TCRAP_Public/080214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

          Thursday, February 14, 2008, Vol. 9, Issue 32

                          Headlines

A U S T R A L I A

AUSTRALASIAN BUSINESS: Joint Meeting Slated for February 22
AUTOMATIC SPRING: To Declare First Dividend on March 13
BROADCAST INVESTMENTS: To Declare First Dividend on February 20
CENTRO: Continues Talks with Lenders on Debt Refinancing
CENTRO SHOPPING: Moody's Pares Rating on AU$28 Million to Ba3

DUXTECH PTY: To Declare First Dividend on February 19
EPPERSTONE PTY: Liquidator to Present Wind-Up Report on Feb. 22
HARRIS STREET: Placed Under Voluntary Liquidation
KACHE HOSPITALITY: Members & Creditors to Meet on Feb. 22
KBSR PTY: Members to Receive Wind-Up Report on February 13

LANDSCAPE CONCEPTS: Liquidator to Give Wind-Up Report on Feb. 21
MILK BAR: Members & Creditors to Meet on February 14
WARTHAM HOLDINGS: To Declare First Dividend on February 21


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

CHINA EASTERN: Bidding War Expected to Continue
CHINA EASTERN: Citigroup Rates Company at "Buy/High Risk"
LINSHAN DEV'T: Members Meeting Fixed for February 21
LUCKY CITY: Members Meeting Fixed for February 21
MEST HOST: Members Meeting Fixed for February 21

PARAWELL INDUSTRIAL: Members Meeting Fixed for February 21
POWER FINE: Members Meeting Fixed for February 21
TOTAL PROFIT: Members Meeting Fixed for February 21
WINJOB INVESTMENT: Members Meeting Fixed for February 21
WINMARK INT'L: Members Meeting Fixed for February 21

YORK PROSPER: Members Meeting Fixed for February 21


I N D I A

ICICI BANK: To Sell Small-Ticket Personal Loans Portfolio
GENERAL MOTORS: May Have to Fund Delphi's Exit, Investors Say
GENERAL MOTORS: Posts Net Loss of US$38.7 Billion in 2007
NICCO UCO: Sets Feb. 29 Meetings to Consider Restructuring Plan
NICCO UCO: Mulls Foray Into Asset Management

QUEBECOR WORLD: D.E. Shaw Claims 1.2% Stake Ownership
QUEBECOR WORLD: Moody's Rates US$1-Bln DIP Facilities Ba2 & Ba3
SAMTEL COLOR: Earns INR15.3 Mil. in Qtr. Ended Dec. 31, 2007
TATA MOTORS: Awards Speed Sensor Supply Deal to TT Electronics


I N D O N E S I A

BANK NIAGA: Deals with Asuransi Kredit for Insurance Coverage
INDOSAT: Temasek Requests Postponement in Anti-Trust Case
PAN INDONESIA: Fitch Puts BB- Rating on FC Issuer Default Rating


J A P A N

IHI CORP: S&P Affirms 'BB+' Long-Term Corporate Credit Rating
NORTEL NETWORKS: Plans Joint Venture with Motorola
SEIYU LTD: Incurs US$195.5 Billion of Net Loss in 2007


K O R E A

ARAMARK: S&P Affirms 'B+' Corp. Rating with Stable Outlook
ESTECHPHARMA CO: Declares Annual Cash Dividend
HYNIX: Daewoo Securities Raises Call on Stock to 'Buy'


M A L A Y S I A

INVENSYS PLC: Moody's Places Ratings on Review & May Upgrade


N E W  Z E A L A N D

C & SCHILLER: Placed Under Voluntary Liquidation
CASH CANTERBURY: Subject to CIR's Wind-Up Petition
CHEFS FOODS: Commences Liquidation Proceedings
CMV DISTRIBUTION: Appoints Parsons & Kenealy as Liquidators
GRACEPAINTERS LTD: Court to Hear Wind-Up Petition on Feb. 14

LAKE VIEW: Appoints Alastair James Gibson as Liquidator
MACCOL DEVELOPMENTS: Wind-Up Petition Hearing Set for March 6
MAINLINE PAINTERS: Court to Hear Wind-Up Petition on March 6
PLUS SMS: CRE8 Names Julio Castellon as Chief Operating Officer
SASSY CONSTRUCTION: Taps Parsons & Kenealy as Liquidators

UNITED DIESEL: Subject to CIR's Wind-Up Petition
VTL GROUP: Sees NZ$135-Mil. Loss in 14 Mos. Ended Aug. 31
WANGANUI ELECTRONICS: Undergoes Liquidation Proceedings


P H I L I P P I N E S

CHINA BANKING: Acquires 90.79% of TMBC; Ends Tender Offer


S I N G A P O R E

FREESCALE SEMI: Michael Mayer To Quit as Chairman & CEO
FREESCALE SEMI: Moody's Says CEO Departure Won't Impact Ratings
RESONA BANK: Fitch Affirms D Individual Rating


T H A I L A N D

BANK OF AYUDHYA: Plans To Sell THB20 Billion in Bonds

* Fitch Webcast on Proposed Rating Methodology for Corp. CDOs
* Fitch To Hold Teleco on 2008 Outlook for Asia-Pac Utilities


                            - - - - -

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A U S T R A L I A
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AUSTRALASIAN BUSINESS: Joint Meeting Slated for February 22
-----------------------------------------------------------
Australasian Business Travel Association, which is in
liquidation, will hold a joint meeting for its members and
creditors at 10:00 a.m., on Feb. 22, 2008.  During the meeting,
the company's liquidator, R. Whitton at Lawler Partners, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

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

                 About Australasian Business

Australasian Business Travel Association operates travel
agencies.  The company is located at Lindfield, in New South
Wales, Australia.


AUTOMATIC SPRING: To Declare First Dividend on March 13
-------------------------------------------------------
Automatic Spring Industries Pty Limited, which is in
liquidation, will declare its first dividend on March 13, 2008.

Only creditors who were able to file their proofs of debt by
February 12, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Manfred Holzman
          Holzman Associates
          GPO Box 3667
          Sydney, New South Wales 2001
          Australia
          Telephone:(02) 9222 9070
          Facsimile:(02) 9222 9071

                   About Automatic Spring

Automatic Spring Industries Pty Limited is a distributor of
steel springs, except wires.  The company is located at
Riverwood, in New South Wales, Australia.


BROADCAST INVESTMENTS: To Declare First Dividend on February 20
---------------------------------------------------------------
Broadcast Investments Holdings Pty Limited, which is in
liquidation, will declare its first dividend on Feb. 20, 2008.

Only creditors who were able to file their proofs of debt by
February 13, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          John Georgakis
          Ernst & Young
          8 Exhibition Street
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9288 8000

                 About Broadcast Investments

Broadcast Investments Holdings Pty Ltd provides business
services.  The company is located at Greenwich, in New South
Wales, Australia.


CENTRO: Continues Talks with Lenders on Debt Refinancing
--------------------------------------------------------
Centro Properties Group is still in talks with its lenders about
extending the deadline for refinancing its AU$3.9 billion
(US$3.5 billion) of debt, published reports say.

The Sydney Morning Herald has reported earlier that Centro
Properties has been given a two-month reprieve by its lenders.
But according to Centro representative, Jim Kelly, interviewed
by Bloomberg News, there has been no agreement yet.

Creditors, comprised of U.S. and Australian banks, have given
the shopping mall operator until Friday to present a refinancing
plan.  The Associated Press says that the plan will take into
account refinancing of debts accumulated in a two-year, AU$10
billion spending spree that made Centro the second-largest
shopping mall owner in Australia, and fifth largest in the
United States.

The Sydney Herald added in its report that the terms of the new
refinancing plan agreed with Australia and New Zealand Banking
Group Ltd., Commonwealth Bank of Australia Ltd., and National
Australia Bank Ltd.,  will be disclosed Friday.

The Wall Street Journal says that Centro Properties is
optimistic that it will secure the extension from its lenders.

Centro, which owns 700 malls in the U.S., lost about 89% of its
value after its admission that the global credit crunch has made
it difficult to refinance debt, Bloomberg relates.

The company's stock plunged in December 2007 after it failed to
obtain financing to pay short-term debt it incurred to purchase
New Plan Excel Realty Trust for US$3.7 billion, the Journal
relates.  It got a two-month extension from banks, upon which
time, Centro tried to sell assets to repay the debt.

Currenty, Centro Properties is looking for buyers to its two
unlisted funds: Centro Australia Wholesale Fund with AU$2.6
billion of funds under management; and Centro America Fund, with
AU$1.1 billion.

                  About Centro Properties

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

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


CENTRO SHOPPING: Moody's Pares Rating on AU$28 Million to Ba3
-------------------------------------------------------------
Moody's Investors Service has downgraded four classes of notes
issued by Centro Shopping Centre Securities Limited - CMBS
Series 2006-1.  In addition, all seven classes of notes in the
transaction remain on review for downgrade.  All classes of
notes had been put on review on Dec. 21, 2007, for possible
downgrade.

The rating actions are:

    -- AU$250 million Class A-1 Notes
       Current Rating: Aaa, on review for downgrade

    -- AU$300 million Class A-2 Notes
       Current Rating: Aaa, on review for downgrade

    -- EUR100 million Class A-3 Notes
       Current Rating: Aaa, on review for downgrade

    -- AU$ 37 million Class B Notes
       Current Rating: Aa3, on review for downgrade
       Prior Rating: Aa2

    -- AU$62 million Class C Notes
       Current Rating: A3, on review for downgrade
       Prior Rating: A2

    -- AU$52.8 million Class D Notes
       Current Rating: Ba1, on review for downgrade
       Prior Rating: Baa2

    -- AUD 28 million Class E Notes
       Current Rating: Ba3, on review for downgrade
       Prior Rating: Baa3


DUXTECH PTY: To Declare First Dividend on February 19
-----------------------------------------------------
Duxtech Pty Ltd will declare its final dividend on
Feb. 19, 2008.

Only creditors who were able to file their proofs of debt by
February 12, 2008, will be included in the company's dividend
distribution.

According to the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on July 31, 2006.

The company's liquidators are:

          Timothy B Norman
          Simon A Wallace-Smith
          Deloitte Touche Tohmatsu
          180 Lonsdale Street
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9208 7000

                     About Duxtech Pty

Duxtech Pty Ltd is involved in the business of trusts, except
educational, religious, and charitable trusts.  The company is
located at Preston, in Victoria, Australia.


EPPERSTONE PTY: Liquidator to Present Wind-Up Report on Feb. 22
---------------------------------------------------------------
Epperstone Pty Ltd., which is in liquidation, will hold a joint
meeting for its members and creditors at 11:00 a.m., on
February 22, 2008.  During the meeting, the company's
liquidator, R. M. Sutherland at Jirsch Sutherland, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          R. M. Sutherland
          Jirsch Sutherland
          Level 4, 55 Hunter Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334

                    About Epperstone Pty

Located at Norwood, in South Australia, Australia, Epperstone
Pty Ltd is an investor relation company.


HARRIS STREET: Placed Under Voluntary Liquidation
-------------------------------------------------
Harris Street Investments Pty Ltd's members agreed on
Jan. 10, 2008, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed Antony de
Vries and Riad Tayeh at de Vries Tayeh to facilitate the sale of
its assets.

The liquidators can be reached at:

          Antony de Vries
          Riad Tayeh
          de Vries Tayeh
          95 Macquarie Street, Level 3
          Parramatta, New South Wales 2150
          Australia
          Telephone:(02) 9633 3333
          Facsimile:(02) 9633 3040

                     About Harris Street

Harris Street Investments Pty Ltd is involved with real estate
investment trusts.  The company is located at Granville, in New
South Wales, Australia.


KACHE HOSPITALITY: Members & Creditors to Meet on Feb. 22
---------------------------------------------------------
Kache Hospitality Pty Limited, which is in liquidation, will
hold a joint meeting for its members and creditors at 10:30
a.m., on Feb. 22, 2008.  During the meeting, the company's
liquidator, R. Whitton at Lawler Partners, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

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

                   About Kache Hospitality

Kache Hospitality Pty Limited, which is also trading as Duntry
League Guest House, operates hotels and motels.  The company is
located at Orange, in New South Wales, Australia.


KBSR PTY: Members to Receive Wind-Up Report on February 13
----------------------------------------------------------
J. A. Shaw and S. A. Newton, KBSR Pty Limited's appointed estate
liquidators, will meet with the company's members at 10:00 a.m.
on Feb. 13, 2008,  to provide them with property disposal and
winding-up reports.

As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on June 28, 2007.

The liquidators can be reached at:

          J. A. Shaw
          S. A. Newton
          Ferrier Hodgson
          Chartered Accountants
          PO Box 840
          Newcastle, New South Wales 2300
          Australia

                       About KBSR Pty

KBSR Pty Limited provides business services.  The company is
located at Marmong Point, in New South Wales, Australia.


LANDSCAPE CONCEPTS: Liquidator to Give Wind-Up Report on Feb. 21
----------------------------------------------------------------
Landscape Concepts and Solutions Pty Ltd, which is in
liquidation, will hold a joint meeting for its members and
creditors at 10:30 a.m. on Feb. 21, 2008.  During the meeting,
the company's liquidator, P. R. Vince at, Vince and Associates
will provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          P. R. Vince
          Vince and Associates
          51 Robinson Street
          Dandenong, Victoria
          Australia

                  About Landscape Concepts

Landscape Concepts and Solutions Pty Ltd provides lawn and
garden services.  The company is located at Brighton, in
Victoria, Australia.


MILK BAR: Members & Creditors to Meet on February 14
----------------------------------------------------
Milk Bar Recording Studios Pty Limited, which is in liquidation,
will hold a joint meeting for its members and creditors at 9:00
a.m. on February 14, 2008.  During the meeting, the company's
liquidator, N. G. Singleton at SimsPartners, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          N. G. Singleton
          SimsPartners
          55 Hunter Street, Level 5
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9256 7700

                       About Milk Bar

Milk Bar Recording Studios Pty Ltd provides business services.
The company is located at Coogee, in New South Wales, Australia.


WARTHAM HOLDINGS: To Declare First Dividend on February 21
----------------------------------------------------------
Wartham Holdings Pty Ltd, which is in liquidation, will declare
its first dividend on February 21, 2008.

Only creditors who were able to file their proofs of debt by
February 13, 2008, will be included in the company's dividend
distribution.

In a report by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on June 29, 2007.

The company's liquidator is:

          John Georgakis
          Ernst & Young
          8 Exhibition Street
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9288 8000

                   About Wartham Holdings

Wartham Holdings Pty Ltd, which is also trading as Cunningham's
Home Hardware, operates household appliance stores.  The company
is located at Coffs Harbour, in New South Wales, Australia.




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C H I N A ,   H O N G  K O N G   &   T A I W A N
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CHINA EASTERN: Bidding War Expected to Continue
-----------------------------------------------
Winny Wang at Shanghai Daily says that a bidding war would ensue
as companies would strive to have a stake in China Eastern
Airlines.

Ms. Wang, citing the Financial Times, relates that Cathay
Pacific Airways would likely fund Air China's parent's bid in
order to retain its stake in the country's flagship carrier.
Cathay and Air China each hold 17.5% stake of each other.  China
National Aviation Corp. Group, Air China's parent, has
offered US$1.9 billion for less than 30% in China Eastern stake.

Singapore's Temasek Holdings and Singapore Airlines are also on
the race to buy stakes in China Eastern, the same report adds.

                    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: Citigroup Rates Company at "Buy/High Risk"
---------------------------------------------------------
Citigroup has rated China Eastern Airlines Corporation Limited
at "buy/high risk," on the strong possibility of a tie-up with
Air China, XFN-ASIA News reports.

According to the report, Citigroup said in a note to investors
that a stake acquisition in China Eastern by Air China "is the
best option for a turnaround of its strategic, operational and
financial weakness and to leverage its dominant position in
Shanghai."

China Eastern's management, the report relates, remains hostile
to the acquisition, but Citigroup still believes that it will
take place, and that it will have benefits for both companies.

Citigroup told the news agency that the company might not be
affected by the impact of a US recession, with only 2.5% of its
capacity used in flights to the US, but if a downturn in the
world economy leads to a "hard landing" in China, airline stocks
could suffer.

                    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-.  Fitch said the outlook on the IDRs is stable.

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


LINSHAN DEV'T: Members Meeting Fixed for February 21
----------------------------------------------------
The members of Linshan Development Limited will have their final
general meeting at 2:30 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.


LUCKY CITY: Members Meeting Fixed for February 21
-------------------------------------------------
The members of Lucky City Limited will have their final general
meeting at 5:00 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.


MEST HOST: Members Meeting Fixed for February 21
-------------------------------------------------
The members of Mest Host Investment Limited will have their
final general meeting at 12:00 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.


PARAWELL INDUSTRIAL: Members Meeting Fixed for February 21
----------------------------------------------------------
The members of Parawell Industrial Limited will have their final
general meeting at 4:00 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.


POWER FINE: Members Meeting Fixed for February 21
-------------------------------------------------
The members of Power Fine Development Limited will have their
final general meeting at 4:30 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.


TOTAL PROFIT: Members Meeting Fixed for February 21
---------------------------------------------------
The members of Total Profit Holdings Limited will have their
final general meeting at 5:30 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.


WINJOB INVESTMENT: Members Meeting Fixed for February 21
--------------------------------------------------------
The members of Winjob Investment Limited will have their final
general meeting at 10:00 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.


WINMARK INT'L: Members Meeting Fixed for February 21
----------------------------------------------------
The members of Winmark International Investment Limited will
have their final general meeting at 12:30 p.m. on Feb. 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.


YORK PROSPER: Members Meeting Fixed for February 21
---------------------------------------------------
The members of York Prosper Limited will have their final
general meeting at 1:00 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.




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ICICI BANK: To Sell Small-Ticket Personal Loans Portfolio
---------------------------------------------------------
ICICI Bank Ltd. is planning to sell INR2,000 crore of its small-
ticket personal loans portfolio, The Economic Times reports,
citing unnamed sources.

Kala Vijayraghavan and Lijee Philip of the financial daily wrote
that the bank have approached foreign banks to its STPL
portfolio with the rising defaults in the segment.  Among the
banks reported approached were Deutsche Bank, Standard Chartered
and Barclays.

The report also said that the move is expected to hep the bank
lessen its losses.  The bank's STPK portfolio size is estimated
to be around INR3,000 crore, the report added.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                        *     *     *

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


GENERAL MOTORS: May Have to Fund Delphi's Exit, Investors Say
-------------------------------------------------------------
Delphi Corp.'s plan to secure US$6.1 billion in financing for
its exit from Chapter 11 bankruptcy protection is in jeopardy as
bank lenders tried to cope with credit markets that remain
virtually shut, The Wall Street Journal says, citing people
familiar with the matter.

J.P. Morgan Chase & Co. and Citigroup Global Markets, which
agreed to arrange funding for Delphi, are having difficulties
syndicating the loan to other lenders, the Journal's source
said.

The Journal's Jeffrey McCracken and John D. Stoll relate that
hedge funds and other investors dislike the borrowing terms,
saying that they aren't priced appropriately for the risk
involved.

Investors and others involved in the matter say Delphi's former
parent, General Motors Corp., may have to step in and provide
financing to fill the gap, the Journal relates.  Yet too much GM
involvement might spook stock investors, who don't want Delphi
too beholden to GM and its price-cutting demands, the Journal
says.

Fritz Henderson, GM's chief financial officer, has said GM is
exploring alternatives in the event Delphi cannot obtain the
Chapter 11 exit financing it planned, Dow Jones Newswires say.
Mr. Henderson, however, didn't give any details on what kind of
alternatives GM was exploring with Delphi and its investor
group, Dow Jones notes.

"Our objective is to have Delphi exit," Mr. Henderson said in an
interview, WSJ notes.  "What we've tried to do is be
constructive with Delphi and the plan-investors as to how we
play a role."

GM yesterday reported a US$722 million fourth-quarter loss, to
end the year a staggering US$38.7 billion in the red -- believed
to be the largest annual loss ever by an auto maker, the
Journal's John Stoll reports.

GM recorded a US$622 million charge associated with its support
of Delphi's restructuring efforts as well as US$552 million
charge for pension benefits provided to Delphi employees and
retirees.

KeyBanc analyst Brett Hoselton said in a note to investors
Tuesday that GM may have to provide financing itself, Dow Jones
reports.

Delphi could consider trying to get a smaller exit-financing
package, but falling U.S. auto sales and lowered forecasts for
GM sales in 2008 "probably mean Delphi needs more money, not
less," WSJ quotes a person familiar with Delphi's talks with
their lenders.  "Any logical person would look at the situation
in the U.S. economy and say Delphi needs more," that source told
WSJ.

As reported in the Troubled Company Reporter on Feb. 4, 2008,
Delphi and its debtor-affiliates expect to consummate their
First Amended Joint Plan of Reorganization on or before
March 31, 2008, Delphi Corp. Vice President and Chief
Restructuring Officer John D. Sheehan said in a regulatory
filing with the U.S. Securities and Exchange Commission.

As reported in the Troubled Company Reporter on Jan. 9, 2008,
the Debtors reduced their Exit Financing from the Court-approved
US$6.8 billion to US$6.1 billion.  The reduced facilities
include:

   (a) US$1.6 billion in an asset-backed revolving credit
       facility;

   (b) US$3.7 billion in a first-lien term loan facility; and

   (c) US$825 million in a second lien term loan facility.

The TCR reported Jan. 30, 2008, that the Honorable Robert Drain
of the U.S. Bankruptcy Court for the Southern District of New
York permits members of the Official Committee of Unsecured
Creditors and the Official Committee of Equity Security Holders
appointed in Delphi's bankruptcy cases to participate in any
syndicate of lenders assembled to provide exit financing
facilities for the Debtors' emergence from Chapter 11.

                     About Delphi Corp.

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

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

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

(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


                     About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2007, nearly 9.37 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's
OnStar subsidiary is the industry leader in vehicle safety,
security and information services.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to stable from positive.  In an
environment of weakening prospects for US auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets in the US,
Canada and Germany.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  S&P said the outlook is stable.


GENERAL MOTORS: Posts Net Loss of US$38.7 Billion in 2007
---------------------------------------------------------
General Motors Corp. reported a 2007 calendar-year adjusted net
loss, excluding special items, of US$23.0 million.  This
compares to adjusted net income of US$2.2 billion in 2006, as
significantly improved automotive performance was offset by
large losses at GMAC.

Including special items, the company reported a loss of US$38.7
billion for the year, compared to a reported loss of US$2.0
billion in 2006.  The loss is almost entirely attributable to
the non-cash US$38.3 billion special charge in the third quarter
related to the valuation allowance against deferred tax assets.

The loss is believed to be the largest annual loss ever by an
automaker, The Wall Street Journal's John D. Stoll says.

In the fourth quarter 2007, GM posted adjusted net income of
US$46.0 million, compared to adjusted net income of US$180.0
million in the year-ago period.  Including special items, the
company reported a net loss of US$722.0 million in the fourth
quarter 2007, compared to net income of US$950.0 million in the
year-ago period.

GM's core automotive business generated record revenue of
US$178.0 billion in 2007, a US$7.0 billion improvement over
2006, aided by explosive growth in emerging markets and
favorable foreign exchange against a weaker U.S. dollar.  In
total, GM generated US$181.0 billion in revenue in 2007,
compared with US$206.0 billion in 2006.  The decrease versus
last year is due to the non-consolidation of GMAC revenue,
following GM's sale of 51.0% of GMAC in November of 2006.

"2007 was another year of important progress for GM, as we
implemented further significant structural cost reductions in
North America, grew aggressively in emerging markets, negotiated
an historic labor contract with our UAW partners in the U.S.,
advanced development of a broad range of advanced propulsion
technologies and most importantly, introduced a series of
breakthrough cars and trucks around the world," GM chairman and
chief executive officer Rick Wagoner said.  "We're pleased with
the positive improvement trend in our automotive results,
especially given the challenging conditions in important markets
like the U.S. and Germany, but we have more work to do to
achieve acceptable profitability and positive cash flow,"
Wagoner added.

The fourth quarter results reflect a US$1.6 billion tax benefit
in continuing operations related to SFAS No. 109 guidelines for
intra-period tax allocations between continuing operations,
other comprehensive income and discontinued operations.

Special charges recorded in the fourth quarter totaled
US$768.0 million, including an US$805.0 million adjustment
principally related to a favorable tax item related to the gain
on the sale of Allison Transmission, which was offset by
US$622.0 million in charges associated with GM's support of
Delphi's restructuring efforts, US$552.0 million for pension
benefits provided to Delphi employees and retirees and US$290.0
million in other restructuring-related charges.

GM reported revenue of US$47.1 billion in the fourth quarter
versus US$50.8 billion in the year ago period, with the decline
more than accounted for by the exclusion of GMAC revenue
starting Dec. 1, 2006.  Revenue from automotive operations
totaled US$46.7 billion in the quarter, a US$3.0 billion
increase over the prior year and a new quarterly revenue record,
reflecting strong growth in Latin America, Asia Pacific and
Eastern Europe.

                   GM Automotive Operations

GM's global automotive operations posted adjusted earnings
before tax of US$553.0 million in 2007, compared to an adjusted
loss before tax of US$339.0 million in 2006.  In the fourth
quarter 2007, GM's automotive operations had an adjusted loss
before tax of US$803.0 million, compared to adjusted earnings
before tax of US$8.0 million in the year-ago quarter.

GM's worldwide vehicle sales increased 3.0%, or 277,000 units,
to 9.4 million vehicles in 2007, marking the second best year in
units sold in the company's 100-year history.  For the third
consecutive year, a majority of the company's sales -- almost
60.0% -- were outside of the U.S.  Record sales performance was
achieved in key growth markets throughout Eastern Europe, Latin
America and the Asia Pacific.

GM North America posted an adjusted loss before tax of US$1.5
billion for 2007, compared to a loss before tax of US$1.6
billion in the year-ago period, excluding special items.  GM
North America had an adjusted loss before tax of US$1.1 billion
in the fourth quarter, compared to an adjusted loss before tax
of US$129.0 million in the fourth quarter 2006.

Losses for the year in GM North America were largely
attributable to a softer U.S. market, and the strategic actions
to reduce dealer inventory by approximately 150,000 units and
lower sales of daily rental vehicles by about 110,000 vehicles
in the U.S.  High commodity prices, unfavorable foreign exchange
and lower unit sales exerted pressure on profitability, but were
more than offset by better product mix, stronger pricing, and
significantly reduced manufacturing and legacy costs.  GM North
America also incurred higher engineering costs to support
continuing product and technology development activities.

"Our North America turnaround remains on track despite the weak
U.S. economy and continued high commodity prices," Wagoner said.
"The actions we've taken to further reduce structural costs and
strengthen our product lineup with great new vehicles like the
award-winning Chevrolet Malibu and Cadillac CTS are
fundamentally improving our ability to compete in the U.S. and
around the world. We're building a solid foundation for
continued growth and improved operating results," Wagoner added.

GM reached its structural cost reduction target of US$9.0
billion in North America in 2007 versus 2005, a key part of
reducing global automotive structural cost as a percent of
revenue from 34.0% in 2005 to 29.7% in 2007.  GM expects to
derive additional structural cost savings of US$4.0 billion to
US$5.0 billion by 2010 in the U.S. as it fully implements the
2007 GM-UAW contract, including the independent healthcare
trust.  These savings will help GM reach its goal to reduce
structural cost as a percent of revenue to 25.0% of revenue by
2010, and further to 23.0% of revenue by 2012.

GM Europe posted its second consecutive year of adjusted
profitability in 2007 with earnings before tax of US$55.0
million, down from earnings before tax of US$357.0 million in
2006, excluding special items.  For the fourth quarter GM Europe
posted an adjusted loss before tax of US$215.0 million versus an
adjusted loss before tax of US$12.0 million in the year ago
period.  The decline in calendar year and fourth quarter
earnings were attributable primarily to a markedly softer German
market as well as unfavorable foreign exchange rates.  Other key
areas of GM Europe's business performed relatively well,
including strong sales outside Germany, increases in net
pricing, and improvements in structural and material cost
performance.

GM Europe sales were up 8.9% in 2007 to a record 2.2 million
units, led by Chevrolet, up 34.0%, Opel/Vauxhall, up 4.3% nd
Cadillac up 31.0%.  Strong demand for GM vehicles in the United
Kingdom, Ukraine, Italy, Greece and Russia -- where sales
doubled to 260,000 units -- made the company the fastest growing
major automobile manufacturer in Europe in 2007.  Financial
results generated from the rapidly growing sales of GM Daewoo-
built Chevrolet vehicles in Europe are consolidated in Korea and
reflected in GM Asia Pacific results.

With a 19.0% increase in sales to a record 1.2 million units in
2007, GM Latin America, Africa, Middle East (GMLAAM) achieved a
record US$1.3 billion in adjusted earnings before tax for the
year, up 140.0% over 2006 adjusted earnings of US$561.0 million.
GMLAAM also set a sales record in the fourth quarter with
341,000 units, up 18.0% year over year, generating US$424.0
million in adjusted earnings before tax, up from US$76.0 million
in the fourth quarter of 2006.  Robust sales in the GMLAAM
region resulted in record revenue of US$18.9 billion for the
calendar year and US$6.0 billion in the fourth quarter.

The year-over-year gain in GMLAAM pre-tax earnings was largely
driven by strong volume growth, which outpaced industry growth,
as well as favorable price and mix.  Robust sales contributed to
record GM sales in Argentina, Brazil, Chile, Colombia, Egypt and
Venezuela in 2007.  Continued strong sales of the Chevrolet
Corsa, Aveo and Celta throughout the region were complemented by
the successful launch of several new entries, including the
Chevrolet Captiva in Latin America and Chevrolet Suburban and
Cadillac Escalade in the Middle East.  Chevrolet sales in the
region were up 23.0% for the calendar year, and accounted for
90.0% of units sold in GMLAAM in 2007.

GMAP posted adjusted earnings before tax of US$744.0 million in
2007 compared to US$403 million for 2006.  GMAP adjusted
earnings before tax for the fourth quarter were US$72.0 million,
compared to US$105.0 million in fourth quarter of 2006.  The
calendar year earnings gain was driven by favorable volume and
mix, increased equity income from GM's China joint ventures and
improved operating performance at Holden.  The results were
partially offset by increased structural cost increases
associated with continued investment in high growth markets and
lower Suzuki equity income resulting from the sale of a majority
of GM's equity in 2006.

GMAP had continued strong performance in China, where domestic
sales grew 18.5% in 2007 and GM, with its local partners, became
the first global automotive manufacturer to sell more than
1 million vehicles.  In addition, GM sales in India rose 74.0%,
and export sales of the GM Daewoo products built in Korea
increased by 30.0% to 870,000 vehicles.

             GMAC Posts US$2.3BB Net Loss in 2007

On a standalone basis, GMAC Financial Services reported a net
loss of US$2.3 billion in 2007, compared with net income of
US$2.1 billion in 2006.  Profitable results in the global
automotive and insurance businesses were more than offset by the
significant loss at Residential Capital LLC.  In the fourth
quarter, GMAC reported a net loss of US$724.0 million, compared
to net income of US$1.0 billion in the fourth quarter of 2006.
The effect on ResCap of the continued disruption in the
mortgage, housing and capital markets was the primary driver of
adverse performance.

GM reported a US$1.1 billion net loss attributable to GMAC, as a
result of its 49.0% equity interest and preferred dividends
received for the full year 2007, and a US$394.0 million reported
net loss for the fourth quarter.

While market conditions remain uncertain, GMAC has taken
aggressive actions in 2007 across all its businesses in an
effort to mitigate future risk, rationalize the cost structure
and position the company for growth.  As a result, GMAC
currently expects to be profitable in 2008.  GMAC's liquidity
position is at relatively high historical levels and GM believes
that GMAC remains adequately capitalized.

                     Cash and Liquidity

Cash, marketable securities and readily available assets of the
Voluntary Employees Beneficiary Association trust totaled
US$27.3 billion as of Dec. 31, 2007, up from US$26.4 billion as
of Dec. 31, 2006.  GM ended the 2007 calendar year with negative
adjusted automotive operating cash flow of US$2.4 billion, a
significant US$2.0 billion improvement compared to 2006.  It
marks the second consecutive year-over-year improvement in
operating cash flow for all four of GM's operating regions.

Consistent with past years, GM withdrew US$2.7 billion from the
VEBA in December, leaving a balance of US$16.3 billion at 2007
year-end, of which the UAW related portion is estimated at
US$14.5 billion.  In negotiations with the UAW and UAW retiree
class counsel on a Settlement Agreement involving the healthcare
MOU that will shortly be filed with the court, the parties have
agreed in principle that of the US$18.5 billion that was agreed
to be set aside upfront for future retiree healthcare claims,
the difference of approximately US$4.0 billion will be funded
with a short term note maturing January 2010 with interest at
9.0%.  This will enhance interim liquidity for GM and provide
the UAW and plan participants a 9.0% return.

The parties have also agreed in principle, as part of the
overall Settlement Agreement, to execute a series of derivatives
that would effectively reduce the conversion price of the
convertible note from US$40 to US$36, and would entitle GM to
recover the additional economic value provided if the GM stock
price appreciates to between US$63.48 and US$70.53 per share.

                       Future Outlook

Despite the uncertainty in the U.S. market, the company
disclosed that it expects improved pre-tax automotive earnings
in 2008 versus 2007, largely driven by continued strong
performance in emerging markets.  GM expects improvements in
automotive revenue, favorable pricing, favorable material cost
performance and continued reductions in structural cost as a
percentage of revenue in the 2008 calendar year.  Operating cash
flow is expected to be relatively flat in 2008 versus 2007,
despite planned increases in capital spending to about US$8.0
billion, up from US$7.5 billion in 2007.

GM remains confident in the 2010-2011 opportunities to further
improve earnings and cash flow.  Most notable is the potential
to realize the full impact of the GM-UAW labor agreement, which
is expected to provide significantly greater flexibility and
yield additional savings of US$4.0 billion to US$5.0 billion.

In addition, GM estimates that if the U.S. market volume returns
to trend levels in 2009 and beyond, which would be an increase
of 1 million units, the change would generate additional pre-tax
income to GM in the range of approximately US$1.0 billion to
US$1.5 billion annually.

GM also expects to reduce a substantial portion of the cost
premiums it has historically paid to Delphi for systems and
components over the next three to five years.  The savings will
be offset by various labor and transitional subsidies of
US$300-400 million per year under Delphi's plan of
reorganization, however GM expects to achieve annual net savings
over the mid-term of approximately US$500.0 million.

In addition, significant additional opportunities to further
improve GM earnings and cash flow by 2010-2011 include improved
pricing driven by a host of new products, continued strong
growth in revenue and profitability in emerging markets, and
improved performance at GMAC.

                        Balance Sheet

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$148.9 billion in total assets, US$184.4 billion in
total liabilities, and US$1.6 billion in commitments and
contingencies Minority interests, resulting in a US$37.1 billion
total stockholders' deficit.

The company's consolidated balance sheet at Dec. 31, 2007, also
showed strained liquidity with US$59.2 billion in total assets
available to pay US$70.8 billion in total current liabilities.

                    About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2007, nearly 9.37 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's
OnStar subsidiary is the industry leader in vehicle safety,
security and information services.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to stable from positive.  In an
environment of weakening prospects for US auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets in the US,
Canada and Germany.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  S&P said the outlook is stable.


NICCO UCO: Sets Feb. 29 Meetings to Consider Restructuring Plan
---------------------------------------------------------------
Nicco Uco Alliance Credit Ltd will hold separate meeting of its
equity shareholders and fixed-deposit holders on Feb. 29, 2008,
to consider a scheme of arrangement, a filing with the Bombay
Stock Exchange states.

According to the company, the move is pursuant to an order of
the High Court at Calcutta in January 2008.

The proposed scheme provides for a reorganization of the
company's share capital and a compromise with fixed-deposit
holders.

Nicco Uco Alliance Credit Ltd is a small non-bank finance
company operating primarily in Eastern India.

Fitch Ratings, on June 18, 2007, downgraded the National Long-
term deposit rating of Nicco Uco Alliance Credit Ltd. to
'D(ind)' from 'C(ind)', and subsequently withdrew the rating.
Fitch will no longer provide rating coverage of NUACL.

The repayment of the rated fixed deposit programme had been
rescheduled by the Company Law Board on account of the
deteriorated financial state of NUACL.  Since then, the company
has stopped accepting deposits and has discontinued its fund
based activities.


NICCO UCO: Mulls Foray Into Asset Management
--------------------------------------------
Nicco Uco Alliance Credit Ltd. is considering foray into
marketing mutual funds and other related businesses.

In a filing with the Bombay Stock Exchange, the company
disclosed that its shareholders will consider approving, by way
of postal ballot, to insert in its Memorandum of Association
these sub-clauses:

Clause - 8: To Carry out the following fee based activities:

(a) To undertake and carry on the business of marketing
    mutual funds and/or asset management Companies and to
    manage the funds of investors by advising investments in
    various financial products and to act as Wealth Managers.

(b) To act as Merchant Bankers, Underwriters, Consultants for
    Capital issue, Advisors to Capital Issues, Investment
    Consultants and Management Advisors to others.

The company's board of directors has appointed Trivikram
Khaitan, Khaitan & Co., Kolakata, as the scrutinizer for
conducting the postal ballot process in a fair and transparent
manner.  Shareholders have until March 6 to submit their votes.
The scrutinizer will submit his report to the Chairman after
completion of the scrutiny and the results of the postal ballot
will be announced on March 10.

Nicco Uco Alliance Credit Ltd is a small non-bank finance
company operating primarily in Eastern India.

Fitch Ratings, on June 18, 2007, downgraded the National Long-
term deposit rating of Nicco Uco Alliance Credit Ltd. to
'D(ind)' from 'C(ind)', and subsequently withdrew the rating.
Fitch will no longer provide rating coverage of NUACL.

The repayment of the rated fixed deposit programme had been
rescheduled by the Company Law Board on account of the
deteriorated financial state of Nicco Uco.  Since then, the
company has stopped accepting deposits and has discontinued its
fund based activities.


QUEBECOR WORLD: D.E. Shaw Claims 1.2% Stake Ownership
-----------------------------------------------------
D.E. Shaw Laminar Portfolios LLC, D.E. Shaw & Co., LP, and
David E. Shaw, disclose in a Form 13G filing with the U.S.
Securities and Exchange Commission that they are deemed to
beneficially own 1,054,500 shares of Quebecor World Inc., common
stock, as of Jan. 28, 2008.

D.E. Shaw has reduced its stake in QWI to 1.2%, from 6.5%,
equivalent to 5,500,000 shares, on January 17, 2008.

According to Bloomberg, about 85,079,000 shares of QWI common
stock were outstanding as of Jan. 31, 2008.  The stock held a
closing price of CAUS$0.285 per share on Feb. 1, 2008.

                     About D. E. Shaw & Co.

New York-based D. E. Shaw & Co. -- http://www.deshaw.com/-- is
always on the lookout for a good investment opportunity.
Through various affiliates, the firm specializes in applying
quantitative and qualitative trading strategies to hedge fund
management and other investments.  It makes private equity
investments in early-stage and established firms involved in
technology, health care, and financial services.  It also
acquires assets of distressed companies.  The company's D.E.
Shaw Research unit focuses on long-term scientific and
technological projects.  The company, which has some US$33
billion in capital under management, was founded in 1988 by
chairman and CEO David E. Shaw.

                     About Quebecor World

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

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

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

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

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


QUEBECOR WORLD: Moody's Rates US$1-Bln DIP Facilities Ba2 & Ba3
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession (DIP).
The related US$600 million super priority senior secured term
loan was rated Ba3 (together, DIP facilities).  The revolving
term loan's better asset value coverage relative to the TL
accounts for the ratings' differential.  Overall, the ratings
are a function of the facility's aggregate size relative to
estimated coverage in either a going concern or wind-up
scenario, the fact there is only US$170 million of prior-ranking
obligations, expectations that the company will be cash flow
positive over the expected life of the credit facilities, and
expectations that it will continue operations subsequent to
creditor protection.  This is balanced against execution risks
stemming from concerns that creditors may not support a
restructuring proposal sponsored by the same management and
board that put the company in a position requiring creditor
protection.

The DIP facilities were sanctioned by court orders in both
Canada and the United States.  The rating action assumes that
the terms of the Initial Order dated Jan. 21, 2008 (Canada), and
the Interim Order dated Jan. 23 (United States) will be
continued by way of permanent orders such that all pre-petition
obligations will continue to be stayed for a substantial period
beyond the existing expiry of Feb. 20, 2008.  No affiliates
outside of North America were included in the company's filing
for creditor protection.

Moody's had previously withdrawn ratings for all of the
company's pre-petition obligations.  The new ratings are
assigned on a point-in-time basis, will not be monitored going
forward, and therefore do not have an associated ratings
outlook.

Ratings assigned:

Quebecor World Inc., as Debtor-in-possession:

   -- US$400 million super priority Senior Secured Revolving
      Term Loan, rated Ba2

   -- US$600 million super priority Senior Secured Tern Loan,
      rated Ba3

   -- US$1 billion of debtor-in-possession financing rated

Quebecor World is the second largest commercial printer in the
world.  While the market is quite fragmented and no single
company commands a significant market share, the company's
stature suggests there is a market need for it to continue in
some form.  Consequently, while the company has not yet
formulated definitive restructuring plans, there is a good
probability of the its operations continuing subsequent to
creditor protection.  This perspective is reinforced by the
background to the company's filing for creditor protection.
While operating cash flow was weak, it was expected to be
modestly positive in 2008 and 2009.  The company's failure to
appropriately manage its debt maturities and other liquidity
needs during a period of elevated capital spending were key
factors that led to the decision to file for creditor
protection.  The ratings assigned to the DIP facilities assume
that, given an appropriate capital structure and financing
arrangements and given the potential of creditor protection
being used to facilitate permanent cost reductions, the company
will be cash flow self-sufficient over the near term.
Consequently, presuming a restructuring plan is accepted by the
various constituents, the DIP facility is expected to be
covered, even with a conservative EBITDA estimate of US$400
million and a tepid valuation multiple of 4.0.

Recall as well that only the US$600 million term loan portion of
the DIP facility is initially drawn and that Quebecor World
spent significant amounts to re-tool its plants over the past
three years.  With a significantly reduced interest burden,
lower capital expenditures, and minimal income tax leakage, the
company needs to generate only US$250 million of EBITDA to cover
estimated interest expense, income tax, and capital
expenditures.  With 2008 and 2009 EBITDA estimated to be well in
excess of these cash requirements, with all other debts being
stayed, and with the court-appointed Monitor acting to ensure
that cash flow is not deployed on non-essential matters, it is
not likely that the revolving DIP facility will feature
significant usage.  This implies that coverage calculations
based on the US$1.0 billion aggregate facility limit may be
conservative relative to what actual refinancing requirements
will be.

At the same time, while the above analysis suggests there should
be enough value to cover the DIP facilities, given the incumbent
board's and management's role in the events leading up to the
company's filing, there is the potential that some constituents
will insist on material governance changes before agreeing to a
restructuring proposal.  This could lead to negotiation delays
and, potentially, value erosion.  This factor complicates the
risk assessment and weighs on the rating.

In addition to the probability that Quebecor World will remain a
going concern and successfully reorganize and emerge from
bankruptcy, the DIP facility ratings also consider the extent of
protection provided to DIP lenders by the liquidation value and
character of the collateral.  While asset liquidation values are
not likely to provide the same coverage as the enterprise's
going concern value, the DIP facility appears to be covered even
in this scenario.

As background, Quebecor World competes in an industry plagued by
over-capacity and low profitability. North American utilization
rates are in the 70% range.  Given the company's poor
profitability in Europe, it is likely that a similar situation
exists there as well.  With fears of a U.S. recession looming,
and with 80% of its operating assets based in North America,
industry conditions could worsen during this important period.
This suggests that even with a relatively new asset base, a
significant discount to book value would likely be required in
order to sell the relevant assets.  In addition, 20% of the
company's assets are located in Europe and Latin America where
laws regulating the conveyance and realization of security are
not nearly as creditor friendly as is the case in North America.
Even for seemingly liquid receivables and inventory, realization
values may be at a significant discount to book.  While the
aggregate of these influences may cause creditors to be more
willing to support a restructuring plan, in the event this is
not the case, recovery values may be only nominally in excess of
the security arrangements sanctioned by the courts.  Assuming a
40% recovery on US$200 million of inventory, 60% recovery on
US$925 million of accounts receivable and a 30% recovery on
US$2.1 billion of net PP&E, there would be only approximately
US$1.2 billion of liquidation proceeds.  After applying the
initial US$170 million of proceeds against prior ranking claims,
there would be enough value to cover the DIP facility (were it
fully drawn).

Note however, that there are two classes of lenders under the
DIP credit agreement, and that each has its own collateral pool.
Based on the above estimates, coverage of the revolving term
loan is superior to that of the term loan.  The term loan is
rated Ba3 and the revolving term loan is rated one notch higher
at Ba2.

The courts identified three super priority claims:

   i) US$170 million of claims relating to the company's pre-
      petition bank credit facility;

  ii) the US$1.0 billion DIP facility; and

iii) up to CUS$32 million for potential director and officer
      related matters.

All pre-petition claims were stayed.  Otherwise, this is the
same company, with the same assets, operations, and management
as it had prior to seeking creditor protection.  Since the
company has not outlined a definitive restructuring plan, it is
assumed that it has the same general operating plan.
Consequently, the only significant changes to pre-petition
financial forecasts are that interest expenses are reduced by
approximately US$150 million per year.  Based on this
assumption, and with capital expenditures contractually limited
by the DIP facility to less than US$150 million per year, it is
expected that Quebecor World will be cash flow positive over the
near term.

Proceeds of the US$600 million DIP term loan were used to
refinance approximately US$418 million of accounts receivable
funding, to fund strategic payments, and to pay certain fees and
expenses.  The US$400 million DIP revolving credit facility is
available to support working capital requirements and for
general corporate purposes.  Until the Final Order is delivered
by the court, only US$150 million of the facility is available;
the full US$400 million limit is available upon a Final Order
being rendered.  In any case, the revolving credit facility is
governed by a borrowing base consisting of i) 85% of eligible
accounts receivables, plus ii) the lesser of 85% of orderly
liquidation value of eligible inventory or 65% of eligible
inventory, net of reserves, and (subject to the security pledged
to the US$170 million pre-petition bank credit facility)
benefits from a first charge on North American accounts
receivable and inventory and a second charge on North American
fixed assets.  The term loan benefits from a first charge on
North American fixed assets and a second charge on North
American accounts receivable and inventory (also subject to the
security pledged to the US$170 million pre-petition bank credit
facility).  In addition, the DIP facilities are guaranteed by
substantially all of Quebecor World's direct and indirect
subsidiaries; the guarantees are supported by share pledges. The
facility matures at the earlier of 18 months from the date of
the interim order (i.e. July 23, 2009) or the date of
substantial consummation of a Plan of Reorganization.

Key covenants include the above-noted US$150 million limitation
on annual Capital Expenditures.  As well, the company will be
required to maintain a minimum level of EBITDAR (EBITDA as
defined with adjustments for restructuring expenses, bankruptcy
administration costs as well as certain other non-recurring
costs) as per a set schedule, on a global basis.  Quebecor World
will also be required to maintain a minimum liquidity
availability of at least US$50 million on any business day.
With these conditions and with oversight provided by the
court-appointed Monitor, the company will not be able to deviate
materially from the status quo while it is protected from
creditors.  This should act to preserve value for all
constituents.

                     About Quebecor World

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

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

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

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

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


SAMTEL COLOR: Earns INR15.3 Mil. in Qtr. Ended Dec. 31, 2007
------------------------------------------------------------
Samtel Color Ltd. turned around in the quarter ended
Dec. 31, 2007, with a profit of INR15.3 million, from the net
loss of INR98 million in the same quarter in 2006.

The company turned around even with decreased revenues -- total
income of INR2.12 billion in Oct.-Dec. 2007, compared to 2006's
INR2.37 billion.  Operating expenditures, however, slid 14% to
INR1.81 billion, bringing the company an operating profit of
INR315.3 million (INR274.3 million in Oct.-Dec. 2006).  The
exceptional item of INR424.3 million brought the decrease in
operating expenses, which item represents write back on account
of waiver of principal and differential or penal interest
related to the period Jan. 1, 2007, to Sept. 30, 2007.  The
waiver is pursuant to the approved financial restructuring
scheme under the Corporate Debt Restructuring mechanism.

Under the Financial Restructuring Scheme, in January 2008, the
company has allotted:

   a. 29,21,499 nos 8% Non Convertible Cumulative Redeemable
      Preference Shares of INR100 each aggregating INR292.15
      million to the lenders.

   b. 14,60,746 nos Zero Coupon Bonds of INR100 each aggregating
      INR146.075 million redeemable at a premium of 150% to the
      lenders.

   c. 46,51,163 nos equity shares of INR10 each at a premium of
      INR11.50 per share to the promoters.

   d. 23,25,581 nos warrants having optional rights of
      conversion into equity shares of INR10 each at a premium
      of INR11.50 per share to the Promoter Group.

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?27fc

Headquartered in New Delhi, India, Samtel Color Ltd --
http://www.samtelgroup.com/samtelnew/home.jsp-- manufactures a
range of display devices like television picture tubes, tubes
for avionics, medical and industrial applications, glass parts
for picture tubes, components for tubes like deflection yokes
and engineering services.  The company also manufactures glass
for television and display tubes.  Through Samtel Electron
Devices GmbH, the company manufactures professional cathode ray
tube.

As reported by the Troubled Company Reporter-Asia Pacific on
June 30, 2006, ICRA Limited downgraded the rating for the
INR250-million Long-Term Non-Convertible Debenture Programme of
Samtel Color Limited to LBB from the LBBB- assigned earlier.
LBB is the inadequate-credit-quality rating assigned by ICRA.
The rated instrument carries high credit risk.  The rating
downgrade follows Samtel's delay in meeting its repayment
obligations against term loans from banks and financial
institutions because of the liquidity pressures brought about by
a sharp decline in the company's income and profits.


TATA MOTORS: Awards Speed Sensor Supply Deal to TT Electronics
--------------------------------------------------------------
Tata Motors Ltd. has awarded U.K. firm TT electronics plc a
contract to supply speed sensors for the INR1-lakh car, Tata
Nano.

On Jan. 10, Tata Motors unveiled in New Delhi the much-hyped
world's cheapest car, which Tata Group Chairman Ratan N. Tata
hopes will get India's masses off motorbikes and into cars.

The Nano is a small saloon vehicle with rear-wheel drive powered
by an all-aluminium, two cylinder, multi-point fuel injection
petrol engine and has been designed specifically to reduce
weight and to keep costs to a minimum, TT electronics notes.
This also helps maximize performance whilst delivering greater
fuel efficiency; as a result, the car has a low carbon
footprint.

TT electronics disclosed that the sensors that they'll supply
for Nano will be manufactured by Padmini TT electronics Private
Ltd., the joint venture formed in 2006 between TT electronics
and Padmini VNA Private Ltd, in Gurgaon, near Delhi, India.
Prototypes of the Tata Nano speed sensor have already been
supplied; Padmini TT is now preparing to increase output, in
preparation for high-volume vehicle production scheduled for
September 2008.

Tata Motors plan to sell the Nano in India later this year and
will be available in standard and deluxe versions.   Tata plans
to focus on India for two to three years before considering
exports of the Nano.

As reported by the Troubled Company Reporter-Asia Pacific
yesterday, Tata Motors plans to bring to Europe, in four years,
a new version of the Nano, which will meet the Euro 5
emission regulations and the crash standards in Europe.

                     About Tata Motors

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


BANK NIAGA: Deals with Asuransi Kredit for Insurance Coverage
-------------------------------------------------------------
PT Bank Niaga Tbk signed a business agreement with credit
insurance firm PT Asuransi Kredit Indonesia (Askrindo, for the
insurance coverage of Bank Niaga's loans to small-and medium-
sized enterprises, The Jakarta Post reports.

Catherine Hadiman, Bank Niaga corporate and banking business
director, told the news agency that under the agreement,
Askrindo was expected to guarantee the bank's lending that would
amount to between IDR200 billion and IDR700 billion this year.
Askrindo's insurance would cover only the loans to entrepreneurs
willing to pay premiums, at least 50% of this year's debtors
would opt to insure their loans, she added.

Ms. Hadiman said Bank Niaga anticipated its total lending, with
an annual interest rate of 10 to 11%, would grow by 20 to 25%
this year, from IDR11 trillion in 2007, the report says.

The Post relates that Bank Niaga expected a 30% growth in loans
for SMEs, which, as in the previous year, would focus on the
agro-business sectors, including sugar cane plantations and
dairy farms.  Bank Niaga's west Indonesia area manager for small
and medium businesses, Chairul Aslam, said the bank had
allocated 40 percent of its total loans to such businesses, the
report says.

According to the report, Askrindo President Director Chairul
Bahri said the company had received an additional IDR850 billion
in capital from the government and was planning to allocate
around 90% of its total funds to cover loans to SMEs.

                      About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com/-- has a license to operate as a
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator.  The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance.  As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                        *     *     *

The bank also has the following existing global scale ratings
assigned by Moody's Investors Service:

   -- issuer/foreign currency subordinated debt of Ba3;

   -- global local currency deposit of Baa3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime;

   -- and bank financial strength of D.

Fitch Ratings affirmed all the ratings of PT Bank Niaga Tbk as:
Long-term foreign Issuer Default ratings at 'BB-'; Individual at
'C/D'; and Support '4'.  Fitch revised the Outlook for the
ratings to positive from stable.


INDOSAT: Temasek Requests Postponement in Anti-Trust Case
---------------------------------------------------------
PT Indosat Tbk's shareholder Temasek Holdings, an investment arm
of the Singapore state, has asked Indonesia's Supreme Court to
postpone its anti-trust case and to explain which law the
proceedings will be based on, Reuters reports citing Temasek's
lawyer Todung Mulya Lubis.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2007, Temasek Holdings was found guilty by the Business
Competition Monitoring Commission of violating Indonesia's anti-
monopoly laws.  Temasek violated the country's anti-monopoly
laws through its ownership in PT Indosat Tbk and PT
Telekomunikasi Selular Indonesia.

The TCR-AP related that KPPU ruled that Temasek must sell its
minority stake in either Telekomunikasi Selular or Indosat.
Syamsul Maarif, KPPU commission assembly chairman, reportedly
said the shares must be sold within two years at the maximum
since the decision has legal grounds.

Mr. Lubis was quoted by Reuters as saying, "We have requested a
delay in the trial because there's no certainty on whether the
trial will be based on the civil code or the anti-monopoly law."

Harry Suhartono of Reuters writes that the request is being
reviewed by the Supreme Court.

                       About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and has also
changed the outlook to stable.  At the same time, Moody's
affirmed Indosat's Ba3 senior unsecured foreign currency rating.
The rating outlook on the bond remains positive, which is in
line with the outlook on Indonesia's foreign currency country
ceiling.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  Fitch said the outlook on the
ratings is stable.


PAN INDONESIA: Fitch Puts BB- Rating on FC Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has assigned a Long-term foreign currency Issuer
Default Rating of 'BB-' with a Positive Outlook, and a Support
Floor rating of 'B' to PT Bank Pan Indonesia Tbk -- Panin.  The
agency has also revised the Outlook to Positive from Stable on
its National Long-term rating of 'AA-(idn)'.  The ratings for
Individual and Support have been affirmed at 'C/D' and '4',
respectively.  At the same time, the agency has also assigned
expected ratings of 'B+' to a proposed USD subordinated debt
issue and 'A+ (idn)' to a proposed Rupiah-denominated
subordinated debt issue.  The issue ratings are one notch lower
than the respective issuer ratings and are based on Fitch's
methodology of rating subordinated instruments of financial
institutions.  The final ratings for the issues are subject to
receipt of final documents conforming to information previously
received.

The issuer ratings reflect the bank's strong capital position,
improved profitability and loan quality as well as limited
support from the sovereign and/or the Australia and New Zealand
banking group (ANZ, 'AA-'/Stable) given the long history of
their working relationship and ANZ's minority interest of
30.02%.  The Positive Outlook on the long-term ratings reflects
the sovereign and is also reliant on the bank's ability to
maintain a strong credit profile particularly in the area of
loan quality given the rapid loan growth.  Based on its asset
size at end-October 2007 (10M07), Panin is the seventh largest
bank in Indonesia (2.6% of system assets).

Panin has been re-positioning itself as a more retail-based bank
focused on commercial and consumer banking which accounted for a
combined two-thirds of total loans.  ROA improved to 2.2% in
10M07 (peers: 1.9%) on stronger loan growth and interest margin,
as well as a generally stable cost base (as a share of average
assets).  Upgrades and writeoffs in its corporate NPLs
(including a few legacy loans) caused total NPLs to decline to
4.5% of gross loans at 10M07 (2006: 8.0%).  Although NPLs for
commercial and consumer loans were generally stable at 2.5% and
1.6%, respectively, the enlarged portfolio in these segments
remained relatively unseasoned. However, its focus on secured
lending (95% of total loans) and a reasonably strong provision
cover at 88% of NPLs provide some comfort.  Although reduced by
rapid loan growth, Tier 1 CAR remained quite healthy at 18.1%
(peers: c.16%) with total CAR at 23.1%.

Established in 1971 by the Gunawan family, which remains in
control of the bank through a 44.85% stake held by PT Panin Life
Tbk, ANZ acquired a 29.02% stake in 1999, which was raised to
30.02% as OF December 2007.



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


IHI CORP: S&P Affirms 'BB+' Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
long-term corporate credit rating on IHI Corp. to negative from
stable, reflecting growing expectations that the company's
steady earnings recovery would be delayed, following the Tokyo
Stock Exchange's announcement that it will place the company's
stock on "alert status."  The outlook change also reflects
concerns that the company's financial flexibility will be
constrained to some extent by this action.  At the same time,
Standard & Poor's affirmed its 'BB+' long-term corporate credit
and 'BBB-' long-term senior unsecured issue ratings on the
company.

Since revising the outlook on the rating to stable from positive
on Oct. 1, 2007, Standard & Poor's has continued to monitor
closely IHI's financial control system and its earnings
expectations.  On Feb. 9, 2008, the TSE announced that it would
remove IHI's stock from the "supervision post" and place it on
alert status.  The TSE's action could impact IHI's business
performance negatively by affecting both its competitive
position and order intake levels over the next two to three
years. This, in turn, may lead to a delay in the company's
stable earnings recovery.  The action of the TSE could
also have an effect on IHI's financial flexibility to a certain
extent.

The placement of IHI's stock on alert status came after the TSE
concluded that the company needed to improve its internal
financial control systems in the absence of both a reliable
internal control system and a mechanism to adequately address
the issues facing its Energy and Plant Operations segment.
Under the alert status, IHI is required to submit a report on
improvements to its internal financial control systems within a
year.  If the TSE determines that the company's internal control
system has improved, IHI's stock would be removed from alert
status and be relisted on the first section of the TSE.

The TSE's conclusion that IHI is no longer subject to delisting
is a positive rating factor.  However, Standard & Poor's
believes that the placement of IHI's stock on alert status could
work against the company's business.  This is particularly true
in regards to the company's overseas business, which IHI has
positioned as an operational area of growth.  The TSE's decision
may weaken the company's competitiveness and reduce its chances
of winning additional large-scale projects.  In addition, the
decision could constrain IHI's financial flexibility to some
extent, given that current severe conditions in financial
markets are making the job of securing funding increasingly
difficult.  The TSE's action is also likely, in some instances,
to cause a shift in the lending stance of financial institutions
toward the company.  In spite of the fact that IHI has no urgent
need for such funding, these factors will increase the
likelihood of a delay in a stable recovery of its earnings.

Key challenges for IHI will be to accelerate improvements to its
internal financial control systems, including risk management
systems, and to convince the TSE in advance of the 12-month
deadline that its financial controls are sound enough to be
removed from alert status.  The ratings on IHI may come
under downward pressure if the likelihood of a stable earnings
recovery further decreases due to delays in the improvement of
business performance in its less profitable segments and
increased concerns over a deteriorating financial profile.

The rating on IHI's long-term senior unsecured debt is one notch
higher than the long-term corporate credit rating. This reflects
the lower default risk of the company's debt than its bank loans
based on the expectation for debt forgiveness by creditor banks
in case of default.

                      About IHI Corp

IHI Corporation, formerly Ishikawajima-Harima Heavy Industries
Co.,Ltd., is a Japan-based company engaged in six business
segments.  The Logistics and Steel segment offers concrete
products, automated storages, loaders and others.  The Machinery
segment offers plastic processing machines, industrial boilers,
pumps and others.  The Energy Plant segment develops waste
incineration facilities, nuclear power plants, thermal power
plants and process plants, water treatment plants, renewable
power plants and other facilities.  The Aerospace segment
produces aircraft engine parts and provides aircraft maintenance
services.  The Ship and Offshore segment builds container ships,
bulk carriers, tankers and other ships, as well as develops
marine equipment and machinery and provides design and
engineering services.  The Others segment provides real estate,
financial and insurance services.


NORTEL NETWORKS: Plans Joint Venture with Motorola
--------------------------------------------------
Motorola Inc. and Nortel Networks are in talks to form a joint
venture that would merge their wireless network infrastructure,
the China Post reports, citing the Associated Press.

Matt Hartley, at the Globe and Mail, says that a deal between
the two companies would remove excess capacity in the telecom
industry.  But, according to analysts, the deal faces major
hurdles.

"I certainly question this," Allen Nogee, an analyst with In-
Stat, was quoted by the Mail as saying.  "They've both had
problems, so I'm not sure that putting two wrongs together
necessarily make a right."

The deal, according to reports, is expected to have revenue in
excess of US$10 billion.

                   About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications.   Nortel's technologies are designed to help
eliminate today's barriers to efficiency, speed and performance

By simplifying networks and connecting people to the information
they need, when they need it.  Nortel Networks Limited is the
principal direct operating subsidiary of Nortel Networks
Corporation.

Nortel does business in more than 150 countries including
Indonesia, the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                        *     *     *

Nortel Networks Corp. still carries Moody's Investors Service
'B3' Senior Unsecured Debt rating which was placed on
March 22, 2007.


SEIYU LTD: Incurs US$195.5 Billion of Net Loss in 2007
------------------------------------------------------
Seiyu Ltd., the Japanese subsidiary of U.S. retail giant Wal-
Mart Stores Inc., posted net loss for year ended Dec. 31, 2007,
of JPY20.9 billion (US$195.5 million), twice its earlier
forecast of JPY10.4 billion, various reports say.

The company cited weak sales in its clothing lines and household
goods, and a write down of its assets.  Bloomberg News says that
the company's annual revenue dropped 0.9% to JPY952 billion from
a year earlier.

Reuters notes that Seiyu's write down of the value of ten stores
contributes to its overall net loss by JPY6.5 billion.  Wal-Mart
has applied its discounting strategy to Seiyu's goods but the
scheme did not produce the desired result.  The Journal relates
that the  "Everyday Low Price" backfired because local consumers
equated low price with low quality.

This setback, according to the Wall Street Journal, raised new
doubts about Seiyu's plans to turn around its business.  Wal-
Mart first invested in the Japanese company in 2002, but it
failed to make a profit since then.

Reuters said in a December report that Wal-Mart has already
invested more than US$1 billion in Seiyu, but it only saw
temporary upswing in sales in Japan's stiffly competitive retail
industry.

According to Bloomberg, Wal-Mart said in October last year that
it would pay as much as JPY100 billion to fully own Seiyu, which
has 400 stores in Japan.  By taking full control of the company,
Bloomberg suggests that it would Wal-Mart implement cost cutting
measures, renovations and expansion programs.  Based on Seiyu's
December filing with the Tokyo Stock Exchange, Wal-Mart raised
its ownership to 96% of the Japanese company.

                      About Seiyu Ltd.

Tokyo-based, The Seiyu, Ltd. -- http://www.seiyu.co.jp/-- is a
Japanese company that is involved in two business segments.  The
Retailing segment, together with its subsidiaries, develops
daily products, operates general merchandise stores (GMSs),
supermarkets and shopping malls and provides information and
services.  This segment is also engaged in the prepared food
business, the operation of specialty stores for mobile phones,
the procurement of overseas original products, as well as the
provision of recruitment services and the ordering of gift
products.  The Real Estate segment is involved in the leasing of
real estate properties, in addition to the development and
management of properties, such as commercial facilities.
Seiyu has 17 subsidiaries and two associated companies.

Seiyu Ltd. incurred a net loss of JPY17.77 billion in the year
ended  December 31, 2005, versus a loss of JPY12.32 billion in
2004.  It also posted a JPY55.79 billion loss in 2006.




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


ARAMARK: S&P Affirms 'B+' Corp. Rating with Stable Outlook
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on ARAMARK Corp.  At the same time, Standard &
Poor's raised its rating on ARAMARK's senior secured debt to
'BB' (two notches above the corporate credit rating on ARAMARK),
from 'BB-'.  The recovery rating was changed to a '1',
indicating the expectation for very high (90%-100%) recovery in
the event of a payment default, from '2'.  The outlook is
stable.  ARAMARK had approximately US$5.9 billion of debt
outstanding as of Dec. 28, 2007.

"The rating actions reflect improved recovery prospects on the
credit facilities following ARAMARK's approximately US$400
million in voluntary prepayments during fiscal 2007," said
Standard & Poor's credit analyst Jean C. Stout.

The ratings on Philadelphia-based ARAMARK continue to reflect
its highly leveraged financial profile and significant cash flow
requirements to fund interest and capital expenditures.  These
factors are somewhat mitigated by ARAMARK's good position in the
competitive, fragmented markets for food and support services
and uniform and career apparel.  These positions translate into
a sizable stream of recurring revenues and healthy cash flow
generation.

                        About Aramark

Headquartered in Philadelphia, Pennsylvania, Aramark Corp.
(NYSE: RMK) -- http://www.aramark.com/-- is a professional
services organization, providing food services, facilities
management, hospitality services, and uniforms and career
apparel to health care institutions, universities and school
districts, stadiums and arenas, businesses, prisons, senior
living facilities, parks and resorts, correctional institutions,
conference centers, convention centers, and public safety
professionals around the world.  AARAMARK has approximately
240,000 employees serving clients in 20 countries, including
Japan and Korea.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 16, 2007,
Standard & Poor's Ratings Services revised its outlook on
Philadelphia, Pennsylvaniabased ARAMARK Corp. to stable from
negative.  At the same time, Standard & Poor's affirmed its
ratings on ARAMARK, including the 'B+' corporate credit rating.


ESTECHPHARMA CO: Declares Annual Cash Dividend
----------------------------------------------
Estechpharma Co. Ltd. has declared an annual cash dividend of
KRW50 per share of common stock to shareholders of record on
December 31, 2007, Reuters Investing Keys reports.

According to the report, the total cash dividend amount is
KRW402,624,350.

Ansan-si, Gyeonggi-do, Korea-based Estechpharma Co., Ltd. --
http://www.estechpharma.com/-- is mainly involved in the
manufacture and supply of active pharmaceutical ingredients and
other related products.  The company's offerings range from
anti-inflammatory, anti-arthritic, anti-analgesic, antipyretic,
non-steroidal anti-inflammatory and antiseptic agents to
disinfectants and hemostatic, antibiotic, anti-hepatitis, anti-
ulcer, antispasmodic, antithrombosis, antiplatelet and
antirheumatic agents. Its products are available in different
dosage forms, such as syringes, tablets and capsules.  The
company also has a portfolio of development-stage products,
which include Amlodipine, used in the treatment of angina and
hypertension, and Topiramate, used to treat certain types of
seizures.

On May 30, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a B+ rating.


HYNIX: Daewoo Securities Raises Call on Stock to 'Buy'
------------------------------------------------------
Daewoo Securities raised its call on Hynix Semiconductor Inc.'s
stock to 'buy' from 'neutral', citing improving market
conditions, XFN-ASIA News reports.

According to the report, Daewoo analyst James Song said in a
note that dynamic random access memory chips are eventually
getting out of the trough of supply glut.  The brokerage has a
target price of KRW35,000 for the stock, the report relates.

Mr. Song told the news agency that he expects the chip industry
to go through a supply-driven turnaround in the first half of
this year, with smaller rivals cutting their output and scaling
back investment.  A demand-driven rally will likely follow in
the second half as most desktop computers are expected to
install 2Giga-byte memory chips and demand in emerging markets
will grow strongly, he added.

The news agency quoted Mr. Song as saying, "You'd better bypass
Hynix's short-term bottomline and instead focus on the memory
chip industry outlook and the company's competitiveness."

Most analysts, the report points out, are expecting that Hynix
will stay in the red well into the second quarter of 2008 after
posting a wider-than-expected operating loss of KRW318 billion
won in the fourth quarter of last year.

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

                 About Hynix Semiconductor

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

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

                        *     *     *

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

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




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


INVENSYS PLC: Moody's Places Ratings on Review & May Upgrade
------------------------------------------------------------
Moody's Investors Service placed the ratings of Invensys Plc on
review for possible upgrade. Ratings actions follow the release
of third quarter results showing the continuation of a positive
operating trend and reduction in legacy liabilities which
Moody's treats as debt, together with notification of the
optional redemption of around GBP 343 million of high yield
bonds due March 2011 using cash on hand.

Moody's will withdraw the ratings on the high yield bonds if
these are fully redeemed in March 2008.

The rating action reflects the continued positive momentum in
underlying operating performance, together with the company's
demonstrated commitment to apply more conservative financial
policies that target toward a higher credit rating.  The
intention to call bonds marks a continuation of the company's
pattern to divest businesses and use proceeds or allocate free
cash flows to reduce absolute debt levels.  In particular, the
sale of APV and the Firex Safety and Reversing Valve divisions
and use of proceeds for debt reduction, together with the
continued decreases in legacy liabilities (comprising pensions,
litigation, taxation, environmental and transition costs) are
key drivers for the ratings.

The company's positive trend in operating performance, decreases
in legacy liabilities and debt reduction plans will see the
financial risk profile materially improve.  These plans will
also further simplify the capital structure, reduce future
funding costs and enhance financial flexibility. Moody's
estimates that adjusted debt to EBITDA will move from above 3.0
times as at 31 March 2007 to less than 2.0 times on a proforma
last 12 months basis to December 31, 2007, if all of the bonds
are redeemed.  Similarly, the adjusted EBIT interest cover ratio
would move from around 2.0 times as at 31 March 2007 to closer
to 3.0 times.

Moody's review will consider the forward outlook for Invensys'
businesses, particularly in light of the company's solid market
positions and strong brands, counterbalanced by exposure to
cyclical industries, strong competition and subdued performance
in the Eurotherm division, albeit that this contributes less
than 7.5% of total group revenues.

Revision of the business footprint and possible further changes
to the capital structure also form part of Moody's review, which
are also expected to be positive for ratings.

A review of the company's on-going operational performance and
cash flow generation will also be an important ratings
consideration, particularly in light of the different economic
outlooks across the markets and sectors in which the company
operates.  Nevertheless, the material reduction in absolute debt
levels and legacy liabilities has already led to a strengthening
in the company's financial risk profile so continued positive
momentum along with the demonstration of sustainable performance
would see upward ratings pressure.  The impact from further
changes cited for the debt capital structure, plans to reinstate
dividends and other financial policy objectives, such as
targeting a higher credit rating, are additional factors being
considered as part of the review.

These ratings are affected:

Invensys plc:

   - corporate family rating placed on review for possible
     upgrade;

   - ratings on senior notes due 2010 and 2011 placed on review
     for possible upgrade.

Headquartered in London, England, Invensys is a leading global
automation, controls and process solutions group with over
27,000 employees operating in over 60 countries, including
Malaysia.  For the nine months ended December 31, 2007, Invensys
reported total revenues from continuing operations of
approximately GBP1.59 billion.




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


C & SCHILLER: Placed Under Voluntary Liquidation
------------------------------------------------
C & Schiller Ltd.'s shareholders agreed on January 25, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed John Trevor Whittfield and Boris
van Delden to facilitate the sale of its assets.

Creditors are required to file their proofs of debt by
March 7, 2008, to be included in the company's dividend
distribution.

The liquidators can be reached at:

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


CASH CANTERBURY: Subject to CIR's Wind-Up Petition
--------------------------------------------------
On December 12, 2007, the Commissioner of Inland Revenue filed a
petition to have Cash Canterbury Ltd.'s operations wound up.

The petition will be heard before the High Court of Christchurch
on February 18, 2008, at 10:00 a.m.

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


CHEFS FOODS: Commences Liquidation Proceedings
----------------------------------------------
Chefs Foods (NZ) Ltd.'s shareholders agreed on January 23, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed John Albert Price and
Christopher Robert Ross Horton to facilitate the sale of its
assets.

Messrs. Price and Horton are accepting creditors' proofs of debt
until March 7, 2008.

The liquidators can be reached at:

          John Albert Price
          Christopher Robert Ross Horton
          c/o Horton Price Limited
          PO Box 9125, Newmarket
          Auckland
          New Zealand
          Telephone:(09) 366 3700
          Facsimile:(09) 366 7276


CMV DISTRIBUTION: Appoints Parsons & Kenealy as Liquidators
-----------------------------------------------------------
On January 22, 2008, Dennis Clifford Parsons and Katherine
Louise Kenealy were appointed liquidators of CMV Distribution
Ltd.

The liquidators can be reached at:

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


GRACEPAINTERS LTD: Court to Hear Wind-Up Petition on Feb. 14
------------------------------------------------------------
A petition to have Gracepainters Ltd.'s operations wound up will
be heard before the High Court of Auckland on February 14, 2008.

The Commissioner of Inland Revenue filed the petition on
Oct. 8, 2007.

The CIR's solicitor is:

          Amy Jean York
          c/o Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          PO Box 1462), Wellington
          New Zealand
          Telephone:(04) 890 3203
          Facsimile:(04) 890 0009


LAKE VIEW: Appoints Alastair James Gibson as Liquidator
-------------------------------------------------------
Lake View Golf Resort Ltd.'s shareholders agreed on
Jan. 23, 2008, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed Alastair James
Gibson to facilitate the sale of its assets.

The liquidator can be reached at:

          Alastair James Gibson
          c/o Iles Casey
          Chartered Accountants
          1081 Hinemoa Street
          PO Box 1346, Rotorua
          New Zealand
          Telephone:(07) 348 7066
          Facsimile:(07) 347 6617


MACCOL DEVELOPMENTS: Wind-Up Petition Hearing Set for March 6
-------------------------------------------------------------
A petition to have Maccol Developments Ltd.'s operations wound
up will be heard before the High Court of Auckland on
March 6, 2008, at 10:00 a.m.

Peter Lomas Ward and Heather Joy Ward filed the petition against
the company on October 5, 2007.

The petitioners' solicitor is:

          John Hogan
          24 Byron Avenue, Takapuna
          Auckland
          New Zealand


MAINLINE PAINTERS: Court to Hear Wind-Up Petition on March 6
------------------------------------------------------------
The High Court at Auckland will hear on March 6, 2008, at
10:45 a.m., a petition to have Mainline Painters 2002 Ltd.'s
operations wound up.

Mainline Painters filed the petition on Oct. 31, 2007.

Mainline Painters' solicitor is:

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


PLUS SMS: CRE8 Names Julio Castellon as Chief Operating Officer
---------------------------------------------------------------
Plus SMS Holdings Ltd. subsidiary company CRE8 Limited has
appointed Julio Castellon to the role of chief operating
officer.  Mr. Castellon will assume overall responsibility for
the Company's day-to-day operations and will also be intimately
involved with strategy and long-term business planning.

Mr. Castellon recently served as business development director
in Latin America and as chief operating officer in Peru for
Intralot, a leading supplier of integrated gaming and
transaction processing systems.  He was responsible for managing
business operations, encompassing some 900 employees.  Before
that, Mr. Castellon served as vice president for Cable and
Wireless in the Caribbean and as a senior director of BellSouth
International, a leading wireless communications provider in
Latin America with over 8 million subscribers in 10 countries,
which was divested to Telefonica in 2004.

"I am extremely excited to have Julio join CRE8's executive
leadership team, where we will benefit immensely from his
experience, proven record of success and passion for business
operations," said Christopher Tiensch, CEO of CRE8.  "More than
ever, CRE8's growth opportunities abound as a result of our
innovative service offerings and the commitment from our
employees.  Julio's leadership will help ensure we harness this
potential and fully realize the growth opportunities before us."

Mr. Castellon will be based out of CRE8's office in Austin,
Texas, with an effective start date of March 1, 2008.

                         About CRE8

CRE8 (NZAX: PLS) is a subsidiary company of Plus SMS Holdings
Limited.  CRE8 is a provider of content, connectivity, and
network services for mobile operators, brands and media
companies worldwide.

                       About Plus SMS

Plus SMS Holdings Ltd. -- http://www.cre-eight.com/-- is the
parent company of Plus SMS Limited.  It provides access to
businesses to the number ranges required for the routing of
short message service and multimedia messaging system messages
worldwide using a single short number.  On July 4, 2005, Plus
SMS Limited acquired Plus SMS Holdings Limited in a reverse
acquisition.

The company suffered at least two years of consecutive
consolidated net losses: NZ$11,888,229 for the financial year
ended March 31, 2007, and NZ$4,488,542 for the year ended
March 31, 2006.


SASSY CONSTRUCTION: Taps Parsons & Kenealy as Liquidators
---------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were named
liquidators of Sassy Construction Ltd. on January 22, 2008.

The liquidators can be reached at:

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


UNITED DIESEL: Subject to CIR's Wind-Up Petition
------------------------------------------------
On September 19, 2007, the Commissioner of Inland Revenue filed
a petition to have United Diesel 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


VTL GROUP: Sees NZ$135-Mil. Loss in 14 Mos. Ended Aug. 31
---------------------------------------------------------
In a filing with the New Zealand Stock Exchange, VTL Group
discloses it is expecting a net loss of about NZ$135 million in
the 14 months ended Aug. 31, 2007.

According to VTL Group Chairman Gary Stevens, the projected loss
includes a major write-down of assets and provisions arising
from the company's current situation.

"This clearing up of the balance sheet gives us a stable
platform from which we can continue to work through an orderly
sale process of our assets, and hopefully create a potential
base for any future activity," Mr. Stevens said.

"These write-offs have followed a thorough review of the
company's balance sheet and we are now focused on working with
the receiver of Nathans Finance to protect and maximise the
value of available assets and to hopefully secure VTL's ongoing
future.  We've taken a hard but appropriate approach in order to
get to a solid base."

PricewaterhouseCoopers partner, Colin McCloy, receiver of VTL
subsidiary Nathans Finance, said that the result was very
disappointing and concerns him as receiver.  The extent of the
loss will be investigated by the receivers.  However, he
believed that by continuing to support the on-going operation of
VTL's assets he was acting in the best interests of the Nathans
Finance debenture holders.

"While I am concerned about how this result may affect the
interests of Nathans Finance debenture holders, I believe an
orderly divestment of VTL's operating assets is still the best
way forward at this stage."

Mr. McCloy said he would continue to re-evaluate the
appropriateness of this strategy in consultation with the board
of VTL

Mr. Stevens said that, with the support of the receiver, each of
VTL's individual business units had sufficient access to working
capital to continue operating.  This was important to ensure the
sales programme currently being run by the VTL board and the
receiver of VTL subsidiary Nathans Finance realised the best
possible return.

"We are working closely with all parties to ensure assets viewed
as non-core holdings are realised in an orderly manner and
keeping these businesses operating successfully remains at the
centre of VTL's business focus. This is in the best interests of
all stakeholders."

Mr. Stevens said expressions of interest were currently being
evaluated for the 24seven operations in Australasia, California
and Texas.  Talks were taking place with overseas parties
regarding the ongoing funding needs of the company's
international Shop24 business, which had significant potential
value.

"VTL was always intended to be a franchisor, not a vending
operations company.  In that respect, selling our operating
assets, and consolidating any future business activities around
our core intellectual property is entirely consistent with our
business model."

Mr. Stevens said that while the present situation was extremely
distressing, the board, management and staff of VTL were focused
on constructively working to ensure the company had a future,
that stakeholder interests were protected as much as possible
and that the best possible prices were obtained for assets being
sold.

Mr. Stevens went on to say that stakeholders could be assured
that governance will be a requirement of the restructuring of
VTL to ensure that the board has the right blend of skills and
experience to meet the future needs of the business.

VTL Group Limited (NZX: VTL) is a global franchisor, with its
franchised brands represented internationally including in
Australasia, North America, UK and Europe.  VTL Group's
franchise model is supported by a complete management system
including its proprietary technology and financing.  The
company's primary growth strategy for 24seven and Shop24(TM)
is based around purchasing quality electronic vending equipment
for 24seven or the manufacturing of its Shop24 units, installing
proprietary control technology and building a network of
franchised owner/operators.

VTL Group Limited has declared itself insolvent.  Its wholly
owned subsidiary, Nathans Finance NZ Ltd went into receivership
in August 2007.


WANGANUI ELECTRONICS: Undergoes Liquidation Proceedings
-------------------------------------------------------
Wanganui Electronics 2005 Ltd.'s shareholders agreed on
Jan. 25, 2008, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed Renier Venter
to facilitate the sale of its assets.

The liquidator can be reached at:

          Renier Venter
          Wicksteed Terrace, Suite 16
          225 Wicksteed Street
          PO Box 4004, Wanganui
          New Zealand
          Telephone:(06) 349 1880
          Facsimile:(06) 345 4111




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


CHINA BANKING: Acquires 90.79% of TMBC; Ends Tender Offer
---------------------------------------------------------
China Banking Corp's tender offer for The Manila Banking
Corporation shares ended on Jan. 15, 2008, with it effecting
payment to the tendering shareholders representing 295,697
common and three preferred (converted to 2.46 common) shares.
Currently, China Banking owns 7,983,962.46 common shares of
TMBC, equivalent to 90.79% of the outstanding common shares, the
bank noted in a filing with the Philippine Stock Exchange.

The bank further informed the PSE that its board of directors
has approved the acquisition of the remaining TMBC shares by
negotiated transaction with each shareholder concerned
within a period of six months.

As previously reported by the Troubled Company Reporter-Asia
Pacific, the China Banking's management has made it clear that
it has no plans to consolidate the bank with TMBC, which it
acquired recently.  "They have two different cultures,"
Chinabank's Vice Chairman Hans Sy was quoted as saying.  The
Bangko Sentral ng Pilipinas approved the merger of the two banks
in November last year.

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

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

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




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


FREESCALE SEMI: Michael Mayer To Quit as Chairman & CEO
-------------------------------------------------------
Freescale Semiconductor Inc. has announced that Michel Mayer,
chairman and Chief Executive Officer, has decided to step down.
The company and its board of directors have initiated a search
for a new CEO.  Mr. Mayer will continue in his current role
until a successor has been identified and will remain chairman
of the board until the transition is effective.

Mr. Mayer joined Freescale in May, 2004 and led the company
through its transition from a semiconductor division of Motorola
to a successful public company following an initial public
offering in July 2004.  In December 2006, Freescale became the
largest leveraged buy-out in the history of the technology
industry.

"The Freescale team executed well over the last four years.
Following a successful IPO, we dramatically improved the
operating profitability of the company and strengthened the
leadership team," said Mr. Mayer.  "One year into a successful
LBO, the time is right for me and my family to take some time
off before exploring new challenges. The company is well
positioned to continue its transformation."

"On behalf of the Board of Directors, I thank Michel for his
leadership, contributions and stewardship of the company," said
Daniel F. Akerson, director of Freescale Semiconductor and
managing director of The Carlyle Group.  "With Michel at the
helm and in conjunction with the senior leadership team,
Freescale was able to successfully transition from a public to
private company at a challenging time in the industry.
Freescale is in a strong position today and we are confident it
will continue to strengthen going forward. We will work closely
with Michel and the senior management team to ensure a smooth
transition."

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004.  The company has design, research and development,
manufacturing or sales operations in more than 30 countries
including Singapore.  Revenues for the twelve months ended
Sept. 28, 2007 (LTM) were US$5.8 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
Dec. 10, 2007, Moody's Investors Service lowered Freescale
Semiconductor Inc.'s ratings, including its Corporate Family
Rating to B1 from Ba3 and Probability of Default Rating to B1
from Ba3.

The TCR-Europe reported on Nov. 23, 2007, that Standard & Poor's
Ratings Services lowered its corporate credit rating on
Freescale Semiconductor Inc. to 'B+' from 'BB-' and
removed the rating from CreditWatch where it was placed with
negative implications on Sept. 18, 2007.  S&P said The outlook
is negative.

The TCR-Europe reported on Nov. 16, 2007, Fitch Ratings has
initiated coverage of Freescale Semiconductor Inc. by
establishing these ratings:

  -- Issuer default rating of 'B+';
  -- Bank revolving senior secured credit facility of 'BB+/RR1';
  -- Senior secured term loan of 'BB+/RR1';
  -- Senior unsecured notes of 'B/RR5';
  -- Senior subordinated notes of 'CCC+/RR6'.

Fitch said the rating outlook is stable.


FREESCALE SEMI: Moody's Says CEO Departure Won't Impact Ratings
---------------------------------------------------------------
Moody's commented that Freescale Semiconductor, Inc.'s ratings
(corporate family rating of B1) and negative ratings outlook
will not be impacted by the company's announcement that its
Chairman and CEO, Michel Mayer has decided to step down.  The
company announced that Mr. Mayer will remain in his current role
until the company and board of directors have completed their
search for a new CEO.

In December 2007, Moody's downgraded Freescale's corporate
family and long-term debt ratings and maintained the
negative ratings outlook, which was revised from stable in May
2007.  The downgrade reflected Freescale's weakened
credit profile evidenced by continued high financial leverage,
reduced capacity utilization levels and lower earnings prospects
over the near term.  In addition to continued expected weakness
in the company's wireless segment, Moody's remains concerned
about moderating demand in its networking segment, especially in
light of Cisco's (A1/Positive) announcement regarding lower
growth prospects for 2008, as well as the company's exposure to
the automotive segment, which is experiencing a slowdown in
consumer spending in the current weak macro-environment.

While management turnover is a concern, Moody's does not believe
this will have any immediate impact on the company's credit
quality.  Moody's notes that Freescale has undergone key
management changes recently, with the former head of its
troubled wireless unit (formerly Wireless and Mobile Systems
Group) transitioning to the role of Chief Development Officer
and the appointment of a new Head of Sales & Marketing.

Although it appears to be voluntary, the departure of its CEO
coincides with Freescale's weak operating performance
during 2007.  Moody's believes product development strategy,
execution quality and management stability are key
rating factors in the semiconductor industry, given the highly
competitive nature of the industry and the execution
intensity of the business, which requires the ability to make
key long-term strategic R&D investments to pursue new
product opportunities plus an in-depth understanding of industry
dynamics accumulated over a longer period of time.

Moody's will monitor Freescale's performance closely while it
conducts its search for a new CEO. Signs of further
management upheaval or that the management team is becoming
distracted, prompting a more pronounced weakness in
operating performance, could have a negative impact on the
ratings.  Given that the company is privately owned, Moody's
anticipates the search to be concluded expeditiously.  Once the
new CEO is in place, Moody's will monitor any changes
in the company's strategies, financial policies and operating
results.

Headquartered in Austin, TX, Freescale Semiconductor, Inc.
designs and manufactures embedded semiconductors for the
transportation, networking and wireless markets. The company was
separated from Motorola via IPO in July 2004 and
taken private in a leveraged buyout in December 2006. Revenues
for the twelve months ended December 31, 2007 were US$5.7
billion.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004.  The company has design, research and development,
manufacturing or sales operations in more than 30 countries
including Singapore.  Revenues for the twelve months ended
Sept. 28, 2007, were US$5.8 billion.


RESONA BANK: Fitch Affirms D Individual Rating
----------------------------------------------
Fitch Ratings has affirmed Resona Bank's Individual and Support
ratings at 'D' and '2', respectively.  The Individual rating
reflects the bank's weak capital quality as well as the pressure
to complete the repayment of public funds, limiting their growth
prospects, which, in turn, serve to constrain the rating.

Capital quality remains weak at Resona as it is heavily reliant
on public funds.  As of end-September 2007, Resona still had
JPY2,338 billion of outstanding public funds after the
partial repayment of JPY533 billion in January 2007 on a group
basis.  Resona's capital ratios further improved to 6.53% for
Tier 1 and 10.76% for total at end-September 2007.  This was
due in part to the large retained earnings in the fiscal year to
March 2007 stemming from a change in the estimation period of
future taxable income to five years from one year for the
calculation of deferred tax assets.  Excluding the effects from
the tax adjustment, Fitch views that the growth in capital
ratios would have been smaller.

Although retained earnings have been accumulated as a source of
future repayments, Fitch sees that upgrades are difficult until
the bank's capital quality substantially improves.  Fitch
calculates the bank's consolidated top-line revenue as the sum
of net interest revenue, trust fees, fees and commissions,
revenue from trading account transactions, other operating
revenue, and other recurring income (excluding stock related
income), which has been declining.  The decline was mainly due
to effects from one-off items, including declining number of
subsidiaries and losses on the disposal of bond portfolios.  In
addition, Resona's bottom-line profitability (ROA: 0.7%, ROE:
14.34% at end-September 2007) remained satisfactory by Japanese
banks standard.  However, Fitch is of the opinion that Resona's
growth prospects are weak as public funds limit the flexibility
in management and investment for future growth.

The Support rating of '2' is based on Fitch's view that there is
a high probability of support for Resona from the state should
it be necessary.



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


BANK OF AYUDHYA: Plans To Sell THB20 Billion in Bonds
-----------------------------------------------------
Bank of Ayudhya intends to sell up to THB20 billion of medium-
term debentures next month, Darana Chudasri at Bangkok Post
reports.

Proceeds from the sale will be used to finance the bank's loan
growth plans, the same report says, citing Executive Vice-
President Tak Bunnag.  The bank sees growth in its finance
lending as a result of the government's new infrastructure
megaproject investments.  It targets THB39 billion in its loan
portfolio for this year.

The planned bonds' rate will be fixed next month, and will
mature in two to four years, the Post says.

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.

It has branches in Hong Kong, Vietnam, Laos, and the Cayman
Islands.

Bank of Ayudhya's subordinated debts carry Fitch Ratings
Services' BB+ rating, effective September 2007.


* Fitch Webcast on Proposed Rating Methodology for Corp. CDOs
-------------------------------------------------------------
Fitch Ratings will host a webcast today at 10:00 a.m. Hong
Kong/1:00 p.m. Australian Eastern Daylight to discuss the
agency's proposals to change its rating methodology for
corporate CDOs.  The agency has published an exposure draft of
its methodology revisions along with a beta model and is seeking
market feedback regarding the changes.

The call will be hosted by Rachel Hardee, Managing Director and
Head of Asia Pacific Structured Credit.  John Olert, Head of
Global Structured Credit will elaborate on the principal
proposed changes to the methodology, along with Managing
Director Ken Gill.  There will also be a slide presentation
available during the call.  A Q&A session will follow the
analysts' prepared remarks.  Participants are advised to dial-in
15 minutes ahead of the start of the call.

Teleconference Information (toll free number):

    -- Date: Thursday, February 14, 2008
    -- Time: 10:00 AM HKT / 1:00 PM AEDT
    -- Hong Kong: 3006 8101
    -- Singapore: 8008 523 396
    -- Sydney: 1800 999 130
    -- South Korea: 0079 885 214 717
    -- Taiwan: 0080 185 5735
       Passcode: 9500

Webcast Information:

    Website: http://meetings.webex.com
    Meeting Number: 610341795
    Meeting Password: tigger

A Replay of the call is available until midday on Feb. 21, 2008,
using the telephone numbers listed above.  The replay access
code is 052007.

A beta version of Fitch's updated CDO rating model along with
the criteria exposure draft "Rating Methodology for Corporate
CDOs:   Reconsideration of Risks" is available at
http://www.fitchratings.com/ Please  submit your feedback
regarding the new criteria to  cdofeedback@fitchratings.com.


* Fitch To Hold Teleco on 2008 Outlook for Asia-Pac Utilities
-------------------------------------------------------------
Fitch Ratings will be hosting a teleconference on Feb. 18, 2008,
at 4 p.m. Sydney, 1 p.m. SG/HK and 2 p.m. Tokyo to discuss the
agency's 2008 Utilities outlook for the Asia-Pacific region,
with a focus on the emerging utility powers of China and India.

Both countries are struggling with energy infrastructural issues
-- India has aggressive plans to expand capacity to combat
widening peaking and baseload deficits, while China needs to
find a balance in regional disparities in a tightening cost
environment.  Fitch's analysts offer their views on how this
will impact the credit outlook for the year ahead.  Also, the
outlook for the more mature markets of Australia and New
Zealand, Japan and Korea will be briefly presented during the
conference.

The teleconference will be hosted by Fitch's Asia Pacific energy
and utilities team: Steve Durose and Pekka Laitinen, Regional
Co-heads of Energy & Utilities; Simon Wong, Director (China) and
Salil Garg, Associate Director (India).  Fitch's other E&U
analysts from the region will also be available to answer
questions.

Reports related to the conference, "Asia-Pacific Utilities.
Credit Outlook 2008", "Indian Power Sector - Outlook 2008" and
"Chinese Power Producers Hit by Acute Coal Shortages and
Spiralling Coal Prices," are available at
htpp://www.fitchratings.com/

Opening remarks will last approximately 30-40 minutes, after
which there will be a Q&A session for interested participants.

To register for this event, please contact Evon Hanip at (
65) 67967208/ Evon.Hanip@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: Monday, February 18, 2008
    -- Time: 4PM AEDST; 1PM HK/SG; 2PM TOK
    -- Australian Toll Free: 1800 097 137
    -- New Zealand Toll Free: 0800 603 458
    -- Japan Toll Free: 0044 2206 2130
    -- South Korea Toll Free: 00798 612 1030
    -- China Toll Free: 10800 6110 114 (CNC)/10800 3610 134 (CT)
    -- Taiwan: 00801 232 383
    -- Hong Kong Toll Free: 800 962 681
    -- Singapore Toll Free: 800 6162 212
    -- Malaysia Toll Free: 1800 181 225
    -- India Toll Free: 000 800 100 6486
    -- Indonesia Toll Free: 00180 3061 2084
    -- Thailand Toll Free: 001800 612 1073
    -- Philippines Toll Free: 1800 1612 0024
    -- UK Toll Free: 0808 234 8304
    -- U.S. Toll Free: 1866 888 7010
    -- Call Leader: Steve Durose


                         *********

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

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

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


                          *********


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

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

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

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

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

                 *** End of Transmission ***