TCRAP_Public/080213.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

          Wednesday, February 13, 2008, Vol. 9, Issue 31

                          Headlines

A U S T R A L I A

AGRI-HORT IRRIGATION: Joint Meeting Slated for February 25
ARPINGE PTY: Members to Receive Wind-Up Report on February 22
BEECROFTS SELF: Commences Liquidation Proceedings
CARLYLE FINE: Liquidators to Give Wind-Up Report on February 22
CARRINGTON FINE: Members to Hear Wind-Up Report on Feb. 22

D & L RETAIL: Liquidator to Give Wind-Up Report on Feb. 22
FINA GROUP: Members and Creditors to Meet on February 25
H.P. LAUNDER: Members to Hear Wind-Up Report on Feb. 22
MAY DAY: Members & Creditors to Meet on February 22
REWARD SHARE: Undergoes Liquidation Proceedings

SATALITE SALES: Placed Under Voluntary Liquidation
SHOALHAVEN FRAMES: Creditors' Proofs of Debt Due on February 14
SYMBION HEALTH: Primary Health Gets 52.3% Percent Acceptances
SYMBION HEALTH: Moody's Continues Ba1 Review Over Primary Bid
TAIALA PTY: Members' Meeting Slated for February 20

VIEW RESOURCES: Appoints Administrators; Suspends Shares
ZINIFEX: Allegiance Mining Loses Third Party Bidder

* AUSTRALIA: Moody's Comments on Asset-Backed Commercial Paper


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

CHINA EASTERN: Temasek & SAL to Press Bid for 24% Stake
CHINA EASTERN: To Set Up Regional Airline JV with China Aviation
CHINA EASTERN: To Order 30 Boeing 737 for CNY13.98 Billion
COUNTRY FINE: Creditors' Meeting Fixed for February 21
FORTUNE HONEST: Creditors to Receive Wind-Up Report

GALAXY BEST: Creditor's Meeting Fixed for February 21
GLORY HIGH: Creditors to Receive Wind-Up Report
GLORY MILE: Creditor's Meeting Fixed for February 21
GLORYSON LIMITED: Creditors to Receive Wind-Up Report
GOLD RAW: Creditors to Receive Wind-Up Report

GREAT PEACE: Creditors' Meeting Fixed for February 21
HASBRO INC: Verrechia to Become Chairman; Names Goldner New CEO
HASBRO: China Suppliers May Up Prices Due to Higher Labor Costs
HINFAITH INDUSTRIAL: Creditors to Receive Wind-Up Report
HOWELL INDUSTRIAL: Creditor's Meeting Fixed for February 21

* CHINA: Passes Special Ordinance on Bankruptcy of Banking Firms
* HONG KONG: Fitch Holds Outlook Telecon for Structured Finance


I N D I A

IFCI LTD: Plans to Cut Workforce by 68% to Minimize Costs
ITI LTD: Incurs INR1.18-Billion Net Loss in Oct-Dec 2007
RPG LIFE: Discloses Consideration of Transferee Under Scheme
TATA MOTORS: Plans to Bring Hybrid Nano to Europe in Four Years


I N D O N E S I A

ALCATEL-LUCENT SA: Posts EUR3.52 Billion Net Loss for 2007
BANK PAN: To Sell IDR600 Billion Subordinated Bonds in March
PT INCO: Cancels Plan to Build New Processing Facility
HUNTSMAN: Board Paying US$0.10 Per Share Dividend on March 31
SEMEN KUPANG: Government to Privatize Company This Year


K O R E A

NOVELIS INC: Incurs US$49 Mil. Net Loss in Quarter Ended Dec. 31


M A L A Y S I A

MANGIUM INDUSTRIES: To Hold General Meeting on February 27
PAXELENT: Malayan Banking Extends Settlement Shares Issuance
PROTON HOLDINGS: Taps Zalekha Hassan as Non-Executive Director


N E W  Z E A L A N D

BANKS PENINSULA: Court to Hear Wind-Up Petition on February 18
DARGAVILLE PRINT: Commences Liquidation Proceedings
ETS INSTRUMENTS: Fixes Feb. 25 as Last Day to File Claims
K & J CONSULTANTS: Commences Liquidation Proceedings
MACQUARIE FORTRESS: Suspends Interest Payments

MFS PACIFIC: Defaults on Interest Payments
MHS NEW ZEALAND: Court to Hear Wind-Up Petition on Feb. 14
PACIFIC PAINTING: Appoints Vance & Jordan as Liquidators
PAREMATA SEASCAPE: Creditors' Proofs of Debt Due on Feb. 26
PLUMB IT RITE: Names Brown & Rodewald as Liquidators

QUEST WELLINGTON: Names Vance & Jordan as Liquidators
REMINGTON PROPERTIES: Wind-Up Petition Hearing Set for April 1
TMP QUALITY: Subject to CIR's Wind-Up Petition
WHITE ISLE: Court to Hear Wind-Up Petition on April 24
WINGSFIELD LTD: Subject to CIR's Wind-Up Petition


P H I L I P P I N E S

BANCO DE ORO-EPCI: SEC Approves Corporate Name Change
MAYNILAD WATER: Pays US$2 Mil. in Loans; Exits Rehabilitation
METROPOLITAN BANK: Top Trust Fund Manager, Says Watson Wyatt


S I N G A P O R E

AAR CORP: Completes US$225 Mil. Placement of Convertible Notes
STATS CHIPPAC: Repurchases US$2.5MM Principal Convertible Notes
WHISTLEJACKET CAPITAL: Net Asset Value Loss Prompts Receivership
WHITESTONE TECHNOLOGY: Creditors' Meeting Set for Feb. 19


T H A I L A N D

TMB BANK: Gov't Savings Bank to Buy Company Stake in MFC Asset

* Fitch Publishes Ratings Methodology for Insurance-Linked Debts
* Upcoming Meetings, Conferences and Seminars


                            - - - - -

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A U S T R A L I A
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AGRI-HORT IRRIGATION: Joint Meeting Slated for February 25
----------------------------------------------------------
Agri-Hort Irrigation Solutions Pty Ltd will hold a joint meeting
for its members and creditors at 11:00 a.m. on Feb. 25, 2008.
During the meeting, the company's liquidator, Bruce Gleeson
at Jones Partners, will provide the attendees with property
disposal and winding-up reports.

As reported in the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on Nov. 29, 2006.

The liquidator can be reached at:

          Bruce Gleeson
          c/o Jones Partners
          Insolvency & Business Recovery
          Australia
          Telephone:(02) 9251 5222

                    About Agri-Hort Irrigation

Agri-Hort Irrigation Solutions Pty Ltd provides plumbing,
heating, and air-conditioning services.  The company is located
at Kings Park, in New South Wales, Australia.


ARPINGE PTY: Members to Receive Wind-Up Report on February 22
-------------------------------------------------------------
David Clement Pratt and Timothy James Cuming, Arpinge Pty Ltd.'s
appointed estate liquidators, will meet with the company's
members on February 22, 2008, to provide them with property
disposal and winding-up reports.

The company commenced liquidation proceedings on June 1, 2006.

The liquidators can be reached at:

          David Clement Pratt
          Timothy James Cuming
          PricewaterhouseCoopers
          Level 15, 201 Sussex St
          Sydney, New South Wales 1171
          Australia

                      About Arpinge Pty

Arpinge Pty Ltd. is a distributor of durable goods.  The company
is located at North Melbourne, in Victoria, Australia.


BEECROFTS SELF: Commences Liquidation Proceedings
-------------------------------------------------
Beecroft's Self Service Pty Ltd's members agreed on
Dec. 20, 2007, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed Colin R.
McDonald to facilitate the sale of its assets.

The liquidator can be reached at:

          Colin R. McDonald
          Chartered Accountant
          PO Box 4371, Forster Shopping Village
          New South Wales 2428
          Australia
          Telephone:(02) 6555 9119
          Facsimile:(02) 6555 9190

                    About Beecroft's Self

Located at Melbourne, Australia, Beecroft's Self Service Pty
Ltd. is an investor relation company.


CARLYLE FINE: Liquidators to Give Wind-Up Report on February 22
---------------------------------------------------------------
David Clement Pratt and Timothy James Cuming, Carlyle Fine Arts
Pty Ltd's appointed estate liquidators, will meet with the
company's members on February 22, 2008, to provide them with
property disposal and winding-up reports.

The liquidators can be reached at:

          David Clement Pratt
          Timothy James Cuming
          PricewaterhouseCoopers
          Level 15, 201 Sussex St
          Sydney, New South Wales 1171
          Australia

                        About Carlyle Fine

Located at North Melbourne, in Victoria, Australia, Carlyle Fine
Arts Pty Ltd is an investor relation company.


CARRINGTON FINE: Members to Hear Wind-Up Report on Feb. 22
----------------------------------------------------------
David Clement Pratt and Timothy James Cuming, Carrington Fine
Arts (Aust.) Pty Ltd's appointed estate liquidators, will meet
with the company's members on February 22, 2008, to provide them
with property disposal and winding-up reports.

The liquidators can be reached at:

          David Clement Pratt
          Timothy James Cuming
          PricewaterhouseCoopers
          Level 15, 201 Sussex St
          Sydney, New South Wales 1171
          Australia

                   About Carrington Fine

Carrington Fine Arts (Aust.) Pty Ltd, which is also trading as
Ooh La La Direct, is involved in the catalog and mail-order
houses business.


D & L RETAIL: Liquidator to Give Wind-Up Report on Feb. 22
----------------------------------------------------------
David Clement Pratt and Timothy James Cuming, D & L Retail Pty
Ltd's appointed estate liquidators, will meet with the company's
members on February 22, 2008, to provide them with property
disposal and winding-up reports.

The liquidators can be reached at:

          David Clement Pratt
          Timothy James Cuming
          PricewaterhouseCoopers
          Level 15, 201 Sussex St
          Sydney, New South Wales 1171
          Australia

                     About D & L Retail

D & L Retail Pty Ltd., which is also trading as Ooh La La
Fashion Accessories, operates women's accessory and specialty
stores.  The company is located at North Melbourne, in Victoria,
Australia.


FINA GROUP: Members and Creditors to Meet on February 25
--------------------------------------------------------
Fina Group Pty Limited will hold a joint meeting for its members
and creditors at 11:00 a.m. on February 25, 2008.  During the
meeting, the company's liquidator, Keiran W. Hutchison at Ernst
& Young, will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          Keiran W. Hutchison
          Ernst & Young
          Level 37, 680 George Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9248 4057

                      About Fina Group

Fina Group Pty Limited is a general contractor of single-family
houses.  The company is located at Ryde, in New South Wales,
Australia.


H.P. LAUNDER: Members to Hear Wind-Up Report on Feb. 22
-------------------------------------------------------
David Clement Pratt and Timothy James Cuming, H.P. Launder
Holdings (Aust.) Pty Ltd's appointed estate liquidators, will
meet with the company's members on February 22, 2008, to provide
them with property disposal and winding-up reports.

The company commenced liquidation proceedings on June 1, 2006.

The liquidators can be reached at:

          David Clement Pratt
          Timothy James Cuming
          PricewaterhouseCoopers
          Level 15, 201 Sussex St
          Sydney, New South Wales 1171
          Australia

                     About H.P. Launder

H.P. Launder Holdings (Aust.) Pty Ltd, which is also trading as
Launder Jewellery, is a distributor of jewelries and precious
stones.  The company is located at Melbourne North, in Victoria,
Australia.


MAY DAY: Members & Creditors to Meet on February 22
---------------------------------------------------
May Day Mines Pty Ltd will hold a joint meeting for its members
and creditors at 10:00 a.m. on February 22, 2008.  During the
meeting, the company's liquidator, J. Vouris at Lawler Partners,
will provide the attendees with property disposal and winding-up
reports.

The Troubled Company Reporter-Asia Pacific reported that the
company commenced liquidation proceedings on August 14, 2007.

The liquidator can be reached at:

          J. Vouris
          Lawler Partners Chartered Accountants
          Level 9, 1 O'Connell Street
          Sydney, New South Wales 2000
          Australia

                        About May Day

May Day Mines Pty Ltd provides engineering services.  The
company is located at Royal Exchange, in New South Wales,
Australia.


REWARD SHARE: Undergoes Liquidation Proceedings
------------------------------------------------
Reward Share Limited's members agreed on January 9, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed David Clement Pratt and Timothy
James Cuming at PricewaterhouseCoopers to facilitate the sale of
its assets.

The liquidators can be reached at:

          David Clement Pratt
          Timothy James Cuming
          PricewaterhouseCoopers
          Level 15, 201 Sussex St
          Sydney, New South Wales 1171
          Australia

                      About Reward Share

Reward Share Limited is involved in the hardware business.  The
company is located at Sydney, in New South Wales, Australia.


SATALITE SALES: Placed Under Voluntary Liquidation
--------------------------------------------------
Satalite Sales Pty Ltd's members agreed on December 24, 2007, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Lachlan John Rendall to
facilitate the sale of its assets.

The liquidator can be reached at:

          Lachlan John Rendall
          c/o Lachlan Rendall & Associates
          163 Russell Street, Bathurst
          New South Wales
          Australia

                    About Satalite Sales

Satalite Sales Pty Ltd, which is also trading as Ryans Buses,
operates school buses.  The company is located at Bathurst, in
New South Wales, Australia.


SHOALHAVEN FRAMES: Creditors' Proofs of Debt Due on February 14
---------------------------------------------------------------
Shoalhaven Frames & Trusses Pty Limited, which is in
liquidation, requires its creditors to file their proofs of debt
by February 14, 2008.

The company will declare dividend on February 29, 2008.

The company's liquidator is:

          Gavin Thomas
          Level 9, 31 Market Street
          Sydney, New South Wales 2000
          Australia

                  About Shoalhaven Frames

Shoalhaven Frames & Trusses Pty Limited is a distributor of
structural wood members.  The company is located at Nowra South,
in New South Wales, Australia.


SYMBION HEALTH: Primary Health Gets 52.3% Percent Acceptances
-------------------------------------------------------------
As widely reported, Primary Health Care Ltd. has secured 52.3%
of shareholder acceptances at Symbion Health Ltd.  As a result,
Primary has declared its AU$2.7-billion (US$2.4 billion)
acquisition offer unconditional, meeting the two conditions set
by Symbion's board for it to endorse the deal.

The Sydney Morning Herald confirms in a report that Symbion's
board has indeed endorsed to the rest of its shareholders
Primary's offer.  The board had previously rejected the offer
but later changed its decision and told Primary that it will get
the board's support if it obtains at least 50.1% acceptances,
and it will declare the offer unconditional.

According to Bloomberg News, Primary Health's taking control of
Symbion ends a yearlong battle with Healthscope Ltd.  The
acquisitions would also give its Managing Director Edmund
Bateman 36% of Australia's AU$2.1 billion pathology market.

To fund the acquisition, Fairfaxdigital says Primary Health
launched an eight-for-five accelerated renounceable pro-rata
entitlement offer at AU$5.40 per share to raise the money.
Bloomberg adds that Primary has borrowed AU$534.3 million to
fund its bid for Symbion.

                    About Symbion Health

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

                       *     *     *

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


SYMBION HEALTH: Moody's Continues Ba1 Review Over Primary Bid
-------------------------------------------------------------
Moody's Investors Service says that its Ba1 issuer rating for
Symbion Health Ltd. remains on review for possible downgrade
following Primary Healthcare Ltd.'s (unrated) announcement that
it had built up an interest of more than 50.1% in Symbion.

The rating was initially placed on review for downgrade on
May 1, 2007 when another company, Healthscope Ltd (unrated),
made an ownership proposal for Symbion.  The review was
continued after Healthscope dropped its proposal in November
2007, and Primary Healthcare progressively accumulated a
meaningful stake in Symbion.

"The rating review continues in light of the uncertainty
surrounding Symbion's future business risk profile, integration
issues, capital structure and financial policies -- under the
ownership of Primary Healthcare," says Clement Chong, a Moody's
VP/Senior Analyst.

The transaction is dependent on Primary Healthcare declaring the
offer unconditional.  This, in turn, is subject to the
satisfaction of debt and equity financing conditions in respect
of Primary Healthcare's acquisition funding.

The review is subject to the resolution of the above factors.

Moody's notes the presence of change-of-control provisions in
Symbion's bank facility agreement, as well as financial
covenants.

Primary Healthcare Ltd. is a listed healthcare company, which
operates medical centres, pathology centres and provides health
technology.

Symbion Health Limited, headquartered in Melbourne, is a
diversified Australian domestic health care business.  Most of
its earnings are derived from the provision of pathology and
diagnostic imaging services.  It 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.


TAIALA PTY: Members' Meeting Slated for February 20
---------------------------------------------------
C. D. Darin, Taiala Pty Limited's appointed estate liquidator,
will meet with the company's members on February 20, 2008, at
10:10 a.m., to provide them with property disposal and winding-
up reports.

The liquidator can be reached at:

          C. D. Darin
          C D Darin & Co, Chartered Accountant
          Suite 3, Level 4
          12-14 Mount Street
          North Sydney, New South Wales 2060
          Australia

                      About Taiala Pty

Taiala Pty Limited is a distributor of durable goods.  The
company is located at Tahmoor, in New South Wales, Australia.


VIEW RESOURCES: Appoints Administrators; Suspends Shares
--------------------------------------------------------
John Winters at Egoli reports that View Resources Limited has
voluntarily suspended its shares while it's restructuring the
group.

The company's gold production at its Bronzewing mine was down to
6,500 ounces in January, a much lower figure compared to its
10,000 production projection for the month, the same report
says.

Egoli says the company has named Darren Weaver and Andrew Saker
at Ferrier Hodgson as joint several voluntary administrators.

"The administrators are working with the board and management to
look at options for the restructure of the group and its
financial position," the company said in a statement.

The administrators can be reached at:

     Darren Weaver
     Andrew Saker
     Ferrier Hodgson
     Level 26, BankWest Tower
     108 St George's Terrace
     Perth WA 6000
     Email: fhperthperth.fh.com.au

View Resources Limited --
http://www.viewresources.com.au/#-- is an ASX listed
Company aiming to quickly transform mineral resource
projects into cash producing operations.


ZINIFEX: Allegiance Mining Loses Third Party Bidder
---------------------------------------------------
Egoli reports that Allegiance Mining Limited's hope of fielding
the hostile bid from Zinifex was dashed after a third party
withdraw its due diligence on the company.

Zinifex has offered to acquire Allegiance's shares for
AU$1 per piece in an all-cash transaction.

"The relevant third party had ceased its due diligence and would
not be submitting a proposal as it was unable to comply with the
timetable and deadline that Allegiance had required," Allegiance
said according to Egoli.

Bloomberg suggested 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.

Zinifex has secured last week over 5% of shares in Allegiance as
a result of Lion Selection's acceptance of its purchase offer.
But it has yet to convince the company's 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.

                   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.


* AUSTRALIA: Moody's Comments on Asset-Backed Commercial Paper
--------------------------------------------------------------
Moody's on Feb. 11 commented on the ratings assigned to
Australian and New Zealand asset-backed commercial paper
conduits.  This follows the placement on review for possible
downgrade of PMI Mortgage Insurance Ltd (IFSR Aa2), a major
provider of credit enhancement to the Australian residential
mortgage market, including a large number of warehousing
facilities funded through ABCP.

No immediate rating action has been taken.  In Moody's opinion a
moderate downgrade of PMI will not, in and of itself, affect the
ratings assigned to Australian ABCP conduits, subject to the
provisos set out below.

Moody's considers the exact impact of any PMI downgrade, should
it occur, would vary on a conduit-by-conduit basis, depending on
a number of factors, including the proportion of PMI-insured
mortgage loans funded through the conduit, its exact structural
features, presence of program-wide credit enhancement and, in
some cases, the sponsor's willingness to address any residual
risks.

Based on these factors, Moody's has identified three groups of
Australian and NZ ABCP conduits:

    (1) those whose ratings are essentially de-linked from any
        rating actions taken with regard to PMI;

    (2) those whose ratings can be expected to withstand at
        least a four-to-five notch downgrade of PMI but may be
        negatively affected in the event of a more severe rating
        action; and

    (3) those whose ratings will come under some pressure in the
        event of a downgrade, including a minor downgrade.

In this latter case Moody's has given some benefit to the
willingness of the applicable sponsors to restructure or
otherwise enhance the conduit so as to retain its current
rating.

Specifically, the three groups are as follows:

    -- ABCP conduits de-linked from PMI. In the majority of
       cases, these are conduits that either do not fund
       mortgage-insured residential loans, fund a de minimus
       proportion of such, or rely on significant program-wide
       credit enhancement, sufficient to protect the conduit
       from any mortgage insurer downgrade in full.

    -- Liberty CP Trust 2002-1, rated P-1;

    -- Liberty CP Trust 2007-1, rated P-1;

    -- Liberty Sirius Trust, rated (P)P-1;

    -- MTF Securities Ltd, rated P-1;

    -- Mustang No.1 Trust, rated P-1;

    -- Sydney Capital Corporation Inc , rated P-1;

    -- Waratah Securities Australia Ltd, rated P-1;

    -- Waratah Securities Australia Ltd (NZ Series), rated P-1;

    -- Colonial First State Wholesale Geared Share Fund, rated
       P-1;

    -- ABCP conduits whose ratings are likely to withstand at
       least a four-to-five notch downgrade of PMI.

These are multi-seller conduits funding a moderate proportion of
PMI-insured loans.

    -- George Street Finance Pty Limited/George Street Finance
       LLC, rated P-1;

    -- Tasman Funding Inc & Abel Funding Pty Ltd, rated P-1;

    -- Titan Securitisation Ltd &TSL (USA) Inc, rated P-1;

    -- Coast Asset Corporation, rated P-1;

    -- Asset Collateralized Entity Ltd (Series 2), rated P-1;

    -- Home Owner Mortgage Enhanced Securities Ltd, Series I,
       rated P-1;

    -- Austra Corporation, rated P-1.

    -- ABCP conduits whose ratings may exhibit some downward
       pressure following a downgrade of PMI.

These are conduits retaining significant exposure to PMI and
characterised by insufficient or a lack of program-wide credit
enhancement.  We note that in choosing not to immediately place
these ABCP conduits on review, Moody's has relied on the
willingness indicated by the applicable sponsor banks to
restructure the conduits or to provide additional credit
enhancement in the event of a PMI downgrade. Moody's continues
to discuss the likely impact of any such downgrade and the
available avenues of redress with the sponsors and is closely
monitoring any developments in this regard.

  -- CUTLASS Securitisation Ltd, rated P-1;
  -- SCIMITAR Securitisation Limited, rated P-1;
  -- SPEAR Securitisation Limited, rated P-1;
  -- Spinnaker Capital Pty Limited/Keel Capital Inc, rated P-1.

Moody's continues to monitor the situation surrounding the
ratings review of mortgage insurance companies, including PMI.
We expect to provide a further update of the impact any related
ratings action may have on the Australian and New Zealand ABCP
markets upon any further developments.




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


CHINA EASTERN: Temasek & SAL to Press Bid for 24% Stake
-------------------------------------------------------
Temasek Holdings and Singapore Airlines plan to work with China
Eastern Airlines Corporation Limited to win over the China-based
carrier's stockholders, Thomson Financial reports, citing the
South China Morning Post.

Temasek Managing Director of Investment Ong Beng Teck said the
group is firmly committed to the agreement but did not give a
timetable on when it plans to seal the deal, Thomson Financial
relates.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 10, 2008, nearly 78% of China Eastern shareholders rejected
a bid by the partnership to buy a minority stake in China
Eastern after rival Air China and its parent, China National
Aviation Corp., pledged a higher offer.  CNAHC had pledged to
pay at least HK$5.00 a share if stockholders were to reject the
partnership's proposal to buy a 24% stake in China Eastern for
HK$3.80 per share, or HK$7.2 billion (US$923 million) in
aggregate.

Cathay Pacific Ltd. may play a role in case China Eastern
shareholders reject the proposed partnership with the Singapore-
based investors.  The report noted that although CNAHC didn't
mention Cathay Pacific directly, it said that Air China "and its
business partners" would cooperate in any strategic partnership
with China Eastern.

                    About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-.  The outlook on the IDRs is stable.

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


CHINA EASTERN: To Set Up Regional Airline JV with China Aviation
----------------------------------------------------------------
China Eastern Airlines Corporation Limited has agreed to set up
a regional airline joint venture with state-run aircraft maker
China Aviation Industry Corp. I, CargoNews Asia reports.

According to the report, China Eastern plans to take a 40% stake
in the joint venture, which will have a registered capital of
US$139 million.  The deal is subject to approval from China's
aviation regulator, the report notes.

China Eastern's move, the report notes, comes just days after it
signed a cooperation agreement with China Southern Airlines, a
step that may complicate a bid by China National Aviation
Holding to take a stake in China Eastern.

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-.  Fitch said the outlook on the IDRs is stable.

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


CHINA EASTERN: To Order 30 Boeing 737 for CNY13.98 Billion
----------------------------------------------------------
China Eastern Airlines Corporation Limited plans to buy 30
Boeing 737-series planes for CNY13.98 billion or US$1.94
billion, various reports say.

According to the Etraveblackboard News, this company move is
aimed to expand China Eastern's fleet.  The company said that
though the order would increase its 94.3% debt ratio, it would
not affect daily cash flow or profitability, Domain-B news
notes.

The purchase will cash in on China's booming business and
leisure travel sector, the Etravel relates.

Boeing, Domain-B News says, has not revealed the specifics of
the order, saying only that CEA "announced the selection of
additional" aircraft and that it will issue a statement "when
the order process is completed."

Deliveries of the aircraft would be made from July 2011 to
November 2015, the reports add.

                     About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-.  The outlook on the IDRs is stable.

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


COUNTRY FINE: Creditors' Meeting Fixed for February 21
------------------------------------------------------
The creditors of Country Fine Investment Limited will have their
final general meeting at 10:30 a.m. on February 21, 2008, at
27th Floor, Alexander House, 18 Charter Road, Central, in Hong
Kong to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The Hong Kong Gazette did not disclose the liquidator's name.


FORTUNE HONEST: Creditors to Receive Wind-Up Report
---------------------------------------------------
The creditors of Fortune Honest Limited will have their final
general meeting at 1:30 p.m. on February 21, 2008, at 27th
Floor, Alexander House, 18 Charter Road, Central, in Hong Kong
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The Hong Kong Gazette did not disclose the liquidator's name.


GALAXY BEST: Creditor's Meeting Fixed for February 21
-----------------------------------------------------
The creditors of Galaxy Best Enterprises Limited will have their
final general meeting at 2:00 p.m. on February 21, 2008, at 27th
Floor, Alexander House, 18 Charter Road, Central, in Hong Kong
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The Hong Kong Gazette did not disclose the liquidator's name.


GLORY HIGH: Creditors to Receive Wind-Up Report
------------------------------------------------
The creditors of Glory High Development Limited will have their
final general meeting at 11:00 a.m. on February 21, 2008, at
27th Floor, Alexander House, 18 Charter Road, Central, in Hong
Kong to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The Hong Kong Gazette did not disclose the liquidator's name.


GLORY MILE: Creditor's Meeting Fixed for February 21
-------------------------------------------------
The creditors of Glory Mile Development Limited will have their
final general meeting at 11:30 a.m. on February 21, 2008, at
27th Floor, Alexander House, 18 Charter Road, Central, in Hong
Kong to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The Hong Kong Gazette did not disclose the liquidator's name.


GLORYSON LIMITED: Creditors to Receive Wind-Up Report
-----------------------------------------------------
The creditors of Gloryson Limited will have their final general
meeting at 8:30 a.m. on February 21, 2008, at 27th Floor,
Alexander House, 18 Charter Road, Central, in Hong Kong to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The Hong Kong Gazette did not disclose the liquidator's name.


GOLD RAW: Creditors to Receive Wind-Up Report
---------------------------------------------
Gold Raw Investment Limited's creditors will have their final
general meeting at 9:00 a.m. on February 21, 2008, at 27th
Floor, Alexander House, 18 Charter Road, Central, in Hong Kong
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The Hong Kong Gazette did not disclose the liquidator's name.


GREAT PEACE: Creditors' Meeting Fixed for February 21
-----------------------------------------------------
The creditors of Great Peace Development Limited will have their
final general meeting at 9:30 a.m. on February 21, 2008, at 27th
Floor, Alexander House, 18 Charter Road, Central, in Hong Kong
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The Hong Kong Gazette did not disclose the liquidator's name.


HASBRO INC: Verrechia to Become Chairman; Names Goldner New CEO
---------------------------------------------------------------
Hasbro, Inc. (NYSE:HAS) announced that after 43 years with the
Company, Al Verrecchia, has decided to step down as chief
executive officer and will become the chairman of the Board.
Brian Goldner, currently Hasbro's Chief Operating Officer, will
succeed Mr. Verrecchia as Chief Executive Officer.

These changes will be effective on May 22, the date of company's
annual meeting of shareholders.  Mr. Goldner was also named to
the company's board of directors.

Alan Hassenfeld, currently the non-executive chairman of the
board will step down from that role in May, but remain a board
member and continue to chair the board's executive committee.
Mr. Verrecchia will remain Chairman through the end of 2008, at
which time he will transition to be the non-executive chairman
of the board.

"During Al's long and dedicated career at Hasbro, he has been
one of the key architects -- especially during his 5 years as
CEO -- of making Hasbro the successful global company it is
today," said Mr. Hassenfeld.  "Al's loyalty, integrity and work
ethic, embody all that is great about our company."

"I have achieved all of the goals I set when I became CEO and I
thought now was a great time to step aside," said Mr.
Verrecchia.  "Hasbro is a company on the rise.  We're
financially strong, with great momentum and I am really excited
to turn the leadership of this company over to Brian.  I have
worked closely with him during the last 7 years and I know his
entrepreneurial spirit, creative stewardship and strong
leadership, will serve Brian well as he takes Hasbro to the next
level."

"I am honored to succeed Al as CEO," said Mr. Goldner.  "This is
a very exciting time for the Company; we have a tremendous team
at Hasbro who all share a common goal of continuing to grow our
world class portfolio of brands through creativity and
innovation."

Brian Goldner joined Hasbro in 2000 and was named the Company's
Chief Operating Officer in 2006.  Prior to that, Mr. Goldner was
President of the U.S. Toy Segment.  He came to Hasbro from
Bandai America Inc. where he was Chief Operating Officer.  He is
a graduate of Dartmouth College.

Mr. Verrecchia joined Hasbro in 1965 as a staff accountant. He
has served in a variety of key senior executive positions,
including Chief Executive Officer and President and Chief
Operating Officer.  Over the years, Mr. Verrecchia has also
served as Hasbro's Executive Vice President, Global Operations;
Chief Financial Officer; and President, Hasbro Manufacturing
Services.

Alan Hassenfeld joined Hasbro in 1970 as a special assistant to
the President following his graduation from the University of
Pennsylvania.  He worked his way up the ranks of the business
that his grandfather started in 1923, including stints in
marketing and sales.  He was one of the key architects of
Hasbro's international operations and spent extensive time
traveling overseas.

He was named President of the Company in 1984 and became
Chairman and Chief Executive Officer in 1989.  He stepped down
as CEO in 2003, giving the day-to-day responsibilities of
running the Company to Al Verrecchia and retired to become Non-
Executive Chairman of the Board at the end of 2005.

                        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 China, 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: China Suppliers May Up Prices Due to Higher Labor Costs
---------------------------------------------------------------
Jonathan Birchall at the Financial Times relates that toymaker
Hasbro Inc. expects up to 15% hike in the costs of products it
imports from China as local suppliers face higher labor and
quality testing costs.   Hasbro buys most of its toys from
China.

"Some of our vendors are moving further into China in order to
obviate the higher labour costs," Chief Financial Officer David
Hargreaves told the FT.

As labor in coastal industrial regions become higher, Hasbro's
Chief Executive Officer Al Verrecchia thinks that Chinese
suppliers could move inland to cities away from coasts, the FT
says.  He added that suppliers have two choices: to move inland
where modern infrastructure is deficient, or move operations
to Vietnam where language could become a problem.

                         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 China, 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.


HINFAITH INDUSTRIAL: Creditors to Receive Wind-Up Report
--------------------------------------------------------
The creditors of Hinfaith Industrial Limited will have their
final general meeting at 3:00 p.m. on February 21, 2008, at 27th
Floor, Alexander House, 18 Charter Road, Central, in Hong Kong
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The Hong Kong Gazette did not disclose the liquidator's name.


HOWELL INDUSTRIAL: Creditor's Meeting Fixed for February 21
--------------------------------------------------------
The creditors of Howell Industrial Limited will have their final
general meeting at 3:30 p.m. on February 21, 2008, at 27th
Floor, Alexander House, 18 Charter Road, Central, in Hong Kong
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The Hong Kong Gazette did not disclose the liquidator's name.


* CHINA: Passes Special Ordinance on Bankruptcy of Banking Firms
----------------------------------------------------------------
A special ordinance on the bankruptcy of banking and financial
institutions is being devised by the Chinese government as to
establish a market-oriented bail-out mechanism, Xinhua News
reports, citing the China Banking Regulatory Commission.

According to the report, sources said the legal instrument would
provide a supplement to the revised corporate bankruptcy law
that came into effect last June and target the specialties of
financial areas.  No time frame for the legislative process of
the ordinance is available yet, the report notes.

Analysts told the news agency that since banks serves as the
stablizer of the economy, the ordinance must be able to minimize
the aftermath of bankruptcy of financial institutions and also
provide the maximum protection to the interests of depositors,
creditors and taxpayers.

The Analysts, the report relates, said only by allowing
incompetent and highly risky players to withdraw from the market
can a country defuse any financial crisis and safeguard domestic
financial system.

The process of bankruptcy for Chinese banks is referred to as
"administrative closure" because most banks are state-owned and
virtually became an arm of governmental departments, Xinhua News
explains.

With the central bank serving as their last creditor and
rescuer, the report says, banks and financial institutions
prosper on government credits but also tend to be less sensitive
to risks compared to foreign financial firms.


* HONG KONG: Fitch Holds Outlook Telecon for Structured Finance
---------------------------------------------------------------
Fitch Ratings will host a teleconference on February 14, 2008,
at 3 p.m. HK/SG to discuss its outlook for the non-Japan Asian
Structured Finance market in 2008.

The teleconference will be hosted by Stan Ho, Head of non-Japan
Asia Sructured Finance, Helen Wong, Associate Director and
Albert Hofman, Managing Director Business Development,
Structured Finance Asia Pacific.  The team says to expect a
stable outlook for 2008 for the regional securitization market,
which is currently recovering from the ripples caused by the US
subprime fallout.

The call coincides with the release of "Non Japan Asia
Structured Finance -- 2007 Review and 2008 Outlook,"
which was published earlier this month and is available on
http://www.fitchratings.com/

Opening remarks will last approximately 20 minutes, after which
there will be an opportunity for Q&A from interested
participants.

To register for this event, please contact Zuraidah Ramli at +65
6796 7229/ zuraidah.ramli@fitchratings.com

Instructions:

Participants should dial the listed toll free telephone access
number at least 5 minutes before start time.  When prompted by
the Operator, the pass code is 'Fitch Ratings'. Participants
will be placed in listen-only mode with music until the
moderator or speaker starts the conference.  Participants are
advised to dial the toll free lines from an IDD-enabled fixed
landline.

These are the details of the teleconference:

    -- Date: Thursday, February 14, 2008
    -- Time: 3 p.m. HK/SG
    -- Call Leader: Albert Hofman
    -- Australian Toll Free: 1800 097 137
    -- New Zealand Toll Free: 0800 603 458
    -- Japan Toll Free: 0044 2206 2130
    -- Korea Toll Free: 00798 612 1030
    -- China Toll Free: 10800 6110 114 (CNC)/ 10800
       3610 134 (CT)
    -- Taiwan Toll Free: 00801 232 383
    -- Hong Kong Toll Free: 800 962 681
    -- Singapore Toll Free: 800 6162 212
    -- Malaysia Toll Free: 1800 181 225
    -- Indonesia Toll Free: 00180 3061 2084
    -- Thailand Toll Free: 001800 612 1073
    -- Philippines Toll Free: 1800 1612 0024
    -- India Toll Free: 000 800 100 6486

Replay:

An archived replay of the teleconference will be available from
the 'Events Calendar' on the Fitch Ratings Asia website,
http://www.fitchratingsasia.com/




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



IFCI LTD: Plans to Cut Workforce by 68% to Minimize Costs
---------------------------------------------------------
IFCI Ltd. has offered a voluntary retirement scheme to its
employees to cut costs and sustain business in the medium term,
the Business Standard reports.

"There are about 470 people in IFCI and our current business
size requires not more than 150 people," the report quoted IFCI
Chief Executive Officer Atul Kumar Rai as saying.  The CEO
asserted that the VRS would give space to the company to
redesign the business model.

According to the same report, the VRS offers staff relief of up
to INR15 lakh.  Employees have until Feb. 29 to avail of the
scheme.

As previously reported in the Troubled Company Reporter-Asia
Pacific, IFCI called off plans to induct a strategic investor
after its board of directors rejected the 26%-stake-sale
proposal submitted by the consortium of Sterlite Industries and
Morgan Stanley Co, saying that the conditional offer is
unacceptable.

IFCI's net profit soared in the three months ended Dec. 31, 2007
-- more than doubled to INR3.19 billion from the INR1.29-billion
profit booked in the corresponding quarter in 2006.

The CEO believes the company will go back into losses unless
they reduce wage costs.  We will be better off if we have right
kind of people," Mr. Rai told Business Standard.

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

                        *     *     *

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

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


ITI LTD: Incurs INR1.18-Billion Net Loss in Oct-Dec 2007
--------------------------------------------------------
ITI Ltd. reported a net loss of INR1.18 billion in the three
months ended Dec. 31, 2007, just a slight move from the
INR1.20-billion loss incurred in the same quarter in 2006.

Total income was just about the same at INR2.75 billion; the
company earned INR2.80 billion in the same quarter in 2006.
With operating expenditures aggregating INR3.21 billion, the
company posted an operating loss of INR467 million in
Oct.-Dec. 2007.

The company also booked interest charges of INR626.6 million,
depreciation of INR82.9 million, and INR2.6 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?27f7

ITI Limited -- http://www.itiltd-india.com/-- is a
telecom company, which manufactures a range of telecom
equipment, including switching products; transmission systems,
such as satellite communication systems, optical line
terminating equipments and digital microwave systems; access
products, such as fixed wireless local loop systems and digital
local loop carriers; terminal equipment, such as telephones,
integrated services digital network products and video
conferencing systems; microelectronic products and software;
information technology products and telecom products for the
defense sector, and other products, including solar power
systems and bank mechanizing products. It also provides value-
added services, such as shared hub very-small aperture terminal
services, and public mobile radio trunked services and
turnkey solutions.  Its customers include The Department of
Telecommunications, defense, railways, oil sector and corporates
in India, and certain African and South Asian nations.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 23, 2007, Credit Analysis & Research Ltd. revised the
rating assigned to the 'L' series long term bond issue of ITI
Limited to CARE D (SO) [Single D (Structured Obligation)] from
CARE AAA (SO) [Triple A (Structured Obligation))] with Credit
Watch.  The rating revision took into account the delay in the
interest payment of the above said bond issue.

The TCR-AP reported on Nov. 3, 2006, that Fitch Ratings assigned
final National ratings of 'D(ind)(SO)' to ITI's INR550 million
'J-1' Series long-term bonds.

ITI has incurred losses for at least two consecutive years --
INR4.12 in FY2006-07 and INR4.51 billion in FY2006-06.  The
company is a sick company as per provisions of India's Sick
Industrial Companies Act 1985.


RPG LIFE: Discloses Consideration of Transferee Under Scheme
------------------------------------------------------------
As previously reported by the Troubled Company Reporter-Asia
Pacific, the Scheme of Arrangement that RPG Life Sciences Ltd.
entered into with RPG Pharmaceuticals Ltd., Instant Holdings
Ltd. and Instant Trading and Investment Company Ltd. took effect
on Feb. 5, 2008.  RPG Life has fixed Feb. 22 as the Record Date
for the purpose of the Scheme.

According to the TCR-AP report, the Scheme provided that:

   a) The entire pharmaceutical business of the company stands
      sold to RPG Pharmaceuticals on a going concern basis
      effective from April 2, 2007, at a consideration of
      INR46 crore.  Thus, the results and revenue of the
      pharmaceutical business from April 2 has become revenue
      and results of RPG Pharmaceuticals.

   b) The entire investments held by the company (excluding
      US$64 bonds) is sold to Instant Holdings effective from
      April 1, 2007, at a consideration of INR53 crore.

In a filing with the Bombay Stock Exchange on Monday, RPG Life
provided additional details of the Scheme, including the
consideration that the transferee companies would discharge.
The company said that under the Scheme, RPG Pharmaceuticals
would issue equity shares of face value of INR8 to the company's
shareholders in the ratio of 1:1 at aggregate of
INR34,50,49,200.  RPG Pharmaceuticals would list these equity
shares at three stock exchanges:

   -- Bombay Stock Exchange
   -- Calcutta Stock Exchange
   -- National Stock Exchange of India

Instant Holdings' consideration would be 99,50,000 equity shares
(face value of INR10 each), which it will issue to the company
at aggregate premium of INR43.05 crore.  Instant Holdings would
thus become subsidiary of the company.  Instant Holdings is and
would remain an unlisted company.  Also pursuant to the Scheme,
the assets and liabilities of  Instant Trading is transferred to
Instant Holdings; the former stands dissolved without winding
up.  RPG Life would change its name to "Brabourne Enterprises
Ltd" and RPG Pharmaceuticals would change its name to "RPG Life
Sciences Ltd."

Instant Trading is a wholly owned subsidiary of the company.
RPG Pharmaceuticals and Instant Holdings were incorporated on
March 29, 2007, to participate in the Scheme.

Headquartered in Mumbai, India, RPG Life Sciences Ltd --
http://www.rpglifesciences.com/-- is a full spectrum, world
class, customer focused, innovative pharmaceutical organization.
Formerly known as Searle (India) Ltd., the company develops,
manufactures and markets, for national and international
markets, a broad range of branded formulations, generics and
bulk drugs developed through fermentation and chemical synthesis
routes.

On April 17, 2003, Credit Analysis and Research Limited
downgraded the rating of the outstanding NCD program of
INR145.5 million of RPG Life Sciences rating from CARE BBB to
CARE D.  The downgrade is on account of a default in debt
servicing obligations towards institutional investors.


TATA MOTORS: Plans to Bring Hybrid Nano to Europe in Four Years
---------------------------------------------------------------
Tata Motors Ltd plans to bring to Europe, in four years, a new
version of its INR1-lakh car Tata Nano, currently the world's
cheapest car.

Girish Wagh, head of Tata Motors' compact car projects,
reportedly told the Focus magazine that the company will develop
a successor model in four years time, which will meet the Euro 5
emission regulations and the crash standards in Europe.  Reports
did not say how much the European version will cost.

On Jan. 10, Tata Group Chairman Ratan N. Tata unveiled in New
Delhi the four-door Tata Nano, which seats four persons and
measures 3.1 meters in length, 1.5 meters in width and stands
1.6 meters.  The standard version, however, has no radio, no
passenger-side mirror, no air conditioning and only one
windshield wiper.

Tata NANO will be sold in India later this year and will be
available in standard and deluxe versions.   Tata previously
said that it will focus on India for two to three years before
considering exports of the Nano.

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

On Jan. 7, 2008, Standard & Poor's Ratings Services placed its
'BB+' long-term corporate credit ratings on India-based
automaker Tata Motors Ltd. on CreditWatch with negative
implications.  At the same time, Standard & Poor's placed its
'BB+' foreign currency rating on all of Tata Motor's rated debt
issues on CreditWatch with negative implications.

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




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


ALCATEL-LUCENT SA: Posts EUR3.52 Billion Net Loss for 2007
----------------------------------------------------------
Alcatel-Lucent S.A. released its financial results for full year
and fourth quarter ended Dec. 31, 2007.

Alcatel-Lucent posted EUR3.52 billion in net losses on
EUR17.79 billion in net revenues for full year 2007, compared
with EUR522 million in net profit on EUR18.25 billion in net
revenues for 2006.

The company registered EUR2.58 billion in net losses on
EUR5.23 billion in net revenues for the fourth quarter 2007,
compared with EUR618 million in net losses on EUR4.42 billion in
net revenues for the same period in 2006.

As of Dec. 31, 2007, Alcatel-Lucent had EUR271 million in net
cash, compared with EUR24 million in net debt as of
Sept. 30, 2007.

The funded status of pensions and other post retirement benefits
(OPEB) amounted to EUR2.81 billion at year-end 2007, compared
with EUR2.44 million as of Sept. 30, 2007.

The group reduced its exposure to equity markets in November
2007.  As of Dec. 31, 2007, the global asset allocation of the
group's funds was:

    * 20% in equity securities,
    * 60% in bonds, and
    * 20% in alternatives.

Alcatel-Lucent's board of directors, after considering the
results and more uncertain market outlook, has decided to
suspend dividend payment for 2007.

"This quarter, we delivered solid year-over-year revenue growth
of 18.4% with the strongest performance in the carrier and
services businesses," Patricia Russo, Alcatel-Lucent CEO, said.
"These results reflect the strengthening of our position in IP
and optics, a recovery of our GSM business and the ramp up of
WCDMA.

"Our adjusted gross margin -- excluding the one-time impact of
the charge in the cost recognition methodology for this large
wireless construction contract -- was roughly flat quarter-over-
quarter, despite a challenging pricing environment and an
unfavorable shift in our geographic and product mix.  Our
adjusted operating margin has significantly improved
sequentially, reflecting higher volumes and, to a lesser extent,
a reduction in our operating expenses.

"As we have said, 2007 was a transition year for the company as
we executed our integration plans in a difficult market
environment.  Notwithstanding these challenges, the performance
of our wireline, enterprise and services business has been
solid. On the other hand, the slower-than-expected ramp up of
revenues in WCDMA and NGN/IMS, two areas in which we have been
investing, has severely impacted profitability."

                           Outlook

Alcatel-Lucent expects a sequential drop in revenues of 20% to
25% in the first quarter of 2008.  The company expects to incur
a loss at the adjusted2 operating income1 level in the first
quarter of 2008 as a result of this seasonality.

Given the expected improvement in the gross margin as well as a
reduction in adjusted operating expenses, Alcatel-Lucent expects
an adjusted operating margin in the low to mid single digit
range in percentage of revenues in full year 2008.

"While the long term prospects of our industry remain good, the
macroeconomic environment has created uncertainty in our markets
in the last few months," Ms. Russo said.  "Our initial
projections for 2008 indicate that the global Telecommunications
equipment and related services market should be flat to slightly
up at constant EUR/US$ rate and slightly down at current rate.

"With this in mind, we will continue to execute against our
three-year plan.  The ongoing implementation of a more selective
pricing approach as well as product cost reduction program
should enable us to improve our gross margin.  We also intend to
make continued good progress in our fixed costs reduction plan."

                     About Alcatel-Lucent

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

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

                        *     *     *

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

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


BANK PAN: To Sell IDR600 Billion Subordinated Bonds in March
------------------------------------------------------------
PT Bank Pan Indonesia plans to sell 10-year subordinated bonds
worth IDR600 billion in late March, Thomson Financial reports.

According to the report, while the coupon rate has yet to be
fixed, the coupon for the sixth to tenth years will be higher
than it will be for the first five years.

The bonds will be sold on March 26-28 and will be listed on the
Indonesian Stock Exchange on April 3, the report notes.

The proceeds, the report relates, will be used to strengthen
capital and expand its loan activities.

The bank has appointed PT Indo Premier Securities, PT Evergreen
Capital and PT Bahana Securities to underwrite the bond sale,
the report adds.

Headquartered in Jakarta, Indonesia, PT Bank Pan Indonesia Tbk's
-- http://www.panin.co.id-- products and services include
individual, which comprises saving products, consumer credit
products, electronic products and service products corporate,
and corporate, which consist of saving products, financial
service products, loan credit, export and import products,
electronic products and service products. The bank has
investment in several public listed companies, including PT
Clipan Finance Indonesia Tbk, PT Asuransi Multi Artha Guna Tbk
and PT Panin Sekuritas Tbk.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Aug. 2, 2007, that Moody's Investors Service placed the foreign
currency long-term debt and foreign currency long-term deposit
ratings of PT Bank Pan Indonesia Tbk on review for possible
upgrade.

The detailed ratings are:

   * B2 foreign currency long-term deposit rating was placed on
     review for possible upgrade; and

   * Not Prime foreign currency short-term deposit rating, Baa3
     global local currency deposit rating and D BFSR were
     unaffected -- the former two ratings carry a stable
     outlook, while the BFSR has a positive outlook


PT INCO: Cancels Plan to Build New Processing Facility
------------------------------------------------------
PT International Nickel Indonesia Tbk (PT Inco) has cancelled a
plan to build a new nickel processing facility in Bahodopi,
Central Sulawesi, but it proposed to build the facility at its
mining site in Sorowako, south Sulawesi, Reuters News reports.

Indra Ginting, Inco investor relations officer, told the news
agency that based on their review, it's not economical to set up
the facility in Bahodopi.  "We plan to take nickel ore from
Bahodopi to be processed in Sorowako with existing technology.
We have proposed to the government to build a new facility in
Sorowako," he was quoted as saying.

The report points out that Mr. Ginting did not say when the
project will start.

If the plan was approved by the government, the new nickel
processing facility is expected to produce about 22,000 tonnes
of nickel, or 48.5 million pounds of nickel in matte, the report
adds.
                       About PT Inco

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

                        *     *     *

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


HUNTSMAN: Board Paying US$0.10 Per Share Dividend on March 31
-------------------------------------------------------------
Huntsman Corporation's board of directors has declared a US$0.10
per share cash dividend on its common stock.  The dividend is
payable on March 31, 2008, to stockholders of record as of
March 14, 2008.

Huntsman Corp. -- http://www.huntsman.com/-- is a global
manufacturer and marketer of differentiated chemicals.  Its
operating companies manufacture products for a variety of global
industries, including chemicals, plastics, automotive, aviation,
textiles, footwear, paints and coatings, construction,
technology, agriculture, health care, detergent, personal care,
furniture, appliances and packaging.  Originally known for
pioneering innovations in packaging and, later, for rapid and
integrated growth in petrochemicals, the company has 13,000
employees and operates from multiple locations worldwide,
including Argentina, Belarus, Japan, Luxembourg, Malaysia, Spain
and the United Kingdom, among others.  The company had 2006
revenues from all operations of over US$13 billion.

                        *     *     *

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


SEMEN KUPANG: Government to Privatize Company This Year
-------------------------------------------------------
PT Semen Kupang will be privatized by the Indonesian government
this year, Antara News reports.

President director of PT Semen Kupang Abdul Madjid Nampira was
quoted by the news agency as saying, "I have not received a
clear picture about the privatization from the state enterprise
ministry," he said.

PT Semen Kupang, the report notes, recently asked for a state
budget allocation of IDR50 billion to restructure its management
and replace old machineries.  The company almost went bankrupt
last year as it was heavily indebted to Bank Mandiri with debts
reaching more than IDR159 billion, the report recounts.

A committee led by the economic affairs coordinating minister
last January 31, 2008, Antara recounts, announced the plan to
privatize PT Semen Kupang and 43 other state companies.

The privatization was necessary to raise money to cover the
state budget deficit, the report adds.

                    About Semen Kupang

Headquartered in ast Nusa Tenggara (NTT) Province, Indonesia, PT
Semen Kupang is a state-owned cement company.

According to a Feb. 12, 2008, report by Antara News, the company
recently asked for a state budget allocation of IDR50 billion to
restructure its management and replace old machineries.  It
almost went bankrupt in 2007, as it was heavily indebted to Bank
Mandiri with debts reaching more than IDR159 billion.

As reported by the Troubled Company Reporter-Asia Pacific on
June 16, 2006, Semen Kupang was among the corporate borrowers
asked by Bank Mandiri to settle their non-performing loans
otherwise a legal action will be filed against them.




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


NOVELIS INC: Incurs US$49 Mil. Net Loss in Quarter Ended Dec. 31
----------------------------------------------------------------
Novelis Inc., a subsidiary of Hindalco Industries Limited,
reported a net loss of US$49 million for the third quarter of
fiscal year 2008, which ended on Dec. 31, 2007.  This compares
with a net loss of US$105 million for the corresponding period
of 2006.

Novelis incurred a pre-tax loss of US$45 million on sales of
US$2,735 million, compared with the prior-year period when it
incurred a pre-tax loss of US$140 million on sales of US$2,472
million.  The US$95 million increase in pre-tax earnings
reflects significant underlying operational improvement.  This
increase is due to a number of positive business factors,
including the following:

  -- Product mix improvements and price increases added
     approximately US$45 million of pre-tax earnings compared
     with the prior-year period.

  -- The company's exposure to customer contracts with metal
     price ceilings was reduced by US$42 million, net of
     hedges, compared with the prior-year period.

  -- Corporate selling, general and administrative expenses
     were reduced by US$22 million driven by streamlining of
     corporate staff and costs related to financial reporting
     requirements in the prior year.

  -- Interest expense was US$10 million lower primarily due to
     penalty interest and the write-off of backstop commitment
     fees incurred during the prior year as a result of the
     company's delayed filings and lower interest rates in the
     current year.

The prior year's quarter included the benefit of a US$26 million
gain from the sale of an equity interest in a non-consolidated
affiliate and certain rights to develop hydroelectric power
plants in South America.

In addition to these items, pre-tax earnings during the quarter
ended Dec. 31, 2007, were impacted by certain income and expense
items associated with fair value adjustments recorded at the
date of acquisition.  The net pre-tax impact of these items was
a benefit of US$8 million primarily driven by the amortization
of accruals related to unfavorable contracts (recorded at fair
value at the date of acquisition) partially offset by higher
depreciation and amortization.

"While the bottom line is still not satisfactory, these results
reflect continued progress towards improving our performance in
an environment of high energy costs and volatile metal price and
currencies," said Martha Brooks, President and Chief Operating
Officer.  "Product mix improvements, price increases and reduced
exposure to contracts with metal price ceilings are examples of
the steps we have taken to improve our business fundamentals."

Included in the net loss of US$49 million for the third quarter
of fiscal year 2008 is US$4 million of income tax expense.
Significant tax items in the quarter included:

  -- US$32 million of tax expense related to exchange
     translation and re-measurement items;

  -- US$14 million of tax expense on valuation allowance
     increases primarily related to tax losses in certain
     jurisdictions where the company believes, based on current
     facts and circumstances, it will not be able to utilize
     those losses; and

  -- US$32 million of tax benefit associated with enacted tax
     rate changes.

Cash taxes paid during the third quarter of fiscal year 2008
were US$19 million.

                       About Novelis

Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- is the global provider of aluminum
rolled products and aluminum can recycling.  The company
operates in 11 countries and has approximately 12,900 employees.
Novelis has the capability to provide its customers with a
regional supply of technologically sophisticated rolled aluminum
products throughout Asia, Europe, North America and South
America.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin American region.
Novelis also has operations in Germany, Switzerland and Korea.

                        *     *     *

In July 2007, Fitch Ratings affirmed the Issuer Default Rating
forNovelis Inc. and Novelis Corp. at 'B' and assigned a negative
rating outlook.  Fitch said the rating outlook is negative.
About US$2.4 billion of debt is affected by the ratings.




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


MANGIUM INDUSTRIES: To Hold General Meeting on February 27
----------------------------------------------------------
Mangium Industries BHD will hold ts Extraordinary General
Meeting at 3:00 p.m. on February 27, 2008, at The Auditorium,
Podium 1, Menara MAA, No. 12, Jalan Dewan Bahasa, in 50460 Kuala
Lumpur, Malaysia.

At the meeting, the company will ask its shareholders' approval
for the proposed disposal by the company of the entire issued
and paid-up share capital of Mangium Plantations SDN BHD to
Global Emerging Markets Forestry Investors LLC, for a total cash
consideration of US$6.05 million.

                  About Mangium Industries

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

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


PAXELENT: Malayan Banking Extends Settlement Shares Issuance
------------------------------------------------------------
In relation to Paxelent Corporation Berhad's proposed Revised
Corporate Restructuring Exercise, the company unveiled that one
of its FI Creditors, Malayan Banking Berhad, intends to extend
until April 7, 2008, for the company to issue the settlement
shares, given these conditions:

   a) Malayan Banking to proceed with the forfeiture of the 10%
      and the sum of SGD150,000.00 to compensate Malayan Banking
      for the legal fees incurred;

   b) Paxelent to pay the sum of MYR25,000.00 to Malayan Banking
      as an extension of time fee; and

   c) Paxelent to reimburse the subsequent legal costs incurred
      and to be incurred by MBB in relation to all matters
      related to the extension of the Conditional Period.

The company will deliberate on the conditions as imposed by MBB
and will make an immediate announcement as soon as the Board has
decided on the same.

Headquartered in Kuala Lumpur, Malaysia, Paxelent Corporation
Berhad is engaged in investment holding.  The principal
activities of the subsidiaries are property investment,
provision of information technology solutions, investment
holding, marketing and sale of hard disk drive components.  The
Company is a public limited liability company, incorporated and
domiciled in Malaysia, and is listed on the Second Board of
Bursa Malaysia Securities Berhad.  Paxelent Corporation is
engaged in investment holding.  The principal activities of the
subsidiaries are property investment, provision of information
technology solutions, investment holding, and marketing and sale
of hard disk drive components.  The Company is a public limited
liability company, incorporated and domiciled in Malaysia, and
is listed on the Second Board of Bursa Malaysia Securities
Berhad.

The Company is actively pursuing various restructuring schemes
to address its default issues.  These schemes would involve
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts.

Russell Bedford LC & Company raised substantial doubt on
Paxelent's ability to continue as a going concern after auditing
The company's consolidated financial statements for the year
ended Dec. 31, 2006.

The auditing firm pointed to the group and company's net current
liabilities of MYR39,226,000 and MYR82,894,000 respectively.  In
addition, both the group and the company have capital
deficiencies of MYR18,259,000 and MYR29,142,000 respectively.
Russell Bedford LC notes that the company has not met the
scheduled repayment obligations of the settlement agreements
with several financial institutions arising from the
crystallization of corporate guarantees in respect of the wind-
up of its former subsidiaries.

Paxelent's balance sheet as of Dec. 31, 2006, showed a
shareholders' deficit of MYR15,913,000 arising from total
liabilities of MYR46,423,000 and total assets of MYR30,510,000.


PROTON HOLDINGS: Taps Zalekha Hassan as Non-Executive Director
--------------------------------------------------------------
Datuk Zalekha Hassan was appointed as Proton Holdings Berhad's
Non-Executive Director.  He was previously the Deputy Secretary
General (Operations) of the Ministry of Finance.

On the other hand, Dato' Haji Ahmad Bin Haji Hashim stepped down
as the director and member of Proton and its subsidiaries' Board
of Committee.

                    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
====================


BANKS PENINSULA: Court to Hear Wind-Up Petition on February 18
--------------------------------------------------------------
A petition to have Banks Peninsula Transport Ltd.'s operations
wound up will be heard before the High Court of Christchurch on
February 18, 2008, at 10:00 a.m.

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
          PO Box 1782, Christchurch 8140
          New Zealand
          Telephone:(03) 968 0807
          Facsimile:(03) 977 9853


DARGAVILLE PRINT: Commences Liquidation Proceedings
---------------------------------------------------
Dargaville Print, Copy & Graphics Centre Ltd.'s shareholders
agreed on January 21, 2008, to voluntarily liquidate the
company's business.  In line with this goal, the company has
appointed Stephen Kim Bennett and Timothy John Hoyle to
facilitate the sale of its assets.

Creditors are required to file their proofs of debt by
Feb. 25, 2008, to be included in the company's dividend
distribution.

The liquidators can be reached at:

          Stephen Kim Bennett
          Timothy John Hoyle
          c/o Steve Bennett Associates
          PO Box 627, Whangarei
          New Zealand
          Telephone:(09) 438 2312
          Facsimile:(09) 438 2912
          e-mail: info@sba.net.nz


ETS INSTRUMENTS: Fixes Feb. 25 as Last Day to File Claims
---------------------------------------------------------
The creditors of ETS Instruments Ltd. are required to file their
proofs of debt by February 25, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

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


K & J CONSULTANTS: Commences Liquidation Proceedings
----------------------------------------------------
K & J Consultants Ltd.'s shareholders agreed on Jan. 10, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Iain Andrew Nellies and
Wayne John Deuchrass to facilitate the sale of its assets.

The liquidators can be reached at:

          Iain Andrew Nellies
          Wayne John Deuchrass
          c/o Insolvency Management Limited
          148 Victoria Street, Level 1
          PO Box 13401, Christchurch
          New Zealand


MACQUARIE FORTRESS: Suspends Interest Payments
----------------------------------------------
Macquarie Fortress Investments Ltd., the investment vehicle of
Macquarie Bank, said in reports that it won't be able to make
interest payments and doubts that it would be able to refinance
debts, which will expire in April.

The bank, according to the Australian, is on the verge of
winding up the fund after its net value experienced a 27% cut in
just three days, mainly from its investment losses in the U.S.

According to Bloomberg News, Macquarie's U.S. senior secured
loans' price decline has resulted to US$8 million in losses to
its Fortress Australia Notes.   The same report added that
because of the liquidity problems in the credit markets, the
funds' investors could lose up to 25% of their investments.

The Financial Times says that the fund's shares dropped 56% on
Monday as a result of selling debt investments at a discount
because of some breaches in bank covenants.

Macquarie Fortress Investments Limited is a wholly owned
subsidiary of Macquarie Bank Limited. Macquarie Fortress
Investments Limited is the Trustee of the Macquarie New Zealand
Fortress Notes Trust.  The Trust is engaged in making
investments in unlisted notes issued by a Cayman Island entity,
the return on which is linked to a leveraged portfolio of
the United States dollar denominated senior secured loans.


MFS PACIFIC: Defaults on Interest Payments
------------------------------------------
MFS Pacific Finance, the financing arm and major operating
company of MFS New Zealand, has defaulted on interest payments
to its 12,000 New Zealand investors after its Queensland-based
parent company halted support, the Sydney Morning Herald
reports.  Investors have put about AU$286.52 million in the
fund.

"The moratorium will allow MFS Pacific to conduct an orderly
realization of its loans and investments but will be subject to
approval by investors and to obtaining any other regulatory
approvals," The Australian says, citing the fund's filing with
the New Zealand stock exchange.

According to the Herald, MFS Pacific is the 14th finance company
that has defaulted on interest payments within two years.

The company's parent, MFS Ltd., holds a 38.5% stake in the fund
through MFS New Zealand.  MFS Ltd. has to pay AU$220 million in
debts within the next three months, while total debts reach
AU$1.69 billion.  MFS New Zealand's balance sheet at September
2007 showed US$562 million in assets and US$555.8 million in
liabilities, resulting to a mere US$6.2 million shareholders'
equity.  Meanwhile, MFS Pacific has about US$80 million of debts
due within the next three months.

Perpetual Trust chief executive Louise Edwards told The
Australian that MFS Pacific faces no other option but that of
winding up.


MHS NEW ZEALAND: Court to Hear Wind-Up Petition on Feb. 14
----------------------------------------------------------
A petition to have MHS New Zealand Ltd.'s operations wound up
will be heard before the High Court of Auckland on
Feb. 14, 2008, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
October 29, 2007.

The CIR's solicitor is:

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


PACIFIC PAINTING: Appoints Vance & Jordan as Liquidators
--------------------------------------------------------
David Stuart Vance and Barry Phillip Jordan were appointed
liquidators of Pacific Painting Co. Ltd. on January 22, 2008.

Messrs. Vance and Jordan are accepting creditors' proofs of debt
until February 26, 2008.

The liquidators can be reached at:

          David Stuart Vance
          Barry Phillip Jordan
          PPB McCallum Petterson
          The Todd Building, Level 8
          95 Customhouse Quay
          PO Box 3156, Wellington
          New Zealand
          Telephone:(04) 499 7796
          Facsimile:(04) 499 7784


PAREMATA SEASCAPE: Creditors' Proofs of Debt Due on Feb. 26
-----------------------------------------------------------
The creditors of Paremata Seascape Limited are required to file
their proofs of debt by February 26, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          David Stuart Vance
          Barry Phillip Jordan
          PPB McCallum Petterson
          The Todd Building, Level 8
          95 Customhouse Quay
          PO Box 3156, Wellington
          New Zealand
          Telephone:(04) 499 7796
          Facsimile:(04) 499 7784


PLUMB IT RITE: Names Brown & Rodewald as Liquidators
----------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were named
liquidators of Plumb It Rite Ltd. on January 18, 2007.

The liquidators can be reached at:

          Kenneth Peter Brown
          Thomas Lee Rodewald
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


QUEST WELLINGTON: Names Vance & Jordan as Liquidators
-----------------------------------------------------
On January 22, 2008, David Stuart Vance and Barry Phillip Jordan
were appointed liquidators of Quest Wellington Limited.

Messrs. Vance and Jordan require the company's creditors to file
their proofs of debt by February 26, 2008.

The liquidators can be reached at:

          David Stuart Vance
          Barry Phillip Jordan
          PPB McCallum Petterson
          The Todd Building, Level 8
          95 Customhouse Quay
          PO Box 3156, Wellington
          New Zealand
          Telephone:(04) 499 7796
          Facsimile:(04) 499 7784


REMINGTON PROPERTIES: Wind-Up Petition Hearing Set for April 1
--------------------------------------------------------------
A petition to have Remington Properties Ltd.'s operations wound
up will be heard before the High Court of Auckland on
April 11, 2008, at 10:00 a.m.

Metro City Limited filed the petition on November 7, 2007.

Metro City's solicitor is:

          D. M. Hughes
          Kensington Swan
          18 Viaduct Harbour Avenue
          Auckland
          New Zealand


TMP QUALITY: Subject to CIR's Wind-Up Petition
----------------------------------------------
On October 23, 2007, the Commissioner of Inland Revenue filed a
petition to have TMP Quality Fixing Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
February 14, 2008, at 10:00 a.m.

The CIR's solicitor is:

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


WHITE ISLE: Court to Hear Wind-Up Petition on April 24
------------------------------------------------------
A petition to have White Isle Development Ltd.'s operations
wound up will be heard before the High Court of Auckland on
April 24, 2008, at 10:00 a.m.

Christopher Robert Ross Horton and John Albert Price filed the
petition on November 22, 2007.

The Petitioners' solicitor is:

          Christopher Robert Ross Horton
          John Albert Price
          Kensington Swan
          18 Viaduct Harbour Avenue, Auckland
          New Zealand


WINGSFIELD LTD: Subject to CIR's Wind-Up Petition
-------------------------------------------------
On January 7, 2007, the Commissioner of Inland Revenue filed a
petition to have Wingsfield 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:

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




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


BANCO DE ORO-EPCI: SEC Approves Corporate Name Change
-----------------------------------------------------
The Philippines' Security and Exchange Commission has approved
Banco de Oro-Equitable PCI Inc.'s name change to "Banco de Oro
Unibank, Inc."

The bank's board and stockholders gave their nods on the
proposed corporate name change in July last year.

The name change will not yet be reflected on the Exhange's
computer system (electronic board and ticker) pending disclosure
on the procedures for updating the bank's stock certificates.

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banco de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.

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

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

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


MAYNILAD WATER: Pays US$2 Mil. in Loans; Exits Rehabilitation
-------------------------------------------------------------
The Rehabilitation Court has approved Maynilad Water Services
Inc.'s petition to exit rehabilitation with the company's
settlement of all its loans, Reinir Padua of the Philippine Star
reports.

Maynilad Water prepaid approximately US$232 million of the loans
it got from banks and from the Metropolitan Waterworks and
Sewerage System, the report quoted Maynilad CFO Randolph
Estrellado as saying.  Pursuant to the debt and capital
restructuring agreement, the loans were originally scheduled to
be fully paid by 2013.

The Court's order, which the Maynilad Water received on
Feb. 6, 2008, terminated the company's rehabilitation
proceedings and declared that it has successfully implemented
the 2005 Rehabilitation Plan.

Maynilad Water filed for corporate rehabilitation on
Nov. 13, 2003, saying it could not pay its debts following an
international arbitration panel's decision regarding the early
termination of Maynilad's water concession agreement with MWSS.

In August 2004, the Rehabilitation Court directed Maynilad
to submit a revised rehabilitation plan.  On April 29, 2005,
Maynilad, its shareholders, bank creditors, and MWSS executed a
debt capital and restructuring agreement setting out the terms
and conditions governing their respective rights and obligations
in connection with the restructuring of the debt and capital of
the company.  The DCRA provided, among others, the capital
restructuring and restructuring of debt and concession fees of
the company, and will take effect upon the satisfaction of
precedent conditions set forth in the DCRA, including court
approval.  The Rehabilitation Court approved the DCRA on
June 1, 2005, and the DCRA was effected on July 20, 2005.

With the company's exit from rehabilitation, it can now focus on
the implementation of its capital expenditure program that aims
to reach 24-hour supply and 100% coverage of the west concession
by 2012, Mr. Padua writes, citing a company statement.

Maynilad Water Services Inc. -- http://www.mayniladwater.com.ph/
-- was incorporated on January 22, 1997 as a joint venture
between the Parent Company and Suez-Lyonnaise Des Eaux, now
known as Suez Environnement, primarily to bid for the operation
of the privatized system of waterworks and sewerage services of
the Metropolitan Waterworks and Sewerage System for Metropolitan
Manila.


METROPOLITAN BANK: Top Trust Fund Manager, Says Watson Wyatt
------------------------------------------------------------
Metropolitan Bank & Trust Company emerged as the country's top
Trust Fund Manager in the latest survey conducted by independent
consulting firm Watson Wyatt Worldwide.

Results of the 88th Survey on Investment Performance of
Retirement Funds in the Philippines show that Metrobank bested
eight other banks in the All Trusteed Funds category with the
highest performance of 23.90% p.a. for the year ended
Dec. 31, 2006.  The bank's fourth quarter performance was even
higher at 39.80% p.a.  The survey, which was released in January
2008, is the latest conducted by Watson Wyatt to date.  It
covered the performance of retirement funds handled by 11 banks
and one investment house.

The results of the survey were based on financial reports that
adopted Philippine Accounting Standards.  According to the
Watson Wyatt report, this allowed for a consistent comparison of
the returns of the funds.  The PAS was adopted by most
Philippine corporations beginning 2005 in compliance with the
new International Accounting Standards.

"The survey validates one of the key strengths of our Trust
Banking business, which is our expertise in fund management,"
said Metrobank executive vice president and Trust Banking Group
head Josefina E. Sulit.

This is the fourth time in five years that the bank has figured
in the top three spot.  At least five funds are handled by
investment managers in this category.  The combined plan assets
of all 160 funds from 122 companies surveyed amounted
PHP39.34 billion for an average fund size of P245.90 million.

In the same survey, Metrobank recorded an 18.86% p.a. return in
the Trusteed Funds with Full Discretion category.  In this
class, Metrobank turned in a 32.04% p.a. performance in the
fourth quarter, maintaining its consistent top three ranking for
the period studied.

"These results highlight our consistency in providing superior
returns for our clients," Sulit added.  Metrobank's Investment
Funds also came out as top performers in 2007 as reflected in
the December 28, 2007 industry-wide historical performance of
investment funds tracked in the UITF website
http://www.uitf.com.ph This is a UITF Resource Center sponsored
by the members of the Trust Officers Association of the
Philippines.  Metrobank's MetroFund Starter and MetroDollar
Philippine Liquid Fund bested other funds in their respective
classes with year-on-year performances of 4.475% and 5.718%,
respectively.  Its balanced fund, MetroCapital Growth Fund
placed second at 15.109%.  As of December 31, 2007, Metrobank's
total Assets Under Management stood at PHP141.82 billion.

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

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

                        *     *     *

The bank carries Moody's Investors Service's B1 foreign currency
long-term deposit rating, Ba3 foreign currency hybrid tier-1
rating and a foreign currency subordinated debt rating of Ba2.

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

On March 3, 2006, Standard and Poor's Rating Service assigned a
CCC+ rating on Metrobank's US$125-million non-cumulative capital
securities.




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


AAR CORP: Completes US$225 Mil. Placement of Convertible Notes
--------------------------------------------------------------
AAR Corp. completed the private placement of US$125 million
aggregate principal amount of 1.625% convertible senior notes
due 2014 and US$100 million aggregate principal amount of 2.25%
convertible senior notes due 2016 in a private offering to
qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended.  Upon conversion, holders
will receive cash up to the principal amount, and any excess
conversion value will be delivered, at the election of the
company, in cash, common stock or a combination of cash and
common stock.  The company intends to use US$125.0 million of
the net proceeds of the offering to repay short-term
indebtedness under its revolving credit facility, US$26.6
million of the net proceeds to pay the net cost of the
convertible note hedge and warrant transactions that the company
has entered into with an affiliate of one of the initial
purchasers, and the remainder of the net proceeds for general
corporate purposes.  These convertible note hedge and warrant
transactions are intended to reduce potential dilution to the
Company's common stock upon potential future conversion of the
Notes and generally have the effect on the company of increasing
the conversion price of the Notes to approximately US$48.83 per
share, representing a 75.0% premium based on the last reported
sale price of US$27.90 per share on February 5, 2008.

                       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.


STATS CHIPPAC: Repurchases US$2.5MM Principal Convertible Notes
---------------------------------------------------------------
STATS ChipPAC Ltd. repurchased the US$2.5 million principal
amount of its outstanding US$6.2 million zero coupon convertible
notes due 2008 at a consideration of US$2.9 million.

The company financed the repurchase with cash on hand. STATS
ChipPAC will deliver the repurchased convertible notes to the
trustee under the indenture governing the convertible notes
for cancellation, whereupon US$3.7 million principal amount,
representing approximately 3.2% of the original US$115.0 million
principal amount, of the convertible notes will remain
outstanding.

STATS ChipPAC Ltd is a back-end semiconductor assembly and test
company.  It provides full-turnkey solutions to semiconductor
businesses, including foundries, integrated device manufacturers
and fabless companies in the U.S., Europe and Asia.  It ranked
fourth in the global outsourcing semiconductor assembly and test
industry as of end-2006.  In fiscal year 2006, packaging revenue
accounted for 74% of sales, and test and other revenues the
balance.  The communications segment accounted for 57% of sales.
The company's offices outside the United States are located in
Singapore, South Korea, China, Malaysia, Taiwan, Japan, the
Netherlands, and United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 18, 2008, Moody's Investors Service has affirmed the Ba1
corporate family rating and Ba1 senior unsecured debt rating of
STATS ChipPAC Limited.  Moody's said the outlook for the ratings
remains
stable.

As reported on January 16, 2007, Standard & Poor's Ratings
Services placed its 'BB+' corporate credit ratings on STATS
ChipPAC Ltd. on CreditWatch with negative implications.  At the
same time, Standard & Poor's also placed its 'BB+' rating on all
STATS ChipPAC's senior unsecured rated debts on CreditWatch with
negative implications.


WHISTLEJACKET CAPITAL: Net Asset Value Loss Prompts Receivership
----------------------------------------------------------------
Whistlejacket Capital Ltd., Standard Chartered Plc's Asia-
focused investment vehicle, will undergo receivership as a
result of losing half of its asset value, various reports say.

Moody's and Standard & Poor's require the fund to operate within
strict pre-agreed risk concentration limits, to be market-risk
neutral and to minimize liquidity risks.  Earnings are derived
from the net difference between the cost of its senior funding
and interest income from its investment portfolio.

By losing on its net asset value, Seal Farrell at the
Independent says that the fund broke one of the conditions of
Standard Chartered's liquidity support.

"We continue to have confidence in the quality of
Whistlejacket's assets.  We remain willing to have discussions
with the receiver, once appointed, and hope to find a viable
solution to ensure flexibility for Whistlejacket," Standard
Chartered's finance director, Richard Meddings, was quoted by
the Independent as saying.

The same paper relates that seven percent of Whistlejacket's
portfolio was comprised of U.S. monoline bond insurers, which is
understood to have lowered investor confidence in the investment
vehicle.  Structured investment vehicles like Whisteljacket sell
short-term debt to buy longer-term, higher-yielding debts, the
Independent says.  Standard Chartered has been trying to keep
the fund afloat by divesting assets and doing credit swaps.
Despite the bank's efforts, Whistlejacket's net asset value fell
to US$7.15 billion from US$18.2 billion.


WHITESTONE TECHNOLOGY: Creditors' Meeting Set for Feb. 19
---------------------------------------------------------
The creditors of Whitestone Technology Pte Ltd will meet on
February 19, 2008, to appoint a committee of inspection.

The company's liquidator is:

          Helmi Talib
          c/o 20 Kramat Lane
          #05-05/06/07 United House
          Singapore 228773




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


TMB BANK: Gov't Savings Bank to Buy Company Stake in MFC Asset
--------------------------------------------------------------
TMB Bank is expected to sell its 11.68% shares in MFC Asset
Management to the Government Savings Bank, The Bangkok Post
reports.

According to the report, TMB is expected to price the deal at
THB23 per share, making the transaction worth over THB322
million.

GSB currently holds 24.5% of MFC, followed by the Finance
Ministry at 16.67%, the report notes.  The transaction, The Post
says, will increase the state's shareholdings in MFC to 52.85%,
effectively making the asset-management company a state
enterprise.

For TMB, the share sale will allow the bank to focus its
operations on 56%- owned TMB Asset Management, the report points
out.  The recent entry of ING as a bank strategic shareholder
also opens up partnership possibilities with ING Funds, The Post
adds.

                       About TMB Bank

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

                        *     *     *

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

As reported on January 28, 2008, Fitch Ratings upgraded these
ratings of TMB Bank Public Company Limited:

    * Long-term foreign currency Issuer Default Rating to
      'BBB-' from 'BB+'

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

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

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

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

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

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

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


* Fitch Publishes Ratings Methodology for Insurance-Linked Debts
----------------------------------------------------------------
Fitch Ratings has published its methodology for rating insurance
linked securities.  This methodology represents the final
version of a methodology first published as an exposure draft.

ILS are structured finance transactions that involve insurance
risk, and include a variety of life and non-life risks, such as
risk from natural catastrophes like hurricanes and earthquakes,
life insurance reserve risk, long-term disability reserve
risk, catastrophic mortality risk, life insurance value in force
(present value of net cash flows) and reinsurance recoverable
risk.  This methodology presents Fitch's approach to rating ILS
in broad terms.  It describes the core principles Fitch applies
to all ILS.  On August 8, 2007, Fitch released and sought market
reaction to its Exposure Draft: Insurance-Linked Securities:
Ratings Criteria (Global).  There were over 400 downloads of the
report and Fitch has received feedback from respondents in
Europe and the United States.  The respondents include some of
the largest investment banks and reinsurers in the world.

Much of the feedback sought clarity on certain aspects of the
methodology, especially on Fitch's decision to change to a
probability of loss benchmark for all ratings (from a
probability of loss benchmark for investment grade securities
and an expected loss benchmark for non-investment grade
securities).  The new benchmark is probably the most significant
change from Fitch's past practice and Fitch specifically
sought feedback on that point.

However, Fitch is not making any major changes to its
methodology based on the feedback received.

Several respondents commented on Fitch's use of a probability of
loss benchmark in rating ILS, noting that the expected loss
statistic is used by the capital market to price ILS and by
reinsurers to price coverage in the traditional reinsurance
market.  They also pointed out that the expected loss statistic
is more informational because expected loss reflects both
probability and severity of loss.  However, ILS are structured
finance products and Fitch's structured finance ratings
primarily reflect the relative probability of default of the
rated liability, and not its loss severity given a default.

Another difference between the final report and the exposure
draft relates to the maximum rating that might be assigned to
catastrophe bonds (or other ILS) that are exposed to loss from a
single large event.   While the exposure draft contemplated no
limit to the rating that might be assigned to such tranches,
provided the probability of loss was low enough, Fitch does not
currently expect that tranches exposed to loss from a single
event will be ratable above 'AA'.

Fitch will be publishing a series of more detailed criteria
pieces tailored to specific transaction categories.  In the
supplemental criteria, Fitch will illustrate how these broad
principles are applied to those transactions and describe
aspects of the rating process unique to those assets.  In
addition, transaction-level presale and new issue reports will
describe Fitch's approach to the analysis of the risks unique to
those specific transactions.


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

February 19, 2008
Moody's Investors Service
   Financial Statement Adjustments and Ratios
     Singapore
       Web site: http://www.moodys.com/trainingservices

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

June 26, 2008
Moody's Investors Service
   Economic Capital: Pillar II and ICAAP under Basel II
     Singapore
       Web site: http://www.moodys.com/trainingservices

June 26-29, 2008
Norton Institutes on Bankruptcy Law
   Western Mountains Bankruptcy Law Seminar
     Jackson Hole, Wyoming
       Web site: http://www.nortoninstitutes.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

September 10-12, 2009
American Bankruptcy Institute
   17th Annual Southwest Bankruptcy Conference
     Hyatt Regency Lake Tahoe, Incline Village, Nevada
       Web site: http://www.abiworld.org/

October 5-9, 2009
Turnaround Management Association - Australia
   TMA 2009 Annual Convention
     JW Marriott Desert Ridge, Phoenix, AZ, USA
       e-mail: livaldi@turnaround.org

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                          *********


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

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

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

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

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

                 *** End of Transmission ***