TCRAP_Public/080225.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

             Monday, February 25, 2008, Vol. 9, Issue 39

                          Headlines

A U S T R A L I A

ALLCO FINANCE: Facing Difficulties Paying Debts
BRIGHTWAY NEON: Final Meeting Slated for March 7
CHRYSLER: Plastech Considers Other Restructuring Alternatives
CHRYSLER LLC: Plastech to Continue Supplying Parts Until Feb. 27
CHRYSLER LLC: Plastech Needs Tooling to Keep Afloat, Court Says

CHRYSLER LLC: Magna's Hopes of Acquiring Tooling Fade
CREDIT FACILITIES: Members Opt to Shut Down Firm
DALUSO PTY: Placed Under Voluntary Liquidation
FINDUS AUSTRALIA: Commences Liquidation Proceedings
INDEPENDENT PROPERTY: Members & Creditors to Meet on Feb. 26

KIRANI PTY: Commences Liquidation Proceedings
MARASH PTY: Placed Under Voluntary Liquidation
MOS LABOUR: To Declare First Dividend on March 4
NAPVIRA PTY: Commences Liquidation Proceedings
NORMAN ENTERPRISES: Commences Liquidation Proceedings

SHARPER IMAGE: Wants To Hire Kurtzman Carson as Claims Agent
SLOANE'S RADIO: Undergoes Liquidation Proceedings


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

BETTER PARADISE: Court to Hear Wind-Up Petition on March 26
BOTHEALTH TRAVELS: Creditors & Contributors to Meet on March 4
CHINA CONSTRUCTION: Plans Domestic Acquisitions for CNY3.5 Bil.
HELENSBAY LIMITED: Court to Hear Wind-Up Petition on March 26
NASU ELECTRIC: Creditors & Contributors Meeting Set for Feb. 27

NOVA CHEMICALS: Fitch Affirms BB- Issuer Default Rating
PARADIVE LIMITED: Court to Hear Wind-Up Petition on March 12
PETROLEOS DE VENEZUELA: Needs Exxon's OK to Sell Chalmette Stake
PETROLEOS DE VENEZUELA: Asks Exxon to Stop Asset Freeze Scheme


I N D I A

DECCAN AVIATION: To Raise INR1,600 Crore by Issuing Securities
GERDAU SA: Quanex to Vote on Merger with Firm
TATA MOTORS: Looming Ford Deal Spurs Stock Dumping, Report Says
TATA MOTORS: Concludes Meeting with Jaguar & Land Rover Union
TATA STEEL: Signs Memorandum of Settlement with Workers' Union


I N D O N E S I A

BANK CENTRAL ASIA: Fitch Ups Issuer Default Rating to BB
BANK DANAMON: Fitch Lifts Issuer Default Rating to BB from BB-
BANK INTERNASIONAL: Fitch Ups Issuer Default Rating to BB
BANK LIPPO: Fitch Raises Issuer Default Rating to BB from BB-
BANK MANDIRI: Fitch Lifts Issuer Default Rating to BB from BB-

BANK MEGA: Fitch Lifts Issuer Default Rating to BB from BB-
BANK NEGARA: Secures US$150-Million Loan from StanChart
BANK NEGARA: Fitch Upgrades Issuer Default Rating to BB from BB-
BANK NIAGA: 2007 Net Profit Up 19% to IDR770 Billion
BANK NIAGA: Fitch Ups Issuer Default Rating to BB from BB-

BANK PAN: Fitch Upgrades Issuer Default Rating to BB from BB-
BANK PERMATA: Fitch Raises Issuer Default Rating to BB from BB-
BANK TABUNGAN: Fitch Upgrades Issuer Default Rating to BB
BANK UOB: Fitch Raises Issuer Default Rating to BB from BB-


J A P A N

BANK IKEDA: Fitch Places Ratings on Watch Evolving
DELPHI CORP: Cuts Rodney O'Neal's Emergence Incentive to US$1MM
DELPHI CORP: Gets Court Nod for US$2.7B Steering Business Sale
MITSUBISHI MOTORS: Moody's Reviews Ba3 Rating for Likely upgrade
MITSUKOSHI LTD: To Book JPY5.8 Bil. of Special Loss for Assets


K O R E A

* Fitch Releases Report on Korean Banks' Offshore Loans


M A L A Y S I A

PROTON HOLDINGS: Posts MYR10.3-Mil. Net Profit for Third Quarter


N E W  Z E A L A N D

AOTEAROA COOLSTORES: Court to Hear Wind-Up Petition on Feb. 27
CHANNEL PUBLISHING: Commences Liquidation Proceedings
EFKEROS LIMITED: Appoints Parsons & Kenealy as Liquidators
GOLDFEVER 2005: Wind-Up Petition Hearing Set for Feb. 27
RATAHI CONTRACTING: Fixes March 5 as Last Day to File Claims

SHOW-OFF NEW ZEALAND: Taps Parsons & Kenealy as Liquidators
STRICTLY COSMIC: Placed Under Voluntary Liquidation
TENNYSON BM: Court to Hear Wind-Up Petition on February 27
TMP QUALITY: Creditors' Meeting Set for Today
ZONE ENTERTAINMENT: Subject to CIR's Wind-Up Petition


P H I L I P P I N E S

CHIQUITA BRANDS: Morgan Joseph Keeps Buy Rating on Firm's Shares


S I N G A P O R E

FLEXTRONICS: To Increase Workforce in Hungary by 10%


T A I W A N

FAR EASTERN: Seeks to Sell Shares & Strengthen Company


T H A I L A N D

* Fitch To Hold Monday Telecon for Australian Banking Outlook


                            - - - - -

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


ALLCO FINANCE: Facing Difficulties Paying Debts
-----------------------------------------------
Allco Finance Group Ltd. is facing serious concerns about
meeting its liabilities, resulting to delays by its directors to
sign its latest half-year accounts, various reports say.

According to The Age News, Allco Chief Executive David Clarke,
in response to media inquires regarding the status of the
accounts and the group's ability to service its debts as a going
concern, said Allco is in the process of finalizing its
accounts.  It is not required by the ASX Listing Rules to sign
and lodge the accounts until the end of the month, he added.

The statement, the report points out, helped explain Allco's
decision to postpone its interim announcement despite clearly
informing the ASX on two occasions of the release of the
figures.

The Sydney Morning Herald recounts that the company postponed
the release of its first half of 2007-08 results, which was
expected to have a net profit of about US$120 million.  However,
The Herald notes, the focus of the announcement will be on the
extent of Allco's financial problems and its future plans to
reduce its debt.  The Commonwealth Bank of Australia, one of the
group's biggest lenders, has appointed corporate restructuring
specialist Ferrier Hodgson to ensure that Allco meets its
commitments, the report adds.

Danny John, Michael Evans and Stuart Washington at The Herald
write that the banks are monitoring the situation daily as Allco
engages in negotiations with several potential buyers, including
Macquarie Group and the private equity player Texas Pacific,
about a possible carve-up of the company and a cash injection.

The list of lenders to Allco also includes Westpac, St. George
Bank, Societe Generale and JP Morgan, the report adds.

The Age points out that Allco's directors are consumed with
trying to resolve a four-way squeeze that is becoming more
difficult by the day:

   -- Meeting a fast-approaching deadline to refinance at least
      US$250 million in debt.

   -- Ensuring there is enough cash to cover its continuing,
      and much larger, loan commitments.

  -- Renegotiating or pulling out of a recently announced
     joint venture deal to buy US$1.7 billion of US power
     stations, of which Allco would fund half by debt and
     equity.

  -- Signing the company's accounts, for which they will be
     personally liable, that would allow the suspension on
     Allco's beleaguered shares to be lifted.

The company's stock, which remains suspended at US$3.05 having
lost half of its value since December, suffered a sharp fall
last month as mounting debt problems and margin calls by lenders
against key individual shareholders aggravated the stock sell-
off, The Age says.

                    About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, 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.


BRIGHTWAY NEON: Final Meeting Slated for March 7
------------------------------------------------
Brightway Neon Industries Pty. Ltd. will hold a final meeting
for its members and creditors at 10:30 a.m. on March 7, 2008.    
During the meeting, the company's liquidator, S. L. Horne at
Draper Dillon, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          S. L. Horne
          Draper Dillon
          440 Collins Street
          Melbourne, Victoria 3000
          Australia

                    About Brightway Neon

Brightway Neon Industries Pty. Ltd. is a distributor of electric
lamp bulbs and tubes.  The company is located at Tullamarine, in
Victoria, Australia.


CHRYSLER: Plastech Considers Other Restructuring Alternatives
-------------------------------------------------------------
Plastech Engineered Products Inc. and its debtor-affiliates are
in talks with their lenders and major customers about other
possible restructuring alternatives.

At the hearing on Chrysler LLC's request to lift the stay to
recover tooling currently in the Debtors' possession, it was
disclosed that after the Debtors signed their second
accommodation agreement where they obtained additional funding
from major customers, Plastech considered several restructuring
alternatives to address its liquidity difficulties and financial
conditions.

Plan "A" would involve a strategic business combination, merger
or acquisition as a going concern.  These discussions were
mostly between Plastech and Johnson Controls, Inc.  JCI was by
far the largest customer of the Debtor.

As reported in the Troubled Company Reporter on Feb. 21, 2008,
Donald S. MacKenzie, a senior managing director at Conway
MacKenzie & Dunleavy, testified before the U.S. Bankruptcy Court
for the Eastern District of Michigan that Johnson Controls
considered acquiring the privately held company in the weeks
before it sought Chapter 11.  Mr. MacKenzie also said that JCI
may still be interested in acquiring Plastech.

JCI and the three major U.S. carmakers Ford Motor Company,  
General Motors Corporation, and Chrysler have agreed to make
advance payments to Plastech, a condition for Chrysler to obtain
a US$38,000,000 financing from a syndicate of lenders led by
Bank of America, N.A.

Plan "B" was a stand alone restructuring that would involve
making significant cost reductions to Plastech's operations and
might involve a de-leveraging of the balance sheet, including a
debt for equity swap with certain of the Debtor's lenders.  Plan
"B" might also include additional cash from some combination of
existing stakeholders or third party investors.

In the event that Plan "A" or Plan "B" did not materialize, the
Debtor and its advisors would consider Plan "C" consisting of an
orderly liquidation.

During the short time that the Second Accommodation Agreement
was in effect -- Jan. 22 until Jan. 31, 2008 -- the Debtor
continued discussions with the Major Customers regarding the
restructuring alternatives.  Conway MacKenzie & Dunleavy,
Plastech's financial advisor, also had discussions with possible
investors.

During the meetings among the parties, BBK, Chrysler's financial
consultant, and CMD prepared various analyses of the Debtor's
financial condition and possible restructurings:

    -- BBK's draft analysis for these discussions projected
       approximately US$61,000,000 of earnings before income
       tax, depreciation and amortization (EBITDA) for the
       Debtor for 2008.  CMD was projecting approximately
       US$85,000,000 of EBITDA for the Debtor for 2008.  In
       either case, the projected EBITDA would be insufficient
       to comply with covenants that the Debtor had with its
       lenders that required US$100,000,000 of EBITDA for the
       Debtor for 2008.  

    -- BBK also advised Chrysler that the Debtor appeared to be
       insolvent in January 2008.  The Debtor's cash management
       worksheets for the critical days during the last week of
       January 2008 showed that the Debtor had net outstanding
       checks during each of those days in excess of the actual
       credit line available to it, although on each of those
       days it appears that the checks scheduled to clear on a
       given day were less than the cash available for the day.  
       The Debtor maintained that it was not insolvent at that
       time.

The Debtor continued its discussions with the Major Customers
during the last week of January in an effort to induce them to
provide further financial accommodations.  The draft of the
Third Accommodation Agreement provided for a request for
forbearance from the lenders until April 15, 2008, during which
time the Debtor would embark upon a sale process with milestones
set along the way for the development of a restructuring
transaction.  The draft of the Third Accommodation Agreement was
never executed.

During meetings and discussions with the Major Customers, the
Debtor requested that the additional accommodation of funds be
received by no later than Feb. 4, 2008, because the Debtor's
cash flow showed that it would be out of funds at that time.

In connection with the proposed Third Accommodation Agreement,
Chrysler determined that it would be less costly if it would
implement its own plan "B" by moving its tooling from the Debtor
to other suppliers to resource the parts previously made by the
Debtor for Chrysler.  Chrysler concluded it would have to put in
another US$60,000,000 and perhaps up to US$100,000,000 over the
next four years.  This was coming on the heels of a
US$1,600,000,000 loss in 2007 by Chrysler.  Chrysler's decision
was influenced greatly by the recent experience it had with the
bankruptcy case of Collins & Aikman in which Chrysler had put in
US$400,000,000 in accommodations for the troubled supplier.

On Feb. 1, 2008, Larry Walker, director of exterior procurement
for Chrysler, delivered a letter to Julie Brown, CEO of
Plastech.  The letter said that Chrysler is terminating all
supply agreements with Plastech, and it is taking possession of
all tooling associated with Chrysler's production.

Chrysler immediately filed suit against the Debtor in Wayne
County Circuit Court and obtained an ex parte temporary
restraining order and order of possession that required the
Debtor to immediately deliver possession of all of the tooling
that it utilized in the production of Chrysler's parts.

Plastech filed the Chapter 11 case after Chrysler obtained the
restraining order from the Wayne County Court.

                  About Plastech Engineered

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

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

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

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

As of Dec. 31, 2006, the company's books and records reflected
assets totaling US$729,000,000 and total liabilities of
US$695,000,000.  (Plastech Bankruptcy News, Issue No. 7;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                     About Chrysler LLC

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

                        *     *     *

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


CHRYSLER LLC: Plastech to Continue Supplying Parts Until Feb. 27
----------------------------------------------------------------
Plastech Engineered Products Inc. and its debtor-affiliates, and
Chrysler LLC have agreed to an extension of their interim
production agreement, under which Plastech will continue to
manufacture and deliver component parts to Chrysler until
Feb. 27, 2008.

Pursuant to the initial interim agreement between the parties:

   -- Chrysler was obligated to make certain payments to
      Plastech in conjunction with the continued production of
      component parts; and

   -- The Debtors are to allow BBK, as agents for Chrysler, to
      have supervised access to Plastech facilities for the
      purpose of inspecting and conducting an inventory of all
      tooling used for Chrysler production.

The parties reached the interim agreement before the U.S.
Bankruptcy Court for the Eastern District of Michigan denied
Chrysler LLC's request to pull out the tooling equipment from
Plastech's plants.

                 About Plastech Engineered

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

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

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

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

As of Dec. 31, 2006, the company's books and records reflected
assets totaling $729,000,000 and total liabilities of
US$695,000,000.  (Plastech Bankruptcy News, Issue No. 6;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                     About Chrysler LLC

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

                          *     *     *

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


CHRYSLER LLC: Plastech Needs Tooling to Keep Afloat, Court Says
---------------------------------------------------------------
The Honorable Phillip Shefferly of the U.S. Bankruptcy Court for
the Eastern District of Michigan said in a court opinion that
Plastech Engineered Products Inc. and its debtor-affiliates
needed to keep the tooling equipment to help faciliate their
reorganization.

As reported in the Troubled Company Reporter on Feb. 20, 2008,
Chrysler LLC commented that it was disappointed at the decision.
Chrysler claimed that in exchange for financial accommodations
to Plastech, the Debtor agreed that all tooling -- machinery and
equipment Plastech uses in manufacturing 500 component parts for
Chrysler's automobiles -- are property of Chrysler.  It
contended it is entitled to recover the tooling after it
terminated its supplier contracts with Plastech prepetition.

Plastech, however, asserted that Chrysler is prohibited by the
U.S. Bankruptcy Code from seizing the equipment, most of which
are also used in manufacturing component parts for other
customers, which include General Motors Corporation, Ford Motor
Company and Johnson Controls, Inc.  Plastech also warned it
would lose 15% of its annual revenues if Chrysler is allowed to
take possession of the tooling.  Chrysler accounts for about
US$200,000,000 from Plastech's annual sales of approximately
US$1,200,000,000 to US$1,300,000,000.

                  Feb. 14 and 15 Hearings

The Court said it carefully considered the briefs filed by
Chrysler, the Debtors and other parties-in-interest, as well as
the testimony of the eight witnesses presented by Plastech and
Chrysler, and the exhibits introduced into evidence.

1) All Tooling Bound by Automatic Stay

Section 362(a) of the Bankruptcy Code operates as a stay with
respect to "any act to obtain possession of property of the
estate or of property from the estate or to exercise control
over property of the estate."

The Court affirmed the Debtors' contentions that the automatic
stay applies to both the tooling paid by Chrysler and the
tooling that Chrysler has not paid for.  Chrysler paid over
US$167,000,000 for tooling, and but owes US$13,400,000 with
respect to some of the tooling utilized by Plastech to make
parts for Chrysler.  "Even assuming that the Debtor has only a
possessory interest in the tooling paid for by Chrysler, that is
a sufficient interest by itself to cause the application of the
automatic stay," Judge Shefferly said.

2) Balancing of Interests Favor Plastech

Chrysler explained it will suffer economic harm if the stay is
not lifted under Section 362(d)(1).  But Plastech also showed it
will suffer economic harm if the Court rules in favor of
Chrysler.

Richard Smidt, senior manager of material supply operations at
Chrysler, testified that if the said tools are not delivered to
Chrysler by the end of their current interim agreement
(currently February 27, 2008), it could be as little as five
hours before Chrysler would see disruptions in its assembly
lines, which would be followed by lay offs and, ultimately,
substantial damages to Chrysler.

On the other hand, if Chrysler is permitted to take possession
of the tooling, many of the Debtors' plants will have to be
promptly shut down.  Mathew Demars, Plastech's president of
interior and exterior business units, testified that of the
company's 36 manufacturing facilities, 21 produce parts for
Chrysler.  Of the 21, two are entirely engaged in making parts
for Chrysler and another 9 of them have 25% or more of Chrysler
revenue as part of their operating structure.  The cost to close
these plants is US$8,000,000 to US$9,000,000 per facility
according to Mr. Demars.

The Court also noted that many parties will be greatly affected,
if not destroyed, by a lift of the automatic stay at this point
in the Chapter 11 case, which is in its infancy.  Aside from
their 7,700 employees and secured creditors asserting claims
over the Debtors' assets, General Motors, Ford, and JCI depend
on the Debtors' business, for component parts.  "Chrysler's
rights and interests are valid and important, but so are those
of the Debtor and the other constituents in this case," Judge
Shefferly said.

After considering evidence, including the impact upon different
parties, the Court concluded that Chrysler has not met its
burden of proof to demonstrate "cause" to lift the automatic
stay under Section 362(d)(1).

3) Tooling Necessary for Plastech's Reorganization

The Court also took into consideration Section 362(d)(2), which
allows the lifting of the stay with respect to property if (A)
the debtor does not have an equity in the property; and (B) the
property is not necessary to an effective reorganization.

Judge Shefferly held that evidence demonstrates that Plastech
does not have any equity in the tooling that Chrysler has paid
for.  He noted that even without the express provisions of the
tooling acknowledgment in the First and Second Accommodation
Agreements, the Debtor still has no equity in the tooling paid
for by Chrysler.

The Court, however, was convinced that if Chrysler takes
immediate possession of the tooling, the Debtor will not be able
to continue to provide parts uninterrupted to its other major
customers and therefore any prospect of an effective
reorganization will be lost.  Donald MacKenzie, the Debtor's
financial advisor from Conway MacKenzie & Dunleavy, testified
that as of February 1, 2008 (when Chrysler delivered its
termination letter to Plastech), the Debtor still had, among
other things, a proven capability to produce component parts,
with substantial customers, significant contracts, a strong work
force and a supportive group of lenders.

4) Chrysler Would Have Recovered Tooling Absent Plastech's
Chapter 11

Judge Shefferly said he does not share some of the parties'
views that Chrysler's conduct was "over reaching," and
"precipitous," and that its damages, if any, are "self
inflicted."

Judge Shefferly stated Chrysler took actions that it believed
were in its best interest and consistent with its contractual
provisions when it sent the Feb. 1, 2008 letter and filed suit
in the Wayne County Circuit Court.  "Had the Debtor not filed
Chapter 11, Chrysler's exercise of those rights might now be
concluded.  But the larger point here is that the Debtor did
file a Chapter 11 case and exercised a legitimate right that it
has under the law in doing so."

                  About Plastech Engineered

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

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

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

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

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.  (Plastech Bankruptcy News, Issue No. 7;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                     About Chrysler LLC

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

                        *     *     *

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


CHRYSLER LLC: Magna's Hopes of Acquiring Tooling Fade
-----------------------------------------------------
Magna International Inc. apparently did not get its wish of
acquiring a huge chunk of tooling equipment from Plastech
Engineered Products Inc. and its debtor-affiliates' plants,
after the Honorable Phillip Shefferly of the U.S. Bankruptcy
Court for the Eastern District of Michigan stopped Chrysler LLC
from grabbing the tooling.

As reported in the Troubled Company Reporter on Feb. 20, 2008,
Judge Shefferly denied Chrysler LLC's request to pull out the
tooling equipment from Plastech's plants, saying that Plastech
needs the equipment more than ever in its bankruptcy.

Before the Court decision, Chrysler LLC intended to transfer the
equipment to Magna International, a Canadian counterpart of
Plastech, in order to keep the flow of production, Alex Ortolani
and Michael Ramsey of Bloomberg News report, citing the
automaker's planning documents.

An analyst commented that Magna, with the additional equipment,
could improve production in its plants, and could charge
Chrysler with higher rates for its parts than Plastech,
Bloomberg relates.  "Magna becomes the obvious choice here
because they have had a long-term very good relationship with
Chrysler," Bloomberg quotes the analyst as saying.  "It would be
hard for me to believe that Magna is doing it at the same price
that Plastech was doing it."

Spokespeople for Chrysler declined to comment to Bloomberg since
the information was confidential.

                  About Plastech Engineered

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

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

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

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

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

                     About Chrysler LLC

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

                        *     *     *

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


CREDIT FACILITIES: Members Opt to Shut Down Firm
------------------------------------------------
Credit Facilities Australia Pty. Ltd.'s members agreed on
Jan. 15, 2008, to voluntarily liquidate the company's business.  
In line with this goal, the company has appointed Brian McMaster
and Jack James at KordaMentha to facilitate the sale of its
assets.

The liquidators can be reached at:

          Brian McMaster
          Jack James
          KordaMentha
          Level 11, 37 St Georges Terrace
          Perth, Western Australia
          Australia

                   About Credit Facilities

Credit Facilities Australia Pty. Ltd is involved with trusts,
except educational, religious, and charitable trusts.  The
company is located at South Perth, in Western Australia,
Australia.


DALUSO PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Daluso Pty.'s members agreed on Jan 18, 2008, to voluntarily
liquidate the company's business.  In line with this goal, the
company has appointed Andrew James Heard at Heard Phillips to
facilitate the sale of its assets.

The liquidator can be reached at:

          Andrew James Heard
          Heard Phillips
          Chartered Accountants
          Level 2, 45 Grenfell Street
          Adelaide, South Australia 5000
          Australia
          Telephone:(08) 8212 3433

                      About Daluso Pty.

Located at Wayville, in South Australia, Australia, Daluso Pty.  
is an investor relation company.


FINDUS AUSTRALIA: Commences Liquidation Proceedings
---------------------------------------------------
Findus Australia Pty. Ltd.'s members agreed on January 18, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed John Georgakis at Ernst &
Young to facilitate the sale of its assets.

The liquidator can be reached at:

          John Georgakis
          c/o Ernst & Young
          Level 26, 8 Exhibition Street
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9288 8000

                  About Findus Australia

Findus Australia Pty. Ltd. is a distributor of fresh and frozen
fish and seafoods.  The company is located at West Melbourne, in
Victoria, Australia.


INDEPENDENT PROPERTY: Members & Creditors to Meet on Feb. 26
------------------------------------------------------------
Independent Property Services Pty. Ltd. will hold a final
meeting for its members and creditors at 11:30 a.m. on
Feb. 26, 2008.  During the meeting, the company's liquidator,
Leonard A. Milner at Venn Milner & Co., will provide the
attendees with property disposal and winding-up reports.

As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on March 30, 2007.

The liquidator can be reached at:

          Leonard A. Milner
          Venn Milner & Co Chartered Accountants
          Suite 1, 43 Railway Road
          Blackburn, Victoria 3130
          Australia

                 About Independent Property

Independent Property Services Pty. Ltd. is involved with
non-residential construction.  The company is located at
Carnegie, in Victoria, Australia.


KIRANI PTY: Commences Liquidation Proceedings
---------------------------------------------
Kirani Pty.'s members agreed on Jan 18, 2008, to voluntarily
liquidate the company's business.  In line with this goal, the
company has appointed Andrew James Heard at Heard Phillips to
facilitate the sale of its assets.

The liquidator can be reached at:

          Andrew James Heard
          Heard Phillips
          Chartered Accountants
          Level 2, 45 Grenfell Street
          Adelaide, South Australia 5000
          Australia
          Telephone:(08) 8212 3433

                      About Kirani Pty.

Located at Wayville, in South Australia, Australia, Kirani Pty.
is an investor relation company.


MARASH PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Marash Pty. Ltd.'s members agreed on January 10, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed David Spiegel at WHK Horwath to
facilitate the sale of its assets.

The liquidator can be reached at:

          David Spiegel
          c/o WHK Horwath
          Level 32, 80 Collins Street
          Melbourne, Victoria 3000
          Australia

                     About Marash Pty.

Marash Pty. Ltd. provides computer related services.  The
company is located at Port Melbourne, in Victoria, Australia.


MOS LABOUR: To Declare First Dividend on March 4
------------------------------------------------
Mos Labour Pty. Ltd., which is in liquidation, will declare
first dividend on March 4, 2008.

Only creditors who were able to file their proofs of debt by
Feb. 19, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          David J. Lofthouse
          CJL Partners
          180 Flinders Lane, Level 3
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9639 4779
          Facsimile:(03) 9639 4773

                      About Mos Labour

Mos Labour Pty. Ltd. is a distributor of durable goods.  The
company is located at Melbourne, in Victoria, Australia.


NAPVIRA PTY: Commences Liquidation Proceedings
----------------------------------------------
Napvira Pty.'s members agreed on Jan 18, 2008, to voluntarily
liquidate the company's business.  In line with this goal, the
company has appointed Andrew James Heard at Heard Phillips to
facilitate the sale of its assets.

The liquidator can be reached at:

          Andrew James Heard
          Heard Phillips
          Chartered Accountants
          Level 2, 45 Grenfell Street
          Adelaide, South Australia 5000
          Australia
          Telephone:(08) 8212 3433

                     About Napvira Pty.

Located at Wayville, in South Australia, Australia, Napvira Pty.
is an investor relation company.


NORMAN ENTERPRISES: Commences Liquidation Proceedings
-----------------------------------------------------
Norman Enterprises Pty. Ltd.'s members agreed on Jan. 17, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Michael Schramm at Pacifica
Chartered Accountants to facilitate the sale of its assets.

The liquidator can be reached at:

          Michael Schramm
          c/o Michael Schramm
          Pacifica Chartered Accountants
          PO Box 993N
          Cairns North, Queensland 4870
          Australia

                  About Norman Enterprises

Norman Enterprises Pty. Ltd is a land subdivider and developer.  
The company is located at Cairns, in Queensland, Australia.


SHARPER IMAGE: Wants To Hire Kurtzman Carson as Claims Agent
------------------------------------------------------------
Sharper Image Corporation sought and obtained the Court's
authority to employ Kurtzman Carson Consultants LLC, as its
claims and noticing agent.

The Debtor anticipates that the creditors in their Chapter 11
case would total more than 10,000.  Thus, the Debtor assert that
it is vital for them to designate KCC as the Court's outside
agent since the noticing, receiving, docketing and maintaining
of claims would be time consuming and burdensome for the Clerk's
Office.

According to Rebecca L. Roedell, executive vice president and
chief financial officer of Sharper Image, the employment of KCC
is in the best interest of the Debtor's estate and parties-in-
interest.

As the Debtor's claims and balloting Agent, KCC will:

   * notify all potential creditors of the Chapter 11 petition
     and of the first meeting of creditors;

   * prepare and maintain an official copy of the Debtor's
     schedules of assets and liabilities and its statement of
     financial affairs;

   * maintain a copy service from which parties may obtain
     copies of relevant documents in the case;

   * notify all potential creditors of the existence and amount
     of their claims;

   * furnish a form for the filing of claims, after approval of
     the notice and form by the Court, and provide notice of the
     bar date for the filing of claims;

   * file with the Clerk's Office, within 10 days of service, a
     copy of the bar date notice, a list of persons to whom it
     was mailed, and the date the notice was mailed;

   * docket all claims received, maintain the official claims
     register, and provide the Clerk's Office with certified
     unofficial Claims Register on a monthly basis;

   * relocate all actual claims filed with the Court;

   * record all transfers of claims and provide notices of the
     transfers;

   * turn over copies of the Claims Register for the Clerk's
     Office's review upon completion of the docketing process
     for all claims received to date;

   * maintain the official mailing list of all entities that
     have filed a claim;

   * if requested, assist with the solicitation and the
     calculation of votes and distributions; and

   * submit an order dismissing and terminating its services
     upon completion of its duties and the closing of the case.

KCC will be paid for its services, expenses and supplies at the
rates or prices set by KCC and in effect on the day the services
or supplies are provided to the Debtor, in accordance with KCC's
fee structure.  However, if the fees and expenses is expected to
exceed US$10,000 in any single month, KCC may require advance
payment.

KCC will submit its invoice to the Debtor within 15 days of the
end of each calendar month.  The Debtor agrees that the amount
invoiced is due and payable upon receipt of the invoice.  A late
charge will apply to any unpaid amount, as of 30 days from
receipt.  If the invoice amount is disputed, a notice will be
sent to KCC within 10 days of receipt of the invoice by the
Debtor.  Late charges will not accrue on any amounts in dispute.

Moreover, KCC will receive a retainer of US$25,000 for services
to be performed and expenses to be incurred.

Sheryl Betance, director of restructuring for KCC, assures the
Court that her firm is a "disinterested person," as the term is
defined in Section 101(14) of the Bankruptcy Code.

The Sharper Image -- http://www.sharperimage.com-- 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.

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, including those in Australia.  The
company filed for chapter 11 protection on February 19, 2008
(Bankr. Del. Case No. 08-10322).  Steven K. Kortanek, Esq., at
Womble, Carlyle, Sandbridge & Rice, P.L.L.C. represents the
debtor in its restructuring efforts.  


SLOANE'S RADIO: Undergoes Liquidation Proceedings
-------------------------------------------------
Sloanes Radio Pty. Ltd.'s members agreed on January 9, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Dean Royston McVeigh to
facilitate the sale of its assets.

The liquidator can be reached at:

          Dean Royston McVeigh
          Foremans Business Advisors (Southern) Pty. Ltd.
          Suite 8, 56-60 Bay Road
          Sandringham, Victoria 3191
          Australia

                    About Sloanes Radio

Sloanes Radio Pty. Ltd. is a distributor of household appliance
stores.  The company is located at Seymour, in Victoria,
Australia.




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


BETTER PARADISE: Court to Hear Wind-Up Petition on March 26
-----------------------------------------------------------
On January 22, 2008, Dah Sing Bank Limited filed a petition to
have Better Paradise Enterprises Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
March 26, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Wilkins & Grist
          6th Floor, Prince Building
          Charter Road, Central
          Hong Kong


BOTHEALTH TRAVELS: Creditors & Contributors to Meet on March 4
--------------------------------------------------------------
Bothealth Travels Limited will hold a joint meeting for its
creditors and contributors at 10:30 a.m. and 11:30 a.m.
respectively on March 4, 2008.  During the meeting, the
company's liquidator, E.T. O'Connell at the Official's
Receiver's Office, 10th floor, Queensway Government offices, in
Hong Kong, will provide the attendees with property disposal and
winding-up reports.

The company's liquidator can be reached at:

         E.T. O'Connell
         the Official's Receiver's Office
         10th floor
         Queensway government offices
         Hong Kong


CHINA CONSTRUCTION: Plans Domestic Acquisitions for CNY3.5 Bil.
---------------------------------------------------------------
China Construction Bank is considering two domestic acquisitions
amounting to CNY3.5 billion to diversify into insurance and
other financial service sectors, Reuters reports citing the 21st
Century Business Herald.

According to the report, the newspaper said CCB may buy a 51%
stake in domestic life assurer Happy Insurance for CNY1.2
billion.  Happy Insurance's controlling shareholders had agreed
to sell out to CCB and the deal was now awaiting regulator
approval, the report adds.

CCB would also buy an 80% stake in Xingtai Trust Co. Ltd., for
at least CNY2.3 billion, with a strategy of diversifying into
other financial service sectors, the report notes, citing the
Herald.

                  About China Construction

The China Construction Bank -- http://www.ccb.cn/-- is one of   
the "big four" banks in the People's Republic of China. It was
founded on October 1, 1954, under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

The Troubled Company Reporter - Asia Pacific reported on
Nov. 20, 2006, that Fitch Ratings affirmed the bank's 'D'
individual rating.

On May 4, 2007, Moody's Rating Agencies rates Construction Bank
Corporation's Bank Financial Strength Rating at D-.  Moody's
said the BFSR outlook  is stable.


HELENSBAY LIMITED: Court to Hear Wind-Up Petition on March 26
------------------------------------------------------------
On January 17, 2008, Cheung Kim Fung filed a petition to have
Helensbay Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
March 26, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chan & Tsu
          Room 1002, 10th Floor
          China Insurance Group Building
          141 Des Vouex Road Central
          Hong Kong


NASU ELECTRIC: Creditors & Contributors Meeting Set for Feb. 27
---------------------------------------------------------------
Nasu Electric (Hong Kong) Limited will hold a joint meeting for
its creditors and contributors at 3:00 p.m. and 5:00 p.m.
respectively on February 27, 2008.  During the meeting, the
company's liquidators, Ho Kwan Yui, Junius and Ho Wai Fung at
18th Floor, Henley Building, 5 Queen's Road Central, in Hong
Kong, will provide the attendees with property disposal and
winding-up reports.

The company's liquidators can be reached at:

         Ho Kwan Yui, Junius
         Ho Wai Fung
         18th Floor
         Henley Building
         5 Queen's Road Central
         Hong Kong


NOVA CHEMICALS: Fitch Affirms BB- Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed NOVA Chemicals Corporation
(NYSE: NCX) as:

    -- Issuer Default Rating at 'BB-';
    -- Senior unsecured notes and revolver at 'BB-';
    -- Senior secured revolving credit facility at 'BB+';
    -- Retractable preferred shares at 'BB+'.

The Rating Outlook is Stable.

While Fitch has some concerns about the short-term refinancing
risks facing the company, these concerns are offset by recent
operational and cash flow improvements at NOVA, as well as its
reasonable access to liquidity.  In August of 2008, US$125
million of 7.25% notes can be put to the company by bondholders.  
At the end of October, US$126 million in preferred securities
come due, net of restricted cash.  Finally, the company has
US$250 million in 7.4% notes, which mature in the first part of
2009.

In 2007, NOVA's credit metrics and cash flow improved on the
back of strong performance in its core olefins/polyolefins
business, with full year EBITDA surging to US$885 million,
driven largely by access to relatively cheap Alberta natural gas
feedstocks and the wide differentials between crude and natural
gas prices on a btu-equivalent basis.  As a result, EBITDA/Gross
Interest coverage rose to approximately 4.8 times in 2007 versus
last year's 4.0x, while leverage metrics also improved.  Free
cash flow rose to US$142 million from the US$97 million seen
last year, comprised of cash flow from operations of US$329
million, capex of US$156 million, and dividends of US$31
million.

NOVA's liquidity remains reasonable.  At year-end 2007, Fitch
calculates the company had a total of US$638 million of
available liquidity, including US$118 million in unrestricted
cash, $434 million in available revolver capacity and US$86
million in remaining capacity on its A/R securitization program.  
Fitch notes that the company plans to extend one of its US$100
million revolvers, which is set to expire later this year.  NOVA
Corp's total debt at YE2007 was just under US$1.8 billion,
including long-term debt of US$1.54 billion (primarily composed
of unsecured long term fixed and floating rate notes) and US$257
million in current debt.  As of YE2007, NOVA's debt-to-
capitalization ratio was 48% (company calculated), well within
60% revolver covenant limits.

Nova Chemicals is a multinational producer of commodity
chemicals including styrene, polystyrene, ethylene and
polyethylene with approximately 3,300 full time employees.  A
majority of its assets are located in Canada and the US.  In
North America, Nova is the leading producer of styrene and
expandable polystyrene and the fifth largest ethylene producer.  
The company reports two business segments; olefins/polyolefins
and styrenics.  In 2006, the United States accounted for 71% of
sales, Canada accounts for 4%, Europe and rest of the world
accounts for 25%.  Polyethylene and styrenic polymers are used
in rigid and flexible packaging, containers, plastic bags,
plastic pipe, electronic appliances, housing and automotive
components and consumer goods. Exports to Asia are enabled in
part by low-cost back-haul shipping economics from Western
Canada.  The company's Asian operating center is in China.


PARADIVE LIMITED: Court to Hear Wind-Up Petition on March 12
-----------------------------------------------------------
On January 9, 2008, Tang Muk Kui filed a petition to have
Paradive Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
March 12, 2008, to hear the petition.

The petitioner's solicitor can be reached at:

          Steve Y. F. Wong
          27th Floor, Queensway Government Offices
          66 Queensway
          Hong Kong


PETROLEOS DE VENEZUELA: Needs Exxon's OK to Sell Chalmette Stake
----------------------------------------------------------------
Vice-Minister of Energy Bernard Mommer told reporters that
Petroleos de Venezuela SA must get ExxonMobil's authority to
sell its stake in US-based Chalmette refinery, owned by PDVSA
and the US oil major, published reports say.

Venezuela, as analysts predicted, has arranged a deal to give
Exxon 50% of its Chalmette assets to compensate for Exxon's
Cerro Negro assets, El Universal notes.

Mr. Mommer said in a statement that it cannot sell Chalmette
stake without Exxon's signature, adding that "Exxon has the
guarantee that 50 percent of Chalmette belongs to Pdvsa . . .
and that 50 percent is worth more than what they had in the
(Cerro Negro crude project)," Reuters relates.

According to Energy Minister Rafael Ramirez, PDVSA could sell
its stake in Chalmette, which would be more than enough to
compensate Exxon for assets in the said project, the report
adds.

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

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

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Asks Exxon to Stop Asset Freeze Scheme
--------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA's
president and oil and energy minister Rafael Ramirez has asked
Exxon Mobil Corp. to stop judicial actions that led to the
freezing of Petroleos de Venezuela's assets in London and New
York, Venezuelanalysis.com reports.

Minister Ramirez commented to Venezuelanalysis.com, "We have
heard various messages from Exxon.  What we are asking is that
we return to the situation as it was under arbitration."

Minister Ramirez had described Exxon Mobil's arbitration process
in the International Center for Settlement of Investment
Disputes over a compensation claim for a nationalized oil joint
venture in Venezuela was "a measure that is an abuse of our
country, given that negotiations with the other companies have
moved forward within the framework of our rights and laws, and
resulted in a successful migration process".   

According to Minister Ramirez, Exxon Mobil went "beyond the
actions stipulated by international arbitration by trying to
freeze our assets in London and New York courts".

Exxon Mobil's former assets in Venezuela were worth less than
US$1 billion, contrary to its multi-billion-dollar claim,
Minister Ramirez told Venezuelanalysis.com.  He indicated that
Exxon Mobil represented the smallest investment of all
investments made by upgraders in the Orinoco Oil Belt.  In this
sense, little was invested in the country to capture the profits
of the Chalmette Refinery.

Exxon Mobil's chairperson Robert Olsen told Reuters that his
company is willing to negotiate.

However, Minister Ramirez said that Exxon Mobil's case entails a
political interest of cornering and harassing Venezuela, and for
this reason all discussions have come to an end "because we will
not accept for any company to disregard our sovereign
decisions".  Minister Ramirez also clarified that Petroleos de
Venezuela cannot be subjected to an embargo because the company
enjoys jurisdictional immunity.

Petroleos de Venezuela will challenge further asset freeze court
orders in London, the Netherlands, and the Dutch Antilles,
Venezuelanalysis.com relates.

Mr. Ramirez said that Petroleos de Venezuela is handling the
case with the pertinent responsibility and it will continue to
try by all possible means to successfully conclude this process.  
Minister Ramirez affirmed that the country's legal entities are
working in this regard, and that there are enough legal
arguments to bring legal actions against Exxon Mobil.

                      About Exxon Mobil

Exxon Mobil Corporation operates as a petroleum and
petrochemicals company.  It primarily engages in the
exploration, production, and sale of crude oil and natural gas;
and manufacture, transportation, and sale of petroleum products.

                About Petroleos de Venezuela

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

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

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

                        *     *     *

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




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


DECCAN AVIATION: To Raise INR1,600 Crore by Issuing Securities
--------------------------------------------------------------
Deccan Aviation Limited intends to raise INR1,600 crore through   
the issuance or allotment of securities in the domestic or
foreign market, the carrier disclosed in a filing with the
Bombay Stock Exchange.

Deccan's board of directors proposed the move at a meeting on
Feb. 21, 2008.  The securities, which may be in the form of
equity shares, convertible securities, debentures, and/or
preference shares, will be offered via public issue or on a
private placement basis.

The regulatory filing did not disclose where Deccan Aviation
will use the additional funds nor specify the timeframe for the
move, which is still subject to the approval of shareholders and
regulatory authorities.

Also subject to shareholders' nod is a proposal to increase
Deccan Aviation's authorized share capital from INR150 crore to
INR500 crore.

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

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


GERDAU SA: Quanex to Vote on Merger with Firm
---------------------------------------------
Quanex Corp. reported that it will hold a special meeting of
stockholders on March 31, 2008, to approve and adopt the
agreement and plan of its merger with a subsidiary of Gerdau
S.A.  

Stockholders of record as of the close of business on
Feb. 29, 2008, will be entitled to vote at the special meeting.  
Quanex will issue a definitive proxy statement regarding the
proposed merger to stockholders after the record date.

Completion of the merger is subject to the adoption of the
merger agreement by Quanex's stockholders and the satisfaction
of the other closing conditions set forth in the merger
agreement.

                     About Quanex Corp.

Quanex Corp., formerly Michigan Seamless Tube Company, is
engaged in the production of engineered carbon and alloy steel
bars, heat treated bars, aluminum flat-rolled products, flexible
insulating glass spacer systems, extruded profiles, and
precision-formed metal and wood products.  The two markets
served by the Company include vehicular products and building
products.  The segments served by the Company include Vehicular
Products, Engineered Building Products and Aluminum Sheet
Building Products. Quanex has 27 manufacturing facilities in 12
states in the United States.

                        About Gerdau

Headquartered in Porto Alegre, Brazil, Gerdau SA
-- http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 26, 2007, Moody's Investors Service affirmed Gerdau S.A.'s
Ba1 corporate family rating and stable outlook.


TATA MOTORS: Looming Ford Deal Spurs Stock Dumping, Report Says
---------------------------------------------------------------
Tata Motors Ltd.'s pursuit of Ford Motor Co.'s Jaguar and Land
Rover units drove shareholders to sell their stake in the Indian
truckmaker, Anand Krishnamoorthy of Bloomberg News reports

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 31, 2008, Tata Motors is closing in on an agreement with
Ford for the sale of the Jaguar and Land Rover.  A deal
reportedly could be announced anytime this month to as late as
March.

Tata Motors became the front-runner to buy the two brands when
Ford announced on Jan. 3, that it has entered into "focused
negotiations at a more detailed level" with the company.  Tata
Motors outbid Mahindra & Mahindra in collaboration with buyout
firm Apollo; and One Equity Partners LLC.  On Feb. 8, Tata
Motors met with the main trade union of the two brands as the
parties are said to be nearing a deal.

The looming acquisition of the two luxury brands, however, drove
some shareholders to dump their shares.  Among those that sold
their stocks, Bloomberg relates, are Aquarius Investment
Advisors Pte. Manager A.S. Thiyaga Rajan, Alliance Bernstein
Japan Ltd., and Waddell & Reed Financial Inc.

According to Bloomberg, investors are not happy with the thought
that the deal may mean Tata Motors will not be able to spend
enough in India.

Buying the luxury brans may cost Tata Motors US$1.7 billion, or
four times 2007 earnings, and cut fiscal 2009 per-share profit
by 42%, Bloomberg cites an estimate made by Merrill Lynch & Co.
analyst S. Arun.  Morgan Stanley's Balaji Jayaraman recommends
selling the stock and says it may fall 11% in 12 months, the
news agency adds.

Bloomberg pointed out that in its survey, 18 analysts called
Tata Motors a buy, while three analysts said to hold and two
recommended selling.  Tata Motors' shares fell 18% in 12 months
ended Feb. 20, 2008, the agency noted.

Early January, Ford's announcement of focused discussion with
Tata Motors cued rating agencies to place the Indian company's
ratings on review for likely downgrade.

Moody's Investors Service placed the Ba1 Corporate Family Rating
of Tata Motors Ltd. on review for possible downgrade saying the
transaction will bring the company considerable execution and
integration challenges.  Standard & Poor's placed its 'BB+'
ratings on CreditWatch with negative implications.  The imminent
acquisition is large scale that could potentially have a
negative impact on the corporate credit ratings on the company,
especially if it is heavily funded by debt, said S&P credit
analyst Anshukant Taneja.  India's ICRA also placed the the
company's ratings on rating watch with negative implications to
reflect likely increase in the business and financial risk
profile in the event of a Ford deal.

The company should focus on the US$2,500 Nano not US$100,000
Jaguars, Bloomberg quoted Mr. Rajan as saying.  Tata Motors, on
Jan. 10, introduced the four-door Nano, dubbed as the world's
cheapest car.  The company plans to roll out Nano in October
this year.

                      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: Concludes Meeting with Jaguar & Land Rover Union
---------------------------------------------------------------
According to a CNBC-TV 18 report, Tata Motors Limited's meeting
with the main trade union of Jaguar and Land Rover is over.  
CNBC's unnamed sources asserted that the meeting was conclusive.

The Troubled Company Reporter-Asia Pacific reported about the
meeting on Feb. 8, 2008, which signaled that Tata Motors is
nearing a deal with Ford Motor Co.

Tata Motors became the front-runner to buy Jaguar and Land Rover
when Ford announced on Jan. 3, that it has entered into "focused
negotiations at a more detailed level" with the company.  Tata
Motors outbid Mahindra & Mahindra in collaboration with buyout
firm Apollo; and One Equity Partners LLC.

The last nuts and bolts are now falling into place, the CNBC
report states.  CNBC's sources expect a Memorandum of Agreement
between Ford and Tata Motors by March 5 or 6.

                     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 STEEL: Signs Memorandum of Settlement with Workers' Union
--------------------------------------------------------------
Tata Steel Ltd. signed on Feb. 18, 2008, a Memorandum of
Settlement with Tata Workers' Union that gave interim relief to
employees of the company's Steel Works and Tubes Division
pending finalization of wage revision.

The settlement will cover all permanent employees (workers and
supervisors) of the company at Jamshedpur, including Tubes
Division, covered by the Memoranda of Settlement dated
Dec. 17, 2001, who were on the rolls of the company as of
Dec. 31, 2006, and continue to be on the rolls on the date of
the settlement.  The settlement also covers employees who were
appointed on the permanent rolls after Dec. 31, 2006, and are
also on the permanent rolls on the settlement date.  A monthly
amount will be paid to the eligible employees, depending on
their respective basic salary as of Dec. 31, 2006, with effect
from Jan. 1, 2007.

A copy of the table of the monthly payments under the settlement
is available for free at:

       http://www.tatasteel.com/newsroom/press425.asp

According to a media release, the Charter of Demands submitted
by the Union to the company for wage settlement will be
discussed and finalized within four months from the date of the  
settlement.  In case the wage settlement does not take place
early, the eligible employees who would be on the rolls of the
company as of July 1, 2008, would be paid an additional adhoc
amount towards increment with effect from Jan. 1, 2008.

If National Joint Committee for the Steel Industry commences
payment of monthly interim relief better than us, before the
finalization of the settlement, the issue of the amount of
monthly interim relief to the employees would be discussed again
with the Union, Tata Steel added.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd., and changed the
outlook to negative from stable.




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


BANK CENTRAL ASIA: Fitch Ups Issuer Default Rating to BB
--------------------------------------------------------
Fitch ratings has taken rating actions on Indonesian banks.  
"Apart from the sovereign action, the upgrades in the banks'
IDRs reflect their financial improvement in the past year, and
our expectations that operating conditions in Indonesia should
remain generally supportive of credit quality going forward,"
notes Tan Lai Peng, Director with Fitch's Financial Institutions
group.

The Outlook has been revised to Stable from Positive. This
follows a similar revision on the Indonesian sovereign where the
Long-term IDRs were raised to 'BB' from 'BB-' and the Outlook
revised to Stable from Positive.  The Individual ratings, Short-
term IDRs and National Ratings have been affirmed.

Also, the Support Ratings of state-owned and/or systemically
large banks have been upgraded to '3' from '4'. Their Support
Rating Floors have been upgraded to 'BB-' from 'B+' or 'B'
previously to reflect the stronger financial ability of the
sovereign state to provide support.

Bank Central Asia

  -- LTFC IDR upgraded to 'BB' from 'BB-'; Outlook revised to
     Stable from Positive;

  -- Support rating upgraded to '3' from '4';

  -- Support Rating Floor upgraded to 'BB-' from 'B+';

  -- Individual rating affirmed at 'C/D';

  -- ST IDR affirmed at 'B',

  -- National Long-term affirmed at 'AA+ (idn)'.


BANK DANAMON: Fitch Lifts Issuer Default Rating to BB from BB-
--------------------------------------------------------------
Fitch ratings has taken rating actions on Indonesian banks.  
"Apart from the sovereign action, the upgrades in the banks'
IDRs reflect their financial improvement in the past year, and
our expectations that operating conditions in Indonesia should
remain generally supportive of credit quality going forward,"
notes Tan Lai Peng, Director with Fitch's Financial Institutions
group.

The Outlook has been revised to Stable from Positive. This
follows a similar revision on the Indonesian sovereign where the
Long-term IDRs were raised to 'BB' from 'BB-' and the Outlook
revised to Stable from Positive.  The Individual ratings, Short-
term IDRs and National Ratings have been affirmed.

Also, the Support Ratings of state-owned and/or systemically
large banks have been upgraded to '3' from '4'. Their Support
Rating Floors have been upgraded to 'BB-' from 'B+' or 'B'
previously to reflect the stronger financial ability of the
sovereign state to provide support.

Bank Danamon

-- LTFC IDR upgraded to 'BB' from 'BB-'/Outlook revised to
   Stable from Positive;

-- Support rating upgraded to '3' from '4';

-- Support Rating Floor upgraded to 'BB-' from 'B';

-- Individual rating affirmed at C/D;

-- ST IDR affirmed at 'B';

-- National Long-term affirmed at 'AA(idn)'.


BANK INTERNASIONAL: Fitch Ups Issuer Default Rating to BB
---------------------------------------------------------
Fitch ratings has taken rating actions on Indonesian banks.  
"Apart from the sovereign action, the upgrades in the banks'
IDRs reflect their financial improvement in the past year, and
our expectations that operating conditions in Indonesia should
remain generally supportive of credit quality going forward,"
notes Tan Lai Peng, Director with Fitch's Financial Institutions
group.

The Outlook has been revised to Stable from Positive. This
follows a similar revision on the Indonesian sovereign where the
Long-term IDRs were raised to 'BB' from 'BB-' and the Outlook
revised to Stable from Positive.  The Individual ratings, Short-
term IDRs and National Ratings have been affirmed.

Also, the Support Ratings of state-owned and/or systemically
large banks have been upgraded to '3' from '4'. Their Support
Rating Floors have been upgraded to 'BB-' from 'B+' or 'B'
previously to reflect the stronger financial ability of the
sovereign state to provide support.

Bank Internasional Indonesia

-- LTFC IDR upgraded to 'BB' from 'BB-'; Outlook revised to
   Stable from Positive;

-- Support rating upgraded to '3' from '4';

-- Individual rating affirmed at C/D;

-- ST IDR affirmed at 'B';

-- National Long-term affirmed at 'AA-(idn)';

-- FC subordinated debt rating upgraded to 'BB-' from 'B+'.


BANK LIPPO: Fitch Raises Issuer Default Rating to BB from BB-
-------------------------------------------------------------
Fitch ratings has taken rating actions on Indonesian banks.  
"Apart from the sovereign action, the upgrades in the banks'
IDRs reflect their financial improvement in the past year, and
our expectations that operating conditions in Indonesia should
remain generally supportive of credit quality going forward,"
notes Tan Lai Peng, Director with Fitch's Financial Institutions
group.

The Outlook has been revised to Stable from Positive. This
follows a similar revision on the Indonesian sovereign where the
Long-term IDRs were raised to 'BB' from 'BB-' and the Outlook
revised to Stable from Positive.  The Individual ratings, Short-
term IDRs and National Ratings have been affirmed.

Also, the Support Ratings of state-owned and/or systemically
large banks have been upgraded to '3' from '4'. Their Support
Rating Floors have been upgraded to 'BB-' from 'B+' or 'B'
previously to reflect the stronger financial ability of the
sovereign state to provide support.

Bank Lippo

-- LTFC IDR upgraded to 'BB' from 'BB-'; Outlook revised to
   Stable from Positive;

-- Support rating upgraded to '3' from '4';

-- Individual rating affirmed at C/D;

-- ST IDR affirmed at 'B';

-- National Long-term affirmed at 'AA-(idn)';

-- FC subordinated debt upgraded to 'BB-' from B+.


BANK MANDIRI: Fitch Lifts Issuer Default Rating to BB from BB-
--------------------------------------------------------------
Fitch ratings has taken rating actions on Indonesian banks.   
"Apart from the sovereign action, the upgrades in the banks'
IDRs reflect their financial improvement in the past year, and
our expectations that operating conditions in Indonesia should
remain generally supportive of credit quality going forward,"
notes Tan Lai Peng, Director with Fitch's Financial Institutions
group.

The Outlook has been revised to Stable from Positive. This
follows a similar revision on the Indonesian sovereign where the
Long-term IDRs were raised to 'BB' from 'BB-' and the Outlook
revised to Stable from Positive.  The Individual ratings, Short-
term IDRs and National Ratings have been affirmed.

Also, the Support Ratings of state-owned and/or systemically
large banks have been upgraded to '3' from '4'. Their Support
Rating Floors have been upgraded to 'BB-' from 'B+' or 'B'
previously to reflect the stronger financial ability of the
sovereign state to provide support.

Bank Mandiri

-- LTFC/LTLC IDRs upgraded to 'BB' from 'BB-'; Outlook revised
   to Stable from Positive;

-- Support rating upgraded to '3' from '4';

-- Support Rating Floor upgraded to 'BB-' from 'B+';

-- Individual rating affirmed at 'C/D', ST IDR affirmed at 'B';

-- National Long-term affirmed at 'AA+(idn)';

-- FC senior and subordinated debt ratings upgraded to 'BB' and
   'BB-'


BANK MEGA: Fitch Lifts Issuer Default Rating to BB from BB-
-----------------------------------------------------------
Fitch ratings has taken rating actions on Indonesian banks.  
"Apart from the sovereign action, the upgrades in the banks'
IDRs reflect their financial improvement in the past year, and
our expectations that operating conditions in Indonesia should
remain generally supportive of credit quality going forward,"
notes Tan Lai Peng, Director with Fitch's Financial Institutions
group.

The Outlook has been revised to Stable from Positive. This
follows a similar revision on the Indonesian sovereign where the
Long-term IDRs were raised to 'BB' from 'BB-' and the Outlook
revised to Stable from Positive.  The Individual ratings, Short-
term IDRs and National Ratings have been affirmed.

Also, the Support Ratings of state-owned and/or systemically
large banks have been upgraded to '3' from '4'. Their Support
Rating Floors have been upgraded to 'BB-' from 'B+' or 'B'
previously to reflect the stronger financial ability of the
sovereign state to provide support.

PT Bank Mega Tbk

-- Support rating affirmed at '4';

-- Individual rating affirmed at 'D';

-- National Long-term affirmed at 'A+(idn)'.


BANK NEGARA: Secures US$150-Million Loan from StanChart
-------------------------------------------------------
PT Bank Negara Indonesia Tbk has secured US$150 million in loans
from Standard Chartered Bank, Reuters reports.

According to the report, the two banks issued a statement saying
that the loans, which mature in three years, will be used by BNI
to strengthen its capital base and finance business expansion.

Gatot M. Suwondo, Bank Negara new president director, said the
loans from an international bank show that Bank Negara's
reputation and credibility are good.  It also shows that
international banks are confident about Indonesia's economy, he
added.

As reported by the Troubled Company Reporter - Asia pacific on
Jan 28, 2008, Bank Negara's 2007 unaudited net profit rose 20.2%
to IDR2.32 trillion from a year earlier.  The increase in the
net profit, the TCR-AP said, was aided by higher fee-based
income.   The bank's fee-based income in 2007, increased 37% to
IDR3.93 trillion, the TCR-AP added.

                     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.

On 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+'.


BANK NEGARA: Fitch Upgrades Issuer Default Rating to BB from BB-
----------------------------------------------------------------
Fitch ratings has taken rating actions on Indonesian banks.  
"Apart from the sovereign action, the upgrades in the banks'
IDRs reflect their financial improvement in the past year, and
our expectations that operating conditions in Indonesia should
remain generally supportive of credit quality going forward,"
notes Tan Lai Peng, Director with Fitch's Financial Institutions
group.

The Outlook has been revised to Stable from Positive. This
follows a similar revision on the Indonesian sovereign where the
Long-term IDRs were raised to 'BB' from 'BB-' and the Outlook
revised to Stable from Positive.  The Individual ratings, Short-
term IDRs and National Ratings have been affirmed.

Also, the Support Ratings of state-owned and/or systemically
large banks have been upgraded to '3' from '4'. Their Support
Rating Floors have been upgraded to 'BB-' from 'B+' or 'B'
previously to reflect the stronger financial ability of the
sovereign state to provide support.

Bank Negara Indonesia

-- LTFC/LTLC IDRs upgraded to 'BB' from 'BB-'; Outlook revised
   to Stable from Positive;

-- Support rating upgraded to '3' from '4';

-- Support Rating Floor upgraded to 'BB-' from 'B+';

-- Individual rating affirmed at 'D';

-- ST IDR affirmed at 'B';

-- National Long-term affirmed at 'AA-(idn)';

-- FC subordinated debt upgraded to 'BB-' from 'B+'.


BANK NIAGA: 2007 Net Profit Up 19% to IDR770 Billion
----------------------------------------------------
PT Bank Niaga Tbk posted a total net profit of IDR770 billion in
2007, a 19% increased from the IDR648 billion net profit last
year, The Jakarta Post reports.

According to the report, President Director Hashemi Albakri said
that the increased in credit applications had contributed
significantly to the total profit amid the country's improving
investment climate last year.  "Last year, we recorded our
highest-ever net interest income, with IDR2.45 trillion, up by
11 percent over the previous year," he was quoted by The Post as
saying.

Mr. Albakri, the report relates, said the gain had raised the
bank's total assets to IDR54.89 trillion.  The bank's total
loans grew by 26% to IDR8.6 trillion to IDR41.75 trillion, while
third party liability rose more than 15% to IDR6 trillion from
IDR45.2 trillion, The Post notes.

Agustina Wayansari of The Post writes that Mr. Albakri said the
bank would remain focused on retail loans, which contributed the
most to the total credit last year at about 38%.

Niaga, Mr. Albakri told the news agency, controlled about 10
percent of the total housing loans in the country.

                      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.


BANK NIAGA: Fitch Ups Issuer Default Rating to BB from BB-
----------------------------------------------------------
Fitch ratings has taken rating actions on Indonesian banks.  
"Apart from the sovereign action, the upgrades in the banks'
IDRs reflect their financial improvement in the past year, and
our expectations that operating conditions in Indonesia should
remain generally supportive of credit quality going forward,"
notes Tan Lai Peng, Director with Fitch's Financial Institutions
group.

The Outlook has been revised to Stable from Positive. This
follows a similar revision on the Indonesian sovereign where the
Long-term IDRs were raised to 'BB' from 'BB-' and the Outlook
revised to Stable from Positive.  The Individual ratings, Short-
term IDRs and National Ratings have been affirmed.

Also, the Support Ratings of state-owned and/or systemically
large banks have been upgraded to '3' from '4'. Their Support
Rating Floors have been upgraded to 'BB-' from 'B+' or 'B'
previously to reflect the stronger financial ability of the
sovereign state to provide support.

Bank Niaga

-- LTFC IDR upgraded to 'BB' from 'BB-'; Outlook revised to
   Stable from Positive;

-- Support rating upgraded to '3' from '4';

-- Individual rating affirmed at 'C/D';

-- FC subordinated debt upgraded to 'BB-' from 'B+'.


BANK PAN: Fitch Upgrades Issuer Default Rating to BB from BB-
-------------------------------------------------------------
Fitch ratings has taken rating actions on Indonesian banks.  
"Apart from the sovereign action, the upgrades in the banks'
IDRs reflect their financial improvement in the past year, and
our expectations that operating conditions in Indonesia should
remain generally supportive of credit quality going forward,"
notes Tan Lai Peng, Director with Fitch's Financial Institutions
group.

The Outlook has been revised to Stable from Positive. This
follows a similar revision on the Indonesian sovereign where the
Long-term IDRs were raised to 'BB' from 'BB-' and the Outlook
revised to Stable from Positive.  The Individual ratings, Short-
term IDRs and National Ratings have been affirmed.

Also, the Support Ratings of state-owned and/or systemically
large banks have been upgraded to '3' from '4'. Their Support
Rating Floors have been upgraded to 'BB-' from 'B+' or 'B'
previously to reflect the stronger financial ability of the
sovereign state to provide support.

Bank Pan Indonesia

-- LTFC IDR upgraded to 'BB' from 'BB-'; Outlook revised to
   Stable from Positive;

-- Support rating upgraded to '3' from '4';
-- Individual rating affirmed at 'C/D';

-- National Long-term affirmed at 'AA-(idn)';

-- FC subordinated expected debt rating upgraded to 'BB-' from
   'B+';


BANK PERMATA: Fitch Raises Issuer Default Rating to BB from BB-
---------------------------------------------------------------
Fitch ratings has taken rating actions on Indonesian banks.  
"Apart from the sovereign action, the upgrades in the banks'
IDRs reflect their financial improvement in the past year, and
our expectations that operating conditions in Indonesia should
remain generally supportive of credit quality going forward,"
notes Tan Lai Peng, Director with Fitch's Financial Institutions
group.

The Outlook has been revised to Stable from Positive. This
follows a similar revision on the Indonesian sovereign where the
Long-term IDRs were raised to 'BB' from 'BB-' and the Outlook
revised to Stable from Positive.  The Individual ratings, Short-
term IDRs and National Ratings have been affirmed.

Also, the Support Ratings of state-owned and/or systemically
large banks have been upgraded to '3' from '4'. Their Support
Rating Floors have been upgraded to 'BB-' from 'B+' or 'B'
previously to reflect the stronger financial ability of the
sovereign state to provide support.

PT Bank Permata Tbk

-- Support rating upgraded to '3' from '4';

-- Individual rating affirmed at C/D.


BANK TABUNGAN: Fitch Upgrades Issuer Default Rating to BB
---------------------------------------------------------
Fitch ratings has taken rating actions on Indonesian banks.  
"Apart from the sovereign action, the upgrades in the banks'
IDRs reflect their financial improvement in the past year, and
our expectations that operating conditions in Indonesia should
remain generally supportive of credit quality going forward,"
notes Tan Lai Peng, Director with Fitch's Financial Institutions
group.

The Outlook has been revised to Stable from Positive. This
follows a similar revision on the Indonesian sovereign where the
Long-term IDRs were raised to 'BB' from 'BB-' and the Outlook
revised to Stable from Positive.  The Individual ratings, Short-
term IDRs and National Ratings have been affirmed.

Also, the Support Ratings of state-owned and/or systemically
large banks have been upgraded to '3' from '4'. Their Support
Rating Floors have been upgraded to 'BB-' from 'B+' or 'B'
previously to reflect the stronger financial ability of the
sovereign state to provide support.

PT Bank Tabungan Negara (Persero)

-- Support rating upgraded to '3' from '4';
-- Individual rating affirmed at 'D';

-- National Long-term affirmed at 'AA-(idn)'.


BANK UOB: Fitch Raises Issuer Default Rating to BB from BB-
-----------------------------------------------------------
Fitch ratings has taken rating actions on Indonesian banks.  
"Apart from the sovereign action, the upgrades in the banks'
IDRs reflect their financial improvement in the past year, and
our expectations that operating conditions in Indonesia should
remain generally supportive of credit quality going forward,"
notes Tan Lai Peng, Director with Fitch's Financial Institutions
group.

The Outlook has been revised to Stable from Positive. This
follows a similar revision on the Indonesian sovereign where the
Long-term IDRs were raised to 'BB' from 'BB-' and the Outlook
revised to Stable from Positive.  The Individual ratings, Short-
term IDRs and National Ratings have been affirmed.

Also, the Support Ratings of state-owned and/or systemically
large banks have been upgraded to '3' from '4'. Their Support
Rating Floors have been upgraded to 'BB-' from 'B+' or 'B'
previously to reflect the stronger financial ability of the
sovereign state to provide support.

PT Bank UOB Buana Tbk

-- LTFC/LTLC IDRs upgraded to 'BB' from 'BB-'; Outlook revised
   to Stable from Positive;

-- Individual rating affirmed at 'C/D';

-- Support rating affirmed at '3';

-- National Long-term rating affirmed at 'AA+(idn)';

-- ST IDR affirmed at 'B'.




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


BANK IKEDA: Fitch Places Ratings on Watch Evolving
--------------------------------------------------
Fitch Ratings has placed the ratings assigned to Bank of Ikeda
on Rating Watch Evolving.  Fitch's current ratings of Ikeda are:

Long-term foreign and local currency Issuer Default Ratings at
BBB-, Short-term foreign and local currency IDRs at 'F3',
Individual rating at 'C/D', and Support rating at '4' (all on
RWE); Support Rating Floor at 'B'.

This action follows Ikeda's announcement that it plans to issue
an approximately JPY30 billion of preferred stocks by third-
party allotment in March 2008.  The capital injection would
restore Ikeda's capitalization, which was depleted by unrealised
losses from its investment portfolio, depending on the final
amount of the new issuance.  Although not confirmed by the banks
involved, the majority of the new shares is expected to be
subscribed by Bank of Tokyo-Mitsubishi UFJ (BTMU: 'A+'/Stable),
Ikeda's fifth largest shareholder at end-September 2007.  Based
on the media report, the capital injection may lead to a major
restructuring of Ikeda and might possibly result in a merger
between the bank and BTMU subsidiary, Senshu Bank.  Fitch views
all of the above as positive rating triggers.  However, if no
capital injection took place or insufficient capital was
injected, Ikeda's ratings would be lowered. Reflecting these
uncertainties and possibilities, Fitch placed Ikeda's ratings on
RWE, signalling that the next rating action could either be
Positive or Negative.  Fitch will continue to follow this
situation closely, and assess the impact to its ratings once
sufficient information is disclosed.

Ikeda's Tier 1 ratio fell to 4.95% at end-December 2007, due to
unrealised losses from its investment portfolio.  Ikeda's
investment in "other securities" (investments other than
domestic bonds and stocks) expanded to 528% of its Tier 1
capital at cost in December 2007.  The bank also posted
unrealised loss of JPY45 billion during the third quarter of
fiscal year to end-March 2008, although Fitch was informed that
the portion did not contain any US subprime-related investment.  
As there were also unrealised losses from investments in
domestic bonds and stocks, total unrealised losses from Ikeda's
overall investment portfolio became JPY55 billion, which eroded
the bank's capital after some tax consideration.


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

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

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

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

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

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

                     About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 112; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)   

                        *     *     *

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

As reported in the Troubled Company Reporter on Jan. 11, 2008,
Standard & Poor's Ratings Services expects to assign its 'B'
corporate credit rating to Troy, Michigan-based automotive
supplier Delphi Corp. upon the company's emergence from Chapter
11 bankruptcy protection, which may occur by the end of the
first quarter of 2008.  S&P expects the outlook to be negative.
In addition, Standard & Poor's expects to assign these
issue-level ratings: a 'B+' issue rating (one notch above the
corporate credit rating), and '2' recovery rating to the
company's proposed US$3.7 billion senior secured first-lien term
loan; and a 'B-' issue rating (one notch below the corporate
creditrating), and '5' recovery rating to the company's proposed
US$825 million senior secured second-lien term loan.


DELPHI CORP: Gets Court Nod for US$2.7B Steering Business Sale
--------------------------------------------------------------
Delphi Corporation received final approval from the U.S.
Bankruptcy Court for the Southern District of New York to sell
its global steering and halfshaft business to Steering Solutions
Corporation, an affiliate of Platinum Equity, LLC.

The sale includes all facets of the $2.7 billion global steering
and halfshaft business, which produces electric and hydraulic
steering systems, steering columns, halfshafts and constant
velocity joints for original equipment manufacturers around the
world.  The final closing of the global steering business sale
is targeted for March 31, 2008.

More information on the final sale approval and the court filing
is available at http://www.delphidocket.com/

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

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

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

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

                        *     *     *

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

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

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


MITSUBISHI MOTORS: Moody's Reviews Ba3 Rating for Likely upgrade
----------------------------------------------------------------
Moody's Investors Service, on Feb. 22, 2008, placed the Ba3
long-term debt ratings of Mitsubishi Motors Corporation and its
supported subsidiaries, Mitsubishi Motors Credit of America,
Inc. and MMC International Finance (Netherlands) B.V. under
review for possible upgrade.

The rating action reflects MMC's successful implementation of
its business strategy, which involves revitalizing its business
in line with its turnaround plan for FYE 3/2008, the plan's
final year.

In its review, Moody's will assess the strength of earnings and
cash flow, in light of the company's new medium-term plan, which
will be announced on February 29, 2008.  Moody's will also
review MMC's financial policy, designed to manage the balance
between capital expenditure and leverage.

MMC has steadily improved its profitability over the last few
years, with its restructured and reinforced portfolio, as a
result of strategies designed to restore its market position and
earnings growth in its core automotive businesses.

The company recently reported 3Q results for fiscal 2007 (April-
December 2007).  Sales came to JPY1,947.3 billion, an increase
of 26% over the same period last year. The gain was achieved
mainly because of higher sales in Europe (including Russia),
Asia and other regions.  Operating profit was JPY52 billion,
significantly higher than the previous years' JPY6.4 billion,
and the operating profit margin also improved, to 2.7% in 2007
from 0.4% the previous year.

Moody's sees a reasonable likelihood of MMC achieving its
targets for FYE 3/2008: JPY2,670 billion in sales; JPY80 billion
in operating profit, JPY60 billion in recurring profit, and
JPY20 billion in net income.

Moody's believes that FY 2008 to FY2009 will be more challenging
for the company, as it needs to accelerate the process of
improving its volume and product mix for continued profit
growth.  A successful product strategy could lead to a revival
of its competitiveness in the medium term.  Moody's believes
that these efforts could strengthen the company's profit
structure and profitability through the medium-term economic
cycle.

If Moody's can ascertain that these improvements will prove
sustainable in FY2008 and beyond, the ratings could be upgraded
within the next three months.

Mitsubishi Motors Corporation, headquartered in Tokyo, is one of
Japan's major automotive manufacturers.


MITSUKOSHI LTD: To Book JPY5.8 Bil. of Special Loss for Assets
--------------------------------------------------------------
Mitsukoshi Ltd. said it now expects to post a net profit of
JPY4.3 billion in the fiscal year ending in February, down from
the earlier estimate of JPY10.5 billion, citing weaker than
expected sales.

The company said it will also book a special loss of Y5.8
billion to write down the impaired value of its fixed assets to
improve its balance sheet in preparation for its merger with
rival department store operator Isetan Co. Ltd.

Mitsukoshi also slashed its operating profit forecast to Y8.5
billion from the earlier estimate of JPY12 billion and reduced
its sales estimate to JPY773.8 billion from JPY789.1 billion.

In a bid to survive a difficult business climate due to sluggish
consumer spending, Mitsukoshi, Japan's fourth-largest department
store operator, and fifth-ranked Isetan announced in August last
year a plan to form a holding company in April that will combine
their operations.

With combined sales of Y1.6 trillion, the new group will be the
largest in the Japanese department store industry.

Mitsukoshi and Isetan separately announced that Shinichi Muto,
president of Isetan, will become chief executive officer of the
holding company while Mitsukoshi president Kunio Ishizuka will
serve as chief operating officer.
                                                            
                    About Mitsukoshi Ltd.

Mitsukoshi Ltd. was established through the merger of Mitsukoshi
Ltd., Nagoya Mitsukoshi, Chiba Mitsukoshi, Kagoshima Mitsukoshi,
and Fukuoka Mitsukoshi.  The company operates department stores
throughout Japan, selling clothing, food, household goods,
cosmetics, and general merchandise.

                        *     *     *

Mitsukoshi Ltd. carries Standard & Poor's BB- Long-Term Foreign
and Local Issuer Credit Ratings.

Mikuni Credit Ratings gave the company a 'B' rating on its
mortgage debt, and a 'B' rating on its senior debt.




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


* Fitch Releases Report on Korean Banks' Offshore Loans
-------------------------------------------------------
Fitch Ratings has just published a report titled "Korean Banks:
Analysis of their Offshore Borrowing Activities."  The genesis
of this report arose out of concerns in certain parts of the
market that Korea's banks have become overly dependent on
offshore borrowings, with Bank of Korea data showing that such
borrowings grew massively in FY06 (by US$53 billion) and at 9M07
(by US$43 billion) to stand at USD180bn (70% of which is short-
term).

"Such concerns are not surprising, given that excessive short-
term offshore borrowings were a key catalyst for the liquidity
crisis that hit Korea's banks during the 1998 Asian Financial
Crisis," says Peter Tebbutt, Senior Director with Fitch's
Financial Institutions group. The report notes that these
concerns may be contributing to higher offshore borrowing costs
for Korea's banks, over and above those imposed by the current
global credit crunch.

The report concludes, however, that offshore borrowing by
Korea's banks is, in relative terms, much lower than at the time
of the Asian crisis, and that the use to which the borrowings
are being put -- i.e. predominantly towards the provision of FX
hedging facilities to Korean exporters, particularly
shipbuilders, as well as other customers such as wealth
management companies investing offshore -- is of a much lower
risk than before the crisis when such borrowings were largely
on-lent to Korea's rapidly expanding and over-indebted large
corporates or "chaebols."  "Further comfort is derived from the
fact that stringent foreign currency liquidity regulations have
been implemented for Korea's banks following the Asian Crisis,
and that the banks' own risk management systems have been
greatly improved -- factors that the market may not perhaps
fully appreciate," added Mr. Tebbutt.




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


PROTON HOLDINGS: Posts MYR10.3-Mil. Net Profit for Third Quarter
----------------------------------------------------------------
Proton Holdings Bhd. reported a MYR10.33 million net profit for
the third quarter ended Dec. 31, 2007, against a loss of
MYR281.5 million a year earlier, Reuters reports.

According to the report, this is the company's second straight
quarterly profit.

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,  
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles,
related spare parts and accessories, holds intellectual
property, provides engineering consultancy, operates single make
race series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on
May 4, 2006, that Proton was expected to finalize a recovery
plan and seal an alliance with a strategic partner, in order to
boost sales and become more competitive.




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


AOTEAROA COOLSTORES: Court to Hear Wind-Up Petition on Feb. 27
--------------------------------------------------------------
A petition to have Aotearoa Coolstores Ltd.'s operations wound
up will be heard before the High Court of Napier on
Feb. 27, 2008.

Victor Industries Limited filed the petition on Dec. 20, 2007.

Victor Industries's solicitor is:

          Amy Marie O'Connor
          Receivables Management (NZ) Limited
          Level 8, 7 City Road
          Auckland
          New Zealand
          Facsimile:(09) 919 3697


CHANNEL PUBLISHING: Commences Liquidation Proceedings
-----------------------------------------------------
On January 28, 2008, the High Court of Christchurch entered an
order to have Channel Publishing Group Ltd.'s operations wound
up.  Iain Andrew Nellies and Wayne John Deuchrass were then
appointed as liquidators.

The liquidators can be reached at:

          Iain Andrew Nellies
          Wayne John Deuchrass
          c/o Insolvency Management Limited
          Level 1, 148 Victoria Street
          PO Box 13401, Christchurch
          New Zealand


EFKEROS LIMITED: Appoints Parsons & Kenealy as Liquidators
----------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of Efkeros Limited on February 8, 2008.

The liquidators can be reached at:

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


GOLDFEVER 2005: Wind-Up Petition Hearing Set for Feb. 27
--------------------------------------------------------
The High Court of Napier will hear on February 27, 2008, at
10:00 a.m. a petition to have Goldfever 2005 Ltd.'s operations
wound up.

Goldfever filed the petition on Dec. 17, 2007.

Goldfever's solicitor is:

          Malcolm David Whitlock
          Whitlock & Co.
          Baycorp House, Level 2
          15 Hopetoun Street, Auckland
          New Zealand


RATAHI CONTRACTING: Fixes March 5 as Last Day to File Claims
------------------------------------------------------------
The creditors of Ratahi Contracting Ltd. are required to file
their proofs of debt by March 5, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          David Stuart Vance
          Barry Phillip Jordan
          c/o PPB McCallum Petterson
          The Todd Building, Level 8
          95 Customhouse Quay
          PO Box 3156, Wellington
          New Zealand
          Telephone:(04) 499 7796
          Facsimile:(04) 499 7784


SHOW-OFF NEW ZEALAND: Taps Parsons & Kenealy as Liquidators
-----------------------------------------------------------
On February 8, 2008, Dennis Clifford Parsons and Katherine
Louise Kenealy were appointed liquidators of Show-Off New
Zealand Ltd.

The liquidators can be reached at:

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


STRICTLY COSMIC: Placed Under Voluntary Liquidation
---------------------------------------------------
Strictly Cosmic Ltd.'s shareholders agreed on January 31, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Clinton Ernest Sanford to
facilitate the sale of its assets.

The liquidator can be reached at:

          Clinton Ernest Sanford
          76 Forge Road, Silverdale
          PO Box 33, Red Beach 0945
          New Zealand
          Telephone:(09) 421 9020
          Facsimile:(09) 421 0922
          e-mail: clinton@basca.co.nz


TENNYSON BM: Court to Hear Wind-Up Petition on February 27
----------------------------------------------------------
The High Court of Napier will hear on February 27, 2008, at
10:00 a.m., a petition to have Tennyson BM Ltd.'s operations
wound up.

Tennyson BM filed the petition on Jan. 25, 2008.

ING Property's solicitor is:

          Christine Mary Meechan
          c/o Bell Gully
          Vero Centre, Level 22
          48 Shortland Street
          Auckland
          New Zealand


TMP QUALITY: Creditors' Meeting Set for Today
---------------------------------------------
Paul Graham Sargison and Gerald Stanley Rea, TMP Quality Fixing
Ltd.'s appointed estate liquidator, will meet with the company's
creditors today, February 25, 2008, to provide them with
property disposal and winding-up reports.

The liquidators can be reached at:

          Paul Graham Sargison
          Gerald Stanley Rea
          c/o Gerry Rea Partners
          PO Box 3015, Auckland
          New Zealand
          Telephone:(09) 377 3099
          Facsimile:(09) 377 3098


ZONE ENTERTAINMENT: Subject to CIR's Wind-Up Petition
-----------------------------------------------------
On September 26, 2007, the Commissioner of Inland Revenue filed
a petition to have Zone Entertainment (NZ) Ltd.'s operations
wound up.

The petition will be heard before the High Court of Auckland on
February 28, 2008, at 10:45 a.m.

The CIR's solicitor is:

          Simon John Eisdell Moore
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland
          New Zealand
          Telephone:(09) 336 7556)




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


CHIQUITA BRANDS: Morgan Joseph Keeps Buy Rating on Firm's Shares
----------------------------------------------------------------
Morgan Joseph & Co. analysts have kept their "buy" rating on
Chiquita Brands International Inc.'s shares, Newratings.com
reports.

Newratings.com relates that the target price for Chiquita
Brands' shares was decreased to US$24 from US$26.

Morgan Joseph said in a research note that Chiquita Brands had
strong fourth quarter 2007 results, "with top- and bottom-line
ahead of the estimates."

Industry costs would increase by at least US$120 million this
year, Newratings.com says, citing Chiquita Brands.

Newratings.com states that Morgan Joseph expects these factors
to partly offset the growth in the industry costs:

          -- cost savings from restructuring initiatives,
          -- annual costs savings measures,
          -- a drop in interest costs, and
          -- fuel hedges.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 31, 2008, Moody's Investors Service affirmed, among others,
Chiquita Brands International Inc.'s B3 Corporate family rating
and B3 Probability of default rating.  Moody's rating outlook
remains negative.




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


FLEXTRONICS: To Increase Workforce in Hungary by 10%
---------------------------------------------------
Flextronics International Ltd. is planning to increase its
manufacturing in Hungary and will increase its local workforce
by approximately 10%, EE Times Europe reports, citing
Hungarian business daily news.

Flextronics, the report relates, employs 10,000 workers in five
production plants in Hungary.  As well as increasing
manufacturing with some particular product lines the company
wants to develop its service base in Zalaegerszeg, which is one
of the largest regional service centers in Central and Eastern
Europe, the report adds.

Production is set to start in May, report adds.

                     About Flextronics

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an  
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                        *     *     *

Flextronics International Ltd. continues to carry Moody's
"Ba1" probability of default and long-term corporate family
ratings with a negative outlook.

The company also carries Standard & Poor's "BB+" long-term
local and foreign issuer credit ratings with a negative
outlook.



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


FAR EASTERN: Seeks to Sell Shares & Strengthen Company  
------------------------------------------------------
Far Eastern Air Transport Corp. apologized to its investors and
said it is scouring for more capital to the airline company, The
China Post reports.  The company's board of directors decided to
sell Far Eastern's holdings in Kaohsiung Air Kitchen and
TransAsia Airways as a way to raise at least some of the NT$690
million by Mar. 5 to pay off its debts to various parties, Far
Eastern spokesperson Chang You-peng told China Post.
  
"Selling the 31 million shares of TransAsia will bring in some
NT$170 million, and getting rid of the Kaohsiung Air Kitchen
shares will also bring in some 67 million," Mr. You-peng said.  
"We'll actively divest ourselves of the investment we made
outside the firm to raise money and ensure steady operations of
FAT."

Far Eastern has paid off some US$1.8 million in debts it owed to
the International Clearing House and has paid a deposit of some
US$700,000, Mr. You-peng related to China Post.  As for the
NT$790 million Far Eastern should collect from Angkor Airways,
both airlines have agreed to have the payment paid in four
installments over a two-year period, with rate of interest set
at 20%, 25%, 25% and 30% for each installment.

                   About Transasia Airways

Transasia Airways Corporation is a Taiwan-based provider of air
carrier services.  The Company provides passenger transport,
including regular and irregular charter flight services, freight
transport, including express delivery, post and parcel delivery,
as well as sale of tax-free goods on board. During the year
ended Dec. 31, 2005, Transasia Airways had nine regular domestic
air routes and four international air routes.

              About Far Eastern Air Transport

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

As reported on Feb. 19, Far Eastern has sought bankruptcy
protection from the Taipei District Court to stop creditors from
seizing the company's assets.  the bankruptcy court's protection
would allow the airline to continue operating and serve its
customers while it seeks for ways to find funding to pay debts.  

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




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


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

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

The call is expected to run approximately 20 minutes, followed
by a short Q&A session for interested participants.  There will
be a slide presentation available ahead of this call.

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

Instructions:

Participants should dial the listed toll free telephone access
number at least 5 minutes before start time. Participants will
be placed in listen-only mode with music until the moderator or
speaker starts the conference.  All callers are advised to dial
the toll free lines from an IDD-enabled fixed land line.

These are the details of the teleconference:

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

Replay Information:

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


                         *********


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

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