TCRAP_Public/080228.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

             Thursday, February 28, 2008, Vol. 9, Issue 42

                          Headlines

A U S T R A L I A

ALUVIC METAL: Placed Under Voluntary Wind-Up
BRIGHTON BAY: ASIC Gets Court Okay to Wind Up Company
CHRYSLER LLC: Streamlines Production; Won't Sell Car Clones
CITIFASHION INTERNATIONAL: Placed Under Voluntary Liquidation
EMPIRE PLASTER: Final Meeting Slated for March 12

FIFTH FANBARB: Final Meeting Slated for March 5
GETTY: To be Bought by Hellman & Friedman in US$2.4-Billion Deal
GETTY: US$2.4 Million Hellman Deal Prompts Moody's Rating Review
GETTY: S&P Cuts Rating on US$2.4 Billion Hellman & Friedman Deal
GREAT OCEAN: Members Opt to Shut Down Firm

IMPROVED TOOLS: Members & Creditors to Meet on March 5
INFRASOFT PTY: Members to Receive Wind-Up Report on March 6
JUPITAR INT'L: ASIC Gets Court Approval to Wind Up Operations
METRO MEAT: Commences Liquidation Proceedings
NEILSON PRODUCTIONS: Members & Creditors to Meet on March 12

PRECISION DESIGN: Liquidator to Give Wind-Up Report on March 12
RUSSELL RHODES: To Declare First Dividend on March 4
SUNTECH INT'L: ASIC Gets Court Approval to Wind Up Operations


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

ALLSWELL MEDICAL: Court to Hear Wind-Up Petition on March 19
ASIA PREMIUM: Changes Officers & Directors
CHINA EASTERN: Rejects Alliance Proposal with Air China
CHINA EVERBRIGHT: Fitch Lifts Individual Rating to D/E from E
GREAT FINE: Appoints New Liquidator

EVER WEALTH: Liquidators Quit Post
EVER WEALTH: Appoints New Liquidators
FORCEWAY INDUSTRIAL: Appoints Anthony Nedderman as Liquidator
KIN LEE KO: Appoints Anthony Nedderman as Liquidator
MUSIC CHAMBER: Court to Hear Wind-Up Petition on March 19

PLANTERS CHINA: Appoints New Liquidator
SUN TAT: Court to Hear Wind-Up Petition on March 26
TIFFANY INTERNATIONAL: Appoints New Liquidator
TODAYTECH ASIA: Liquidators Quit Post
TODAYTECH ASIA: Appoints New Liquidators


I N D I A

BHARTI AIRTEL: Joins Consortium to Build US$300MM Cable System
GENERAL MOTORS: Workers Strike Has No Impact on Assembly
EASTMAN KODAK: Fitch Revises Outlook to Stable from Negative
SINGER INDIA: Auditors Unable to Comment on Firm's Continuity
STATE BANK OF INDIA: Brings In V. Bharucha as Part-Time Director

SUNVIK STEELS: CRISIL Assigns BB Ratings on Bank Facilities
TATA STEEL: To Expand Retail Chain to 50 Stores by March 2009
VRL LOGISTICS: ICRA Gives LBB Ratings to Bank Facilities


I N D O N E S I A

BANK NEGARA: Sees 40% Growth in Credit Card Transactions
BANK INTERNASIONAL: Temasek Considers Selling Bank Stake
BANK RAKYAT: Minister Favors Takeover Bid for Bank Tabugan
BANK RAKYAT: Fitch Upgrades Issuer Default Rating to BB from BB-
BANK RAKYAT: May Issue Subordinate Bonds at IDR1 Trillion

BERLIAN LAJU: Tunggaladhi Baskara Increases Stake in Company


J A P A N

FORD MOTOR: To Disclose Deal with Tata Motors on March 6 or 7
NIPPON SHEET: Carlyle Group Wants Majority Stake in NH Techno
SPANSION INC: Fitch Affirms B- IDR with Negative Outlook


K O R E A

BHK INC: To List 6.3 Million Global Depository Receipts
DAEWOO ELECTRONIC: Establishes New Joint Venture Company
DAEWOO ELECTRONIC: Investor Sells 5.01% Stake
ILSUNG CONSTRUCTION: Declares Annual Cash Dividend
LG TELECOM: Plans to Move to Korea Exchange

MAGNACHIP SEMICON: To Work with eMemory Tech for OTP Technology
MIJU RAIL: Signs Contract with Public Procurement Service


M A L A Y S I A

EKRAN BERHAD: Earns MYR3.92 Mil. in Quarter Ended Dec. 31, 2007
GREIF INC: Board Declares US$0.28 Per Share Class A Dividends
GREIF INC: Stockholders Elect Mark A. Emkes as Director
HALIFAX CAPITAL: Incurs MYR1.58MM Net Loss in Qtr. Ended Dec. 12
MALAYSIAN AIRLINE: Earns MYR242MM in Quarter Ended Dec. 12, 2007

WEMBLEY: Balance Sheet Upside-Down by MYR937 Mil. at Dec. 12


N E W  Z E A L A N D

AMBITION WHOLESALERS: Commences Liquidation Proceedings
C & W SCHWASS: Fixes March 14 as Last Day to File Claims
GRIDLINE CONSTRUCTION: Taps Fatupaito & McCloy as Liquidators
NED KELLY: Court to Hear Wind-Up Petition on April 11
PACIFIC EDGE: Raises NZ$5.2 Million in Domestic Market

PHOTO ENTERPRISES: Creditors' Proofs of Debt Due on May 11
RATTRAY PROPERTIES: Appoints Higgs & van Dyk as Liquidators
SANCTUARY DEVELOPMENTS: Undergoes Liquidation Proceedings
SANDRA AND NICK: Taps Whittfield & van Delden as Liquidators
STRAND FISK: Commences Liquidation Proceedings

WIN-DEY CONSTRUCTION: Faces Gas Pro's Wind-Up Petition


P H I L I P P I N E S

CHIQUITA BRANDS: S&P Assigns Junk Rating on US$200M Senior Notes
PHILCOMSAT HOLDINGS: Clarifies News Article on Bankwise Deposits
PHIL. LONG DISTANCE: Amends Disclosure on Cruztelco Acquisition


S I N G A P O R E

AAR CORP: To Acquire Avborne Heavy Maintenance
FLEXTRONICS: Signs EUR3-Million Purchase Deal with Elcoteq
LACOS INTERNATIONAL: Court Enters Wind-Up Order
S. K. LAM: Members and Creditors to Meet on March 6
YEW SENG: Pays First Dividend to Creditors


T A I W A N

COSMOS BANK: Hopes to Employ 350 Financial Planners


T H A I L A N D

DOLE FOOD: Moody's Cuts Rating to 'B3' on Weak Performance


                            - - - - -

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


ALUVIC METAL: Placed Under Voluntary Wind-Up
--------------------------------------------
Aluvic Metal Sales Pty. Ltd.'s members agreed on Jan. 24, 2007,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Warren White at PPB
Chartered Accountants to facilitate the sale of its assets.

The liquidator can be reached at:

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

                     About Aluvic Metal

Aluvic Metal Sales Pty. Ltd. operates miscellaneous business
credit institutions.  The company is located in Melbourne,
Australia.


BRIGHTON BAY: ASIC Gets Court Okay to Wind Up Company
-----------------------------------------------------
The Australian Securities and Investments Commission has
obtained orders from the Federal Court of Australia in Melbourne
to wind up the Brighton Bay Syndicate Scheme.  Justice Middleton
made the order with the consent of the parties to the
proceeding.

The Brighton Bay Scheme, which is associated with the Brighton
on Bay retirement facility located in Brighton, Victoria, is one
of 22 unregistered managed investment schemes associated with
retirement villages connected with Babcock & Brown Communities
Pty. Ltd. (formerly known as Primelife Corporation) to be wound
up.  ASIC alleged that the schemes were not registered, as
required under the Corporations Act.

As part of the winding up of the Brighton Bay Scheme, the Court
appointed Andrew McLellan of PPB Chartered Accountants to
investigate and  report back to the Court in relation to the
Scheme.  As with previous Primelife associated schemes that have
been wound up, the investors and the parties to the proceeding
will have the opportunity to consider Mr. McLellan's report
before submitting proposals and making submissions to the
Court as to how the winding up should proceed.

ASIC expects that there will be no disruption to the operation
of the Brighton on Bay retirement facility or to the enjoyment
of the facility by residents as a result of the winding up of
the Brighton Bay Scheme.


CHRYSLER LLC: Streamlines Production; Won't Sell Car Clones
-----------------------------------------------------------
Chrysler LLC intends to ditch the "car cloning" concept so often
used in the automotive industry and concentrate on selling its
remaining models, The Wall Street Journal reports.

Cloning cars, or creating different brands of the same basic car
design or a "common platform," is a common ploy used by most
automakers to increase sales and profitability, says WSJ.  
Chrysler said, however, that it won't employ this sales
technique anymore, and instead will focus on selling unique car
models.

The company's decision came after it lost its tooling battle
with Plastech Engineered Products Inc.  As reported in the
Troubled Company Reporter on Feb. 20, 2008, the U.S. Bankruptcy
Court for the Eastern District of Michigan denied the company's
request to pull out tooling equipment from Plastech's plants.  
However, the parties already agreed to extend their interim
production pact, under which Plastech will continue to
manufacture and deliver component parts to Chrysler until
Feb. 27, 2008.

                  About Plastech Engineered

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

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

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

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

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

                     About Chrysler LLC

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

                        *     *     *

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


CITIFASHION INTERNATIONAL: Placed Under Voluntary Liquidation
-------------------------------------------------------------
Citifashion International Pty. Ltd.'s members agreed on
Jan. 24, 2007, to voluntarily liquidate the company's business.  
In line with this goal, the company has appointed Warren White
at PPB Chartered Accountants to facilitate the sale of its
assets.

The liquidator can be reached at:

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

               About Citifashion International

Citifashion International Pty. Ltd. operates investment offices.    
The company is located at Melbourne, in Victoria, Australia.


EMPIRE PLASTER: Final Meeting Slated for March 12
-------------------------------------------------
Empire Plaster Pty. Ltd. will hold a final meeting for its
members and creditors at 12:00 noon on March 12, 2008.  During
the meeting, the company's liquidator, Anthony R. Cant at
Romanis Cant, 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 Dec. 4, 2006.

The liquidator can be reached at:

          Anthony R. Cant
          Romanis Cant
          106 Hardware Street, 2nd Floor
          Melbourne, Victoria 3000
          Australia

                    About Empire Plaster

Empire Plaster Pty. Ltd. is involved with plastering, drywall,
and insulation business.  The company is located at Cranbourne,
in Victoria, Australia.


FIFTH FANBARB: Final Meeting Slated for March 5
-----------------------------------------------
Fifth Fanbarb Pty. Ltd. will hold a final meeting for its
members and creditors at 10:00 a.m. on March 5, 2008.  During
the meeting, the company's liquidator, David J. Lofthouse at CJL
Partners, will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

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

                    About Fifth Fanbarb

Fifth Fanbarb Pty. Ltd., which is also trading as Electra Fine
Furniture, is a distributor of wood household furnitures.  The
company is located at Campbellfield, in Victoria, Australia.


GETTY: To be Bought by Hellman & Friedman in US$2.4-Billion Deal
----------------------------------------------------------------
Getty Images Inc. entered into a definitive merger agreement to
be acquired by affiliates of the private equity firm Hellman &
Friedman LLC in a transaction valued at approximately US$2.4
billion, including the assumption of existing debt.  Under the
terms of the agreement, Getty Images stockholders will receive
US$34.00 in cash for each outstanding share of common stock they
own.  This price represents a premium of approximately 55% over
the closing price on Jan. 18, 2008, the last trading day before
the company reported that it was exploring strategic
alternatives.

The Board of Directors of Getty Images has approved the merger
agreement and resolved to recommend that Getty Images'
stockholders approve the transaction.  Completion of the
transaction is subject to shareholder approval and other
customary closing conditions.  The transaction is not subject to
a financing condition and is expected to close in the second
quarter of 2008.

"Our Board of Directors has thoroughly evaluated strategic
alternatives for Getty Images and has determined that this
outcome is in the best interests of our stockholders as it
provides them with superior and certain value," Jonathan Klein,
co-founder and chief executive officer of Getty Images, said.  
"Furthermore, Hellman & Friedman brings specific industry
expertise and support for the vision of the Company's management
team that will benefit our employees, customers and partners.  
Just over a decade ago we started Getty Images with little more
than a vision and have achieved industry leadership due to the
extraordinary talent, effort and commitment of our employees and
partners.  We are enthusiastic about entering the next phase of
Getty Images' evolution by partnering with Hellman & Friedman as
we continue to provide innovative offerings to businesses and
consumers in a very dynamic digital media environment."

"Getty Images is the leader and pioneer in the visual content
and digital media business," Andy Ballard, managing director of
Hellman & Friedman, said.  "We believe in the vision and
execution capabilities of Jonathan Klein and his team, and share
their commitment to the Company's stakeholders and customers.  
We look forward to working with all of Getty Images' employees
to realize the full potential of its traditional businesses
while furthering the evolution of Getty Images into a global
digital media company."

Financing commitments have been provided by Barclays Capital, GE
Commercial Finance and RBS Greenwich Capital.  In addition,
Getty Investments and certain related parties, including the
co-founder and chairman, Mark Getty, who collectively hold
approximately 15% of the company's shares, have agreed to vote
in favor of the transaction and rollover their shares into the
acquiring entity.

Goldman, Sachs & Co. is acting as financial advisor to Getty
Images.  Barclays Capital and RBS Greenwich Capital are acting
as financial advisors to Hellman & Friedman.  Weil Gotshal &
Manges LLP and Simpson Thacher & Bartlett LLP are serving as
legal advisors to Getty Images and Hellman & Friedman,
respectively.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes  
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.


GETTY: US$2.4 Million Hellman Deal Prompts Moody's Rating Review
----------------------------------------------------------------
Moody's Investors Service placed all the credit ratings of Getty
Images, Inc. on review for possible downgrade following its
announcement that it entered into a definitive agreement to be
acquired by affiliates of the private equity firm Hellman &
Friedman LLC for a total enterprise value of US$2.4 billion,
including the assumption of existing debt.

The transaction has been approved by the Board of Directors of
Getty.  Completion of the transaction is subject to shareholder
approval and other customary closing conditions.  The
transaction is not subject to a financing condition and is
expected to close in the second quarter of 2008.  The company
disclosed that financing commitments have been provided by
Barclays Capital, GE Commercial Finance and RBS Greenwich
Capital.

Getty's announcement did not disclose the mix of debt and equity
to be utilized to finance the acquisition.  The review for
possible downgrade anticipates that leverage and free cash flow
metrics will weaken significantly post-acquisition.

Moody's review will focus on the expected capital structure,
liquidity position and operating strategy of Getty upon
completion of the buyout transaction.  In particular, Moody's
will review the company's plans for growing or stabilizing the
business despite pressure from declining demand for traditional
creative still imagery.

Getty's US$265 million of convertible subordinated debentures
will be convertible at the option of the holders on
June 9, 2008.  Moody's anticipates that cash, cash equivalents
and short term investments (about US$364 million at
Dec. 31, 2007) and available bank credit lines will provide the
company with sufficient liquidity to fund the cash conversion
price.  If substantially all of the subordinated debentures are
converted, then Moody's may withdraw all of Getty's credit
ratings.

These ratings were placed on review for possible downgrade:

  -- US$265 million series B convertible subordinated notes due
     2023, Ba2

  -- Corporate family rating, Ba1

  -- Probability of default rating, Ba1

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes  
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.


GETTY: S&P Cuts Rating on US$2.4 Billion Hellman & Friedman Deal
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Seattle, Washington-based visual imagery company Getty
Images Inc. to 'BB-' from 'BB' and placed it on CreditWatch with
negative implications.  At the same time, S&P affirmed the 'B+'
rating on the company's subordinated debt.
     
The rating action is based on the announcement that Getty has
entered into a definitive agreement to be acquired by Hellman &
Friedman LLC, in a transaction valued at $2.4 billion.  "We
believe this deal will raise financial risk as the company is
addressing business challenges," said Standard & Poor's credit
analyst Tulip Lim.  The transaction value includes existing
debt.

Getty Images currently expects the transaction to close in the
second quarter of 2008.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes  
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.


GREAT OCEAN: Members Opt to Shut Down Firm
------------------------------------------
Great Ocean Seafood Pty. Ltd.'s members agreed on Jan. 24, 2007,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Warren White at PPB
Chartered Accountants to facilitate the sale of its assets.

The liquidator can be reached at:

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

                      About Great Ocean

Great Ocean Seafood Pty. Ltd. operates investment offices.  The
company is located at Tullamarine, in Victoria, Australia.


IMPROVED TOOLS: Members & Creditors to Meet on March 5
------------------------------------------------------
Improved Tools Pty. Ltd. will hold a final meeting for its
members and creditors at 12:00 noon on March 5, 2008.  During
the meeting, the company's liquidator, Anthony R. Cant at
Romanis Cant, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          Anthony R. Cant
          Romanis Cant
          106 Hardware Street, 2nd Floor
          Melbourne, Victoria 3000
          Australia

                   About Improved Tools

Improved Tools Pty. Ltd. is a distributor of durable goods.  The
company is located at Thomastown, in Victoria, Australia.


INFRASOFT PTY: Members to Receive Wind-Up Report on March 6
-----------------------------------------------------------
Adrian Brown, Infrasoft Pty. Ltd.'s appointed estate liquidator,
will meet with the company's members on March 6, 2008, at
10:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Adrian Brown
          Ferrier Hodgson
          Level 29, 600 Bourke Street
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9600 4922
          Facsimile:(03) 9642 5887

                     About Infrasoft Pty.

Infrasoft Pty. Ltd. operates computer and software stores.  The
company is located at Burwood East, in Victoria, Australia.


JUPITAR INT'L: ASIC Gets Court Approval to Wind Up Operations
-------------------------------------------------------------
The Supreme Court of Queensland orderED on February 19, 2008, to
wind up Jupitar International Limited.  

This proceeding follows allegations by the Australian Securities
and Investments Commission that Jupitar International and its
director, Rodney John Day, carried on an unlawful financial
services business through the promotion of the Suntech
International Hedge Fund to investors on the Gold Coast between
October 2005 and June 2006.  Jupitar's principal place of
business in Australia was on the Gold Coast.

ASIC's investigations revealed that six investors in Australia
deposited approximately AU$225,000 into the Fund, which was to
be used for trading in derivatives on the futures market to
generate returns.  Only one investor has had their funds repaid.

ASIC alleged that while Jupitar was a registered company in
Vanuatu, it was not registered to carry on business in Australia
as a foreign company and did not hold the required Australian
Financial Services Licence.

Andrew Peter Fielding at PPB Chartered Accountants and
Insolvency Specialists was appointed liquidator of the business
affairs carried on by Jupitar in Australia on just and equitable
grounds.

Permanent injunctions were made by the Court, restraining the
company and Mr. Day from dealing with funds held in a futures
trading account.   The Court also made declarations that Suntech
carried on business in Australia without being registered to do
so.

"These court proceedings highlight the importance of Australian
investors verifying that the individuals advising them to invest
and the operators of the funds, have an Australian Financial
Services Licence," said  ASIC's Executive Director of
Enforcement, Jan Redfern.

"This applies whether the company investors are dealing with is
based in Australia or not.  If you're unsure of whether a
licence is necessary for a particular investment, check ASIC's
website or call our Infoline on 1300 300 630."

                         Background

In June 2006, Jupitar ceased operating in Australia after ASIC
obtained interim injunctions in the Supreme Court of Queensland.  
This order prevented Mr. Day and Jupitar from providing
financial services and  dealing with any funds raised from the
provision of financial services,  including US$80,000 held in a
futures trading account belonging to Jupitar.  Jupitar remains
registered in Vanuatu.


METRO MEAT: Commences Liquidation Proceedings
---------------------------------------------
Metro Meat International Pty. Ltd.'s members agreed on
Jan. 24, 2007, to voluntarily liquidate the company's business.  
In line with this goal, the company has appointed Warren White
at PPB Chartered Accountants to facilitate the sale of its
assets.

The liquidator can be reached at:

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

                      About Metro Meat

Metro Meat International Pty. Ltd. operates meatpacking plants.  
The company is located at Adelaide, in South Australia,
Australia.


NEILSON PRODUCTIONS: Members & Creditors to Meet on March 12
------------------------------------------------------------
Neilson Productions Pty. Ltd. will hold a final meeting for its
members and creditors at 11:15 a.m. on March 12, 2008.  During
the meeting, the company's liquidator, Anthony R. Cant at
Romanis Cant, will provide the attendees with property
disposal and winding-up reports.

As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on August 11, 2006.

The liquidator can be reached at:

          Anthony R. Cant
          Romanis Cant
          106 Hardware Street, 2nd Floor
          Melbourne, Victoria 3000
          Australia

                  About Neilson Productions

Neilson Productions Pty. Ltd. is a distributor of durable goods.      
The company is located at Malvern East, in Victoria, Australia.


PRECISION DESIGN: Liquidator to Give Wind-Up Report on March 12
---------------------------------------------------------------
Precision Design Australia Pty. Ltd. will hold a final meeting
for its members and creditors at 11:00 a.m. on March 12, 2008.  
During the meeting, the company's liquidator, Anthony R. Cant at
Romanis Cant, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          Anthony R. Cant
          Romanis Cant
          106 Hardware Street, 2nd Floor
          Melbourne, Victoria 3000
          Australia

                   About Precision Design

Precision Design Australia Pty. Ltd. provides business services.     
The company is located at Cranbourne, in Victoria, Australia.


RUSSELL RHODES: To Declare First Dividend on March 4
----------------------------------------------------
Russell Rhodes Constructions Pty. Ltd., which is in liquidation,
will declare its first dividend on March 4, 2008.

Only creditors who were able to file their proofs of debt by
February 11, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

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

                       About Russell Rhodes

Russell Rhodes Constructions Pty. Ltd. is involved with single-
family housing construction.  The company is located at Preston,
in Victoria, Australia.


SUNTECH INT'L: ASIC Gets Court Approval to Wind Up Operations
-------------------------------------------------------------
The Supreme Court of Queensland orderED on February 19, 2008, to
wind up suntech International Limited.  

This proceeding follows allegations by the Australian Securities
and Investmetns Commission that Suntech International and its
director,  Rodney John Day, carried on an unlawful financial
services business through  the promotion of the Suntech
International Hedge Fund to investors on  the Gold Coast between
October 2005 and June 2006.  Suntech's principal place of
business in Australia was on the Gold Coast.

ASIC's investigations revealed that six investors in Australia
deposited approximately AU$225,000 into the Fund, which was to
be used for  trading in derivatives on the futures market to
generate returns.  Only one investor has had their funds repaid.

ASIC alleged that while Suntech was a registered company in
Vanuatu, it was not registered to carry on business in Australia
as a foreign company and did not hold the required Australian
Financial Services Licence.

Andrew Peter Fielding at PPB Chartered Accountants and
Insolvency Specialists was appointed liquidator of the business
affairs carried on by Suntech in Australia on just and equitable
grounds.

Permanent injunctions were made by the Court, restraining the
company and Mr. Day from dealing with funds held in a futures
trading account.   The Court also made declarations that Suntech
carried on business in Australia without being registered to do
so.

"These court proceedings highlight the importance of Australian
investors verifying that the individuals advising them to invest
and the  operators of the funds, have an Australian Financial
Services Licence," said  ASIC's Executive Director of
Enforcement, Jan Redfern.

"This applies whether the company investors are dealing with is
based in Australia or not.  If you're unsure of whether a
licence is necessary for a particular investment, check ASIC's
website or call our Infoline on 1300 300 630."

                         Background

In June 2006, Suntech ceased operating in Australia after ASIC
obtained interim injunctions in the Supreme Court of Queensland.  
This order prevented Mr. Day and Jupitar from providing
financial services and dealing with any funds raised from the
provision of financial services, including US$80,000 held in a
futures trading account belonging to Jupitar.  

Suntech was deregistered by the Vanuatu Financial Services
Commission on July 18, 2007.




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


ALLSWELL MEDICAL: Court to Hear Wind-Up Petition on March 19
------------------------------------------------------------
On January 11, 2008, Cheung Lai Fong filed a petition to have
Allswell Medical Equiptment Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
March 19, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Kevin Li & Co.
          Ground Floor
          No. 3 Tung Mau Square
          Tai Po Market
          New Territories
          Hong Kong


ASIA PREMIUM: Changes Officers & Directors
------------------------------------------
The Board of Directors of Asia Premium Television Group, Inc.,
has terminated Jinjiang Jia's positions as the company's chief
executive officer and member of the Board effective immediately.  
Mr. Jia had not been appointed to serve on any committee of the
Board.

Effective at the Board meeting held on Feb. 25, 2008, Jing Xing
was elected to serve as the company's CEO, in addition to
serving as the co-chairmen of the Board.  Mr. Xing has served as
a director since June 2007.  Since 2006, Mr. Xing has served as
president of Sun New Media Inc., president of investment
business at Sun Media Investment Group, chairman of the board of
directors of Sun Capital Consultant Ltd, and the CEO of China
Media Tradex Limited.

From 2003 to 2006, Mr. Xing served as chairman, vice chairman,
executive director and CEO of SMI Corporation Ltd. (formerly
known as Star EastHoldings Limited, HK listing symbol 198).  
From 2003 to 2006, he also served as executive director of
Stellar Megamedia Group Limited.  From 2003 to 2005, Mr. Xing
served as executive director and general manager of Sun TV,
chairman and executive director of SMI Publishing Group Limited,
and vice chairman and executive director of M-ChannelLimited.  
Since 2000, Mr. Xing has served as the vice-chairman and
executive director of a newspaper, Beijing Daily Messenger, in
Beijing, the People's Republic of China.  From 1999 to 2005, Mr.
Xing was the chairman and CEO of Beijing KP Network Technical
Co. Ltd.  Mr. Xing holds a master degree of science from the
Beijing Software Graduate School of Beijing University.

The Board also elected Dr. Wenjun Luo to serve as the company's
chief technical officer and director of the Board.  Dr. Luo is a
leading professional in information technology and mobile
services, and has over 10 years of experience in the global
handheld industry.  While at Globstream, Dr. Luo rolled out the
first wireless streaming audio/music portal for the mass mobile
phone market in China, which enabled him to establish strategic
partnerships with major media companies and mobile carriers in
China.  Prior to Globstream, Dr. Luo served as a management
consultant at McKinsey & Company's Great China Office and
subsequently held various management positions at Sun
Microsystems, Palm, Inc. and 3 Com Corp.  Dr. Luo earned an MBA
from Haas School of Business at the University of California -
Berkeley, a PhD from School of Electrical Engineering at the
University of Pennsylvania, and a B.S. from School of Electrical
Engineering at Shanghai Jiao Tong University.

Neither Mr. Xing nor Mr. Luo was appointed to serve on any
committee of the Board.  Mr. Xing and Mr. Luo will hold office
for a term of one year or until their qualified successors have
been elected.  There are no related party transactions between
the company and either Mr. Xing or Mr. Luo.  No family
relationship exists among Mr. Xing or Mr. Luo and any of the
company's other directors or executive officers.

                     About Asia Premium

Beijing-based Asia Premium Television Group was incorporated in
Nevada in 1989 and is operating in China.  The company's ASTV,
together with its subsidiaries, operates as a single segment
business and provides advertising, media and marketing solutions
to product manufacturers, service providers and other clients
located in China.

Asia Premium Television Group, Inc., provides marketing, brand
management, advertising, media planning, public relations and
direct marketing services to clients in the People's Republic of
China.  The Company's primary operating activities are
publishing advertisements as agents for clients; Media
consulting services; and Advertising production.

                     Going Concern Doubt

At Sept. 30, 2006, the company had a working capital deficiency
of US$3,470,665.  The company's management expressed substantial
doubt about the company's ability to continue as a going concern
due to liquidity problems.  However, management believes the
going concern is mitigated because of these factors:

   a) convertible notes payable in the amount of US4,000,000 is    
      included in current liabilities but the note is held by
      a significant shareholder and will be repaid by conversion
      into common stock;

   b) the Company has shown a net profit in each of the two most
      recent fiscal years and expects the trend to continue; and
      the Company has generated positive cash flows in each of
      the two most recent fiscal years and expects the trend to
      continue.  


CHINA EASTERN: Rejects Alliance Proposal with Air China
--------------------------------------------------------
China Eastern Airlines Corporation Limited rejected a wide-
ranging alliance proposal from China National Aviation Corp.
(Group), People's Daily Online reports.  Analysts opined that
the move could close the door for an alliance between China
Eastern and Air China Ltd., two of China's largest airlines.

The Hong Kong-based CNAC is a wholly owned subsidiary of China
National Aviation Company Ltd., parent of Air China, Daily
Online relates.  

"Our board of directors has decided not to give further
consideration to CNAC's proposal after prudent and sufficient
discussions and advice-seeking from the legal and finance
consultants," China Eastern said in a statement to the Shanghai
Stock Exchange.  "The company will stick to (the plan) of
bringing in a strategic investor to make its main air transport
business more competitive."

"In the whole process of proposal-making and with the
communications method, CNAC has never showed any sincerity and
deep and thorough planning for our cooperation," China Eastern
added.

The proposal does not have the legal binding power as any formal
offers do and it has huge uncertainty in terms of law and future
official approval process, China Eastern told Daily Online.  The
ultimate purpose of bringing in a strategic investor, China
Eastern further said, was to improve corporate management,
operation efficiency, profitability and the international
competitiveness.

"CNAC and the parties it represents will be unable to help us
meet the above expectations," China Eastern told Daily Online.

                         About CNAC

China National Aviation Company Ltd., is a Hong Kong-based
investment holding company that, through its subsidiaries, is
principally engaged in the airline operations, airport ground
handling services, airline catering services, logistics and
other businesses.  The company and its jointly controlled
entities operate in three geographical areas, including China
mainland, Taiwan and other regions (Macau, Thailand and
Philippines).  The airline operation business is operated in
places in China mainland, Taiwan and other regions.  The airline
catering business is operated in China mainland.  Some of its
wholly owned subsidiaries include Air Macau Company Limited,
China National Aviation Corporation (Macau) Company Limited,
Skylink Global Limited, Kingston International Limited,
Queenston International Limited, Serfil Limited, Skyrise
Limited, Wington Limited and China National Aviation Logistics
Company Limited.

                       About Air China

Air China Ltd., is a provider of air passenger, air cargo and
airline related services in China.  The company has a network of
domestic and international routes serving approximately 70
domestic and 36 international destinations.  The company
operates in four segments: the airline operations segment, which
comprises the provision of air passenger and air cargo services;
the engineering services segment, providing aircraft engineering
services, like aircraft maintenance, repair and overhaul
services; the airport terminal services segment, offering ground
services that include check-in services, boarding services,
premium class lounge services, ramp services, luggage handling
services, loading and unloading services, cabin cleaning and
transit services, and the others segment, which comprises the
provision of air catering services and other airline-related
services.

                     About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal   
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-.  Fitch said the outlook on the IDRs is stable.

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


CHINA EVERBRIGHT: Fitch Lifts Individual Rating to D/E from E
-------------------------------------------------------------
Fitch Ratings has upgraded the Individual and Support ratings of
China Everbright Bank, reflecting improved capitalisation at the
bank after the state's November 2007 capital injection and the
bank's closer relationship with the Chinese government, which
now stands as the largest shareholder with a 71% stake.  The
upgrades of the ratings are:

     -- Individual rating upgraded to 'D/E' from 'E'; and
     -- Support rating upgraded to '2' from '3'.

The upgrade of CEB's Individual rating reflects the bank's
improved financial profile, bolstered by China Central Huijin's
USD2.7 billion capital injection, as well as improved asset
quality.  With fresh capital, CEB now plans to aggressively
increase its presence in coastal areas and further expand into
new product lines, which had been previously hindered by its
pre-restructuring low capitalization.  CEB's net profits
increased 75% yoy in H107 due to the expansion of retail lending
and the growth of its fee-based business.  However, the ability
of earnings to keep up with growth is a concern given the bank's
historically weaker earnings and rising expenses associated with
expansion.  CEB's post-injection ratios of equity/assets and
Tier 1 CAR are estimated to have risen to 3% and 6%,
respectively.

Meanwhile, asset quality has broadly improved due to the
denominator effect from strong loan growth, with NPLs as a share
of total loans falling to 6.4% in H107 from a high of 25% in
2000.

The Support rating upgrade for CEB reflects the bank's new
ownership structure, in which China Central Huijin, owned by the
Ministry of Finance, now stands as the bank's largest
shareholder, as well as the government's past track record
supporting CEB.  The combined holding of China Everbright Group
and China Everbright Limited, the bank's previous largest
shareholders, has been diluted to 13% from 46%.


GREAT FINE: Appoints New Liquidator
-----------------------------------
The members of Great Fine Engineering Limited appointed Anthony
Nedderman as the company's liquidators.

The liquidator can be reached at:

           Anthony Nedderman
           11th Floor
           China Hong Kong Tower
           8 Hennessy Road
           Hong Kong


EVER WEALTH: Liquidators Quit Post
----------------------------------
On February 22, 2008, Kelvin Edward Flynn and Cosimo Borrelli
stepped down as liquidators for Ever Wealth Management Limited.


EVER WEALTH: Appoints New Liquidators
-------------------------------------
The members of Ever Wealth Management Limited appointed David
Giles Maund and Fernando Gaspar as the company's liquidators.

The liquidators' address were not disclosed.


FORCEWAY INDUSTRIAL: Appoints Anthony Nedderman as Liquidator
-------------------------------------------------------------
The members of Forceway Industrial Limited appointed Anthony
Nedderman as the company's liquidators.

The liquidator can be reached at:

           Anthony Nedderman
           11th Floor
           China Hong Kong Tower
           8 Hennessy Road
           Hong Kong


KIN LEE KO: Appoints Anthony Nedderman as Liquidator
----------------------------------------------------
The members of Kin Lee Ko Construction Company Limited appointed
Anthony Nedderman as the company's liquidators.

The liquidator can be reached at:

           Anthony Nedderman
           11th Floor
           China Hong Kong Tower
           8 Hennessy Road
           Hong Kong


MUSIC CHAMBER: Court to Hear Wind-Up Petition on March 19
---------------------------------------------------------
On January 16, 2008, Lam Ngai Bun filed a petition to have  
Music Chamber International Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
March 19, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Ching Yan-tung Chris
          34th Floor, Hopewell Centre
          183 Queen's Road East
           Wanchai, Hong Kong


PLANTERS CHINA: Appoints New Liquidator
---------------------------------------
The members of Planters China Trade Limited appointed Anthony
Nedderman as the company's liquidators.

The liquidator can be reached at:

           Anthony Nedderman
           11th Floor
           China Hong Kong Tower
           8 Hennessy Road
           Hong Kong


SUN TAT: Court to Hear Wind-Up Petition on March 26
---------------------------------------------------
On January 21, 2008, Lo Shi Wai filed a petition to have Sun Tat
Construction Company Limited's operations wound up.

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

The petitioners' solicitor can be reached at:

          Ching Yan-tung Chris
          34th Floor, Hopewell Centre
          183 Queen's Road East
           Wanchai, Hong Kong


TIFFANY INTERNATIONAL: Appoints New Liquidator
----------------------------------------------
The members of Tiffany International Fine Food & Wines Company
Limited appointed Anthony Nedderman as the company's
liquidators.

The liquidator can be reached at:

           Anthony Nedderman
           11th Floor
           China Hong Kong Tower
           8 Hennessy Road
           Hong Kong


TODAYTECH ASIA: Liquidators Quit Post
----------------------------------
On February 22, 2008, Kelvin Edward Flynn and Cosimo Borrelli
stepped down as liquidators for TodayTech Asia Limited.


TODAYTECH ASIA: Appoints New Liquidators
-------------------------------------
The members of TodayTech Asia Limited appointed David Giles
Maund and Fernando Gaspar as the company's liquidators.

The liquidators' address was not disclosed.




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


BHARTI AIRTEL: Joins Consortium to Build US$300MM Cable System
--------------------------------------------------------------
Bharti Airtel Ltd. along with five leading international
companies has executed an agreement to build a high-bandwidth
undersea fiber-optic cable linking Asia and the United States.
The construction of the new cable system, known as Unity, will
cost an estimated US$300 million and will address broadband
demand by providing much needed capacity to sustain the
unprecedented growth in data and Internet traffic between Asia
and the United States.

The Unity consortium is a joint effort by Bharti Airtel (India),
Global Transit Ltd. (Malaysia), Google (US), KDDI Corporation
(Japan), Pacnet (Singapore) and SingTel (Singapore).  The name
Unity was chosen to signify a new type of consortium, born out
of potentially competing systems, to emerge as a system within a
system, offering ownership and management of individual fiber
pairs.

David Nishball, President, Airtel Enterprise Services said, "The
partnership in the Unity consortium is yet another important
step in our journey towards meeting our customers complete
global communication needs.  This investment is in line with our
strategy to extend our international footprint across the globe
to provide seamless connectivity to our customers through
partnerships with leading global companies.  The Unity cable
system will address the demand for increased bandwidth between
Asia and US as more and more services migrate to an online
environment.  This partnership will also provide alternate
routes to meet the demands of our customers for increased levels
of network resiliency and redundancy."

The Unity consortium has selected NEC Corporation and Tyco
Telecommunications to construct and install the system.
Construction will begin immediately, with initial capacity
targeted to be available in the first quarter of 2010.

The Unity cable system will provide connectivity between
Chikura, located off the coast near Tokyo, to Los Angeles and
other West Coast network points of presence.  At Chikura, Unity
will be seamlessly connected to other cable systems, further
enhancing connectivity into Asia.  The Unity cable system will
initially increase Trans-Pacific lit cable capacity by about 20
percent, with the potential to add up to 7.68 Terabits per
second (Tb/s) of bandwidth across the Pacific.

The Unity cable system will compliment Bharti Airtel's existing
high bandwidth cable systems in the region.  The company has two
international landing stations in Chennai that connects two
submarine cable systems -- i2i to Singapore and SEA-ME-WE-4 to
Singapore and Europe.  The company has also recently undertaken
a series of initiatives to extend its international footprint
and has partnered the Asia America Gateway cable system to
provide the much-needed diversity against traditional routes to
the US, mainly carrying broadband traffic.  Earlier this month,
it announced the IMEWE cable -- a high-capacity fiber-optic
submarine cable that stretches from India to France via the
Middle East.


                      About Bharti Airtel

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

                        *     *      *

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


GENERAL MOTORS: Workers Strike Has No Impact on Assembly
--------------------------------------------------------
Although the strike of union workers at its supplier American
Axle and Manufacturing Inc. does not affect General Motors
Corp.'s plant production yet, the automaker says it is following
the protest closely, Terry Kosdrosky at Dow Jones Newswires
reports.

The Associated Press points out that GM has a large inventory of
pickups and sport utility vehicles, which are equipped with
American Axle's products.

However, if the strike lasts longer than the backlog, GM's
assembly lines would suffer, AP relates citing industry
analysts.

United Auto Workers union president Ron Gettelfinger and Vice
President James Settles disclosed that members at American Axle
and Manufacturing Inc. began an unfair labor practices strike at
12:01 a.m. on Feb. 26, 2008, following expiration of a four-year
master labor agreement.

Talks broke off Monday with major issues unresolved.

                           About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs  
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive.  In an
environment of weakening prospects for US auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets in the US,
Canada and Germany.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  S&P saod the outlook is stable.


EASTMAN KODAK: Fitch Revises Outlook to Stable from Negative
------------------------------------------------------------
Fitch Ratings revised Eastman Kodak Company's Rating Outlook to
Stable from Negative and affirmed the ratings as:

  -- Issuer default rating at 'B';
  -- Senior secured revolving credit facility at 'BB/RR1';
  -- Senior unsecured debt at 'B/RR4'.

Fitch's actions affect approximately US$2.6 billion of total
debt, including the company's undrawn US$1 billion RCF.

The revision of the Rating Outlook to Stable reflects Kodak's:

  -- Improving near-term free cash flow prospects, which are due
     primarily to declining cash restructuring payments
     following the completion of its significant 2004-2007
     restructuring program;

  -- Revenue stabilization, as accelerating digital revenue
     growth has started to more than offset declines in
     traditional revenue;

  -- Improved credit protection measures and financial
     flexibility.

Ratings concerns continue to center on:

  -- The ongoing decline of the traditional film business,
     which, in Fitch's estimate, generates the majority of the
     company's EBITDA;

  -- The significantly lower profit margins on digital
     technology, especially within the company's Consumer
     Digital Group, which continues to pressure the company's
     overall profitability.

The ratings are supported by Kodak's:

  -- Strong credit protection metrics;
  -- Broad geographic revenue diversity;
  -- Strong brand name;
  -- Broad Consumer Digital Group product portfolio;
  -- Leading market position in traditional film market.

Positive rating actions could occur if:

  -- Kodak exhibits consistent year-over-year improvement in
     digital profitability driven by a revenue mix shift toward
     higher-margin products, such as consumables for consumer
     inkjet printers and/or sustainable expense reductions;

  -- Significant improvement in free cash flow beyond Fitch's
     current expectations due to higher profitability as opposed
     to cash restructuring declines.

Negative rating actions could occur if:

  -- The company undertakes significant debt-financed M&A or
     share repurchase activity;

  -- Ongoing deterioration in revenues and/or profitability
     resumes.

Fitch believes liquidity at Dec. 31, 2007 was solid and
supported by: approximately US$2.9 billion of cash and cash
equivalents, and an undrawn US$1 billion senior secured RCF due
October 2010 (approximately US$850 million net of letters of
credit); and free cash flow from continuing operations, which is
expected to improve in 2008 from a loss of $US52 million in 2007
due largely to the completion of the company's restructuring
program, which required cash outlays of US$400 million-US$600
million annually since 2004.  Approximately US$150 million of
residual cash restructuring payments are expected in 2008.

Total debt as of Dec. 31, 2007 was approximately US$1.6 billion,
consisting primarily of: US$250 million senior notes due May
2008, US$500 million senior notes due 2013, and US$575 million
convertible senior notes due 2033, which have a conversion price
of US$31.02 per share and which can be put to the company in
October 2010.  Fitch believes the US$250 million maturity in
2008 will be repaid with cash on hand.  Fitch estimates total
leverage and interest coverage of 1.5 times and 7.8x,
respectively, at Dec. 31, 2007, compared to 2.4x and 4.3x at
Dec. 31, 2006.

The Recovery Ratings reflect Fitch's belief that Kodak's
enterprise value would be maximized in a liquidation, rather
than a going-concern, scenario.  In estimating liquidation,
Fitch applies advance rates of 80%, 20%, and 10%, respectively,
to Kodak's accounts receivables, inventories, and property,
plant, and equipment balances as of the year ended
Dec. 31, 2007.  Fitch arrives at an adjusted reorganization
value of $1.6 billion after subtracting administrative claims.  
Based upon these assumptions, The 'RR1' recovery rating for
Kodak's secured bank facility reflects Fitch's belief that 100%
recovery is realistic.  The 'RR4' recovery rating for the senior
unsecured debt reflects Fitch's estimate that a recovery of only
31%-50% would be achievable.

                    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.


SINGER INDIA: Auditors Unable to Comment on Firm's Continuity
-------------------------------------------------------------
Singer India Limited's auditors, in its limited review report,
said that with the company's net worth completely eroded as of
Dec. 31, 2007, the firm is unable to comment on the company's
continuity as a going concern.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Singer India reported a net loss of INR800,000 in the
three months ended Dec. 31, 2007, an improvement compared to the
INR10.9-million loss incurred in the corresponding quarter in
2006.

The financial results have been prepared on a going concern
basis, where Singer India will be able to realize all its assets
at their carrying values as at Dec. 31, 2007, and discharge all
its liabilities of that date in the normal course of business,
the auditors noted in its report.  However, the report
continued, the financial information does not include any
adjustments that may be required in case the company is unable
to continue its operations as a going concern.  Accordingly, the
auditors are unable to ascertain the related financial impact,
if any, in case the company is unable to continue as a going
concern.

Singer India Limited manufactures, among others, sewing
machines.  Singer India, hoping to meet the entire needs of an
Indian household, also makes food processors, juicer mixer
grinders, microwave ovens, fans, washing machines, televisions,
and airconditioners.  The company is a 49% subsidiary of Singer
Company N.V.

Singer India has been declared sick by the Board for Industrial
and Financial Reconstruction constituted under Sick Industrial
Companies (Special Provision) Act, 1985.  The company has filed
a restructuring plan for its revival.  Its factory at Jammu
continues to be under lay off since April 6, 2005.


STATE BANK OF INDIA: Brings In V. Bharucha as Part-Time Director
----------------------------------------------------------------
State Bank of India has informed the Bombay Stock Exchange that
the Central Government, in consultation with the Reserve Bank of
India, has nominated Vasantha Bharucha as a part-time non-
official director on the bank's central board.

Dr. Bharucha is appointed to the post for a period of three
years with effect from Feb. 25, 2008.

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

                        *     *     *

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

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

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


SUNVIK STEELS: CRISIL Assigns BB Ratings on Bank Facilities
-----------------------------------------------------------
CRISIL has assigned these ratings to Sunvik Steels Pvt Ltd.'s
bank facilities:

   * INR130 Million Cash Credit Limit     BB/Stable
   * INR870 Million Term Loan           BB/Stable
   * INR80 Million LC & Bank Guarantee     P4

CRISIL's ratings on Sunvik Steels'  debt programme reflect the
steel company's weak financial risk profile and small size of
operations.  The ratings also factor in Sunvik's moderate
operating efficiency.

Sunvik has a weak financial risk profile marked by low net
worth, high gearing, and moderate debt protection measures.
CRISIL estimates that, as on March 31, 2008, Sunvik's net worth
will be around INR110 million; the gearing is expected to be
high at around 3.5 times on the same date, though it has
improved from a peak of 11 times as on March 31, 2006.

The company has a large capital expenditure (capex) plan of
INR930 million over the next two years, which will be largely
debt funded.  The expansion will also involve substantial
increment in working capital.  Therefore, CRISIL expects
Sunvik's capital structure to remain weak over the medium term.
Time and cost overruns on the expansion project could weaken the
financial risk profile further.

The debt protection measures for the year ending March 31, 2008,
are expected to be moderate: the interest coverage and net cash
accrual to total debt ratios are expected to be at 3 times and
0.18 times respectively.  The company is a small player in the
domestic steel industry, with a market share of less than 1%.  
As a result, the company faces disadvantages in terms of raw
material sourcing and establishing a marketing network.

Sunvik has moderate operating efficiency, primarily because of
its proximity to iron ore mines.  The company incurs low freight
costs, as its plant is situated at a distance of 100 km from
Chitradurga Mines, its chief source of iron ore.  The operating
efficiency is partially offset by the lack of backward
integration, as the company has no captive mine.  The operating
efficiency is likely to remain moderate over the medium term.

Outlook: Stable

CRISIL expects Sunvik's capital structure to remain highly
leveraged over the medium term because a substantial portion of
the planned INR930-million capex is likely to be debt funded.
The company will continue to be a small player in the domestic
steel industry.  The outlook may be revised to 'Positive' if
there is a significant improvement in the capital structure and
if the proposed projects are completed within the stipulated
time and budget.  Conversely, the outlook may be revised to
'Negative' if there are cost overruns or delays. Lower-than-
expected profitability may also lend a negative bias to the
outlook.

                    About Sunvik Steels

Sunvik Steels Pvt. Ltd. was incorporated in 2003 by Vivek
Kejriwal, Mahendra Kachchara, and Sandeep Shishodia.  The
company manufactures sponge iron, steel ingots, and thermo-
mechanically treated bars.


TATA STEEL: To Expand Retail Chain to 50 Stores by March 2009
-------------------------------------------------------------
Tata Steel Limited plans to expand its retail chain from five
steeljunction stores to 50 by March 2009, Sambit Saha of The
Telegraph reports.

According to the report, Tata Steel began steeljunction, its
steel-retail business, in 2005 from Calcutta.  Steeljunction
provides items including TMT bars, steel furniture and cooking
utensils, the news agency relates.

"We will expand more in the east and enter either the northern
or the western part of the country next year," The Teleqraph  
quoted Retail Initiative Chief Sarvesh Kumar as saying, adding
that the company spent the last two years fine-tuning the retail
model for future expansion.

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

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

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


VRL LOGISTICS: ICRA Gives LBB Ratings to Bank Facilities
------------------------------------------------------
ICRA Ltd., an associate of Moody's Investors Service, has
assigned a rating of LBB to INR2.432 billion term loans and
INR250 million Fund-based Limits of VRL Logistics Limited.  LBB,
indicates inadequate credit quality and the rated instrument
carries high credit risk.

The rating is constrained by the company's unfavourable
financial risk profile characterized by high gearing (4 times as
on March 31, 2007), relatively shorter maturity profile of the
term loans in relation to the cash flows, higher working capital
requirements due to its business model of owning its fleet and
captive body-building, besides high capital intensity.

This has resulted in the company delaying on its debt
obligations intermittently in the past couple of years, and in
ICRA's opinion the proceeds of the planned IPO would be critical
in correcting the company's capital structure and its liquidity
position.  While assigning the rating, ICRA has noted the
company's long track record in transportation business and its
fleet of owned vehicles, which is one of the largest among
Indian players supported by captive body-building and
maintenance plants.  The rating also favorably considers its
limited presence in the corporate segments, which combined with
the economies of scale resulting from its fleet size, enables it
to achieve better operating margins than its peers.

The transportation industry in which VRL operates, is
characterized by a presence of large number of unorganized
players controlling a significant share of the market.  Going
forward, repealing of Carriers Act and amendment of Carriage by
Road Bill, which stipulates mandatory registration for common
carriers may lead to sector becoming better organized.  Given
the overall buoyancy in the economy, the industry is expected to
register high growth rates in the medium term.

VRL operates mainly in the goods transportation segment (80% of
revenues) with a small presence in the passenger segment (15%).
Within the goods transportation segment, it has a limited
presence in the lower margin corporate segment (20%).  Ownership
of vehicles and a captive bodybuilding plant ensures
customization in terms of make of vehicles leading to better
utilization of capacity in terms of volume and weight.  Thus, an
increasingly organized and vibrant transportation industry
combined with its revenue mix and operating business model
may be positives for VRL in the medium term.  VRL also resorts
to hiring of trucks to cater, as and when required, however, the
extent of reliance on hired trucks is low (20% in 2006-07) vis a
vis some of the established players in the industry.

Hence, the company is more susceptible to industry downturns,
even though its ability to capitalize on the upcycle will also
be correspondingly higher compared to other industry players.

The company's sales have grown from INR1.67 billion in FY03 to
INR4.37 billion in FY07 at a CAGR of 27% over the period 2003-
07. The company's Operating Margins (OPBDIT/OI at 11.5% for
FY07) have been consistently higher than other industry players.
However, the ownership of trucks has led to high depreciation
and interest charges resulting in low net profit margins.

The company's gearing has been very high (4 times in FY07)
although it has reduced from the previous year levels (7 times
in FY06) due to cash inflow from sale of its printer business
reflected as extraordinary income during FY07.

While the increase in owned fleet over the years has helped the
company in deriving benefits from economies of scale, it has
also led to the company assuming considerable amounts of debt.
Combined with its high debt obligations, its presence in
the publishing business through its subsidiary, Vijayanand
Printers, has led to company delaying on some of its debt
obligations during 2006.  The company's constant fund
requirements and the loss-making nature of its printing business
led to a strain on the company's cash flow and consequent delay
in debt servicing.  Subsequent to the sale of printer business
in August 2006, the company's gearing has corrected from 7 times
in FY06 to 4 times in FY07.  The company however, has also
delayed on some of its debt obligations during 2007 due to a
mistiming of cash flows resulting from longer debtor days (60-70
days) on its corporate accounts.  The company has also been
investing significant sums on windmills and air chartering,
which have also consumed a modest share of the internal
accruals, thereby negatively impacting the liquidity position.

Going forward, implementation of Carriage by Road Bill,
introduction of VAT leading to higher number of long-haul trips,
better roads leading to faster turnaround of vehicles and
growth in overall economy may result in a vibrant market for
VRL.  However, in view of high gearing levels and shorter
maturity profile of term loans, the company's debt protection
metrics should remain stressed.  VRL plans to come out with an
Initial Public Offering as well as private equity funding during
FY08 to the tune of around INR2 billion, a substantial portion
of which might be used to repay its existing debt leading
to an improved capital structure.  ICRA will review the ratings
once the company successfully concludes its IPO.

                    About VRL Logistics

VRL Logistics Limited is involved in the business of road
transportation mainly for goods and to a limited extent in
passenger transportation.  It has the largest fleet of owned
vehicles among the Indian companies.  It operates through 40
hubs and has a significant presence in the Southern, Western and
Northern regions while it plans to increase its presence in the
eastern region.  Company has a limited share of its revenues
from large corporate clients.

Started in 1976, VRL is promoted by the Sankeshwar family.   
Vijay Sankeshwar is the Chairman and Managing Director of the
company.  The shares of the company are fully held by the
promoter group.




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


BANK NEGARA: Sees 40% Growth in Credit Card Transactions
--------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk aims for a 40% increase
in the volume of credit card transaction this year, The Jakarta
post reports.

BNI General Manager for Credit Cards Sahala Oloan Manik told the
news agency that to reach the target, the bank was hoping to
increase its credit card users to 1.7 million this year, from
1.3 million users in 2007.  Last year, he said, the bank booked
around IDR7 trillion in credit card transactions.

Novia D. Rulistia at The Post writes that the bank will also
modify its credit cards from swipe mode to chips.  "We will
spend US$12 million for the conversion program, US$2 million of
which will be used to change the cards, and the remaining US$10
million to change 20,000 electronic data cards (EDC)," Mr. Manik
was quoted by The Post as saying.  One EDC unit cost around
US$400, the report relates.

To support credit card growth, the report relates, the bank
hopes to increase the number of its EDCs to 50,000 in stores
here and abroad, from the current 25,000 card readers.   The
conversion aimed at increasing the security of credit cards by
adding early detection units for suspicious cards used during
transactions, to prevent credit card fraud, the report adds.


                     About Bank Negara

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

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 25, 2008, Fitch ratings has taken rating actions on  PT
Bank Negara.

"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 revised the outlook to stable from positive.

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 'D';

   -- ST IDR affirmed at 'B';

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

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

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

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


BANK INTERNASIONAL: Temasek Considers Selling Bank Stake
--------------------------------------------------------
PT Bank Internasional Indonesia Tbk's shareholder, Temasek
Holdings, may decide to sell its controlling stake in a sale
that could fetch more than US$700 million, various reports say.

According to WSJ, citing unnamed sources, Temasek is considering
starting a process for the sale of its interest in Bank
Internasional, driven by an Indonesian central-bank policy.

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 Jakarta Post relates that Temasek's Fullerton Financial
Holdings Pte Ltd. since 2003 has owned 75% of the shares of
Sorak consortium, which in turn owns a 55.85% stake in BII.  
Fullerton also holds a 59% majority share in Bank Danamon, the
report adds.

Potential buyers for the bank's shares are cash-rich Chinese
banks, which are eager to expand into emerging markets, Antara
News relates.  Another Indonesian bank, Bank Mandiri, has
reportedly expressed interest to buy Temasek's stake in BII but
Bank Mandiri denied the report, the report adds.

After a press statement on Feb. 25, BII President Director Henry
Ho confirmed the decision.

"The management of BII respects Fullerton's decision.  This is,
however, a shareholder's issue and does not affect the day-to-
day operations of the bank.  The bank continues to operate on
the basis of business as usual," Mr. Ho was quoted by the news
agency as saying.  Fullerton expected to complete the sale
before 2010, The Post notes.

The Post adds that Bank Danamon said that by choosing the option
to sell its BII stake, Fullerton had ruled out the other option
of merging BII with Danamon.

Rick Carew of WSJ writes that the possible sale of Temasek's
stake marks a move by Temasek away from a market where it has
been embroiled in a political fight over its holdings in
Indonesia's telecommunications sector.

                 About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--       
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

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

"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 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';

   -- Individual rating affirmed at C/D;

   -- ST IDR affirmed at 'B';

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

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

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

   -- The issuer/foreign currency subordinated debt ratings were  
      raised to Ba2/Ba2 from Ba3/Ba3 and 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, that Fitch Ratings affirmed all the ratings of  
Bank Internasional as follows:

   * Long term foreign currency IDR at 'BB-' with a Positive
     Outlook,

   * Short term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

   * Support Rating '4', Support Rating Floor 'B' and

   * National Rating 'AA-(idn)'.


BANK RAKYAT: Minister Favors Takeover Bid for Bank Tabugan
----------------------------------------------------------
Minister for State Enterprises Sofyan Djalil favored PT Bank
Rakyat Indonesia's plan to take over Bank Tabungan Negara,
Antara News reports.

Mr. Djalil told the news agency that this company move is aimed
at coping with financial difficulties and mismatch faced by Bank
Tabungan in financing housing projects in the country.

Bank Tabungan has proposed to launch initial public offering to
raise funds to cope with its financial problem.  "In my opinion
the IPO planned by BTN is inferior to takeover by BRI," Mr.
Djalil was quoted by Antara as saying.

The report relates that Mr. Djalil said all large banks will be
asked to make their bidding but BRI is in a better position to
create synergy with BTN, which is known to specialize in
financing housing projects.

Minister for Public Housing Yusuf Asyari, however, disagreed
with BRI taking over BTN saying housing development will be
slowed as BRI is known to set higher interest of 7% as against
only 5% by BTN on housing credits, the report notes.

                      About Bank Rakyat

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise    
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
Dec. 31, 2005, the bank had one branch office in Cayman Islands
and two representative offices in New York and Hong Kong,
respectively.

The Troubled Company Reporter-Asia Pacific reported on
Oct. 19, 2007, that Moody's Investors Service raised Bank
Rakyat's foreign currency long-term debt rating to Ba2 from Ba3
and its foreign currency long-term deposit ratings to B1 from
B2.

Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk:

   * Long-term foreign Issuer Default rating 'BB-',

   * Short-term rating 'B',

   * National Long-term rating 'AA+(idn)',

   * Individual 'C/D', and

   * Support '4'.


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

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

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

Bank Rakyat Indonesia

   -- 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
      'AAA (idn)'.


BANK RAKYAT: May Issue Subordinate Bonds at IDR1 Trillion
---------------------------------------------------------
PT Bank Rakyat Indonesia (Persero) Tbk is considering issuing
subordinate bonds in foreign currency denomination that could
exceed IDR1 trillion to increase its Capital Adequacy Ratio,
Asia Pulse reports, citing bank President Abdul Salam.

Mr. Salam told the news agency that the bank wants to maintain
its CAR of above the present level of 14%, as against the
minimum limit of 12% set by the central bank.

"We are waiting for the market condition to improve and foreign
loans are included in the bank's business plan," he was quoted
by Asia Pulse as saying.

Mr. Salam, the report relates, said the bank still has good long
term financing capacity, but it needs to maintain a safe CAR.

Mr. Salam said the bank aims to chalk up IDR130 trillion in
outstanding credit by the end of this year up from IDR114
trillion at present, and the largest portion of the credit will
be for the small and medium enterprises, the report adds.

                     About Bank Rakyat

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise    
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
Dec. 31, 2005, the bank had one branch office in Cayman Islands
and two representative offices in New York and Hong Kong,
respectively.

The Troubled Company Reporter-Asia Pacific reported on
Oct. 19, 2007, that Moody's Investors Service raised Bank
Rakyat's foreign currency long-term debt rating to Ba2 from Ba3
and its foreign currency long-term deposit ratings to B1 from
B2.

Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk:

   * Long-term foreign Issuer Default rating 'BB-',

   * Short-term rating 'B',

   * National Long-term rating 'AA+(idn)',

   * Individual 'C/D', and

   * Support '4'.


BERLIAN LAJU: Tunggaladhi Baskara Increases Stake in Company
------------------------------------------------------------
PT Tunggaladhi Baskara has increased its stake in PT Berlian
Laju Tanker to 2,252,216,264 shares or 49.08% of Berlian Laju's
paid-up capital, Antara News reports, citing TAB Director
Dwijaya Hadi Surya.

The relates that Mr. Surya, in a report to the chairman of the
Indonesian Capital Market and Non-Bank Financial Institutions
Supervisory Agency, said the company gained greater control over
BLTA by share purchase transactions on February 21 and 22, 2008.

On February 21, Antara recounts, TAB bought 2,505,500 shares
through the Indonesian Stock Exchange at IDR2,350 - IDR2,375 per
share, and another 550,000 shares through the Singapore Stock
Exchange at USS$0.355 per share.  On February 22, TAB bought
2,550,000 shares through SEI at the same price as the previous
day, and 302,000 shares through SGX also at US$0.355 per share,
the report relates.

Mr. Surya told the news agency that the company had acquired
more shares in BLTA as a good way of investing its funds.

                   About PT Berlian Laju

PT Berlian Laju Tanker Tbk is the largest Indonesian shipping
company, focusing on liquid bulk cargo, with operations
primarily in Asia with some expansion into the Middle East and
Europe.  In 2006, BLT achieved revenue of US$335 million, EBITDA
of US$154 million and net income of US$107 million.  The
founder, Hadi Surya, has a 48.7% beneficial interest in BLT.

The Troubled Company Reporter-Asia Pacific reported on
Jan. 22, 2008, Standard & Poor's Ratings Services said PT
Berlian Laju Tanker Tbk's corporate credit rating remains on
CreditWatch with negative implications.  The 'B+' issue rating
on the US$400 million senior unsecured notes due 2014 and the
US$125 million five-year convertible bonds due 2012, issued by
BLT's fully owned BLT Finance B.V., also remains on CreditWatch
with negative implications.

On Dec. 19, 2007, Fitch Ratings downgraded Indonesia-based PT  
Berlian Laju Tanker Tbk's Long-term foreign and local currency  
Issuer Default Ratings to 'B+' from 'BB-'.  The Outlook on the  
ratings is Stable.  Fitch also downgraded the senior unsecured  
rating of the US$400 million notes due in 2014 issued by BLT  
Finance B.V and guaranteed by BLT to 'B+' from 'BB-, and  
assigned it a Recovery Rating of 'RR4'.  These rating actions  
resolve the Rating Watch Negative that was applied to BLT on 14  
October 2007 following its announcement to acquire Chembulk  
Tankers LLC, a Marshall Islands-registered chemical tanker  
company for US$850 million, mostly funded by debt.




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


FORD MOTOR: To Disclose Deal with Tata Motors on March 6 or 7
-------------------------------------------------------------
Ford Motor Co. will announce the sale of its Jaguar and Land
Rover luxury brands to Tata Motors Limited 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 by
the Troubled Company Reporter-Asia Pacific on Feb. 1, 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 among the three key players regarding the
deal, Mr. Osboerne told the news agency.  The parties will also
enter into a final memorandum of understanding on the takeover
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.

                      About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2008, Fitch Ratings affirmed the Issuer Default Ratings
of Ford Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.  Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative.  These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the UAW.


NIPPON SHEET: Carlyle Group Wants Majority Stake in NH Techno
-------------------------------------------------------------
Carlyle Group, according to Bloomberg News, may purchase a
majority stake in NH Techno Glasss Corp., a joint venture
between Nippon Sheet Glass Co. and Hoya Corp.

According to the same paper, the transaction may be carried out
through a leveraged buyout for JPY100 billion (US$1.3 billion).  

"We'll see more mergers and acquisitions in Japan as Japanese
companies are increasingly selling non-core assets and focusing
on their main business,"

Taiji Okusu, managing director of investment banking at Credit
Suisse Securities (Japan) Ltd., told Bloomberg.

Nippon Sheet said that it would consider selling its fifty
percent holdings in NH Techno, which manufactures glass
compounds used in liquid-crystal display television panels.

                     About Nippon Sheet

Headquartered in Tokyo, Nippon Sheet Glass Company, Limited --
http://www.nsg.co.jp-- Company operates in four business   
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display (LCD) products and others.  Its
Glass Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

Nippon Sheet carries Mikuni Credit Rating's BB rating.  


SPANSION INC: Fitch Affirms B- IDR with Negative Outlook
--------------------------------------------------------
Fitch Ratings has affirmed Spansion Inc.'s (Nasdaq: SPSN) Issuer
Default Rating at 'B-' while downgrading the following issue-
level ratings due to lower recovery prospects:

    -- US$175 million senior secured revolving credit facility
       due 201 to 'B/RR3' from 'B+/RR2';

    -- US$625 million senior secured floating rating notes due
       2013 to 'B/RR3' from 'B+/RR2';

    -- US$225 million of 11.25% senior unsecured notes due 2016
       to 'CCC/RR6' from 'CCC+/RR5'; and

    -- US$207 million of 2.25% convertible senior subordinated
       debentures due 2016 to 'CCC-/RR6' from 'CCC/RR6'.

The Rating Outlook remains Negative.  Approximately US$1.2
billion of debt is affected.

The Negative Outlook mainly reflects Fitch's expectations that:

   * the company's financial flexibility and liquidity position  
     will remain relatively weak;

   * Spansion's free cash flow will be negative again in 2008,
     despite the anticipation of significantly lower capital  
     spending, further pressuring the company's liquidity
     position or resulting in higher debt levels; and

   * ongoing industry-wide excess capacity, which continues to
     pressure average selling prices in all but the highest bit-
     density products and should constrain the company's ability  
     to meaningfully expand gross margins and, therefore,
     achieve operating profitability over the near-term.

Ratings concerns mainly center on:

    * substantial ongoing capital spending and research and
      development (R&D) requirements, which should exceed 30% of
      sales in 2008, (at the higher end for the industry), while
      recognizing that Spansion's capital spending has
      been accelerated to support solid unit growth prospects
      and gain a sustainable cost leadership position;

    * Spansion's current lack of diversification beyond NOR
      flash memory markets (although emerging products are   
      expected to address certain NAND and DRAM markets), which
      Fitch believes limits the company's tolerance for
      shortfalls in the commercial success of its technology
      roadmap or delays in transitioning to ever smaller
      circuitry nodes. Fitch notes that Spansion's key
      competitors have stronger financial flexibility,
      enabling them to withstand a challenging operating
      environment over the intermediate-term.

The ratings are supported by Fitch's expectations that:

    * Spansion will continue to outgrow the NOR flash memory
      marke over the next few years, driven by ongoing industry
      consolidation, including an opportunity to become a second
      source supplier for customers of Intel Corp. and
      STMicroelectronics N.V., which are forming a NOR flash
      memory joint venture currently expected to close
      March 28, 2008;

    * beyond the near-term, Spansion's significant recent
      investments in leading edge manufacturing technology and
      ongoing transition to smaller circuit geometries, as well
      as development of foundry partnerships, should enable the
      company to achieves sustainable operating profitability
      through a normalized cycle;

    * Spansion's technology roadmap, including its MirrorBit and
      ORNAND architectures, will expand the company's
      addressable market beyond NOR flash memory, potentially
      strengthening Spansion's longer-term unit growth
      and profitability prospects.

The Recovery Ratings and notching reflect Fitch's expectation
that Spansion's enterprise value, and hence recovery rates for
its creditors, will be maximized as a going concern rather than
as in liquidation under a distressed scenario.  The lower
recovery ratings incorporate Spansion's meaningful decline in
operating EBITDA and increased debt levels over the past several
quarters, as well as a greater proportion of secured debt within
the capital structure.  Fitch's analysis assumes Spansion is not
restricted by covenants or borrowing bases to fully draw down on
its existing bank credit facilities.  Given the erosion of
Spansion's profitability to nearly distressed levels over the
past several quarters, Fitch has reduced the discount to
operating EBITDA (in estimating distressed operating EBITDA) for
2007 to 25% from the previous discount of 55%. Fitch believes of
US$800 million of rated senior secured debt, including US$625
million of senior secured floating rate notes and a fully drawn
US$175 million U.S. revolving bank credit facility, would
recover 51%-70% in a reorganization scenario, resulting in a
'RR3' recovery rating.  A waterfall analysis provides 0%-10%
recovery for the approximately US$225 million of rated senior
unsecured debt and US$207 million of senior subordinated notes,
both resulting in a recovery rating of 'RR6'.

As of Dec. 31, 2007, Fitch believes Spansion's liquidity was
weak but sufficient to meet Fitch's anticipated near-term short-
fall in free cash flow nd supported by: approximately US$416
million of cash and cash equivalents and ii) approximately
US$236 million in total availability under various existing
credit facilities (subject to certain borrowing base
limitations), including Spansion's undrawn US$175 million senior
secured U.S. revolving credit facility expiring 2010.  A portion
of Spansion's additional availability is related to credit
facilities at the company's wholly owned subsidiary, Spansion
Japan.

Total debt as of Dec. 31, 2007, was US$1.4 billion and consisted
primarily of: i) approximately US$260 million outstanding under
a JPY48.8  billion (approximately US$400 million as of
Dec. 31, 2007) Spansion Japan's, a wholly owned subsidiary of
Spansion Inc., senior secured credit facility expiring 2012; ii)
approximately US$625 million of floating rate senior secured
notes due 2013; iii) approximately US$225 million of 11.25%
senior unsecured notes due 2016; iv) US$207 million of 2.25%
exchangeable senior subordinated debentures due 2016; and iv)
approximately  US$80 million of other debt, including capital
leases.

Headquartered in Sunnyvale, California, Spansion Inc. (NASDAQ:
SPSN) -- http://www.spansion.com/-- designs, develops,
manufactures, markets and sells flash memory solutions for
wireless, automotive, networking and consumer electronics
applications.

The company has European operations in France, Asia-Pacific
facilities in Japan, China, Malaysia and Thailand, as well as
sales offices in Latin American countries including Brazil and
Mexico.




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


BHK INC: To List 6.3 Million Global Depository Receipts
-------------------------------------------------------
BHK Inc. plans to list 6.3 milion global depository receipts on
the Alternative Investment Market, as the admission will
increase its profile in the UK and the rest of Europe, Thomson
Financial reports.

According to the report, the company said one GDR, which
represents one ordinary share of KRW500 Korean, is expected to
be issued at 82 pence.

BHK told the news agency that said if it is admitted to AIM, it
will be the first Korean company to be listed on it.  The
company is currently listed on the Korea Exchange, the report
adds.

Deloitte Corporate Finance, Thomson Financial relates, is acting
as nominated adviser and Lewis Charles Securities is acting as
broker to the company.

Seoul, Korea-based BHK Inc. is engaged in international trading.
The company's products consist of liquid crystal display
televisions (LCD-TV's), electronic products, bed sheets,
pillows, pillowcases, curtains and clothing.  The company sells
its bedding products in the department stores under the brand
name Pierre Cardin.  Currently, the company is also in the
development stage for launching of a new business segment, which
specializes in biomedical products, namely MyoCell, for heart
muscle regeneration.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 14, 2007, that the company has a shareholders' equity
deficit of US$17.38 million on total assets of US$24.36 million.


DAEWOO ELECTRONIC: Establishes New Joint Venture Company
--------------------------------------------------------
Daewoo Electronic Components Co. Ltd. has established a joint
venture company with a Korea-based company on February 18, 2008,
Reuters Investing Keys reports.

According to the report, the new entity, capitalized at
KRW500 million, is mainly engaged in the sale of electronic and
automobile parts.

Daewoo Electronic, the report notes, holds a 40% stake in the JV
company while the remaining 60% stake is held by the Korea-based
entity.

The report, however, did not say who's Daewoo's partner in the
unnamed joint venture.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer           
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale at US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.  As reported in the Troubled
Company Reporter-Asia Pacific on Nov. 28, 2007, Daewoo
Electronics is put up for sale a second time as the US$746-
million Videocon-Ripplewood bid fails.  Morgan Stanley's private
equity unit has emerged as the preferred bidder to acquire
Daewoo Electronics.


DAEWOO ELECTRONIC: Investor Sells 5.01% Stake
---------------------------------------------
Daewoo Electronic Components Co. Ltd.'s investor Choi Yong Geon
has sold 5.01% stake or 688,410 shares of the company, Reuters
Investing Keys reports.

According to the report, after the transaction, Mr. Geon's stake
in the company decreased to 4.39% from 9.40%.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer           
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale at US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.  As reported in the Troubled
Company Reporter-Asia Pacific on Nov. 28, 2007, Daewoo
Electronics is put up for sale a second time as the US$746-
million Videocon-Ripplewood bid fails.  Morgan Stanley's private
equity unit has emerged as the preferred bidder to acquire
Daewoo Electronics.


ILSUNG CONSTRUCTION: Declares Annual Cash Dividend
--------------------------------------------------
Ilsung Construction Co. Ltd. has declared an annual cash
dividend of KRW300 per share of common stock and KRW350 per
share of preferred stock, to shareholders of record on
December 31, 2007, Reuters Investing Keys reports.

According to the report, the total cash dividend amount is
KRW1,571,760,000.

Seoul, Korea-based Ilsung Construction Co., Ltd. --
http://www.ilsungconst.co.kr/-- specializes in the provision of      
construction and engineering services. The Company has five
major divisions: Construction division, which constructs
buildings, high-speed railways and condominiums; Engineering
Works division, which builds highways, subways, tunnels, bridges
and housing developments; Social Overhead Capital (SOC)
division, which collects toll fees to recoup its investment in
the construction of tunnels, environment and energy plants;
Housing division, which constructs apartment, mansions and
villas, and Gardening division, which constructs golf clubs,
parks and landscape architecture.

Korea Ratings gave the company's commercial papers a B+ rating
on January 31, 2007.


LG TELECOM: Plans to Move to Korea Exchange
-------------------------------------------
LG Telecom Ltd. plans to move to the Korea Exchange from its
current listing in the Kosdaq market, Reuters reports.

The report explains that moving to the main exchange usually
helps a company draw interest from funds and investors who
choose not to buy Kosdaq shares due to price volatility and
limited trading volume.

Rhee So-eui of Reuters writes that the company has 18% of the
South Korean telecom market, where nine out of ten have a mobile
phone.

The listing on the Korea Exchange, pending shareholder approval,
will take about two months, the report adds.

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and          
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

As reported in the Troubled Company Reporter-Asia Pacific on
March 27, 2007, Moody's Investors Service upgraded LG
Telecom's foreign currency corporate family rating and senior
unsecured bond rating to Ba1 from Ba2.  Moody' said the outlook
on the rating is stable.

On Nov. 14, 2006, Fitch Ratings upgraded LG Telecom's foreign
currency Issuer Default rating to 'BB+' from 'BB.'


MAGNACHIP SEMICON: To Work with eMemory Tech for OTP Technology
--------------------------------------------------------------
MagnaChip Semiconductor signed an agreement to collaborate with
eMemory Technology Inc. in the development of embedded NVM
technology and the qualification of an 0.18um One Time
Programmable (OTP) macro using both the CMOS logic and high-
voltage processes.

eMemory's OTP technology can be applied in analog, LCD driver,
and network ICs for the purpose of data storage, code
programming, and trimming.  The technology does not require any
additional mask or process steps.

"We are pleased to announce that eMemory has become one of our
IP alliance program partners.  We believe eMemory's leading edge
technologies, combined with MagnaChip's reliable, advanced
manufacturing capabilities, will allow us to provide robust and
cost-effective manufacturing solutions, Specifically, the
alliance will permit us to better serve the increasing demand
for compact size and the need for flexibility in high-voltage
products," said Channy Lee, Executive Vice President and General
Manager of MagnaChip's Semiconductor Manufacturing Service
Division.

"As the demand for embedded NVM continues to expand, we are
pleased to partner with a world leading foundry such as
MagnaChip," stated Charles Hsu, President of eMemory. "MagnaChip
offers fully qualified 0.18um logic processes for a variety of
applications.  We will work with MagnaChip to provide OTP
solutions targeted at high growth analog, LCD driver and
personal mobile applications."

              About eMemory Technology Inc.

eMemory Technology Inc. was founded in August of 2000 at Hsinchu
Science Park in Taiwan.  eMemory is a technology-based company
focused on the development of logic embedded non-volatile memory
IP's such as OTP, MTP, and Flash.  eMemory has been dedicated to
the innovation of Neobit(R) and NeoFlash(R) for years and
continues its efforts in providing a wide range of IP and
technology services for programmable NVM devices and embedded
memory applications.  For more information about eMemory, please
visit http://www.ememory.com.tw.

                About MagnaChip Semiconductor

Based in Korea, MagnaChip Semiconductor --
http://www.magnachip.com/-- designs, develops, and manufactures  
mixed-signal and digital multimedia semiconductors addressing
the convergence of consumer electronics and communications
devices.  MagnaChip also provides wafer foundry services
utilizing CMOS high voltage, embedded memory, and analog and
power process technologies for the manufacture of IC's for
customer-owned designs.  MagnaChip has world-class manufacturing
capabilities and an extensive portfolio of approximately 8,500
registered and pending patents.  As a result, MagnaChip is a
valued partner in providing leading technology solutions to its
customers worldwide.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Oct. 10, 2007, that Moody's Investors Service confirmed the B2
corporate family rating of MagnaChip Semiconductor LLC.  At the
same time, Moody's confirmed the ratings of the debt issued by
MagnaChip Semiconductor Finance Co and MagnaChip Semiconductor
S.A., including:

  1) B1 rating of the US$100 million five-year senior secured
     credit revolver

  2) B2 rating of the US$500 million aggregate floating and
     fixed-rate second-priority senior secured notes due 2011

  3) Caa1 rating of the US$250 million senior subordinated notes
     due 2014

On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.


MIJU RAIL: Signs Contract with Public Procurement Service
---------------------------------------------------------
Miju Rail MFG. Co. Ltd. has signed a contract with Public
Procurement Service to supply rails for train, Reuters Investing
Keys reports.

Reuters Keys notes that the contract amount is for
KRW4,260,000,000.

Incheon, Korea-based Miju Rail MFG. Co., Ltd.
-- http://www.miju.co.kr/-- is a manufacturer of steel   
products.  The company offers carbon steel pipes, stainless
steel pipes, spiral steel pipes, elevator guardrails, light
rails and steel plates.

Korea Ratings, on May 8, 2006, gave the company's US$3,000,000
overseas bond with warrants issue a 'BB-' rating with a stable
outlook.




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


EKRAN BERHAD: Earns MYR3.92 Mil. in Quarter Ended Dec. 31, 2007
---------------------------------------------------------------
Ekran Bhd posted a net profit of MYR3.92 million on
MYR20.54 million of revenues in the second quarter ended
Dec. 31, 2007, as compared with a net profit of MYR23.53 million
on MYR8.78 million of revenues recorded in the same quarter of
2006.

The company's consolidated balance sheet as of Dec. 31, 2007,
showed total current assets of MYR336.95 million and
MYR233.61 million in current liabilities.

As of end-December 2007, total assets of the company amounted to
MYR1.06 billion and total liabilities aggregated to
MYR327.05 million, resulting to shareholders' equity of
MYR783.78 million.

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


GREIF INC: Board Declares US$0.28 Per Share Class A Dividends
-------------------------------------------------------------
The Board of Directors of Greif, Inc. has declared quarterly
cash dividends of US$0.28 per share of Class A Common Stock and
US$0.42 per share of Class B Common Stock.  The dividends are
payable on April 1, 2008, to shareholders of record at close of
business on March 17, 2008.

Headquartered in Delaware, Ohio, Greif, Incorporated, (NYSE:
GEF, GEF.B) -- http://www.greif.com/-- is a world leader in  
industrial packaging products and services.  The company
provides extensive expertise in steel, plastic, fibre,
corrugated and multi-wall containers for a wide range of
industries.  Greif also produces containerboard and manages
timber properties in the United States.  For fiscal year 2006,
the company generated approximately US$2.6 billion in net sales
and US$326 million in EBITDA.  The company has operations in
Australia, Argentina, Brazil, Belgium, China, Malaysia, among
others.

                        *     *     *

On Nov. 14, 2007, Moody's affirmed the company's Corporate
Family Rating at Ba1; Senior Unsecured at Ba2; and Speculative
Grade Liquidity of SGL-1 with stable rating outlook.


GREIF INC: Stockholders Elect Mark A. Emkes as Director
-------------------------------------------------------
At the Greif, Inc. annual meeting of stockholders on Feb. 25,
Mark A. Emkes was elected to a one-year term on Greif's Board of
Directors.  Mr. Emkes joins re-elected members Vicki L. Avril,
Michael H. Dempsey, Bruce A. Edwards, Michael J. Gasser, Daniel
J. Gunsett, Judith D. Hook and Patrick J. Norton.  John F. Finn,
also elected for a one-year term, was appointed to Greif's Board
in December.

Mr. Emkes is chairperson and chief executive officer of
Bridgestone Americas Holdings, Inc. and Bridgestone Firestone
North American Tire, LLC, based in Nashville, Tennessee.

Both Charles R. Chandler and William B. Sparks, Jr., did not
stand for re-election and have retired from the Board.

Headquartered in Delaware, Ohio, Greif, Incorporated, (NYSE:
GEF, GEF.B) -- http://www.greif.com/-- is a world leader in  
industrial packaging products and services.  The company
provides extensive expertise in steel, plastic, fibre,
corrugated and multi-wall containers for a wide range of
industries.  Greif also produces containerboard and manages
timber properties in the United States.  For fiscal year 2006,
the company generated approximately US$2.6 billion in net sales
and US$326 million in EBITDA.  The company has operations in
Australia, Argentina, Brazil, Belgium, China, Malaysia, among
others.

                        *     *     *

On Nov. 14, 2007, Moody's affirmed the company's Corporate
Family Rating at Ba1; Senior Unsecured at Ba2; and Speculative
Grade Liquidity of SGL-1 with stable rating outlook.


HALIFAX CAPITAL: Incurs MYR1.58MM Net Loss in Qtr. Ended Dec. 12
----------------------------------------------------------------
Halifax Capital Bhd incurred a net loss of MYR1.58 million on
MYR3.23 million of revenues in the fourth quarter ended
Dec. 31, 2007, as compared with a net loss of MYR930,000 on
MYR2.09 million of revenues in the same quarter in 2006.

As of end-December 2007, the company's balance sheet showed
strained liquidity with current assets of MYR2.23 million
available to pay current liabilities of MYR16.01 million coming
due within the next twelve months.

Halifax's total assets as of Dec. 31, 2007, amounted to
MYR18.39 million and total liabilities reached MYR16.68 million,
resulting to a shareholders' equity of MYR1.72 million.

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

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


MALAYSIAN AIRLINE: Earns MYR242MM in Quarter Ended Dec. 12, 2007
----------------------------------------------------------------
Malaysian Airline System Berhad recorded a net profit of
MYR242.25 million in the quarter ended December 12, 2007, as
compared to a net profit of MYR122.03 million in the same period
of 2006.

The Group recorded a higher operating profit of MYR260.8 million
for the fourth quarter ended December 31, 2007, as compared to
MYR148.6 million of operating profit in the same quarter of
2006.  This was due to higher operating revenue and improved
yields.  

Operating revenue for the fourth quarter increased to
MYR4 billion from RM3.65 billion in the preceding quarter.
Operating profit for the quarter decreased from MYR376.4 million
to MYR260.8 million and profit after tax for the quarter
decreased from MYR364.6 million to MYR242.3 million, against
preceding quarter.  In addition, preceding quarter results
recorded MYR220.6 million residual value sharing on sale of
aircraft by Penerbangan Malaysia Berhad and MYR51.7 million
gains on sale of properties.

As of December 12, 2008, the company's balance sheet showed
MYR7.42 billion in current assets available to pay current
liabilities of MYR5.25 billion coming due within the next twelve
months.

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

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


WEMBLEY: Balance Sheet Upside-Down by MYR937 Mil. at Dec. 12
------------------------------------------------------------
Wembley Industries Holdings Bhd's balance sheet went upside down
to MYR937.87 million after posting total assets of
MYR416 million and total liabilities of MYR1.35 billion as of
December 12, 2007.

The company's balance sheet as of end-September also reflected
strained liquidity with current assets of MYR415.9 million
available to pay MYR1.35 billion of current liabilities coming
due within the next 12 months.

Meanwhile, Wembley incurred a net loss of MYR14.89 million in
the quarter ended Dec. 12, 2007, compared with the
MYR32.71-million net loss in the same period of 2006.

Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure
Berhad -- http://www.sunway.com.my/-- is an investment holding          
company in Malaysia.  The Company's wholly owned subsidiary,
Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is
responsible for the construction of the Kajang Traffic Dispersal
Ring Road.  Silk's activities are the upgrading and widening of
existing roads; the design and construction of a new alignment,
and the operation of the Kajang Traffic Dispersal Ring Road,
including toll operations and maintenance.  Through SILK, the
Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd
mainly focuses on undertaking housing development for residents
whose dwellings are located on the land, on which the Kajang
Traffic Dispersal Ring Road is constructed or who are affected
by the construction of the Kajang Traffic Dispersal ring road.   
On November 22, 2005, SILK disposed of Salient Million Sdn. Bhd.

The company is an affected listed issuer pursuant to the Amended
PN17 since its auditors have expressed a modified opinion with
emphasis on the company's going concern in the company's audited
financial statements for the year ended June 30, 2006, and since
the unaudited shareholders' equity of approximately MYR26.702
million based on its quarterly results for the period ended
September 30, 2006, is less than 50% of its issued and paid up
capital of MYR90 million.

In addition, the Troubled Company Reporter-Asia Pacific
reported on March 20, 2007, that its shareholders' equity on a
consolidated basis based on the unaudited results for the
quarter ended Dec. 31, 2006, of MYR7.173 million, is less than
25% of the company's issued and paid-up capital of MYR90 million
and such shareholders' equity is less than the minimum issued
and paid-up capital as required under Paragraph 8.16A(1)
of the Listing Requirements of MYR60 million, triggering another
listing criteria under Amended PN17 listing requirements.




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


AMBITION WHOLESALERS: Commences Liquidation Proceedings
-------------------------------------------------------
Ambition Wholesalers Ltd.'s shareholders agreed on
Feb. 11, 2008, to voluntarily liquidate the company's business.  
In line with this goal, the company has appointed Stephen Mark
Lawrence and Anthony John McCullagh to facilitate the sale of
its assets.

Creditors are required to file their proofs of debt by
March 14, 2008, to be included in the company's dividend
distribution.

The liquidators can be reached at:

          Stephen Mark Lawrence
          Anthony John McCullagh
          c/o Horwath Corporate (Auckland) Limited
          PO Box 3678, Auckland 1140
          New Zealand
          Telephone:(09) 306 7421
          Facsimile:(09) 302 0536


C & W SCHWASS: Fixes March 14 as Last Day to File Claims
--------------------------------------------------------
The creditors of C & W Schwass Ltd. are required to file their
proofs of debt by March 14, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Jeffrey Philip Meltzer
          Lloyd James Hayward
          c/o Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          New Zealand
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


GRIDLINE CONSTRUCTION: Taps Fatupaito & McCloy as Liquidators
-------------------------------------------------------------  
On February 5, 2008, the shareholders of Gridline Construction
Ltd. appointed Vivian Judith Fatupaito and Colin Thomas McCloy
as the company's liquidators.

Creditors are required to file their proofs of debt by
April 5, 2008, to be included in the company's dividend
distribution.

The liquidators can be reached at:

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


NED KELLY: Court to Hear Wind-Up Petition on April 11
-----------------------------------------------------
A petition to have Ned Kelly Building Supplies (2003) Ltd.'s
operations wound up will be heard before the High Court of
Auckland on April 11, 2008, at 10:45 a.m.

Nationwide Prehung Doors Limited filed the petition on
Dec. 10, 2007.

Nationwide Prehung's solicitor is:

          M. M. Edwards
          Fortune Manning, gen-i Tower
          66 Wyndham Street, Level 12
          PO Box 4139, Auckland
          New Zealand


PACIFIC EDGE: Raises NZ$5.2 Million in Domestic Market
------------------------------------------------------
Pacific Edge Biotechnology Limited has successfully completed a
NZ$5.2 million round of fund raising to carry the company
through to the launch of its first product on the market, the
company said in a regulatory filing with the New Zealand Stock
exchange.

The company has targeted these funds for the next 18 months to
enable the completion of the clinical trial for its bladder
cancer assay, its colorectal cancer trial and to bring forward
several of the company's late stage products currently in
development.  The company could reasonably expect to see
revenues closely following the successful completion of the
bladder clinical trial in 12 months time.

According to the company, this is an exciting time to see its
vision of more accurate and less invasive tests for the early
detection and monitoring of cancer so close to the market.
Strong progress in the last 12 months for each core product
development programs has brought the market proposition closer.

The company's bladder cancer urine test has undergone further
improvements to increase its ease of use in diagnostic
laboratories.  It has also begun work on adding additional
features that it hopes to incorporate into later versions of the
test; in particular, it will be developing markers that predict
the risk of disease recurrence.

Currently the tests for bladder cancer are of poor accuracy and
can be invasive.  This new test from PEB provides a significant
increase in accuracy and is non-invasive.  The test requires
only 2 mls of urine and is unprecedented in providing, from the
analysis of four genes in the urine, clinicians with specific
information on the presence of a bladder tumour and also
identifies how advanced the tumour is.  These product advantages
are a significant step change in the detection and monitoring
capability for bladder cancer.

The company's clinical trial program for this new assay for the
early detection of bladder cancer is underway with planning and
logistics completed.  Patient recruitment for the trial will
begin in the next few weeks in Christchurch and Tauranga with
other sites to follow.  On completion of the clinical trial the
company is looking for a rapid release to the Australasian
market followed by the US and Europe.  The company is already
seeking leading urologists in Australasia to participate in the
early use of this test and is in discussion with a leading
diagnostic platform company to take the product to market in the
US.

The gastric cancer serum test development has also advanced
well.  The company is currently testing its markers on serum
samples from patients with gastric cancer using an 'antibody
chip' approach.  Once this testing is complete the company is
set to finalize details of the test with the intention of
initiating clinical trials in 2008.

The colorectal cancer prognostic test is scheduled to enter a
retrospective clinical study in Europe in the next few months,
under the supervision of our partner, Signature Diagnostics, in
Germany.

The melanoma test, predicting the aggressiveness of stage III
melanoma, is currently being validated at the Ludwig Institute
in Melbourne on an independent set of samples.  An independent
review, in November 07, of the market place for in-vitro
diagnostics for cancer outlines there is a rampantly growing
market for molecular diagnostics for cancer that is anticipated
to total US$9.8 billion by 2016.

Dunedin, New Zealand-based Pacific Edge Biotechnology Limited
-- http://www.pacificedgebiotech.com/-- is a biomedical company    
specializing in the discovery and commercialization of
diagnostic and prognostic products for human cancer.  The
company is focused on developing genomic and proteomic tools for
the earlier detection, improved characterization and better
management of gastric, bladder, colorectal, endometrial cancers
and melanoma. PEBL's early detection program for gastric cancer
uses different detection technology to the bladder and
endometrial programs.  This program is developing
protein/antibody assays that can be used to detect the targeted
biomarkers in blood samples.  The company has a 25% investment
in Prognostic Systems Limited, which has been formed to
investigate the possible usage of PEBL's core software in
predictive cardiovascular disease onset.  

The company has booked at least two consecutive annual net
losses -- NZ$1,880,836 for the year ended March 31, 2007, and
NZ$2,516,838 for the year ended March 31, 2006.


PHOTO ENTERPRISES: Creditors' Proofs of Debt Due on May 11
----------------------------------------------------------
Photo Enterprises Ltd. requires its creditors to file their
proofs of debt by May 11, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

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


RATTRAY PROPERTIES: Appoints Higgs & van Dyk as Liquidators
-----------------------------------------------------------  
On February 13, 2008, Stephen James Higgs and Henry Martin van
Dyk were appointed liquidators of Rattray Properties Ltd.

Messrs. Higgs and van Dyk require the company's creditors to
file their proofs of debt by March 13, 2008.

The liquidators can be reached at:

          Stephen James Higgs
          Henry Martin van Dyk
          Polson Higgs
          P.O. Box 5346, Dunedin
          New Zealand


SANCTUARY DEVELOPMENTS: Undergoes Liquidation Proceedings
---------------------------------------------------------
Sanctuary Developments (Columbia) Ltd.'s directors and  
shareholders agreed on February 8, 2008, to voluntarily
liquidate the company's business.  In line with this goal, the
company has appointed Gregory Noel Rathbun and Richard Charles
Ashby to facilitate the sale of its assets.

The liquidators can be reached at:

          Gregory Noel Rathbun
          Richard Charles Ashby
          PO Box 6310, Wellesley Street
          Auckland
          New Zealand
          Telephone:(09) 309 5191
          Facsimile:(09) 309 5260


SANDRA AND NICK: Taps Whittfield & van Delden as Liquidators
------------------------------------------------------------
On February 9, 2008, John Trevor Whittfield and Boris van Delden
were appointed liquidators of Sandra and Nick Ltd.

Messrs. Whittfield and van Delden are accepting creditors'
proofs of debt until March 10, 2008.

The liquidators can be reached at:

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


STRAND FISK: Commences Liquidation Proceedings
----------------------------------------------
Strand Fisk & Muldoon Ltd.'s shareholders agreed on
Feb. 15, 2008, to voluntarily liquidate the company's business.  
In line with this goal, the company has appointed Edward Jansen
and Brian Walshe to facilitate the sale of its assets.

Creditors are required to file their proofs of debt by
March 6, 2008, to be included in the company's dividend
distribution.

The liquidators can be reached at:

          Edward Jansen
          Brian Walshe
          PO Box 30568, Lower Hutt
          New Zealand
          Telephone:(04) 569 9069


WIN-DEY CONSTRUCTION: Faces Gas Pro's Wind-Up Petition
------------------------------------------------------
On January 15, 2008, Gas Pro Plumbing Limited filed a petition
to have Win-Dey Construction Ltd.'s operations wound up.

The petition will be heard before the High Court of Wellington
on March 3, 2008, at 10:00 a.m.

Gas Pro's solicitor is:

          D. G. Dewar
          c/o Thomas Dewar Sziranyi Letts, Solicitors
          1 Margaret Street, 2nd Floor
          PO Box 31240, Lower Hutt
          New Zealand




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


CHIQUITA BRANDS: S&P Assigns Junk Rating on US$200M Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC' senior
unsecured rating to Chiquita Brands International Inc.'s
US$200 million convertible senior notes due 2016.  Net proceeds
from the issuance were used to repay a portion of the US$375
million term loan C (US$132 million outstanding at
Dec. 31, 2007, pro forma for this notes offering) of its senior
secured credit facility.  About US$820 million of debt was
outstanding at Dec. 31, 2007.
     
The ratings on Cincinnati, Ohio-based Chiquita reflect the
company's high debt leverage, weak credit measures, and its
product concentration in bananas and packaged salad.  The
company competes in the fruit and vegetable industry, which is
mature and faces uncontrollable factors such as global supply,
world trade policies, political risk, currency swings, weather,
and disease.

                         Ratings List

              Chiquita Brands International Inc.

     Corporate Credit Rating           B-/Negative/--

                        Rating Assigned

              Chiquita Brands International Inc.

      US$200 Million 4.25%
      Convertible Notes Due 2016       CCC


PHILCOMSAT HOLDINGS: Clarifies News Article on Bankwise Deposits
----------------------------------------------------------------
Philcomsat Holdings Corporation, in a filing with the Philippine
Stock Exchange, denied acts that were suggested in the
Feb. 15, 2008 Business Circuit column of The Malaya, a local
daily.

According to the regulatory filing, the Feb. 15 column that
Amado Macasaet authored imputed certain acts to Philcomsat
Holding's board of directors that are false and inaccurate.

The article, subtitled "PHC lost money in failed bank" stated
the bulk of the company's deposits are with Bankwise Inc. and
that the same have "gone to ashes by the closure."

As previously reported by the Troubled Company Reporter-Asia
Pacific, the Philippine Deposit Insurance Corporation said it
took over Bankwise on Feb. 8 a day after the Monetary Board
ordered the bank's closure.

"It is not true that the 'PHC deposits in Bankwise
disappeared,'" Philcomsat asserted.  Contrary to Mr. Macasaet's
column, the company continued, the board has not connived with
any Bankwise official to cause the money to disappear.

The company, however, admitted that it has made certain deposits
with Bankwise.  But the current status of the bank should not be
cause for alarm since the PDIC and Philippine Veterans Bank have
already manifested their commitment to reimburse Bankwise's
depositors of their investments, the PSE filing pointed out.

According to the company, PVB has already made appropriate
arrangements to protect Bankwise depositors.  PVB will assume
Bankwise's uninsured deposits on record, the company added.

Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956.  During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.
The company has since withdrawn from oil exploration because
there was no commercial discovery of oil.  On January 10, 1997,
the company approved amendments to its Articles of
Incorporation, changing its primary purpose from embarking in
the discovery, exploitation, development and exploration of
mineral oils, petroleum in its natural state, rock or carbon
oils, natural oils and other volatile mineral substances to a
holding company.

According to a Troubled Company Reporter-Asia Pacific report
on May 18, 2006, Philcomsat Holdings has not declared dividends
for the past two fiscal years.  Philcomsat is involved in an
anomaly brought about by huge losses.  The company reported a
PHP6.965-million loss in 2004 and a PHP22-million loss in 2005.
The Philippine Senate has initiated an inquiry into the matter.
Moreover, according to press reports, a huge fraction of the
shareholdings of Philcomsat, which is said to be ill-gotten, had
been confiscated by the Government.


PHIL. LONG DISTANCE: Amends Disclosure on Cruztelco Acquisition
---------------------------------------------------------------
The Philippine Long Distance Telephone Co. has disclosed that
Smart Broadband Inc. has completed the acquisition of all of the
assets of Cruz Telephone Company.   Smart Broadband is a
subsidiary of PLDT's wholly owned subsidiary Smart
Communications Inc.

In another filing with the Philippine Stock Exchange, the
company amended the prior disclosure to say that Smart Broadband
completed the acquisition not all of the assets of Cruztelco but
only its Cluster 3 assets.

According to PLDT, the Cruztelco Cluster 3 assets are located in
Northeastern Mindanao, specifically in the provinces of Surigao
del Norte, Agusan del Norte, Agusan del Sur, Davao del Norte and
Misamis Oriental.

Since 2004, PLDT has been managing Cruztelco's network
infrastructure and facilities for the provision of local
exchange services by Cruztelco under a Facilities Management
Agreement dated Feb. 5, 2004.

Cruztelco is a telecommunications company operating in Northeast
Mindanao.  Since 2004, PLDT has been managing Cruztelco's
network infrastructure and facilities for the provision of local
exchange services by Cruztelco in Northeast Mindanao, under a
Facilities Management Agreement dated Feb. 5, 2004.

The National Telecommunications Commission approved SBI's
acquisition of the Cruztelco Cluster 3 assets on Jan. 21, 2008.

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                        *     *     *

As of November 7, 2007, Philippine Long Distance Telephone
Company carried Fitch Ratings' long-term foreign currency issuer
default and senior notes ratings of 'BB+'.

The company also carries Standard & Poor's 'BB+' foreign
currency rating, as well as Moody's Investors Service's foreign
currency bond rating of Ba2.  In January 2008, Moody's changed
the rating's outlook to positive from stable.




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


AAR CORP: To Acquire Avborne Heavy Maintenance
----------------------------------------------
AAR unveiled that it has signed an agreement to acquire Avborne
Heavy Maintenance, Inc. and a related entity from AHM Holding,
Corp.

Avborne is an independent provider of aircraft heavy maintenance
checks, modifications, installations and painting services to
commercial airlines, international cargo carriers and major
aircraft leasing companies.  Founded in 1985, Avborne performs
heavy maintenance on both Airbus and Boeing aircraft at its
226,000 square-foot hangar, located at Miami International
Airport.  The Avborne facility is capable of accommodating up to
three wide-body aircraft or nine narrow-body aircraft,
simultaneously.

The company expects the acquisition will be completed during the
fourth quarter of its fiscal year 2008, subject to customary
closing conditions.  The newly acquired business will operate as
part of AAR's Maintenance, Repair and Overhaul segment.

AAR currently operates MRO facilities in Indianapolis, Indiana,
Oklahoma City, Oklahoma and Hot Springs, Arkansas and was ranked
among the top 10 MROs in the world according to a 2007 study
conducted by Aviation Week's Overhaul and Maintenance magazine.

                       About AAR Corp.

AAR Corp. (NYSE: AIR) -- http://www.aarcorp.com/-- provides
products and value-added services to the worldwide aviation and
aerospace industry.  With facilities and sales locations around
the world, AAR uses its lose-to-the-customer business model to
serve airline and defense customers through Aviation Supply
Chain; Maintenance, Repair and Overhaul; Structures and Systems
and Aircraft Sales and Leasing.  In Asia Pacific, the company
has offices in Singapore, China, Japan and Australia.  In Latin
America, the company has a sales office in Rio de Janeiro,
Brazil.

                        *     *     *

AAR Corporation continues to carry Moody's Investors Service's
'Ba3' long-term corporate family rating, which was assigned on
November 2006.


FLEXTRONICS: Signs EUR3-Million Purchase Deal with Elcoteq
----------------------------------------------------------
Flextronics International Ltd. had signed a deal to purchase
Finnish electronics contract manufacturer Elcoteq's factory in
St. Petersburg in Russia, STT News reports.

According to the report, Elcoteq sold the factory as part of the
plan to restore profitability and competitiveness.

Elcoteq said it expected to book a one-off gain of about EUR3
million from the sale in its second-quarter figures, the report
adds.

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

                        *     *     *

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

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


LACOS INTERNATIONAL: Court Enters Wind-Up Order
-----------------------------------------------
On February 15, 2008, the High Court of Singapore entered an
order to have Lacos International Pte. Ltd.'s operations wound
up.

Thomas Teddy filed the petition against the company.

Lacos International's liquidator is:

          The Official Receiver
          Insolvency & Public Trustee's Office
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


S. K. LAM: Members and Creditors to Meet on March 6
---------------------------------------------------
S. K. Lam Meat Wholesaler (1988) Pte. Ltd. will hold a joint
meeting for its members and creditors at 4:00 p.m. on
March 6, 2008, at:

          ERC Marina Boulevard Room
          #17-01 Robinson Centre
          Singapore 068893  

During the meeting, the company's liquidator, Yin Kum Choy, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Yin Kum Choy
          c/o K C Yin & Co
          Certified Public Accountants, S'pore
          100 Tras Street
          #16-01 Amara Corporate Tower
          Singapore 079027
          Telephone: 6323 1613
          Facsimile: 6323 1763


YEW SENG: Pays First Dividend to Creditors
------------------------------------------
Yew Seng (Lian) Pte. Ltd., which is in compulsory liquidation,
paid its first dividend to its creditors on March 17, 2008.

The company paid 100% to all admitted ordinary claims.

The company's liquidator is:

          Lai Seng Kwoon
          c/o SK Lai & Co
          8 Robinson Road
          #13-00, ASO Building
          Singapore 048544




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


COSMOS BANK: Hopes to Employ 350 Financial Planners
---------------------------------------------------
Seeking to cash in and pinning its hope on the lucrative wealth
management business, Cosmos Bank Taiwan will nearly double its
financial  planners to 350 this year, The China Post reports.  
Taiwan is the third biggest wealth management market in Asia and
has attracted foreign players like American International Group,
Inc., and UBS AG (USA).

"We think this is a great opportunity," said Jim Slavik, Cosmos'
chief management director, as intercepted by China Post.

As part of the expansion, Cosmos will put 60 relationship
managers in the VIP Center in Taipei 101, one of Asia's tallest
buildings, to serve high-net-worth customers this year, Mr.
Slavik told China Post.  He added that the bank now has a total
of 200 relationship managers throughout its branches.

China Post further quoted Mr. Slavik as saying that Cosmos also
would focus on the small-medium-enterprise and credit card and
cash card business.

                     About Cosmos Bank

Headquartered in Taipei, Taiwan, Cosmos Bank, Taiwan --
http://www.cosmosbank.com.tw/-- provides financial services for
individuals and small and medium-sized enterprises in Taiwan.

The Troubled Company Reporter Asia Pacific reported on
Sept. 4, 2007, that Cosmos Bank inked a memorandum of
understanding with SAC Private Capital Group LLC and General
Electric Co., wherein SAC Capital and GE will pay a combined
US$900 million for a majority stake in the bank.  The report
adds that Susan Chang, spokesperson of the Financial Supervisory
Commission, said that Cosmos will sell the stake at TWD2.00
(US$0.06) per share, representing a 63% discount from its August
31-close trading price of TWD5.47.

As of December 5, 2007, about 93.8% of the lender's bondholders
had agreed to change their debt holdings into equities in Cosmos
as part of the recapitalization plan.




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


DOLE FOOD: Moody's Cuts Rating to 'B3' on Weak Performance
----------------------------------------------------------
Moody's Investors Service lowered Dole Food Company, Inc.'s
corporate family rating and probability of default ratings to B3
from B2, and downgraded the ratings of the company's unsecured
shelf filings.  Dole's other debt ratings were confirmed.  The
rating outlook is stable.

                         Ratings Lowered

                     Dole Food Company, Inc.

  -- Corporate family rating to B3 from B2

  -- Probability of default rating to B3 from B2

  -- Senior unsecured shelf, senior subordinated shelf and
junior
     subordinated shelf to (P)Caa2 (LGD6,97%) from (P)Caa1
     (LGD6,97%)

                        Ratings Confirmed

                     Dole Food Company, Inc.

  -- Senior secured term loan B at Ba3 (LGD2,23%)

  -- Senior secured prefunded letter of credit facility at Ba3
     (LGD2,23%)

                    Dole Food Company, Inc.

  -- Senior unsecured notes at Caa1 (LGD5). LGD percentage to
     77% from 78%

"The downgrade in the corporate family rating and probability of
default rating reflects Dole's weaker than anticipated operating
performance in its fresh vegetable segment, margin pressure in
packaged foods, and the lack of success in turning around its
small flowers business", noted Elaine Francolino, Vice
President, Senior Credit Officer.  As a result, Dole's credit
metrics are weaker than those appropriate for its prior rating
level -- debt to EBITDA at October 6, 2007 was still high at 8.2
times, and unlikely to improve in the near term to the 7.5 times
threshold articulated in Moody's January 2007 credit opinion as
appropriate for the company's prior (B2) rating level.  Free
cash flow has been negative since the end of fiscal 2004,
stemming from low profitability.

The shelf instruments that were also downgraded are assumed to
be unguaranteed in the loss-given-default model, and
consequently have a low priority ranking in the liabilities
waterfall.  The ratings of these instruments were negatively
impacted by the higher level of accounts payable, perhaps
resulting from rising input prices and from company growth.

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and  
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia, including Thailand.  The packaged foods segment contains
several operating segments that produce and market packaged
foods, including fruit, juices and snack foods.  Dole's fresh-
cut! flowers segment sources, imports and markets fresh-cut
flowers, grown mainly in Colombia and Ecuador, primarily to
wholesale florists and supermarkets in the U.S.


                         *********


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

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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                *** End of Transmission ***