TCRAP_Public/080222.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

             Friday, February 22, 2008, Vol. 9, Issue 38

                          Headlines

A U S T R A L I A

ALLCO FINANCE: Delays Release of Earnings
AUSTRALIAN-PACIFIC: Members & Creditors Meeting on Feb. 29
BANNATYNE PTY: Members to Receive Wind-Up Report on March 19
CENTRO PROPERTIES: AU$458-Mil. St. George Bank Loan Due Apr. 30
EMERALD HILL: Placed Under Voluntary Liquidation

JAMES F. GARRETT: Final Meeting Slated for March 5
JURCEVIC OFFICE: Liquidator to Present Wind-Up Report on Feb. 29
KAGARA LIMITED: 1H Profit Drops 8% Due to Lower Metal Prices
LOCKSLEY MANOR: Liquidator to Present Wind-Up Report on Feb. 29
MILL PARK: Members' & Creditors' Meeting Set for February 29

SHARPER IMAGE: Files for Chapter 11 in Delaware
SHARPER IMAGE: Case Summary & 20 Largest Unsec. Creditors
SOUTHBANK MARKETING: Members & Creditors to Meet on Feb. 29
SYMBION HEALTH: Primary Health's Offer Extended to March 11
WHITE MULE: Members' & Creditors' Meeting Slated for Feb. 29

ZARCOT PTY: Members to Hear Wind-Up Report on March 19


B A N G L A D E S H

AGRANI BANK: Fitch Affirms E Individual Rating
JANATA BANK: Fitch Affirms E Individual Rating
RUPALI BANK: Fitch Affirms E Individual Rating
SONALI BANK: Fitch Affirms E Individual Rating


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

ICBC: Extends CNY16.9 Bln in Loans for Winter Disaster Recovery
SHANGHAI PUDONG: Confirms Plan to Issue New Shares
SHANGHAI PUDONG: Hits Two-Day Slump Record
SHINGINKO TOKYO: Sees JPY40 Billion Investment Coming


I N D I A

EMCO LTD: To Enter Into Manufacturing JV with Edison Power
HDFC BANK: S&P Assigns'BB' Upper Tier II & Tier I Notes Rating
QUEBECOR WORLD: Franklin Resources Holds 1,105 Voting Shares
QUEBECOR WORLD: New Pact with Clients to Yield US$75MM Annually
STATE BANK OF INDIA: Cuts Benchmark Prime Lending Rate to 12.25%

TATA MOTORS: To Roll Out Nano in October, Managing Director Says
TATA MOTORS: Starts Selling Sumo Grande in Domestic Market


I N D O N E S I A

BANK NIAGA: CIMB To Give Update on Niaga-Lippo Proposed Merger
BANK NEGARA: Aims 40% Increase in Housing Loans
EXCELCOMINDO: 2007 Net Profit More Than Doubles to IDR721 Bil.
FREEPORT: Indonesia Unit Deals with Papua Gov't to Build Factory
FREEPORT-MCMORAN: Moody's Lifts Ratings on Strong Earnings


J A P A N

ALITALIA SPA: Air France to Invest EUR3 Billion in Six Years
ASAHI TEC: Moody's Cuts Metaldyne's Corp. Family Rating to Caa1
DELPHI CORP: Wants to Strike Non-Conforming Cure Objections
DELPHI CORP: Cuts CEO O'Neal's Emergence Incentive to US$1MM
MITSUBISHI MOTORS: S&P Affirms 'B' Corporate Credit Rating

* JAPAN: Fitch Says Credit Crisis Has Limited Impact on Banks


K O R E A

C&M CO: S&P Puts 'BB+' Credit Rating Under Neg. CreditWatch
C&M CO: Moody's Reviews 'Ba2' Ratings for Possible Downgrade
DURA AUTOMOTIVE: Backstop Rights Deal with Pacificor LLC Expires
DURA AUTOMOTIVE: Wants Court to Approve Amended 2008 KMIP
HANARO: Korean Gov't Gives Takeover Signal OK to SK Telecom

HANAROTELECOM: Moody's Continues Review for Possible Upgrade
SANMINA-SCI: Exit of PC Business Doesn't Affect S&P's B+ Rating


M A L A Y S I A

MALAYSIA AIRLINES: Launches Travel Insurance


N E W   Z E A L A N D

AUTOVALUE LTD: Subject to CIR's Wind-Up Petition
CASHEL 199: Court to Hear Wind-Up Petition on March 3
CENTRAL STRATA: Faces Escrow's Wind-Up Petition
D N BECKETT: Wind-Up Petition Hearing Set for April 11
KELWAY DEVELOPMENTS: Commences Liquidation Proceedings

METWORX LTD: Creditors' Proofs of Debt Due on May 8
PORTO'S NP: Appoints Brown & Rodewald as Liquidators
SHIELD SECURITY: Taps van Delden & Whittfield as Liquidators
STUART RENATA: Taps Brown & Rodewald as Liquidators
TARIMANAKA LTD: Wind-Up Petition Hearing Set for February 28

WILL & PHIL: Appoints Fatupaito & McCloy as Liquidators


P H I L I P P I N E S

CHIQUITA BRANDS: Posts US$26 Mil. Net Loss in Qtr. Ended Dec. 31
PRYCE CORP: Supreme Court Affirms Appellate Court's Decision


S I N G A P O R E

STATS CHIPPAC: Temasek Mulls Delisting Shares


T H A I L A N D

TATA MOTORS: To Sell Pickup Truck in Thailand

* Large Companies with Insolvent Balance Sheets


                            - - - - -

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


ALLCO FINANCE: Delays Release of Earnings  
-----------------------------------------
Due to release its earnings results for the six months to
December 2007, Allco Finance Group Ltd. again deferred its
disclosure to an unknown time, Egoli.com reports.  

The Australian asset manager, which just recently opened its
books to potential suitors, suspended trading in its shares
indefinitely after its market capitalization more than halved
earlier this year amid concerns about debt position, Bloomberg
says.

Citing The Australian Financial Review, Bloomberg reports that
Allco's directors, led by founder David Coe, are seeking
hundreds of millions of dollars to appease its bankers through
the sale of a stake in the company.  Australian Financial
speculated that Allco's aircraft and shipping leasing divisions
have attracted interest from the likes of Macquarie Group
Limited and Texas Pacific Group, a US-based private equity firm.

Allco shares remain suspended at AUS$3.05 as of Feb. 18.

Separately, Bloomberg News says that Allco has an outstanding
AU$60 million loan from St. George Bank Ltd. loaned.  St. George
Bank expressed confidence that it will recover its "unsecured
syndicated loan" to Allco.

                   About St. George Bank

St. George Bank Limited is an Australia-based banking company.
The company operates in four business segments: Retail Bank,
Institutional and Business Banking, BankSA and Wealth
Management.  RB is responsible for residential and consumer
lending, provision of personal financial services including
transaction services, call and term deposits, small business
banking and financial planners.

                    About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business based in Sydney, specializing in asset
origination, funds creation and funds management.  The Company
is a fund manager of alternative assets in its core asset
classes, which include aviation, rail, shipping, infrastructure,
property, private equity and financial assets.  Its primary
focus is on commercial property, predominately completed office
buildings and select development opportunities.  It also
purchases new and existing commercial passenger and cargo
aircraft for lease to commercial airlines.  In March 2007, Allco
HIT Limited acquired Momentum Investment Finance Pty Limited,
Allco Financial Services and International Mezzanine Funds
Management (Australia) Limited.  The Company is a vendor of
Momentum Investment Finance Pty Limited and Allco Financial
Services.  In July 2007, it acquired Allco Equity Partners Ltd.  
In December 2007, it completed the acquisition of the remaining
79.6% stake of Rubicon Holdings (Aust) Limited.


AUSTRALIAN-PACIFIC: Members & Creditors Meeting on Feb. 29
----------------------------------------------------------
Australian-Pacific Building Company Pty. Ltd. will hold a
general meeting for its members and creditors at 9:45 a.m. on
Feb. 29, 2008.  During the meeting, the company's liquidator,
G. S. Andrews, at G. S. Andrews & Associates, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton, Victoria 3053
          Australia
          Telephone:(03) 9662 2666

                 About Australian-Pacific

Australian-Pacific Building Company Pty Ltd is operates non-
classifiable establishments.  The company is located at
Footscray, in Victoria, Australia.


BANNATYNE PTY: Members to Receive Wind-Up Report on March 19
------------------------------------------------------------
Richard Judson, Bannatyne Pty. Ltd.'s appointed estate
liquidator, will meet with the company's members on
March 19, 2008, to provide them with property disposal and
winding-up reports.

The company will also declare dividend on March 12, 2008.
Creditors are required to file their proofs of debt by that day
to be included in the company's dividend distribution.

According to the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on Oct. 31, 2007.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham, Victoria 3192
          Australia

                    About Bannatyne Pty.

Bannatyne Pty. Ltd., which is also trading as Modern Office
Concepts, is a distributor of office equipments.  The company is
located at Southport, in Queensland, Australia.


CENTRO PROPERTIES: AU$458-Mil. St. George Bank Loan Due Apr. 30
---------------------------------------------------------------    
Stuart Kelly of Bloomberg News reports that St. George Bank Ltd.
loaned AU$581 million (US$533 million) to three Australian
companies struggling to repay obligation, including AU$458
million to Centro Properties Group.  

Centro Properties faces an April 30 deadline to refinance AU$4.9
billion of debt, Bloomberg notes.

Most of the loans are secured and are likely to be recovered,
St. George Bank said in a statement.  The three borrowers --
Centro Properties, Allco Finance Group Ltd. and MFS Ltd. -- have
lost most of their market value and two have suspended their
shares, Mr. Kelly says.

St. George Bank, Australia's fifth largest, said it has no
investments in U.S. subprime mortgages and repeated a forecast
for profit to increase 10% this year, Bloomberg says.

                   About St. George Bank

St. George Bank Limited is an Australia-based banking company.
The company operates in four business segments: Retail Bank,
Institutional and Business Banking, BankSA and Wealth
Management.  RB is responsible for residential and consumer
lending, provision of personal financial services including
transaction services, call and term deposits, small business
banking and financial planners.

                  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.


EMERALD HILL: Placed Under Voluntary Liquidation
------------------------------------------------
Emerald Hill Timber Building Supplies Pty. Ltd.'s sole member
agreed on January 15, 2008, to voluntarily liquidate the
company's business.  In line with this goal, the company has
appointed Craig Crosbie and Daniel Bryant at PPB to facilitate
the sale of its assets.

The liquidators can be reached at:

          Craig Crosbie
          Daniel Bryant
          PPB Chartered Accountants
          90 Collins Street, Level 10
          Melbourne, Victoria
          Australia

                    About Emerald Hill

Emerald Hill Timber Building Supplies Pty. Ltd. is a dealer of
lumber and other building materials.  The company is located at
Port Melbourne, in Victoria, Australia.


JAMES F. GARRETT: Final Meeting Slated for March 5
--------------------------------------------------
James F. Garrett Pty Ltd will hold a final meeting for its
members and creditors at 9:15 a.m. on March 5, 2008.  During the
meeting, the company's liquidator, Peter Goodin at Brooke Bird
Insolvency Practitioners, will provide the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          Peter Goodin
          Brooke Bird Insolvency Practitioners
          471 Riversdale Road
          East Hawthorn, Victoria 3123
          Australia
          Telephone:(03) 9882 6666

                   About James F. Garrett

James F. Garrett Pty Ltd, which is also trading as Pascoe Vale
Dental Group, operates offices and clinics of dentists.  The
company is located at Pascoe Vale, in Victoria, Australia.


JURCEVIC OFFICE: Liquidator to Present Wind-Up Report on Feb. 29
----------------------------------------------------------------
Jurcevic Office Interiors Pty Ltd will hold a general meeting
for its members and creditors at 9:15 a.m. on Feb. 29, 2008.  
During the meeting, the company's liquidator, G. S. Andrews at
G S Andrews & Associates, will provide the attendees with
property disposal and winding-up reports.

In a report by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on December 1, 2006.

The liquidator can be reached at:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton, Victoria 3053
          Australia
          Telephone:(03) 9662 2666
          Facsimile:(03) 9662 9544

                   About Jurcevic Office

Jurcevic Office Interiors Pty Ltd, which is also trading as
Jurcevic Office Interiors, is a distributor of wood partitions
and fixtures.  The company is located at Campbellfield, in
Victoria, Australia.


KAGARA LIMITED: 1H Profit Drops 8% Due to Lower Metal Prices
------------------------------------------------------------
Kagara Ltd.'s first-half profit fell 8% because of lower metal
prices, Bloomberg News reports.

According to the report, citing a company statement to the the
Australian Stock Exchange, the company's net income was
AU$35.9 million, or 16.18 cents a share, in the six months ended
Dec. 31, from AU$38.9 million, or 17.48 cents a share, a year
earlier.

Executive Chairman Kim Robinson was quoted by the news agency as
saying, "We saw a 30 percent reduction in the realized zinc
price during the half.  The continue diversification of our
production, with copper currently the main driver of our
earnings growth, provided a solid buffer against adverse
commodity price movements."

Madelene Pearson of Bloomberg writes that the company's Jan. 23
pretax earnings fell 12% to AU$51 million in the half, from
AU$58 million a year earlier.

                    About Kagara Limited

Headquartered in West Perth, Australia, Kagara Ltd, formerly
Kagara Zinc Limited -- http://www.kagara.com.au/-- is primarily  
engaged in mineral exploration, development and mineral
production.  During the fiscal year ended June 30, 2006 (fiscal
2006), the company carried out mining activities from the Mt
Garnet Zinc plant.  On January 20, 2006, the Company acquired
Kagara Copper Pty Ltd.

The Troubled Company Reporter - Asia Pacific, on Feb. 20, 2007,
listed Kagara Zinc's bond with a 9.750% coupon and a May 6, 2007
maturity date as distressed.


LOCKSLEY MANOR: Liquidator to Present Wind-Up Report on Feb. 29
---------------------------------------------------------------
Locksley Manor Pty. Ltd. will hold a general meeting for its
members and creditors at 11:30 a.m. on Feb. 29, 2008.  During
the meeting, the company's liquidator, G. S. Andrews at G S
Andrews & Associates, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton, Victoria 3053
          Australia
          Telephone:(03) 9662 2666

                   About Locksley Manor

Located at Blackburn, in Victoria, Australia, Locksley Manor Pty
Ltd is an investor relation company.


MILL PARK: Members' & Creditors' Meeting Set for February 29
------------------------------------------------------------
Mill Park Construction & Maintenance Pty Ltd will hold a general
meeting for its members and creditors at 10:45 a.m. on
Feb. 29, 2008.  During the meeting, the company's liquidator, G.
S. Andrews at G S Andrews & Associates, will provide the
attendees with property disposal and winding-up reports.

In a report by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on August 22, 2007.

The liquidator can be reached at:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton, Victoria 3053
          Australia
          Telephone:(03) 9662 2666

                      About Mill Park

Located at Braybrook, in Victoria, Australia, Mill Park
Construction & Maintenance Pty Ltd is an investor relation
company.


SHARPER IMAGE: Files for Chapter 11 in Delaware
-----------------------------------------------
Sharper Image Corporation (NASDAQ:SHRP) announced that it had
commenced a case under Chapter 11 of the Bankruptcy Code in the
United States Bankruptcy Court for the District of Delaware.  
The Company intends to continue to conduct business as usual
while it devotes renewed efforts to resolve its operational and
liquidity problems and develops a reorganization plan.

                    About Sharper Image

The Sharper Image is a specialty retailer that is nationally
and internationally renowned as a leading source of new,
innovative, high-quality products that make life better and more
enjoyable. The Company's principal selling channels include 184
Sharper Image specialty stores throughout the United States; the
award-winning Sharper Image monthly catalog; and its primary Web
site, http://www.sharperimage.com The company has operations in  
Australia.

The Company also has business-to-business sales teams for
marketing its exclusive and proprietary products for corporate
incentive and reward programs and wholesale to selected U.S. and
international retailers.


SHARPER IMAGE: Case Summary & 20 Largest Unsec. Creditors
---------------------------------------------------------
Debtor: Sharper Image Corp.
        350 The Embarcadero, 6th Floor
        San Francisco, CA 94105

Bankruptcy Case No.: 08-10322

Chapter 11 Petition Date: February 19, 2008

Bankruptcy Court: The United States Bankruptcy Court
                  District of Delaware (Delaware)

Bankruptcy Judge: The Honorable Kevin Gross

Debtor's
Bankruptcy
Counsel:         Steven K. Kortanek, Esq.
                  Womble, Carlyle, Sandridge & Rice, P.L.L.C.
                  222 Delaware Avenue, Suite 1501
                  Wilmington, DE 19801
                  Tel: (302) 252-4363
                  Fax: (302) 661-7728

Debtor's
Counsel:          Weil, Gotshal & Manges LLP

Debtor's
Restructuring
Consultant:       Conway Del Genio Gries & Co., LLC

Debtor's
Claims Agent:     Kurtzman Carson Consultants LLC

          List Of 20 Largest Unsecured Creditors
               (all figures in US$)


   Entity                      Nature of Claim    Claim Amount
   ------                      ---------------    ------------
   United Parcel Service        trade debt          $6,654,431
   Attention: Amy Burwell
   P.O. Box 660586
   Dallas, TX 75266-0586
   Tel: (214) 323-7408
   Fax: (214) 323-7400

   Quebecor World (U.S.A.),     trade debt          $3,636,484
   Inc.
   Attention: Larry Rigby
   3700 Northwest 12th Street
   Lincoln, NE 68521
   Tel: (402) 474-5824
   Fax: (402) 474-5830

   Tom Tom, Inc.                trade debt          $2,075,439
   Attention: Kim Jackson
   1915 Paysphere Circle
   Chicago, IL 60674
   Tel: (609) 865-9874
   Fax: (215) 563-2257

   Garmin International, Inc.   trade debt          $2,070,133
   Attention: Doug Jones
   P.O. Box 842603
   Kansas City, MO 64184-2603
   Tel: (913) 397-8200
   Fax: (913) 397-8282

   Novus Print Media, Inc.      trade debt          $1,738,481
   Attention: Accounts Payable
   S.D.S. 12-0664
   P.O. Box 86
   Minneapolis, MN 55486-0664
   Tel: (763) 476-7700
   Fax: (763) 476-7701

   N.E.W.                       trade debt          $1,669,471
   Attention: David Brosserman
   22660 Executive Drive,
   Suite 122
   Sterling, VA 20166
   Tel: (800) 942-8763

   Interactive Health           trade debt            $965,950
   Attention: Craig Womack
   330 Walnut Avenue
   Long Beach, CA 90807
   Tel: (562) 733-7349
   Fax: (562) 426-7127

   Philips Consumer             trade debt            $913,399
   Electronics
   Attention: Rich Sargente
   P.O. Box 846161
   Department 1B 2234353
   Dallas, TX 75284-6161
   Tel: (951) 943-4035
   Fax: (951) 943-7056

   SkyMall, Inc.                trade debt            $840,000
   Attention: Sophea Mathus
   P.O. Box 52854
   Phoenix, AZ 85072-2854
   Tel: (602) 254-9777
   Fax: (602) 528-3293

   Thelen, Reid, Rown,          professional          $734,276
   Raysman & Steiner, L.L.P.    services
   Attention: David Aronoff
   File 72947
   P.O. Box 60000
   San Francisco, CA 94160-2947
   Tel: (213) 576-8000
   Fax: (213) 576-8080

   I.O.N. Audio                 trade debt            $701,819
   Attention: Dale Sprock
   200 Scenic View Drive,
   Suite 201
   Cumberland, RI 02864
   Tel: (650) 572-2335
   Fax: (650) 572-2377

   Google, Inc.                 trade debt            $663,197
   Attention: Chantal Walton
   Department 33654
   P.O. Box 39000
   San Francisco, CA 94139
   Tel: (650) 214-2667
   Fax: (650) 253-8616

   Panasonic Consumer           trade debt            $614,552
   Electronics
   Attention: Jennifer Makoul
   1 Panasonic Way 4A-7
   Secaucus, NJ 07094
   Tel: (201) 271-3314
   Fax: (201) 392-6979

   X.P.E.D.X.                   trade debt            $588,522
   Attention: Michael Jacobson
   File 050201
   Los Angeles, CA 90074-0201
   Tel: (630) 480-8406

   UGobe, Inc.                  trade debt            $537,636
   Attention: Martin Hitch
   5900 Hollis Street, Suite V
   Emeryville, CA 94608
   Tel: (510) 665-0515, 21
        (extension)
   Fax: (510) 655-0519

   T.A.O. Music, Inc.           trade debt            $537,636
   Attention: Ling Tao Wang
   1215 Chrysler Drive
   Menlo Park, CA 94025
   Tel: (650) 326-5000
   Fax: (650) 326-5828

   Aliph                        trade debt            $534,025
   Attention: Johnathan Harris
   150 Executive Park Boulevard,
   Suite 4550
   San Francisco, CA 94134
   Tel: (415) 657-9757
   Fax: (415) 657-3172

   Eperformax Centers, Inc.     trade debt            $527,241
   Attention: Andre Jaeckle
   8001 Centerview Parkway,
   Suite 300
   Cordova, IN 38018
   Tel: (901) 751-4800
   Fax: (901) 751-4900

   C.C.L. Product               trade debt            $522,001
   Attention: Kim Lam
   Flat A4, 4th Floor Block A
   Tseun Wan, Hong Kong
   Tel: (011) (852) 2432-7191
   Fax: (011) (852) 2433-1608

   Linkshare                    trade debt            $517,430
   Attention: Michael Maciaszek
   P.O. Box 30772
   New York, NY 10087-0772
   Tel: (646) 454-6000
   Fax: (646) 602-0160


SOUTHBANK MARKETING: Members & Creditors to Meet on Feb. 29
-----------------------------------------------------------
Southbank Marketing Pty. Ltd. will hold a general meeting for
its members and creditors at 10:00 a.m. on Feb. 29, 2008.  
During the meeting, the company's liquidator, G. S. Andrews at G
S Andrews & Associates, will provide the attendees with property
disposal and winding-up reports.

According to the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on Feb. 16, 2007.

The liquidator can be reached at:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton, Victoria 3053
          Australia
          Telephone:(03) 9662 2666

                  About Southbank Marketing

Southbank Marketing Pty Ltd is a distributor of electrical
apparatus and equipments.  The company is located at South
Melbourne, in Victoria, Australia.


SYMBION HEALTH: Primary Health's Offer Extended to March 11
-----------------------------------------------------------
Primary Health Care Limited has again extended its AU$4.10 cash
a share offer for rival Symbion Health Limited, to
March 11, 2008, Niraj Shah at Egoli.com reports.  The offer of
Primary Health, which currently holds 80.3% of Symbion stock,
was due to close Feb. 21.

Symbion has recommended Primary's offer, which was initially
made in Nov. 2007, Egoli.com notes.

Dr. Edmund Bateman, Primary Health's managing director, told
Egoli.com that he was pleased with the support his company's
AU$4.10 per share offer had received from Symbion shareholders.

"We believe this highlights the attractiveness of Primary's
offer and we encourage all remaining Symbion shareholders to
accept Primary's unconditional Offer," Mr. Bateman said.

Symbion shareholders who do not accept Primary Health's Offer
would become minority shareholders unless Primary Health becomes
entitled to proceed to compulsory acquisition of all outstanding
Symbion shares, Primary Health related to Egoli.com.

                    About Primary Health

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

                    About Symbion Health

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

                        *     *     *

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

WHITE MULE: Members' & Creditors' Meeting Slated for Feb. 29
------------------------------------------------------------
White Mule International Pty Ltd will hold a general meeting for
its members and creditors at 12:45 a.m. on Feb. 29, 2008.  
During the meeting, the company's liquidator, G. S. Andrews at G
S Andrews & Associates, will provide the attendees with property
disposal and winding-up reports.

The company commenced liquidation proceedings on June 26, 2007.

The liquidator can be reached at:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton, Victoria 3053
          Australia
          Telephone:(03) 9662 2666

                     About White Mule

White Mule International Pty. Ltd. is a distributor of durable
goods.  The company is located at Adelaide, in South Australia,
Australia.


ZARCOT PTY: Members to Hear Wind-Up Report on March 19
------------------------------------------------------
Richard Judson, Zarcot Pty. Ltd.'s appointed estate liquidator,
will meet with the company's members on March 19, 2008, to
provide them with property disposal and winding-up reports.

The company will also declare dividend on March 12, 2008.
Creditors are required to file their proofs of debt by that day
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 31, 2007,
according to the Troubled Company Reporter-Asia Pacific.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham, Victoria 3192
          Australia

                      About Zarcot Pty.

Zarcot Pty. Ltd. is involved with real estate agents and
managers.  The company is located at Port Macquarie, in New
South Wales, Australia.




===================
B A N G L A D E S H
===================


AGRANI BANK: Fitch Affirms E Individual Rating
----------------------------------------------
Fitch Ratings has affirmed the Individual and Support ratings of
Bangladesh's Sonali Bank, Janata Bank Agrani Bank and Rupali
Bank at 'E' and '5', respectively.

The ratings of these government-owned banks, with a significant
outreach and market share in Bangladesh, continue to be at the
lowest-end of the scale due to their negative capitalisation,
poor profitability and the sovereign's fiscal weakness, which
makes support unreliable.

Given the structural problems pertaining to governance,
management and the lack of capital, all four banks showed
negligible growth in 2006 thereby losing market share to private
banks.  Fitch expects this deterioration of market share to
continue unless a clear roadmap for strengthening capital and
resolving legacy NPLs emerges.  The stated intent of the earlier
government to privatise these banks under a program supported by
multilateral agencies has been put on hold after the highest
bidder for RB, the only bank for which bids were called, slashed
its earlier offer quite significantly.  AB has however seen a
positive move with the appointment of a new senior management
(including the CEO) by PricewaterhouseCoopers under a scheme
sponsored by major multilateral institutions.

The net interest margin for SB, RB and JB declined further as
they were unable to pass on higher funding costs in a rising
interest rate environment.  AB, however, showed some improvement
in profitability under its new management by moving into higher
margin segments and by increasing its low cost deposit base.  
Fitch however expects profitability to remain depressed in the
medium term given the continued use of these banks as
instruments-of-state- policy in an environment that is becoming
increasingly challenging given the recent political and economic
turmoil, coupled with the increase in competition from the
private sector.

While NPLs have come down since the early 2000s, they remain
high as collateral erosion of legacy NPLs has impeded recoveries
and write-offs have not been possible due to a lack of capital.  
Recent events like floods, labour problems in the garment
industry, continued government-directed lending (more than 50%
of portfolios) have led to an upswing in NPLs in 2007.  This
trend could continue in the financial year 2008 as the country
grapples with these problems.

Either majority-owned or fully-owned by the government, which
retains management control, these banks have an extensive
outreach to the remotest parts of Bangladesh and provide
commercial banking services.  SB is the largest bank in the
country; JB is the second-largest while AB is the fourth-
largest.  As the largest bank in Bangladesh (about 15% of system
deposits), SB acts as a clearing house outside Dhaka and
Chittagong and balances with it carry zero risk-weight for
capital adequacy purposes.  JB has a strong franchise in trade
finance while AB and RB are focused mostly on the Dhaka region.  


JANATA BANK: Fitch Affirms E Individual Rating
----------------------------------------------
Fitch Ratings has affirmed the Individual and Support ratings of
Bangladesh's Sonali Bank, Janata Bank Agrani Bank and Rupali
Bank at 'E' and '5', respectively.

The ratings of these government-owned banks, with a significant
outreach and market share in Bangladesh, continue to be at the
lowest-end of the scale due to their negative capitalisation,
poor profitability and the sovereign's fiscal weakness, which
makes support unreliable.

Given the structural problems pertaining to governance,
management and the lack of capital, all four banks showed
negligible growth in 2006 thereby losing market share to private
banks.  Fitch expects this deterioration of market share to
continue unless a clear roadmap for strengthening capital and
resolving legacy NPLs emerges.  The stated intent of the earlier
government to privatise these banks under a program supported by
multilateral agencies has been put on hold after the highest
bidder for RB, the only bank for which bids were called, slashed
its earlier offer quite significantly.  AB has however seen a
positive move with the appointment of a new senior management
(including the CEO) by PricewaterhouseCoopers under a scheme
sponsored by major multilateral institutions.

The net interest margin for SB, RB and JB declined further as
they were unable to pass on higher funding costs in a rising
interest rate environment.  AB, however, showed some improvement
in profitability under its new management by moving into higher
margin segments and by increasing its low cost deposit base.  
Fitch however expects profitability to remain depressed in the
medium term given the continued use of these banks as
instruments-of-state- policy in an environment that is becoming
increasingly challenging given the recent political and economic
turmoil, coupled with the increase in competition from the
private sector.

While NPLs have come down since the early 2000s, they remain
high as collateral erosion of legacy NPLs has impeded recoveries
and write-offs have not been possible due to a lack of capital.  
Recent events like floods, labour problems in the garment
industry, continued government-directed lending (more than 50%
of portfolios) have led to an upswing in NPLs in 2007.  This
trend could continue in the financial year 2008 as the country
grapples with these problems.

Either majority-owned or fully-owned by the government, which
retains management control, these banks have an extensive
outreach to the remotest parts of Bangladesh and provide
commercial banking services.  SB is the largest bank in the
country; JB is the second-largest while AB is the fourth-
largest.  As the largest bank in Bangladesh (about 15% of system
deposits), SB acts as a clearing house outside Dhaka and
Chittagong and balances with it carry zero risk-weight for
capital adequacy purposes.  JB has a strong franchise in trade
finance while AB and RB are focused mostly on the Dhaka region.


RUPALI BANK: Fitch Affirms E Individual Rating
----------------------------------------------
Fitch Ratings has affirmed the Individual and Support ratings of
Bangladesh's Sonali Bank, Janata Bank Agrani Bank and Rupali
Bank at 'E' and '5', respectively.

The ratings of these government-owned banks, with a significant
outreach and market share in Bangladesh, continue to be at the
lowest-end of the scale due to their negative capitalisation,
poor profitability and the sovereign's fiscal weakness, which
makes support unreliable.

Given the structural problems pertaining to governance,
management and the lack of capital, all four banks showed
negligible growth in 2006 thereby losing market share to private
banks.  Fitch expects this deterioration of market share to
continue unless a clear roadmap for strengthening capital and
resolving legacy NPLs emerges.  The stated intent of the earlier
government to privatise these banks under a program supported by
multilateral agencies has been put on hold after the highest
bidder for RB, the only bank for which bids were called, slashed
its earlier offer quite significantly.  AB has however seen a
positive move with the appointment of a new senior management
(including the CEO) by PricewaterhouseCoopers under a scheme
sponsored by major multilateral institutions.

The net interest margin for SB, RB and JB declined further as
they were unable to pass on higher funding costs in a rising
interest rate environment.  AB, however, showed some improvement
in profitability under its new management by moving into higher
margin segments and by increasing its low cost deposit base.  
Fitch however expects profitability to remain depressed in the
medium term given the continued use of these banks as
instruments-of-state- policy in an environment that is becoming
increasingly challenging given the recent political and economic
turmoil, coupled with the increase in competition from the
private sector.

While NPLs have come down since the early 2000s, they remain
high as collateral erosion of legacy NPLs has impeded recoveries
and write-offs have not been possible due to a lack of capital.  
Recent events like floods, labour problems in the garment
industry, continued government-directed lending (more than 50%
of portfolios) have led to an upswing in NPLs in 2007.  This
trend could continue in the financial year 2008 as the country
grapples with these problems.

Either majority-owned or fully-owned by the government, which
retains management control, these banks have an extensive
outreach to the remotest parts of Bangladesh and provide
commercial banking services.  SB is the largest bank in the
country; JB is the second-largest while AB is the fourth-
largest.  As the largest bank in Bangladesh (about 15% of system
deposits), SB acts as a clearing house outside Dhaka and
Chittagong and balances with it carry zero risk-weight for
capital adequacy purposes.  JB has a strong franchise in trade
finance while AB and RB are focused mostly on the Dhaka region.    


SONALI BANK: Fitch Affirms E Individual Rating
----------------------------------------------
Fitch Ratings has  affirmed the Individual and Support ratings
of Bangladesh's Sonali Bank, Janata Bank Agrani Bank and Rupali
Bank at 'E' and '5', respectively.

The ratings of these government-owned banks, with a significant
outreach and market share in Bangladesh, continue to be at the
lowest-end of the scale due to their negative capitalisation,
poor profitability and the sovereign's fiscal weakness, which
makes support unreliable.

Given the structural problems pertaining to governance,
management and the lack of capital, all four banks showed
negligible growth in 2006 thereby losing market share to private
banks.  Fitch expects this deterioration of market share to
continue unless a clear roadmap for strengthening capital and
resolving legacy NPLs emerges.  The stated intent of the earlier
government to privatise these banks under a program supported by
multilateral agencies has been put on hold after the highest
bidder for RB, the only bank for which bids were called, slashed
its earlier offer quite significantly.  AB has however seen a
positive move with the appointment of a new senior management
(including the CEO) by PricewaterhouseCoopers under a scheme
sponsored by major multilateral institutions.

The net interest margin for SB, RB and JB declined further as
they were unable to pass on higher funding costs in a rising
interest rate environment.  AB, however, showed some improvement
in profitability under its new management by moving into higher
margin segments and by increasing its low cost deposit base.  
Fitch however expects profitability to remain depressed in the
medium term given the continued use of these banks as
instruments-of-state- policy in an environment that is becoming
increasingly challenging given the recent political and economic
turmoil, coupled with the increase in competition from the
private sector.

While NPLs have come down since the early 2000s, they remain
high as collateral erosion of legacy NPLs has impeded recoveries
and write-offs have not been possible due to a lack of capital.  
Recent events like floods, labour problems in the garment
industry, continued government-directed lending (more than 50%
of portfolios) have led to an upswing in NPLs in 2007.  This
trend could continue in the financial year 2008 as the country
grapples with these problems.

Either majority-owned or fully-owned by the government, which
retains management control, these banks have an extensive
outreach to the remotest parts of Bangladesh and provide
commercial banking services.  SB is the largest bank in the
country; JB is the second-largest while AB is the fourth-
largest.  As the largest bank in Bangladesh (about 15% of system
deposits), SB acts as a clearing house outside Dhaka and
Chittagong and balances with it carry zero risk-weight for
capital adequacy purposes.  JB has a strong franchise in trade
finance while AB and RB are focused mostly on the Dhaka region.  




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


ICBC: Extends CNY16.9 Bln in Loans for Winter Disaster Recovery
---------------------------------------------------------------
The Industrial and Commercial Bank of China has lent CNY16.94
billion over the past months to support programs aimed at
helping areas severely affected by snow, People's Daily Online
says.

People's Daily relates that Of the total loaned amount, CNY4.7
billion was used for power grid restoration and operation,
CNY3.45 billion for fuel oil supplies, CNY2.16 billion for
highway maintenance, CNY1.5 billion for coal purchases by
electricity generating enterprises, CNY1.14 billion for
electricity generation, and CNY1.56 billion for coal production.

The extreme cold in China has affected 24.4 million hectares of
farmland.  It also resulted to the collapse of 354,000 houses
and left 107 people dead, the same paper adds.

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn/-- is the largest state-owned commercial     
bank, and is authorized by the State Council and the People's
Bank of China.  ICBC conducts operations across China as well as
in major international financial centers.

On Sept. 18, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings affirmed ICBC's Individual D/E
rating.

Moody's Investors Service upgraded on December 6, 2006, to D-
from E+ the Bank Financial Strength Rating for Industrial and
Commercial Bank of China.  The D- BFSR has a stable outlook.  
The upgrade concludes a review of ICBC's BFSR started on
Aug. 9, 2006.


SHANGHAI PUDONG: Confirms Plan to Issue New Shares
--------------------------------------------------
Shanghai Pudong Development Bank Co. has confirmed reports that
it plans to issue additional shares in order to raise capital,
according to local news.

In a statement to the Shanghai Stock Exchange, the bank said
that details and terms of the planned sale would be disclosed
after a meeting of its board of directors, Xinhua relates.  The
board meeting date was not disclosed.

The company's shareholders will later meet in March to discuss
approval of the transaction.  

According to the People's Daily Online, "capital adequacy ratio
in the Chinese partner of Citibank fell to 8.4 percent, near the
required minimum level of eight percent, by the end of the third
quarter last year after rapid business expansion."

Analysts told Xinhua that it's reasonable to expect a CNY20
billion share sale.  As previously reported, talks about the
sale caused the bank's shares to fall by 10% on Wednesday's
trading.  

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.


SHANGHAI PUDONG: Hits Two-Day Slump Record
------------------------------------------
Shanghai Pudong Development Bank Co. posted its biggest two-day
drop since Nov. 1999 as it slumped 6% to close Feb. 21, 2008, at
CNY43.23 in Shanghai, Bloomberg News reports.  The bank has
declined by 10% maximum the previous day after confirming its
plans to sell shares.

The bank plans to sell one billion new shares to the public, for
CNY42 billion (US$5.9 billion) at the current price, fund
managers including Fan Dizhao at Guotai Asset Management Co.
told Bloomberg.

"Domestic investors have been wary of large offerings in current
market conditions," Samuel Chen, a Hong Kong-based analyst at
JPMorgan Chase & Co., wrote in a note to clients, the same
report relates.  While the bank needs capital, selling one
billion shares would be "excessive, given the lack of good,
major M&A opportunities."

The potential offering would dilute earnings per share by 5% in
2008 and 11% in 2009, Mr. Chen estimated.

Pudong Bank may cut the size of the new share offering by as
much as 25% after a larger-than-expected market reaction
yesterday, Reuters reported, as cited by Bloomberg.


SHINGINKO TOKYO: Sees JPY40 Billion Investment Coming
-----------------------------------------------------
The Tokyo Metropolitan Government plans to invest an additional
JPY40 billion in taxpayer money into ShinGinko Tokyo Ltd., after
the ailing bank agreed to streamline its operations, The Asahi
Shimbun reports.

ShinGinko Tokyo will consolidate its six branches into one and
slash its payroll of about 450 employees to about 120, Asahi
Shimbun says, citing sources.  The proposal to inject ShinGinko
Tokyo with JPY40 billion is part of the fiscal 2008
supplementary budget submitted to the metropolitan assembly.

ShinGinko Tokyo was set up, under Governor Shintaro Ishihara's
initiative in 2005, to offer loans to small and mid-size
enterprises without collateral or guarantee, Asahi Shimbun
recalls.  But the bank's accumulated losses soared to JPY93.6
billion by the end of September 2007, due to irrecoverable
loans.

ShinGinko Tokyo's non-performing loans account for 11% of its
total lending, a ratio far higher than the 2.5% nationwide
average among banks, Japan Times says.  Shinginko Tokyo CEO
Ryuichi Tsushima, a former Metropolitan Government official who
took over the post in November, blamed former executives for the
bank's woes.

"According to our internal investigation, there was an
atmosphere (within the bank) of tolerating defaults," Mr.
Tsushima told Tokyo Times.  "It has become clear that they were
running the bank in a thoughtless manner."

As previously reported, the bank reported that it incurred an
after-tax loss of about JPY8.7 billion in the first fiscal half
ended Sept. 30, 2007, racking up JPY93.6 billion of accumulated
deficits, various reports say.  The losses are equivalent to
nearly 80% of the JPY118.7 billion start-up capital of the bank,
which focuses on lending to small and mid-size companies.




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


EMCO LTD: To Enter Into Manufacturing JV with Edison Power
----------------------------------------------------------
Emco Ltd. has entered into a Memorandum of Understanding for
joint venture partnership with a South Africa-based company,
Edison Power (Pty.) Ltd. for manufacturing transformers in South
Africa and marketing the transformers in the African Region.

The joint venture is to be named "EMCO-EDISON Transformers
Africa (Pty.) Ltd."  EMCO has 51% cent equity participation,
with Edison holding the balance 49% in the JV.

Rajesh Jain, Chairman EMCO Ltd., said, "In line with our growth
strategy, we are aggressively planning to establish our overseas
presence by setting up manufacturing and marketing units outside
India and this JV is one of the steps towards achieving our
Goal.  We are aiming to achieve 30% of our turnover from
Exports.  Edison Group of Companies has ample resources and vast
experience in handling all type of electrical installation
Projects in Substation & Transmission sector.  Partnership with
Edison Corporation perfect synergetic alliance and both of us
are poised to gain from Power sector boom in the region".

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com-- offers transmission and distribution
solutions within the power sector in India.

Emco's senior unsecured debt carries Credit Analysis and
Research Limited's BB rating, effective May 23, 2007.


HDFC BANK: S&P Assigns'BB' Upper Tier II & Tier I Notes Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned these ratings to
HDFC Bank's proposed debt issues under the US$1 billion medium-
term notes (MTN) program:

   -- 'BBB-' rating to the senior unsecured notes to be issued;
   -- 'BB+' rating to the lower Tier II subordinated notes to be
       issued; and
   -- 'BB' rating to the upper Tier II subordinated and hybrid
       Tier I notes to be issued.

The lower Tier II subordinated notes will have a minimum
maturity of five years, or 63 months (if issued between Jan. 1
and March 31 of any year), and the upper Tier II subordinated
notes will have a minimum maturity of 15 years.  The hybrid Tier
I notes are perpetual and have no maturity.

The senior notes will constitute direct, unconditional,
unsecured, and unsubordinated obligations of the bank, and will
at all times rank pari passu and without any preference among
themselves and equally with all other unsecured obligations.  
The lower Tier II and upper Tier II subordinated notes
will constitute unsecured and subordinated obligations of the
bank, and rank pari passu with all subordinated debt issued in
future.  HDFC Bank's payment obligation toward the hybrid Tier I
notes would be junior to the claims of senior and subordinated
debt holders, excluding share holders (preference and equity).

The rating differential between the senior unsecured notes and
the lower Tier II subordinated notes reflects the latter's
subordinated nature.  The 'BB' rating on the upper Tier II
subordinated notes and hybrid Tier I notes reflects an interest
deferral option on these notes.

This interest deferral feature is linked to the compliance of
the regulatory capital adequacy ratio (RCAR) and a profit test,
which in turn is linked to the "balance in the profit and loss
(P&L) account," a component of the reserves and surplus on the
bank's balance sheet.  A "net loss" is defined as a negative
balance in this account.  If the bank's RCAR is below the
minimum regulatory requirement stipulated by the Reserve Bank of
India (RBI), it would be mandatory to skip interest payments. As
of March 31, 2007, HDFC Bank's RCAR stood at 13.8%, compared
with the minimum regulatory requirement of 9%.  If the bank is
in compliance with the RCAR but reports a "net loss," the bank
will require the regulator's (RBI) permission before the bank
can make interest payments on the notes.  As at March 31, 2007,
the balance in P&L account stood at Indian rupees 19.3 billion.

For investment grade issuers, Standard & Poor's recognizes
equity capital credit in the bank's adjusted total equity for
hybrid capital instruments that have maturity of at least 20
years.  Hence, Standard & Poor's will recognize equity capital
credit of up to 33% of the bank's adjusted common equity for
the proposed hybrid Tier I notes.  For upper Tier II subordinate
notes, no capital credit will be recognized.

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers      
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.


QUEBECOR WORLD: Franklin Resources Holds 1,105 Voting Shares
------------------------------------------------------------
Franklin Resources, Inc., Charles Johnson, Rupert Johnson, Jr.,
and Franklin Templeton Investments Corp. disclose, in a
regulatory filing with the U.S. Securities and Exchange
Commission, that they may be deemed to beneficially own 1,105
shares of Quebecor World Inc.'s subordinate voting shares.

According to Maria Gray, secretary of Franklin Resources, Inc.,
Charles B. Johnson and Rupert H. Johnson, Jr., are the principal
stockholders of Franklin Resources, Inc., each owning in excess
of 10% of the outstanding common stock.  FRI and the Principal
Shareholders may be deemed to be the beneficial owners of
securities held by persons and entities for whom or for which
FRI subsidiaries provide investment management services, Ms.
Gray says.  FRI, the Principal Shareholders and each of the
Investment Management Subsidiaries disclaim any pecuniary
interest in any of the Securities.

                   About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides  
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which itoffers a mix of
printed products and related value-added services to the
Canadian market and internationally.

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

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

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

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

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 5; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

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


QUEBECOR WORLD: New Pact with Clients to Yield US$75MM Annually
---------------------------------------------------------------
Quebecor World Inc. said that during the last several weeks it
has signed new and renewed multi-year agreements with important
customers across all its major business groups.  The value of
these agreements is estimated at more than US$75,000,000
annually.  This includes major publishers, retailers and direct
marketers.

"These multi-year agreements clearly demonstrate that major
publishers, retailers, and direct marketing companies recognize
the value Quebecor World provides to their business," said
Jacques Mallette, President and CEO Quebecor World.  "We
appreciate the trust and commitment of our customers who
continue to renew existing agreements and reward us with new
work.  This is due to the strength of our platform and the
dedication of our employees across our network who consistently
provide our customers with top-quality products, on-time
delivery and exemplary customer service."

Quebecor World expects to make additional announcements in
the coming weeks with respect to new and renewed customer
agreements.  Today we are pleased to announce that Imagitas,
Inc., an innovative marketing services company recently agreed
to extend its partnership with Quebecor World.  "Imagitas is one
of America's most inventive direct marketing services
companies," said Kevin J. Clarke, President of the Quebecor
World Book and Directory Group.  "They chose to renew and extend
its agreement with Quebecor World because of our record of close
collaboration in new product development and because of our
consistent history of meeting critical delivery dates."

Hughes R. Bakewell, Jr., President, Direct Marketing Solutions
Division added, "We are pleased to be awarded this work by a
company that is a clear leader in its field and look forward
to building on our partnership in the years to come.  Our
relationship with Imagitas, Inc. exemplifies Quebecor World's
commitment to creating the highest value for our clients."

The Imagitas agreement covers products manufactured in Quebecor
World's Book and Direct Mail facilities.  Imagitas' total
contract and non-contract billings are valued at more than
US$50,000,000 from 2008 through 2010.

In our Magazine Division, Quebecor World has been awarded a
five-year agreement to print 100% of a nine-title portfolio of
magazines published by Stamats Business Media of Cedar Rapids,
Iowa.  The titles include Archi-Tech, Buildings, Interiors &
Sources and four regional editions of Meetings magazine.

In addition, Quebecor World received four new titles from F+W
Publications a consumer hobby and enthusiast magazine and book
publisher.  The new titles are Scuba Diving, Deer & Deer
Hunting, Turkey & Turkey Hunting, and Scrapbook Retailer and
will be produced in Quebecor World's Lebanon, OH, Midland, MI,
and St-Cloud, MN facilities.

In our U.S. Retail Insert and Catalog Division we have secured
long-term renewals and new work from five customers valued at
more than US$55,000,000 annually including Petco a leading
supplier of pet products with 850 stores in 49 states.

                   About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market      
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.

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

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

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

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

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 5; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

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


STATE BANK OF INDIA: Cuts Benchmark Prime Lending Rate to 12.25%
----------------------------------------------------------------
State Bank of India has decided to cuts its Benchmark Prime
Lending Rate, a filing with the Bombay Stock Exchange discloses.

Starting Feb. 27, 2008, SBAR is revised downwards by 25 basis
points from 12.50% p.a. to 12.25% p.a.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                        *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
USNZ$225 million Hybrid Tier I perpetual notes under its USNZ$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Primerating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.


TATA MOTORS: To Roll Out Nano in October, Managing Director Says
----------------------------------------------------------------
Reuters, citing Tata Motors Limited Managing Director Ravi Kant,
reported that the company will roll out in October this year the  
Nano, dubbed as the world's cheapest car at around INR1 lakh
(US$2,500).

Unveiled on Jan. 10, the four-door Nano boasts of a roomy
passenger compartment and fuel-efficient engine, among others.  
The media release for the January launching said the car will be
sold in India later this year.

"We are maintaining the schedule of car launch in the second
half of next fiscal," Reuters quoted Mr. Kant as saying.  "Plant  
equipment will arrive shortly."

Also citing Mr. Kant as source, a Business Line report said
trial production for the ultra-cheap car will start in June or
July.

                     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.


TATA MOTORS: Starts Selling Sumo Grande in Domestic Market
----------------------------------------------------------
Tata Motors Ltd. has commenced the sale of its latest passenger
vehicle offering, the Sumo Grande, in the domestic market.  Sumo
Grande, unveiled at the Auto Expo in January this year, will be
commercially available from dealerships located in metros and
select large cities from Feb. 22, 2008, and progressively across
the country in a phased manner.

The new Sumo Grande combines the looks of an SUV with the
comforts of a family car.  It has been specifically designed to
satisfy the needs of city customers in the areas of
driveability, maneuverability and fuel efficiency.  The Sumo
Grande sports an all new styling with clean chiselled looks
mating with flowing contours.  The tall aggressive stance is
complimented by large clear headlamps, and a cutaway air dam in
the front.  The clean rear look, with the spare wheel tucked
under the body, is accentuated by attractive taillights and a
chrome overlay.

Designed with a longer wheelbase of 2550 mm (existing 2400 mm),
the Sumo Grande sports comfortable 3 row seating with best in
class third row seats.  Beige interiors are complimented by fire
and stain resistant fabric upholstery.  Dual HVAC with roof
integrated louvers ensures personalised climate adjustment for
the occupants in each row.  Power steering, power windows,
motorised ORVMs, height adjustable driver's seat and a state of
the art CD/MP3 music system further add to the comforts and
convenience of a family traveling in the Sumo Grande.  The
vehicle is powered by the new generation 2.2 L direct injection
common rail engine, fitted with a variable geometry turbocharger
creating a perfect blend of performance and fuel efficiency.
Maximum power and torque of 120 PS and 250 Nm, coupled with high
torque levels over a wide RPM band enhance driveability in stop
start city traffic.  For a vehicle its size, the Sumo Grande is
extremely maneuverable with the turning circle radius of 5.25 m,
similar to a small car.

The Sumo Grande will be available in 3 variants -- Lx, Ex and Gx
-- all of which have two seating configurations, 6+1 and 7+1.
The vehicle will be available in 7 colours, including 4 new
shades, Sunset Orange, Zephyr Green, Mineral Red and Marine
Blue.  The Sumo Grande range is priced in the range of Rs.6.55
lakhs to INR7.49 lakh (ex-showroom, Delhi).  It comes with an
enhanced warranty of two years or 75000 km (whichever is
earlier).  An additional two years' warranty can be availed
through the extended warranty option.

                     About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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

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




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


BANK NIAGA: CIMB To Give Update on Niaga-Lippo Proposed Merger
--------------------------------------------------------------
CIMB Group will be making a report pertaining to its proposed
merger of PT Bank Niaga and Lippo Bank soon, The Edge Daily
reports.

As reported by the Troubled Company Reporter-Asia Pacific on  
Dec. 19, 2007, Khazanah Nasional is looking into the possibility
of merging Lippo Bank and Bank Niaga given the synergy involved,
and also to comply with Indonesia's single presence policy.

Under Bank Indonesia's single-presence policy, foreign parties
cannot own a controlling stake in more than one Indonesian bank
and must submit statements of compliance to this rule.

CIMB Group owns 64% of Bank Niaga, the report notes, while
Khazanah, holds 93% of Bank Lippo.  Khazanah owns 21.42% of
Bumiputera Commerce Holdings Bhd, the parent company of CIMB
Group, the report adds.

                     About Bank Niaga

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

                        *     *     *

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

   -- issuer/foreign currency subordinated debt of Ba3;

   -- global local currency deposit of Baa3;

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

   -- and bank financial strength of D.

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


BANK NEGARA: Aims 40% Increase in Housing Loans
-----------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk is aiming for a 40%
increase in housing loans, the largest contributor to its
consumer lending growth, The Jakarta Post reports.

Bank General Manager for Consumer Loans Diah Sulistianto told
the news agency that the target was based on estimated strong
demand for housing loans, in line with an expected robust
property industry.  

Mr. Sulistianto, the report relates, said the property industry
has grown rapidly creating a total need for housing credits of
around 400,000 units annually.  With the banking sector only
absorbing around 150,000 units for credit per year, the growth
for housing bank loans is big, he added.

According to the report, if the bank will achieve its target,
bank negara's housing loans would reach IDR6.9 trillion by the
end of the year, from IDR4.73 trillion booked throughout last
year.

Housing credits made up more than 36% of the bank's total
consumer loans last year, which stood at around IDR13 trillion,
from IDR10.2 trillion a year earlier, the report adds.

                    About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial   
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter-Asia Pacific
Troubled Company Reporter-Asia Pacific on Dec. 7, 2007, Fitch
Ratings has upgraded the National Long-term rating of PT Bank
Negara Indonesia to 'AA-(idn)' (AA minus (idn)) from 'A+ (idn)).
The Outlook is Stable.  This rating action resolves the Positive
Outlook that BNI's National rating was placed on in September
2007.   At the same time, Fitch has affirmed BNI's other
ratings, as follow:

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

   -- Short-term rating at 'B'

   -- Individual rating at 'D'

   -- Support rating at '4', and

   -- Support rating floor at 'B+'

Oct. 19, 2007, Moody's Investors Service raised PT Bank Negara
Indonesia (Persero) Tbk.'s foreign currency long-term debt
rating to Ba2 from Ba3 and foreign currency long-term deposit
rating to B1 from B2.

On April 20, 2007, Standard & Poor's Ratings Services raised
Bank Negara's long-term counterparty credit ratings to 'BB-'
from 'B+'.


EXCELCOMINDO: 2007 Net Profit More Than Doubles to IDR721 Bil.
--------------------------------------------------------------
PT Excelcomindo Pratama Tbk's 2007 net profit more than doubled
to IDR721 billion from IDR336 billion a year earlier, driven by
strong subscriber growth, various reports say.

According to Reuters, Excelcom's subscriber base rose 62% to
15.5 million, about 17% market share.

The company's revenue, the report notes, climbed 38% to
IDR8 trillion.  The annual net profit was higher than analysts'
forecasts for 610.9 billion rupiah compiled by Reuters
Estimates.

The increase in revenue was accompanied by a 37% increase in
earnings before interest, tax, depreciation and amortization to
IDR3.5 trillion, The Jakarta Post reports.

Excelcomindo, The Post recounts, changed its distribution
strategy in 2007, switching from the conventional direct
distribution to a hybrid method.  It followed this by lowering
tariffs, the report adds.

The Post relates that the company spent IDR7.1 trillion to
expand its coverage, and added 3,897 new base transceiver
stations (BTS) last year, giving it a total of 11,157 BTS and
reaching 90% of the population.

                 About Excelcomindo Pratama

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications  
services, leased lines and corporate services, which include
Internet Service Provider and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Jan. 29, 2008, Moody's Investors Service has affirmed PT
Excelcomindo Pratama Tbk's Ba2 local currency issuer rating and
changed the outlook to stable from positive.  At the same time,
Moody's has affirmed XL's Ba2 senior unsecured foreign currency
rating.  Concurrently, PT Moody's Indonesia has affirmed the
company's national scale rating of Aa1.id.  Moody's said the
outlook for all ratings is stable.

On Dec 12, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit ratings on Excelcomindo Pratama and
removed them from CreditWatch with negative implications. The
outlook is stable.  The 'BB-' ratings on all foreign currency
senior unsecured debt were also affirmed.

In May 2007, Fitch Ratings affirmed PT Excelcomindo Pratama
Tbk's Long-term Foreign Currency and Local Currency Issuer
Default Ratings at 'BB-'.  The Outlook remains Stable.  At the
same time, Fitch affirmed the 'BB-' rating on its senior
unsecured notes programme.


FREEPORT: Indonesia Unit Deals with Papua Gov't to Build Factory
----------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc.'s Indonesian unit
PT Freeport Indonesia and Papua's provincial government are to
build a cement factory using PT Freeport Indonesia's tailings
waste as feedstock, Antara News reports citing PTFI Spokesman
Mindo Pangaribuan.

Mr. Pangaribuan said the project would be carried out based on a
Memorandum of Understanding signed by Papua Governor Barnabas
Suebu and PTFI President Director Armando Mahler.   "The aim of
building the factory is to help process PTFI`s tailings into
cement products.  The waste can also be used in other places for
infrastructure development," he added.

The report did not disclose additional details.

                   About Freeport-McMoRan

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry  
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.

As reported in the Troubled Company Reporter on Feb. 21, 2008,  
Moody's Investors Service upgraded Freeport's corporate family
rating to Ba1 from Ba2 and undertook these related rating
actions:

     (i) upgraded to Baa1 (LGD1, 4%) from Baa2 the senior
         secured rating on Freeport's US$500 'million secured
         revolver;

    (ii) upgraded to Baa1 (LGD1, 9%) from Baa3 the senior
         secured ratings on Freeport's US$1 billion secured
         revolver and Freeport's 6.875% senior secured notes;
         and

   (iii) upgraded to Ba2 (LGD5, 74%) from Ba3 Freeport's $6.0
         billion of senior unsecured notes.  

Moody's also upgraded to Baa2 (LGD2, 16%) from Ba1 the ratings
on Phelps Dodge's notes.  Moody's said the ratings outlook for
Freeport and Phelps is stable.


FREEPORT-MCMORAN: Moody's Lifts Ratings on Strong Earnings
----------------------------------------------------------
Moody's Investors Service upgraded Freeport's corporate family
rating to Ba1 from Ba2 and undertook these related rating
actions:

     (i) upgraded to Baa1 (LGD1, 4%) from Baa2 the senior
         secured rating on Freeport's $500 'million secured
         revolver;

    (ii) upgraded to Baa1 (LGD1, 9%) from Baa3 the senior
         secured ratings on Freeport's $1 billion secured
         revolver and Freeport's 6.875% senior secured notes;
         and

   (iii) upgraded to Ba2 (LGD5, 74%) from Ba3 Freeport's $6.0
         billion of senior unsecured notes.  

Moody's also upgraded to Baa2 (LGD2, 16%) from Ba1 the ratings
on Phelps Dodge's notes.  The ratings outlook for Freeport and
Phelps is stable.

The upgrade reflects Freeport's very strong earnings and cash
flow in the current elevated metals price environment, and
significant debt reduction ($1.5 billion) in the fourth quarter
of 2007.  The stable ratings outlook reflects the favorable
fundamentals of the copper market, as well as Freeport's long-
life reserve base and relatively low cost profile.

Rating upgraded are:

* Issuer: Freeport-McMoRan Copper & Gold Inc.

  -- Corporate Family Rating: Ba1
  -- Probability of Default Rating: Ba1
  -- US$0.5 billion Senior Secured Revolving Credit facility,
     Baa1, LGD1, 4%

  -- US$1.0 billion Senior Secured Revolving Credit Facility,
     Baa1, LGD1, 9%

  -- US$340.3 million 6.875% Senior Secured Notes due 2014,
     Baa1, LGD1, 9%

  -- US$6 billion Senior Unsecured Notes: Ba2, LGD5, 74%

* Issuer: Phelps Dodge Corporation

  -- US$107.9 million 8.75% Senior Notes due 2011, Baa2, LGD2,      
     16%
  -- US$115 million 7.125% Senior Notes due 2027, Baa2, LGD2,
     16%
  -- US$150 million 6.125% Senior Notes due 2034, Baa2, LGD2,
     16%
  -- US$193.8 million 9.50% Senior Notes due 2031, Baa2, LGD2,
     16%

Outlook Actions:

* Issuer: Freeport-McMoRan Copper & Gold Inc.

  -- Outlook: Changed To Stable From Positive

* Issuer: Phelps Dodge Corporation

  -- Outlook: Changed To Stable From Positive

Moody's last rating action on Freeport was to assign a positive
rating outlook in September 2007.

Freeport-McMoRan Copper & Gold Inc. is a Phoenix based producer
of copper, gold and molybdenum and had revenue in 2007 of
US$16.9 billion.




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


ALITALIA SPA: Air France to Invest EUR3 Billion in Six Years
------------------------------------------------------------
Air France-KLM S.A. will inject EUR3 billion into Alitalia
S.p.A. over six years should it acquire the Italian government's
49% stake in the carrier, Costas Paris writes for The Wall
Street Journal, citing the French carrier's vice-chairman, Leo
M. van Wijk.

Mr. van Wijk told WSJ that Alitalia "needs new capital and it
needs to be refleeted."  The vice-chairman added that if a sale
agreement is reached, Air France will also commence a buyout
offer to acquire all shares at Alitalia and afterwards delist
the Italian carrier.  Mr. Van Wijk noted that any deal struck
depends on the new Italian government and on whether it will
support Alitalia's plan to downsize operations at Milan's
Malpensa airport, Mr. Paris adds.  "If the Malpensa hub is not
significantly downsized, we don't see a reason for a deal," Mr.
Van Wijk told WSJ.

As reported in the Troubled Company Reporter-Europe on
Feb. 18, 2008, Air France-KLM will seek approval from the new
Italian government chosen following the April 13-14, 2008, snap
elections, for any agreement to acquire Italy's stake in
Alitalia.

"If the position of the next government is favorable for an
agreement with Air France-KLM we will go ahead," Mr. Gourgeon
was quoted by Radiocor as saying.  "In the case it is not
favorable, we will stop there."

Air France Managing Director Pierre Henri Gourgeon said that the
exclusive talks may go beyond the April elections due to various
procedural steps, Radiocor relates.

The Forza Italia opposition party, headed by former Prime
Minister Silvio Berlusconi and seen to win the upcoming
election, said it will respect the possible sale of stake in
Alitalia to Air France if it emerges as the victor.  Forza
Italia, however, said it would like the outgoing government,
headed by Prime Minister Romano Prodi, to avoid an agreement and
leave the decision to the next government.

Alitalia and Air France-KLM SA have until mid-March to complete
exclusive talks and present a final binding offer to the Italian
government, which thereafter will decide whether to sell its
stake to the French carrier.  In its non-binding offer, Air
France plans to:

   -- acquire 100% of the shares of Alitalia through an
      exchange offer;

   -- acquire 100% of Alitalia convertible bonds; and

   -- immediately inject at least EUR750 million into
      Alitalia through a capital increase that will be open to
      all shareholders and be fully underwritten by Air France.

                       About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


ASAHI TEC: Moody's Cuts Metaldyne's Corp. Family Rating to Caa1
---------------------------------------------------------------
Moody's Investors Service lowered the ratings of Metaldyne
Corporation:

   * Corporate Family, to Caa1 from B3;
   * senior notes, to Caa1 from B3; and
   * senior subordinated notes, to Caa3 from Caa2.

The company's Probability of Default is Caa1.  Moody's also
lowered the ratings of Metaldyne Company LLC's senior secured
term loan facility and senior secured synthetic letter of credit
facility to B3 from B2.  The rating for Metaldyne LLC's senior
secured revolving credit facility was affirmed at Ba3.  The
outlook remains negative.

The downgrade of Metaldyne's Corporate Family Rating to Caa1
reflects the fact that the company's operating performance,
return measures and credit metrics have remained below Moody's
expectation since the acquisition by Asahi Tec in January 2007.
Moreover, the downturn in the North American automotive sector,
and continued high exposure to the Big-3 OEMs (particularly
Chrysler) are likely to limit the degree of near-term
improvement in key credit measures despite recently initiated
restructuring actions.

For the last twelve months through December 2007 Metaldyne's
(reflecting Moody's standard adjustments) EBIT/interest coverage
was approximately 0.3x and free cash flow was approximately
negative USUS$94 million, adjusted for fees related to the Asahi
Tec transaction.  An additional element of stress results from
the modest headroom under the financial covenants contained in
the company's term loan.

Moody's notes that Metaldynes restructuring initiatives have
contributed to some strengthening in its recent performance.
Reported operating income, before one-time items, for the three
and nine month periods ending December 2007 was USUS$3.3 million
and US$34.4 million respectively. This compares with negative
US$9.5 million and US$14.8 million for the three and nine-month
periods ending December 2006. Moody's also recognizes the
potential long-term strategic benefits of the combination of
Asahi Tec and Metaldyne within the increasingly global
automotive supplier sector. Notwithstanding these positive
factors, the company's near term credit profile will remain
highly stressed due to lower North American automotive OEM
production expected in 2008, negotiated price downs, and the
impact of discontinued platforms which may be offset by new
business wins.

The negative outlook considers the challenging industry
conditions Metaldyne will face during the next twelve months,
including lower OEM production pressures in North America, and
the possibility of further market share loses by the Big 3.  In
addition, Metaldyne's financial covenants under its term loan
facility will begin tightening in calendar year 2008.  The
company's asset based revolving credit contains a springing
fixed charge covenant when availability falls below
US$40 million -- availability approximated US$92 million at
December 2007.  There is only modest headroom under the term
loan financial covenants in the bank agreements and some form of
covenant relief may be required if recently improving trends in
operating performance are not sustained.  Moody's notes that
there are provisions under Metaldyne's bank credit facilities
for the company to cure financial covenant short falls from
equity contributions.

These ratings were lowered:

Metaldyne Corporation:

   Corporate Family Rating, to Caa1 from B3;

   Probability of Default Rating, to Caa1 from B3;

   US$142 million (remaining amount) of 10% guaranteed senior
   unsecured notes due November 2013, to Caa1 (LGD4, 50%) from
   B3 (LGD3, 49%);

   US$250 million of 11% guaranteed senior subordinated notes
   due June 2012, to Caa3 (LGD5, 87%) from Caa2 (LGD5 87%);

Metaldyne Company LLC:

   US$408 million (remaining amount) guaranteed senior secured
   term loan, to B3 (LGD3, 34%) from B2 (LGD3, 34%);

   US$60 million Synthetic L/C Facility, to B3 (LGD3, 34%) from
   B2 (LGD3, 34%);

The following rating of Metaldyne LLC was affirmed:

   US$150 million guaranteed senior secured asset based    
   revolving credit facility at Ba3 (LGD2, 18%);

In a January 2008 Special Comment, Moody's outlined the changes
to its Loss-Given-Default methodology to recognize the favorable
recovery experience of asset-based loans relative to other types
of senior secured first-lien loans.  The terms of Metaldyne's
ABL meet the eligibility requirements outlined in the Special
Comment and, therefore, its rating is Ba3, which is one notch
higher than would otherwise have been indicated by the LGD
waterfall.

The last rating action was on December 5, 2006, when ratings
were assigned to the senior secured facilities.

Future events, which could contribute to a stabilization of the
outlook, include consistent positive free cash flow generation
and a resulting reduction in leverage, or debt reduction through
additional equity infusions.  Consideration for a stable outlook
could arise if any combination of these factors results in
EBIT/interest coverage over 1.0x.

Future events, which could contribute to additional rating
pressure, include deterioration in operating performance that
further erodes free cash flow generation, reduces the company's
liquidity position, or increases leverage.

Metaldyne Corporation, headquartered in Plymouth, Michigan, is a
leading global designer and supplier of metal-based components,
assemblies and modules for transportation related powertrain and
chassis applications including engine, transmission/transfer
case, wheel-end and suspension, axle and driveline, and noise
and vibration control products to the motor vehicle industry.
Metaldyne LLC is a wholly owned operating company.  Asahi Tec
Corp purchased Metaldyne in January 2007.  While Metaldyne is a
restricted subsidiary of Asahi Tec, Metaldyne's Chairman and CEO
also serves as co-CEO of Asahi Tec.

                        *     *     *

Asahi Tec is a Japan-based company mainly engaged in the
manufacture and sale of general formed and fabricated material
parts, as well as equipment and facilities.


DELPHI CORP: Wants to Strike Non-Conforming Cure Objections
-----------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to strike, pursuant
to Section 105(a) of the Bankruptcy Code and Rule 9010 of the
Federal Rules of Bankruptcy Procedure:

   (a) returned cure amount notices that do not conform with the
       Cure Claim Procedures; and

   (b) objections that were filed for which no cure amount
       notices were returned.

The Debtors are party to thousands of executory contracts, many
of which are with the Debtors' trade suppliers.  In accordance
with the confirmed First Amended Joint Plan of Reorganization
and the Court-approved procedures relating to the assumption of
executory contracts, the Debtors embarked on a process to assume
ongoing prepetition Material Supply Agreements.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, relates that the Debtors served
a total of 1,669 cure amount notices on contract counterparties
stating their intent to assume, or assume and assign, the
parties' contracts and to provide cure for the assumption of the
contracts.  The Notices gave each Counterparty, among other
things, the right to elect to be paid the proposed cure amounts
in cash or Plan currency, and described certain Court-approved
procedures for the Counterparties to object to the assumption of
their contracts or to the proposed cure amounts.  The Cure Claim
Procedures require the Counterparties to sign and return the
original Cure Amount Notices served on them.

In contravention of the specific instructions on the Cure Amount
Notices, however, a number of parties-in-interest submitted
nonconforming Cure Amount Notices to the Debtors.  The Debtors
received more than 100 nonconforming Cure Amount Notices.

Certain purchasers of claims also executed and returned self-
made forms designed to appear identical in form to the Court-
approved notices served by the Debtors, Mr. Butler tells the
Court.  "In fact, certain of these self-made forms were returned
by purchasers of claims even though no cure amounts were owed to
the purported assignors."  The Debtors, he points out, imprinted
unique bar codes upon the original Cure Amount Notices to
prevent the submission of self-made forms.

The Debtors have also been inundated with requests to deviate
from the Court-approved Cure Claim Procedures, Mr. Butler
relates.  He notes that in early January, the Ad Hoc Committee
of Delphi Trade Claim Holders sought but failed to convince the
Court to exempt them from certain provisions of the Cure Claim
Procedures, including enabling their committee members to
execute cure amount notices and directing the Debtors to make
cure payments directly to their members instead of paying the
underlying contract counterparties.  Judge Drain held that the
Trade Committee's request was contrary to the Cure Claim
Procedures and interferes with the Debtors' relationships with
their trade suppliers, which are important to the Debtors'
ongoing businesses.

Specifically, the Debtors wish to strike:

   * cure amount notices that include instructions to pay a
     party other than the counterparty;

   * cure amount notices that were executed by a third party
     (rather than the contract counterparty), which third party
     did not satisfy the requirements of Bankruptcy Rule 9010;

   * cure amount notices from parties who failed to return an
     executed original cure amount notice and instead returned a
     self-made form for which a related assumable contract
     exists or a copy of the cure amount notice;

   * cure amount notices from parties who failed to return an
     executed original cure amount notice for which no related
     assumable contract exists;

   * objections that were filed to cure by parties who failed to
     return the cure amount notice; and

   * cure amount notices that were returned after the 7:00 p.m.
     prevailing Eastern time deadline on Jan. 11, 2008.

To the extent the Court grants the Debtors' request with respect
to a specific party, the Debtors ask the Court to entitle the
applicable counterparty to receive only the default cure
election treatment or the Plan currency to be distributed to
holders of allowed general unsecured claims in the cure amount
listed in the cure amount notice.

A list of the Debtors' proposed cure amounts is available for
free at: http://bankrupt.com/misc/Delphi_PlanCures.pdf

                Cure & Assumption Objections

On Jan. 29, 2008, the Debtors delivered to the Court a list of
proposed cures for the assumption and assignment of certain
executory contracts as provided in the confirmed First Amended
Plan and the First Amended Disclosure Statement.

A number of parties-in-interest complain that the proposed cures
for the assumption of their contracts are understated.  Several
objectors assert that they have not been given adequate
assurance of any proposed assignee's performance under the
Assumed Contracts.

A dozen objectors assert that they should be paid these cures:

                                          Debtors'    Objector's
                                          Proposed    Proposed
   Cure Objector                          Cure Amt.   Cure Amt.
   -------------                          ---------   ----------
   Ambrake Corp.                         US$113,072   US$347,716
   Citation Corp., et al.                   577,482      595,681
   Furukawa Electric Company Ltd.            31,308       58,992
   Furukawa Electric North America APD    2,664,471    2,832,655
   MacArthur Corp.                           18,074       38,708
   Magneti Marelli Powertrain USA Inc.            -       29,435
   Master Automatic, Inc.                         -        7,613
   McGill Manufacturing Company Inc.              -       36,493
   Metal-Matic Inc.                          43,080       86,009
   PBR Columbia LLC                               -      195,469
   Quasar Industries, Inc.                        -      528,714
   Tinnerman Palnut Engineered Products       7,229      271,401

SKF USA Inc. contends that it is entitled to payment in full and
in cash of all outstanding postpetition invoices under its
contracts.  SKF USA also points out that certain of its
contracts have expired and are, thus, no longer executory
contracts that can be assumed.

United Plastics Group De Mexico, S. De R.L. De C.V., relates
that its books and records do not show a contract with the
account number ascribed by the Debtors.  Accordingly, UPG Mexico
has no way of determining whether or not the Debtors' proposed
zero cure amount for the alleged UPG Contract is correct.  UPG
Mexico asserts that it is owed no less than US$136,482 under its
agreements with Delphi Automotive Systems LLC.

Barnes Group Inc., Daewoo International Corp., DGC-Plastic
Molding Inc., Freudenber-NOK General Partnership, and Hayes
Lemmerz International, Inc., relate that they have not yet
completed their review of the Assumed Contracts.  Barnes objects
to the proposed cures for its contracts to the extent the
Debtors' cure obligations are limited to prepetition amounts.  
Furukawa relates that the Debtors have not provided it with
sufficient information to identify two of the Assumed Contracts,
thus, it is unable to verify whether the proposed cures are
correct.

AT&T Corp. and XM Satellite Radio Inc. note that the First
Amended Plan provides for the assumption of all contracts not
specifically rejected by the Debtors.  The Debtors have not
rejected, or proposed to reject, the parties' executory
contracts.  AT&T and XM Satellite assert that the Debtors must
cure all defaults under their contracts before those contracts
may be assumed and assigned.  According to AT&T, the Debtors owe
it US$8,255,577 under the parties' contracts.  XM Satellite
asserts that US$1,017,448 is outstanding under its contracts
with the Debtors.

                     About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue 112; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)   

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 16, 2008,
Moody's Investors Service assigned ratings to Delphi Corporation
for the company's financing for emergence from Chapter 11
bankruptcy protection: Corporate Family Rating of (P)B2;
US$3.7 billion of first lien term loans, (P)Ba3; and $0.825
billion of 2nd lien term debt, (P)B3.  In addition, a
Speculative Grade Liquidity rating of SGL-2 representing good
liquidity was assigned.  The outlook is stable.

As reported in the Troubled Company Reporter on Jan. 11, 2008,
Standard & Poor's Ratings Services expects to assign its 'B'
corporate credit rating to Troy, Michigan-based automotive
supplier Delphi Corp. upon the company's emergence from Chapter
11 bankruptcy protection, which may occur by the end of the
first quarter of 2008.  S&P expects the outlook to be negative.

In addition, Standard & Poor's expects to assign these
issue-level ratings: a 'B+' issue rating (one notch above the
corporate credit rating), and '2' recovery rating to the
company's proposed $3.7 billion senior secured first-lien term
loan; and a 'B-' issue rating (one notch below the corporate
creditrating), and '5' recovery rating to the company's proposed
US$825 million senior secured second-lien term loan.


DELPHI CORP: Cuts CEO O'Neal's Emergence Incentive to US$1MM
------------------------------------------------------------
As disclosed in a 10-K filing with the U.S. Securities and
Exchange Commission, Delphi Corp. and its debtor-affiliates
slashed the bonus payable to CEO Rodney O'Neal upon the
company's emergence from bankruptcy protection, from US$5.3
million to US$1 million.

Aside from receiving an emergence cash award value of
US$1,011,621, Mr. O'Neal will obtain an emergence equity award
valued at US$10,500,000.

As reported in the Troubled Company Reporter on Jan. 24, 2008,
the Honorable Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York said he will approve the Debtors'
First Amended Joint Plan of Reorganization on the condition that
the total payout of cash bonuses to top executives is reduced.

"I am prepared to enter the confirmation order, provided the
management compensation plan is changed," Judge Drain said at a
confirmation hearing.

The Court wanted the bonus for Delphi's officers reduced to
US$16.5 million in the aggregate from the US$87.9 million that
Delphi had proposed to award to 500 managers upon emergence.  
But the United Auto Workers and the International Union of
Electronic Workers-Communications Workers of America objected to
the payments, citing, among other things, that while unionized
Delphi employees suffered pay-cuts, the managers, who are
already adequately compensated, are given generous bonuses.

The management compensation plan sought to grant an US$8.3
million "performance payment" to Executive Chairman Robert
Miller; and a US$5.3 million cash emergence payment to Mr.
O'Neal.

                     About Delphi Corp.

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

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

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

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 16, 2008,
Moody's Investors Service assigned ratings to Delphi Corporation
for the company's financing for emergence from Chapter 11
bankruptcy protection: Corporate Family Rating of (P)B2;
US$3.7 billion of first lien term loans, (P)Ba3; and US$0.825
billion of 2nd lien term debt, (P)B3.  In addition, a
Speculative Grade Liquidity rating of SGL-2 representing good
liquidity was assigned.  The outlook is stable.

As reported in the Troubled Company Reporter on Jan. 11, 2008,
Standard & Poor's Ratings Services expects to assign its 'B'
corporate credit rating to Troy, Michigan-based automotive
supplier Delphi Corp. upon the company's emergence from Chapter
11 bankruptcy protection, which may occur by the end of the
first quarter of 2008.  S&P expects the outlook to be negative.

In addition, Standard & Poor's expects to assign these
issue-level ratings: a 'B+' issue rating (one notch above the
corporate credit rating), and '2' recovery rating to the
company's proposed US$3.7 billion senior secured first-lien term
loan; and a 'B-' issue rating (one notch below the corporate
creditrating), and '5' recovery rating to the company's proposed
US$825 million senior secured second-lien term loan.


MITSUBISHI MOTORS: S&P Affirms 'B' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit and 'B+' senior unsecured debt ratings on
Mitsubishi Motors Corp. on CreditWatch with positive
implications.

This follows the increased likelihood that the company will
achieve most of the profit targets set forth in its
revitalization plan, and the progress the company has made in
optimizing its global production system following its decision
to close its assembly plant in Australia.

Despite a slowdown in the North American market and a continuing
slump in the Japanese market, Mitsubishi Motors' sales volume
for fiscal 2007 (ending March 31, 2008) is expected to top that
of the previous fiscal year thanks to strong performance in
Europe, and Asia and other regions (excluding Japan, North
America, and Europe).  Even after factoring in losses of about
22 billion from restructuring costs on its plant in Australia,
the company is likely to record an operating profit of 80
billion and a net profit of 20 billion in fiscal 2007.  It is
largely on track to achieve the targets (operating profit of 74
billion and a net profit of 41 billion) laid down in
its revitalization plan, which ends in fiscal 2007.  We believe
that the current level of downside risk to the company's
financial performance has diminished.  This is partially due to
significantly reduced risk at its captive finance operations.
The company achieved this significant reduction in credit risk
exposure and capital funding burden following its switch to a
new arrangement at its U.S. captive finance operation in July
2005.

On the other hand, Mitsubishi Motors continues to face
challenges in fundamentally enhancing its overall business and
financial profile.  For example, it is challenged to both
reestablish financial policies once its revitalization plan
concludes and boost its market competitiveness and financial
resources.  Moreover, optimizing its global production system
has been an issue for the company as it has been faced with low
utilization of its assembly plants in North America, Europe, and
Australia.  However, this month Mitsubishi Motor announced its
decision to close its plant in Australia, which should reduce
fixed costs. Standard & Poor's views the Australian plant
closure as a step forward toward the optimization of its global
production system.

Standard & Poor's will resolve the CreditWatch listing after
reviewing such factors as Mitsubishi Motors' post-revitalization
medium-term management plan, the sustainability of improving
trends in the company's operating and financial performance, and
funding and repayment plans. It is very likely that an upgrade
of Mitsubishi Motors's long-term corporate rating will be
limited to one notch, considering the challenges that the
company faces.

Regarding the long-term senior unsecured debt rating, if
Mitsubishi Motors' liabilities with high seniority, such as its
secured debt, continue to decrease, and the structural
subordination of its rated senior unsecured debt is determined
as likely to be dissolved, the long-term debt rating may be
revised to a level that is two-notches higher than the long-term
corporate credit rating.  Presently, the long-term debt rating
is one notch higher than the long-term corporate credit rating,
reflecting the assumption that bondholders would incur no losses
from default, as Standard & Poor's believes there is a
probability that any default by the company would take the form
of a loan waiver, rather than bankruptcy.  At the same time, the
rating reflects the relatively weak seniority of the rated
unsecured bonds, as high priority liabilities make up a
relatively large proportion of the company's total assets.

Ratings List:

Ratings Affirmed; CreditWatch/Outlook Action

                                     To              From
Mitsubishi Motors Corp.
Corporate Credit Rating       B/Watch Pos/--     B/Stable/--
Senior Unsecured
  Local Currency               B+/Watch Pos       B+

                   About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.


* JAPAN: Fitch Says Credit Crisis Has Limited Impact on Banks
-------------------------------------------------------------
Fitch Ratings has reviewed the Japanese banks' exposure to
subprime investments and other structured credit products, and
concluded its assessment of "limited" impact first put forward
in August last year is still valid. Fitch notes that among Asian
banking systems, Japan's has been more significantly impacted
and its banks are booking losses arising from the credit crisis
that are large in nominal terms -- more than US$7 billion in
total for Japan's major banks, including over JPY400 billion
(close to US$4 billion in Mizuho Financial Group. However Fitch
notes that in comparison to their earnings and capital, the
impact of the losses is relatively modest: Mizuho, for example,
is still expecting net profits of JPY480 billion (US$4.6
billion) for the financial year ending March 31, 2008,
indicating a net Return on Equity of about 8% (7% if valuation
losses booked against equity were taken through the P&L).

Fitch recognises that further writedowns and provisions may be
needed but has assessed the impact of a hypothetical writedown
of subprime and other structured investments, and found that the
potential impact of an aggressive writedown is within 80% of one
year's operating profits for the megabanks and under 15% of
their Tier 1 capital.

Fitch's study also found significant differences between the
Japanese banks.  Sumitomo Mitsui Financial Group has only a
small exposure to US subprime and structured investments, having
sold off the bulk of its portfolio before the crisis struck.  
Nevertheless, it has taken charges of over JPY100 billion (close
to US$1 billion) as its remaining subprime exposures have been
almost entirely written off.

In contrast, Mitsubishi UFJ Financial Group has taken smaller
charges of JPY85 billion (circa US$800 million) against its much
larger structured investments which include subprime exposure of
about JPY243 billion (US$2.3 billion), emphasising that ultimate
losses should be low as it has a good understanding of the risks
underlying its securities.

Fitch also notes differences between the groups in their
approach to transparency.  After initial confusion over its
exposures, Mizuho is now the most transparent and has reported
details of losses relating not only to subprime investments, but
also to investments in structured investment vehicles, on
leveraged loans whose intended sale was disrupted by the credit
crisis, and provisions against claims on the now lowly rated
"monolines."  SMFG has also publicly disclosed monoline exposure
and related provisions but MUFG has not.

Fitch's assessment is that SMFG and Mizuho have taken fairly
aggressive provisions against potential losses from the credit
crisis.  MUFG is also confident that the charges it has taken
are appropriate as it believes it is well able to evaluate the
underlying risks.  Fitch finds this more difficult to confirm
from publicly available information given MUFG's more limited
transparency, but the bank's track record lends support to
management's claim as does the fact that a substantial part of
the group's foreign currency denominated structured investments
are backed by corporate loans and less than one-third by
residential mortgages.

For all the banks, additional charges are likely as the after
effects of the crisis are still being played out.  Nevertheless,
Fitch views the impact on the major Japanese banks as an
earnings issue for the current year and not one that is likely
to lead to large net losses or an urgent need for
recapitalisation. Fitch estimates, based on the banks' own  
revised projections, that their average net ROE for the
financial year ending March 31st 2008 should be around 8%.  In
the Japanese context, this is not a bad return but is below the
banks' medium term targets.  Their modest profitability and
capital versus international peers is a key reason why Fitch has
not raised any of the Japanese banks out of the 'A' range (the
highest is 'A+') and into the 'AA' range to which the banks
aspire.  Their current challenges make further upgrades
unlikely, but given the limited impact Fitch is not currently
expecting downgrades but will be keeping watch on Japan's
economic trends, as a sharper than expected downturn in their
key operating environment could materially impact the banks.




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


C&M CO: S&P Puts 'BB+' Credit Rating Under Neg. CreditWatch
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
corporate credit rating on C&M Co. Ltd. on CreditWatch with
negative implications following recent announcements relating to
a takeover bid of the company by a consortium.  At the same
time, Standard & Poor's also placed its 'BB+' ratings on the
US$200 million floating-rate senior notes, due 2011, and the
US$450 million senior notes, due 2016, issued by C&M Finance
Ltd. and guaranteed by C&M, on Credit Watch with negative
implications.

It was announced on Feb. 19 that the plan by Macquarie Korea
Opportunity Fund and MBK Partners LP (the aforementioned
consortium) to buy a 61.2% stake in C&M from Chairman Min Joo
Lee had been approved by the Korea Broadcasting Commission,
while the Ministry of Information and Communication approved the
plan on Feb. 20, on a conditional basis.

Standard & Poor's expects this M&A deal to be closed by the end
of March, after the terms and conditions of acquisition
financing by the consortium have been finalized, and the
necessary regulatory and shareholder approvals have been
obtained.  KCI Inc., the special purpose vehicle established by
the consortium for the purpose of owning C&M, will likely serve
as the legal entity that will own a total 95% stake in C&M
(including the 30.5% stake bought from Goldman Sachs in
September 2007) once the deal is closed.  As reported by the
media and confirmed by the consortium, the acquisition financing
involves about KRW1.6 trillion of debt financing by KCI in order
to finance the KRW1.4 trillion needed to acquire the 61.2% stake
and cover a portion of the relevant interest expenses.  

The CreditWatch placements mainly reflect the potential risks
that the transaction will precipitate a material deterioration
in C&M's capitalization and cash protection measures, and a
significant change in its financial policy, depending on the
transaction scheme as well as the final terms and conditions of
this LBO deal.

If Standard & Poor's determines that these risks are high, the
ratings on C&M will likely be lowered by multiple notches, given
that KCI's additional debt of KRW1.6 trillion is well beyond
C&M's current debt of KRW608 billion.  And even if Standard &
Poor's determines that these risks are not material, the
potential risks for larger-than-normal capital and cash up-
streaming will be factored into the ratings review. The new
management's business strategy and financial policy, along with
recent changes in the regulatory environment, especially those
relating to the introduction of Internet Protocol Television
(IPTV) services, will also be reviewed.  

The CreditWatch listing will be resolved if and when the
acquisition is finalized, the exact terms and conditions of the
deal become available, and after Standard & Poor's reviews the
new management's business strategy and financial policy.

                        About C&M Co.

C&M Co Ltd offers cable television services.  The company
operates in Seoul and in Kyunggi Province, Korea.

In January 2006, Moody's Investors Service assigned a
provisional foreign currency senior unsecured long-term debt
rating of (P)Ba2 to the proposed US$550 million Notes issue, due
2011 and 2016, of C&M Finance Ltd., backed by C&M Co. Ltd. and
its operating subsidiaries.


C&M CO: Moody's Reviews 'Ba2' Ratings for Possible Downgrade
------------------------------------------------------------
Moody's Investors Service, on Feb. 21, 2008, placed on review
for possible downgrade the Ba2 corporate family rating of C&M
Co. Ltd. and the Ba2 senior unsecured bond rating of C&M Finance
Ltd, which is guaranteed by C&M.

"The review has been prompted by the announcement that the
Ministry of Communications and Information as well as the Korea
Broadcasting Authority have approved the takeover of C&M by a
consortium of financial and strategic investors led by MBK
Partners and Macquarie Korean Opportunities Fund," says Laura
Acres, a Moody's Vice President.

Moody's is concerned that the new shareholders will potentially
leverage up C&M to part fund the acquisition cost and that there
may be a potential change in the company's future business
strategy, which together will negatively impact C&M's credit
profile.

Moody's also notes that the change of control clause in the bond
indenture will be triggered if 35% of the total voting power
changes hands and a rating decline occurs.  As advised by the
company, the new shareholders have put in place standby
facilities to redeem the bonds if necessary.

"The review will evaluate the longer term intentions of the new
shareholders, particularly with regard to financial polices and
business strategy of C&M.  The rating would potentially result
in more than one notch downgrade if C&M's financial leverage
increased materially," adds Acres, also Moody's Lead Analyst for
the company.

Founded in 2000 by Min Joo Lee, C&M is the major cable-TV
operator in the Seoul/Kyunggi region.  It is the monopoly
provider in 8 of its 15 regions and holds a duopoly status in
the remaining seven.  C&M provides cable-TV services to
approximately 2 million subscribers as well as high-speed data
services to 422,000 subscribers.


DURA AUTOMOTIVE: Backstop Rights Deal with Pacificor LLC Expires
----------------------------------------------------------------
DURA Automotive Systems, Inc., disclosed in a regulatory filing
with the U.S. Securities and Exchange Commission, that its
Backstop Purchase Agreement with Pacificor, LLC, was terminated
as of Jan. 31, 2008.  

As a result of the termination, Pacificor has no further
obligations under the agreement with respect to its backstop
commitment, C. Timothy Trenary, DURA's vice president and chief
financial officer, said.

As reported in the Troubled Company Reporter on Jan. 7, 2008,
Pacificor, under the Backstop Agreement, committed to purchase
up to US$160,000,000 in reorganized DURA by buying shares of new
common stock that were not purchased in an equity rights
offering.  The Pacificor commitment, which expired
Jan. 31, 2008, was contingent upon DURA obtaining the exit
financing prior to that date.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr.D. Del. Case No. 06-11202).  Richard M. Cieri, Esq., Marc
Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine
Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the
Debtors' bankruptcy proceedings.  Mark D. Collins, Esq., Daniel
J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards
Layton & Finger, P.A. Attorneys are the Debtors' co-counsel.  
Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.

As of July 2, 2006, the Debtor had US$1,993,178,000 in total
assets and US$1,730,758,000 in total liabilities.  The Debtors
have asked the Court to extend their plan filing period to
April 30, 2008.

(Dura Automotive Bankruptcy News, Issue No. 45; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).  


DURA AUTOMOTIVE: Wants Court to Approve Amended 2008 KMIP
---------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to approve
their 2008 Key Management Incentive Plan, as amended.  The
Debtors reserve their right to seek approval of an incentive
plan for their senior managers.

                  Debtors Amend 2008 KMIP

The Debtors have amended their 2008 KMIP to better focus on the
non-senior management KMIP participants with respect to two
aspects:

   (1) The Debtors are not going forward with the proposed 2008
       KMIP payments to their chief executive officer, chief
       financial officer, chief operating officer, and vice
       president of human resources; and

   (2) The Debtors intend to make all payments to approximately
       104 non-Debtor employee participants in the 2008 KMIP
       from the Debtors' European non-debtor affiliates.

The Amended 2008 KMIP maintains a two three-month performance
measurement and pay-out periods, ending on March 31 and
June 30, 2008:

   * Threshold pay-out:  If the Debtors achieve 90% of adjusted
     EBITDA goals, participants will receive 50% of their
     individual target bonus opportunities;

   * Target opportunity pay-out: If the Debtors achieve 100% of
     adjusted EBITDA goals, participants will receive 100% of
     their individual target bonus opportunities.

   * Maximum pay-out: If the Debtors achieve 120% of adjusted
     EBITDA goals, participants will receive 150% of their
     individual target bonus opportunities.

Participant's individual target bonus opportunities range from
5% to 45% of each participant's base salary at the Target
Opportunity Payout.  The Debtors have previously proposed a
target bonus opportunities range range of 5% to 80%.  
Distribution of participant to target opportunity percentages:

       Target Opportunity              Number of 2008 KMIP
       (% of base salary)                  Participants
       ------------------              -------------------
              45%                                7
              30%                               16
              25%                               20
              20%                               26
              15%                                1
              12%                               40
     
The Debtors estimate to pay approximately US$2,500,000 at the
Target Opportunity Payout, compared to their previous estimate
of US$6,000,000.

Marc Kieselstein, P.C., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, relates the Official Committee of Unsecured
Creditors and the Debtors are in discussions regarding the
merits of the 2008 KMIP.  As of Feb. 4, 2008, Mr. Kieseltein
says, there has been no appreciable progress in resolving the
differences between the Debtors and the Creditors Committee.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr.D. Del. Case No. 06-11202).  Richard M. Cieri, Esq., Marc
Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine
Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the
Debtors' bankruptcy proceedings.  Mark D. Collins, Esq., Daniel
J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards
Layton & Finger, P.A. Attorneys are the Debtors' co-counsel.  
Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.

As of July 2, 2006, the Debtor had US$1,993,178,000 in total
assets and US$1,730,758,000 in total liabilities.  The Debtors
have asked the Court to extend their plan filing period to
April 30, 2008.

(Dura Automotive Bankruptcy News, Issue No. 45; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).  


HANARO: Korean Gov't Gives Takeover Signal OK to SK Telecom
-----------------------------------------------------------
South Korea's Information and Communication Ministry gave final
approval to SK Telecom Co.'s proposed acquisition of
hanarotelecom Inc., though not without conditions, various
reports say.

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

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

Upon the approval, Reuters relates, the Ministry of Information
and Communication ordered both companies to take steps to
protect users and help fair competition in the telecoms market.
Both companies should not also force users and marketing agents
to choose their packaged services, while SK must offer its
mobile service for other companies on the same terms as with
hanarotelecom.

The ministry, The Herald says, also endorsed SK Telecom's
current monopoly of the 800-megahertz frequency band until
June 30, 2011, the report notes.

The Herald points out that SK Telecom's smaller domestic rivals,
KT Freetel and LG Telecom, have been asking for frequency
sharing or frequency leasing from the company.  A prolonged
monopoly could hurt fair competition in the telecommunications
market, the report says.

Lee Ki-joo, director general of the ministry's
Telecommunications & Broadcasting Policy Bureau told The Herald
that the ministry will draw up a comprehensive plan within this
year on how to redistribute the frequency band among the
country's telecommunications firms in three years.

                    About hanarotelecom

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

                        *     *     *

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

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


HANAROTELECOM: Moody's Continues Review for Possible Upgrade
------------------------------------------------------------
Moody's Investors Service said it continues its review for
possible upgrade for the Ba2 corporate family rating and senior
unsecured bond ratings of hanarotelecom.  This follows the
completion of the regulatory approval process by the Free Trade
Commission and the Ministry of Information and Communication,
both of whom gave approvals for the acquisition of a 39.36%
stake in Hanaro by SK Telecom Co. Ltd.

"The review process continues pending greater clarity on the
strategic importance of Hanaro to SK Telecom and the potential
synergies arising from the acquisition," say Laura Acres, a
Moody's Vice President.

"The review will also consider the conditions imposed by FTC and
the extent to which this will temper the potential upside to the
acquisition, vis-a-vis its competitive positioning," adds Acres,
also Moody's lead analyst for the company.

SK Telecom's strong track record of performance and conservative
financial profile should provide support to Hanaro's credit
metrics which Moody's will consider in assessing the potential
rating uplift as well as the ability of the two companies to
integrate successfully.

Listed on the Korea Composite Stock Price Index, Hanaro is South
Korea's second largest fixed-line telecommunications operator.
It has a market share of approximately 24.9% (equating to 3.7
million subscribers) for broadband and 8.8%, or 2.0 million
subscribers, for telephony based services (source: Ministry of
Information and Communication).  In addition, Hanaro offers a
wide range of services including multimedia data, internet data
centre services and, more recently has launched hanaTV, an on-
demand TV service.  Hanaro also provides leased or dedicated
lines and IDC services to corporate clients.


SANMINA-SCI: Exit of PC Business Doesn't Affect S&P's B+ Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on San
Jose, Calif.-based Sanmina-SCI Corp. (B+/Negative/--) are not
affected by the company's announcement that it has exited the PC
business.  Sanmina has reached an agreement to sell certain of
its PC-related assets to a subsidiary of Hon Hai Precision
Industry Co. Ltd. (A-/Stable/--) and to transfer responsibility
of its Monterrey, Mexico operation to Lenovo Group Ltd.  
Proceeds from the sale are expected to total about
US$90 million.

Although Sanmina has made some progress in reducing debt and
improving profitability, the company remains leveraged, with
adjusted debt to EBITDA at about 6.5x in the trailing 12 months
ended Dec. 31, 2007.  In addition, its track record of improved
profit margin remains short, about three quarters, and revenues
continue to decline gradually.  Still, if Sanmina sustains
current trends and uses proceeds to reduce debt, prospects for
an outlook revision to stable are strengthened in the near-to-
mid term.

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.




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


MALAYSIA AIRLINES: Launches Travel Insurance
--------------------------------------------
Malaysia Airlines launched the MAS Travel Insurance to make it
easier for its passengers to cover for trip cancellation, loss
of luggage and overseas medical costs for flights departing from
Malaysia, the EdgeDaily reports.

The insurance, in partnership with Mondial Assistance and Etiqa
Insurance, could be purchased online via the MAS website.  It
will also be extended to at least 10 countries in the coming
months, added the report.

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.




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


AUTOVALUE LTD: Subject to CIR's Wind-Up Petition
------------------------------------------------
On December 17, 2007, the Commissioner of Inland Revenue filed a
petition to have Autovalue Ltd.'s operations wound up.

The petition will be heard before the High Court of Palmerston
North on February 25, 2008, at 10:00 a.m.

The CIR's solicitor is:

          Kathryn Elizabeth Saint
          c/o Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          PO Box 1462, Wellington
          New Zealand
          Telephone:(04) 890 1239
          Facsimile:(04) 890 0009


CASHEL 199: Court to Hear Wind-Up Petition on March 3
-----------------------------------------------------
A petition to have Cashel 199 Ltd.'s operations wound up will be
heard before the High Court of Christchurch on March 3, 2008, at
10:00 a.m.

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


CENTRAL STRATA: Faces Escrow's Wind-Up Petition
-----------------------------------------------
A petition to have Central Strata Management Ltd.'s operations
wound up was filed by Escrow Holdings Forty-One Limited on
November 13, 2007.

The High Court of Auckland will hear the petition on
April 9, 2008, at 10:00 a.m.

Escrow Holdings' solicitor is:

          C. N. Lord
          c/o Corporate Collections Limited
          187 Mt Eden Road
          Mt Eden, Auckland
          New Zealand


D N BECKETT: Wind-Up Petition Hearing Set for April 11
------------------------------------------------------
The High Court of  Auckland will hear on April 11, 2008, at
10:00 a.m., a petition to have D N Beckett Ltd.'s operations
wound up.

Accident Compensation Corporation filed the petition on
Nov. 8, 2007.

Accident Compensation's solicitor is:

          Dianne S. Lester
          Maude & Miller
          McDonald's Building, Second Floor
          Cobham Court
          PO Box 50555, Porirua City
          New Zealand


KELWAY DEVELOPMENTS: Commences Liquidation Proceedings
------------------------------------------------------
Kelway Developments Ltd.'s shareholders agreed on Jan. 29, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed John Falloon to facilitate
the sale of its assets.

The liquidator can be reached at:

          John Falloon
          PO Box 103, Ashburton
          New Zealand
          Telephone: (03) 308 9194
          Facsimile: (03) 308 3519


METWORX LTD: Creditors' Proofs of Debt Due on May 8
---------------------------------------------------
The creditors of Metworx Ltd. are required to file their proofs
of debt by May 8, 2008, to be included in the company's dividend
distribution.

The company's liquidators are:

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


PORTO'S NP: Appoints Brown & Rodewald as Liquidators
----------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed
liquidators of Porto's NP Limited on January 31, 2008.

The liquidators can be reached at:

          Kenneth Peter Brown
          Thomas Lee Rodewald
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


SHIELD SECURITY: Taps van Delden & Whittfield as Liquidators
------------------------------------------------------------
On February 1, 2008, Boris van Delden and John Trevor Whittfield
were appointed liquidators of Shield Security Services Ltd.

Messrs. van Delden and Whittfield are accepting creditors'
proofs of debt until March 28, 2008.

The liquidators can be reached at:

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


STUART RENATA: Taps Brown & Rodewald as Liquidators
---------------------------------------------------
On January 31, 2008, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed liquidators of Stuart Renata Transport Ltd.

The liquidators can be reached at:

          Kenneth Peter Brown
          Thomas Lee Rodewald
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


TARIMANAKA LTD: Wind-Up Petition Hearing Set for February 28
------------------------------------------------------------
The High Court of Auckland will hear on February 28, 2008, at
10:00 a.m. a petition to have Tarimanaka Ltd.'s operations wound
up.

The petition was filed by the Commissioner of Inland Revenue on
September 26, 2007.

The CIR's solicitor is:

          Catherine Ann Sweet
          Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          PO Box 1462, Wellington
          New Zealand
          Telephone:(04) 890 3281
          Facsimile:(04) 890 0009


WILL & PHIL: Appoints Fatupaito & McCloy as Liquidators
-------------------------------------------------------
On February 8, 2008, Vivian Judith Fatupaito and Colin Thomas
McCloy were appointed liquidators of Will & Phil Limited.

Creditors are required to file their proofs of debt by
May 8, 2008, to be included in the company's dividend
distribution.

The liquidators can be reached at:

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




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


CHIQUITA BRANDS: Posts US$26 Mil. Net Loss in Qtr. Ended Dec. 31
----------------------------------------------------------------
Chiquita Brands International Inc. released financial and
operating results for the fourth quarter and full-year ended
Dec. 31, 2007.

The company reported a net loss of US$26 million including a
charge of US$26 million related to the company's restructuring
plan.  In the year-ago period, the company reported a net loss
of US$42 million including a US$25 million accrual related to
the settlement of a U.S. Department of Justice investigation.

The company's fourth quarter operating loss of US$11 million was
on the favorable end of the estimated operating loss range of
US$10-20 million provided in the company's preliminary selected
results release on Jan. 28, 2008.

For the full year, the company reported a net loss of US$49
million, compared to a net loss of US$96 million in 2006.

"Our results reflect the proactive steps we took throughout the
year to position us to transform and grow our business," said
Fernando Aguirre, chairman and chief executive officer.  "We
have continued to focus on pricing in bananas and recovery in
value-added salads to help offset persistent external cost
challenges."

"In 2008, we will be focused on maintaining our premium brands,
improving North American profitability and completing the
restructuring we implemented in October," Mr. Aguirre added.  
"We also will invest in the development of new value-added
products to extend our brands, expand consumption and drive
growth in higher-margin distribution channels and profitable
geographies.  We believe that these strategies will help us to
achieve our vision of becoming the global leader in healthy,
fresh and convenient foods."

                    Business Restructuring

The restructuring plan, disclosed in October 2007, is on track
to generate new, sustainable cost savings of approximately
US$60-80 million this year.  The savings are being generated
from a reduction in compensation related expenses, which is
already implemented, and consolidation of processing and
distribution facilities, which will be completed at the end of
the first quarter 2008.

The plan is designed to accelerate the company's long-term
strategy to become the leader in healthy, fresh foods well as to
improve profitability and efficiency through consolidation of
operations and simplification of overhead structure.

The restructuring will drive greater integration and efficiency
across business units and geographies, resulting in one
relationship manager for customers, a supply chain, and an
innovation program with targeted priorities and better
execution. As reported, the company incurred a US$26 million
one-time charge in the fourth quarter 2007 related to severance
costs and certain asset write-downs under the restructuring
plan.

                    Refinancing Progress

The company also reported continued progress in a refinancing
expected to lower interest expense, extend debt maturities and
add significant additional covenant flexibility.

After the consent solicitation from the holders of the company's
7-1/2% Senior Notes due 2014, the company issued US$200 million
aggregate principal amount of 4.25% Convertible Senior Notes due
2016.  Net proceeds of approximately US$194 million have been
used to repay a portion of the outstanding amounts under the
company's Term Loan C of its senior secured credit facility.

The Notes are convertible, under certain circumstances, at an
initial conversion rate of 44.5524 shares of common stock per
US$1,000 original principal amount of Notes, equivalent to an
initial conversion price of approximately US$22.45 per share of
Chiquita common stock, subject to adjustment.  This represents a
premium of approximately 32.5% to the last reported sale price
of Chiquita's common stock on Feb. 6, 2008 of US$16.94.

The company has also entered into a fully underwritten
commitment with Cooperatieve Centrale Raiffeisen -
Boerenleenbank B.A., "Rabobank Nederland," New York branch to
refinance the company's existing US$200 million revolving credit
facility and the remaining portion of the company's Term Loan C.

Pursuant to the terms of the commitment letter Rabobank has
committed to provide to the company a six-year senior secured
credit facility including a US$200 million revolving credit
facility and a US$200 million term loan.  The company expects to
close the new facility by March 31, 2008.

            About Chiquita Brands International Inc.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and  
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.

                        *     *     *

Chiquita Brands International Inc. continues to carry Moody's
Investors Service's B3 long-term corporate family and Caa2
senior unsecured debt ratings, which were placed on
Nov. 6, 2006.  Moody's said the outlook is negative.


PRYCE CORP: Supreme Court Affirms Appellate Court's Decision
------------------------------------------------------------
The Supreme Court has affirmed the decision of the Court of
Appeals on July 28, 2005, that reversed orders approving Pryce
Corporation's amended rehabilitation plan.

On July 12, 2004, Pryce Corp. filed a petition for
rehabilitation with the Regional Trial Court in Makati City.  
Pryce sought the approval of its proposed rehabilitation plan,
which among others provided that:

   1. Bank creditors will be paid through dacion en pago of  
      assets already mortgaged to them, to the extent sufficient
      to pay off outstanding obligations.  Excess assets, if
      any, will be freed from liens and encumbrances and
      released to Pryce;

   2. Pricing for assets for dacion will be based on the average
      of two valuation appraisals from independent third-party
      appraisers;

   3. All penalties will be waived by the creditors;

   4. Interest on the loans will be accrued only up to June 30,
      2003;

   5. Titles of properties and sales documents held by the bank
      as additional security but without actual mortgage on the
      properties will also be released to Pryce after the
      dacion; and

   6. For purposes of the dacion, the foreign currency loan from
      China Banking, the only U.S. dollar-denominated debt, will
      be converted to peso on the average exchange rate in 2003
      -- PHP54.2033 to US$1).

The following day, RTC issued a stay order deferring all claims
against Pryce and appointed a rehabilitation receiver.

                 Creditors Oppose Petition

The company's creditors opposed the rehabilitation petition:

   * Bank of Philippine Islands claimed the the petition and
     rehabilitation plan are coercive and violative of the
     contract;

   * Land Bank of the Philippines asserted of unrealistic
     valuation of the properties subject of dacion;

   * China Banking Corporation alleged that Pryce is solvent and
     the company filed the petition to for its creditors to
     accept dacion payments.

                 Amended Rehabilitation Plan

The RTC in September 2004 referred the proposed plan to the
appointed rehabilitation receiver for evaluation and
recommendation.  On Dec. 15, the receiver submitted an amended
rehabilitation plan, which provided, among others:

    1. Payment of all bank loans and long-term commercial papers
       through dacion of Pryce's real estate assets;

    2. Payment of all non-bank, trade and other payables
       amounting to at least PHP500,000 each through dacion of
       memorial park lots; and

    3. Payment in cash over a three-year period, without
       interest, of all non-bank, trade and other payables
       amounting to less than PHP500,000; and

    4. Additional appraiser to the proposed two to undertake
       valuation of assets earmarked for dacion.

The RTC approved the amended plan on Jan. 17, 2005, declaring
Pryce eligible to be placed in a state of corporate
rehabilitation.

              China Banking Appeals Decision

On Feb. 23, 2005, China Banking asked the Court of Appeals to
review the RTC's decision.  The bank alleged that the RTC, in
approving the amended plan, impaired the obligations of
contracts, voided contractual stipulation and contravened the
avowed police of the State to maintain a competitive financial
system.

The Court of Appeals, on July 28, 2005, granted China Banking's
request, and accordingly reversed and set aside the RTC's
decision.  Pryce Corp. filed a motion for reconsideration but
was denied by the appellate court.

                    Supreme Court's Say

Pryce brought the case to the Supreme Court raising the issue
whether the court of appeals erred in denying the rehabilitation
petition.  

On Feb. 4, 2008, the Supreme Court affirmed the appellate
court's decision agreeing that there are serious requirements
before rehabilitation can be ordered.

When the RTC appointed a receiver the very next day after filing
the rehabilitation petition, it is highly doubtful that, without  
any hearing yet held, the court could have already gathered
enough evidence before it to determine whether there was any
imminent danger of dissipation of assets or paralization of
business operations to warrant a receiver's appointment, the
Supreme Court Order noted.

                   Case Goes Back to RTC

The Supreme Court directed a remand of the case's records to the
RTC for further proceedings to determine the merits of the
petition for rehabilitation.

                       About Pryce Corp.

Makati City-based Pryce Corporation --
http://www.prycegardens.com/-- formerly Pryce Properties   
Corporation, was incorporated as a property holding and real
estate development company.  The company's real estate
undertakings include the development of memorial parks,
residential and commercial properties and hotel operations.  In
1997, LPG and industrial gases became the dominant business.  
Thus, the company changed its name to Pryce Corp. and its
primary purpose from that of a property company to a
manufacturing company.

Pryce, thru its subsidiary Pryce Gases, Inc., manufactures and
distributes oxygen and acetylene in the Visayas and Mindanao and
trades in other gases such as argon, carbon dioxide and
nitrogen.

Pryce Corporation reported a net loss of PHP231.5 million for
the year 2006 -- its third consecutive annual loss.  In 2005,
the company posted a PH51.1 million net loss.  Pryce reported a
PHP170.2 million net loss for 2004.




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


STATS CHIPPAC: Temasek Mulls Delisting Shares
---------------------------------------------
Singapore state investment firm Temasek Holdings is still
considering delisting STATS ChipPAC Ltd., Reuters reports.

Temasek was quoted by the news agency as saying, "As any
delisting of the STATS ChipPAC shares from the SGX-ST (Singapore
Exchange) is subject to certain conditions being satisfied,
there remains no certainty as to whether...Temasek will proceed
to seek a delisting of the STATS ChipPAC shares."

Jennifer Tan of Reuters writes that Temasek would make an
appropriate announcement in the event that a decision was
reached.

STATS ChipPAC Ltd. is a back-end semiconductor assembly and test
company.  It provides full-turnkey solutions to semiconductor
businesses, including foundries, integrated device manufacturers
and fabless companies in the U.S., Europe and Asia.  It ranked
fourth in the global outsourcing semiconductor assembly and test
industry as of end-2006.  In fiscal year 2006, packaging revenue
accounted for 74% of sales, and test and other revenues the
balance.  The communications segment accounted for 57% of sales.
The company's offices outside the United States are located in
Singapore, South Korea, China, Malaysia, Taiwan, Japan, the
Netherlands, and United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 18, 2008, Moody's Investors Service has affirmed the Ba1
corporate family rating and Ba1 senior unsecured debt rating of
STATS ChipPAC Limited.  Moody's said the outlook for the ratings
remains
stable.

As reported on January 16, 2007, Standard & Poor's Ratings
Services placed its 'BB+' corporate credit ratings on STATS
ChipPAC Ltd. on CreditWatch with negative implications.  At the
same time, Standard & Poor's also placed its 'BB+' rating on all
STATS ChipPAC's senior unsecured rated debts on CreditWatch with
negative implications.




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


TATA MOTORS: To Sell Pickup Truck in Thailand
---------------------------------------------
Tata Motors Ltd. plans to sell a new pickup truck model in
Thailand next month, Bloomberg News reports citing The Bankok
Post.

Anuchit Nguyen of Bloomberg writes that Tata Motors's TL Sprint
pickup, which will be called the Xenon for sales in Thailand,
will be available to Thai customers at the International Bangkok
Motor Show.

Tata Motors also plans to start selling pickup trucks, which use
natural gas as the main fuel, in Thailand by the end of this
year, the report adds.

                     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.


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

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

AUSTRALIA      

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


CHINA AND HONG KONG      

Asia Telemedia Limited            376      16.97       -7.53      
Beiya Industrial (Group)      
  Co., Ltd                     600705     462.13      -20.57
Brilliant Arts Multi-Media      
  Holding Ltd                    8130      11.62       -2.32    
Cangzhou Chemical Industrial      
  Co.Ltd                       600722     379.30       -2.89    
Chia Tai Enterprises      
  International Ltd.              121     316.12       -8.92    
China HealthCare Holdings Ltd     673      25.44       -3.37    
Compass Pacific Holdings Ltd     1188      46.98      -14.92    
Datasys Technology      
  Holdings Ltd                   8057      14.10       -2.07      
Dongxin Electrical Carbon      
  Co., Ltd                     600691      34.19       -2.90      
Dynamic Global Holdings Ltd.      231      44.64       -9.70      
Everpride Biopharmaceutical      
  Company Limited                8019      14.19       -0.02      
Ever Fortune Intl.      
  Hldgs. Limited                  875      14.41       -4.03    
Fujian Start Computer      
  Group Co.Ltd                 600734     114.76      -16.98    
Guangzhou Oriental    
  Baolong Automotive Co        600988      15.78      -11.11    
Guangdong Hualong Groups      
  Co., Ltd                     600242      15.23      -46.94    
Hisense Kelon Electrical
  Hldngs Co., Ltd                 921     596.71      -94.69    
Hans Energy Company Limited       554      85.00       -0.49      
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47    
Heilongjiang Black Dragon      
  Co., Ltd                     600187     113.45      -74.67    
Hualing Holdings Limited          382     262.90      -32.17      
HuaTongTianXiang Group      
  Co., Ltd.                    600225      52.77      -42.02      
Huda Technology & Education      
  Development Co. Ltd.         600892      17.12       -0.39    
Innovo Leisure Recreation      
  Holdings Ltd.                   703      13.40       -4.50    
Junefield Department      
  Store Group Limited             758      12.93       -5.39    
Loulan Holdings Limited          8039      11.14       -2.21    
Mianyang Gao Xin Industrial      
  Dev (Group)                  600139      23.90      -15.65      
New City China Development Ltd    456     253.47      -25.03    
Orient Power Holdings Ltd.        615     176.86      -64.20    
Paladin Ltd.                      495     167.43       -6.23      
Plus Holdings Ltd.               1013      18.52       -3.34      
Regal Real Estate      
  Investment Trust               1881     945.38     -234.68      
Sanjiu Yigong Biopharmaceutical      
  & Chem                       000403     218.51       -3.48
Shanghai Worldbest      
  Pharmaceutical Co.Ltd        600656      66.75      -13.42      
Shanghai Xingye Housing   
  Co.,Ltd                      600603      16.23      -49.40
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11      
Suntek Technology Co., Ltd     600728      49.03      -14.65    
Suntime International      
  Economic Trading             600084     372.80      -50.59    
Taiyuan Tianlong Group Co.      
  Ltd                          600234      19.47      -89.51      
The First Investment &      
  Merchant Co, Ltd             600515      90.66        5.98      
Tianjin Marine Shipping      
  Co. Ltd                      600751     111.03       -3.59      
Tianyi Science & Technology      
  Co., Ltd                     600703      45.82      -41.20      
Tibet Summit Industry      
  Co., Ltd                     600338      90.92       -4.05      
Winowner Group Co. Ltd.        600681      23.34      -72.39      
Yun Sky Chemical (Int)
  Hldg. Ltd                       663      29.31       -1.13

INDIA      

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


INDONESIA      

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

JAPAN      

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

KOREA      

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

MALAYSIA      

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

PHILIPPINES      

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


SINGAPORE      

ADV Systems Auto                  ASA      14.32       -8.54    
Compact Metal Industries Ltd.     CMI      47.42      -36.47      
Falmac Limited                    FAL      10.51       -2.30      
Gul Technologies                  GUL     172.80       -3.04
HLG Enterprise                   HLGE     123.41       -7.36
Informatics Holdings Ltd         INFO      20.42      -11.65    
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43      
L&M Group Inv                     LNM      56.91      -10.59    
Pacific Century Regional          PAC    1569.35      -88.20      


TAIWAN    

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

THAILAND      

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


                         *********


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