TCRAP_Public/080221.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

             Thursday, February 21, 2008, Vol. 9, Issue 37

                          Headlines

A U S T R A L I A

ALCOXPORTS (AUST): Joint Meeting Slated for March 5
ALL SYSTEMS: To Declare First Priority Dividend on February 29
BEST VALUE: Placed Under Voluntary Liquidation
CENTRO PROPERTIES: PwC Washes Hands Off Company's Misstatements
CHRYSLER: Exceeds Recovery Plan on Key Metrics, Cerberus Says

CHRYSLER LLC: Denied by Court to Pull Out Tooling Equipment
CORLISO PTY: Members & Creditors to Meet on February 29
EUROSTRALIA CLOTHING: To Declare Dividend on March 14
HERITAGE GREEN: Liquidator to Present Wind-Up Report on Feb. 22
KETTLE LANE: Members to Receive Wind-Up Report on February 29

PLUTEUS (AUST): Members' & Creditors' Meeting Set for March 5
SEWELL ENTERPRISES: Members to Hear Wind-Up Report on March 3
TRICOM EQUITIES: Bell Financial To Acquire Company
YORK (AUSTRALIA): Commences Liquidation Proceedings
ZINIFEX: Extends Allegiance Takeover Offer to March 3

* Fitch To Hold Telecon for Australia Banking Outlook on Feb. 25


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

1 UNION TRAVEL: Creditors Meeting Fixed for February 29
CHENG'S BROTHERS: Creditors' Proofs of Debt Due on April 2
CHINA EASTERN: Signs US$33-Million Delivery Deal with Honeywell
CHINA EVERBRIGHT: Reports US$639 Million Profit
CHINA HONGKONG: Liquidator Quits Post

COUNTRY GARDEN: Moody's Assigns Ba1 Rating on Convertible Bonds
JIANGXI COPPER: Back on Track After Storms
PIONEER NATIONAL: Creditors Meeting Fixed for February 29
QUALITY DATA: Creditors & Members' Meeting Set for March 25
SHANGHAI PUDONG: Shares Drop After US$6.4-Billion Sale Rumor

SINO-AUTO: Creditors' Proofs of Debt Due on March 31
SUPER EXPRESS: Creditors' Proofs of Debt Due on March 31
TARZAN CONTRACTORS: Creditors & Members Meeting Set for March 25


I N D I A

BALLY TECH: Earns US$24.4 Million in Quarter Ended December 31
BHARTI AIRTEL: To Install 3,500 Towers in Andhra Pradesh
BIRLA VXL: Books INR27.7 Mil. Loss in Qtr. Ended Dec. 31, 2007
BPL LTD: Deutsche Buys Firm's Loan Liabilities from Arcil
DECCAN AVIATION: To Replace Old Fleet Starting October 2009

DECCAN AVIATION: Sells Two Airbus A320 Aircraft
TATA MOTORS: To Set Up Driving School with Punjab Government


I N D O N E S I A

ALCATEL-LUCENT SA: Supports AT&T's Wireless Network Expansion
GARUDA INDONESIA: Orders Four 777-300ER Airlines from Boeing Co
INDOSAT: To Raise IDR1.5 Trillion from Bond Sale in H1
MOBILE 8: To Replace Executive Officers in March
MOBILE-8 TELECOM: Moody's Reviews B2 Rating for Likely Downgrade


J A P A N

ADVANCED MEDICAL: Discloses Plan to Further Cut 150 Jobs
ATARI INC: Dec. 31 Balance Sheet Upside-Down by US$16.8 Million


M A L A Y S I A

CELESTICA INC: To Hold Annual Shareholders' Meeting on April 24
HALIFAX CAPITAL: To Revise Some Proposals Under Reform Plan
MALAYSIAN AIRLINES: Negotiations With Airbus to End Soon
MEGAN MEDIA: Bourse Commences De-Listing Procedures
SANMINA-SCI: Elects John P. Goldsberry to Board of Directors

SANMINA-SCI: Fitch Holds Issuer Default Rating at B+


N E W  Z E A L A N D

ALPHA AVIATON: Halts Shares Trading on Liquidator Appointment
ANTARES FINANCE: Subject to Westpac's Wind-Up Petition
CLEGG & CO: Wind-Up Petition Hearing Set for March 12
G J & S A HOFFMANN: Placed Under Voluntary Liquidation
ICON DIGITAL: Placed Under Voluntary Liquidation

JONESES: Fall Cues Stock Exchange to Review Backdoor Listing
LINFORD LTD: Wind-Up Petition Hearing Slated for May 7
MECHANICAL SYSTEMS: Wind-Up Petition Hearing Set for February 25
PARKTOWN LTD: Placed Under Voluntary Liquidation
TITAN FOUNDATION: Faces Lifestyle Orewa's Wind-Up Petition

T & M (1997): Taps Shephard & Dunphy as Liquidators
WORCESTER 123: Court to Hear Wind-Up Petition on March 3


P H I L I P P I N E S

FEDDERS: Allowed to Reject Mr. Giordano's Employment Contract
LEPANTO CONSOLIDATED: Board Approves 1:7 Stock Rights Offering
NIHAO MINERAL: Gets Exploration Permit for Botolan Mining Claim
NIHAO MINERAL: Discloses Board Resignations & Appointments


S I N G A P O R E

AAR CORP: Receives US$28 Mil. Order for Container Platforms
ACCORD EXPRESS: Requires Creditors to File Claims by March 13
EVRAZ GROUP: Seeks to Acquire 51% Stake in Delong Holdings
HARRIER TECHNOLOGY: Court to Hear Wind-Up Petition on Feb. 29
L&M INTERNATIONAL: Creditors' Proofs of Debt Due on March 3

REFCO INC: Former CEO Philip Bennett Pleads Guilty of Fraud
SEA CONTAINERS: Formally Seeks Court Approval for Pensions Pact


V I E T N A M

PETROLEOS DE VENEZUELA: Vietnam Drillship to Arrive in March


                            - - - - -

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


ALCOXPORTS (AUST): Joint Meeting Slated for March 5
---------------------------------------------------
Alcoxports (Aust) Pty. Ltd. will hold a joint meeting for its
members and creditors on March 5, 2008.  During the meeting, the
company's liquidator, Morgan Kelly at Ferrier Hodgson, 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 5, 2006.

The liquidator can be reached at:

          Morgan Kelly
          225 George Street, Level 13
          Sydney, New South Wales 2001
          Australia

                  About Alcoxports (Aust)

Alcoxports (Aust) Pty. Ltd. is a distributor of chemicals and
allied products.  The company is located at Bondi Junction, in
New South Wales, Australia.


ALL SYSTEMS: To Declare First Priority Dividend on February 29
--------------------------------------------------------------
All Systems Air Conditioning Pty. Ltd. will declare first
dividend for its priority creditors on February 29, 2008.

Only priority creditors who were able to file their proofs of
debt by Feb. 14, 2008, will be included in the company's
dividend distribution.

In a report by the Troubled Company Reporter-Asia Pacific, All
Systems commenced liquidation proceedings on June 28, 2007.

The company's liquidators are:

          P. W. Gidley
          J. A. Shaw
          Ferrier Hodgson (Newcastle)
          2 Market Street, Level 3
          Newcastle, New South Wales 2300
          Australia
          Telephone:(02) 4908 4444
          Facsimile:(02) 4908 4499

                      About All Systems

All Systems Air Conditioning Pty. Ltd. provides plumbing,
heating, and air-conditioning services.  The company is located
at Berkeley Vale, in New South Wales, Australia.


BEST VALUE: Placed Under Voluntary Liquidation
----------------------------------------------
Best Value Cars Pty. Ltd.'s members agreed on January 16, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Gavin Moss at Macquarie
Gordon & Co. to facilitate the sale of its assets.
The liquidator can be reached at:
          Gavin Moss
          Macquarie Gordon & Co.
          179 Elizabeth Street, Level 11
          Sydney, New South Wales 2000
          Australia

                      About Best Value

Best Value Cars Pty. Ltd., which is also trading as Bankstown
Mitsubishi and Bankstown Hyandai, operates offices of holding
companies.  The company is located at Punchbowl, in New South
Wales, Australia.


CENTRO PROPERTIES: PwC Washes Hands Off Company's Misstatements
---------------------------------------------------------------
Anthony Klan at The Australian reports that auditing firm
PricewaterhouseCoopers said in a statement that it will be
reviewing Centro Properties Group's changing of "the
classification of current and non-current debt."

Centro Properties said in August 2007 that it has no short-term
debt, which means that none of its debts was maturing within a
year's period.  However, Centro defaulted on US$1.3 billion of
debt in December, while it obtained Friday a two-month extension
to refinance about AU$4.9 billion of debts.

Mr. Klan suggests that this move from PwC seems like it wants to
distance itself from the false financial reports that the
company has issued.
  
"PwC will consider in its current review of Centro's half-yearly
accounts the basis on which Centro Properties Group and Centro
Retail Trust have changed the classification of current and non-
current debt," The Australian quotes a line from PwC's prepared
statement.

According to same paper, Centro hiked Friday its short-term debt
at June 30, 2007, to AU$2.61 billion from AU$1.1 billion.

Meanwhile, the Australian Shareholders Association's President
Stephen Matthews called the company's wrong reporting of debt as
"appalling," the same paper says.

"The auditor has signed off on these accounts, Centro's former
chief executive Andrew Scott and the group's audit risk
committee headed by Sam Kavourakis signed off and the other
directors signed off," Mr. Matthews told The Australian.  "It
seems almost unbelievable it's an innocent mistake."

The Australian adds that PwC and the Australian Securities &
Investments Commission are under pressure to explain Centro's
"failure to properly account for its debt."  The company has
thrice made revisions to its short-term debt after its initial
announcement last year of not having any liabilities coming due
within twelve months.

Clayton Utz currently represents Centro Properties in its
ongoing talks with the securities regulator.  

Clayton Utz can be reached at:

         Brad Vann
         Level 18, 333 Collins Street
         Melbourne Vic 3000, Australia

                  -- or --

         Michael Klug
         Level 28
         Riparian Plaza
         71 Eagle Street
         Brisbane, QLD 4000

                  -- or --

         Geoff Simpson
         Level 27, QV.1 Building
         250 St Georges Terrace
         Perth WA 6000, Australia

                  -- or --
         
         Craig Pudig
         Levels 19-35, No. 1 O'Connell Street
         Sydney NSW 2000, Australia

         P.O. Box H3, Australia Square,
         Sydney NSW 1215
         DX 370 Sydney

                About PricewaterhouseCoopers

Headquartered in Irving, Texas, Flowserve Corp. manufactures
pumps, valves, and mechanical seals for industries requiring
flow management products, such as the petroleum, chemical,
water, and power-generation industries.

                  About Centro Properties

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

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

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


CHRYSLER: Exceeds Recovery Plan on Key Metrics, Cerberus Says
-------------------------------------------------------------
Chrysler LLC is bound to surpass its recovery plan "on virtually
all key metrics" according to an e-mailed statement by Cerberus
Capital Management LP on Friday, Terry Kosdrosky writes for The
Wall Street Journal.

Cerberus expressed confidence on its capital infusion in
Chrysler and complimented on the leadership of chief executive
RobertNardelli and co-presidents Tom LaSorda and Jim Press, WSJ
notes.

He said that Chrysler will "fare just fine" with its $8 billion
cash but continue to warn investors of the risks, WSJ relates.

Cerberus also said that GMAC LLC has "strong long-term
prospects," WSJ adds.

These compliments came amid the financial pressures that
Chrysler and GMAC are facing due to the crisis in the U.S.
economy, WSJ notes.  Cerberus founder Stephen Feinberg, WSJ
relates, had informed shareholders late last month about the
risks involving the two companies.

                 Difficulty Warning for GMAC

Meanwhile, GMAC struggled with the decline in the U.S. housing
industry and financial markets and reported a $724 million loss
during the last quarter of 2007.

As reported in the Troubled Company Reporter on Feb. 18, 2008,
founder of Cerberus Capital warned investors of possible
"substantial difficulty" in GMAC, the auto and mortgage lender
controlled by Cerberus.

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

The letter outlines worst-case scenarios for investors according
to Cerberus partner Tim Price.

                   About Cerberus Capital

Cerberus Capital Management LP --
http://www.cerberuscapital.com/-- is a private investment firms  
that provides both financial resources and operational expertise
to undervalued companies.  Cerberus is headquartered in New York
City with affiliates and advisory offices in Atlanta, Chicago,
Los Angeles, London, Baarn, Frankfurt, Tokyo, Osaka and Taipei.

Cerberus holds controlling or significant minority interests in
companies around the world, including 80.1% stake in Chrysler
LLC bought in 2007 from Daimler AG.  Cerberus was also the lead
investor of a group that acquired 51% of GMAC, the financing arm
of General Motors.  In aggregate, these companies currently
generate over US$60 billion in annual revenues.

                         About GMAC

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

                      About Chrysler LLC

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

                        *     *     *

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


CHRYSLER LLC: Denied by Court to Pull Out Tooling Equipment
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan
denied Chrysler LLC's request to pull out tooling equipment from
Plastech Engineered Products Inc. and its debtor-affiliates'
plants.

The decision came after a two-day hearing last week, with
Chrysler and Plastech presenting their cases about the tooling
dispute.

Chrysler spokesperson, Kevin Frazier, commented, "We are
obviously disappointed with this decision.  We cannot provide
further information at this time.  However, we will continue to
work with all parties to ensure that our plants continue to
receive deliveries of parts."

As reported in the Troubled Company Reporter on Feb. 14, 2008,
the Debtors opposed Chrysler's request for lifting of the
automatic stay that would allow it to take possession of the
tooling.  If Chrysler's proposal is granted, the Debtors
contended, they would immediately lose approximately 15% of
their annual revenues, considering that Chrysler accounts for
about US$200,000,000 of Plastech's annual revenues.

In addition, the Debtors argued that Chrysler has no right to
take the tooling equipment away, since pursuant to their
financial accomodation agreements, the tooling is property of
the Debtors' estate.

As reported in the Troubled Company Reporter on Feb. 15, 2008,
Chrysler LLC reacted to Plastech's argument that the tooling
equipment is property of the estate.  Chrysler argued that the
objections of the Debtors and various of the Debtors' lenders,
which share a common theme -- that Chrysler's entitlement to
possession of the Tooling is somehow conditioned on Chrysler
proving "ownership" of the Tooling -- miss the mark.

"Possession of the Tooling, not ownership, is the issue before
the Court," Chrysler's counsel argued.

Representatives for General Motors Corp. and Ford Motor Co. as
well as for auto supplier Johnson Controls Inc. told the Court
that they believe Chrysler has the right to reclaim their own
equipment under their contracts with Plastech.

                 About Plastech Engineered

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

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

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

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

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

                     About Chrysler LLC

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

                        *     *     *

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


CORLISO PTY: Members & Creditors to Meet on February 29
-------------------------------------------------------
Corliso Pty. Limited will hold a final meeting for its members
and creditors at 8:30 a.m. on February 29, 2008.  During the
meeting, the company's liquidator, David Levi at Levi
Consulting, will provide the attendees with property disposal
and winding-up reports.

The liquidator can be reached at:

          David Levi
          c/o Levi Consulting
          GPO Box 4681
          Sydney, New South Wales 2000
          Australia

                     About Corliso Pty.

Corliso Pty. Limited, which is also trading as Bruno Di Veroli
Shoes, operates shoe stores.  The company is located at Sydney,
in New South Wales, Australia.


EUROSTRALIA CLOTHING: To Declare Dividend on March 14
-----------------------------------------------------
Eurostralia Clothing Company Pty. Ltd. will declare its first
and final dividend on March 14, 2008.

Creditors are required to file their proofs of debt by
Feb. 22, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          C. Wykes
          Lawler Partners Chartered Accountants
          1 Margaret Street, Level 7
          Sydney, New South Wales 2000
          Australia

                 About Eurostralia Clothing

Eurostralia Clothing Company Pty. Ltd., which is also trading as
Mycatwalk Com Au is involved in the business of catalog and
mail-order houses.  The company is located at Double Bay, in New
South Wales, Australia.


HERITAGE GREEN: Liquidator to Present Wind-Up Report on Feb. 22
---------------------------------------------------------------
Heritage Green Golf Club Limited will hold a final meeting for
its members and creditors at 12:00 noon on February 22, 2008.  
During the meeting, the company's liquidator, Stuart Ariff at
Stuart Ariff Insolvency Administrators, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Stuart Ariff
          Stuart Ariff Insolvency Administrators
          Level 2, 21 Bolton Street
          Newcastle, New South Wales 2300
          Australia
          Telephone:(02) 4929 7880
          Facsimile:(02) 4929 7882

                    About Heritage Green

Heritage Green Golf Club Limited operates membership
organizations.  The company is located at Rutherford, in New
South Wales, Australia.


KETTLE LANE: Members to Receive Wind-Up Report on February 29
-------------------------------------------------------------
R. W. Whitton, Kettle Lane Properties Pty. Ltd.'s appointed
estate liquidator, will meet with the company's members on
Feb. 29, 2008, to provide them with property disposal and
winding-up reports.

The Troubled Company Reporter-Asia Pacific reported that the
company commenced liquidation proceedings on March 21, 2007.

The liquidator can be reached at:

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

                     About Kettle Lane

Kettle Lane Properties Pty. Ltd. operates advertising agencies.  
The company is located at Ultimo, in New South Wales, Australia.


PLUTEUS (AUST): Members' & Creditors' Meeting Set for March 5
-------------------------------------------------------------
Pluteus (Aust) Exports Pty. Ltd. will hold a joint meeting for
its members and creditors at 10:30 a.m. on March 5, 2008.  
During the meeting, the company's liquidator, Morgan Kelly
at Ferrier Hodgson, will provide the attendees with property
disposal and winding-up reports.

The Troubled Company Reporter-Asia Pacific reported that the
company commenced liquidation proceedings on July 5, 2006.

The liquidator can be reached at:

          Morgan Kelly
          225 George Street, Level 13
          Sydney, New South Wales 2001
          Australia

                  About Pluteus (Australia)

Pluteus (Australia) Exports Pty. Ltd. is a distributor of wine
and distilled alcoholic beverages.  The company is located at
Bondi Junction, in New South Wales, Australia.


SEWELL ENTERPRISES: Members to Hear Wind-Up Report on March 3
-------------------------------------------------------------
Warren White, Sewell Enterprises Pty. Ltd.'s appointed estate
liquidator, will meet with the company's members at 10:0 a.m. on
March 3, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Warren White
          PPB, Level 10
          90 Collins Street
          Melbourne, Victoria 3000
          Australia

                  About Sewell Enterprises

Located at Wongan Hills, in Western Australia, Australia, Sewell
Enterprises Pty. Ltd. is an investor relation company.


TRICOM EQUITIES: Bell Financial To Acquire Company
--------------------------------------------------
Bell Financial Group (ASX: BFG) has signed Heads of Agreement
for the acquisition of 100% of Tricom Group, subject to a number
of conditions, including satisfactory completion of due
diligence prior to March 7, 2008.  

Published reports said that Bell is expected to pay a AU$1
nominal sum for the business.  Another salient part of the
agreement is the "earn-out mechanism" for Tricom's shareholders
and brokers.  The brokers will paid to keep the client base
intact and to keep earning money for the company, FairfaxDigital
explains.   

Should all conditions precedent be satisfied Bell Financial
Group would provide a capital infusion into, and take control
of, Tricom. An earn-out mechanism would be put in place for
existing Tricom shareholders assuming Tricom meets certain
performance targets.  

The acquisition, if completed, would benefit staff and clients
of both Bell Financial Group and Tricom.    

                     About Bell Financial

Bell Financial Group was founded with the goal of assisting its
clients in every aspect of their financial lives.  It provides
comprehensive and personal services.  

                     About Tricom Group

Tricom was formed in Sydney in 1994 as a specialist futures
broking firm.  The Tricom group has since grown rapidly to
become an integrated investment and financial services company,
which now has operations spanning four pillars: Broking
Solutions; Margin and Securities Lending; Capital Markets and
Corporate Advisory; and Wealth Management.

According to several Australian publications, Tricom was forced
in January to cut its margin lending exposures as stock prices
dropped.  The company has cut its margin loan book to AU$900
million from AU$2.4 billion in June 2007.  FairfaxDigital thinks
that the company's value is about to be reduced to zero.  It was
placed under monitoring by the Australian Securities Exchange
because of its financial problems, The Sydney Morning Herald
reported.


YORK (AUSTRALIA): Commences Liquidation Proceedings
---------------------------------------------------
York (Australia) Wholesale Pty. Ltd.'s members agreed on
Jan. 14, 2008, to voluntarily liquidate the company's business.  
In line with this goal, the company has appointed Gideon Isaac
Rathner and David John Coyne at Lowe Lippmann to facilitate the
sale of its assets.

The liquidators can be reached at:

          Gideon Isaac Rathner
          David John Coyne
          Lowe Lippmann Chartered Accountants
          5 St Kilda Road
          St Kilda, Victoria 3182
          Australia

                   About York (Australia)

York (Australia) Wholesale Pty Ltd is a distributor of durable
goods.  The company is located at Asquith, in New South Wales,
Australia.


ZINIFEX: Extends Allegiance Takeover Offer to March 3
-----------------------------------------------------
Zinifex Australia Limited has extended the offer period under
its takeover bid for all the ordinary shares in Allegiance
Mining NL.  The offer is now scheduled to close at 7 p.m.
(Melbourne time) on March 7, 2008.

Zinifex has offered to buy Allegiance's ordinary shares for a
total of AU$745 million.  The offer was previously set to close
by Feb. 22.  So far, Zinifex has already secured 5% of shares in
Allegiance Mining NL as a result of Lion Selection's acceptance
of its purchase offer of AU$1/share.

Published reports suggested that Zinifex's hostile offer stems
from its plan to take control of Allegiance's Avebury nickel
project in Tasmania, which has a US$3-billion supply agreement
with Jinchuan, Asia's largest producer of the metal used in
stainless steel.

As previously reported, Zinifex has warned it may drop its
AU$745 million offer for Allegiance Mining on account of its
recently disclosed speculative share trading loss of US$7.9
million.  It asked Zinifex to make a full disclosure concerning
its trading investment activities.  

                   About Allegiance Mining

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

                     About Zinifex Ltd.

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

                        *     *     *

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


* Fitch To Hold Telecon for Australia Banking Outlook on Feb. 25
----------------------------------------------------------------
Fitch Ratings will host a teleconference on February 25 at
1 p.m. AEDST/10 a.m. HK to discuss the agency's outlook on
Australia's banks in 2008.

The teleconference will be hosted by Tim Roche, Associate
Director with the Financial Institutions team.  Mr. Roche will
discuss the impact and outlook for the Australian banking sector
in the wake of global credit market turmoil, including a look at
performance, asset quality, funding, liquidity and capital.  He
will also touch on the outlook of the Australian economy. John
Miles, Senior Director will also be available on the call.

The call is expected to run approximately 20 minutes, followed
by a short Q&A session for interested participants.

To register for this event, please contact Katrina Stuve at
+61 2 8256 0326/ Katrina.stuve@fitchratings.com.

Instructions:

Participants should dial the listed toll free telephone access
number at least five minutes before start time.  Participants
will be placed in listen-only mode with music until the
moderator or speaker starts the conference.  All callers are
advised to dial the toll free lines from an IDD-enabled fixed
land line.

These are the details of the teleconference:

    -- Date: Monday, February 25, 2008
    -- Time: 1PM SYD/10AM HK
    -- Australian Toll Free: 1800 730 040
    -- New Zealand Toll Free: 0800 450 134
    -- Japan Toll Free: 0053 125 0041
    -- Hong Kong Toll Free: 800 964 460
    -- Singapore Toll Free: 800 616 3054
    -- UK Toll Free: 0800 917 6705
    -- US/Canada Toll Free: 1800 248 8071
    -- Alternate International: +612 9112 4637

Replay Information:

    -- Replay dates: February 25 - March 3, 2008
    -- Australia: 1800 735 513
    -- International: (612) 8524 1009
    -- Passcode: 125424#




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


1 UNION TRAVEL: Creditors Meeting Fixed for February 29
-------------------------------------------------------
The creditors of 1 Union Travel (Hong Kong) Limited will have
their final general meeting at 4:00 p.m. on February 29, 2008,
at Room 203, Duke of Windsor Social Service Building, 15
Hennessy 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.


CHENG'S BROTHERS: Creditors' Proofs of Debt Due on April 2
----------------------------------------------------------
The creditors of Cheng's Brothers Engineering Limited are
required to file their proofs of debt by April 2, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

         Cheng Kwan Yam
         Cheng Shing Chung, Ricky
         6 Shun Yung Street, Flat 12A
         Hunghom, Kowloon


CHINA EASTERN: Signs US$33-Million Delivery Deal with Honeywell
---------------------------------------------------------------
Honeywell has signed a US$33 million agreement to provide wheels
and brakes for China Eastern Airlines' new Boeing 737NG
aircraft.  Delivery of the 14 737-700 and six 737-800 aircraft
began in 2007 and will continue through 2010.  

"By offering new wheels and brakes solutions and providing
reliable services, we are able to grow our valued partnership
with China Eastern," said Mike Madsen, Vice President of
Airlines Business for Honeywell Aerospace.  

"With the tremendous growth in China, Honeywell strives to be
the leading wheel and brake business in the region by providing
premier products and services."

                      About Honeywell

Based in Phoenix, Honeywell's aerospace business is a leading
global provider of integrated avionics, engines, systems and
service solutions for aircraft manufacturers, airlines, business
and general aviation, military, space and airport operations.

                     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 EVERBRIGHT: Reports US$639 Million Profit
-----------------------------------------------
China Everbright Bank Co., which got a CNY20 billion ($2.8
billion) cash injection in November, earned CNY4.57 billion in
2007, paving the way for its initial public offering this year,
Luo Jun of Bloomberg News reports.

China Everbright Securities Co., the brokerage unit of China
Everbright Group, posted a profit of CNY4.63 billion last year,
Everbright Group said in a statement, without giving a year-
earlier comparison.

Mr. Jun reports that Everbright Group, with more than CNY800
billion of assets, is restructuring its banking, brokerage and
insurance units.  The complex ownership structure between
Everbright units has made a  reorganization "arduous," Chairman
Tang Shuangning said in August.

Everbright Bank hired China International Capital Corp. and
Morgan Stanley to find a foreign strategic investor before its
2008 initial public  offering, aiming to raise at least US$1
billion, Mr. Jun relates.

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

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

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

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


CHINA HONGKONG: Liquidator Quits Post
-------------------------------------
On February 15, 2008,Huen Ho Yin stepped down as liquidators for
China Hong Kong Decoration Limited.

The former liquidator can be reached at:

         Huen Ho Yin
         Units 3309-3311
         33rd Floor, West Tower
         Shun Tak Centre
         168-200 Connaught Road Central
         Sheung Wan
         Hong Kong


COUNTRY GARDEN: Moody's Assigns Ba1 Rating on Convertible Bonds
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to Country
Garden Holdings Company Limited's CNY3,595 million five years
convertible bonds.  Moody's has also affirmed Country Garden's
corporate family rating of Ba1.  The outlook for both ratings
remains stable.

At the same time, Moody's has withdrawn the company's (P)Ba1
provisional bond rating as the US$1.5 billion bonds were not
issued.

The proceeds from the bond issue, excluding cash collateral for
the equity swap to hedge the cost of a future share repurchase,
will be used for repayment of the company's existing debt
obligations, funding property projects and for general corporate
purposes.

"The issuance of the convertible bond, which is to be partly
used for debt repayment, will not materially impact Country
Garden's debt leverage, as the company's key credit metrics of
Debt/Capitalization of 37%-32% and EBITDA/interest of 9x--13x
remain within its rating range," says Peter Choy, a Moody's Vice
President and Senior Credit Officer.

"Despite the fact that the size of the convertible bond is
smaller than the originally planned US$1.5 billion bonds,
Country Garden will be able to generate adequate cash flow from
its 45 development projects as well as utilize its substantial
cash holding to support its business plan," Choy adds.

Founded in 1997 in China and listed in Hong Kong in April 2007,
Country Garden Holdings Co Ltd is one of the leading integrated
property developers in China.  It has a sizeable land bank of
about 50 million square meters gross floor area spreading over
45 projects located in Guangdong, Anhui, Hubei, Hunan, Jiangsu,
Inner Mongolia, Liaoning, and Chongqing.


JIANGXI COPPER: Back on Track After Storms
------------------------------------------
Jiangxi Copper Co. rose by the daily limit of 10 percent in
Shanghaitrading the day after it said most mine and smelting
work was back to normal after snowstorms disrupted operations,
Bloomberg News reports.

The smelter was running at about 85% of capacity and output from
mines and other processing activities was back to the level
before the storms hit, Jiangxi Copper said in a statement to
stock exchanges in Hong Kong, Shanghai and London.

In January and February, China was struck by the worst
snowstorms in 50 years disrupting power and transport, Bloomberg
relates.  Apart from Yongping, Jiangxi Copper's other mines were
either closed or operated at about half capacity, the metal-
producer said Feb. 4.  Smelter output fell to 60% to 70% of
normal.

"The damage seems to be less than we had expected," Zhang Fang,
an analyst at China Securities Co., told Bloomberg.  The
brokerage has an "add" recommendation on the shares.

Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

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


PIONEER NATIONAL: Creditors Meeting Fixed for February 29
---------------------------------------------------------
The creditors of Pioneer National (fashion Outlet) Limited will
have their final general meeting at 3:15 p.m. on Feb. 29, 2008,
at Room 203, Duke of Windsor Social Service Building, 15
Hennessy 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.


QUALITY DATA: Creditors & Members' Meeting Set for March 25
-----------------------------------------------------------
Quality Data Network (HK) Limited will hold a joint meeting for
its members and creditors at 9:30 a.m. and 9:45 a.m.
respectively on March 25, 2008.  During the meeting, the
company's liquidator, Huen Ho Yin at 8th Floor, Li Po Chun
Chambers, 189 Des Voeux Road, Central, Hong Kong, will provide
the attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

         Huen Ho Yin
         Units 3309-3311
         33rd Floor, West Tower
         Shun Tak Centre
         168-200 Connaught Road Central
         Sheung Wan
         Hong Kong


SHANGHAI PUDONG: Shares Drop After US$6.4-Billion Sale Rumor
------------------------------------------------------------
Shanghai Pudong Development Bank Co.'s shares dropped the most
in six years in Shanghai trading on concern that the company may
seek to raise as much as US$6.4 billion by selling stock, Luo
Jun at Bloomberg News reports.  Pudong Bank slumped by the 10%
limit to close at CNY45.98 at 3 p.m. on Wednesday in Shanghai.

The bank may announce plans to sell 1 billion new shares to the
public as early as next week for CNY46 billion at the current
price, Bloomberg says, citing fund managers including Fan Dizhao
at Guotai Asset Management Co.

The sale would boost Pudong Bank's shares outstanding by almost
a quarter at a time when the benchmark CSI 300 Index has lost
15% since Oct. 16 record after tripling in the previous year,
Bloomberg says.  Ping An Insurance (Group) Co., the nation's
second-largest insurer, has lost a quarter of its market value
since announcing plans to sell stock last January, Bloomberg
notes.

"The market doesn't welcome the increase in stock supply amid
this weak sentiment," said Fan, who helps manage the equivalent
of US$8.3 billion at Guotai Asset Management in Shanghai,
including Pudong Bank shares.

Gao Xia, a Shanghai-based spokeswoman at Pudong Bank, told
Bloomberg "there's nothing to disclose at the current stage."  
The bank has been working on a fund-raising plan for a "long"
time, she added.

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

Fitch Ratings on March 12, 2007, upgraded the Support ratings of
Shanghai Pudong Development Bank to 3 from 4, reflecting the
improved ability of the government to support domestic financial
institutions and the close relationship between the bank and the
central and local governments.  At the same time, the agency
affirmed the bank's individual rating at D.

The bank, as of May 4, 2007, also carries Moody's Ba1 rating for
financial strength rating.


SINO-AUTO: Creditors' Proofs of Debt Due on March 31
----------------------------------------------------
The creditors of Sino-Auto (China) Limited are required to file
their proofs of debt by March 31, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on
February 11, 2008.

The company's liquidators are:

         Andrew C.C. MA
         Felix K.L. Lee
         19th Floor, Seaview Commercial Bldg.
         21-24 Connaught Road West
         Hong Kong


SUPER EXPRESS: Creditors' Proofs of Debt Due on March 31
--------------------------------------------------------
The creditors of Super Express (China) Industries Limited are
required to file their proofs of debt by March 31, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on
February 11, 2008.

The company's liquidators are:

         Andrew C.C. MA
         Felix K.L. Lee
         19th Floor, Seaview Commercial Bldg.
         21-24 Connaught Road West
         Hong Kong


TARZAN CONTRACTORS: Creditors & Members Meeting Set for March 25
----------------------------------------------------------------
Tarzan Contractors Limited will hold a joint meeting for its
members and creditors at 9:30 a.m. and 9:45 a.m. respectively on
March 25, 2008.  During the meeting, the company's liquidator,
Huen Ho Yin at 8th Floor, Li Po Chun Chambers, 189 Des Voeux
Road, Central, Hong Kong, will provide the attendees with
property disposal and winding-up reports.

The company's liquidator can be reached at:

         Huen Ho Yin
         Units 3309-3311
         33rd Floor, West Tower
         Shun Tak Centre
         168-200 Connaught Road Central
         Sheung Wan
         Hong Kong




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


BALLY TECH: Earns US$24.4 Million in Quarter Ended December 31
--------------------------------------------------------------
Bally Technologies Inc. disclosed results for the three months
and six months ended Dec. 31, 2007.

"We are very pleased to report record quarterly results for our
second quarter," said Chief Executive Officer, Richard M.
Haddril.  "Our great game performance and continued system
success is reflected in record quarterly revenues in each of our
game sales, gaming operations and systems businesses."

           Second Quarter Fiscal 2008 Highlights

Three Months Ended Dec. 31, 2007 Vs. Three Months Ended
Dec. 31, 2006

   -- Total revenues increased 53% to US$230.7 million as
      compared with US$150.9 million in the same period last
      year.

   -- Operating income increased by US$41.1 million to
      US$46.8 million, as compared with US$5.7 million in the
      same period last year; operating margin was 20% in the
      three months ended Dec. 31, 2007.

   -- Net income increased by US$26.9 million to US$24.4
      million, as compared with a loss of US$2.5 million in the
      same period last year, primarily as a result of improved
      margin and cost leverage.

   -- Adjusted EBITDA was US$63.9 million, a 172% increase as
      compared with the same period last year.

   -- Selling, general and administrative expenses declined to
      26% of total revenue from 33% as compared with the same
      period last year.

Six Months Ended Dec. 2007, Vs. Six Months Ended Dec. 2006

   -- Total revenues increased 38% to US$419.7 million as
      compared with US$304.7 million in the same period last
      year.

   -- Operating income increased by US$74 million to
      US$88 million, as compared with US$14 million in the same
      period last year; operating margin was 21% in the six
      months ended Dec. 31, 2007.

   -- Net income increased by US$48.4 million to
      US$45.7 million, as compared with a loss of US$2.7 million
      in the same period last year, primarily as a result of
      improved margin and cost leverage.

   -- Adjusted EBITDA was US$122.4 million, a 146% increase as
      compared with the same period last year.

   -- Selling, general and administrative expenses declined to
      27% of total revenue from 33% as compared with the same
      period last year.

"We are again pleased with our operating leverage this quarter,"
said Chief Financial Officer, Robert C. Caller.  "Our SG&A in
the current quarter compared with the September 2007 quarter
increased by US$8.7 million primarily due to higher professional
and accounting fees, Global Gaming Expo trade-show expenses, and
commission and bad-debt expenses associated with higher revenue.  
However, as a% of revenue, SG&A decreased to 26% from 28% in the
September 2007 quarter."

                 Fiscal 2008 Business Update

The company expects revenues in fiscal 2008 to exceed $875
million with continued year-over-year growth in each of game
sales, gaming operations and system revenues.  The company
continues to forecast an increase in the placement of premium
daily-fee games and an increase in the number of gaming devices
sold, and also expects margins on game sales and operations to
continue to improve in fiscal 2008 as compared with fiscal 2007.  
The company also continues to expect its selling, general and
administrative expenses as average of revenue to be lower in
fiscal 2008 as compared with fiscal 2007.  The company expects
its effective tax rate for fiscal 2008 will be between 37% and
38%.

The company has provided this broad range of earnings guidance
to give investors general information on the overall direction
of its business.  The guidance provided is subject to numerous
uncertainties, including, among others, overall economic
conditions, the market for gaming devices and systems,
competitive product introductions, complex revenue recognition
rules related to the company's business, and assumptions about
the company's new product introductions and regulatory
approvals.  The company may update this fiscal 2008 guidance
from time to time as the year progresses.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Mississippi.  The company's South
American operations are located in Argentina.  The company also
has operations in France, Germany, Macau, China, India, and the
United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 28, 2007,
Fitch Ratings upgraded Bally Technologies' Issuer Default Rating
and senior secured bank debt ratings as: IDR to 'B' from 'B-'
and Secured bank credit facilities to 'BB/RR1' from 'B/RR3'.


BHARTI AIRTEL: To Install 3,500 Towers in Andhra Pradesh
--------------------------------------------------------
Bharti Airtel Limited will be adding 3,500 towers by the end of
December as part of plans to increase its market share in Andhra
Pradesh to 90% from the current 78%, the Business Standard
reports citing CEO Elango T.

According to the report, mobile penetration in Andhra Pradesh is
still only 20%, compared with 40% in Tamil Nadu, Kerala, and
Karnataka.  Hence, the company believes it has enough scope to
increase its business in the state.

Airtel also plans to increase the number of distributors from
800 as of January 31, 2008, to more than 1,000 during the next
one year, and retail outlets from the existing 70,000 to 100,000
during the same period, the CEO added.

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

                        *     *      *

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


BIRLA VXL: Books INR27.7 Mil. Loss in Qtr. Ended Dec. 31, 2007
--------------------------------------------------------------
Birla VXL booked a net loss of INR27.7 million in the quarter
ended Dec. 31, 2007; an improvement compared to the INR42.5-
million net loss in the same quarter in 2006.

Total income increased from INR241 million in the three months
ended Dec. 31, 2006, to INR299.4 million in the latest three-
month period under review.  With operating expenditures totaling
INR288.8 million, the company is left with an operating profit
of INR10.6 million.

According to the company, its operating margins in
Oct.-Dec. 2007 were severely affected by much higher cost of
wool and lower export sale realisations due to appreciation of
the Indian Rupee.

The company also booked interest of INR21.5 million,
depreciation of INR16.2 million and INR600,000 in taxes.

In the limited review of the company's auditors for the
financial results for Oct.-Dec. 2007, the auditors noted that
the the company's accounts have been drawn on going concern
basis despite negative net worth, as the board expects that
under improved market conditions, post implementation of various
provisions of the Scheme and continued initiatives towards
operational improvements, adequate net worth and working capital
will be available for sustained operations.

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?2845

Headquartered in Gujarat, Birla VXL is a part of the S.K. Birla
Group and manufactures fabrics for suitings under the brand name
DIGJAM.

In July 2004, the High Courts of Gujarat and Punjab & Haryana
approved the company's Scheme of Arrangement, under Sections 391
to 394 of the Companies Act, 1956.  The Scheme, which took
effect on March 30, 2006, among others provides the debt and
capital restructuring and transfer of OCM Division of the
company to its wholly owned subsidiary OCM India Ltd.


BPL LTD: Deutsche Buys Firm's Loan Liabilities from Arcil
---------------------------------------------------------
Germany's Deutsche Bank has bailed out BPL Limited by buying  
the electronic company's loan liabilities from the Asset
Reconstruction Company of India Ltd., Satish John of DNA Money
reports without naming sources.  

Mr. John estimated BPL's loan liabilities -- Arcil's receivables
from BPL -- at around INR1,000 crore.  Some pegged it at
INR1,500 crore, he added.  The bank reportedly bought the loans
at a huge discount, at around INR350-400 crore.

Deutsche Bank will take the risk of recovering the money from
BPL by jointly developing the huge chunk of real estate at
Avalahalli on Old Madras Road in Bangalore, which houses BPL's
electronic components business, the report states.

According to the report's unnamed sources, the parties have
already signed the agreement to transfer the loan liabilities.

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates in India.

In 2006, the Company obtained approval from the Kerala High
Court for its financial restructuring scheme and the launch of
the 50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business -- which operated through its subsidiary BPL Soft
Energy Systems -- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.

The company incurred at least two consecutive annual net losses
-- INR301.4 million in fiscal year ended March 31, 2007, and
INR2.73 billion in FY2006.


DECCAN AVIATION: To Replace Old Fleet Starting October 2009
-----------------------------------------------------------
Deccan Aviation Ltd. plans to replace seven A-320 aircraft with
new ones starting October 2009, according to Indo Asian News
Service.

The carrier reportedly has a fleet of 43 aircraft -- 20 Airbus
A-320s and 23 turboprops.

"We will be phasing out our old fleet," Anand Ramchandran, Air
Deccan VP-Finance told IANS.  "Over the years, these aircraft
have aged, requiring increased downtime for maintenance, which
has hit our punctuality.  We have decided to replace the ageing
fleet in a phased manner."

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

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


DECCAN AVIATION: Sells Two Airbus A320 Aircraft
-----------------------------------------------
Deccan Aviation Limited has sold a new aircraft and will sell
another this month, Reuters reports, citing Officiating Chief
Executive Ramki Sunaram.  The executive said it will book the
profit this quarter without disclosing financial details of the
transaction.

According to Reuters, analysts estimate at least a US$10-million
(US$5 million per aircraft) profit from the sale.

Mr. Sundaram told Reuters that the move was part of the
carrier's fleet management program.

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

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


TATA MOTORS: To Set Up Driving School with Punjab Government
------------------------------------------------------------
Tata Motors Limited and the Government of Punjab has signed a
Memorandum of Understanding for setting up a State Institute of
Automotive and Driving Skills, at Mahuanna Village, District
Muktsar, State of Punjab.

The objective of the institute is to provide training to the
youth of Punjab, and in turn enhance their employability, a
press release said.  The institute will impart driving training
of heavy and light commercial vehicles, buses, passenger cars,
off-the-road vehicles, earth moving equipment and technical
training related to trades such as Auto Mechanics, Welding,
Painting, Electrical, Electronics and Air Conditioning.

The institute will be set up in an area of 14 acres and the
Government of Punjab will invest INR10.17 crore for creating a
modern complex, testing track, computerized driving test and
hostel facilities.  The Government of Punjab will provide the
land, building, furniture and funds for establishing the
institute.  Tata Motors along with its subsidiary, Telco
Construction Equipment Company, will invest about INR2.5 crore
as a joint venture partner, and will provide support in the form
of designing course content, technical assistance and know-how,
guidance, vehicles and earth moving equipments required for
training, training aggregates, training material including
vehicles manuals, and teaching aids.  The Department of
Technical Education and Industrial Training will provide
instructors for all the Industrial Training courses.  The
institute will be operated and maintained by a society set up
for the purpose, and will be self sustaining.

                     About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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

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




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


ALCATEL-LUCENT SA: Supports AT&T's Wireless Network Expansion
-------------------------------------------------------------
Alcatel-Lucent has signed an agreement to support the expansion
of AT&T's Universal Mobile Telecommunications Service/High Speed
Packet Access (UMTS/HSPA) wireless network.  The expansion
includes the deployment of Alcatel-Lucent's UMTS/HSDPA
Distributed NodeB solution, which provides operators with the
flexibility to deploy third-generation radio network elements in
a wide array of locations including the sides of buildings,
existing cell sites, remote locations and more, helping
operators build out their networks more quickly and cost-
effectively.

This advanced mobile network project will enable AT&T to expand
capacity while offering sophisticated next-generation services,
including advanced multimedia, mobile broadband and converged
services such as audio and video streaming, video sharing and
high-speed mobile Internet access on 3G handsets.  The
technology also will help decrease AT&T's operating expenditures
due to the cost saving features of this compact, easy-to-deploy,
low-power solution.

As part of the agreement -- which builds on Alcatel-Lucent's
November 2004 UMTS/HSPA supply agreement with AT&T -- Alcatel-
Lucent has expanded the end-to-end, turnkey UMTS/HSPA solution,
including messaging, voice switching and network applications
and services.  Alcatel-Lucent also has previously supplied AT&T
with an IP Multimedia Subsystem service delivery solution --
TDM, ATM and MPLS networking solutions, as well as ADSL/VDSL
broadband access and optical advanced platforms.

"Alcatel-Lucent has had a longstanding relationship with AT&T,"
said Alcatel-Lucent's Americas business President, Cindy
Christy.  "The introduction of our Distributed NodeB reinforces
Alcatel-Lucent's worldwide leadership in mobile broadband,
highlights our strong footprint in the North America market and
underscores our commitment to helping service providers
transform their services, network and business to profitably
increase voice and data penetration, and enable mass-market
wireless broadband."

                     About Alcatel-Lucent

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

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

                        *     *     *

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

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


GARUDA INDONESIA: Orders Four 777-300ER Airlines from Boeing Co
---------------------------------------------------------------
PT Garuda Indonesia ordered four 777-300ER Show that the airline
has ordered four 777-300ER (Extended Range) airplanes from the
Boeing Company for more than US$1 billion at current list
prices.

Additionally, Garuda confirmed a previous unidentified order for
seven Next-Generation 737-800s placed in 2007, and announced
that it has converted 18 of its existing 737-700s on order to
737-800s and six 777-200ERs on order to 777-300ERs.

"We are extremely pleased with the support provided by Boeing to
restructure previous purchase commitments," said Emirsyah Satar,
president-director and chief executive officer of Garuda
Indonesia.  "This will enable Garuda to strategically implement
its fleet renewal and expansion plan to meet the demands of a
changing marketplace."

Garuda originally placed an order for six 777-200ERs in 1996 and
18 737-700s in 1999, which were recorded on Boeing's order
books.   Garuda's total order now stands at 25 737-800s and 10
777-300ERs jetliners.  Additionally, the airline acquired
purchase rights for an additional 25 737-800s and 10 777-300ERs.

"The Next-Generation 737-800 and 777-300ER's dependability, low
operating cost and passenger comfort will provide unmatched
value and reliability for our passengers and enhance the
position of Garuda as the full-service airline of Indonesia,"
Satar said.

Garuda's 737s will be fitted with Blended Winglets, which will
improve fuel efficiency, increase range, and reduce CO2
emissions and takeoff noise.

"The digitally designed Next-Generation 737-800 and 777-300ER
are the most technologically advanced airplane families for the
single- and twin-aisle market flying today," said Dinesh Keskar,
vice president, Sales, Boeing Commercial Airplanes.  "We are
honored that Garuda has selected Boeing jetliners to support its
strategic modernization plan and we welcome this occasion to
strengthen our long-time partnership with Garuda and our
commitment to Indonesia's aviation industry."

                  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.


INDOSAT: To Raise IDR1.5 Trillion from Bond Sale in H1
------------------------------------------------------
PT Indosat Tbk plans to raise as much as IDR1.5 trillion in
bonds in the first half to finance its expansion, Reuters
reports.

According to the report, the company said that a maximum of
IDR1 trillion will be through conventional debt while the rest
will be in sharia compliant bonds.

The company, Harry Suhartono and Nury Sybli of Reuters write,
plans to offer the bonds from April 3-7.

Two state-owned brokerage companies, Danareksa Sekuritas and
Mandiri Sekuritas, have been appointed as lead underwriters for
the issue, the report adds.

                        About Indosat

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

                        *     *     *

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

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


MOBILE 8: To Replace Executive Officers in March
------------------------------------------------
PT Mobile-8 Telecom will replace its president and two
executives next month after failing to meet subscriber targets,
Bloomberg News reports.

According to the report, Wityasmoro Sih Handayanto, head of
parent PT Global Mediacom's information-technology division,
will succeed Hidajat Tjandradjaja as president at the annual
meeting.

Merza Fachys, Mobile-8's director in charge of corporate
affairs, declined to confirm or deny the changes, the report
notes.  Mr. Fachys was quoted by the news agency as saying, "A
management change is a shareholder matter."

Mr. Handayanto, Bloomberg relates, will seek to revive investor
confidence in Mobile- 8, whose stock has fallen 26% in the past
year after the company failed to expand its network on schedule
to meet surging demand in Indonesia.  Mr. Tjandradjaja said the
company probably missed its 4 million-subscriber target by 25%
last year, the report adds.

Meanwhile, the report says, PT Bhakti Capital President Anthony
Chandra Kartawiria will replace Lucy Suyanto, who is resigning,
as chief financial officer.

Arijit Ghosh of Bloomberg writes that the company will also name
Susanto Soesilo, a director at Sony Ericsson Mobile
Communications Ltd.'s Indonesian unit, as the new sales and
marketing director next month.   Mr. Soesilo will replace Chief
Operating Officer Chee Pok Jin, who joined the company from
Malaysia's Digi.Com Bhd. in 2006

                   About Mobile-8 Telecom

Headquartered in Jakarta, Indonesia, PT Mobile-8 Telecom Tbk is
a part of Bimantara Group.  Established in 2002 and commercially
launched in 2003 is the fourth largest mobile cellular operator
in the country.  Its product is Fren, which offers pre-paid and
post-paid billing services.  The Company's other products and
services include Fren Prabayar, Fren Pascabayar, FrenSLI 01068,
Layanan, Value Added Services, Fren RingGo, TV MOBI and Fren
Mobile Internet.  Its subsidiaries, which provide mobile
cellular network services, are PT Komunikasi Selular Indonesia,
PT Metro Selular Nusantara and PT Telekomindo Selular Raya. As
of May 31, 2007, the three subsidiaries have been merged into
the Company.

                        *     *     *

The Troubled Company Reporter-Asia Pacific on Sep 18, 2007, that
Moody's Investors Service has affirmed the B2 corporate family
rating of PT Mobile-8 Telecom Tbk.  At the same time, Moody's
has affirmed the B2 rating for the US$100m senior unsecured
11.25% bond due 2013 issued by Mobile-8 Telecom Finance Company
BV and guaranteed by Mobile-8 following the completion of the
bond issuance.  Both ratings have had their provisional status
removed. The outlook on the ratings is stable.

On July 19, 2007, Standard and Poors assigned its 'B' long-term
corporate credit rating to Indonesia's wireless operator PT
Mobile-8 Telekom Tbk.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B' rating to the proposed
US$150 million senior unsecured notes to be issued by Mobile-8
Telecom Finance B.V., a wholly owned subsidiary of Mobile-8.


MOBILE-8 TELECOM: Moody's Reviews B2 Rating for Likely Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed the B2 corporate family and
senior unsecured bond ratings for PT Mobile-8 Telecom Tbk under
review for possible downgrade.

"The change in outlook is in response to today's news articles
that the President Director, Chief Financial Officer and Chief
Operating Officer are to resign at the Annual Shareholders
Meetings scheduled for end March 2008," says Laura Acres, a
Moody's Vice President, adding, "Moody's acknowledges the
extensive industry experience of the new appointees but is also
concerned that the senior management changes may have a
potential negative impact on the company's credit profile."

The review will focus on the reasons for the management
resignation and the long-term intentions of the new management
team.  The review will also evaluate the potential change in
management strategy and the impact on the company's credit
profile, as well as the 2007 audited financial results, which
are expected to be released shortly.

Established in 2002 and commercially launched in 2003, Mobile-8
is the fourth largest mobile cellular operator in Indonesia.
Mobile-8 operates in the 800MHz spectrum on a CDMA2000 1x
platform. As of September 2007, the company had approximately
2.5 million subscribers, of which approximately 96.7% were pre-
paid. Mobile-8 was also recently awarded a nationwide fixed-
wireless license allowing it to increase its addressable market
and widen its range of products.




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


ADVANCED MEDICAL: Discloses Plan to Further Cut 150 Jobs
--------------------------------------------------------
To further enhance its global competitiveness, operating
leverage and cash flow, the Board of Directors of Advanced
Medical Optics Inc. on Feb. 12, 2008, committed to an additional
plan to reduce its fixed costs.  The additional plan includes a
net workforce reduction of approximately 150 positions, or about
4% of the company's global workforce.  In addition, AMO plans to
consolidate certain operations, including the relocation of all
activities at the Irvine plant, to improve its overall facility
utilization.

This additional plan includes workforce reductions and related
expenses, outplacement assistance, facilities-related costs and
accelerated amortization of certain long-lived assets.

AMO expects to complete these additional activities in 2008 and
estimates the total non-recurring pre-tax charges resulting from
the additional plan to be in the range of US$25.0 million to
US$30.0 million, substantially all of which will be incurred in
2008.  The significant majority are expected to be cash
expenditures.

On Dec. 18, 2007, the company disclosed that it would relocate
its femtosecond laser manufacturing operations from the Irvine
plant to its excimer laser and phacoemulsification manufacturing
facility in Milpitas, California, as well as the the assembly of
IntraLase disposable patient interfaces from the Irvine plant to
AMO's facility in Puerto Rico.  

                    About Advanced Medical

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets
ophthalmic surgical and contact lens care products.  Sales for
the twelve months ended June 24, 2005 were approximately
US$921 million.  The company has operations in Germany, Japan,
Ireland, Puerto Rico and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 12, 2007,
Moody's Investors Service downgraded Advanced Medical Optics,
Inc.'s Corporate Family Rating and Probability of Default Rating
to B2 from B1.  The rating outlook was revised to stable.  
Ratings hold to date.


ATARI INC: Dec. 31 Balance Sheet Upside-Down by US$16.8 Million
---------------------------------------------------------------
Atari Inc. disclosed Tuesday results for the third quarter of
fiscal 2008 ended Dec. 31, 2007.

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$43.5 million in total assets and US$60.3 million in
total liabilities, resulting in a US$16.8 million total
stockholders' deficit.

The company's consolidated balance sheet at Dec. 31, 2007, also
showed strained liquidity with US$34.9 million in total current
assets available to pay US$45.2 million in total current
liabilities.

Net loss for the third quarter ended Dec. 31, 2007, was
US$348,000, compared to net loss of US$644,000 in the year-
earlier period. Without restructuring charges of US$3.7 million,
the loss for the third quarter ended Dec. 31, 2007 would have
been income of US$3.4 million.

Net revenue for the third quarter ended Dec. 31, 2007, was
US$41.1 million versus US$47.3 million in the comparable year-
earlier period.  Publishing net revenue was US$35.2 million,
versus US$46.0 million in the prior year, while distribution
revenue was US$5.9 million, versus US$1.3 million in the
comparable year-earlier period.

Net revenue for the nine months ended Dec. 31, 2007, was
US$64.8 million versus US$95.3 million in the comparable year-
earlier period.  Publishing net revenue was US$56.2 million,
versus US$78.8 million in the prior year's nine month period,
while distribution revenue was US$8.6 million, versus US$16.5
million in the comparable year-earlier period.

Net loss for the nine months ended Dec. 31, 2007, was
US$20.0 million, compared to net loss of US$8.0 million in the
year-earlier period.

Full-text copies of the company's consolidated financial
statements for the quarter ended Dec. 31, 2007, are available
for free at http://researcharchives.com/t/s?280b

                     Going Concern Doubt

New York-based Deloitte & Touche LLP expressed substantial doubt
about Atari's ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended March 31, 2007.  The auditing firm pointed to the
company's significant operating losses.

As of Dec. 31, 2007, and through Feb. 12, 2008, Atari Inc. was
in violation of its financial covenants.  BlueBay High Yield
Investments (Luxembourg) S.A.R.L., Atari Inc.'s lender and a
majority shareholder of Infogrames Entertainment S.A., has not
waived this violation and has entered into a forbearance
agreement with Atari Inc. which states that BlueBay will not
exercise its rights on its facility until the earlier of (i)
March 3, 2008, (ii) additional covenant defaults except for the
ones existing as of Feb. 12, 2008, or (iii) if any action
transpires which is viewed to be adverse to the position of the
lender.

                      About Atari Inc.

Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR)
-- http://www.atari.com/-- develops interactive games for all
platforms and is a third-party publisher of interactive
entertainment software in the U.S.  Atari Inc. is a majority-
owned subsidiary of France-based Infogrames Entertainment SA, an
interactive games publisher in Europe.  Atari has offices in
Brazil, the United Kingdom and Japan.




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


CELESTICA INC: To Hold Annual Shareholders' Meeting on April 24
---------------------------------------------------------------
The Annual General Shareholders' Meeting of Celestica Inc. will
be held on Thursday, April 24, 2008 at 10:00 a.m. Eastern at the
Dominion Club, 1 King Street West, Toronto, Ontario.

Celestica also set March 14, 2008, as the record date for
determining shareholders of the company who are entitled to vote
at the meeting.  Shareholders will receive the company's proxy
statement and related materials in late March.

Celestica Inc. (NYSE:CLS) -- http://www.celestica.com/--
provides innovative electronics manufacturing services.  Its
global manufacturing and supply chain network, the company
delivers competitive advantage to companies in the computing,
communications, consumer, industrial, and aerospace and defense
end markets.   Celestica operates a highly sophisticated global
manufacturing network with operations in Brazil, China, Ireland,
Italy, Japan, Malaysia, Philippines, Puerto Rico, and the United
Kingdom, among others.

                        *     *     *

Moody's Investors Service placed Celestica Inc.'s corporate
family and probability of default ratings at 'B1' in May 2007.
The ratings still hold to date with a negative outlook.


HALIFAX CAPITAL: To Revise Some Proposals Under Reform Plan
-----------------------------------------------------------
Halifax Capital Berhad, being an affected listed issuer under
the PN17 criteria of the Bursa Malaysia Securities, plans to
revise some terms in its proposals for its reform plan after the
Bourse raised some concerns into it.

The new proposal will include the injection of new asset into
Halifax to improve its future cash flow and profitability.

The revisions to be made will reflect the latest audited
financial statements for the financial year ended Dec. 31, 2007,
of Halifax and Zecon Toll Concessionaire Sdn Bhd (being the
subject matter of Halifax Restructuring Scheme).  The audit of
the financial statements of Halifax and Zecon Toll is expected
to be completed by March 2008.

Thus, MIDF Investment on behalf of Halifax, submitted an
application to Bursa Securities on February 15, 2008, for an
extension of time of three months for Halifax to submit the
revised applications of its proposals to the Securities
Commission and other relevant authorities.

As reported by the Troubled Company Reporter-Asia Pacific on
June 7, 2007, the company's proposals, include, among others:

   -- capital reduction;
   -- share premium reduction;
   -- acquisition of Zecon Toll Concessionaire Sdn Bhd;
   -- waiver;
   -- rights issue with warrant; and
   -- disposal of land and building of Halifax

Headquartered in Kuala Lumpur, Malaysia, Halifax Capital Berhad
-- fka. Setron (Malaysia) Berhad -- is principally engaged in
investment holding, and assembly and sale of electrical and
electronic products.  Setron Sales & Service (M) Sdn. Bhd., the
company's wholly owned subsidiary, is engaged in the
distribution of electrical and electronic products.  Its
subsidiaries also include Al-Marsa Worldtrade Sdn. Bhd.,
Affluent Capital Sdn. Bhd., Setin Sdn. Bhd., Setron Electronic
Industries Sdn. Bhd., Meltron Multimedia Sdn. Bhd., VA
Advertising & Promotion Sdn. Bhd., ASH Creative Sdn. Bhd.,
Darulmas Manufacturing Services Sdn. Bhd., Setron Lyngso (M)
Sdn. Bhd., Setron Mathews Sdn. Bhd. and Setron Timber Industries
Sdn. Bhd.  All of these subsidiaries have ceased their business
operations.  In April 2006, it announced that Zecon Engineering
Berhad has a 25.48% interest in the company.

The company is considered an Affected Listed Issuer, as its
shareholders' equity on consolidated basis is less than 25% of
the issued and paid-up share capital of the listed issuer and
such shareholders' equity is less than the minimum issued and
paid up share capital.


MALAYSIAN AIRLINES: Negotiations With Airbus to End Soon
--------------------------------------------------------
Discussions between Malaysian Airline System Bhd and Airbus will
soon see an outcome beneficial to both parties after the
latter's delayed delivery of the A380 aircrafts, the EdgeDaily
reports, citing Malaysian Airline's managing director and chief
executive officer Datuk Seri Idris Jala.

"I am happy with the latest round of discussions with Airbus. If
they are happy, we are happy, too.  We are probably nearing the
point we could reach win-win," Mr. Jala said.

The report also added that Mr. Jala declined to give further
details on the latest development of the negotiations between
MAS and Airbus, saying that it would only make a full
announcement by the end of March or early April.

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

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


MEGAN MEDIA: Bourse Commences De-Listing Procedures
---------------------------------------------------
Bursa Malaysia Securities Bhd has commenced de-listing
procedures against Megan Media Holdings Bhd, with a notice to
give cause why its securities should not be removed from the
official list, the DailyEdge reports.

In a statement released by the Bursa Securities, it says that it
will decide whether to de-list the company, upon due
consideration of the matter and the conclusion of the relevant
due process accorded.

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2008, Megan Media is not hesitating to wind up its
operations following its failure to pursue a scheme of
arrangement with creditor banks.

Moreover, the company and its subsidiaries have defaulted on
MYR899.96 million in maturing banking facilities, the TCR-AP
noted on Feb. 6, 2008.

Megan Media Holdings Berhad's principal activities are
manufacturing and trading data storage media products like
Computer diskettes, video cassette tapes, compact disc
recordable (CD-R's) and digital versatile disc recordable (DVD-
R's).  The Group operates in Malaysia, Singapore and other
countries.

The Troubled Company Reporter-Asia Pacific reported on
June 11, 2007, that the Rating Agency Malaysia downgraded the
long-term rating of Memory Tech Sdn Bhd's MYR320 million Bai
Bithaman Ajil Islamic Debt Securities (2005/2012) ("BaIDS"),
from C3 (with a negative outlook) to D.  The BaIDS carries a
corporate guarantee from MTSB's holding company, Megan Media
Holdings Berhad.

Concurrently, RAM has lifted the Rating Watch (with a negative
outlook) that had been placed on MTSB on May 9, 2007, following
the failure of MTSB and MJC (Singapore) Pte Ltd, another wholly
owned subsidiary of Megan Media, to repay their trade facilities
amounting to MYR47.36 million.

On June 19, 2007, the company was classified as a PN17 company,
and was given eight months to submit a substantive plan to
regularize its financial condition.


SANMINA-SCI: Elects John P. Goldsberry to Board of Directors
------------------------------------------------------------
Sanmina-SCI Corporation has appointed John P. Goldsberry to the
company's board of directors effective Jan. 28, 2008.  Mr.
Goldsberry will serve as chairman of the audit committee.

Mr. Goldsberry meets the requirements as defined by NASDAQ and
Institutional Shareholder Services as a financial expert and an
independent director.

Mr. Goldsberry is a seasoned financial executive with broad
industry experience in investment banking, corporate finance and
computer and semiconductor manufacturing.  He has over 14 years
of chief financial officer experience with both public and
private companies and is chief financial officer and SVP-IT of
Gateway Inc.

Mr. Goldsberry also held CFO positions with TrueSpectra,
Calibre, Quality Semiconductor, DSP Group and the Good Guys and
served in a variety of corporate finance positions at Salomon
Brothers and Morgan Stanley.

Goldsberry earned a bachelor's degree in Applied Mathematics and
a Ph.D. in Business Economics from Harvard University.

"We are fortunate to have someone of John's caliber join our
board of directors," Jure Sola, chairman and chief executive
officer of Sanmina-SCI Corporation, stated.  "His financial
expertise and insight will bring an additional perspective and
significant value to the board and the audit committee."

                        About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.

                          *     *     *

Moody's Investor Service has placed Sanmina-SCI Corp.'s long
term corporate family and probability of default ratings at 'B1'
in December 2007.  Moody's said the outlook is stable.


SANMINA-SCI: Fitch Holds Issuer Default Rating at B+
----------------------------------------------------
Fitch has affirmed these ratings for Sanmina-SCI Corporation:

  -- Issuer Default Rating at 'B+';
  -- Senior secured credit facility at 'BB+/RR1'.
  -- Senior unsecured notes at 'BB+/RR1';
  -- Senior subordinated debt at 'B/RR5'.

The Outlook is Negative.  Fitch's action affects approximately
US$1.5 billion in debt securities.

The Negative Outlook reflects continued uncertainty surrounding
Sanmina's ability to satisfactorily exit the Personal Computer
business via a sale or, conversely, potential restructuring
costs associated with exiting this business.  In addition,
revenue for Sanmina's core EMS business continues to decline,
down 7.7% in fiscal 1Q08 (end December 2007) versus the prior
year period due to weakness in communications equipment and
Enterprise PC segments which together represent approximately
60% of total core EMS revenue.

The affirmation reflects these considerations:

  -- Sanmina has significantly improved its working capital
     efficiency, lowering cash conversion cycle days to 25 from
     a recent high of 45 in fiscal 1Q07 (end December 2007);

  -- Sanmina's improved CCC days, in conjunction with lower
     working capital requirements due to a 5% decline in
     revenue, positively impacted free cash flow in fiscal 2007
     by approximately US$470 million, enabling the company to
     reduce long term debt by US$200 million to US$1.5 billion
     as of calendar 2007.  Fitch estimates Sanmina's leverage at
     5.5 times as of Dec 2007 compared to 4.5x at FYE 2006.
     Fitch estimates adjusted leverage at 6.7x as of Dec 2007;

  -- Fitch believes Sanmina's planned exit from the Personal
     Computer business should enable the company to focus on
     more profitable segments of its core EMS business and
     potentially lead to more consistent positive free cash
     flow;

  -- Fitch believes that the long-term opportunity for revenue
     growth in non-traditional markets for Sanmina including
     industrial, defense and medical supplies, should partially
     mitigate potential further revenue declines in the
     Enterprise PC and Communications markets;

  -- Fitch believes that Sanmina should achieve greater
     stabilization in profitability going forward as its
     reorganization actions have reduced excess manufacturing
     capacity and shifted an increased percentage of operations
     to low cost regions making the company more competitive
     with its peers.

Ratings concerns include Fitch's expectation that the EMS market
will remain highly competitive with continued pressure on
profitability across all North American tier one competitors in
addition to concerns over Sanmina's ability to stabilize its
revenue base following several quarters of negative growth in
its core EMS business.  While recent and on-going restructuring
initiatives have reduced excess capacity and transferred
manufacturing assets to lower cost regions, the above factors
could drive the need for additional restructuring initiatives
beyond the approximately US$70 million in restructuring costs
currently anticipated for the remainder of fiscal 2008.

Changes to the rating could occur under these scenarios:

  -- A resolution to Sanmina's effort to divest its Personal
     Computer business and clarification of the financial
     impact, if any, on the company of exiting this business;

  -- Continued improvement in profitability and use of free
     cash flow to further reduce debt could positively impact
     the ratings.

As of Dec. 31, 2007, liquidity was solid and consisted of
US$941 million in cash plus a US$500 million senior secured
credit facility, expiring December 2008, which was fully
available to the company.  In addition, Sanmina utilizes various
off-balance sheet accounts receivable sales facilities, totaling
approximately US$400 million, for additional liquidity purposes.
Fitch expects free cash flow in fiscal 2008 to be break-even to
slightly positive, positively impacted by reduced working
capital requirements.

Total debt as of Dec. 31, 2007 was US$1.5 billion and consisted
of:

     i) US$180 million in senior unsecured floating rate notes
        due June 2010;

    ii) US$300 million in senior unsecured floating rate notes
        due June 2014;

   iii) US$400 million in senior subordinated 6.75% notes due
        Feb 2013; and

    iv) US$600 million in senior subordinated 8.125% notes due
        March 2016.

The Recovery Ratings and notching reflect Fitch's recovery
expectations under a distressed scenario, as well as Fitch's
expectation that the enterprise value of Sanmina, and hence
recovery rates for its creditors, will be maximized in
liquidation rather than in a going concern enterprise value
scenario.  In estimating Sanmina's liquidation value under a
distressed scenario, Fitch applied advanced rates of 80%, 20%,
and 10% to Sanmina's current balance of accounts receivable,
inventory, and property, plant and equipment, respectively.
That leads to a distressed enterprise value estimate of
approximately US$1.3 billion, providing the basis for a
waterfall analysis to determine recovery ratings.  The current
'RR1' recovery rating for Sanmina's secured credit facility and
unsecured notes reflects Fitch's belief that 100% recovery is
realistic.  As is standard with Fitch's recovery analysis, the
revolver is fully drawn and cash balances fully depleted to
reflect a stress event.  The current 'RR5' Recovery Rating for
the senior subordinated debt reflects Fitch's estimate that a
recovery of only 10%-30% would be achievable.

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.




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


ALPHA AVIATON: Halts Shares Trading on Liquidator Appointment
-------------------------------------------------------------
Alpha Aviation Limited's parent firm Inventis Limited requested
a temporary halt of the company's shares pending the provision
of information on the financial implications of the appointment
of a liquidator to its wholly owned subsidiaries Alpha Aviation
Limited, Alpha Aviation Manufacturing Limited and Alpha Aviation
Marketing Limited.

The Bank of New Zealand Limited also appointed a receiver to the
above three companies and may in due course appoint a receiver
to Alpha Aviation Design Limited, Alpha Aviation Property
Limited, A & CL Properties Limited, Alpha Aviation Leasing
Limited and Alpha Aviation Investments Limited all of which are
wholly owned subsidiaries of Inventis Limited.

The action of placing these companies in Liquidation was taken
by the Board of Inventis as a result of the failure of Alpha
Aviation to meet its projected output of aircraft and the
consequential impact that this has had on the funding
requirements of Alpha Aviation.

Sales of Alpha aircraft have been very strong and at the time of
the Liquidation and receivership, Alpha Aviation had produced
and sold 20 aircraft and had on hand confirmed orders for a
further 16 aircraft and options for 14 aircraft.

Production of the Alpha aircraft has been the greatest challenge
for Alpha Aviation and the objective has always been to change
the production methods of the aircraft from a "one off"hand
crafted aircraft into a "production line"aircraft that could be
made in quantity, quickly and the same way every time.
Alpha Aviation had not yet achieved this aim for various reasons
including the state of the drawings, tools and jigs acquired
from the vendor of the aircraft.

In addition, the manufacturing model originally adopted by Alpha
Aviation assumed that only painting and assembly would be
carried out in-house and that all component manufacturing would
be done by contract component manufacturers.  This approach to
manufacturing of the aircraft proved to be a significant issue
for Alpha Aviation with speed of delivery, quality and cost of
manufacture of the component parts and the aircraft becoming
major issues.

Management at Alpha Aviation had developed solutions for these
problems that would allow the Alpha aircraft to be manufactured
as a production line aircraft and at a rate that would meet the
output requirements of the production facility and at a cost
that would lead to acceptable margins.  However, in order to
implement these solutions significant additional capital
investment was required to implement a productivity improvement
programme, increase stock holdings and provide for additional
capital expenditure.

It was always intended by the Board of Inventis that the
required capital for Alpha Aviation would be provided from:

   -- An Issue of 25 million shares expected to raise US$11.25
      million (before costs); and

  -- A Strategic Investment Fund Grant (SIF) of US$3 million
     from the New Zealand Government.

The Company embarked on a two-stage capital raising program on  
May 16, 2007, the first stage of which was completed with the
issue of 10 million Shares at 45 cents per share to the
Directors of Alpha Aviation and/or their Associates (most of
whom are also Inventis Directors), raising US$4.5 million.

The remaining 15 million shares were offered to the public at 45
cents each pursuant to a Prospectus dated 16 May 2007.  Despite
extensive road shows by the management of Inventis and the
manager of the issue Intersuisse Limited, only 4,603,109 shares
were placed raising US$2,071,399.05 (after costs of the issue)
and leaving a shortfall of approximately US$5 million.

On August 10, 2007, Alpha Aviation filed with agencies of the
New Zealand Government an application for a SIF grant of
US$3 million dollars.  Alpha Aviation had been strongly
encouraged by New Zealand Trade and Enterprise (NZTE) to make
this application as it was anticipated that when Alpha Aviation
reached full production capacity a further production facility
would be built in Hamilton, New Zealand, to produce in Joint
Venture with EADS Socata, the TB 20 aircraft:

   -- Export Revenues for New Zealand would reach US$95 million;

   -- There would be an increase in the New Zealand GDP by over
      US$35 million, during the construction phase;

   -- Net New Zealand household Income would increase by
      US$16 million;

   -- 438 extra direct and indirect jobs in New Zealand would be
      created; as well as

   -- Increasing the Employee Skill Base and Technological
      Capability of New Zealand.

These benefits to New Zealand were outlined in an economic study
conducted by Dr Warren Hughes, Associate Professor of the
University of Waikato.

Despite the fact that Alpha Aviation would provide many spill
over benefits to the economy of New Zealand and met many of the
criteria regarded as important economic strategies by the New
Zealand Ministry of Economic Development1, Alpha 1 In March 2006
Cabinet of the New Zealand Government agreed that Economic
Transformation would be one of the Government's three priorities
for the next decade.  This direction builds on the Government's
Growth and Innovation Framework.  GIF provided a framework for
lifting New Zealand's innovation and economic performance.  
Economic Transformation continues the Government's long-term
commitment to improving income per capita through innovation and
raising productivity in an environmentally sustainable way with
the five themes of Economic Transformation being:

   -- Growing globally competitive firms;

   -- World class infrastructure;

   -- Innovative and productive workplaces;

   -- Auckland as an internationally competitive city; and

   -- Environmental sustainability

Aviation was unable to convince the agencies of the New Zealand
Government to jointly fund with Inventis, the US$6 million
productivity improvement programme.

Undeterred, the management of Inventis has made numerous
presentations throughout 2007 and even in 2008 to Venture
Capital funds and individuals both here and overseas, in an
attempt to try and raise the required capital elsewhere.  
However severe contraction of venture capital markets and
eventually share markets worldwide, has prevented Inventis from
raising the required capital or securing a joint venture partner
in Alpha Aviation.

The failure of Inventis to secure required funding which was
critical to the success of Alpha Aviation led to the decision
made by the Board of Inventis to place Alpha Aviation in
Liquidation.

The effect of the Liquidation and receivership of Alpha Aviation
(assuming that the Bank of New Zealand places all Alpha Group
companies in receivership) on the:

   -- Revenue projections for 2008 and 2009; and

   -- Net tangible assets as at 30 June 2008, of Inventis are   
      estimated to be as follows:


  US$000        Prospectus dated    AGM           Reforecast as
                 16/5/2007        21/11/2007       at 24/1/2008
                                                  
                 

Year Ending 30
June 2008      

Revenue           62,213           53,834             47,999
Net Profit
after Tax            754             (423)           (21,854)
Net Tangible
Assets                                                12,526

Included in the estimated result for the year ended is a
complete provision for the dimuition of value of the loans and
investment in Alpha Aviation of US$20.5 million.

Year Ending 30
June 2009

Revenue            81,166                             59,184

Net Profit
after Tax           7,202                              5,445

Net Tangible
Assets                                                17,971

                    About Alpha Aviation

Based in Hamilton, New Zealand, Alpha Aviation produces the
Alpha 2000 Series (formerly known as the Robin R2160 and R2120)
training aircraft.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 8, 2008, that Alpha Aviation's shareholders agreed on
January 21, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Stephen Mark Lawrence and Anthony John McCullagh at Horwath
Corporate (Auckland) Limited to facilitate the sale of its
assets.

The company, to the report, further informed its staff that it
can't pay wages.


ANTARES FINANCE: Subject to Westpac's Wind-Up Petition
------------------------------------------------------  
On December 14, 2007, Westpac New Zealand Limited filed a
petition to have Antares Finance Holdings Ltd.'s operations
wound up.

The petition will be heard before the High Court of Auckland on
May 7, 2008, at 10:45 a.m.

Westpac's solicitor is:

          M. V. Robinson
          c/o Simpson Grierson
          88 Shortland Street, Level 27
          Auckland
          New Zealand


CLEGG & CO: Wind-Up Petition Hearing Set for March 12
-----------------------------------------------------
A petition to have Clegg & Co Ltd.'s operations wound up will be
be heard before the High Court of Auckland on March 12, 2008, at
10:00 a.m.

Brian Mayo-Smith and Shaun Neil Adams filed the petition on
December 10, 2007.

The Petitioners' solicitor is:

          C. C. H. Allan
          The Gosling Chapman Tower
          Tower One, Level 10  
          51-53 Shortland Street
          Auckland 1
          New Zealand


G J & S A HOFFMANN: Placed Under Voluntary Liquidation
------------------------------------------------------
G J & S A Hoffmann Ltd.'s members agreed on January 25, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Helen Elizabeth Walker to
facilitate the sale of its assets.

Creditors are required to file their proofs of debt by
Feb. 22, 2008, to be included in the company's dividend
distribution.

The liquidator can be reached at:

          Helen Elizabeth Walker
          c/o Walker & Walker Limited
          Chartered Accountants
          408 Khyber Pass Road, Level 1
          Newmarket, Auckland 1023
          New Zealand
          Telephone:(09) 529 2215
          Facsimile:(09) 529 2217


ICON DIGITAL: Placed Under Voluntary Liquidation
------------------------------------------------
Icon Digital Entertainment Ltd.'s members agreed on
Jan. 31, 2008, to voluntarily liquidate the company's business.  
In line with this goal, the company has appointed Shaun Neil
Adams and Brian Mayo-Smith to facilitate the sale of its assets.

Creditors are required to file their proofs of debt by
March 31, 2008, to be included in the company's dividend
distribution.

The liquidators can be reached at:

          Shaun Neil Adams
          Brian Mayo-Smith
          c/o BDO Spicers
          Rifleman Tower, Level 8
          120 Albert Street
          Auckland 1010
          New Zealand
          Telephone:(09) 373 9053
          Facsimile:(09) 303 2830
          Web site: http://www.bdospicers.com/icon


JONESES: Fall Cues Stock Exchange to Review Backdoor Listing
------------------------------------------------------------
The fall of The Joneses Real Estate Ltd. has prompted the New
Zealand Stock Exchange to look up backdoor listings and may even
consider banning it, media reports say.

As reported yesterday IN The Troubled Company Reporter-Asia
Pacific, The Joneses has been placed in voluntary liquidation by
its sole shareholder TJRE Holdings Ltd.

Various reports relate that just 19 days before going into
liquidation, accountancy firm Gosling Chapman and its subsidiary
WHK Corporate valued The Joneses at NZ$13.75 million.  The
valuation was included in an independent adviser's report posted
to shareholders in listed shell company RLV No. 3 Ltd. just
before the planned backdoor listing of The Joneses.

In December 2007, RLV agreed (subject to shareholder approval)
to acquire all of the issued share capital of TJRE in accordance
with a reverse listing agreement at a net purchase price at be
approximately NZ$13.75 million.

In the independent advisors report, the accounting firm said,  
"In our opinion, a current value for all of TJRE's shares lies
in a range from $12.25m to $16.6m."  As such, the report
continued, the agreed consideration accords with our assessment
of value.

"Gosling Chapman must look like absolute plonkers for valuing
something at $13.75m that's fallen over," Nick Smith of the
Independent Financial Review quoted Shareholders Association
Chairman Bruce Sheppard as saying. "It's a black eye and a
pretty swollen one at that."

WHK Gosling Chapman is a New Zealand-based firm offering
business advisory services including accounting, tax, audit and
corporate advice.

According to NZX Markets Development Manager Geoff Brown, the
stock exchange would review backdoor listings and would come up
with recommendations next month.  The exchange might follow
other jurisdictions and forbid backdoor listings, the
Independent Review said.

RLV early Monday called off the proposed reverse listing saying
that sufficient new capital could not be raised.  With the
reverse listing unable to proceed, alternative funding sources
for The Joneses had been explored but these were not sufficient
to continue to fund the business, TJRE's directors said.

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

The Joneses liquidators are Aaron Heath and Mike Lamacraft of
Meltzer, Mason & Heath.

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


LINFORD LTD: Wind-Up Petition Hearing Slated for May 7
------------------------------------------------------
The High Court of Auckland will hear on May 7, 2008, at
10:45 a.m. A petition to have Linford Ltd.'s operations wound
up.

The petition was filed by Westpac New Zealand Limited on
December 14, 2007.

Westpac New Zealand's solicitor is:

          M. V. Robinson
          c/o Simpson Grierson
          88 Shortland Street, Level 27
          Auckland
          New Zealand


MECHANICAL SYSTEMS: Wind-Up Petition Hearing Set for February 25
----------------------------------------------------------------
A petition to have Mechanical Systems Ltd.'s operations wound up
will be heard before the High Court of Hamilton on
Feb. 25, 2008, at 10:30 a.m.

Mainline Sheetmetals Limited filed the petition on
Jan. 22, 2008.

Mainline Sheetmetals' solicitor is:

          J. A. Bolton
          c/o Norris Ward McKinnon
          WEL Energy House, 7th Floor
          New Zealand
          Telephone:(07) 834 6089


PARKTOWN LTD: Placed Under Voluntary Liquidation
------------------------------------------------
Parktown Ltd.'s shareholders agreed on February 1, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Hamish John Pryde at Brumby
Simpson Partners Limited to facilitate the sale of its assets.

Creditors are required to file their proofs of debt by
March 20, 2008, to be included in the company's dividend
distribution.

The liquidator can be reached at:

          Hamish John Pryde
          Brumby Simpson Partners Limited
          PO Box 1245, Palmerston North
          New Zealand
          Telephone:(06) 356 4808
          Facsimile:(06) 356 8525


TITAN FOUNDATION: Faces Lifestyle Orewa's Wind-Up Petition
----------------------------------------------------------
On December 7, 2007, Lifestyle Orewa Limited filed a petition to
have Titan Foundation Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
April 24, 2008, at 10:45 a.m.

Lifestyle Orewa's solicitor is:

          M. V. Robinson
          c/o Simpson Grierson
          88 Shortland Street, Level 27
          Auckland
          New Zealand


T & M (1997): Taps Shephard & Dunphy as Liquidators
---------------------------------------------------
On January 31, 2008, the High Court of Auckland appointed Iain
Bruce Shephard and Christine Margaret Dunphy as the liquidators
of T & M (1997) Ltd.

The liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          Zephyr House, Level 2
          82 Willis Street, Wellington
          New Zealand
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


WORCESTER 123: Court to Hear Wind-Up Petition on March 3
--------------------------------------------------------
The High Court of Christchurch will hear on March 3, 2008, at
10:00 a.m., a petition to have Worcester 123 Ltd.'s operations
wound up.

Raine Blackadder Limited filed the petition on January 25, 2008.

Raine Blackadder's solicitor is:

          P. M. James
          Saunders & Co
          227 Cambridge Terrace
          PO Box 18, Christchurch
          New Zealand
          Telephone:(03) 379 7690
          Facsimile:(03) 379 3669




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


FEDDERS: Allowed to Reject Mr. Giordano's Employment Contract
-------------------------------------------------------------
On Jan. 30, 2008, the United States Bankruptcy Court for the
District of Delaware granted a motion by Fedders Corporation to
reject an employment agreement with Sal Giordano, Jr., executive
chairman of the company.  As a result, Mr. Giordano is no longer
executive chairman of the company, with effect from
Jan. 1, 2008.

On Jan. 30, 2008, Mr. Giordano submitted to the board of
directors of the company his resignation as a director.  At a
meeting of the board held on Jan. 30, 2008, Mr. Giordano was
elected a director of the company and chairman of the board.

                  About Fedders Corporation

Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.  The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.

The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182).  Its debtor-affiliates
filed for separate Chapter 11 cases.  Norman L. Pernick, Esq.,
Irving E. Walker, Esq., and Adam H. Isenberg, Esq., of Saul,
Ewing, Remick & Saul LLP represents the Debtors in their
restructuring efforts.  The Debtors have selected Logan &
Company Inc. as claims and noticing agent.  The Official
Committee of Unsecured Creditors is represented by Brown Rudnick
Berlack Israels LLP.  When the Debtors filed for protection from
its creditors, it listed total assets of $186,300,000 and total
debts of US$322,000,000.

As reported in the Troubled Company Reporter on Jan. 21, 2008,
the Court extended the Debtors' exclusive period to file a
Chapter 11 plan until Feb. 29, 2008.


LEPANTO CONSOLIDATED: Board Approves 1:7 Stock Rights Offering
--------------------------------------------------------------
Lepanto Consolidated Mining Company's board of directors, at a
meeting on Feb. 18, approved an offer to be made from the
current unissued authorized capital of the company to
shareholders to subscribe to one share of the company's common
stock for every seven shares held at a price of PHP0.25 per
share.  The record and offer date is yet to be fixed.

According to the company, the proceeds from the offer, which
will be about PHP1.04 billion, will be used to retire loans;
settle accounts with banks, suppliers, and service providers;
pay advances from shareholders.

During the meeting, the board scheduled the annual stockholder
meeting on April 21, 2008, at 4:00 p.m. at The Peninsula Manila.  
Deadline for nominations for independent directors will be on
March 10.

                 About Lepanto Consolidated

Headquartered in Makati City, Lepanto Consolidated Mining
Company -- http://www.lepantomining.com/-- was incorporated    
primarily to engage in the exploration and mining of gold,
silver, copper, lead, zinc and all kinds of ores, metals,
minerals, oil, gas and coal and their related by-products.  The
company was incorporated in 1936 and until 1997 was operating an
enargite copper mine.  It shifted to gold bullion production
that same year through its Victoria Project.  Lepanto operated a
copper flotation plant from August 2000 to December 2001, when
copper operations were suspended due to the presence of
excessive penalty elements in the mill feed and copper
concentrate.  Lepanto sells its gold bullion production to
London's Johnson Matthey.  Lepanto is now one of the country's
top producers of gold and its by-products, copper and silver.  
The company also has investments in other areas through its
subsidiaries such as hauling business, diamond drilling
business, insurance business, manufacturing of industrial
diamond tools for mining exploration, marble cutting and the
construction industry.

Lepanto Consolidated Mining Co. posted a PHP35.63-million
consolidated net loss for the year ended Dec. 31, 2006, a 90%
decrease from the PHP355.22-million net loss posted for the year
ended Dec. 31, 2005.


NIHAO MINERAL: Gets Exploration Permit for Botolan Mining Claim
---------------------------------------------------------------
The Mines and Geosciences Bureau of the Department of
Environment and Natural Resources, on Feb. 12, 2008, issued
NiHAO Mineral Resources Inc. an exploration permit for the
Botolan Mining Claim of wholly owned subsidiary Mina Tierra
Garcia, Inc., the company informed the Philippine Stock Exchange
in a regulatory filing.

The permit was issued in the name of Saprolite Mining, Inc., the
original applicant, who assigned its interest in the mining
claim to Mina Tierra in July 2007.  NiHAO Mineral acquired 100%
of Mina Tierra in October 2007.  

According to the company, the Botolan Mining Claim covers
approximately 5,081.6408 hectares of prospective nickel sites in
Botolan, Zambales.   Approximately 2,020 hectares were excised
by the Mines & Geosciences Bureau from the original exploration
permit application, which covered 7,107 hectares.

The company further informed PSE that wholly owned subsidiary
Visayas Ore Philippines, Inc., is applying for an exploration
permit in Antipas, North Cotabato, covering around 11,441
hectares.  The area largely consists of Ophiolitic piles,
volcanics, and sediments, the company said.

Formerly known as Magnum Holdings Inc., Pasig City, Philippine-
based NiHAO Mineral Resources Inc. was originally organized to
engage in mining exploration.

On June 28, 2007, the Securities and Exchange Commission
approved the change in its Magnum Holdings Inc.'s name to NiHAO
Mineral Resources, Inc.

After auditing the company's annual report for FY2006, Napoleon
Calderon at MCJ & Co. raised significant doubt on the company's
ability to continue as a going concern, citing the company's:

    * losses of PHP920,708 and capital deficit of
      PHP4.82 million for the year ended Dec. 31, 2006;

    * losses of PHP788,695 and capital deficit of
      PHP3.90 million for the year ended Dec. 31, 2005; and

    * losses of PHP691,286 and capital deficit of
      PHP3.11 million for the year ended Dec. 31, 2004.


NIHAO MINERAL: Discloses Board Resignations & Appointments
----------------------------------------------------------
Magnum Holdings Inc., fka NiHao Minerals, disclosed the
resignations of three directors from its board:

    1. Khrisnamurti A. Africano
    2. Felix Ang
    3. Eugenio Esguerra

To replace the three, the board elected David Atienza, David
Chua, and Johnny Co.  The new directors will serve for the
ensuing year and until the election and qualification of their
successors.

With Atty. Africano's quitting the director post, he also left
vacant the position of chairman.  The board elected Jerry C.
Angping to act as the company's new chairman.

Jerry Angping also resigned as president of the company.  
Accordingly, the board decided to elect Mr. Atienza as new
president.

Formerly known as Magnum Holdings Inc., Pasig City, Philippine-
based NiHAO Mineral Resources Inc. was originally organized to
engage in mining exploration.

On June 28, 2007, the Securities and Exchange Commission
approved the change in its Magnum Holdings Inc.'s name to NiHAO
Mineral Resources, Inc.

After auditing the company's annual report for FY2006, Napoleon
Calderon at MCJ & Co. raised significant doubt on the company's
ability to continue as a going concern, citing the company's:

    * losses of PHP920,708 and capital deficit of
      PHP4.82 million for the year ended Dec. 31, 2006;

    * losses of PHP788,695 and capital deficit of
      PHP3.90 million for the year ended Dec. 31, 2005; and

    * losses of PHP691,286 and capital deficit of
      PHP3.11 million for the year ended Dec. 31, 2004.




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


AAR CORP: Receives US$28 Mil. Order for Container Platforms
-----------------------------------------------------------
AAR Corp. has received an order to provide containerized roll-
in/out platforms for the U.S. Army, valued at US$28 million.

The specialized equipment, which is used primarily to transport
ammunition, will be manufactured by AAR SUMMA Technology in
Cullman, Alabama through June 2009.  The order was placed as
part of a five-year Indefinite Delivery/Indefinite Quantity
(IDIQ) contract that was established in 2005.

"We are proud to contribute to the readiness and mobility of our
defense customers with products that support the movement of
troops and supplies into theaters of operation and sustain in-
theater activity," said Timothy J. Romenesko, President and
Chief Operating Officer of AAR CORP.  "The recent addition of
AAR SUMMA Technology has expanded our mobility product line,
broadened our manufacturing capabilities and improved our
ability to serve both commercial and defense customers."

On December 3, 2007, AAR acquired SUMMA Technology, Inc., a
provider of high-end sub-systems and precision machining,
fabrication, welding and engineering services.  The acquisition
strengthens AAR's competitive position in the market for
aerospace and defense products and services by extending AAR's
manufacturing capabilities and increasing its product offerings.
AAR SUMMA Technology currently provides complex machined parts
and assemblies for the F-35, F-22, F-16, F-18, C-130, Gulfstream
Aircraft, Expeditionary Fighting Vehicle (EFV) and various
missile and space programs.

                        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.


ACCORD EXPRESS: Requires Creditors to File Claims by March 13
-------------------------------------------------------------
Accord Express Holdings Pte. Ltd., which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by March 13, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


EVRAZ GROUP: Seeks to Acquire 51% Stake in Delong Holdings
----------------------------------------------------------
Evraz Group S.A. has entered into a Share Purchase Agreement
with Best Decade Holdings Limited and its shareholders for the
acquisition of approximately 51% of the issued share capital of
Delong Holdings Limited over an agreed period of time.  

This transaction is subject to anti-trust clearance by
the Ministry of Commerce and the State Administration of
Industry and Commerce of the People's Republic of China.

                 Share Purchase Agreement

The Share Purchase Agreement entered into between Evraz, Best
Decade and Best Decade's shareholders includes an initial sale
to Evraz of approximately 10% of the issued share capital of
Delong at S$3.9459 per share.  Best Decade has also granted
Evraz a call option to acquire an additional 32.08% of the
issued share capital of Delong that is conditional upon the
satisfaction of certain conditions.  The Call Option is
exercisable between the date of the completion of the Initial
Sale and ending after the date following 6 months immediately
after Feb. 18, 2008.

Evraz has granted Best Decade a put option with respect to
32.08% of the issued share capital of Delong, exercisable
between the date immediately after completion of the Initial
Sale and ending on the date falling six months immediately after
Feb. 18.  Both the Call Option and the Put Option have a strike
price equal to the Offer Price of US$3.9459.

In addition, the beneficial shareholders of Best Decade have
signed an undertaking to sell an additional approximately 8.97%
of the issued share capital of Delong to Evraz at the Offer
Price when certain restrictions in place due to existing
financing arrangements are released.

Following completion of these transactions, Evraz will control
approximately 51.05% of the issued share capital of Delong. Best
Decade has an interest in approximately 77.08% of the issued
share capital of Delong and will retain an interest of
approximately 26.03% following this transaction.

In accordance with the Singapore Code on Takeovers and Mergers,
Evraz will make a mandatory cash offer for the remaining Delong
shares at the Offer Price, upon the exercise of the Call Option
or the Put Option.  The maximum consideration payable by Evraz
will be approximately US$1,494 million, assuming full acceptance
of the mandatory offer, and the exercise of all outstanding
warrants.

Evraz expects that Delong will maintain its head office in
Beijing and does not envisage any material changes to the
management of Delong following the completion of the
transactions.  The management of both companies are excited
about the many areas of synergies between Evraz and Delong
arising from technology cooperation, joint procurement as well
as cross selling and marketing opportunities.

Commenting, Alexander Frolov, Evraz's chairman and CEO, said:
"This investment by Evraz in the Chinese steel sector, our first
in the Asia Pacific region, is a critical strategic move to
expand our global footprint.  The Chinese steel market is the
largest and fastest growing in the world.  Delong has an
established position in the Hebei province, an important
industrial region of China.  Under the leadership of Mr. Ding,
Chairman and controlling shareholder of Delong, the company has
demonstrated an impressive track record of growth and
profitability.  Mr. Ding brings exceptional operational
expertise and local market insight and will be a valuable
partner for Evraz."

Liguo Ding, chairman of Delong, said: "I am proud of Delong's
significant accomplishments to date, and believe that this
potential combination with Evraz has much to offer both
companies.  Becoming part of a leading global steelmaker with
complementary strengths and markets, we expect to gain scale and
more growth opportunities in the current highly competitive
steel environment.  This combination will provide us with the
critical elements, to continue to grow the business including a
secure access to raw materials and substantial financial
resources.  We believe that this transaction will also create
new opportunities to share technology, research and
development."

Merrill Lynch (Singapore) Pte. Ltd. is acting as exclusive
financial advisor to Evraz.  Allen & Gledhill LLP is acting as
legal counsel to Evraz.  

Merril Lynch can be reached at:

       1 Temasek Avenue
       #28-01 & 29-01 Millenia Tower
       Singapore 039192

Allen & Gledhill LLP can be reached at:

       One Marina Boulevard #28-00
       Singapore 018989
       Email: inquiries@allenandgledhill.com

                        About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                        *     *     *

As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family
and Probability-of-Default ratings and B2 Senior Unsecured Debt
rating from Moody's Investor Service.  Moody's said the Outlook
is Positive.

Evraz also carries BB- Local and Foreign Issuer Credit ratings
from Standard & Poor's.  S&P said the Outlook is Positive.

The company carries BB Issuer Default and Senior Unsecured
ratings and B Short-Term IDR.  Fitch said the outlook is stable.


HARRIER TECHNOLOGY: Court to Hear Wind-Up Petition on Feb. 29
-------------------------------------------------------------
A petition to have Harrier Technology Pte Ltd's operations wound
up will be heard before the High Court of Singapore on
Feb. 29, 2008, at 10:00 a.m.

Fauzi Ong Yoke Tee filed the petition on Feb. 5, 2008.

Fauzi Ong's solicitor is:

          Nicholas Narayanan
          Messrs Nicholas & Co
          10 Anson Road
          #19-01 International Plaza
          Singapore 079903


L&M INTERNATIONAL: Creditors' Proofs of Debt Due on March 3
-----------------------------------------------------------
L&M International Ltd, which is under court wind-up, requires
its creditors to file their proofs of debt by March 3, 2008, to
be included in the company's dividend distribution.

The company's liquidators are:

          Chia Soo Hien
          Ng Geok Mui
          c/o BDO Raffles
          5 Shenton Way
          #07-01 UIC Building
          Singapore 068808


REFCO INC: Former CEO Philip Bennett Pleads Guilty of Fraud
-----------------------------------------------------------
Phillip R. Bennett, former chief executive officer, chairman,
and controlling shareholder of Refco, Inc., pleaded guilty to
conspiracy, money laundering and 17 other charges in a scheme
that cost investors more than US$2,400,000,000, David Glovin and
Patricia Hurtado of Bloomberg News reported.

"I know I was wrong, and I deeply regret it," Mr. Bennett told
District Judge Naomi Buchwald of the United States District
Court for the Southern District of New York.  "I take full
responsibility for my conduct.  I wish to publicly apologize to
my family and to all those I've harmed."

"Bennett has candidly acknowledged his involvement in the
matter," Gary Naftalis, Esq., counsel for the defendants, told
journalists.  "He was forthcoming and candid and wants to put
this matter behind him."

Robert Trosten, Refco's former chief financial officer, and Tone
Grant, Refco's former president, have pleaded not guilty to
helping Mr. Bennett, and will face trial on March 17, Bloomberg
News said.

Mr. Bennett joined Refco in 1981, and served as president, CEO
and chairman since September 1998, Bloomberg said.  Along with
Mr. Grant, who also served as president, Mr. Bennett transformed
Refco from a firm that focused on trading for itself to one that
executed transactions for clients.

According to Bloomberg, in 1997, Refco began hiding massive
losses sustained by clients in the Asian debt crisis.  With its
viability threatened, Refco began masking its true performance
by moving more than US$1,000,000,000 in debt off the company's
books to an entity controlled by Mr. Bennett, Refco Group
Holdings Inc., Michael Garcia, Manhattan U.S. Attorney said.  In
return, Refco Group Holdings gave Refco worthless IOUs,
according to the government.

In his plea, Mr. Bennett admitted that he conspired with other
Refco executives, whom he didn't name, to conceal the size of
the receivables owed to Refco, Bloomberg News reported.  Mr.
Bennett said he deceived his auditors, investors and lenders,
including Thomas H. Lee and a unit of HSBC Holdings Plc,
Europe's biggest banks by market value.

Under the U.S. guidelines, Mr. Bennett faces life imprisonment
of up to 315 years, as well as forfeiture of US$2,400,000,000,
Bloomberg said.

                      About Refco Inc.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

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

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


SEA CONTAINERS: Formally Seeks Court Approval for Pensions Pact
---------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to approve the
pension scheme agreement between them and the trustees of the
two main Sea Containers Pension Schemes to agree on the amount
of their claims against the Sea Containers estate.

As reported in the Troubled Company Reporter on. Feb. 8, 2008,
the Debtors emphasized that the agreement is a critical and
positive milestone in its efforts to emerge from Chapter 11.

Since the Chapter 11 negotiations first began in October 2006,
the board of directors and the officers of Sea Containers have
been focused on achieving a plan of reorganization that provides
full and fair settlement for all creditors.  The major creditors
involved are the 1983 and the 1990 Pension Funds which have
almost 1500 members between them and the holders -- thought to
be a number of U.S. hedge funds -- of the four outstanding bond
issues.

The agreement with the Trustees for the pension funds, which are
estimated to be in deficit by approximately $200 million under
the s75 'buy out' basis prescribed by U.K. law, will allow the
company and the trustees to avoid costly and protracted
litigation in multiple and potentially competing jurisdictions.  
The agreement also creates an additional reserve of $69 million
for certain potential pension scheme liabilities in respect of
age-related equalization changes.

In connection with this important agreement, Sea Containers
withdrew its appeal against the Financial Support Direction.  
The FSD, which sought to oblige Sea Containers Limited -- the
ultimate parent company -- to put in place additional financial
support for the pension funds, was handed down by the
Determinations Panel of the UK Pensions Regulator on
July 3, 2007.  Sea Containers considers that the settlement will
adequately address any FSD and that the current legal
proceedings would be of no further benefit.

                   Terms of the Settlement

As a result of extensive negotiations that commenced prior to
the bankruptcy filing and have continued throughout these
Chapter 11 cases, the Debtors, their Official Committee of
Unsecured Creditors, and the Trustees agreed to the Settlement
under which the Schemes' claims against the Debtors are fully
resolved.  Pertinent terms of the Settlement are as follows:

   a) Schemes' Claim: In full and final satisfaction of all of
      the Schemes' claims against SCL, SCSL and other direct and
      indirect subsidiaries of SCL or SCSL, the Schemes shall
      have a single allowed general unsecured claim against SCL
      in the aggregate amount of US$194 million of which:

      i) US$153.8 million will be allocated to the 1983 Scheme;
         and

     ii) US$40.2 million will be allocated to the 1990 Scheme.

   b) Administrative Expenses: Within three business days after
      entry of an order approving the Settlement, the Debtors
      shall pay US$5 million to the Schemes on account of
      certain administrative ordinary course expenses.

   c) Chapter 11 Advisory Fees: If the Debtors agree to pay, or
      the Court approves payment of, Chapter 11 advisory fees to
      any of the Debtors' prepetition creditors as
      administrative expenses, the Schemes may seek
      reimbursement of their Chapter 11 advisory fees in
      accordance with the terms of the Settlement.

   d) Equalization Claim Reserve: On the effective date of a
      confirmed Chapter 11 plan in these cases, the Debtors
      shall establish a reserve in respect of a US$69 million
      claim for equalization matters.  The Trustees shall
      allocate such reserve between the Schemes.  Upon
      determination of the allowed amount of the equalization
      claims, such amount, if any, shall be allowed against SCL
      as a general unsecured claim and shall be paid from the
      reserve.

   e) Status Quo: The Schemes shall agree for a period of time
      and under certain circumstance to refrain from selling or
      assigning or otherwise transferring any legal or
      beneficial interest in their claims and from winding up
      the Schemes.

   f) Definitive Documentation: The Settlement is subject to:

      i) definitive documentation in form and substance
         acceptable to all parties (executed and delivered
         by the parties);

     ii) approval under Federal Bankruptcy Rules P. 9019; and

    iii) if required by the Schemes, U.K. court and regulatory
         approval to ensure the Schemes' continued eligibility
         for protection by the U.K. Pension Protection Fund.

In addition to the foregoing terms, the Debtors and the Trustees
agree that in response to any FSD issued by the U.K. Pensions
Regulator, the Debtors shall propose, and the Trustees shall
support, financial support arrangements consistent with the
terms of the Settlement.  The Debtors and the Trustees further
agree that the Settlement is conditioned, in part, upon TPR's
approval of such financial support arrangements.

The parties have also agreed that the definitive documentation
for the Settlement will be in a form which will not result in
creditors of SCSL and such other subsidiaries receiving
unwarranted changes in recoveries as a result of the Schemes'
allowed claims at the SCL level.

                    About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court previously gave the Debtors until Feb. 20, 2008 to
file a plan of reorganization.




=============
V I E T N A M
=============


PETROLEOS DE VENEZUELA: Vietnam Drillship to Arrive in March
------------------------------------------------------------
Petroleos de Venezuela, S.A. Exploration and Production
Vice-President Luis Vierma disclosed that the first drillship
from Vietnam will arrive in March to start drilling in the
Mariscal Sucre Project run by the Offshore Division.  The
announcement was made at the opening session of the First
International Congress on Heavy Oil held in Maturin, eastern
Monagas state.

"The survey of the geological model in the area is almost
completed.  We are very proud, because Petroleos de Venezuela,
with its engineers, technicians and workers, and most important,
with the involvement of the national sector, is to start
developing oil and gas reserves in multiple areas offshore," he
said.

The senior official noted that by legal means and through the
People's Minister of Energy and Petroleum, the Bolivarian
Republic of Venezuela recovered national sovereignty over the
Orinoco Oil Belt, the largest reservoir of heavy oil in the
world.  "We are very proud to say that the oil contained in the
Orinoco Oil Belt is the Venezuelans' property, as it should
be always," added Mr. Vierma.

In reference to the energy resource appreciation, he noted that
now multinationals are paying no more a ludicrous 1-percent
royalty.  "We have increased the value of the hydrocarbons in
our subsoil.  Now, we can say that any future business related
to the Oil Belt deposits will have to pay the fair price needed
by Venezuelans.  In this way, this country will become a more
balanced nation, full of opportunities for everybody."

He said that PDVSA had taken significant steps in future
exploitation of heavy oil at the Orinoco Oil Belt.  For more
than two years, the Venezuelan Petroleum Corporation has been
working hard on a successful strategy.  The Orinoco Oil Belt has
been divided into exploration and production blocks, where more
than 15 foreign companies are involved in certification of
reserves.

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.

PDVSA 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.

                        *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook was negative.


                         *********


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, Patrick Abing, Tara Eliza Tecarro, Marjorie C.
Sabijon, 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 ***