TCRAP_Public/080227.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

             Wednesday, February 27, 2008, Vol. 9, Issue 41

                          Headlines

A U S T R A L I A

BANALASTA OIL: Joint Meeting Slated for February 29
BNP PARIBAS: To Declare First Dividend on March 7
DAVLYN ELECTRICAL: Liquidator to Give Wind-Up Report on March 7
ELECTROSOFT PTY: Undergoes Liquidation Proceedings
FOOT LOCKER: Allowable Dividend Payments Increased to US$95 Mil.

GOLD RECOVERY: Commences Liquidation Proceedings
H & G GLASS: Placed Under Voluntary Liquidation
LIBERTYONE TECHNOLOGIES: Final Meeting Slated for March 6
WESTERN PACIFIC: Placed Under Voluntary Liquidation
WRITTEN WORD: Members & Creditors to Meet on March 5


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

ASIAN REAL: Members & Creditors to Meet on March 6
BII FINANCE: Commences Liquidation Proceedings
DANA CORP: Reorganized Company Names Directors & Officers
FUYAO GLASS: Plans to Raise More Than CNY3BB from Selling Shares
HENDERSON INVESTMENT: Commences Liquidation Proceedings

HKS (GUANGDONG): Appoints New Liquidator
LUCKY COUNTRY: Appoints Lee King Yue as Liquidator
MAP PAGBILAO: Members' Final General Meeting Set for March 25
OCEAN BRIGHT: Final General Meeting Scheduled on March 26
PETROLEOS DE VENEZUELA: Eyes Settlement with ConocoPhillips

PETROLEOS DE VENEZUELA: Asset Freeze to be Extended
PETROLEOS DE VENEZUELA: Reaches Settlement with Total & Statoil
PLUSMORE INVESTMENT: Appoints New Liquidator
TRW AUTOMOTIVE: Earns US$56MM for Quarter Ended Dec. 31, 2007


I N D I A

ARTSON ENGINEERING: Registrar of Cos. Grants Extension Requests
BAGALKOT UDYOG: Shareholders Approve 10:1 Stock Split
DECCAN AVIATION: To Seek Members' Nod on Further Capital Issue
EASTMAN KODAK: Dennis Strigl Elected on Board of Directors
EMCO LTD: Shareholders Approve 5:1 Stock Split

QUEBECOR WORLD: Final Auction Prices of Bonds Reach 41.25%
QUEBECOR: Court Approves Payment of Prepetition Commissions
QUEBECOR WORLD: Various Entities Disclose Stake in Company
TATA MOTORS: Reports Say Ford Deal Will Likely be on March 6-7


I N D O N E S I A

BANK DANAMON: Opens New Syariah Office Branch in Jalan Merdeka
BANK DANAMON: Shareholders Not to Pursue BII Merger Option
BANK MANDIRI: Provides Human Resources Training to SME Debtors
BANK TABUNGAN: Plans to Raise IDR1 Tril. from Bond Issuance
INDOSAT: Considers Issuing Global Bonds for Capital Expenditure

INDOSAT: Subscribers Up 47% to 24.5 Million by End of Dec. 2007
PT INCO: Directors Guilty of Violating Pension Fund Payment
TELKOM INDONESIA: Unit Acquires Sigma Cipta Stake for US$35 Mil.


J A P A N

ALITALIA SPA: AirOne SpA Appeals Lazio Court Ruling
DELPHI CORP: Must Pay Professionals US$49MM in Fees & Expenses
FLOWSERVE CORP: Settles Oil-for-Food Case with US SEC & DOJ


K O R E A

DURA AUTOMOTIVE: Court OKs Amendments to Revolving DIP Debt Pact
DURA AUTOMOTIVE: Must Appear at Final Hearing to OK Bonus Plan


M A L A Y S I A

INVENSYS PLC: Leverage Expectations Cue S&P's Positive Outlook
PAXELENT CORP: Earns MYR492,000 in Quarter Ended Dec. 31, 2007
SOLUTIA INC: Drops Suit After Banks Recommit on Exit Financing
SOLUTIA: Gets Exit Financing from Lenders; To Emerge Thursday
SUNWAY INFRASTRUCTURE: Balance Sheet Upside Down by MYR77 Mil.


N E W  Z E A L A N D

AIR NEW ZEALAND: Number of Passengers Up 5.8% in January
ARL AIR CONDITIONING: Placed Under Voluntary Liquidation
BADER LTD: Appoints Montgomerie & Cunningham as Liquidators
BEAZLEY BROS: Names Parsons & Kenealy as Liquidators
CENTRAL BUILDERS: Wind-Up Petition Hearing Set for March 12

CLEARY WEALTH: Court to Hear Wind-Up Petition on May 9
FOX & FOX: Appoints Vance & Jordan as Liquidators
PLANET HEALTH: Subjec to CIR's Wind-Up Petition
PRITAM HOLDINGS: Fixes March 28 as Last Day to File Claims
SURE CONSTRUCTION: Creditors' Proofs of Debt Due on March 11

SURE ELECTRICAL: Sets March 11 Deadline to File Proofs of Claim
WAKATIPU NATURALLY: Wind-Up Petition Hearing Set for March 27


P H I L I P P I N E S

BANCO DE ORO-EPCI: Posts PHP6.5-Billion Profit in 2007
PRC LLC: Creditors Panel Wants More Time to Review DIP Financing
PRC LLC: Inks Pact Recognizing Law Debenture as Collateral Agent
PRC LLC: Court Okays Services Agreement with Advanced Contact
RIZAL COMMERCIAL: Closes Offer of Unsecured Subordinated Debt

UNIONBANK OF THE PHILS: Books PHP2.9-Bil. Net Income in 2007


S I N G A P O R E

ODYSSEY RE: Earns US$587.2MM in Fiscal Year Ended Dec. 31, 2007
ODYSSEY RE: To Pay US$0.0625 Per Share Dividend on March 28
REFCO INC: SEC Sues Ex-CEO Bennett for Orchestrating Fraud
REFCO INC: Ex-Finance Chief Robert Trosten Admits Fraud Charges
SCOTTISH RE: New Strategic Focus Didn't Affect Ratings, S&P Says

SCOTTISH RE: Subprime Losses Cue Fitch's Rating Cut & WatchNeg
SCOTTISH RE: Board Alters Strategies, May Sell Non-Core Assets


T H A I L A N D

TATA MOTORS: Working on Small-Car Project in Thailand
TRUE CORP:  Moody's Affirms B1 Ratings; Outlook Remains Negative
TRUE MOVE:  Moody's Retains B1 Ratings & Negative Outlook

* Upcoming Meetings, Conferences and Seminars


                            - - - - -

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


BANALASTA OIL: Joint Meeting Slated for February 29
---------------------------------------------------
The Banalasta Oil Plantation Limited will hold a joint meeting
for its members and creditors at 9:00 a.m. on February 29, 2008.  
During the meeting, the company's liquidator, Stephen N. Hall at
Forsyths, will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          Stephen N. Hall
          Forsyths Chartered Accountants
          127 Marius Street
          Tamworth, New South Wales 2340
          Australia

                   About The Banalasta Oil

The Banalasta Oil Plantation Limited operates vegetable oil
mills.  The company is located at Bendemeer, in New South Wales,
Australia.


BNP PARIBAS: To Declare First Dividend on March 7
-------------------------------------------------
BNP Paribas Equities Private (Australia) Limited will declare
its first dividend on March 7, 2008.

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

The company's liquidator is:

          John Melluish
          Ferrier Hodgson
          GPO Box 4114
          Sydney, New South Wales 2001
          Australia

                      About BNP Paribas

BNP Paribas Equities Private (Australia) Limited deals with
security brokers, dealers, and flotation companies.  The company
is located at Sydney, in New South Wales, Australia.


DAVLYN ELECTRICAL: Liquidator to Give Wind-Up Report on March 7
---------------------------------------------------------------
Davlyn Electrical Services Pty. Ltd. will hold a joint meeting
for its members and creditors at 10:00 a.m. on March 7, 2008.  
During the meeting, the company's liquidator, B. Kijurina at
Smith Hancock, will provide the attendees with property disposal
and winding-up reports.

In a report by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on Feb. 21, 2007.

The liquidator can be reached at:

          B. Kijurina
          Smith Hancock
          Level 4, 88 Phillip Street
          Parramatta, New South Wales 2150
          Australia

                   About Davlyn Electrical

Davlyn Electrical Services Pty. Ltd provides electrical work.  
The company is located at Warrimoo, in New South Wales,
Australia.


ELECTROSOFT PTY: Undergoes Liquidation Proceedings
--------------------------------------------------
Electrosoft Pty. Ltd.'s members and creditors agreed on
Jan. 15, 2008, to voluntarily liquidate the company's business.  
In line with this goal, the company has appointed Gregory Stuart
Andrews at G S Andrews & Associates to facilitate the sale of
its assets.

The liquidator can be reached at:

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

                    About Electrosoft Pty.

Located at Langwarrin, in Victoria, Australia, Electrosoft Pty.
Ltd is an investor relation company.


FOOT LOCKER: Allowable Dividend Payments Increased to US$95 Mil.
----------------------------------------------------------------
On Feb. 19, 2008, Foot Locker Inc. entered into an amendment of
its Fifth Amended and Restated Credit Agreement dated as of
April 9, 1997, and amended and restated as of May 19, 2004, to
increase the amount permitted to be paid by the company as
dividends during the 2008 fiscal year ending Jan. 31, 2009, from
$90.0 million to US$95.0 million.

A full-text copy of the Amendment is available for free at:

               http://researcharchives.com/t/s?2869

                     About Foot Locker

Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/ -- is a specialty athletic  
retailer that operates approximately 3,800 stores in 21
countries in North America, Europe and Australia.  

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 11, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on New York City-based Foot Locker
Inc. to 'BB' from 'BB+'.  S&P have removed the ratings from
CreditWatch, where they were placed with negative implications
on Aug. 18, 2006.  S&P said the outlook is negative.


GOLD RECOVERY: Commences Liquidation Proceedings
------------------------------------------------
Gold Recovery Pty. Ltd.'s members agreed on January 22, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Brendan John Marchesi at Bent &
Cougle Pty. Ltd. to facilitate the sale of its assets.

The liquidator can be reached at:

          Brendan John Marchesi
          Bent & Cougle Pty. Ltd
          Chartered Accountants
          332 St Kilda Road
          Melbourne, Victoria 3004
          Australia

                     About Gold Recovery

Gold Recovery Pty. Ltd. deals with mining metal ores.  The
company is located at Eltham, in Victoria, Australia.


H & G GLASS: Placed Under Voluntary Liquidation
-----------------------------------------------
H & G Glass Products Pty. Ltd.'s members and creditors agreed on
Jan. 15, 2008, to voluntarily liquidate the company's business.  
In line with this goal, the company has appointed Gregory Stuart
Andrews at G S Andrews & Associates to facilitate the sale of
its assets.

The liquidator can be reached at:

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


                      About H & G Glass

H & G Glass Products Pty. Ltd. is a distributor of construction
materials.  The company is located at Dandenong South, in
Victoria, Australia.


LIBERTYONE TECHNOLOGIES: Final Meeting Slated for March 6
---------------------------------------------------------
Libertyone Technologies Limited, which is in liquidation, will
hold a final meeting for its members and creditors at 2:30 p.m.
on March 6, 2008.  During the meeting, the company's liquidator,
John Gibbons at Ernst & Young, will provide the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          John Gibbons
          Ernst & Young
          680 George Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9248 4057

                About Libertyone Technologies

Libertyone Technologies Limited operates investment offices.  
The company is located at Rushcutters Bay, in New South Wales,
Australia.


WESTERN PACIFIC: Placed Under Voluntary Liquidation
---------------------------------------------------
Western Pacific Capital Pty. Limited's members agreed on
Jan. 16, 2008, to voluntarily liquidate the company's business.  
In line with this goal, the company has appointed John Morgan to
facilitate the sale of its assets.

The liquidator can be reached at:

          John Morgan
          PKF Chartered Accountants & Business Advisers
          Level 10, 1 Margaret Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 8264 6625

                    About Western Pacific

Western Pacific Capital Pty Limited provides management
consulting services.  The company is located at Sydney, in New
South Wales, Australia.


WRITTEN WORD: Members & Creditors to Meet on March 5
----------------------------------------------------
The Written Word Bookshop Pty. Ltd., which is in liquidation,
will hold a joint meeting for its members and creditors at 10:30
a.m. on March 5, 2008.  During the meeting, the company's
liquidator, Geoffrey T. Hancock at Deloitte Touche Tohmatsu,
will provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Geoffrey T. Hancock
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

                   About The Written Word

The Written Word Bookshop Pty. Ltd. operates miscellaneous
retail stores.  The company is located at Sydney, in New South
Wales, Australia.




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


ASIAN REAL: Members & Creditors to Meet on March 6
--------------------------------------------------
Asian Real Estate Society Limited will hold a joint meeting for
its members and creditors at 4:00 p.m. on March 6, 2008.  During
the meeting, the company's liquidator, Ling Wai Ming, will
provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

           Ling Wai Ming
           Room 2802
           China Resources Building
           26 Harbour Road
           Wanchai, Hong Kong


BII FINANCE: Commences Liquidation Proceedings
----------------------------------------------
BII Finance Limited's members agreed February 13, 2008 to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Chung, Yua Yan Sammy to
facilitate the sale of its assets.

The liquidator can be reached at:

         Chung, Yua Yan Sammy
         Room 1520, 15th Floor
         Leighton Road
         Causeway Bay
         Hong Kong


DANA CORP: Reorganized Company Names Directors & Officers
---------------------------------------------------------
Dana Holding Corporation, successor to Dana Corporation, said in
a regulatory filing with the U.S. Securities and Exchange
Commission that it has appointed nine individuals to its Board
of Directors:

  * Michael J. Burns,
  * Gary L. Convis,
  * John M. Devine,
  * Mark T. Gallogly,
  * Richard A. Gephardt,
  * Stephen J. Girsky,
  * Terrence J. Keating,
  * Mark A. Schulz, and
  * Jerome B. York.

Subsequent to his election as member of the Board, on the
Effective Date, Mr. Burns tendered his resignation as president,
chief executive officer, chief operating officer and director,
the SEC filing said.

On Jan. 31, 2008, when the Third Amended Joint Plan of
Reorganization of Old Dana and its debtor-affiliates effective,
other former members of the Old Dana Board also resigned
pursuant to the terms of the Plan.  These resigned members are
A. Charles Baillie, David E. Berges, Edmund M. Carpenter,
Richard M. Gabrys, Samir G. Gibara, Cheryl W. Grise, James P.
Kelly, Marilyn R. Marks and Richard B. Priory.

                    Executive Officers

On the Effective Date, Dana named John M. Devine as the
company's executive chairman, and elected other executive
officers:

  Executive Officer   Position
  -----------------   --------
  John M. Devine      Executive Chairman

  Michael J. Burns    President, Chief Executive Officer, and
                      Chief Operating Officer
     
  Kenneth A. Hiltz    Chief Financial Officer
     
  Richard J. Dyer     Vice President & Chief Accounting Officer
     
  Ralf Goettel        President, Europe & Engine Products Groups
     
  Paul E. Miller      Vice President, Purchasing
     
  Nick L. Stanage     President, Heavy Vehicle Products

  Thomas R. Stone     President, Global Traction Products Group

  Robert H. Marcin    Chief Administrative Officer

In connection with his appointment as Dana's Executive Chairman,
the Compensation Committee agreed to provide Mr. Devine:

  -- a US$1,000,000 annual salary;

  -- an annual target bonus of 150% of base salary based on the
     achievement of performance measures set by the Board;

  -- an initial grant of options to purchase 800,000 shares of
     Common Stock with an exercise price of US$12.75 based on
     The closing stock price on the grant date, one third of
     which will vest on each of Aug. 4, 2008, Aug. 4, 2009, and
     Aug. 4, 2010;

  -- an initial term of one year, subject to renewal for
     additional one-year terms;

  -- reimbursement for reasonable temporary residence expenses
     including use of private corporate aircraft up to 30 round
     trips;

  -- inclusion in future change of control agreements; and

  -- participation in life and disability insurance and other
     benefit programs of Dana generally applicable to senior
     executives.

According to Marc S. Levin, Dana's general counsel and
secretary, Mr. Devine's employment agreement will provide for
severance payments in the event that his position with the
company is involuntarily terminated without cause or terminated
by Mr. Devine for "good reason," as well as payments following a
change in control of the company.

                 Indemnification Agreements

Dana also entered into an indemnification agreement with each
current member of the company's Board of Directors.  The
Indemnification Agreements generally provide that the company
will indemnify the D&O to the fullest extent permitted or
required by the laws of the state of Delaware, against any and
all expenses, judgments, fines, penalties and amounts paid in
settlement of the claim.

                         About Dana

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/  
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Nov. 30, 2007, the Debtors listed US$7,131,000,000 in total
assets and US$7,665,000,000 in total debts resulting in a total
shareholders' deficit of US$534,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represented the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represented the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.

The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan. 31, 2008.  Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.

(Dana Corporation Bankruptcy News, Issue No. 71; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or   
215/945-7000)

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 12, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Toledo, Ohio-based Dana Holding Corp. following
the company's emergence from Chapter 11 on Feb. 1, 2008.  S&P
said the outlook is negative.
         
At the same time, Standard & Poor's assigned Dana's $650 million
asset-based loan revolving credit facility due 2013 a 'BB+'
rating (two notches higher than the corporate credit rating)
with a recovery rating of '1', indicating an expectation of very
high recovery in the event of a payment default.
   
In addition, S&P assigned a 'BB' bank loan rating to Dana's
US$1.43 billion senior secured term loan with a recovery rating
of '2', indicating an expectation of average recovery.


FUYAO GLASS: Plans to Raise More Than CNY3BB from Selling Shares
----------------------------------------------------------------
Fuyao Group Glass Industries Co. Ltd. intends to raise more than
CNY3 billion by selling additional shares to fund expansion,
Reuters reports.

Fuyao said in a statement with the Shanghai Stock Exchange that
the company plans to sell CNY100 million-denominated A shares,
equal to 10% of its current share capital.

The share sale, which is subject to shareholder approval, would
raise about CNY3.6 billion, based on Fuyao Glass's last share
price of CNY36.97, Reuters says.  The actual figure will be
based on the average price during the 20 trading days prior to
the release of the share sale document.

Samuel Shen at Reuters writes that the shares were suspended
from trade on Monday morning due to the announcement.

The company told the news agency it would use about
CNY3.1 billion from the proceeds to expand production capacity
and upgrade a research centre.  Any proceeds exceeding that
amount would be used for operating capital, while any shortfall
would be supplemented by other fund-raising means, it added.

                     About Fuyao Group

Headquartered in Fuqing, Fujian Province, Fuyao Group Glass
Industries Co., Ltd. -- http://www.fuyaogroup.com/-- is a  
manufacturer of automotive and industrial safety glass.  The
company provides laminated and tempered glass for automobiles,
encapsulation products, bulletproof glass, laminated and
tempered glass for buildings, furniture and decorative glass
products, front panel glass for electrical appliances and panel
glass for other specialty industrial applications.  The Company
has seven production bases in the People's Republic of China and
two wholly owned subsidiaries in the United States.  FYG mainly
exports to North America and Asia Pacific.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating on June 29, 2005.


HENDERSON INVESTMENT: Commences Liquidation Proceedings
-------------------------------------------------------
Henderson Investment Credit Limited's members agreed
February 18, 2008 to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed Lee
King Yue to facilitate the sale of its assets.

The liquidator can be reached at:

         Lee King Yue
         72-76 Floor
         Two International Finance Centre
         8 Finance Street
         Central, Hong Kong


HKS (GUANGDONG): Appoints New Liquidator
----------------------------------------
The members of HKS (Guangdong) Limited appointed Chan Sun Kwong
as the company's liquidators.

The liquidator can be reached at:

           Chan Sun Kwong
           Room 102, 1st Floor
           1st Floor, Oriental Centre
           67-71 Chatham Road
           Tsimshatsui, Kowloon
           Hong Kong


LUCKY COUNTRY: Appoints Lee King Yue as Liquidator
--------------------------------------------------
The members of Lucky Country Development Limited appointed Lee
King Yue as the company's liquidators.

The liquidator can be reached at:

           Lee King Yue
           72-76 Floor
           Two International Finance Centre
           8 Finance Street
           Central, Hong Kong


MAP PAGBILAO: Members' Final General Meeting Set for March 25
-------------------------------------------------------------
Ian Fegurson Bruce, Map Pagbilao Limited's appointed estate
liquidator, will meet with the company's members on
March 25, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Ian Fegurson Bruce
          18th Floor
          Gloucester Tower
          The Landmark
          15 Queen's Road
          Central Hong Kong


OCEAN BRIGHT: Final General Meeting Scheduled on March 26
---------------------------------------------------------
Ian Fegurson Bruce, Map Pagbilao Limited's appointed estate
liquidator, will meet with the company's members on
March 25, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Yim Yuk Chui
          21st Floor
          Fee Tat Commercial Centre
          No. 613, Nathan Road
          Kowloon, Hong Kong


PETROLEOS DE VENEZUELA: Eyes Settlement with ConocoPhillips
-----------------------------------------------------------
Rafael Ramirez, president of Petroleos de Venezuela SA and
Venezuela's energy and oil minister, told Steven Bodzin and
Caroline Binham at Bloomberg News that he would negotiate a
settlement with ConocoPhillips over expropriated energy assets
soon.

According to Bloomberg News, Minister Ramirez said in a speech,
"Only two U.S. companies didn't accept our conditions.  Of those
two companies, ConocoPhillips continues negotiating with us, and
they have said that we are going to reach a deal, and we also
believe that this will be, in the short term."

As reported in the Troubled Company Reporter-Latin America on
Oct. 22, 2007, ConocoPhillips Chief Executive James Mulva said
that the company's negotiations with Petroleos de Venezuela on
compensation deal over the seizure of the Orinoco Belt assets
could take several months.  ConocoPhillips opted in June 2007 to
withdraw Orinoco operations and leave Venezuela rather than
agree to Petroleos de Venezuela's taking over the assets.  
ConocoPhillips' stake in the Orinoco was estimated between a
book value of US$4.5 billion and a market value of US$7 billion.

Mr. Mulva told Bloomberg News that arbitration may take several
years and ConocoPhillips is seeking to avoid a court fight.  He
said that he would like ConocoPhillips to reach a settlement
with Petroleos de Venezuela this year.

ConocoPhillips said in its annual report, which was published
last Friday, that it could take years to obtain any negotiated
or arbitrated settlement with Petroleos de Venezuela.  It
admitted in its report that the "timing of any negotiated or
arbitrated settlement is not known at this time, but we
anticipate it could take years."

ConocoPhillips told Dow Jones Newswires that the value of the
assets it abandoned in Venezuela "substantially exceeds the
historical" initial investment.

                   About ConocoPhillips

Headquartered in Houston, Texas, ConocoPhillips is an
international, integrated energy company.  The company's
business is organized into six segments.  Exploration and
Production segment primarily explores for, produces and markets
crude oil, natural gas and natural gas liquids on a worldwide
basis.  Midstream segment gathers, processes and markets natural
gas produced by ConocoPhillips and others, and fractionates and
markets natural gas liquids, primarily in the United States and
Trinidad.  Refining and Marketing segment purchases, refines,
markets and transports crude oil and petroleum products, mainly
in the United States, Europe and Asia.  LUKOIL Investment
segment consists of its equity investment in the ordinary shares
of OAO LUKOIL.  The Chemicals segment manufactures and markets
petrochemicals and plastics on a worldwide basis.  Emerging
Businesses segment includes the development of new technologies
and businesses outside the company's normal scope of operations.

                 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 was negative.


PETROLEOS DE VENEZUELA: Asset Freeze to be Extended
---------------------------------------------------
A U.K. court granted Exxon Mobil a temporary extension of an
order freezing Petroleos de Venezuela SA's US$12-billion assets
until a court hearing this week, Bloomberg News reports.

John Fordham, Petroleos de Venezuela's legal representative in
London, told Bloomberg News that his client didn't object to the
extension, which lasts through a court hearing on the company's
bid to overturn the order scheduled to start Feb. 27.

According to Bloomberg News, the extension of the asset freeze
was needed as the initial U.K. court order scheduled a hearing
on Feb. 22 for Petroleos de Venezuela to respond.  

Venezuelan deputy oil minister Bernard Mommer commented to the
Associated Press, "For the first time we will have a chance to
respond.  We''re preparing for the case."

                     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.

                        *     *     *

To date, Petroleos de Venezuela SA carries Fitch's BB- long term
issuer default rating and local currency long term issuer
default rating.  Fitch said the ratings outlook was negative.


PETROLEOS DE VENEZUELA: Reaches Settlement with Total & Statoil
---------------------------------------------------------------
Venezuelan state-owned oil company Petroleos de Venezuela SA has
reached a settlement with France's Total and Norway's
StatoilHydro, AFX News reports.

According to AFX News, Statoil and Total accepted the book price
for the assets Petroleos de Venezuela confiscated last year.

AFX News that these compensations were accepted:

          -- US$834 million to Total, and
          -- US$266 million to Statoil.

The report adds that Italy's Eni accepted US$700 million.

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2008, Petroleos de Venezuela SA signed a deal with Eni
SpA for compensation for a Venezuelan oil field the government
took over in 2006.

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.

                        *     *     *

To date, Petroleos de Venezuela SA carries Fitch's BB- long term
issuer default rating and local currency long term issuer
default rating.  Fitch said the ratings outlook was negative.


PLUSMORE INVESTMENT: Appoints New Liquidator
-------------------------------------------
The members of Plusmore Investment Limited appointed Lee King
Yue as the company's liquidators.

The liquidator can be reached at:

           Lee King Yue
           72-76 Floor
           Two International Finance Centre
           8 Finance Street
           Central, Hong Kong


TRW AUTOMOTIVE: Earns US$56MM for Quarter Ended Dec. 31, 2007
-------------------------------------------------------------
TRW Automotive Holdings Corp. (NYSE: TRW), the global leader in
active and passive safety systems, reported fourth-quarter 2007
financial results with sales of US$3.9 billion, an increase of
18.8 percent compared to the same period a year ago.  The
Company reported fourth quarter net earnings of US$56 million,
which compares to the prior year result of US$33 million.

The Company's full-year 2007 sales grew to a record US$14.7
billion, an increase of 11.9 percent compared to the prior year.  
Net earnings for the year were US$90 million, which compares to
2006 earnings of US$176 million.
    
"In 2007, TRW delivered solid operating results, including
record sales and outstanding cash flow, that exceeded the
business objectives set at the beginning of the year," said John
Plant, president and chief executive officer. "Our achievements
in 2007 related to our financial performance, together with
steady expansion overseas, debt refinancing and safety
advancements have helped the Company grow stronger despite
challenging industry conditions."
    
Mr. Plant added, "We have performed remarkably well since
becoming an independent company, providing solid results to our
stakeholders and capitalizing on our position as the world's
preeminent active and passive safety systems supplier.  Now in
2008, we are a significantly larger, more diverse enterprise
that is reaching further into the world's growing markets with a
portfolio of safety technology that is unrivaled in the
marketplace. We continue to build for the future and are focused
on moving the Company forward profitably over the long term."

                    Fourth Quarter 2007
    
The company reported fourth-quarter 2007 sales of US$3.9
billion, an increase of US$614 million or 18.8 percent over the
prior year period. Foreign currency translation benefited sales
in the quarter by approximately US$328 million. Fourth quarter
sales excluding the impact of foreign currency translation
increased approximately US$286 million or 8.7 percent over the
prior year period. This increase can be attributed to higher
customer vehicle production in Europe and China and the
continued growth of safety products in all markets (including a
higher mix of lower margin modules). These positive factors were
partially offset by pricing provided to customers and the
continued decline in North American customer vehicle production.
    
Operating income for fourth-quarter 2007 was US$149 million,
which compares favorably to US$126 million in the prior year
period. Restructuring and asset impairment expenses in the 2007
quarter were US$19 million, which compares to US$8 million in
2006. Operating income excluding these expenses from both
periods was US$168 million in 2007, which represents an increase
of 25.4 percent compared to the 2006 result of US$134 million.
    
The year-to-year increase was driven primarily by higher product
volumes and savings generated from cost improvement and
efficiency programs, including reductions in pension and OPEB
related costs and a measurable improvement in the Company's
Automotive Components segment.  These positive factors were in
part offset by pricing provided to customers, higher commodity
costs and other unfavorable business items.
    
Net interest and securitization expense for the fourth quarter
of 2007 totaled US$56 million, which compares favorably to US$66
million in the prior year. The year-to-year decline can be
attributed to the benefits derived from the Company's 2007 debt
recapitalization, which was completed during the second quarter
of 2007.
    
Tax expense in the 2007 quarter was US$39 million, resulting in
an effective tax rate of 41 percent, which compares to US$32
million or 49 percent in the prior year period.  The 2007
quarter included a FAS 109 adjustment related to pension and
OPEB gains recorded through other comprehensive earnings that
resulted in a non-cash tax benefit of US$11 million. The prior
year quarter included a US$17 million tax benefit related to a
bond redemption transaction that was completed during the first
quarter of 2006. Excluding these items from both years, the
effective tax rate was 53 percent in 2007, which compares to 75
percent in the 2006 quarter. The lower tax rate in the fourth
quarter of 2007 can be attributed to a change in the Company's
geographic earnings mix.
    
The Company reported fourth-quarter 2007 net earnings of US$56
million or US$0.55 per diluted share, which compares to net
earnings of US$33 million or US$0.32 per diluted share in 2006.
Net earnings excluding the previously mentioned tax items from
both periods were US$45 million or US$0.44 per diluted share in
2007, which compares to US$16 million or US$0.16 per diluted
share in 2006.
    
Earnings before interest, securitization costs, loss on
retirement of debt (where applicable), taxes, depreciation and
amortization, or EBITDA, were US$300 million in the fourth
quarter, which compares to the prior year level of US$267
million.

                       Full Year 2007
  
For full-year 2007, the Company reported sales of US$14.7
billion, an increase of US$1.6 billion or 11.9 percent compared
to prior year sales of US$13.1 billion. Foreign currency
translation benefited sales in 2007 by approximately US$856
million. Full year 2007 sales excluding the impact of foreign
currency translation increased approximately US$702 million or
5.3 percent over the prior year period. This increase resulted
primarily from higher product volumes related to new product
growth and robust industry sales in overseas markets, partially
offset by the decline in North American customer vehicle
production and pricing provided to customers.
    
Operating income in 2007 was US$624 million, which compares to
US$636 million in the prior year. Restructuring and asset
impairment expenses in 2007 were US$51 million, which compares
to US$30 million in 2006. Operating income excluding these
expenses from both periods was US$675 million in 2007, which
represents an increase of US$9 million compared to the 2006
result.  This year-to-year improvement can be attributed to
savings generated from cost improvement and efficiency programs,
including reductions in pension and OPEB related costs, and
higher product volumes globally.  These positive factors more
than offset pricing provided to customers, considerably higher
commodity costs and a challenging first quarter operating
environment, in which operating income declined significantly
compared to the prior year due to weak industry production in
North America and an unfavorable mix of products sold in the
2007 quarter.  The company posted year-to-year improvements in
operating income in each of the remaining three quarters in 2007
which helped offset the first quarter decline.
    
Net interest and securitization expense for 2007 totaled US$233
million, which declined from the prior year total of US$250
million primarily due to the benefits derived from the Company's
debt recapitalization completed during the second quarter of
2007.  As a reminder, actions related to the debt
recapitalization included a US$1.5 billion Senior Note offering,
the tender for substantially all of the Company's outstanding
US$1.3 billion Notes and the refinancing of its US$2.5 billion
credit facilities.  In 2007, the Company incurred charges
related to these transactions of US$155 million for loss on
retirement of debt.  In 2006, the Company incurred charges of
US$57 million also related to debt retirement.
    
Tax expense in 2007 was US$155 million, resulting in a 63
percent effective tax rate, which compares to US$166 million or
49 percent in 2006.  The effective tax rate in 2007 excluding
debt retirement charges and the FAS 109 tax benefit was 42
percent.  This compares to an effective tax rate, excluding debt
retirement charges and the related tax benefit, of 46 percent in
2006.
    
Full-year 2007 net earnings were US$90 million, or US$0.88 per
diluted share, which compares to US$176 million or US$1.71 per
diluted share in 2006.  Net earnings excluding the previously
mentioned debt retirement charges and tax items from both
periods were US$234 million or US$2.28 per diluted share in
2007, which compares to US$216 million or US$2.10 per diluted
share in 2006.
    
EBITDA in 2007 totaled US$1,190 million, which represents a
US$24 million improvement over the prior year result of
US$1,166 million.

              Cash Flow and Capital Structure
    
Net cash provided by operating activities during the fourth
quarter was US$826 million, which compares to US$397 million in
the prior year period.  Fourth quarter capital expenditures were
US$174 million compared to US$195 million in 2006.
    
For full-year 2007, net cash flow from operating activities was
US$737 million, which compares to US$649 million in the prior
year.  Capital expenditures were US$513 million in 2007, which
compares to US$529 million in 2006.  Full year 2007 operating
cash flow after capital expenditures, referred to as free cash
flow, was US$224 million, which compares to US$120 million in
2006.
    
As mentioned previously, the Company completed its debt
recapitalization plan during the second quarter of 2007,
including the refinancing of its US$2.5 billion credit
facilities on May 9, 2007.  Additionally, on March 26, 2007, the
Company completed its US$1.5 billion Senior Note offering and
repurchased substantially all of the existing US$1.3 billion
Notes through a tender offer.  The Company incurred debt
retirement charges of approximately US$155 million in 2007
related to these transactions.
    
On Feb. 2, 2006, the company's wholly owned subsidiary, Lucas
Industries Limited, completed the tender for its outstanding GBP
94.6 million 10-7/8% bonds.  As a result of the transaction, the
Company incurred a US$57 million charge for loss on retirement
of debt.
    
As of Dec. 31, 2007, the Company had US$3,244 million of debt
and US$899 million of cash and marketable securities, resulting
in net debt (defined as debt less cash and marketable
securities) of US$2,345 million.  This net debt outcome is US$98
million lower than the balance at the end of 2006.

                    About TRW Automotive

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trw.com/-- ranks among the   
world's leading automotive suppliers.  The company, through its
subsidiaries, operates in 28 countries and employs approximately
63,800 people worldwide, including Brazil, China, Germany
and Italy.  TRW Automotive products include integrated vehicle
control and driver assist systems, braking systems, steering
systems, suspension systems, occupant safety systems (seat belts
and airbags), electronics, engine components, fastening systems
and aftermarket replacement parts and services.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 25, 2008, Moody's Investors Service affirmed the ratings of
TRW Automotive Inc.: Corporate Family Rating, Ba2; senior
secured bank credit facilities, Baa3; and senior unsecured
notes, Ba3, but revised the rating outlook to negative from
stable.

TRW Automotive Holdings carries Fitch Ratings' 'BB' long-term
issuer default rating with a stable outlook.  The rating was
assigned in October 2005.




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


ARTSON ENGINEERING: Registrar of Cos. Grants Extension Requests
---------------------------------------------------------------
Artson Engineering Ltd. has informed the Bombay Stock exchange
that the Registrar of Companies, Maharashtra, has granted
extensions pursuant to the company's requests.

Specifically, the ROC:

   -- through letter dated Jan. 30, 2008, has extended the
      company's year ending from Sept. 30, 2007, to
      March 31, 2008.

   -- through letter dated Jan. 31, 2008, extended the time for
      holding the company's Annual General Meeting from
      March 31, 2008, to Sept. 30, 2008.

Headquartered in Mumbai, India, Artson Engineering Limited --
http://www.artson.net/-- is a niche engineering company,
active in specialized area of refineries, ports and airports.
The company is registered with the Board for Industrial &
Financial Reconstruction as a sick company.  BIFR has sanctioned
the rehabilitation scheme of the company on Dec. 18, 2007, and
the same is under implementation.


BAGALKOT UDYOG: Shareholders Approve 10:1 Stock Split
-----------------------------------------------------
According to a filing with the Bombay Stock Exchange, Bagalkot
Udyog Ltd's shareholders have approved the stock split of the
company's 3,00,00,000 equity shares of INR10 each to 3,00,00,000
equity shares of INR10 each.  The move is pursuant to the order
of the Board for Industrial and Financial Reconstruction to
reduce the nominal value of the company's equity shares from
INR10 per share to INR1 a share.

The shareholders gave their approval at a meeting on Feb. 25.

The existing share certificate in relation to the issued,
subscribed and paid-up equity share capital held by the members
in physical form will be canceled and new share certificate(s)
will be issued in accordance with the Scheme of Rehabilitation
or De-merger in the ratio of their holdings of equity Shares in
the company.

Bagalkot Udyog Ltd manufactures cement, clinker and other
by-products.  The company incurred heavy losses that led to the
erosion of its entire net worth.  By order dated June 2, 2000,
the Board for Industrial & Financial Reconstruction, New Delhi,
had declared the company as a sick industrial unit under the
provisions of Sick Industrial Companies (Special Provisions),
Act 1985.

On May 11, 2006, the operations of the company's cement plant at
Bagalkot came to a total stop.  The company booked net losses of
INR12.68 million for the fiscal year ended March 31, 2007, and
INR59.16 million in FY 2006.

For the revival of Bagalkot Udyog, the BIFR sanctioned a Scheme
for rehabilitation or Demerger pursuant to which the company's
cement division is demerged and transferred to Bagalkot Cement &
Industries Ltd on going concern basis with effect from
July 1, 2007.


DECCAN AVIATION: To Seek Members' Nod on Further Capital Issue
--------------------------------------------------------------
Deccan Aviation Ltd. has scheduled an Extraordinary General
Meeting of its members on March 18, 2008, a filing with the
Bombay Stock Exchange says.

During the meeting, the company will seek the shareholders'
approval for further issue of capital, increase in authorized
share capital, and consequential amendments to the Memorandum of
Association.

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.


EASTMAN KODAK: Dennis Strigl Elected on Board of Directors
----------------------------------------------------------
Eastman Kodak Company has elected Dennis F. Strigl, President
and Chief Operating Officer of Verizon Communications, to its
board of directors, effective Feb. 21, 2008.

Mr. Strigl became President and COO of Verizon in January 2007.  
In 2000, he was responsible for bringing together the domestic
wireless operations of Bell Atlantic, Vodafone AirTouch and GTE
to form Verizon Wireless, for which he served as President and
CEO until being named to his current position with the company.

"I am pleased to welcome Denny Strigl to our board," said
Antonio M. Perez, Kodak's Chairman and Chief Executive Officer.  
"Denny is widely recognized as one of the most prominent
architects of the wireless communications industry.  He launched
the first cellular communications network in the U.S. while
leading Ameritech's Mobile Communications business, and during
his leadership at Verizon Wireless, increased the company's
revenue by nearly 121 percent.  Denny will bring a depth of
experience to the board in an industry that is increasingly
relevant to Kodak."

Mr. Strigl received his bachelor's degree in business
administration from Canisius College, and his MBA from Fairleigh
Dickinson University.  He began his career with New York
Telephone and held positions at AT&T and Wisconsin Telephone
before becoming Vice President of American Bell, Inc.  His
career took him to senior leadership positions at Ameritech
Mobile Communications, Bell Atlantic, and Bell Atlantic Global
Wireless, where he was named president and CEO in 1991.

Mr. Strigl is past chairman of the Board of Directors of the
Cellular Telecommunications and Internet Association, and serves
on the boards of directors of Verizon Wireless, Anadigics Inc.,
PNC Financial Services Group and PNC Bank.  He also serves as
chairman of the Board of Trustees of Canisius College.

Mr. Strigl's election brings the Kodak board to 12 members, 11
of whom are independent directors, with Antonio Perez serving as
the only non-independent director.

                    About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China, India among others.

                        *     *     *

In September 2007, Standard & Poor's Ratings Services affirmed
its 'B+' corporate credit rating on Eastman Kodak Co. and
removed the ratings from CreditWatch, where they had been placed
with negative implications on Aug. 2, 2006.  S&P said the
outlook is negative.


EMCO LTD: Shareholders Approve 5:1 Stock Split
----------------------------------------------
Emco Ltd.'s shareholders have approved the proposed subdivision
of the company's equity shares of nominal value of INR10 each to
shares of nominal value of INR2 each.  The shareholders gave
their nods at the extraordinary general meeting on Feb. 25,
2008.

The shareholders further approved the consequent alteration the
Memorandum of Association and Article 3 of the Articles of
Association of the Company.

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

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


QUEBECOR WORLD: Final Auction Prices of Bonds Reach 41.25%
----------------------------------------------------------
A Credit Event Auction for Quebecor World Inc. took place on
Feb. 19, 2008, with 13 participating dealers.  The auction
was run in accordance with the ISDA 2008 Quebecor CDS Protocol.  
Markit Group Limited and Creditex Group Inc. acted as official
auction administrators.  The Credit Event Auction mechanism is
designed to ensure orderly and operationally efficient trade
settlement for credit derivatives by determining the final cash
settlement price for defaulted Quebecor CDS contracts.  During
the Quebecor Credit Event Auction, major dealers submited orders
electronically on the Creditex platform.  Markit calculated and
verified the auction results.

The final price of Quebecor World's bonds is 41.25%.  Karen
Brettell of Reuters reported that based on the final price, this
would mean that the amount of principal the Quebecor bonds
recover would be 41.25% of par.  "Thus a buyer of protection
would be compensated 58.75% the amount of debt insured," Ms.
Brettell wrote.

The auction results are available at:

              http://ResearchArchives.com/t/s?2868

The Credit Event Auction process was launched in 2005 by Markit
and Creditex in collaboration with ISDA and major credit
derivative dealers to facilitate the settlement of credit
derivative contracts in the event of a corporate default.

                    About Quebecor World

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

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)  

                        *     *     *

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


QUEBECOR: Court Approves Payment of Prepetition Commissions
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
gave Quebecor World Inc. and its affiliates permission to pay
accrued prepetition commissions due and owing as of
Feb. 1, 2008, to their sales representatives.

As reported in the Troubled Company Reporter on Feb. 19, 2008,
Michael J. Canning, Esq., at Arnold & Porter LLP, in New York,
related that the Debtors' sales representatives are located in
plants or in regional offices throughout North America, Europe
and Latin America, and customers are able to coordinate
simultaneous printing throughout the Debtors' network through a
single sales representative.

The Debtors' sales representatives are compensated primarily on
a commission basis and are paid from 30 to 90 days after a sale
actually occurred.  Accordingly, the sales representatives may
go for long periods without receiving commissions, at which
point they may be entitled to several months worth of
commissions.

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

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

                    About Quebecor World

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

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)  

                        *     *     *

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


QUEBECOR WORLD: Various Entities Disclose Stake in Company
----------------------------------------------------------
In separate filings with the United Stated Securities and
Exchange Commission, several entities disclosed holding a stake
in Quebecor World Inc.:

1. Ronald Gutfleish

Ronald Gutfleish disclosed that he may be deemed to
beneficially own 7,552,055 subordinate voting shares issued by
Quebecor World Inc.  Mr. Gutfleish is a managing member of Elm
Ridge Capital Management LLC.

2. Avenue Capital, et al.

Avenue Capital Management II LP, Avenue Capital Management II
GenPar LLC, and Marc Lasry disclosed that each of them may be
deemed to beneficially own 5,518,000 subordinate voting shares
issued by Quebecor World Inc.

On the same day, Avenue Capital, et al., filed an amendment
stating that the number of subordinate voting shares each of
them may now be deemed to beneficially own is down to 776,000
shares.

Marc Lasry is a managing member of Avenue Capital Management II
LP, and Avenue Capital Management II GenPar, LLC.   Avenue
Capital Management II GenPar is the general partner of  Avenue
Capital Management II LP.

3. Brandes Investment, et al.

Brandes Investment Partners LP, Brandes Investment Partners
Inc., Brandes Worldwide Holdings LP, Charles Brandes, Glenn
Carlson, and Jeffrey Busy disclosed that each of them may be
deemed to beneficially own 9,205,888 shares of Quebecor World
Inc.'s common stock.  

Brandes entities' shares represent 10.82% of the 85,079,000
Quebecor World common shares outstanding as of February 1, 2008.  
They disclaim any direct ownership of the 9,205,888 shares.

Brandes Investment Partners LP, is an investment adviser.  
Brandes Investment Partners Inc., Brandes Worldwide Holdings LP,
Mr. Brandes, Mr. Carlson, and Mr. Busy are control persons of
the investment adviser.  Mr. Brandes is also the president of
Brandes Investment Partners Inc.

4. Phillips, Hager & North Investment Management Ltd.

Phillips, Hager & North Investment Management Ltd., disclosed
that as of Dec. 31, 2007, his company was deemed to beneficially
own 105,300 shares of Quebecor World Inc.'s common stock.  
Phillips Hager's shares represent 0.12% of the 85,079,000 shares
of Quebecor World's common stock outstanding as of Feb. 1, 2008.

                    About Quebecor World

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

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)  

                        *     *     *

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


TATA MOTORS: Reports Say Ford Deal Will Likely be on March 6-7
--------------------------------------------------------------
The announcement of the sale of Ford Motor Co.'s Jaguar and Land
Rover units to Tata Motors Limited will be on March 6 or 7,
media reports say.

Tata Motors became the front-runner to buy the two luxury
brands, outbidding Mahindra & Mahindra in collaboration with
buyout firm Apollo; and One Equity Partners LLC.  As reported in
the Troubled Company Reporter-Asia Pacific on Jan. 31, 2008,
Tata Motors is closing in on an agreement with Ford for the
purchase.

Last week, Tata and Ford met with British union leaders to
resolve final details before drawing up a memorandum of
understanding for the sale, AFX News said quoting a report by
Automotive News.

Media reports noted that the union is satisfied with Tata Motors
assuring them, among others, of keeping employment in the United
Kingdom at its current level.

To pave the way for the final takeover, Tata Motors will sign a
three-way Heads of Agreement with Ford and the Jaguar-Land Rover
labor union Unite within a few days, The Times of India said
citing Dave Osboerne, Motor Industry Leader for Unite.  The HoA,
a tripartite document, would outline the assurances and
agreements reached between the three key players regarding the
deal, Mr. Osboerne told the news agency.  A final memorandum of
understanding on the takeover will be followed soon, The Times
added.

Announcement of the deal could have been earlier than
March 6 or 7, but it is being delayed so as not to overshadow
the introduction of an updated Ford Fiesta at the Geneva auto
show next week, Automotive News cited an unnamed source from
Ford as saying.

                     About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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

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




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


BANK DANAMON: Opens New Syariah Office Branch in Jalan Merdeka
--------------------------------------------------------------
PT Bank Danamon Indonesia Tbk inaugurated a new Danamon Syariah
branch office in Jalan Merdeka, Bandung plus seven locations of
Syariah office channeling network in West Java.  This office
chanelling service will enable Bank Danamon customers in the
province to access sharia products and services through Danamon
conventional branch network.

"We are aware of the high demand and customer's interest to the
sharia-banking services in West Java.  Bandung as the gate of
the province with high population and economy growth rate is a
very strategic location for Danamon Syariah to answer the market
demand," said Hendarin Sukarmadji during the inauguration event.

The new Danamon Syariah branch located in a strategic area at
the Bandung trade and economic centre in Jalan Merdeka No. 40,
same location where Bank Danamon Kantor Wilayah 2 West Java is.
Meanwhile, the seven locations of office chanelling sharia
network located at the trade and shopping center points below:

   1. BDI Bandung - Buah Batu Jl. Buah Batu No.166 Bandung

   2. BDI Bandung - Setiabudi Jl. Setia Budi No. 62 Bandung

   3. BDI Bandung - A Yani Jl. A. Yani No. 638 Bandung

   4. BDI Bandung - Merdeka Jl. Merdeka No. 40 Bandung

   5. BDI Bandung - Juanda Jl. Ir. Juanda No. 64 Bandung

   6. BDI Bandung - Kopo Sayati Jl. Taman Kopo Ruko No. 2-3
                    Bandung

   7. BDI Bandung - Kopo 26 Jl. Kopo No. 26 Bandung 40242

Further Hendarin said, "Micro, small and medium business
segments is one of our priority because we are aware that the
economic composition in West Java is majority supported by these
segments.  This is also in line with the industrial and
entrepreneurship growth in the area."

To increase its service and to ensure customer's convenience in
conduct their banking activities, Danamon Syariah applies an
integrated information technology system, which is connected
with ICBS, a system used by conventional Danamon.

                   About Danamon Syariah

Danamon Syariah provides various saving and financing products
structured so as to comply sharia-law to fullfil customers
needs.  Among others saving products are: saving account, giro,
deposit and daily investment.

Financing products includes Investment Goods (Murabahah),
Capital Goods (Murabahah), Profit Sharing (Mudharabah), besides
profit sharing business product (Mudharabah & Musyarakah), Bank
Guarantee (Kafalah) and Rent Purchase (Ijarah). Bank Danamon
also offers various consumer products such as Car and Motocycle
as well as Home Ownership Financing and Renovation

In 2007, Bank Danamon has succeeded launching various products
and services includine Dirham Card, which was launched in mid
2007 -- is it the first sharia card in Indonesia and RencanaKu
Syariah Pensiun product, a sharia-compliant bancassurance
product

                     About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

The Troubled Company Reporter-Asia Pacific reported on
Feb. 25, 2008, Fitch ratings has taken rating actions on PT Bank
Danamon "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.  Fitch has revised the outlook to
stable from positive.

The detailed ratings are:

   -- 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)'.

On Oct. 19, 2007, Moody's Investors Service raised the foreign
currency long-term debt and foreign currency long-term deposit
ratings of PT Bank Danamon Indonesia Tbk:

   -- The foreign currency subordinated debt rating was raised
      to Ba2 from Ba3

   -- Foreign currency long-term deposit rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa3 global local currency deposit rating and D BFSR were
      unaffected.

On Aug. 15,2007, Fitch Ratings upgraded the National Long-term
rating of PT Bank Danamon Indonesia Tbk to 'AA(idn)' from 'AA-
(idn)') while affirming all its other ratings as follows:

   * Long-term foreign currency Issuer Default Rating
     'BB-' with a Positive Outlook,

   * Short-term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

   * Support Rating '4' and

   * Support Rating Floor 'B'.


BANK DANAMON: Shareholders Not to Pursue BII Merger Option
----------------------------------------------------------
Fullerton Financial Holdings Pte. Ltd., PT Bank Danamon
Indonesia Tbk.'s majority shareholder, has informed the Bank's
Board of Directors and Board of Commissioners that it has
decided not to pursue the option of a merger between Bank
Danamon and Bank Internasional Indonesia as previously conveyed
in FFH's ownership structure adjustment plan in line with the
Single Presence Policy in Indonesian Banking.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 26, 2007, under Bank Indonesia's single-presence
policy, foreign parties cannot own a controlling stake in more
than one Indonesian bank and must submit statements of
compliance to this rule.  Bank Indonesia, the report noted, set
an end-2007 deadline for affected bank owners to decide on how
they would comply with the rule.

Foreigners controlling Indonesian banks have three options to
comply with the single presence policy introduced by Bank of
Indonesia, the TCR-AP related:

   -- merge the banks,
   -- set up a holding company for the banks, or
   -- sell down their stakes.

The option of a sale of its interest in BII will result in FFH
being the controlling shareholder of Danamon only.  FFH expects
to complete the sale before the deadline of end December 2010 as
set out in the Single Presence Policy.

"Our recent financial results show a strong growth momentum in
various areas of our business.  In 2007 our loans grew by 24%
which contributed to the 60% increase in our NPAT from the
previous year.  Going forward, we will focus on our organic
growth and expansion plan in 2008," said Sebastian Paredes,
President Director of Danamon.  This plan includes the
enhancement and strengthening of the Bank's distribution
network, which covers opening of 78 new conventional and retail
banking branches as well as 41 Adira branches to support its
business growth outside Java and Bali.  To support the growth of
the Bank's micro financing initiative, Danamon Simpan Pinjam
(DSP) will open 170 points of sales across Indonesia.  "This
business expansion will also create around 5,000 new jobs,"
continued Sebastian.

                     About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

The Troubled Company Reporter-Asia Pacific reported on
Feb. 25, 2008, Fitch ratings has taken rating actions on PT Bank
Danamon "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.  Fitch has revised the outlook to
stable from positive.

The detailed ratings are:

   -- 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)'.

On Oct. 19, 2007, Moody's Investors Service raised the foreign
currency long-term debt and foreign currency long-term deposit
ratings of PT Bank Danamon Indonesia Tbk:

   -- The foreign currency subordinated debt rating was raised
      to Ba2 from Ba3

   -- Foreign currency long-term deposit rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa3 global local currency deposit rating and D BFSR were
      unaffected.

On Aug. 15,2007, Fitch Ratings upgraded the National Long-term
rating of PT Bank Danamon Indonesia Tbk to 'AA(idn)' from 'AA-
(idn)') while affirming all its other ratings as follows:

   * Long-term foreign currency Issuer Default Rating
     'BB-' with a Positive Outlook,

   * Short-term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

   * Support Rating '4' and

   * Support Rating Floor 'B'.


BANK MANDIRI: Provides Human Resources Training to SME Debtors
--------------------------------------------------------------
PT Bank Mandiri Tbk. is providing training for small- and
medium-scale enterprises debtors to increase their human
resources quality in financial management, TempoInteractive News
reports.

Sukoriyanto Saputro, bank mandiri micro business senior vice
president, told the news agency that weak financial management
made small-scale enterprise players often encounter impediments
in accessing finance.  "Therefore Bank Mandiri needs to train
entrepreneurs to increase their human resources quality, so our
support is not only funding and financial services but also
training," he was quoted by Tempo as saying.

Up until the fourth quarter of 2007, the report notes, Bank
Mandiri disbursed SME loans amounting to IDR2.2 trillion, which
was an increase of 14.2% from IDR1.9 trillion in the same period
of the previous year.

Mr. Saputro said loans were disbursed to around 110,000 micro
businesses in the country and the program, has been running
well.

Eko Nopiansyah of Tempo writes that since the program was
launched in 2004 up until 2007, cumulative loan growth every
year amounted to 43%.

                     About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is      
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

The Troubled Company Reporter- Asia Pacific reported on
Feb. 25, 2008, that Fitch ratings has taken rating actions on PT
Bank Mandiri.

The detailed ratings are:

-- 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-'

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

The detailed ratings are:

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

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

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


BANK TABUNGAN: Plans to Raise IDR1 Tril. from Bond Issuance
-----------------------------------------------------------
PT Bank Tabungan Negara plans to raise IDR1 trillion through
bond issuance this year to expand lending, Reuters reports
citing President Director Iqbal Latanro .

According to the report, the bank aimed to extend IDR10.4
trillion worth of loans this year, from IDR8 trillion of loans
in 2007.

Tyagita Silka of Reuters writes that the bank was appointed by
the government as the main financial institution to provide
subsidised mortgage loans to the low-income segment in 1974, but
in the last six years it has been encouraged to develop
commercial non-subsidised mortgage loans.

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- http://www.btn.co.id/-- is a state-owned bank    
involved in commercial banking.  In 1974, Bank Tabungan was
appointed as the financing institution for low- to medium-income
housing in an effort to support the Government's housing
development program.  Nonetheless, BTN suffered huge losses from
large corporate lending during the 1997 economic crisis.  The
Government then recapitalized the Bank, and still wholly owns
it.

BTN is now the smallest state bank, but retains a dominating 31%
share in housing loans as of end-2004.  In 2002, the Government
directed it to focus on commercial housing loans.  Hence, its
subsidized housing loans dropped to 44% of its portfolio at July
2005 from 75% at end-2002.

                        *     *     *

On Oct. 19, 2007, that Moody's Investors Service raised the
foreign currency long-term debt and foreign currency long-term
deposit ratings of Bank Tabungan Negara.

   -- The foreign currency long-term deposit rating was raised
      to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa2 global local currency deposit rating and D- BFSR were
      unaffected.

All ratings carry a stable outlook.


INDOSAT: Considers Issuing Global Bonds for Capital Expenditure
---------------------------------------------------------------
PT Indosat Tbk is considering issuing global bonds to meet the
need for capital expenditures estimated at US$1.2 billion this
year, Antara News reports citing Finance Director Wong Heang
Tuck

According to the report, US$800 million of the capital
expenditures would originate from the company's internal cash
and US$300-US$400 million from the issuance of the bonds or
banking loans.

The capital expenditures would among other things be used to
build around 3,000 base transceiver stations, the report adds.

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

                        *     *     *

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

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


INDOSAT: Subscribers Up 47% to 24.5 Million by End of Dec. 2007
---------------------------------------------------------------
PT Indosat Tbk's cellular subscribers in 2007 have increased 47%
to 24.5 million by the end of December, Reuters reports, citing
President Director Johnny Sjam.

However, the report notes, the company's average revenue per
user (ARPU) per month dropped 10-11% to IDR53,000.

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 21, 2008, Indosat plans to raise as much as IDR1.5 trillion
in bonds in the first half to finance its expansion.

Mr. Sjam told Reuters that remaining US$136-US$236 million could
come from bank loans or global bonds.

Indosat is considering issuing global bonds to meet the need for
capital expenditures estimated at US$1.2 billion this year,
Antara News reports citing Finance Director Wong Heang Tuck

According to Antara, US$800 million of the capital expenditures
would originate from the company's internal cash and US$300-
US$400 million from the issuance of the bonds or banking loans.

The capital expenditures would among other things be used to
build around 3,000 base transceiver stations, Antara adds.

                       About Indosat

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

                        *     *     *

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

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


PT INCO: Directors Guilty of Violating Pension Fund Payment
----------------------------------------------------------
PT International Nickel Indonesia Tbk's Directors Mr. Eddie A.
Arsyad, who is also the Chairman of Supervisory Board of Pension
Fund, and Mr. Dedy Novianto, head of Pension Fund Management,
were pleaded guilty for violating the pension fund payment law,
Reuters Investing Keys reports.

According to the report, Mr. Arsyad and Mr. Novianto did not
agree with the verdict.  Both have made an appeal to the High
Court of South Sulawesi, the report adds.

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer  
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi.  Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.

                        *     *     *

As of October 29, 2007, the company carried Standard and Poor's
"BB-" long-term foreign and local issuer credit ratings; and
Fitch Rating's "BB" LT Issuer Default rating.


TELKOM INDONESIA: Unit Acquires Sigma Cipta Stake for US$35 Mil.
---------------------------------------------------------------
PT Telekomunikasi Indonesia's unit PT Multimedia Nusantara
(Metran) has legally finalized its US$35 million acquisition of  
PT Sigma Cipta Caraka's stake, Antara News reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2007, Multimedia Nusantara has signed a sale and
purchase deal to buy an 80% stake in Sigma Cipta.

According to the TCR-AP, Sigma Cipta specializes in providing
services like software development and customization, network
and system integration, and Internet access mainly for the
banking sector.

Sigma Citra told the news agency that the stake was purchased
from Trozenin Management PIC (Malaysia) and PT Sigma Citra
Harmoni.

Telkom, the report relates, said the synergy between its 6,000
corporate customers and 170 customers from Sigma, consisting
mainly of banks, will improve its customer base portfolio.

Telkom CEO Rinaldi Firmansyah was quoted by the news agency as
saying, "Through this acquisition, we hope to increase value in
the corporate sector.  We believe that this will be the
beginning of Telkom Group's entry into Indonesia's information
technology market."

                  About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long  
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 24, 2007, that Moody's Investors Service changed the
outlook on PT Telekomunikasi Indonesia's local currency
corporate family rating to positive from stable.  At the same
time Moody's has affirmed Telkom's local currency corporate
family rating at Ba1.

On Sep. 12, 2007, Fitch Ratings affirmed Telekomunikasi
Indonesia's Long-term foreign and local currency




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


ALITALIA SPA: AirOne SpA Appeals Lazio Court Ruling
---------------------------------------------------
AirOne S.p.A. has appealed the Feb. 20, 2008 ruling of the
Italian Regional Administration Court of Lazio that rejected its
petition to declare null and void Italy's Ministry of Economy
and Finance's decision to commence exclusive talks to sell the
government's 49.9% stake to Air France-KLM SA, Guy Dinmore
writes for the Financial Times.

According to FT, the Lazio court is also expected to reject
AirOne's petition to oblige Alitalia S.p.A. to restart
negotiation with each other.

As reported in the TCR-Europe on Jan. 17, 2008, Alitalia and
Italy have commenced exclusive sale talks with Air France-KLM.
The carriers have until mid-March to reach an agreement, which
would be approved by the government.  Air France said it will
seek approval from the new Italian government chosen following
the April 13-14, 2008 snap elections, for any agreement to
acquire Italy's stake in Alitalia.

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

AirOne said it would present a binding offer once it wins its
appeal, adding that its offer would be financially backed by
Intesa Sanpaolo S.p.A., Goldman Sachs Group Inc., Morgan Stanley
and Nomura Holdings Plc.

TPG Inc. and Pirelli & S.p.A. chairman Marco Tronchetti Provera
may join AirOne in its Alitalia bid.  Reuters said MyChef may
also participate in the offer.  AirOne chairman Carlo Toto is
inviting businessmen from the Lombardy region to join the
airline's bid.

                       About Alitalia

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

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

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


DELPHI CORP: Must Pay Professionals US$49MM in Fees & Expenses
--------------------------------------------------------------
The Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York directed Delphi Corp. and its
debtor-affiliates to pay the professionals retained in the
Debtors' bankruptcy cases approximately US$45,000,000 in fees
and US$3,000,000 in expenses.  

Blake, Cassels & Graydon LLP seeks payment of CDN$16,920 for its
professional fees for the period June 1, 2007, through
Sept. 30, 2007, and reimbursement of CDN$1,312 for expenses
incurred during the same period.  Blake Cassels serves as the
Debtors' Canadian counsel.

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.  Moody's said 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.


FLOWSERVE CORP: Settles Oil-for-Food Case with US SEC & DOJ
-----------------------------------------------------------
Flowserve Corporation has reached final resolution with the U.S.
Securities and Exchange Commission and the Department of Justice
with regard to their investigations of the participation of a
French and a Dutch subsidiary of the company in sales to Iraq
under the U.N. "Oil-for-Food" program during 2001-2003.

The company confirmed that, under the terms of the applicable
settlement agreements, Flowserve will pay a fine, profit
disgorgement and related prejudgment interest to the SEC
totaling US$6,574,225 and a penalty to the DOJ of US$4,000,000.

Flowserve noted that these amounts were in line with the
announced accruals for this purpose already disclosed in
connection with its issued third quarter 2007 financial
statements.

"There is no higher priority at Flowserve than legal compliance,
and we fully cooperated with the SEC and DOJ in their
investigations of this matter," said Lewis M. Kling, President
and CEO of Flowserve.  "We are pleased to now be able to put
this matter behind us because it will allow us to focus even
more intently on the very attractive business opportunities
currently available to Flowserve around the globe."

                       About Flowserve

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  Flowserve
has operations in Dominican Republic, Guatemala, Guyana, Belize,
Belgium, Netherlands, Indonesia, Singapore, Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
Aug. 16, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.




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


DURA AUTOMOTIVE: Court OKs Amendments to Revolving DIP Debt Pact
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted
final approval to Amendment No. 5 to Revolving DIP Credit
Agreement, dated as of Jan. 30, 2008, by and among the Debtors,
as Borrowers and Guarantors; General Electric Capital
Corporation, as Administrative Agent; Barclays Capital, the
investment banking division of Barclays Bank PLC, as Joint Lead
Arranger and Documentation Agent; and Bank of America, N.A., as
Issuing Bank.

As reported in the Troubled Company Reporter on Feb. 5, 2008,
the Revolver Amendment amended the terms of the existing
Revolving DIP Credit Agreement to, among other things,

   (i) extend its final maturity date from Jan. 31, 2008 to
       June 30, 2008;

  (ii) reduce the commitment from $115,000,000 to $90,000,000;

(iii) delete the minimum EBITDA covenant and amend the budget
       compliance covenant to provide for a 25% cushion during
       the months of February and March and a 20% cushion
       thereafter, in each case with respect to the amount
       budgeted for revolver borrowings during the time;

  (iv) permit the Debtors to retain certain asset sale proceeds;

   (v) amend the Revolving DIP Credit Agreement to include
       certain representations, warranties and covenants
       contained in the New Term Loan DIP Agreement;

  (vi) include a covenant requiring the Debtors to meet certain
       milestones in their restructuring plan;

(vii) amend the excess availability covenant to increase the
       minimum excess availability requirement to US$25,000,000
       subject to subsequent decreases to US$20,000,000 and
       US$15,000,000 upon compliance with certain conditions set
       forth in the Revolver Amendment; and

(viii) increase the interest rate set forth in the Revolving DIP
       Credit Agreement by 0.50%; provided that LIBOR Rate will
       not be available to the Debtors during the remaining term
       of the Revolving DIP Credit Agreement.

In light of the Debtors' entry into the US$170,000,000
replacement facility, which was earlier given final approval by
the Court, the Debtors have repaid the outstanding amounts under
their Senior Secured Super-Priority Debtor In Possession Term
Loan and Guaranty Agreement, dated as of October 31, 2006, with
a syndicate of lenders led by Goldman Sachs Credit Partners
L.P., as administrative agent.  The Court said that the Existing
Term DIP Facility is now terminated with the payment of the
Debtors' obligations in full in cash.

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

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

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

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

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

(Dura Automotive Bankruptcy News, Issue No. 46; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or   
215/945-7000).  


DURA AUTOMOTIVE: Must Appear at Final Hearing to OK Bonus Plan
--------------------------------------------------------------
The Honorable Kevin J. Carey agreed to approve a 2008 Bonus Plan
after forcing DURA Automotive Systems Inc. and its debtor-
affiliates to agree to come back for a final hearing before the
Debtors pay key managers, should the company still be in
bankruptcy in July 2008, Steven Church at Bloomberg News
reported.

According to Bloomberg, Judge Carey said the goal of a final
hearing would be to find out whether a delay in the Debtors'
plan to exit Chapter 11 in June 2008 is "attributable to the
employees' performance."

"I want to get to the heart of why the case is not out by then,"
Bloomberg quoted Judge Carey as saying.

Bloomberg also reported that Judge Carey rejected an objection
of the United Automotive Workers union to the Bonus Plan ruling
that performance targets were reasonable.

               2008 Annual Bonus Plan Filed

The Debtors had asked the Court to approve the 2008 Bonus Plan.

To address the concerns raised by the Official Committee of
Unsecured Creditors, the Debtors entered into discussions with
the Creditors Committee and, based on those discussions,
produced a modified 2008 annual bonus plan for certain key
management and other employees.

The 2008 Annual Bonus Plan provides incentive bonus program for
about 110 non-senior management and other key employees whom the
Debtors employ in their North American operations.  The 2008 ABP
does not include bonus payments to the Debtors' chief executive
officer, chief financial officer, chief operating officer, or
the chief administrative officer.  None of those officials will
receive any payment under the 2008 ABP.

The 2008 Bonus Plan will make available US$2,600,000, allocated
as:

  -- US$1,680,000 if targets are met in timely completion of
     certain operational restructuring initiatives related to
     the "Metals Move;" and

  -- US$920,000 if the Debtors achieve its projected EBITDA
     targets.

The Operational Restructuring Incentive Bonuses are designed to
provide incentives for on-time, below budget execution of the
production relocations from the Jacksonville, Florida; Moberly,
Missouri; and Gladwin, Michigan, plants to Matamoros, Mexico.  A
bonus payment of US$700,000 will be awarded if the Jacksonville
Donor Plant production relocation is completed on or before
June 30, 2008.  The US$700,000 Bonus Payment will not be awarded
if the relocation is not completed before June 30.

Each 2008 Bonus Plan Participant's EBITDA Incentive Bonus
payment will vary proportionally from 50% of the target amount
if 90% of the participant's target is met to 150% of the target
if 120% of the participant's target is achieved.  No EBITDA
Incentive Bonus will be awarded if actual achievement is less
than 90% of the target EBITDA.

The Debtors will make the bonus payments as soon as practicable
after their emergence from Chapter 11, provided that emergence
will not be later than July 11, 2008, and further payments on
Oct. 31, 2008, and Jan. 31, 2009.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, tells the Court that the 2008
Annual Bonus Plan is very similar in scope and intent to the
Debtors' historic annual bonus plans, albeit certain frontloaded
payments.

The International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America, has objected to the
Debtors' proposed 2008 key management incentive plan and asked
the Court to deny approval of that incentive plan.

The UAW asserted that:

  (a) the proposed 2008 KMIP operates quite differently from the
      Debtors' prepetition Annual Bonus Plan;

  (b) the proposed 2008 KMIP was prepared by senior management,
      including executives who sought to be covered under the
      program;

  (c) there is nothing in the 2008 KMIP that connects the
      payment of a bonus to any individualized or team
      performance goals; and

  (d) the Debtors are proposing the 2008 KMIP not because due
      diligence has revealed any specific need for a program but
      because the Debtors' exit from bankruptcy has been delayed
      and they do not want unhappy and disappointed managers.

The Debtors, in response to UAW's objections, noted that the
2008 Annual Bonus Plan was developed, not only with the input of
a multitude of compensation consultants, but also with an
independent counsel as well as input of the Creditors Committee.  

The Creditors Committee withdrew its objection to the proposed
2008 KMIP as a result of the creation of the 2008 Bonus Plan.

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

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

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

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

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

(Dura Automotive Bankruptcy News, Issue No. 46; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or   
215/945-7000).  




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


INVENSYS PLC: Leverage Expectations Cue S&P's Positive Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based capital goods group Invensys PLC to positive from stable.  
At the same time, the 'BB' long-term corporate credit rating was
affirmed.

"The outlook revision reflects our expectation that leverage and
cash flow credit protection measures could be maintained above
levels normally required for the ratings," said Standard &
Poor's credit analyst Louise Newey.

On a 12-month rolling basis to Dec. 31, 2007, the funds from
operations (FFO)-to-debt ratio stood at 34.7% and the debt-to-
EBITDA ratio was 1.6x, which compares positively with 17.8% and
3.2x, respectively, at fiscal year-end March 31, 2007.  The
group will redeem its outstanding GBP343 million high-yield
bonds, paid out of existing cash balances, leading to their
cancellation on March, 17, 2008. Invensys is considering options
for its capital structure and financial policy targets, which
are currently bound by restrictions on acquisitions and dividend
payouts under existing facilities.

Standard & Poor's considers that the group's capital structure
and credit protection measures could be sustained at levels
required for a higher rating.

"An upward movement in the ratings would arise from a capital
structure with cash flow leverage at above 30% on a sustainable
basis," Ms. Newey added.  "Business risk conditions would need
to remain supportive, mitigating the group's sensitivity to more
cyclical industries."

The outlook would be revised to stable if the FFO-to-debt ratio
under the new capital structure falls to 20%-30% on a consistent
basis.  To maintain the 'BB' ratings, S&P would expect continued
steady positive free cash flow generation supported by overall
stable business conditions.  Any negative movement in the
ratings is less likely in the short to medium term.

Headquartered in London, England, Invensys is a leading global
automation, controls and process solutions group with over
27,000 employees operating in over 60 countries, including
Malaysia.  For the nine months ended December 31, 2007, Invensys
reported total revenues from continuing operations of
approximately GBP1.59 billion.


PAXELENT CORP: Earns MYR492,000 in Quarter Ended Dec. 31, 2007
--------------------------------------------------------------
Paxelent Corp. Bhd recorded a net profit of MYR492,000 on
MYR2.48 million revenues for the quarter ended Dec. 12, 2007,
compared with the MYR18.62-million net loss on MYR2.74 million
revenues in the same period of 2006.

As of Dec. 12, 2007, the company's consolidated balance sheet
showed strained liquidity with MYR25.66 million in current
assets available to pay MYR63.31 million in current liabilities.

Headquartered in Kuala Lumpur, Malaysia, Paxelent Corporation
Berhad is engaged in investment holding.  The principal
activities of the subsidiaries are property investment,
provision of information technology solutions, investment
holding, marketing and sale of hard disk drive components.  The
Company is a public limited liability company, incorporated and
domiciled in Malaysia, and is listed on the Second Board of
Bursa Malaysia Securities Berhad.  Paxelent Corporation is
engaged in investment holding.  The principal activities of the
subsidiaries are property investment, provision of information
technology solutions, investment holding, and marketing and sale
of hard disk drive components.  The Company is a public limited
liability company, incorporated and domiciled in Malaysia, and
is listed on the Second Board of Bursa Malaysia Securities
Berhad.

The Company is actively pursuing various restructuring schemes
to address its default issues.  These schemes would involve
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts.

Russell Bedford LC & Company raised substantial doubt on
Paxelent's ability to continue as a going concern after auditing
The company's consolidated financial statements for the year
ended Dec. 31, 2006.

The auditing firm pointed to the group and company's net current
liabilities of MYR39,226,000 and MYR82,894,000 respectively.  In
addition, both the group and the company have capital
deficiencies of MYR18,259,000 and MYR29,142,000 respectively.
Russell Bedford LC notes that the company has not met the
scheduled repayment obligations of the settlement agreements
with several financial institutions arising from the
crystallization of corporate guarantees in respect of the wind-
up of its former subsidiaries.


SOLUTIA INC: Drops Suit After Banks Recommit on Exit Financing
--------------------------------------------------------------
Solutia Inc. has entered an agreement to withdraw its lawsuit
against Citigroup Inc., Goldman Sachs Group Inc. and Deutsche
Bank AG after the banks reiterated their commitment to fund the
company's exit financing, Jeffrey McCracken writes for the Wall
Street Journal, citing people privy with the matter.

WSJ reports, citing a source that Solutia also agreed to some
renegotiated terms, which could raise the cost of the loan for
the company, but keep it "substantially the same."

The banks, in return, agreed to provide US$2.05 billion in exit
financing, around US$50 million more than the original loan, WSJ
relates.  The bank will fund the loan on Feb. 28, 2008, when
Solutia expects to emerge from Chapter 11 bankruptcy.

The banks also agreed to waive the "materially adverse
condition" clause in the loan that they cited as reasons for
backing out from the original agreement, the sources added to
WSJ.

The Down Jones Newswires reports that following the settlement,
Solutia has received a US$1.2 billion senior secured term loan
facility Citigroup Global Markets Inc., Goldman Sachs Credit
Partners LP and Deutsche Bank Securities Inc.

As reported in the TCR-Europe on Feb. 8, 2008, Solutia Inc.
filed a complaint in the U.S. Bankruptcy Court for the Southern
District of New York against the banks that had refused to meet
commitment to fund a US$2 billion exit-financing package for
Solutia.

The complaint asserted that the banks should be stopped from
invoking the clause they claim relieves them of their obligation
due to their improper conduct and misrepresentations to the
company, and further claims that the banks fraudulently induced
Solutia to enter into the initial engagement by promising that
the financing was firmly committed.  

On Oct. 25, 2007, the banks executed a firm commitment to fund a
US$2 billion exit financing package for Solutia.  These
substantial, custom credit facilities and arrangements were
specifically tailored to facilitate Solutia's prompt emergence
from Chapter 11.  On Nov. 20, 2007, the bankruptcy court
approved the exit-financing package.  Nine days later, in
reliance on the banks' firm lending commitment, the court found
the plan of reorganization to be feasible and confirmed the
plan.  

In late January 2008, -- shortly before the anticipated closing
of the exit facility and Solutia's long-awaited emergence from
Chapter 11 -- the banks notified the company that they were
refusing to provide the funding, citing a so-called "market MAC"
provision in their commitment letter and asserting that there
has been a change in the markets since entering into the
commitment.

                     About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Standard & Poor's Ratings Services assigned its 'B+' loan rating
to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior
secured term loan and a '3' recovery rating, indicating the
likelihood of a meaningful (50%-70%) recovery of principal in
the event of a payment default.  The ratings are based on
preliminary terms and conditions.  S&P also assigned its 'B-'
rating to the company's proposed US$400 million unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.  
S&P expect the outlook to be stable.


SOLUTIA: Gets Exit Financing from Lenders; To Emerge Thursday
-------------------------------------------------------------
Solutia Inc. and its debtor-affiliates have reached an agreement
with Citigroup Global Markets Inc., Goldman Sachs Credit
Partners L.P., and Deutsche Bank Securities Inc. to fund
Solutia's exit financing package and has scheduled a closing
date on Feb. 28, 2008, at which time Solutia's plan of
reorganization will become effective and the company will emerge
from Chapter 11.

"We are extremely pleased to have reached an agreement on the
exit financing package that will result in Solutia's emergence
from Chapter 11," said Jeffry N. Quinn, chairman, president and
CEO of Solutia Inc.  "Importantly, this agreement enables
Solutia to emerge with the plan of reorganization intact,
providing significant recoveries for our stakeholders and
providing a firm foundation for Solutia's future success."

Under the terms of the revised exit-financing package, the banks
have agreed to waive the market material adverse change
provision that was contained within the original loan commitment
documents and increase the size of the senior secured asset-
based revolving credit facility from US$400 million to US$450
million.  The banks will provide a US$1.2 billion senior secured
term loan facility at LIBOR plus 500 basis points with a minimum
LIBOR floor of 350 basis points for the first four years.  
Additionally, the exit-financing package includes a US$400
million senior unsecured bridge facility.

The total cost of the financing, as well as the available
liquidity of the company, is substantially consistent with the
projections that were included in the disclosure statement
previously approved by the U.S. Bankruptcy Court for the
Southern District of New York.  Solutia has also agreed to
dismiss the lawsuit, with prejudice, that it filed on
Feb. 6, 2008, against the banks once the exit financing is
funded.

The parties have agreed to request that the Court authorize the
parties to enter into the revised exit-financing package and
find that the revisions are substantially consistent with the
order confirming the company's plan of reorganization that was
previously approved by the court on Nov. 29, 2007.

                     About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Standard & Poor's Ratings Services assigned its 'B+' loan rating
to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior
secured term loan and a '3' recovery rating, indicating the
likelihood of a meaningful (50%-70%) recovery of principal in
the event of a payment default.  The ratings are based on
preliminary terms and conditions.  S&P also assigned its 'B-'
rating to the company's proposed US$400 million unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.  
S&P expect the outlook to be stable.


SUNWAY INFRASTRUCTURE: Balance Sheet Upside Down by MYR77 Mil.
--------------------------------------------------------------
Sunway Infrastructure Berhad posted a MYR19.15-million net loss
on MYR8.21 million revenues in the quarter ended Dec. 31, 2007,
as compared with the MYR19.53-million net loss on MYR7.2 million
revenues in the same quarter of 2006.

As of December 31, 2007, Sunway's balance sheet showed strained
liquidity with MYR125.65 million of current assets available to
pay MYR1.2 billion of current liabilities coming due within the
next 12 months.

The company's balance sheet as of end-December also showed
MYR1.38 billion in total assets and MYR1.46 billion in total
liabilities, resulting in a MYR77-million equity deficit.

           About Sunway Infrastructure Berhad

The Group's principal activities are designing constructing,
operating and maintaining The Kajang Traffic Dispersal Ring
Road.  The Group operates predominantly in Malaysia.




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


AIR NEW ZEALAND: Number of Passengers Up 5.8% in January
--------------------------------------------------------
Air New Zealand Ltd.'s passenger number in January increased
5.8% from the 948,000 passengers in the same period last year,
The New Zealand Herald reports.

Errol Kiong at The Herald writes that numbers on long-haul
routes grew by 11.7%, despite price adjustments for fuel and
other operating cost increases.

The company told the news agency that its North American loads
were at 90.2%, up 3.4 percentage points, with the Auckland to
Vancouver service introduced in November 2007.

However, the report notes, passenger load factor for the
Asia/Japan/UK market fell 0.8 of a percentage point, which the
company attributed largely to the addition of two more services
from Auckland to Shanghai last November.

The Herald relates that Short-haul flights, which include
domestic, Australian and Pacific Island destinations, registered
increases of 4.6%.  Some 822,000 people flew short-haul with the
airline last month up from 786,000, the report adds.

                   About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd is the
country's flag air carrier, with domestic and international
passenger and freight operations, and an aviation engineering
business.  Air New Zealand flies to the United States, United
Kingdom, Canada, Europe and other Asian cities.

Moody's Investors Service, on Sept. 4, 2007, affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  At the
same time, it has changed the outlook on the rating to positive
from stable.

ANZ carries Standard & Poor's Ratings Services' 'BB' corporate
credit rating, with stable outlook.


ARL AIR CONDITIONING: Placed Under Voluntary Liquidation
--------------------------------------------------------
ARL Air Conditioning and Refrigeration Ltd.'s shareholders  
agreed on February 7, 2008, to voluntarily liquidate the
company's business.  In line with this goal, the company has
appointed Roderick Thomas McKenzie to facilitate the sale of its
assets.

The liquidator can be reached at:

          Roderick Thomas McKenzie
          c/o McKenzie & Partners Limited
          Level 1, 484 Main Street
          PO Box 12014, Palmerston North
          New Zealand
          Telephone:(06) 354 9639  
          Facsimile:(06) 356 2028


BADER LTD: Appoints Montgomerie & Cunningham as Liquidators
-----------------------------------------------------------
On February 8, 2008, Bernard Spencer Montgomerie and Stuart
James Cunningham were appointed liquidators of Bader Ltd.

Creditors are required to file their proofs of debt by
March 12, 2008, to be included in the company's dividend
distribution.

The liquidators can be reached at:

          Bernard Spencer Montgomerie
          Stuart James Cunningham
          Montgomerie & Associates
          Insolvency Practitioners
          PO Box 65, Auckland 1140
          New Zealand
          Telephone:(09) 368 7672


BEAZLEY BROS: Names Parsons & Kenealy as Liquidators
----------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of Beazley Bros. Transport Ltd. on
February 11, 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


CENTRAL BUILDERS: Wind-Up Petition Hearing Set for March 12
-----------------------------------------------------------
A petition to have Central Builders Ltd.'s operations wound up
will be heard before the High Court of Auckland on
March 12, 2008, at 10:45 a.m.

Trends Aluminium 2000 Limited filed the petition on
Jan. 7, 2008.

Trends Aluminium's solicitor is:

          Malcolm Whitlock
          c/o Debt Recovery Group NZ Limited
          Level 5, 5 Short Street
          Newmarket, Auckland
          New Zealand


CLEARY WEALTH: Court to Hear Wind-Up Petition on May 9
------------------------------------------------------
The High Court of Auckland will hear on May 9, 2008, at
10:00 a.m. a petition to have Cleary Wealth Management Ltd.'s
operations wound up.

Exception Interiors Limited filed the petition on Dec. 18, 2007.

Exception Interiors' solicitor is:

          K. A. Muir
          c/o Morgan Coakle
          Level 12, 51-53 Shortland Street
          Auckland
          New Zealand


FOX & FOX: Appoints Vance & Jordan as Liquidators
-------------------------------------------------
David Stuart Vance and Barry Phillip Jordan were appointed
liquidators of Fox & Fox Ltd. on February 8, 2008.

Messrs. Vance and Jordan are accepting creditors' proofs of debt
until March 14, 2008.

The liquidators can be reached at:

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


PLANET HEALTH: Subjec to CIR's Wind-Up Petition
-----------------------------------------------
On January 7, 2008, the Commissioner of Inland Revenue filed a
petition to have Planet Health 2003 Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
March 12, 2008, at 10:45 a.m.

The CIR's solicitor is:

          Julie Newton
          Inland Revenue Department
          Legal and Technical Services
          First Floor Reception
          224 Cashel Street
          PO Box 1782, Christchurch 8140
          New Zealand
          Telephone:(03) 968 0807
          Facsimile:(03) 977 9853


PRITAM HOLDINGS: Fixes March 28 as Last Day to File Claims
----------------------------------------------------------
The creditors of Pritam Holdings Ltd. are requried to file their
proofs of debt by March 28, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

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


SURE CONSTRUCTION: Creditors' Proofs of Debt Due on March 11
------------------------------------------------------------
Sure Construction Limited requires its creditors to file their
proofs of debt by March 11, 2008, to be included in the
company's dividend distribution.

The company's liquidator is :

          Murray G. Allott
          111 Bealey Avenue
          Christchurch 8013
          New Zealand
          Telephone:(03) 365 1028
          Facsimile:(03) 365 6400
          e-mail: murray@profitco.co.nz


SURE ELECTRICAL: Sets March 11 Deadline to File Proofs of Claim
---------------------------------------------------------------
The creditors of Sure Electrical Ltd. are required to file their
proofs of debt by March 11, 2008, to be included in the
company's dividend distribution.

The company's liquidator is :

          Murray G. Allott
          111 Bealey Avenue
          Christchurch 8013
          New Zealand
          Telephone:(03) 365 1028
          Facsimile:(03) 365 6400
          e-mail: murray@profitco.co.nz


WAKATIPU NATURALLY: Wind-Up Petition Hearing Set for March 27
-------------------------------------------------------------
The High Court of Dunedin will hear on March 27, 2008, at
10:00 a.m. a petition to have Wakatipu Naturally Ltd.'s
operations wound up.

The Commissioner of Inland Revenue filed the petition on
September 25, 2007.

The CIR's solicitor is:

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




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


BANCO DE ORO-EPCI: Posts PHP6.5-Billion Profit in 2007
------------------------------------------------------
Banco de Oro-Equitable PCI Inc., now known as Banco de Oro
Unibank Inc., recorded an annual net income of PHP6.5 billion
in 2007, representing a 2% growth over the pro-forma 2006 level
of PHP6.4 billion.

According to a media release, the result is lower than the
bank's income guidance of PHP7 billion, primarily due to non-
recurring expenses related to integration and the settlement of
taxes under the Bureau of Internal Revenue's abatement program.  
The bank attribute the performance to:

   -- beneficial impact of the merger;

   -- broad-based improvements in key business lines; and

   -- re-balancing in the asset and liability mix even with
      ongoing integration efforts and a challenging business
      improvement.

The bank's board of directors has approved a program to issue in
tranches up to PHP15 billion of unsecured subordinated debt
eligible as Lower Tier 2 Capital, for a period of one year.  The
first tranche is planned at PHP5 billion, and meant to partially
refinance an existing US$200 million Tier 2 issue callable by
July 2008.  According to the bank, this will allow further
expansion of BDO's consumer loan portfolio, and boost its
capital adequacy issue.  The bank has tapped Hongkong & Shanghai
Banking Corporation, ING Bank N.V. and Standard Chartered Bank
to arrange the new issue.

Additionally, the board approved the consolidation of wholly
owned subsidiary Equitable Savings Bank with parent company.  

The bank will pay on April 8, PHP0.80 cash dividend to
stockholders as of March 11, 208.

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banco de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.

The Troubled Company Reporter-Asia Pacific reported on
June 11, 2007, that Standard & Poor's Ratings Services withdrew
its 'BB-' counterparty credit ratings on Equitable PCI Bank
Inc., as its merger with Banco De Oro Universal Bank became
effective on May 31, 20707.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.

On January 28, 2008, Moody's Investors Service has revised the
outlook of the foreign currency debt and deposit ratings to
positive from stable for ratings of Banco de Oro-EPCI Inc.,
which include:

    * Foreign currency long-term deposit rating of B1 and
      foreign currency senior unsecured debt rating of Ba2
      (including the senior unsecured debt issued by the former
      Equitable PCI)

    * Foreign currency Not-Prime short-term deposit rating,
      Equitable PCI's foreign currency subordinated debt rating
      of Ba2


PRC LLC: Creditors Panel Wants More Time to Review DIP Financing
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in PRC LLC and its
debtor-affiliates' Chapter 11 cases asks the U.S. Bankruptcy
Court for the Southern District of New York to extend, until
Feb. 27, 2008, the final hearing to consider the Debtors'
postpetition financing facility, in order to allow the Committee
a fair opportunity to review the DIP Facility.

The Committee asserts that the DIP Financing Motion has global
and far-reaching implications.

The Debtors sought Court authority to borrow up to $30,000,000
in postpetition financing from The Royal Bank of Scotland plc
and certain other lenders.  RBS and the other lenders are also
the Debtors' prepetition lenders.

"The proposed Final DIP Order, when viewed in conjunction with
the Plan Term Sheet and Lock-Up, is in effect a sub rosa plan,
the complete control over which is placed in the hands of the
Debtors' Lenders at the very early stages of these cases,
without a disclosure statement or the benefit of an opportunity
for the Creditors Committee to perform its fiduciary duties,"
Andrew B. Eckstein, Esq., at Blank Rome LLP, in New York,
asserts.

The Debtors presented the Plan Term Sheet to the Court on the
bankruptcy filing.  The Plan Term Sheet contemplates that on the
Plan Effective Date, the Lenders will be fully paid by an exit
facility of up to US$40,000,000 to US$45,000,000.  The Plan Term
Sheet also describes a Lock-Up between the Debtors and the
Prepetition Lenders, which requires the Debtors to support the
material terms of the Plan.  "[T]hese circumstances require
additional review and discovery," Mr. Eckstein maintains.

Moreover, it is uncertain whether unsecured creditors will
receive any distribution from the pre-negotiated Plan, Mr.
Eckstein contends.

The adjournment of the hearing will not affect the Debtors'
ability to operate, as the Court has already granted them an
interim funding of up to US$10,000,000, the Committee notes.

Mr. Eckstein also argues that the DIP Financing Motion is
objectionable on these grounds:

   (1) The imposition of Plan terms which turn over to the
       Lenders the debt and equity of the Debtors and complete
       control of the reorganization process at the inception
       of these cases is incongruous with the Bankruptcy Code
       provisions regarding disclosure and due process.

   (2) The Proposed Final DIP Order improperly seeks to skew the
       outcome of the Debtors' cases in favor of the DIP
       Lenders.  It allows the Lenders to use the bankruptcy
       process to extract value from the Debtors' assets to the
       detriment of the unsecured creditors.

   (3) The Prepetition Lenders should not be allowed payment of
       professional fees and interest unless they can
       demonstrate that they are oversecured -- an issue which
       appears to be inconsistent with the Debtors' proposed   
       Plan Term Sheet. In addition, the DIP Lenders have
       bargained for a US$900,000 underwriter fee which is
       equal to 3% of the DIP Facility.  Because it is unclear
       if the Debtors will need the full US$30,000,000, the
       underwriter fee is strikingly high, Mr. Eckstein avers.

   (4) Avoidance actions are designed to benefit the unsecured
       creditors of the Debtors' estates.  The DIP Lenders
       should not be granted a lien on Avoidance Actions and
       other causes of action.  The granting of such liens will
       effectively shield the Prepetition Lenders from
       litigation.

   (5) Limitations on investigation of claims against Lenders
       should be stricken from the Proposed Final Order.  The
       Proposed Final DIP Order provides that, other than
       US$25,000 that the Committee may use to investigate the
       liens of the Prepetition Lenders, no portion of the DIP
       Facility or the Carve-Out may be used to challenge the
       amount and validity of the Lenders' liens.

   (6) The waiver of the Debtors' rights under Section 506(c) of
       the Bankruptcy Code to recover reasonable and necessary
       costs of preserving and disposing of the Lenders'
       collateral should be denied.

   (7) The Committee should be provided with equal notice and
       information as is afforded to the Lenders.

If the Court is inclined to place a cap on the Committee's
ability to investigate the prepetition activities between the
Debtors and the Prepetition Lenders, the Court should grant at
least US$150,000 to the Committee in order to allow it the
ability to carry out its fiduciary duties on behalf of the
creditors of the Debtors' estates, Mr. Eckstein maintains.  "A
mere US$25,000 is woefully inadequate."

He adds that the Proposed Final DIP Order is also objectionable
in that it:

   -- seeks to grant the Lenders relief from the automatic stay
      five days after an Event of Default;

   -- states that the DIP Lenders will bot be subject to the
      doctrine of marshalling with respect to any Collateral;

   -- states that the exception under Section 552(b) of the
      Bankruptcy Code will not apply to the DIP Lenders with
      respect to proceeds, offspring or profits of any of the
      Collateral;

   -- seeks to grant the Prepetition Lenders other adequate
      protection as agreed upon by the Lenders and the Debtors.
      This provision must be clarified.

Absent the hearing adjournment, the Committee further asked the
Court to deny the Debtors' request.

                     Debtors Talk Back

The Debtors maintain that they intend to confirm a Chapter 11
plan of reorganization.  Every creditor will have the
opportunity to review that plan, cast a ballot, and object, if
they so desire, Alfredo R. Perez, Esq., at Weil, Gotshal &
Manges LLP, in Houston, Texas, avers.  "The DIP Motion does not
replace or even thwart the confirmation process."

The Committee's contention that the DIP Motion effects a sub
rosa plan ignores the fact that the Committee will have ample
time at a later date to consider a Chapter 11 plan and whether
that plan deserves confirmation, Mr. Perez asserts.

Agreeing to promptly file a plan and disclosure statement in no
way places the Debtors at the complete mercy of their lenders,
Mr. Perez says.  Rather, he states, it is prudent strategy that
recognizes that value for all stakeholders will be maximized if
the Debtors emerge from Chapter 11 as promptly as possible.

Mr. Perez also contends the other objections raised by the
Committee are misplaced.  He emphasizes that:

   * The payment of the Prepetition Lenders' fees, and interest
     to the First Lienholders, represents an appropriate
     concession that those creditors deserve adequate protection
     against any diminution in the value of their collateral;

   * Although the Committee complains of the liens placed on
     Chapter 5 causes of action, the Debtors have neither
     assigned nor lost control of those claims.  Those liens
     simply protect the DIP Lenders in the event of a default.
     Otherwise, any proceeds of those actions remain property of
     the estate and will be free and clear of all liens upon
     repayment of the DIP Facility;

   * It is hardly unreasonable for a lender to limit the amount
     it will pay for an investigation of its own affairs.
     Moreover, these estates should not be burdened by the
     expense and delay that would be occasioned by a lengthy
     fishing expedition in search of a claim;

   * Waivers of Section 506(c) surcharge rights are entirely
     appropriate because the DIP Lenders have offered new
     consideration to the Debtors' estates in exchange for this
     concession.  Moreover, the Debtors' estates are poised for
     reorganization, not a liquidation, of the Prepetition
     Lenders' collateral.  Thus, the policy concerns behind
     those waivers are not at issue.

The Debtors have submitted a motion for financing under the best
terms available, Mr. Perez says.  "None of the Committee's
objections refutes the essential fact that all creditors and
other stakeholders will benefit from the survival of the Debtors
as a going concern."

The Debtors also assert that the Final DIP Hearing should not be
adjourned.  There is no statutory or other authority requiring
the Debtors to adhere to any schedule suggested by the
Committee, Mr. Perez says.

The Debtors further contend that they are working with the
Committee to provide information, subject to the execution of a
confidentiality agreement that is satisfactory in form and
substance to the Debtors.

                       About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer     
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor- in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No.
08-10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges,
LLP, represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of
Dec. 31, 2007 showed total assets of US$354,000,000 and total
debts of US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 5; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Inks Pact Recognizing Law Debenture as Collateral Agent
----------------------------------------------------------------
PRC LLC and its debtor-affiliates, The Royal Bank of Scotland
plc, and Law Debenture Trust Company of New York entered into a
stipulation to permit the execution and filing of documents and
assignment of rights, powers and privileges from RBS to Law
Debenture as collateral andadministrative agent under a Second
Lien Credit Agreement.

Before the bankruptcy filing, RBS served as the collateral and
administrative agent for the First Lien Lenders under the
US$160,000,000 Amended and Restated First Lien Credit and
Guaranty Agreement, dated as of November 29, 2006, as amended
and restated on December 20, 2006, entered into by the Debtors.  
RBS, however, tendered its resignation as agent, which became
effective Dec. 3, 2007.

The Debtors are also parties to a US$67,000,000 Amended and
Restated Second Lien Credit and Guaranty Agreement, dated as of
Nov. 29, 2006, as amended and restated on Dec. 20, 2006.

As of the bankruptcy filing, about US$119,400,000 was
outstanding under the First Lien Credit Agreement, and about
US$67,000,000 was outstanding under the Second Lien Credit
Agreement.

With consent from PRC, LLC, the Lenders appointed Law Debenture
as successor to RBS pursuant to a Successor Agent and Amendment
Agreement dated Jan. 18, 2008.

Due to time exigencies, certain documents evidencing the lien
transfers could not be filed before the bankruptcy filing.  In
an abundance of caution, the parties agreed to enter into the
Stipulation.

The parties stipulate that they are authorized, and the
Debtors are directed, to enter into, deliver and file any
agreements, certificates and other documents, and take other
actions necessary to reflect the resignation of RBS and the
appointment of Law Debenture as administrative and collateral
agent.  The automatic stay under Section 362 of the Bankruptcy
Code is modified to permit the execution and filing of the
documents.

Nothing in the Stipulation is construed to modify the terms of
any of the Second Lien Credit Agreement and related documents,
including the Intercreditor Agreement dated Nov. 29, 2006, or
to modify the obligations of any of the Debtors under the Second
Lien Loan Documents.

                       About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer     
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No.
08-10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges,
LLP, represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of
Dec. 31, 2007 showed total assets of US$354,000,000 and total
debts of US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 5; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Court Okays Services Agreement with Advanced Contact
-------------------------------------------------------------
PRC LLC and its debtor-affiliates obtained authority from the
U.S. Bankruptcy Court for the Southern District of New York to
assume a services contract with Advanced Contact Solutions Inc.,
nunc pro tunc to Feb. 20, 2008.

The Debtors entered into a Master Services Agreement dated
Feb. 1, 2006, with Advanced Contact.  Under the Agreement, ACS
provides representatives to answer inbound service-related
communication from the customers of the Debtors' clients.  The
initial term of the Agreement is set to expire on Feb. 1, 2011.

Alfredo R. Perez, Esq., at Weil, Gotshal & Manges LLP, in
Houston, Texas, asserts that the assumption of the Agreement is
necessary to avoid any significant disruption on the Debtors'
business that would result if ACS ceased to provide services.

"If the Debtors were unable to continue their relationship under
the agreement, the Debtors would have to immediately invest
significant capital by hiring and training additional service
representatives and other production-related employees, in
addition to acquiring new contact centers, telephone lines, and
other business equipment to fulfill obligations under current
contracts with clients," Mr. Perez argues.

He further says that the Agreement is a substantial portion of
the Debtors' gross revenues, pointing out that the Debtors raked
in more than US$79,000,000 in gross revenue in 2007 based on
work performed under the Agreement.

The Debtors also obtained the Court's approval to pay:

   (i) ACS US$2,766,962 and US$4,310,306 on March 7 and
       April 4, 2008, for their prepetition defaults under the
       Agreement; and

  (ii) the balance of any cure amount in three monthly
       installments starting May 2008.  

However, in the event a Chapter 11 plan is confirmed, the
Debtors are obliged to pay any remaining monthly installments on
the day that plan takes effect, the Court ruled.

According to Mr. Perez, the Debtors' ability to keep current on
their postpetition obligations combined with the cure payments
will serve as adequate assurance to ACS for future performance.

Objections to the proposed assumption of the ACS Agreement were
overruled by the Court, including the arguments raised by the
Official Committee of Unsecured Creditors.  The Creditors
Committee expressed concerns over the unusually broad relief
sought by the Debtors given the early stage of their Chapter 11
cases.  

            Committee Files Conditional Objection

The Creditors Committee advised the Court about the possibility
of the Debtors' customers filing administrative claims in
connection with a possible rejection of their contracts.  The
Committee urged the Court to include a ruling in its Final
Assumption Order, releasing PRC, LLC, from any liability for
those administrative claims other than payment in connection
with the services provided.

                       About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer     
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor- in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No.
08-10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges,
LLP, represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of
Dec. 31, 2007 showed total assets of US$354,000,000 and total
debts of US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 5; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


RIZAL COMMERCIAL: Closes Offer of Unsecured Subordinated Debt
-------------------------------------------------------------
On Feb. 22, 2008, Rizal Commercial Banking Corporation closed
its second offering of unsecured subordinated debt eligible as
lower Tier II capital, after completion of a two-week public
offer period and domestic roadshows in Metro Manila and Cebu.
The offering enjoyed good take-up from both institutional
and retail investors, indicative of the Notes' appeal to a wide
investor base.

Subscriptions were received in excess of the maximum issue
amount approved by the Bangko Sentral ng Pilipinas and allowed
RCBC to issue a total of PHP7 billion of Notes.

The Notes carry a coupon rate of 7.000% per annum and were
issued at 100.00% of face value.  The Notes will be used to
refinance RCBC's first issue of lower Tier II capital, callable
in July of this year, and to further strengthen RCBC's capital
base.

"I am glad with the investor turnout for our Capital Notes. This
issuance will surely contribute to lowering the cost of funds of
the Bank and boost the Bank's Capital Adequacy Ratio even
higher," said RCBC President & CEO Lorenzo V. Tan.

The Hongkong and Shanghai Banking Corporation Limited and ING
Bank, N.V. (Manila Branch) acted as the Joint Lead Arrangers and
Selling Agents.  Multinational Investment Bancorporation also
acted as Selling Agent.  RCBC was Limited Selling Agent.  HSBC,
ING and MIB are Market Makers and HSBC is Public Trustee.

Rizal Commercial Banking Corporation -- http://www.rcbc.com/
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the bank's foreign exchange exposure.

The Troubled Company Reporter-Asia Pacific on Feb. 8, 2008,
reported that Fitch Ratings assigned a Long-term rating of 'B+'
to Rizal Commercial Banking Corp's proposed issue of Philippine
peso denominated subordinated notes due 2018, callable with
step-up in 2013 of up to PHP7 billion.

In Feb 4, 2008 report, TCR-AP said that Moody's Investors
Service changed the outlook on RCBC's foreign currency hybrid
tier 1 debt rating of B3 to positive from stable.  The rating
action does not affect the bank's B1 foreign currency long-term
deposit ratings and foreign currency senior unsecured debt
rating of Ba3, which maintain their positive outlook.

The TCR-AP also reported on Oct. 24, 2006, that Standard &
Poor's Ratings Services assigned its 'CCC' rating to RCBC's
(B/Stable/B) US$100 million non-cumulative step-up callable
perpetual capital securities.


UNIONBANK OF THE PHILS: Books PHP2.9-Bil. Net Income in 2007
------------------------------------------------------------
UnionBank of the Philippines registered a net income of PHP2.90
billion for the year 2007, 15.54% higher than PHP2.51 billion
the Bank earned last year.

Revenues across businesses improved 13.02% to PHP8.42 billion
from PHP7.45 billion.  Gross interest income on loans grew by
8.71% to PHP3.62 billion from PHP3.33 billion while service
charges, fees and commissions stood at PHP0.85 billion, 18.06%
more than PHP0.72 billion last year.

The Bank's asset base grew to PHP187.99 billion in 2007 from
PHP183.19 billion last year.  Loan portfolio stood at PHP44.01
billion while deposits stood at PHP106.76 billion.  Capital base
rose by 32.46% to PHP26.36 billion from PHP19.90 billion due to
strong internal capital generation and proceeds from the follow-
on equity offering in the first half of the year.  The Bank's
capital adequacy ratio was at 16.44%, inclusive of credit,
market and operational risk charges, which is above the minimum
requirement of 10%.

Non-performing loans ratio declined to 3.6% in 2007 from 4.9% in
2006 partly as a result of the Bank selling PHP2.0 billion worth
of bad loans.  The Bank also sold PHP282.0 million worth of real
and other properties acquired.

Today, the Bank has 166 branches, 186 onsite and offsite ATMs, a
call center and Internet bank, http://www.unionbankph.com

Union Bank of the Philippines -- http://www.unionbankph.com/--   
offers a wide range of products and services to both corporate
and individual clients.  Its core businesses are payment
services, corporate cash management foreign exchange, capital
markets, corporate finance and consumer finance.  It is also
engaged in investment management, trust banking, insurance
brokerage, currency brokerage, private banking, pre-need
products marketing, investment banking and financial advisory
and real property development and marketing via Union
Properties, Inc.

Moody's Investors Service gave UnionBank a 'Ba3' Senior
Unsecured Debt and Long-Term Bank Deposits Ratings effective
May 25, 2006.  The bank also carries Moody's bank financial
strength rating of D with stable outlook.




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


ODYSSEY RE: Earns US$587.2MM in Fiscal Year Ended Dec. 31, 2007
---------------------------------------------------------------
Odyssey Re Holdings Corp. reported net income available to
common shareholders of US$243.0 million for the quarter ended
Dec. 31, 2007 compared to US$83.8 million for the same quarter
of 2006.  Operating income after tax was US$59.5 million for the
fourth quarter of 2007, compared to US$65.4 million for the
fourth quarter of 2006.  Included in the fourth quarter 2007 net
income available to common shareholders were after-tax net
realized gains of US$183.5 million compared to US$18.4 million
for the fourth quarter of 2006.

For the year ended Dec. 31, 2007, net income available to common
shareholders was US$587.2 million compared to US$499.6 million,
or US$6.93 per diluted share, for the year ended Dec. 31, 2006.  
Operating income after tax was US$236.8 million for the year
ended Dec. 31, 2007, compared to operating income after tax of
US$268.0 million for the year ended Dec. 31, 2006.

Gross premiums written for the quarter ended December 31, 2007
were US$525.3 million, a decrease of 2.5% compared to US$538.9
million for the quarter ended Dec. 31, 2006.  This reflects a
decline of 3.1% in the Company's worldwide reinsurance premiums
compared to the fourth quarter of 2006, and a 1.4% decrease in
the Company's specialty insurance premiums.  Net premiums
written during the fourth quarter of 2007 were US$482.4 million,
a decrease of 5.2% compared to fourth quarter of 2006 net
premiums written of US$508.7 million.

Gross premiums written for the year ended Dec. 31, 2007 were
US$2.28 billion, compared to US$2.34 billion for the year ended
Dec. 31, 2006, a 2.3% decrease.  Reinsurance gross premiums
written decreased by 4.8%, offset by a 3.5% increase in
insurance premiums, principally related to the company's U.S.
operations.  Net premiums written over the same period decreased
to US$2.09 billion from US$2.16 billion. The combined ratio for
the year ended Dec. 31, 2007 was 95.5%, compared to 94.4% for
the year ended Dec. 31, 2006, while the combined ratio for the
fourth quarter of 2007 was 93.7%, compared to 94.8% for the
fourth quarter of 2006.

Net investment income amounted to US$329.4 million and US$77.0
million for the year and fourth quarter of 2007, respectively,
compared to US$319.5 million, which excludes net realized gains
of an equity investee included in net investment income, and
US$84.0 million for the year and fourth quarter of 2006,
respectively.  Net pre-tax realized gains were US$539.1 million
and US$282.4 million for the year and fourth quarter of 2007,
respectively, compared to US$356.8 and US$28.3 million for the
year and fourth quarter of 2006, respectively.  The realized
gains for the year ended Dec. 31, 2006 include realized gains of
an equity investee included in net investment income in the
consolidated statement of operations of US$167.6 million.  For
the year ended Dec. 31, 2007, the company sold US$175.8 million
notional amount of credit default swaps for gross proceeds of
US$27.2 million, and recognized realized gains of US$25.3
million.  In addition, the net mark-to-market gain recorded for
the year ended Dec. 31, 2007 on the remaining US$5.0 billion
notional amount of credit default swaps was US$273.0 million,
resulting in total realized gains of US$298.3 million for the
year ended Dec. 31, 2007.  From January 1 through Feb. 15, 2008,
the Company sold an additional US$670.0 million notional amount
of credit default swaps (including virtually all of its credit
default swaps referenced to U.S. bond guarantors) for gross
proceeds of US$161.0 million, with realized gains on the sale of
US$26.8 million (gains in excess of the mark-to-market value as
of Dec. 31, 2007).  The net mark-to-market gain for the Jan. 1
to Feb. 15, 2008 period on the US$4.4 billion notional amount of
credit default swaps remaining at Feb. 15, 2008 (including 2008
purchases of US$47.5 million notional amount of credit default
swaps for US$1.4 million) was US$152.6 million, representing
total net gains related to credit default swaps for this period
of US$179.4 million.  The fair market value of the credit
default swaps at Feb. 15, 2008 was US$327.3 million.  The credit
default swaps are extremely volatile, and as a result their
market value may vary dramatically either up or down in short
periods.  Their ultimate value will, therefore, only be known
upon their disposition.

For the quarter ended Dec. 31, 2007, net cash flow from
operations was US$4.1 million, a US$123.8 million decrease from
cash flow of US$127.9 million for the quarter ended
Dec. 31, 2006.  The decrease in cash flow from operations is
principally attributable to lower premium volume, a decline in
reinsurance recoveries and an increase in taxes paid.

In the fourth quarter of 2007, OdysseyRe paid a cash dividend of
US$0.0625 per common share on Dec. 28, 2007 to common
shareholders of record on Dec. 14, 2007.

Odyssey Re Holdings Corp. (NYSE: ORH) is an underwriter of
property and casualty treaty and facultative reinsurance, as
well as specialty insurance.  Odyssey Re operates through its
subsidiaries, Odyssey America Reinsurance Corp., Hudson
Insurance Co., Hudson Specialty Insurance Co.  Clearwater
Insurance Co., Newline Underwriting Management Limited and
Newline Insurance Co. Ltd.  The Company underwrites through
offices in the United States, London, Paris, Singapore, Toronto
and Mexico City.  Odyssey Re Holdings Corp. is listed on the New
York Stock Exchange under the symbol ORH.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 15, 2006,
Standard & Poor's affirmed its 'BBB-' counterparty credit and
'BB' preferred stock ratings on Odyssey Re Holdings Corp. and
removed them from CreditWatch negative.

Odyssey Re Holdings Corp. (NYSE: ORH) is an underwriter of
property and casualty treaty and facultative reinsurance, as
well as specialty insurance.  Odyssey Re operates through its
subsidiaries, Odyssey America Reinsurance Corp., Hudson
Insurance Co., Hudson Specialty Insurance Co.  Clearwater
Insurance Co., Newline Underwriting Management Limited and
Newline Insurance Co. Ltd.  The Company underwrites through
offices in the United States, London, Paris, Singapore, Toronto
and Mexico City.  Odyssey Re Holdings Corp. is listed on the New
York Stock Exchange under the symbol ORH.

                        *     *     *

To date, Standard & Poor's affirmed its 'BB' preferred stock
ratings on Odyssey Re Holdings Corp.


ODYSSEY RE: To Pay US$0.0625 Per Share Dividend on March 28
-----------------------------------------------------------
Odyssey Re Holdings Corp.'s Board of Directors has declared a
quarterly cash dividend of US$0.0625 per common share, payable
on March 28, 2008, to shareholders of record on March 14, 2008.

In addition, the Board has declared a cash dividend of
US$0.5078125 per share on OdysseyRe's 8.125% non-cumulative
Series A preferred shares and US$0.4485156 per share on
OdysseyRe's floating rate non-cumulative Series B preferred
shares.  The dividends will be payable on April 20, 2008 to
Series A and Series B preferred shareholders of record on
March 31, 2008.

Odyssey Re Holdings Corp. (NYSE: ORH) is an underwriter of
property and casualty treaty and facultative reinsurance, as
well as specialty insurance.  Odyssey Re operates through its
subsidiaries, Odyssey America Reinsurance Corp., Hudson
Insurance Co., Hudson Specialty Insurance Co.  Clearwater
Insurance Co., Newline Underwriting Management Limited and
Newline Insurance Co. Ltd.  The Company underwrites through
offices in the United States, London, Paris, Singapore, Toronto
and Mexico City.  Odyssey Re Holdings Corp. is listed on the New
York Stock Exchange under the symbol ORH.

                        *     *     *

To date, Standard & Poor's affirmed its 'BB' preferred stock
ratings on Odyssey Re Holdings Corp.


REFCO INC: SEC Sues Ex-CEO Bennett for Orchestrating Fraud
----------------------------------------------------------
The U.S. Securities and Exchange Commission filed on Feb. 19 a
civil injunctive action in the United States District Court for
the Southern District of New York against Phillip R. Bennett,
the former chairman and chief executive officer of Refco Inc.
and its corporate predecessor, Refco Group Ltd.

The Commission's complaint alleges that Mr. Bennett orchestrated
a scheme that periodically concealed hundreds of millions of
dollars owed to Refco by a private entity that he controlled.  
The public revelation of Mr. Bennett's scheme in October 2005,
two months after the company's initial public offering of common
stock, caused hundreds of millions of dollars in losses to Refco
shareholders.  The complaint also alleges that Mr. Bennett
directed practices that artificially inflated Refco's financial
results.  As a result, the complaint alleges, Mr. Bennett
violated Section 17(a) of the Securities Act of 1933, Sections
10(b) and 13(b)(5) of the Securities Exchange Act of 1934, and
Exchange Act Rules 10b-5, 13b2-1, and 15d 14, and aided and
abetted Refco's violations of Sections 13(b)(2)(A), 13(b)(2)(B),
and 15(d) of the Exchange Act and Exchange Act Rules 15d-2 and
15d-13.

According to the complaint, from at least 1998 to October 2005,
Mr. Bennett's scheme periodically concealed debt owed to Refco
by Refco Group Holdings, Inc., a non-Refco entity that he
controlled.  The debt was primarily the result of trading losses
and operating expenses that Refco transferred over time to RGHI.  
Refco utilized a series of short-term loans that temporarily
transferred the debt to third parties immediately prior to the
ends of Refco fiscal periods.  A few days after the fiscal
periods ended, the transactions were reversed, and the debt was
transferred back to RGHI.  The Commission's complaint alleges
that Mr. Bennett directed the fiscal period-end transactions and
took certain actions to implement them, including executing many
of the documents used in those transactions.

The Commission's complaint also alleges that Mr. Bennett
instituted practices that artificially inflated Refco's reported
financial results in 2005.  The practices involved Refco
recording fictitious interest income and income from sham
foreign exchange transactions.  The inflation of financial
results was undertaken by Mr. Bennett to make Refco more
attractive to potential investors.

The Commission's complaint further alleges that, in 2005, Refco
filed with the Commission and provided to investors registration
statements and periodic reports that contained materially false
and misleading misstatements and omissions.  The filings failed
to disclose the debt and the period end transactions, and some
of the filings reported income that had been fraudulently
inflated.  Mr. Bennett signed the registrations statements and
periodic filings while knowing, or reckless in not knowing, that
the filings were materially false and misleading.  Moreover, Mr.
Bennett explicitly certified the accuracy of the disclosures and
financial statements in the periodic filings.

The complaint seeks a permanent injunction enjoining Mr. Bennett
from violating Section 17(a) of the Securities Act, Sections
10(b) and 13(b)(5) of the Exchange Act, and Exchange Act Rules
10b-5, 13b2-1, and 15d 14, and from aiding and abetting
violations of Sections 13(b)(2)(A), 13(b)(2)(B), and 15(d) of
the Exchange Act and Exchange Act Rules 15d-2 and 15d-13.  The
complaint also seeks payment by Mr. Bennett of unjust enrichment
that he received as a result of his actions, with prejudgment
interest thereon, and imposition of civil money penalties
against him pursuant to Section 20(d) of the Securities Act and
Section 21(d)(3) of the Exchange Act.

The U.S. Attorney's Office for the Southern District of New York
announced February 15, that Mr. Bennett has pleaded guilty to
all twenty counts of a superseding indictment previously
returned against him and charging him with conspiracy,
securities fraud, making false filings with the Commission, wire
fraud, making false statements to Refco's auditors, bank fraud,
and money laundering, for his actions in connection with the
Refco fraud.

The Commission acknowledged the assistance and cooperation of
the Office of the United States Attorney for the Southern
District of New York, the United States Postal Inspection
Service, and the Commodity Futures Trading Commission.

The Commission's investigation is continuing.

                      About Refco Inc.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

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

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.


REFCO INC: Ex-Finance Chief Robert Trosten Admits Fraud Charges
---------------------------------------------------------------
Robert Trosten, Refco Inc.'s former chief financial officer,
pleaded guilty to charges that includes conspiracy to commit
securities fraud, wire fraud, bank fraud, money laundering and
making false filings to the U.S. Securities and Exchange
Commission, Edith Honan and Paritosh Bansal write for Reuters.

"I take full responsibility for my conduct and my actions," Mr.
Trosten was quoted by Reuters as saying before Judge Naomi
Buchwald of the U.S. District Court for the Southern District of
New York." I apologize to my family and those I have harmed by
my conduct, which I sincerely and deeply regret."

"He deeply regrets his involvement in these fraudulent
activities, and is attempting to rectify the misjudgment that he
made... by cooperating with the government," Mr. Trosten's
lawyers was quoted by Reuters as saying.

Mr. Trosten has agreed to serve as a witness in trials of other
defendants in the case as part of his guilty plea, Reuters
reports.  He previously pleaded not guilty.

Mr. Trosten's guilty plea followed a similar move by former
Refco CEO Phillip Bennet.  Messrs. Bennett and Trosten were set
to face trial on March 17, 2008, along with Tone Grant, Refco's
former president.

Mr. Trosten will appear in court in February 2009.

                   Bennett's Guilty Plea

As reported on Feb. 20, 2008, Bennett pleaded guilty to 20
charges that includes conspiracy to commit securities fraud,
wire fraud, bank fraud, money laundering and making false
filings to the U.S. Securities and Exchange Commission.

Mr. Bennett faces a maximum 315 years in prison under federal
sentencing guidelines as well as forfeiture of US$2.4 billion in
assets.  Mr. Bennett's sentencing is set for May 20, 2008.

                      About Refco Inc.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

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

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.


SCOTTISH RE: New Strategic Focus Didn't Affect Ratings, S&P Says
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
CreditWatch negative status on Scottish Re Group Ltd. (B/Watch
Neg/--) and related entities were not affected by the company's
announcement of a new strategic focus recognizing its
deteriorated financial strength.
     
On Jan. 31, 2008, S&P lowered its ratings on Scottish Re and
placed them on CreditWatch with negative implications because of
the company's continuing exposure to increasing investment
losses and meaningful risk of losing some reserve credits
secured through Ballantyne Re plc.  These concerns are not
affected by the company's announcement.  As previously stated,
S&P will resolve the CreditWatch when it completes the process
of refining its view of expected losses and assesses the risk of
the company incurring loss of reserve credits.
     
If and when the company disposes of certain lines of business,
the proceeds would likely provide only a modest offset to the
erosion of capital caused by its investments in subprime and
Alt-A MBS.  In addition, in S&P's recent action, it noted that
the "deterioration in the company's financial condition has
severely disrupted Scottish Re's ability to generate new
[insurance] business.."  This observation anticipated the
company's prospective focus on leveraging its non-risk-taking
competencies to drive shareholder value.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a  
holding company organized under the laws of the Cayman Islands
with its principal executive office in Bermuda.  Scottish Re has
operating businesses in Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.


SCOTTISH RE: Subprime Losses Cue Fitch's Rating Cut & WatchNeg
--------------------------------------------------------------
Fitch Ratings has downgraded Scottish Re Group Limited's Issuer
Default Rating to 'B' from 'BB-' and the Insurer Financial
Strength ratings of its primary operating subsidiaries to 'BB'
from 'BBB-'.  All ratings have been placed on Rating Watch
Negative with the exception of Scottish Re Limited, which has
been placed on Rating Watch Evolving.

The actions follow the group's announcement of a change in
strategic focus.  The downgrades reflect Fitch's heightened
concern over continued subprime losses in the consolidated
investment portfolio, uncertainty over the company's strategic
direction and the potential impact to the Reg. XXX
securitization structures.  In addition, the ratings of the
holding company and the United States operating companies have
been placed on Rating Watch Negative.

The IFS rating of Scottish Re Limited has been placed on Rating
Watch Evolving reflecting its plans to pursue a disposition of
that business.  The resolution of the Rating Watch will depend
on the success of that pursuit and the financial strength of a
potential buyer.

Fitch has downgraded and placed these ratings on Rating Watch
Negative:

Scottish Re Group Ltd.:

   -- Issuer Default Rating to 'B' from 'BB-';

   -- 7.25% non-cumulative perpetual preferred stock to
      'CCC+/RR6' from 'B/RR6'.

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

   --Insurer Financial Strength rating to 'BB' from 'BBB-'.

Scottish Re (U.S.) Inc.:

   -- Insurer Financial Strength rating to 'BB' from 'BBB-'.

Stingray Pass-Through Trust:

   -- US$325 million 5.902% collateral facility securities due
      Jan. 12, 2015, to 'BB' from 'BBB-'.

Fitch has downgraded and placed this rating on Rating Watch
Evolving:

Scottish Re Limited:

   -- Insurer Financial Strength rating to 'BB' from 'BBB-'.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a  
holding company organized under the laws of the Cayman Islands
with its principal executive office in Bermuda.  Scottish Re has
operating businesses in Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.


SCOTTISH RE: Board Alters Strategies, May Sell Non-Core Assets
--------------------------------------------------------------
The Board of Directors of Scottish Re Group Limited determined
to alter the company's strategic focus.  The change in strategy
is a direct response to prevailing market conditions and other
business challenges including:

   * the continuing deterioration in the market for sub-prime
     and Alt-A residential mortgage-backed securities and the
     resulting adverse impact this has had, and will likely
     continue to have, on the company's consolidated investment
     portfolio;

   * the ratings action taken by Standard & Poor's on
     Jan. 31, 2008, lowering the financial strength ratings of
     the company's operating subsidiaries from BB+ to BB
     (marginal) and placing the ratings on CreditWatch with
     negative implications, as well as the negative outlook
     placed on the company's financial strength ratings by other
     rating agencies, with the resulting material negative
     impact on the company's ability to achieve its goal of an
     A- or better rating by the middle of 2009; and

   * the material negative impact of ratings declines and
     negative outlooks by rating agencies on the company's
     ability to grow its life reinsurance businesses and
     maintain its core competitive capabilities.

In light of these circumstances, the Board instructed management
to prepare an assessment of the various strategic alternatives
that might be available to the company to maximize shareholder
value.

In that regard, on Jan. 21, 2008 the Board established a Special
Committee of the Board to evaluate the alternatives developed by
management.  The Special Committee does not include any Board
members designated for election by SRGL Acquisition, LDC (an
affiliate of Cerberus Capital Management, L.P.) nor MassMutual
Capital Partners LLC (or their affiliates), who together are the
Company's majority shareholders.  The Special Committee engaged
a financial advisor and legal counsel to assist in their
evaluation process.  Subsequent to various meetings and upon
careful consideration, the Special Committee recommended to the
Board, at its regularly scheduled meeting on Feb. 21, 2008, to
accept management's revised business strategy.  The Board
unanimously adopted the Special Committee's recommendations and
the company will now actively pursue these key strategies:

   * pursue dispositions of the company's non-core assets or
     lines of business, including the International Life
     Reinsurance segment and the Wealth Management business;

   * develop, through strategic alliances or other means,   
     opportunities to maximize the value of the company's core
     competitive capabilities within the North American Life   
     Reinsurance segment, including mortality assessment and
     treaty administration; and

   * rationalize the company's cost structure to preserve
     capital and liquidity.

There can be no assurance that any of these key strategies will
be successful and each of them may be subject to review by
insurance regulators.  The company will report further
developments regarding any strategic actions only as
circumstances warrant.

As a result of the decision by the Board to pursue the revised
strategies and in recognition of the change in the company's
circumstances and the impact thereof on the company's growth
prospects, the company has established a retention program for
certain essential employees that provides financial incentives
to remain with the company.

                     About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.




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


TATA MOTORS: Working on Small-Car Project in Thailand
-----------------------------------------------------
Tata Motors Ltd. is working on a Thai small car project, which
may build on the Nano platform, the Economic Times reports,
citing Chairman Rata Tata.

Tata Motors launched on Jan. 10 the Nano, said to be the world's
cheapest car at around INR1 lakh (US$2,500).  The four-door Nano
boasts of a roomy passenger compartment and fuel-efficient
engine, among others. The media release for the January
launching said the car will be sold in India later this year.

The Thai project, however, is being looked at separately, Mr.
Tata told ET.   It is difficult to say whether it will be Nano
or a variation, he added.

Tata Motors produces and sells pickup trucks in Thailand.  As
reported by the Troubled Company Reporter-Asia Pacific on
Feb. 22, 2008, Tata intends to sell a new pickup truck model in
Thailand next month.  By the end of this year, the company also
plans to start selling pickup trucks there that use natural gas
as the main fuel.

                     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.


TRUE CORP:  Moody's Affirms B1 Ratings; Outlook Remains Negative
----------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
ratings and senior unsecured bond ratings of True Corporation
Public Company Limited.  The outlook on the ratings remains
negative.

"The affirmation is in response to True Corp.'s recent
announcement that it is considering raising up to THB20 billion
to, in part, fund up to THB4 billion buy-back of shares in BITCO
from its 30% shareholder, Charoen Pokphand Group," say Laura
Acres, a Moody's Vice President.

"The proposed financing is a contingency plan in the event that
shareholders, at the April 2008 AGM, do not give their approval
to extend the term on the buy-back option from June 2008 to June
2009," says Acres, also Moody's Lead Analyst for the company,
adding, "Given the tight headroom under True Corp's financial
covenants, the planned debt raising will also need lenders'
approval."

It remains uncertain at this stage as to the shareholders'
decision and whether True Corp will get the necessary lenders'
approval for raising additional debt.  "However, Moody's
considers that any increase in debt outstanding in the near term
is likely to place further negative pressure on the ratings as
it will impact True Corp's financial profile with little
headroom to meet the financial covenants of its loan
facilities," says Acres.

Moody's will continue to monitor the developments and evaluate
the resultant rating impact.

Headquartered in Bangkok, True Corp is an integrated provider of
fixed line, broadband, Internet, mobile services and cable TV in
Thailand.

True Corp. is listed on the Thailand Stock Exchange and the CP
Group is the major shareholder with approximately 30%
shareholding.   Its wireless business is predominantly conducted
through its 75.3% owned (post equity injection) True Move,
Thailand's third largest mobile telecommunications operator; and
its pay TV business is conducted through its 91.8% owned True
Visions Public Company Limited (True Visions), which is
currently the only nationwide provider of pay television
services in the country.


TRUE MOVE:  Moody's Retains B1 Ratings & Negative Outlook
---------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
ratings and senior unsecured bond ratings of True Move Company
Limited.  The outlook on the ratings remains negative.

"The affirmation is in response to True Corp's recent
announcement that it is considering raising up to THB20 billion
to, in part, fund up to THB4 billion buy-back of shares in BITCO
from its 30% shareholder, Charoen Pokphand Group," say Laura
Acres, a Moody's Vice President.

"The proposed financing is a contingency plan in the event that
shareholders, at the April 2008 AGM, do not give their approval
to extend the term on the buy-back option from June 2008 to June
2009," says Acres, also Moody's Lead Analyst for the company,
adding, "Given the tight headroom under True Corp's financial
covenants, the planned debt raising will also need lenders'
approval."

It remains uncertain at this stage as to the shareholders'
decision and whether True Corp will get the necessary lenders'
approval for raising additional debt.  "However, Moody's
considers that any increase in debt outstanding in the near term
is likely to place further negative pressure on the ratings as
it will impact True Corp's financial profile with little
headroom to meet the financial covenants of its loan
facilities," says Acres.

Moody's will continue to monitor the developments and evaluate
the resultant rating impact.

Headquartered in Bangkok, True Corp is an integrated provider of
fixed line, broadband, Internet, mobile services and cable TV in
Thailand.  True Corp is listed on the Thailand Stock Exchange
and the CP Group is the major shareholder with approximately 30%
shareholding.  

True Corp. owns 75.3% of True Move, which primarily conducts the
former's wireless business.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********


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

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***