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        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 Manufactu