TCRAP_Public/080219.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

             Tuesday, February 19, 2008, Vol. 9, Issue 35

                          Headlines

A U S T R A L I A

ACTION TILT: Commences Liquidation Proceedings
ADDEX PTY: Members Opt to Shut Down Business
ALL SITE: Taps Carter & Bettles as Liquidators
CENTRO PROPERTIE: Gets AU$4.9-Billion Debt Refinancing Extension
CHRYSLER LLC: Court to Decide Fate of Tooling Dispute Tomorrow

EDWARDS RESTAURANT: Members Appoint Lane & Peldan as Liquidators
GATT CONSTRUCTIONS: Members & Creditors Meeting Set for Today
GIBWAY PTY: Liquidator to Present Wind-Up Report on February 25
HINDMARSH MECHANICAL: Members Agree on Voluntary Liquidation
OXFORD YACHTS: Joint Meeting Slated for February 18

PAMRAE PTY: Undergoes Liquidation Proceedings
RICAR HOLDINGS: To Declare Dividend on March 6
ROCHE O'MAY: Members' & Creditors' Meeting Slated for March 7


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

CHINA EASTERN: Singapore Won't Revise Stake Bid
CKK INTERNATIONAL: Creditors' Proofs of Debt Due on March 14
DANA CORP: NewCo Registers Post-Bankruptcy Common Stock
DANA CORP: US$1.35 Billion Term Loan Trades on Secondary Market
FIAT SPA: Joint Venture With Credit Agricole Earns EUR119 Mil.

FOU WAH: Creditors' Proofs of Debt Due on March 17
GREAT SKY: Creditors' Proofs of Debt Due on March 15
INGRAM MICRO: Moody's Rates New US$275-Mln Credit Facility Ba2
LHI TECHNOLOGY: Creditors' Proofs of Debt Due on March 17
RASHTI: Members' Final General Meeting Fixed on March 31

SHOP OF GREEN: Members' Final Meeting Fixed on March 18
SICHUAN CHANG: Drops Bid for Wuxi Little


I N D I A

AFFILIATED COMPUTER: No Default Occurred Under Debenture
AXIS BANK: Committee of Directors to Meet on Feb. 18
GMAC LLC: Cerberus' Stephen Feinberg Warns of Difficulty Ahead
IFCI LTD: Doesn't Need Equity Infusion Yet, CEO Says
LOK HOUSING: Reports INR586.62 Mil. Profit in Oct.-Dec. 2007

TATA MOTORS: To Fund Development of Air-Powered Car
VISTEON CORP: Posts US$372 Million Net Loss in 2007


I N D O N E S I A

ANEKA TAMBANG: May Acquire Freeport Indonesia's 18.72% Stake
BANK MANDIRI: To Channel IDR11.7 Tril. in Home Ownership Loans
BANK DANAMON: Plans to Raise IDR1.5-Trillion Bonds in H1
BANK INTERNASIONAL: 2007 Net Profit Drops 36% to IDR404.76 Bil.
OWENS-ILLINOIS: Improved Cash Flow Prompts S&P's Rating Upgrade


J A P A N

IHI CORP: To Acquire Dutch Coating System Maker Hauzer Techno
INTERNATIONAL RECTIFIER: Names O. Khaykin & R. Dahl as Directors
STRATOS GLOBAL: Earns US$20 Million in Year Ended Dec. 31, 2007


K O R E A

DAEWOO: Morgan Stanley Unit Emerges as Preffered Bidder


M A L A Y S I A

INVENSYS PLC: Answers Speculations on Ongoing Debt
MALAYSIA AIRLINES: Anticipates to Earn MYR160MM in Annual MATF
MALAYSIA AIRLINES: Faces Earning Challenges in '09, Kenanga Says
SHAW GROUP: Cash Flow Improvement Cues S&P's Positive Outlook
WEMBLEY INDUSTRIES: Has Until June 30 to Sign DA w/ Datuk Bandar


N E W  Z E A L A N D

APEX TRAINING: Subject to CIR's Wind-Up Petition
BRIDGE CLIMB: Placed Under Voluntary Liquidation
DUNLEAHY INVESTMENTS: Placed Under Voluntary Liquidation
COMMUNICATION TECHNOLOGY: Appoints Levin & Vance as Liquidators
GOLDEN CIRCLE: Creditors' Proofs of Debt Due on February 21

KINGSTON STREET: Undergoes Liquidation Proceedings
LAKE TIMBER: Wind-Up Petition Hearing Set for March 10
MONDRIAN PROPERTY: Wind-Up Petition Hearing Set for April 24
NELSON STREET: Commences Liquidation Proceedings
QT HOSPITALITY: Court to Hear Wind-Up Petition on February 27

JONESES REAL: Shareholder Places Firm in Liquidation
TAURUS HIRE: Subject to Taurus Hire's Wind-Up Petition


P H I L I P P I N E S

ALLIED BANKING: Moody's to Give Ba3 Rating to Subordinated Notes
MANILA ELECTRIC: Lowers Generation Charge in February Billing
MANILA ELECTRIC: Permitted to Continue Operations in 11 Sites
SITEL WORLDWIDE: Weak Liquidity Cues Moody's Negative Outlook
VITARICH CORP: Confirms Increased Revenue Projections in 2008

WENDY'S INT'L: S&P Ratings Unaffected by Trian's Board Expansion


S I N G A P O R E

AAR CORP: US$25MM Over-Allotment Option Exercised by Purchasers
BELIMO ACTUATORS: Creditors' Proofs of Debt Due on March 15
CHEMTURA CORP: Expects to Post US$2MM Net Income in 2007 4Q
DBS BANK: Moody's Affirms 'B' Bank Financial Strength Rating
ELEMECH ENGINEERING: Court to Hear Wind-Up Petition on Feb. 29

ONE GROUP: Court Enters Wind-Up Order
TARGUS GROUP: Improved Performance Cues Moody's Stable Outlook


T A I W A N

FAR EASTERN: Seeks Bankruptcy Protection for Three Months


T H A I L A N D

* Fitch To Hold Teleconference for Asia's Banks on Feb. 20
* BOND PRICING: For the Week 18 February to 22 February 2008


                            - - - - -

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


ACTION TILT: Commences Liquidation Proceedings
----------------------------------------------
Action Tilt Tray & Low Loader Services Pty. Ltd.'s members
agreed on December 20, 2007, to voluntarily liquidate the
company's business.  In line with this goal, the company has
appointed Mark Conlan to facilitate the sale of its assets.

The liquidator can be reached at:

          Mark Conlan
          c/o RSM Bird Cameron Partners
          Chartered Accountants
          8 St Georges Terrace
          Perth, Western Australia 6000
          Australia
          Telephone:(08) 9261 9100
          Facsimile:(08) 9261 9340

                     About Action Tilt

Action Tilt Tray & Low Loader Services Pty. Ltd. provides
transportation services.  The company is located at Subiaco, in
Western Australia, Australia.


ADDEX PTY: Members Opt to Shut Down Business
--------------------------------------------
Addex Pty. Ltd.'s members agreed on January 8, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Martin David Lewis and David
William Kidman to facilitate the sale of its assets.

The liquidators can be reached at:

          Martin David Lewis
          David William Kidman
          Level 6, 81 Flinders Street
          Adelaide, South Australia 5000
          Australia

                      About Addex Pty.

Addex Pty. Ltd. is a distributor of envelopes.  The company is
located at Camden Park, in South Australia, Australia.


ALL SITE: Taps Carter & Bettles as Liquidators
----------------------------------------------
On December 14, 2007, the members of All Site Demolitions Pty.
Ltd. appointed Susan Carter and Jason Bettles as the company's
liquidators.

The liquidators can be reached at:

          Susan Carter
          Jason Bettles
          Worrells Solvency & Forensic Accountants
          50 Cavill Avenue, Level 6
          Surfers Paradise
          Queensland 4217
          Australia
          Telephone:(07) 5553 3407
          Facsimile:(07) 5570 1884

                      About All Site

All Site Demolitions Pty Ltd is involved with wrecking and
demolition work.  The company is located at Kurwongbah, in
Queensland, Australia.


CENTRO PROPERTIE: Gets AU$4.9-Billion Debt Refinancing Extension
----------------------------------------------------------------
Centro Properties Group has obtained an extension from its
lenders for the refinancing of AU$4.9 billion of debt, Bloomberg
News reports.

The same report says that Commonwealth Bank of Australia and
National Australia Bank Ltd. gave Centro Properties until April
30 to refinance AU$3.9 billion of debt, while also extending
payment for AU$1 billion of debt that became due Feb. 15.

As previously reported, the company accumulated debts as a
result of its two-year, AU$10 billion spending spree that made
Centro the second-largest shopping mall owner in Australia, and
fifth largest in the United States.

Bloomberg related that Centro Properties' shares plunged 89% as
a result of the global credit crunch, prompting it to announce
in December 2007 that it will have difficulty meeting debt
payments.  The company's net worth is now AU$515 million, down
from its peak of AU$8.5 billion in May last year.

The Financial Times said that Centro Properties is the worst hit
among Australian companies as a result of the global credit
crisis.  It defaulted on AU$1.3 billion of loans in December
2007.  The company has about AU$17.9 billion of total debts.  It
put assets on the auction block in January and is currenty
looking for buyers to its two unlisted funds:  Centro Australia
Wholesale Fund with AU$2.6 billion of funds under management;
and Centro America Fund, with AU$1.1 billion.

"I suspect the company did what they had to but no more and the
market seems to be somewhat satisfied that they have prolonged
any entry to the cooking pot," Mark Wist, director at Property
Investment Research Ltd. in Melbourne, told Bloomberg.  "Its
temporary reprieve extension may just be a case of lenders
trying to ascertain their rights to different assets, which will
be difficult given the complex ownership structure."

Centro's major creditors are: Commonwealth Bank of Australia,
Australia  & New Zealand Banking Group Ltd., National Australia
Bank Ltd., JPMorgan Chase & Co., Royal Bank of Scotland Group
Plc, and BNP Paribas.

                 About Centro Properties

Centro Properties Group -- http://www.centro.com.au/-- is a
Melbourne, Australia-based company that comprises the operations
of Centro Property Trust and its entities, which are engaged in
property investment, property management, property development
and funds management.

The company operates in two business segments: property
ownership business and services business. The Company derives
income from retail property rentals of shopping center space to
retailers across Australasia and the United States.  It also
derives income from its retail property investments in listed
and unlisted entities.  Its services business activities include
incorporating funds management, property management and
development and leasing.  During the fiscal year ended
June 30, 2007, the Company acquired New Plan Excel Realty Trust,
Heritage Property Investment Trust and Galileo Funds Management,
as well as assumed full ownership of its United States
management operations.

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


CHRYSLER LLC: Court to Decide Fate of Tooling Dispute Tomorrow
--------------------------------------------------------------
The Honorable Phillip Shefferly of the U.S. Bankruptcy Court for
the Eastern District of Michigan will rule on the tooling
dispute between Plastech Engineered Products Inc. and its
debtor-affiliates, and Chrysler LLC, on Feb. 19, 2008, Reuters
reports.

For the meantime, Judge Shefferly urged the parties to reach an
interim agreement for the next few days, since the last interim
tooling agreement expires today.  He told the parties he would
be "very disappointed" if they do not reach a temporary accord
over the weekend, relates Reuters.

Chrysler said it was not sure when it could talk with Plastech
about extending the interim pact, Reuters says, citing Kevin
Frazier, a Chrysler representative.

As reported in the Troubled Company Reporter on Feb. 14, 2008,
the parties threw objection after objection against each other
in a two-day hearing before the Court, with Plastech challenging
Chrysler to prove its "ownership" of the tooling parts.

                  About Plastech Engineered

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

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

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

An Official Committee of Unsecured Creditors has been appointed
in the Debtors' cases.

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

                     About Chrysler LLC

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

                          *     *     *

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


EDWARDS RESTAURANT: Members Appoint Lane & Peldan as Liquidators
----------------------------------------------------------------
During a general meeting held on January 8, 2008, the members of
Edwards Restaurant Pty. Ltd. appointed Morgan Lane and Michael
Peldan of Worrells as the company's liquidators.

The liquidators can be reached at:

          Morgan Lane
          Michael Peldan
          c/o Worrells
          102 Adelaide St, 8th Floor
          Brisbane, Queensland 4000
          Australia
          Web site: http://www.worrells.net.au

                   About Edwards Restaurant

Edwards Restaurant Pty Ltd is a distributor of durable goods.  
The company is located at Spring Hill, in Queensland, Australia.


GATT CONSTRUCTIONS: Members & Creditors Meeting Set for Today
-------------------------------------------------------------
Gatt Constructions Pty. Ltd., which is in liquidation, will hold
a joint meeting for its members and creditors at 10:00 a.m.
today, Feb. 19, 2008.  During the meeting, the company's
liquidator, Ron Gamble at BDO Kendalls, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Ron Gamble
          c/o BDO Kendalls
          256 St Georges Terrace, 8th Floor
          Perth, Western Australia 6000
          Australia
          Telephone:(08) 9360 4200

                 About Gatt Constructions

Gatt Constructions Pty Ltd is a general contractor of industrial
buildings and warehouses.  The company is located at Balcatta,
in Western Australia, Australia.


GIBWAY PTY: Liquidator to Present Wind-Up Report on February 25
---------------------------------------------------------------
Allan Davie, Gibway Pty. Ltd.'s appointed estate liquidator,
will meet with the company's members on February 25, 2008, to
provide them with property disposal and winding-up reports.

As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on January 3, 2008.

The liquidator can be reached at:

          Allan Davie
          Charts Partners Pty Ltd as Trustee
          GPO Box 2168
          Brisbane, Queensland 4001
          Australia

                     About Gibway Pty.

Located at Brisbane, in Queensland, Australia, Gibway Pty. Ltd.
is an investor relation company.


HINDMARSH MECHANICAL: Members Agree on Voluntary Liquidation
------------------------------------------------------------
Hindmarsh Mechanical & Electrical Services Pty. Ltd.'s members
agreed on January 14, 2008, to voluntarily liquidate the
company's business.  In line with this goal, the company has
appointed Martin David Lewis at Ferrier Hodgson to facilitate
the sale of its assets.

The liquidator can be reached at:

          Martin David Lewis
          Chartered Accountant
          Ferrier Hodgson
          81 Flinders Street, Level 6
          Adelaide, South Australia 5000
          Australia

                 About Hindmarsh Mechanical

Hindmarsh Mechanical & Electrical Services Pty Ltd provides
plumbing, heating, and air-conditioning services.  The company
is located at Hindmarsh, in South Australia, Australia.


OXFORD YACHTS: Joint Meeting Slated for February 18
---------------------------------------------------
Oxford Yachts Pty. Ltd., which is in liquidation, will hold a
joint meeting for its members and creditors at 10:00 a.m. on
February 18, 2008.  During the meeting, the company's
liquidator, W. J. Fletcher at Bentleys Chartered Accountants,
will provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          W. J. Fletcher
          Bentleys Chartered Accountants
          AMP Place, Level 26
          10 Eagle Street
          Brisbane, Queensland
          Australia

                    About Oxford Yachts

Oxford Yachts Pty Ltd, which is alos trading as Southern
Hemispheare Shipyard, is a distributor of fabricated structural
metal.  The company is located at Morningside, in Queensland,
Australia.


PAMRAE PTY: Undergoes Liquidation Proceedings
---------------------------------------------
Pamrae Pty. Ltd.'s members agreed on December 17, 2007, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Robert Colin Parker at Freer
Parker & Associates to facilitate the sale of its assets.

The liquidator can be reached at:

          Robert Colin Parker
          Freer Parker & Associates
          40 Sturt Street
          Adelaide, South Australia
          Australia

                      About Pamrae Pty.

Pamrae Pty. Ltd., which is also trading as Bute Hotel, operates  
drinking places.  The company is located at Bute, in South
Australia, Australia.


RICAR HOLDINGS: To Declare Dividend on March 6
----------------------------------------------
Ricar Holdings Pty. Ltd., which is in liquidation, will declare
dividend for priority creditors on March 6, 2008.

Only priority creditors who were able to file their proofs of
debt by February 6, 2008, will be included in the company's
dividend distribution.

The liquidator can be reached at:

          Jennifer E. Low
          Sheridans Chartered Accountants
          40 St Georges Terrace, Level 6
          Perth, Western Australia 6000
          Australia
          Telephone:(08) 9221 9339
          Facsimile:(08) 9221 9340

                   About Ricar Holdings

Ricar Holdings Pty. Ltd., which is also trading as Majestic
Stairs, is constructor of public buildings.  The company is
located at Maylands, in Western Australia, Australia.


ROCHE O'MAY: Members' & Creditors' Meeting Slated for March 7
-------------------------------------------------------------
Roche O'May Pty. Ltd., which is in liquidation, will hold a
joint meeting for its members and creditors at 10:30 a.m. on
March 7, 2008.  During the meeting, the company's liquidator,
Paul Cook at Paul Cook & Associates, will provide the attendees
with property disposal and winding-up reports.

The company will also declare dividend final ordinary dividend
on February 20, 2008.

The liquidator can be reached at:

          Paul Cook
          c/o Paul Cook & Associates
          105 Macquarie Street
          Hobart, Tasmania 7000
          Australia
          Telephone:(03) 6223 2555
          Facsimile:(03) 6223 2556
          e-mail:info@pjc.com.au

                     About Roche O'May

Roche O'may Pty Ltd operates investment offices.  The company is
located at Hobart, in Tasmania, Australia.




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


CHINA EASTERN: Singapore Won't Revise Stake Bid
------------------------------------------------
Singapore Airlines said that its offer to buy a stake in China
Eastern Airlines Corporation Limited remains in place, and it
has no plans to revise its existing bid, Reuters News reports.

As reported in the Troubled Company Reporter-Asia Pacific on  
Jan. 10, 2008, nearly 78% of China Eastern shareholders earlier
rejected a bid by Singapore Airlines and Temasek Holding Pte
Limited to buy a minority stake in China Eastern after rival Air
China and its parent, China National Aviation Corp., pledged a
higher offer.

Air China and China Aviation specifically vowed to pay at least
32% more (or at least HK$5.00 a share) than what Singapore
Airlines and Temasek agreed to pay for a 24% stake in China
Eastern.  Singapore Air and Temasek had proposed to pay China
Eastern HK$3.80 per share, or HK$7.2 billion (US$923 million) in
aggregate.

Singapore Airlines Chief Executive Chew Choon Seng, in response
to a question on whether the airline will renew its bid said  
they have no plans at the moment.  However, they will continue
to engage China Eastern in commercial cooperation, beyond that
they have no other plans, Reuters notes.

Jan Dahinten and Melanie Lee at Reuters write that Mr. Chew said  
Singapore Airlines' offer is still on the table but they will
not ignore the growth markets, like China and India.

                   About China Eastern

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

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

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


CKK INTERNATIONAL: Creditors' Proofs of Debt Due on March 14
------------------------------------------------------------
The creditors of CKK International Limited are required to file
their proofs of debt by March 14, 2008, to be included in the
company's dividend distribution.

The commenced liquidation proceedings on January 21, 2008.

The company's liquidators are:

         Kennic Lai Hang Lui
         Frank Tsz Chun Yuen
         5th Floor, Ho Lee Commercial Bldg.
         38-44 D' Aguilar Street
         Central, Hong Kong


DANA CORP: NewCo Registers Post-Bankruptcy Common Stock
-------------------------------------------------------
After their January 31, 2008, emergence from Chapter 11, Dana
Corporation, now named Dana Holding Corporation, registered new
set of common and preferred stock with the U.S. Securities and
Exchange Commission.

Pursuant to Dana's Third Amended Joint Plan of Reorganization,
the reorganized company would issue 500,000,000 shares of
capital  stock, consisting of 450,000,000 shares of common stock
and 50,000,000 shares of preferred stock.  

Of the Preferred Stock, 2,500,000 shares would be designated as  
Series A Preferred Stock, and 5,400,000 shares would be
designated as Series B Preferred Stock.

                        Common Stock

Holders of Common Stock would be entitled to dividends declared
from time to time by the board of directors out of legally
available funds.  Each holder of common stock is entitled to one
vote for each share except for the election of directors, which
is to be elected by the holders of Series A Preferred Stock.  
Holders of common stock are not entitled to cumulative voting
rights.

Marc Levin, acting general counsel and secretary for Dana
Holding, says that in the event of the company's liquidation,
dissolution or winding up, holders of common stock would be
entitled to share equally and ratably in any assets remaining
after the payment of all debt and liabilities, subject to the
prior rights of holders of any outstanding preferred stock.  

                      Preferred Stock

Dana Holding would issue US$250,000,000 in aggregate liquidation
preference of the Series A Preferred Stock to a private equity
firm, in consideration for the equity firm's investment to Dana
Holding.  The company would also issue US$540,000,000 in
aggregate liquidation preference of the Series B Preferred Stock
to certain qualified investors in consideration for their
investment to Dana Holding.

The price at which each share of Preferred Stock would be
convertible into Common Stock would be 83% of its distributable
market equity value per share.  If, as result of that
determination:

   (i) the holders of the Preferred Stock would own, on an as-
       converted, fully diluted basis, less than 32.0% of Dana
       Holdings' issued shares of Common Stock plus the number
       of shares of Common Stock that would be issued upon
       conversion of the Preferred Stock, necessary adjustments
       would be made so holders of Preferred Stock would own
       32.0% of the Fully Diluted Shares; or

  (ii) the holders of the Preferred Stock would own, on an as-
       converted, fully diluted basis, more than 36.3% of the
       Fully Diluted Shares, necessary adjustments would be made
       so holders of Preferred Stock would own 36.3% of the
       Fully Diluted Shares.

Referred percentages are subject to adjustment to the extent
that Dana Holding's net debt plus the value of its minority
interests as of the Effective Date is an amount other than
US$525,000,000.

Shares of Series A Preferred Stock having an aggregate
liquidation preference of not more than US$125,000,000 and the
Series B Preferred Stock would be convertible at any time at the
option of the applicable holder after the six-month anniversary
of the Effective Date.  

In the event that the per share closing sales price of the
Common Stock exceeds 140% of the distributable market equity
value per share for at least 20 consecutive trading days
beginning on or after January 31, 2013, Dana Holding would be
able to cause the conversion of all of the Preferred Stock.  

The price at which the Preferred Stock is convertible would be
subject to adjustment as a result of stock splits and
combinations, dividends and distributions and certain issuances
of common stock or common stock derivatives.

The Preferred Stock would be entitled to dividends at an annual
rate of 4%, payable quarterly in cash.  The shares would have
equal voting rights and would vote together as a single class
with the Common Stock on an as-converted basis, except that the
Series A Preferred Stock would be entitled to vote as a separate
class to elect three directors.

At the first annual meeting of stockholders after the Effective
Date, and as the initial holder of the Series A Preferred Stock
owns at least US$125,000,000 of the Series A Preferred Stock,
Dana Holding's board of directors would be composed of nine
members, as follows:

   (i) three directors designated by initial holder of the
       Series A Preferred Stock and elected by holders of the
       Series A Preferred Stock,

(ii)  one independent director nominated by a special purpose
       nominating committee composed of two designees of the
       initial holder of the Series A Preferred Stock and one
       other board member, and

(iii) five directors nominated by Dana Holding's board.  With    
       the exception of the three directors elected by holders
       of the Series A Preferred Stock, the remaining directors
       would be elected by holders of Common Stock and any other
       class of capital stock.

Holders of Preferred Stock would also have the right to elect
two directors in the event that six quarterly dividends on the
Preferred Stock are accrued but unpaid.

                 Additional Preferred Stock

Dana's Restated Certificate of Incorporation authorizes the
issuance of 50,000,000 shares of preferred stock.  The Board is
authorized to provide for the issuance of shares of preferred
stock, in one or more series, and to fix for each series voting
rights.

The Board is authorized to issue shares of preferred stock and
determine its rights and preferences for the purpose of
eliminating delays associated with a stockholder vote on
specific issuances.  "The issuance of preferred stock, while
providing flexibility in connection with possible acquisitions,
future financings and other corporate purposes, may discourages
or would make it more difficult for a third party to acquire a
majority of the outstanding voting stock of Dana Holding." he
concludes.

Mr. Levin, informs that the shares of preferred stock may also
be reissued by Dana Holding following redemption of their shares
or conversion of the holder's shares, as applicable.

                  Certain Anti-Takeover Effects

Certain provisions of the Restated Certificate of Incorporation
and Bylaws of Dana Holding, as well as the General Corporation
Law of the State of Delaware, may have the effect of delaying,
deferring or preventing a change in control of Dana Holding,
including those regulating the nomination of directors, limiting
who may call special stockholders' meetings and eliminating
stockholder action by written consent, together with the terms
of the Preferred Stock, may make it more difficult for other
persons, without the approval of Dana Holding's board of
directors to acquire substantial amounts of Common Stock or
other attempts for the stockholders' best interest.

                          About Dana

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Nov. 30, 2007, the Debtors listed US$7,131,000,000 in total
assets and US$7,665,000,000 in total debts resulting in a total
shareholders' deficit of US$534,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represented the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represented the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.

The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of January 31, 2008.  Dana Corp., starting
on the Plan Effective Date, operated as Dana Holding
Corporation.

(Dana Corporation Bankruptcy News, Issue No. 70; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


DANA CORP: US$1.35 Billion Term Loan Trades on Secondary Market
-------------------------------------------------------------
The US$1.35 billion term loan portion of Dana Holding Corp.'s
US$2 billion exit financing facility began trading on the
secondary market Feb. 7, with the price quoted at 90/91, William
Rochelle at Bloomberg News reports, citing Standard & Poor's.

As reported in the Troubled Company Reporter on Feb. 12, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Dana Holding following the company's emergence
from Chapter 11 bankruptcy protection on Feb. 1, 2008.  The
outlook is negative.

"The ratings are based on the exit financing, capital structure,
and other terms and conditions under Dana's plan of
reorganization filed with the bankruptcy court, which has now
been consummated," said Standard & Poor's credit analyst Nancy
Messer.

At the same time, Standard & Poor's assigned Dana's US$650
million asset-based loan revolving credit facility due 2013 a
'BB+' rating -- two notches higher than the corporate credit
rating -- with a recovery rating of '1', indicating an
expectation of very high -- 90% to 100% -- recovery in the event
of a payment default.

The loan was priced at the London Interbank Offered Rate plus
375 basis points, Mr. Rochelle notes.

S&P also assigned a 'BB' bank loan rating to Dana's US$1.43
billion senior secured term loan -- one notch above the
corporate credit rating -- with a recovery rating of '2',
indicating an expectation of average -- 70% to 90% -- recovery.
     
The bank loan ratings assume that any remaining conditions that
predate the bank facility are satisfied or waived.

Dana had US$1.6 billion of balance sheet debt outstanding at
emergence from bankruptcy.  The capital structure also includes
US$792 million of 4% cash-pay convertible preferred stock, held
by Centerbridge Partners L.P. and certain prior creditors, which
Standard & Poor's views as equity.

The ratings reflect Dana's weak business profile and aggressive
financial profile, S&P explained.

S&P said it could lower the ratings over the next year if Dana
fails to generate free cash flow, whether because of slower
restructuring efforts, more adverse market conditions, or
failure to install a strong executive leadership team.  In
addition, S&P could lower the ratings if Dana's strategic or
financial policies take a more aggressive turn under the new
board of directors and executive management team.  Any of these
occurrences could inhibit Dana's free cash flow and the
potential for reduced leverage in the near term.

S&P could revise the outlook to stable if market conditions
stabilize and Dana is able to modestly expand sales and EBITDA
in the next few years, and if restructuring activities produce
improved and sustainable adjusted EBITDA margin in 2008 and 2009
at 10% or better.  The assignment of a stable outlook would also
require S&P's confidence that the financial policy and business
strategy of Dana's new owners would remain consistent with the
current rating and that the company would resolve prior
accounting issues.  S&P would also need to see evidence, through
the achievement of profitable new business wins, that the
company is establishing itself as a credible long-term global
competitor in its markets.

                          About Dana

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Nov. 30, 2007, the Debtors listed US$7,131,000,000 in total
assets and US$7,665,000,000 in total debts resulting in a total
shareholders' deficit of US$534,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represented the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represented the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.

The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of January 31, 2008.  Dana Corp., starting
on the Plan Effective Date, operated as Dana Holding
Corporation.

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


FIAT SPA: Joint Venture With Credit Agricole Earns EUR119 Mil.
--------------------------------------------------------------
Fiat Group Automobiles Financial Services, a 50-50 joint venture
of Fiat SpA and Credit Agricole, earned EUR119 million in its
first year of operations ending in Dec. 31. 2007, Forbes.com
reports, citing Thompson Financial.  

According to Thompson Financial, the prospects for 2008 confirm
further growth, thanks to the growth in sales of autos by Fiat,
improvement of financial activities, and cross-selling with
Credit Agricole; and total financial activities grew 8% to EUR17
billion on a year to year basis from 2006.

The joint venture provides dealer finance as well as financing
for car purchases by Fiat customers, Thomson Financial relates.

                      About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

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

                        *     *     *

As reported in the TCR-Europe on Nov. 6, 2007, Moody's Investors
Service changed the outlook on Fiat S.p.A. and subsidiaries' Ba3
Corporate Family Rating to positive from stable and affirmed its
Ba3 long-term senior unsecured ratings as well as the short-term
non-Prime rating.

On Oct. 4, 2007, Fitch Ratings affirmed Fiat S.p.A.'s Issuer
Default and senior unsecured ratings at BB- and Short-term
rating at B.

The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating.  The compay also carries B short-
term rating.  S&P said the outlook is stable.


FOU WAH: Creditors' Proofs of Debt Due on March 17
--------------------------------------------------
The creditors of Fou Wah Weaving Mills Limited are required to
file their proofs of debt by March 17, 2008, to be included in
the company's dividend distribution.

The company's liquidator is:

         Man Mo Leung
         34th Floor, The Lee Gardens
         334th Hysan Avenue, Causeway Bay
         Hong Kong


GREAT SKY: Creditors' Proofs of Debt Due on March 15
----------------------------------------------------
The creditors of Great Sky Limited are required to file their
proofs of debt by March 15, 2008, to be included in the
company's dividend distribution.

The commenced liquidation proceedings on February 8, 2008.

The company's liquidators are:

         Ching Kwok Ho, Samuel
         Li Lau Lai Hing, Joanna
         12th Floor, New World Tower II
         18 Queen's Road
         Central, Hong Kong


INGRAM MICRO: Moody's Rates New US$275-Mln Credit Facility Ba2
--------------------------------------------------------------
Moody's has affirmed Ingram Micro Inc.'s Ba1 corporate family
rating and assigned a Ba2 (LGD-5, 75%) rating to the company's
five-year US$275 million senior unsecured revolving credit
facility due 2012.  The rating outlook is stable.  Proceeds from
the credit facility, which was put in place in August 2007, are
intended to be used for working capital needs and general
corporate purposes.  It replaces an unrated US$175 million
revolver that was set to expire in July 2008.  The new credit
facility includes an accordion feature under which total
commitments may be increased up to US$450 million, subject to
approval by the bank syndicate, at any time prior to maturity
date.

The rating for the US$275 million senior unsecured revolver
reflects the overall probability of default of the company, to
which Moody's assigns a PDR of Ba1 based on a 50% expected
corporate family recovery rate.  Under Moody's loss given
default methodology, the senior unsecured credit facility is
rated one notch below the Ba1 CFR due to higher expected loss
given its junior position in the company's capital structure
relative to a disproportionately large accounts payable balance
that is likely to persist.  The facility contains financial
covenants requiring the maintenance of certain financial ratios.  
Moody's expects the company to remain in compliance with these
covenants over the next twelve months.

This new rating was assigned:

  -- US$275 million Senior Unsecured Revolving Credit Facility
     due 2012 -- Ba2 (LGD-5, 75%)

These ratings were affirmed:

  -- Corporate Family Rating -- Ba1
  -- Probability of Default Rating -- Ba1

Approximately US$275 million of new debt rated.

Ingram Micro's Ba1 corporate family rating reflects its leading
position as the largest global technology distributor,
increasing scale and geographic breadth, solid performance in
core North American markets, expanded presence in the fast
growing Asia-Pacific region, solid liquidity position and
moderate leverage profile.  The CFR is also constrained by the
challenges associated with the company's high volume, low margin
business profile.  Importantly, the rating incorporates the very
thin, low single digit operating margins, significant supplier
concentration, limited pricing power, heightened competitive
environment, volatile cash flow generation trends and potential
further acquisition spending and/or share repurchase activity.

The stable outlooks reflects Moody's expectation that Ingram
Micro will continue to maintain its current gross profit and
operating margins and continue to receive support from its high
growth Asia-Pacific markets and improving EMEA operations, while
maintaining stable market share in its core North American
markets.  The stable outlook also considers Moody's expectation
that the company will maintain a strong liquidity position
evidenced by ample cash balances, sufficient availability across
its various credit facilities and minimum retained cash flow to
debt ratio of 20%.

The company's revenues and adjusted EBITDA for the last twelve
months ended Sept. 30 2007, were US$33.9 billion and US$661
million, respectively.

Headquartered in Santa Ana, California, Ingram Micro Inc. (NYSE:
IM) -- http://www.ingrammicro.com/-- together with its  
subsidiaries, distributes information technology products and
supply chain solutions worldwide.  Its IT products include
peripherals, networking, software, and systems.  The company has
Latin America operations in Brazil, Chile and Mexico.


LHI TECHNOLOGY: Creditors' Proofs of Debt Due on March 17
---------------------------------------------------------
The creditors of Lhi Technology (HK) Company Limited are
required to file their proofs of debt by March 17, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

         Man Mo Leung
         34th Floor, The Lee Gardens
         334th Hysan Avenue, Causeway Bay
         Hong Kong


RASHTI: Members' Final General Meeting Fixed on March 31
--------------------------------------------------------
Robin Harris and Fok Pui Ling Linda, Rashti & Rashti (Hong Kong)
Limited's appointed estate liquidator, will meet with the
company's members on March 31, 2008, to provide them with
property disposal and winding-up reports.

The liquidator can be reached at:

          Robin Harris
          Fok Pui Ling Linda
          31st Floor, The Center
          99 Queen's Road Central
          Hong Kong


SHOP OF GREEN: Members' Final Meeting Fixed on March 18
-------------------------------------------------------
Au Yan Alfred, The Shop of Green and Found Limited's appointed
estate liquidator, will meet with the company's members on
March 31, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Au Yan Alfred
          24th Floor, Hang Wai Commercial Bldg.
          231-233 Queen's Road East
          Wanchai, Hong Kong


SICHUAN CHANG: Drops Bid for Wuxi Little
----------------------------------------
Sichuan Changhong Electrical Co. withdrew its bid to buy a 24%
stake in washing-machine maker Wuxi Little Swan Co. due to cost
concerns, ShanghaiDaily reports.

Citing a government regulation, Sichuan Changhong told
ShanghaiDaily that the 24% stake, or 87.67 million shares, can't
be sold for less than CNY1.65 billion (US$230 million) and that
the buyer also must pay the full amount in cash.

Earlier reports indicated that Changhong showed interest to gain
a controlling stake in Wuxi Little as the television maker plans
to expand its business into the washing-machine industry.

Based in Mianyang, Sichuan Province, China, Sichuan Chang Hong
Electric Co., Ltd. -- http://www.changhong.com/-- is  
principally engaged in the manufacture and sale of televisions,
air conditioners, mobile phones, refrigerators and other
household electrical appliances.  The company offers its
products under 13 categories, including military products,
digital televisions, digital display panels, information
technology products, air conditioners, digital audio/video
products, digital network products, molding products, digital
electronic components, environment-friendly power supply
systems, electrical equipment, electric engineering products and
chemical materials.  The company distributes its products in 90
countries/regions, including Russia, the United States, France,
and South America.

Xinhua Far East China Ratings gave the company a B+ issuer
credit rating on February 24, 2006.




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


AFFILIATED COMPUTER: No Default Occurred Under Debenture
--------------------------------------------------------
Affiliated Computer Services Inc. disclosed that on
Feb. 12, 2008, the United States District Court for the Northern
District of Texas, Dallas Division, granted the company's Motion
for Summary Judgment in a declaratory relief action and entered
a judgment that no default occurred under Section 4.03(a) of its
indenture with certain noteholders.

The company filed the lawsuit because certain holders of its
4.70% Senior Notes due June 1, 2010, and its 5.20% Senior Notes
due June 1, 2015, sent various notices alleging that the company
was in default of its covenants under the related Indenture
dated June 6, 2005, along with any Supplemental Indentures, as
the result of the company's failure to timely file its Annual
Report on Form 10-K for the period ending June 30, 2006, by
Sept. 13, 2006.  

Subsequently, those noteholders declared an acceleration of the
Senior Notes, as a result of the company's failure to remedy the
purported default set forth in their earlier notices and
demanded payment of all amounts owed in respect of the Senior
Notes.

              About Affiliated Computer Services

Headquartered in Dallas, Texas, Affiliated Computer Services
Inc. (NYSE:ACS) -- http://www.acs-inc.com/-- provides business
process outsourcing and information technology services to
commercial and government clients.  The company has two segments
based on the clients it serves: commercial and government.  The
company provides services to a variety of clients including
healthcare providers and payers, manufacturers, retailers,
wholesale distributors, utilities, entertainment companies,
higher education institutions, financial institutions, insurance
and transportation companies.  The company has global operations
in Brazil, China, Dominican Republic, India, Guatemala, Ireland,
Philippines, Poland, and Singapore.

                        *     *      *

As reported in the Troubled Company Reporter-Latin America on
Jan. 30, 2008, Moody's Investors Service confirmed Affiliated
Computer Services' Ba2 corporate family rating with a stable
rating outlook.  The rating confirmation concluded a review for
possible downgrade initiated on March 20, 2007.  The ratings of
ACS remained under review for possible downgrade.


AXIS BANK: Committee of Directors to Meet on Feb. 18
----------------------------------------------------
AXIS Bank Ltd's Committee of Directors will hold a meeting on
Feb. 18, 2008, a filing with the Bombay Stock Exchange says.

According to the bank, the Committee will be considering the
allotment of equity shares under ESOP.

Headquartered in Mumbai, India, Axis Bank Ltd, formerly known as
UTI Bank Limited, -- http://www.axisbank.com/-- is engaged in
treasury and other banking operations. The treasury services
segment undertakes trading operations on the proprietary
account, foreign exchange operations and derivatives trading.
Revenues of the treasury services segment primarily consist of
fees and gains or losses from trading operations and interest
income on the investment portfolio. Other banking operations
principally comprise the lending activities (corporate and
retail) of the bank.  The corporate lending activity includes
providing loans and transaction services to corporate and
institutional customers.  The retail lending activity includes
raising of deposits from customers and providing loans and
advisory services to customers through branch network and other
delivery channels.

                        *     *     *

The bank's Foreign Long Term Bank Deposits carry Moody's
Investors Service's Ba2 rating, which was placed on
July 1, 2005.


GMAC LLC: Cerberus' Stephen Feinberg Warns of Difficulty Ahead
--------------------------------------------------------------
Jason Kelly and Katherine Burton of Bloomberg News report that
the founder of private-equity firm Cerberus Capital Management
LP warned investors of possible "substantial difficulty" in GMAC
LLC, the auto and mortgage lender controlled by Cerberus.

Stephen Feinberg wrote in a Jan. 22 letter to investors, a copy
of which was obtained by Bloomberg News, that while Cerberus has
"detailed contingency plans in a continuing worsening
environment . . . if the credit markets continue to decline and
we find ourselves in a prolonged environment of capital market
shutdown, GMAC could run into substantial difficulty."

The letter outlines worst-case scenarios for investors, Cerberus
partner Tim Price told Bloomberg.

As reported by Troubled Company Reporter on Feb. 8, 2008, for
the full-year 2007, GMAC reported a net loss of US$2.3 billion,
compared to net income of US$2.1 billion for the full-year 2006.  
Profitable results in the automotive and insurance businesses
were more than offset by a US$4.3 billion loss at its
Residential Capital mortgage unit.

Comparisons of full-year results are affected by the fourth
quarter significant items previously noted well as goodwill
impairments of US$455 million at ResCap in the third quarter
of 2007 and US$695 million at Commercial Finance in the third
quarter of 2006.

                     Liquidity and Capital                                   
        

GMAC's consolidated cash and certain marketable securities were
US$22.7 billion as of Dec. 31, 2007, up from US$18.3 billion at
Dec. 31, 2006.  Of these total balances, ResCap's consolidated
cash and cash equivalents were US$4.4 billion at year-end, up
from US$2 billion on Dec. 31, 2006.

During the fourth quarter, GMAC purchased in the open market
US$740 million of ResCap debt that was subsequently contributed
to ResCap and retired as a measure to support the capital
position at the mortgage unit.

As of Dec. 31, 2007, ResCap's equity base was $6 billion,
above the minimum tangible net worth requirements in its credit
facilities, and above the amount expected to be needed to
support its ongoing operations.

In addition, GMAC and ResCap may from time to time continue to
purchase outstanding GMAC or ResCap debt in open market
transactions or otherwise, as part of its liquidity and cash
management strategy.

                     Strategic Initiatives

GMAC and ResCap continue to investigate strategic alternatives
related to all aspects of ResCap's business.  These strategic
alternatives include potential acquisitions as well as
dispositions, alliances, and joint ventures with a variety of
third parties with respect to some of ResCap's businesses.

GMAC and ResCap are in various stages of discussions with
respect to certain of these alternatives, including, in some
cases, execution of confidentiality agreements, indications of
interest, non-binding letters of intent and other exploratory
activities such as preliminary and confirmatory due diligence
and conceptual discussions.

GMAC and ResCap also have engaged advisers to explore the sale
of certain parts of ResCap's operations.  There are no
substantive binding contracts, agreements or understandings with
respect to any particular transaction.  Further, there can be no
assurances that any of these strategic alternatives will occur,
or if they do, that they will achieve their anticipated
benefits.

At Dec. 31, 2007, the company's total debt amounted to
US$193.15 billion compared to US$236.99 billion in 2006.

                         About GMAC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and employs
approximately 26,700 people worldwide.  

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 27, 2007,
Moody's Investors Service placed GMAC LLC's Ba2 senior unsecured
rating on review for possible downgrade.  The action was in
response to GMAC's affirmation of support for Residential
Capital LLC, as disclosed in ResCap's Nov. 21, 2007 debt tender
announcement.  ResCap's ratings and outlook (Ba3 senior
unsecured, negative outlook) were not affected by the tender
announcement or this GMAC rating action.

As reported in the Troubled Company Reporter on Nov. 16, 2007,
Fitch Ratings placed GMAC LLC and its related subsidiaries
'BB+' long-term Issuer Default Ratings on Rating Watch Negative.  
This action reflects the ongoing pressures in the company's
residential mortgage subsidiary, Residential Capital LLC
(ResCap, IDR 'BB+' by Fitch with Rating Watch Negative).


IFCI LTD: Doesn't Need Equity Infusion Yet, CEO Says
----------------------------------------------------
IFCI Limited doesn't need any equity infusion as of now with
capital adequacy requirement at over 18% and positive net owned
funds, Atul Kumar Rai, IFCI CEO and MD told CNBC-TV18 in an
interview.

Mr. Rai told the the television station that with the company
meeting the capital requirement at the end of December, it is
not in need of funds in at least the equity part of its
structure.  However, the company is not closing its doors for
alliances with "an investor who would provide th[e] organization
what it takes to reinvent itself, rejuvenate itself," he added.

On the possibility of inducting a strategic equity partners this
year, Mr. Rai is still unsure saying that the company might look
at an Indian investor in an appropriate point of time.

Mr. Rai also mentioned of the company's INR923-crore debt with
the government that the latter could convert to equity, which
introduces the possibility that the government could later on
become a majority stockholder.

Additionally, the CEO & MD makes it clear that IFCI becoming a
bank or acquiring a one is too far a cry, at least for now.  
When the situation improves and if the company is able to build
up sufficient results, this is something, which would have to be
looked at in the context of how the industry is shaping up, he
added.

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

                        *     *     *

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

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


LOK HOUSING: Reports INR586.62 Mil. Profit in Oct.-Dec. 2007
------------------------------------------------------------
Lok Housing & Constructions Ltd. reported a net profit of
INR586.62 million in the quarter ended Dec. 31, 2007, more than
twice the INR241.99-million profit booked in the same quarter in
2006.

The improved bottom line is brought about by soaring sales and
lesser interest charges.  In Oct.-Dec. 2007, total income
increased 39% to INR1.14 billion, which includes net sales of
INR1.13 billion.  Operating expenditures of INR491.42 million
brought the company an operating profit of INR649.02 million.
Interest charges slid from INR184.83 million in Oct.-Dec. 2006,
to INR52.72 million in the latest quarter under review.

The company also booked depreciation of INR9.52 million and
INR160,000 in fringe benefit taxes.

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

              http://ResearchArchives.com/t/s?2822

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

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


TATA MOTORS: To Fund Development of Air-Powered Car
---------------------------------------------------
Tata Motors Limited has given financial backing to French
inventor Guy Negre for the development of a car powered by
compressed air, according to an article at Cleantech Network
LLC's Web site.

The OneCAT five-seater car, weighing just 350kg and could cost
just over US$5,000, will have a glass fiber body powered by
compressed air stored in carbon-fiber tan, Cleantech relates.
Cleantech, however, failed to get the amount of the funding.

Tata Motors Managing Director confirmed the move in an interview
with the Financial Times.  According to the FT report, the
company signed last year an agreement with private French
company MDI, who develops the cars driven by compressed air.
"It's a very exciting concept, this way of running a car.  We
hope something will come out of it," the report quoted Mr. Kant
as saying.

According to FT, MDI plans to launch the OneCAT by the end of
this year or early 2009.

The company is also considering applying the technology for both
mobile and stationary function, Mr. Kant added.  FT noted that
MDI also owns a patent on a compressed air device that can be
applied to emergency generators.

Cora Nucci, writing for CMP United Business Media, said that the
OneCat "may be the cleanest car ever invented."

As previously reported in the Troubled Company Reporter-Asia
Pacific, Tata Motors launched last month Tata Nano, dubbed as
the world's cheapest car.

                      About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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

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


VISTEON CORP: Posts US$372 Million Net Loss in 2007
---------------------------------------------------
Visteon Corp. has released its fourth quarter and full-year 2007
results.  For fourth quarter 2007, the company reported a net
loss of US$43 million on sales from continuing operations of
US$2.9 billion.  The fourth quarter net loss includes US$30
million of non-cash asset impairments and US$32 million of
restructuring expenses that were not eligible for reimbursement
from the escrow account.  For fourth quarter 2006, the company
reported a net loss of US$39 million on sales from continuing
operations of US$2.8 billion.

EBIT-R for fourth quarter 2007 was US$15 million, an improvement
of US$52 million over the same period of 2006.

The company generated US$331 million of cash from operating
activities during fourth quarter 2007, an increase of US$92
million or 38 percent compared to fourth quarter 2006.  Free
cash flow was US$187 million for fourth quarter 2007, an
increase of US$56 million over fourth quarter 2006.

"For the fourth quarter and full year 2007, Visteon delivered on
the financial guidance we provided," said chairperson and chief
executive officer, Michael F. Johnston.  "We continue to
progress with our restructuring activities as planned, and have
now completed 18 of the 30 items that are part of our three-year
plan.  By implementing our restructuring and continuing to
improve our operations and global capabilities, we are
positioning Visteon for long- term success."

            Restructuring and Business Improvements     

During the fourth quarter 2007, Visteon completed the closure of
its climate facility in Connersville, Indiana, and notified
workers at its interiors facility in Bellignat, France, of its
intention to exit the facility during the first quarter 2008.  
The company plans to address eight facilities during 2008,
including closing its Bellignat, France, and Bedford, Indiana,
facilities and selling its non-core chassis facility located in
Swansea, Wales -- the completion of which is subject to the
negotiation and execution of definitive agreements and customary
approvals.  Additionally, during January 2008, the company
announced plans to close the Concordia, Missouri, fuel tank
assembly plant, with closure expected to be completed during the
third quarter 2008.  Upon completion of these items, 22 of the
30 facility restructuring actions included in the company's
three-year improvement plan will have been addressed.

On Feb. 1, 2008, the company announced the sale of its non-core
North American-based aftermarket underhood and remanufacturing
operations, including a manufacturing plant in Sparta, Tennessee
and two facilities in Reynosa, Mexico.  The Sparta facility
manufactures starters and alternators for aftermarket customers
and the two Reynosa facilities manufacture aftermarket climate
products including radiators, compressors and condensers, and
also remanufacture steering pumps and gears.  These facilities
had revenues totalling about US$130 million in 2007.

                     New Business Wins       

Visteon continues to win new business from a diverse group of
customers across each of its core product lines.  For the full
year 2007, the company had wins of nearly US$1 billion; about 25
percent of these wins were in Asia and the balance in North
America and Europe.  In addition, the company's non-consolidated
affiliates won approximately US$370 million of business,
primarily in Asia.

"Winning nearly US$1 billion for the second consecutive year
demonstrates that our customers recognize the strength of
Visteon's product capability and our global engineering and
manufacturing footprints," said president and chief operating
officer, Donald J. Stebbins.

                  Fourth Quarter 2007 Results

Fourth quarter 2007 sales from continuing operations were US$2.9
billion, a slight increase over the US$2.8 billion recorded in
the fourth quarter 2006.  Fourth quarter 2007 product sales of
US$2.7 billion included US$168 million of favorable foreign
currency, which offset the impact of facility closures and
divestitures.  Product sales to Ford Motor Co. declined 10
percent, or US$108 million, to US$960 million, reflecting lower
North American production volumes, divestitures, sourcing
actions and product mix.  Product sales to other customers
increased 10 percent, or US$154 million, to US$1.76 billion and
represented 65 percent of total product sales.

The fourth quarter 2007 net loss of US$43 million compares to a
fourth quarter 2006 net loss of US$39 million.  Fourth quarter
2007 results include US$30 million of non-cash asset impairments
and US$32 million of restructuring expenses that were not
reimbursed from the escrow account, as the company is now in the
50 percent reimbursement phase of the Escrow Agreement.

EBIT-R of US$15 million for the fourth quarter 2007 was an
improvement of US$52 million over the negative US$37 million
EBIT-R reported in fourth quarter 2006.  These improvements were
driven by favorable cost performance resulting from the
company's ongoing restructuring and cost-reduction efforts.

Cash provided by operating activities totaled US$331 million for
fourth quarter 2007, increasing US$92 million from US$239
million a year ago.  Capital expenditures for fourth quarter
2007 were US$144 million compared with US$108 million for fourth
quarter 2006.  Free cash flow was US$187 million for fourth
quarter 2007 compared with US$131 million for the same period in
2006.

                    Full Year 2007 Results  

Sales from continuing operations were US$11.3 billion for both
full-year 2007 and 2006.

Product sales for the full year 2007 were US$10.7 billion,
including favorable foreign currency of approximately US$570
million, which offset the impact of facility closures and
divestitures.  During 2007, product sales to customers other
than Ford increased 11 percent, or US$674 million, to US$6.6
billion and represented 61 percent of total product sales.  

Product sales to Ford in 2007 declined 14 percent, or US$659
million, to US$4.1 billion, reflecting lower North American
production volumes, divestitures, sourcing actions and product
mix.

Visteon reported a net loss of US$372 million for the full year
2007.  The net loss for 2007 includes US$107 million of non-cash
asset impairments and US$32 million of restructuring expenses
that were not reimbursed from the escrow account.  For full year
2006, the company recorded a net loss of US$163 million, which
included US$22 million of non-cash asset impairments.  EBIT-R
was negative US$49 million for full year 2007 compared with
positive US$27 million in the same period of 2006.  Lower 2007
EBIT-R primarily reflects lower customer volumes and unfavorable
product mix, principally in North America, and the non-
recurrence of certain 2006 benefits including relief of employee
retirement benefit obligations and favorable commercial
agreements, partially offset by improved cost performance.

For full year 2007, cash provided from operations totaled US$293
million, compared with US$281 million for full year 2006.  
Capital expenditures for full year 2007 were US$376 million,
resulting in free cash flow of negative US$83 million compared
with free cash flow for full year 2006 of negative US$92
million.

                      Cash and Liquidity

As of Dec. 31, 2007, the company had cash balances totaling
US$1.76 billion, of which approximately US$1.2 billion was
located in the United States.  Total company debt was US$2.84
billion as of Dec. 31, 2007.  Additionally, no amounts were
drawn on the company's US$350 million asset-based U.S. revolving
credit facility, and the company had availability of about
US$150 million under its US$325 million European receivables
securitization facility.

                    Full Year 2008 Outlook

The company expects EBIT-R for full year 2008 to be in the range
of negative US$25 million to positive US$25 million on product
sales of about US$9.7 billion.  Free cash flow is projected to
be in the range of negative US$350 million to negative US$250
million.

"The progress Visteon is making, combined with what we will
execute in 2008, lays the foundation for Visteon to be free cash
flow positive in 2009," Mr. Johnston concluded.  "With almost
US$1.8 billion of cash as of year-end 2007 and additional
available liquidity, Visteon has flexibility to execute its
plans."

                   About Visteon Corporation
    
Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier  
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  

With corporate offices in the Michigan (U.S.); Shanghai, China;
and Kerpen, Germany; the company has facilities in 26 countries,
including Argentina, Brazil, Mexico and India, and employs
approximately 41,500 people.

                        *     *     *

On March 26, 2007, Moody's affirmed Visteon Corp.'s Corporate
Family Rating of B3, term loan rating of Ba3, and Speculative
Grade Liquidity rating of SGL-3, but changed the ratings outlook
to negative from stable.




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


ANEKA TAMBANG: May Acquire Freeport Indonesia's 18.72% Stake
------------------------------------------------------------
PT Aneka Tambang Tbk plans to buy up to 18.72% of Freeport
McMoRan Copper & Gold Inc.'s Indonesian unit PT Freeport
Indonesia for about US$3 billion, various reports say.

Antam told Reuters that it planned to acquire a 9.36% stake in
Freeport Indonesia from the Indonesian government, and buy the
remaining 9.36% from the parent firm.

According to Tempo Interactive, the state-owned enterprises
state ministry supported Antam's acquisition plan in Freeport
Indonesia.  SOEs Minister, Sofyan Djali was quoted by Tempo as
saying, "I heard that Freeport wanted to divest 9.36% of its
shares.  If Antam is interested, why not?"

Mr. Djali, Tempo relates, sent a letter to the Finance and
Energy and Mineral Resources Minister, which contained the
request of giving the first rights of refusal for mining SOEs.
The government can appoint an SOE as the divested shares buyer,
the report adds.

However, Antam said the government has not awarded it the rights
to buy a stake in Freeport Indonesia, contrary to media reports,
Antara News notes.  The rights would have given Antam the first
priority in the stake acquisition.

Antam explained to Antara that what it has obtained was just
"verbal support from Mr. Djalil in the acquisition of the 9.36%
stake in Freeport Indonesia held by PT Indocopper Investama.

Reuters says that Freeport had apparently indicated it was ready
to sell the stake and had yet to receive any offers.  Antam did
not say how much the stake is worth, but Rania Rahmundita, an
analyst at CIMB-GK, said 9.36% of Freeport Indonesia could be
around US$1.5 billion, the report says.

Harry Suhartono and Fitri Wulandari of Reuters writes that Ms.
Rahmundita said Freeport Indonesia forms 46% of Freeport
McMoRan's operating income.  Using its parent's current market
value, we estimate Freeport Indonesia is worth US$16.7 billion,
she added.

                    About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,     
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan 17,
2008, Moody's Investors Service has upgraded PT Aneka Tambang
(Persero) Tbk's corporate family rating to Ba3 from B1.  This
concludes the review for possible upgrade which commenced on
October 22, 2007.

On Dec. 4, 2006, that Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Indonesian state-owned
miningcompany PT Antam Tbk. to 'B+' from 'B'.  The outlook is
stable.  At the same time, Standard & Poor's also raised to
'B+', from 'B', the rating on the senior unsecured notes issued
by Antam Finance Ltd. and guaranteed by Antam.


BANK MANDIRI: To Channel IDR11.7 Tril. in Home Ownership Loans
--------------------------------------------------------------
PT Bank Mandiri has set itself the target of channelizing home-
ownership loans totaling IDR11.7 trillion this year, a 30%
increase from the previous year, Antara News reports.

Bank Director Omar S. Anwar told the news agency that the home
ownership loans accounted for 64% of the total consumer credits
in 2007, which reached IDR11.2 trillion.

Mr. Anwar, the report relates, said in order to boost the growth
of home ownership loans, the bank would strengthen its
cooperation with around 200 real estate developers.

                     About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is  
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on
Dec. 7, 2007, that Fitch Ratings upgraded the Individual Rating
of PT Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D',
and its National Long-term rating to 'AA+ (idn)' from 'AA
(idn)'.  The outlook on the national rating remains stable.  At
the same time, all other ratings are affirmed, as follows:

   -- Long-term foreign and local currency Issuer Default
      ratings at 'BB-' with a Positive Outlook

   -- Short-term IDR at 'B'

   -- Support at '4', and

   -- Support Floor at 'B+'

On Oct. 19, 2007, Moody's Investors Service raised the foreign
currency long-term debt and foreign currency long-term deposit
ratings of Bank Mandiri.

   -- The foreign currency senior/subordinated debt ratings were
      raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
      term deposit rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa2 global local currency deposit rating and D- BFSR were
      unaffected.


BANK DANAMON: Plans to Raise IDR1.5-Trillion Bonds in H1
--------------------------------------------------------
PT Bank Danamon Tbk plans to raise IDR1.5 trillion in bonds in
the first half of this year to fund loan growth, Reuters
reports, citing Bank Danamon President Director Sebastian
Paredes.

According to the report, Mr. Paredes said he was optimistic the
bank would be able to raise the funds in the first half of the
year despite turbulence in global financial markets.

The bank, the report relates, aims to boost its lending by 22%
this year from IDR53.33 trillion at the end of 2007, slightly
slower than loan expansion of 24% last year.  Bank Danamon's
target was largely in line with the central bank and analysts'
estimates for banking sector loan growth this year, the report
says.

Bank Danamon reported a 60% rise in its 2007 net profit due to
strong loan growth and an improvement in its net interest
margins, Harry Suhartono at Reuters writes.

                     About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

The Troubled Company Reporter-Asia Pacific reported on
Oct. 19, 2007, that Moody's Investors Service raised the foreign
currency long-term debt and foreign currency long-term deposit
ratings of PT Bank Danamon Indonesia Tbk:

   -- The foreign currency subordinated debt rating was raised
      to Ba2 from Ba3

   -- Foreign currency long-term deposit rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa3 global local currency deposit rating and D BFSR were
      unaffected.

On Aug. 15,2007, Fitch Ratings upgraded the National Long-term
rating of PT Bank Danamon Indonesia Tbk to 'AA(idn)' from 'AA-
(idn)') while affirming all its other ratings as follows:

   * Long-term foreign currency Issuer Default Rating
     'BB-' with a Positive Outlook,

   * Short-term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

   * Support Rating '4' and

   * Support Rating Floor 'B'.


BANK INTERNASIONAL: 2007 Net Profit Drops 36% to IDR404.76 Bil.
---------------------------------------------------------------
PT Bank Internasional Indonesia Tbk's 2007 net profit dropped
36% to IDR 404.76 billion from IDR633.71 billion a year earlier,
Reuters reports.

According to the report, the decrease in the net profit was
partly due to lower net interest income and smaller margins.  

BII's outstanding loans expanded by 23% last year but its net
interest margin fell to 5.03% in 2007 from 5.14% in the previous
year, the report relates.

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--         
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

The Troubled Company Reporter-Asia Pacific reported on  
October 19, 2007, that Moody's Investors Service raised the  
foreign currency long-term debt and foreign currency long-term  
deposit ratings of PT Bank Internasional Indonesia Tbk.

   -- The issuer/foreign currency subordinated debt ratings were  
      raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
      term deposit rating to B1 from B2

   -- The Not Prime foreign currency short-term deposit rating,  
      Baa3 global local currency deposit rating and D BFSR were  
      unaffected.  

On Aug. 15, 2007, that Fitch Ratings affirmed all the ratings of  
Bank Internasional as follows:

   * Long term foreign currency IDR at 'BB-' with a Positive
     Outlook,

   * Short term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

   * Support Rating '4', Support Rating Floor 'B' and

   * National Rating 'AA-(idn)'.


OWENS-ILLINOIS: Improved Cash Flow Prompts S&P's Rating Upgrade
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Owens-
Illinois Inc., including the corporate credit rating to 'BB'
from 'BB-'.  The outlook is stable.
      
"The upgrade follows the company's improved operating results
and better-than-expected free cash generation in 2007, which
coupled with proceeds from the sale of its plastics packaging
business resulted in about US$1.9 billion of debt reduction in
2007," said S&P's credit analyst Liley Mehta.
     
Credit measures have improved substantially with funds from
operations to total debt at 22% at year-end 2007.  These
improvements, together with management's commitment to preserve
improved credit metrics and adequate liquidity, should enable
the company to maintain a financial profile commensurate with
the higher rating.  Total debt was about US$4.8 billion at
Dec. 31, 2007.
     
The ratings on the company and related entities reflect the its
satisfactory business position and attractive profitability,
offset by an improving, but still aggressive financial profile
and concerns regarding its asbestos liability.  In July 2007,
the company sold its plastics packaging business to Rexam PLC
for a total consideration of about US$1.82 billion, with sale
proceeds used to repay senior secured notes maturing in 2009,
2011, and 2012.
     
Solid business prospects, an expected continuation of earnings
and cash flow improvement, and management's focus on continued
productivity improvements and cost reduction support the
ratings. Improved earnings and cash generation should support
continued strengthening of the company's credit measures despite
ongoing pressures of asbestos-related liabilities.  S&P expects
the company to maintain a balanced approach toward potential
acquisitions to preserve an appropriate financial profile.  
While not expected at this time, S&P could revise the outlook to
negative if large acquisitions or other strategic actions result
in a deterioration of the financial profile such that FFO to
total adjusted debt declines to below 15%.  The company's still
aggressive financial profile limits further upside ratings
potential.

Based in Perrysburg, Ohio, Owens-Illinois Inc. (NYSE:OI) --
http://www.o-i.com/-- is a manufacturer of packaging products  
and glass containers with operations in Europe, North America,
Asia Pacific and South America.  The company is also a
manufacturer of healthcare packaging, including plastic
prescription containers and medical devices, and plastic closure
systems, including tamper-evident caps and child-resistant
closures, with operations in the United States, Mexico, Puerto
Rico, Brazil, Hungary, Malaysia and Singapore.




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


IHI CORP: To Acquire Dutch Coating System Maker Hauzer Techno
-------------------------------------------------------------
IHI Corp. will acquire Dutch vacuum-coating system maker Hauzer
Techno Coating BV as part of an effort to bolster its industrial
furnace business, Antara News reports.

According to the report, the purchase price is estimated at
several billion yen.  At the end of March, IHI will acquire all
40 outstanding shares of Hauzer Techno from the Dutch firm's
holding company, the report notes.

Hauzer Techno is a leading manufacturer of equipment used to
coat autoparts and other products with a metallic or ceramic
layer for wear resistance.

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

The Troubled Company Reporter-Asia Pacific reported on
Feb 14, 2008, that Standard & Poor's Ratings Services revised
its outlook on the long-term corporate credit rating on IHI
Corp. to negative from stable, reflecting growing expectations
that the company's steady earnings recovery would be delayed,
following the Tokyo Stock Exchange's announcement that it will
place the company's stock on "alert status."  The outlook change
also reflects concerns that the company's financial flexibility
will be constrained to some extent by this action.  At the same
time, Standard & Poor's affirmed its 'BB+' long-term corporate
credit and 'BBB-' long-term senior unsecured issue ratings on
the company.


INTERNATIONAL RECTIFIER: Names O. Khaykin & R. Dahl as Directors
----------------------------------------------------------------
International Rectifier Corporation has elected Oleg Khaykin,
the company's newly appointed Chief Executive Officer, and
Richard J. Dahl to its Board of Directors.

Mr. Dahl has since 2004 served as a Director of the NYSE listed
IHOP Corporation where he presides as Chairman of the Audit
Committee and was Chairman of the Special Committee of the Board
formed to oversee IHOP's successful bid to acquire Applebee's
International.  From 2002 to 2007, he was employed by the Dole
Food Company.  He held various executive level positions with
Dole including President, Chief Operating Officer and Director
from 2004 to 2007 and Senior Vice President, Chief Financial
Officer and Director positions from 2002 to 2004.  Prior to his
work at Dole, Mr. Dahl was President and Chief Operating Officer
of NYSE listed Bank of Hawaii Corporation.

"As an accomplished leader with extensive managerial and
financial experience and expertise, Richard will be a strong
addition to our board," said International Rectifier's Lead
Director Jack Vance.  "His unique and broad perspective on
driving operational excellence and international growth, and his
deep understanding of finance and audit will greatly benefit
the Board in addition to the entire IR organization."

Mr. Dahl was elected to serve with a Board term expiring at the
company's 2008 annual meeting.  Mr. Khaykin, 43, appointed Chief
Executive Officer effective March 1, 2008, was elected to serve
with a Board term expiring at the company's 2009 annual meeting.

International Rectifier Corporation (NYSE:IRF) --
http://www.irf.com/-- provides power management technology.
IR's analog, digital, and mixed signal ICs, and other advanced
power management products, enable high performance computing and
save energy in a wide variety of business and consumer
applications.  Manufacturers of computers, energy efficient
appliances, lighting, automobiles, satellites, aircraft, and
defense systems rely on IR's power management solutions to power
their next generation products.  The company has manufacturing
facilities in the U.S., Mexico, United Kingdom, Germany and
Italy; and has subsidiaries in Japan and Singapore.

                        *     *     *

In September, 2007, Standard & Poor's Ratings Services said that
its 'BB' corporate credit rating on International Rectifier
Corp. remains on CreditWatch with negative implications.


STRATOS GLOBAL: Earns US$20 Million in Year Ended Dec. 31, 2007
---------------------------------------------------------------
Stratos Global Corporation released its financial results for
the year ended Dec. 31, 2007.  On Dec. 11, 2007, CIP Investments
Inc. (CIP Canada) acquired beneficial ownership of 100 percent
of the Corporation's common shares.

Net earnings for 2007 were US$2.0 million compared with a net
loss of US$26.8 million in 2006.  The results for 2007 were
negatively impacted by US$16.7 million of after-tax financial
advisory, legal, and other costs related to the transaction with
CIP Canada, which were partially offset by an after-tax gain of
US$3.8 million related to the previously described insurance
settlement during the second quarter and an after-tax gain on
sale of certain aeronautical assets of US$1.0 million.  Results
for 2006 were adversely influenced by after-tax write-offs of
US$22.4 million related primarily to the acquisition of Xantic.

For the year ended Dec. 31, 2007, the Corporation achieved
revenue of US$594.3 million, an 11 percent increase compared
with US$537.8 million in 2006.  This improvement primarily
reflects the growth in newer generation Inmarsat products and
the acquisition of Xantic, which was completed on Feb. 14, 2006.  
Segment earnings for 2007 increased by 35 percent to
US$101.0 million compared with US$74.7 million for 2006.  The
significant improvement in segment earnings was driven by the
increased revenue, higher volume discounts earned from Inmarsat
and cost reductions resulting from the integration of Xantic and
other initiatives to improve operating efficiencies.

Cash flow from operations (including working capital changes) in
2007 totaled US$57.3 million, compared with US$26.9 million
generated in 2006.  The improvement primarily reflects higher
segment earnings, decreased investment in working capital,
increased interest costs related to the Xantic acquisition
financing and costs related to the transaction with CIP Canada.

Stratos Global Corporation -- http://www.stratosglobal.com/--
is a provider of a range of advanced mobile and fixed-site
remote telecommunications solutions for users operating beyond
the reach of traditional networks.  The company serves the voice
and high-speed data connectivity requirements of a diverse array
of markets, including government, military, energy, industrial,
maritime, aeronautical, enterprise, media and recreational users
throughout the world.  Stratos operates in two segments:  Mobile
Satellite Services, which provides mobile telecommunications
services, primarily over the Inmarsat plc satellite system, and
Broadband Services, which provides very small aperture terminal
services, sourced on a wholesale basis from a number of the
fixed satellite system operators.

The company has offices in Italy, Germany, Norway, Spain, United
Kingdom, India, Hong Kong, Singapore, Australia, Japan and
Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 4, 2008, Moody's Investors Service affirmed Stratos Global
Corporation's B1 Corporate Family Rating, B1 Probability of
Default Rating, Ba2 Senior Secured Bank Rating and B3 Unsecured
Bonds Rating.




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


DAEWOO: Morgan Stanley Unit Emerges as Preffered Bidder
-------------------------------------------------------
Morgan Stanley's private equity unit has emerged as the
preferred bidder to acquire Daewoo Electronics Corporations,
various reports say.

As reported in the Troubled Company Reporter-Asia Pacific on  
Nov. 28, 2007, Daewoo Electronics is put up for sale a second
time as the US$746-million Videocon-Ripplewood bid fails.

Videocon and bid partner Ripplewood Holdings, LLC, the TCR-AP
recounted, submitted the winning bid for a controlling stake in
Daewoo.  The deal started to hit obstacles after the buyers
completed due diligence, the report said.  Expectations were out
of line with what the asset was worth and creditors were not
prepared to make the significant concessions necessary to
progress discussions, the report points out, the report noted.

According to Bloomberg News, creditors own 97.5% of Daewoo
Electronics, according to the company's annual report for 2006.

Woori Bank, the company's leading creditor, told Business
Standards that the final contract with Morgan Stanley Private
Equity is expected to be signed by May-end.  The bidding anount
was not disclosed.

                  About Daewoo Electronics

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer         
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale for US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.




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


INVENSYS PLC: Answers Speculations on Ongoing Debt
--------------------------------------------------
In relation to Invensys Plc's announcement that it has exercised
a call option on its 9.875% US dollar and Euro bonds due
March 15, 2011, that will lead to their cancellation on
March 17, 2008, the company has received questions about the
ongoing debt of, or guaranteed by, the group's parent company
Invensys Plc.

Based on the group's debt position at Dec. 31, 2007, excluding
the above bonds, the principal debt facilities available to the
group are the credit facilities due Dec. 15, 2010 and
Jan. 15, 2011, in the name of Invensys International Holdings
Limited and Invensys USA Finance Inc.  

The company wished to make it clear that these facilities are
not guaranteed by Invensys Plc.

A schedule of the group's debt position as at Dec. 31, 2007, is
available at: http://ResearchArchives.com/t/s?2812

                     About Invensys Plc

Based in London, United Kingdom, Invensys Plc --
http://www.invensys.com/-- is a global automation, controls and
process solutions Group operating in more than 60 countries
worldwide.  The company operates through six units: Controls,
Process Systems, Rail Systems, APV, Wonderware, and Eurotherm.

As reported in the TCR-Europe on May 28, 2007, at March 31,
2007, the Company's balance sheet GBP2 billion in
total assets and GBP2.1 billion in total liabilities, resulting
in a GBP140 million stockholders' deficit.

                        *     *     *

As of Feb. 13, 2008, Invensys Plc carries Moody's long-term
corporate family rating at Ba3, senior unsecured debt rating at
B2 and probability of default of Ba3.

Standard and Poor's rates the company at long-term foreign
issuer credit BB and long-term local issuer credit of BB with
stable outlook.

Fitch Ratings gives long-term issuer default rating at BB,
senior unsecured debt rating at BB and short-term rating at B
with stable outlook.


MALAYSIA AIRLINES: Anticipates to Earn MYR160MM in Annual MATF
--------------------------------------------------------------
Malaysia Airlines Bhd is confident in achieving MYR160 million
ticket sales from its annual Malaysia Travel Fair to be held
from Feb. 22 to Feb. 24, Yong Yen Nie wrotes for the EdgeDaily.

"Looking at the last four years, we have generated between RM140
million and RM160 million in sales from the MATF and these are
very encouraging figures," says the airline's senior general
manager in network and revenue management, Datuk Bernard Francis
says, as quoted by the EdgeDaily.

According to Mr. Francis, the company had gained about MYR500
million sales from the fair for the past four years, the report
added.

Malaysia Airlines' commercial director Datuk Rashid Khan also
declared that international airfares were expected to contribute
about 80% of the anticipated total sales, with the rest coming
from domestic airfares, notes the EdgeDaily.

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.


MALAYSIA AIRLINES: Faces Earning Challenges in '09, Kenanga Says
----------------------------------------------------------------
Malaysian Airlines System Bhd's earnings for FY08 are relatively
insulated due to various headwinds and other one-off provisions
made in 2007, the EdgeDaily reports, citing Kenanga Investment
Bank Research.  However, the real challenge for the airlines
could come in 2009 when the sky is finally free for all.

Global economic slowdown, further liberalization, emergence of
low-cost carriers and aggressive capacity expansion are some of
the headwinds the aviation industry would likely face this year,
claims the Kenanga Research.

The Research also notes that the major risk to its earnings
forecast was a sharp drop of business and leisure travels
following massive job cuts in global banks and a more cautious
economic outlook.  Persistent high oil price was another serious
threat to the airline's earnings.

"Lastly, we suspect the government could consider increasing
airport landing charges after strong lobby from Malaysia
Airports Holdings Bhd, premised on the fact that Kuala Lumpur
International Airport's current landing charges are amongst the
cheapest in the world and Malaysia Airports' restructuring is
still pending the government's approval," the EdgeDaily quotes
Kenanga Research as saying.

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.


SHAW GROUP: Cash Flow Improvement Cues S&P's Positive Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
The Shaw Group Inc. to positive from stable.  At the same time,
S&P affirmed its 'BB' corporate credit rating on the company.
      
"The outlook revision reflects Shaw's improved cash flow and
favorable prospects in its end markets," said S&Ps credit
analyst Dan Picciotto.  The company has accumulated a sizable
US$14 billion backlog.
     
The ratings on Shaw Group continue to reflect the company's weak
business risk profile, marked by exposure to cyclical end
markets, although it has leading market positions in some
segments.  The company also has an aggressive financial risk
profile.
     
S&P could raise the ratings if the company continues to
demonstrate solid cash flow and a disciplined financial policy.

                      About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the  
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.


WEMBLEY INDUSTRIES: Has Until June 30 to Sign DA w/ Datuk Bandar
----------------------------------------------------------------
Wembley Industries Holdings Berhad has been granted an extension
until June 30, 2008, to sign the new Development Agreement of
the Plaza Rakyat Project between Wembley's subsidiary, Plaza
Rakyat Sdn Bhd, and Datuk Bandar Kuala Lumpur.

Moreover, the Bursa Securities also granted Wembley until
August 2008, or the date of execution of the Development
Agreement, whichever is earlier to re-submit its regularization
plan for approval.

In the event:

   (a) Wembley submits its regularization plan to the Approving
       Authorities within the Extended Timeframe for Submission,
       Bursa Securities will await the outcome of Wembley's
       submission; and

   (b) Wembley fails to obtain the Approving Authorities'
       approval and appeals against the decision of the
       Approving Authorities, Bursa Securities will await the   
       outcome of Wembley's appeal to the Approving
       Authorities.

Wembley must proceed to implement its regularization plan
expeditiously within the time frame or extended time frames
stipulated by the Approving Authorities.

Bursa Securities will proceed to de-list the securities of
Wembley from the Official List of Bursa Securities in the event:

   * the Development Agreement is not executed by June 30, 2008;

   * the company fails to submit its regularization plan to the
     Approving Authorities for approval on or before the expiry
     of the Extended Timeframe For Submission;

   * Wembley fails to obtain the approval from the Approving
     Authorities necessary for the implementation of its
     regularization plan and does not appeal to the Approving
     Authorities within the time frame;

   * Wembley does not succeed in its appeal against the decision
     of the Approving Authorities; or

   * the company fails to implement its regularization plan
     within the time frame or extended time frames stipulated by
     the Approving Authorities.

Headquartered in Sarawak Malaysia, Wembley Industries Holdings
Berhad is a developer of commercial properties and investment
holding.  Its other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel.

The company has been placed under the Practice Note 4 category
due to its tight cash flow position.  On January 7, 2003,
Malaysia's Foreign Investment Committee approved the company's
regularization plan.  Subsequently, on April 7, 2003, the FIC
revised its approval to include the possible participation of
Daewoo Corporation, the former turnkey contractor of Plaza
Rakyat Project in the company's Proposed Debt Restructuring.  
The company's ability to continue as a going concern hinges on
the successful implementation of the Scheme.




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


APEX TRAINING: Subject to CIR's Wind-Up Petition
------------------------------------------------
On January 4, 2008, the Commissioner of Inland Revenue filed a
petition  to have Apex Training Ltd.'s operations wound up.

The petition will be heard before the High Court of Wellington
on February 18, 2008.

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


BRIDGE CLIMB: Placed Under Voluntary Liquidation
------------------------------------------------
Bridge Climb Trustee Ltd.'s shareholders agreed on Feb. 1, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Richard Anthony Johnston to
facilitate the sale of its assets.

Creditors are required to file their proofs of debt by
Feb. 21, 2008, to be included in the company's dividend
distribution.

The liquidator can be reached at:

          Richard Anthony Johnston
          PO Box 91842, Auckland
          New Zealand
          Facsimile:(09) 361 6702


DUNLEAHY INVESTMENTS: Placed Under Voluntary Liquidation
--------------------------------------------------------
Dunleahy Investments Ltd.'s shareholders agreed on
Dec. 10, 2007, to voluntarily liquidate the company's business.  
In line with this goal, the company has appointed Brent Graham
Melhop and Nicholas Stephen Buck to facilitate the sale of its
assets.

Messrs. Melhop and Buck are accepting creditors' proofs of debt
until February 25, 2008.

The liquidators can be reached at:

          Brent Graham Melhop
          Nicholas Stephen Buck
          Avalon Business Centre, Level 8
          Percy Cameron Street, Lower Hutt
          New Zealand
          Telephone:(04) 910 5582
          Facsimile:(04) 910 5570


COMMUNICATION TECHNOLOGY: Appoints Levin & Vance as Liquidators
---------------------------------------------------------------
On January 31, 2007, the High Court at Auckland appointed Henry
David Levin and David Stuart Vance as the liquidators  of
Communication Technology Investments Ltd.

Messrs. Levin and Vance are accepting creditors' proofs of debt
until March  7, 2008.

The liquidators can be reached at:

          Henry David Levin
          David Stuart Vance
          PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street
          Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


GOLDEN CIRCLE: Creditors' Proofs of Debt Due on February 21
-----------------------------------------------------------
The creditors of Golden Circle N. Z. Ltd. are required to file
their proofs of debt by February 21, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Bryan Edward Williams
          c/o Bryan Williams & Associates
          Insolvency Practitioners
          131 Taupaki Road
          RD 2, Henderson 0782
          New Zealand
          Telephone:(09) 412 9762
          Facsimile:(09) 412 9763


KINGSTON STREET: Undergoes Liquidation Proceedings
--------------------------------------------------
Kingston Street Trustee Limited's shareholders agreed on
Feb. 1, 2008, to voluntarily liquidate the company's business.  
In line with this goal, the company has appointed Richard
Anthony Johnston to facilitate the sale of its assets.

Creditors are required to file their proofs of debt by
Feb. 21, 2008, to be included in the company's dividend
distribution.

The liquidator can be reached at:

          Richard Anthony Johnston
          PO Box 91842, Auckland
          New Zealand
          Facsimile:(09) 361 6702


LAKE TIMBER: Wind-Up Petition Hearing Set for March 10
------------------------------------------------------
A petition to have Lake Timber & Hardware Ltd.'s operations
wound up will be heard before the High Court of Rotorua on
March 10, 2008, at 10:00 a.m.

Anthony James MacDougall and Joan Margaret MacDougall were
appointed as liquidators.

The liquidators can be reached at:

          Anthony James MacDougall
          Joan Margaret MacDougall
          Sharp Tudhope, Tauranga
          New Zealand


MONDRIAN PROPERTY: Wind-Up Petition Hearing Set for April 24
------------------------------------------------------------
The High Court of Auckland will hear on April 24, 2008, at
10:45 a.m., a petition to have Mondrian Property Holdings Ltd.'s
operations wound up.

Simon Eoin Davidson filed the petition on November 28, 2007.

Simon Eoin's solicitor is:

          M. H. L. Morrison
          Lowndes Jordan, Level 22
          The ANZ Centre
          23-29 Albert Street
          Auckland
          New Zealand


NELSON STREET: Commences Liquidation Proceedings
------------------------------------------------
Nelson Street Trustee Limited's shareholders agreed on
Feb. 1, 2008, to voluntarily liquidate the company's business.  
In line with this goal, the company has appointed Richard
Anthony Johnston to facilitate the sale of its assets.

Creditors are required to file their proofs of debt by
Feb. 21, 2008, to be included in the company's dividend
distribution.

The liquidator can be reached at:

          Richard Anthony Johnston
          PO Box 91842, Auckland
          New Zealand
          Facsimile:(09) 361 6702


QT HOSPITALITY: Court to Hear Wind-Up Petition on February 27
-------------------------------------------------------------
A petition to have QT Hospitality Ltd.'s operations wound up
will be heard before the High Court of Invercargill on
Feb. 27, 2008, at 9:30 a.m.

Coca-Cola Amatil (N.Z.) Limited filed the petition on
Dec. 21, 2007.

Coca-Cola Amatil's solicitor is:

          Anna Mary Fitzgibbon
          LawWorks, Guildford House
          2 Emily Place
          PO Box 4204, Auckland
          New Zealand


JONESES REAL: Shareholder Places Firm in Liquidation
----------------------------------------------------
The Joneses Real Estate Ltd. has been placed in voluntary
liquidation by its sole shareholder TJRE Holdings Ltd., a media
release yesterday revealed.

According to the release, early Monday, it was announced that
the proposed reverse listing of TJRE through RLV No. 3 Ltd.
would not proceed because sufficient new capital could not be
raised.  The reverse listing required NZ$1.5-NZ$4 million to be
raised from investors in addition to TJRE's capital base.

With the reverse listing unable to proceed, alternative funding
sources for The Joneses had been explored but these were not
sufficient to continue to fund the business, TJRE's directors
said.

While there was a commitment of further capital from private
investors and the directors of TJRE subject to the listing
proceeding, spokesperson Chris Taylor said that, with that
option no longer available, the directors of TJRE now believed
that The Joneses had insufficient cashflow to continue trading,
and were obliged to place the business in voluntary liquidation.

The directors and managers of The Joneses would work with the
liquidator to ensure minimal disruption for existing customers.  
There was no risk to sale and purchase deposits as these were
ringfenced in a trust account.

Mr. Taylor said that while initial responses from investors
around Christmas and the New Year had been positive, investor
sentiment appeared to have turned much more cautious recently
with the combined fall in equity markets and property prices
taking their toll.  He said that the existing shareholders had
gone as far as they could go, and the current climate had simply
proved too tough in terms of raising new capital.

The Joneses is now in the hands of liquidators Aaron Heath and
Mike Lamacraft of Meltzer, Mason & Heath.

The Joneses Real Estate Ltd. is a fixed-fee real estate agency
chain in New Zealand.


TAURUS HIRE: Subject to Taurus Hire's Wind-Up Petition
------------------------------------------------------
On January 7, 2008, Taurus Hire & Storage Limited filed a
petition to have Banks Transport (2006) Ltd.'s operations wound
up.

The petition will be heard before the High Court of Auckland on
May 9, 2008, at 10:45 a.m.

Taurus Hire's solicitor is:

          Kevin Patrick McDonald
          c/o Kevin McDonald & Associates
          Takapuna Towers, Level 11  
          19-21 Como Street
          PO Box 331065, Takapuna
          Auckland
          New Zealand
          Telephone:(09) 486 6827
          Facsimile:(09) 486 5082




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


ALLIED BANKING: Moody's to Give Ba3 Rating to Subordinated Notes
----------------------------------------------------------------
Moody's Investors Service will assign a Ba3 rating to the
proposed issuance of Philippine Peso-Denominated Step-up
Callable Dated Subordinated Notes due 2018, as issued by Allied
Banking Corporation.  The rating outlook is stable.

This rating is subject to the receipt of final documentation,
the terms and conditions of which are not expected to change in
any material way from the draft documents Moody's has reviewed.

The subordinated notes will represent direct, unconditional,
subordinated, and unsecured obligations of the bank and qualify
as Lower Tier II capital.  The notes are due in 2018 and
callable in and after 2013, five years from the issuance.  They
also contain a step-up interest rate feature that will be
activated in 2013 if they are not redeemed.

Upon the occurrence of a subordination event, the ranking of the
notes is subordinated to the claims of depositors and senior
creditors.

Moody's ratings for ABC derive from the bank's strong niche in
middle-market business financing and average financials.
According to the bank's preliminary financial reports for 2007,
it appears to have made further progress on the disposals of
non-performing assets and there appears to be a recovery in
profit growth.

Moody's assessment of the probability of systemic support for
ABC is high, which results in an uplift in its local currency
deposit ratings from the B1 baseline credit assessment.

Allied Banking Corp, headquartered in Manila, is the tenth
largest bank in the Philippines with P142 billion in assets as
of end-2007.


MANILA ELECTRIC: Lowers Generation Charge in February Billing
-------------------------------------------------------------
The Manila Electric Company has reduced by 23.29 centavos the
generation component of their customers electricity bills for
February, the company said in a press release.   From the
January level of PHP4.4275 per kilowatthour, the generation
charge for February will go down to PHP4.1946 per KWh, owing
mostly to the low prices Meralco obtained form the Wholesale
Electricity Spot Market.

"Energy that we sourced from the WESM in January was an all-time
low of PHP3.38 per kWh.  This is the lowest monthly WES rate
(inclusive of NPC's GRAM and ICERA) since the electricity spot
market started commercial operations in July 2006," the release
quoted Meralco VP-Corporate Communications Elpi Cuna as saying.  
"In fact, because of a substantial adjustment in the WESM bill
for January, the effective rate from the WESM was further
brought down to only PHP1.94 per kWh."

According to the company, the significant reduction in the cost
of power from the WESM more than offset the 93 centavos increase
in NPC's rate, from PHP3.97 per kWh in December to its January
level of PHP4.90 per kWh.

The cost of power from Meralco's IPPs remained stable at an
average of PHP4.17 per kWh.  The IPPs supplied 56% of Meralco's
requirements in January.

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility                
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

The Troubled Company Reporter-Asia Pacific reported on
Dec. 14, 2007, that Standard & Poor's Ratings Services revised
the outlook on its ratings on Manila Electric Co. (Meralco) to
stable from negative.  The 'B-' long-term issuer credit rating
on Meralco was affirmed.


MANILA ELECTRIC: Permitted to Continue Operations in 11 Sites
-------------------------------------------------------------
The Manila Electric Company informed the Philippine Stock
Exchange that the Energy Regulator Commission granted the
company provisional authority to continue operating its electric
services in eight areas in Laguna.

According to a filing with the PSE, the ERC granted Meralco
provisional permit to go with their operations in:

    1. Barrios of Sucol, Bucal, Pansol, Bagong Kalsad and Masili
       in Calamba, Laguna

    2. Majayjay, Laguna

    3. Alaminos, Laguna

    4. Los Banos, Laguna

    5. Nagcarlan, Laguna

    6. Liliw, Laguna

    7. Rizal, Laguna

    8. Sta. Cruz, Laguna

    9. Victoria, Laguna

   10. Bay, Laguna

   11. Pila Laguna

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility                
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

The Troubled Company Reporter-Asia Pacific reported on
Dec. 14, 2007, that Standard & Poor's Ratings Services revised
the outlook on its ratings on Manila Electric Co. (Meralco) to
stable from negative. The 'B-' long-term issuer credit rating on
Meralco was affirmed.


SITEL WORLDWIDE: Weak Liquidity Cues Moody's Negative Outlook
-------------------------------------------------------------
Moody's Investors Service changed the outlook of Sitel Worldwide
Corporation to negative from stable.  The negative outlook
underscores the company's weak liquidity position, which may
require the company to seek relief in an available equity cure
under its credit agreement from its shareholders.  The negative
outlook also reflects Moody's belief that despite the equity
cure, the company's EBITDA cushion under its financial covenants
will remain very tight, and a shortfall in the company's 2008
anticipated performance could require the company to seek
further equity cure or other relief.

These ratings are affirmed:

  -- Corporate family rating -- B2

  -- Probability of default rating -- B3

  -- US$85 million first lien revolving credit facility -- B2,
     LGD-3, 35%

  -- US$675 million first lien term loan -- B2, LGD-3, 35%

Approximately US$762 million of debt securities affected.

Sitel's B2 corporate family rating reflects some on-going
integration risk, liquidity constrained by financial covenants
under the company's credit facility, break even to negative free
cash flow, and moderate client concentration.  The ratings are
supported by the company's scale and position as one of the
largest provider within the highly competitive call center
outsourcing industry, and the favorable outlook for the call
center outsourcing industry.

The company has pro forma LTM December 2007 revenues of
approximately US$1.9 billion.

Headquartered in Nashville, Tennessee, Sitel Worldwide Corp. --
http://www.sitel.com/-- is a customer care business process  
outsourcing vendor for voice services.  It competes with larger
multinational companies (i.e. EDS, Accenture, and IBM) and a
host of like size companies (including Convergys, West,
Teletech, and Sykes) in the customer care call center and
business process outsourcing industry.  The company has an
approximate 80:20 ratio of on/near shore to off shore operating
capacit and operates more than 155 locations in 27 countries,
including Brazil, Mexico and the Philippines.


VITARICH CORP: Confirms Increased Revenue Projections in 2008
-------------------------------------------------------------
Vitarich Corporation, in a regulatory filing with the Philippine
Stock Exchange, confirmed a Feb. 12 BusinessWorld report that it
sees increased sales revenues.  According to the report,
Vitarich is eyeing a 15% increase in revenues this year.

The increased sales revenue is part of our rehabilitation plan,   
Vitarich explains, adding that it cannot honor its obligations
according to the plan if it does not increase revenue and
profit.

The increase, Vitarich made it clear, is not caused simply by
its management's strategy and improved operations.  The company
pointed out of the market's high raw material prices, lower
livestock production volumes and a possible sunrise industry, as
reflective of a scenerio that would bring the projections to
reality.

Bulacan, Philippines-based Vitarich Corporation --
http://www.vitarich.com/-- is among the leading integrated    
producers and wholesalers of poultry and animal feed products in
the Philippines.  The company also develops, produces and sells
animal health products.  

The Company reported net losses worth PHP163.79 in 2006,
PHP249.3 million in 2005 and PHP291.2 million in 2004 .

Vitarich is currently implementing a rehabilitation plan.


WENDY'S INT'L: S&P Ratings Unaffected by Trian's Board Expansion
----------------------------------------------------------------
Standard & Poor's Ratings Services said that Trian Partners'
announcement that it will try to increase its board
representation has no immediate impact on Wendy's International
Inc.'s (BB-/Watch Neg/--) ratings profile.
     
On Feb. 11, Trian Partners, a 9.8% holder of the Wendy's shares,
gave notice that it would seek shareholder approval to expand
the size of the board from 13 to 15 members by increasing the
number of nominees at this year's annual meeting from four to
six directors.  If these proposals are successful, Trian
Partners would gain a majority on the board, given the three
board members already in place.
     
Wendy's financial policies have become significantly more
aggressive since Highfield Capital Management, Sandell Asset
Management Corp., and Trian Fund Management L.P. acquired large
holdings in the company.  In the past 18 months, Wendy's has
sold real estate, spun off Tim Hortons to its shareholders, and
undertaken significant share repurchases.
     
By attempting to persuade Wendy's shareholders to vote for
Trian's nominees, Chairman Nelson Peltz of Triarc Cos. could be
signaling that Triarc is no longer interested in acquiring
Wendy's since it would not need more board seats to exercise
control.  While the ostensible reason for the Trian initiative
is to ensure compliance with a Feb. 11 filing deadline, Trian's
move, if successful, may also have the effect of removing
Wendy's CEO Kerrii Anderson from the board since she faces
reelection at this year's annual meeting.
     
These developments reinforce Standard & Poor's view that ratings
on Wendy's should remain on CreditWatch with Negative
implications, where they were placed on April 26, 2007,
following the announcement that a Special Committee of its Board
of Directors would undertake a strategic review including a
possible sale of the company.  It is likely that Trian's efforts
to gain control will hasten the Special Committee decision for
consideration by the board.  On Jan. 28, 2008, the company
announced that the Special Committee was in the final stages of
its review.  When the company makes public its future plans, S&P
will assess the appropriateness of the current 'BB-' rating.  
S&P could lower ratings if the company undertakes actions that
deteriorate cash flow protection measures or disadvantage
bondholders.




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


AAR CORP: US$25MM Over-Allotment Option Exercised by Purchasers
---------------------------------------------------------------
AAR CORP. disclosed that the initial purchasers of the
convertible senior notes issued on February 11, 2008, have
exercised in full their over-allotment option to purchase an
additional US$25 million in aggregate principal amount of Notes.
The additional Notes will be allocated evenly between the two
tranches of Notes, resulting in a total of US$137.5 million
aggregate principal amount of 1.625% convertible senior notes
due 2014 and US$112.5 million aggregate principal amount of
2.25% convertible senior notes due 2016.  The company expects to
complete the sale of the additional Notes on February 19, 2008.

As with the initial US$225 million of Notes, the additional
US$25 million of Notes are subject to separate convertible note
hedge transactions between the company and an affiliate of one
of the initial purchasers of the Notes.  Separately, the company
will enter into additional warrant transactions with an
affiliate of one of the initial purchasers of the Notes.  These
convertible note hedge and warrant transactions are intended to
reduce potential dilution to the company's common stock upon
potential future conversion of the Notes and generally have the
effect on the company of increasing the conversion price of the
Notes to approximately US$48.83 per share, representing a 75.0%
premium based on the last reported sale price of US$27.90 per
share on February 5, 2008.

The Notes have not been registered under the Securities Act of
1933 or any state securities laws and, unless so registered, may
not be offered or sold in the United States except pursuant to
an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
securities laws.  

                       About AAR Corp.

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

                        *     *     *

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


BELIMO ACTUATORS: Creditors' Proofs of Debt Due on March 15
-----------------------------------------------------------
Belimo Actuators Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by
March 15, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 16 Raffles Quay
          #22-00 Hong Leong Building
          Singapore 048581


CHEMTURA CORP: Expects to Post US$2MM Net Income in 2007 4Q
-----------------------------------------------------------
Chemtura Corporation pre-disclosed its earnings from continuing
operations before income taxes, earnings from continuing
operations before income taxes on a non-GAAP basis, and earnings
from discontinued operations before income taxes for the fourth
quarter ended Dec. 31, 2007.

Earnings from continuing operations before income taxes for the
fourth quarter of 2007 were US$2 million compared with a loss of
US$50 million for the fourth quarter of 2006.  The US$52 million
increase relates to the US$48 million increase in operating
profit discussed above, a US$12 million increase in foreign
exchange gains and US$2 million in other cost decreases.  

These earnings were partially offset by the absence of the
$6 million gain in the fourth quarter of 2006 on sale of the
company's equity interest in the Davis Standard venture and an
increase of US$4 million in minority interest expense.

Non-GAAP earnings from continuing operations before income taxes
in 2007 and 2006 exclude charges of US$31 million and US$39
million,  related to the change in useful life of property,
plant and equipment, antitrust costs, facility closures,
severance and related costs, accelerated recognition of asset
retirement obligations, gain on sale of equity interest in joint
venture and impairment of long-lived assets.  

"Our fourth quarter results demonstrated much of the progress we
have made in 2007," Robert L. Wood, chairman and CEO, said,  "As
expected, we strongly outperformed the fourth quarter of 2006,
but we also improved over the first and third quarters of 2007.  
"Three of our four business units continued to show improvement
in operating profitability.  "Our performance specialties and
crop protection business generated particularly strong
performances, with revenue growth and expanded operating
margins.  Performance specialties showed the benefit of the
Kaufman acquisition and grew its petroleum additive products
business.  Consumer products delivered improved profitability
despite being in its winter season.

Non-GAAP earnings from discontinued operations before income
taxes include earnings from the EPDM, optical monomers and
fluorine businesses of US$6 million and US$8 million for the
quarters ended Dec. 31, 2007 and 2006.

"We continue to make progress in restructuring and repositioning
our Polymer Additives business as is evident by our pending sale
of the oleochemicals business and the growth in PVC revenues,"
Mr. Wood added.  "However, this was a quarter when progress was
not readily visible.  Sales volume growth was muted by higher
revenues from applications such as PVC being offset by lower
revenues in products such as clear brine fluids.   Electronic
revenues recovered after the trough of the third quarter to
levels comparable to a year ago.  Year-over-year operating
income performance primarily reflects the increases in raw
material cost, particularly tin and natural oils and fats, which
have only been offset in part by increased selling prices.

"The quarter saw further progress in our cost reductions
actions.  The US$1 million reduction in SGA&R compared to the
fourth quarter of 2006 understates our progress," Mr. Wood
related.  "Spending for the quarter was down about 10% from a
year ago before reflecting the increase in SGA&R from the
Kaufman acquisition, the net impact of non-recurring items and
foreign currency translation due to the weaker US dollar.  SGA&R
was 12% of sales in the quarter compared to 13% of sales in the
fourth quarter of 2006.

"As we now look forward to 2008, we expect a year of
improvement, although the normal seasonal weakness of the first
quarter will likely result in performance at levels comparable
to 2007," Mr. Wood continued.  "Our portfolio restructuring is
primarily focused on completing the transformation of our
Polymer Additives business.  We are making good progress in
recovering the cost of rising raw material through price
increases and our cost reduction actions are taking hold.  The
diversity of our business portfolio and our restructuring
programs will serve us well in mitigating the possible impacts
of a slowing economy.  2008 will be a year of transformation and
our focus on executing our improvement plans."

       Fourth Quarter 2007 Significant Transactions & Events

   * The company continued to incur charges related to the
     company-wide restructuring plan and other restructuring
     initiatives disclosed in the second quarter of 2007.  The
     company recorded a fourth quarter pre-tax charge for
     severance and related costs of US$2 million related to
     these actions.
    
   * During the quarter the company launched an initiative to
     consolidate its multiple ERP systems on a single SAP
     platform over the next eighteen months.  This action will
     permit the simplification and standardization of business
     processes.  As a result of this decision, the company
     impaired US$3 million of construction in progress costs
     related to software, which now will not be utilized and
     started to accelerate the depreciation of the capital cost
     of its legacy ERP systems to reflect their revised expected
     useful life.
    
   * On Oct. 31, 2007, the company has sold its optical monomers
     business.  Included in the transaction was the company's
     Ravenna, Italy manufacturing facility.  The optical
     monomers business is reported as a discontinued operation.
    
   * On Dec. 14, 2007, the company signed an asset purchase
     agreement to sell its fluorine chemical business.  The
     transaction closed on Jan. 31, 2008 and will be reported in
     the company's financial statements for the first quarter of
     2008.  The fluorine business is reported as a discontinued
     operation.
    
   * On Dec. 31, 2007, the company employed 5,144 people, a 5%
     reduction in the fourth quarter.  Additional reductions are
     expected as the company completes its divestiture actions.
    
   * On Jan. 25, 2008, the company has reached agreement to sell
     its oleochemicals business including its Memphis, Tennessee
     plant and expects the transaction to close in the first
     quarter of 2008, subject to financing and customary closing
     conditions.

                         Cash Flows

   * Cash and cash equivalents were US$77 million as of
     Dec. 31, 2007, compared to US$95 million as of
     Dec. 31, 2006.
    
   * The company's total debt as of Dec. 31, 2007, was
     US$1.06 billion as compared with US$1.11 billion as of
     Dec. 31, 2006.
    
   * The company's sales of accounts receivable under its
     securitization programs were US$239 million as of
     Dec. 31, 2007, US$303 million as of Sept. 30, 2007 and  
     US$279 million as of Dec. 31, 2006.

                  About Chemtura Corporation

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

                        *      *      *

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

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


DBS BANK: Moody's Affirms 'B' Bank Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service says DBS Bank Ltd's ratings have not
been affected by the announcement of additional provisions
relating to its collateralized debt obligations and other
investment exposures during 4Q2007, or by its recent acquisition
of Taiwan-based Bowa Commercial Bank.

The ratings affirmed are DBS':

   -- long-term/short-term deposit ratings of Aa1/P-1;

   -- bank financial strength rating of B;

   -- subordinated and junior subordinated debt rating of Aa2;
      and

   -- preference share rating of Aa3.

The outlook on all ratings is stable.

"While DBS took additional provisions as a result of the global
market turmoil, the amount is within Moody's stress-testing
scenarios and the bank's core business remains sound, which
provides support for its current ratings," says Christine Kuo, a
Moody's VP/Senior Analyst.

"Also, given the small size of Bowa Bank, we do not expect its
acquisition to create significant pressure on DBS' strong
balance sheet," adds Kuo.

"However, as the global financial markets remain turbulent,
Moody's will closely monitor market conditions and the bank's
performance. Should DBS' core businesses be affected as a result
of the spill-over of the US economic slowdown and/or the losses
on the bank's investment portfolios increase significantly, we
will need to review its outlook and possibly ratings," says Kuo.

DBS' 2007 net profit of SGD2,278 million was flat compared with
a year ago, despite the SGD240 million specific allowance taken
for its CDOs with exposures to US sub-prime assets, and the
SGD264 million impairment charges for its stake in Thailand-
based TMB Bank.  However, its core businesses remain resilient,
with profit before provisions rising 19% YoY on higher net
interest income and fee income and on a lower cost-to-income
ratio.

In addition, of the bank's total CDO exposure of SGD1.5 billion
as at the end of January 2008 most consisted of corporate CDOs,
with only SGD267 million relating to asset-backed securities
that have exposure to US sub-prime mortgages.  Including the
additional provision of SGD170 million taken during 4Q2007, DBS'
cumulative provisions cover 90% of its ABS CDO exposures, which
Moody's deems prudent.  Moreover, 4% general allowances were
taken for the bank's SGD1.2 billion of corporate CDOs in the
investment portfolio, 99% of which are rated A or above.

DBS also took impairment charges of SGD264 million during 2007
for its stake in TMB Bank, which brought the carrying value down
to SGD209 million, reflecting the further reduction in the
market valuation of TMB Bank. The bank's 16% stake was reduced
to 6.8% in the fourth quarter after DBS decided not to subscribe
to its rights in TMB Bank's share offer.

On 1st February 2008, DBS won the bid to take over Bowa Bank
from Taiwan government's Central Deposit Insurance Corporation.  
CDIC will pay DBS SGD1.9 billion (NT$44.5 billion) for acquiring
Bowa Bank's "good bank assets" of approximately SGD2.9 billion
(NT66.3 billion) in net loans, SGD4.1 billion (NT$92.3 billion)
in deposits, 43 distribution outlets and over 750,000
depositors.

Based on Taiwan's Financial Supervisory Commission data, Bowa
had a negative net worth of SGD1.5 billion (NT$34.7 billion) as
of 30th November 2007.  However, a portion of Bowa Bank's
balance sheet was carved out for this sale.  DBS has not
disclosed the details of the balance sheet to be acquired.  The
transaction is expected to be closed at the end of May 2008.

While Bowa Bank's asset quality is in question, the compensation
paid by CDIC will offset a portion of the potential losses. DBS
will, however, need to rebuild the franchise of its Taiwanese
acquisition, and install infrastructure and systems in the
failed bank in order to make it operate effectively and
profitably. Given that the balance sheet of Bowa Bank is very
small relative to that of DBS, Moody's expects DBS to be able to
absorb Bowa Bank's operations without stressing its own balance
sheet. Bowa Bank will become part of DBS and not a subsidiary.

Also, the 100% ownership of Bowa will enable DBS to execute its
business strategy effectively, unlike the case of TMB Bank.
However, the bank's management resources could be stretched
somewhat as Bowa has 39 branches and DBS is building its
mainland Chinese franchise at the same time.

DBS' ratings reflect its leading domestic franchise and strong
financial fundamentals, as seen in the bank's financial strength
rating of B. In addition, the ratings incorporate a very high
probability of systemic support, if needed, given the bank's
high national market share (26% of deposits) and relative
importance to Singapore's banking system.

Headquartered in Singapore, DBS Bank is Singapore's largest bank
with consolidated group assets of SGD234 billion (US$162
billion) as of 31 December 2007.


ELEMECH ENGINEERING: Court to Hear Wind-Up Petition on Feb. 29
--------------------------------------------------------------
A petition to have Elemech Engineering (S) Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
February 29, 2008.

S-Team Switchgear Pte Ltd filed the petition against the company
on February 4, 2008.

S-Team Switchgear's solicitor is:

          Drew & Napier LLC
          20 Raffles Place
          #17-00 Ocean Towers
          Singapore 048620


ONE GROUP: Court Enters Wind-Up Order
-------------------------------------
On February 1, 2008, the High Court of Singapore entered an
order to have One Group Asia Holdings Pte. Ltd.'s operations
wound up.

Tequila Asia-Pacific (Singapore) Pte Ltd filed the petition
against the company.

One Group's solicitor is:

          The Official Receiver
          45 Maxwell Road #06-11
          The URA Centre (East Wing)
          Singapore 069118


TARGUS GROUP: Improved Performance Cues Moody's Stable Outlook
--------------------------------------------------------------
Moody's Investors Service changed the outlook of Targus Group
International, Inc. to stable from negative and affirmed the
Caa1 Corporate Family Rating.  The change in outlook
acknowledges improvements in operating performance including
solid top line growth in the last two completed quarters,
particularly in Latin America, Asia and Eastern Europe.  The
change in outlook also takes into account the company's leading
market position, albeit in a relatively narrow segment, as well
as progress in inventory management and improved liquidity.

The ratings continue to be constrained by high leverage, with
adjusted debt to EBITDA of about 6.2 times for the twelve months
ended Dec. 31, 2007, and weak interest coverage with EBIT to
interest coverage of about 1.1 times.  Cash interest coverage is
stronger, with EBITDA less capital expenditures to interest of
about 1.4 times.  Adjustments include Moody's standard
adjustments for operating leases but exclude the effect of an
additional US$33 million of senior unsecured PIK notes due 2013
at the parent, Targus Holdings, Inc. which would bring the
adjusted debt to EBITDA ratio closer to seven times and EBIT
interest coverage to about one time.  The ratings also reflect
the potential for lower demand for computer cases and
accessories in a weakening economy in the United States.
Offsetting these risks are the revenue diversity from a
worldwide geographic footprint, three separate distribution
channels and the favorable growth trends for notebook cases and
computer accessories as global notebook computer unit sales
continue to increase.  The company has minimal capital
expenditures and generated positive adjusted free cash flow of
about 3.5% of adjusted debt in the twelve months ended
Dec. 31, 2007.

Moody's took these rating actions:

  -- Affirmed the Caa1 Corporate Family Rating;

  -- Affirmed the Caa1 Probability of Default Rating;

  -- Affirmed the B2 (LGD-2, 27%) rating on the first-lien
     secured bank facilities which consist of a US$40 million
     revolver due 2011 and US$185 million term loan due 2012;

  -- Affirmed the Caa2 (LGD-4, 69%) rating on the US$85 million
     second-lien secured term loan due 2013;

  -- Changed the outlook to stable from negative.

Increased leverage materially beyond current levels, combined
with negative free cash flow generation for more than two
quarters could lead to a downgrade.  Moody's will continue to
monitor bank loan covenant compliance as these tighten further
at the end of the 2008 fiscal year and liquidity considerations
could also put pressure on the ratings.

Given the likely weakness in economic conditions in the United
States and potentially elsewhere, Moody's believes that the
company could face challenging conditions.  Nonetheless,
continued sustainable free cash flow generation and successful
debt reduction is likely to lead to upward pressure on the
ratings in the near term.

Targus Group International Inc. -- http://www.targus.com/--  
invented the notebook case and continues to advance the mobile
accessories category with innovative and relevant solutions for
today's mobile lifestyle.  Founded in 1983, Targus headquarters
are located in Anaheim, California, with offices worldwide and
distribution agreements in more than 100 countries, including
Germany, France, Italy, Spain and United Kingdom.  The company
has Latin America operations in Argentina, Barbados, Costa Rica
El Salvador, and Singapore in Asia.




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


FAR EASTERN: Seeks Bankruptcy Protection for Three Months
---------------------------------------------------------
Far Eastern Air Transport Corp. has sought bankruptcy protection
for three months from the Taipei District Court to stop
creditors from seizing the company's assets, various reports
say.

According to the company's Executive Vice President S.P. Kuan,
the bankruptcy court's protection would allow the airline to
continue operating and serve its customers while it seeks for
ways to find funding to pay debts.  

Radio Taiwan International says that its liabilities amounted to
NT$9.99 billion (US$315 million) at Sept. 30, 2007.  Separately,
AFP cites Unnamed sources as saying that the airline's bank
debts have now reached more than US$5 billion.

"By filing for bankruptcy protection we want to ensure passenger
rights and prevent banks from seizing our planes, which would
disrupt normal operations," Mr. Chang was quoted by the Wall
Street Journal as saying.

In a statement filed with the Taiwan Stock Exchange, the airline
said that its debt-to-asset ratio was 87.43% as of January,
making it difficult to pay its creditor group comprised of the
Bank of Taiwan, Mega  Bank, Taiwan Cooperative Bank, among
others.  

The airline promised to settle payments within one month, as it
expects to generate US$230 million through the sale of its non-
core assets,  AFP relates.     

Meanwhile, Far Eastern's membership with the International Air
Transport Association was halted as of last week because of its
inability to pay US$840,000 of overdue fees, the Journal states.  
Also, the airline owes Taiwan's Civil Aeronautics Administration
about US$1.3 million for landing and airport fees.

The Journal relates that the air carrier's troubles were brought
on by high fuel prices and the presence of the high-speed rail
service from Taipei to Kaohsiung.  Because of the rail service,
Far Eastern's sales dropped 7.7% in 2007, the China Post says.   

The China Post adds that Far Eastern's US$4.76 million check
issued to its fuel supplier, CPC Corp., bounced.  

              About Far Eastern Air Transport

Headquartered in Taiwan, Far Eastern Air Transport Corporation
is an airline company that provides both domestic and
international passenger flight services.  The Company also
provides both domestic and international chartered flight
services, freight and postal delivery services and aircraft
maintenance services. D uring the year ended Dec. 31, 2006,
domestic passenger flight service, international passenger
flight service and chartered flight service accounted for
approximately 53%, 18% and 18% of its total revenue,
respectively.




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


* Fitch To Hold Teleconference for Asia's Banks on Feb. 20
----------------------------------------------------------
Fitch Ratings will host a teleconference on February 20, 2008,
at 11  a.m. Hong Kong and 12 p.m. Korea to discuss the agency's
outlook for the  region's banks (ex-Japan) in 2008.  The call
will include a regional  economic and banking outlook, as well
as more specific comments on the Chinese and Korean banks.

The teleconference will be hosted by David Marshall, Managing
Director  and the agency's head of Financial Institutions
ratings, Asia Pacific.    Senior Directors Charlene Chu and
Peter Tebbutt will present on  Chinese and Korean banks,
respectively. James McCormack, Managing Director  of Sovereigns
ratings will participate on the call with an overview of the
region's economies.

The call is expected to run approximately 20 minutes, followed
by a  short Q&A session for interested participants.  Tan Lai
Peng, Director,  will be available for queries on Singapore's
banks, while Ananda Bhoumik,  Senior Director will take
questions on the Indian banks.

To register for this event, please contact Evon Hanip at (65)
67967208/ evon.hanip@fitchratings.com.

Instructions:

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

These are the details of the teleconference:

    -- Date: Wednesday, February 20, 2008
    -- Time: 11AM HK/SG
    -- Australian Toll Free: 1800 097 137
    -- Japan Toll Free: 0044 2206 2130
    -- Korea Toll Free: 00798 612 1030
    -- China North Toll Free: 10800 6110 114
    -- China South Toll Free: 10800 3610 134
    -- Taiwan Toll Free: 00801 232 383
    -- Hong Kong Toll Free: 800 962 681
    -- Singapore Toll Free: 800 6162 212
    -- Malaysia Toll Free: 1800 181 225
    -- Indonesia Toll Free: 00180 3061 2084
    -- Thailand Toll Free: 001800 612 1073
    -- India Toll Free: 000 800 100 6486
    -- Philippines Toll Free: 1800 1612 0024

Replay:

An archived replay of the teleconference will be available from
the  'Events Calendar' on the Fitch Ratings Asia website,
http://www.fitchratingsasia.com/from February 22, 2008.


* BOND PRICING: For the Week 18 February to 22 February 2008
------------------------------------------------------------

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

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

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

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

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

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

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



                         *********

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

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

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



                         *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Azela Jane Taladua, Rousel Elaine Tumanda,
Valerie Udtuhan, Tara Eliza Tecarro, Marjorie C. Sabijon,
Frauline Abangan, and Peter A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                *** End of Transmission ***