TCRAP_Public/080220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

             Wednesday, February 20, 2008, Vol. 9, Issue 36

                          Headlines

A U S T R A L I A

ALLENS MANAGEMENT: Placed Under Voluntary Liquidation
ALLIED HEALTH: Undergoes Liquidation Proceedings
BRIDGECORP HOLDINGS (AUSTRALIA): To Declare Dividend on March 8
BRIDGECORP HOLDINGS: to Declare First Dividend on March 8
CASTLE CANVAS: Members & Creditors to Meet on Feb. 29

CENTRO NP: S&P Holds CCC+ IDR Despite Parent's Debt Extension
CENTRO PROPERTIES: Shares Rise After Refinancing Extension
ENESCO GROUP: Plan Confirmation Hearing Moved to March 5
HUNSO PTY: Members & Creditors to Meet on March 7
INTERGRAPH BEST: Members to Receive Wind-Up Report on March 6

INTERGRAPH WHOLESALE: Members' Meeting Slated for March 6
PALITIME PTY: Liquidators to Give Wind-Up Report on January 24
SPYWING PTY: Liquidator to Present Wind-Up Report on March 3
SYMBION HEALTH: Primary Raises AU$958 Million from Share Offer
TREVOR JONES: Commences Liquidation Proceedings

URBAN ESSENTIALS: Members Opt to Shut Down Firm


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

ACXIOM CORP: Paying Six Cents Per Share Dividend on March 17
ACXIOM CORP: Increases Stock Repurchase Program by US$25 Million
BANK OF CHINA: Gets Nod for CNY10-Billion Fund
CHINA EASTERN: Aviation Authority Okays Regional Airline
CHINA EASTERN: Receives Third Aircraft from EADS

FRIENDS OF THE PHILAHARMONIA: Commences Liquidation Proceedings
FOCAL_JM: Members' Final General Meeting Set for March 17
INTELSAT LTD: Fitch Pares Issuer Default Rating to CCC from B
INTELSAT: S&P Chips Rating to B on Highly Leveraged Profile
MEDISON GREATER: Creditors Meeting Fixed for February 28

PETROLEOS DE VENEZUELA: Fitch Sees Potential Concern
PIONEER NATIONAL: Creditors Meeting Fixed for February 29
TERMSISSUE LIMITED: Members' Final Meeting Set for March 17

* Fitch Says China Oil Sector Credit Quality Better Than India's


I N D I A

CORE HEALTHCARE: Sushil Handa Resigns from Firm
HINDUSTAN COPPER: Net Profit Slides to INR529MM in Oct-Dec '07
INDUSTRIAL DEV'T BANK: Dr. Heggade Resigns from Board
QUEBECOR WORLD: U.S. Trustee Revises Creditors' Committee
QUEBECOR WORLD: Wants to Pay Accrued Prepetition Commissions

QUEBECOR WORLD: Creditors' Committee Taps Akin Gump as Counsel
RPG LIFE: Changes Name to Brabourne Enterprises Ltd.
SUN MICROSYSTEMS: Will Hire 300 Workers in Asia
SYNDICATE BANK: Moody's Gives D+ Bank Financial Strength Rating
TATA POWER: Strategic Electronics Arm Signs MOU with Thales


I N D O N E S I A

BANK MANDIRI: Denies Plan to Acquire Stake in Bank Internasional
BANK PANIN: To Issue IDR600 Billion in March
GAJAH TUNGGAL: Aims to Boost Sales by 15% in 2008
GARUDA: Plans US$200 Million Share Sale Next Year to Buy Planes
GOODYEAR TIRE: Earns US$602 Million in Year Ended Dec. 31, 2007

KERTAS KRAFT: Indonesia to Offer Gas Project to Incitec Pivot


J A P A N

BOSTON SCIENTIFIC: Closes US$425MM Asset Sale to Avista Capital
FURUKA: S&P Upgrades Long-Term Corporate Credit Rating to 'BB+'


K O R E A

HANAROTELECOM: SK Telecom Gets OK Takeover Signal from Watchdog
KOREA EXPRESS: Posts KRW76-Billion Net Profit in 2007
KRISPY KREME: Standard Pacific Divests 6.1% Stake in Company


M A L A Y S I A

SHAW GROUP: Moody's Puts Ratings on Review for Possible Upgrade
SINORA INDUSTRIES: Appoints Toyong as Member of Audit Committee
SINORA INDUSTRIES: Earns MYR5.17 Million in Qtr. Ended Dec. 31


N E W   Z E A L A N D

CAFE CON LECHE: Fixes April 24 as Last Day to File Claims
CLEAR CHANNEL: Earns US$938.5 Mil. in Year Ended Dec. 31, 2007
CLEAR CHANNEL: Extends Key Dates of Senior Notes Tender Offer
D N BECKETT: Wind-Up Petition Hearing Set for April 1
INTERACTIONZ LTD: Subject to CIR's Wind-Up Petition

MAINLINE PAINTERS: Creditors' Proofs of Debt Due on April 30
NORTHRIDGE ARCHITECTURE: Taps Fatupaito & McCloy as Liquidators
OLTRARNO LTD: Faces CIR's Wind-Up Petition
PREGGI BELLIES: Undergoes Liquidation Proceedings
PRESERVATION & MAINTENANCE: Proofs of Debt Due on April 30

SILVERWORKS NZ: Wind-Up Petition Hearing Set for February 28
SWISS CHALET: Commences Liquidation Proceedings
TE MANE NEHO: Wind-Up Petition Hearing Set for February 27
WAKEFIELD SERVICES: Undergoes Liquidation Proceedings
WAYWARD PACIFIC: Taps Parsons & Kenealy as Liquidators


P H I L I P P I N E S

CENTRAL AZUCARERA: Incurs INR83-Mil. Net Loss in July-Dec. 2007
IPVG CORP: To Acquire 70% of MEGAMobile for PHP6.4 Million
PRIME ORION: Earns PHP246.41 Mil. in Quarter Ended Dec. 31, 2007


S I N G A P O R E

AAR CORP: To Expand Composites Business
ENZER ELECTRONICS: Creditors' Meeting Set for February 22
FAITHFUL LOGISTICS: Court Enters Wind-Up Order
ROY EASTERN: Court to Hear Wind-Up Petition on February 28
SCOTTISH RE: Eroding Credit Quality Spurs Moody's Ratings Review


T H A I L A N D

AMERICAN AXLE: To Construct Manufacturing Facility in Rayong
AMERICAN AXLE: Net Loss Drops to US$25MM in Qrtr. Ended Dec. 31

* Upcoming Meetings, Conferences and Seminars


                            - - - - -

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


ALLENS MANAGEMENT: Placed Under Voluntary Liquidation
-----------------------------------------------------
Allens Management Australia Pty. Limited's members agreed on
January 9, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Frank Lo Pilato at RSM Bird Cameron Partners to facilitate the
sale of its assets.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          103-105 Northbourne Avenue, Level 1
          Turner ACT 2612
          Australia
          Telephone:(02) 6247 5988

                   About Allens Management

Allens Management Australia Pty Limited provides business
services.  The company is located at Yarralumla, in ACT,
Australia.


ALLIED HEALTH: Undergoes Liquidation Proceedings
------------------------------------------------
Allied Health Industries Pty. Limited's members agreed on
January 18, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Keiran William Hutchison and John Raymond Gibbons at Ernst &
Young to facilitate the sale of its assets.

The liquidators can be reached at:

          Keiran William Hutchison
          John Raymond Gibbons
          Ernst & Young
          Level 37, 680 George Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9248 5555

                     About Allied Health

Allied Health Industries Pty. Limited is a distributor of
medical, dental, and hospital equipment and supplies.  The
company is located at Baulkham Hills, in New South Wales,
Australia.


BRIDGECORP HOLDINGS (AUSTRALIA): To Declare Dividend on March 8
---------------------------------------------------------------
Bridgecorp Holdings (Australia) Pty. Limited will declare
dividend for its priority creditors on March 8, 2008.

Creditors are required to file their proofs of debt by
Feb. 28, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Phil Carter
          c/o PricewaterhouseCoopers
          GPO Box 2650
          Sydney, New South Wales 1171
          Australia

                  About Bridgecorp Holdings

Bridgecorp Holdings (Australia) Pty Limited operates holding
companies.  The company is located at North Sydney, in New South
Wales, Australia.


BRIDGECORP HOLDINGS: to Declare First Dividend on March 8
---------------------------------------------------------
Bridgecorp Holdings Limited, which is in liquidation, will
declare its first dividend on March 8, 2008.

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

The company's liquidator is:

          Phil Carter
          c/o PricewaterhouseCoopers
          GPO Box 2650
          Sydney, New South Wales 1171
          Australia

                   About Bridgecorp Holdings

Located at North Sydney, in New South Wales, Australia,
Bridgecorp Holdings Limited is an investor relation company.


CASTLE CANVAS: Members & Creditors to Meet on Feb. 29
-----------------------------------------------------
Castle Canvas Pty. Ltd. will hold a final meeting for its
members and creditors at 10:00 a.m. on February 29, 2008.  
During the meeting, the company's liquidator, Peter Hicks at
Forsythes, will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          Peter Hicks
          Forsythes Chartered Accountants
          Hunter Mall Chambers, Level 5
          175 Scott Street, Newcastle
          Australia

                     About Castle Canvas

Castle Canvas Pty. Ltd. is a distributor of canvas and related
products.  The company is located at Wickham, in New South
Wales, Australia.


CENTRO NP: S&P Holds CCC+ IDR Despite Parent's Debt Extension
-------------------------------------------------------------
Standard & Poor's Ratings Services said that Centro NP LLC's
'CCC+' issuer credit ratings remain on CreditWatch with
developing implications, where they were initially placed on
Jan. 3, 2008.  This follows a series of announcements made by
Centro Properties Group.  The 'CCC+' senior-unsecured debt and
'CCC-' preferred stock ratings on Centro NP (formerly New Plan
Excel Realty Property Trust) also remain on CreditWatch with
developing implications.

CNP updated the Australian equity market on the company's
refinancing plans for its maturing debt and progress made on the
"strategic review".   Collectively, the announcements do not
have an immediate effect on the Centro NP ratings.  The
announcements were:

   -- Debt facilities of US$1.3 billion (A$1.4 billion)
      associated with CNP's U.S. joint venture with Centro
      Retail Trust (CER; not rated) have been extended until
      Sept. 30, 2008.  Extension beyond April 30, 2008 is
      subject to similar arrangements with CNP's Australian
      creditors, as detailed below.  Additional development
      funding of US$80 million (AU$90 million) has also been
      provided to the CNP/CER U.S. joint venture;

  -- CNP completed its audit of the classification of current-
     to-non-current debt reported at June 30, 2007.  As a
     consequence, the proportion of current debt increased to
     72% of total debt, from 30% previously.  The total debt of   
     AU$3.6 billion in these accounts was accurate; and

  -- CNP and CER will announce their half yearly results to
     Dec. 31, 2007 on Feb. 28, 2008.

"These announcements do not change the near-term probability
that Centro NP could be put into default by its creditors,
notwithstanding that the company's operating assets remain of
good quality and that the extension of the debt facilities is a
positive sign," Standard & Poor's credit analyst Craig Parker
said.

CNP also announced that its whole-of-group review, which may
include a recapitalization, equity issuance, or acquisition of
CNP, and/or the sale of the group's interest in its Australian
and U.S. wholesale funds, is continuing.  In addition, CNP
announced that its AU$2.3 billion debt facilities under the
Australian extension arrangement have been extended until
April 30, 2008.  At the same time, CNP's U.S. private-placement
noteholders, who are collectively owed US$450 million (AU$505
million), have agreed to continue to act in accordance with an
extension arrangement similar to the Australian extension
arrangements.

Mr. Parker added: "Given the uncertainty facing the group, we
believe that the issuer rating could move either up or down from
'CCC+'.  A further downgrade would be precipitated by Centro NP
not being able to seek a further extension of its debt facility
beyond April 30, 2008.  There is also a prospect that some
lenders within the CNP group may selectively rollover facilities
that have recourse to favorable assets, while other lenders may
seek repayment on April 30, 2008.  The complex ownership
structure of CNP and the different legal jurisdictions of
Australia and the U.S. will figure in the bankers' decision
process."

"On the other hand, the ratings could be raised if CNP and
Centro NP are able to implement a strategic plan that satisfies
the bank lenders and private-placement noteholders and places
the companies on a more sound financial footing.  The reduction
of outstanding debt levels is a critical factor.  At the same
time, the group has to manage the assets to retain their market
value; this will signal to Standard & Poor's that Centro's
credit quality has improved.  The cash-flow impact of the
increased interest margins on CNP's debt facilities (as agreed
in mid-December 2007) and the reduced likelihood that the
business model will continue in its current form following this
renegotiation process mean that any ratings upgrade may be
limited to the low 'BB' category."

                      About Centro NP

Centro NP LLC, headquartered in New York City, owns and operates
465 community and neighborhood shopping centers in 38 states.
The company had assets of US$6.3 billion and equity of
US$3.8 billion at Sept. 30, 2007.

Centro Properties Group, headquartered in Melbourne, Victoria,
Australia, is an Australian Listed Property Trust that
specializes in the ownership, management and development of
retail shopping centers in Australia, New Zealand and the USA
with AU$26.6 billion in assets under management.


CENTRO PROPERTIES: Shares Rise After Refinancing Extension
----------------------------------------------------------
Centro Properties Group's shares rose 16% after it was granted
an extension until April 30 to refinance a US$3.9 billion of
debts, courier Mail reports.Investors have regained confidence
in the company because of the extension.

Chief Executive Glenn Rufrano, according to the Mail, said in a
statement that the company appreciates the cooperation of its
lenders, which are comprised of 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.

The company is facing difficulties refinancing debts because
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.

                  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.


ENESCO GROUP: Plan Confirmation Hearing Moved to March 5
--------------------------------------------------------
The United States Bankruptcy Court for the Northern District of
Illinois continued to March 5, 2008, at 10:00 a.m. the hearing
to consider confirmation of Enesco Group, Inc. and its debtor-
affiliates' Second Amended Chapter 11 Plan of Liquidation.

The hearing will be held at 219 South Dearborn, Courtroom 613 in
Chicago, Illinois.

As reported in the Troubled Company Reporter on Jan. 23, 2008,
the Court originally set Jan. 30, 2008, to consider confirmation
of the Debtors' amended Chapter 11 plan.

                   Overview of the Plan

The Debtors related that the Plan proposes to liquidate the
remaining assets of the Debtors and distribute the proceeds to
the holders of the allowed claims.  The principal source of the
distributions will be:

   a) cash on hand as of the effective date of the Plan;

   b) proceeds from the Debtors' lender settlement;

   c) proceeds and tax refunds arising out of the resolution of
      the Hong Kong Tax Dispute;

   d) proceeds from the Contingency Litigation Agreement; and

   e) Litigation Trust Proceeds.

           Summary Treatment of Claims Under The Plan

The Plan proposes that all holders of allowed administrative
claims, allowed priority claims, other than the Internal Revenue
Service, and the allowed non-tax priority claims will have their
allowed claims paid in full on or about the effective date of
the plan from the proceeds of the Lender Settlement.

In addition, within 60 days of the effective date, general
unsecured creditors will receive their pro-rate share of
US$480,000 from the proceeds of the Lender Settlement.  The
Debtors say that general unsecured creditors are expected to
receive 27% of their claims.  Unsecured creditors will further
be entitled to receive additional future distribution.

Within the same time frame, the Internal Revenue Service will
receive US$650,000 from the proceeds of the Lender Settlement
and will be entitled to receive additional future distribution.

Additional contributions, the Debtors say, are however,
contingent on future recoveries by the Debtors and are not
guaranteed.  The Contingency Litigation Trust, the Debtors add,
are also not guaranteed.

        Summary Creditor Treatment if Plan is Not Confirmed

The Debtors tell the Court that if the Plan is not confirmed,
then they are not substantively consolidated for purposes of the
Plan or their cases are converted to ones under Chapter 7 of the
Bankruptcy Code.

At the conclusion of the Chapter 7 cases, administrative claims
will still be paid in full.  However, tax priority claims
holders will only receive 4.9% of their claims.  General
Unsecured Creditors on the other hand, will receive nothing.

The Debtors reveal that the primary reasons for the
significantly smaller distributions under this scenario are:

   1) the proceeds and other benefits from the:

      -- Lender Settlement;
      -- the Contingency Litigation Agreement; and
      -- the resolution of the Hong Kong Tax Dispute,

      will be substantially compromised or lost, resulting in a
      significantly smaller recovery by the Debtors' estates;
      and

   2) there will be additional administrative costs if the
      Plan is not confirmed.

                    About Enesco Group

Based in Itasca, Illinois, Enesco Group, Inc. --
http://www.enesco.com/-- is a producer of giftware, and home
and garden decor products.  Enesco's product lines include some
of the world's most recognizable brands, including Disney,
Heartwood Creek, Nickelodeon, Cherished Teddies, Lilliput Lane,
Border Fine Arts, among others.

Enesco distributes products to a wide array of specialty gift
retailers, home decor boutiques and direct mail retailers, as
well as mass-market chains.  The company serves markets
operating in Europe, particularly in the United Kingdom and
France, as well in the Asia Pacific in Australia and Hong Kong.

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).
Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors.  Epiq
Bankruptcy Solutions, LLC, acts as the Debtors' claims and
noticing agent.  Adelman & Gettleman Ltd. represents the
Official Committee of Unsecured Creditors as bankruptcy counsel.  
In schedules of assets and debts filed with the Court, Enesco
disclosed total assets of US$61,879,068 and total debts of
US$231,510,180.


HUNSO PTY: Members & Creditors to Meet on March 7
-------------------------------------------------
Hunso Pty. Limited will hold a final meeting for its members
and creditors at 10:00 a.m. on March 7, 2008.  During the
meeting, the company's liquidator, P. Ngan at Ngan & Co, will
provide the attendees with property disposal and winding-up
reports.

As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on July 11, 2006.

The liquidator can be reached at:

          P. Ngan
          Ngan & Co
          49 Market Street, Level 5
          Sydney, New South Wales 2000
          Australia

                      About Hunso Pty.

Hunso Pty. Limited provides accounting, auditing, and
bookkeeping services.  The company is located at Sydney, in New
South Wales, Australia.


INTERGRAPH BEST: Members to Receive Wind-Up Report on March 6
-------------------------------------------------------------
Matthew Malcolm Duggan, Intergraph Best (Vic.) Pty. Ltd.'s
appointed estate liquidator, will meet with the company's
members on March 6, 2008, at 10:00 a.m. to provide them with
property disposal and winding-up reports.

The liquidator can be reached at:

          Matthew Malcolm Duggan
          60 Miller Street, Level 5
          North Sydney
          Australia

                    About Intergraph Best

Intergraph Best (Vic.) Pty Ltd operates investment offices.  The
company is located at South Melbourne, in Victoria, Australia.


INTERGRAPH WHOLESALE: Members' Meeting Slated for March 6
---------------------------------------------------------
Matthew Malcolm Duggan, Intergraph Wholesale Pty. Ltd.'s
appointed estate liquidator, will meet with the company's
members on March 6, 2008, at 10:00 a.m. to provide them with
property disposal and winding-up reports.

The liquidator can be reached at:

          Matthew Malcolm Duggan
          60 Miller Street, Level 5
          North Sydney
          Australia

                 About Intergraph Wholesale

Intergraph Wholesale Pty. Ltd. is a distributor of photographic
equipments and supplies.  The company is located at North Ryde,
in New South Wales, Australia.


PALITIME PTY: Liquidators to Give Wind-Up Report on January 24
--------------------------------------------------------------
Palitime Pty. Limited will hold a final meeting for its members
and creditors at 10:00 a.m. on January 24, 2008.  During the
meeting, the company's liquidators, Antony de Vries and Riad
Tayeh at de Vries Tayeh, will provide the attendees with
property disposal and winding-up reports.

The liquidators can be reached at:

          Antony de Vries
          Riad Tayeh
          c/o de Vries Tayeh
          95 Macquarie Street, Level 3
          Parramatta, New South Wales 2124
          Australia

                      About Palitime Pty.

Palitime Pty. Limited provides miscellaneous personal services.  
The company is located at Parramatta, in New South Wales,
Australia.


SPYWING PTY: Liquidator to Present Wind-Up Report on March 3
------------------------------------------------------------
Spywing Pty. Ltd. will hold a joint meeting for its members
and creditors at 10:00 a.m. on March 3, 2008.  During the
meeting, the company's liquidator, P. Hillig at Smith Hancock,
will provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          P. Hillig
          Smith Hancock
          88 Phillip Street, Level 4
          Parramatta, New South Wales 2150
          Australia

                     About Spywing Pty.

Spywing Pty. Ltd., which is also trading as Action Fruit Supply,
operates fruit and vegetable markets.  The company is located at
Sydney Markets, in New South Wales, Australia.


SYMBION HEALTH: Primary Raises AU$958 Million from Share Offer
--------------------------------------------------------------
In order to finance its AU$2.65-billion acquisition offer for
Symbion Health Ltd., Primary Health Care has issued additional
shares.  According to News Limited, the company has raised
AU$958 million as 80% of its existing institutional shareholders
took up their entitlement under the offer.

Primary Health disclosed that it seeks to raise AU$1.23 billion
to fund the acquisition.  It also launched an eight-for-five
accelerated renounceable pro-rata entitlement offer at AU$5.40
per share to raise the money.  Bloomberg reported that Primary
has borrowed AU$534.3 million to fund its bid for Symbion.

Primary Health successfully obtained last week majority control
of Symbion after it obtained 53.81% acceptances to its
AU$2.65-billion unconditional bid.

                   About Primary Health

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

                    About Symbion Health

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

                        *     *     *

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


TREVOR JONES: Commences Liquidation Proceedings
-----------------------------------------------
Trevor Jones & Partners Pty. Limited's members agreed on
Dec. 14, 2007, to voluntarily liquidate the company's business.  
In line with this goal, the company has appointed Christopher J.
Palmer at O'Brien Palmer to facilitate the sale of its assets.
The liquidator can be reached at:
          Christopher J. Palmer
          O'Brien Palmer
          23-25 Hunter Street, Level 4
          Sydney, New South Wales 2000
          Australia

                    About Trevor Jones

Trevor Jones & Partners Pty Limited provides architectural
services.  The company is located at Leichardt, in New South
Wales, Australia.


URBAN ESSENTIALS: Members Opt to Shut Down Firm
-----------------------------------------------
Urban Essentials International Pty. Ltd.'s members agreed on
January 15, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Roderick Mackay Sutherland at Jirsch Sutherland to facilitate
the sale of its assets.

The liquidator can be reached at:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney, New South Wales 2001
          Australia
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail: admin@jirschsutherland.com.au

                  About Urban Essentials

Urban Essentials International Pty. Ltd. is a distributor of
women's, children's, and infants' clothing and accessories.  The
company is located at Abbotsford, in Victoria, Australia.




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C H I N A ,   H O N G  K O N G   &   T A I W A N
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ACXIOM CORP: Paying Six Cents Per Share Dividend on March 17
------------------------------------------------------------
Acxiom(R) Corporation's board of directors has declared a
quarterly cash dividend of six cents per share payable on
March 17 to shareholders of record as of the close of business
on Feb. 25, 2008.

While Acxiom intends to pay regular quarterly dividends for the
foreseeable future, all subsequent dividends will be reviewed
quarterly and declared by the board at its discretion.                       

Headquartered in Little Rock, Arkansas, Acxiom Corporation,
(Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data,
services and technology to create and deliver customer and
information management solutions for many of the largest, most
respected companies in the world.  The core components of
Acxiom's innovative solutions are Customer Data Integration
(CDI) technology, data, database services, IT outsourcing,
consulting and analytics, and privacy leadership.  Founded in
1969, Acxiom has locations throughout the United States and
Europe, and in Australia, China and Canada.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 17, 2007,
Moody's Investors Service confirmed Acxiom's Ba2 corporate
family rating and assigned a negative rating outlook, concluding
a review for possible downgrade initiated on May 17, 2007,
following the company's announcement that it had entered into a
definitive agreement to be acquired by Silver Lake and ValueAct
Capital for US$3 billion.


ACXIOM CORP: Increases Stock Repurchase Program by US$25 Million
----------------------------------------------------------------
Acxiom(R) Corporation's board of directors has authorized a
US$25 million increase in its stock repurchase program.

On Oct. 26, 2007, the company disclosed a 12-month, US$75
million program whereby the company would repurchase its common
stock in open market or privately negotiated transactions,
depending on prevailing market conditions and other factors.  
Since the inception of the program, the company has purchased
approximately 4.175 million shares for a total purchase price of
US$50.6 million.  At a meeting Feb. 13, 2008, the board voted to
increase the authorization to US$100 million.  The repurchase
program may be suspended or discontinued at any time.

Headquartered in Little Rock, Arkansas, Acxiom Corporation,
(Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data,
services and technology to create and deliver customer and
information management solutions for many of the largest, most
respected companies in the world.  The core components of
Acxiom's innovative solutions are Customer Data Integration
(CDI) technology, data, database services, IT outsourcing,
consulting and analytics, and privacy leadership.  Founded in
1969, Acxiom has locations throughout the United States and
Europe, and in Australia, China and Canada.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 17, 2007,
Moody's Investors Service confirmed Acxiom's Ba2 corporate
family rating and assigned a negative rating outlook, concluding
a review for possible downgrade initiated on May 17, 2007,
following the company's announcement that it had entered into a
definitive agreement to be acquired by Silver Lake and ValueAct
Capital for US$3 billion.


BANK OF CHINA: Gets Nod for CNY10-Billion Fund
----------------------------------------------
China Securities Regulatory Commission has approved Bank of
China Investment Management Co. Ltd.'s new open-ended stock fund
valued at around CNY10 billion, Thomson Financial News reports.  
Bank of China Investment Management is the fund-management unit
of the Bank of China Ltd.

The move is aimed at "increasing capital flows into the local
bourse and giving a boost to the stock market," the report says.  
The fund was one of two with a total value of CNY19.5 billion
that had been approved by the country's securities regulator,
Bank of China Chairman Xiao Gang said.  

Beijing-based Bank of China Limited -- http://www.bank-of-
china.com/en/static/index.html -- is a Chinese bank that has
presence in all major continents.  The company offers financial
services through itsglobal network of over 560 overseas offices
in 25 countries and regions.  In Hong Kong and Macao, Bank of
China is one of the local note issuing banks.  Traditional
commercial banking constitutes the majority of Bank of China's
business, which is composed of corporate banking, retail banking
and banking with financial institutions.  The company has
branches in Singapore, Japan, Kazakhstan, London, Grand Cayman,
and the United States.

Moody's Investors Service gave the bank a bank financial
strength rating of D- on May 4, 2007.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings affirmed the bank's D individual rating on
Dec. 14, 2006.


CHINA EASTERN: Aviation Authority Okays Regional Airline  
--------------------------------------------------------
China Eastern Airlines Corporation Limited and China Aviation
Industry Corp. I will soon fly the skies together as "Xingfu
Airlines" after Civil Aviation Administration of China approved
their joint venture for a regional airline, various reports say.

State-owned aircraft maker China Aviation will hold a 60% stake
in the new company and China Eastern will hold the remainder,
China Business News reports.  The joint venture has a registered
capital of one billion yuan (US$139 million) and will begin
operation in the first half of 2008, Antara News shares, citing
an earlier disclosure.

Fifty Chinese-made Xinzhou-60 Turboprops will serve Xingfu
Airlines, which means "happiness" in Chinese, during the first
stage and the fleet size will be expanded to 100 once 50 ARJ21
jets are put into use.

The approval of the new carrier is rare as aviation agency has
said that it would stop receiving applications to set up airline
companies and tighten the approval of submitted applications
until 2010, ShanghaiDaily says.

Meanwhile, Singapore Airlines Ltd. told ShanghaiDaily that it
has no plans to renew its unsuccessful bid for China Eastern,
adding that Singapore Airlines is preparing ways to cope with a
potential global economic slowdown.  China Eastern's
shareholders rejected a bid by Singapore Airlines in early
January.

                    About China Eastern

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

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

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


CHINA EASTERN: Receives Third Aircraft from EADS
------------------------------------------------
China Eastern Airlines Corporation Limited took delivery of the
third of its three Airbus A300-600Fs at EADS EFW's facility in
Dresden, Germany, La Societe News reports.

According to the report, the airframe bearing the Manufacturer
Serial Number 525 was formerly operated by the Chinese airline
itself as a passenger aircraft.  The conversion into freighter
configuration started in late September 2007, the report
recounts.

The first and second A300-600 aircraft bearing the MSN 532 and
521 were both converted in 2007, the report relates.

Dr. Andreas Sperl, president and CEO of EADS EFW, told the news
agency that with the three converted planes, China Eastern will
perfectly meet the increasing needs of the prospering Chinese
airfreight market.

                         About EADS

EADS is a global leader in aerospace, defence and related
services. In 2006, EADS generated revenues of ? 39.4 billion and
employed a workforce of about 116,000.  The Group includes the
aircraft manufacturer Airbus, the world's largest helicopter
supplier Eurocopter and EADS Astrium, the European leader in
space programmes from Ariane to Galileo.  Its Defence & Security
Division is a provider of comprehensive systems solutions and
makes EADS the major partner in the Eurofighter consortium as
well as a stakeholder in the missile systems provider MBDA. EADS
also develops the A400M through its Military Transport Aircraft
Division.
                    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.


FRIENDS OF THE PHILAHARMONIA: Commences Liquidation Proceedings
---------------------------------------------------------------
Friends of the Philaharmonia of the nations, HK Limited's
members agreed January 30, 2008 to voluntarily liquidate the
company's business.  In line with this goal, the company has
appointed Pui Chui Wing to facilitate the sale of its assets.

The liquidator can be reached at:

         Pui Chui Win
         501A
         Kin Wing Commercial Building
         24-30 Kin Wing Street
         Tuen Mun, N.T.


FOCAL_JM: Members' Final General Meeting Set for March 17
---------------------------------------------------------
Jacques Marie-Paul Mahul, Focal_JM Lab Asia Limited's appointed
estate liquidator, will meet with the company's members on
March 17, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Jacques Marie-Paul Mahu
          108 Rue De L'Avenir
          B.P. 374, 42353
          la Talaudiere Cedex
          France


INTELSAT LTD: Fitch Pares Issuer Default Rating to CCC from B
-------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of
Intelsat, Ltd. to 'CCC' from 'B'.  In addition, Fitch has
removed Intelsat from Rating Watch Negative, where the ratings
were placed on June 20, 2007.  Fitch is also withdrawing all
existing ratings of Intelsat and its subsidiaries.

These ratings are downgraded and withdrawn:

Intelsat, Ltd.

  -- Issuer Default Rating to 'CCC' from 'B';
  -- Senior unsecured notes to 'CC/RR6' from 'CCC/RR6'.

Intelsat (Bermuda), Ltd. (debt transferred to Intelsat Jackson
Holdings)

  -- IDR to 'CCC' from 'B';

  -- Senior unsecured guaranteed notes to 'B-/RR2' from
     'BB-/RR2';

  -- Guaranteed Term Loan to 'B-/RR2' from 'BB-/RR2';

  -- Senior unsecured non-guaranteed notes to
     'CCC-/RR5' from 'CCC+/RR6'.

Intelsat Intermediate Holding Company, Ltd. (Int. Holdco)

  -- IDR to 'CCC' from 'B';
  -- Senior unsecured discount notes to 'CCC-/RR5' from
     'B-/'RR5'.

Intelsat Subsidiary Holding Company, Ltd. (Sub Holdco)

  -- IDR to 'CCC' from 'B';

  -- Senior secured credit facilities to 'B/RR1' from
     'BB/RR1';

  -- Senior unsecured notes to 'B-/RR2' from 'BB-/RR2'.

Intelsat Corporation (f/k/a PanAmSat Corporation)

  -- IDR to 'CCC' from 'B';

  -- Senior secured credit facilities to 'B/RR1' from
     'BB/RR1';

  -- Senior secured notes to 'B/RR1' from 'BB/RR1';

  -- Senior unsecured notes to 'CCC+/RR3' from 'B/RR4'.

Fitch did not rate the $4.96 billion acquisition debt,
represented by the senior bridge loan and PIK election bridge
loan, assigned to and assumed by Intelsat (Bermuda).

Fitch's action follows the acquisition by funds controlled by
private equity firm BC Partners and certain other investors in a
highly leveraged transaction.  The transaction increased debt by
approximately $3.7 billion, resulting in pro forma debt-to-
EBITDA of approximately 9.4 times based on the last 12 months
EBITDA as of Sept. 30, 2007.

Intelsat has sales offices in Australia, China, Japan, and
Singapore.


INTELSAT: S&P Chips Rating to B on Highly Leveraged Profile
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Bermuda-based Intelsat Ltd. to 'B' from 'B+' and
removed the ratings from CreditWatch.  The outlook is stable.
     
Concurrent with the new bridge financing utilized in the
acquisition of the company by an investor group led by BC
Partners, Intelsat used the accordion feature under its Intelsat
Corp. credit facility to issue a $150 million incremental term
loan B-2.  In light of this fact, Standard & Poor's also lowered
the rating on the company's senior secured credit facility to
'BB-', while leaving the recovery rating unchanged at '1',
indicating expectations of very high (90%-100%) recovery in the
event of a payment default to this new term loan.
     
"The downgrade reflects the significant increase in leverage
resulting from the leveraged buyout," said Standard & Poor's
credit analyst Naveen Sarma.  "It is only the fundamentally
sound business profile that enables Intelsat to warrant the 'B'
corporate credit rating in light of this excessive leverage."
     
The ratings on Intelsat Ltd. reflect a very highly leveraged
financial profile that allows for little financial flexibility
over the medium term and overwhelms very attractive business
characteristics.  A strong business risk profile reflects the
company's global scale, strong geographic diversification, and a
strong revenue backlog that provides for significant cash flow
visibility.  This enables the company to support such high
levels of leverage at this rating level.

Intelsat has sales offices in Australia, China, Japan, and
Singapore.


MEDISON GREATER: Creditors Meeting Fixed for February 28
--------------------------------------------------------
The members of Medison Greater China Limited will have their
final general meeting at 10:30 a.m. on February 28, 2008, at
1301-02, 13th Floor, Kwan Chart Tower, 6 Tonnochy Road, Wanchai,
in Hong Kong to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

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


PETROLEOS DE VENEZUELA: Fitch Sees Potential Concern  
----------------------------------------------------
Fitch Ratings said Feb. 14, 2008, that it views a British court
order to freeze up to US$12 billion of Petroleos de Venezuela
S.A.'s (PDVSA; rated 'BB-'with a Negative Outlook by Fitch)
worldwide assets as a potential concern for the Venezuelan oil
firm partnered refineries, HOVENSA and Merey Sweeny Limited
Partnership.  While day to day operations have not currently
been impacted, the potential exists for a weakening in their
credit quality and financial flexibility.  Fitch will continue
to monitor the current situation for any potential rating
impact.  Fitch currently rates both, HOVENSA's and Merey
Sweeny's, debt at 'BBB' with a Stable Rating Outlook.

Fitch's concerns related to HOVENSA stem from HOVENSA's exposure
to crude supply risk from Petroleos de Venezuela related to
terms in the crude supply agreement.  Currently, of the 500,000
barrels per day processed at HOVENSA, PDVSA supplies around
270,000 barrels per day of Mesa and Merey heavy crude oil to the
refinery.  Since the heavy crude is purchased by HOVENSA at St.
Croix, U.S. Virgin Islands, the oil is potentially exposed to
confiscation risk before HOVENSA takes title to the crude.  
Should the crude supply agreement be amended to take ownership
of the crude in Venezuela, HOVENSA may need to make additional
investments in working capital to purchase and store additional
heavy oil so as not to affect daily operations.  Currently, the
Venezuelan oil firm sells crude oil to HOVENSA either directly
from the tankers or from the storage facilities held at the
refinery complex in St. Croix.  While Fitch notes that there
exists a potential for increased levels of working capital,
given HOVENSA's low leverage and ready access to a US$400
million long-term committed borrowing facility, Fitch believes
the company has the flexibility to deal with this change.

In the case of Merey Sweeny, the off-take agreement stipulates
that PDVSA sells crude oil to Conoco Phillips at Puerto la Cruz
port in Venezuela.  As a result, Fitch views the risk of crude
supply disruption to Merey Sweeny associated with the court
order with less of a concern.

While the risks differ between projects based on when ownership
of the crude is transferred, both of the Petroloes de Venezuela
partnered refineries remain exposed to reduced Venezuelan crude
deliveries. The recent court action has increased the risk of
sale of Venezuelan crude to the United States.  Fitch continues
to believe that U.S. refineries remain the natural and economic
home for this crude oil.  Nonetheless, Fitch views the potential
for crude supply disruption to the U.S. with concern. In the
case of a supply disruption, the refineries have the ability to
procure alternate crude, and as in the past they have
successfully secured alternative crude supplies.  However, the
timeliness of alternative crude supply procurement could have
economic implications.

HOVENSA and Merey Sweeny, in the past have made substantial
distributions to the equity partners; US$600 million in 2007 by
HOVENSA and US$292 million, as of September 2007, by Merey
Sweeny.  Going forward, changes in distribution policies remain
a potential source of concern should either of the projects move
to accelerate distributions ahead of any future court orders.  
Currently, Fitch understands that dividends from HOVENSA to
PDVSA are deposited into a European Bank and that distributions
from Merey Sweeny to Petroleos de Venezuela are deposited into
an U.S. bank.

                         HOVENSA LLC

Situated on the island of St. Croix, HOVENSA is one of the
world's largest refineries, with capacity to process up to
500,000 barrels per day of crude oil.  The complex benefits from
a 58,000-barrels-per-day delayed coking unit with capacity to
process the short residue derived from heavy and medium sour
crude oil into intermediate products that are further refined
into motor fuels and other finished products.  HOVENSA is a
limited liability company indirectly owned 50% by Hess and 50%
by PDVSA.

                 Merey Sweeny Ltd. Partnership

ConocoPhillips and Petroloes de Venezuela formed a partnership
in 1998 to build, own, operate and maintain certain facilities
and improvements to ConocoPhillips' existing refinery at the
Sweeny complex near Sweeny, Texas.  The project consists of a
vacuum distillation unit, a delayed-coker, and related
facilities that give the refinery the ability to process an
average of 182,000 barrels per day of heavy sour crude.  The
refinery is an integral part of ConocoPhillips' flagship
petrochemicals complex situated near Sweeny, Texas.

                  About Petroleos de Venezuela

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

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

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


PIONEER NATIONAL: Creditors Meeting Fixed for February 29
---------------------------------------------------------
The members of Pioneer National (fashion Outlet) Limited will
have their final general meeting at 10:30 a.m. on Feb. 29, 2008,
at Room 203, Duke of Windsor Social Service Building, in Hong
Kong to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

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


TERMSISSUE LIMITED: Members' Final Meeting Set for March 17
-----------------------------------------------------------
Thomas Andrew Corkhill, Termsissue Limited's appointed estate
liquidator, will meet with the company's members on
March 17, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Thomas Andrew Corkhill
          18th Floor, Gloucester Tower
          The Landmark
          15 Queens Road
          Central Hong Kong


* Fitch Says China Oil Sector Credit Quality Better Than India's
----------------------------------------------------------------
Fitch Ratings has commented in a special report comparing the
oil sectors in China and India that the relatively better credit
quality of the Chinese oil sector reflects China's larger
economy, coupled with its more industrialised economic
structure, relatively well-developed infrastructure, and more
integrated business portfolio.  Also, the agency notes that the
Chinese government (Long-term foreign currency Issuer Default
Rating of 'A+'/Stable) is rated higher than the Government of
India ('BBB-'/Stable).

"Fitch's rating differentials between the Chinese oil companies
and the Indian counterparts reflect the former's fundamental
operational strength as well as the Chinese government's
stronger ability to provide support," said Pekka Laitinen,
co-head of Fitch's Asia-Pacific Energy and Utilities team.  
"Further economic development in India, together with successful
business diversification, will be needed in order for the
Indian oil sector to achieve a similar credit quality to the
Chinese oil sector," added Mr. Laitinen.

In the special report titled "Oil Sector Comparison: China and
India", Fitch notes that the oil sectors in both China and India
have similarities in many aspects.  Both are tightly controlled
by their respective governments under similar regulatory
environments, resulting in high entry barriers.  Given the
strong demand growth for oil products in the both countries,
both sectors also demonstrate a strong intention to secure
additional oil resources via acquisition of overseas oil assets.    
Additionally, the financial risk profiles of most of the major
oil players in China and India remain comparable.

Despite this, China's much larger oil market, the major Chinese
oil companies' more integrated business portfolio and China's
net deficit position for refined oil products (versus India's
net surplus position) emerge as the main difference between both
sectors, resulting in overall better credit quality of the
former.




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


CORE HEALTHCARE: Sushil Handa Resigns from Firm
-----------------------------------------------
Core Healthcare Ltd., in a filing with the Bombay Stock
Exchange, disclosed, that Sushil Handa has has disassociated
himself from the company.  Mr. Handa holds an
executive/management position, and is both a director and
promoter of the company.

The company understand from Mr. Handa that he does not have the
ability to influence or control the decisions of the company by
virtue of his holding or by any other means, the filing states.
Mr. Handa has served as managing director until the year 2002
and as chairman and board member until March 8, 2005.

The board has accepted his resignation upon receipt of his
resignation letters from both positions dated October 18, 2002
and March 8, 2005.

Headquartered in Ahmedabad, India, Core Healthcare Limited is an
international multi-product healthcare company with a presence
in intravenous solutions, medical disposables, injectables,
orals and formulations. The company's businesses are divided
mainly into Fluids, Disposables and Formulations. The company is
present in more than 60 countries, and is a major supplier to
international agencies, hospitals and other customers.

The company's long-term and medium-term debt carry ICRA Ltd.'s
LD rating.  LD is the lowest-credit-quality rating assigned by
ICRA.  The rated instrument has very low prospect of recovery.


HINDUSTAN COPPER: Net Profit Slides to INR529MM in Oct-Dec '07
--------------------------------------------------------------
Hindustan Copper Limited's net profit for the three months ended
Dec. 31, 2007, plunged to INR529.26 million from the INR 1.32
billion earned in the same quarter in 2006.

The bottom line dipped even with increased revenues --
INR5.05 billion in Oct.-Dec. 2007, compared to 2006's INR4.81
billion.  The increase in income, however, was more than offset
by the rise in expenses.  From the INR3.37 billion incurred in
the quarter ended Dec. 31, 2007, the company's operating
expenses for the current quarter under review jumped to
INR4.35 billion, leaving the company with an operating profit of
INR701.84 million (INR1.43 billion in 2006).

The company also booked interest of INR52.18 million,
depreciation of INR51.79 million and INR68.61 million in taxes.

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

             http://ResearchArchives.com/t/s?282f

The company has received a Capital Restructuring Package vide
order No 1(19)/2004-Met III dated July 30, 2007 from the Govt of
India, Ministry of Mines. The accounting effect of the
Restructuring Package would be given once the statutory and
legal formalities are completed.

Based in Kolkata, India, Hindustan Copper Limited --
http://www.hindustancopper.com/-- is an undertaking of the
Government of India.  The company is the sole fully integrated
copper manufacturer in India.

On November 18, 2005, CRISIL Ratings upgraded its outstanding
rating on the non-convertible bond program of Hindustan Copper
Limited to 'C' from 'D'.  Since July 2004, Hindustan Copper has
met its interest obligations on the rated instrument on time.
The upward revision in the rating is in line with CRISIL's
policy of revising ratings, post-default only after monitoring
timely debt servicing for a year.  Hindustan Copper, however,
continues to default on its interest obligations relating to its
unrated debt.


INDUSTRIAL DEV'T BANK: Dr. Heggade Resigns from Board
-----------------------------------------------------
Dr. D. Veerendra Heggade has resigned from hi director post at
the Industrial Development Bank of India Ltd. effective
Feb. 11, 2008, a filing with the Bombay Stock Exchange states.

According to the BSE filing, Dr. tendered his resignation due to
his preoccupation with social and religious commitments as head
of Dharmasthala.

Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com-- is a commercial bank that offers
a range of products, including secured loans, such as housing
loans, mortgage loans and loan against securities, and unsecured
loans, such as personal loans, educational loans and overdrafts
to merchant establishments.  It also distributes third-party
products, such as insurance and mutual fund products to its
retail customers. IDBI also offers project financing, film
financing, equipment financing, asset credits, corporate loans,
working capital loans, direct discounting, the financing of
receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

                        *     *     *

As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on
April 24, 2007, affirmed Industrial Development Bank of India's
BFSR at D-.  Moody's also maintains the bank's Foreign Currency
Deposit Rating at Ba2.


QUEBECOR WORLD: U.S. Trustee Revises Creditors' Committee
---------------------------------------------------------
Diana G. Adams, the United States Trustee for Region 2, changed
Abitibi-Consolidated Inc. to Abitibi Consolidated Sales Corp.

The Committee is now composed of:

   (1) Wilmington Trust Company
       Attn: Suzanne Macdonald
       520 Madison Avenue, 33rd floor
       New York, NY 10022
       Tel: (212) 415-0500

   (2) Pension Benefit Guaranty Corp.
       Attn: Suzanne Kelly
       1200 K Street, NW
       Washington, DC 20005
       Tel: (212) 326-4070 x6367

   (3) The Bank of New York Mellon
       Attn: David M. Kerr
       101 Barclay Street - 8 West
       New York, NY 10286
       Tel: (212) 815-5650
  
   (4) MEGTEC Systems Inc.
       Attn: Gregory R. Linn
       830 Prosper Rd.
       De Pere, WI 54115
       Tel: (920) 337-1568

   (5) Abitibi Consolidated Sales Corp.
       Attn: Madeleine Fequiere
       1155 Metcalfe Street, Suite 800
       Montreal, Quebec
       H3B 5H2 CANADA
       Tel: (514) 394-3638

   (6) International Paper Company
       Attn: Steve K. Dunn
       6285 Tri-Ridge Blvd.
       Loveland, OH 45140
       Tel: (513) 965-2943
      
   (7) Cellmark Paper, Inc.
       Attn: Dominick J. Merole
       300 Atlantic Street
       Stamford, CT 06901
       Tel: (203) 251-9026

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtors' expense.  They may investigate the Debtors' business
and financial affairs.  Importantly, official committees serve
as fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual Chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtors and other core parties-in-interest.  If negotiations
break down, the Committee may ask the Bankruptcy Court to
replace management with an independent trustee.  If the
Committee concludes reorganization of the Debtor is impossible,
the Committee will urge the Bankruptcy Court to convert the
Chapter 11 cases to a liquidation proceeding.

                    About Quebecor World

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

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

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

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

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

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

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 13, 2008
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


QUEBECOR WORLD: Wants to Pay Accrued Prepetition Commissions
------------------------------------------------------------
Quebecor World Inc. and its affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's approval to pay
accrued prepetition commissions due and owing as of
Feb. 1, 2008, to their sales representatives.

Michael J. Canning, Esq., at Arnold & Porter LLP, in New York,
relates that the Debtors' sales representatives are located in
plants or in regional offices throughout North America, Europe
and Latin America, and customers are able to coordinate
simultaneous printing throughout the Debtors' network through a
single sales representative.  The Debtors' sales representatives
are compensated primarily on a commission basis and are paid
from 30 to 90 days after a sale actually occurred.  Accordingly,
the sales representatives may go for long periods without
receiving commissions, at which point they may be entitled to
several months worth of commissions.   

According to Mr. Canning, the Debtors owe 59 sale
representatives, as of February 1, US$1,792,993.  Of this
amount, US$1,234,641 reflects amounts in excess of US$10,950 per
employee, with the proposed prepetition payments per employee
ranging from US$933 to US$117,868.  

Mr. Canning says that if the Debtors are unable to immediately
make the payments, these commissioned employees may seek
alternative employment, which would seriously hamper the
Debtors' reorganization efforts.

While these payments sought to be authorized exceed the
US$10,950 priority limitation per employee contained in Section
507(a)(4) of the Bankruptcy Code, Mr. Canning asserts that these
payments are authorized by Section 105 because they are critical
to the maintenance of a strong and dedicated work force.

The Debtors say they will make available to the Office of the
United States Trustee and counsel to the Official Committee of
Unsecured Creditors a schedule showing for each employee
scheduled to receive sales commissions on Feb. 1, 2008, the
amount of payment and the amount of additional compensation
previously received by the employee on account of 2007.

                    About Quebecor World

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

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

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

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

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

                        *     *    *

As reported in the Troubled Company Reporter on Feb. 13, 2008
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


QUEBECOR WORLD: Creditors' Committee Taps Akin Gump as Counsel
--------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in
Quebecor World Inc.'s Chapter 11 cases seeks permission from the
U.S. Bankruptcy Court for the Southern District of New York to
retain Akin Gump Strauss Hauer & Feld LLP as its counsel, nunc
pro tunc to Jan. 31, 2008.

The Committee believes that Akin Gump possesses extensive
knowledge and expertise in the areas of law relevant to
bankruptcy cases, and that Akin Gump is well qualified to
represent the Committee in the Debtors' chapter 11 cases.  

Akin Gump was founded by Robert S. Strauss and Richard A. Gump
in 1945 and is one of the world's largest firms, providing legal
services to their clients on a 24/7 basis.  Akin Gump has 1,050
lawyers and professionals, and has offices in 15 cities
worldwide.  

Akin Gump has been involved in various chapter 11 cases
including:

   (a) Allegiance Telecom, Inc.;
   (b) American Commercial Lines LLC;
   (c) ATA Holdings Corp.;
   (d) Collins & Aikman Corporation; and
   (e) Delta Air Lines.

As counsel to the Committee, Akin Gump will:

   (a) advise the Committee with respect to its rights, duties
       and powers in the Debtors' chapter 11 cases;

   (b) assist and advise the Committee in its consultations with
       the Debtors relative to the administration of the
       chapter 11 cases;

   (c) assist the Committee in analyzing the claims of the
       Debtors' creditors and the Debtors' capital structure and
       in negotiating with holders of claims and equity
       interests;

   (d) assist the Committee in its investigation of the acts,
       conduct, assets, liabilities and financial condition of
       the Debtors and of the operation of the Debtors'
       businesses;

   (e) assist the Committee in its analysis of, and negotiations
       with, the Debtors or any third party concerning matters
       related to the assumption or rejection of certain leases
       of non-residential real property and executory contracts,
       asset dispositions, financing of other transactions and
       the terms of one or more plans of reorganization for the
       Debtors and accompanying disclosure statements and
       related plan documents;

   (f) assist and advise the Committee as to its communications
       to the general creditor body regarding significant
       matters in the Debtors' chapter 11 cases;

   (g) represent the Committee at all hearings and other
       proceedings before the Court and other courts;
  
   (h) review and analyze applications, orders, statements of
       operations and schedules filed with the Court and advise
       the Committee for any course of action to be taken;

   (i) advise and assist the Committee with respect to any
       legislative, regulatory or governmental activities;

   (j) assist the Committee in preparing pleadings and
       applications as may be necessary in furtherance of the
       Committee's interests and objectives;

   (k) assist the Committee in its review and analysis of the
       Debtors' various commercial agreements;

   (l) assist the Committee in developing and implementing
       protocols for the coordination of the chapter 11 cases
       with the restructuring cases filed on behalf of the
       Debtors in Canada, and coordinating with counsel in those
       cases;

   (m) prepare, on behalf of the Committee, any pleadings,  
       including motions, memoranda, complaints, adversary
       complaints, objections and comments;

   (n) investigate and analyze any claims against the Debtors'
       non-debtor affiliates; and

   (o) perform other legal services as may be required by
       the Committee in accordance with the Committee's powers
       and duties as set forth in the Bankruptcy Code,
       Bankruptcy Rules or other applicable law.

Akin Gump will charge the Committee based on its hourly rates:

   Billing Category               Range
   ----------------               -----
   Partners                       US$460 - US$1,050
   Special Counsel and Counsel    US$250 - US$810
   Associates                     US$175 - US$580
   Paraprofessionals               US$75 - US$250

The current hourly rates of attorneys who will have primary
responsibility for providing services to the Committee are:

    Attorney                      Hourly Rate
    --------                      -----------
    Ira S. Dizengoff                 US$825     
    David H. Botter                  US$775
    Shuba Satyaprasad                US$580
    Alexis Freeman                   US$530     
    Ryan C. Jacobs                   US$500
    Joanna F. Newdeck                US$460
    Christina M. Moore               US$410     
    Brad M. Kahn                     US$325

Ira S. Dizengoff, Esq., a member of Akim Gump Strauss Hauer &
Feld LLP, assures the Court that his firm does not hold any
adverse interest and is not related to the Debtors, their
creditors, or any parties-in-interest; and that his firm is
capable of fulfilling its fiduciary duty to the Committee and
the unsecured creditors that the Committee represents.  "Based
upon information available to me, I believe that Akin Gump is a
'disinterested person' within the meaning of the Bankruptcy
Code," Mr. Dizengoff says.

                     About Quebecor World

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

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

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

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

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

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

                        *     *    *

As reported in the Troubled Company Reporter on Feb. 13, 2008
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


RPG LIFE: Changes Name to Brabourne Enterprises Ltd.
----------------------------------------------------
RPG Life Sciences Ltd. has informed the Bombay Stock Exchange
that the name of the company is changed to "Brabourne
Enterprises Ltd."  The change in name is a part of
implementation of the Scheme of Arrangement, which has become
effective from Feb. 5, 2008.

As previously reported by the Troubled Company Reporter-Asia
Pacific, the Scheme was entered into by RPG Life, RPG
Pharmaceuticals Ltd., Instant Holdings Ltd. and Instant Trading
and Investment Company Ltd.  The Record Date for the purpose of
the Scheme is Feb. 22.

Among others, the Scheme provides that:

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

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

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

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


SUN MICROSYSTEMS: Will Hire 300 Workers in Asia
-----------------------------------------------
Sun Microsystems Inc. will hire 300 new employees over the next
three  months to boost its operational strength in the Asia-
Pacific region, various reports say.

The prospected workers will help cope with an anticipated
increase in the company's businesses in South Asia, India and
China.  The Asia-Pacific region, including Japan, contributes
17% to the California-based company's global revenues.

"If we take a year, we will miss the growth," Marketing Director
Chong Soon Cheong, as quoted by the The Business Times.

                    About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, Singapore, among others.

                        *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


SYNDICATE BANK: Moody's Gives D+ Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service, on Feb. 18, 2008, assigned a bank
financial strength rating of D+ to Syndicate Bank, as well as A3
long-term and Prime-1 short-term global local currency deposit
ratings and Ba2 long-term and Not Prime short-term foreign
currency deposit ratings.  The outlook on all ratings is stable.
This is the first time Moody's has assigned ratings to Syndicate
Bank.

The D+ BFSR -- which translates into a Baseline Credit
Assessment of Ba1 -- reflects the bank's relatively modest but
growing franchise as one of India's largest mid-size public-
sector banks, as well as its sound financial position.  The
rating also takes into account the bank's improving financial
fundamentals as it expands its range of business activities and
customer base, as well as its strong presence in the southern
part of India.

The ratings assigned also capture Syndicate Bank's good
profitability, improving asset quality and satisfactory
provisioning coverage.  Funding is mainly geared towards
customer deposits, providing the bank with a comfortable
liquidity profile, although high-cost bulk deposits dominate the
bank's customer deposit base.  Concurrently, Moody's also notes
that, similar to other PSBs, Syndicate Bank is faced with a
heightened interest rate risk through its considerable portfolio
of fixed-rate government securities.  The bank's capitalisation
is currently adequate, although additional capital funds may be
needed to support the 20% balance-sheet growth expected over the
medium term.

The ratings of Syndicate Bank also consider the challenge of
enhancing its fee-based income, protecting its interest margins
as well as expanding its commercial and retail franchise further
across the eastern and northern areas of India within a fiercely
competitive environment.  Maintaining good asset quality by
controlling slippages and raising fresh capital funds to fund
future growth are also factors that could adversely affect the
bank's ratings if not properly managed.

The A3/Prime-1 global local currency deposit ratings
additionally incorporate Moody's assessment of a very high
probability that systemic support would be extended to the bank
should the need arise based on its majority government
ownership.  Therefore, these ratings are based not only on
Syndicate Bank's Ba1 Baseline Credit Assessment but also on
India's A1 local currency deposit ceiling -- as support
provided, resulting in a four-notch uplift from the Baseline
Credit Assessment.

The bank's Ba2/Not Prime foreign currency deposit ratings are
constrained by the corresponding sovereign ceilings for India,
Moody's concludes.

Syndicate Bank is headquartered in Bangalore and had total
assets of INR966.9 billion (US$24.2 billion) at the end of
December 2007.


TATA POWER: Strategic Electronics Arm Signs MOU with Thales
-----------------------------------------------------------
Tata Power Company Ltd.'s Strategic Electronics Division has
signed a Memorandum of Understanding in the area of optronics
with The Thales Group, a French electronics firm.

Pursuant to the MoU, Tata Power SED and Thales agree to
cooperate to offer optronics solutions for Indian defense market
including the MMRCA programme and further programs on existing
or future airborne platforms.  The agreement will allow both
companies to develop transfer of technologies to implement local
contents and meet the Offset requirements of Indian MOD.

The growing importance of imagery in decision-making processes
has made optronics a vital component of all defense and security
systems.  On land, at sea or in the air, in peacetime, crisis or
war, Thales optronics technologies offer unparalleled day/night
detection, reconnaissance, and target identification and weapon
guidance capabilities while guaranteeing complete discretion.

Thales' offer particularly includes the Damocles pod that
enables the use of guided weapons either alone or as part of a
cooperative deployment, and the Areos air reconnaissance system.
The Areos pod is an airborne reconnaissance electro optical
system for tactical and strategic missions.  Thales solutions
are fully compatible with many platforms including French and
Russian airplanes.

Rahul Chaudhry, Chief Executive Officer of Tata Power SED, noted
that "Large defense program like MMRCA with Offsets have created
opportunities for Indian companies with Defense Systems
experience.   Tata Power SED will leverage this partnership with
Thales, a world leader in Defense Systems, to serve our
customers better."

The Thales Group is reportedly a major French electronics
company delivering mission-critical information systems and
services for the aerospace, defense, and security markets.

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

                        *     *     *

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

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




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


BANK MANDIRI: Denies Plan to Acquire Stake in Bank Internasional
----------------------------------------------------------------
PT Bank Mandiri denied rumors that it planned to acquire a 56%
stake in PT Bank Internasional Indonesia, Antara News reports.

According to Antara, Bisnis Indonesia wrote that Bank Mandiri
had expressed its interest last week to Singapore government arm
Temasek Holdings, which controls BII.

Temasek, through Fullerton Financial Holdings, holds a 75% stake
in the Sorak Consortium, which in turn owns 56.13% of BII
shares, the report relates.

The report points out that Mansyur Nasution, bank investor
relations head, said they are not thinking about buying Bank
Internasional, rather their focus is to buy Bank Sinar Harapan
Bali.  This company move will give way for Mandiri to expand its
micro financing business on the resort island of Bali.

                    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
Aug. 2, 2007, Moody's Investors Service has placed the foreign
currency long-term debt and foreign currency long-term deposit
ratings of PT Bank Mandiri on review for possible upgrade.

The detailed ratings are:

   * Ba3/Ba3 foreign currency senior/subordinated debt and B2
     foreign currency long-term deposit ratings were placed on
     review for possible upgrade; and

   * Not Prime foreign currency short-term deposit rating, Baa2
     global local currency deposit rating and D- BFSR were
     unaffected -- these ratings carry a stable outlook.

The bank also carries Fitch Ratings: Long- term foreign and
local currency Issuer Default ratings at 'BB-', Short-term
rating at 'B', National Long-term rating at AA(idn)', Individual
at 'D', and Support at '4'.  Fitch said the Outlook for the
ratings was revised to positive from stable.

  
BANK PANIN: To Issue IDR600 Billion in March
--------------------------------------------
PT Bank Pan Indonesia will issue bonds for IDR600 billion next
month, Antara News reports.

Vice President Roosniati Salihin told the news agency that the
bonds will mature in 10 years and the interest will be paid
every three months.

According to the report, in a report to the capital market
watchdog Bapepam-LK, the bank said that the entire fund from the
bond sales will be used to refinance a bond debt issued in 2003.  
Bank Panin said it hopes to receive approval from apepam-LK in
the middle of next month before offering is launched later that
month.

The bond, the report relates, will be listed on the Indonesian
Stock Exchange on April 3.

Bank Mandiri hired Indo Premier Securities, Evergreen Securities
and Bahana Securities as the underwriters for the new bonds, the
report adds.

                       About Bank Pan

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

                        *     *     *

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

The detailed ratings are:

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

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


GAJAH TUNGGAL: Aims to Boost Sales by 15% in 2008
-------------------------------------------------
PT Gajah Tunggal Tbk is aiming to boost its sales by 15% this
year, supported by growing demand from foreign and domestic
markets, Reuters reports.

According to the report, Marcello Taufik, Gajah Tunggal's
corporte communications officer, said 2007 sales revenue had
risen by around 20% from IDR5.47 trillion in 2006.

"We are targeting a 15 percent increase from our sales figure of
2007.  Demand from the domestic motorcycle market is firm as
well as the foreign market," Mr. Taufik was quoted by Reuters as
saying.

The report relates that analysts expect the company to post
sales revenue of IDR6.3 trillion in 2007, and IDR7.07 trillion
this year.

Mita Valina Liem of Reuters wrrites that Mr. Taufik said the
company plans to increase its daily car tyre production capacity
to 35,000 units from 30,000 units last year.  It will also boost
its motorcyle tyre production capacity by 33 percent to 60,000
pieces per day to meet growing demand, the report adds.

                     About Gajah Tunggal

Headquartered in Jakarta, Indonesia, PT Gajah Tunggal Tbk
-- http://www.gt-tires.com/-- is primarily engaged in the   
production and marketing of a range of tires and inner tubes for
motorcycles, passenger cars, commercial cars, off the road
vehicles and industrial and heavy equipment vehicles.  Its
products are marketed to both domestic and international
markets, including Australia, the United States and other
countries in Asia and Europe.  These products can be purchased
in approximately 5,000 retail outlets around the world.  The
company's subsidiaries, which are engaged in the general trading
and financial services, the distribution sector and the chemical
industry, include GTT Netherlands B.V., GT 2005 Bonds B.V., PT
Prima Sentra Megah and PT Polychem Indonesia Tbk.  The company
operates a production facility in Tangerang.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 6, 2007, that Moody's Investors Service assigned a B2
senior unsecured rating for PT Gajah Tunggal Tbk's proposed
US$95 million bonds.

At the same time, Moody's has affirmed GT's B2 corporate family
rating and the B2 senior unsecured rating for existing
US$325 million bonds, guaranteed by GT.  The outlook for all the
ratings is at present negative.

On Oct. 6, 2006, Standard & Poor's Ratings Services affirmed its
'B' long-term corporate credit rating on Gajah Tunggal.  The
outlook is stable.

At the same time, it affirmed the 'B' issue rating on the five-
year US$325 million senior unsecured bonds issued by GT2005
Bonds B.V., and irrevocably and unconditionally guaranteed by
Gajah Tunggal.


GARUDA: Plans US$200 Million Share Sale Next Year to Buy Planes
---------------------------------------------------------------
PT Garuda Indonesia plans to raise US$200 million selling shares
in an initial public offering in 2009 to buy planes as it tries
to improve its safety record and win permission to fly to
Europe, Bloomberg News reports.

President and Chief Executive Officer Emirsyah Satar told the
news agency that the airline is in talks with banks about the
share sale.

Raising money, Bloomberg explains, will help Garuda Indoneisa to
fund purchases from Boeing Co. as it more than doubles fleet to
103 planes by 2013.  Ordering new planes could help change
investor perception about airlines in Indonesia, whose 51
carriers were last year banned from flying to the European Union
for not meeting safety standards, Bernard Lo and Leslie Tan or
Bloomberg writes.

Mr. Satar said the IPO will help bolster the airline's current
equity of US$170 million and help cut debt of US$800 million,
the report adds.

                  About Garuda Indonesia

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

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

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

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

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


GOODYEAR TIRE: Earns US$602 Million in Year Ended Dec. 31, 2007
---------------------------------------------------------------
The Goodyear Tire & Rubber Company reported record sales for the
fourth quarter and the full year of 2007.

Goodyear's sales for 2007 were a record US$19.6 billion, a 5%
increase over 2006 despite a 6.2% decline in tire unit volume.  
All four of the company's tire businesses outside of North
America achieved all-time record annual sales during 2007.  
Segment operating income was US$1.2 billion, compared to US$712
million in 2006.

Goodyear's income from continuing operations of US$139 million
in 2007 compares to a 2006 loss of US$373 million.

Including discontinued operations, Goodyear had 2007 net income
of US$602 million, compared to a loss of US$330 million last
year.

Improvements in pricing and product mix of approximately
US$639 million offset higher raw material costs, which increased
3.5%, or approximately US$195 million, compared to 2006.  
Revenue per tire increased 8% compared to 2006.

                     Fourth Quarter 2007

Goodyear's fourth quarter 2007 sales were US$5.2 billion, an 11%
increase compared with the 2006 quarter, offsetting lower
volumes with higher prices and a richer product mix.  The
company estimates that a 12-week strike at its North American
facilities in 2006 reduced fourth quarter 2006 sales by US$318
million.

Improved pricing and product mix drove revenue per tire up 10%
over the 2006 quarter.  Lower volumes reflect weak winter tire
sale demand in Europe and the company's exit from certain
segments of the private label tire business in North America
along with weak conditions in several key markets.

Fourth quarter segment operating income was US$313 million in
2007.  This compares to a segment operating loss of US$86
million in the strike-impacted 2006 period.

Segment operating income benefited from improved pricing and
product mix of US$119 million in the fourth quarter of 2007,
which more than offset increased raw material costs of US$8
million.  Favorable foreign currency translation positively
impacted sales by US$315 million and segment operating income by
US$45 million in the quarter.

Gross margin was 19.4% for the 2007 quarter compared to 11.3% in
last year's strike-impacted quarter.

Fourth quarter 2007 income from continuing operations was US$61
million.  This compares to a loss of US$310 million in the
strike-impacted fourth quarter of 2006.

Including discontinued operations, Goodyear had fourth quarter
net income of US$52 million, compared to a net loss of US$358
million last year.

                     Financial Position

The company's balance sheet as of Dec. 31, 2007, showed total
assets of US$17.2 billion, total liabilities of US$14.3 billion,
and total shareholders' equity of US$2.9 billion.  The company
had total current assets of US$10.2 billion and total current
liabilities of US$4.6 billion as of Dec. 31, 2007.

At Dec. 31, 2007, it had US$3.4 billion in cash and cash
equivalents as well as US$2.2 billion of unused availability
under our various credit agreements, compared to US$3.9 billion
and US$533 million, respectively, at Dec. 31, 2006.  Cash and
cash equivalents decreased primarily due to US$2.3 billion of
repayments on its borrowings.

In aggregate, we had credit arrangements of US$7.4 billion
available at Dec. 31, 2007, of which US$2.2 billion were unused,
compared to US$8.2 billion available at Dec. 31, 2006, of which
US$533 million were unused.

A full-text copy of Goodyear's annual and fourth quarter
financial report for the period ended Dec. 31, 2007, is
available fro free at http://ResearchArchives.com/t/s?280c

                     Management's Comment

"Our fourth quarter results show significant gains as we drive
sales of our higher-margin premium product lines," said Robert
J. Keegan, chairman and chief executive officer.

"This is especially true in our emerging markets businesses in
Eastern Europe, Asia and Latin America.  In aggregate, these
three businesses grew sales 20% and segment operating income 41%
in the quarter," he said.

"Excluding the impact of the strike, North American Tire's focus
on innovative new products helped it achieve its highest full-
year segment operating income since 2000," he said.  "Our new
product engine will provide additional growth opportunities in
2008 and beyond."

Goodyear made further progress during the fourth quarter on its
plan to achieve US$1.8 billion to US$2 billion in gross cost
savings by the end of 2009.  "We have now achieved more than
US$1 billion in savings in 2006 and 2007 and clearly remain on
target to reach our four-year goal," Mr. Keegan said.

"During 2007, we also made substantial progress on improving our
balance sheet with net debt decreasing more than US$2 billion,"
he said.  "We remain on track to achieve our next stage
financial metrics, which include an 8 percent segment operating
income return on sales globally, a 5% segment operating income
return on sales in North America and a target of 2.5 times debt-
to-EBITDA."

                    About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand.  Goodyear employs more than 80,000 people
worldwide.
                        *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  S&P said the ratings still
apply to date.


KERTAS KRAFT: Indonesia to Offer Gas Project to Incitec Pivot
-------------------------------------------------------------
The Indonesian government will offer a project to Australia's
Incitec Pivot Ltd. to cope with energy supply problems faced by
state-owned PT Kertas Kraft Aceh, Antara News reports.

According to the report, Kertas Kraft has stopped operation due
to problems to secure gas fuel supply after gas production from
the Arun gas field in that province shrank sharply in the past
several years.

Incitec has coal gasification technology to produce coal gas for
the company, the report says.

Minister for State Enterprises Sofyan Djalil said told the news
agency that offering the project to Incitec is an option other
than privatization, which has been approved by the Privatization
Committee.  

Mr. Djalil, the report relates, said a coal gasification
facility will cost around IDR550 billion and the company still
needs US$40US million to replace its old machines and build a
power plant to increase its production capacity to 100,000 tons
a year.

Based in Aceh province, Indonesia PT Kertas Kraft Aceh (Persero)
-- http://www.KKA-lsm.com/-- is a paper manufacturer.  Kraft  
Kertas ceased operations in 2003 when its supplier, ExxonMobil,
stopped supplying gas to the Company after it failed to pay an
outstanding gas bill amounting to IDR65 billion.  The company
was unable to secure another gas supplier after that.  The
company stopped paying its 1,035 workers in 2005.

As reported by the Troubled Company Reporter-Asia Pacific on
June 16, 2006, Bank Mandiri asked the company to settle its
non-performing loans, which comprise 26.2% of its total loans,
otherwise it would be forced to seek legal action against them

On February 13, 2006, TCR-AP reported that the Government
injected up to IDR50 billion into ailing Kertas Kraft to enable
the company to resume normal operations.  At that time, Minister
of State Enterprises Sugiharto has said that Kertas Kraft needs
up to IDR200 billion in order to resume its operations.




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


BOSTON SCIENTIFIC: Closes US$425MM Asset Sale to Avista Capital
---------------------------------------------------------------
Boston Scientific Corporation completed the sale of its Fluid
Management and Venous Access businesses to Avista Capital
Partners for US$425 million in cash.  The sale follows a
definitive agreement disclosed on Dec. 13, 2007.

The company expects to record an after-tax gain of approximately
US$120 million during the first quarter of 2008 in connection
with the transaction.

"The sale of the Fluid Management and Venous Access businesses
completes our previously announced plans to divest five non-
strategic businesses," Jim Tobin, president and chief executive
officer of Boston Scientific, said.  

"These divestitures -- together with our expense and head count
reductions and business restructuring -- are helping to realign
our cost structure and simplify our operating model," Mr. Tobin
added.  "The positive impact of these efforts will help us
achieve our overall goals of restoring profitable growth,
increasing shareholder value and strengthening Boston Scientific
for the future."

"I am very excited to work with this exceptional management team
to build on the strong leadership positions that the Fluid
Management and Venous Access businesses currently hold in the
cardiology, radiology and oncology markets," Ron Sparks,
chairman and chief executive officer of the new company.  "We
look forward to leveraging these franchises' brands,
manufacturing facilities, sales forces, R&D capabilities and new
product pipelines to create a world- class, stand-alone medical
device company."

Avista said financing for the transaction was arranged by GE
Capital Corporation and RBS Greenwich Capital.  Ropes & Gray LLP
served as legal counsel and RBS Greenwich Capital served as
financial advisor to Avista Capital Partners.

                About Avista Capital Partners

Avista Capital Partners -- http://www.avistacap.com/-- is a  
private equity firm with offices in New York and Houston.  
Founded in 2005, Avista manages $2 billion in private equity
capital.  Avista's strategy is to make controlling or
influential minority investments primarily in growth-oriented
media, healthcare and energy companies.  Through its team of
investment professionals and industry experts, Avista seeks to
partner with exceptional management teams to invest in and add
value to well-positioned businesses.

              About Boston Scientific Corporation

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--   
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.
                        
                        *     *     *

As reported in the Troubled Company Reporter on Jan. 10, 2008,
Standard & Poor's Ratings Services said that the announcement by
Boston Scientific Corp. that the Court of Appeals for the
Federal Circuit affirmed a District Court ruling that found the
NIR stent infringed one claim of a patent owned by Johnson &
Johnson, does not affect its ratings or outlook for Boston
Scientific.

Boston Scientific's corporate credit rating is rated 'BB+' by
S&P with a negative outlook.


FURUKA: S&P Upgrades Long-Term Corporate Credit Rating to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB+' from 'BB' its
long-term corporate credit rating on Furukawa Electric Co. Ltd.,
and raised to 'BBB-' from 'BB+' its long-term senior unsecured
debt rating on the company.  The upgrades are based on
expectations that Furukawa will be able to maintain earnings at
an improved level, backed by its resilience to any deterioration
in the external business environment.  It has enhanced this
resilience over the past few years through cost reduction,
streamlining and business diversification, and diminished
concerns over downside risks.  The outlook on the long-term
corporate credit rating is stable.

Although Furukawa is expected to post a year-on-year decrease in
its earnings for fiscal 2007 (ending March 31, 2008), operating
income for the year is likely to exceed that of fiscal 2005.
Standard & Poor's sees only a minor concern over a material
decrease in the company's earnings over the next two to three
years.  In recent quarters, the company has seen stagnant sales
in its Light Metals segment due to a falloff in demand for its
lucrative thick plate products, which are used in LCD and
semiconductor manufacturing equipment.  It also faces increased
pressure on earnings from a surge in fuel and raw material
prices, and stagnant demand in the Japanese optical fiber cable
market.  All of these factors have contributed to the company's
forecast of decreased earnings in fiscal 2007.

Conversely, the company's overall earnings are supported by its
favorable performance in the overseas optical fiber cable
business and steady performance in the Metals, Energy and
Industrial Products, and Electronics and Automotive Systems
segments.  The company's earnings remain sensitive to
fluctuations in the price of bare metals, such as copper and
aluminum.

However, the company's resilience to changes in the market
environment has steadily improved through company efforts to
diversify its businesses, keep reducing costs, and focus on
high-value-added products.

In line with its enhanced resilience, Furukawa's financial
profile has improved and is unlikely to deteriorate materially
over the next two to three years.  The ratio of funds from
operation (FFO) to net debt and the ratio of net debt to capital
improved to about 19% and 54%, respectively, as of March 31,
2007 from 11% and 57% as of March 31, 2006.  Free cash flow may
turn negative in fiscal 2007, but this would be partly offset by
a downward revision in capital expenditures, and as a result,
total debt is unlikely to increase materially.  Although the
ratios are expected to deteriorate slightly, they are likely to
remain steady.

The rating on the long-term senior unsecured bonds issued by
Furukawa Electric is one notch higher than the long-term
corporate credit rating on the company.  This reflects Standard
& Poor's assumption that bondholders would incur no default
losses, as any default by the company would take the form of
a loan waiver, rather than bankruptcy.  As a result, the default
probability on the long-term senior unsecured bonds is lower
than that on bank borrowings.

The bond rating reflects the company's relatively high exposure
to bank borrowings and close relationship with its main creditor
banks.

This unsolicited rating was initiated by Standard & Poor's.  It
may be based solely on publicly available information and may or
may not involve the participation of the issuer's management.
Standard & Poor's has used information from sources believed to
be reliable, but does not guarantee the accuracy, adequacy, or
completeness of any information used.




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


HANAROTELECOM: SK Telecom Gets OK Takeover Signal from Watchdog
---------------------------------------------------------------
South Korea's anti-trust regulator, the Fair Trade Commission,
had given conditional approval to SK Telecom Co. for its
envisioned takeover of hanarotelecom Inc., various reports say.

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

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

The Fair Trade Commission asked SK Telecom to share the 800 MHz
frequency with other wireless operators once its monopoly right
to it expires in 2011, English. Chongsun News reports.   This is
to discourage a monopoly in both the mobile and internet service
markets, Asia Pulse says.

The FTC also plans to ask the Ministry to distribute or lease
out the remaining frequency bands to other companies even before
2011, starting from late this year, the English News adds.

      Phone Industry Unhappy Over Takeover Approval

The Fair Trade Commission's approval of SK Telecom's takeover
has prompted opposition from all parties -- including SK itself,
its rivals KTF and LG Telecom, and the Ministry of Information
and Communication, which has the final say on the takeover,
English. Chongsun News says.

According to English News, KTF and LG Telecom said that the
decision is not strong enough to ward off the market leader's
expansion of control.  "The FTC failed to meet initial
expectations that it would withdraw and redistribute the
frequency from SK earlier.  Recommending that the remaining
frequencies be shared is not enough," LG was quoted as saying.

Morever, SK Telecom said FTC's recommendation that it share the
800 MHz frequency is unacceptable.  "The frequency we have long
been using has nothing to do with the takeover," it said.

The Information and Communication Ministry said it, not the
commission, has the authority to deal with frequency issues
including roaming, making it clear that the common use of
frequencies should not be considered in reviewing the takeover,
the report points out.

                   About hanarotelecom

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

                        *     *     *

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

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


KOREA EXPRESS: Posts KRW76-Billion Net Profit in 2007
------------------------------------------------------
Korea Express Co. posted a net profit of KRW76 billion last
year, Asia Pulse reports.

According to the report, for all of 2007, operating profit rose
4.9% to IDR63 billion.

Sales, the report relates, climbed 8.3% to KRW1.26 trillion.

Headquartered in Seoul, Korea Express Co., Ltd. --
http://www.korex.co.kr/-- provides land and marine  
transportation, and logistics services.  The company also
operates stevedoring, distribution, and warehousing businesses
that serve domestic and international customer needs.  Korea
Express transports a variety of products, ranging from consumer
goods to machinery and turbines.  Korea Express also operates
Internet home shopping business.

Korea Express Bank has been under court receivership since June
2001 after it could not service a KRW1.5-trillion debt,
including KRW919 billion owed by then-parent Dong-Ah
Construction Industrial Co.  Korea Express President Lee Kook-
Dong will decide with a Seoul court about when to sell the
company, which has a market value of US$601 million.

In the company's Web site, Mr. Lee said that Korea Express will
strive to end court receivership and improve its liquidity,
maximize sales profit through strengthening of cooperation
between management and labor, and seek continuous development.

Korea Investors Service gave the company a BB rating.


KRISPY KREME: Standard Pacific Divests 6.1% Stake in Company
-----------------------------------------------------------
Standard Pacific Capital, LLC, an investment adviser, disclosed
in regulatory filings with the Securities and Exchange
Commission that it has completely sold off its Krispy Kreme
Doughnuts, Inc. common shares.

Prior to that, Standard Pacific Capital beneficially owned
3,934,499, or 6.1%, of the outstanding shares of Krispy Kreme.

Standard Pacific Capital did not provide an explanation.  
Standard Pacific Capital also did not identify who acquired the
shares.

Tony Plath, a finance professor at UNC Charlotte, said that the
investment group "could have transferred the ownership stake to
the name of the party that really bought it, since there's no
transaction price listed in the filing," The Winston-Salem
Journal reports.

Meanwhile, Kuwait-based Mohamed Abdulmohsin Al Kharafi & Sons
W.L.L., disclosed in a separate filing that it has acquired
9,064,800 Krispy Kreme shares, representing a 13.8% equity stake
in the company.

Mohamed Abdulmohsin Al Kharafi & Sons W.L.L., is a limited
liability company organized under the laws of the state of
Kuwait.

Krispy Kreme has 65,532,322 shares of common stock issued and
outstanding, as reported in the company's Quarterly Report on
Form 10-Q for the quarterly period ended October 28, 2007.

                      About Krispy Kreme

Headquartered in Winston-Salem, North Carolina, Krispy Kreme
Doughnuts Inc. (NYSE: KKD) -- http://www.krispykreme.com/--
retails doughnuts.  There are about 411 Krispy Kreme stores
including satellites operating system-wide in 41 U.S. states,
Australia, Canada, Hong Kong, Indonesia, Japan, Kuwait, Mexico,
the Philippines, the Republic of South Korea, the United Arab
Emirates and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 17, 2007,
Moody's Investors Service lowered Krispy Kreme Doughnut
Corporation's Speculative Grade Liquidity rating to SGL-4 from
SGL-3, indicating weak liquidity.  Concurrently Moody's revised
the rating outlook to negative while affirming Krispy Kreme's
Caa1 corporate family rating and B3 rating of its $160 million
senior secured credit facilities.




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


SHAW GROUP: Moody's Puts Ratings on Review for Possible Upgrade
---------------------------------------------------------------
Moody's Investors Service placed the ratings of The Shaw Group,
Inc. on review for possible upgrade.  The review results from a
substantial increase in cash flow generation, rapid growth in
both revenues and backlog and overall improvement in the
company's operating performance.  The rating review will
consider Shaw's ability to execute on its increased portfolio of
business and likelihood that recent cash flow growth trends will
continue.   Further, Moody's analysis will focus on the progress
made by Shaw in curing its existing material weaknesses in
financial reporting.

Specifically, the review will:

     (1) evaluate Shaw's ability to continue to grow its
         portfolio of businesses given the strong prospects that
         exist for fossil and nuclear power generation and
         ethylene and refining capacity demand;

     (2) assess Shaw's ability to profitably execute existing
         contracts given the complex nature of its bigger EPC
         contracts, the rapid increase in new awards and the  
         resulting increase in resource requirements;

     (3) consider Shaw's ability to maintain its high level of
         cash generation and improved liquidity position, and

     (4) incorporate Shaw's progress of its remediation of
         material weaknesses while assessing Shaw's ability to
         proactively identify and resolve problem contracts.

Further, during the review, Moody's will continue to assess the
impact of the Westinghouse investment on Shaw's ongoing
operations, growth prospects and liquidity.

The previous rating action on Shaw was the upgrade of its
corporate family rating to Ba2 from Ba3 and change in outlook to
positive from stable on June 29, 2005.

The Shaw Group, Inc., located in Baton Rouge, Louisiana, is
diversified engineering, technology, construction, fabrication,
environmental and industrial services organization.  Revenues
for the twelve months ending Nov. 30, 2007 were US$6.1 billion.

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


SINORA INDUSTRIES: Appoints Toyong as Member of Audit Committee
---------------------------------------------------------------
Andi Francis Kathil Toyong was appointed as Sinora Industries
Berhad's non-executive director and a member of its Audit
Committee.

Mr. Toyong is presently the Group Manager of the Finance &
Investment Division of Yayasan Sabah Group.

Sinora's Audit Committee is now composed by:

   * Datuk Hj. Majin Hj. Ajing -- Independent & Non Executive
     Director;
   * Mary @ Mariati Robert -- Independent & Non Executive
     Director;
   * Datuk Jaswant Singh Kler -- Independent & Non Executive
     Director;
   * Encik Lim Fook Hin -- Executive Director; and
   * Encik Andi Francis Kathil Toyong -- Non Independent & Non
     Executive Director

Headquartered in Kota Kinabalu, Malaysia, Sinora Industries
Berhad was engaged in the manufacture and sale of plywood, sawn
timber, veneer and molded wood products.  Its other activities
included investment holding and the provision of management
services.  Operations of the Group are carried out in Malaysia,
Japan, Korea, the United States of America, Europe and other
Asian countries.

Sinora is still under the Practice Note 17 status of the Listing
Requirements of Bursa Malaysia Securities Bhd.  

Delisting procedures and suspension on the trading of Sinora's
securities will be imposed in the event that:

   * the company is unable to achieve its profit forecast for
     FY2007 or its unaudited financial results for FY2007 is
     not submitted by Feb. 28, 2008;

   * the company fails to announce and submit its Regularization
     Plan to the Approving Authorities for approval by
     Feb. 28, 2008;

   * the company fails to obtain the approval from any of the
     Approving Authorities necessary for the implementation of
     the Regularization Plan and does not appeal to the
     Approving Authorities within the timeframe prescribed to
     lodge an appeal; and

   * the company fails to implement the Regularization Plan
     within the timeframe or extended timeframe stipulated by
     the Approving Authorities.


SINORA INDUSTRIES: Earns MYR5.17 Million in Qtr. Ended Dec. 31
--------------------------------------------------------------
Sinora Industries Berhad posted a net profit of MYR5.17 million
on MYR28.4 million of revenues in the fourth quarter ended
December 31, 2007, as compared with a net loss of MYR514,000 on
MYR1.09 million of revenues in the same quarter in 2006.

As of December 31, 2007, the company's total assets amounted to
MYR44.97 million and total liabilities aggregated to
MYR5.26 million, resulting to a shareholders' equity of
MYR38.60 million.

Headquartered in Kota Kinabalu, Malaysia, Sinora Industries
Berhad was engaged in the manufacture and sale of plywood, sawn
timber, veneer and molded wood products.  Its other activities
included investment holding and the provision of management
services.  Operations of the Group are carried out in Malaysia,
Japan, Korea, the United States of America, Europe and other
Asian countries.

Sinora is still under the Practice Note 17 status of the Listing
Requirements of Bursa Malaysia Securities Bhd.  

Delisting procedures and suspension on the trading of Sinora's
securities will be imposed in the event that:

   * the company is unable to achieve its profit forecast for
     FY2007 or its unaudited financial results for FY2007 is
     not submitted by February 28, 2008;

   * the company fails to announce and submit its Regularization
     Plan to the Approving Authorities for approval by Feb. 28,
     2008;

   * the company fails to obtain the approval from any of the
     Approving Authorities necessary for the implementation of
     the Regularization Plan and does not appeal to the
     Approving Authorities within the timeframe prescribed to
     lodge an appeal; and

   * the company fails to implement the Regularization Plan
     within the timeframe or extended timeframe stipulated by
     the Approving Authorities.




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


CAFE CON LECHE: Fixes April 24 as Last Day to File Claims
---------------------------------------------------------
Cafe Con Leche Company Ltd. requires its creditors to file their
proofs of debt by April 24, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Vivian Judith Fatupaito
          Colin Thomas  McCloy
          c/o PricewaterhouseCoopers  
          188 Quay Street, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


CLEAR CHANNEL: Earns US$938.5 Mil. in Year Ended Dec. 31, 2007
--------------------------------------------------------------
Clear Channel Communications Inc. reported revenues of US$6.82
billion for the full year 2007, an increase of 6% when compared
to revenues of US$6.46 billion for the same period in 2006.  
Included in the company's revenue is a US$139.6 million increase
due to movements in foreign exchange.  The company's expenses
increased 6% to US$4.4 billion during the year compared to 2006.  
Included in the company's expenses is approximately US$44.1
million of non-cash compensation expense and a US$116.3 million
increase due to movements in foreign exchange.

The company's net income was US$938.5 million for 2007, the
highest earnings per share in the company's history.  This
compares to US$691.5 million in 2006.  Income before
discontinued operations was US$772.1 million for 2007.  This
compares to income before discontinued operations of US$620.0
million in 2006.  The company's full year 2006 net income
included approximately US$35.7 million of pre-tax gains, US$0.04
per diluted share after-tax, primarily on the divestitures of
radio assets and the swap of certain outdoor assets.  Excluding
these gains, Clear Channel's 2006 income before discontinued
operations would have been US$599.0 million.

The company's Operating Income before Depreciation &
amortization, Non-cash compensation expense and gain/(loss) on
disposition of assets -- net, OIBDAN, was US$2.2 billion for
2007, a 6% increase from 2006.

                  Fourth Quarter 2007 Results

The company reported revenues of US$1.84 billion in the fourth
quarter of 2007, a 4% increase over the US$1.77 billion reported
for the fourth quarter of 2006.  Included in the company's
revenue is a US$46.9 million increase due to movements in
foreign exchange; strictly excluding the effects of these
movements in foreign exchange, revenue growth would have been
1%.

Clear Channel's expenses increased 7% to US$1.2 billion during
the fourth quarter of 2007 compared to 2006.  Included in the
company's 2007 expenses is a US$36.0 million increase due to
movements in foreign exchange.  During the fourth quarter of
2006, the company recorded a reduction to expenses of US$9.8
million as a result of a favorable settlement of a legal
proceeding. Strictly excluding the effects of movements in
foreign exchange in the 2007 expenses and the US$9.8 million
reduction to expenses in 2006, expense growth would have been
3%.  Also included in the company's 2007 expenses is
approximately US$11.5 million of non-cash compensation expense.
Clear Channel's income before discontinued operations increased
22% to US$223.6 million, as compared to US$183.9 million for the
same period in 2006.

The company's OIBDAN was US$615.7 million in the fourth quarter
of 2007, a 2% increase from the fourth quarter of 2006.

                     Sources of Capital

As of Dec. 31, 2007, the company's sources of capital were
US$174.6 million credit facilities, US$6.3 billion long-term
bonds, US$106.1 million other borrowings, resulting in a total
debt of US$6.6 billion, and US$145.1 million cash and cash
equivalents.  As of Dec. 31, 2007, US$87.2 million of other
borrowings matures in less than a year, which the company has
historically refinanced with new 12-month notes and anticipate
these refinancings to continue.

As of December 31, 2007, 80% of the company's debt bears
interest at fixed rates while 20% of the company's debt bears
interest at floating rates based upon LIBOR.  The company's
weighted average cost of debt at Dec. 31, 2007 was 6.0%.  At
Dec. 31, 2007, Clear Channel is in compliance with all debt
covenants.

The company's balance sheet as of Dec. 31, 2007, show total
assets of US$18.8 billion, total liabilities of US$10.0 billion,
and total shareholders' equity of US$8.8 billion.  As of
Dec. 31, 2007, the company had strained liquidity with total
current assets of US$2.3 billion and total current liabilities
of US$2.8 billion.

A full-text copy of the company's full-year results for 2007 is
available for free at -- http://ResearchArchives.com/t/s?280a--  
or downloaded in pdf format from the company's Web site.

               First Quarter and 2008 Outlook

As of Feb. 8, 2008, revenues for the consolidated company are
pacing up 0.2% for the first quarter of 2008 as compared to the
first quarter of 2007, and are pacing up 1.4% for the full year
of 2008 as compared to the full year of 2007.  As of the first
week of February, the company has historically experienced
revenues booked of approximately 85% of the actual revenues
recorded for the first quarter and approximately 40% of the
actual revenues recorded for the full year.

The company currently forecasts overall capital expenditures for
2008 of US$375 to US$400 million, excluding any capital
expenditures associated with any new contract wins the company
may have during 2008.  Increases over the 2007 level would be
primarily due to new contract wins in France and China during
2007 and the acceleration of the roll-out of digital boards.

                     Management's Comment

Mark P. Mays, Chief Executive Officer of Clear Channel
Communications, commented, "We delivered excellent results with
record earnings per share in 2007.  Full year and fourth quarter
growth in revenue and OIBDAN reflected continued strength
throughout our Outdoor operations, which posted double-
digit gains in revenue and OIBDAN.  Our Radio team continued its
successful track record of out-performing our competitors in the
radio industry.  As we enter 2008, we remain optimistic across
all our businesses.  We have seen improving trends in the
current year in our radio division and would expect that to
continue through the end of the year.  In Outdoor, we exceeded
our forecast for the roll-out of digital boards last year and
are on course to accelerate the roll-out this year.  Results
like these don't occur without a great team at the helm.  We are
proud of their performance in 2007 and are confident in their
leadership as we capitalize on the many opportunities presented
in 2008."

             About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.  As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 30, 2008,
Standard & Poor's Ratings Services said its ratings on Clear
Channel Communications Inc., including the 'B+' corporate credit
rating, remain on CreditWatch with negative implications.  S&P
originally placed them on CreditWatch on Oct. 26, 2006,
following the company's announcement that it was exploring
strategic alternatives to enhance shareholder value.


CLEAR CHANNEL: Extends Key Dates of Senior Notes Tender Offer
-------------------------------------------------------------
Clear Channel Communications Inc. extended the date:

   -- on which the pricing for the Notes will be established
      from 2:00 p.m. New York City time on Feb. 15, 2008 to
      2:00 p.m. New York City time on March 6, 2008;

   -- the date on which the tender offers are scheduled to
      expire  from 8:00 a.m. New York City time on Feb. 20,
      2008, to 8:00 a.m. New York City time on March 10, 2008;
      and

   -- the consent payment deadline for the Notes from 8:00 a.m.
      New York City time on Feb. 20, 2008, to 8:00 a.m. New York
      City time on March 10, 2008.

Each of the price determination date, the offer expiration date
and the consent payment deadline is subject to extension by
Clear Channel, with respect to the tender offer for its
outstanding 7.65% Senior Notes due 2010 (CUSIP No. 184502AK8)
and Clear Channel's subsidiary AMFM Operating Inc.'s tender
offer for its outstanding 8% Senior Notes due 2008 (CUSIP No.
158916AL0), in their sole discretion.

Clear Channel disclosed on Jan. 2, 2008, that it had received,
pursuant to its tender offer and consent solicitation for the
CCU Notes, the requisite consents to adopt the proposed
amendments to the CCU Notes and the indenture governing the CCU
Notes applicable to the CCU Notes, and that AMFM had received,
pursuant to its  tender offer and consent solicitation for the
AMFM Notes, the requisite consents to adopt the proposed
amendments to the AMFM Notes and the indenture governing the
AMFM Notes.

The Clear Channel tender offer and consent solicitation is being
made pursuant to the terms and conditions set forth in the Clear
Channel Offer to Purchase and Consent Solicitation Statement for
the CCU Notes dated Dec. 17, 2007, and the related Letter of
Transmittal and Consent.

The AMFM tender offer and consent solicitation is being made
pursuant to the terms and conditions set forth in the AMFM Offer
to Purchase and Consent Solicitation Statement for the AMFM
Notes dated Dec. 17, 2007, and the related Letter of Transmittal
and Consent.  

Clear Channel has retained Citi to act as the lead dealer
manager for the tender offers and lead solicitation agent for
the consent solicitations and Deutsche Bank Securities Inc. and
Morgan Stanley & Co. Incorporated to act as co-dealer managers
for the tender offers and co-solicitation agents for the consent
solicitations.  Global Bondholder Services Corporation is the
Information Agent for the tender offers and the consent
solicitations.  

Questions regarding the transaction should be directed to Citi
at 800-558-3745 (toll-free) or 212-723-6106 (collect).  Requests
for documentation should be directed to Global Bondholder
Services Corporation at 212-430-3774 (for banks and brokers
only) or 866-924-2200 (for all others toll-free).

The tender offers and consent solicitations for the Notes are
being made in connection with the merger with BT Triple Crown
Merger Co. Inc.  The completion of the Merger and the related
debt financings are not subject to, or conditioned upon, the
completion of the tender offers or the related consent
solicitations or the adoption of the proposed amendments with
respect to the Notes.

The closing of the Merger is expected to occur during the first
quarter 2008 and concurrently with the consummation of the
Merger, Clear Channel expects to obtain US$18.525 billion of new
senior secured credit facilities, to be available to Clear
Channel and certain of its subsidiaries as borrowers, and to
issue US$2.6 billion of new senior unsecured notes.

Clear Channel and one or more of its subsidiaries would also be
the borrowers under a separate receivables-backed revolving
credit facility with availability of up to US$1 billion.  The
closing of the Merger is subject to customary closing
conditions.

              About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 30, 2008,
Standard & Poor's Ratings Services said its ratings on Clear
Channel Communications Inc., including the 'B+' corporate credit
rating, remain on CreditWatch with negative implications.  S&P
originally placed them on CreditWatch on Oct. 26, 2006,
following the company's announcement that it was exploring
strategic alternatives to enhance shareholder value.


D N BECKETT: Wind-Up Petition Hearing Set for April 1
-----------------------------------------------------
A petition to have D N Beckett Ltd.'s operations wound up will
be heard before the High Court of Auckland on April 1, 2008, at
10:45 a.m.

Carters filed the petition on December 4, 2007.

Carters' solicitor is:

          Geraldine Hikaka
          Edmund Lawler & Associates
          PO Box 25931, St Heliers
          Auckland
          New Zealand


INTERACTIONZ LTD: Subject to CIR's Wind-Up Petition
---------------------------------------------------
On September 21, 2007, the Commissioner of Inland Revenue filed
a petition to have Interactionz Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
February 28, 2008, at 10:00 a.m.

The CIR's solicitor is:

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


MAINLINE PAINTERS: Creditors' Proofs of Debt Due on April 30
------------------------------------------------------------
Mainline Painters 2002 Limited requires its creditors to file
their proofs of debt by April 30, 2008, to be included in the
company's dividend distribution.

The liquidators can be reached at:

          Vivian Judith Fatupaito
          Colin Thomas  McCloy
          c/o PricewaterhouseCoopers  
          188 Quay Street, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


NORTHRIDGE ARCHITECTURE: Taps Fatupaito & McCloy as Liquidators
---------------------------------------------------------------
On January 31, 2008, Vivian Judith Fatupaito and Colin Thomas
were named liquidators of Northridge Architecture Limited.

Creditors are required to file their proofs of debt by
April 30, 2008, to be included in the company's dividend
distribution.

The liquidators can be reached at:

          Vivian Judith Fatupaito
          Colin Thomas  McCloy
          c/o PricewaterhouseCoopers  
          188 Quay Street, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


OLTRARNO LTD: Faces CIR's Wind-Up Petition
------------------------------------------
A petition to have Oltrarno Ltd.'s operations was filed by the
Commissioner of Inland Revenue on Oct. 1, 2007.

The High Court of Auckland will hear the petition on
Feb. 28, 2008, at 10:45 a.m.

The CIR's solicitor is:

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


PREGGI BELLIES: Undergoes Liquidation Proceedings
-------------------------------------------------
Preggi Bellies (NZ) Ltd.'s shareholders agreed on Feb. 4, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Victoria Toon and Boris van
Delden to facilitate the sale of its assets.

The liquidators can be reached at:

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


PRESERVATION & MAINTENANCE: Proofs of Debt Due on April 30
----------------------------------------------------------
The creditors of Preservation and Maintenance Engineering Ltd.
are required to file their proofs of debt by April 30, 2008, to
be included in the company's dividend distribution.

The company's liquidators are:

          Vivian Judith Fatupaito
          Colin Thomas McCloy
          c/o PricewaterhouseCoopers  
          188 Quay Street, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


SILVERWORKS NZ: Wind-Up Petition Hearing Set for February 28
------------------------------------------------------------
A petition to have Silverworks NZ Ltd.'s operations wound up
will be heard before the High Court of Auckland on
Feb. 28, 2008, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
Sept. 19, 2008.

The CIR's solicitor is:

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


SWISS CHALET: Commences Liquidation Proceedings
-----------------------------------------------
Swiss Chalet Lodge Motel Ltd.'s shareholders agreed on
Jan. 25, 2008, to voluntarily liquidate the company's business.  
In line with this goal, the company has appointed Jack Peter
Poutsma to facilitate the sale of its assets.

The liquidator can be reached at:

          Jack Peter Poutsma
          PO Box 16, Paihia 0247
          New Zealand
          Telephone:(09) 402 7926
          Facsimile:(09) 402 7626


TE MANE NEHO: Wind-Up Petition Hearing Set for February 27
----------------------------------------------------------
The High Court of Napier will hear on February 27, 2008, at
10:00 a.m., a petition to have Te Mane Neho Funeral Services
Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition on
Jan. 23, 2008.

The CIR's solicitor is:

          R. J. Collins
          c/o Elvidge & Partners
          Raffles and Bower Streets, Napier
          New Zealand


WAKEFIELD SERVICES: Undergoes Liquidation Proceedings
-----------------------------------------------------
Wakefield Services Ltd.'s shareholders agreed on Jan. 31, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Ross Edward Baigent to
facilitate the sale of its assets.

The liquidator can be reached at:

          Ross Edward Baigent
          c/o Baigent Consulting Limited
          Chartered Accountants
          301S Botany Road
          PO Box 64009, Botany
          Auckland
          New Zealand


WAYWARD PACIFIC: Taps Parsons & Kenealy as Liquidators
--------------------------------------------------------
On February 1, 2008, Dennis Clifford Parsons and Katherine
Louise Kenealy were appointed liquidators of Wayward Pacific
Ltd.

The liquidators can be reached at:

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




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


CENTRAL AZUCARERA: Incurs INR83-Mil. Net Loss in July-Dec. 2007
---------------------------------------------------------------
Central Azucarera de Tarlac reported a net loss of PHP83.15
million in the six months ended Dec. 31, 2007, a 22% increase
from the PHP68.03-million loss incurred in the same six-month
period last year.

The worsening bottom line came with the slide in revenues.  In
July-December 2007, the company reported sales revenues of
PHP162.77 million, down 22% from 2006's PHP207.86 million.  "The
increased average selling prices of raw sugar and alcohol failed
to dampen the decrement in sales volume thus the decline in
revenues," the company explained.  According to the company,
there is lower market demand for raw sugar because of the
unabated smuggling of cheap imported sugar.  Aside from
decreased revenues, the company attributed the rise of its net
loss to high cost of financing.

With cost of goods sold totaling PHP156.50 million, the company
booked a gross income of PHP6.27 million in the second half of
2007.

For the three months ended Dec. 31, 2007, the company booked a
net profit of PHP22.7 million (PHP37.59 million in 2006) on
revenues totaling PHP159.9 million (PHP179.5 million in 2006).   

The company's balance sheet as of Dec. 31, 2007, showed total
assets of PHP1.77 billion, total liabilities of PHP1.94 billion,
resulting in a stockholders deficit of PHP166.42 million.  The
balance sheet also showed the company is illiquid with total
current assets of PHP1.35 billion available to pay current
liabilities aggregating PHP1.53 billion.

The company's report for the period ended Dec. 31, 2007, is
available for free at http://www.pse.com.ph/

Central Azucarera de Tarlac was incorporated in 1927 and renewed
in 1976.  It operates a sugar mill and refinery, distillery and
carbon dioxide plants in Barrio San Miguel, Tarlac City.  The
sugar cane milled is sourced within the Tarlac district and
nearby towns of Pampanga.  Affiliate Hacienda Luisita, Inc.,
provides around 1/3 of the mill's cane requirements.

The Central Azucarera de Tarlac has incurred a net loss of
PHP175.89 million for the year ended June 30, 2007, its third
following a PHP87.48-million loss in 2006 and a
PHP548.98-million loss in 2005.


IPVG CORP: To Acquire 70% of MEGAMobile for PHP6.4 Million
----------------------------------------------------------
IPVG Corp. yesterday said it has entered into a Stock Purchase
Agreement with shareholders of MEGAMobile, Inc., a local mobile
technology provider and content developer.

IPVG agreed to acquire 70% of the outstanding capital stock of
MEGAMobile for a total acquisition cost of PHP6.4 million.  IPVG
plans to augment this investment further by infusing additional
capital of an undisclosed amount to strengthen MEGAMobile's
content pipeline, marketing programs and infrastructure.

Chief Executive Officer of IPVG Corp. Enrique Y. Gonzalez said,
"IPVG's investment into MEGAMobile marks our entry into the
mobile content and value-added services (VAS) sector.  This is
an extremely exciting space given the Philippines' 55M
subscribers base and high demand for mobile content. MEGAMobile
gives IPVG an existing platform with strong developmental
capabilities.  This coupled with IPVG's infrastructure,
communities and funding will make us a formidable player in this
space.  Expect allot of exciting products as a result of this
partnership."

The acquisition is still subject to legal and financial due
diligence on MEGAMobile and for approval by IPVG's Board of
Directors.

                    Breaking New Ground

The MEGAMobile transaction signifies another milestone for IPVG,
as it enters the dynamic and highly competitive mobile services
arena.  The newly acquired company is known for creating new and
compelling wireless platforms and technologies.  Its addition to
the conglomerate's current lines of business creates a new
product that will form a synergy among its communications,
outsourcing and online gaming operations, thus enabling the
subsidiaries to reach out to its huge customer base
and strategic distribution network.  From its corporate
headquarters in the Philippines, IPVG has established presence
in Singapore, Hong Kong, Vietnam, India, Panama, United Kingdom
and USA.

MEGAMobile represents IPVG's fifth investment (through
acquisition and signed binding agreement) in a span of only one
year following: Globalstride Holdings, Inc. (call center
facilities in the Philippines); IP-Converge Pte Ltd. (Singapore
based IDC); Prolexic Technologies, Inc. (internet security
provider with operations in the US, EMEA and Asia) and
Interactive Teleservices Corporation (a US-based contact center
with facilities in the United States, Panama and the
Philippines).

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

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


PRIME ORION: Earns PHP246.41 Mil. in Quarter Ended Dec. 31, 2007
----------------------------------------------------------------
Prime Orion Philippines Inc. turned around with a consolidated
net income of PHP246.41 million in the quarter ended
Dec. 31, 2007, and PHP156.9 million in the six-month period
ended Dec. 31, 2007. In the same periods last year, Prime Orion
booked losses -- PHP40.5 million in Oct.-Dec. 2007, PHP248.03
million in July-Dec. 2007.

The company's balance sheet as of Dec. 31, 2007, showed assets
totaling PHP4.86 billion, liabilities aggregating
PHP4.58 billion, resulting in stockholders equity of PHP275.53
million.  

Group revenue increased by 4% from PHP289 million in
Oct.-Dec. 2006, to PHP300 million in the current quarter under
review due to higher insurance premiums and commission, and sale
of leasehold rights, the company said.  Net sales from tile
distribution also increased by 4% from PHP140 million to
PHP145 million.  Rental income of Tutuban Properties, Inc.,  
slightly increased by 1% from PHP125 million to PHP126 million.

In the six months ended Dec. 31, consolidated revenue was posted
at PHP586 million in 2007, compared to 2006's PHP588 million.

The company pointed out that during the period, Orion Brands
International, Inc., acquired and paid the outstanding loan of
Lepanto Ceramics, Inc. from a local bank.  Upon consolidation,
the Group recognized income from extinguishment of debt in the
amount of PHP334 million.  The Group also reported lower
financing cost due to settlement of various loans as of the
period.

The company's financial statements for the period ended
Dec. 31, 2007, is available for free at http://www.pse.com.ph/

                   About Prime Orion Phils.

Headquartered in Makati City, Philippines, Prime Orion
Philippines, Inc. acquires by purchase, exchange, assign, donate
or otherwise, and to hold, own and use, for investment or
otherwise and to sell, assign, transfer, exchange, lease, let,
develop, mortgage, pledge, traffic, deal in and with, and
otherwise operate, enjoy and dispose of any and all properties
of every kind and description and wherever situated, as and to
the extent permitted by law, including but not limited to,
buildings, tenements, warehouses, factories, edifices and
structures and other improvements, and bonds, debentures,
promissory notes, shares of capital stock, or other securities
and obligations, created, negotiated or issued by any
corporation, association, or other entity, domestic or foreign.

Prime Orion Philippines, Inc. and subsidiaries have principal
business interests in real estate, financial services and
manufacturing.

                     Going Concern Doubt

After auditing the company's financial statements for the
fiscal year 2007, Jose Pepito E. Zabat III at Sycip Gorres
Velayo & Co., raised substantial doubt on the company's ability
to continue as a going concern.  Mr. Zabat cited the company's
deficit of PHP3.467 billion as of June 30, 2007.




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


AAR CORP: To Expand Composites Business
---------------------------------------
AAR Corp. is significantly expanding its Composites
manufacturing operations with the lease of a 90,000 square-foot
facility located at the McClellan Business Park, formerly
McClellan Air Force Base, in Sacramento, California.

AAR will occupy the portion of the McClellan facility formerly
used by the U.S. Air Force for manufacturing composite
replacement aircraft parts.  The expansion provides more than
four times the company's current composites manufacturing
capability through additional equipment and added capacity at
the facility.

"Increasingly, the aircraft community is using a higher
percentage of composite content in the manufacturing process as
it seeks to take advantage of the material's improved strength
and lighter weight," said David P. Storch, Chairman and Chief
Executive Officer of AAR CORP.  "We're expanding our composites
manufacturing capacity to capitalize on this trend and keep pace
with our customers' changing requirements."

                       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.


ENZER ELECTRONICS: Creditors' Meeting Set for February 22
--------------------------------------------------------
Enzer Electronics Pte Ltd, which is in compulsory liquidation,
will hold a meeting for its creditors on February 22, 2008.

At the meeting, the creditors will be given an update on the
company's wind-up proceedings and property disposal and will
consider to appoint a committee of inspection.

The company's liquidator is:

          Tay Swee Sze
          c/o Tay Swee Sze & Associates
          137 Telok Ayer Street #04-01
          Singapore 068602


FAITHFUL LOGISTICS: Court Enters Wind-Up Order
----------------------------------------------
On January 25, 2008, the High Court of Singapore entered an
order to have Faithful Logistics Pte Ltd's operations wound up.

Kuehne + Nagel Pte Ltd filed the petition against the company.

Kuehne + Nagel's solicitor is:

          The Official Receiver
          Insolvency & Public Trustee's Office
          c/o 45 Maxwell Road #05-11/#06-11
          The URA Centre (East Wing)
          Singapore 069118


ROY EASTERN: Court to Hear Wind-Up Petition on February 28
----------------------------------------------------------
The High Court of Sngapore entered an order to have Roy Eastern
Watch Pte Ltd's operations wound up.

The petition was filed by Chan Soon Ho, Choi Hon Ching, Chui
Ngor Heng, Choi Shiok Chin, Choi Chan Wai, and Choi Sai Hong on
February 5, 2008.

The Petitioners' solicitor is:

          Ascentsia Law Corporation
          10 Anson Road
          #03-01 International Plaza


SCOTTISH RE: Eroding Credit Quality Spurs Moody's Ratings Review
----------------------------------------------------------------
Moody's Investors Service placed the ratings of Scottish Re
Group Limited (Scottish Re; NYSE: SCT, senior unsecured shelf of
(P)Ba3) on review for downgrade.  The review for downgrade
applies to the company's debt ratings and the Baa3 insurance
financial strength ratings of the company's core insurance
subsidiaries, Scottish Annuity & Life Insurance Company Ltd. and
Scottish Re, Inc.

On Nov. 13, 2007, Moody's affirmed the ratings of Scottish Re
Group Limited but changed the outlook to negative from stable
due to the company's substantial exposure to subprime and Alt-A
investments.  This rating actions reflects continued
deterioration in the credit quality of the company's investment
portfolio due to these subprime and Alt-A exposures.  As of the
end of the third quarter, Scottish Re had approximately $3.0
billion of subprime ABS and Alt-A holdings, which represented
27% of its total investment portfolio.

In light of the challenging credit environment, Moody's noted
its concerns about the potential for further deterioration in
the company's portfolio, which would pressure both capital
adequacy and liquidity. Although much of the subprime ABS and
Alt-A exposure ($2.3 billion) resides in non-recourse
securitization vehicles the company has sponsored, the company's
substantial equity investments in these securitizations would be
further eroded should the investment holdings experience
additional realized and/or unrealized losses.

According to Scott Robinson, Moody's Vice President & Senior
Credit Officer, "The magnitude of the company's subprime and
Alt-A exposure, especially to recent year vintages, makes them
susceptible to further losses, especially in a severe downside
scenario."

With its expectation for further impairments and the potential
for additional unrealized losses, Moody's also remains concerned
that the company's capital and liquidity cushion, which had
helped support the Baa3 insurance financial strength rating, is
being materially eroded.  Additionally, Moody's believes that
credit challenges in the investment portfolio make it
increasingly more difficult for Scottish Re to regain the
confidence of cedants and write meaningful amounts of new
business.

During its review process, Moody's will evaluate the company's
investment portfolio, its capital and liquidity position,
including any plans to recapitalize the company, and the
company's strategic plans to regain market confidence.

These ratings were placed on review for downgrade:

Scottish Re Group Limited:

  -- Senior unsecured shelf of (P)Ba3; subordinate shelf of
     (P)B1; junior subordinate shelf of (P)B1; preferred stock
     of B2; and preferred stock shelf of (P)B2

Scottish Holdings Statutory Trust II:

  -- preferred stock shelf of (P)B1

Scottish Holdings Statutory Trust III:

  -- preferred stock shelf of (P)B1

Scottish Annuity & Life Insurance Company (Cayman) Ltd.:

  -- IFS rating of Baa3

Premium Asset Trust Series 2004-4:

  -- senior secured debt of Baa3

Scottish Re (U.S.), Inc.:

  -- insurance financial strength of Baa3

Stingray Pass-Through Certificates:

  -- Baa3 (based on IFS rating of SALIC)

Scottish Re Group Limited is a Cayman Islands company with
principal executive offices located in Bermuda.  On
Sept. 30, 2007, Scottish Re reported total assets of US$13.4
billion and shareholder's equity of US$869 million.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.




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


AMERICAN AXLE: To Construct Manufacturing Facility in Rayong
-------------------------------------------------------------
American Axle & Manufacturing Holdings, Inc., which is traded as
AXL on  the NYSE, announced plans to establish a new
manufacturing facility in Thailand, near the city of Rayong,
located southeast of Bangkok.

American Axle has acquired approximately 21 acres in an
industrial park in the Rayong Province for the construction a
90,000 square-foot, state-of-the-art, wholly-owned regional
manufacturing plant for its highly engineered driveline
products.

It is anticipated that the groundbreaking for this facility will
occur in late spring of 2008, with preliminary production
planned for 2009.  Joseph S.  Tang has been appointed plant
manager to oversee the construction, build the organization, and
be responsible for the future operation of the facility.

"Our new facility in Thailand represents a significant expansion
of our manufacturing footprint in the important economy of Asia
where growing demand for vehicles is accelerating production
volumes," says AAM Co-Founder, Chairman & CEO Richard E. Dauch.  
"AAM is continuing to invest in products and markets where we
can best serve our customers and have the opportunity to drive
profitable growth."

The manufacturing facility will be located in the Hemaraj
Eastern Seaboard Industrial Estate that is locally recognized as
"Detroit of the East" for its heavy population of automotive
OEMs and suppliers.  The location is strategically located in
proximity to key seaports and will provide excellent geographic
access to vehicle manufacturers throughout the region.

AAM's current Asia operations include a manufacturing facility
in Changshu, China along with business and engineering offices
in Tokyo, Japan; Shanghai, China; Pune, India; and Seoul, South
Korea.

AAM is a world leader in the manufacture, engineering, design
and validation of driveline and drivetrain systems and related
components and modules, chassis systems and metal-formed
products for trucks, sport utility vehicles, passenger cars and
crossover utility vehicles.  In addition to locations in the
United States (Michigan, New York, Ohio and Indiana),  AAM also
has offices or facilities in Brazil, China, Germany, India,
Japan, Luxembourg, Mexico, Poland, South Korea and the United
Kingdom.

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--  
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 27, 2007,
Moody's Investors Service affirmed American Axle & Manufacturing
Holdings, Inc.'s Corporate Family rating of Ba3 as well as the
senior unsecured rating of Ba3 to American Axle & Manufacturing
Inc.'s notes and term loan.  At the same time, the rating agency
revised the rating outlook to stable from negative and renewed
the Speculative Grade Liquidity rating of SGL-1.


AMERICAN AXLE: Net Loss Drops to US$25MM in Qrtr. Ended Dec. 31
---------------------------------------------------------------
American Axle & Manufacturing Holdings Inc. reported its
financial results for the fourth quarter and full year ended
Dec. 31, 2007.

AAM reported a net loss of US$25.5 million in the fourth quarter
of 2007, compared to a net loss of US$188.6 million in the
fourth quarter of 2006.

AAM's earnings for the full year 2007 were US$37 million,
compared to a net loss of US$222.5 million in 2006.

In the third and fourth quarter of 2007, AAM recorded special
charges relating to a voluntary separation program accepted by
558 UAW represented associates at the Buffalo Gear, Axle &
Linkage facility in Buffalo, New York.  Production at this
facility was idled in December 2007.

Also in 2007, AAM incurred additional special charges and non-
recurring operating costs relating to other attrition programs,
asset impairments, the redeployment of machinery and equipment
and other actions to rationalize underutilized capacity.

In total, AAM's 2007 results reflect the impact of charges
amounting to US$88.4 million relating to these items, including
pension and other postretirement benefit curtailments and
special termination benefits.

In the fourth quarter of 2007, AAM recorded US$70.6 million of
these total restructuring charges.

AAM's full year 2007 earnings also reflect the impact of an
additional US$5.5 million charge for the write-off of
unamortized debt issuance costs and other costs related to the
prepayment of the US$250 million term loan due 2010.

"In 2007, AAM made excellent progress in our plan to achieve
sustainable market cost competitiveness in our global
operations," Richard E. Dauch, AAM's co-founder, chairman of the
board & CEO, said.  "AAM has a strong balance sheet and will
continue to focus on the appropriate cost structure adjustments,
technology innovations, new business launches and an accelerated
expansion of our global manufacturing and sourcing footprint to
gain momentum in 2008.  We are excited about what AAM can, and
will, accomplish in what is sure to be a most difficult,
demanding and tough year for the entire domestic automotive
industry."

                Liquidity and Capital Resources

As compared to the prior year, net cash or free cash flow
provided by operating activities for the full year 2007 nearly
doubled to US$367.9 million.  Capital spending for the full year
2007 was US$186.5 million as compared to US$286.6 million in
2006.

Reflecting the impact of this activity and dividend payments of
US$31.8 million, AAM's free cash flow of US$149.6 million in
2007 represents an improvement of US$281.5 million as compared
to the full year 2006.

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$2.91 billion, total liabilities US$2.02 billion,
and total stockholders' equity of US$0.89 billion.

          About American Axle & Manufacturing Holdings

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--  
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 27, 2007,
Moody's Investors Service affirmed American Axle & Manufacturing
Holdings, Inc.'s Corporate Family rating of Ba3 as well as the
senior unsecured rating of Ba3 to American Axle & Manufacturing
Inc.'s notes and term loan.  At the same time, the rating agency
revised the rating outlook to stable from negative and renewed
the Speculative Grade Liquidity rating of SGL-1.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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 ***