat
Group will continue to implement its strategy of targeted
alliances, in order to reduce capital commitments, and
reduce the related risks.

The Group's expectations for 2008 are based on the assumption
that the current turbulence in financial markets will have
limited contagion impact on the real economy, and at worst will
be limited to the U.S. market.  There is a concern that the
current crisis of confidence being experienced in the capital
markets will spill over and begin to severely restrict
consumption on a global scale.

The Group believes that such a scenario is unlikely:
nonetheless, if such conditions were to effectively materialize,
the Group believes that it would be able to fully sustain the
financial impact of a downward pressure on demand, albeit with
reduced operating performance and margins.

A full-text copy of Fiat SpA's financial results is available at
no charge at http://ResearchArchives.com/t/s?2777

                    About Fiat S.p.A.

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

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

                       *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 28,
2008, Moody's Investors Service affirmed Fiat SpA's Ba1
Corporate Family Rating, and the group's other long-term senior
unsecured ratings.  At the same time, the positive outlook was
maintained.  The short term Not Prime rating remains unchanged.

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


HONG CHANG PRINTING: Appoints New Liquidator
--------------------------------------------
The members of Hong Chang Printing Factory Limited appointed
Tseng Yih Sun as the company's liquidator.

The Liquidator can be reached at:

          Tseng Yih Sun
          Unit 2, 8th Floor
          Kowloon Bay
          Kowloon


KOOKMIN LEASING: Members Set Final Meeting on February 26
---------------------------------------------------------
The members of Kookmin Leasing & Finance (Hong Kong) Limited
will have their final general meeting on February 26, 2008, at
32nd Floor, One Pacific Place, 88 Queensway Road, in Hong Kong
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are Lai Kar Yan (Derek) and Darach E.
Haughey.


LUXLAND DEVELOPMENT: Appoints New Liquidator
--------------------------------------------
The members of Luxland Development Limited appointed Lai Yui
Chun as the company's liquidator.

The Liquidator can be reached at:

          Lai Yui Chun
          Flat D, Block 5
          5th Floor, Pristine Villa
          To Fung Shan, Shatin
          New Territories, Hong Kong


MABUCHI PRECISION: Liquidators Quit Post
----------------------------------------
On January 25, 2008, Lai Kar Yan, Derek and Darach E. Haughey,
stepped down as liquidator for Mabuchi Precision Industries hong
Kong Limited, which is undergoing liquidation.


NIDECO ELECTRONICS: Appoints New Liquidators
--------------------------------------------
The members of Nideco Electronics Hong Kong Limited appointed
Rainer Hok Chung Lam and John James Toohey as the company's
liquidators.

The Liquidators can be reached at:

          Rainer Hok Chung Lam
          John James Toohey
          22nd Floor, Prince Building
          Central, Hong Kong


PARALLEL ASIA: Members Meeting Fixed for Feb. 28
------------------------------------------------
The members of Parallel Asia Engineering Limited will have their
final general meeting on February 28, 2008, at 15th Floor,
manulife Tower, 169 Electric Road, North Point, in Hong Kong to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is Chok-man Yik.


SAMTA SHIPPING: Commences Liquidation Proceedings
-------------------------------------------------
Samta Shipping Company Limited commenced liquidation proceedings
on January 21, 2008.

The company's liquidators are:

          Chui Chi Hung
          Chun Hoi Commercial Building
          688-690 Shanghai Street
          Mongkok, Kowloon
          Hong Kong


THE UNIVERSITY OF HONG KONG: Appoints New Liquidators
-----------------------------------------------------
The members of The University of Hong Kong Ilpo Graduates
Association Limited appointed Tsui Kin Shing and Wong Sze Hoo
Paul as the company's liquidators.

The Liquidators can be reached at:

          Tsui Kin Shing
          Flat E, 32nd Floor
          Block 4, Tsui Ling Garden
          Tuen Mun
          New Territories

          Wong Sze Hoo Paul
          5, 27th Floor
          Fai Ming House
          Chung Ming Court
          Tseung Kwan O
          New Territories


TOP MIGHTY: Creditors' Proofs of Debt Due on March 15
-----------------------------------------------------
The creditors of Top Mighty Limited are required to file their
proofs of debt by March 15, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

         Kung Ka Wun
         Units 803-5, Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


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

AFFILIATED COMPUTER: Moody's Confirms Ba2 Corp. Family Rating
-------------------------------------------------------------
Moody's Investors Service has confirmed Affiliated Computer
Services' Ba2 corporate family rating with a stable rating
outlook.  This rating confirmation concludes a review for
possible downgrade initiated on March 20, 2007, which was
prompted by the company's announcement that founder and
chairperson, Darwin Deason, and private equity fund Cerberus
Capital Management, had proposed to buy the company.  The
ratings remained under review for possible downgrade following
Cerberus' withdrawal of its offer on Oct. 31, 2007, as the
termination triggered a public dispute between the chairperson
and the former outside directors.  The recent resignation of all
five former outside directors, at Mr. Deason's request, ended
the dispute.

Resolution of the board dispute has reduced near-term
uncertainty given the potential distraction to the ongoing
business that a protracted fight could have caused.
Nevertheless, the independence and effectiveness of the new
board's oversight remains a key corporate governance concern.

The Ba2 rating is supported by the company's size and
profitability, as measured by its adjusted pretax income
(US$464 million for the twelve months ended September 2007) and
returns on assets (4.2% adjusted for pensions and leases).
Moody's believes that Affiliated Computer's pretax income and
returns will remain within ranges appropriate for the Ba2 rating
given the company's relatively sizeable offshore employee
footprint (over 30% of commercial business employees domiciled
offshore) and continued growth in the higher margin BPO markets
(about 75% of total revenues) and government business segment
(about 40% of total revenues).  Although the company's organic
growth has slowed from mid-teens prior to 2005 to the low to mid
single digits, its contract renewal rate remains strong at 94%
in 2007.  Furthermore, Moody's believes that bookings level
should improve over the next twelve months as the disruptions of
the past year have subsided with management now focused on
stabilizing and growing the business.

The Ba2 rating is constrained by the company's financial
leverage and interest coverage, which collectively compare
to business services peers rated in the Ba3 category.  The
rating is further constrained by management's aggressive
financial policies, corporate governance concerns, the company's
sluggish bookings growth rates, legal overhang related to prior
improper stock options granting practices, and sizable capital
expenditures as a percentage of EBITDA (about 45% on a Moody's
adjusted basis).

The stable outlook reflects the company's relatively steady
internal revenue growth and solid operating margins, which are
supported by its competitively well-positioned and relatively
diversified BPO business portfolio.  The stable outlook assumes
that the likelihood of another potential leverage buy-out in the
current market is low and that new business awards will improve
due to renewed management focus on business fundamentals.

Ratings confirmed/assessments revised:

-- Corporate family rating, Ba2

-- US$500 million Senior Secured Notes due 2010 and 2015, Ba2,
    LGD 4, 53%

-- US$1800 million Senior Secured Term Loan facility due 2013,
    Ba2, LGD 3, 43%

-- US$1000 million Senior Secured Revolving Credit Facility,
    Ba2, LGD 3, 43%

Rating revised:

-- Probability of default rating to Ba2 from Ba3

Rating assigned:

-- Speculative grade liquidity rating of SGL-1

Approximately US$3.3 billion of rated debt affected.

Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.acs-inc.com/-- provides business
process outsourcing and information technology solutions to
world-class commercial and government clients.  The company has
more than 58,000 employees supporting client operations in
nearly 100 countries.  The company has global operations in
Brazil, China, Dominican Republic, India, Guatemala, Ireland,
Philippines, Poland, and Singapore.


BANK OF BARODA: Profit Up 52% in Qtr. Ended Dec. 31, 2007
---------------------------------------------------------
Bank of Baroda reported a net profit of INR5.01 billion in the
quarter ended Dec. 31, 2007, more than 52% compared to the
INR3.29 billion earned in the same quarter in 2006.

Total income increased to INR36.2 billion from 2006's
INR26.68 billion.  The bank reported operating profit of INR9.32  
billion after deducting operating expenses of INR6.83 billion
and interest expenses of INR20.05 billion.

The bank also booked INR1.57 billion as provisions and
contingencies other than tax.  Tax for the three-month period
totaled INR2.74 billion.

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

              http://ResearchArchives.com/t/s?2796

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

                        *     *     *

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

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


BHARTI AIRTEL: Profit Rose to INR14.2 Bil. in Qtr. Ended Dec. 31
----------------------------------------------------------------
Bharti Airtel Ltd, yesterday, disclosed its audited results for
the quarter ended Dec. 31, 2007.

The company posted a net profit of INR14.2 billion for the
quarter ended Dec. 31, 2007, 36% more than the INR10.44 billion
earned in the corresponding quarter in 2006.

Total revenue has increased from INR47.24 billion to the latest
quarter's INR66.83 billion.  With expenditures from operations
aggregating INR38.41 billion, the company booked a net profit of
INR28.42 billion.

Interest charges soared to INR4.68 billion in the current
quarter under review, from the INR610.5 million posted in 2006.

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?2790

Pursuant to the Indian Generally Accepted Accounting Principles,
the Group posted a consolidated net profit of INR14.29 billion
on total income of INR70.18 billion for the quarter ended Dec.
31, 2007.

As per United States GAAP, the Group's net profit in the Oct.-
Dec. 2007  is at INR17.22 billion on total revenues of INR69.64
billion.

                       About Bharti Airtel

Headquartered in New Delhi, India, --
http://www.bhartiairtel.in-- is a telecom services provider.      
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.

                         *     *      *

Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel
Limited's Long-term foreign currency Issuer Default Rating at
'BB+'. The Outlook on the rating is Stable.


ESSAR OIL: Books INR134-Mil. Loss in Qtr. Ended Dec. 31
-------------------------------------------------------
In the three months ended Dec. 31, 2007, Essar Oil Ltd reported
a net loss of INR134 million on expenses boosted by those
incurred in startup activities in the company's units of its  
integrated refinery project.  In the same quarter in 2006, Essar
Oil booked a profit of INR1.2 million.

Essar Oil earned INR1.5 billion in revenues and incurred INR1.62   
in operating expenses, bringing the company an operating loss of
INR124.2 million.  The company also posted depreciation of
INR7.8 million and INR2 million in taxes.

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

              http://ResearchArchives.com/t/s?2794

Headquartered in Jamnagar, India, Essar Oil Limited --
http://www.essar.com-- is engaged in the exploration,        
production and marketing of oil and gas.  The company's
principal activities are to develop, explore, produce, and
refine oil and gas.  Vadinar Power Company Limited is a wholly
owned subsidiary of the company.

On August 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65 billion and INR2 billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


ESSAR OIL: To Raise US$2 Bil. for Expansion and Exploration
-----------------------------------------------------------
Essar Oil Ltd plans to raise up to US$2 billion (about INR8,000
crore) for its various developmental business activities.

In a filing with the Bombay Stock Exchange, the company
disclosed that its board of directors, at a meeting on Tuesday,
considered various capital raising options.  The funds will be
used for projects including expansion of refining capacity,
exploration and production activities, expansion of marketing
network, and strengthening of working capital.

The board decided to raise the funds by issuing debt or equity
in the domestic or international markets and/or via qualified
institutional placement.  The board will hold an Extraordinary
General meeting on Feb. 28, 2008, to, among others, seek  
shareholders' approval of the move.

                        About Essar Oil

Headquartered in Jamnagar, India, Essar Oil Limited --
http://www.essar.com-- is engaged in the exploration,        
production and marketing of oil and gas.  The company's
principal activities are to develop, explore, produce, and
refine oil and gas.  Vadinar Power Company Limited is a wholly
owned subsidiary of the company.

On August 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65 billion and INR2 billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


ESSAR OIL: To Consolidate Upstream & Exploration in New Unit
------------------------------------------------------------
Essar Oil Ltd has decided to consolidate its upstream
exploration production activities under its proposed subsidiary,
Essar Exploration & Production Ltd, the company said in a filing
with the Bombay Stock Exchange.

According to the company, the move is aimed at building a strong
fully integrated oil company having upstream, refining, and
downstream marketing activities.  On completion of the exercise,
Essar Oil will have nine Oil & Gas and Coal Bed Methane blocks
-- three onshore blocks in Madagascar; one offshore block in
Nigeria; oil & gas block in Mehsana, Gujarat; Coal Bed Methane
block in Raniganj, West Bengal; offshore field Ratna & R Series
and two onshore blocks in Assam.

The company further disclosed that it has commissioned all the
processing units of its 10.5 mmtpa refinery.  All the units are
expected to reach full capacity by the end of this quarter.  In
addition, the dispatch facilities by rail and road have also
been fully commissioned.

                        About Essar Oil

Headquartered in Jamnagar, India, Essar Oil Limited --
http://www.essar.com-- is engaged in the exploration,        
production and marketing of oil and gas.  The company's
principal activities are to develop, explore, produce, and
refine oil and gas.  Vadinar Power Company Limited is a wholly
owned subsidiary of the company.

On August 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65 billion and INR2 billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


HMT LTD: Net Loss Widens to INR157.5 Mil. in Qtr. Ended Dec. 31
---------------------------------------------------------------
HMT Ltd's net loss widened to INR157.5 million in the quarter
ended Dec. 31, 2007, compared to the INR44.9-million loss
incurred in the quarter ended Dec. 31, 2006.

Total income dipped from INR701.30 million in Oct.-Dec. 2006, to
the latest quarter's INR378.1 million, which is comprised of
INR362.1 in net sales and INR16 million in other income.  
Expenditures in the quarter ended Dec. 31, 2007, aggregated
INR520.2 million, leaving the company an operating loss of
INR142.1 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?2795

HMT Limited -- http://www.hmtindia.com/-- is a public sector
engineering conglomerate.  The company retains the Tractor's
Business, which develops tractors ranging from 25 horsepower to
75 horsepower.  It has an installed capacity of 18,000 tractors
for manufacturing and assembly operations.  The company has
three tractor manufacturing units in India located at Pinjore in
Haryana, Mohali in Punjab, and Hyderabad in Andhra Pradesh.  The
subsidiaries of the company include HMT Machine Tools Limited,
HMT Watches Limited, HMT Chinar Watches Limited, HMT
(International) Limited, HMT Bearings Limited and Praga Tools
Limited.  The principal segments include Machine tools, Watches,
Tractors, Bearings and Exports.  The company has a Joint Venture
with SUDMO HMT Process Engineers (India) Limited, Bangalore.

Credit Analysis and Research Limited downgraded HMT's long-term
bond issue of INR310 crore to CARE BB(SO) on Feb. 18, 2005.
At the same time, the company's medium term bond issue of
INR40.40 crore was likewise downgraded to CARE BB(SO).
Instruments rated 'Double B' are considered to be speculative,
with inadequate protection for interest and principal payments.


INDIAN OVERSEAS BANK: Fitch Upgrades Individual Rating to 'C/D'
---------------------------------------------------------------
Fitch Ratings, yesterday, upgraded Indian Overseas Bank's  
Individual rating to 'C/D' from 'D/E'.  The Support rating is
affirmed at '3'.

The upgrade of IOB's Individual rating reflects its improved
asset quality and stable capital ratios in recent years.  The
ratings also reflect its moderately large size among Indian
banks, being amongst the twelve largest banks in terms of assets
(INR927 billion).

As with other government banks, aggressive NPL write-offs and
recovery from delinquent accounts in a benign credit environment
helped improve IOB's reported asset quality ratios (Gross NPL
ratios decreased to 2.1% in September 07 from 7.4% in FY04),
which are now slightly better than the system median.  The bank
has also been strengthening its risk management systems by
improving its technology and operational efficiencies, which is
critical given the rapid loan growth (more than 30% in FY07 and
FY06), increase in exposure to real estate (approximately 7% of
loans) and increase in restructured assets in FY07.

Reduction of low cost deposits to total deposits (33% in June
2007, 40% in FY05) led to a decline in IOB's net interest margin
(NIM), although it continues to be above the system median
thanks to a greater proportion of lending to higher yielding
SMEs and corporates.  Fitch expects margins to remain under
pressure, particularly if interest rates were to rise further.

The issue of Tier-2 bonds in FY07 helped the bank maintain its
total capital adequacy ratio above 13%.  Although Basel II
implementation, due from March 08, could have an adverse impact
due to an increase in capital charge for operational risk, IOB's
ability to raise common equity is presently better than many
other government banks, as the government's shareholding of
61.2% is above the regulatory minimum of 51%.

Established in 1937, Indian Overseas Bank was nationalized in
1969 and until its listing in September 2000, was wholly-owned
by the government.  Subsequent to its public offering, the
government's stake reduced to 61.2%.  IOB has an extensive
network of 1,822 branches spread nationwide, although there is a
higher concentration of its business and branches in South
India, especially in its home state of Tamil Nadu.  On 31
December 2006, IOB took over all assets and liabilities of
Bharat Overseas Bank (a private bank based in Chennai in which
IOB held a 30% stake), which added about 5% to IOB's gross
loans.


NCO GROUP: US$ Depreciation Cues S&P to Remove Watch Developing
---------------------------------------------------------------
Standard & Poor's Ratings Services has removed its 'B+' long-
term counterparty credit rating on NCO Group Inc. from
CreditWatch Developing, where it was placed on Dec. 12, 2007.
At the same time, S&P affirmed its 'B+' rating on the company
and all associated issue ratings.  The outlook is negative.

"The outlook revision reflects our belief that the tougher
collection environment and the depreciating U.S. dollar may
continue to negatively affect NCO's results in 2008 and beyond,"
said S&P's credit analyst Rian Pressman.  These factors caused
NCO Group to moderately underperform relative to S&P's initial
expectations when the rating was initially assigned in late
2006.

This revised outlook does not reflect upon S&P's generally
positive opinion of NCO's pending acquisition of Outsourcing
Solutions Inc., a sizable competitor in the accounts receivable
management industry.  This acquisition significantly expands NCO
Group's accounts receivable management business, where it is
already the market leader.  The group's accounts receivable
management product mix, which is currently weighted heavily
toward third-party collections on a contingency-fee basis, will
become more balanced, given Outsourcing Solutions Inc.'s focus
on managing early-stage delinquent receivables, which is paid on
an FTE (a fixed-fee per full-time employee) basis.  In addition,
because Outsourcing Solutions has only a nominal portfolio of
purchased receivables, the contribution to the consolidated
organization's EBITDA from portfolio management activities will
decline.  S&P has previously cited the disproportionately high
contribution from this volatile business as a negative ratings
factor.  S&P also views integration risk as relatively low
because there is little client overlap and good IT compatibility
between the two companies.

The company's ownership group (One Equity Partners and certain
members of senior management) is contributing US$210 million of
additional equity to the US$325 million for Outsourcing
Solutions (US$24 million of deal and integration costs will also
be incurred).  Given the add-on term loan of US$139 million
required to consummate the transaction, S&P's expectations of
leverage have changed. Per management projections, S&P expects
debt-to-EBITDA and EBITDA interest coverage to approximate 4.3
and 2.3, respectively, for 2008 on a pro forma basis.  Although
these metrics are adequate for the current rating, continued
pressure on EBITDA because of the factors discussed above may
alter this conclusion.

The senior-secured bank loan and revolver (the original US$465
million plus a US$139 million add-on and US$100 million,
respectively) are guaranteed by all material direct and indirect
domestic subsidiaries of the borrower (NCO Group Inc.),
excluding those that contain CarVal, an affiliate of the
agriculture/food company Cargill, articipation and international
operations.  Approximately 26% of the total EBITDA, which S&P
expects the consolidated organization to generate, is forecast
to be attributed to these excluded subsidiaries, post-
acquisition.  The senior unsecured and senior-subordinated notes
(US$165 million and US$200 million, respectively) are both
subordinated in right of payment to the senior-secured
indebtedness.

S&P used an enterprise value approach to analyze the lenders'
recovery prospects, given the likelihood that the business would
retain value as an operating entity in the event of a
bankruptcy.  A default on the company's debt obligations would
most likely be the result of financial pressures caused by the
franchise's rapid expansion, adverse operational issues, lost
clients, competitive pressures, or the mispricing of portfolio
management purchases.

S&P's simulated default scenario also contemplates a fully drawn
revolving credit facility, a 200 basis point increase in LIBOR,
and a 200 basis point increase to the borrower's cost of capital
because of credit deterioration.  S&P used an EBITDA multiple of
4.0 to determine an enterprise valuation.  Based on this
simulated default scenario, lenders would be expected to realize
a substantial recovery (70%-90%) of principal for the secured
bank loan and revolver, which is reflective of a '2' recovery
rating.  As a result, the rating on the bank facilities is one
notch higher than the counterparty credit rating, while the
unsecured notes are two notches lower.

The negative outlook reflects the potential for continued
pressure on results because of the difficult collections
environment and depreciating U.S. dollar.  If these or other
circumstances cause NCO to underperform further, relative to
S&P's expectations, the rating will be lowered.  If
circumstances stabilize, the outlook will be changed to stable.

Headquartered in Horsham, Pennsylvania, NCO Group Inc. --
http://www.ncogroup.com/-- provides business process
outsourcing services including accounts receivable management,
customer relationship management and other services.  NCO
provides services through over 100 offices in the United States,
Canada, the United Kingdom, Australia, India, the Philippines,
the Caribbean and Panama.


TATA MOTORS: Nearing Deal With Ford on Jaguar & Land Rover Sale
---------------------------------------------------------------
Tata Motors Ltd is closing in on a deal with Ford Motor Co. for
the sale of the American carmaker's Jaguar and Land Rover
brands, The Economic Times reports citing an unnamed source “who
has been briefed on the negotiations.”

The Times' source anticipates an announcement of an agreement as
early as next week to as late as March.  The agreement may also
include an engine-supply deal.  The parties, the news agency's
source relates, are negotiating an agreement for Ford to keep
supplying engines and other technology to Jaguar and Land Rover.

Times expects the sale agreement will be for the sale of the
entire stake in the two luxury brands.  Ford CFO Don Leclair
told the news agency that “the company does not plan to keep a
stake in the storied British automakers.”

Tata Motors became the front-runner bidder for Ford's two brands
when Ford announced on Jan. 3, that it has entered into “focused
negotiations at a more detailed level” with Tata.  Tata Motors,
who has the backing of the unions of Jaguar and Land Rover, made
it to the list of final bidders along with Mahindra & Mahindra
in collaboration with buyout firm Apollo; and One Equity
Partners LLC.

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

Tata Motors has operations in Russia and the United Kingdom.

                         *     *     *

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


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

ADARO INDONESIA: Moody's Upgrades Corporate Family Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service has upgraded PT Adaro Indonesia's
corporate family rating to Ba2 from Ba3.  This action concludes
the review for possible upgrade which commenced on 6th November
2007.  The outlook on the rating is stable.

"The upgrade recognizes Adaro's improving fundamentals driven by
continued deleveraging of the balance sheet, significantly lower
cost of capital, ongoing operational efficiencies, and the
ability to lock in customers for substantial proportions of
forward production for the next 3 years," says Laura Acres, a
Moody's Vice President.

Moody's also notes that Adaro has materially altered it debt
structure post redemption of its US$400 million bond facility
and other debts (all ahead of the scheduled maturities) in
December 2007.  As a result of the refinancing concluded in
December 2007, the company has significantly reduced its cost of
borrowings, resulting in lower debt service obligation. The
company now operates under one unsecured syndicated facility
which provides flexibility to the company to implement its
growth strategy and to declare dividends (limited to 50% of
annual Net Income).  The company's projected key credit metrics
in the next 2 years -- in particular, adjusted debt/EBITDA and
EBIT/interest - support a higher rating at the Ba2 level.

Adaro's rating further reflects it's status as one of the
world's lowest-cost producers and exporters of coal, with a long
concession life (to 2022); the quality of its customer base, as
represented by large utilities with excellent payment records;
and its well established operations, with a record of consistent
production growth.

At the same time, the rating recognizes key challenges such as:
   
   1) exposure to commodity cycles for both coal sales and fuel
      procurement;

   2) moderate degree of financial leverage as a consequence of
      the LBO in 2005; and

   3) a lack of diversification given Adaro's single site and
      product.

The stable outlook reflects our expectation that Adaro will
continue to maintain its operating and financial profile
consistent with the Ba2 rating.

The rating could experience upward pressure if Adaro continues
to demonstrate an ongoing ability to delever the business.
Indicators that Moody's would look for include (CFO-
dividends)/adjusted debt rising above 20% on a consistent basis
and adjusted debt/capitalization falling below 60%:

Downward pressure on the rating could arise should Adaro
experience material disruption to its operations, or industry
fundamentals deteriorate to the extent that Adaro's ability to
service its debt is compromised.  Indicators Moody's would
consider include debt service coverage falling below 2.0x or
adjusted debt/capitalization rising above 75%.  Furthermore,
while cognizant of the need to return monies to shareholders,
Moody's would look for financial metrics to remain in line with
the rating level as such (CFO-dividends)/adjusted debt falling
below 15% may also prompt negative rating action.

Other negative rating trends include:

   1) event risk as a result of the courts deciding against
      Adaro on off-setting VAT payments; and

   2) any change in laws and regulations, particularly on the
      mining concessions, that would affect the business.

Adaro is one of the largest single site coal producers in the
southern hemisphere and one of the world's largest sub-
bituminous coal companies.  It exports 70% of its products to
the Asia Pacific region, the US and Europe, while the rest is
for the domestic market.

Adaro is owned 36% by a group of international investors
including Goldman Sachs, Citigroup, Farallon Capital, GIC of
Singapore and the Kuok Group, remaining shares are held by
Indonesian investors including the Edwin Soeryadjaya group (32%)
and Theodore Rachmat group (32%).


BANK TABUNGAN: Fitch Assigns 'D; Individual Rating
--------------------------------------------------
Fitch Ratings has assigned a National Long-term rating of 'AA-
(idn)' to PT Bank Tabungan Negara (Persero), an Individual
Rating of 'D' and a Support Rating of '4'.  The Outlook is
Stable.

The ratings reflect BTN's dominant role as the provider of
financing of low- cost housing in Indonesia, stable and
generally satisfactory balance sheet while taking into account
its small size, limited deposit funding base and below average
profitability.

BTN was appointed as the main financial institution to provide
subsidised mortgage loans to the low-income segment in 1974, but
was encouraged by the government to develop commercial non-
subsidised mortgage loans since 2002.  In 2006, BTN remained a
dominant lender in the subsidised mortgage loan market, with
more than 97% of government-subsidised mortgage loans channelled
through it.  There are about 30 other banks which are allowed to
provide subsidised mortgage loans for low-cost housing, although
a lack of lending experience/infrastructure in this segment and
possibly, the associated higher risk, have led to a preference
for commercial mortgage lending.  At end-9M07, BTN remained the
largest mortgage lender in Indonesia with 19% market share
thanks to its large exposure in subsidised mortgage loans.
However, BTN's market share had declined from 30% at end-2003
due to the more intense competition and stronger growth in the
non-subsidised mortgage loan segment.

Over 2003-2006, BTN's subsidised mortgage loans grew by 15% CAGR
and reached IDR9.9 trillion at end-9M07 or about 47% of total
loans.  The rest were non-subsidised mortgage loans (33%), home
equity loans (9%), commercial loans (8% and mainly construction-
related), and Islamic financing (2% and mainly mortgage).  Loan
quality was stable at about 4% of gross loans at both end-2005
and end-2006 although deterioration in macroeconomic conditions
in H205 to H106 caused NPLs to rise slightly to 4.7% at end-
9M07.  The bank expects the NPL ratio to remain generally stable
in 2008, provided growth conditions remain benign.  The high
amount of special mention loans at about 18% of gross loans at
end-9M07 reflected a revolving pool of late payers in the low-
income segment who only tend to pay after receiving notification
from BTN.  Provision cover was relatively low at 52.7% of NPLs
but was partly mitigated by the high portion of secured lending
where almost all of BTN's loans, as a mortgage lender, were
secured by fixed assets.

BTN's net interest margin was relatively stable at about 5.0%
over 2004-9M07 although below peer average of 6.0% (2006),
reflecting its higher funding cost with time deposits accounting
for about 61% of total deposit at end-9M07.  However, the bank
has increased efforts to improve its funding mix by establishing
more outlets to collect saving deposits through cooperating with
the government's postal offices.  Competition on the lending
side, particularly in the non-subsidised segment, may continue
to limit upside potential for the bank's net interest margin.

Total CAR including market risk declined to 16.8% (Tier-1 CAR:
14.9%) at end-9M07, from 17.5% at end-2006 due to loans growth
(peers total CAR: 20% at end-2006).  Management advised that
total CAR will be maintained at above 15%, with a rights issue
planned in 2008 expected to support the bank's CAR further.

BTN was established as Bank Tabungan Pos in 1950 before its name
was changed in 1963.  Like its larger peers, BTN was badly
affected by the financial crisis in the late 1990s and had to be
recapitalised by the government.  The bank remained wholly-owned
by the government of Indonesia at end-9M07.


PERUSHAAN LISTRIK: Unit's Employees Reject Restructuring Plan
-------------------------------------------------------------
Employees of PT Pembangkit Jawa Bali, a subsidiary of PT
Perusahaan Listrik Negara, have threatened to stage a rally to
show their resistance to the government's plan to separate the
unit from the parent company, The Jakarta Post reports.

PJB Employees Union Head Edy Hartono told the news agency that
up to 3,000 employees would join the rally.  If the government
would not respond to their demands, they would launch a strike
that they claim would result in blackouts in the capital, the
report notes.

Under the program, The Post explains, the status of PLN's two
most lucrative subsidiaries, PJB and Indonesia Power (IP), would
be separated from PLN to form new companies.  This would pave
the way for the government to sell some of the company's shares
to the public to gain funds to improve its performance, the
report relates.

PJB employees, however, disagreed, saying it would put
'strategic' state assets and eventually public interests at
risk, the report relates.

Mr. Hartono was quoted by the news agency as saying, "The plan
to separate PJB from PLN is upsetting as it will give the new
management, which will run the firm based on profit orientation,
the option to raise electricity tariffs at the expense of the
public."  The plan could also cause negative reactions from
employees, which would then risk PLN's current operations and
performance, he added.

Mr. Hartono, the report points out, suggested that the
government should delay the restructuring program, and give the
plan at least five years before implementation.

The Post relates that Roes Aryawijaya, a deputy to the State
Minister for State Enterprises, said the restructuring plan must
be realized this year.

                    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.


TUPPERWARE BRANDS: 4Q 2007 Sales Up 19% to US$577 Million
---------------------------------------------------------
Tupperware Brands Corporation's fourth-quarter 2007 sales grew
19% year over year (11% in local currency) to US$577 million
with strong growth in all 5 segments ranging from 6% to 18% in
local currency.

Rick Goings Chairman and CEO of Tupperware Brands commented, "We
are encouraged with the progress we made in the fourth quarter
and the full year in further refining and implementing our
strategies, which are working and delivering the positive
results we expected to support long term growth.  This came
through in the fourth quarter with our high-teen year-over-year
sales increase and our 35% increase in GAAP diluted earnings per
share.  Our sales and profit were both well ahead of our October
outlook."

"As we look ahead to 2008, we're planning to capitalize on our
year end sales force size advantage of 15% to further grow our
businesses, and expect to be in our long-term outlook range for
local currency sales growth of 5 to 7% per year.  This includes
high single, to low double-digit, growth from the 40% to 45% of
our businesses that operate in emerging markets and, on average,
a low single digit growth rate from the remainder of our
businesses that operate in established markets."

"We expect to grow net income even more with higher profit from
the segments and lower interest expense, as we benefit from the
credit agreement we closed at the end of the third quarter,
partially offset by a higher but still very favorable income tax
rate in the 23% range."

"Included in our 2008 outlook is continued investment to
implement our strategies as we further develop our branded
portfolio of direct selling companies, working to continue to
innovate with our demonstrable product lines, our contemporized
selling situations and the right sales force compensation plan
in each market."

Excluding certain adjustment items, fourth-quarter earnings per
share rose to 93 cents from 74 cents in 2006, or 26%.  Stronger
foreign currencies had a 10 cent positive impact on the year-
over-year comparison.  Profit from the segments rose 29%,
interest expense was lower by over US$3 million, reflecting
lower borrowings along with a benefit from the new credit
agreement entered into in September, and unallocated expenses
rose by US$5 million, largely reflecting higher expenses
associated with management incentive programs.  The quarter's
effective tax rate rose to 17% this year from 10% last year.

As of the end of the fourth quarter net debt was down to US$593
million, a reduction of US$88 million from US$681 million at the
end of 2006.  Net cash provided by operating activities, net of
investing activities, for the full year was US$152 million,
ahead of October guidance of US$100 to US$110 million.

              Fourth Quarter Segment Highlights

Tupperware Segments

In Europe, fourth quarter sales rose by 19% (6% in local
currency) over the prior year.  The positive sales force trends
continued in the emerging markets leading to 22% growth in local
currency coming most notably in Russia, Turkey and South Africa.
Established markets grew 1% in local currency with Germany
achieving a 3% sales increase, following double-digit declines
in each of the first three quarters.  The total sales force size
advantage for the whole segment at the end of the year was 21%.
The average active sales force increased 8%.  Segment profit
increased 33% (18% in local currency) reflecting a greater than
2 point higher return on sales from improved value chains in
several of the markets in Western Europe and higher
manufacturing volume.

Asia Pacific achieved a 24% (16% in local currency) sales
increase with emerging markets up 30% in local currency and
established markets up 9% led by Australia.  The number of
active sellers was up 11% led by Indonesia, Australia and Korea.
Operating profit increased 48% (36% in local currency) and
reflected a 3.7 pp improvement in return on sales.  This
primarily reflected a higher share of sales from Australia, with
its high return on sales, and more efficient expense management
by Tupperware Japan, as well as 0.8 pp from lower purchase
accounting amortization.

In Tupperware North America, 12% (11% in local currency) higher
sales, reflected increases in all three markets, the United
States, Canada and Mexico.  Although there was a drag in the
last 2 and 1/2 weeks of December in light of the warehouse fire
in the main U.S. warehouse, Tupperware United States and Canada
still achieved a 12% local currency sales increase in the
quarter.  The total sales force size for the whole segment was
down at the end of the year, reflecting a decrease in Mexico as
the United States had a higher sales force count.  Active
sellers in the segment were down slightly.  There was a 4.5 pp
improvement in return on sales that brought the segment's profit
up over 100%, mainly reflecting an improved cost structure in
the United States.

Beauty Segments

In the Beauty North America segment, the 13% (12% in local
currency) sales increase reflected double-digit increases by
both units, Fuller Mexico and BeautiControl North America.  Both
units also had double-digit total sales force size advantages as
of the end of the year, with the segment up 13%.  The active
sales force was up 10%.  Segment profit was up 9% (8% in local
currency), reflecting a lower return on sales, principally from
gross margin investment at BeautiControl to sell through
inventories and higher distribution costs that were about offset
by lower purchase accounting amortization.

    * Amounts discussed in Segment Highlights are on a GAAP
      basis including purchase accounting amortization.
      Reconciliation Schedule for information excluding this
      item.

The Beauty Other segment achieved a 30% (18% in local currency)
sales increase, reflecting higher sales forces and sales
throughout Central and South America, most notably in Venezuela
and Brazil.  Fuller Philippines also had a double digit sales
increase.  The Nutrimetics units were down as a group, with the
largest Nutrimetics market, Australia, down just slightly,
reflecting an improved trend from earlier in the year.  The
total sales force in the segment was up 12% and the active sales
force was up 8% in the quarter.  There was a loss of US$0.1
million that included US$1.2 million of purchase accounting
amortization.  Excluding purchase accounting amortization from
both years, profit increased reflecting improved results in the
Philippines, Venezuela and Brazil.

                    Full-Year Results

For full-year 2007, total companysales grew 14% (9% in local
currency), to a record US$2.0 billion versus US$1.7 billion in
2006.  The Tupperware brand segments grew by 14% (8% in local
currency) and the Beauty brand segments by 12% (10% in local
currency).  The businesses operating in emerging markets had
sales growth of 21% (18% in local currency) and the remaining
businesses that operate in established markets had growth of 8%
(2% in local currency).  Active sellers grew 5% for the year.
Profit from the operating segments rose 33% (26% in local
currency), 9 points of which was from lower purchase accounting
amortization.  Diluted earnings per share was US$1.87, up 21%
(8% in local currency).  Excluding certain adjustment items,
full year 2007 diluted earnings per share was US$2.25, up 26%
(14% in local currency).

                       2008 Outlook

Full year 2008 sales are expected to increase 8 to 10% (5 to 7%
in local currency) and GAAP diluted earnings per share is
expected to be US$2.37 to US$2.47, including a 10 to 12 cent
benefit versus 2007 from stronger foreign currencies.  After
adjustments full-year diluted earnings per share is expected to
be US$2.50 to US$2.60 up 6% to 10% in local currency (see detail
in the Non-GAAP Financial Measures Outlook Reconciliation
schedule).

Sales in local currency in the Tupperware brand segments are
expected to increase in the mid-single-digit range and in the
Beauty brand segments are expected to increase in the high-
single-digit range.  Excluding certain adjustment items, profit
in the segments is expected to grow in line, to slightly above
the rate of sales, except in Beauty Other where there was a loss
of US$3 million in 2007 and a small profit is expected in 2008.

Unallocated corporate costs in 2008 are expected to be about
even with 2007's US$44 million; interest expense is expected to
be US$33 to US$34 million, versus US$49 million in 2007, which
included US$10 million of expense associated with implementing
the new credit agreement; and the income tax rate is expected to
be about 23%, compared with 17% in 2007 on a GAAP basis and 18%
excluding certain items.

                First Quarter 2008 Outlook

First quarter sales are expected to increase 13 to 15% (5 to 7%
in local currency) and diluted earnings per share is expected to
be 50 to 55 cents versus 32 cents last year.  Excluding certain
adjustment items diluted earnings per share is expected to be 44
to 49 cents versus 36 cents last year.  This includes a 5 to 7
cents benefit versus 2006 from stronger foreign currencies and a
lower effective tax rate.

Rick Goings, Chairman and CEO of Tupperware Brands commented,
"Many analysts and investors are concerned about the weakness of
the U.S. dollar and the U.S. economy.  Upwards of 84% of our
sales and even more of our profit come from international
markets.  This means that our profit rises on dollar weakness,
and while we could see some impact from lower consumer spending
in the United States, the impact would be less than for many
other companies given the size of our businesses here.  To date
we have not seen issues in our Tupperware United States or
BeautiControl businesses related to the consumer spending
environment."

Tupperware Brands Corporation is a portfolio of global direct
selling companies, selling premium innovative products across
multiple brands and categories through an independent sales
force of 2.1 million.  Product brands and categories include
design-centric preparation, storage and serving solutions for
the kitchen and home through the Tupperware brand and beauty and
personal care products for consumers through the Avroy Shlain,
BeautiControl, Fuller, NaturCare, Nutrimetics, Nuvo and
Swissgarde brands.

The company's stock is listed on the New York Stock Exchange.
Statements contained in this release, which are not historical
fact and use predictive words such as "outlook" or "target" are
forward-looking statements.  These statements involve risks and
uncertainties which include recruiting and activity of the
company's independent sales forces, the success of new product
introductions and promotional programs, the ability to obtain
all government approvals on land sales, the success of buyers in
attracting tenants for commercial developments, the effects of
economic and political conditions generally and foreign exchange
risk in particular and other risks detailed in the company's
most recent periodic report as filed in accordance with the
Securities Exchange Act of 1934.  The company does not intend to
regularly update forward-looking information.

               Non-GAAP Financial Measures

The company has utilized non-GAAP financial measures in this
release, which are provided to assist readers' understanding of
the company's results of operations.  The adjustment items
materially impact the comparability of the company's results of
operations.  The adjusted information is intended to be more
indicative of Tupperware Brands' primary operations, and to
assist readers in evaluating performance and analyzing trends
across periods.

The non-GAAP financial measures exclude gains from the sale of
property, plant and equipment and insurance recoveries; re-
engineering costs; purchase accounting intangible asset
amortization; purchase accounting intangible asset and goodwill
impairment costs; and costs associated with terminating the
company's previous credit agreement.  While the company is
engaged in a multi- year program to sell land adjacent to its
Orlando, Florida headquarters, and also disposes of other excess
land and facilities periodically, these activities are not part
of the company's primary business operation.  Additionally,
gains recognized in any given period are not indicative of gains
which may be recognized in any particular future period.  For
this reason, these gains are excluded as indicated.  Further,
the company excludes significant charges related to casualty
losses caused by significant weather events, fires or similar
circumstances.  It also excludes any related gains resulting
from the settlement of associated insurance claims.  While these
types of events can and do recur periodically, they are excluded
from indicated financial information due to their distinction
from ongoing business operations, inherent volatility and impact
on the comparability of earnings across quarters.  Also, the
company periodically records exit costs as defined under
Statement of Financial Accounting Standards No. 146, "Accounting
for Costs Associated with Exit or Disposal Activities" and other
amounts related to rationalizing manufacturing and other re-
engineering activities, and believes these amounts are similarly
volatile and impact the comparability of earnings across
quarters.  Therefore, they are also excluded from indicated
financial information to provide what the company believes
represents a more useful measure for analysis and predictive
purposes.

The company has also elected to present financial measures
excluding the impact of amortizing the purchase accounting
write-up of the carrying value of depreciable assets and certain
definite-lived intangible assets, primarily the value of
independent sales forces, recorded in connection with the
Company's December 2005 acquisition of the direct selling
businesses of Sara Lee Corporation.  The amortization expense
related to these assets will continue for several years;
however, based on the company's current estimates, this
amortization will decline significantly as the years progress.
Similarly in connection with its annual evaluation of the
carrying value of acquired intangible assets and goodwill, the
company has recognized an impairment charge in 2007.  The
company believes that both of these types of non-cash charges
will not be representative in any single year of amounts
recorded in prior years or expected to be recorded in future
years.  Therefore, they are excluded from indicated financial
information to also provide a more useful measure for analysis
and predictive purposes.

Finally, in 2007, the company entered into a new credit
agreement, which triggered the non-cash write off of previously
deferred debt costs and costs associated with the settlement of
floating-to-fixed interest rate swaps that were hedging the
borrowings under the previous agreement.  These costs are also
not expected to be incurred in most reporting periods and for
comparison purposes have also been excluded from the indicated
financial information.

Headquartered in Orlando, Florida, Tupperware Brands Corporation  
(NYSE: TUP)-- http://www.tupperware.com/-- is a portfolio of    
global direct selling companies, selling premium innovative
products across multiple brands and categories through an
independent sales force of 2.0 million.  Product brands and
categories include design-centric preparation, storage and
serving solutions for the kitchen and home through the
Tupperware brand and beauty and personal care products for
consumers through the Avroy Shlain, BeautiControl, Fuller,
NaturCare, Nutrimetics, Nuvo and Swissgarde brands.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 19, 2007,
Moody's Investors Service assigned a Ba1 rating to Tupperware
Brands Corporation proposed senior secured credit facilities,
consisting of a US$200 million revolving credit facility and a
US$550 million term loan A, both due 2012.  Moody's also
affirmed the company's Ba2 corporate family rating and Ba3
probability of default rating, and changed the outlook to
positive from stable


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

COSMO OIL: To Join Exploration Project in Australia
---------------------------------------------------
Cosmo Oil Co had signed a farm-in agreement for an operating
interest in an oil exploration project in offshore western
Australia, Reuters reports.

According to Reuters, Cosmo Oil said in a statement that it had
acquired a 22.5% interest in Australian block AC/P32 of the
Timor Sea.

However, the report relates, a Cosmo Oil spokesman refused to
disclose the price of the deal.

Reuters notes that Cogee Resources, which also holds a 22.5%
interest, is the operator of the project.  The other partners in
the project include Bharat Petroleum, Westranch Holdings, and
Adelphi Energy.


Headquartered in Tokyo, Japan, Cosmo Oil Company, Limited --
http://www.cosmo-oil.co.jp/-- is primarily an oil refining   
company.  The company is also involved in the purchase and sale
of real estate, the manufacture and sale of alpha lipoic acid
(ALA) products, as well as the provision of leasing and
insurance services.

Moody's Investors Service, on April 18, 2007, placed under
review for possible upgrade the Ba1 senior unsecured debt rating
and issuer rating of Cosmo Oil Co., Ltd. (Cosmo).  The rating
review is prompted by Moody's expectation that Cosmo will likely
be able to maintain the stability of its operating performance
and capital structure, despite a rather difficult business
environment, over the intermediate term through successful
business diversification.


JVC CORP: Books JPY3.36-Billion Net Profit for Third Quarter
------------------------------------------------------------
Victor Co. of Japan Ltd., or JVC, booked its first profit in
five quarters, Bloomberg News reports.

According to Bloomberg, JVC posted a net income of
JPY3.36 billion (US$31 million) in the quarter ended Dec. 31,
2006, a turnaround from the JPY1.45-billion net loss recorded in
the third quarter of the previous fiscal year.

Bloomberg cites JVC as saying in a statement that sales fell to
JPY184.1 billion from JPY205.1 billion year-on-year.

                        About JVC Corp.

Headquartered in Kanagawa Prefecture, Japan, Victor Company of
Japan, Limited (JVC) -- http://www.jvc-victor.co.jp/-- is   
primarily engaged in the manufacture and sale of audiovisual
equipment, information and communications equipment, electronic
products and others.  The Company has five business segments.  
The Consumer Equipment segment offers various types of
televisions, digital video cameras, car audio systems, as
well as players and related equipment for video, mini disc,
compact disc and digital versatile disc systems.  The Industrial
Equipment provides visual inspection devices, audio and video
equipment, as well as projectors.  The Electronic Devices
segment offers monitors, optical pickups, high density buildups,
multi-layer boards and display parts.  The Software and Media
segment provides music and visual software and recording media.  
The Others segment is engaged in businesses related to interior
furniture and production facilities.  It has 96 subsidiaries and
seven associated companies.

JVC incurred three consecutive annual net losses:
JPY7.89 billion for the fiscal year ended March 31, 2007;
JPY30.61 billion for the fiscal year ended March 31, 2006; and
JPY1.86 billion for the fiscal year ended March 31, 2005.


JVC CORP: To Tie Up with Funai on Supply of Flat-Panel TVs
----------------------------------------------------------
Victor Co. of Japan, or JVC, and Funai Electric Co. will join
forces and supply each other with flat-panel televisions made
overseas on an original equipment-manufacturing basis, Japan
Times reports, citing unnamed sources.

According to Reuters, JVC will supply LCD TVs made at a plant in
Mexico to Funai, which will sell them under its own brand in
North America.  JVC, on the other hand, will market LCD TVs in
Europe produced by Funai in Poland.

Specifically, the Times writes, JVC will annually supply Funai
with about 200,000 37-inch televisions starting this February,
while Funai will annually provide JVC with about 300,000 small
televisions.

The Times explains that by procuring products from each other's
production sites close to their main markets, JVC and Funai
expect to cut transportation costs and improve plant operating
ratios.

The two companies also plan to release a jointly developed LCD
TV in 2009, Reuters cites an industry source as saying.

Reuters relates that Funai spokesman Naoyuki Takanaka said that
his firm was in talks with JVC on a possible alliance but that
nothing had been decided.  JVC spokesman Toshiya Ogata,
meanwhile, told Reuters that nothing had been set.

The news on the tie-up pushed up shares of both companies, with
Funai rising nearly 8% at one point, Reuters further notes.

The Times points out that large electronics companies have
recently forged partnerships in the production of liquid crystal
display panels and other areas to reduce costs and survive
fierce price-cutting competition in the flat-panel TV industry.

Among other tie-ups in the industry, according to Reuters, are
that of Toshiba Corp and Sharp, wherein Toshiba agreed in
December to procure large LCDs from Sharp, which in turn will
buy chips for LCD TVs from Toshiba.

The JVC-Funai partnership indicates that the trend is spreading
to small to medium-size companies that emphasize overseas
markets with low-priced products, the Times says.

                      About Funai Electric

Funai Electric Co., Ltd.'s principal activities are the
manufacture and sale of electrical products.  The company's
operations are carried out through these divisions: Video
equipment; Information/ Communication equipment and Other.  
Video equipment consists of videos, VHS video cassette
recorders, TV/VCR combination models and TV/DVD/VCR combination
models, TVs and DVD players.  Information/Communication
equipment comprises of printers, facsimile machines, inkjet
printer and laser beam printer.  Others include other electronic
devices.

                        About JVC Corp.

Headquartered in Kanagawa Prefecture, Japan, Victor Company of
Japan, Limited (JVC) -- http://www.jvc-victor.co.jp/-- is   
primarily engaged in the manufacture and sale of audiovisual
equipment, information and communications equipment, electronic
products and others.  The Company has five business segments.  
The Consumer Equipment segment offers various types of
televisions, digital video cameras, car audio systems, as
well as players and related equipment for video, mini disc,
compact disc and digital versatile disc systems.  The Industrial
Equipment provides visual inspection devices, audio and video
equipment, as well as projectors.  The Electronic Devices
segment offers monitors, optical pickups, high density buildups,
multi-layer boards and display parts.  The Software and Media
segment provides music and visual software and recording media.  
The Others segment is engaged in businesses related to interior
furniture and production facilities.  It has 96 subsidiaries and
seven associated companies.

JVC incurred three consecutive annual net losses:
JPY7.89 billion for the fiscal year ended March 31, 2007;
JPY30.61 billion for the fiscal year ended March 31, 2006; and
JPY1.86 billion for the fiscal year ended March 31, 2005.


JVC CORP: Enters Into Patent Cross-Licensing Deal with Microsoft
----------------------------------------------------------------
Victor Company of Japan Ltd., or JVC, and Microsoft Corp. have
entered into a patent cross-licensing agreement intended to
further the development of each of their product lines and
expand technological innovation, InfoWorld says.

Northwest Innovation cites Microsoft as saying that the deal
covers a broad range of consumer products that each company
manufactures and sells.

According to InfoWorld, Microsoft's statement says that the
agreement expands the relationship between JVC and Microsoft in
order to promote the exchange of valuable information and the
incorporation of patented technologies in their respective
products.

InfoWorld notes that the contents and specific financial terms
of the agreement were kept confidential.  However, the report
points out, the parties indicated that Microsoft will be
compensated by JVC.

                        About JVC Corp.

Headquartered in Kanagawa Prefecture, Japan, Victor Company of
Japan, Limited (JVC) -- http://www.jvc-victor.co.jp/-- is   
primarily engaged in the manufacture and sale of audiovisual
equipment, information and communications equipment, electronic
products and others.  The Company has five business segments.  
The Consumer Equipment segment offers various types of
televisions, digital video cameras, car audio systems, as
well as players and related equipment for video, mini disc,
compact disc and digital versatile disc systems.  The Industrial
Equipment provides visual inspection devices, audio and video
equipment, as well as projectors.  The Electronic Devices
segment offers monitors, optical pickups, high density buildups,
multi-layer boards and display parts.  The Software and Media
segment provides music and visual software and recording media.  
The Others segment is engaged in businesses related to interior
furniture and production facilities.  It has 96 subsidiaries and
seven associated companies.

JVC incurred three consecutive annual net losses:
JPY7.89 billion for the fiscal year ended March 31, 2007;
JPY30.61 billion for the fiscal year ended March 31, 2006; and
JPY1.86 billion for the fiscal year ended March 31, 2005.


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

DAEWOO ELECTRONIC: Choi Yong Geon Acquires 6.93% Stake  
------------------------------------------------------
Choi Yong Geon has acquired 757,400 shares of Daewoo Electronic
Components Co., Ltd, Reuters Investing Keys reports.

According to the report, the stake represents a 6.93% stake in
the company.

The report did not disclose the price in acquiring the stake.

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.


DAEYUVESPER: Signs KRW593-MM Contract With Tourism Organization
---------------------------------------------------------------
DaeyuVesper Co. Ltd. has signed a contract with the southwest
branch of Korea Tourism Organization, Reuters Investing Keys
reports.

According to the report, under the business agreement, the
company will provide construction services for development of
Haewon resort.

The contract is worth KRW593,000,000, the report adds.

Headquartered in Gyoenggi Province, Korea, DaeyuVesper Co. Ltd.
-- http://www.emoris.co.kr/-- formerly SungKwang Co., Ltd., is   
a manufacturer specialized in the provision of wastewater
treatment equipment.  The company provides its products under
two categories: wastewater treatment and water treatment
equipment. Its wastewater treatment includes aerated grit
chambers, bar screens and micro screens, pumps, mixers and
aerators, clarifiers, skimmer systems, sludge collectors,
dissolved air flotation systems, ultraviolet (UV) disinfections
systems, spiral-type rotating biological contractors and
sequencing batch reactors.

The Troubled Company Reporter-Asia Pacific's "Large Companies
with Insolvent Balance Sheets" column on September 21, 2007,
showed that DaeyuVesper has a US$1.60-million shareholders'
deficit on total assets of US$19.06 million.


DURA AUTO: Seeks Court Consent for US$170MM Replacement Loan
------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware's permission
to obtain US$170 million replacement financing and amend their
US$300 million existing postpetition financing facility.

The Debtors have obtained commitments from Ableco Finance LLC on
Jan. 21, 2008, for a Replacement Term Loan DIP Facility, which  
would

   (i) extend the maturity date of DIP loans by six months to
       July 31, 2007, and

  (ii) would allow the Debtors to enter into a replacement
       facility in order borrow US$170 million to pay off
       US$104.5 million due under the existing term loan
       facility, and pay outstanding balance under its DIP
       revolver and pay fees and expenses associated with the
       replacement term loan facility.

Immediately after seeking for Chapter 11 protection, and in
order to fund their operations while in bankruptcy, the Debtors
obtained Court permission to enter into with Goldman Sachs
Capital Partners L.P., General Electric Capital Corporation, and
other lender parties:

   -- up to US$130 million asset based revolving credit
      facility, subject to borrowing base and availability
      terms, with a US$5 million sublimit for letters of credit;
      and

   -- up to US$170 million Fixed Asset Facilities consisting of:

      * up to US$150 million tranche B term loan; and
       
      * up to US$20 million pre-funded synthetic letter of
        credit facility.

Due to their failure to obtain confirmation of their Joint Plan
of Reorganization by their mid-December 2007 target, the Debtors
had obtained an extension of their Existing DIP Facilities until
Jan. 31, 2008.  The Debtors missed their target mainly because
of its failure to obtain full syndication of its US$425 million
exit financing, due to tighter credit conditions.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, relates that the Debtors have
been working with a number of potential replacement DIP lenders
to solicit proposals for potential replacement DIP facilities.  
These efforts culminated in the Debtors obtaining a commitment
letter from Ableco Finance on Jan. 21, 2008 for the Replacement
Term Loan DIP Facility.

The parties are negotiating and finalizing a form of the
Replacement Term Loan DIP Facility based on the existing Term
Loan DIP Facility, i.e., premised substantially on "stepping
into the shoes" of the lenders under the existing Term Loan DIP
Facility, along with the pledge of 100% of the stock of the
Debtors' foreign non-debtor subsidiaries, an increase from the
existing pledge of 66% under the existing Term Loan DIP
Facility.

The material terms of the Revolver DIP Amendments are:
                                                                             
    Term                Description
    ----                -----------
    Aggregate
    Commitments         Reduced to US$90 million.
                           
    New Maturity Date   July 31, 2008.

    Interest Rate       Subject to pending negotiations.

    New Collateral      Enhanced Foreign Stock Pledge.

    Other Terms         Certain additional terms, including
                        Revolver DIP Facility covenants, are
                        being negotiated and finalized.
                             
    Carve-out           Subject to pending negotiations.

The salient terms of the Replacement Term Loan DIP Facility are:

    Term                Description
    ----                -----------
    Fees                US$1,275,000 commitment fee,
                        US$1,275,000 closing fee, and reasonable
                        out-of-pocket fees and expenses incurred
                        by Ableco, including already-paid
                        US$175,000 advance expense deposit.

    Interest Rate       The Term Loan will bear interest at the
                        rate per annum equal to (i) the  
                        Reference Rate plus 7% of which 3% will
                        be pai in- kind or (ii) the 30-, 60- or
                        90-day LIBOR plus 10% of which 3% will
                        be paid-in-kind.  Interest will be
                        payable monthly in arrears.

                        "Reference Rate" means the rate of
                        interest publicly announced from time to
                        time by JPMorgan Chase in New York, New
                        York as its reference rate, base rate or
                        prime rate, provided that at no time
                        will the Reference Rate be less than
                        6.75% "LIBOR" means the London Interbank
                        Rate, provided that at no time will the
                        LIBOR rate referred to above be less
                        than 3.75%.  All interest and fees will
                        be computed on the basis of a year of
                        360 days for the actual days elapsed.  
                        If any Event of Default occurs and is
                        continuing, interest will accrue at a
                        rate per annum equal to 2% above the
                        rate previously applicable to the
                        obligation, payable on demand.


    Total Facility      US$170 million -- approximately US$105
                        million to replace existing Term Loan
                        DIP Facility, approximately US$45
                        million additional term loan financing
                        for paying down the Revolver DIP
                        Facility, and US$20 million synthetic
                        letter of credit facility.

    Interim Facility    Same as total facility.
                   
    New Maturity Date   July 31, 2008

    Use of Proceeds     To (i) repay the Debtors' existing
                        debtor-in-possession term loan of
                        approximately US$104.5 million and
                        replace the existing debtor-in-
                        possession synthetic letter of credit
                        facility; (ii) fund general corporate
                        needs, including working capital needs;
                        and (iii) pay fees and expenses related
                        to this transaction and the Chapter 11
                        cases.

    New Collateral      Enhanced Foreign Stock Pledge.

    Covenants           Customary covenants.  

    Events of Default   Customary events of default.

    Curve-out           Subject to pending negotiations.   

Mr. DeFranceschi relates that the credit market conditions in
which the Debtors are seeking to extend and amend postpetition
secured financing facilities have deteriorated markedly since
November 2006, when the Court entered the Final DIP Order.  As a
result, the cost of obtaining DIP financing has increased
substantially, he avers.

Mr. DeFranceschi adds that the Debtors will suffer immediate and
irreparable harm if the Court does not authorize them to enter
into the Replacement Term Loan DIP Facility on an interim basis
prior to the Jan. 31, 2008, maturity date of the existing DIP
Term Loan Facility.  On Jan. 31, the Debtors' obligations under
the existing DIP Term Loan Facility would become immediately due
and payable, and the existing DIP Term Loan lenders would be
entitled to exercise all remedies available to them under the
Final DIP Order.

                      About DURA Automotive

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

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

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

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.  (Dura Automotive
Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


HANAROTELECOM: Signs Deal With Disney to Provide Movies
-------------------------------------------------------
hanarotelecom Inc. has signed a deal with U.S. entertainment
giant Disney to provide movies through its Internet-based TV
service, Yonhap News reports.

Under the deal, the report notes, hanarotelecom will gain access
to Disney's vast pool of content data, allowing its "HanaTV"
customers to view the U.S. firm's popular movies and animations.
Details of the financial terms and the contract period were not
disclosed, Yonhap says.

Yonhap explains that HanaTV provides a video-on-demand service
through which customers can watch a variety of programs using a
high-speed Internet connection.  Since its debut, the service
has attracted more than 800,000 customers, boosting hope in the
business potential of a full-blown Internet protocol TV, the
report adds.

According to the report, the agreement with Disney is the latest
in a series of similar content-sharing deals.

The company told the news agency that it has other contracts
with six global movie producers including Warner Bros., Sony
Pictures and Universal Studio.

                      About hanarotelecom

hanarotelecom Inc. -- http://www.hanaro.com/-- is the second         
largest player in the Korean local telephone market.  It
provides high-speed Internet services in Korea.  It provides
high-speed Internet services in Korea.  In June 2001, the
company integrated broadband Internet access services which
included ADSL, Hybrid Fiber Coaxial cables and Broadband
Wireless Local Loop into a single brand called HanaFOS.
hanarotelecom offers VoIP services to its broadband business
customers as a bundled service and also as a stand alone
service.

                        *     *     *

Moody's Investor Service has given hanarotelecom's long-term
corporate family and its senior unsecured debt 'Ba2' ratings.

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.


LG TELECOM: Fourth Qtr. Earnings Down 48.9% on Increased Cost
-------------------------------------------------------------
LG Telecom Ltd.'s fourth-quarter earnings plunged because of
increased efforts to attract more customers in the competitive
market, Yonhap News reports.

The report notes that in a regulatory filing the company said
they earned KRW56.05 billion in the three months to December,
down 48.9% during the same period a year earlier.  Sales jumped
14% to KRW1.17 trillion over the cited period, while operating
profit plummeted 53.9% to KRW56.31 billion, the company added.

For all of 2007, the company posted KRW275.29 billion in net
profit on sales of KRW4.58 trillion, the report notes.

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and         
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

As reported in the Troubled Company Reporter-Asia Pacific on
March 27, 2007, Moody's Investors Service upgraded LG
Telecom's foreign currency corporate family rating and senior
unsecured bond rating to Ba1 from Ba2.  The outlook on the
rating is stable.

On Nov. 14, 2006, Fitch Ratings upgraded LG Telecom's foreign
currency Issuer Default rating to 'BB+' from 'BB.'


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

AVAYA INC: Jenne Distributors to Offer Mid-Market Biz to Dealers
----------------------------------------------------------------
Avaya Inc. disclosed that Jenne Distributors will offer the
company's mid-sized business solutions to its national base of
value-added resellers and dealers.

Jenne Distributors will distribute mid-market solutions based on
Avaya's market-leading IP telephony software platform, Avaya
Communications Manager, and also will provide training and
service support to its reseller network.

"We are pleased to strengthen our partnership with Avaya by
becoming a Master Distributor for Avaya enterprise products for
the mid-market," said Jenne Distributors Chief Executive
Officer, Rose Jenne.  "We are excited to offer our customers
access to Avaya's enterprise solutions, including IP telephony
products.  The quality, reliability and depth of the product
line and the price structure make these Avaya solutions a
perfect fit for our customers.  Jenne is committed to providing
a broad product selection, competitive pricing, quick delivery,
outstanding technical support and in-depth sales training.  Our
company brings the added benefit of both a technical inside
sales team and a seasoned field team, experienced in IP
telephony and converged solutions."

Jenne Distributors is adding to its portfolio of solutions the
Avaya MultiVantage Express(TM), a complete application-rich
solution for mid-sized businesses with up to 500 extensions.
MultiVantage Express is based on Avaya Communication Manager
software, running on an Avaya S8500 Media Server.  The company
is also providing Avaya S8300 and Avaya S8400 Media Servers with
Avaya Communication Manager software to its mid-market
customers.

In addition, Jenne Distributors offer two Avaya solutions for
small and medium businesses (SMBs): Avaya IP Office, a cost-
effective, easy-to-use converged voice and data communications
system designed for small and mid-sized companies, and the Avaya
Partner(R) Advanced Communications System, a simple, reliable
system with advanced telephony features for small, growing
businesses.

"Jenne Distributors has provided Avaya customers with
outstanding support for our SMB solutions, and we are confident
that the company's track record of success will continue with
Avaya Communications Manager-based solutions for the mid-
market," said Avaya North America Channel Sales vice president,
Kevin Cook.  "Avaya is pleased to expand its relationship with
Jenne as the company builds out its portfolio of Avaya
solutions."

According to CableLink Solutions' Randy Mobley, a certified
member of the Avaya BusinessPartner program and specialist in
the SMB market, Avaya IP Office enabled CableLink to penetrate
the SMB market.  "Now, the Avaya Communication Manager
portfolio, available through Jenne Distributors, will take us to
the next level with respect to the companies we service," Mr.
Mobley said.  "We are working with more sophisticated
requirements for some accounts now, and there is a real need for
tailoring enterprise solutions to the mid- size market."

                    About Jenne Distributors

Jenne Distributors is a leading North American supplier of
business telephone, data and computer telephony products and
solutions.  Since the company's founding in 1986, Jenne has been
committed to providing dealers and value-added
resellers with a broad product selection, competitive pricing,
fast delivery, outstanding technical support-plus ongoing sales
and technical training. Jenne strives to offer the most
comprehensive personal attention in the industry.  For more
information on Jenne visit http://www.jenne.comor call
1.800.422.6191.

                         About Avaya Inc.

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

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

                          *     *     *

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


MANGIUM: Wants to Acquire MYR240 Mil. Assets in Ramajuta
--------------------------------------------------------
On January 29, 2008, Mangium Industries Bhd. entered into a
Memorandum of Understanding with Ramajuta in which, Mangium will
acquire assets of Ramajuta, with Sagajuta (Sabah) Sdn Bhd being
the principal assets, for a total consideration of
MYR240 million.  This will be subject to final valuation of the
assets and a formal agreement to be finalized.

Ramajuta expressed its intention to sell its assets, with
Sagajuta being the principal assets to Mangium.  This will
result in Ramajuta emerging as the majority shareholder of the
company.

The acquisition will be satisfied by Mangium through the
issuance of ordinary shares of MYR1.00 each in the company,
which follows:

   -- an initial payment of MYR90 million to be satisfied by the
      issuance of 90 million Mangium shares at an issue price of
      MYR1.00;

   -- an earn-out payment of MYR60 million that will be
      satisfied by the new issuance of 60 million Mangium shares
      at an issue price of MYR1.00, which is conditional on the
      assets making a profit after tax of MYR60 million for the
      financial year ending December 31, 2008;

   -- a second earn-out payment of MYR45 million that will be
      satisfied by the new issuance of 45 million Mangium shares
      at an issue price of MYR1.00, which is conditional upon
      the said assets making a profit after tax of MYR8 million
      for the financial year ending December 31, 2009, and
      having a net tangible asset value of not less than MYR250
      million; and

   -- a third earn-out payment of MYR45 million to be satisfied
      by the new issuance of 45 million Mangium Shares at an
      issue price MYR1.00, which is conditional upon the said
      assets making a profit after tax of MYR8 million for the
      financial year ending December 31, 2010, and having a net
      tangible asset value of not less than MYR300 million.

An agreement will be executed within a period granted by Bursa
Malaysia Securities Berhad or 12 months from the date of the
MOU.  This in respect of the regularisation plan pursuant to
Practice Note No. 17/2005 of the Listing Requirements of Bursa
Securities.

In the event the Parties are unable to execute the definitive
agreement at the expiry of the period granted by Bursa
Securities, the parties agreed that the MOU will be deemed to be
terminated by mutual consent.  The Parties may also extend the
term of the MOU by mutual agreement.

                     About Mangium Industries

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

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


TRIPLC BERHAD: Earns MYR1.07 Mil. in Quarter Ended November 30
--------------------------------------------------------------
TRIPLC Berhad posted a net profit of MYR1.07 million on
MYR46.8 million of revenues in the second quarter ended Nov. 30,
2007, as compared with a net profit MYR469,000 on MYR95 million
of revenues in the same period in 2006.

As of November 30, 2007, the company's consolidated balance
sheet reflected strained liquidity with total curent assets of
MYR231.33 million, available to pay total current liabilities of
MYR259.59 million coming due within the next twelve months.

The company's balance sheet as at Nov. 30, 2007, also showed
total assets amounting to MYR348.64 and total liabilities
aggregating to MYR323.65 million resulting to a shareholders'
equity of MYR24.98 million.

TRIPLC Berhad, formerly U-Wood Holdings Berhad, is a Malaysian
based provider of property development, construction and related
project management services.

The Company operates in four segments: property development,
which is engaged in the development of residential and
commercial properties; property construction, which is involved
in the construction of commercial properties; manufacturing and
trading, engaged in the manufacturing and trading of plywood,
blockboard and timber products, and others, which is engaged in
investment holding and investment of property.

On May 8, 2006, the company has been classified as an affected
listed issuer of the Amended Practice Note 17 category of the
Bursa Malaysia Securities Bhd.

Accordingly, as stipulated in the listing requirements of the
bourse, the company is required to submit a regularization plan
to relevant authorities which is aimed at stabilizing the
company's financial condition.


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

A.C. TIPPING: Creditors' Proofs of Debt Due on February 28
----------------------------------------------------------
The creditors of A.C. Tipping Maintenance (NZ) Ltd. are required
to file their proofs of debt by February 28, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 10, 2008.

The company's liquidator is:

          Murray Eric Judge
          HWI Limited Chartered Accountants
          Level 3, 139 Carlton Gore Road
          Newmarket, Auckland
          New Zealand


ABSAM HOLDINGS: Shareholders Resolve to Liquidate Business
----------------------------------------------------------
The shareholders of Absam Holdings Ltd. met on Dec. 17, 2007,
and resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by Feb. 15,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          G. L. Hansen
          Goldsmith Fox PKF
          PO Box 13141, Christchurch
          New Zealand
          Telephone:(03) 366 6706
          Facsimile:(03) 366 0265


C K FLOORING: Court to Hear Wind-Up Petition on February 8
----------------------------------------------------------
The High Court of Auckland will hear on February 8, 2008, at
10:45 a.m., a petition to have C K Flooring Ltd.'s operations
wound up.

The Commissioner of Inland Revenue filed the petition on
September 24, 2007.

The CIR's solicitor is:

          Simon John Eisdell Moore
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17  
          55-65 Shortland Street
          PO Box 2213, Auckland
          New Zealand
          Telephone:(09) 336 7556)


CLEAR CHANNEL: S&P Retains B+ Corp. Credit Rating on Watch Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on Clear
Channel Communications Inc., including the 'B+' corporate credit
rating, remain on CreditWatch with negative implications.  S&P
originally placed them on CreditWatch on Oct. 26, 2006,
following the company's announcement that it was exploring
strategic alternatives to enhance shareholder value.

"The company's pending LBO, led by Thomas H. Lee Partners L.P.
and Bain Capital Partners LLC, received FCC approval on
Jan. 24, 2008," explained S&P's credit analyst Michael Altberg.

The consummation of the merger is subject to certain conditions,
including the divestiture of grandfathered radio stations, in
approximately 42 markets, that no longer comply with FCC
multiple ownership rules.  Clear Channel expects to obtain
US$18.525 billion of new senior secured credit facilities and
US$2.6 billion of new senior unsecured notes in association with
financing the merger.

Upon close of the transaction, and barring any material changes
due to the divestiture of certain assets or change in financing
terms, S&P expects to lower Clear Channel's long-term corporate
credit rating to 'B' from 'B+'.  At the same time, S&P expects
to lower its rating on the company's US$6.32 billion of existing
senior unsecured notes, or US$4.9 billion assuming the
successful tender of its 7.65% senior notes due 2010 and 8%
senior notes due 2008 at its subsidiary, to 'CCC+' from 'B-'.
Based on the company's proposed financing, it will roll over
existing senior unsecured debt into the new capital structure,
but this debt will be structurally subordinate to both proposed
new bank debt and new senior unsecured notes.  The new bank debt
and the new senior unsecured notes will benefit from upstream
operating company guarantees, while the existing senior notes
will not.

Revenue and EBITDA increased 5.5% and 4.8%, respectively, for
the third quarter of 2007, as a 1% decline in radio revenue was
more than offset by 14% growth in outdoor advertising.  S&P is
concerned about the negative secular trends facing the radio
industry.  S&P believes Clear Channel has the ability to
slightly outperform the industry due to its significant
geographic and format diversity, offering some insulation from
economic downturn and providing advertisers with a broader
distribution platform.  Still, S&P believes that it will be
increasingly difficult for the company to achieve meaningful
EBITDA growth in the radio segment over the intermediate term.
Growth fundamentals in outdoor advertising remain strong, and
are not subject to the same competition that radio is from
alternative media such as the Internet.  S&P believes domestic
outdoor operations may benefit as the penetration of digital
displays grows, and international profitability may gradually
increase with continued investments in emerging markets.

S&P will continue to monitor developments surrounding the
closing of the proposed merger, in addition to the company's
progress in planned asset sales.  At the time of closing, S&P
expects to assign ratings to Clear Channel's proposed senior
secured credit facilities and proposed new senior unsecured
debt.

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.


FIRST PACIFIC: Fixes Feb. 19 as Last Day to File Claims
-------------------------------------------------------
First Pacific Corporation Ltd. requires its creditors to file
their proofs of debt by February 19, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Robert John Willis
          CST Nexia Limited, Chartered Accountants
          PO Box 76261, Manukau City
          New Zealand
          Telephone:(09) 262 2595


LADA LTD: Shareholders Opt to Liquidate Business
------------------------------------------------
The shareholders of Lada Ltd. met on January 11, 2008, and
agreed to voluntarily liquidate the company's business.

Rowan Kingstone was appointed as liquidator.

The Liquidator can be reached at:

          R. S. Kingstone
          c/o KDB Chartered Accountants Limited
          Orica House, Level 2
          123 Carlton Gore Road
          Newmarket, Auckland
          New Zealand
          Telephone:(09) 524 0791
          Facsimile:(09) 524 0271


MERLIN EQUITIES: Faces CIR's Wind-Up Petition
---------------------------------------------
On November 9, 2007, the the Commissioner of Inland Revenue
filed a petition to have Merlin Equities Ltd.'s operations wound
up.

The petition will be heard before the High Court of Auckland on
April 11, 2008, at 10:00 a.m.

The CIR's solicitor is:

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


METWORX LTD: Subject to CIR's Wind-Up Petition
----------------------------------------------
On September 25, 2007, the Commissioner of Inland Revenue filed
a petition to have Metworx Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
February 8, 2008, at 10:45 a.m.

The CIR's solicitor is:

          Simon John Eisdell Moore
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17  
          55-65 Shortland Street
          PO Box 2213, Auckland
          New Zealand
          Telephone:(09) 336 7556)


SHETLAND RISE: Appoints van Delden & Whittfield as Liquidators
--------------------------------------------------------------
On January 15, 2007, Boris van Delden and John Trevor Whittfield
were appointed liquidators of Shetland Rise Developments Ltd.

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

The Liquidators can be reached at:

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


WASH N SHOP: Wind-Up Petition Hearing Slated for February 4
-----------------------------------------------------------
A petition to have Wash N Shop Ltd.'s operations wound up will
be heard before the High Court of Wellington on February 4,
2008, at 10:00 a.m.

Ark Plumbing & Drainage Limited filed the petition on Dec. 4,
2007.

Ark Plumbing's solicitor is:

          D. G. Dewar
          Thomas Dewar Sziranyi Letts
          2nd Floor, 1 Margaret Street
          PO Box 31240, Lower Hutt
          New Zealand


WILL & PHIL: Wind-Up Petition Hearing Slated for February 8
-----------------------------------------------------------
A petition to have Will & Phil Ltd.'s operations wound up will
be heard before the High Court of Auckland on February 8, 2008,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on Oct. 2,
2007.

The CIR's solicitor is:

          Simon John Eisdell Moore
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17  
          55-65 Shortland Street
          PO Box 2213, Auckland
          New Zealand
          Telephone:(09) 336 7556)


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

CHIQUITA BRANDS: Soliciting Consents to Amend Indenture Terms
-------------------------------------------------------------
Chiquita Brands International Inc. disclosed solicitation of
consents to amend the terms of the indenture for its 7-1/2%  
senior notes due 2014, in connection with a proposed refinancing
of its senior credit facility that is intended to lower its
interest expense, extend maturities and provide additional
covenant flexibility.

The purpose of the consent solicitation is to amend provisions
in the indenture governing the Notes regarding the company's
ability to incur certain liens.

The record date for the consent solicitation is the close of
business, New York City time, on Jan. 25, 2008.  The consent
solicitation will expire at 5:00 p.m., New York City time, on
Monday, Feb. 4, 2008, unless extended.  The company is offering
a consent fee of US$20 per US$1,000 of principal amount of Notes
to each holder of record as of the record date who has delivered
a valid consent prior to the Expiration Time.

The company's obligations to accept consents and pay a consent
fee is conditioned, among other things, on the receipt of
consents to the amendments from holders of at least a majority
in aggregate principal amount of Notes, the consummation of a
senior unsecured convertible indebtedness transaction raising
gross proceeds of not less than US$125 million on or before
Feb. 15, 2008, and other conditions.

Questions from holders regarding the consent solicitation or
requests for additional copies of the Consent Solicitation
Statement, the Consent Form or other related documents should be
directed to the information agent for the consent solicitation:

     Global Bondholder Services Corporation
     Suite 723, 65 Broadway
     New York, NY 10006
     Tel (866) 873-6300 (toll free)
         (212) 430-3774 (call collect)

                or  

     Morgan Stanley & Co. Incorporated
     Solicitation Agent
     Tel (800) 624-1808 (toll free)

            About Chiquita Brands International Inc.

Cincinnati, Ohio-based Chiquita Brands International Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and  
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.


CHIQUITA BRANDS: Gets Consent Solicitation for 7-1/2% Sr. Notes
---------------------------------------------------------------
Chiquita Brands International Inc. has announced a solicitation
of consents to amend the terms of the indenture for its 7-1/2%
senior notes due 2014, in connection with a proposed refinancing
of its senior credit facility that is intended to lower its
interest expense, extend maturities and provide additional
covenant flexibility.

The purpose of the consent solicitation is to amend provisions
in the indenture governing the Notes regarding the company's
ability to incur certain liens, as described in the consent
solicitation statement dated Jan. 28, 2008.

The record date for the consent solicitation is the close of
business, New York City time, on Jan. 25, 2008.  The consent
solicitation will expire at 5:00 p.m., New York City time, on
Feb. 4, 2008, unless extended.  The company is offering a
consent fee of US$20.00 per US$1,000 of principal amount of
Notes to each holder of record as of the record date who has
delivered (and has not validly revoked) a valid consent prior to
the Expiration Time.  The company's obligations to accept
consents and pay a consent fee is conditioned, among other
things, on the receipt of consents (not validly revoked) to the
amendments from holders of at least a majority in aggregate
principal amount of Notes, the consummation of a senior
unsecured convertible indebtedness transaction raising gross
proceeds of not less than US$125 million on or before Feb. 15,
2008, and other conditions, as more fully set forth in the
Consent Solicitation Statement.

For a complete statement of the terms and conditions of the
consent solicitation, the amendments to the indentures, and the
accompanying waivers, holders of the Notes should refer to the
Consent Solicitation Statement, which is being sent to all
holders of record of the Notes as of the record date.  Questions
from holders regarding the consent solicitation or requests for
additional copies of the Consent Solicitation Statement, the
Consent Form or other related documents should be directed to:

        Global Bondholder Services Corporation,
        Information Agent
        65 Broadway, Suite 723
        New York, New York 10006
        Tel: (866) 873-6300 (toll free) or
             (212) 430-3774 (call collect)

                    -- or --

        Solicitation Agent
        Morgan Stanley & Co. Incorporated
        Tel: (800) 624-1808 (toll free)

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

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

                       *     *     *

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

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



PRC: Seeks to Hire Jenner & Block as Special Conflicts Counsel
--------------------------------------------------------------
PRC LLC and its debtor-affiliates ask permission from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Jenner & Block LLP, as their special conflicts counsel as of the
date of bankruptcy.

The Debtors selected Jenner & Block because of its extensive
experience and knowledge in the field of debtors' and creditors'
rights and business reorganizations under Chapter 11 of the
Bankruptcy Code.  The Debtors add that the firm has acted as
conflicts counsel in several cases.

As conflicts counsel, Jenner & Block will represent the Debtors
on matters that may not be appropriately handled by Weil Gotshal
& Ganges, LLP, the Debtors' primary bankruptcy counsel.

According to the Debtors, Weil Gotshal is unable to represent
the Debtors in any matters concerning Verizon Communications,
Inc., or its affiliates due to a conflict of interest.

Weil Gotshal currently represents WorldCom, Inc., and its
debtor-affiliates in their Chapter 11 cases, which were
purchased by Verizon Communications in 2005.

The Debtors propose that Jenner & Block be paid on an hourly
basis and be reimbursed for the expenses it may incur for any
related works undertaken.  The hourly rates of attorneys working
for the firm are:

              Designation         Hourly Rate
              -----------        -------------
              Partners           US$525 - US$1,000
              Associates         US$325 - US$495
              Paralegals         US$220 - US$260

Daniel R. Murray, Esq., at Jenner & Block, in Chicago, Illinois,
assures the Court that his firm is a disinterested person" as
that phrase is defined in Section 101(14) of the Bankruptcy
Code, as modified by Section 1107(b).

                          About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer  
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.  (PRC LLC Bankruptcy News, Issue No. 2;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Wants to Hire CXO LLC as Restructuring Advisors
--------------------------------------------------------
PRC LLC and its debtor-affiliates asks authority from the U.S.
Bankruptcy Court for the Southern District of New York to employ
CXO LLC, to provide them with a chief restructuring officer and
temporary staff in accordance with Section 363 of the U.S.
Bankruptcy Code.

H. Philip Goodeve, the Debtors' chief financial officer, says
the CXO Professionals are well-qualified to act on the Debtors'
behalf, and are also familiar with the Debtors' businesses and
financial affairs.

Pursuant to the parties' agreement dated Jan. 20, 2008, Stephen
R. Dube, a principal at CXO, will serve as chief restructuring
officer to to assist the Debtors.  Pursuant to an engagement
letter, the CXO Professionals will:

   (i) be engaged solely by the Debtors and will take direction
       from the Debtors' board;

  (ii) provide crisis and turnaround management services; and

(iii) assist in the direction and management of the Debtors'
       restructuring efforts.

Before the bankruptcy filing, the Debtors advanced US$200,000 to
CXO for fees and expenses and also paid the pro-rata share of
US$200,000 per month for services rendered prepetition.  The
Debtors propose to pay a US$200,000 aggregate flat monthly fee
to CXO for services rendered during the first full month after
the Petition Date.

For the second and third months after the filing of bankruptcy,
the Monthly Fee will be reduced to US$175,000 per month and
thereafter reduced further to US$150,000 per month for any and
all subsequent months.  The monthly fee is a standard fee for
work of this nature and is set at a level designed to fairly
compensate CXO for the restructuring advisory and consulting
services that they provide to the Debtors, Mr. Goodeve says.

Mr. Dube assures the Court that neither CXO nor any professional
employee or independent contractor of CXO has any connection
with or any interest adverse to the Debtors, their creditors, or
any other party-in-interest.  Mr. Dube says the firm is a
"disinterested person," as that term is defined in Section
101(14) of the Bankruptcy Code.

The additional CXO Professionals are:

   1. Robert Gary, Finance;
   2. John Ofenloch, Finance and bankruptcy administration;
   3. Michael Katzenstein, Strategic planning; and
   4. Brian Kushner, Strategic planning.

                          About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer  
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.  (PRC LLC Bankruptcy News, Issue No. 2;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Wants Court Nod on Evercore Group as Investment Bankers
----------------------------------------------------------------
PRC LLC and its debtor-affiliates seek permission from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Evercore Group LLC as their investment bankers and financial
advisors.

H. Philip Goodeve, PRC LLC's Chief Financial Officer, says that
Evercore is familiar with the Debtors' businesses, financial
affairs, and capital structure.  Since the firm's initial
retention in November 2007, Evercore has worked closely with the
Debtors' management, creditors, other professionals and advisors
in exploring various restructuring alternatives and otherwise
assisting in preparing for the bankruptcy filing.

The Debtors will look to Evercore to, among others:

   -- review and analyze the Debtors' business, operations, and
      financial projections;

   -- evaluate the Debtors' potential debt capacity in light of
      its projected cash flows;

   -- assist in determining a capital structure for the Debtors,
      and a range of values for the Debtors on a going concern
      basis;

   -- advise the Debtors on tactics and strategies for
      negotiating with certain creditors;

   -- render financial advice to the Debtors and participate in
      meetings or negotiations with certain creditors or rating
      agencies or other appropriate parties in connection with
      any restructuring;

   -- advise the Debtors on the timing, nature, and terms of new
      securities, other consideration or other inducements to be
      offered pursuant to a restructuring;

   -- advise and assist the Debtors in evaluating potential
      financing transactions; and

   -- assist the Debtors in identifying and evaluating  
      candidates for a potential sale transaction, advise the
      Debtors in connection with negotiations, and aid in the
      consummation of a sale transaction.

The Debtors will pay Evercore a US$125,000 monthly fee.  
Following the sixth month of the engagement, the monthly fee
will be lowered to US$100,000 for each successive month
thereafter.

Evercore will also receive a consummation fee, payable upon the
consummation of any Restructuring -- but not both:

   (a) US$1,800,000 if the Restructuring is confirmed within six
       months of the Debtors' filing for bankruptcy; or

   (b) US$1,300,000 if any other Restructuring is confirmed
       later.

The firm will be paid a Sale Transaction Fee if a Sale
Transaction is consummated.  The fee is equal to a portion of
the Aggregate Consideration of a Sale Transaction:

          Aggregate Consideration     Percentage Fee
          -----------------------     --------------
          Less than US$100 million           0.75%
          US$100 to US$140 million           1.00%
          Greater than US$140 million        1.25%

If the Aggregate Consideration is less than US$100,000,000 then
the Sale Transaction Fee should equal US$1,000,000.  Any Sale
Transaction Fee paid will be credited against any Consummation
Fee payable.  The credit will only apply to the extent that the
fees fees are approved in entirety by the Court.

The firm will get a Financing Fee, payable upon consummation of
any financing.  The fee is equal to a portion of the total gross
proceeds of a financing:

         Security Issued             Percentage Fee
         ---------------             --------------
         Senior Secured Debt              1.00%
         Senior Debt                      1.75%
         Subordinated Debt                2.25%
         Convertible Debt                 2.50%
         Preferred Stock
          (convertible or otherwise)      3.75%
         Common Stock                     4.25%

Any Financing Fee paid will be credited against any Consummation
Fee payable.  The credit will only apply to the extent that the
fees are approved in entirety by the Court.

Stephen Sieh, a Managing Director at Evercore, assures the Court
that neither Evercore nor any professional employee of Evercore
has any connection with or any interest adverse to the Debtors,
their creditors, or any other party-in-interest.  Mr. Sieh says
the firm is a "disinterested person," as that term is defined in
Section 101(14) of the Bankruptcy Code.

                          About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer  
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.  (PRC LLC Bankruptcy News, Issue No. 2;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


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

FLEXTRONICS INT'L: Completes Avail Medical Products Acquisition
---------------------------------------------------------------
Flextronics International Ltd. has completed the previously
announced acquisition of Avail Medical Products Inc., a
privately held, market leader in manufacturing disposable
medical devices.  As a division of the Flextronics Medical
segment, Avail Medical will continue to operate as a stand-alone
business.

"The acquisition of Avail expands our existing global design and
manufacturing capabilities creating a more robust and
competitive offering that now includes a wide range of
disposable medical devices such as catheters, wound management
and drug delivery devices.  The addition of Avail establishes
Flextronics as a leading supplier and partner for the medical
industry," said Flextronics Medical's president, Dan Croteau.
"This is a highly strategic acquisition for Flextronics and I am
pleased to welcome the talented Avail staff to our
organization."

Flextronics Medical segment is one of the fastest growing
Flextronics segments focused on providing outsourced design,
manufacturing and logistics services to the medical device and
equipment marketplace, including consumer diagnostic devices,
lab and life science equipment, imaging and patient monitoring
equipment, hospital beds, and drug delivery devices.  With the
combination of continued strong organic growth and the
acquisition of Avail Medical, Flextronics Medical expects to
generate US$850-US$950 million in revenue in the fiscal year
ending March 31, 2009, which represents a year-over-year
expected growth rate of 90%.

                      About Flextronics

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 4, 2007, Fitch Ratings has completed its review of
Flextronics International Ltd. following the company's
acquisition of Solectron Corp. and resolved Flextronics' Rating
Watch Negative status by affirming these ratings: Issuer Default
Rating at 'BB+'; and Senior unsecured credit facility at 'BB+'.

Fitch also rated Flextronics' new senior unsecured Term B loan
at 'BB+'.  Additionally, Fitch has downgraded the rating on
Flextronics' senior subordinated notes from 'BB' to 'BB-'.
Fitch said the rating outlook is negative.

At the same time, Moody's Investors Service confirmed the
ratings of Flextronics International Ltd. with a negative
outlook and assigned a Ba1 rating to the company's new USUS$1.75
billion delayed draw unsecured term loan in response to the
closing of the Solectron acquisition.  The initial draw on the
term loan (US$1.1 billion) will finance the cash portion of the
merger consideration.


ITC GLOBAL: Creditors' Meeting Slated for February 13
-----------------------------------------------------
The creditors of ITC Global Holdings Pte Ltd will have their
first meeting on February 13, 2008, at 3:00 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Neo Ban Chuan
          151 Chin Swee Road
          #14-04 Manhattan House
          Singapore 169876


MELROSE SINGAPORE: Creditors' Proofs of Debt Due on Feb. 25
-----------------------------------------------------------
The creditors of Melrose Singapore 2 Pte Ltd are required to
file their proofs of debt by February 25, 2008, to be included
in the company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way
          #32-00 DBS Building Tower Two
          Singapore 068809


OPTIMUM-3 INTERNATIONAL: Creditors to Meet on February 1
--------------------------------------------------------
Optimum-3 International Pte Ltd, which is in compulsory
liquidation, will hold a meeting for its creditors on Feb. 1,
2008, at 3:00 p.m.

At the meeting, the creditors will be asked to:

   -- receive the liquidator's report on the company's wind-up
      proceedings and property disposal;

   -- determine whether or not to appoint a committee of
      inspection to act with liquidator, and if so who are to be
      the members of the committee; and

   -- discuss other business.

The company's liquidator is:

          Goh Boon Kok
          1 Claymore Drive #08-11
          Orchard Towers (Rear Block)
          Singapore 229594


SEMITECH ELECTRONICS: Incurs SGD3.9-Mil. Net Loss for FY 2007
-------------------------------------------------------------
Semitech Electronics Ltd has incurred a net loss of
SGD3.9 million for the year ended 2007, compared to a net loss
of SGD6.57 million in 2006.

For the year 2007, the company reported a net loss from
discontinued operations of SGD3.03 million, compared with a  net
loss from discontinued operations of SGD5.71 million in 2006.

As of December 31, 2007, the company has SGD12.06 million n
total assets and SGD12.78 million in total liabilities,
resulting in a shareholders' deficit of 728 thousand.

Headquartered in Singapore, Semitech Electronics Ltd. is
principally engaged in contract equipment manufacturing, trading
and distribution of equipment and providing after sales services
for voice and data communication products. Some of its wholly
owned subsidiaries include SEM Manufacturing Pte Ltd, Semitech
Electronics (Wuxi) Co. Ltd, Semitech Enterprise Pte Ltd and
Semitech Manufacturing Sdn Bhd.

Semitech has incurred SGD0.16 million, SGD2.37 million,
SGD5.1 million, and SGD6.5 million net losses since FY2003
through FY2006.


SEMITECH ELECTRONICS: Unveils Appointment & Resignation of Staff
----------------------------------------------------------------
Semitech Electronics Ltd has unveiled the appointment and
resignation of some of its personnel.

Kung Seah Lim was appointed as Semitech's Independent Director.  
Mr. Kung is presently the sole proprietor of Kung Seah Lim & Co,
Certified Public Accountants.  

Teo Chew Seng @ Peter Chang was named as the company's Chairman
and Non-Executive Director.  Presently, Mr. Teo is the
Commissioner of PT Java Pacific.
  
Lau Hon Kit was tapped as Semitech's Executive Director and
Chief Operations Officer.  In his new role, Mr. Lau will be
responsible for the management of the day-to-day operations of
the Group.  He will also be responsible for developing new
streams of revenue and providing the strategy, jointly with the
Chief Executive Officer, as well as maximizing the profitability
through cost control and efficient use of resources within the
Group.  

Dicky Suen Yiu Chung was also appointed as Chief Executive
Officer and Executive Director of the company.  He will be
responsible for setting strategy and the future growth of the
Group.  Mr. Suen will also be involved in developing and
implementing the corporate development and the day-to-day
general management of the Group’s business operations.

Lim Chee San was tapped as the company's Independent Director.
Presently, he is the founding partner of the law firm, TanLim
Partnership, and director of some companies.

Wong Shun Cheong was also tapped as the company's Independent
Director.  Presently, he is the CFO of Metro Capital Property
Investment Fund, L.P.

Khoo Yee Yen was appointed as the company's Chief Financial
Officer.  In his new role, Mr. Khoo will be responsible for all
financial and fiscal management aspects of the Group's
operations.  He will also lead and coordinate the
administrative, business planning, accounting and budgeting
efforts of the Group.  

Meanwhile, due to the completion of Semitech's acquisition of
the entire issued share capital of Sky One Network (Holding)
Ltd., some of the company's personnel resigned.

Sie Lay Yung stepped down as the company's financial controller.  
He was assigned in overseeing the financial matters of group.

Yap Chuan Ping also resigned as the company's AC Chairman.  
He was tasked in reviewing with the external auditors the
company’s system of internal accounting controls and with the
internal auditors the evaluation of the internal audit
procedures, among other duties.

Manson Tay Soon Lee also quit as the company's Executive
Chairman.  He was designated in overseeing the group's business
strategy and expansion.

Victor Chow Yew Wai also quit as the company's Director and
Chief Executive Officer.  His job was to oversee the overall
management as well as growth strategies of the Group.  

Neo Kian Chye stepped down as Semitech's RC member.  Mr. Neo was
tasked to review with the external auditors, the company’s
system of internal accounting controls and with the internal
auditors the evaluation of the internal audit procedures, among
other duties.

Low Kum Choy  resigned as the company's Independent Director and
AC member.  Mr. Low was also tasked in reviewing with the
external auditors, the company’s system of internal accounting
controls and with the internal auditors the evaluation of the
internal audit procedures, among other duties.

Headquartered in Singapore, Semitech Electronics Ltd. is
principally engaged in contract equipment manufacturing, trading
and distribution of equipment and providing after sales services
for voice and data communication products. Some of its wholly
owned subsidiaries include SEM Manufacturing Pte Ltd, Semitech
Electronics (Wuxi) Co. Ltd, Semitech Enterprise Pte Ltd and
Semitech Manufacturing Sdn Bhd.

Semitech has incurred SGD0.16 million, SGD2.37 million,
SGD5.1 million, and SGD6.5 million net losses since FY2003
through FY2006.

First published in the Government Gazette, Electronic Edition,
on 25th January 2008 at 5.00 pm.


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

ABICO HOLDINGS: SEC Grants Request for Leniency on Special Audit
----------------------------------------------------------------
The Securities and Exchange Commission has granted Abico
Holdings Ltd.'s request for leniency regarding a special audit
of the company's financial statements regarding its relations
and controlling power of Dairy & Beverage and PPO Farm, a
disclosure with the Stock Exchange of Thailand says.

On January 14, 2008, the company received a letter from the SEC
revealing that it has ordered a special audit into the company's
relations with the two firms.  In response, the company sought
leniency and proposed alternate guidelines to reach the audit's
objectives.

In its reply to the company's letter, the SEC granted the
request and ordered that the company's proposed actions be taken
as soon as possible.

Headquartered in Pathumthani, Thailand, Abico Holdings Public
Company Limited -- http://www.abicogroup.com/-- is into trading
palm oil, real estate development and raw milk producer and
distributor.

On Apr. 12, 2004, Thailand's Central Bankruptcy Court issued an
order for the rehabilitation of the Company and appointed the
Company as its own rehabilitation plan manager.  The Company's
rehabilitation plan was then approved by creditors and the
Central Bankruptcy Court.

The Troubled Company Reporter-Asia Pacific reported on Mar. 5,
2007, that the Stock Exchange of Thailand placed "SP" or
suspension sign on Abico Holdings' securities for the company's
failure to timely submit its financial statements for the annual
period ended Dec. 31, 2006.


DOLE FOOD: Converts Salinas Equipment to B20 Bio-Diesel Fuel
------------------------------------------------------------
The Dole Food Company's Dole Fresh Vegetables Company told Fresh
Plaza that has converted its harvesting equipment in Salinas,
California, and in Yuma, Arizona, over to B20 Bio-diesel fuel.

Fresh Plaza relates that bio-diesel fuel is a domestic renewable
fuel for diesel engines derived from natural oils.

The Environmental Protection Agency told Fresh Plaza that bio-
diesel is the first and sole alternative fuel to have a complete
evaluation of emission results and potential health effects
presented to the U.S. EPA under the Clean Air Act Section 211
(b).

Fresh Plaza notes that the Environmental Protection determined
that B20 Bio Diesel has 20% less unburned hydrocarbons compared
to conventional diesel.  It has less carbon monoxide and has
particulate matter.

Dole's agriculture operations senior vice president Kevin Fiori
commented to Fresh Plaza, "Being good stewards of the
environment is very important to Dole and this includes reducing
emissions and using alternative sources of energy."

According to Fresh Plaza, Dole Food has been testing B20 Bio
Diesel since August 2007 in farm equipment and off road
vehicles.  The tests have positive results.

"Those of us in agriculture, who depend on the environment,
land, water, and air quality to grow foods, are keenly aware of
the importance of applying sustainable agricultural practices,"
Mr. Fiori told Fresh Plaza.

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia, including Thailand.  The packaged foods segment contains
several operating segments that produce and market packaged
foods, including fruit, juices and snack foods.  Dole's fresh-
cut! flowers segment sources, imports and markets fresh-cut
flowers, grown mainly in Colombia and Ecuador, primarily to
wholesale florists and supermarkets in the U.S.


G-STEEL: Exempted From Tender Offer on Nakornthai Purchase
----------------------------------------------------------
The Securities and Exchange Commission has exempted G-Steel PCL
from making a tender offer regarding its acquisition of
Nakornthai Strip Mill PCL.

G-Steel and its subsidiary, Oriental Access Co. Ltd., will
acquire 33% of NSM's registered capital.

Headquartered in Bangkok, G Steel Public Company Ltd --
http://www.g-steel.com/-- produces hot rolled coils (HRC) in      
different grades and gauges.  G Steel is a stand-alone operating
entity with no related group companies.

On November 1, 2007, Standard & Poor's Ratings Services lowered
its long-term corporate credit rating on G Steel Public Co. Ltd.
to 'B-' from 'B+', and removed it from CreditWatch, where it was
placed with negative implications on Oct. 4, 2007. The outlook
is negative.

Standard & Poor's also lowered the long-term issue credit rating
on G Steel's US$170 million senior unsecured notes to 'B-' from
'B+' and removed it from CreditWatch, where it was placed on
Oct. 4, 2007, with negative implications.

On November 1, 2007, Moody's Investors Service lowered the
corporate family rating and senior unsecured bond rating of G
Steel Public Company Limited to B3 from B2.  The outlook for
both ratings is negative.

The company is currently listed under the "Non-Performing Group"
sector of the Stock Exchange of Thailand.


PICNIC CORP: Liquidates Operations of Two Subsidiaries
------------------------------------------------------
Picnic Corp. PCL has liquidated the operations of two of its
wholly owned subsidiaries namely Gas Trans (Thailand) Co. Ltd.
and Picnic Ethanol Co. Ltd.

The company liquidated both firms because it has not been
operational for a long time.

The company reported a profit of THB800,000 from the liquidation
of Gas Trans, while winding up Picnic Ethanol's operations
resulted in a loss of THB1.9 million.

Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.

                      Going Concern Doubt

After reviewing the company's 2007 third quarter financial
statements, Somchai Kurujitkosol at S.K. Accountant Services Co.
Ltd. raised significant doubt on the company's ability to
continue as a going concern.

Mr. Somchai said that the group had working capital deficits of
THB4.16 billion at September 30, 2007 and THB2.191 billion at
December 31, 2006.  Mr. Somchai also said that the group has
various loans, some of which are already in default.  The
company's management is now negotiating with various financial
institutions to jointly invest in the company to solve the
problem.

Mr. Somchai concluded that the company's ability to continue as
a going concern is dependent on its ability to negotiate debt
restructuring of the Company and share capital increment, as
well as on its ability to follow-up of debt collection from
trading account receivables and loans due from associated
companies.


SIAM GENERAL: Has Until June 29 to Complete Talks for Land
----------------------------------------------------------
Siam General Factoring PCL and Eastern Wire PCL has until
June 29, 2008, to complete the negotiations with the owner of
the lands in which Siam General is in dispute with EWC.

According to a Court-ordered settlement, both firms were
required to conclude negotiations for the transfer of rights to
the land which is worth THB190 million.  On October 9, 2007, the
Troubled Company Reporter-Asia Pacific reported that the parties
have concluded negotiations for 73 title deeds worth THB73.12
million, and are negotiating for the remaining THB116.88
million.

Headquartered in Bangkok, Thailand, Siam General Factoring
Public Company Limited -- http://www.sgf.co.th/-- is engaged in   
the provision of financial services in the forms of factoring,
loans and leasing.  The company offers domestic factoring,
international factoring, leasing, inventory finance, letter of
guarantee, financial support, prefinance and letter of credit
services.  It also provides personal financial services.

The Troubled Company Reporter-Asia Pacific reported on Mar. 28,
2007, that as of December 31, 2006, the company had total assets
of THB1,112,569,672 and total liabilities of THB1,306,068,243,
giving it a total shareholders' equity deficit of
THB193,498,571.  The TCR-AP report also stated that the company
faces possible delisting from the Stock Exchange of Thailand.

The company is undergoing rehabilitation.


THAI-DURABLE GROUP: 3Q07 Net Loss Climbs 113% to THB30.341 Mil.
---------------------------------------------------------------
Thai-Durable Group PCL has reported a net loss of THB30.341
million for the third quarter of 2007, a 113.67% increase from
the THB14.2 million net loss reported for the same period in
2006.

For the quarter ended September 30, 2007, the company earned
revenues of THB172,000 and incurred expenses of THB5.912
million, resulting in a loss of THB5.74 million before interest
expenses of THB24.601 million.

The company also reported a net loss of THB105.030 million for
the nine month period ending September 30, 2007, a 51.87%
decrease from the THB218.215 million reported for the same
period in 2006.

For the January-September 2007 period, the company earned
revenues of THB10.368 million and incurred expenses of THB38.312
million, resulting in a loss of THB27.944 million before
interest expenses of THB77.086 million.

                      Going Concern Doubt

After reviewing the company's financial statements for the third
quarter and nine-month period of 2007, Jadesada Hungsapruek
raised significant doubt on the company's ability to continue as
a going concern.

According to Mr. Jadesada, the Company had sustained significant
accumulated losses and has suffered recurring loss from
operations including net losses for the nine-month periods ended
September 30, 2007 and 2006, amounting to THB105.03 million and
THB218.22 million, respectively.  The Company has deficit as at
September 30, 2007 and December 31, 2006, amounting to THB1.355
billion and THB1.25 Billion, respectively.  

The Company also incurred negative cash flows from operating
activities for the nine-month periods ended September 30, 2007
and 2006 amounting to THB47.41 million and THB80.43 million,
respectively.   The Company's current liabilities exceeded its
current assets as at September 30, 2007 and December 31, 2006,
by THB844.93 million and THB850.50 million, respectively.

Mr. Jadesada also said that the Company could not repay short-
term loans and long-term loans from two local banks which were
due.  And on January 27, 2006, the Company was sued by the first
local bank to repay all short-term loans and long-term loans
totaling THB273.8 million (including principal and accrued
interest).  And on June 8, 2007, the Company was sued by the
second local bank to repay all short-term loans and long-term
loans totaling THB457.11 million (including principal and
accrued interest).  The ultimate outcome of these matters cannot
presently be determined.

In addition, on January 30, 2007, the first local bank has
appealed to the Supreme Court to cancel the Labor Court's order
dated January 16, 2007.  The appeal was to request the court to
issue subpoena to seize and auction the assets pledged with the
bank, as to repay the debts to bank.  The court has issued the
order to cancel the assets seizing and the bank has appealed to
the Supreme Court.   The ultimate outcome of these matters
cannot presently be determined. Furthermore, since February
2006, the Company permanent stopped all production and is
preparing for the real estate business.

As a result, the continuing operation of the Company in the
future substantially depends on:

    a) results of the negotiation with the financial institution   
       creditors relating to the postponement of such loans, and
       on  

    b) the new business plan of the Company and its ability to
       operate successfully in the future and has adequate cash
       flows from operations.

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

             http://researcharchives.com/t/s?2788

                      About Thai-Durable

The Thai Durable Group Public Company Limited --
http://www.tdt.co.th/-- manufactures woven fabrics and yarns   
from natural and synthetic fibers.  The majority of its
production is sold to industrial factories for further
processing.


TMB BANK: Appoints Two New Independent Directors
------------------------------------------------
TMB Bank PCL has appointed two new independent directors to
replace those that have resigned earlier.

According to a disclosure with the Stock Exchange of Thailand,
Vijit Supinit was appointed to replace Kraithip Krairiksh, while
Nipon Poapongsakorn replaced Vudhibhandhu Vichairatana.  As
independent directors, they were also appointed into the
company's audit committee.

These new independent directors' appointments took effect on
Monday, January 28.

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

On January 23, 2008, the Troubled Company Reporter – Asia
Pacific reported that Standard & Poor's Ratings Services raised
its issuer credit rating of TMB Bank Public Co. Ltd.'s Hybrid
Tier-1 securities to 'B+' from 'D', reflecting expectations that
the bank will report a profit in the first half of fiscal 2008
and will pay the coupon on its hybrid notes in accordance with
the issue's terms and conditions.

The TCR-AP also reported on January 28, 2008 that  Fitch Ratings
has upgraded the following ratings of TMB Bank
Public Company Limited, as follows:

    * Long-term foreign currency Issuer Default Rating (IDR) to
      'BBB-' (BBB minus) from 'BB+'

    * Short-term foreign currency IDR to 'F3' from 'B'

    * Foreign currency subordinated debt rating to 'BB+' from
      'BB'

    * Foreign currency Hybrid Tier 1 issue rating to 'BB-' (BB
      minus) from 'B'

    * Individual rating to 'C/D' from 'D'

    * National Long-term rating to 'A+(tha)' from 'A(tha)'

    * National subordinated debt to 'A(tha)' from 'A-(tha)' (A
      minus (tha))

Meanwhile, TMB's Support Rating Floor has been affirmed at 'BB',
the Support rating at '3' and National Short-term rating at
'F1(tha)'.  At the same time, TMB is removed from Rating Watch
Evolving from which it was placed on in October 2007 following
the announcement of the capital raising and possible entry of
ING Bank NV (ING) as a major shareholder.  The Outlooks on the
Long-term foreign currency IDR and National Long-term rating are
Stable.




                         *********

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 ***