TCRAP_Public/080212.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

          Tuesday, February 12, 2008, Vol. 9, Issue 30

                          Headlines

A U S T R A L I A

APPLECROSS MEDICAL: Members to Meet on February 20
AUSTAR UNITED: Sells Spectrum Biz for AU$65 Million to OPEL
CELAD PTY: Liquidator to Give Wind-Up Report on February 20
CHRYSLER LLC: Has Plans to Cut Product Lines & Dealerships
CHRYSLER LLC: Still Out to Grab Tooling Equipment from Plastech

CRINALIN PTY: Liquidator to Present Wind-Up Report on Feb. 20
ENDEAVOUR HEALTHCARE: Members' Meeting Set for February 20
EYERS FORCE: Placed Under Voluntary Liquidation
HASBRO INC: Board Declares US$0.20 Per Share Quarterly Dividend
HASBRO INC: Gets Board OK to Repurchase US$500-Mln Common Stock

HEALTHPOINT BELMONT: Members to Meet on February 20
HEALTHPOINT ELLENBROOK: Members' Meeting Set for February 20
PHYSICIAN RESOURCE: Members to Hear Wind-Up Report on Feb. 20
RHG LIMITED: Refinances AU$5.5 Billion of Short-Term Debt
STARTUNE HOLDINGS: Members' Final Meeting Slated for Feb. 20

SYMBION HEALTH: Board Provides Conditions for Primary Offer
TAMSITY PTY: Members to Receive Wind-Up Report on February 20
TELBAZ PTY: Members' Final Meeting Set for February 20
ZINIFEX: Gets 5% of Allegiance Stake Through Lion Selection


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

ACXIOM CORP: Mr. Meyer Gets Nonqualified Options to Buy Shares
APDON DEVELPOMENT: Members & Creditors to Meet on March 3
FIAT SPA: Keeps Position on Jaguar/Land Rover Acquisition
HOI YUEN: Members' Final General Meeting Fixed on March 3
HONG KONG YOUTH: Commences Liquidation Proceedings

INFRONT ASIA: Members' Final General Meeting Fixed on March 7
JUSTIN HONG: Members' Final General Meeting Fixed on March 13
LENG LOI: Commences Liquidation Proceedings
PETROLEOS DE VENEZUELA: US$1-Bln Facility Extended for One Year
PETROLEOS DE VENEZUELA: Courts Lock US$12 Billion in Oil Assets

PETROLEOS DE VENEZUELA: Asset Freeze Has Little Impact: Fitch
POLIMIDE PALSTIC: Commences Liquidation Proceedings
TRIUMPH KEY: Members' Final General Meeting Fixed on March 7
WAH TAT PU: Creditors' Proofs of Debt Due on March 6


I N D I A

BRISTOW GROUP: Quarter Ended Dec. 31 Earnings Up to US$20 Mil.
DECCAN AVIATION: Posts INR1.9-Bil. Loss in Qtr. Ended Dec. 31
EXIDE TECHNOLOGIES: Taps Phillip Damaska as Exec. Vice President
GARWARE POLYESTER: Reports INR9.2 Million Quarter Net Profit
LOK HOUSING: Shareholders OK Preferential Allotment of Warrants

QUEBECOR WORLD: ISDA Launches Protocol to Settle Derivate Trades
QUEBECOR WORLD: Pres. Says Magazine Arm Unaffected by Bankruptcy
STATE BANK OF INDIA: RBI Appoints 14 Firms as Statutory Auditors
STATE BANK OF INDIA: Cuts Benchmark Prime Lending Rate to 12.50%
TATA STEEL: Now Holds 50.05% of Tata Metaliks

TATA STEEL: Fails to Win Race for Liberia's Iron Ore Mines


I N D O N E S I A

EXCELCOMINDO: Deals with Datacraft for SGD3.1M Operation Upgrade
GARUDA INDONESIA: Opens New Flights on China-Indonesia Routes


J A P A N

ALITALIA SPA: Chairman Warns of Possible Bankruptcy
BLACKBOARD INC: Earns US$4.2 Mln in Quarter Ended December 31
FORD MOTOR: Bear Stearns Downgrades Firm to Peer Perform
JAPAN AIRLINES: Paying JPY48 Million on Employee Suit
SOFTBANK: Unit to Post Lost of JPY26BB for 3Q Ending March 2008


K O R E A

CLOROX CO: Paying US$0.40 Per Share Dividend Due on April 25
HANAROTELCOM: SK Telecom To Get Conditional OK from Trade Agency
HYNIX SEMI: To Spend 8% of 2007 Revenue for R&D Budget This Year

* KOREA: 18 Korean Bank's NPL Fell Record Low in 2007


M A L A Y S I A

KNOLL INC: Reports US$20.7-Mln Net Income in Fourth Quarter 2007
PROTON HOLDINGS: To Launch Multi-Purpose Vehicle by Early 2009


N E W   Z E A L A N D

13 PETONE: Placed Under Voluntary Liquidation
AUCKLAND TRADE: Subject to CIR's Wind-Up Petition
EVODIA GAD: Appoints PricewaterhouseCoopers as Liquidators
GOVERNORS BAY: Court to Hear Wind-Up Petition on February 18
NATIONWIDE REPILING: Fixes Feb. 28 as Last Day to File Claims

SDS INVESTMENTS: Faces CIR's Wind-Up Petition
THCIP LTD: Fixes March 8 as Last Day to File Claims
VEITCH ENTERPRISES: Placed Under Voluntary Liquidation
WOODLAND DEVELOPMENTS: Wind-Up Petition Hearing Set for March 10
YORKSHIRE HOLDINGS: Creditors' Proofs of Debt Due on Feb. 29


P H I L I P P I N E S

BANKWISE: Monetary Board Orders Closure; PDIC Takes Over
CHINA BANKING: Integrates 16 Manila Bank Branches Into Network
CHIQUITA BRANDS: Prices 4.25% Convertible Senior Notes Due 2016
FEDDERS CORP: Banks Want Court to Deny Panel from Filing Suit
PHIL. LONG DISTANCE: SBI Completes Cruztelco Acquisition

PRC LLC: Wants to Sell Property to Brett Houston for US$2.2MM


S I N G A P O R E

AAR CORP: Robert Regan Replaces H.A. Pulsifer as General Counsel
ALLCO REIT: Unveils Shareholders' Change of Interests
CHEMTURA CORP: Completes Fluorochemicals Biz Sale to Du Pont
COM-TEX ASSOCIATES: Court Enters Wind-Up Order
FLEXTRONICS INT'L: To Acquire CEAG AG's Unit for US$85 Million

LEE TUNG: Contributories' Meeting Set for February 15
WESTLITE DEVELOPMENT: Creditors' Proofs of Debt Due on March 7


T H A I L A N D

DOLE FOOD: Fitch Says WTO Ruling Good for Company

* BOND PRICING: For the Week 11 February to 15 February 2008


                            - - - - -

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


APPLECROSS MEDICAL: Members to Meet on February 20
--------------------------------------------------
Gary P. Doran, Applecross Medical Group Pty Ltd's appointed
estate liquidator, will meet with the company's members on
February 20, 2008, at 11:00 a.m., to provide them with property
disposal and winding-up reports.

The company commenced liquidation proceedings on Feb. 7, 2007.

The liquidator can be reached at:

          Gary P. Doran
          Woodside Plaza, Level 14
          240 St Georges Terrace
          Perth, Western Australia 6000
          Australia
          Telephone:(08) 9365 7000

                   About Applecross Medical

Applecross Medical Group Pty Ltd operates offices and clinics of
doctors of medicine.  The company is located at Yangebup, in
Western Australia, Australia.


AUSTAR UNITED: Sells Spectrum Biz for AU$65 Million to OPEL
-----------------------------------------------------------
Austar United Communications Limited has sold its spectrum
holdings to OPEL Venturers, Optus and Elders for AU$65 million,
Hamish King at Egoli reports.

In a statement, the company said that the sale of its spectrum
holdings will facilitate the building of a WiMAX network as part
of the OPEL Broadband Connect network in regional Australia,
giving regional Australians an even brighter broadband future.

Under the arrangements, the OPEL Venturers, Optus and Elders,
acquire AUSTAR's 2.3 gigahertz (Ghz) and 3.5Ghz spectrum
licences.

Access to the AUSTAR licensed spectrum will allow the OPEL
Venturers to build a state-of-the-art WiMAX network, which will
keep pace with the developments in international standards.  The
OPEL network will ensure that regional Australians have access
to a broad range of world's best broadband access technologies
including WiMAX and ADSL2+.

AUSTAR will also expand its relationship with Optus Wholesale to
market broadband, voice and mobile services to not only its
existing subscription television customers but to all homes in
AUSTAR areas.

AUSTAR Chief Executive Officer John Porter said, "We are
extremely pleased with this outcome as we will be in a position
to deliver on the promise of the triple play and offer a much
broader range of services to our customers in a way that also
makes sense for our shareholders."

Mr. Porter added, "There is no doubt that Optus and Elders,
working with the Australian Government under Broadband Connect,
are in a position to build great broadband access services in
regional Australia very efficiently.  With access to wholesale
products from Optus and OPEL once it starts operations, we
believe we are even better placed than we would be if we were to
build a network ourselves.  "Mr. Porter noted that AUSTAR would
continue to focus on what AUSTAR does best; making must-have
television the driver of growth, while adding new product lines
and offering value-driven bundling opportunities."

AUSTAR expects to begin wholesaling Optus' new access products
in late 2008.  Austar has more than 600,000 subscription
customers and expected around a third of its customers to have a
MyStar after three years.

                      About Austar United

New South Wales, Australia-based Austar United Communications
Limited -- http://www.austarunited.com.au/-- is a subscription
television provider, offering primarily digital satellite
services to customers in regional and rural areas in Australia.
AUSTAR also offers dial-up Internet and mobile phone services.
The company has two business segments: Subscription services and
Radio spectrum licenses.  Subscription services represent
subscription television distribution operations, Internet,
interactive television and mobile telephony operations and
license fee income.  Radio spectrum licenses represent income
and gains earned from the leasing of radio spectrum licenses.

As of September 30, 2006, the company had a net debt standing of
AU$486.4 million.

The Troubled Company Reporter-Asia Pacific, on Dec. 14, 2007,
included in its "Large Companies With Insolvent Balance Sheets"
Column, Austar United Communications Ltd., with US$411.16
million in assets and US$43.72 million in stockholders' equity
deficit.


CELAD PTY: Liquidator to Give Wind-Up Report on February 20
-----------------------------------------------------------
Gary P. Doran, Celad Pty Ltd's appointed estate liquidator, will
meet with the company's members on February 20, 2008, at
11:30 a.m., to provide them with property disposal and winding-
up reports.

In a report by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on Feb. 7, 2007.

The liquidator can be reached at:

          Gary P. Doran
          Woodside Plaza, Level 14
          240 St Georges Terrace
          Perth, Western Australia 6000
          Australia
          Telephone:(08) 9365 7000

                       About Celad Pty

Celad Pty Ltd provides health and allied services.  The company
is located at Mosman, in New South Wales, Australia.


CHRYSLER LLC: Has Plans to Cut Product Lines & Dealerships
----------------------------------------------------------
Chrysler LLC intends to downsize certain aspects of its
operations in order to match the market's demand for its
products, Neal E. Boudette at the Wall Street Journal reports.

For the automaker, this includes slashing the number of its
product models and decreasing the number of dealers, WSJ cites
company representatives in meetings with Chrysler's dealers.

The Journal's Neal E. Boudette and Terry Kosdrosky relate that
over the next three years or so, Chrysler plans to drop as many
as half of the roughly 30 models it now produces, a move likely
to cut sales at least for a while.  Along the way, it expects a
substantial consolidation in its network of 3,600 dealers, the
Journal writers relate.

According to people familiar with the issue, the adjustment is
part of a strategy to trim the company to achieve healthy
profits, which was a far cry from several years ago where it was
aiming to double its sales volume, WSJ relates.  Company
executives acknowledged the fact that Chrysler "can't expect to
increase its sales volume substantially," says WSJ.

The company and its shareholders are considering solutions in
order to contract the number of dealers, WSJ reports, citing a
Chrysler spokesman.

The company is currently rushing on finding a new supplier for
its components.  As reported in the Troubled Company Reporter on
Feb. 8, 2008, Chrysler LLC CEO Robert Nardelli disclosed that
the automaker is still in pursuit of its tooling equipment holed
up at Plastech Engineered Products Inc.'s plants, and continues
to seek component supplies from other vendors.

                      About Chrysler LLC

Based 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: Still Out to Grab Tooling Equipment from Plastech
---------------------------------------------------------------
Chrysler LLC CEO Robert Nardelli disclosed that the auto-maker
is still in pursuit of its tooling equipment holed up at
Plastech Engineered Products Inc.'s plants, and continues to
seek component supplies from other vendors, Jeff Bennett of the
Wall Street Journal reports.

As reported on Feb. 7, 2008, a temporary disruption in
Chrysler's production was caused by a tooling dispute over the
parties, with Chrysler attempting to retrieve its tooling
equipment over at Plastech's plants and transfer them to other
suppliers so its operations would not suffer.

The parties however, reached an agreement early this week that
ended the idling of Chrysler plants.  Pursuant to an interim
agreement, Plastech resumed its shipment of car parts and
components to Chrysler, which enabled the automaker to resume
its plant operations.  The arrangement will continue until
Feb. 15.

"This was not hard-ball tactics, it was a solid business
practice," WSJ quotes Nardelli during an auto show.  "We never
meant to create an adversarial relationship with Plastech or any
other suppliers."

Nardelli related to WSJ that Plastech was going to raise its
prices.  "We have to stay competitive," Nardelli insisted.  "No
hard feelings, no animosity, just solid business practices."

While Chrysler previously said that it could close four of its
U.S. plants due to Plastech's failure to deliver component
parts, Ford Motor Co. and Toyota Motor Corp. said their
automotive production won't be affected by the auto-parts
supplier's Chapter 11 filing.

Ford said that Plastech's Chapter 11 filing won't adversely
affect the auto maker's production, The Wall Street Journal
reports.  "We've had no impact," said Mark Fields, Ford's
President of the Americas.  "We anticipate, for the time being,
to be able to continue our production."

                   About Plastech Engineering

Based in Dearborn, Michigan, Plastech Engineered Products, Inc.
-- http://www.plastecheng.com/-- is full-service automotive
supplier of interior, exterior and underhood components.  It
designs and manufactures blow-molded and injection-molded
plastic products primarily for the automotive industry.
Plastech's products include automotive interior trim, underhood
components, bumper and other exterior components, and cockpit
modules.  Plastech's major customers are General Motors, Ford
Motor Company, and Toyota, as well as Johnson Controls, Inc.

Plastech is a privately held company and is the largest family-
owned company in the state of Michigan.  The company is
certified as a Minority Business Enterprise by the state of
Michigan.  Plastech maintains more than 35 manufacturing
facilities in the midwestern and southern United States.  The
company's products are sold through an in-house sales force.

The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417).  Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts.  The
Debtors chose Jones Day as their special corporate and
litigation counsel.  Lazard Freres & Co. LLC serves as the
Debtors' investment bankers, while Conway, MacKenzie & Dunleavy
provide financial advisory services.  The Debtors also employed
Donlin, Recano & Company as their claims and noticing agent.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.

                       About Chrysler LLC

Based 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.


CRINALIN PTY: Liquidator to Present Wind-Up Report on Feb. 20
-------------------------------------------------------------
Gary P. Doran, Crinalin Pty Ltd's appointed estate liquidator,
will meet with the company's members on February 20, 2008, at
9:00 a.m., to provide them with property disposal and winding-up
reports.

As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on Feb. 7, 2007.

The liquidator can be reached at:

          Gary P. Doran
          Woodside Plaza, Level 14
          240 St Georges Terrace
          Perth, Western Australia 6000
          Australia
          Telephone:(08) 9365 7000

                     About Crinalin Pty

Located at Ellenbrook, in Western Australia, Australia, Crinalin
Pty Ltd is an investor relation company.


ENDEAVOUR HEALTHCARE: Members' Meeting Set for February 20
----------------------------------------------------------
Gary P. Doran, Endeavour Healthcare (Pathology) Pty Ltd's
appointed estate liquidator, will meet with the company's
members on February 20, 2008, at 12:00 noon, to provide them
with property disposal and winding-up reports.

The liquidator can be reached at:

          Gary P. Doran
          Woodside Plaza, Level 14
          240 St Georges Terrace
          Perth, Western Australia 6000
          Australia
          Telephone:(08) 9365 7000

                 About Endeavour Healthcare

Endeavour Healthcare (Pathology) Pty Ltd operates non-
classifiable establishments.  The company is located at Bentley,
in Western Australia, Australia.


EYERS FORCE: Placed Under Voluntary Liquidation
-----------------------------------------------
The Eyers Force Pty Ltd's members agreed on January 2, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Andre Janis Strazdins and
Nicholas David Cooper at SimsPartners to facilitate the sale of
its assets.

The liquidators can be reached at:

          Andre Janis Strazdins
          Nicholas David Cooper
          SimsPartners
          Chartered Accountants
          12 Pirie Street, Level 4
          Adelaide, South Australia 5000
          Australia
          Telephone:(08) 8233 9900

                   About The Eyers Force

The Eyers Force Pty Ltd provides amusement and recreation
services.  The company is located at Hindmarsh, in South
Australia, Australia.


HASBRO INC: Board Declares US$0.20 Per Share Quarterly Dividend
---------------------------------------------------------------
Hasbro Inc.'s Board of Directors has declared a quarterly cash
dividend of US$0.20 per common share, an increase of US$0.04 per
share or 25% from the previous quarterly dividend of US$0.16 per
common share.  The dividend will be payable on May 15, 2008 to
shareholders of record at the close of business on May 1, 2008.

"The Board's decision to increase the dividend, recognizes the
Company's continued strong earnings and cash flow, and
demonstrates Hasbro's commitment to returning excess cash to
shareholders," said Alfred J. Verrecchia, President and Chief
Executive Officer.

                         About Hasbro

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

                        *     *     *

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


HASBRO INC: Gets Board OK to Repurchase US$500-Mln Common Stock
---------------------------------------------------------------
Hasbro Inc.'s Board of Directors has authorized the company to
repurchase an additional US$500 million in common stock.
Repurchases of the company's common stock may be made from time
to time, subject to market conditions.  These shares may be
purchased in the open market or through privately negotiated
transactions.  Hasbro has no obligation to repurchase shares
under the authorization, and the timing, actual number and value
of shares, which are repurchased will depend on a number of
factors, including the price of the company's common stock.  The
company may suspend or discontinue the repurchase program at any
time.

"This program reflects the continuing commitment of the Board of
Directors and Hasbro management to pursue opportunities that
create value for our shareholders," said Alfred J. Verrecchia,
President and Chief Executive Officer.

The company announced a US$500 million share repurchase
authorization in August 2007, which has US$48.3 million
remaining in the authorization.  Since May 2005, the Company has
spent US$1.152 billion to repurchase 48,495,100 shares.

                         About Hasbro

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

                         *     *     *

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


HEALTHPOINT BELMONT: Members to Meet on February 20
---------------------------------------------------
Gary P. Doran, Healthpoint Belmont Pty Ltd's appointed estate
liquidator, will meet with the company's members on
Feb. 20, 2008, at 12:30 p.m., to provide them with property
disposal and winding-up reports.

The Troubled Company Reporter-Asia Pacific reported that the
company commenced liquidation proceedings on Feb. 7, 2007.

The liquidator can be reached at:

          Gary P. Doran
          Woodside Plaza, Level 14
          240 St Georges Terrace
          Perth, Western Australia 6000
          Australia
          Telephone:(08) 9365 7000

                  About Healthpoint Belmont

Healthpoint Belmont Pty Ltd is a distributor of durable goods.
The company is located at Belmont, in Western Australia,
Australia.


HEALTHPOINT ELLENBROOK: Members' Meeting Set for February 20
------------------------------------------------------------
Gary P. Doran, Healthpoint Ellenbrook Pty Ltd's appointed estate
liquidator, will meet with the company's members on
Feb. 20, 2008, at 3:30 p.m., to provide them with property
disposal and winding-up reports.

The Troubled Company Reporter-Asia Pacific reported that the
company commenced liquidation proceedings on Feb. 7, 2007.

The liquidator can be reached at:

          Gary P. Doran
          Woodside Plaza, Level 14
          240 St Georges Terrace
          Perth, Western Australia 6000
          Australia
          Telephone:(08) 9365 7000

               About Healthpoint Ellenbrook

Healthpoint Ellenbrook Pty Ltd provides health and allied
services.  The company is located at Ellenbrook, in Western
Australia, Australia.


PHYSICIAN RESOURCE: Members to Hear Wind-Up Report on Feb. 20
-------------------------------------------------------------
Gary P. Doran, Physician Resources Group Pty Ltd's appointed
estate liquidator, will meet with the company's members on
February 20, 2008, at 2:30 p.m., to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Gary P. Doran
          Woodside Plaza, Level 14
          240 St Georges Terrace
          Perth, Western Australia 6000
          Australia
          Telephone:(08) 9365 7000

                  About Physician Resources

Located at Osborne Park, in Western Australia, Australia,
Physician Resources Group Pty Ltd is an investor relation
company.


RHG LIMITED: Refinances AU$5.5 Billion of Short-Term Debt
---------------------------------------------------------
RHG Limited has successfully refinanced Friday its AU$5.5
billion of short-term debt, beating a Feb. 11 deadline, Helen
Schuller at Egoli reports.

As a result of the refinancing, two US extendable commercial
(XCP) facilities have been fully repaid, the same report says.

Egoli relates that the company faced difficulties in August last
year as a liquidity problem prevented it from refinancing an
AU$6.17 billion of debt.  RHG then sold its brand and
distribution divisions to Westpac Banking Corp. Ltd. for AU$140
million.

RHG's refinancing of the debt saved the economic value of the
home loans backing portion of the XCP program.

RHG Limited, formerly RAMS Home Loans, specializes in providing
residential home loans throughout Australia.


STARTUNE HOLDINGS: Members' Final Meeting Slated for Feb. 20
------------------------------------------------------------
Gary P. Doran, Startune Holdings Pty Ltd's appointed estate
liquidator, will meet with the company's members on
Feb. 20, 2008, at 10:30 a.m., to provide them with property
disposal and winding-up reports.

The Troubled Company Reporter-Asia Pacific reported that the
company commenced liquidation proceedings on Feb. 7, 2007.

The liquidator can be reached at:

          Gary P. Doran
          Woodside Plaza, Level 14
          240 St Georges Terrace
          Perth, Western Australia 6000
          Australia
          Telephone:(08) 9365 7000

                  About Startune Holdings

Startune Holdings Pty Ltd operates offices and clinics of
doctors of medicine.  The company is located at Perth, in
Western Australia, Australia.


SYMBION HEALTH: Board Provides Conditions for Primary Offer
-----------------------------------------------------------
Egoli reports that Symbion Health's board of directors has said
that it would endorse Primary Health Care Limited's AUS$2.7-
billion deal based on two conditions:

i) that Primary will secure acceptances of more than 50.1%; and
ii) for the offer to be unconditional.

Primary, according to Egoli's Feb. 11 report, has so far
received 48% of acceptances from shareholders.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2007, Symbion Health's board told shareholders to
reject Primary Health Care's offer, reiterating that its offer
price "does not adequately compensate" the holders.

Symbion Chairman Paul McClintock had said last week that the
board will reconsider the offer as circumstances have changed in
the market.

"The sharemarket has become increasingly volatile, falling 13%
since Primary's offer was announced, which has increased the
risk of a decline in Symbion Health's share price upon the close
of Primary's Offer, and has impacted the Board's view on
relative value in the current environment," Mr. Mclintock was
quoted by Egoli as saying.  "If Primary's Offer becomes
unconditional all Symbion Health shareholders have the
opportunity to receive US$4.10 cash per share, if they
choose to do so."

Primary Health's offer will expire Feb. 21.

                   About Primary Health

Primary Health Care Limited --
http://www.primaryhealthcare.com.au/IRM/Content/default.htm--
is a service provider to a wide range of health care
professionals who provide comprehensive care to patients.
Additionally, Primary operates licensed and accredited day
surgery facilities, specialist eye clinics and an automated
pathology laboratory - SDS Pathology.

                   About Symbion Health

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

                       *     *     *

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


TAMSITY PTY: Members to Receive Wind-Up Report on February 20
-------------------------------------------------------------
Gary P. Doran, Tamsity Pty Ltd's appointed estate liquidator,
will meet with the company's members on February 20, 2008, at
8:30 a.m., to provide them with property disposal and winding-up
reports.

The Troubled Company Reporter-Asia Pacific reported that the
company commenced liquidation proceedings on Feb. 7, 2007.

The liquidator can be reached at:

          Gary P. Doran
          Woodside Plaza, Level 14
          240 St Georges Terrace
          Perth, Western Australia 6000
          Australia
          Telephone:(08) 9365 7000

                     About Tamsity Pty

Located at Osborne Park, in Western Australia, Australia,
Tamsity Pty Ltd is an investor relation company.


TELBAZ PTY: Members' Final Meeting Set for February 20
------------------------------------------------------
Gary P. Doran, Telbaz Pty Ltd's appointed estate liquidator,
will meet with the company's members on February 20, 2008, at
2:00 p.m., to provide them with property disposal and winding-up
reports.

In a report by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on Feb. 7, 2007.

The liquidator can be reached at:

          Gary P. Doran
          Woodside Plaza, Level 14
          240 St Georges Terrace
          Perth, Western Australia 6000
          Australia
          Telephone:(08) 9365 7000

                      About Telbaz Pty

Located at Subiaco, in Western Australia, Australia, Telbaz Pty
Ltd is an investor relation company.


ZINIFEX: Gets 5% of Allegiance Stake Through Lion Selection
-----------------------------------------------------------
Zinifex Limited has secured over 5% of shares in Allegiance
Mining NL as a result of Lion Selection's acceptance of its
purchase offer of AUS$1/share, published reports say.

Lion Selection is Allegiance's largest instutional shareholder.
Its acceptance proved to Zinifex that the one dollar per share
cash offer is a fair representation of Allegiance's value,
Reuters says.

"We believe this sends a clear signal to other Allegiance
investors that Zinifex's Offer represents fair value and
provides certainty in the current volatile market," Zinifex
Chief Executive Officer Andrew Michelmore was quoted by Reuters
as saying.

Previous reports said that Allegiance Mining's board of
directors had adviced its shareholders that the Zinifex offer is
inadequate.  The company's chairman, Tony Howland-Rose said in a
statement that Zinifex's offer is "unsolicited, opportunistic,
and inadequate."

Zinifex has yet to convince Allegiance major shareholder,
Jinchuan Group Limited, to accept its offer.  According to
Comtex, Jinchuan, which holds a 10.4% stake in Allegiance, is
opposed to the proposal.  The major shareholder had written to
other holders stating its opposition against the deal.

In a previous report from Bloomberg, it suggests that Zinifex's
hostile offer stems from its plan to take control of
Allegiance's Avebury nickel project in Tasmania, which has a
US$3-billion supply agreement with Jinchuan, Asia's largest
producer of the metal used in stainless steel.  The offer stands
until February 22.

                   About Allegiance Mining

Allegiance Mining is an Australian nickel mining company that is
about to commission its first nickel project located in
Tasmania.  Its Avebury nickel project is due to start production
in 1Q-08 and the company has an on-going exploration effort
targeting nickel sulphide deposits.

                      About Zinifex Ltd.

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

                        *     *     *

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




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


ACXIOM CORP: Mr. Meyer Gets Nonqualified Options to Buy Shares
--------------------------------------------------------------
Acxiom(R) Corporation disclosed that, in connection with its
hiring of John A. Meyer as its Chief Executive Officer and
President, Mr. Meyer was granted inducement awards consisting of
nonqualified stock options to purchase 265,000 shares of the
company's common stock and restricted stock units in respect of
115,000 shares of the company's common stock.

The stock options have a per share exercise price equal to the
fair market value on the date of the grant, have a 10-year term
and will vest ratably over four years, 25 percent per year,
beginning on the first anniversary of the grant.  The
restrictions on the restricted stock units granted to Meyer will
lapse ratably over four years, 25 percent per year, beginning on
the first anniversary of the grant.  These inducement awards
were granted outside of the 2005 Equity Compensation Plan of
Acxiom Corporation, approved by the independent members of the
Company's board of directors and granted as an inducement
material to Meyer's employment with the Company in accordance
with Nasdaq Marketplace Rule 4350(i)(1)(iv).  As previously
reported by the company in its Current Report on Form 8-K filed
Jan. 17, 2008, Mr. Meyer was also granted certain equity
incentive awards under the 2005 Equity Compensation Plan of
Acxiom Corporation in connection with his employment, and he is
to be granted certain performance share units in respect of the
company's common stock as an inducement award no later than
May 15, 2008, pursuant to his employment agreement.

                         About Acxiom

Headquartered in Little Rock, Arkansas, Acxiom Corporation,
(Nasdaq: ACXM) -- http://www.acxiom.com/-- designs, builds and
manages marketing solutions across offline and online channels
for many of the largest, most respected companies in the world.
The core components of Acxiom's services include data
integration technology, data and analytics products, database
services, IT outsourcing, consulting and campaign management
software.  Founded in 1969, Acxiom has locations throughout the
United States and Europe, and in Australia, China and Canada.

In May 2007, Acxiom reached an agreement with Silver Lake
Partners and ValueAct Capital Partners LP to sell 100% of the
outstanding equity interests in Acxiom by Axio Holdings LLC in
an all-cash transaction valued at US$3 billion, including the
assumption of approximately US$756 million of debt.  However,
Silver Lake and ValueAct Capital terminated the deal in October
2007 and have signed a settlement agreement with Acxiom.  Silver
Lake and ValueAct paid Acxiom US$65 million in cash pursuant to
the termination of the merger agreement.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 17, 2007,
Moody's Investors Service confirmed Acxiom's Ba2 corporate
family rating and assigned a negative rating outlook.


APDON DEVELPOMENT: Members & Creditors to Meet on March 3
---------------------------------------------------------
Adpon Development Limited will hold a joint meeting for its
members and creditors at 10:00 a.m. on March 3, 2007.  During
the meeting, the company's liquidator Lui Wan Ho will provide
the attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

          Lui Wan Ho
          Room 1701
          Olympia Plaza
          255 King's Road
          North Point, Hong Kong


FIAT SPA: Keeps Position on Jaguar/Land Rover Acquisition
---------------------------------------------------------
Fiat S.p.A. reiterated its previously stated position that it
would not participate in the bidding process for the acquisition
of Jaguar/Land Rover and would not buy these assets.

The issued statement answered recent press speculations on
Fiat's involvement with Tata Motors in its discussions regarding
the acquisition of the marques.

According to a Fiat spokesman, Fiat has not had discussions,
directly or indirectly, with Tata regarding this potential
transaction or its participation in it and it has not offered to
purchase any assets or technologies from Tata if the transaction
is completed.

"Fiat nonetheless considers Tata as a strategic partner, and is
considering other collaboration alternatives which do not
involve the Jaguar/Land Rover assets," a Fiat spokesman said.

In a report by Adrian Michaels for the Financial Times, Tata
Motors is the frontrunner in negotiations to acquire Jaguar/Land
Rover in a deal worth around US$2 billion.

                      About Fiat S.p.A.

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

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

                        *     *     *

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

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


HOI YUEN: Members' Final General Meeting Fixed on March 3
---------------------------------------------------------
Leung Wing Ching, Winston, Hoi Yuen Investment Limited's
appointed estate liquidator, will meet with the company's
members on March 3, 2008, to provide them with property disposal
and winding-up reports.

The liquidator can be reached at:

          Leung Wing Ching, Winston
          Room 1115, 11th Floor
          Bank of America Tower
          12 Harcourt Road
          Hong Kong


HONG KONG YOUTH: Commences Liquidation Proceedings
--------------------------------------------------
Hong Kong Youth Arts Limited's members agreed January 28, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Nam Chi Ming to facilitate
the sale of its assets.

The liquidator(s) can be reached at:

         Nam Chi Ming
         Gibson of Four Sears Group Bldg.
         No. 1 Hong Ting Road
         Sai Kung
         Hong Kong


INFRONT ASIA: Members' Final General Meeting Fixed on March 7
------------------------------------------------------------
Nathalia K M Seng, Infront Asia Limited's appointed estate
liquidator, will meet with the company's members on
March 7, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


JUSTIN HONG: Members' Final General Meeting Fixed on March 13
-------------------------------------------------------------
Anthony Nedderman, Justin Hong Kong Limited's appointed estate
liquidator, will meet with the company's members on
March 13, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Anthony Nedderman
          11th Floor, China Hong Kong Tower
          8 Hennesy Road
          Hong Kong


LENG LOI: Commences Liquidation Proceedings
-------------------------------------------
Leng Loi Limited's members agreed January 19, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Kan Tim Hei and Fok Pui Ling
Linda to facilitate the sale of its assets.

The liquidator can be reached at:

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


PETROLEOS DE VENEZUELA: US$1-Bln Facility Extended for One Year
---------------------------------------------------------------
BNP Paribas has extended for another 12 months the US$1 billion
credit line it granted to Petroleos de Venezuela SA, according
to El Universal.

The initial term of the loan matured last January 30, the report
says.

El Universal earlier reported that PDVSA's debt to equity ratio
rose to 29.72 percent after contracting new debts amounting to
US$13.12 billion in 2007.

While the company's debt increased 449 percent in 12 months from
USD 2.91 billion to more than USD 16 billion, its consolidated
assets grew only 2 percent, from USD 53.10 billion to
USD 53.85 billion, El Universal said, citing a company report.

                About Petroleos de Venezuela SA

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

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

PDVSA estimates it will achieve a 5 million 847 thousand barrel
per day production capacity by the year 2012.

                        *     *     *

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


PETROLEOS DE VENEZUELA: Courts Lock US$12 Billion in Oil Assets
---------------------------------------------------------------
Petroleos de Venezuela S.A., a state-owned company, is barred
from taking or disposing of up to US$12 billion in petroleum
assets worldwide after courts in Britain and the U.S. ordered
freezing of those assets.

Chris Kraul of the Los Angeles Times says Exxon Mobil sought
the ruling amid reports that PDVSA could be looking to sell
assets to counter financial crisis.

A U.K. court filing cited by Bloomberg News says however that
Exxon Mobil is concerned that PDVSA will transfer assets to
other countries including China to put them out of reach of
an international arbitration commission.

Last year, Venezuelan President Hugo Chavez nationalized oil
projects in the country and Exxon Mobil has been seeking to
recover the value of its investments in those fields, Peter
Wilson of BusinessWeek relates.

As reported in the Troubled Company Reporter-Latin America on
Jan. 29, 2008, Moody's Investors Service noted the reported
increase in PDVSA's total consolidated debt to US$16 billion
in 2007, from approximately US$2.9 billion at the end of 2006.

Moody's said the debt increase will not affect the company's
B1 global local currency issuer rating with a stable outlook,
based on the company's low financial leverage and the level
of its current credit rating, the latter of which reflects
Venezuelan sovereign risk and control over the state oil
company's operations.

According to Moody's, the increase in PDVSA's total debt
clearly reflects a continuation of capital spending that exceeds
internal cash flow, with its cash flow from operations heavily
affected by large transfer payments to support government social
programs.

                About Petroleos de Venezuela SA

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

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

PDVSA estimates it will achieve a 5 million 847 thousand barrel
per day production capacity by the year 2012.

                        *     *     *

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


PETROLEOS DE VENEZUELA: Asset Freeze Has Little Impact: Fitch
-------------------------------------------------------------
Fitch Ratings views a British court order to freeze up to US$12
billion of PDVSA's worldwide assets to have a minimum impact on
the company's day to day operations, as well as its near term
credit quality and financial flexibility.  In order to comply
with this court order, PDVSA must maintain US$12 billion of
unencumbered assets anywhere in the world.

The order in and of itself does not prevent PDVSA from
transacting business, and from a practical perspective
transferring assets given its total consolidated asset base of
more than US$92 billion. PDVSA is expected to oppose this
decision and present their opposing arguments later this month.
The enforcement of this order and the applicability of British
jurisdiction over assets domiciled outside of the UK remain
unclear at this time.

More importantly, this order is part of the legal wrangling over
the ongoing dispute between PDVSA and Exxon Mobil regarding the
nationalization of the Cerro Negro heavy oil project in the
Orinoco belt.

The compensation to Exxon Mobil for this action remains in
dispute and is currently in arbitration; the outcome of this
arbitration process remains uncertain.  A negative outcome of
the arbitration could pressure the credit profile of PDVSA,
which timing could be lengthy.  In the meantime, the ability of
the courts to encumber any of PDVSA assets before the
arbitration process is complete is unlikely.

PDVSA, Venezuela's national oil company, is engaged in the
exploration and production of crude oil and natural gas; the
refining, marketing and transportation of crude and refined
products; and the production of petrochemicals, as well as
various other hydrocarbon-related activities in Venezuela and
abroad.  The Venezuelan government is the company's sole
shareholder.  The majority of PDVSA's cash generating assets are
located in Venezuela (85%), and in the United States (15%)
through its Citgo subsidiary. PDVSA's European assets represent
only a small portion of the company's US$92.6 billion of total
consolidated assets as of June 30, 2007.

                About Petroleos de Venezuela

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

                        *     *     *

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


POLIMIDE PALSTIC: Commences Liquidation Proceedings
---------------------------------------------------
Polimide Plastic Manufactory Limited's members agreed
January 31, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed Nam
Chi Ming to facilitate the sale of its assets.

The liquidator can be reached at:

         Lui Wan Ho
         To Chi Man
         Room 1701, Olympia Plaza
         255 King's Road, North Point
         Hong Kong


TRIUMPH KEY: Members' Final General Meeting Fixed on March 7
------------------------------------------------------------
Nathalia K M Seng, Triumph Key Limited's appointed estate
liquidator, will meet with the company's members on
March 7, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


WAH TAT PU: Creditors' Proofs of Debt Due on March 6
----------------------------------------------------
Wah Tat Pu Limited's creditors are required to file their proofs
of debt by March 6, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on
January 25, 2008.

The company's liquidator is:

         Chan Kam Man
         Unit 803, 8th Floor
         Shanghai, Industrial Investment Bldg.
         48-62 Hennessy Road
         Wanchai
         Hong Kong




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


BRISTOW GROUP: Quarter Ended Dec. 31 Earnings Up to US$20 Mil.
--------------------------------------------------------------
Bristow Group Inc. reported financial results for its three and
nine-month periods ended Dec. 31, 2007.

The company reported net income of US$20.1 million, a 91%
increase from US$10.5 million for the December 2006 quarter.
Net income for the December 2007 quarter includes the loss of
US$6.2 million on the sale of our Grasso Production Management
business in November 2007, which is presented as discontinued
operations.
.
For the nine months ended Dec. 31, 2007, net income of
US$76.8 million increased 64% from US$46.8 million for the nine
months ended Dec. 31, 2006.  Net income for the nine months
ended Dec. 31, 2007, includes the loss of US$6.2 million on the
sale of our Grasso business in November 2007, which is presented
as discontinued operations.

                   Capital and Liquidity

   -- the Dec. 31, 2007 consolidated balance sheet reflected
      US$959.3 million in stockholders' investment and
      US$607.8 million of indebtedness.

   -- the company has US$315.3 million in cash and an undrawn
      US$100 million revolving credit facility.

   -- the company generated US$57.8 million of cash from
      operating activities, US$344.8 million in net proceeds
      from the issuance of 7 1/2% senior notes, US$23 million of
      cash from asset dispositions and US$22 million in net cash
      from the sale of Grasso during the nine months ended
      Dec. 31, 2007.

   -- the company used US$288.8 million for capital expenditures

   -- for aircraft -- and US$14.6 million for the acquisitions,
      net of cash acquired, of Bristow Academy and Vortex
      during the nine months ended Dec. 31, 2007.

   -- Aircraft purchase commitments totaled US$344.7 million for
      28 aircraft, with options totaling US$472.6 million for 34
      aircraft as of Dec. 31, 2007.

"We remain very pleased with our operational and financial
performance," William E. Chiles, president and chief executive
officer of Bristow Group Inc., said.  The delivery of new
aircraft well as rate increases in several operating regions
produced strong revenues and earnings performance in the
December quarter."

"We renegotiated and extended the last of our major contracts in
Nigeria at significantly better rates during the quarter, which
should result in improved operating margins for our West Africa
business unit and move us closer to meeting our return on
capital goal for this region. We also saw improved rates from
the North Sea," he added.

"We continued to invest in our fleet with the exercise of
options on eight additional aircraft, including five large- and
three medium-sized helicopters from Sikorsky and Eurocopter,"
Mr. Chiles continued.

"During the quarter we also completed the sale of our Grasso
Production Management business, which makes Bristow Group a pure
play in helicopter transportation services principally to the
offshore energy industry," Mr. Chiles ended.

                  About Bristow Group Inc.

Headquartered in Houston, Texas, Bristow Group Inc. (NYSE:BRS) -
- http://www.bristowgroup.com/-- fka Offshore Logistics Inc.,
provides helicopter transportation services to the worldwide
offshore oil and gas industry with operations in the United
States Gulf of Mexico and the North Sea.  The company also has
operations, both directly and indirectly, in offshore oil and
gas producing regions of the world, including Australia, Brazil,
China, India, Mexico, Nigeria, Russia and Trinidad.  The company
also provides production management services for oil and gas
production facilities in the United States Gulf of Mexico.

                        *     *     *

Standard & Poor's Ratings Services placed Bristow Group Inc.'s
long-term corporate family and senior unsecured debt ratings at
'Ba2' in January 2006.  The ratings still hold to date with a
negative outlook.


DECCAN AVIATION: Posts INR1.9-Bil. Loss in Qtr. Ended Dec. 31
-------------------------------------------------------------
Deccan Aviation Ltd. incurred a net loss of INR1.9 billion in
the three months ended Dec. 31, 2007, on increased expenditures
and lesser revenues.  In the same quarter in 2006, the charter
aviation firm posted a net profit of INR96.4 million.

Deccan Aviation's total income slid from INR6.37 billion in
Oct.-Dec. 2006, to INR5.77 billion in the latest quarter under
review.  Operating expenditures rose from INR6.04 billion to
INR7.31 billion, bringing the company an operating loss of
INR1.54 billion.  The bulk of the company's operating expenses
come from aircraft fuel expenses -- INR2.88 billion -- way more
than the INR1.14 billion in aircraft lease rentals.

Results in Oct.-Dec. 2007 also showed increased interest charges
(2007:INR244.1 million; 2006: INR124.3 million), depreciation
(2007:INR119.4 million; 2006: INR104.1 million) and taxes
(2007:INR11.1 million; 2006: INR6.6 million).

In the previous financial year, the company pointed out, its
treatment of certain deferred expenses were subject to
qualifications by the statutory auditors and the qualification
continues in the quarter ended Dec. 31, 2007.  As a result, the
company said, the loss for the current quarter under review is
overstated by INR6.5 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?27ec

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the INR3.41-
billion loss incurred in FY 2006.


EXIDE TECHNOLOGIES: Taps Phillip Damaska as Exec. Vice President
----------------------------------------------------------------
Exide Technologies Board of Directors has appointed Phillip A.
Damaska as the new Executive Vice President and Chief Financial
Officer, effective April 1, 2008.

Mr. Damaska brings more than 30 years of experience to his new
role at Exide.  He joined the company in January 2005 as Vice
President, Finance and was subsequently appointed Vice President
and Corporate Controller in August of that same year.  Since
March 2006, Mr. Damaska has held the position of Senior Vice
President and Corporate Controller and has overseen all of the
company's internal and external financial reporting, the
preparation of annual operating plans and forecast updates as
well as provided guidance in the company's efforts to comply
with requirements of the Sarbanes-Oxley Act.

From 1996 through 2004, Mr. Damaska held a variety of positions
at Freudenberg-NOK, the Americas joint venture partnership
between Freudenberg and Company in Germany and NOK Corporation
in Japan.

Freudenberg-NOK provides an extensive portfolio of precision
molded products to the aerospace, aftermarket, fluid power, oil
and gas, marine, healthcare/medical, off-highway equipment,
recreational, industrial, chemical processing and semiconductor
markets worldwide.  During his tenure, he served as President of
Corteco, an automotive and industrial seal supplier that is part
of the Freudenberg-NOK global group of companies.  He also held
several finance related positions of increasing responsibility.

"During his time at Exide, Phil has demonstrated leadership and
financial acuity while earning the respect of the entire
executive team and our Board of Directors," said Exide
Technologies President and Chief Executive Officer, Gordon A.
Ulsh.  "He has played a fundamental role in strengthening
Exide's stability and profitability, and his guidance as Chief
Financial Officer will help the Company as we drive toward
achieving our goals of growth and profitability."

Mr. Damaska holds a Bachelor's Degree in Accounting from Albion
College and an MBA from the University of Detroit.  He also is a
Certified Public Accountant in the state of Michigan.

Mr. Damaska succeeds Francis M. Corby, Jr., who has served Exide
as Executive Vice President and Chief Financial Officer since
March 2006.  During his tenure, Mr. Corby has been instrumental
in helping the Company refinance its bank debt and complete two
separate equity rights offerings.  He plans his retirement to
coincide with the conclusion of the Company's fiscal year 2008.

"As a mature, experienced leader, Fran infused Exide with
financial stability at a critical time in our company's
evolution, bringing a number of internal issues under control,"
said Mr. Ulsh.  "He took the lead, for example, in strengthening
our corporate accounting controls and compliance with Sarbanes-
Oxley.  We are grateful for his many contributions that have
strengthened our position in the financial marketplace."

                  About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

The company has operations in 89 countries, including,
Australia, India, Finland, Poland, New Zealand, among others.

The company filed for chapter 11 protection on Apr. 14, 2002
(Bankr. Del. Case No. 02-11125).  Matthew N. Kleiman, Esq., and
Kirk A. Kennedy, Esq., at Kirkland & Ellis, represented the
Debtors in their successful restructuring.  The Court confirmed
Exide's Amended Joint Chapter 11 Plan on April 20, 2004.  The
plan took effect on May 5, 2004.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 26,
2007, Standard & Poor's Ratings Services has raised its
corporate credit rating on Exide Technologies to 'B-' from
'CCC+' because of the company's improved financial results,
which the company has achieved despite sharply higher lead
prices.  S&P said the outlook is stable.

Moody's Investor Service placed Exide Technologies' senior
secured debt and probability of default ratings at 'Caa1' in
September 2006.  The ratings still hold to date with a stable
outlook.


GARWARE POLYESTER: Reports INR9.2 Million Quarter Net Profit
------------------------------------------------------------
Garware Polyester Ltd. turned around in the quarter ended
Dec. 31, 2007, with a net profit of INR9.2 million from the net
loss of INR43.5 million incurred in the same quarter in 2006.

Total income increased 9% from INR1.31 billion earned in
Oct.-Dec. 2006 to INR1.43 billion in the three months ended
Dec. 31, 2007.  Operating expenditures for the quarter under
review totaled INR1.18 billion, just about the same in 2006.

The company also booked INR146 million in interest charges,
depreciation of INR83.8 million and INR2.1 million in taxes.

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

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

Headquartered in Aurangabad, India, Garware Polyester Ltd. --
http://www.garwarepoly.com/-- produces polyester film.  Its
products range includes films that cater to the solar control
industry, packaging industry and reprographic industry.  In
addition, the company's bi-axially oriented polyethylene
teraphthalate film range includes sun control films, overhead
projector films and film for packaging, cable insulation,
audiotapes, tracing and drafting.

The Troubled Company Reporter-Asia Pacific reported on
July 13, 2007, that Credit Rating Information Services of India
Limited has reaffirmed its 'D' rating on Garware's non-
convertible debenture programme.  The rating continues to
indicate that the instrument is in default.  The arrears on
interest and principal repayments have not been entirely
cleared.


LOK HOUSING: Shareholders OK Preferential Allotment of Warrants
---------------------------------------------------------------
The shareholders of Lok Housing & Constructions Ltd. have
approved the company's proposed Preferential Allotment of
50,00,000 convertible warrants to promoters.  The shareholders
gave their nods at their Extraordinary General Meeting on
Feb. 8, 2008, by passing a special resolution.

Pursuant to the resolution, the company will be issuing
50,00,000 warrants on preferential basis to:

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

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

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

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

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

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


QUEBECOR WORLD: ISDA Launches Protocol to Settle Derivate Trades
----------------------------------------------------------------
The International Swaps and Derivatives Association has
announced the launch of a protocol created to facilitate
settlement of credit derivative trades involving Quebecor World
Inc., a Canadian printing company that filed for creditor
protection under the Canadian Companies' Creditors Arrangement
Act on Jan. 21, 2008.

The 2008 Quebecor CDS Protocol permits cash settlement of
single-name, index, tranche and other credit derivative
transactions.  The Protocol offers market participants an
efficient way to settle credit derivative trades referencing
Quebecor.  It enables parties to agree to settle their trades on
a multilateral basis based on a final price established at
auction.  This approach to settlement brings considerable
operational efficiencies, while also preserving a participant's
right to receive or deliver obligations if desired.  Markit and
Creditex will administer the auction, scheduled for
Feb. 19, 2008, which will determine the final price for Quebecor
bonds.

"At a time when credit concerns are permeating the global
financial markets, the ISDA mechanism reassures derivatives
industry participants of a smooth and reliable settlement
process," said Robert Pickel, ISDA's Chief Executive Officer and
Executive Director.  "ISDA is committed to supporting the
integrity of credit risk management practices and operational
efficiency across privately negotiated derivatives."

While earlier ad hoc protocols enabled cash settlement only of
index trades, this is the second time this settlement
methodology has been applied to a broad range of credit
derivative transactions.  The mechanism was successfully
implemented in the 2006 Dura CDS Protocol.

The Protocol is open to ISDA members and non-members alike.
The adherence period for the Protocol runs until Feb. 8, 2008.

Details on the auction are included in the Protocol.

                         About ISDA

The International Swaps and Derivatives Association, ISDA,
-- http://www.isda.org/-- which represents participants in the
privately negotiated derivatives industry, is among the world's
largest global financial trade associations as measured by
number of member firms.  ISDA was chartered in 1985, and today
has approximately 805 member institutions from 55 countries on
six continents.  These members include most of the world's major
institutions that deal in privately negotiated derivatives, as
well as many of the businesses, governmental entities and other
end users that rely on over-the-counter derivatives to manage
efficiently the financial market risks inherent in their core
economic activities.

                    About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  Quebecor World has approximately 27,500
employees working in more than 120 printing and related
facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India,
Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  They obtained creditor protection until
Feb. 20, 2008.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of USUS$5,554,900,000, total
liabilities of USUS$3,964,800,000, preferred shares of
USUS$175,900,000, and total shareholders' equity of
USUS$1,414,200,000.  The company has until May 20, 2008, to file
a plan of reorganization in the Chapter 11 case.  (Quebecor
World Bankruptcy News, Issue No. 4; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Pres. Says Magazine Arm Unaffected by Bankruptcy
----------------------------------------------------------------
Doron Grosman, president of Quebecor World Inc.'s magazine
division, told Publishing Executive Inbox in an interview that
QW Magazine customers, as well as those in its other divisions,
are unaffected by the parent's reorganization.

Mr. Grosman said the unit's plants are all fully operational and
its commitments to its customers are being fulfilled.

"We've received an extraordinary level of support from the
magazine industry, including some personal notes from customers
to our plant personnel and management expressing their loyalty.
Many customers recognize that QW is an integral part of the
history of many magazines, and its continued strength is
important to the industry," Mr. Grosman said.

              About Publishing Executive Inbox

Publishing Executive Inbox -- http://www.pubexec.com/-- is a
biweekly summary of news brought to you by Publishing Executive
magazine.  Publishing Executive is available now in either print
or digital format.  It is an affiliate of North American
Publishing Company -- http://www.napco.com/-- established in
1958 and headquartered in Philadelphia.

                    About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  They obtained creditor protection until Feb. 20,
2008.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.  The company has until May 20, 2008, to file a
plan of reorganization in the Chapter 11 case.  (Quebecor World
Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


STATE BANK OF INDIA: RBI Appoints 14 Firms as Statutory Auditors
----------------------------------------------------------------
The Reserve Bank of India has named 14 audit firms as statutory
central auditors for the State Bank of India, a filing with the
Bombay Stock Exchange reveals.

According to the BSE filing, RBI, pursuant to a notice dated
Jan. 31, 2008, has appointed these firms:

   1. M/s. D P Sen & Co., Kolkata
   2. M/s. Khandelwal Jain & Co., Mumbai
   3. M/s. S K Mittal & Co., New Delhi,
   4. M/s. R G N Price & Co, Chennai,
   5. M/s. M M Nissim & Co., Mumbai,
   6. M/s. Jain Kapila Associates, New Delhi
   7. M/s. Vinay Kumar & Co., Allahabad
   8. M/s. Dutta Sarkar & Co., Kolkata
   9. M/s. Laxminiwas & Jain, Hyderabad,
  10. M/s. A K Sabat & Co., Bhubaneswar,
  11. M/s. Dutta Singla & Co., Chandigarh
  12. M/s. G M Kapadia & Co., Mumbai
  13. M/s. V K Jindal & Co. Ranchi
  14. M/s. Vardhaman & Co., Chennai.

The 14 audit firms will act as SBI's statutory auditors until
the bank's next annual general meeting.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                        *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
USNZ$225 million Hybrid Tier I perpetual notes under its USNZ$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Primerating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.


STATE BANK OF INDIA: Cuts Benchmark Prime Lending Rate to 12.50%
----------------------------------------------------------------
State Bank of India has informed the Bombay Stock Exchange that
the bank has decided to lowered its Benchmark Prime Lending Rate
-- SBAR -- by 25 basis points.

Starting Feb. 16, 2008, the bank's SBAR is revised downwards by
from 12.75% p.a. to 12.50% p.a.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                        *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
USNZ$225 million Hybrid Tier I perpetual notes under its USNZ$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Primerating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.


TATA STEEL: Now Holds 50.05% of Tata Metaliks
---------------------------------------------
Tata Steel Ltd. wholly owned subsidiary, Kalimati Investment
Company Ltd., has acquired 604,383 equity shares of Tata
Metaliks Ltd.  The purchase brings Tata Steel and Kalimati's
shareholding to a total of 50.05%, making Tata Metaliks a Tata
Steel subsidiary.

Tata Metaliks Limited manufactures foundry-grade pig iron. Tata
Metaliks produced 441,280 tons of hot metal, and 419,138 tons of
pig iron during the fiscal year ended March 31, 2007.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd., and changed the
outlook to negative from stable.


TATA STEEL: Fails to Win Race for Liberia's Iron Ore Mines
----------------------------------------------------------
Tata Steel Ltd. has lost in the race to acquire rights to iron
ore reserves in Liberia, various reports say.

According to Liberian newspaper, The Analyst, Tata Steel, along
with six other firms, participated in the bidding process to buy
the rights for the western cluster iron ore deposit.  Tata Steel
made the move as part of its plan to insulate itself from rising
iron ore prices and ward off Chinese competition, The Analyst
relates.

The government of Liberia, however, awarded the rights to Delta
Mining Consolidated Company reportedly outbidding Tata Steel,
Sinosteel Corp., Xingxing Group, Rio Doce South Africa,
ArcelorMittal and Bahlodi Africa.  Tata Steel is believed to
have offered US$1.5 billion, Nevin John at The Economic Times
says.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd., and changed the
outlook to negative from stable.




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


EXCELCOMINDO: Deals with Datacraft for SGD3.1M Operation Upgrade
----------------------------------------------------------------
Datacraft Asia Ltd. completed construction of PT Excelcomindo
Pratama's new data centre and intelligent network for
SGD3.1 million, ComputerWorld News reports.

According to the report, the solution involves migration of SS7
traffic from expensive lease lines to a high capacity, lower
cost intelligent IP network.

Country Manager for Datacraft Indonesia Patrap Yakin told the
news agency that Excelcomindo Pratama needed to upgrade its
network capability to ensure that rapidly growing traffic
volumes generated by SMS messages and other new services did not
overwhelm existing infrastructure

Dian Siswarini, director of network services for Excelcomindo
Pratama, was quoted by the news agency as saying, "The new
intelligent network will support our expansion into both the
consumer and corporate markets."

                 About Excelcomindo Pratama

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Jan. 29, 2008, Moody's Investors Service has affirmed PT
Excelcomindo Pratama Tbk's Ba2 local currency issuer rating and
changed the outlook to stable from positive.  At the same time,
Moody's has affirmed XL's Ba2 senior unsecured foreign currency
rating.  Concurrently, PT Moody's Indonesia has affirmed the
company's national scale rating of Aa1.id.  Moody's said the
outlook for all ratings is stable.

On Dec 12, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit ratings on Excelcomindo Pratama and
removed them from CreditWatch with negative implications. The
outlook is stable.  The 'BB-' ratings on all foreign currency
senior unsecured debt were also affirmed.

In May 2007, Fitch Ratings affirmed PT Excelcomindo Pratama
Tbk's Long-term Foreign Currency and Local Currency Issuer
Default Ratings at 'BB-'.  The Outlook remains Stable.  At the
same time, Fitch affirmed the 'BB-' rating on its senior
unsecured notes programme.


GARUDA INDONESIA: Opens New Flights on China-Indonesia Routes
-------------------------------------------------------------
PT Garuda Indonesia has been conducting extra flights on its
China-Indonesia routes to accommodate an increase in passengers
on the occasion of Chinese New Year, Antara News reports citing
Garuda General Manager for Beijing Pikri Ilham K.

Mr. Pikri told the news agency that the extra flights for the
Beijing-Jakarta and Guangzhou-Jakarta routes were only available
for four days, starting Feb 6 until Feb 11.

Garuda, the report notes, had prepared itself to conduct a total
of 30 extra flights in connection with the Lunar New Year and
the Olympic Games in Beijing.

Normally, Mr. Pikri said, Garuda was flying the Beijing-Jakarta
route three times a week, the Shanghai-Jakarta route four times
a week and the Guangzhou-Jakarta route four times a week, the
report adds.

                   About Garuda Indonesia

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

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

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

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

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




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


ALITALIA SPA: Chairman Warns of Possible Bankruptcy
---------------------------------------------------
Alitalia S.p.A. may file for bankruptcy if the sale of the
Italian government's 49.9% stake to Air France-KLM SA is
blocked, Bloomberg News reports citing Il Sole 24 Ore as its
source.

According to Il Sole 24 Ore, Alitalia chairman Maurizio Prato
told stock market regulator Commissione Nazionale per le Societa
e la Borsa that the exclusive sale talks with Air France is
currently threatened by the current political crisis and the
recently filed appeal by AirOne S.p.A.

As reported in the TCR-Europe on Jan. 17, 2008, Alitalia and
Italy commenced exclusive sale talks with Air France-KLM.
The carriers have until mid-March to reach an agreement, which
would be approved by the government.

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

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

  -- acquire 100% of Alitalia convertible bonds; and

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

As reported in the TCR-Europe on Feb. 5, 2008, AP Holding
S.p.A., the investment arm of AirOne, has filed an appeal with
the Italian Regional Administration Court of Lazio to declare
null and void a Dec. 28, 2007, decision of Italy's Ministry of
Economy and Finance to commence exclusive talks to sell the
Italian government's 49.9% stake to Air France-KLM SA.

                       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.

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.


BLACKBOARD INC: Earns US$4.2 Mln in Quarter Ended December 31
-------------------------------------------------------------
Blackboard Inc. reported financial results for the fourth
quarter and year ended Dec. 31, 2007.

Net income was US$4.2 million for the fourth quarter of 2007
compared to net income of US$201,000 in the same period last
year.

Net income was US$12.9 million for the full year 2007 compared
to a net loss of US$10.7 million in the same period last year.

"This was a tremendous year for Blackboard," Michael Chasen,
chief executive officer and president for Blackboard, said.  "We
are pleased with our financial results, made possible by our
global client base adopting Blackboard products and services to
manage their most mission-critical technologies. During the
year, we realized strong revenue and earnings performance and
generated operating cash-flows of more than US$69 million."

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$307.3 million, total liabilities of US$167.18
million and total stockholders' equity of US$140.12 million.

                    About Blackboard Inc.

Headquartered in Washington D.C., Blackboard Inc. (Nasdaq: BBBB)
-- http://www.blackboard.com/-- is a provider of enterprise
software applications and related services to the education
industry.  Founded in 1997, Blackboard's software applications
are used by colleges, universities, K-12 schools and other
education providers, well as textbook publishers and student-
focused merchants that serve education providers and their
students.  Blackboard has offices in North America, the
Netherlands, Australia, and China.

                        *     *     *

As reported on Jan, 17, 2008, Standard & Poor's Ratings Services
said its ratings and outlook on Blackboard Inc. (B+/Positive/--)
would not be affected by the company's disclosed acquisition of
The NTI Group Inc.


FORD MOTOR: Bear Stearns Downgrades Firm to Peer Perform
--------------------------------------------------------
Bear Stearns analyst Peter Nesvold has downgraded Ford Motor
Co.'s shares to "peer perform" from "outperform," Newratings.com
reports.

According to Newratings.com, Mr. Nesvold said in a research note
that Ford Motor's share price appreciated by 12% since the
Detroit Auto Show, compared to a 1% rise in the S&P index.

Mr. Nesvold is concerned about the rapid decrease in the
purchasing power of automotive customers, Newratings.com states.

Based 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.


JAPAN AIRLINES: Paying JPY48 Million on Employee Suit
-----------------------------------------------------
Japan Airlines Corp. will pay JPY48 million to 194 flight
attendants for illegally collecting and managing the employees'
personal information, Takahiro Fukada at The Japan Times
reports.

The flight attendants, former and current, have brought the suit
to the Tokyo District Court.  JAL agreed to pay the amount but
asserted that the payment does not constitute an admission of
guilt, the same report adds.

The airline said in a statement that it agreed to compensate the
plaintiffs to avoid damaging its customers' trust.

Aside from the airline, the flight attendants have also sued
Japan Airlines Workers' Union and some of its executives.  Only
the airline has agreed to the settlement, leaving the other two
defendants to proceed with the case, the Times continues.

In its suit, the flight attendants accused JAL, the union, and
some executives, of illegally collecting 150 private information
on 9,000 crew members, which includes personal beliefs, family
backgrounds, and medical histories.

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

                        *     *     *

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

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

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


SOFTBANK: Unit to Post Lost of JPY26BB for 3Q Ending March 2008
---------------------------------------------------------------
The Board of Directors of Softbank Telecom Corp., a unit of
Softbank Corp, resolved the recognition of loss on disposal and
impairment loss relating to part of its telecommunications
equipment.  The details are:

   1. Reasons for disposal and impairment

      In its direct connection fixed-line voice service SBTM
      has focused its efforts towards the acquisition of
      corporate customers; the number of corporate customers
      continues to increase steadily.  The corporate demand is
      currently shifting from analogue to digital lines for
      which profitability is higher.  In view of this change,
      SBTM has reexamined its acquisition strategy.  Due to the
      fact that use of part of the analogue telecommunications
      equipment is not anticipated, loss on unused
      telecommunication supplies and loss on disposal of fixed
      assets (including leased assets) is recorded.

   2. Impact on financial results

      The company expects to record approximately JPY26 billion
      as special loss for the third quarter of the fiscal year
      ending March, 2008.

The consolidated financial report for the nine-month period
ended December 31, 2007, is scheduled to be announced on
February 7.

                       About Softbank

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

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

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

                        *     *     *

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




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


CLOROX CO: Paying US$0.40 Per Share Dividend Due on April 25
------------------------------------------------------------
The Clorox Company's board of directors has declared a regular
quarterly dividend of 40 cents per share on the company's common
stock, payable April 25, 2008, to stockholders of record on
May 15, 2008.

Headquartered in Oakland, California, The Clorox Company
(NYSE: CLX) -- http://www.thecloroxcompany.com/-- manufactures
and markets household cleaning products with fiscal year 2007
revenues of US$4.8 billion.  Clorox markets some of consumers'
most trusted and recognized brand names, including its namesake
bleach and cleaning products, Green Works(TM) natural cleaners,
Armor All(R) and STP(R) auto-care products, Fresh Step(R) and
Scoop Away(R) cat litter, Kingsford(R) charcoal, Hidden
Valley(R) and K C Masterpiece(R) dressings and sauces, Brita(R)
water-filtration systems, Glad(R) bags, wraps and containers,
and Burt's Bees(R) natural personal care products.

The company has locations worldwide, including the Philippines,
South Korea, Hungary, Russia and the United Kingdom.

                        *     *     *

At Dec. 31, 2006, Clorox's balance sheet showed total assets of
US$3,624 million and total liabilities of US$3,657 million
resulting in a stockholders' deficit of US$33 million.  The
company reported a stockholders' deficit of US$156 million at
June 30, 2006.


HANAROTELCOM: SK Telecom To Get Conditional OK from Trade Agency
----------------------------------------------------------------
The Fair Trade Commission will give a final ruling this week on
the acquisition of hanarotelecom Inc. by SK Telecom Co., The
Korean Times reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2007, SK Telecom Co. has applied for government
approval to purchase a controlling stake in hanarotelecom.  SK
Telecom agreed to buy hanarotelecom for KRW1.09 trillion in
cash, a near 50% premium on pre-acquisition talks, the TCR-AP
noted.  SK Telekom, the TCR-AP posted, will buy the stake from a
consortium led by Newbridge Capital and AIG earlier this month.

Under local law, the TCR-AP explained, any company is required
to get approval from the ministry before taking over more than a
15% stake or becoming the largest shareholder of a
communications carrier that provides services to the general
public.

Cho Jin-seo of The Times writes that FTC will hold a meeting
this February 15, 2008, to make its decision on the SKT-Hanaro
issue.
                    About hanarotelecom

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

                        *     *     *

hanarotelecom carries Moody's Investors Service's Ba2 long-term
corporate family and senior unsecured debt ratings.

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


HYNIX SEMI: To Spend 8% of 2007 Revenue for R&D Budget This Year
----------------------------------------------------------------
Hynix Semiconductor Inc. will spend 8% of its 2007 revenue on
research and development this year, up 2 percentage points from
last year's R&D budget, The Korean Times reports.

According to the report, the company said it will raise the R& D
percentage to 10% level in 2009.

As reported by the Troubled Company Reporter on Feb. 7, 2008,
the company recorded the consolidated (which is the
consolidation of the company's semiconductor operations)
revenues of KRW1.85 trillion, for the fourth quarter 2007, ended
December 31, 2007.  The result shows a 24% decrease from
previous quarter's KRW2.44 trillion, and 29% decrease from
KRW2.61 trillion in the same period last year, the TCR-AP noted.

Operating loss in the fourth quarter recorded KRW318 billion
with operating margin of negative 17%, the TCR-AP reported.  It
is a significant decrease from KRW254 billion of operating
profits in the previous quarter and KRW858 billion in the same
time last year.  Such deterioration is attributable to severe
price decline in both businesses of DRAM and NAND flash and the
consequent loss from inventory write-down, the TCR-AP added.

Cho Jin-seo of The Times writes that the company said the
increasing investment in R& D is one of measures to transform
the company into an inventor of more high-tech, high-value
devices from a mass manufacturer of cheap, low-tech goods.

The company already began reallocating its budget, The Times
notes.

The company, the TCR-AP pointed out, will cut spending on
equipment and plants by 25% in 2008 after reporting a first
quarterly loss in four years.  According to the TCR-AP, the
company reduced this year's budget to KRW3.6 trillion from
KRW4.8 trillion in 2007.

                  About Hynix Semiconductor

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

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

                        *     *     *

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

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


* KOREA: 18 Korean Bank's NPL Fell Record Low in 2007
-----------------------------------------------------
Eighteen Korean banks' non-performing loan ratios fell to a
record low last year due to the reduction of new bad loans amid
a lending increase, The Korean Times reports citing the
Financial Supervisory Service.

Supervisory Service told the news agency that the banks' average
bad loan to total credit ratio dropped 0.12 percentage points to
0.72% at the end of December 2007 from a year ago.  This is the
lowest since 1999 when the regulatory body began classifying
loans, the report notes.

The nation's financial regulator attributes the fall to the
reduction of new bad loans amid a lending increase

Park Hyong-ki of The Times writes that bad loans were reduced to
KRW7.7 trillion at the end of 2007 from KRW7.8 trillion at the
end of 2006.  Their total credit increased to KRW1,074.1
trillion from KRW930.2 trillion won during the corresponding
period, the report notes.

Among 18 banks, six lenders, including Jeonbuk Bank, Hana Bank
and the Industrial Bank of Korea, saw their NPLs fall as their
write-offs of bad loans declined, The Times notes.  Eleven
banks, including Woori and Shinhan, saw theirs rise, while Daegu
Bank's NPL ratio remained the same, the report says.

The bad debt ratio of Kookmin Bank, the report relates, dropped
to 0.74% from 1.03%, while Jeonbuk Bank's NPL ratio rose to
1.17% from 0.84%.

The regulatory body was quoted by The Times as saying, "We will
continue to implement our strengthened monitoring system on
banks so that they can maintain their capital soundness."




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


KNOLL INC: Reports US$20.7-Mln Net Income in Fourth Quarter 2007
----------------------------------------------------------------
Knoll Inc. announced results for its fourth quarter and year
ended Dec. 31, 2007.  Net sales were US$281.8 million for the
quarter, an increase of 3.2% from fourth quarter 2006.

Operating income was US$39.5 million, or 14.0% of net sales, an
increase of 11% from the fourth quarter 2006, and net income was
US$20.7 million, an increase of 15% over the fourth quarter
2006.

For the full year, net sales were US$1.05 billion, an increase
of 7.5% over full year 2006.  Operating income was US$142.2
million, or 13.5% of net sales, an increase of 21.6% over full
year 2006, net income was US$71.4 million, an increase of 21.8%
over full year 2006.

"For the 3rd year in a row now Knoll has continued to expand our
industry leading operating margins, generate better than
industry top-line growth and deliver more than 20% EPS growth
for our shareholders," said Knoll Chief Executive Officer,
Andrew Cogan.

"While we are aware that our industry faces headwinds as we head
into 2008, we are confident that the strength and diversity of
our growth initiatives, the fullness of our new product pipeline
and our cost discipline will allow us to continue to generate
better than industry top-line performance as we work to achieve
our mid-term 15% operating margin goals." Mr. Cogan added.

"I want to congratulate and thank our Associates and Dealers on
generating another year of industry leading performance.  They
have once again demonstrated that in the words of our founder
Florence Knoll 'Good design is good business.'" Mr. Cogan
stated.

Mr. Cogan noted, "Net sales for the quarter were US$281.8
million, an increase of US$8.8 million, or 3.2%, over fourth
quarter 2006, representing increased volume and price
realization from previously implemented price increases.  Our
Specialty products experienced the strongest growth during the
quarter as they also benefited from our fourth quarter
acquisition of Edelman Leather."

Backlog of unfilled orders at Dec. 31, 2007, was US$190.7
million, an increase of US$23 million, or 13.7%, versus the
prior year.

Gross profit for the fourth quarter 2007 was US$99 million, an
increase of US$9.9 million, or 11.1%, over the same period in
2006.  Gross margin increased from 32.6% in the fourth quarter
of 2006 to 35.1% in spite of the significant appreciation of the
Canadian Dollar.  The increase from the fourth quarter of 2006
largely resulted from additional volume, better pricing, and
moderating inflation.  Improved factory performance and global
sourcing initiatives also contributed to the increase in gross
margin.

Operating expenses for the quarter were US$59.5 million, or
21.1% of sales, compared to US$53.5 million, or 19.6% of sales,
for fourth quarter of 2006.  The increase in operating expenses
during the fourth quarter of 2007 was in large part due to the
inclusion of Edelman Leather and increased investment spending
in marketing and product development.

Operating income increased, as a percentage of sales, to 14%
from 13% in the same period in the prior year.  Gross margin
improvements from a year ago contributed to this increase.

Net income for the fourth quarter 2007 was US$20.7 million as
compared to US$18 million for the same quarter in 2006. Interest
expense decreased US$0.9 million due to lower borrowing costs on
the company's credit facility.

For the year, net sales totaled US$1.05 billion an increase of
US$73.6 million, or 7.5%, from 2006 net sales of US$982.2
million.  The increase was attributable to additional revenues
realized from price increases as well as higher volumes across
all the company's product categories.  The specialty businesses
followed by International expansion and complimentary seating
and storage products experienced the strongest growth in the
year.

Gross margins increased to 34.6% in 2007 compared to 32.5% in
2006.  Additional volume, better pricing, and moderating
inflation led to the increase.  Improved factory performance and
global sourcing initiatives also contributed to the increase.
The increase in gross margin came in spite of the further
appreciation in the Canadian Dollar.

Operating expenses for 2007 were US$222.9 million, or 21.1% of
sales, compared to US$202.1 million, or 20.6% of sales, for
2006.  Increased investment spending on growth initiatives
relating to new products and international expansion drove the
increase along with increased incentive payments as a result of
the higher sales and profits.  The acquisition of Edelman
Leather also impacted operating expense levels.

The company generated 2007 net income of US$71.4 million
compared to US$58.6 million in 2006.  Net income in 2007
includes the write-off of deferred financing fees totaling
US$0.7 million after tax as the company implemented the
refinancing of its old credit facility with a new US$500 million
revolving credit facility on June 29, 2007.

Other income/expense in 2007 included an approximate
US$4.2 million loss due to foreign currency translation and
US$1.2 million loss related to the write off of deferred
financing fees.  Other income/expense in 2006 included an
approximate US$563 thousand gain due to the foreign currency
translation, a US$703 thousand loss on interest rate
derivatives, and US$881 thousand gain in other miscellaneous
income.

Annual cash generated from operations in 2007 was
US$102.2 million, compared to US$77.5 million the year before.
Capital expenditures in 2007 totaled US$16.3 million compared to
US$13.4 million for 2006.  Investing activities in 2007 also
included US$70.8 million for the acquisition of Edelman Leather.
In addition, the Company repurchased approximately 2.3 million
shares of its stock for US$48.1 million during the year.  Also
during the year the Company had net borrowings of US$18.2
million primarily to finance the purchase of Edelman Leather and
repurchase shares.  The company also paid dividends of
US$21.7 million for the first three quarters of 2007, increasing
to US$0.12 per share in the fourth quarter of 2007.

Chief Financial Officer, Barry L. McCabe said, "During the
quarter we were able to close the acquisition of Edelman
Leather, increase our quarterly dividend and take advantage of
our current stock price by repurchasing 1.1 million shares for a
total repurchase of 2.261 million shares for the year.  With our
expanded bank facility, lowered leverage ratio and reduced
borrowing costs, Knoll enters 2008 in the strongest financial
position since our 2004 IPO and we are well positioned to take
advantage of opportunities to continue to reduce our shares
outstanding.  Accordingly, we are pleased to announce the
expansion of our share repurchase program by US$50 million."

       Expanded US$50 million Stock Repurchase Program

On Feb. 4, 2008, the Knoll Board of Directors approved a US$50
million expansion of the company's previously announced stock
repurchase program.  The expanded repurchase program does not
require the purchase of any minimum number of shares, but sets a
limit on the total amount spent on repurchases.  Before this
expansion, the company had approximately US$17 million remaining
under its US$50 million stock repurchase program announced in
February 2006.  Purchases under the repurchase program may be
made from time to time in the open market, through privately
negotiated transactions, or otherwise, and will depend on market
conditions and applicable securities laws.

                 First Quarter 2008 Outlook

The company stated that it expects first quarter 2008 revenue to
be in the US$258 - US$265 million range, an increase of 4.1%-
6.9% from the first quarter of 2007.

The company added that on Feb. 4, 2008, its Board of Directors
declared a quarterly cash dividend of US$0.12 per share payable
on March 31, 2008, to stockholders of record on March 14, 2008.

                      About Knoll Inc.

Headquartered in East Greenville, Pennsylvania, Knoll Inc.
(NYSE: KNL) -- http://www.knoll.com/-- designs and manufactures
branded office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal and Singapore, among others.

                        *     *     *

Knoll Inc. carries Moody's Investors Service's B1 Corporate
Family Rating and the company's US$200 million senior secured
revolver and US$250 million senior secured term loan carry
Moody's Ba2.  Moody's assigned an LGD2 rating to both loans,
suggesting note holders will experience a 27% loss in the event
of a default.


PROTON HOLDINGS: To Launch Multi-Purpose Vehicle by Early 2009
--------------------------------------------------------------
Proton Holdings Berhad will be introducing a multi-purpose
vehicle by early 2009, Bernama reports, citing Proton's managing
director Datuk Syed Zainal Abidin Syed Mohamed Tahir.

"I cannot say more on the MPV.  We will just have to wait and
see," says Mr. Tahir.

                    About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles,
related spare parts and accessories, holds intellectual
property, provides engineering consultancy, operates single make
race series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on
May 4, 2006, that Proton was expected to finalize a recovery
plan and seal an alliance with a strategic partner, in order to
boost sales and become more competitive.




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


13 PETONE: Placed Under Voluntary Liquidation
---------------------------------------------
13 Petone Avenue Ltd.'s shareholders agreed on November 8, 2007,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Matthew Peter Whimp to
facilitate the sale of its assets.

The liquidator can be reached at:

          Matthew Peter Whimp
          Morrison Kent House, Level 19
          105 The Terrace, Wellington
          New Zealand
          Telephone:(04) 472 0020
          Facsimile:(04) 472 7017


AUCKLAND TRADE: Subject to CIR's Wind-Up Petition
-------------------------------------------------
On September 28, 2007, the Commissioner of Inland Revenue filed
a petition to have Auckland Trade Services 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:

          Sandra Joy North
          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way
          PO Box 76198, Manukau
          Auckland 2241
          Telephone:(09) 985 7274
          Facsimile:(09) 985 9473


EVODIA GAD: Appoints PricewaterhouseCoopers as Liquidators
----------------------------------------------------------
On January 24, 2008, the High Court of Christchurch appointed
Rhys James Cain and Malcolm Grant Hollis at
PricewaterhouseCoopers as the liquidators of Evodia Gad Ltd.

Messrs. Cain and Hollis are accepting creditors' proofs of debt
until February 28, 2008.

The liquidators can be reached at:

          Rhys James Cain
          Malcolm Grant Hollis
          c/o PricewaterhouseCoopers
          119 Armagh Street
          P.O. Box 13244, Christchurch
          New Zealand
          Telephone:(03) 374 3000
          Facsimile:(03) 374 3001


GOVERNORS BAY: Court to Hear Wind-Up Petition on February 18
------------------------------------------------------------
The High Court of Christchurch will hear on February 18, 2008,
at 10:00 a.m., a petition to have Governors Bay Transport Ltd.'s
operations wound up.

The Commissioner of Inland Revenue filed the petition on
December 13, 2007.

The CIR's solicitor is:

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


NATIONWIDE REPILING: Fixes Feb. 28 as Last Day to File Claims
-------------------------------------------------------------
The creditors of Nationwide Repiling Specialists Ltd. are
required to file their proofs of debt by February 28, 2008, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 21, 2008.

Nationwide Repiling's liquidator is:

          Kim S. Thompson
          P.O. Box 1027, Hamilton
          Telephone:(07) 834 6813
          Facsimile:(07) 834 6104


SDS INVESTMENTS: Faces CIR's Wind-Up Petition
---------------------------------------------
On December 6, 2007, the Commissioner of Inland Revenue filed a
petition to have SDS Investments Ltd.'s operations wound up.

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

The CIR's solicitor is:

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


THCIP LTD: Fixes March 8 as Last Day to File Claims
---------------------------------------------------
The creditors of THCIP Ltd. are required to file their proofs of
debt by March 8, 2008, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Jan. 27, 2007.

The company's liquidator is:

          Roderick Thomas McKenzie
          McKenzie & Partners Limited
          Level 1, 484 Main Street
          PO Box 12014, Palmerston North
          New Zealand
          Telephone:(06) 354 9639
          Facsimile:(06) 356 2028


VEITCH ENTERPRISES: Placed Under Voluntary Liquidation
------------------------------------------------------
Veitch Enterprises Ltd.'s shareholders agreed on Jan. 15, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Jonathan McKellar Dent to
facilitate the sale of its assets.

The Liquidator can be reached at:

          Jonathan McKellar Dent
          PO Box 30304, Lower Hutt
          New Zealand
          Telephone:(04) 569 3303
          Facsimile:(04) 566 0154
          e-mail: admin@dentheath.co.nz


WOODLAND DEVELOPMENTS: Wind-Up Petition Hearing Set for March 10
----------------------------------------------------------------
A petition to have Woodland Developments Ltd.'s operations wound
up will be heard before the High Court of Rotorua on
March 10, 2008, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
December 6, 2007.

The CIR's solicitor is:

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


YORKSHIRE HOLDINGS: Creditors' Proofs of Debt Due on Feb. 29
------------------------------------------------------------
Yorkshire Holdings Ltd.'s creditors are required to file their
proofs of debt by February 29, 2008, to be included in the
company's dividend distributon.

The company commenced liquidation proceedings on Jan. 18, 2008.

The company's liquidator is:

          Daran Nair
          Nair & Associates
          Chartered Accountants Limited
          280 Great South Road
          Greenlane, Auckland
          New Zealand
          Telephone:(09) 522 5182
          Facsimile:(09) 522 5183




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


BANKWISE: Monetary Board Orders Closure; PDIC Takes Over
--------------------------------------------------------
The Philippine Deposit Insurance Corporation said it took over
Bankwise Inc. on Feb. 8, 2008, a day after the Monetary Board
ordered the closure of the bank.

PDIC said that upon takeover, all bank records would be verified
and validated in preparation for payout operations.  The PDIC
advised the bank's depositors to wait for further announcements
on the schedule of claims servicing.  Under Republic Act 9302
that amended the PDIC Charter effective August 12, 2004, the
maximum deposit insurance coverage is now Php250,000 per
depositor.

Based in Makati City, Bankwise Inc. is a six-unit bank with
branches in the cities of Mandaluyong, Las Pinas, Cebu, Davao,
and Quezon.  Basing on latest available records in February
2008, PDIC said the bank's estimated total deposit liabilities
amounted to PHP1.33 billion as of June 30, 2007.


CHINA BANKING: Integrates 16 Manila Bank Branches Into Network
--------------------------------------------------------------
China Bank has taken the next big integration step after its
PHP1.67 billion acquisition of Manila Bank -- converting a total
of 16 branches in Metro Manila into the China Bank system.
Eight months since China Bank's acquisition of Manila Bank was
announced in June 2007, China Bank has been integrating
Manila Bank branches as well as opening new branches to further
expand its network.

The third batch, consisting of ten branches, were converted last
February 9.  BF Resort Village, Corinthian Hills, Espana,
Xavierville, BF Homes, Don Antonio, and D. Tuazon branches were
converted and their branch names retained.  Three branches were
converted as well as renamed due to their proximity to existing
China Bank branches: Kalookan Branch to Kalookan-Monumento
Branch, Las Pi¤as Branch to Las Pi¤as -Manuela Branch, and
Marikina Branch to Marikina-SSS Village Branch.

The third phase of conversion was the largest in terms of the
number of clients, accounts, and branches completed by the
integration team in a single weekend.  The first conversion,
Ortigas Complex Branch, was done last December 8, 2007. The
second batch, composed of five branches -- Bo. Kapitolyo,
Capitol Hills, Pasig-Mercedes, Philam, and Tomas Morato branches
-- were simultaneously converted last January 26.

Integration Team Head, Madelyn F. Fontanilla, China Bank vice
president for branch operations said that a substantial amount
of the conversion work has been completed.  "The conversion was
a success. The people who worked on this project should be proud
of this accomplishment."

The conversion process involves putting all the branches on the
same China Bank operational systems, converting the accounts to
their respective China Bank counterparts, replacing blue Manila
Bank signs with red China Bank ones, and replacing the
transaction forms and deposit documents with those of China
Bank's.

"We applied the lessons from the last two conversions and this
time around, ensured a smooth transition for our clients," said
Integration Process Team Coordinator, Victor Geronimo S. Calo,
assistant vice president for branch operations support division.
The conversion process will be complete by February 23 when the
last batch of branches, one in Metro Manila -- Bel-Air Branch --
and three in the provinces -- Cagayan de Oro-Divisoria, Dagupan-
Nepo Mall, and Angeles-Miranda Ext. -- are converted.

While 20 of the 26 MB branches are now or will soon be a part of
the China Bank branch count, six branches in Cebu, Pangasinan,
Davao, Calamba and General Santos will be closed and
consolidated with existing China Bank branches in the same area
and their licenses will be used to open new branches in Metro
Manila.

"We carefully studied the locations of the branches and their
correlation to the whole China Bank operations," said Samuel L.
Chiong, senior vice president and deputy group head for branch
banking and the concurrent president of Manila Bank.  "We came
to the conclusion that some can be closed and merged with
existing branches to make them stronger and more competitive in
their respective areas; and that in areas where we already have
sufficient coverage of the market, we can use their licenses to
expand our reach in Metro Manila," he added.

Cebu-Colon and Cebu-A. Reyes will be closed on March 3 and the
accounts of these branches will be consolidated with China Bank
Cebu-Magallanes and China Bank Cebu-Lahug branches,
respectively.  Urdaneta-Alexander Branch will likewise be closed
and its accounts transferred to China Bank Pangasinan-Urdaneta
Branch.  On April 11, Calamba Branch will be closed and its
license will be used to open Perea Branch on April 14. Two more
branches, SM Super Center Pasig and Banawe-Maria Clara are also
scheduled to open on April 14, using the licenses of Davao and
General Santos branches, respectively, which will both be closed
on the same date.

Clients of converted branches now have access to a bigger branch
network of almost 200 after the full integration, access to more
ATMs -- 255 in-branch and offsite ATMs nationwide, greater
banking convenience through China Bank's other electronic
channels: TellerPhone (phone banking) and China Bank Online
(Internet & mobile banking), and a wider range of banking
products and services for all their savings, investment, and
personal and business financing needs.

China Banking Corporation -- http://www.chinabank.com.ph/--is
the first privately-owned local commercial bank in the
Philippines, with products and services including deposits and
related services, international banking services, insurance
products, loans and credit facilities, trust and investment
services, insurance products, and other services such as
acceptance of various bill payments and donations to charitable
institutions.

China Bank has 140 branches and 166 Automated Teller Machines
nationwide.

The bank's long-term issuer default carries Fitch's BB rating.


CHIQUITA BRANDS: Prices 4.25% Convertible Senior Notes Due 2016
---------------------------------------------------------------
Chiquita Brands International Inc. has priced its offering of
US$175 million aggregate principal amount of 4.25% Convertible
Senior Notes due 2016, US$25 million more than previously
announced.  In addition, the company has granted the
underwriters an overallotment option to purchase up to an
additional US$25 million principal amount of Notes.  The company
expects this offering to close on Feb. 12, 2008, and intends to
use the net proceeds from the offering to repay a portion of the
outstanding amounts under the Term Loan C of its senior secured
credit facility.

The Notes will pay interest semiannually at a rate of 4.25% per
annum, beginning Aug. 15, 2008.  The Notes will be convertible,
under certain circumstances described in the prospectus, at an
initial conversion rate of 44.5524 shares of common stock per
US$1,000 in principal amount of the Notes, equivalent to an
initial conversion price of approximately US$22.45 per share of
Chiquita common stock.  This represents a premium of
approximately 32.5% to the last reported sale price of the
company's common stock on Feb. 6, 2008 of US$16.94.

The Notes will be unsecured unsubordinated obligations of
Chiquita Brands International, Inc. and will rank equally with
any unsecured unsubordinated indebtedness Chiquita may incur.

Beginning Feb. 19, 2014, Chiquita may call the Notes for
redemption if the common stock trades above 130% of the
conversion price, or initially approximately US$29.19 per share,
for at least 20 of the 30 trading days preceding the redemption
notice.  The Notes will be issued pursuant to an effective shelf
registration statement, which was previously filed with the U.S.
Securities and Exchange Commission.

Goldman, Sachs & Co. and Morgan Stanley & Co. Inc. are the joint
book-running managers for the offering.  A prospectus relating
to the offering may be obtained from:

      Goldman, Sachs & Co., Prospectus Department,
      85 Broad Street, New York, New York 10004,
      fax: 212-902-9316 or
      email: prospectus-ny@ny.email.gs.com.

A prospectus may also be obtained from:

      Morgan Stanley & Co. Inc., Prospectus Department,
      180 Varick Street, New York, New York 10014,
      telephone number: 1-866-718-1649, or
      email: prospectus@morganstanley.com.

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 31, 2008, Moody's Investors Service affirmed, among others,
Chiquita Brands International Inc.'s B3 Corporate family rating
and B3 Probability of default rating.  Moody's rating outlook
remains negative.


FEDDERS CORP: Banks Want Court to Deny Panel from Filing Suit
-------------------------------------------------------------
Fedders Corp.'s pre-bankruptcy lenders, including Goldman Sachs
Credit Partners L.P., Bank of America, N.A., General Electric
Capital Corporation and Highland Capital Management LP, deny
allegations that they made loans to the Debtors knowing that the
company would likely default, various reports say.

The lenders are protesting efforts by the Debtors' unsecured
creditors to sue them for US$150 million.

"The pre-petition lenders, all sophisticated parties, are not in
the business of extending 'doomed' multi-million dollar loans in
order to gain priority leverage in a potential bankruptcy,"
Goldman Sachs Credit Partners said, according to The Associated
Press, citing papers filed in bankruptcy court.

Goldman Sachs Credit Partners served as agent for the group of
lenders who extended two loans aggregating US$90 million to
Fedders in March 2007, the AP says.  The lender also provided
US$33 million last fall to finance Fedders' bankruptcy case, the
AP relates.

The lenders contend that the Committee's allegations taht they
would willingly extend financing to a company they allegedly
knew couldn't pay them back were "plainly economically
irrational" and lacking any basis in logic or fact, the AP says.

The lenders also argue that the Committee failed to provide
sufficient evidence to back up its allegations, the AP relates.

Highland Capital Management LP, also objected to the Committee's
request, arguing that the Committee has been trying to go after
the banks "since day one" of Fedders' bankruptcy case, the AP
says.  Highland said it shouldn't even be a target of litigation
because it signed on to the loan after it was granted.

Bill Rochelle at Bloomberg News reports that Fedders has worked
out a separate settlement with the Committee allowing the
company to terminate its employment contract with Chairman
Salvatore Giordano.  Mr. Giordano has also been named defendant
in the suit, together with other insiders, Michael Giordano and
Joseph Giordano, S.A., and certain other officers and directors.
Mr. Rochelle relates that Committee complained that breaking the
contract would let Mr. Giordano out of the obligation to repay
US$6,000,000 in interest-free loans.

According to Mr. Rochelle, the settlement, approved by the
bankruptcy court Feb. 4, terminates Mr. Giordano as of Jan. 1
while preserving any lawsuits the Committee or Fedders could
bring against him.  It also saves any rights Mr. Giordano has,
adds Mr. Rochelle.

The Honorable Brendan L. Shannon of the U.S. Bankruptcy Court
for the District of Delaware will consider whether to allow the
Committee to pursue the action at a hearing set for Feb. 15.

                  About Fedders Corporation

Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.  The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.

The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182).  Its debtor-affiliates
filed for separate Chapter 11 cases.  Norman L. Pernick, Esq.,
Irving E. Walker, Esq., and Adam H. Isenberg, Esq., of Saul,
Ewing, Remick & Saul LLP represents the Debtors in their
restructuring efforts.  The Debtors have selected Logan &
Company Inc. as claims and noticing agent.  The Official
Committee of Unsecured Creditors is represented by Brown Rudnick
Berlack Israels LLP.  When the Debtors filed for protection from
its creditors, it listed total assets of US$186,300,000 and
total debts of US$322,000,000.

As reported in the Troubled Company Reporter on Jan. 21, 2008,
the Court extended the Debtors' exclusive period to file a
Chapter 11 plan until Feb. 29, 2008.


PHIL. LONG DISTANCE: SBI Completes Cruztelco Acquisition
--------------------------------------------------------
The Philippine Long Distance Telephone Co. disclosed in a filing
with the Philippine Stock Exchange that Smart Broadband Inc., on
Feb. 7, 2008, completed the acquisition of all of the assets of
Cruz Telephone Company.   SBI is a subsidiary of PLDT's a
wholly-owned subsidiary Smart Communications Inc.


Cruztelco is a telecommunications company operating in Northeast
Mindanao.  Since 2004, PLDT has been managing Cruztelco's
network infrastructure and facilities for the provision of local
exchange services by Cruztelco in Northeast Mindanao, under a
Facilities Management Agreement dated Feb. 5, 2004.

SBI's acquisition of the Cruztelco assets was approved by the
National Telecommunications Commission on Jan. 21, 2008.

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                        *     *     *

As of November 7, 2007, Philippine Long Distance Telephone
Company carried Fitch Ratings' long-term foreign currency issuer
default and senior notes ratings of 'BB+'.

The company also carries Standard & Poor's 'BB+' foreign
currency rating, as well as Moody's Investors Service's foreign
currency bond rating of Ba2.  In January 2008, Moody's changed
the rating's outlook to positive from stable.


PRC LLC: Wants to Sell Property to Brett Houston for US$2.2MM
-------------------------------------------------------------
PRC LLC and its debtor-affiliates seek authority from the U.S.
Bankruptcy Court for the Southern District of New York to assume
an amended agreement on the sale of about three acres of
undeveloped real property to J. Brett Houston for US$2,275,000.

The property, located at the southwest corner of Southwest 140th
Terrace and 119th Avenue, in Miami, Florida, was previously used
as a parking lot by employees working in one of PRC, LLC's call
centers -- the Kendal Center.  By April 2007, however, PRC
ceased its operations in that center, and the premises were
vacated in December 2007.  The Debtors paid US$50,128 in real
estate taxes in respect of the Property in 2007.

According to Alfredo R. Perez, Esq., at Weil, Gotshal & Manges
LLP, in Houston, Texas, relates that since the Property was no
longer needed for business operations, PRC began to explore a
possible sale of the asset.  According to him, PRC interviewed
two established real estate brokers before ultimately selecting
ComReal Miami, Inc., an experienced commercial real estate
brokerage firm, to sell the Property.

Beginning in February 2007, Mr. Perez continues, ComReal led an
active marketing campaign that included print, email and web
listings.  In May 2007, PRC received a US$1,200,000 offer from
West Tuscany, LLC, which PRC determined was unreasonably low.
Four months after, two additional bidders, Mr. Houston and Grand
Prize Chevrolet, exchanged offers and counteroffers.  PRC
ultimately selected Mr. Houston's bid of US$2,695,707, and on
Oct. 17, 2007, PRC entered into a Purchase and Sale Agreement
with Mr. Houston.

During the contractual 60-day inspection period, however, Mr.
Houston notified PRC that, due to changes in market conditions
and the lack of interest shown by potential tenants for the
proposed newly developed space, he would complete the sale for
US$2,000,000.  After additional negotiations, Mr. Perez relates,
PRC and Mr. Houston executed an amendment to their Sale
Agreement, dated Dec. 14, 2007, adjusting the purchase price to
US$2,275,000 and extending the closing date to Jan. 31, 2008.

To preserve the benefits of the proposed sale, the Debtors and
Deerwood Financial Centre, LLC, as assignee of Mr. Houston,
entered into a second amendment to the Sale Agreement, dated
Jan. 28, 2008, extending the closing date to March 24, 2008,
to allow additional time for the Debtors to obtain Court
approval of their assumption of the Sale Agreement and the sale
of the Property.

The Second Amended Sale Agreement further provides that:

   (i) Mr. Houston will provide earnest money deposits
       for US$250,000 with Shutts & Bowen LLP, to be credited
       toward the purchase price at closing or retained by the
       Debtors as liquidated damages in the event of Mr.
       Houston's material breach or default.

  (ii) Aside from the real property, other assets to be sold
       include the buildings and improvements located in the
       area, if any; the Debtors' right, title and interest in
       easements, tenements, and appurtenances pertaining to
       the property; all fixtures found in the property, if
       any; and the Debtors' right, title and interest in all
       documents, including licenses, permits, architectural
       and engineering plans, among others.

(iii) An order authorizing the Debtors' assumption of the sale
       agreement should be entered by the Court on or before
       February 27, 2008.

  (iv) The sale agreement may be terminated by the Debtors or
       by Mr. Houston in the event of a material breach or
       default by the other party.

   (v) The Debtors should pay US$182,000 in brokerage fees and
       commissions due to ComReal Miami, and Dave Colonna
       Properties, Inc.

Mr. Perez states that the purchase price represents fair market
value for the property, especially in light of the real estate
downturn in southern Florida.  He adds that they have fully
explored potential sales of the property, with ComReal doing the
marketing since February 2007, and have determined that a
private sale rather than an auction process is more appropriate.

Mr. Perez further says that the sale of the property will reduce
the Debtors' expenses as they no longer have to pay about
US$50,000 a year in real estate taxes.

The Debtors also request the Court to sell the property free and
clear of all liens, claims and encumbrances, saying that their
postpetition lenders do not object to the proposed sale
transaction.

                        About PRC LLC

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

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

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

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

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

The Debtors' consolidated financial condition as of
Dec. 31, 2007 showed total assets of US$354,000,000 and total
debts of US$261,000,000.  (PRC LLC Bankruptcy News, Issue No. 4;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or   215/945-7000)




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


AAR CORP: Robert Regan Replaces H.A. Pulsifer as General Counsel
----------------------------------------------------------------
Robert J. Regan has been selected as AAR CORP.'s next general
counsel on March 3, following the retirement of Howard A.
Pulsifer who plans to retire effective June 1, 2008, after 20
years.

Mr. Regan previously served as a partner at Schiff Hardin LLP, a
general practice law firm, where he has represented AAR CORP.
and its businesses for more than 25 years.

"Bob joins AAR with an extensive working knowledge of the
diverse legal matters involved in running our businesses and a
solid understanding of the Company and its culture," said AAR
Corp. Chairperson and Chief Executive Officer, David P. Storch.
"I am looking forward to a smooth transition and to working with
Bob as a key member of our executive leadership team.  On behalf
of AAR, I would also like to express my appreciation for the
sound guidance that Howard has provided during two decades of
significant transformation and growth for the company.  He has
served honorably as both a valued colleague and a trusted
advisor and we sincerely wish him the very best in his well-
earned retirement." Mr. Storch continued.

At Schiff Hardin, Mr. Regan concentrated his practice in
corporate and securities law and led the firm's public company
client practice group.  He has significant securities offering
experience and regularly counsels boards, board committees, and
directors and officers of public companies on compliance and
disclosure issues under the federal securities laws.  Mr. Regan
also has an active transactional practice, working for public
and private company clients on numerous mergers, acquisitions,
and joint ventures.  He speaks and writes on corporate and
securities law topics and proxy, executive compensation, and
corporate governance issues, and is the author of The Annual
Meeting of Shareholders, a publication of The Bureau of National
Affairs, Inc.

Working closely with Pulsifer as outside counsel to AAR, Mr.
Regan has been actively involved in, among other things, the
company's common stock and debt financings, the execution of its
acquisition strategy (including its recent acquisitions of
Reebaire Aircraft, Inc., Brown International Corporation, and
Summa Technology, Inc.), and the conduct of its disclosure and
corporate governance policies.

Mr. Regan graduated from Colgate University in 1979 and earned
his J.D. from Cornell University Law School in 1982.

                       About AAR Corp.

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

                        *     *     *

AAR Corporation continues to carry Moody's Investors Service's
'Ba3' long-term corporate family rating, which was assigned on
November 2006.


ALLCO REIT: Unveils Shareholders' Change of Interests
-----------------------------------------------------
Allco Commercial REIT disclosed a series of changes to its
shareholders' stakes.

Allco Singapore Investments Pte. Ltd., a substantial shareholder
of the company now holds 115,160,019 direct shares with
16.131% issued share capital.  Prior to the change, Allco
Singapore held 102,900,000 direct shares with 14.576% issued
share capital.

Moreover, Allco Singapore, Allco Finance Group Limited, Allco
Finance (Australia) Limited and Allco International (Holdings)
Limited now hold 121,986,502 deemed shares with 17.280% issued
share capital.  Prior to the change, they 116,784,700 deemed
shares with 16.666% issued share capital.

Allco REIT is a Singapore-based real estate investment trust
managed by Allco (Singapore) Limited. Listed in March 2006, it
focuses on office and retail properties across Asia-Pacific,
including investments and related activities in Singapore, Japan
and Australia.

As reported in the Troubled Company Reporter-Asia Pacific on
February 4, 2008, Moody's Investors Service has downgraded Allco
Commercial's corporate family rating to Ba1 from Baa3 and has
continued to place the rating on review for possible downgrade.


CHEMTURA CORP: Completes Fluorochemicals Biz Sale to Du Pont
------------------------------------------------------------
Chemtura Corporation has completed the sale of its
Fluorochemicals business and related production facility to E.I.
du Pont de Nemours and Company in an all-cash deal for an
undisclosed amount.

"The sale is another step in our ongoing portfolio refinement
initiative," Robert L. Wood, chairman and chief executive
officer, said.  "We are actively divesting non-core businesses
and assets to enable us to better focus on our core businesses,"

Chemtura completed the divestiture of its organic peroxides
business in May, its EPDM business in June and its optical
monomers business in October 2007.

The approximately 25 employees who work for the Fluorochemicals
business have become employees of DuPont.  The Fluorochemicals
business had revenues for 2006 of approximately $56 million.
Included in the sale is the Fluorochemicals production unit at
Chemtura's El Dorado, Arkansas plant.  Chemtura will retain
ownership of its other El Dorado facilities.  The company will
record the sale in its first quarter, 2008 financial statements.

                   About Chemtura Corporation

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

                        *     *     *

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

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


COM-TEX ASSOCIATES: Court Enters Wind-Up Order
----------------------------------------------
On January 25, 2008, the High Court of Singapore entered an
order to have Com-Tex Associates Pte Ltd's operations wound up.

IIC-Intersport International Corporation GMBH filed the petition
against the company.

Com-Tex Associates' liquidator is:

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


FLEXTRONICS INT'L: To Acquire CEAG AG's Unit for US$85 Million
--------------------------------------------------------------
Flextronics International Ltd. plans to acquire CEAG AG's
business unit FRIWO Mobile Power for approximately US$85
million.

The company will be acquiring annual revenues of approximately
US$375 million at slightly higher than corporate average
operating margins.

FMP develops, produces and markets power supply and charging
devices for mobile applications in the telecommunications
sector.  FMP will become part of Flextronics' components
business unit Vista Point Technologies, which designs, builds
and markets refined microsystems for end users, including camera
modules, antennas, radio frequency modules, and thin film
transistor displays and power supplies.  The transaction is
subject to regulatory approvals and other customary closing
conditions and is expected to close during Flextronics' first
quarter ending June 30, 2008.

Flextronics will support CEAG's remaining business unit, FRIWO
Power Solutions (FPS), through an EMS partnership whereby the
Vista Point Technologies business unit will provide
manufacturing requirements for FPS that are currently managed by
FMP, which operates three manufacturing facilities in China and
R&D centers in Germany and China.

"This acquisition will significantly expand our capabilities in
the area of low power (<10 Watts) AC/DC power supplies and will
establish us as one of the top two mobile charger suppliers
worldwide," said Bob Roohparvar, president of Vista Point
Technologies.  "Additionally, this acquisition will add
significant relationships with leading mobile phone OEMs, will
strengthen our vertical integration capabilities through the
addition of magnetic (transformer) manufacturing and cable
assembly and will add three power supply manufacturing
facilities to our current Dongguan location.  This is a
strategic acquisition that is synergistic with our power
supplies strategy and we look forward to bringing the FMP team
onboard with our business unit."

"This transaction fits our acquisition strategy perfectly, which
is to add various component technologies and be the number one
or two global supplier for each of the component technologies we
offer," said Mike McNamara, chief executive officer of
Flextronics. " In relation to Flextronics, these types of
acquisitions are typically small, as is the case with FMP.

                      About Flextronics

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

                        *     *     *

Flextronics International Ltd. continues to carry Moody's
"Ba1" probability of default and long-term corporate family
ratings with a negative outlook.

The company also carries Standard & Poor's "BB+" long-term
local and foreign issuer credit ratings with a negative
outlook.


LEE TUNG: Contributories' Meeting Set for February 15
-----------------------------------------------------
Lee Tung Company (Private) Limited, which is in compulsory
liquidation, will hold a meeting for its contributories at
3:00 p.m. on February 15, 2008.  During the meeting, the
company's liquidator, Tam Chee Chong, will provide the attendees
with property disposal and winding-up reports.  Moreover, the
contributories will be asked to appoint a Committee of
Inspection.

The liquidator can be reached at:

        Tam Chee Chong
        6 Shenton Way
        #32-00 DBS Building Tower 2
        Singapore 068809


WESTLITE DEVELOPMENT: Creditors' Proofs of Debt Due on March 7
--------------------------------------------------------------
Westlite Development Pte Ltd, which is voluntary liquidation,
requires its creditors to file their proofs of debt by
March 7, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Ng Seng Choo
          c/o 18 Toh Guan Road East #02-02
          Singapore 608591




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


DOLE FOOD: Fitch Says WTO Ruling Good for Company
-------------------------------------------------
Fitch Ratings views the World Trade Organization's recent
dispute ruling in favor of the United States against the
European Union on its banana tariff policy as a potential
positive for Dole Food Company (IDR 'B-'; Outlook Negative).
While a final resolution has not been reached and the timing of
any changes to the current EUR176/metric ton tariff is still
uncertain, additional evidence continues to surface that a
possible reduction in EU banana tariffs could occur in the near-
term.  In late 2007, a WTO dispute panel ruled in favor of
Ecuador that the current EU import regime was not in compliance
with international trade rules.

These rulings follow continued negotiations between the EU and
Latin American banana producing countries to cut import duties
and drop international trade suits.

On Jan 1, 2006, the European Union -- the second largest
importer of bananas behind North America -- implemented a 135%
increase in import tariffs on bananas.  The financial
implications of these changes have been substantial.  The
incremental cost of the tariff along with elevated bunker fuel
shipping, procurement and packaging costs have contributed to an
approximate 200 basis point reduction in Dole's EBITDA margin.
Since Dec. 31, 2005, the company's margin has declined to 4.4%
from 6.4%.

Dole's credit protection measures remain weak for the 'B-'
rating category.  For the latest twelve month period ended
Oct. 6, 2007, leverage (defined as total debt-to-operating
EBITDA) was 8.2 times, interest coverage (defined as operating
EBITDA-to-gross interest expense) was 1.5x and funds from
operations fixed charge coverage was 1.2x.  While a potential
reduction in the current European Union banana tariff would
result in improved credit statistics, Dole's overall cost base
will continue to be pressured by elevated fuel and packaging
costs which Fitch expects to remain high in the near-term.

Fitch currently rates Dole, its Bermuda-based financing
subsidiary and its intermediate holding company as:

    -- Issuer Default Rating 'B-';
    -- Secured asset-based revolving facility 'BB-/RR1';
    -- Secured term loan B 'BB-/RR1';
    -- Senior unsecured debt 'CCC+/RR5'.

Solvest Ltd. (Bermuda-based Subsidiary)

    -- Issuer Default Rating 'B-';
    -- Secured term loan C 'BB-/RR1'.

Dole Holding Company, LLC (Intermediate Holding Company)

    -- Issuer Default Rating 'B-'.

Dole had approximately US$2.4 billion in consolidated debt as of
the quarter ended Oct 6, 2007.  The Rating Outlook is Negative.

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


* BOND PRICING: For the Week 11 February to 15 February 2008
------------------------------------------------------------

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

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.72
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.80
Allco Hit Ltd                  9.000%  08/17/09     AUD    33.30
Allco Hit Ltd                  9.000%  12/31/10     AUD    23.00
Antares Energy Limited        10.000%  10/31/13     AUD     1.51
Arrow Energy NL               10.000%  03/31/08     AUD     2.00
Babcock & Brown Pty Ltd        8.500%  11/17/09     NZD    12.25
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    11.40
Becton Property Group          9.500%  06/30/10     AUD     0.72
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    11.25
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.25
China Century Capital Ltd     12.000%  09/30/10     AUD     1.00
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.40
FGL Finance                    6.250%  03/17/10     AUD     8.36
Fletcher Building Ltd          8.600%  03/15/08     NZD    10.50
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.75
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.70
Heemskirk Consolidated
  Limited                      8.000%  09/30/11     AUD     2.85
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    10.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    11.60
LongReach Group Limited       10.000%  10/31/08     AUD     0.28
Metal Storm Ltd               10.000%  09/01/09     AUD     0.12
Minerals Corp                  9.000%  03/31/08     AUD     1.20
Nylex Limited                 10.000%  12/08/09     AUD     1.87
PPCS Limited                  11.500%  12/15/10     NZD    71.51
Salomon SB Aust                4.250%  02/01/19     USD     7.63
South Canterbury              10.430%  12/15/12     NZD     1.01
Speirs Group Ltd.             13.160%  06/30/49     NZD    60.00
TrustPower Ltd                 8.300%  12/15/08     NZD    11.00
TrustPower Ltd                 8.500%  09/15/12     NZD     9.95
TrustPower Ltd                 8.500%  03/15/14     NZD     9.00

CHINA
-----
CITIC Guoan Information
  Indust. Co., Ltd             1.200%  09/14/13    CNY     74.99
Saic Motor                     0.800%  12/19/13    CNY     74.67

JAPAN
-----
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.20
Nara Prefecture                1.520%  10/31/14     JPY     9.35
NIS Group Co., Ltd.            2.290%  03/23/09     JPY    70.02
NIS Group Co., Ltd.            2.730%  02/26/10     JPY    69.94

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    48.98
Korea Dev. Bank                7.450%  10/31/21     KRW    48.96
Korea Dev. Bank                7.400%  11/02/21     KRW    48.94
Korea Dev. Bank                7.310%  11/08/21     KRW    48.89
Korea Dev. Bank                8.450%  12/15/26     KRW    72.62

MALAYSIA
--------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.07
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.07
Berjaya Land Bhd               5.000%  12/30/09     MYR     5.50
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/16/08     MYR     1.25
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.10
EG Industries Berhad           5.000%  06/16/10     MYR     0.48
Equine Capital                 3.000%  08/26/08     MYR     1.51
Greatpac Holdings              2.000%  12/11/08     MYR     0.20
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.53
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.48
Insas Berhad                   8.000%  04/19/09     MYR     0.66
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.36
Kosmo Technology
   Industrial Bhd              2.000%  06/23/08     MYR     1.00
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.43
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.50
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.50
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.50
Media Prima Bhd                2.000%  07/18/08     MYR     1.60
Mithril Bhd                    8.000%  04/05/09     MYR     0.25
Mithril Bhd                    3.000%  04/05/12     MYR     0.61
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.42
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.22
Pelikan International          3.000%  04/08/10     MYR     2.73
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.79
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.13
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.61
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.57
Southern Steel                 5.500%  07/31/08     MYR     2.36
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.01
Tradewinds Corp.               2.000%  02/08/12     MYR     1.10
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.65
Wah Seong Corp.                3.000%  05/21/12     MYR     6.10
WCT Land Bhd                   3.000%  08/02/09     MYR     4.66
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.76
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.07

SRI LANKA
---------
Sri Lanka Govt                6.850%  04/15/12     LKR     74.49
Sri Lanka Govt                6.850%  10/15/12     LKR     71.73
Sri Lanka Govt                8.500%  01/15/13     LKR     70.25
Sri Lanka Govt                7.500%  08/01/13     LKR     72.76
Sri Lanka Govt                7.500%  11/01/13     LKR     74.16
Sri Lanka Govt                8.500%  02/01/18     LKR     70.90
Sri Lanka Govt                8.500%  07/15/18     LKR     70.35
Sri Lanka Govt                7.500%  08/15/18     LKR     65.02
Sri Lanka Govt                7.000%  10/01/23     LKR     56.94


                          *********


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
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Information contained herein is obtained from sources believed
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                 *** End of Transmission ***