TCRAP_Public/080215.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

          Friday, February 15, 2008, Vol. 9, Issue 33

                          Headlines

A U S T R A L I A

A. D. WINTER: Liquidator to Give Wind-Up Report on February 29
ALPEN PTY: Liquidator to Give Wind-Up Report on February 21
COMPLETE TRANSPORT: Placed Under Voluntary Liquidation
CRYSTAL HOMES: Joint Meeting Slated for February 22
EURO-CRU PTY: Undergoes Liquidation Proceedings

ILLINGA AGENTS: Commences Liquidation Proceedings
KEYPOINT INSURANCE: Liquidator to Give Wind-Up Report on Feb. 19
MOREY PTY: Members & Creditors to Meet on February 25
ROCKSTROM & ROBB: Undergoes Liquidation Proceedings
TENFOLD CLOTHING: Members Opt to Shut Down Business

WESTVIC PETROLEUM: Commences Liquidation Proceedings
VERMONT VALUE: To Declare First Dividend on March 7
ZINIFEX: Wants Allegiance's Full Speculative Trading Disclosure
ZINIFEX: May Back Out from Allegiance Bid If Losses Continues


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

AMICOK CO: Commences Liquidation Proceedings
BARBER LINES: Liquidators Quit Post
CELLON HONG KONG: Creditors Meeting Fixed for February 29
CHINA EVERBRIGHT: To Launch Sale Process for 10% Stake
INTEGRITAS MANAGEMENT: Members Meeting Fixed for March 10

JOYX LIMITED: Commences Liquidation Proceedings


I N D I A

BHARTI AIRTEL: Crosses 60-Million Customer Mark
DECCAN AVIATION: Expects to Finalize Swap Ratio by April
DECCAN AVIATION: Kingfisher-Deccan to Raise US$300 Million
PUNJAB BANK: Inks MoU with Fitch Ratings for Bank Loan Ratings
TATA POWER: Appoints Deepak Satwalekar as Independent Director

TATA STEEL: Life Insurance Corp. Now Holds 10% in Firm

* Fitch To Hold Teleconference for Indian Real Estate Sector


I N D O N E S I A

* INDONESIA: Fitch Lifts Rating to BB with stable Outlook


J A P A N

* JAPAN: U.S. Subprime Crisis Costs JPY600 Bil. on Fin'l Firms


K O R E A

MIJU STEEL: Converts 21st Convertible Bonds into Shares
NDCORP CO: Establishes Company in Kazakhstan
SHINWHA: Adjusts Conversion Price of First Convertible Bonds


M A L A Y S I A

MALAYSIAN AIRLINES: Projects 1 Mil. East Coast Passengers in '08
RANHILL BERHAD: Fitch Puts B Issuer Rating with Stable Outlook


N E W   Z E A L A N D

AMH STAFFING: Placed Under Voluntary Liquidation
ARTISAN DEVELOPMENTS: Court to Hear Wind-Up Petition on Feb. 18
BAY OF ISLANDS: Appoints Heath & Lamacraft as Liquidators
CENTRE OF ATTRACTION: Commences Liquidation Proceedings
FLOWERZ THE FLORIST: Appoints Parsons & Kenealy as Liquidators

FORD MOTOR: Fitch Affirms B Issuer Rating with Negative Outlook
GENEVA FINANCE: 'CC' Rating by S&P Remain on CreditWatch
HERITAGE GOLD: Files Report for Quarter Ended Dec. 31, 2007
HY-FI SECURITIES: Complied With Notes' & Trust Deed's Terms
KABO DEVELOPMENTS: Taps Parsons & Kenealy as Liquidators

NVITING KITCHENS: Wind-Up Petition Hearing Slated for Feb. 18
PREMIER BUILDING: Commences Liquidation Proceedings
S & S LOGGING: Wind-Up Petition Hearing Set for April 15
X'SELL FINANCE: Undergoes Liquidation Proceedings
WVC 2004 HOLDINGS: Names Parsons & Kenealy as Liquidators


P H I L I P P I N E S

CHINA BANKING: Discloses Three Executive Appointments
IPVG CORP: Withdraws Offer to Acquire PeopleSupport
PLDT: Says 2008 Capital Expenditure Will be Php25 Billion
SECURITY BANK: Reports PHP2.7-Billion Net Income in 2007


S I N G A P O R E

FREESCALE SEMICONDUCTOR: Fitch Affirms B+ IDR with Neg. Outlook
LEAR CORP: Forms Global Operating Structure; Names 2 Executives
REFCO INC: Court Moves Claim Objection Deadline to April 30
REFCO INC: Sale of 35% Equity Stake in FXCM Consummated
REFCO INC:  SPhinX Liquidators Want Protective Order Eased

SPECTRUM BRANDS: Dec. 30 Balance Sheet Upside-Down by US$141.2MM

* Large Companies with Insolvent Balance Sheets


                            - - - - -

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


A. D. WINTER: Liquidator to Give Wind-Up Report on February 29
--------------------------------------------------------------
A. D. Winter Pty. Ltd., which is in liquidation, will hold a
final meeting for its members and creditors at 9:50 a.m. on
February 29, 2008.  During the meeting, the company's
liquidator, V. R. Dye and N. Giasoumi at Dye & Co. Pty Ltd, will
provide the attendees with property disposal and winding-up
reports.

The liquidators can be reached at:

          V. R. Dye
          N. Giasoumi
          Dye & Co. Pty Ltd
          Chartered Accountants
          165 Camberwell Road
          Hawthorn East, Victoria 3123
          Australia

                     About A. D. Winter

A. D. Winter Pty. Ltd. Operates offices and clinics of doctors
of medicine.  The company is located at Canterbury, in Victoria,
Australia.


ALPEN PTY: Liquidator to Give Wind-Up Report on February 21
-----------------------------------------------------------
Alpen Pty. Ltd. will hold a joint meeting for its members
and creditors at 10:30 a.m. on February 21, 2008.  During the
meeting, the company's liquidator,  J.P. Downey at J P Downey &
Co., will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

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

                      About Alpen Pty.

Alpen Pty. Ltd. is in the business of general warehousing and
storage port.  The company is located at Macquarie, in New South
Wales, Australia.


COMPLETE TRANSPORT: Placed Under Voluntary Liquidation
------------------------------------------------------
Complete Transport Solutions Pty. Ltd.'s members and creditors
agreed on December 18, 2007, to voluntarily liquidate the
company's business.  In line with this goal, the company has
appointed Gregory Stuart Andrews of G S Andrews & Associates to
facilitate the sale of its assets.
The liquidator can be reached at:
          Gregory Stuart Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton, Victoria 3053
          Australia
          Telephone:(03) 9662 2666
          Facsimile:(03) 9662 9544

                 About Complete Transport

Complete Transport Solutions Pty. Ltd. is involved in the
transportation arrangement of freight and cargo.  The company is
located at Ringwood North, in Victoria, Australia.


CRYSTAL HOMES: Joint Meeting Slated for February 22
---------------------------------------------------
Crystal Homes Pty. Ltd., which is in liquidation, will hold a
joint meeting for its members and creditors at 9:05 a.m. on
February 22, 2008.  During the meeting, the company's
liquidator, Robert M.H. Cole at Robert M H Cole, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Robert M.H. Cole
          c/o Robert M. H. Cole & Co
          Chartered Accountants
          6 Moorabool Street
          Geelong, Victoria 3220
          Australia

                    About Crystal Homes

Crystal Homes Pty. Ltd. is a general contractor of single-family
houses.  The company is located at Laverton, in Victoria,
Australia.


EURO-CRU PTY: Undergoes Liquidation Proceedings
-----------------------------------------------
Euro-Cru Pty. Ltd.'s members agreed on January 3, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed James Patrick Downey at J P
Downey & Co. to facilitate the sale of its assets.

The liquidator can be reached at:

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

                    About Euro-Cru Pty.

Euro-Cru Pty. Ltd. operates miscellaneous apparel and accessory
stores.  The company is located at South Yarra, in Victoria,
Australia.


ILLINGA AGENTS: Commences Liquidation Proceedings
-------------------------------------------------
Illinga Agents & Distributors Pty. Ltd.'s members agreed on
January 3, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
James Patrick Downey of J P Downey & Co. to facilitate the sale
of its assets.

The liquidator can be reached at:

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

                    About Illinga Agents

Illinga Agents & Distributors Pty Ltd is a distributor of men's
and boys' clothing and furnishings.  The company is located at
South Yarra, in Victoria, Australia.


KEYPOINT INSURANCE: Liquidator to Give Wind-Up Report on Feb. 19
----------------------------------------------------------------
Keypoint Insurance Systems Pty. Ltd. will hold a final meeting
for its members and creditors at 10:00 a.m. on Feb. 19, 2008.
During the meeting, the company's liquidator, Peter Mccluskey
at Ferrier Hodgson, will provide the attendees with property
disposal and winding-up reports.

The Troubled Company Reporter-Asia Pacific reported that the
company commenced liquidation proceedings on August 17, 2007.

The liquidator can be reached at:

          Peter Mccluskey
          Ferrier Hodgson
          Level 29, 600 Bourke Street
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9600 4922
          Facsimile:(03) 9642 5887

                 About Keypoint Insurance

Keypoint Insurance Systems Pty Ltd provides services to
insurance agents and brokers.


MOREY PTY: Members & Creditors to Meet on February 25
-----------------------------------------------------
Morey Pty. Ltd. will hold a final meeting for its members and
creditors at 10:30 a.m., on February 25, 2008.  During the
meeting, the company's liquidator,  Bruce Mulvaney at Bruce
Mulvaney & Co, will provide the attendees with property
disposal and winding-up reports.

As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on August 2, 2006.

The liquidator can be reached at:

          Bruce Mulvaney
          Bruce Mulvaney & Co
          1st Floor, 613 Canterbury Road
          Surrey Hills, Victoria 3127
          Australia
          Telephone:(03) 9896 9000
          Facsimile:(03) 9896 9001

                      About Morey Pty.

Morey Pty. Ltd., which is also trading as Captain Snooze,
operates furniture stores.  The company is located at Knoxfield,
in Victoria, Australia.


ROCKSTROM & ROBB: Undergoes Liquidation Proceedings
---------------------------------------------------
Rockstrom & Robb Investments Pty. Ltd.'s members agreed on
January 10, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Anthony Robert Cant of Romanis Cant to facilitate the sale of
its assets.
The liquidator can be reached at:

          Anthony Robert Cant
          Romanis Cant, Chartered Accountants
          106 Hardware Street, Melbourne
          Australia

                  About Rockstrom & Robb

Rockstrom & Robb Investments Pty. Ltd. operates advertising
agencies.  The company is located at Middle Park, in Victoria,
Australia.


TENFOLD CLOTHING: Members Opt to Shut Down Business
---------------------------------------------------
Tenfold Clothing Pty. Ltd.'s members agreed on January 3, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed James Patrick Downey of J P
Downey & Co. to facilitate the sale of its assets.

The liquidator can be reached at:

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

                  About Tenfold Clothing

Tenfold Clothing Pty. Ltd. operates men's and boys' clothing and
accessory stores.  The company is located at Melbourne, in
Victoria, Australia.


WESTVIC PETROLEUM: Commences Liquidation Proceedings
----------------------------------------------------
Westvic Petroleum Services Pty. Ltd.'s members agreed on
Jan. 11, 2008, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed B. K. Taylor &
Co. to facilitate the sale of its assets.

The liquidator can be reached at:

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

                  About Westvic Petroleum

Westvic Petroleum Services Pty. Ltd. operates refuse systems.
The company is located at Portland, in Victoria, Australia.


VERMONT VALUE: To Declare First Dividend on March 7
---------------------------------------------------
Vermont Value Vet Pty. Ltd., which is in liquidation, will
declare its first dividend on March 7, 2008.

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

The company's liquidator is:

          G. S. Andrews
          c/o G. S. Andrews & Associates
          Certified Practising Accountants
          22 Drummond Street
          Carlton, Victoria 3053
          Australia

                    About Vermont Value

Vermont Value Vet Pty Ltd is a distributor of veterinary
services for livestocks.  The company is located at Vermont, in
Victoria, Australia.


ZINIFEX: Wants Allegiance's Full Speculative Trading Disclosure
---------------------------------------------------------------
Zinifex Australia Limited (ASX:ZFX) has sought assurances from
the directors of Allegiance Mining NL (ASX:AGM) that leveraged
speculative share trading by the company has ceased and all
losses have been disclosed to the ASX, as per the attached
letter.

Zinifex Chief Executive Officer Andrew Michelmore said the
company's interest in the reported Allegiance share trading
losses was justified given that it had made an unconditional
Offer for all Allegiance shares.

"Zinifex is legitimately concerned to know if there are
additional losses, real or potential, beyond the US$7.9 million
dollars already reported to the ASX," Mr Michelmore said.

"Allegiance directors are yet to confirm that the company is no
longer exposed to speculative share trading, leveraged or not.

"We believe all Allegiance shareholders should be advised of the
extent of the share trading positions that Allegiance have
taken, whether any of these positions remain in place, who
exactly authorised this highly speculative trading, how exactly
these positions are financed and what relationship the company
and directors have to the companies invested in.

"Zinifex is seeking full disclosure of the recently revealed
share trading activities as it may impact the future of its
Offer for Allegiance.

"Zinifex is disappointed that Allegiance's share trading
activities were not disclosed in the Target's Statement and that
disclosure thus far has been limited to a one line entry in its
Quarterly Report.

"In the event that Allegiance is facing additional potential
losses in the current volatile market or fails to provide
adequate disclosure, Zinifex reserves the right to allow its
Offer for Allegiance shares to lapse on the scheduled closing
date of February 22, 2008.

"Allegiance is not the only game in town.  We have other
opportunities we are assessing," Mr. Michelmore said.

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

                   About Allegiance Mining

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

                      About Zinifex Ltd.

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

                        *     *     *

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


ZINIFEX: May Back Out from Allegiance Bid If Losses Continues
-------------------------------------------------------------
Zinifex Limited has warned it may drop its AU$745 million offer
for Allegiance Mining NL on account of its recently disclosed
speculative share trading loss of US$7.9 million, published news
report.

The Sydney Morning Herald says that Allegiance's December
quarter report disclosed that US$2.44 million was lost from the
disposal of trading investments, with a further US$5.44 million
lost because of a decline in world markets.

Allegiance's disclosure caused Zinifex to demand a full
disclosure from the company that it offers to buy in an all-
cash, but hostile, transaction for AU$1 per share.  Although
Zinifex has already secured about 5% share in Allegiance, it has
yet to convince its major shareholder, Jinchuan Group Limited,
to accept its offer.  According to Comtex, Jinchuan, which holds
a 10.4% stake in Allegiance, is opposed to the proposal.  The
major shareholder had written to other holders stating its
opposition against the deal.

Zinifex has said in its statement that it could turn its
attention to other companies if Allegiance fails to provide the
full disclosure it wants.

According to Egoli, Zinifex has signed an agreement with
Trafford Resources Limited to explore and produce lead, zinc,
and silver in South Australia.

                   About Allegiance Mining

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

                      About Zinifex Ltd.

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

                        *     *     *

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




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


AMICOK CO: Commences Liquidation Proceedings
--------------------------------------------
Amicok Co. Limited's members agreed January 31, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Rainier Hok Chung Lam and John
James Toohey to facilitate the sale of its assets.

The liquidator can be reached at:

         Rainier Hok Chung Lam
         John James Toohey
         22nd Floor, Prince's Bldg.
         Central, Hong Kong


BARBER LINES: Liquidators Quit Post
-----------------------------------
On February 6, 2008, Lai Kar Yan (Derek) and Darach E. Haughey
stepped down as liquidators for Barber Lines, Arabian Navigation
and Shipping Co. Limited.

The former liquidator can be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor
         One Pacific Place
         88 Queensway
         Hong Kong

Barber Lines was placed in liquidation on July 6, 2007.


CELLON HONG KONG: Creditors Meeting Fixed for February 29
---------------------------------------------------------
The creditors of Cellon Hong Kong Limited will have their final
general meeting on February 29, 2008, at 1401, Level 4, Tower 1,
Admiralty Centre, 18 Harcourt Road, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator can be reached at:

          Cosimo Borrelli
          G Jacqueline Fangonil Walsh
          1401, Level 4
          Tower 1, Admiralty Centre
          18 Harcourt Road
          Hong Kong

Cellon Hong Kong was placed in liquidation on July 27, 2007.


CHINA EVERBRIGHT: To Launch Sale Process for 10% Stake
------------------------------------------------------
China Everbright Bank intends to launch as early as next week a
sale  process for a 10% stake in the company, KGI Hong Kong
says, citing the South China Morning Post.

The bank hopes to realize US$1 billion from the sale of the
stake, in order to cover accumulated losses of RMB8 billion, the
Post reported.

Potential bidders for the company may include Barclays, Intesa
Sanpaolo, UniCredito, Santander, and JP Morgan, the Post said.
Standard Chartered plc was considered to be the most likely
buyer of a stake in Everbright but the report said that this
won't be the case anymore without saying why.

Headquartered in Beijing, China, China Everbright Bank Company
-- http://www.cebbank.com/-- is the first state-owned
commercial bank with shares held by international financial
institutions.

Everbright Bank is 21%-owned by Hong Kong-listed China
Everbright Ltd, an Everbright Group unit.  The Asian Development
Bank is the only foreign stakeholder, with 2%.

The Troubled Company Reporter-Asia Pacific stated on
Aug. 9, 2007, that China approved China Everbright Bank's plan
for financial restructuring, paving the way for a capital
injection and eventual listing.

China Everbright Bank is saddled with debts partly because of
its takeover of the troubled China Investment Bank in the late
1990s.  The bank has planned an IPO later this year to improve
its capital.  Despite receiving CNY20 billion of fresh capital
from China's central bank, Everbright's capital is still lower
than the regulatory minimum of 8% for domestic listing.


INTEGRITAS MANAGEMENT: Members Meeting Fixed for March 10
---------------------------------------------------------
The members of Integritas Management Limited will have their
final general meeting at 10:30 a.m. on March 10, 2008, at 7th
Floor, Alexandra 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 company's liquidator can be reached at:

          Philip Brendan Gilligan
          7th Floor, Alexandra House
          18 Charter Road, Central
          Hong Kong

Integritas Management was placed in liquidation on
March 28, 2007.


JOYX LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
Joyx Limited's members agreed January 21, 2008, to voluntarily
liquidate the company's business.  In line with this goal, the
company has appointed Rainier Hok Chung Lam and John James
Toohey to facilitate the sale of its assets.

The liquidators can be reached at:

         Rainier Hok Chung Lam
         John James Toohey
         22nd Floor, Prince's Bldg.
         Central, Hong Kong




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I N D I A
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BHARTI AIRTEL: Crosses 60-Million Customer Mark
-----------------------------------------------
Bharti Airtel Ltd. has achieved the 60-million customer mark,
the company said in a Feb. 13 filing with the Bombay Stock
Exchange.

According to the regulatory filing, the landmark has catapulted
Bharti Airtel into the club of top mobile operators in the world
in terms of subscriber base.  The 60-million customer base
covers mobile as well as fixed line and broadband customers.

Commenting on this major global landmark, Sunil Bharti Mittal,
chairman and managing director of the company said, "To be
amongst the top global telcos is a significant achievement not
only for us but also for the Indian telecom industry.  This
landmark once again underlines the strength of India's telecom
story and Bharti Airtel is proud to have played a pioneering
role in providing affordable telecom services to millions of
people across every corner of the country."

Added Manoj Kohli, president & CEO of the company, "This is a
major milestone in our journey towards the 100 million customers
mark and gives the company a truly global scale.  Over the last
few months, we have recorded phenomenal customer growth and this
is a testimony to the depth and width of our network as well as
our focus on providing affordable services to all.  We are fully
committed to taking our network deeper into rural India."

Headquartered in New Delhi, India, -- Bharti Airtel
Limited's -- http://www.bhartiairtel.in-- is a telecom services
provider.  The company has three business units: Mobile
Services, Broadband & Telephone Services and Enterprise
Services.

                        *     *      *

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


DECCAN AVIATION: Expects to Finalize Swap Ratio by April
--------------------------------------------------------
The swap ratio of shares relating to the merger of Kingfisher
Airlines Limited into Deccan Aviation Limited will be finalized
by April, various reports say.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 4, 2008, Deccan Aviation's board of directors has approved
a 7:3 swap ratio for the merger.  The share entitlement ratio
was determined based on the recommendation of independent
valuers KPMG India Pvt. Ltd. and Dalal & Shah.  Pursuant to that
ration, Kingfisher Airlines' shareholders will receive three
shares of Deccan for every seven shares they hold.

The merger still needs the approval of the government and SEBI,
The Financial Express cites Kingfisher EVP Rajesh Verma as
saying.

Mr. Verma told the news agency that post-merger, Kingfisher
would operate as a full service aircraft, while Deccan would
continue to function as a low-cost carrier.

Pursuant to the merger, Deccan will be changed to Kingfisher
Airlines Ltd.  Although Deccan Aviation would cease to exist,
the Deccan brand would continue as a brand differentiator, Mr.
Verma added.

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

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


DECCAN AVIATION: Kingfisher-Deccan to Raise US$300 Million
----------------------------------------------------------
The merged entity of Kingfisher Airlines and Deccan Aviation
Ltd. plans to raise US$300 million by selling shares, media
reports say quoting Deccan VP Finance Anand Ramachardran.  The
merged entity reportedly will use the money for expansion
purposes.

Mr. Ramachardran expects the share sale to be completed in two
months.  Currently, however, the company is still looking for a
"suitable merchant banker" for the transaction.

The merger is expected to be completed by April this year.
International operations are slated to begin only
in August 2008, when Air Deccan completes five years of
operations, the government-stipulated period for airlines to fly
overseas.

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

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


PUNJAB BANK: Inks MoU with Fitch Ratings for Bank Loan Ratings
--------------------------------------------------------------
Fitch Ratings India and Punjab National Bank have signed a
Memorandum of Understanding for Bank Loan Ratings.  Under this
MoU, Fitch will assign ratings to PNB's loans and its other
exposures extended to both its existing and potential borrowers.

Under the standardised approach of the Reserve Bank of India's
New Capital Adequacy Framework for Basel II, Bank Loan ratings
from Fitch Ratings would enable PNB to assign the new risk
weights applicable to its borrowers.  The risk weights would be
linked to the various rating categories and would be in line
with RBI's Basel II guidelines.  The MoU between Fitch Ratings
India and Punjab National Bank would assist in implementing
RBI's New Capital Adequacy Framework under Basel II.  The
existing and potential borrowers of PNB shall benefit through
the rating fees specially negotiated under this MOU.

Punjab National Bank, the largest Nationalised Bank, has a
network of 4,230 branches, 349 extension counters and 1325 ATMs
across India, with a total business of INR254,156 crores as of
December 31, 2007 -- this is a yoy growth of 16.6%. The bank
maintains a diversified credit portfolio providing credit to all
major sectors.  The bank reported a profit after tax of
INR1505.01 crores for the nine months ended December 2007,
registering a yoy growth of 15.6%.  The total deposits figure at
end-December 2007 was INR152,622 crores, which is a registered
growth of 17.2%, compared to the previous year.  The total
advances figure at end-December 2007 was at INR1,01,534 crores,
which is a yoy gain of 15.8%.  The Capital to Risk Asset Ratio
of the bank stood at 14.04% as of end-December 2007.

Fitch Ratings India has also signed MoUs with Bank Loan Ratings
with several other Nationalised Banks including Allahabad Bank,
Bank of Maharashtra, Corporation Bank, Dena Bank, Indian Bank,
State Bank of India, State Bank of Mysore, State Bank of
Patiala, Syndicate Bank, United Bank of India and UCO Bank.


TATA POWER: Appoints Deepak Satwalekar as Independent Director
--------------------------------------------------------------
Tata Power Company Limited has appointed Deepak M. Satwalekar
as an Independent Director with effect from Feb. 12, 2008.  Mr.
Satwalekar is currently the Managing Director and CEO of HDFC
Standard Life Insurance Company Limited.

Mr. Satwalekar has held several senior level positions in
Housing Development Finance Corporation.  He was the Managing
Director of HDFC Limited from 1993-2000 and joined HDFC Standard
Life Insurance Company Ltd in 2000 as Managing Director. He has
considerable experience in the fields of finance, infrastructure
and corporate governance and held senior positions in various
industry bodies as well.  He has obtained a Bachelors degree in
Technology from the Indian Institute of Technology, Bombay and a
Masters Degree in Business Administration from the American
University, Washington DC.

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

                        *     *     *

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

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


TATA STEEL: Life Insurance Corp. Now Holds 10% in Firm
------------------------------------------------------
The Life Insurance Corporation of India has bought 72,963,393
shares, or 9.99%, in Tata Steel Limited, according to a
disclosure filed with the Bombay Stock Exchange reveals.  The
purchase, which was made in the open market and through rights
issue, increased the insurance firm's holding in Tata Steel from
0.24% to 10.23%.

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

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

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


* Fitch To Hold Teleconference for Indian Real Estate Sector
------------------------------------------------------------
Fitch Ratings India will hold a teleconference on Feb. 15, 2008,
at 4 p.m. India to comment on its outlook for the domestic real
estate sector.

The Indian real estate sector has seen strong growth over the
last three years, with increasing property prices aided by
strong demand drivers.  The sector has seen players expanding
rapidly in scale, and several companies have supported the
growth by equity raising.  In this teleconference, Fitch will
present its outlook for the industry for 2008, including key
trends and their impact on the financial performance of
companies in the industry.

During the teleconference, Roopa Raman and Shailesh Agrawal of
Fitch's Corporates team will make a few prepared remarks, which
will then be followed by a Q&A session.

The call coincides with the release of Fitch's "Indian Real
Estate - Outlook 2008," which is available on the Fitch Ratings
subscription-based website at htpp://www.fitchresearch.com/

To register for this event, please contact Nidhi Singh at (91)22
4000 1781/ nidhi.singh@fitchratings.com.

Dial in numbers:

    Mumbai Main Access: 022 278 8362
    Mumbai Standby Access: 022 4422 3062
    Bangalore Toll Number: 080 2237 8260/080 4422 3060
    Delhi Toll Number: 011 4422 3061/011 265 4076
    Chennai Toll Number: 044 2831 0764/044 4422 3064




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


* INDONESIA: Fitch Lifts Rating to BB with stable Outlook
---------------------------------------------------------
Fitch Ratings has upgraded the Long-term foreign and local
currency Issuer Default ratings of the Republic of Indonesia to
'BB' from 'BB-'.  Following the upgrade, the Outlooks on both
ratings are now stable.  At the same time, the agency has
upgraded the Country Ceiling to 'BB+' from 'BB' and affirmed the
Short-term rating at 'B'.

The upgrades reflect, in part, the agency's view that Indonesia
is following through on earlier policy intentions aimed at
implementing a more aggressive structural reform agenda to
address the weak investment climate.  "The government's efforts
to tackle corruption, bureaucratic and regulatory hindrances to
investments intensified in 2007 and were complemented by key
investment legislation as well as an economic policy package
specifically aimed at addressing main investor concerns," says
Ai Ling Ngiam, Director in Fitch's Sovereign Ratings team.
"Positive economic growth and balance of payments implications
had already become evident in 2007, enabling Indonesia to enter
the current period of tightened global credit conditions and
weaker external demand on a firmer footing," added Ms. Ngiam.

Pragmatic macroeconomic policies have returned the economy to a
stronger and broader-based GDP growth path of above 6% since Q4
2006.  The recovery in household demand, which constitutes over
60% of nominal GDP, should partially offset a slowdown in
external demand, while the uptick in local and foreign private
sector investment supports medium-term growth.  On the external
front, a strong build-up in official foreign exchange reserves
based on higher non-oil exports, buoyant portfolio debt and
equity inflows and long-term equity investment inflows have
provided a more comfortable cushion to deal with possible
shocks.  Indonesia's current account surplus of 2.8% of GDP in
2007 compared favourably with a 'BB' median deficit of 2.8%.
Fitch forecasts the country's gross external financing
requirement, including short-term external debt (STXD), will be
41% of FX reserves in 2008. While this is higher than the 'BB'
median of 27%, it compares very well with the 2005 period of
currency volatility, when the GXFR plus STXD stood at 114%.

Indonesia's improved public finances are a fundamental rating
strength.  Between 1998 and 2007, Indonesia's fiscal deficit
averaged 1.2% of GDP, less than the 'BB' median.  Prudent fiscal
policies contributed to a significant reduction in general
government debt, which is forecast to be 35% of GDP this year --
a level last seen in 1997 and in line with the 'BB' median.  The
Ministry of Finance has increased surveillance of broader fiscal
risks through closer and more transparent monitoring of
deviations from budget assumptions to minimise negative fiscal
shocks.

Fitch anticipates that the government will likely widen its
official 2008 budget deficit from 1.7% of GDP to 2.1% of GDP, in
line with Fitch's own forecasts.

Looking ahead, Fitch says Indonesia's external balance sheet
risks remain, as an uptick in emerging market risk aversion
could lead to a disruptive outflow of portfolio equity or debt
investment.  For example, the agency estimates that an outflow
of 25% of the stock of foreign portfolio holdings, as happened
during the Q305 currency turbulence, would be equivalent to as
much as 10% of official reserves.  As such, Indonesia's external
resilience would benefit from accelerated efforts to build
sustainable capital inflows in the form of foreign direct
investment, as a preferred alternative to possibly volatile
portfolio flows.  Export competitiveness will also need to be
addressed, in the near term, with greater urgency to improve the
sovereign credit profile as current account deficits are likely
to reappear given Indonesia's investment requirements as a
developing economy.




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


* JAPAN: U.S. Subprime Crisis Costs JPY600 Bil. on Fin'l Firms
--------------------------------------------------------------
The current crisis in the United States' subprime mortage market
is  hitting Japanese firms that have invested on those
securities hard, Xinhuanet reports, citing local media.

The same report suggests that the JPY600 billion that the
financial companies in Japan have lost from April to December
2007 could rise in the coming months.  Figures from the Japanese
Financial Services Agency stated that major financial
institutions lost JPY542 billion, regional banks lost JPY37
billion, and cooperative organizations lost JPY21 billion.

Despite the large loss, the financial commission did not think
that the sector is in danger of collapsing.  The financial
sector holds JPY1.52 trillion of securities backed by risky home
loans, Xinhua says.




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


MIJU STEEL: Converts 21st Convertible Bonds into Shares
--------------------------------------------------------
Miju Steel Co. Ltd.'s 21st convertible bonds have been converted
for 23,333 shares, Reuters Investing Keys reports.

According to the report, the bonds are converted at the
conversion price of KRW930 per share, which brings the total
number of the company's outstanding common shares to
110,816,017.

The listing date of the new shares was on February 15, 2008, the
report adds.

Headquartered in Incheon, South Korea, Miju Steel Co., Ltd.
-- http://www.mijusteel.com/-- is engaged in the provision of
steel pipes.  The company produces three major products:
electric resistance welded (ERW) carbon steel pipes which used
for water supply facilities, buildings, bridges, bicycles,
telegraph poles and hand rails; stainless steel pipes, which
used for pharmaceutical, food and semiconductor factories, and
spirally-welded steel pipes, which used for foundation of
buildings, bridges and harbors.

Korea Ratings gave the company's US$4,000,000 overseas bond with
warrant a 'B+' rating with a stable outlook on August 9, 2006.


NDCORP CO: Establishes Company in Kazakhstan
--------------------------------------------
NDcorp Co. Ltd. has established a wholly owned company in
Kazakhstan, Reuters Investing Keys reports.

According to the report, the new unit, NDcorp Kazakhstan, has a
capital of KRW1.6 million.

NDcorp Kazakhstan will be engaged in the development of natural
resources, consumer goods trade and Internet online businesses,
the report adds.

With headquarters in Seoul, Korea, NDcorp Co., Ltd. is engaged
in the storage area network (SAN) and communication solutions
business.  The company has two divisions: Electronic-
Telecommunication business, which develops, produces and
distributes wired and wireless communication products, including
voice-over-Internet protocol (VoIP) residential gateways, VoIP
asymmetric digital subscriber line (ADSL) modems and VoIP cable
modems, and System Integration business, which provides servers,
work stations and data storage systems for digital media
services.

Korea Ratings gave the company's KRW10.30 billion convertible
bonds issue a B- rating with an evolving outlook on
July 31, 2006.


SHINWHA: Adjusts Conversion Price of First Convertible Bonds
------------------------------------------------------------
Shinwha Intertek Corporation has adjusted the conversion price
of its first convertible bonds, Reuters Investing Keys reports.

According to the report, the conversion price was changed from
KRW3,475 per share to KRW2,710 per share.

The report relates that this company move took effect on
February 7, 2008.

Hwasung Kyonggi, South Korea-based Shinwha Intertek Corporation
-- http://www.shinwha.com/main01_E.html-- is engaged in the
manufacture and sale of adhesive tapes for the electronic,
electronic equipment, architecture and other industry fields.

Korea Ratings gave the company's convertible bonds a BB rating
on Oct. 24, 2006. The company's commercial papers also carry
Korea Rating's B rating effective Feb. 2, 2007.




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


MALAYSIAN AIRLINES: Projects 1 Mil. East Coast Passengers in '08
----------------------------------------------------------------
Malaysia Airline System Bhd predicts that one million passengers
in the east coast will use its services this year, Bernama
reports, citing the airline's area manager for the Eastern
Region, Bahazah Sidek.

Mr. Sidek said that there was a 100% increase of passenger load
over the past two months, which enabled the airline to chalk up
significant growth.

"We are aiming for one million passengers to use MAS's services
to the east coast this year based on the more than 80% passenger
load for each flight on average," Mr. Sidek added in an
interview by Bernama.

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


RANHILL BERHAD: Fitch Puts B Issuer Rating with Stable Outlook
--------------------------------------------------------------
Fitch Ratings has affirmed Malaysia-based Ranhill Berhad's long-
term foreign currency issuer default rating at 'B'.  The Outlook
on the rating is stable.  At the same time, the agency has
affirmed the 'B-' senior unsecured rating on the US$220 million
notes due 2011 issued by Ranhill Limited and guaranteed by
Ranhill and its subsidiary, Ranhill Engineers & Constructors Sdn
Bhd.

Ranhill's ratings reflect the risks and characteristics of the
engineering and construction industry -- such risks include
volatile project-based cash flows and fixed price and relatively
low margin contracts, which typify this industry.  Despite
stable operating cash flows generated by Ranhill's investments
in water and power infrastructure, Fitch primarily focuses on
Ranhill's E&C business as its power and water businesses have
limited ability to upstream cash generated as a result of
restrictive covenants attached to project loans.  Moreover,
Fitch notes that about 70% of Ranhill's contract backlog is
accounted for by overseas projects, in particular the public
housing project in Libya, where sovereign risks are deemed high.
Furthermore, this project does not benefit from direct
government-to-government relationships or the involvement of
international multilateral institutions.

The ratings also reflect the company's weak financial profile
once the results of its power and water divisions are removed.
As a result of the cost overruns relating to the Melut-Basin
project in Sudan and delays in commencing the project works of
the housing project in Libya, as well as several other projects
in Malaysia, Ranhill's credit metrics did not improve as
envisaged in FY07. Debt/EBITDA sans power and water rose to
around 40x and interest coverage was weak at around 0.6x in
FY07.  Ranhill expects to recover in full the cost overruns
relating to the Melut-Basin expansion project with the
settlement payments of USD55m and additional works already
awarded and those being discussed.  Although the outcome of such
additional scope of works remains to be seen, the cash payment
will improve Ranhill's somewhat stretched liquidity position.
Fitch expects Ranhill's adjusted credit metrics to improve if
the major projects in the pipeline are executed as expected by
the management, but cautions that any cost overruns or payment
delays on these large-scale projects can significantly dent
Ranhill's liquidity and financial profile.

The ratings also reflect the operating track record of Ranhill
and the experienced senior management team of the company with
their industry expertise and international experience.  Fitch
understands that Ranhill is keen to remove structural sub-
ordination at its power and water utility divisions by
restructuring the ownership and debt of these operating
companies.

The Stable Outlook on Ranhill's IDR reflects Fitch's belief that
Ranhill will manage to improve its financial profile through the
successful execution of the major projects in hand.  Any
substantial cost overruns or alterations to projects that have a
significant negative impact on cash generation will trigger a
negative rating action.  In addition, a sizeable increase in
indebtedness in order to fund equity interest in new projects or
investments that will not contribute sufficient immediate
operating cash in flows will result in a negative rating action
given the company's relatively weak liquidity position.
Conversely, ratings will benefit from the successful execution
of the large projects together with the removal of structural
subordination at water and power divisions enabling a meaningful
level of cash upstreaming to the holding company.

Ranhill is a Malaysian investment holding company with interests
in engineering and construction, water utilities, power, oil and
gas exploration and infrastructure.  Ranhill Group had
consolidated revenues of MYR1,470 million (US$454 million) and
net profit of MYR190 million (US$59 million) in the financial
year ended June 30, 2007.  The E&C division accounted for 50% of
consolidated revenues and only 2% of operating profits in FY07.
On a consolidated basis, Ranhill's net adjusted debt/EBITDAR and
EBITDAR/net fixed charges ratios were 7.6x and 1.7x,
respectively, as at June 2007.  Ranhill's president and chief
executive officer, Hamdan Mohamad, has a 65% beneficial interest
in the company.




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


AMH STAFFING: Placed Under Voluntary Liquidation
------------------------------------------------
AMH Staffing Pty. Ltd.'s shareholders agreed on Jan. 24, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Digby John Noyce and Keith
Mawdsley at RES Corporate Services Limited to facilitate the
sale of its assets.

Creditors are required to file their proofs of debt by
March 5, 2008, to be included in the company's dividend
distribution.

The liquidators can be reached at:

          Digby John Noyce
          Keith Mawdsley
          c/o RES Corporate Services Limited
          P.O. Box 302612, North Harbour
          Auckland
          New Zealand
          Telephone:(09) 918 3690
          Facsimile:(09) 918 3691


ARTISAN DEVELOPMENTS: Court to Hear Wind-Up Petition on Feb. 18
---------------------------------------------------------------
A petition to have Artisan Developments Ltd.'s operations wound
up will be heard before the High Court of Christchurch on
February 18, 2008, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
December 12, 2007.

The CIR's solicitor is:

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


BAY OF ISLANDS: Appoints Heath & Lamacraft as Liquidators
---------------------------------------------------------
On January 25, 2008, Arron Leslie Heath and Michael Lamacraft
were appointed liquidators of Bay of Islands Resort Ltd.

Messrs. Heath and Lamacraft are accepting creditors' proofs of
debt until February 29, 2008.

The liquidators can be reached at:

          Arron Leslie Heath
          Michael Lamacraft
          c/o Meltzer Mason Heath
          Chartered Accountants
          P.O. Box 6302, Wellesley Street
          Auckland 1141
          New Zealand
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


CENTRE OF ATTRACTION: Commences Liquidation Proceedings
-------------------------------------------------------
Centre of Attraction Ltd.'s shareholders agreed on
Jan. 24, 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
          c/o McDonald Vague
          PO Box 6092, Wellesley Street Post Office
          Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


FLOWERZ THE FLORIST: Appoints Parsons & Kenealy as Liquidators
--------------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of Flowerz the Florist Limited, on
Jan. 9, 2008.

The liquidators can be reached at:

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


FORD MOTOR: Fitch Affirms B Issuer Rating with Negative Outlook
---------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings of Ford
Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.  Ford continues to
make steady progress on its restructuring actions, but continued
weakness in the North American auto market, combined with
industry cost, pricing and supplier pressures continue to limit
the impact of structural cost improvements on the bottom line.
International operations have shown steady improvement,
benefiting the company's consolidated credit profile.  Liquidity
remains healthy, and sufficient to weather a significant
downturn in 2008 U.S. industry sales, but will decline through
at least 2008.  Cash outflows in 2008 will be material as a
result of operating losses in North America, restructuring
costs, and higher net interest expense.  The funding of the UAW
VEBA will also impact liquidity in 2008, although the benefits
from healthcare savings will not be realized until 2010.  The
Negative Rating Outlook is expected to remain in place until a
firmer path to positive free cash flow is established.

Fitch has affirmed these ratings with a negative rating outlook:

Ford Motor Co.

    -- Long-term IDR at 'B';
    -- Senior secured credit facility at 'BB/RR1';
    -- Senior secured term loan at 'BB/RR1';
    -- Senior unsecured at 'B-/RR5'.

Ford Motor Credit Co.

    -- Long-term IDR at 'B';
    -- Short-term IDR at 'B';
    -- Senior unsecured at 'BB-/RR2';
    -- Commercial paper at 'B'.

In North America, revenues will remain under pressure,
particularly in the first half, due to economic conditions, the
impact of the housing market on pickup sales, projected lower
fleet sales and the trend to lower-priced, fuel-efficient
vehicles.  The new UAW contract has provided the OEMs with
greater flexibility to cut production and manage inventories in
response to weaker market demand -- a factor that will also
result in increased production cyclicality going forward.

Ford has made material improvement in its cost structure,
although higher product and commodity costs have limited the
impact on the bottom line.  Ford's earlier buyout program
extended through the third quarter of 2007, indicating that the
full realization of these cost savings will continue to flow
through reported results over the next several quarters.

Together with Ford's new buyout program (for all North American
UAW workers) that is weighted to the first quarter of 2008 and
the gradual growth in Tier-2 wage employees, Ford is positioned
to show demonstrable fixed cost savings through 2008.  Although
commodity costs are not expected to wane, the rate of growth
should slow substantially, allowing structural cost savings to
become more evident.  Continued improvement in material,
engineering and other product costs should augment margin
improvement projected from labor savings.  North American hourly
workers could be reduced by more than 40% over the period from
year end 2005-2009, with incremental wage and benefit savings
realized from the implementation of Tier-2 wages.  The reduction
in personnel at the former Visteon assets, the outsourcing of
certain non-production functions and the conversion of several
plants to 100% Tier 2 wage levels will also benefit Ford's cost
structure.  Tier 2 wage levels incorporate meaningful reductions
in long-term benefit accruals through the lack of retiree health
care and enrollment in defined contribution pension plans.

Ford also faces the expiration of the Canadian Auto Workers
contract in September 2008.  Given the terms of the recent UAW
agreement, the Detroit Three will certainly be targeting
additional wage, benefit and other cost-saving opportunities in
Canada.  The Detroit Three may be seeking different goals under
a new contract, and talks may not be as smooth as the recent UAW
talks Ford showed healthy revenue growth in the third and fourth
quarters of 2007, aided by easy comparisons with 2006 and
support from a number of vehicle models (Fusion, Edge and
Escape).  Ford's focus on managing production and inventory
levels has benefited results through progress on pricing and
residual values.  Overall results were severely impacted by a
13% reduction in high-margin pickup sales.

Although Ford has shown decent balance across segments, the
company's product portfolio remains misaligned with market
trends that favor smaller, more fuel-efficient vehicles.  The
transition to a more market-weighted product portfolio, along
with the efficiencies of fewer platforms and higher number of
products per platform, will not be achieved through 2010.
Although Ford's cost reduction programs are in line with
expectations, achievement of viable long-term operating margins
will require market share stability and eventual growth in
revenues. Achievement of these margin levels is not expected
through 2010.  Ford has also made clear strides in quality,
which should benefit the company's market acceptance and pricing
if the trend is maintained.  The company's Sync dashboard
technology (developed with Microsoft), has also benefited the
company in terms of progressive technology.

Ford's international operations continue to show healthy
improvement.  European operations have shown modest share gains,
improved pricing and growing profitability, resulting from
structural cost improvements and well-received product
introductions.  Latin America has shown very strong
profitability, which is expected to continue although perhaps
not at the heights achieved in 2007.  Further growth is also
expected in developing markets including China and Russia.  In
total, Ford's international operations have transitioned from a
key risk factor several years ago into a moderate positive for
the company's credit position.

While FMCC has been profitable, Fitch believes that operating
performance will remain under pressure due to lower contract
volume and asset quality deterioration which is affecting all
auto lenders.  Slower portfolio growth will tend to inflate
credit metrics further.  Fitch also believes that FMCC access to
liquidity via the securitization markets will come at a higher
cost as the continual credit market dislocation widens.

A downgrade could result if Ford experiences:

    -- A material problem with the launch of the new F-150.

    -- A decline in U.S. industry sales below 14.5 million units
       (light vehicle sales) combined with lack of projected
       fixed cost reductions that result in a material deferral
       of the anticipated timeline to positive free cash flow.

    -- Ford Credit experiences restricted access to the
       securitization market.

    -- A significant decline in the U.S. market combined with a
       reversal of operating profits across Ford's international
       operations.

A return to a Stable Rating Outlook would be anticipated in the
event that a clear path to positive free cash flow is
established.  This scenario would include continued stability in
the company's retail market share, a solid F-150 launch,
realization of expected fixed cost reductions in North America,
stability or continued growth in the company's international
operations and maintenance of healthy liquidity.  A projected
return to positive cash flow will likely require stabilization
of the housing market, due to the impact of pickup sales on
Ford's operating results.

Ford will continue to face increased cost and potential supply
disruptions from its stressed supply chains.  Although most
Tier-1 suppliers have ample liquidity during 2008 due to timely
accessing of the leveraged loan market, lower-tier suppliers are
more exposed to projected production declines at the Detroit
Three, pricing and commodity cost pressures, and lack of access
to capital.  The higher risk of production disruptions or
supplier liquidations will cause the OEM's and Tier-1 suppliers
to incur additional costs in order to address particular
situations.

Ford's liquidity has been boosted by substantial debt issuance
over the past eighteen months.  Total automotive debt, including
US$6.3 billion of new debt associated with the UAW VEBA
agreement, is approximately US$33 billion (following a US$2.6
billion reduction in debt through two equity-for-debt
transactions).  Total debt is now roughly US$20 billion more
than at yearend 2002.  Net interest expense, augmented by the
expected decline in cash holdings and the associated decline in
interest income, will continue to represent a more material
claim on consolidated cash flows than in the past. Fitch expects
that even in a relatively harsh downturn in 2008, liquidity
would remain well above the level needed to finance Ford's
operations and its restructuring requirements.

Ford has a light maturity schedule over the next three years,
and is unlikely to require external capital, although Ford may
seek opportunities to further boost liquidity if the markets
become receptive.  The company may also continue to seek
opportunities to exchange equity for debt.  The company retains
access to US$11.5 billion in credit lines, which contain no
financial tests.  Access is subject to a borrowing base, which
would be expected to reduce availability in the event of further
deterioration in operating results.  Recovery ratings remain in
the same range, as a decrease in healthcare liabilities has been
offset by an increase in debt.  Fixed cost reductions that were
anticipated to be realized in a bankruptcy scenario have been
partially achieved through the new UAW contract.  Recoveries
from international operations have also increased.

Fitch has affirmed these ratings with a negative rating outlook:

Ford Motor Co.

    -- Long-term IDR at 'B';
    -- Senior secured credit facility at 'BB/RR1';
    -- Senior secured term loan at 'BB/RR1';
    -- Senior unsecured at 'B-/RR5'.

Ford Motor Co. Capital Trust II

    -- Trust preferred stock at 'CCC+/RR6'.

Ford Holdings, Inc.

    -- Long-term IDR at 'B';
    -- Senior unsecured at 'B-/RR5'.

Ford Motor Co. of Australia

    -- Long-term IDR at 'B';
    -- Senior unsecured at 'B-/RR5'.

Ford Motor Credit Co.

    -- Long-term IDR at 'B';
    -- Short-term IDR at 'B';
    -- Senior unsecured at 'BB-/RR2';
    -- Commercial paper at 'B'.

FCE Bank Plc

    -- Long-term IDR at 'B';
    -- Senior unsecured at 'BB-/RR2';
    -- Short-term IDR at 'B';
    -- Commercial paper at 'B';
    -- Short-term deposits at 'B'.

Ford Capital B.V.

    -- Long-term IDR at 'B';
    -- Senior unsecured at 'BB-/RR2'.

Ford Credit Canada Ltd.

    -- Long-term IDR at 'B'.
    -- Short-term IDR at 'B';
    -- Commercial paper at 'B';
    -- Senior unsecured at 'BB-/RR2'.

Ford Credit Australia Ltd.

    -- Long-term IDR at 'B';
    -- Senior unsecured at 'BB-/RR2';
    -- Short-term IDR at 'B';
    -- Commercial paper at 'B'.

PRIMUS Financial Services (Japan)

    -- Long-term IDR at 'B';
    -- Short-term IDR at 'B'.

Ford Credit de Mexico, S.A. de C.V.

    -- Long-term IDR at 'B';
    -- Senior unsecured at 'BBB+'.

Ford Credit Co S.A. de CV

    -- Long-term IDR at 'B'.
    -- Senior unsecured at 'BB-/RR2'.

Ford Motor Credit Co. of New Zealand

    -- Long-term IDR at 'B';
    -- Senior unsecured at 'BB-/RR2';
    -- Short-term IDR at 'B';
    -- Commercial paper at 'B'.

Ford Motor Credit Co. of Puerto Rico, Inc.

    -- Short-term IDR at 'B'.


GENEVA FINANCE: 'CC' Rating by S&P Remain on CreditWatch
--------------------------------------------------------
Standard & Poor's Ratings Services said that its 'CC' long-term
counterparty credit ratings on New Zealand finance company
Geneva Finance Ltd. (Geneva) remain on CreditWatch with
developing implications, where they were initially placed on
Nov. 5, 2007, after Geneva secured a moratorium on debenture
withdrawals to April 30, 2008.  The 'CC' insurer financial
strength and counterparty credit ratings on Geneva's sister
company Quest Insurance Group Ltd. also remain on CreditWatch
with developing implications.

At the time of the initial CreditWatch placement, there was
upside potential to the ratings because Geneva was in active
discussions on new funding arrangements.  However, downside
pressure to the ratings arose because of uncertainty regarding
the company's future operating activities, funding, and
recapitalization.  Although Geneva subsequently failed to
negotiate additional funding with a specific party, upside
potential to the rating remains because the company is
investigating other funding arrangements.

"Resolution of the CreditWatch remains dependent on the outcome
of current funding discussions," said Standard & Poor's credit
analyst Shaun Evans.  "A successful negotiation of an adequate
funding package may provide scope for an uplift in the rating,
with an upgrade likely to be limited to the 'B' category".

Conversely, if Geneva were unsuccessful in negotiating a timely
and satisfactory funding package, this would heighten the
company's default risk. A 'D' rating would apply if the company
were to default on debts due at, or soon after, the end of the
moratorium period, or the company was placed into receivership.

The CreditWatch is likely to be resolved at, or about, the date
for the lifting of the April 30, 2008, moratorium, although
success in securing additional funding could resolve the
CreditWatch earlier.


HERITAGE GOLD: Files Report for Quarter Ended Dec. 31, 2007
-----------------------------------------------------------
Heritage Gold Limited has presented its quarterly report for the
period ended Dec. 31, 2007.

Highlights:

   * Ground magnetic survey of Waihi North tenement commences

   * Successful NZ$3.6M capital raising - funding for drilling
     now in place

   * Licences granted for Dunmarra uranium prospects

                 Waihi District Gold Exploration

Waihi Gold Tenements

Geological mapping of the Waihi North tenement in the vicinity
of the Martha open pit and Mataura was carried out during
November and December.

In addition, a ground magnetic survey of Waihi North was
undertaken in December and completed after the end of the
quarter.  Results of this programme are being assessed.

Ground-based geophysical and geochemical (soil sampling) surveys
of the Golden Valley tenement were analysed and the soil
sampling for key 'gold indicator' elements revealed anomalous
values in the north-east of the tenement, where the general
structural trends align with those of the Martha open pit.

Information gathered from these surveys will augment that
garnered from other technologies to optimise the selection of
drilling targets for the 2008 drilling programme on these
tenements.

Karangahake Gold Tenements

In October, Phase III of the underground drilling of the
historic Talisman mine was developed with the objective of
delineating a further 200,000 oz of gold resource and increasing
the confidence levels in the 205,000 oz identified from the
Phase II drilling programme.  This Phase III underground
drilling is planned for 2008.

Drilling of the Rahu tenement is planned to commence in the
first quarter 2008.  The Company has reviewed the results of the
2007 drilling on the Rahu tenement and plans to drill test
approximately 200-300 metres below the holes that were
determined to be the most prospective.

The company is planning to drill approximately 2,000 metres in
total with the objective of intersecting gold-bearing quartz
veins thought to lie below the anomalous, gold bearing breccias
found in the 2007 drilling programme.

                         Capital Raising

On Nov. 21, 2007, Heritage Gold placed 36 million shares at
A$0.045 (NZ$0.054) per share, each with one free attaching
option at A$0.08 (NZ$0.10) expiring 31 October, 2009.  The
placement raised A$1.6 million and was oversubscribed.

Immediately after the placement, the Company undertook a 1:7 pro
rata rights issue to shareholders (including the above placees)
on the same terms and conditions, to raise an additional A$1.6
million.

At close on Dec. 21, 2007, the rights issue was approximately
50% subscribed.

The shortfall of 17,836,112 shares and attaching 8,918,056
options was placed, at the discretion of the Board, during
January 2008.


             Thackaringa Cobalt Project (Heritage 33%)

Subsequent to the period Heritage Gold provided working capital
to Broken Hill Cobalt Limited by way of a draw-down convertible
loan in the amount of A$137,500 to assist that company through
its proposed listing in 2008. This facility was advanced on the
same terms and conditions as the other significant investor.


          Dunmarra Basin Uranium (Heritage earning 50+%)

Three exploration licences, covering a total of 1,271 square
kilometres in the Dunmarra Basin (Northern Territory,
Australia), were granted during the past quarter.

Heritage plans shallow, reconnaissance drilling of these
tenements in 2008 to assess several radiometric anomalies.


Parnell, New Zealand-based Heritage Gold NZ Limited --
http://www.heritagegold.co.nz/-- is a mining company.  The
company is a systematic and persistent acquirer of prime gold
areas in New Zealand's Waihi district.  Heritage Gold NZ Limited
has a 33% equity interest in Broken Hill Cobalt Limited (BHCL),
which has tenements over the Thackaringa cobalt project near
Broken Hill in New South Wales.  The company has an exploration
license south of Broken Hill, where several geophysical,
geological and geochemical anomalies represent targets with
potential for gold and base metal mineralization.  Its wholly
owned subsidiaries include Coromandel Gold Limited, Northland
Minerals Limited and Strength Investments Limited.

The group incurred consecutive losses of NZ$807,000,
NZ$2,639,467 and NZ$331,563 for the years ended March 31, 2007,
2006, and 2005, respectively.


HY-FI SECURITIES: Complied With Notes' & Trust Deed's Terms
-----------------------------------------------------------
In a regulatory filing with the New Zealand Stock Exchange,
HY-FI Securities Limited asserted that for the quarter ended
Dec. 31, 2007, there has been no failure by the company to
comply with the terms of the HY-FI Securities Limited Notes or
the provisions of the Master Note and Security Trust Deed
between Perpetual Trustee Company Limited and the company dated
Sept. 1, 2003.

In the NZX filing, the company also reported that in
Oct.-Dec. 2007, no event happened that has:

* caused or could cause, one or more of the following:

   (a) any amount deposited or lent under the Notes to become
       immediately payable;

   (b) the Notes to become immediately enforceable; or

   (c) any other right or remedy under the terms of the Notes or
       provisions of the Trust Deed to become immediately
       enforceable.

* materially prejudiced:

   (a) the Company; or

   (b) any security or charge included in or created by the
       Notes or the Trust Deed

The obligations of the Company in respect of the Notes are not
guaranteed by any person, the regulatory filling noted.

The company also disclosed that there are no net amounts
outstanding on any advances at the end of the quarter where the
Company has created a charge where:

   (a) the total amount to be advanced on the security of the
       charge is indeterminate; and

   (b) the advances are merged in a current account with
       bankers, trade creditors or anyone else;

The Company has not deposited money with, or lent money to, or
assumed any liability of, a related body corporate during the
quarter.

Headquartered in Sydney, Australia, HY-FI Securities Limited --
http://www.hyfis.com.au/-- that operates in the financial
services industry and is engaged in the issuance of debt
securities that are quoted on the Australian and New Zealand
stock exchanges, the placement of the proceeds of these issues
on deposit, and the entering into portfolio agreements, whereby
the Company is exposed to the creditworthiness of a number of
Australian and international companies.

Standard & Poor's placed a BB+ rating on HY-FI's Series 4 on
December 22, 2006.


KABO DEVELOPMENTS: Taps Parsons & Kenealy as Liquidators
--------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy are named
as liquidators of Kabo Developments Limited, on Jan. 9, 2008.

The liquidators can be reached at:

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

On November 26, 2007, the the Commissioner of Inland Revenue
filed a petition to have Kabo Developments Ltd.'s operations
wound up.


NVITING KITCHENS: Wind-Up Petition Hearing Slated for Feb. 18
-------------------------------------------------------------
The High Court of Christchurch will hear on February 18, 2008,
at 10:00 a.m., a petition to have Nviting Kitchens and Joinery
Ltd.'s operations wound up.

Hardware 2000 Limited filed the petition on January 14, 2008.

Hardware 2000 Limited's solicitor is:

          Carol Denise Hall
          c/o Carlile Dowling
          Raffles Street, Napier
          New Zealand
          Telephone:(06) 835 7394
          Facsimile:(06) 835 1338


PREMIER BUILDING: Commences Liquidation Proceedings
---------------------------------------------------
Premier Building Services Ltd.'s shareholders agreed on
Jan. 25, 2008, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed Grant Bruce
Reynolds to facilitate the sale of its assets.

The liquidator can be reached at:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          Insolvency Practitioners
          PO Box 259059, Greenmount
          East Tamaki, Auckland
          New Zealand
          Telephone:(09) 522 5662
          Facsimile:(09) 522 5788


S & S LOGGING: Wind-Up Petition Hearing Set for April 15
--------------------------------------------------------
A petition to have S & S Logging Ltd.'s operations wound up will
be heard before the High Court of Greymouth on April 15, 2008,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
Nov. 27, 2007.

The CIR's solicitor is:

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


X'SELL FINANCE: Undergoes Liquidation Proceedings
-------------------------------------------------
X'Sell Finance & Vehicles Direct Specialist Limited's
shareholders agreed on Jan. 30, 2008, to voluntarily liquidate
the company's business.  In line with this goal, the company has
appointed Grant Bruce Reynolds to facilitate the sale of its
assets.

The liquidator can be reached at:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          Insolvency Practitioners
          PO Box 259059, Greenmount
          East Tamaki, Auckland
          New Zealand
          Telephone:(09) 522 5662
          Facsimile:(09) 522 5788


WVC 2004 HOLDINGS: Names Parsons & Kenealy as Liquidators
---------------------------------------------------------
On January 9, 2008, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed liquidators of WVC 2004 Holdings 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
          Web site: http://www.indepth.co.nz

On November 2, 2007, the Commissioner of Inland Revenue filed a
petition to have WVC 2004 Holdings Ltd.'s operations wound up.




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


CHINA BANKING: Discloses Three Executive Appointments
-----------------------------------------------------
China Banking Corporation discloses with the Philippine Stock
Exchange the promotions of four officers:

(a) Rhodora Z. Canto, from First Vice President to Senior Vice
    President, Credit Management Group, effective March 1;

(b) Alberto Emilio V. Ramos, from Vice President to First Vice
    President, Private Banking Group, effective March 1; and

(c) Elizer P. Rivera, from officer-in-charge of Audit Division,
    to Senior Assistant Vice President effective Feb. 16.

Shew Kuo Y. Lee will replace Mr. Rivera's OIC-Audit post.

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.


IPVG CORP: Withdraws Offer to Acquire PeopleSupport
---------------------------------------------------
IPVG Corporation has withdrawn its offer to acquire
PeopleSupport, Inc., a filing with the Philippine Stock Exchange
says.

According to the PSE disclosure, IPVG and AO Capital Partners
Limited offered to acquire PeopleSupport at US$P17 per share or
at a 35% premium above the closing price of PeopleSupport stock
on Feb. 5, 2008.  PeopleSupport's board of directors, however,
refused to agree to the terms and conditions proposed by IPVG
and AO Capital.

The terms and conditions that the PS board refused already
relate to a hiked offer.  As reported in the Troubled Company
Reporter on Jan. 14, 2008, IPVG renewed its efforts to acquire
PeopleSupport by increasing its cash takeover offer to US$17
from US$15 per share.

In a letter to the PS board, IPVG asserted that the revised
offer represents "a unique opportunity to create superior value"
for PS shareholders.  The terms and conditions proposed are
reasonable and critical to moving discussions forward, IPVG and
AO Capital said.  With the PS board's not agreeing to acceptance
of the terms, however, IPVG and AO Capital withdrew their offer.

IPVG Corporation -- http://www.ipvg.com/-- is engaged in the
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing. IPVG reaches its
customers through collaboration with international corporations
that have proven to be market leaders in their respective
geographic markets and industries.  Its current partners include
Fortune 1000 companies listed on the New York Stock Exchange,
such as Pacific Century Cyberworks Inc. and IDT.  The company
can offer established product and proprietary business knowledge
to the Philippine market by pairing each of its business
subsidiaries with strategic partners.

The TCR-AP reported on May 15, 2007, that the corporation posted
a net loss of PHP102.1 million for the year ended Dec. 31, 2006,
the company's third consecutive annual net loss after
PHP43.0 million in 2005 and PHP6.2 million in 2004.


PLDT: Says 2008 Capital Expenditure Will be Php25 Billion
---------------------------------------------------------
KGI Hong Kong states that Philippine Long Distance Telephone
Company has earmarked Php25 billion for its capital expenditure.
The fund will be used to expand wireless, broadband, and
international bandwidth capacity, and upgrade fixed-line
network.

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

                        *     *     *

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

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


SECURITY BANK: Reports PHP2.7-Billion Net Income in 2007
--------------------------------------------------------
Security Bank Corporation closed 2007 with a 22% return on
equity, a five-point increase from the 17% a year earlier, the
bank said in a press release.  Net income for the year was
PHP2.7 billion, up PHP806.1 million from last year's bottom
line.

"An integral part of the Bank's stellar results over the past
twelve months is the remarkable 55% growth in its loan portfolio
totaling PHP52.01 billion at year-end from last year's PHP33.6
billion," Security Bank said.  The growth, according to the
bank, helped propel its net interest income to PHP4.6 billion,
11.6% higher than last year.

The bank also noted of the increase in its other income -- 32.9%
growth to PHP3.4 billion.  According to the bank, the increase
helped offset the 22% reduction in trading gains to close the
year at PHP1.1 billion.

Other expenses decreased by 3% to PHP3.3 billion, tempering the
bank's costs relating to workforce and one-time expenses.

Makati City-based Security Bank Corporation --
http://www.securitybank.com.ph/-- offers a wide variety of
financial products and services.  The bank's services include
peso, dollar and third currency deposits, domestic and
international fund transfers, deposit pick-up and payroll
services, and ancillary services.  Security Bank also provides
working capital financing, term arrangements and loan
syndication services.

Security Bank holds Fitch Ratings' 'BB' Long-Term Foreign
Currency Issuer Default Rating, a 'BB' Long-Term Local Currency
Issuer Default Rating, a 'D' Individual Rating and a '4' Support
Rating.




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


FREESCALE SEMICONDUCTOR: Fitch Affirms B+ IDR with Neg. Outlook
---------------------------------------------------------------
Fitch Ratings has revised the rating outlook on Freescale
Semiconductor Inc. (NYSE: FSL) to negative from stable and
affirmed these ratings:

    -- Issuer Default Rating at 'B+';
    -- Senior secured bank revolving credit facility at
       'BB+/RR1';
    -- Senior secured term loan at 'BB+/RR1';
    -- Senior unsecured notes at 'B/RR5';
    -- Senior subordinated notes at 'CCC+/RR6'.

Fitch's actions affect approximately US$9.5 billion of total
debt.

The revision of the rating outlook to negative reflects:

    -- Fitch's expectations that revenue growth and
       profitability from Freescale's automotive unit will be
       challenged throughout 2008 due to the anticipated
       collective ongoing market share erosion of the Big 3
       United States-based car makers, as well as production
       level cuts, although some of these pressures should be
       offset by the company's design wins in Asia-Pacific and
       the trend of increasing electronics content per vehicle;

    -- Fitch's belief that the delayed turnaround of Motorola
       Inc.'s ('Motorola', currently rated 'BBB'/F2 on Negative
       Rating Watch by Fitch) mobile devices business until 2009
       (from the first half of 2008) will be accompanied by a
       limited number of new product introductions over the
       near-term, which is likely to lead to lower average
       selling prices and/or further market share erosion for
       Motorola, both of which are expected to pressure
       profitability for Freescale's cellular business; some
       event risk exists as well as Motorola has announced that
       it is exploring strategic alternatives for its mobile
       devices business;

    -- A meaningfully more cautious view on the wireless
       infrastructure market for 2008, driven by recent weaker
       than anticipated outlooks and reduced capital spending
       budgets across a number of key customers, as well as
       less enthusiastic demand prospects for WiMax; and

    -- Uncertainty related to the company's strategic direction
       following the recent resignation of Michel Mayer,
       Freescale's Chief Executive Officer since the company was
       spun-off from Motorola at the end of 2004.

While Fitch believes Freescale's product, customer, and end
market diversification (in all segments but Cellular) will
continue to limit significant volatility in the company's
operating performance, the meaningfully weaker than previously
anticipated operating environment in 2008 will thwart
profitability expansion in each of its key businesses and
further pressure the company's relatively weak credit protection
measures over the near-term.  For 2007, Fitch estimates leverage
(total debt/operating EBITDA) was at nearly 7 times (2.4x
secured debt/operating EBITDA), interest coverage (operating
EBITDA/gross interest expense) was less than 2x, and free cash
flow/total debt was just over 1%.  However, despite minimal debt
amortization requirements over the intermediate-term, Freescale
is expected to have more than US$500 million of proceeds from
the Motorola settlement and equipment sales available for debt
reduction.

Fitch may downgrade Freescale if:

    -- Credit protection measures deteriorate due to meaningful
       erosion in the company's profitability or free cash flow;

    -- Management does not execute on its restructuring efforts,
       including successful site consolidation, asset sales, and
       meaningful improvement in the company's cash conversion
       cycle.

Conversely, Fitch may stabilize the ratings if Freescale:

    -- Improves its operating margin profile and free cash flow
       characteristics via successful expansion of higher-margin
       products along with a successful design win at another
       significant wireless handset manufacturer;

    -- Utilizes the aforementioned anticipated proceeds from
       equipment sales and its settlement with Motorola to
       materially reduce debt.

Fitch believes Freescale's liquidity was adequate as of Dec. 31,
2007, and supported by approximately US$751 million of cash and
cash equivalents, approximately half of which is located in the
U.S., and an undrawn US$750 million revolving bank credit
facility expiring Dec. 1, 2012; Fitch anticipates annual free
cash flow will be break even to US$200 million annually over the
next few years, modestly supporting liquidity.  With no
borrowings outstanding under the revolving bank credit facility,
Freescale's only debt amortization until 2013 is 1% per annum
under the term loan facility, or approximately US$35 million per
year.

At Dec. 31, 2007, total debt was approximately US$9.5 billion
and Fitch believes consisted primarily of:

     i) US$3.5 billion of senior secured term loan expiring
        Dec. 1, 2013;
    ii) US$500 million of floating rate senior notes due 2014;
   iii) US$1.5 billion of 9.125% PIK-election senior notes due
        2014;
    iv) US$2.35 billion of 8.875% senior notes due 2014; and
     v) US$1.6 billion of 10.125% senior subordinated notes due
        2016.

The Recovery Ratings for Freescale reflect Fitch's recovery
expectations under a distressed scenario, as well as Fitch's
expectation that the enterprise value of Freescale, and hence
recovery rates for its creditors, will be maximized in a
restructuring scenario (as a going concern) rather than a
liquidation scenario.  In deriving a distressed enterprise
value, Fitch applies a 35% discount to Fitch's estimate of
Freescale's 2007 operating EBITDA of approximately US$1.4
billion.  The discount is equivalent to Fitch's estimate of
maintenance capital spending, rent expense, and total interest
expense for Freescale, assuming the company exercises its option
to pay in kind interest expense on the above referenced US$1.5
billion PIK-election senior notes.  Fitch then applies a 6 times
distressed EBITDA multiple, which considers that a stress event
would likely result in a contraction to Freescale's current
multiple.

As is standard with Fitch's recovery analysis, the revolver is
assumed to be fully drawn and cash balances fully depleted to
reflect a stress event.  The 'RR1' for Freescale's secured bank
facility and term loan reflects Fitch's belief that 91%-100%
recovery is likely.  The 'RR5' for Freescale's senior notes
reflects Fitch's belief that 11%-30% recovery is realistic.  The
'RR6' for Freescale's senior subordinated debt reflects Fitch's
belief that 0%-10% recovery is realistic.

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.


LEAR CORP: Forms Global Operating Structure; Names 2 Executives
---------------------------------------------------------------
Lear Corporation is establishing a global operating structure
for its two business groups.  Accordingly, Louis R. Salvatore
has been appointed president, Global Seating Systems, and
Raymond E. Scott has been named president, Global Electrical and
Electronic Systems.

In their new roles, Mr. Salvatore and Mr. Scott will continue to
report to Lear Chairperson, Chief Executive Officer and
President, Bob Rossiter.  The appointments are effective
immediately.

"Over the past two years, we have made significant progress in
streamlining our organization, restructuring our operations and
increasing our focus on our seating and electrical and
electronic businesses to improve our long-term competitiveness,"
said Mr. Rossiter.  "The next step to further strengthen and
grow our Company is to establish global organizations for these
core businesses.  This new structure will best support the
global strategies of our customers and allow us to take full
advantage of our global scale, leverage our worldwide
engineering and product development resources and access the
lowest possible manufacturing and sourcing available."

Mr. Rossiter continued: "Ray and Lou each have the global
operating experience, proven-track records of accomplishment and
the outstanding leadership qualities I believe are necessary to
execute our strategy and take our company to the next level. I
look forward to working with them as we continue to implement
initiatives to further grow and diversify our sales, continue to
improve our financial results and deliver the best possible
value to our customers and our shareholders."

Prior to his current position, Mr. Scott, was senior vice
president and president of Lear's North American Seating
Systems, a position he has held since August of 2006.  Since
joining Lear in 1988, he has held a series of increasingly
responsible positions at Lear, both in Europe and in the United
States, including president of Lear's North American Customer
Group; president of Lear's European Customer Focused Division;
president of the General Motors and Fiat Customer Focused
Divisions; vice president and general manager of Lear GM-Europe;
and vice president of Operations for Lear-Saab.

Mr. Scott earned a Bachelor of Science degree in economics from
the University of Michigan.  He has also earned a master of
business administration degree from Michigan State University's
Advanced Management Program.

Most recently, Mr. Salvatore was senior vice president and
president of Lear's Asian Operations and Asian Customer
Group, a position he has held since August 2005.  He began his
career with Lear in 1996 as vice president of Global Purchasing
and has held various positions of increasing responsibility
including president of both Lear's DaimlerChrysler and Ford
business units as well as president of Lear's North American
Electrical/Electronic and Interior Divisions.

Before joining Lear, Mr. Salvatore, held a number of
manufacturing, finance, engineering and purchasing roles during
a 14-year career with Ford Motor Company.  Mr. Salvatore
received a Bachelor of Arts degree from Baldwin-Wallace College
in Berea, Ohio and a master of business administration degree
from Michigan State University in East Lansing, Michigan.  He
also completed one year of postgraduate work in international
business at Michigan State University.

                   About Lear Corporation

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear's Asian facilities are in Singapore, China, India,
Japan, Philippines, South Korea, and Thailand.  It also
operates in Latin American countries including Argentina,
Mexico, and Venezuela.  Its European operations are located in
Czech Republic, United Kingdom, France, Germany, Honduras,
Hungary, Poland, Portugal, Romania, Russia, Slovakia, Spain,
Sweden, South Africa, Morocco, Netherlands, Tunisia and Turkey.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 5, 2007, Moody's Investors Service affirmed Lear
Corporation's Corporate Family Rating of B2 with a stable
outlook.  Ratings on the company's term loan of B2 and on
its unsecured notes of B3 were similarly affirmed but with
slight revisions to their respective LGD point estimates.
The company's liquidity rating of SGL-2, designating good
liquidity was also affirmed.


REFCO INC: Court Moves Claim Objection Deadline to April 30
-----------------------------------------------------------
RJM, LLC, the plan administrator to reorganized Refco, Inc. and
its affiliates, and Marc S. Kirschner, the plan administrator to
Refco Capital Markets, Ltd., obtained an April 30, 2008
extension of their deadline to object to requests for payment of
administrative expense claims and prepetition claims.

Steven Wilamowsky, Esq., at Bingham McCutchen, LLP, in New York,
relates that, since Refco's bankruptcy filing in October 2005,
14,400 filed claims and 8,300 unfiled claims have been addressed
by the U.S. Bankruptcy Court for the Southern District of New
York.  The Plan Administrators currently have 200 claims subject
to objections, and 100 claims for additional claims resolution.

Mr. Wilamowsky says roughly 225 claims were asserted as
administrative claims against either RCM or the Reorganized
Debtors.  The Plan Administrators have fully administered and
resolved 215 of the 225 claims.

According to Mr. Wilamowsky, the extension is appropriate to
complete the claims reconciliation process and will ensure that
all non-meritorious claims are properly challenged.

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


REFCO INC: Sale of 35% Equity Stake in FXCM Consummated
-------------------------------------------------------
RJM, LLC, the plan administrator to reorganized Refco, Inc. and
its affiliates, and Marc S. Kirschner, the plan administrator to
Refco Capital Markets, Ltd., notified the U.S. Bankruptcy Court
for the Southern District of New York that the sale of Refco
Group Ltd.'s 35% equity interest in Forex Capital Markets, LLC,
has been consummated.

The names of the purchasers had been withheld for
confidentiality purposes, according to Steven Wilamowsky, Esq.,
at Bingham McCutchen LLP, in New York.

As reported in the Troubled Company Reporter on November 29,
2007, the Plan Administrators asked the Court to approve their
settlement agreement with Forex Capital Markets, LLC, Forex
Trading LLC, FXCM Canada Ltd., FXCM LLC, David Sakhai, William
Ahdout, Kenneth Grossman, Michael Romersa, and Edward Yusupov.

Reorganized Refco Group Ltd. holds a 35% equity interest in
Forex Capital Markets, LLC.  Pursuant to Refco's confirmed
Chapter 11 Plan, RJM has authority to exercise Refco's rights in
respect of RGL's 35% interest in FXCM, including all rights
related to its liquidation or disposition.

The sale of RGL's interest is subject to the requirement that
certain claims against the Refco parties and RCM be resolved.

The Settlement Agreement provides that:

    a. The Plan Administrators will seek Court approval allowing
       the claims filed by the FXCM Parties:

       1. Claim No. 9140, to be allowed as a Class 6 FXA
          Convenience Class Claim for $3,290.87 under the Plan;

       2. Claim No. 9870, to be allowed as a Class 5(a) FXA
          General Unsecured Claim for $8,281,529.63;

       3. Claim No. 9871, to be allowed as a Contributing Debtor
          Class 5(a) General Unsecured Claim for $8,281,529.63.

    b. The Plan Administrators ask Court to expunge FXCM
       Parties' 31 other claims -- Claim Nos. 6629, 6630, 6631,
       6632, 6633, 6634, 6635, 6636, 6637, 7564, 7566, 7568,
       7569, 7570, 7571, 7572, 14268, 14269, 14270, 14271,
       14272, 14273, 14274, 14275, 14276, 14427, 14428, 14429,
       14430, 14431, 14432.

Jeffrey M. Olinsky, Esq., at Bingham McCutchen LLP, in New York,
told the Court the Plan Administrators have carefully reviewed
the claims filed by the FXCM Parties, as well as the books and
records of the Reorganized Debtors and RCM as they relate to the
claims.  The Plan Administrators believe that Claim Nos. 9140,
9870 and 9871 are properly allowable at the amounts set, and the
rest of the FXCM Parties' claims should be expunged.
Mr. Olinsky said the FXCM Parties agree that the 31 other claims
should be expunged.  "Expunging these other claims will
eliminate 31 claims against the Reorganized Debtors' and RCM's
estates that seek damages based on alleged fraudulent conduct of
the Debtors," he said.

Mr. Olinsky noted the Agreement would result in proceeds from
the sale of RGL's 35% equity interest in FXCM becoming
available for distribution to creditors of the Contributing
Debtors.

The Court approved the Settlement Agreement in December.

A full-text copy of the FXCM Settlement Agreement is available
for free at http://bankrupt.com/misc/FXCMsettlementAgreement.pdf

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 76
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


REFCO INC:  SPhinX Liquidators Want Protective Order Eased
----------------------------------------------------------
Kenneth M. Krys and Christopher Stride, in their capacity as the
Joint Official Liquidators of SPhinX, Ltd., SPhinX Macro Fund,
SPhinX Managed Futures Fund SPC, et al., ask the U.S. Bankruptcy
Court for the Southern District of New York to modify a
protective order dated April 26, 2006, and amended on
March 19, 2007, governing the use of certain confidential
material.

SPhinX seeks to allow Marc S. Kirschner, as Plan Administrator
for Refco Capital Markets, Ltd., and at the same time, as Refco
Litigation Trustee, to produce certain documents.

On behalf of the SPhinX Liquidators, David J. Molton, Esq., at
Brown Rudnick Berlack Israels LLP, in New York, relates that the
Protective Order was issued with respect to the documents
gathered at the Refco examiner's investigation of the Debtors'
Chapter 11 cases.  The Protective Order allows disclosure of
confidential documents if the producing party consents, or if
the Court issues an order.

According to Mr. Molton, certain parties transferred hundreds of
millions of dollars in SPhinX assets from Refco, LLC, to RCM,
where it comingled with the assets RCM and its other customers.

A discovery is being held at the Grand Court of the Cayman
Islands investigating the facts, circumstances, and events that
led to the collapse of SPhinX, Mr. Molton says.  Under a Court-
approved settlement agreement between the parties, Mr. Kirschner
will "not oppose any attempt by the Joint Official Liquidators
to obtain relief from any confidentiality restrictions."

Mr. Molton maintains that the information sought by SPhinX is
critical to the Cayman Court investigation of the assets,
liabilities and financial affairs of the SPhinX Funds.

               Ernst & Young, et al., Object

Seven objecting parties separately ask U.S. Bankruptcy Judge
Robert D. Drain to refrain from amending the protective order
governing the use of certain confidential materials.

The parties are:

   -- Ernst & Young LLP;

   -- Credit Suisse Securities (USA) LLC, formerly known as
      Credit Suisse First Boston LLC), Banc of America
      Securities LLC, Deutsche Bank Securities Inc., Goldman,
      Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith
      Incorporated, J.P. Morgan Securities Inc., Sandler O'Neill
      & Partners, L.P. and HSBC Securities (USA) Inc.;

   -- Thomas H. Lee Partners, L.P.;

   -- Grant Thornton LLP;

   -- PricewaterhouseCoopers;

   -- Arthur Andersen LLP; and

   -- Bank fur Arbeit und Wirtschaft und Osterreichische
      Postparkasse Aktiengesellschaf.

According to the Objecting Parties, the SPhinX Liquidators are
seeking to obtain pre-litigation discovery that Bankruptcy
Judge James M. Peck has already denied other Sphinx Funds
representatives in In re PlusFunds Group, Inc.

The Objecting Parties assert that the SPhinX Liquidators are
pursuing effectively the same request, for the same stated
reasons, and through the same counsel, which the Sphinx Trust
asserted and lost in the PlusFunds bankruptcy case.

Ernst & Young tells Judge Drain that it has no direct connection
to SPhinX or their estates, except for the tax work Ernst &
Young performed for certain Debtors in the tax year 2002.  Ernst
& Young adds that the SPhinX Liquidators did not explain how its
preparation of the Debtors' tax returns could have affected
SPhinX Funds.

The SPhinX Liquidators seek pre-litigation access to
confidential documents in which they are fundamentally
disinterested, Ernst & Young contends.  He also notes that that
the extensive existing record of Refco Inc. examiner's
investigation are publicly available, enabling the SPhinX
Liquidators to evaluate their potential claims.

Furthermore, the Underwriters, Credit Suisse et al., argue that
the Motion exceeds the scope of Rule 2004 of the Federal Rules
of Bankruptcy Procedure and Section 1521 of the Bankruptcy Code.

Rule 2004 limits any examination only to the acts, conduct, or
property or to the liabilities and financial condition of the
debtor, or to any matter which may affect the administration of
the debtor's estate, or to the debtor's right to a discharge.

Section 1521(a)(4) provides for discovery concerning the
debtor's assets, affairs, rights, obligations or liabilities.

The Underwriters, together with TH Lee, Grant Thornton, Arthur
Andersen, and PwC, argue that the Foreign Representatives seek
information that has nothing to do with the Sphinx Funds'
assets, affairs, rights, obligations or liabilities.  They
further stated that Judge Peck had found, in the PlusFunds
proceeding, that the Sphinx Trustee did not need any further
document production to determine any causes of action against
third parties, and that any additional document discovery should
occur pursuant to the Federal Rules.

Grant Thornton also states that it opposes the Motion, but if
the Court permits Marc S. Kirschner, as Refco Capital Markets,
Ltd.  Plan Administrator and Refco Litigation Trustee, to
produce any documents, the SPhinX Liquidators should be subject
to the same confidentiality restrictions as applied to Mr.
Kirschner and the Refco Examiner.

Meanwhile, Arthur Andersen LLP tells Judge Drain that its work
for Refco predates SPhinX Funds' existence.

BAWAG argues that it is inappropriate to lift the protections
afforded to the producing parties to SPhinX Funds, a non-estate,
non-fiduciary party, simply because it alleges possible claims
against parties in Refco's bankruptcy case.

Additionally, BAWAG maintains that the relief requested has no
direct connection to the proceedings in the Grand Court of the
Cayman Islands.

                SPhinX Liquidators Talk Back

The SPhinX Liquidators tell Judge Drain that the information
they seek regarding SphinX's funds at RCM, and the redemptions
of investments in SPhinX Funds through Refco's related entities
during 2005 and 2006, is "absolutely critical" to the
investigation of the SPhinX Funds assets, liabilities and
financial affairs, and the determination of the rights and
remedies that they may pursue on behalf of the SPhinX Funds.

The SPhinX Liquidators state that the Objections contain two
common threads:

   -- the discovery exceeds the proper scope of discovery under
      Rule 2004 and Section 1521; and

   -- the discovery was previously determined to be improper by
      Judge Peck in PlusFunds' bankruptcy case.

With regard to scope, the SPhinX Liquidators insist that they
are acting in accordance with a Settlement Agreement with Mr.
Kirschner, allowing them to seek the proposed discovery.

Moreover, the SPhinX Liquidators assert that the proposed
discovery is closely related to SPhinX Funds' affairs, as
impacted by the unlawful transfer of SPhinX assets to non-
segregated accounts with RCM.

The SPhinX Liquidators maintain that close relationship between
SPhinX Funds claims, the Objecting Parties, and other Refco-
related entities, demonstrates that Judge Peck's holding in the
PlusFunds case are inapplicable to the SphinX Funds case, since
the PlusFunds claims are distinct from the SphinX Funds claims.

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SPECTRUM BRANDS: Dec. 30 Balance Sheet Upside-Down by US$141.2MM
----------------------------------------------------------------
Spectrum Brands Inc.'s consolidated balance sheet at
Dec. 30, 2007, showed US$3.27 billion in total assets and
US$3.41 billion in total liabilities, resulting in a US$141.2
million total stockholders' deficit.

The company reported a net loss of US$43.4 million on net sales
of US$560.5 million for the first quarter of fiscal 2008 ended
Dec. 30, 2007, compared with a net loss of US$18.8 million on
net sales of US$564.6 million in the first quarter of fiscal
2007.

Spectrum Brands' net sales of US$560.5 million represented a
slight decline of one percent from the prior year.  Sales in the
quarter were negatively impacted by customer requests for
earlier than normal shipments of holiday related merchandise,
resulting in a timing shift of approximately US$15.0 million in
battery and personal care sales from the fiscal first quarter of
2008 to the fiscal fourth quarter of 2007.  In addition, the
company's continued deliberate exiting of unprofitable or
marginally profitable private label battery sales in Europe was
a contributor to the year over year decline.  Foreign currency
exchange had a favorable impact of US$31.0 million.

Ooperating income for the fiscal 2008 quarter increased to
US$51.8 million, or 9.3% of net sales from US$37.6 million, or
6.7% of net sales in the fiscal 2007 quarter, primarily due to
the savings associated with the decrease in advertising and
marketing expenses coupled with the impact of the company's
global realignment savings in the fiscal 2008 quarter.

Interest expense in the fiscal 2008 quarter increased to
US$45.7 million from US$31.7 million in the fiscal 2007 quarter
due to higher interest rates and higher average debt balances.

The company's effective tax rate on income from continuing
operations is approximately 260% for the fiscal 2008 quarter.
The effective tax rate on income from continuing operations was
approximately 30% for the fiscal 2007 quarter.  The increase in
effective income tax rate for the fiscal 2008 quarter is a
result of the company's decision to no longer benefit its net
operating losses generated in the U.S., while at the same time
being subject to tax on its income generated outside of the U.S.

The fiscal 2008 quarter reflects a loss from the discontinued
operations of its home and garden business of US$33.3 million,
net of tax, which includes a loss on disposal of Nu-Gro of
US$1.0 million, net of tax benefit.  The fiscal 2007 quarter
reflects a loss from discontinued operations of approximately
US$22.2 million, net of tax.  The increase in the loss from
discontinued operations is primarily due to the impact of income
taxes.

                  Senior Credit Facilities

At Dec. 30, 2007, the aggregate amount outstanding under the
company's Senior Credit Facilities totaled a U.S. Dollar
equivalent of US$1.52 billion, including principal amounts of
US$986.0 million under the U.S. Dollar Term B Loan, EUR258.0
million under the Euro Facility (US$378.0 million at
Dec. 30, 2007), US$105.0 million under the ABL Facility as well
as US$47.0 million outstanding in letters of credit under the
L/C Facility.

                  Senior Subordinated Notes

At Dec. 30, 2007, the company had outstanding principal of
US$700.0 million under its 7 3/8% Senior Subordinated Notes due
2015, outstanding principal of US$3.0 million under its 8 1/2%
Senior Subordinated Notes due 2013, and outstanding principal of
US$347.0 million under its Variable Rate Toggle Senior
Subordinated Notes due 2013.

Full-text copies of the company's consolidated financial
statements for the quarter ended Dec. 30, 2007, are available
for free at http://researcharchives.com/t/s?27f1

                  About Spectrum Brands Inc.

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a supplier of
batteries, portable lighting, lawn and garden products,
household insect control, shaving and grooming products,
personal care products and specialty pet supplies.  The company
has manufacturing and distribution facilities in China,
Australia and New Zealand, and sales offices in Melbourne,
Shanghai, and Singapore.  The company's European headquarters is
located in Sulzbach, Germany.  The company has approximately
8,400 employees worldwide.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                     Total
                                          Total   Shareholders
                                         Assets      Equity
Company                        Ticker    (US$MM)    (US$MM)
-------                        ------     ------   ------------

AUSTRALIA

Advance Healthcare Group Ltd      AHG      15.65       -6.78
Allstate Exploration NL           ALX      18.20      -42.75
Austar United Communications
  Limited                         AUN     411.16      -43.72
Biron Apparel Ltd                 BIC      19.71       -2.22
Croesus Mining NL                 CRS      16.00      -13.81
Emperor Mines Limited             EMP     138.99      -50.63
Evans & Tate Ltd                  ETW     103.76      -50.22
Hutchison Telecommunications
  (Aust) Ltd.                     HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.25      -10.88
KH Foods Ltd                      KHF      38.40       -6.79
Lafayette Mining Limited          LAF     105.24     -190.86
Renison Consolidated Mines NL     RSN      38.83       -3.94
Tooth & Co. Ltd.                  TTH     120.47      -87.64
UnderCoverWear Limited            UCW      28.92      -16.07
ViaGOLD Capital Limited           VIA      15.49       -3.11


CHINA AND HONG KONG

Asia Telemedia Limited            376      16.97       -7.53
Baiyin Copper Commercial
  Bldg (Group) Co                 672      24.47       -2.40
Beiya Industrial (Group)
  Co., Ltd                     600705     462.13      -20.57
Brilliant Arts Multi-Media
  Holding Ltd                    8130      11.62       -2.32
Cangzhou Chemical Industrial
  Co.Ltd                       600722     379.30       -2.89
Chang Ling Group                  561      85.06      -80.88
Changjiang Securities
  Co., Ltd                        783     357.75      -84.57
Chia Tai Enterprises
  International Ltd.              121     316.12       -8.92
China HealthCare Holdings Ltd     673      25.44       -3.37
China Liaoning International
  Cooperation (Group) Ltd         638      20.46      -41.24
Chinese.com Logi                  805      13.75      -32.33
Chongqing Int'l Enterprise
  Investment Co                000736      19.88      -15.67
Compass Pacific Holdings Ltd     1188      46.98      -14.92
Datasys Technology
  Holdings Ltd                   8057      14.10       -2.07
Dongxin Electrical Carbon
  Co., Ltd                     600691      34.19       -2.90
Dynamic Global Holdings Ltd.      231      44.64       -9.70
Everpride Biopharmaceutical
  Company Limited                8019      14.19       -0.02
Ever Fortune Intl.
  Hldgs. Limited                  875      14.41       -4.03
Fujian Changyuan Investment
  Holdings Limited                592      24.20      -19.62
Fujian Sannong Group Co. Ltd      732      42.50     -100.37
Fujian Start Computer
  Group Co.Ltd                 600734     114.76      -16.98
Guangzhou Oriental
  Baolong Automotive Co        600988      15.78      -11.11
Guangdong Hualong Groups
  Co., Ltd                     600242      15.23      -46.94
Hisense Kelon Electrical
  Hldngs Co., Ltd                 921     596.71      -94.69
Guangdong Meiya Group
  Co., Ltd.                       529      70.62      -59.86
Guangxia (Yinchuan) Industry
  Co. Ltd.                        557      48.71      -59.63
Hainan Dadonghai Tourism
  Centre Co., Ltd                 613      18.34       -8.39
Hans Energy Company Limited       554      85.00       -0.49
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47
Heilongjiang Black Dragon
  Co., Ltd                     600187     113.45      -74.67
Hualing Holdings Limited          382     262.90      -32.17
HuaTongTianXiang Group
  Co., Ltd.                    600225      52.77      -42.02
Huda Technology & Education
  Development Co. Ltd.         600892      17.12       -0.39
Hunan Anplas Co.                  156      77.57      -77.92
Innovo Leisure Recreation
  Holdings Ltd.                   703      13.40       -4.50
Jiaozuo Xin'an-a                  719      50.82      -25.45
Junefield Department
  Store Group Limited             758      12.93       -5.39
Lan Bao Technology
  Information Co.,Ltd             631     110.09      -78.89
Loulan Holdings Limited          8039      11.14       -2.21
Mianyang Gao Xin Industrial
  Dev (Group)                  600139      23.90      -15.65
New City China Development Ltd    456     253.47      -25.03
Orient Power Holdings Ltd.        615     176.86      -64.20
Paladin Ltd.                      495     167.43       -6.23
Plus Holdings Ltd.               1013      18.52       -3.34
Qinghai Xiancheng Industry
  Stock Co.,Ltd                600381      55.58      -55.04
Regal Real Estate
  Investment Trust               1881     945.38     -234.68
Sanjiu Yigong Biopharmaceutical
  & Chem                       000403     218.51       -3.48
Shanghai Worldbest
  Pharmaceutical Co.Ltd        600656      66.75      -13.42
Shanghai Xingye Housing
  Co.,Ltd                      600603      16.23      -49.40
Shenyang Hejin Holding
  Company Ltd.                    633     103.86       -3.16
Shenz China BI-A                20017      34.21     -238.76
Shenzhen Dawncom Business
  Tech. and Service Co., Ltd.     863      32.57     -137.55
Shenzhen Shenxin Taifeng
  Group Co., Ltd.                  34      69.92      -53.39
Shenzhen Konda-A                   48     112.05      -15.98
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11
Sichuan Direct-A                  575     143.71      -94.34
Stellar Megaunion Corporation  000892      54.33     -152.43
Success Information Industry
  Group Co.                       517      77.23      -17.78
Suncorp Tech Ltd.                1063      75.28       -5.03
Suntek Technology Co., Ltd     600728      49.03      -14.65
Suntime International
  Economic Trading             600084     372.80      -50.59
Taiyuan Tianlong Group Co.
  Ltd                          600234      19.47      -89.51
The First Investment &
  Merchant Co, Ltd             600515      90.66        5.98
Tianjin Marine Shipping
  Co. Ltd                      600751     111.03       -3.59
Tianyi Science & Technology
  Co., Ltd                     600703      45.82      -41.20
Tibet Summit Industry
  Co., Ltd                     600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      23.34      -72.39
Yueyang Hengli Air-Cooling
  Equipment Inc.                  622      40.61      -17.21
Yun Sky Chemical (Int)
  Hldg. Ltd                       663      29.31       -1.13
Zarva Technology Co. Ltd.         688      25.83     -175.37
Zhejiang Haina Science & Tech
  Co., Ltd.                       925      28.53      -36.27

INDIA

Andrew Yule & Co. Ltd             ANY      81.41      -30.90
Artson Engr.                      ART      10.31       -0.71
Ashima Ltd.                      ASHM      96.57      -42.59
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     185.37     -241.91
Dish TV India Limited            DITV     239.48      -12.62
Elque Polyesters                 ELQP      13.04      -22.66
Gujarat Sidhee Cement Ltd.       GSCL      59.44       -0.66
Himachal Futuris                 HMFC     603.36      -13.34
IFB Inds Ltd.                    IFBI      40.50      -70.82
JCT Electronics Ltd.             JCTE     117.60      -50.17
Jenson & Nic Ltd                   JN      14.81      -81.79
JK Synthetics Ltd                 JKS      17.99       -2.61
JOG Engineering                   VMJ      50.08      -10.08
Kalyanpur Cement                 KCEM      38.11      -48.48
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      96.32      -82.81
Modi Rubber Ltd                   MDR      39.76      -24.30
Mysore Cements                    MYC      82.02      -14.57
Panyam Cements                    PYC      17.18      -18.32
Parekh Platinum                  PKPL      59.66      -75.55
Remi Metals Gujarat Ltd.          RMM      45.06      -51.10
Rollatainers Ltd                  RLT      20.68       -3.88
RPG Cables Ltdd                  NRPG      55.40       -3.10
Sandur Manganese & Iron
  Ores Ltd.                      SMIO      32.57       -2.61
Shree Rama Multi Tech Ltd.      NSRMT      71.22      -29.91
Sil Businesse Enterprises Ltd.   SILB      12.46      -19.96
Surat Textile Mills Ltd.         GCTY      15.97        -8.85
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     657.28      -73.89
TVS Electronics                 TVSEL      30.73       -1.57
UB Engineeering                   UBE      31.43       -2.86


INDONESIA

Ades Waters Indonesia Tbk        ADES      25.94      -24.09
Argo Pantes Tbk                  ARGO     217.96      -15.70
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe Tbk                  SAFE      19.65       -2.43
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
  International Tbk              WICO      43.09      -46.36

JAPAN

Banners Co., Ltd                 3011      46.33      -14.11
C4 Technology, Inc               2355      33.71       -1.24
Heiwa Okuda Co., Ltd             1790      82.68       -6.66
NIWS Co., HQ Ltd.                2731     541.08      -33.01
Orient Corporation               8585   37956.19    -1109.02
TascoSystem Co., Ltd             2709      48.80      -13.52
Trustex Holdings, Inc.           9374     102.84       -7.81

KOREA

Cosmos PLC Co., Ltd            053170      19.31       -4.95
DaiShin Information &
  Communication Co.             20180     740.50     -158.45
E-Rae Electronics Industry
  Co., Ltd                      45310      45.47      -10.37
E Star B Co., Ltd.              55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Everex Inc                      47600      35.66       -0.66
Hyundai IT Corp.                48410     137.08      -48.10
Inno Metal Izirobot Inc.        70080      28.56       -0.33
Oricom Inc.                     10470      82.65      -40.04
Rocket Electric Co., Ltd.         420      77.37       -4.76
Seji Co., Ltd                   53330      37.25       -0.31
Starmax Co., Ltd                17050      76.61       -1.50
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77
Unick Corporation               11320      36.54       -4.45

MALAYSIA

Boustead Heavy Industries
  Corp. Bhd                      BHIC      57.34     -152.51
FED Furniture                    FFHB      38.27       -5.11
Harvest Court Industries  Bhd    HAR      10.17       -3.85
Lityan Holdings Berhad            LIT      18.84      -23.22
Mangium Industries Bhd           MANG      14.24      -12.15
Megan Media Holdings Berhad      MMHB      40.91     -248.31
Pan Malay Industries             PMRI     185.98       -6.91
PanGlobal Berhad                  PGL     181.15     -125.36
Paxelent Corp                    PAXE      13.16       -4.51
Putera Capital Berhad            PCAP      10.56       -4.70
Sino Hua-An International Bhd   HUAAN     184.60      -98.30
Sunway Infrastructure Berhad      SIB     399.84      -10.08
Sycal Ventures Berhad             SYC      58.76      -85.36
TAP Resources Bhd                 TAP      13.05       -1.33
Techventure Bhd                  TECH      36.31       -6.21
Tenggara Oil Bhd                 TENG      12.87       -0.34
Wembley Industries
  Holdings Bhd                    WMY     118.13     -243.99

PHILIPPINES

APC Group Inc.                    APC      71.75     -218.13
Atlas Consolidated Mining and
  Development Corp.                AT      61.14      -16.74
Benguet Corp.                      BC      55.45      -44.94
Central Azucarera de Tarlac       CAT      35.74       -1.80
Cyber Bay Corporation            CYBR      12.49      -64.98
East Asia Power Resources Corp.   PWR      94.52      -82.10
Fil Estate Corp.                   FC      36.10       -7.75
Filsyn Corporation                FYN      20.88       -9.68
Gotesco Land, Inc.                 GO      18.68      -10.86
Mariwasa Manufacturing, Inc.      MMI      71.98       -0.78
Prime Orion Philippines Inc.     POPI      99.69      -82.12
Unioil Resources & Holdings
  Company Inc.                    UNI      11.37      -11.44
United Paragon                    UPM      22.80      -29.23
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      62.99      -38.58
Victorias Milling Company Inc.    VMC     175.01      -38.64


SINGAPORE

ADV Systems Auto                  ASA      14.32       -8.54
Compact Metal Industries Ltd.     CMI      47.42      -36.47
Falmac Limited                    FAL      10.51       -2.30
Gul Technologies                  GUL     155.76      -15.21
HLG Enterprise                   HLGE     116.77       -8.71
Informatics Holdings Ltd         INFO      20.42      -11.65
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43
L&M Group Inv                     LNM      56.91      -10.59
Pacific Century Regional          PAC    1569.35      -88.20


TAIWAN

CIS Technology Inc.              2326      33.74      -18.91
Pacco Tech Co Ltd                5510      16.01       -7.00
Protop Technology Co., Ltd.      2410      55.69      -13.46
Yeu Tyan Machine                 8702      39.57     -271.07

THAILAND

Bangkok Rubber PCL                BRC      79.58      -65.24
Bangkok Steel Industry
  Public Co. Ltd                  BSI     378.66     -120.56
Central Paper Industry PCL      CPICO      12.29     -186.37
Circuit Electronic
  Industries PCL               CIRKIT      21.90      -75.21
Daidomon Group PLC              DAIDO      12.92       -8.51
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
  Public Co.                   POMPUI      15.77      -11.32
Living Land Capital PCL            LL      10.65       -3.16
Safari World Public Company
  Limited                      SAFARI     107.75       -1.98
Sahamitr Pressure Container
  Public Co. Ltd.                SMPC      26.36      -28.88
Siam General Factoring PCL        SGF      30.84       -5.36
Sri Thai Food & Beverage Public
  Company Ltd                     SRI      18.29      -43.37
Thai-Denmark PCL                DMARK      19.57       -3.02


                          *********


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.

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