TCRAP_Public/080206.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

          Wednesday, February 6, 2008, Vol. 9, Issue 26

                          Headlines

A U S T R A L I A

BURNETT PROPERTY: Members Agree on Voluntary Liquidation
CNA STAFF: Commences Liquidation Proceedings
CHRYSLER LLC: Total U.S. Sales Decreased 12% at 137,392 Units
CHRYSLER LLC: Parts Shortage Prompts Closing of Four Facilities
COLLIERS INTERNATIONAL: Placed Under Voluntary Liquidation

COLLIERS INT'L PROPERTY: Undergoes Liquidation Proceedings
COLLIERS INT'L (FINANCE): Members Resolve to Wind Up Operations
COLLIERS RURAL: Placed Under Voluntary Liquidation
GETTY IMAGES: Reports US$125.9-Mln Net Income in Full Year 2007
KENDLE INT'L: Satish Tripathi To Oversee Global Regulatory Group

MOURA COAL: Placed Under Voluntary Liquidation
RAVENSWORTH PASTORAL: Commences Liquidation Proceedings
TRIMAS CORP: Cequent Acquires Parkside Towbars in West Australia
VALE ENGINEERING: Members Opt to Liquidate Business
WESTERN MAIN: Undergoes Liquidation Proceedings


* AUSTRALIA: Fitch Sees Decline in RMBS Delinquencies in Q407
* AUSTRALIA: Fitch Says Prospects for Banks Remain Positive


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

BRIGHT SMOOTH: Members' Meeting Fixed for March 3
CHALLENGE POINT: Members' Final Meeting Slated for March 3
GOLDEN PLEASURE: Liquidator to Present Wind-Up Report
HOP LICK: Members' Meeting Fixed for March 3
JIANGXI COPPER: Storm Affects Q1 Production Output

RENAL CARE: Creditors' Proofs of Claim Due by March 3
SAMTA SHIPPING: Commences Liquidation Proceedings
SUN SWIMS: Creditors' Proofs of Debt Due on March 7
TRIUMPHS KEY: Members Meeting Fixed for March 7
UNIVERSAL VENTURE: Creditors' Proofs of Debt Due on March 3

UTI TELECOM: Members Meeting Fixed for March 4
XINHUA FINANCE: 2007 Earnings Release Slated for Feb. 15

* China Eyes Limited Impact from U.S. Subprime Crisis: Regulator


I N D I A

SHREE RAMA: Incurs INR30.8-Mil. Net Loss in Qtr. Ended Dec. 31
SHYAM TELECOM: Net Loss Narrows to INR29 Mil. in Oct.-Dec. 2007
SINGER INDIA: Net Loss Down to INR800,000 in Oct.-Dec. 2007
TATA POWER: JV Completes Financing for 1,050-MW Maithon Plant

* INDIA: Fitch Comments on SEBI's Proposed Regulations for REITs


I N D O N E S I A

ALCATEL-LUCENT SA: Extended Restructuring Projects 400 Job Cuts
FOSTER WHEELER: Improved Cash Flow Spurs S&P's Outlook Revision
FREEPORT-MCMORAN: Unit Pays Government IDR17 Trillion in 2007
GOODYEAR TIRE: Calls for Redemption of US$650 Mil. Secured Notes
MEDIA: Venture Capital Firm Competes for 60% Linktone Shares

PT INCO: Nickel in Matte Production Exceeds 2007 Target
TELKOM: Collaborates with Huawei to Reduce Construction Costs


J A P A N

ALITALIA SPA: Sale Talks Continue Unless New Gov't Takes Over
DELPHI CORP: Anticipates Chapter 11 Emergence by March 31
FLOWSERVE CORP: Discloses Full Year EPS Range of US$5.10-US5.40
FORD MOTOR: January 2008 Sales Decreased 4% to 159,914
HERBALIFE LTD: Paying US$0.20 Per Share Dividend on March 24

LOPRO CORP: Fitch Affirms and Withdraws Low B Long-Term IDRs
MITSUBISHI MOTORS: Posts 3Q 2007 Financial Results


K O R E A

BURGER KING: Reports US$49-Mln Net Income in 2008 Second Quarter
DURA AUTOMOTIVE: Obtains Court OK for US$170MM Replacement Loan


M A L A Y S I A

APL: Unit's Failure to File Annual Report Leads to Liquidation
CNLT (FAR EAST): Court to Hear Restraining Order on February 25
HARVEST COURT: Court to Hear Summons for Directions on March 18
MEGAN MEDIA: Defaults on MYR899.956 Million Banking Facilities
OCI BERHAD: Bursa to De-List Securities on February 18

PANGLOBAL BERHAD: Has Until Dec. 31 to Comply to Equity Rule
SYARIKAT KAYU: Names Lai Hock as New Board Chairman
TENGGARA OIL: Owes MYR20.74 Mil. as of Jan. 31, 2008


N E W  Z E A L A N D

BRUCE HILL: Wind-Up Petition Hearing Slated for February 25
ELITE POOLS: Appoints Parsons and Kenealy as Liquidators
FRESH FOCUS: Court Appoints Madsen-Ries & Vance as Liquidators
HAMILL REFRIGERATION: Wind-Up Petition Hearing Set for Feb. 14
HBC PROPERTIES: Fixes February 22 as Last Day to File Claims

P L R INVESTMENT: Taps Madsen-Ries and Vance as Liquidators
RANGITIKEI COMMODITIES: Wind-Up Petition Hearing Set for Feb. 25
SS SERVICE: Subject to CIR's Wind-Up Petition
WINSLOW GROUP: Court to Hear Wind-Up Petition on May  9
WINSLOW MANAGEMENT: Creditors' Meeting Slated for February 7


P H I L I P P I N E S


EPIXTAR PHILS: Appeals Lower Court's Junking of Rehab Plan
RIZAL COMMERCIAL: Net Profit in 2007 Up 56% to PHP3.21 Billion


S I N G A P O R E

AF AEROSPACE: Court Enters Wind-Up Order
EC-ASIA INTERNATIONAL: Creditors' Proofs of Debt Due on Feb. 22
FORSYTH PARTNERS: Court to Hear Wind-Up Petition on Feb. 15
UPPER ROOM: Requires Creditors to File Claims by March 3


T A I W A N

AU OPTRONICS: Still the World's Leading LCD Supplier
AU OPTRONICS: TV Screens Fuel Profit and Expansion


T H A I L A N D

* Fitch Says Non-Japan Asia Structured Finance'08 Outlook Stable

* McKinney Names V. Pollaers as Asia Pacific Managing Partner


                            - - - - -

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


BURNETT PROPERTY: Members Agree on Voluntary Liquidation
--------------------------------------------------------
During a general meeting held on December 21, 2007, the members
of Burnett Property Management Pty Limited agreed to voluntarily
liquidate the company's business.

S. J. Cathro and C. R. Campbell of Deloitte Touche Tohmatsu were
tapped as liquidators.

The liquidators can be reached at:

          S. J. Cathro
          C. R. Campbell
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

                   About Burnett Property

Burnett Property Management Pty Limited, which is also trading
as Burnett Colliers Jardine, is involved with real estate agents
and managers.  The company is located at Thornleigh in New South
Wales, Australia.


CNA STAFF: Commences Liquidation Proceedings
--------------------------------------------
The members of CNA Staff Retirement Fund Pty Limited met on
December 21, 2007, and agreed to voluntarily wind up the
company's operations.

J. L. Greig and S. J. Cathro of Deloitte Touche Tohmatsu were
tapped as liquidators.

The liquidators can be reached at:

          J. L. Greig
          S. J. Cathro
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

                       About CNA Staff

Located at North Sydney, in New South Wales, Australia, CNA
Staff Retirement Fund Pty Limited is an investor relation
company.


CHRYSLER LLC: Total U.S. Sales Decreased 12% at 137,392 Units
-------------------------------------------------------------
Chrysler LLC's total U.S. sales of 137,392 units were down 12%
and total fleet sales were down 18% in January.  This was due to
a planned reduction of daily rental fleet vehicles that is in
line with the company's strategy.

The company opened the new year with strong sales performance
from the Dodge Avenger, Dodge Viper, Dodge Caliber and Dodge
Charger, all contributing to a year-over-year sales increase of
42% (28,457 units) for Dodge brand car sales.  This is compared
with 20,020 units in January 2007.

Chrysler Aspen sales of 2,570 units represented a 20% increase
in January 2008 versus the same period last year.

Based on strong consumer demand, sales of the redesigned Jeep(R)
Liberty mid-size sport-utility vehicle increased 17% to 8,331
units in January 2008.  Sales in January 2007 were 7,141 units.

"As customers become even more thoughtful about the vehicles
they buy, Chrysler is committed to delivering products that meet
their needs-and exceed their expectations," Jim Press, Vice
Chairman and President, said.  "While the government works on an
economic stimulus package, we are ready to offer consumers the
best value in the American car market, with vehicles that meet
the highest safety and quality standards.  We are pleased to
offer products like the Dodge Journey, Challenger and Ram; and
launching soon, the two new SUV hybrids -- Chrysler Aspen and
Dodge Durango.  These products, combined with the best-in-
industry Lifetime Powertrain Warranty, will continue to bring
more customers to our showrooms."

"We're moving fast to earn the trust of dealers and customers
and prove that we are listening," Deborah Meyer, Vice President
and Chief Marketing Officer said.  "In the first 60 days after
Chrysler became private, we approved 260 line-item improvements
to our products.  With all of the changes, we have the
opportunity to really get back in step with the American public.
Our task is to challenge old perceptions and build a new image
that is strong and relevant to today's consumers-and prove that
it really is a New Day for Chrysler."

The company finished the month with 413,874 units of inventory,
or a 75-day supply.  Inventory is down by 15% compared with
January 2007 when it was at 488,410 units.

                     About Chrysler LLC

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

                          *     *     *

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


CHRYSLER LLC: Parts Shortage Prompts Closing of Four Facilities
---------------------------------------------------------------
Chrysler LLC, has closed four facilities on Feb. 4, 2008, as the
direct result of a supplier-related parts shortage:

   -- Belvidere Assembly Plant - Rockford, Illinois
   -- Newark Assembly Plant - Newark, Delaware
   -- Sterling Heights Assembly Plant - Sterling Heights,
      Michigan
   -- Toledo North Assembly Plant - Toledo, Ohio
   -- Toledo Supplier Park - Toledo, Ohio (Second shift only
      dismissed)

Mike Ramsey and Erik Larson at Bloomberg News reports that
Chrysler temporarily halted production at the four assembly
plants in a dispute with auto-parts supplier Plastech Engineered
Products Inc.  Bloomberg says Chrysler closed the plants after
following through Feb. 1 on a threat to revoke contracts with
Plastech.  The parts maker filed for Chapter 11 bankruptcy
protection hours after Chrysler canceled orders.

Chrysler's move may result in the closure of all 13 of its North
American assembly plants, according to Messrs. Ramsey and
Larson, unless it finds a way to obtain Plastech parts on an
interim basis.

Employees will be notified directly by their facility or through
local media regarding a return-to-work schedule, Chrysler said
in a statement announcing the plant closures.  Skilled trades
and janitorial services personnel will be notified of their work
schedules by their respective plants.  All other employees are
advised not to report to work unless notified directly by their
management.  Powertrain and Stamping operation employees will be
notified by their local facility as to their work schedule.

These actions are to ensure quality for the company's customers.
The delayed volume will be rescheduled in the near future.  The
company are monitoring the situation and will adjust inventory
mix accordingly to ensure its operations resume efficiently and
as quickly as possible.

                     About Chrysler LLC

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

                          *     *     *

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


COLLIERS INTERNATIONAL: Placed Under Voluntary Liquidation
----------------------------------------------------------
During a general meeting held on December 21, 2007, the members
of Colliers International (Perth) Pty Limited resolved to wind
up the company's operations.

S. J. Cathro and C. R. Campbell were appointed as liquidators.

The liquidators can be reached at:

          S. J. Cathro
          C. R. Campbell
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

            About Colliers International (Perth)

Colliers International (Perth) Pty Limited is involved with real
estate agents and managers.  The company is located in Sydney,
Australia.


COLLIERS INT'L PROPERTY: Undergoes Liquidation Proceedings
----------------------------------------------------------
The members of Colliers International Property Solutions Pty
Limited met on December 21, 2007, and agreed to voluntarily
liquidate the company's business.

S. J. Cathro and C. R. Campbell of Deloitte Touche Tohmatsu were
appointed as liquidators.

The liquidators can be reached at:

          S. J. Cathro
          C. R. Campbell
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

           About Colliers International Property

Colliers International Property Solutions Pty Limited is a
distributor of durable goods.  The company is located at
Sydney, in New South Wales, Australia.


COLLIERS INT'L (FINANCE): Members Resolve to Wind Up Operations
---------------------------------------------------------------
On December 21, 2007, the members of Colliers International
Property Finance Limited had a meeting and agreed to wind up the
company's operations.

S. J. Cathro and C. R. Campbell of Deloitte Touche Tohmatsu were
named as liquidators.

The liquidators can be reached at:

          S. J. Cathro
          C. R. Campbell
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

           About Colliers International Property Finance

Colliers International Property Finance Limited is an operator
of non-residential buildings.  The company is located at
Sydney, in New South Wales, Australia.


COLLIERS RURAL: Placed Under Voluntary Liquidation
--------------------------------------------------
The members of Colliers Rural Limited met on December 21, 2007,
and resolved to liquidate the company's business.

S. J. Cathro and C. R. Campbell of Deloitte Touche Tohmatsu were
named as liquidators.

The liquidators can be reached at:

          S. J. Cathro
          C. R. Campbell
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

                   About Colliers Rural

Colliers Rural Limited is an operator of non-residential
buildings.  The company is located at Sydney, in New South
Wales, Australia.


GETTY IMAGES: Reports US$125.9-Mln Net Income in Full Year 2007
---------------------------------------------------------------
Getty Images Inc. has disclosed financial results for the fourth
quarter and full year ended Dec. 31, 2007.  Net income for the
fourth quarter of 2007 was US$28.5 million compared to
US$30.9 million in the fourth quarter of 2006.  Net income for
2007 was US$125.9 million compared to US$130.4 million in 2006.

"We are making tremendous progress toward our goal of becoming a
complete digital media company and we are pleased with our
record revenue for the quarter," said Jonathan Klein, co-founder
and chief executive officer.  "We experienced sequential growth
in every product line compared to the third quarter of 2007 and
continue to see strong progress on our many initiatives to
stabilize our traditional creative stills business while growing
revenue across all other areas of our business."

                     Fourth Quarter Results

Revenue increased 7.1 percent to US$218.1 million from US$203.6
million in the fourth quarter of 2006.  Excluding the effects of
changes in currency exchange rates, revenue grew 1.0 percent.
Revenue growth over the prior year came from increasing licenses
of editorial imagery, significant growth in micro payment
revenue, and increased revenue from digital asset management and
publicity distribution.  This year over year growth was
partially offset by lower revenue in the company's traditional
creative stills business.

As a percentage of revenue, cost of revenue was 27.0 percent,
compared to 26.3 percent in the prior year due to mix, in
particular in the composition of the company's royalty free
business where "other" royalty free revenue is growing faster
and has lower gross margins than the traditional single image
royalty free licensing.

Selling, general and administrative expenses totaled US$86.4
million or 39.6 percent of revenue for the fourth quarter of
2007, compared to US$77.0 million or 37.8 percent of revenue in
the fourth quarter of 2006.  The increase over the prior year is
attributable to recently acquired companies, the impact of
changes in foreign exchange rates, certain non-recurring costs
and investments that the company is making in growth areas,
including editorial imagery, multi-media products, footage,
micro payment, music and consumer.

Income from operations was US$47.8 million or 21.9 percent of
revenue in the fourth quarter of 2007 compared to US$44.1
million or 21.7 percent of revenue in the fourth quarter of
2006.  Excluding US$1.1 million of professional fees associated
with the review of strategic alternatives and restructuring
costs, operating income in the fourth quarter of 2007 was
US$48.9 million or 22.4 percent of revenue.  Excluding US$11.1
million of restructuring costs and professional fees associated
with the review of the company's historical equity compensation
grant practices, operating income in the fourth quarter of 2006
was US$55.2 million or 27.1 percent of revenue.

Total cash and short-term investments were US$364.5 million at
Dec. 31, 2007, compared to US$303.0 million at Sept. 30, 2007.
Net cash provided by operating activities during the fourth
quarter of 2007 was US$78.7 million.

                      2007 Full Year Results

For Full Year 2007, revenue grew 6.3 percent to US$857.6 million
compared to US$806.6 million in the prior year.  As a percentage
of revenue, cost of revenue was 26.6 percent in 2007 compared to
25.6 percent in the prior year.

For 2007, selling, general and administrative expenses were
US$335.9 million or 39.2 percent of revenue compared to US$302.7
million or 37.5 percent of revenue in the prior year.  Excluding
US$6.0 million for certain non-recurring professional fees
associated with the review of the company's historical equity
compensation grant practices, a terminated transaction, and
exploration of strategic alternatives in 2007, SG&A would have
been US$329.9 million or 38.5 percent of revenue.

Income from operations was US$196.3 million or 22.9 percent of
revenue compared to US$198.1 million or 24.6 percent of revenue
in 2006.  Excluding US$11.2 million of restructuring costs and
professional fees, income from operations for 2007 was US$207.5
million or 24.2 percent of revenue.  In 2006, excluding US$27.9
million for items, income from operations was US$226.0 million
or 28.0 percent of revenue in the prior year.

For the full year 2007, the company generated cash from
operating activities of US$249.3 million, compared to US$269.1
million in 2006.  Significant uses of cash during the year
included US$254.7 million for business acquisitions and US$62.9
million for the acquisition of property and equipment.  The
company finished the year with total cash and short term
investments of US$364.5 million.

                         Business Outlook

The following forward-looking statements reflect Getty Images'
expectations as of Jan. 31, 2008.  The company currently does
not intend to update these forward-looking statements until the
next quarterly results announcement.

For the first quarter of 2008, the company expected revenue of
approximately US$220 million and diluted earnings per share of
US$0.45.  For the full year 2008, the company expected revenue
of approximately US$900 million and diluted earnings per share
of US$2.00 to US$2.10. Certain professional fees associated with
the company's exploration of strategic alternatives are included
in the guidance for the first quarter and full year of 2008.

The company expected fully diluted shares just over 60 million
shares for both the first quarter and the full year of 2008.

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 29,
2008, Standard & Poor's Ratings Services affirmed its ratings
and outlook on Getty Images Inc., including its 'BB' corporate
credit rating, following the company's announcement that it is
exploring strategic alternatives.


KENDLE INT'L: Satish Tripathi To Oversee Global Regulatory Group
----------------------------------------------------------------
Kendle International Inc. has hired Satish Tripathi, PhD, RAC as
Vice President, Global Regulatory and Quality.  Dr. Tripathi
will provide additional leadership to the Regulatory Affairs
Brand, overseeing the multi-functional global regulatory group
consisting of approximately 450 personnel.  He will focus on
driving growth in the company's regulatory brand, which includes
strategic clinical development planning, regulatory consulting
and submissions, clinical trial regulatory affairs, nonclinical
consulting, Chemistry, Manufacturing and Controls development,
medical writing and pharmacovigilance/safety services.

"We are thrilled to have someone with Satish's background and
experience as part of our regulatory leadership team," said
Melanie Bruno, PhD, Vice President, Global Regulatory Affairs,
Quality and Safety.  "His ability to analyze the regulatory
complexities of drug development and fashion a market
positioning strategy to help ensure commercial success
will provide a wonderful resource to Kendle's customers."

Dr. Tripathi served most recently as the Director of Worldwide
Regulatory Strategy at Pfizer (formerly Pharmacia).  Prior to
that, he was a Director of Global Regulatory Affairs at the
Biosciences Division of Baxter Healthcare Corporation in charge
of all global regulatory submissions within the Recombinant
Strategic Business Unit.  While at the U.S. Food and Drug
Administration, Dr. Tripathi served as a Pharmacology and
Toxicology Reviewer with an emphasis on oncology and pulmonary
products.

Dr. Tripathi earned his doctorate from the University of Glasgow
in Scotland, his Master of Philosophy from Bhopal University in
India and bachelor's and master's degrees from Jiwaji University
at Gwalior, India.  His post-doctoral fellowships include the
Massachusetts Institute of Technology, Emory University Medical
School and the Medical College of Wisconsin.

Dr. Tripathi will be based in Kendle's Chicago office.

                        About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL)
-- http://www.kendle.com/-- is a global clinical research
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions: North America; Europe;
Asia/Pacific, including Australia; Africa; and Latin America,
including Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2007, Standard & Poor's Rating Services revised its
outlook on Kendle International Inc. to positive from stable.
S&P also revised its issue rating on the company's amended
US$53.5 million revolver to 'BB' with a recovery rating of '1',
indicating the expectation of very high (90%-100%) recovery of
principal in the event of default.  At the same time, S&P
affirmed all existing ratings, including its 'B+' corporate
credit rating, on the company.


MOURA COAL: Placed Under Voluntary Liquidation
----------------------------------------------
During a general meeting held on December 21, 2007, the members
of Moura Coal Investments Pty Limited resolved to voluntarily
liquidate the company's business.

J. L. Greig and S. J. Cathro were then appointed as liquidators.

The Liquidators can be reached at:

          J. L. Greig
          S. J. Cathro
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

                      About Moura Coal

Moura Coal Investments Pty Limited is a distributor of durable
goods.  The company is located at Ravensworth Via Singleton, in
ACT, Australia.


RAVENSWORTH PASTORAL: Commences Liquidation Proceedings
-------------------------------------------------------
During a general meeting held on December 21, 2007, the  members
of Ravensworth Pastoral Company Pty Limited agreed to
voluntarily wind up the company's operations.

J. L. Greig and S. J. Cathro of Deloitte Touche Tohmatsu were
appointed as liquidators.

The Liquidators can be reached at:

          J. L. Greig
          S. J. Cathro
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

                About Ravensworth Pastoral

Ravensworth Pastoral Company Pty Limited is a distributor of
durable goods.  The company is located at North Sydney, in New
South Wales, Australia.


TRIMAS CORP: Cequent Acquires Parkside Towbars in West Australia
----------------------------------------------------------------
Cequent group, TriMas Corporation's subsidiary, has acquired
Parkside Towbars, located in Western Australia.  With annual
revenues of approximately US$5 million, Parkside Towbars adds to
Cequent's towing and truck accessory product offering, while
strengthening its position in an attractive international
market.  Parkside Towbars will be integrated with Cequent's
already well-established business in Australia, operating under
the brand of Hayman Reese(R).

"Consistent with our strategy to expand internationally, the
acquisition of Parkside Towbars provides us greater access to
the robust Western Australian segment of the Australian market,"
commented Cequent Group President, Ed Schwartz.  "Parkside's
recognized brand and established channel presence will generate
new opportunities for Cequent products in this market.  This
acquisition will also allow us to expand into complimentary
products, including front-end protection equipment for motor
vehicles."

                    About Parkside Towbars

Located in Perth, Western Australia, Parkside Towbars is a
leading manufacturer and distributor of standard towbars, Tow-
Safe(R) hitches, roobars, nudge bars, front protection bars and
bullbars.  The company also carries a range of related vehicle
accessories such as load equalizing hitches, electric brake
units, transmission coolers, cargo barriers and spotlights.
Established in 1972, Parkside Towbars earned certification as a
Quality Endorsed Company with Quality Assurance Services
(Standards Australia) in 1992.

                        About Cequent

Cequent is a leading designer, manufacturer and marketer of a
broad range of accessories for light trucks, sport utility
vehicles, recreational vehicles, passenger cars and trailers of
all types.  Products include towing and hitch systems, trailer
components and accessories, and electrical, brake, cargo-
carrying and rack systems.  Cequent draws upon a 75-year-old
heritage of superior towing and trailer brands, including:
ROLA(R), Hayman Reese(R), Highland(R), Draw-Tite(R), Reese(R),
Fulton(R), Wesbar(R), Bull Dog(R), Hidden Hitch(R) and
Tekonsha(R).

                        About TriMas

Headquartered in Bloomfield Hills, Michigan, TriMas Corporation
(NYSE:TRS) -- http://www.trimascorp.com/-- is a diversified
growth company of high-end, specialty niche businesses
manufacturing a variety of products for commercial, industrial
and consumer markets worldwide.  TriMas Corporation is organized
into five strategic business groups: Packaging Systems, Energy
Products, Industrial Specialties, RV & Trailer Products, and
Recreational Accessories.  TriMas Corporation has nearly 5,000
employees at 80 different facilities in 10 countries.  The
company has manufacturing facilities in Indiana, Mexico,
England, Germany, Italy, China, and Australia.

                        *     *     *

TriMas Corp. carries Standard & Poor's Ratings Services' B+
corporate credit rating.  S&P said the outlook is stable.


VALE ENGINEERING: Members Opt to Liquidate Business
---------------------------------------------------
The members of Vale Engineering Pty Ltd met on
December 21, 2007, and passed a resolution to voluntarily
liquidate the company's business.

The company's liquidators are:

          J. L. Greig
          S. J. Cathro
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

                   About Vale Engineering

Vale Engineering Pty Ltd is a distributor of mining machineries.
The company is located at Moss Vale, in New South Wales,
Australia.


WESTERN MAIN: Undergoes Liquidation Proceedings
-----------------------------------------------
During a general meeting held on December 21, 2007, the members
of Western Main Collieries Pty Ltd agreed to wind up the
company's operations.

J. L. Greig and S. J. Cathro of Deloitte Touche Tohmatsu were
appointed as liquidators.

The liquidators can be reached at:

          J. L. Greig
          S. J. Cathro
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

                     About Western Main

Western Main Collieries Pty Ltd is involved in  Bituminous Coal
and Lignite-surface mining.  The company is located at  Milsons
Point, in New South Wales, Australia.


* AUSTRALIA: Fitch Sees Decline in RMBS Delinquencies in Q407
-------------------------------------------------------------
Fitch Ratings has said, in its "The Dinkum Index - Q407
Quarterly Australian Residential Mortgage Performance" report,
that the Australian prime mortgage market shows a decline in
delinquencies in the fourth quarter of 2007.  The 30+ day
delinquencies for the market as at 31 December 2007 decreased to
1.07% from 1.15%, the index's lowest level since December 2005.

"In contrast to market perception and anecdotal evidence to the
contrary, missed payments on mortgages have actually fallen over
the past six months and Fitch's figures at 31 December 2007 show
the lowest level of mortgage arrears since December 2005.  The
data indicates that, at least prior to the interest rate rises
of the past few months, Australian borrowers, in general, were
coping well with their mortgage obligations," notes Natasha
Vojvodic, Senior Director of Fitch's Australian Structured
Finance team and author of the report.

The improvement in the index supports the agency's continued
positive outlook for Australian prime residential mortgage
backed securities (RMBS), which is underpinned by strong
fundamentals of record low unemployment and low, albeit
increasing, interest rates.

"The combined effects of the Reserve Bank of Australia's (RBA)
official interest rate rises of August and November 2007, as
well as today's (5 February 2008), and the move by lenders to
increase rates outside of the usual RBA cycle in January 2008,
has seen mortgage interest rates rise approximately 1% in seven
months, and this will undoubtedly put additional pressure on
households with mortgages.  While the effects of these interest
rate rises have yet to be reflected in Fitch's Dinkum Index, we
expect the interest rate hikes along with the seasonal effect of
the Christmas period will be reflected in Q108 and Q208 data,"
noted Ben McCarthy, Managing Director and Head of Fitch's
Australian Structured Finance team.

The agency notes that 30+ day delinquencies for low-doc loans
increased in Q407 to 4.12% from 4.05% in Q307.

Covering four categories of delinquencies (30 to 59 days, 60 to
89 days, 90+ days and 30+ days), as well as claims against
lenders' mortgage insurance (LMI), the Dinkum report enables
market participants to compare the performance of Australian
RMBS deals and monitor trends in the Australian RMBS market.

A full copy of the report, as well as downloadable versions of
the graphs and performance data, is available on the agency's
Web sites, http://www.fitchratings.comand
http://www.fitchratings.com.au


* AUSTRALIA: Fitch Says Prospects for Banks Remain Positive
-----------------------------------------------------------
Fitch Ratings has commented, in its semi-annual review and
outlook of Australian banks that these banks remain in good
shape and appear well positioned to handle the turmoil currently
enveloping global markets.  However, the agency notes that a
prolonged liquidity crunch may result in banks moderating their
lending activity to reflect a reduced funding capacity.

"Fundamentally, Australian banks appear to be in good shape,
with solid profitability and excellent asset quality, while
having only limited exposure to US subprime mortgages and
related structured credit products.  However, in the current
environment there are a number of downside risks," said Tim
Roche, Associate Director in Fitch's Financial Institutions
group.  "These include the potential for credit rationing should
the current liquidity crisis be prolonged, a reduction in demand
for credit as corporates and SMEs adjust their investment
decisions to suit a softer economic environment, and the
potential for higher interest rates to place further pressure on
already highly indebted households," he added.

Thus far, the main impact of the current market turmoil on
Australian banks has been increased wholesale funding costs.
This has impacted all Australian financial institutions,
including those with strong retail deposit bases - although
these banks are better positioned than smaller institutions that
rely heavily on wholesale and structured markets for funding.

As mentioned previously, Australian banks appear to have very
little exposure to US subprime mortgages, either directly or
through their relatively small structured credit portfolios.
Similarly, while the banks do provide liquidity backup
facilities to asset-backed commercial paper conduits, these
facilities tend to be relatively modest, and the assets within
the conduits are generally prime Australian mortgages, or other
receivables, rather than more exotic structured credit products.
Exposure to monoline insurance companies appears limited to
relatively small portfolios of guaranteed corporate bonds;
ratings downgrades for the insurance companies are likely to
result in moderate increases in collective provisioning for the
Australian banks.

As a result, the profitability of Australian banks remains
strong while asset quality is generally excellent by
international standards.  With that said, the asset quality
cycle has turned.  Fitch expects impaired assets to increase
moderately in 2008; this is subject to global financial
conditions not worsening significantly.

Capital at Australian banks remains adequate, although the
ratios reported by the larger Australian banks are, generally,
slightly below those reported by their international peers. The
ultimate impact of the Basel II framework, which was implemented
on 1 January 2008, is uncertain - the Australian regulator is
still in discussion with the banks on Pillar 2 capital
requirements.

Fitch's ratings for Australia's six largest consumer banks are
as follows:

   -- National Australia Bank: Long-term Issuer Default rating
      'AA'/ Stable Outlook, Short-term IDR 'F1+', Individual
      'A/B', Support '2', Support Rating Floor 'BBB+';

   -- Commonwealth Bank of Australia: Long-term IDR 'AA'/Stable
      Outlook, Short-term IDR 'F1+', Individual 'A/B', Support
      '2', Support Rating Floor 'BBB+';

   -- Australia & New Zealand Banking Group: Long-term IDR 'AA-'
      /Stable Outlook, Short-term IDR 'F1+', Individual 'B',
      Support '2' and Support Rating Floor 'BBB+';

   -- Westpac Banking Corporation: Long-term IDR 'AA-'/Stable
      Outlook, Short-term IDR 'F1+', Individual 'B', Support '2'
      and Support Rating Floor 'BBB+';

   -- St.George Bank Limited: Long-term IDR 'A+'/Stable Outlook,
      Short-term IDR 'F1', Individual 'B', Support '3' and
      Support Rating Floor 'BB+'; and

   -- Suncorp-Metway Limited: Long-term IDR 'A+'/Stable Outlook;
      Short-term IDR 'F1'; Individual 'B', Support '3' and
      Support Rating Floor 'BB+'.

A copy of the agency's report will be available shortly on the
agency's Websites, http://www.fitchratings.comand
http://www.fitchratings.com.au




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


BRIGHT SMOOTH: Members' Meeting Fixed for March 3
-------------------------------------------------
The members of Bright Smooth Development Limited will have their
final general meeting on March 3, 2008, at Shop C151, 2nd Floor,
Kwai Chung Plaza, Kwai Chung, N.T., in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator can be reached at:

          Pang Wai Kui
          Suite A, 12.F Ritz Plaza
          122 Austin Rd., Tsimshatsui
          Kowloon, Hong Kong


CHALLENGE POINT: Members' Final Meeting Slated for March 3
----------------------------------------------------------
The members of Challenge Point Limited will have their final
general meeting on March 3, 2008, at Argyle Center, 688 Nathan
Road, in Kowloon to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator can be reached at:

          Cheng Alexander Chiu Wang
          Room 810, Argyle Centre
          688 Nathan Rd. Kowloon
          Hong Kong


GOLDEN PLEASURE: Liquidator to Present Wind-Up Report
-----------------------------------------------------
The members of Golden Pleasure Company Limited will have their
final general meeting on March 3, 2008, at 25th Floor, Jardine
House, No. 1 Connaught Place, Central, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The liquidator can be reached at:

         Pih Kam Shen
         Ravana Garden, Flat A, 29th Floor, Block 4
         Nos. 1-3 On King Street, Shatin
         New Territories
         Hong Kong


HOP LICK: Members' Meeting Fixed for March 3
-------------------------------------------
The members of Hop Lick Electrical Limited will have their final
general meeting on March 3, 2008, at 5th Floor, Gloucester
Tower, The Landmark, 11 Pedder Street, Central, in Hong Kong to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The liquidator can be reached at:

          Lo Wing Hung
          Gloucester Tower, 5 th Floor
          The Landmark
          11 Pedder Street, Central
          Hong Kong


JIANGXI COPPER: Storm Affects Q1 Production Output
--------------------------------------------------
Jiangxi Copper Co. Ltd.'s production volume in the first quarter
was affected by bad weather in southern China, Reuters reports.

According to the report, the storm forced production cuts in
hundreds of Chinese metal firms.

The company told the news agency that apart from the Yongping
copper mine, the whole or at least half of the production
activities of the copper mines of the company in Jiangxi
Province have ceased.

Donny Kwok and Alfred Cang of Reuters writes that the company
said its copper smelting factory could only produce at 60% to
70% of capacity while output at other copper processing
enterprises is limited.

Jiangxi Copper said last week that it would shut down 43% of its
smelting capacity, becoming the latest smelter to face output
disruptions amid power shortages and transport chaos, the report
adds.  Production of the company is expected to resume to normal
if there is improvement in the external electricity supply and
transportation, the report noted.

                    About Jaingxi Copper

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


RENAL CARE: Creditors' Proofs of Claim Due by March 3
-----------------------------------------------------
The creditors of Renal Care Services Limited are required to
file their proofs of debt by March 3, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on
January 22, 2008.

The company's liquidator is:

         Yu Kwong Man
         27th Floor Wing on House
         71 Des Voeux Road Central
         Hong Kong


SAMTA SHIPPING: Commences Liquidation Proceedings
-------------------------------------------------
Samta Shipping Limited commenced liquidation proceedings on
January 19, 2008.

The company's liquidators are:

          Kan Tim Hei
          Fok Pui Ling Linda
          31st Floor, The Center
          99 Queen's Road Central
          Hong Kong


SUN SWIMS: Creditors' Proofs of Debt Due on March 7
---------------------------------------------------
The creditors of Sun Swims Limited are required to file their
proofs of debt by March 7, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on
January 21, 2008.

The company's liquidator is:

         Henry Fung
         Rooms 1001-03
         10 Floor
         Manulife Provident Funds Place
         345 Nathan Road
         Kowloon, Hong Kong


TRIUMPHS KEY: Members Meeting Fixed for March 7
-----------------------------------------------
The members of Triumph's Key Limited will have their final
general meeting on March 7, 2008, at Level 28, Three Pacific
Place, 1 Queen's Road East, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator can be reached at:

         Natalia K.M. Seng
         Level 28
         Three Pacific Place
         1 Queen's Road East
         Hong Kong


UNIVERSAL VENTURE: Creditors' Proofs of Debt Due on March 3
-----------------------------------------------------------
The creditors of Universal Venture Development Limited are
required to file their proofs of debt by March 3, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

         Nathalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three Pacific Place
         1 Queen's Road East, Hong Kong


UTI TELECOM: Members Meeting Fixed for March 4
----------------------------------------------
The members of UTI Telecom Limited will have their final general
meeting on March 4, 2008, at Room 2205, 22nd Floor, Kowloon
Building, 555 Nathan Road, in Kowloon to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is Oliver Hoffman.


XINHUA FINANCE: 2007 Earnings Release Slated for Feb. 15
--------------------------------------------------------
Xinhua Finance Limited will release Feb. 15 its financial
results for the full fiscal year ended Dec. 31, 2007, after the
market closes in Tokyo.

XFL's earnings release and related materials will be available
on the investor relations page of its Web site at
http://www.xinhuafinance.com/en/for-investors/

Following the earnings announcement, XFL's senior management
will host a conference call on Feb. 15, 2008, at 8 a.m. (New
York) / 1 p.m. (London) / 9 p.m. (Shanghai) /10 p.m. (Tokyo) to
discuss the results and recent business activities.

Interested parties may dial into the conference call at (US) +1
480 629 9041/ (UK) +44 20 7190 1595 / (Asia Pacific) +852 3009
5027.  A telephone replay will be available shortly after the
call for one week at (US) +1 303 590 3030/ (UK) +44 20 7154
2833, Passcode: 3838441# and (Asia Pacific) +852 2287 4304,
Passcode: 103110#

A real-time webcast and replay will be also available at:
http://www.xinhuafinance.com/en/for-investors/news-and-
events/webcast

                      About the Company

Xinhua Finance Limited is China's premier financial information
and media service provider and is listed on the Mothers Board of
the Tokyo Stock Exchange (symbol: 9399) (OTC ADRs: XHFNY).
Bridging China's financial markets and the world, Xinhua
Finance's proprietary content platform, comprising Indices,
Ratings, Financial News, and Investor Relations, serves
financial institutions, corporations and re-distributors
worldwide.  Through its subsidiary Xinhua Finance Media Limited,
XFL leverages its content across multiple distribution channels
in China including television, radio, newspaper, magazine and
outdoor media.  Founded in November 1999, XFL is headquartered
in Shanghai, with offices and news bureaus spanning 11 countries
worldwide.

                        *     *     *

Moody's Investors Service upgraded Xinhua Finance Limited's
corporate family rating and senior unsecured bond rating to B1
from B2.  This concludes the review for possible upgrade, which
began on March 15, 2007.  The outlook for both ratings is
stable.

On Sept. 14, 2007, Standard & Poor's Ratings Services lowered
its long-term corporate credit rating on Xinhua Finance Ltd to
'B' from 'B+'.  The rating was removed from CreditWatch, where
it had been placed with negative implications on May 23, 2007,
following a series of senior executive departures.  The outlook
is stable.

At the same time, Standard & Poor's lowered its issue rating on
Xinhua Finance's US$100 million senior unsecured notes due 2011
to 'B' from 'B+' and removed it from CreditWatch.

The ratings still apply to date.


* China Eyes Limited Impact from U.S. Subprime Crisis: Regulator
----------------------------------------------------------------
Shang Fulin, chairman of the China Securities Regulatory
Commission, assured investors that the U.S. subprime mortgage
crisis will have a limited impact on the country's financial
markets as China is yet to fully liberalize the sector, XFN-Asia
reports.

However, Mr. Shang warned that the crisis, if not contained, may
indirectly affect China's capital markets and the overall
economy, since the problem could dampen credit prospects of
Chinese firms, XFN-Asia relates.




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


SHREE RAMA: Incurs INR30.8-Mil. Net Loss in Qtr. Ended Dec. 31
--------------------------------------------------------------
Shree Rama Multi-Tech Ltd reported a net loss of INR30.8 million
for the quarter ended Dec. 31, 2007, an improvement compared to
the INR48.9-million loss booked in the same three-month period
in 2006.

The net loss narrowed with the improved revenues.  Total income
rose 41% to INR198.3 million in the three months ended
Dec. 31, 2007, from the INR140.9 million earned in October to
December 2006.  With operating expenses of INR147.8 million, the
company posted an operating profit of INR50.5 million.

Interest of INR8.4 million pulled back up the company's bottom
line but depreciation expenses of INR75.1 million brought back
the company's bottom line to negative.

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?27c6

Shree Rama Multi-Tech Ltd, an Ahmedabad-based packaging
solutions provider. Its products include multilayer film,
laminated tubes and laminated webs.

The company incurred at least two consecutive net losses --
INR950.8 million in the year ended March 31, 2007, and INR216.9
million in the year ended March 31, 2006.


SHYAM TELECOM: Net Loss Narrows to INR29 Mil. in Oct.-Dec. 2007
---------------------------------------------------------------
Shyam Telecom Ltd. booked a net loss of INR28.86 million in the
three months ended Dec. 31, 2007, quite an improvement from the
INR443.15-million net loss posted in the corresponding three-
month period in 2006.

The bottom line was pulled back up even with the slide in total
revenues -- INR647 million in the latest quarter under review
compared to INR1.33 million in October to December 2006.  With
the lesser revenues came lesser expenses.  Operating
expenditures decreased from 2006's INR1.74 billion to INR639.35
million in October to December 2007, bringing the company an
operating profit of INR7.65 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?27c7

New Delhi, India-based Shyam Telecom Limited --
http://www.shyamtelecom.com/index.html-- and its subsidiaries'
operations relate to investments, providing telecommunication
and information technology services. The telecom products and
services segment comprise of manufacturing and services in the
related area. The turnkey projects and trading services segment
includes the turnkey projects and trading in telecom products.
The investment segment includes investments in the subsidiaries,
which are dealing in telecommunication sectors. The software
products and services segment includes the services in the area,
including software and information technology related and
information technology enabled services. It also offers
Internet-related products, including data on wire, data on air
and data on cable.

The company's balance sheet as of March 31, 2007 showed a
capital deficiency of INR1.02 billion on total assets of INR6.57
billion and total liabilities of INR7.59 billion.


SINGER INDIA: Net Loss Down to INR800,000 in Oct.-Dec. 2007
-----------------------------------------------------------
Singer India Ltd.'s net loss narrowed to INR800,000 in the three
months ended Dec. 31, 2007, from INR10.9-million loss incurred
in the corresponding quarter in 2006.

Revenue's for the Oct.-Dec. 2007 period totaled INR112.2
million, down 15% from the INR132.4 million earned last year.

The lower net loss could be attributed to decreased operating
expenses and interest charges. For the current quarter under
review, the company incurred operating expenditures of INR108.6
million, compared to 2006's INR130.9 million.  Interest charges
went down from last year's INR11 million to INR2.9 million in
Oct-Dec. 2007.

The company has paid the final installment under OTS
subsequently.  Pending completion of requisite formalities, no
adjustment for waiver of principle & interest has been carried
out. Interest for the quarter and nine months period ended
December 31, 2007 has been reworked and accounted for on the
settlement basis.

The company also booked INR1.4 million in depreciation and
INR100,000 in taxes for the quarter.

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

            http://ResearchArchives.com/t/s?27c4

Singer India Limited manufactures, among others, sewing
machines.  Singer India, hoping to meet the entire needs of an
Indian household, also makes food processors, juicer mixer
grinders, microwave ovens, fans, washing machines, televisions,
and airconditioners.  The company is a 49% subsidiary of Singer
Company N.V.

Singer India has been declared sick by the Board for Industrial
and Financial Reconstruction constituted under Sick Industrial
Companies (Special Provision) Act, 1985.  The company has filed
a restructuring plan for its revival.  Its factory at Jammu
continues to be under lay off since April 6, 2005.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 10, 2007, the auditors of Singer India, in a limited review
report, pointed out that the net worth of the company as at
Sept. 30, 2007, has been completely eroded.


TATA POWER: JV Completes Financing for 1,050-MW Maithon Plant
-------------------------------------------------------------
The Maithon Power Ltd, a 74:26 joint venture between Tata Power
Company Ltd and Damodar Valley Corporation has completed its
financing for the 1,050 MW coal-based thermal power project set
up in Dhanbad District of Jharkhand State, Tata Power disclosed
in a filing with the Bombay Stock Exchange.

The Project estimated at a cost of INR4,450 crore is being
funded on a debt-equity ratio of 70:30.  The promoters namely
Tata Power and DVC would bring in equity in a ratio of 74% and
26% respectively.

The INR3,115-crore debt for the project is financed by various
banks led by State Bank of India.  SBI Capital Markets Ltd is
the sole financial advisor and arranger of debt for the project.
The syndication was over subscribed by nearly INR1,050 crore
with The State Bank of India Group taking the largest exposure
to the tune of INR1,000 crore.  The consortium of 17 banks, led
by State Bank of India, include Allahabad Bank, Bank of Baroda,
Canara Bank, Central Bank, Dena Bank, Indian Overseas Bank, J&K
Bank, Oriental Bank of Commerce, Punjab & Sind Bank, Tamilnadu
Mercantile Bank, UCO bank, and more.

Taking cognizance of the huge power deficit in the country, Tata
Power and DVC have infused equity in excess of the upfront
equity requirement as stipulated by the lenders.  The promoters
have allocated the funds prior to the financial closure to
ensure the project is commissioned in time.

Prasad R Menon, Managing Director, Tata Power said, "The closure
of financing for Maithon project is an important milestone.  The
attractive financing demonstrates the faith of the tenders in
the promoters, their execution capabilities and expertise to
complete the project in time.  The unique terms of debt
financing provides us more flexibility in the execution of the
project as well as help in controlling costs."

MPL is a joint venture company between Tata Power and Damodar
Valley Corporation and is executing 1,050 (2 x 525) MW Maithon
Right Bank Thermal Power Plant.  MPL has obtained all major
clearances & permits for the project.  The site preparatory
works are in progress and orders for main equipments have been
placed. The project will comprise of two generating units of
which the first unit of 525 MW is expected to be commissioned by
October 2010, which is in time to meet the 2010 Delhi
Commonwealth Games requirements.  The second unit will be
commissioned by March 2011.  The long-term coal linkage has been
allotted from the nearby Bharat Coking Coal Ltd mines and water
allocation is from the adjacent Maithon reservoir.

MPL has also signed Power Purchase Agreements with DVC for
300 MW and is the lowest bidder for 309 MW power requirements
for Distribution Licensees of Delhi.  The joint venture has
obtained open access from Power Grid Corporation of India to
transmit power through their infrastructure to the power deficit
Northern States.

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

                        *     *     *

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

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


* INDIA: Fitch Comments on SEBI's Proposed Regulations for REITs
----------------------------------------------------------------
Fitch Ratings has welcomed the draft regulations for the Real
Estate Investment Trusts as proposed by the Securities and
Exchange Board of India.

As a supplier of debt ratings and an authorized credit rating
agency under Securities and Exchange Board of India (Credit
Rating Agencies) Regulations, 1999, Fitch's particular area of
interest is in the gearing level, property and management
quality of REITs in India.  As a general comment, Fitch believes
that in an ideal environment, regulatory restrictions on gearing
should not be necessary and that investors should be able to
choose the risk-reward parameters that suit their needs.  At the
same time, Fitch understands the SEBI's aim of protecting
investors, especially in the embryonic stage of the market's
development. Other Asian countries have certainly taken the same
approach and have done so very successfully.

The experience in Singapore where gearing regulations began at
25% and have been subsequently increased to 35% and then 60% is
evidence of the ability for the market to develop within the
gearing constraints.  The restriction of borrowings to 20% of
gross assets is a positive from a credit perspective, and will
certainly enhance the credit ratings of any REIT under this
regulation, although the limitation also may have the effect of
limiting the attractiveness of the REIT vehicle for investors.

The draft regulations propose that each Indian REIT is required
to have a "rating from a credit rating agency" at launch.  In
proposing the use of external credit ratings as a requirement
for Indian REITs, it is important that all users understand the
meaning of the ratings.  Investors in REITs are equity holders
of the entity while the credit rating is targeted at debt
investors.  A credit rating assesses the fund's ability to
service and repay its debt and while this will assist investors
in ranking the ability of an entity to do so, it does not
comment on the success or failure of a REIT beyond this.

While the gearing limitation imposed by the regulations is a
fundamental input into the rating of a REIT, it is important to
note that when assigning ratings, in addition to considering
gearing levels, the agency considers the historical and
prospective financial condition, quality of management, and
operating performance of the issuer and of any guarantor, any
special features of a specific issue or guarantee, the issue's
relationship to other obligations of the issuer, as well as
developments in the economic and political environment that
might affect the issuer's financial strength and credit quality.
In the case of a REIT, the quality of its underlying assets and
the integrity of its legal structure are considered.

In addition to the above Fitch Ratings believes the following
points are worthy of mention.

                      Property Quality

The proposed regulations are suggested for all REITs regardless
of the risk profile.  As a result, the regulations imply that
all REITs with a gearing ratio of 20% or less are a safe and
secure investment.  While the gearing ratio is an important
aspect of the risk profile of a fund it is only one of a number
of elements that should be taken into account by any debt
investor.  Typically, when analysing REITs, Fitch will review
the type of asset (Office, Retail, Industrial, Hotel etc.), the
quality of the property (Prime A-grade, B, C etc.) as well as
the historical cash flow, quality and structure of management,
any perceived or potential conflicts of interest, its financial
profile, including liquidity position and financial flexibility,
strategic plan and its ability to withstand a stressed
environment.  As the regulations are designed to ensure funds
can service and repay their debt, then other aspects of the risk
profile should also be addressed.

As an example, all things being equal, a portfolio of
residential properties will exhibit a lower risk profile than a
portfolio of C-grade hotel assets.  SEBI may wish to address
this issue in the regulations.

Limitation of Borrowings - Timing of Measurement of Debt Ratio
Section 55 (1) of the draft regulations makes the general
statement that a "scheme may borrow . . . but aggregate
borrowings shall not at any time exceed one fifth of the value
of total gross assets of the scheme".  What is the implication
if a REIT raised 20% debt and subsequently real estate assets
fell in value? Should "at any time" be replaced by "at the time
of entering into the debt"? This could be clarified in the
regulations.

                      Dividend Policy

The draft regulations, like those for REITs in other
jurisdictions, require a REIT to distribute at least 90% of its
annual net income after tax but also states that "revaluation
surplus credited to income . . .shall form part of net income
for distribution to unit holders".  A gain on revaluation is not
a cash item and represents an increase of the asset value of the
REIT.  If required to pass this increased asset value through as
dividends a REIT may need to either sell assets or borrow to pay
dividends.  If valuation increases by a large amount, the
gearing limitation would prevent borrowing to pay sufficient
dividends. For example, if a REIT had assets of INR100,000 and
these were revalued to INR200,000 under Section 56, INR90,000
(90% of INR 100,000) would be passed through as dividends.  As
this is not a cash gain, the REIT would either have to borrow
the INR90,000 which would conflict with the Section 55
requirement of the maximum 20% gearing or would be required to
sell assets or raise equity to facilitate payment.

An alternative to this would be to allow revaluation gains not
to be passed through as dividends but to let the unit price
adjust to changes in asset value, or to let the entity choose
whether to pass it through as dividends.

            Secured V's Unsecured V's Entity Ratings

When referring to the ratings of a US REIT or an Australian
property trust we are typically referring to the Issuer Default
Rating or entity rating.  This rating may be different to the
secured and/or unsecured rating of a particular REIT depending
on its chosen capital structure.  While the rating on a secured
debt offering will give an indication of the likelihood of
serviceability and repayment of that particular debt obligation,
it does not necessarily give any indication as to the credit
worthiness of the entity itself.  The distinction between
secured and unsecured debt ratings is not made in the proposed
guidelines.  A distinction is needed to ensure ratings across
REITs are comparable.

                        Rating Level

We note that while credit ratings are required under the draft
regulations, the level of the rating will not to be regulated.
We view this as a positive development as it will allow
investors to choose their own risk/reward parameters and,
hopefully, encourage the development of a broad REIT market.
A precedent was set in Singapore REIT legislation whereby
regulations were different for REITs with a better risk profile
as identified by the credit rating of an entity.  Given the
distinction made by ratings agencies between "investment grade"
('BBB-' and above rated securities) and "speculative grade"
(entities or securities rated below 'BBB-') ratings it may be
appropriate to propose a rating requirement of "investment
grade" for cases when the property fund wishes to borrow in
excess of 20% of the fund's deposited property in a similar
manner to that undertaken by the Monetary Authority of Singapore
regulations.

                    Concentration Limits

We note the draft regulations include concentration limits
including, limitation on exposure to a single real estate
project (15%) and limitation on exposure to real estate projects
developed, owned, marketed or financed by a single group of
companies (25%).

While these concentration limits undoubtedly improve the credit
quality of any REIT offering, our experience would indicate that
the limitation on single real estate exposure and single
group/developer/sponsor exposure would make it difficult for a
REIT in its formative stages to comply.  Experience in Singapore
shows that the majority of REITs started out by being sponsored
by a particular real estate or finance entity, and many have
continued to have this link.  For example, Suntec REIT began
with exposure to a single development - the integrated Suntec
City office towers and retail mall, while the inaugural and most
successful Singapore REIT, CapitaMall Trust, started out with
just three retail shopping malls in its portfolio, all
contributed by its sponsor CapitaLand.

Although not stated, it is likely the concentration limits have
been devised to minimise conflicts of interest between a sponsor
and the independently operated REIT and to minimise
concentration risk on a single asset.  Given the practical
difficulties with these limits in a fledgling industry such as
that of Indian REITs, it may be possible to mitigate these risks
in other ways such as limiting exposure to a single tenant,
rather than property, or by strengthening valuation practices to
require multiple valuations using multiple methods or by
requiring internal managers (as used in typical US REITs) rather
than external managers.

Besides the above credit issues, it would be helpful if SEBI
could take up the following tax issues involved with the tax
authorities for the benefit of the market:

   -- The guidelines propose that the REIT will be a trust under
      the Indian Trusts Act, 1882.  As per the guidelines, the
      taxation will be at the trust level.  But it would be good
      to clarify if the unitholder would be exempt from paying
      tax.

   -- Clarify if properties held in the trust would incur any
      property taxes.

While ratings published by ratings agencies such as Fitch
Ratings are used by the public and investor community in
evaluating credit quality, it is important that users understand
the limitations of such ratings.  The agency's credit and
research are not recommendations to buy, sell, or hold any
security.  Ratings do not comment on the adequacy of market
price, the suitability of any security for a particular
investor, or the tax-exempt nature or taxability of any payments
of any security.  The ratings are based on information obtained
from issuers, other obligors, underwriters, their experts, and
other sources Fitch believes to be reliable, and does not audit
or verify the truth or accuracy of such information.  Ratings
may be changed or withdrawn as a result of changes in, or the
unavailability of, information or for other reasons.




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


ALCATEL-LUCENT SA: Extended Restructuring Projects 400 Job Cuts
---------------------------------------------------------------
Alcatel-Lucent S.A. presented to its social partners an
extension of the voluntary-based restructuring program, which
was initiated in 2007.  The extension is part of the global cost
reduction program announced on Oct. 31, 2007 designed to align
the company's resources to the realities of the telecom
industry's difficult environment.

This extension could result in the loss of some 400 positions,
all of which will be done on a voluntary basis.  The plan does
not call for the closing of any Alcatel-Lucent locations in
France.

France remains one of the major research locations for Alcatel-
Lucent for next-generation advanced technologies, with notably a
strengthening of teams for the development of 4G mobile networks
and WiMAX.  Alcatel-Lucent has research activities in the Paris
metropolitan area, as well as in Brittany and Alsace, and is a
leading player of the French competitiveness clusters
initiative.  France also hosts one of the main Bell Labs
research centers in Villarceaux, located in the Paris
metropolitan area.

                    About Alcatel-Lucent

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

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

                        *     *     *

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

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


FOSTER WHEELER: Improved Cash Flow Spurs S&P's Outlook Revision
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Foster Wheeler Ltd. to positive from stable.  At the same time,
S&P affirmed its 'BB' corporate credit rating on the company.
Foster Wheeler, a Clinton, New Jersey-headquartered provider of
petrochemical and power-related engineering and construction
services, reported total debt of approximately US$150 million at
Sept. 30, 2007.

"The outlook revision reflects Foster Wheeler's sustained
improvements in profitability and cash flow generation," said
S&P's credit analyst James T. Siahaan, "along with its ability
to maintain a firm backlog of geographically diversified
projects in the robust oil and gas and power markets."

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.


FREEPORT-MCMORAN: Unit Pays Government IDR17 Trillion in 2007
-------------------------------------------------------------
Freeport-McMoRan Copper & Gold, Inc.'s Indonesian unit PT
Freeport Indonesia paid a total of IDR17 trillion (US$1.8
billion) to the Indonesian government in 2007, Antara News
reports.

The company said that their obligations to the Indonesian
government consisted of corporate income tax, employee income
tax, regional tax and other kinds of taxes totaling US$1.4
billion.  The company will also pay royalties of US$164 million
and dividends of UD$216 million.

According to the report, the 2007 contribution to government was
bigger than the US$1.6 billion in 2006, due to fluctuations in
commodity prices and the output of the company whose mines are
located in Mimika district, Papua.

In the period 2002-2007, the report recounts, the company paid
the Indonesian government a total of US$6.9 billion dollars in
corporate income tax, employee income tax and regional tax,
US$5.5 billion in other taxes, 731 US$US dollars in royalties
and US$654 million in dividends.

The company obtained the right to mine gold and copper in Mimika
district for another 40 years under its phase II work contract
signed with the government in 1991, the report adds.

                   About Freeport-McMoRan

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold, Inc. -- http://www.fcx.com/-- through its subsidiaries,
engages in the exploration, mining, and production of copper,
gold, and silver.  The company has operations in Indonesia.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 16, 2007, Fitch Ratings upgraded these ratings of Freeport-
McMoRan Copper & Gold Inc.

FCX

   -- US$1 billion Secured Bank Revolver to 'BB+' from 'BB';
   -- 6.875% secured notes due 2014 to 'BB+' from 'BB';
   -- Unsecured notes due 2015 and 2017 to 'BB' from 'BB-';
   -- 7% convertible notes due 2011 to 'BB' from 'BB-'.

In addition, Fitch affirmed these ratings on FCX:

   -- Issuer Default Rating at 'BB';

   -- US$500 million PT Freeport Indonesia/FCX Secured Bank
      Revolver at 'BBB-';

   -- Convertible Preferred Stock at 'B+'.

Fitch also assigned a rating of 'BB+' to FCX's new US$2.45-
billion five-year term loan A.

On March 29, 2007, Moody's Investors Service upgraded Freeport-
McMoRan Copper & Gold Inc.'s corporate family rating to Ba2 from
Ba3.

On March 27, 2007, Standard & Poor's Ratings Services assigned
its 'B' preferred stock rating to the proposed US$2.5 billion
US6.75% mandatory convertible preferred stock offering of
Freeport-McMoRan Copper & Gold Inc.


GOODYEAR TIRE: Calls for Redemption of US$650 Mil. Secured Notes
----------------------------------------------------------------
The Goodyear Tire & Rubber Company has called for redemption on
March 3, 2008, of all of its outstanding US$650 million of
senior secured notes due 2011.

The redemption will result in annualized interest expense
savings of approximately US$75 million to US$80 million, of
which about US$65 million will be realized in 2008.

The notes are comprised of US$450 million of fixed rate notes,
which currently bear interest at 11.25%, and US$200 million of
floating rate notes, which currently bear interest at LIBOR plus
825 basis points.

The contractual redemption prices are 105.5% of the principal
amount of the fixed rate notes and 104% of the principal amount
of the floating rate notes.  In each case, accrued and unpaid
interest will be paid to the redemption date.

"These notes are our highest cost debt," said Damon J. Audia,
Goodyear's vice president and treasurer.  "Eliminating them is
another step in our debt reduction process and helps us move
closer to achievement of our next stage metrics."

Audia said the company continues to evaluate other debt
reduction opportunities.

                     About Goodyear Tire

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

                        *     *     *

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


MEDIA: Venture Capital Firm Competes for 60% Linktone Shares
------------------------------------------------------------
US venture capital Broad Web Asia (BWA) has made an offer to buy
60% outstanding shares of Linktone Ltd., thus competing with
Media Nusantara Citra for the acquisition, SinoCast China
reports.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 30, 2007, Media Nusantara Citra (MNC) has agreed to acquire
a minimum of 51% in China-based Linktone Ltd's outstanding
shares through a combination of a tender offer for existing
shares and subscription for newly issued shares.  The company
offered US$0.38 per ordinary share (US$3.80 per ADS)
representing a 53.8% premium over Linktone's closing price
of US$2.47 per ADS on November 27, 2007, the report said.

According to Sinocast, The VC firm will purchase the same amount
of shares from Linktone at a higher price of US$4.18 per ADR.
The firm also commits to acquire 10 million ADRs from Linktone
at up to US$4.18 each in the open market.  BWA will also get 15
million new Linktone ADRs, the report relates.

In exchange, Sinocast relates, Linktone will acquire BWA
Entertainment Group.  BWA will license Linktone Advertising
Group to sell at most 25% of its web inventory, and share the
advertising revenue, according to a five-year commercial
agreement between the two parties, Sinocast notes.

Furthermore, Linktone will become the exclusive mobile content
partner of the Internet assets owned by BWA Network in
accordance with another five-year agreement, Sinocast says.

Sinocast adds that BWA will help Linktone promote its new site
and wireless products with US$10 million, and purchase at least
US$3 million of mobile phone and TV ads from Linktone
Advertising Service Group in the future 36 months.

                   About Media Nusantara

Headquartered in Jakarta, PT Media Nusantara Citra
-- http://www.mnc.co.id/-- is an integrated media company with
operations  in television broadcasting network, radio and print
media.  It is the leader in Indonesia's FTA TV broadcasting
market, owning 3 FTA TV networks out of a total of 11, and
captured the largest audience and ADEX shares in 2005.  MNC is
100% owned by PT Bimantara Citra Tbk, which is listed on Jakarta
Stock Exchange.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
'B+' long-term local and foreign currency corporate credit
rating on Indonesia's integrated media company, PT Media
Nusantara Citra.  The outlook has been revised to positive from
stable.

On Sept. 19, 2006, that Moody's Investors Service has affirmed
its B1 rating for the senior unsecured bonds issued by PT Media
Nusantara Citra following the issuance's completion.  At the
same time, Moody's has affirmed its B1 corporate family rating
for MNC.  Both ratings have been removed from their provisional
status.  Moody's said the ratings outlook is stable.


PT INCO: Nickel in Matte Production Exceeds 2007 Target
-------------------------------------------------------
PT International Nickel Indonesia Tbk's annual production of
nickel in matte in 2007 was approximately 169 million pounds,
which exceeded the original target of 165 million pounds
established for that year.  President Director Arif Siregar was
delighted to have achieved this milestone particularly in light
of last year's strike at the company's operation in South
Sulawesi.  "We delivered what we promised while our environment
record has continued to improve" he said.

The company also reported that senior management had met with
officials from the Department of Energy and Mineral Resources to
discuss the company's obligations under its Contract of Work.
At that meeting, the company presented plans to allow it to
commence mining operations at Bahodopi and to construct a high
pressure acid leach processing facility at Sorowako in
substitution for the company's undertaking in the Contract of
Work to construct a processing facility at Bahodopi.  Under this
plan, the ore from Bahodopi would be combined with ore from the
Sorowako area to feed the existing pyrometallurgical processing
facility in Sorowako.  PT Inco would continue its exploration
program at Bahodopi and continue to study options for developing
a processing facility in the future.  Final determination from
the above plans will be published following an evaluation of the
financial, technical, environmental and community effects of
such plans have been carried out.

To carry out the plan, the company will need to proceed with
feasibility studied on the proposed high-pressure acid leach
processing facility to be located in Sorowako.  It is essential
that the company concludes arrangements with the Government of
the Republic of Indonesia and secure necessary permits to
support such a significant capital investment.  Any decision to
proceed with that investment will require the approval of the
Board of Directors and Board of Commissioners of the company.

If all plans are approved by the DEMR and the company, it is
expected that the proposed processing facility in Sorowako will
produce approximately 22,000 tonnes of nickel.

                       About PT Inco

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

                        *     *     *

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


TELKOM: Collaborates with Huawei to Reduce Construction Costs
-------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk and Huawei Technologies Co. Ltd.
have installed a CDMA2000 network for Telkom to help the
operator save over 60% of its constructing costs in a project
that started in May 2007 and took just five months to complete.

Currently Huawei deploys over half of Telkom's national network,
which covers the areas of Jakarta, West Java, Center Java and
Sumatera.

Mr. Eddy Kurnia, Vice President Public & Marketing Communication
Telkom said, "We are greatly impressed by the hard work, quick
response and positive working attitude shown by Huawei's team."
On the other hand, Eddy added, with the success of this
transformation of CDMA2000, Telkom will be able to serve the
customers more both in term of quality and coverage.  "We've
just passed a critical point of transformation successfully, now
we are very optimistic to give more to our Flexi customers."

"We are delighted that our cutting-edge technology and services
are helping Telkom to provide better services to the Indonesian
population," said Mr. Ma Yue, President Director of PT. Huawei
Tech. Investment, "Indonesia's telecommunications market is
growing rapidly, and Huawei will continue to provide the best
solutions to support Telkom's requirements and to help the
operator achieve further cost-savings."

                  About PT Telkom Indonesia

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

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

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




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


ALITALIA SPA: Sale Talks Continue Unless New Gov't Takes Over
-------------------------------------------------------------
Negotiations to sell Italy's 49.9% stake in Alitalia S.p.A. to
Air France-KLM S.A. cannot be stopped unless a new government is
installed, Thomson Financial reports, citing transport minister
Alessandro Bianchi.

As previously reported in the TCR-Europe, Prime Minister Romano
Prodi, tendered his resignation on Jan. 24, 2008, after losing a
confidence vote in the Senate.  Mr. Prodi earlier lost a
majority in the Italian Senate after the Udeur party left the
coalition government.

President Giorgio Napolitano said he will defer a decision to
accept the resignation pending consultations with all the
political parties in the Parliament.  According to Thomson
Financial, Mr. Napolitano may either install an interim
government to make electoral reforms or snap elections.

"If the Prodi government goes to elections nothing stop," Mr.
Prodi told Thomson Financial.  "The procedure [for Alitalia] is
fixed and it would be unreasonable to stop it.

Mr. Bianchi added that if an election is called, Mr. Prodi's
government would continue administration of the country, which
would include concluding the Alitalia sale.

"If, instead, there is another government then there is the need
to rediscuss everything," Mr. Bianchi told Thomson Financial.

Alitalia and Air France have until mid-March to present a final
contract.

                       About Alitalia

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

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

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


DELPHI CORP: Anticipates Chapter 11 Emergence by March 31
---------------------------------------------------------
Delphi Corp. and its debtor-affiliates expect to consummate
their First Amended Joint Plan of Reorganization on or before
March 31, 2008, Delphi Corp. Vice President and Chief
Restructuring Officer John D. Sheehan said in a regulatory
filing with the U.S. Securities and Exchange Commission.  As
reported in the Troubled Company Reporter on Jan. 28, 2008, the
Court entered an order confirming the Debtors' Plan, as
modified, on Jan. 25, 2008.

The Plan contemplates the reorganization of the Debtors and the
resolution of certain outstanding claims against and interests
in the Debtors.  On the Effective Date of the Plan, Delphi's
existing Common Stock, as well as all rights or claims arising
in connection therewith, will be cancelled.  On or after the
Effective Date, Reorganized Delphi will have outstanding up to
181,831,951 shares of New Common Stock.

As of Jan. 17, 2008, there were 565,025,907 shares of Existing
Delphi Common Stock issued and outstanding, Mr. Sheehan noted.

The Plan provides for the adoption of four of Delhi Corp.'s
incentive plans for its employees:

(1) the Delphi 2007 Short-Term Incentive Plan,

(2) the Delphi 2007 Long-Term Incentive Plan,

(3) the Delphi Supplemental Executive Retirement Program, and

(4) the Delphi Salaried Retirement Equalization Savings
    Program.

The Delphi Incentive Plans will become effective on the
Effective Date of the Plan.  Eligible participants of the Delphi
Incentive Plans will include Delphi's approximately 560 global
executives, including Delphi's principal executive officer,
principal financial officer, other executive officers and
controller and chief accounting officer, Mr. Sheehan reported.

The purpose of the STIP is to motivate and reward performance
and provide cash incentive awards, limited to an annual
individual maximum of US$7,500,000, to eligible employees who
contribute to the company's success, according to Mr. Sheehan.
The STIP is available for incentive programs not to exceed a
period of one year for eligible employees.

The purpose of the LTIP, Mr. Sheehan said, is to provide
incentive award programs to attract and retain exceptional
employees, to align those employees with the company's long-term
strategies and to best align the employee interests with those
of Delphi's stockholders.

The LTIP is designed to permit the payment of compensation that
qualifies as performance-based compensation under Section 162(m)
of the Internal Revenue Code of 1986 and provides for the grant
of various stock-based and cash-based awards, including stock
options, stock appreciation rights, restricted stock, and
restricted stock units, Mr. Sheehan elaborated.  The maximum
number of shares of Delphi Common Stock available for issuance
under the LTIP is equal to 8% of the number of fully diluted
shares of Common Stock outstanding immediately after
consummation of the Plan.  Awards of stock options and stock
appreciation rights are limited to an annual individual maximum
of 1,000,000 shares.  Awards of restricted stock and restricted
stock units are limited to an annual individual maximum of
500,000 shares.  Cash awards are limited to an annual individual
maximum of US$10,000,000.

The STIP and LTIP are administered by the Compensation and
Executive Development Committee of the Delphi Corp. Board of
Directors.  Awards may be made under the STIP and LTIP until the
tenth anniversary of the Effective Date.

The SERP is an unfunded, nonqualified defined benefit plan that
provides a benefit in conjunction with the Delphi Retirement
Program for Salaried Employees, a tax-qualified defined benefit
pension plan.  The purpose of the DB SERP, according to Mr.
Sheehan, is to assure that the company's eligible retiring
salaried executive employees will receive an overall level of
retirement benefits that are competitive with the peer group of
companies selected by the Delphi Compensation Committee.  Delphi
administers the SERP separately and distinctly from the
Retirement Program for Salaried Employees.

The SRESP is a funded, nonqualified defined contribution plan
that will replace the company's pre-existing supplemental
retirement programs.  The SRESP will be maintained primarily for
the purpose of providing deferred compensation to certain Delphi
executives, managers and other highly-compensated employees, Mr.
Sheehan said.  The purpose of the program, Mr. Sheehan
explained, is to supplement the company's tax-qualified defined
contribution savings plan and allow company nonelective
contributions and matching contributions to be made into a
nonqualified defined contribution savings plan in situations
where legal limitations under the tax-qualified defined
contribution savings plan have been reached.  "A participant is
always 100% vested in the amounts credited to his or her account
that are attributable to his or her deferrals.  A participant
will also be 100% vested in his or her employer and matching
contributions," Mr. Sheehan clarified.

A full-text copy of the Delphi 2007 Short-Term Incentive Plan is
available for free at the SEC's Web site:

               http://ResearchArchives.com/t/s?27b1

A full-text copy of the Delphi 2007 Long-Term Incentive Plan for
U.S. employees is available for free at the SEC's Web site:

               http://ResearchArchives.com/t/s?27b2

A full-text copy of the Delphi Supplemental Executive Retirement
Program is available for free at the SEC's Web site:

              http://ResearchArchives.com/t/s?27b3

A full-text copy of the Delphi Salaried Retirement Equalization
Savings Program is available for free at the SEC's Web site:

                    About Delphi Corp.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on
Dec. 20, 2007.  The Court confirmed the Debtors' First Amended
Plan on Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 110; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 16, 2008, Moody's Investors Service assigned ratings to
Delphi Corporation for the company's financing for emergence
from Chapter 11 bankruptcy protection: Corporate Family Rating
of (P)B2; US$3.7 billion of first lien term loans, (P)Ba3; and
US$0.825 billion of 2nd lien term debt, (P)B3.  In addition, a
Speculative Grade Liquidity rating of SGL-2 representing good
liquidity was assigned.  The outlook is stable.

As reported in the Troubled Company Reporter on Jan. 11, 2008,
Standard & Poor's Ratings Services expects to assign its 'B'
corporate credit rating to Troy, Michigan-based automotive
supplier Delphi Corp. upon the company's emergence from Chapter
11 bankruptcy protection, which may occur by the end of the
first quarter of 2008.  S&P expects the outlook to be negative.

In addition, Standard & Poor's expects to assign these
issue-level ratings: a 'B+' issue rating (one notch above the
corporate credit rating), and '2' recovery rating to the
company's proposed US$3.7 billion senior secured first-lien term
loan; and a 'B-' issue rating (one notch below the corporate
creditrating), and '5' recovery rating to the company's proposed
US$825 million senior secured second-lien term loan.


FLOWSERVE CORP: Discloses Full Year EPS Range of US$5.10-US5.40
---------------------------------------------------------------
Flowserve Corp. has announced a 2008 full year EPS target range
of between US$5.10 and US$5.40.

In addition, the company also provided additional details about
its pending 2007 results, including backlog, revenue and
operating margin improvement, as well as its market outlook.

As previously announced, bookings for the fourth quarter 2007
were US$1.1 billion and for full year 2007 were US$4.3 billion,
both up 19 percent.  The company's backlog on Dec. 31, 2007 was
approximately US$2.3 billion, which is the highest year-end
level in the company's history.  The company expects full year
2007 revenue to be approximately US$3.75 billion, exceeding the
previously announced target range of US$3.6 to US$3.7 billion.
Flowserve also expects 2007 full year operating margin to be at
or near an annual improvement of 300 basis points, the high end
of its previously announced range.

From a market outlook perspective, the company continues to see
a strong level of investment from its customers in the global
oil and gas market, which continues to feed its large project
business.  Based on project activity levels in power, chemical,
water and other general industries, the company's outlook for
increased investment by its customers in these segments also
remains positive.  In all its served industries, the company
continues to invest in market share growth and believes that its
annual record bookings in 2007 reflect success in this effort.

From a geographical perspective, the company continues to see
solid investment by its customers in the United States across
its core markets.  Internationally, where Flowserve receives
approximately two-thirds of its business, the company also sees
strength in its markets, including strong returns from its
investments in China, India, Middle East and Latin America.

Based on this strength in the company's end markets, Flowserve
plans to increase its capital spending in 2008 over 2007 amounts
in order to capitalize on projected future growth through more
aggressive market penetration strategies and expansion of its
global footprint in both low cost manufacturing capacity and
Quick Response Centers.

"We continue to see strong prospects for growth in our key end
markets, and are excited about our outlook for 2008," said Lewis
Kling, Flowserve President and Chief Executive Officer.  "The
expected EPS in 2008 is a result of our planned continued
operational improvement driving both top and bottom line growth,
as well as the anticipated tax planning strategies that are
targeted to attain the lower end of an effective tax rate range
of between 30 to 35 percent."

                       About Flowserve

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.   Flowserve
has operations in Dominican Republic, Guatemala, Guyana, Belize,
Belgium, Netherlands, Indonesia, Singapore, Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
Aug. 16, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.


FORD MOTOR: January 2008 Sales Decreased 4% to 159,914
------------------------------------------------------
Total Ford Motor Company sales in January, including Jaguar,
Land Rover, and Volvo, were 159,914, down 4%.

Demand for Ford's crossovers remained strong in January.  Sales
for the Ford Edge were 95% higher than a year ago and the
Lincoln MKX was up 78%.

Retail demand for Ford, Lincoln and Mercury cars also was strong
in January, especially for the new Focus.  Sales for the Focus
were up 44% compared with a year ago, with retail sales up 33%.
Combined retail sales for the Ford Fusion, Mercury Milan, and
Lincoln MKZ also were higher than a year ago.

"We're very pleased with this result," Jim Farley, Ford's group
vice president, Marketing and Communications, said.  "Our
dealers really delivered this month, despite a challenging
economic and competitive environment.

"It's not going to get any easier -- at least for awhile," Mr.
Farley said.  "Recent monetary actions and the proposed stimulus
package may help the economy later this year, but we're not
pinning our hopes on that.  Our plan is based on restructuring
our business to be profitable at lower demand and changed mix
while also accelerating the development of new products people
want to buy."

The next wave of new Ford products will arrive this summer --
the distinctively designed Ford Flex crossover and the elegant
Lincoln MKS sedan.  A new Ford F-150 pickup truck will debut
later in the fall.

Ford, Lincoln and Mercury sales totaled 148,355, down 4%
compared with a year ago.

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

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

                        *     *     *

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


HERBALIFE LTD: Paying US$0.20 Per Share Dividend on March 24
------------------------------------------------------------
Herbalife Ltd.'s board of directors has approved a quarterly
cash dividend of US$0.20 per share to shareholders of record
effective Feb. 29, 2008, payable on March 14, 2008.

                     About Herbalife Ltd.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn.,
Guadalajara, Mexico, and El Salvador.  The company also has
operations in Venezuela.

                        *      *      *

As reported in the Troubled Company Reporter-Europe on April 9,
2007, Standard & Poor's Ratings Services said that its 'BB+'
corporate credit rating on Los Angeles-based Herbalife Ltd.
remains on CreditWatch with negative implications following the
company's announcement that the company's board of directors has
rejected a bid to be acquired by Whitney V L.P.  The board
indicated that although it views Whitney's bid as too low, it
would consider an improved offer.


LOPRO CORP: Fitch Affirms and Withdraws Low B Long-Term IDRs
------------------------------------------------------------
Fitch Ratings has simultaneously affirmed and withdrawn Lopro
Corporation's Long-term foreign and local currency Issuer
Default Ratings of 'B-' with Negative Outlook, and its Short-
term foreign and local currency IDRs of 'B'.

Fitch will no longer provide ratings or analytical coverage of
this issuer.

Established in 1970, Lopro provides loans to small businesses.
Its core products are loans on notes and promissory note
discounting.  Headquartered in the Kyoto Prefecture, the company
has 66 branches across Japan which, because of the restructuring
program, will be reduced to 46 by the end of this year.  At end-
September 2007, it had loans and notes of JPY120 billion.  Its
funding consists of securitization (c.50% of total funding),
borrowing (nearly 30%), including syndicated loans, and bonds
(nearly20%).


MITSUBISHI MOTORS: Posts 3Q 2007 Financial Results
--------------------------------------------------
Mitsubishi Motors Corporation disclosed sales and financial
results for the first nine months of the fiscal year ending
March 31, 2008 and its full-year forecasts.

                   Performance overview

Mitsubishi Motors reported that consolidated net sales in the
first nine months of fiscal 2007 (April 1 through Dec. 31, 2007)
totaled JPY1 trillion JPY947.3 billion, a 26% increase of
JPY403.2 billion yen over the same period last fiscal year (JPY1
trillion JPY544.1 billion).  The gain stems principally from
higher sales of vehicles in Europe and in Asia and other regions
and from favorable yen exchange rates.

The company posted an operating profit of JPY52 billion, JPY45.6
billion better than the same period last fiscal year.  Factors
contributing to this improvement include a significant upturn in
sales volume and a more profitable model mix in Europe, Asia and
other regions, and the benefits of a weaker yen.

The company moved into the black in terms of ordinary income
posting an ordinary profit of JPY39.3 billion, a year-on-year
gain of JPY45.7 billion.

The company also moved into the black in terms of net income,
reporting a net profit of JPY21.7 billion, a year-on-year gain
of JPY33.5 billion that would have been greater but for
increased tax expenses due to increased profits at its overseas
consolidated subsidiaries and other minor expenses.

                        Sales volume

Global retail sales of vehicles in the first nine months of
fiscal 2007 totaled 1,016,000 vehicles, a 13% increase of
117,000 on the 899,000 sold in the same period in fiscal 2006.
In Japan, Mitsubishi Motors sold 151,000 vehicles, an 11%
decline of 19,000 vehicles.  Registered vehicle sales increased
due to the introduction of the new Delica D:5 and Galant Fortis
(new Lancer in overseas markets) models, but failed to offset a
drop in minicar sales in a domestic market that still shows no
sign of recovery in overall demand.

In North America, the company sold 134,000 vehicles in the nine
months from April through December, up 11,000 over the same
period last year.  Sales in the United States for October
through December were down 3,000 units year-on-year, impacted by
increased market competition stemming from growing uncertainty
about the future of the United States economy due to the sub-
prime loan problem.  The gain in sales for the period is
attributable to factors including continued firm sales of the
new Outlander and new Lancer models and to higher sales in
Canada.  In Europe, Mitsubishi Motors sold 254,000 vehicles, a
23% year-on-year growth in volume of 48,000.  This gain was
attributable to fast sales of the new Outlander and new Lancer,
with the fast expanding Russian, Ukrainian and other East
European markets acting as the main engine driving the growth.
In Asia and other regions, MMC sold 477,000 vehicles, up 77,000
over the same period last fiscal year.  This gain was due to
continued firm sales of the Triton pickup truck and the Pajero
in Latin America, the Middle East and Africa and to a sales
recovery in Indonesia and other countries in the ASEAN block.

                FY2007 full-year forecasts

Mitsubishi Motors has revised the full-year forecasts for fiscal
2007 it announced on October 30 2007 to reflect the current
sales environment and the restructuring costs related to the
closure of the production facility in Australia.

The company has revised its full-year global retail sales volume
forecast to 1,337,000 vehicles, a reduction of 25,000 on the
figure announced on October 30 2007, on the basis of current
market trends.

The company has reduced its full-year net sales forecast to
JPY2,670 billion, JPY30 billion less than the October forecast,
to reflect the impact of the revised sales volume forecast.

Despite these downward revisions, however, the company upwardly
revises its operating income forecast by JPY10 billion to JPY80
billion and ordinary income forecast by JPY13 billion to JPY60
billion as it expects to make up the drop in sales as a result
of favorable changes in exchange rates, mainly the Euro, and
through cost reductions.

Mitsubishi Motors leaves its full-year net income forecast of
JPY20 billion unchanged as it expects to make up extraordinary
losses incurred through the closure of its production facility
in Australia by raising the profitability of its operations.

                   About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
July 10, 2007, that Rating and Investment Information, Inc. has
lifted its issuer rating from 'B' to 'B+' with a stable outlook.
Also, R&I affirmed its 'B' rating for its domestic commercial
paper program.  The upgrade in rating, according to the report,
is due to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.




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


BURGER KING: Reports US$49-Mln Net Income in 2008 Second Quarter
----------------------------------------------------------------
Burger King Holdings Inc. continued its strong financial
momentum and reported solid operating results for the second
quarter of fiscal 2008.  Positive worldwide comparable sales in
all segments and strong net restaurant growth primarily drove
this quarter's substantial improvements in revenue and earnings
over the prior year period.

For the three months ended Dec. 31, 2007, the company earned
US$49 million of net income compared to net income of
US$38 million for the same period in 2006.

Worldwide comparable sales were up 4.5 percent, making this the
16th consecutive quarter of positive comparable sales growth.
In the United States and Canada, comparable sales were up 4.2
percent, the 15th consecutive quarter of positive comparable
sales growth.  As a result, the company posted strong second
quarter fiscal 2008 revenues of US$613 million, up 10% from
US$559 million in the same quarter last year.

"Our strong worldwide performance across all regions and
business drivers confirmed our ability to execute on our
multifaceted strategic growth opportunities," said John Chidsey,
chief executive officer.  "Our top and bottom line expansion
highlights the continued momentum of our brand.  We succeeded in
a challenging macroeconomic environment with marketing
initiatives that drove increased sales and traffic, robust
international restaurant growth, and the profitability of our
highly franchised business model.

"Solid worldwide comparable sales were fueled by the
globalization of our products and promotions.  The Whopper(R)
50th anniversary was celebrated with local fare across many
countries.  Throughout the regions, we drove strong comps as
consumers sought the affordable pricing, quality and innovation
of both our value and premium offerings."

Mr. Chidsey continued, "In the United States and Canada, the
launch of our Homestyle Melts exceeded expectations, and we
increased family traffic with promotions such as SpongeBob's
Atlantis SquarepantisTM and iDogTM.  In Europe, comps were
lifted by our continued emphasis on premium offerings such as
the Angry Whopper(R) sandwich and BK FusionsTM Real Dairy Ice
Cream."

System-wide trailing 12-month average restaurant sales (ARS)
reached a record high - posting an 8 percent increase to
US$1.25 million compared to US$1.16 million for the same period
in the prior year. For the second quarter of fiscal 2008,
system-wide ARS increased 8% to US$322,000 compared to
US$297,000 in the same quarter last year.

As guided, worldwide company restaurant margins remained
unchanged from the prior year period.  Despite higher commodity
costs, the company maintained margins primarily due to strong
comparable sales, continued improvements in UK company
operations and savings in North America derived from the rollout
of the flexible batch broiler. In the U.S., company restaurant
margins actually increased 30 basis points to 16.2%.

                         Uses Of Cash

During the second quarter, the company declared and paid a cash
dividend of US$0.0625 per share.  The company also retired an
additional US$25 million in debt using cash flow generated from
operations.  Going forward, the company plans on using a portion
of its excess cash to repurchase shares under the previously
announced US$100 million Share Repurchase Program.

"We continued to execute on our plan of remodeling and
rebuilding restaurants in the U.S., an initiative which is
expected to increase profitability," said Ben Wells, chief
financial officer. "Additionally, we have executed several small
restaurant acquisitions and have facilitated a number of
restaurant sales between franchisees.  We believe that our
proactive portfolio management will help us attain our
forecasted financial and development objectives."

                         Future Growth

The company reported significant increases in its restaurant
count in the second quarter, opening a net 105 units worldwide.
During the first six months of fiscal 2008, the company has
opened 112 restaurants on a net basis, the highest net
restaurant growth in six years, and double the net restaurant
growth from the same period in fiscal 2007.

"We executed on our worldwide development strategy with the
opening of over 100 net new restaurants.  Additionally, we
entered into development agreements with new franchisees in
Colombia, Brazil and Romania.  I remain confident in our ability
to grow the brand worldwide, including net restaurant growth in
the U.S. and Canada segment," Mr. Chidsey said.

The company has structured its third-quarter fiscal 2008
promotional calendar to continue the brand's momentum.  The
innovative Whopper(R) Freakout media campaign remained on air
this month. According to advertising industry researcher IAG,
these commercials were twice as effective as the company's
competitors on consumer recall and likeability.

Other scheduled promotions for the third quarter of fiscal 2008
are geared towards attracting fans of all ages.  NFL in-
restaurant partnership merchandising and an NFL Mobile tour are
expected to appeal to sports enthusiasts, and popular classics
such as Snoopy(R), Cabbage Patch Kids(R) Minis, Monster Jam(R)
Trucks, and SpongeBob SquarePantsTM are expected to drive family
traffic.

Mr. Chidsey concluded: "Our results this quarter substantiate
our ability to outperform the restaurant industry despite
macroeconomic pressures.  The third quarter is off to a great
start with strong January comps driven by traffic. The momentum
is expected to remain throughout the second half of the year as
we continue to promote our value menu and premium products,
satisfying both cost-conscious consumers and guests seeking
indulgence.

"We have great confidence in our business strategy and the
strong momentum in all facets of our business - marketing,
products, development and operations.  As we maximize our
strategic growth opportunities, we expect to exceed our initial
financial guidance for fiscal 2008.  We have increased our
year over year earnings per share growth guidance to be in
excess of 15 percent.  We remain committed to delivering top of
the industry financial performance, creating significant value
for our shareholders."

Headquartered in Miami, Florida, The Burger King --
http://www.burgerking.com/-- operates more than 11,000
restaurants in more than 60 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

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

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 17, 2006,
in connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency revised
its Corporate Family Rating for Burger King Corp. to Ba3 from
Ba2.

Additionally, Moody's held its Ba2 ratings on the Company's
US$150 million Senior Secured Revolver Due 2011 and
US$250 million Senior Secured Term Loan.


DURA AUTOMOTIVE: Obtains Court OK for US$170MM Replacement Loan
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted
DURA Automotive Systems, Inc., and its debtor-affiliates
permission to obtain up to US$170,000,000 in replacement
financing and amend their US$300,000,000 existing postpetition
financing facility.

The Debtors 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, 2008, and

  (ii) would allow the Debtors to enter into a replacement
       facility in order borrow US$170,000,000 to pay off
       US$104,500,000 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$130,000,000 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$170,000,000 Fixed Asset Facilities consisting of:

      * up to US$150,000,000 tranche B term loan; and

      * up to US$20,000,000 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$425,000,000
exit financing, due to tighter credit conditions.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, said 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 paid-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$170,000,000 -- approximately
                        US$105,000,000 to replace existing Term
                        Loan DIP Facility, approximately
                        US$45,000,000 additional term loan
                        financing for paying down the Revolver
                        DIP Facility, and a US$20,000,000
                        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 $104,500,000 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 stated 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 added 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 $1,993,178,000 in total assets and
US$1,730,758,000 in total liabilities.  (Dura Automotive
Bankruptcy News, Issue No. 45; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).




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


APL: Unit's Failure to File Annual Report Leads to Liquidation
--------------------------------------------------------------
APL Industries Berhad, through a company search made on
Jan. 30, 2008, discovered that Asia Pacific Healthcare
Corporation, a wholly owned subsidiary of Asia Pacific Latex
Sdn. Bhd., which in turn is a wholly owned subsidiary of APL,
was administratively dissolved by the Secretary of State in
Georgia on Nov. 9, 2002, for failure to file annual reports.
APHC has never filed its annual report since the date of
incorporation in the State of Georgia, U.S.A. on October 28,
1998.

APL Industries Berhad is a Malaysia-based investment holding
company. Through its subsidiaries, the Company operates in two
business segments: Gloves, which is engaged in the manufacture
and sale of gloves and other healthcare products, and
Investments, which is engaged in investment holding. The gloves
segment is operated in three other principal geographical areas
apart from Malaysia, which include North America, Asia (other
than Malaysia) and Europe.  Its direct wholly owned subsidiaries
include Asia Pacific Latex Sdn Bhd, which is engaged in
manufacturing and sales of latex examination gloves, Medipure
Corporation (M) Sdn Bhd, which is engaged in provision of
chlorination services and trading of powder free latex gloves,
and Norwell International Inc, which is engaged in marketing and
distribution of healthcare products.

The company is currently listed as an affected issuer under the
Amended PN17 category of the Bursa Malaysia Securities Bhd.


CNLT (FAR EAST): Court to Hear Restraining Order on February 25
---------------------------------------------------------------
CNLT (Far East) Berhad's application for an extension of the
restraining order will be heard before the High Court on
February 25, 2008.

The company's application for the extension of the restraining
order is to facilitate the finalization of its corporate and
debt restructuring exercise and the preparation and submission
of its regularization plan to the approving authorities.

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

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

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


HARVEST COURT: Court to Hear Summons for Directions on March 18
---------------------------------------------------------------
Harvest Court Industries Bhd's solicitors have filed a petition
to seek the confirmation of the High Court of Malaya in respect
of the Proposed Share Capital Reduction and Proposed Share
Premium Reduction.  The Summons for Directions will be heard
before the High Court on March 18, 2008.

The Troubled Company Reporter-Asia Pacific reported on Jan. 8,
2008, that the proposed share capital reduction involves the
reduction of the par value of each existing HCIB share from
MYR1.00to MYR0.25 via the cancellation of MYR0.75 of the par
valueof each HCIB share of MYR1.00 each.  The proposed reduction
involves the proposed reduction of the share premium account of
HCIB of MYR873,000.

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.

The Group has defaulted on several loan facilities because of a
reduction in sales from 2002 onwards due to a weak global market
as a result of the Iraqi and the severe acute respiratory
syndrome, or SARS, as well as its inability to raise funds via
the equity market due to weak market sentiment.  Due to its
financial position, Harvest Court had embarked on an exercise to
restructure, including a debt restructuring and capital
reduction.  The Company's proposed corporate exercise was
rejected by the Securities Commission in November 2005, on
grounds that the proposals are not comprehensive and are not
capable of resolving all its financial problems.  Its appeal to
reconsider the rejection was also junked by the Commission on
February 24, 2006.  The Harvest Court Board is now in talks with
lenders and major creditors for its next course of action.

Harvest Court Industries Bhd's unaudited balance sheet as of
June 30, 2007, went upside down by MYR16.49 million on total
assets of MYR35.37 million and total liabilit


MEGAN MEDIA: Defaults on MYR899.956 Million Banking Facilities
--------------------------------------------------------------
Megan Media Holdings Berhad together with its subsidiaries have
defaulted on MYR899.956 million (principal only) of maturing
banking facilities.

The default is due to current cash flow from its manufacturing
operations render its unable to service and repay amounts due to
its lenders.  Thus, the company, together with its operating
subsidiaries -- Memory Tech Sdn Bhd and MJC (Singapore) Pte Ltd
-- continues to be saddled with debts procured from banks on the
back of its trading business which Investigative Accountants
have now established as fraudulent.

To address the default, Megan Media with support from its
Specialist Advisors, forwarded a formal proposal to the
Creditors Steering Committee on September 19, 2007, of a
Comprehensive Debt Restructuring and Regularization Plans.  The
work to initiate legal proceedings to recover all amounts lost
due to the irregularities is ongoing, given the quantum of the
losses incurred, the Troubled Company Reporter-Asia Pacific
recounts on November 5, 2007.

On October 26, 2007, it presented a formal proposal to the
Malaysian Creditor Banks with an exposure to the company and its
subsidiary, Memory Tech Sdn Bhd.  On October 30, 2007, the
company presented a formal proposal to Singapore creditor banks
that have a corporate guarantee from the company.

The company appointed OSK Investment Bank Berhad on Oct. 29 to
act as the advising merchant bank.

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

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

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

On June 19, 2007, the company was classified as a PN17 company,
and was given eight months to submit a substantive plan to
regularize its financial condition.


OCI BERHAD: Bursa to De-List Securities on February 18
-----------------------------------------------------
OCI Berhad's securities will be de-listed from the Official List
of Bursa Securities on February 18, 2008, unless an appeal is
made to the Bursa by Feb. 13, 2008.  The de-listing was due to
the company's failure to submit its regularization plans to the
Securities Commission and other relevant authorities for
approval by the deadline on January 31, 2008.

In the event OCI submits an appeal to Bursa Securities within
the Appeal Timeframe, the company is required to make an
immediate announcement of the said appeal and the removal of the
company's securities from the Official List of Bursa will be
deferred pending the decision on the appeal.  The deferment
pending the appeal is a stay in respect of the de-listing and it
is not to be equated to a variation or a revision of the
decision to de-list.  The decision remains unless reversed on
appeal.

Upon the company's de-listing, it will continue to exist but as
an unlisted entity.  The company will be able to continue its
operations and business and proceed with its corporate
restructuring and its shareholders can still be rewarded by the
company's performance.  However, the shareholders will be
holding shares that are no longer quoted and traded on Bursa
Securities.

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world.  On January 24, 2006, the Company disposed off its entire
51% equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer as Ernst & Young
expressed substantial doubt regarding the company's ability to
continue as a going concern after having audited the company's
financial statements for the year ended June 30, 2007.  The
auditor points to the company's losses and, together with its
subsidiaries, the default on the repayment of various financial
obligations.


PANGLOBAL BERHAD: Has Until Dec. 31 to Comply to Equity Rule
------------------------------------------------------------
The Equity Compliance Unit of the Securities Commission has
given an extension of one year or until December 31, 2008, for
Panglobal Berhad to comply with the Equity Condition.

This is in relation to the Foreign Investment Committee's order
for PanGlobal to increase its Bumiputera equity shareholding to
at least 30%, recounts the Troubled Company Reporter-Asia
Pacific on June 22, 2006.

The company is required then to furnish the Securities
Commission with quarterly progress reports in fulfilling the
Equity Condition.

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
Sept. 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme for
implementation.


SYARIKAT KAYU: Names Lai Hock as New Board Chairman
---------------------------------------------------
Syarikat Kayu Wangi Berhad disclosed that it has appointed Cheng
Lai Hock as the company's new chairman.  Mr. Lai holds an MBA in
Accounting and a Degree in Business Administration from
Universiti Utara Malaysia.  He has 18 years of experience as
company secretary and six years of experience as tax consultant.

Mr. Lai replaces Dato' Paduka Hj Badruddin bin Amiruldin, who
stepped down as the company's chairman & director.

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The Company has failed to turn its finances
around and has been suffering continuous losses since then.

The company was classified as an affected listed issuer of the
Amended PN17/2005 on May 8, 2006, since its latest audited
financial statements for the year ended Nov. 30, 2005, showed
that the company's shareholders' equity is MYR7,189,000, which
is less than 25% of the company's issued and paid up capital.

Syarikat Kayu is currently in the process of preparing its
Regularization Plan.  Once completed, the Requisite Announcement
outlining the Regularization Plan will be made to the Bursa
Securities.


TENGGARA OIL: Owes MYR20.74 Mil. as of Jan. 31, 2008
----------------------------------------------------
Tenggara Oil Berhad and its subsidiary, Tenggara Concrete Sdn.
Bhd., which is in creditors' liquidation, still need to settle
the amount of principal and interest in respect of its credit
facilities as of January 31, 2008.

  Lender                    Borrower            Amount Due
  ------                    --------         ----------------
   CIMB Bank Bhd              TOB              MYR5,932,306.79
   (Southern Bank Berhad)

   CIMB Bnk Bhd               TOB                 1,226,284.33
   (Bumiputra-Commerce Bank
    Bhd)

   Malayan Banking Bhd        TCSB               13,586,419.81
                                              ----------------
                                              MYR20,745,010.93

                     About Tenggara Oil

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of implementing a debt-restructuring
scheme with relevant parties.




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


BRUCE HILL: Wind-Up Petition Hearing Slated for February 25
-----------------------------------------------------------
A petition to have Bruce Hill Transport Ltd.'s operations wound
up will be heard before the High Court of Palmerston North on
February 25, 2008, at 10:00 a.m.

Accident Compensation Corporation filed the petition against the
company on December 17, 2007.

Accident Compensation's solicitor is:

          Dianne S. Lester
          c/o Maude & Miller
          McDonald's Building, 2nd Floor
          Cobham Court
          PO Box 50555, Porirua City
          New Zealand


ELITE POOLS: Appoints Parsons and Kenealy as Liquidators
--------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were named
liquidators of Elite Pools Ltd. on January 24, 2008.

The liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          c/o Indepth Forensic Limited
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Web site: http://www.indepth.co.nz


FRESH FOCUS: Court Appoints Madsen-Ries & Vance as Liquidators
--------------------------------------------------------------
The High Court of Auckland, on January 24, 2008, appointed
Vivien Judith Madsen-Ries and David Stuart Vance as the
company's liquidators.

Creditors are required to file their proofs of debt by
Feb. 28, 2008, to be included in the company's dividend
distribution.

The liquidators can be reached at:

          Vivien Judith Madsen-Ries
          David Stuart Vance
          c/o Monique Nielsen
          PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street
          Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


HAMILL REFRIGERATION: Wind-Up Petition Hearing Set for Feb. 14
--------------------------------------------------------------
The High Court of Auckland will hear on February 14, 2008, at
10:45 a.m., a petition to have Hamill Refrigeration Services
Ltd.'s operations wound up.

Hamill Refrigeration Limited filed the petition against the
company on October 30, 2007.

Hamill Refrigeration's solicitor is:

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


HBC PROPERTIES: Fixes February 22 as Last Day to File Claims
------------------------------------------------------------
The creditors of HBC Properties Ltd. are required to file their
proofs of debt by February 22, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Damien Grant
          Steven Khov
          Waterstone Insolvency
          PO Box 352, Auckland
          New Zealand
          Facsimile: 0800FAXWSI


P L R INVESTMENT: Taps Madsen-Ries and Vance as Liquidators
-----------------------------------------------------------
On January 24, 2008, the High Court of Auckland appointed Vivien
Judith Madsen-Ries and David Stuart Vance as the liquidators of
P L R Investment (2003) Ltd.

The liquidators are accepting creditors' proofs of debt until
February 28, 2008.

The liquidators can be reached at:

          Vivien Judith Madsen-Ries
          David Stuart Vance
          c/o Monique Nielsen
          PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street
          Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


RANGITIKEI COMMODITIES: Wind-Up Petition Hearing Set for Feb. 25
----------------------------------------------------------------
A petition to have Rangitikei Commodities Ltd.'s operations
wound up will be heard before the High Court of Palmerston North
on February 25, 2008, at 10:00 a.m.

Greg Smith Excavators Limited filed the petition against the
company on December 19, 2007.

Greg Smith's solicitor is:

          Dianne S. Lester
          c/o Credit Consultants Debt Services
          NZ Limited
          3-9 Church Street, Level 3
          PO Box 213, Wellington
          New Zealand
          Telephone:(04) 470 5972


SS SERVICE: Subject to CIR's Wind-Up Petition
---------------------------------------------
On October 24, 2007, the Commissioner of Inland Revenue filed a
petition to have SS Service Centre Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
February 14, 2008, at 10:45 a.m.

The CIR's solicitor is:

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


WINSLOW GROUP: Court to Hear Wind-Up Petition on May  9
-------------------------------------------------------
The High Court of Auckland will hear on May 9, 2008, at
10:45 a.m., a petition to have Winslow Group Ltd.'s operations
wound up.

Fraser Thomas Limited filed the petition on December 19, 2007.

          V. T. Bruton
          Brookfields
          11th Floor, 19 Victoria Street West
          Auckland
          New Zealand


WINSLOW MANAGEMENT: Creditors' Meeting Slated for February 7
------------------------------------------------------------
The creditors of Winslow Management Ltd. will have their meeting
on February 7, 2008, at 10:00 a.m., at the Conference Room, 2nd
Floor of The Southern Cross Building Society Building, 59 High
Street, in Auckland, New Zealand.

At the meeting, Paul Graham Sargison and John Maurice Leonard,
Winslow's liquidators, will give a report on the company's wind-
up proceedings and property disposal.

The Liquidators can be reached at:

          Paul Graham Sargison
          John Maurice Leonard
          c/o Gerry Rea Partners
          PO Box 3015, Auckland
          New Zealand
          Telephone:(09) 377 3099
          Facsimile:(09) 377 3098




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


EPIXTAR PHILS: Appeals Lower Court's Junking of Rehab Plan
----------------------------------------------------------
Epixtar Philippines IT-Enabled Services Corp. has brought to the
Court of Appeals its request to implement a rehabilitation plan
after a Quezon City regional trial court dismissed its plea,
Businessworld reports.

Epixtar Phils. filed for corporate rehabilitation in the
Philippines on October 7, 2005, just a day after parent Epixtar
Corp. applied for bankruptcy protection in the Miami Federal
Bankruptcy Court, the Troubled Company Reporter-Asia Pacific
previously reported.  The parent firm filed for Chapter 11,
which allows the company to review its operations and ensure
that creditors would not pursue their claims.  Epixtar CEO
Martin Miller believes the move is necessary to to preserve the
company's value to creditors, customers, employees, business
partners and other stakeholders.

In December 2007, however, the Quezon City court disapproved
Epixtar Phils.' proposed amended rehabilitation plan and denied
the company's corporate rehabilitation status, Businessworld
relates.  The lower court reportedly declared the plan as
unrealistic, unreasonable and not feasible.

At first, Businessworld says, the lower court allowed Epixtar's
rehabilitation plan but because of improved revenues, the
company's court-appointed receiver filed an amended plan that
proposes full payment of principal indebtedness in five years.
The court dismissed the amended proposal and terminated the
receiver, noting that the revised plan did not provide for
interest payments.

The rehabilitation plan must be implemented so that the company
could finally pay off its creditors, Businessworld cites Rafael
E. Khan, legal counsel for Epixtar, as telling the appellate
court.  Mr. Khan asked the court for a stay to enjoin the
company's creditors from unilaterally enforcing their claims,
the business daily states.  The company asserts that its cash
flow is now healthy and points out that it has received
financial commitments from parent.

Epixtar Philippines IT-Enabled Services Corp., the Philippine
subsidiary of Florida-based Epixtar Corp. --
http://www.epixtar.com/is into business process outsourcing.

The company, which started operations in September 2003, has
satellite offices in the cities of Makati, Paranaque and
Pampanga.  According to Businessworld, the company attributed
its huge losses on initial revenue projections that did not pan
out.  The company reportedly incurred debts of at least
PHP557.42 million.


RIZAL COMMERCIAL: Net Profit in 2007 Up 56% to PHP3.21 Billion
--------------------------------------------------------------
Rizal Commercial Banking Corporation, recorded its highest
net income in history with unaudited net income of
PHP3.21 billion for full year 2007, 56.0% above last year's
PHP2.05 billion.  Operating Income expanded by 29% to
PHP10.12 billion with Net Interest Income and Non-Interest
Income increasing by 43% and 10%, respectively.  For the whole
of 2007, Net Interest Income was pegged at PHP6.59 Billion,
PHP1.98 Billion higher than the previous year's
PHP4.61 Billion.

RCBC's historic Net Income performance saw the bank recasting
its target twice from its original target of PHP2.5 Billion.

"The structural and operational strategies undertaken the past
2 years, the PHP5.6 Billion new capital raised in February 2007,
coupled with an aggressive low cost deposit campaign, a prudent
loan growth and treasury trading strategy delivered the very
good full year results for RCBC," said RCBC President and CEO
Lorenzo V. Tan.  In 2007,the unibank's Non-Interest Income
swelled to PHP4.01 Billion or by PHP327 Million as most income
categories including Gains from Asset Disposals and Leases (up
107%), Income from Investments and Dividends (up 82%),
Commissions and Fees (up 60%) and Other Income (up 49%) posted
gains.

RCBC's cost-to-income or efficiency ratio at the end of 2007
stood at 57.5%, much improved from the 66.4% recorded in 2006.
This reflected healthy growth in revenues with strong management
control over expenses.

RCBC's Balance Sheet accounts also showed significant movement
in 2007.  Total Consolidated Resources reached PHP239 billion at
end-December 2007, a PHP15 billion improvement from December
2006's P224 billion.  The growth was funded by the PHP19 billion
increase in Deposits to P176 billion, with PHP137 billion coming
from Peso Deposits and PHP39 billion from FCDU Deposits.  The
year saw the bank's loan accounts growing faster than deposit
liabilities as its loans to deposit ratio expanded from
57.7% in 2006 to 64% in 2007.  Consumer loans through its
subsidiary, RCBC Savings Bank, grew by 12%.

Total Capital Funds also expanded by PHP5 billion to
PHP29 billion pushing the Capital adequacy ratio, on
consolidated basis, to 18.7% from 16% a year ago.  This resulted
from a series of capital raising initiatives starting with the
Hybrid Tier I and preferred shares issues of 2006.  This was
capped by the successful follow on public offer of RCBC shares,
which raised for the bank some PHP5.6 Billion in fresh capital
in the 2nd quarter of 2007.

At year-end, RCBC's non-performing loans ratio of 5.6% and non-
performing assets ratio of 14.3%, both took major reductions
from the previous year's 7.6% and 22%, respectively.  In late
2007, the Board of Directors of the bank approved the purchase
by RCBC of Merchants Savings and Loan Association, Inc. from
Finman Capital Corporation.  The bank is awaiting BSP approval
to finalize its purchase.

RCBC is the country's fourth largest private universal bank in
terms of capital base with more than 303 branches nationwide.
In the last 12 months, RCBC opened seven new domestic branches
and four new branches in North America.  It is a strong player
in the remittance business with a wide presence overseas through
remittance subsidiaries and tie-ups in North America, Europe and
Hongkong.  RCBC is a member of the multi-industry conglomerate
Yuchengco Group of Companies.

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

The Troubled Company Reporter-Asia Pacific on Feb 4, 2008,
reported that Moody's Investors Service has changed the outlook
on RCBC's E+ bank financial strength rating and foreign currency
hybrid tier 1 debt rating of B3 to positive from stable.  The
rating action does not affect the bank's B1 foreign currency
long-term deposit ratings and foreign currency senior unsecured
debt rating of Ba3, which maintain their positive outlook.

On November 2, 2006, the TCR-AP reported that Fitch Ratings
assigned a final rating of 'B-' to RCBC's hybrid issue of up to
US$100 million.  The rating action follows the receipt of final
documents conforming to information previously received.

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




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


AF AEROSPACE: Court Enters Wind-Up Order
----------------------------------------
On January 25, 2007, the High Court of Singapore entered an
order to have AF Aerospace Pte Ltd's wound up.

The company's liquidator is:

          Foo Kon Tan Grant Thornton
          47 Hill Street #05-01
          Singapore Chinese Chamber of Commerce
          & Industry Building
          Singapore 179365


EC-ASIA INTERNATIONAL: Creditors' Proofs of Debt Due on Feb. 22
---------------------------------------------------------------
The creditors of EC-Asia International Ltd are required to file
their proofs of debt by February 22, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Neo Ban Chuan
          c/o BC Neo Business Advisory Pte Ltd
          151 Chin Swee Road
          #14-04 Manhattan House
          Singapore 169876


FORSYTH PARTNERS: Court to Hear Wind-Up Petition on Feb. 15
-----------------------------------------------------------
A petition to have Forsyth Partners (Singapore) Pte. Ltd.'s
operations wound up will be heard before the High Court of
Singapore on February 15, 2008, at 10:00 a.m.

Forsyth's solicitors are:

          PK Wong & Associates LLC
          9 Temasek Boulevard
          #26-03 Suntec City Tower Two
          Singapore 038989


UPPER ROOM: Requires Creditors to File Claims by March 3
--------------------------------------------------------
The Upper Room Pte Ltd requires its creditors to file their
proofs of debt by March 3, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

          Simeon See Chor Hin
          c/o 5 Shenton Way
          #07-01 UIC Building
          Singapore 068808




===========
T A I W A N
===========


AU OPTRONICS: Still the World's Leading LCD Supplier
----------------------------------------------------
AU Optronics Corp. led the world in the production of liquid
crystal display television panels for the seventh consecutive
month in December 2007, Asia Pulse News reports, citing
statistics released by DisplaySearch, a provider of information
on display-related industries.

The statistics show that AU Optronics captured 25.1% of the
global market share in December last year, followed by two South
Korean electronics giants: LG-Philips LCD Co., with a 19.7%
share, and Samsung Electronics Co., with a 16.5% share.

AU Optronics' smaller Taiwanese rival, Chi Mei Optoelectronics
Corp. ranked fourth for the month, with a shipment share of
16.4%, the report says.

Overall, 8.1 million LCD TV panels were shipped in December
worldwide, showing a decrease of 16% from the record high set in
November. Compared with December 2006, the figure represented a
growth of 73%, the report adds.

                     About AU Optronics

Taiwan-based AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat
panel displays.  The company's principal products are thin-film
transistor liquid crystal display (TFT-LCD) panels.

AU Optronics carries Fitch's BB long-term local and foreign
currency issuer rating.


AU OPTRONICS: TV Screens Fuel Profit and Expansion
--------------------------------------------------
AU Optronics Corp. plans to spend up to TWD140 billion on new
facilities and equipment in 2008, as it reports a robust net
profit in the fourth quarter, Taipei Times reports.

According to the Taipei Times, the company reported that
revenues jumped 64% year-on-year to TWD155.5 billion, ultimately
translating to a TWD33.1 billion net profit for the last quarter
of 2007, soaring from the TWD1.65 billion from a year before.

Forty-seven percent of the company's revenues came from TV
screens, the Taipei Times reveals.

AU Optronics disclosed that with the expectation of higher
demand for bigger TV screens, the company will more than double
its capital spending this year.  The Times quotes AU general
manager Chen Lai-juh as saying that the company it will create a
new 8.5-generation production line at 7.5-generation factory in
Taichung, taking up around 28% of the TWD140 billion capex
budget.

The Times also recounts that the company is scheduled finish the
new plant by the end of the year and launch the new production
line with a monthly output of 40,000 sheets in the second half
of 2009.  Mr. Chen confirms that the move was in direct response
to its competitors' recent capacity expansion plans

A Bloomberg News report states that rivals, Chi Mei
Optoelectronics Corp. and LG.Philips LCD Co., are planning to
expand manufacturing after profit gained as more consumers
picked the displays over plasma screens and traditional cathode-
ray tube television sets.

                     About AU Optronics

Taiwan-based AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat
panel displays.  The company's principal products are thin-film
transistor liquid crystal display (TFT-LCD) panels.

AU Optronics carries Fitch's BB long-term local and foreign
currency issuer rating.




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


* Fitch Says Non-Japan Asia Structured Finance'08 Outlook Stable
----------------------------------------------------------------
Fitch Ratings noted in a recently published report that it
expects a stable outlook for the non-Japan Asian structured
finance market in 2008, when the securitisation pricing will
stabilise after a bout of spread widenings caused by the tumble
of the US subprime housing market.

"2008 will be an interesting period for the non-Japan Asian
securitisation market," said Stan Ho Ho Ming, head of non-Japan
Asia Structured Finance Group at Fitch Ratings.  The market is
still recovering from the ripples caused by the global credit
crunch and syndicated bank loans have always been, and are
expected to continue to be, a keen competitor for securitisation
in markets like Hong Kong and Singapore.  However, the agency
expects to see more securitisation opportunities in the region
as securitisation laws in China evolve and a new batch of
securitisations is in the pipeline.  There are continuous
funding needs among repeat originators in Korea and first time
originators may also tap into the securitisation market for
funding and capital management purposes. Meanwhile, activities
are expected to resume in Indonesia, transactions in Taiwan are
expected to diversify across various asset types and Thailand
may see its first cross-border transaction when its long-awaited
Government Housing Bank's RMBS materialises.

Korea has been the most active country in terms of cross-border
issuance.  In 2008, Fitch expects the Korean market to continue
to be dominated by repeat originators including banks and
consumer finance companies.  First time RMBS originators testing
the securitisation market and starting to issue securitisations
may also be evident.  RMBS and credit card receivable ABS are
expected to be the mainstream while transactions backed by other
asset types such as auto loans may also be apparent.

Singapore recorded a robust volume in 2007 in CMBS and
residential receivable transactions, due to the buoyant property
market. However, Fitch predicts that 2008 may see a slowdown in
issuance as companies may alter their funding options from
securitisation to bank loans, which provide a more competitive
pricing without the structural complexity associated with
securitisation.

In China, the government authorities who developed the legal
frameworks for securitisation will continue to revisit the
rulebook and tighten the relevant guidelines.  The most common
asset types to be securitised remain corporate loans and
residential mortgages, although auto loans and commercial
property receivables may also be feasible.  A few more domestic
CLOs and RMBS are in the approval process.  Fitch expects that
China in 2008 will be dominated by domestic securitisations.

Taiwan will continue to be domestically focused. Instead of
being dominated by transactions originated by REITs and REATs,
Fitch expects to see transactions backed by various asset types
in 2008, which include mortgage loans, consumer loans, and
possibly small and medium enterprise loans.

Securitisations in Thailand have mainly focused on the domestic
market.  However, 2008 may see its first cross-border
transaction backed by residential mortgage loans from the
Government Housing Bank.  Structured finance activities are
expected to resume slowly in Indonesia and Fitch will closely
follow the market developments.

The special report titled "Non-Japan Asia Structured Finance -
2007 Review and 2008 Outlook" is available on
http://www.fitchratings.com/


* McKinney Names V. Pollaers as Asia Pacific Managing Partner
-------------------------------------------------------------
International business performance consultancy McKinney Rogers
appointed Vincent Pollaers as Managing Partner of the firm's
Asia Pacific practice.

Mr. Pollaers is based in the firm's new office in Sydney, from
where he will direct client engagements and drive new business
development across the Asia Pacific region.  This includes
responsibility for the McKinney Rogers' practice in Tokyo.

Mr. Pollaers joined McKinney Rogers from IBM where he was
initially General Counsel, and then Strategy Executive, for IBM
across Australia and New Zealand; and finally Alliances
Executive for IBM across Asia Pacific.  He brings exceptionally
broad experience to McKinney Rogers, gained from senior roles in
organizations as varied as the armed forces, leading
international law firms and multinational corporations.
Early career highlights include a period as a weapons electrical
engineering officer in the Royal Australian Navy, followed by IT
marketing consultancy on assignment throughout Asia with Price
Waterhouse Management Consultants in Hong Kong.  Vincent  also
worked as a mergers and acquisitions lawyer with Freshfields in
London, and Allen Allen & Hemsley in Sydney. He was also Asia
Pacific General Counsel for GEAC Computers Inc.  He has held a
number of board positions and is currently Chair of the Advisory
Board of the Australian Twin Registry -- a research facility
funded by the Australian Government.

Mr. Polaers holds Bachelors' degrees in Electrical Engineering
and in Science (Computer Science) from the University of New
South Wales, and has been admitted as a Solicitor in England and
Wales and in Australia.  Consistent with his passion for the
development of people, he is also an executive coach and intern
counselor and psychotherapist, having undertaken post graduate
studies at Jansen Newman Institute.

Speaking about his new role with McKinney Rogers, Mr. Polaers
says, "It is an exciting time to be joining McKinney Rogers with
enormous business potential across the region.  McKinney Rogers
already works with many multinational organisations across the
world, all of whom are huge supporters of the firm's simple and
effective approach to improving business performance.  I see a
significant opportunity to repeat this with new clients across
Asia Pacific."

Founder and CEO, Damian McKinney comments, "Vincent has gained
real practical insight into the challenges faced by mid and
upper-level management, across a remarkable range of professions
and disciplines -- not least of which is the importance of
clarity of purpose and the way in which people behave in
realizing personal and organizational goals."

                   About McKinney Rogers

McKinney Rogers --
http://www.mckinneyrogers.com/>www.mckinneyrogers.com
-- is a global business performance consultancy which
specializes in turning its clients' strategy into action to
deliver extraordinary results.   It partners with clients to
drive increased business performance and sustainable growth year
on year.  It introduces a way of working, called Mission
Leadership, which embeds clarity and alignment throughout the
client's organization.

McKinney Rogers believes that what is simple is understood and
what is understood is done.  Mission Leadership is a simple,
tried and tested way of working which combines practical tools
and methodologies, superior leadership and high performance team
behaviors and cost-effective enabling technology to track
performance.  Its ability to transform performance has been
recognised by global clients such as Wal-mart, Diageo, Grohe,
Pfizer, Reuters, Goldman Sachs, and Thomson Financial Services.

For more information, please contact:

         Jonathan Bawden or Tony Martin
         Portfolio Communications
         +44 (0)20 7240 6959
         e-mail: jonathan.bawden@portfoliocomms.com or
         Tony.Martin@portfoliocomms.com


                         *********

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

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

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


                         *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Azela Jane Taladua, Rousel Elaine Tumanda,
Valerie Udtuhan, Tara Eliza Tecarro, Marjorie C. Sabijon,
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 ***