TCRAP_Public/080229.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

             Friday, February 29, 2008, Vol. 9, Issue 43

                          Headlines

A U S T R A L I A

CHURCHERS PTY: Liquidator to Present Wind-Up Report on March 14
CONSTELLATION BRANDS: Appoints Peter Perez to Board of Directors
DEE WHY: Liquidator to Present Wind-Up Report on March 18
ESPOSITO FASHION: Members & Creditors to Meet on March 14
GRAY & MULRONEY: Members' Final Meeting Set for March 20

GRIFFIN COAL: Moody's Cuts Ba2 Ratings to Ba3; Outlook stable
ICA SOLUTION: Members to Receive Wind-Up Report on March 7
INFORMATION SOLUTION: Joint Meeting Slated for March 14
JAN YEE: Members to Hear Wind-Up Report on March 12
RIXON ENTERPRISES: Appoints Bettles & Carter as Liquidators

SUNCORP: First-Half Net Profit Falls 28% to AU$382 Million
TARRANTS PTY: Placed Under Voluntary Liquidation
TESSMANN CONCRETING: Appoints Worrell & Peldan as Liquidators


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

ABC LEARNING: Directors Cut Stakes on Margin Calls
AGRICULTURAL BANK: Surges in Intermediate Business
CHINA EASTERN: Singapore Airlines Reiterates HK$3.80/Share Bid
HERCULES INC: Appoints Allan H. Cohen to Board of Directors
NOBLE GROUP: Moody's Affirms Ba1 Ratings; Outlook Stable

ROYAL CARIBBEAN: Earns US$71 Mil. in Quarter ended Dec. 31, 2007
SHANGHAI PUDONG: To Raise CNY32.5 Billion from Share Sale


I N D I A

AXIS BANK: Ties Up with SunTec for Billing Software
EASTMAN KODAK: Dennis Strigl Elected to Board of Directors
ELAN CORP: Moody's Changes Outlook to Positive; Holds B3 Ratings
GENERAL MOTORS: Fitch Holds IDR at 'B' with Negative Outlook
ROLLATAINERS LTD: Allots 90,00,000 Shares to W.L.D. Investments

ROLLATAINERS LTD: Books INR4.7 Loss in Oct.-Dec. 2007
RPG CABLES: Narrows Oct.-Dec. Net Loss to INR17.9 Million
RPG LIFE: Swings to INR7-Mil. Net Profit in Oct.-Dec. 2007
SPICEJET LTD: Set to Commence Overseas Flights in Three Years
TATA STEEL: Taps SMS Demag to Set Up Converter Shop, CSP Plant


I N D O N E S I A

BANK DANAMON: Shares to Rise on Dismissal of BII Merger
BANK INTERNASIONAL: Aims More Than 20% Up in Loan This Year


J A P A N

IHI CORP: Report Says Executives Aware of Losses
JAPAN AIRLINES: May Shift to A350 on Boeing Delivery Delays
NOMURA ALTERNATIVE: 10 Certificates Acquires Moody's Rating Cuts
SPANSION INC: Fitch Maintains Issuer Default Rating at 'B-'


K O R E A

DURA AUTOMOTIVE: Creditor Balks at Confirmation of Chap. 11 Plan
PHOTRONICS: Moody's Retains B1 Rating; Gives Negative Outlook
TAEYANG METAL: Declares Annual Cash Dividend
WOORI TECHNOLOGY: Amends Issuance of Fifth Bonds with Warrants


M A L A Y S I A

MANGIUM: Subsidiary Receives Writ of Summons from Alliance Bank
MEGAN MEDIA: Court Appoints Provisional Liquidators for Unit
SELOGA HOLDINGS: Incurs MYR4.42 Mil. in Qtr. Ended Dec. 31, 2007
SOLUTIA: May Pay US$5,000,000 to Waive Backstop Commitment Pact
SOLUTIA INC: Resolution of Adversary Proceeding vs. Exit Lenders

SOLUTIA INC: Court Approves Non-Material Modifications to Plan
TECHVENTURE BERHAD: Dec. 31 Balance Sheet Upside-Down by MYR37MM


N E W  Z E A L A N D

APPAREL INDEX: Court to Hear Wind-Up Petition on March 12
BACKSPACE LTD: Undergoes Liquidation Proceedings
CLEAN SEAS: Reports AU$26,000 Net Loss for Half-Year
D J & P L ZANDER: Fixes March 15 as Last Day to File Claims
GLOBAL STRATEGY: Subject to CIR's Wind-Up Petition

NORM BENGSTON: Commences Liquidation Proceedings
ONE BROADCAST: Taps van Delden & Whittfield as Liquidators
RIVERPARK LTD: Commences Liquidation Proceedings
SANCTUARY DEVELOPMENTS: Placed Under Voluntary Liquidation
STEWART ISLAND: Taps Cain & Hollis as Liquidators

T & J TE HUNA: Fixes March 13 as Last Day to File Claims


P H I L I P P I N E S

GLOBE TELECOM: To Hold Annual Stockholders Meeting on April 1
MANILA MINING: Annual Shareholders Meeting Set on April 22
PHIL. LONG DISTANCE: ePLDT's BPO Unit Ranks High in BPO Survey


S I N G A P O R E

JAL TECHNOLOGY: Court to Hear Wind-Up Petition on March 7
METSO FIBER: Creditors' Proofs of Debt Due on March 24
SCOTTISH RE: A.M. Best Downgrades FSR to B with Neg. Outlook
SEA CONTAINERS: Court Stretches Plan-Filing Period to April 15
SEPOMS TECHNOLOGY: Wind-Up Petition Hearing Set for March 7

SOTHEBY'S: Earnings Rise to US$102MM in Quarter Ended Dec. 31


T H A I L A N D

BANK OF AYUDHYA: Prices US$619-Million of Bond Coupons

* Large Companies with Insolvent Balance Sheets


                            - - - - -

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A U S T R A L I A
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CHURCHERS PTY: Liquidator to Present Wind-Up Report on March 14
---------------------------------------------------------------
Churchers Pty. Ltd. will hold a joint meeting for its members
and creditors at 11:00 a.m. on March 14, 2008.  During the
meeting, the company's liquidator, Terry O'Connor at Paul Cook &
Associates, will provide the attendees with property disposal
and winding-up reports.

The liquidator can be reached at:

          Terry O'Connor
          Paul Cook & Associates
          105 Macquarie Street
          Hobart, Tasmania 7000
          Australia
          Telephone:(03) 6223 2555
          Facsimile:(03) 6223 2556
          e-mail: info@pjc.com.au

                   About Churchers Pty.

Churchers Pty. Ltd., which is also trading as RCM International,
is a theatrical producer and provides miscellaneous theatrical
services.  The company is located at Richmond, in Victoria,
Australia.


CONSTELLATION BRANDS: Appoints Peter Perez to Board of Directors
----------------------------------------------------------------
Constellation Brands Inc.'s board of directors authorized an
increase in board positions from nine to 10, and approved Peter
Perez to fill the new board seat effective Feb 19, 2008.

Mr. Perez is executive vice president of human resources for
ConAgra Foods Inc., a US$12 billion, international packaged
foods company based in Omaha, Nebraska.

"Peter has a wealth of human resources experience with large,
international, food, beverage and service companies, and his
unique point of view and strategic thinking will complement our
board," Richard Sands, Constellation Brands chairman, said.  "In
particular, his efforts to build a diverse and inclusive
corporate culture align well with Constellation's long-held
values."

A native of Aurora, Illinois, Mr. Perez joined ConAgra in 2003
as senior vice president of human resources.  He held a similar
position with W. W. Grainger Inc., after holding senior human
resource positions at Pepsi-Cola General Bottlers and the Kraft
General Food division of Philip Morris Companies Inc.  He began
his career with Emerson Electric as a production supervisor in
1979.

Mr. Perez has a Bachelor of Science degree in Production and
Personnel Management from Eastern Illinois University, and a
Master of Management in Human Resources Management and
Organizational Behavior from Northwestern University's Kellogg
Graduate School of Management.

                  About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- has more than 250
brands in its portfolio, sales in approximately 150 countries
and operates approximately 60 wineries, distilleries and
distribution facilities.  The company has market presence in
the U.K., Australia, Canada, New Zealand; Mexico.

Barton Brands Ltd. is the spirits division of Constellation
Brands Inc. is a producer, importer and exporter of a wide range
of spirits products, including brands such as Black Velvet
Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen
vodka.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 3, 2007,
Fitch Ratings assigned a 'BB-' rating to a note registered by
Constellation Brands Inc. to fund the purchase price of Beam
Wine Estates Inc., a subsidiary of Fortune Brands Inc: US$500
million 8.375% senior unsecured note due Dec. 15, 2014.  Fitch
said the rating outlook is negative.


DEE WHY: Liquidator to Present Wind-Up Report on March 18
---------------------------------------------------------
Dee Why Printing Works Pty. Ltd. will hold a general meeting for
its members and creditors at 10:30 a.m. on March 18, 2008.
During the meeting, the company's liquidator, P. P. Carter at
PricewaterhouseCoopers, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          P. P. Carter
          PricewaterhouseCoopers
          201 Sussex Street, Level 10
          Sydney, New South Wales 2000
          Australia

                       About Dee Why

Dee Why Printing Works Pty. Ltd. is involved with commercial
printing.  The company is located at Brookvale, in New South
Wales, Australia.


ESPOSITO FASHION: Members & Creditors to Meet on March 14
---------------------------------------------------------
Esposito Fashion Pty. Limited will hold a final meeting for its
members and creditors at 9:30 a.m. on March 14, 2008.  During
the meeting, the company's liquidator, N. C. Malanos, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          N. C. Malanos
          Level 1, 32 Martin Place
          Sydney, New South Wales
          Australia

                   About Esposito Fashion

Esposito Fashion Pty. Limited operates restaurants.  The company
is located at Beecroft, in New South Wales, Australia.


GRAY & MULRONEY: Members' Final Meeting Set for March 20
--------------------------------------------------------
Andy Choi, Gray & Mulroney (Woollahra) Pty. Ltd.'s appointed
estate liquidator, will meet with the company's members at
3:00 p.m. on March 20, 2008, to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Andy Choi
          A W Choi & Co Pty Limited
          301 Castlereagh Street, Suite 53
          Sydney, New South Wales 2000
          Australia

                   About Gray & Mulroney

Gray & Mulroney (Woollahra) Pty. Ltd. deals with real estate
agents and managers.  The company is located at Woollahra, in
New South Wales, Australia.


GRIFFIN COAL: Moody's Cuts Ba2 Ratings to Ba3; Outlook stable
-------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
and senior unsecured ratings of The Griffin Coal Mining Company
Pty Ltd from Ba2 to Ba3.  This concludes the review for possible
downgrade begun in October 2007.  The rating outlook is stable.

"The outlook on the previous rating was negative, indicating a
narrow cushion to withstand weaknesses in Griffin's operating
and financial position, says Ian Lewis, VP/Senior Analyst and
lead analyst for Griffin, adding "the downgrade reflects lower
earnings and profitability in 2007 relative to initial
forecasts, as well as the outlook for lower production levels,
earnings and cash flows, than forecast".

"In addition the company carries extended risk surrounding the
completion and commissioning of its major coal carbonisation
project," says Lewis.

Over the past year production has fallen relative to forecast
and cost pressures have risen, materially affecting earnings and
gearing.  More particularly, forward production and
profitability estimates relative to previous projections have
been substantially revised and indicate metrics that are more
consistent with a Ba3 rating level."

"While we further understand from Griffin that its coal
carbonization project is back on track, this venture -- which
will form a meaningful percentage of future revenues -- has
nevertheless experienced difficulty and is behind schedule,"
says Lewis.

"On the other hand, the company has strong reserves and
contracts, and is proceeding on time and within budget with its
Bluewaters I and II projects, which -- when successfully
completed -- will provide strong revenue streams to replace from
2010 Verve Energy's expiring contract," says Lewis.  "In
addition, robust cash levels continue and support the company's
ongoing liquidity."

Moody's does not expect the rating to be raised prior to the
completion of the Bluewaters I & II projects and the carbonized
coal plant.  The successful construction, commissioning and
commencement of these facilities would ameliorate the associated
execution and start-up risks. Once completed, Moody's would also
look for significant de-leveraging, as reflected by Adjusted
Debt/EBITDA below 3.5x and EBIT/Interest over 2.5x on a
consolidated basis.

On the other hand, the rating could come under downward pressure
should it lose a key customer, experience significant additional
delays in the construction of either power station or the
carbonized coal plant, or experience continued weakness in
revenue and earnings.

Indicators of such trends would include Adjusted Debt/EBITDA
remaining over 4.7-5.0x and EBIT/Interest below 1.7-2.0x on a
consistent basis.  Moody's would be mindful of any other credit
weaknesses when assessing whether material downward pressure was
apparent, including Griffin's liquidity as it moves through its
construction program and funds are depleted.

The Griffin Coal Mining Company, headquartered in Perth,
Australia is involved in coal extraction.  It is a wholly owned
subsidiary of Devereaux Holdings Pty Ltd, a private company
owned in turn by the Stowe family.


ICA SOLUTION: Members to Receive Wind-Up Report on March 7
----------------------------------------------------------
A. R. M. Taylor, Ica Solution (Nt) Pty. Ltd.'s appointed estate
liquidator, will meet with the company's members at 10:00 a.m.
on March 7, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          A. R. M. Taylor
          Meertens Chartered Accountants
          49 Woods Street, Level 1
          Darwin NT 0800
          Australia
          Telephone:(08) 8923 9239
          Facsimile:(08) 8942 3250

                     About Ica Solution

Ica Solution (Nt) Pty. Ltd. provides computer related services.
The company is located at Stuart Park, in NT, Australia.


INFORMATION SOLUTION: Joint Meeting Slated for March 14
-------------------------------------------------------
Information Solution Works Pty. Ltd. will hold a joint meeting
for its members and creditors at 10:30 a.m. on March 14, 2008.
During the meeting, the company's liquidator, Paul Cook at Paul
Cook & Associates, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          Paul Cook
          Paul Cook & Associates
          105 Macquarie Street
          Hobart, Tasmania 7000
          Australia
          Telephone:(03) 6223 2555
          Facsimile:(03) 6223 2556
          e-mail: info@pjc.com.au

                About Information Solution

Information Solution Works Pty. Ltd. is involved with commercial
printing.  The company is located at Hobart, in Tasmania,
Australia.


JAN YEE: Members to Hear Wind-Up Report on March 12
---------------------------------------------------
Murray Smith, Jan Yee Australia Pty. Ltd.'s appointed estate
liquidator, will meet with the company's members at 10:00 a.m.
on March 12, 2008, to provide them with property disposal and
winding-up reports.

As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on August 16, 2007.

The liquidator can be reached at:

          Murray Smith
          McGrathNicol
          Level 9, 10 Shelley Street
          Sydney, New South Wales 2000
          Australia
          Telephone:+61 2 9338 2600
          Web site: http://www.mcgrathnicol.com

                       About Jan Yee

Jan Yee Australia Pty Ltd is a security broker and dealer.  The
company is located at Bellevue Hill, in New South Wales,
Australia.


RIXON ENTERPRISES: Appoints Bettles & Carter as Liquidators
-----------------------------------------------------------
During a general meeting held on January 23, 2008, the members
of Rixon Enterprises Pty. Ltd. appointed Jason Bettles and Susan
Carter at Worrells Solvency & Forensic Accountants as the
company's liquidators.

The liquidators can be reached at:

          Jason Bettles
          Susan Carter
          Worrells Solvency & Forensic Accountants
          50 Cavill Avenue, Level 6
          Surfers Paradise, Queensland 4217
          Australia
          Web site: http://www.worrells.net.au

                  About Rixon Enterprises

Rixon Enterprises Pty. Ltd. is a distributor of durable goods.
The company is located at Glenvale, in Queensland, Australia.


SUNCORP: First-Half Net Profit Falls 28% to AU$382 Million
----------------------------------------------------------
Suncorp-Metway Ltd.'s first-half net profit decreased 28% to
AU$382 million from AU$527 million a year earlier, hurt by the
global credit crisis and severe weather events, sending down its
shares 8%, Reuters reports.

According to the report, Suncorp's claims expenses jumped 22% to
AU$2.18 billion after large-scale flooding and storms in eastern
Australia caused property and vehicle damage.  Higher funding
costs, sparked by the global credit crisis, reduced Suncorp's
net interest margin by 27 basis points, the report notes.

James Holt, a portfolio manager with Zurich Financial Services,
told the news agency that he insurance side of the business was
hit by quite a few weather events while the higher funding costs
have also hurt profit.  However, the long-term fundamentals are
looking good. It is more about riding through these short-term
issues, he added.

Suncorp's Chief Executive Officer John Mulcahy, the report
relates, said they expect that global credit markets will remain
volatile in the short term with little prospect of immediate
contraction in credit spreads.

Denny Thomas of Reuters writes that Suncorp also said it planned
to raise about AU$316 million through a dividend reinvestment
plan to boost its capital.

                    About Suncorp-Metway

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in retail and
business banking, general insurance, life insurance,
superannuation and funds management with a focus on retail
consumers and small to medium businesses.  Its brand offering
includes Suncorp and GIO, with GIO being the main insurance
brand outside of Queensland.

On March 20, 2007, Fitch Ratings gave a 'B' rating on Suncorp's
Individual Rating.

Subsequently, on May 4, 2007, Moody's Investors Service rated
Suncorp-Metway's bank financial strength a 'B-'.


TARRANTS PTY: Placed Under Voluntary Liquidation
------------------------------------------------
Tarrants Pty. Limited's members agreed on December 19, 2007, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Catherine Gaye Lethbridge to
facilitate the sale of its assets.

The liquidator can be reached at:

          Catherine Gaye Lethbridge
          Alison & Associates - Accountants
          Unit 1, 98 Bazaar Street
          Maryborough, Queensland 4650
          Australia

                    About Tarrants Pty.

Tarrants Pty. Limited is a dealer of new and used cars.  The
company is located at Maryborough, in Queensland, Australia.


TESSMANN CONCRETING: Appoints Worrell & Peldan as Liquidators
-------------------------------------------------------------
On January 21, 2008, Ivor Worrell and Michael Peldan were
appointed liquidators of Tessmann Concreting Pty. Ltd.

The liquidators can be reached at:

          Ivor Worrell
          Michael Peldan
          8th Floor, Worrells
          102 Adelaide Street
          Brisbane, Queensland 4000
          Australia
          Web site: http://www.worrells.net.au

                 About Tessmann Concreting

Tessmann Concreting Pty Ltd is involved with concrete work.  The
company is located at Bulimba, in Queensland, Australia.




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C H I N A ,   H O N G  K O N G   &   T A I W A N
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ABC LEARNING: Directors Cut Stakes on Margin Calls
---------------------------------------------------
Eddy Groves, ABC Learning Center's CEO, led four directors who
are forced to sell some or all of their stakes as a slumping
share price prompted margin lenders to demand the sales,
Bloomberg News reports.

Mr. Groves sold 8 million shares in the world's biggest publicly
traded owner of child-care centers, about 40% of his stake, for
AU$1.85 a share, ABC Learning said in a statement, as
intercepted by Bloomberg.  His wife Le Neve sold 11 million
shares, or 65% of her holding, for AU$1.84 each.

In Sydney trading last Feb. 26, ABC Learning plunged 43% after a
slump in earnings raised concerns it may struggle to repay debt,
Bloomberg notes.  The drop to AU$2.14 triggered margin calls on
stakes held by some directors.  Consequently, stock trading was
halted as the company entered talks on "indications of interest"
for parts of its business.

More than 96% of the remaining 21.9 million ABC Learning shares
owned by directors, equivalent to 4.6% of stock outstanding, are
held in margin lending arrangements that may result in forced
sales, the company further noted to Bloomberg.

ABC Learning operates 1,000 centers across the U.S., more than
1,200 in Australia and New Zealand and 112 nurseries in the
U.K., having spent about AU$1.06 billion expanding since its
first U.S. purchase in November 2005.


AGRICULTURAL BANK: Surges in Intermediate Business
--------------------------------------------------
The Agricultural Bank of China said that its intermediate
business rose 64% last year to JPY25.3 billion (about US$3.54
billion), Xinhua News reports.  The bank said that the surge was
largely driven by commissions for the sale of finance products
as funds.

Commission revenues jumped 209% year-on-year in 2007 due to the
booming capital market, Agricultural Bank told Xinhua.
Traditional intermediate business, including banking card,
transaction and insurance sales, surged 22% year-on-year to
Y13.7 billion.  The bank didn't disclose total revenues, Xinhua
says.

However, Agricultural Bank's intermediate business income
accounted for only about 21% of the big four state commercial
banks' total, sources relayed to Xinhua.  Agricultural Bank is
the only non-listed bank among the big four, whose other members
are the China Construction Bank, the Industrial and Commercial
Bank of China and the Bank of China.

The Agricultural Bank of China --
http://www.abchina.com/en/hq/index.jsp/index.html-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of 2006.

According to XFN-Asia, at the end of September 2007,
Agricultural Bank had outstanding loans of CNY3.44 trillion, of
which 22.11% were bad loans.

The Troubled Company Reporter-Asia Pacific reported on
June 27, 2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


CHINA EASTERN: Singapore Airlines Reiterates HK$3.80/Share Bid
--------------------------------------------------------------
Singapore Airlines Ltd. said that its HK$3.80 a share bid for a
stake in China Eastern Airlines Corp. still stands, the Wall
Street Journal reports.  The statement came after China Eastern
rejected a bid from China Aviation Holding Co.

"Our proposal for recapitalization of China Eastern Airlines is
still on the table," Singapore Airlines spokesman Stephen
Forshaw was quoted by the Journal as saying.  "It is exactly the
same as the one announced in September 2007 and put to
shareholders in January 2008; there is no new bid."

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 10, 2008, nearly 78% of China Eastern shareholders earlier
rejected a bid by Singapore Airlines and Temasek Holding Pte
Limited to buy a minority stake in China Eastern after rival Air
China and its parent, China National Aviation Corp., pledged a
higher offer.

Despite China Aviation's HK$5 a share bid, China Eastern
rejected it on grounds that the proposal did not demonstrate
"sincere intention" and thorough planning, the Journal relates.
The airline's board also raised antitrust and government support
issues.

Analyst Damien Hort suggested to the Journal that this official
rejection of the higher offer could be a signal that the Chinese
government wanted an alliance with Singapore Airlines.

In a statement, China Eastern stated that Singapore Airlines is
its preferred bidder due to its profitability, customer service
reputation, and cost synergies.

Other analysts said if China National decides to approach China
Eastern's shareholders with their higher bid, despite the
board's rejection, Singapore Air would be forced to up its bid.
However, Singapore Air previously said that its offer is final
and won't change under any circumstances.

                   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-.  The outlook on the IDRs is stable.

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


HERCULES INC: Appoints Allan H. Cohen to Board of Directors
-----------------------------------------------------------
The board of directors of Hercules Incorporated elected Allan H.
Cohen, Ph.D. to the Hercules board of directors effective
immediately.  With his election, the Hercules board has expanded
from nine to ten members.

Until August 2007, Dr. Cohen was a managing director with First
Analysis Corporation, a research driven investment organization,
where he was employed for fifteen years.  During his career, he
has held executive and senior management positions at The
Valspar Corporation and The Enterprise Companies, a unit of
Insilco, and planning and chemical research management positions
with The Sherwin-Williams Company and Champion International
Corp.  Dr. Cohen also serves on the boards of directors of
Intertape Polymer Group Inc., Doe and Ingalls Management LLC,
and IGI Holding Corporation.

The board of directors also declared a quarterly cash dividend
of five cents per common share, payable on April 18, 2008, to
shareholders of record at the close of business on March 28,
2008.

Hercules will hold its Annual Meeting of Shareholders on
Thursday, April 17, 2008, at its corporate headquarters in
Wilmington, Delaware.  Shareholders of record on March 3, 2008,
will be entitled to vote at the Annual Meeting.

                     About Hercules Inc.

Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE:HPC)
-- http://www.herc.com/-- manufactures and markets chemical
specialties globally for making a variety of products for home,
office and industrial markets.  The company has its regional
headquarters in China and Switzerland, and a production facility
in Brazil.

                        *     *     *

Moody's Investor Service placed the company's long-term
corporate family rating, senior unsecured debt rating and
probability of default rating at Ba2, senior subordinate rating
at Ba3, and junior subordinate debt rating at B1 in September
2006.  The ratings still hold to date with a positive outlook.


NOBLE GROUP: Moody's Affirms Ba1 Ratings; Outlook Stable
--------------------------------------------------------
Moody's Investors Service has today affirmed the Ba1 corporate
family rating and senior unsecured bond rating of Noble Group
Ltd after its FY2007 result announcement.  The outlook on both
ratings is stable.

"Noble's ratings reflects the company's strong and improved
business, earnings and geographical diversity, increasing
management depth, strengthening risk management processes and
solid market position in key sectors," says Elizabeth Allen,
Moody's lead analyst for Noble, adding, "However, its improved
operating profile has resulted only in a slight strengthening of
its financial profile due to an increase in the company's debt
to fund a combination of increased working capital requirements,
higher fixed-asset investments and stronger revenue growth."

"While Noble delivered spectacular growth in 2007, with annual
gross profit rising 69% to USD824 million, its reported debt
also increased by 62% to USD2.5bn from USD1.6bn as of December
2006.  Furthermore, its free cash flow has been negative in the
last five years and is expected to remain so in the next few
years.  Any improvement in credit metrics going forward will be
modest, such that retained cash flow/net debt is expected to
stay in the mid teens in the near term," says Allen.

Moody's acknowledges that Noble's improvement in operating
efficiency, more diversified product portfolios, and gradual
transformation from a trading company to a more value added
asset-medium supply chain manager could partly mitigate the
inherently volatile commodity and freight markets. Nonetheless
given the existence of uncontrollable external factors, the
predictability of future performance is low.  Furthermore, the
company's strategy to invest further in capex and selected
acquisitions could come at the cost of higher debt levels.

The rating would experience upward pressure if Noble
demonstrates its ability to:

   1) maintain its growth in profitability and cash generation,
      especially through the pricing cycles of its various
      business lines, in line with its debt funding
      requirements; and

   2) adhere to investment and financial discipline while
      pursuing its growth strategy, such that retained cash
      flow/net debt (using Moody's standard adjustments) reaches
      around 18% - 20% on a sustainable basis.

Maintenance of its current risk profile and balance sheet
liquidity would also be important factors.

Moody's will consider a rating downgrade if:

   1) Noble's credit profile deteriorates such that retained
      cash flow/ net debt is consistently below 10-12% ;

   2) it adopts an aggressively debt-funded
      acquisition/investment plan for new businesses, thereby
      increasing its overall financial and business risk
      profile;

   3) there is material weakening in the company's balance sheet
      liquidity; and/or

   4) it incurs large trading or credit losses.

Noble Group Ltd, headquartered in Hong Kong and listed on the
Singapore Stock Exchange, is mainly engaged in the sourcing and
distribution of a wide range of commodity products in
agriculture, energy and metals as well as the logistics
management business.


ROYAL CARIBBEAN: Earns US$71 Mil. in Quarter ended Dec. 31, 2007
----------------------------------------------------------------
Royal Caribbean Cruises Ltd. reported net income for the fourth
quarter ended Dec. 31, 2007, of US$70.8 million compared to net
income of US$46.6 million in 2006.

The company related that revenues were better than expected,
driven by stronger close-in bookings, while fuel costs were
higher due to rising fuel prices. Revenues for the fourth
quarter 2007 increased to US$1.5 billion from revenues of US$1.2
billion in the fourth quarter 2006.

Net income for the full year 2007 was US$603.4 million compared
to net income of US$633.9 million for the full year 2006.
Revenues for the full year 2007 increased to US$6.1 billion from
revenues of US$5.2 billion for the full year 2006.

"It is very gratifying to see such a strong performance,
especially in light of the broader consumer and economic
environment," Richard D. Fain, chairman and chief executive
officer, said.  "We are particularly pleased with the solid
yield performance of our brands, which produced such healthy
earnings despite significantly higher fuel costs.  Higher fuel
prices increased operating costs by US$45 million in 2007, which
reduced earnings per share by US$0.21."

"Despite pressures on consumer spending, yields for the year
were consistent with our original expectations, growing 0.3% on
a comparable basis, i.e. excluding Pullmantur," Mr. Fain
continued. "This is a testament to the strength and momentum of
our products."

              Liquidity and Capital Resources

As of Dec. 31, 2007, liquidity was US$1.4 billion, comprising
US$0.2 billion in cash and cash equivalents and US$1.2 billion
in available credit on the company's unsecured revolving credit
facility.

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$14.98 billion, total liabilities ofUS$8.22 billion
and total shareholders' equity of US$6.76 billion.

                   About Royal Caribbean

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/-- is a global cruise vacation
company that operates Royal Caribbean International, Celebrity
Cruises and Pullmantur Cruises, Azamara Cruises and CDF
Croisieres de France.  The company has a combined total of 35
ships in service and seven under construction.  It also offers
unique land-tour vacations in Alaska, Australia, China, Canada,
Europe, Latin America and New Zealand.  The company has
operations in Puerto Rico.

                        *     *     *

Moody's still carries Royal Caribbean Cruises Ltd.'s 'Ba1' long-
term corporate family rating assigned on Feb. 22, 2005.  Moody's
said the outlook is stable.


SHANGHAI PUDONG: To Raise CNY32.5 Billion from Share Sale
---------------------------------------------------------
Shanghai Pudong Developmetn Bank Co. said in reports that it
plans to raise up to CNY32.5 billion (US$4.6 billion) through
the issuance of more shares in order to increase capital.

As reported yesterday, the bank said in a statement file with
the Shanghai Stock Exchange that details of the planned sale
will be disclosed after the company's board meeting.  The
meeting date, however, was not disclosed.

According to Bloomberg News, the bank will sell up to 800
million shares within one year after the shareholders' approval
of the plan.

The Wall Street Journal said that an unnamed source told the
paper that the offering was originally for CNY40 billion but
lowered it due to the market's "dramatic" reaction to its plan.

Bloomberg adds that investor concerns over earnings dilution for
the past six days caused the bank's shares to lose 20% of their
value.

"The market is too skittish and has over-reacted to its share
sale over the past few days," Zhu Mingjian, a Shanghai-based
analyst at Fortis Haitong Investment Management Co., which
manages CNY45 billion yuan, including Pudong Bank shares, told
Bloomberg.  "Pudong Bank's share sale is justified by its need
to finance business growth and sustain profit."

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank  business.  The bank also offers Internet banking and
telephone banking.

Fitch Ratings on March 12, 2007, upgraded the Support ratings of
Shanghai Pudong Development Bank to 3 from 4, reflecting the
improved ability of the government to support domestic financial
institutions and the close relationship between the bank and the
central and local governments.  At the same time, the agency
affirmed the bank's individual rating at D.

The bank, as of May 4, 2007, also carries Moody's Ba1 rating for
financial strength rating.




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


AXIS BANK: Ties Up with SunTec for Billing Software
---------------------------------------------------
Axis Bank partnered with SunTec to consolidate its disparate
billing silos, and centralize and streamline the pricing and
billing processes, as part of its commitment to deliver
continuous value to customers.  The solution will further help
Axis Bank create personalized product packages or bundles and
manage fee billing for Payment and Cash Management, while having
a unified view of its customers.

"SunTec's solution allowed us to consolidate all our home grown
billing-processes.  This improved our efficiency in handling the
very complex billing function. We deployed the solution in two
separate phases for our current accounts, cash credit accounts
and savings bank accounts.  Going forward, we aim to leverage
SunTec features like relationship based pricing and bill
modelling.  The implementation was remarkably quick," said
Subhakanta Satpathy, Axis Bank.

SunTec's implementation project for Axis Bank was spread over
two different stages. Stage-1 saw SunTec's solution being
implemented for the bank's Current and Cash Credit Accounts,
which were on a monthly billing cycle.  The project began in
March 2007 and was completed in July 2007.  After this, SunTec's
RBP solution was implemented for their Savings Bank Retail
Accounts (Quarterly Billing) and the project was completed by
December 2007.

"Axis Bank is our second banking services client in India, after
ICICI Bank.  We are proud to have two of the best banks in the
country as our customers," said Rajesh Narasimhan, Vice
President Sales-BFSI, APAC of SunTec.

"We are happy that SunTec could meet Axis Bank's expectations in
the stipulated time," said Nanda Kumar, CEO, SunTec. "With an
ever-growing customer base like that of Axis Bank, it gets more
challenging by the day to deliver consistent and personalized
customer experience across every interaction channel.  We are
proud that they banked on us to deliver on this count."

                        About SunTec

SunTec is a pricing and convergent billing solutions company
that offers transaction value management solutions for
communications, media, entertainment (CME), banking, financial
services and insurance (BFSI), and utilities industries.
SunTec's product suites and services, TBMS-T for CME, TBMS-F for
BFSI, and TBMS-U for utilities, provide comprehensive solutions
for measuring and monitoring transaction value, and enabling
maximum control of profitability. SunTec is a SEI CMM Level 5
certified company and its client list includes Comcast (NASDAQ:
CMCSA), Cable One, Batelco, BSNL and HFCL, ICICI Bank (BSE NSE:
ICICI; NYSE: IBN), HSBC (LSE: HSBA; NYSE: HBC), ING Bank (NYSE:
ING) and Lloyds TSB (LSE: LLOY).

                       About Axis Bank

Headquartered in Mumbai, India, Axis Bank Ltd, formerly known as
UTI Bank Limited, -- http://www.axisbank.com/-- is engaged in
treasury and other banking operations. The treasury services
segment undertakes trading operations on the proprietary
account, foreign exchange operations and derivatives trading.
Revenues of the treasury services segment primarily consist of
fees and gains or losses from trading operations and interest
income on the investment portfolio. Other banking operations
principally comprise the lending activities (corporate and
retail) of the bank.  The corporate lending activity includes
providing loans and transaction services to corporate and
institutional customers.  The retail lending activity includes
raising of deposits from customers and providing loans and
advisory services to customers through branch network and other
delivery channels.

                        *     *     *

The bank's Foreign Long Term Bank Deposits carry Moody's
Investors Service's Ba2 rating, which was placed on
July 1, 2005.


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

Mr. Strigl, 61, became President and COO of Verizon in January
2007.  In 2000, he was responsible for bringing together the
domestic wireless operations of Bell Atlantic, Vodafone AirTouch
and GTE to form Verizon Wireless, for which he served as
President and CEO until being named to his current position with
the company.

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

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

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

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

                    About Eastman Kodak

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

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

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 14, 2007,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Eastman Kodak Co. and removed the ratings from
CreditWatch, where it has been placed with negative implications
on Aug. 2, 2006.  S&P said the outlook is negative.


ELAN CORP: Moody's Changes Outlook to Positive; Holds B3 Ratings
----------------------------------------------------------------
Moody's Investors Service revised the rating outlook for Elan
Corporation, plc and Elan Finance plc to positive from stable.
At the same time, Moody's affirmed Elan's existing ratings
including the B3 Corporate Family Rating.

Moody's last rating action on Elan was an affirmation of the
ratings with a stable rating outlook on Nov. 9, 2006 in
conjunction with a B3 rating assignment to a senior note
offering.

"The change in Elan's rating outlook to positive reflects steady
market acceptance of Tysabri approximately 18 months after the
re-launch," stated Moody's Senior Vice President Michael
Levesque.   Other positive developments include the recent FDA
approval of Tysabri in moderate to severe Crohn's disease, and
the initiation of Phase III clinical trials of bapineuzumab in
Alzheimer's disease in a collaboration with Wyeth.

"However, thee B3 rating remains constrained by uncertainty that
Elan will attain positive free cash flow, especially if any
additional PML cases arise," continued Levesque.

Elan's B3 Corporate Family Rating reflects the criteria outlined
in Moody's Global Pharmaceutical Rating Outlook including size
and scale (where Elan maps to the "B" category), cash flow
relative to debt ("Caa"), and cash coverage of debt ("Ba").
Elan's rate of cash use is still significant, reflecting higher
spending on R&D, and generic pressures affecting the Maxipime
franchise.

A rating upgrade could result from additional market acceptance
of Tysabri, leading Moody's to conclude that Elan is on a clear
path to generating positive free cash flow.  Negative rating
pressure could develop if Moody's believes that Elan is unlikely
to ever achieve positive earnings and cash flow.

Ratings affirmed:

Elan Corporation plc:

  -- B3 Corporate Family Rating
  -- B2 Probability of Default Rating

Elan Finance plc:

  -- B3 (LGD4, 65%) fixed rate senior notes ofUS$850 million due
     2011 (guaranteed by Elan Corporation, plc and subsidiaries)

  -- B3 (LGD4, 65%) floating rate senior notes ofUS$300 million
     due 2011 (guaranteed by Elan Corporation, plc and
     subsidiaries)

  -- B3 (LGD4, 65%) fixed rate senior notes due 2013 (guaranteed
     by Elan Corporation, plc and subsidiaries)

Elan Corporation, plc is a specialty biopharmaceutical company
headquartered in Dublin Ireland, with areas of expertise in
neurological and autoimmune disease, and drug delivery
technology. The company reportedUS$759 million of total revenue
in 2007.


GENERAL MOTORS: Fitch Holds IDR at 'B' with Negative Outlook
------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating of General
Motors at 'B', with a rating outlook negative.

Fitch projects that despite significant cost reduction programs
that have occurred at GM's North American operations, negative
cash flows at GM are expected to increase in 2008, leading to
more pronounced liquidity drains.  Weak economic conditions in
the U.S., continuing restructuring costs, high commodity costs
and supplier issues (including Delphi) will more than offset
healthy results from international operations.  In the absence
of improvement in North American economic conditions or access
to additional capital, Fitch projects that GM's liquidity could
drop below US$20 billion within the next year.  As a result,
Fitch expects that further restructuring will be required in
addition to the current employee buyout program.  The persistent
lack of profitability, even with a lower fixed cost base,
indicates that GM will have to further prune low-margin vehicles
and production capacity.  Fitch expects that this will lead to
the closure of at least three more assembly plants over the
intermediate term than has been announced to date.

GM has made very substantial improvement in its North American
cost structure and over the past five years has significantly
mitigated risks and liabilities associated with its pension and
OPEB obligations.  The terms of the recent UAW agreement,
including the transfer of healthcare cost inflation from GM to
the UAW trust, will realize meaningful cash savings beginning in
2010.  However, this has come at a cost.  GM's debt is expected
to total approximately US$45 billion (including US$8.4 billion
issued as part of the UAW VEBA trust agreement that will not
appear on GM's balance sheet until 2010), up more thanUS$32
billion since year-end 2002, despite a healthy level of asset
sales.  This figure may increase as GM seeks additional
financing opportunities to sustain liquidity.  Interest expense
will represent an increasing claim on cash flows in 2008 and
2009, while declining income from GM's shrinking cash and
securities portfolio will provide less of an offset.  GM's loss
of market share and sale of assets (GMAC, Allison Transmission)
also provide a reduced earnings base with which to meet future
debt obligations.  As a result, Fitch does not expect GM to be
in a position to reduce debt obligations over the next three
years.  GM retains access to approximately US$7 billion in
committed credit lines in the U.S.

Although GM has a manageable maturity schedule over the next
several years, repayment of maturities from cash holdings would
accelerate the expected decline in liquidity.  Given the
existing state of the capital markets, GM may have limited
access to external capital for refinancing purposes.  The recent
change to the VEBA funding plan, replacing US$4 billion in cash
with US$4 billion in a two-year note, will provide a helpful,
but temporary boost to liquidity.  In the absence of a rebound
in second-half economic conditions or access to additional
capital, Fitch projects that liquidity could drop below US$20
billion within the next year.  Upon a rebound in the U.S.
housing market, contribution margins will benefit from improved
volume and margins in the key pickup truck market.

Fitch forecasts that GM's projected cost savings from the 2007
UAW agreement will be insufficient to reverse consolidated
negative cash flows through 2009 without revenue stabilization.
Given weak economic conditions, this is not projected to occur
in 2008.  Despite a string of recent successful product
offerings, the decline in the remainder of GM's product
portfolio has prevented consolidated improvement.  Over the near
term, GM's North American strategy currently relies on replacing
uncompetitive products with newly competitive products, which
will be a severe challenge as GM struggles to find niches for a
number of overlapping products and brands.

Fitch expects that GM will have to make meaningful reductions in
brand/product/segment offerings over the intermediate term.
Accordingly, Fitch expects that GM could close an additional 3-4
assembly plants.

Shareholder considerations may also encourage a reduction in
exposure to the U.S. market, potentially allowing the company's
stronger, higher growth international operations to represent a
more material component of GM's consolidated valuation.

Commodity prices will continue to hurt GM's margins, although
the rate of increase is likely to slow in comparison to 2007,
allowing more of the company's manufacturing efficiencies to
benefit margin performance.  However, GM is likely to face
escalating costs and required financial support for second and
third-tier suppliers that will continue to face bankruptcy (and
potential liquidation) from lower Detroit Three production and
lack of access to capital.

GM's international operations have transitioned into a material
positive factor for the ratings.  The company's growth in China,
Latin America and a number of developing markets provide an
increasing offset to the company's North American operations,
but also are now producing free cash flow that can be applied to
consolidated debt or restructuring obligations.  However, the
4th quarter loss in GM's European operations and the
extraordinary profitability that the industry has enjoyed in
Latin America question the sustainability of 2007 results into
2008.

These events could result in a downgrade of GM:

   -- Consolidated cash drains in excess ofUS$8 billion, which
      results in liquidity dropping belowUS$20 billion;

   -- Lack of progress in reducing fixed costs, combined with
      a reduction in international profitability;

   -- Double-digit production cuts in North America throughout
      2008 resulting from a more severe decline in economic
      conditions or a deterioration in GM's product
      competitiveness.

Attempts to resolve the Delphi situation have become
increasingly extended and expensive to GM.  GM took an
additionalUS$1.5 billion in reserves in 2007, and will continue
to incur expenses over the medium term.  With Delphi currently
unable to raise the financing required to exit bankruptcy, the
situation remains highly uncertain.  An extended stay in
bankruptcy and increasing costs accruing to GM could result in
the event that the agreement with Apaloosa is unable to be
closed.  Although resolution of GM's price penalty to Delphi
represents an opportunity for further cost reductions over the
intermediate term, Delphi will remain a meaningful competitive
disadvantage.

Deteriorating performance at GMAC has materially reduced
estimated recovery valuations from this asset.  Fitch does not
expect that GM will provide additional capital to support GMAC's
ResCap operations, given GM's liquidity position and its primary
focus on GMAC's auto finance operations.  Any additional capital
contributed to GMAC by GM would be viewed as a negative.  Fitch
remains concerned about asset quality deterioration, funding
costs and ABS market conditions at GMAC and the industry in
2008.

Recovery ratings remain in the same category, although projected
recovery valuations have moved modestly lower.  Negative
movements include a significant deterioration in the asset value
of GM's 49% stake in GMAC, and higher debt levels, which are
offset by increased valuations for the company's international
holdings in Latin America and Asia (primarily China).

Fitch has affirmed these ratings:

   * General Motors

     -- IDR at 'B';
     -- Senior unsecured debt at 'B-/RR5'
     -- Senior Secured at 'BB/RR1'.

   * General Motors of Canada

     -- IDR at 'B';
     -- Senior unsecured at 'B-/RR5'.


ROLLATAINERS LTD: Allots 90,00,000 Shares to W.L.D. Investments
---------------------------------------------------------------
Rollatainers Ltd. has allotted 90,00,000 equity shares of
INR10 each, at par, to strategic investor W.L.D. Investments Pvt
Ltd., upon conversion of 90,00,000 Optional Fully Convertible
Debenture of INR10 each, a regulatory filing with the Bombay
Stock Exchange discloses.

The allotment is pursuant to a stipulation in Rollatainers'
rehabilitation scheme that was approved by the Board for
Industrial & Financial Reconstruction via order dated
May 15, 2007, and amendment order dated August 6, 2007.

Rollatainers Ltd. -- http://www.rolapak.com/-- is a paper
manufacturer whose primary products are packaging cartons and
polycoated packing material.  The company also manufactures
duplex paper board, writing and printing paper and packaging and
weighing machines.

The company has incurred consecutive net losses of
INR58.9 million and INR151.6 million for the years ended
Sept. 30, 2007 and 2006, respectively.


ROLLATAINERS LTD: Books INR4.7 Loss in Oct.-Dec. 2007
-----------------------------------------------------
Rollatainers Ltd.'s net loss dropped to INR4.7 million in the
quarter ended Dec. 31, 2007, from the INR34.6-million loss
booked in the same period in 2006.

The improved bottom line could be attributed to increased
revenues and decreased expenses.

In the Oct.-Dec. 2007 quarter, Rollatainers booked total
revenues of INR129.2 million, up 24% from 2006's INR104.4
million.  Operating expenditures decreased from INR128.2 million
to INR126.6 million, bringing the company an operating profit of
INR2.6 million.  Interest expenses slid 77% to INR1.1 million.

A copy of the company's financial results for the quarter ended
Dec. 31, 2007, is available for free at:

             http://ResearchArchives.com/t/s?2895

Rollatainers Ltd. -- http://www.rolapak.com/-- is a paper
manufacturer whose primary products are packaging cartons and
polycoated packing material.  The company also manufactures
duplex paper board, writing and printing paper and packaging and
weighing machines.

The company has incurred consecutive net losses of
INR58.9 million and INR151.6 million for the years ended
Sept. 30, 2007 and 2006, respectively.


RPG CABLES: Narrows Oct.-Dec. Net Loss to INR17.9 Million
---------------------------------------------------------
RPG Cables Ltd. reported a net loss of INR17.9 million in the
three months ended Dec. 31, 2007, an improvement compared to the
INR64.6-million loss incurred in the same period in 2006.

The narrowing loss is brought about by net income that soared to
INR1.03 billion in Oct.-Dec. 2007, twice the INR509.2 million
earned in the same three-month period in 2006.  With operating
expenditures totaling INR965.7 million, RPG Cables posted an
operating profit of INR66.9 million (INR24.7 million in 2006).

The company also booked interest of INR75.7 million,
depreciation of INR8.8 million and INR300,000 in taxes.

A copy of the company's financial results for the quarter ended
Dec. 31, 2007, is available for free at:

             http://ResearchArchives.com/t/s?2894

Headquartered in Mysore, India, RPG Cables Ltd. operates in two
segments: Power cables and Telecommunication cables.  The
company manufactures power and control cables, jelly filled
telephone cables, optical cables and housewiring cables.

The company's net worth has been eroded as at March 31, 2004.
In accordance with the provisions of Sick Industrial Companies
(Special Provision) Act, 1985, the company was referred to the
Board for Industrial & Financial Reconstruction on July 5, 2004.

The State Bank of India, the BIFR-appointed operating agency for
the RPG Cables, has prepared a modified rehabilitation scheme
for the revival the company and has submitted the same to the
BIFR.


RPG LIFE: Swings to INR7-Mil. Net Profit in Oct.-Dec. 2007
----------------------------------------------------------
RPG Life Sciences Ltd. reported a net profit of INR7 million on
total revenues of INR308.4 million in the three months ended
Dec. 31, 2007.

The bottom line is a turnaround from the INR3.4-million net loss
booked in the three months ended Dec. 31, 2006, when the company
earned total revenues of INR260.4 million.

In Oct.-Dec. 2007, the company booked operating expenses of
INR262.4 million, leaving the company with an operating profit
of INR46 million (INR37.9 million in 2006).

The company also booked interest of INR21.2 million,
depreciation of INR12.3 million and taxes of INR5.5 million in
the three-month period.

A copy of the company's financial results for the quarter ended
Dec. 31, 2007, is available for free at:

           http://ResearchArchives.com/t/s?2896

Headquartered in Mumbai, India, RPG Life Sciences Ltd.,
Brabourne Enterprises Ltd. -- http://www.rpglifesciences.com/--
is a full spectrum, world class, customer focused, innovative
pharmaceutical organization.  Formerly known as Searle (India)
Ltd., the company develops, manufactures and markets, for
national and international markets, a broad range of branded
formulations, generics and bulk drugs developed through
fermentation and chemical synthesis routes.

On April 17, 2003, Credit Analysis and Research Limited
downgraded the rating of the outstanding NCD program of
INR145.5 million of RPG Life Sciences rating from CARE BBB to
CARE D.  The downgrade is on account of a default in debt
servicing obligations towards institutional investors.


SPICEJET LTD: Set to Commence Overseas Flights in Three Years
-------------------------------------------------------------
SpiceJet Limited is poised to commence flights to the Middle
East, China and the South Asian Association for Regional
Cooperation countries within the next three years, various
reports say.

If the government loosens up rules, SpiceJet may fly earlier,
otherwise it will start overseas flights by June 2010, the
reports quoted SpiceJet Chairman Siddhanta Sharma as saying.

According to India's aviation rules a start-up airline has to
complete five years of domestic operations to be able to fly
abroad.  China, the Middle East and SAARC countries reportedly
are among those destinations that attract most of India's
migrant population.

For those overseas flights, SpiceJet intends to deploy 10
aircraft.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  The company
changed its financial year from June-May to April-March.  For
the ten months ended March 31, 2007, the airline carrier booked
a net loss of INR707.43 million.


TATA STEEL: Taps SMS Demag to Set Up Converter Shop, CSP Plant
--------------------------------------------------------------
Tata Steel Ltd. has tapped SMS Demag Germany to provide the
Indian steel firm with an X-Melt converter shop and a CSP plant,
the Steel Guru said in its Web site.  Commissioning of the
plants is expected in late 2010.

According to Steel Guru, the supply for the X-Melt steelworks
includes two converter vessels as well as the gear units with
pneumatic emergency drive, lance equipment and the converter
lining facilities.

The CSP plant is rated for an annual capacity of 2.4 million
tonnes of hot strip 900mm to 1,680mm wide and 10mm to 20mm
thick.

Tata Steel, Steel Guru said, plans to use the CSP plant for
focusing on high-grade products.  Beside carbon steels, the
product mix includes non-grain oriented electrical steel strip,
pipe grades and dual phase steels, the Web site added.

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

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

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




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


BANK DANAMON: Shares to Rise on Dismissal of BII Merger
-------------------------------------------------------
PT Bank Danamon Indonesia Tbk's shares looks more attractive now
after Singapore's Temasek Holdings, the bank's shareholder
through Fullerton Financial Holdings Pte. Ltd, dismissed the
option of merging Danamon with PT Bank Internasional Indonesia,
Antara news reports.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 27, 2008, Fullerton Financial has informed the Bank's Board
of Directors and Board of Commissioners that it has
decided not to pursue the option of a merger between Bank
Danamon and Bank Internasional as previously conveyed
in FFH's ownership structure adjustment plan in line with the
Single Presence Policy in Indonesian Banking.

Temasek's Fullerton Financial Holdings Pte Ltd. holds a 59%
majority share in Bank Danamon.  Since 2003 Fullerton also owned
75% of the shares of Sorak consortium, which in turn owns a
55.85% stake in BII.


Under Bank Indonesia's single-presence policy, the report
explained, 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.

Citigroup analyst Stephan Hasjim, as note to clients, said  They
believe this news should remove a major overhang on the stock,
which has underperformed its peer major banks in Indonesia due
to concerns over earnings dilution from a merger with BII.
Based on various valuation metrics, Danamon is trading at well
below the average multiples of four major banks and at the low
end of historical valuation ranges of the past two years, he
added.

Mr. Hasjim told Antara that st a 2008 price earnings (PE)
multiple of just 12 times, Danamon is trading at a steep
discount to the market multiple of 17 times.

Citigroup has a "buy" call on Danamon with a target price of
IDR10,650, the report adds.

                     About Bank Danamon

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

The Troubled Company Reporter-Asia Pacific reported on
Feb. 25, 2008, Fitch ratings has taken rating actions on PT Bank
Danamon "Apart from the sovereign action, the upgrades in the
banks' IDRs reflect their financial improvement in the past
year, and our expectations that operating conditions in
Indonesia should remain generally supportive of credit quality
going forward," notes Tan Lai Peng, Director with Fitch's
Financial Institutions group.  Fitch has revised the outlook to
stable from positive.

The detailed ratings are:

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

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

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

   -- Individual rating affirmed at C/D;

   -- ST IDR affirmed at 'B';

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

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

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

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

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

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

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

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

   * Individual Rating 'C/D',

   * Support Rating '4' and

   * Support Rating Floor 'B'.


BANK INTERNASIONAL: Aims More Than 20% Up in Loan This Year
-----------------------------------------------------------
PT Bank Internasional Indonesia Tbk would target an increase of
more than 20 percent in total loans this year, The Jakarta Post
reports.

Vice President Sukatmo Padmosukarso said that out of the total
credits, 40% will be channeled to small and medium enterprises
(SMEs), 31% to consumers and 28 to 29% to corporates.

According to the report, the bank increased its total credits
from IDR26.26 trillion in 2006 to IDR33.06 trillion in 2007.
However, the report notes, its net profit declined by 36% to
IDR404.76 billion in 2007, from IDR633.71 billion a year
earlier, due to lower net interest income and smaller margins.

Mr. Padmosukarso was quoted by the news agency as saying, "The
bank will keep focusing on facilitating credits for SMEs and
consumers and we will also increase our standard of credits and
services," Sukamto said.

The bank, the report adds, will also continue giving credits to
mining, coal, transportation, telecommunications, manufacturing
and CPO businesses.

Mr. Padmosukarso told The Post that Temasek Holdings's decision
to divest all its shares in the bank will not affect their
business.  "The growth of the business is relatively good and
supported by lower interest rate," he was quoted by The Post as
saying.

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 TCR-AP related 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.

                 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)'.




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


IHI CORP: Report Says Executives Aware of Losses
------------------------------------------------
The Asahi Shimbun reports that top executives of IHI Corp. were
aware of "huge, hidden losses" in April last year before the
company made an upbeat earnings report for 2006.

The paper asserts that the company's declaration that it became
aware of the losses only in July 2007 contradicts documents that
proves management knew about the losses in April.

Asahi says that IHI President Kazuaki Kama will likely be
investigated because he led the in-house investigation that
compiled the false investigation report.

The same paper relates that IHI reported operating profit of
JPY24.6 billion for fiscal year 2006.  The company's earnings
release, however, did not include a combines JPY7 billion loss
from its boiler projects in Kanagawa and Ehime prefectures.
After the company concluded its internal investigation, it
revised its 2006 report with a consolidated operating loss of
JPY5.6 billion after booking an additional loss of JPY30
billion.

Meanwhile, the Securities and Exchange Surveillanec Commission
plans an investigation on IHI's public offerings made in June
and January 2007, suspecting that the offer was based on false
financial figures, Asahi relates.

Based in Tokyo, Japan, IHI Corporation, -- http://www.ihi.co.jp
-- formerly Ishikawajima-Harima Heavy Industries Co., Ltd., is a
Japan-based company engaged in six business segments.  The
Logistics and Steel segment offers concrete products, automated
storages, loaders and others.  The Machinery segment offers
plastic processing machines, industrial boilers, pumps and
others.  The Energy Plant segment develops waste incineration
facilities, nuclear power plants, thermal power plants and
process plants, water treatment plants, renewable power plants
and other facilities.  The Aerospace segment produces aircraft
engine parts and provides aircraft maintenance services.  The
Ship and Offshore segment builds container ships, bulk carriers,
tankers and other ships, as well as develops marine equipment
and machinery and provides design and engineering services.  The
Others segment provides real estate, financial and insurance
services.

The Troubled Company Reporter-Asia Pacific reported on
Feb 14, 2008, that Standard & Poor's Ratings Services revised
its outlook on the long-term corporate credit rating on IHI
Corp. to negative from stable, reflecting growing expectations
that the company's steady earnings recovery would be delayed,
following the Tokyo Stock Exchange's announcement that it will
place the company's stock on "alert status."  The outlook change
also reflects concerns that the company's financial flexibility
will be constrained to some extent by this action.  At the same
time, Standard & Poor's affirmed its 'BB+' long-term corporate
credit and 'BBB-' long-term senior unsecured issue ratings on
the company.


JAPAN AIRLINES: May Shift to A350 on Boeing Delivery Delays
-----------------------------------------------------------
Due to production delays to Boeing's new 787 Dreamliner, Japan
Airlines Corp. may instead buy Airbus A350 XWB planes, Xinhuanet
reports.

JAL has planned to purchase 35 units of Boeing's 787 but is now
considering the Airbus planes after the aircraft manufacturer
pushed delivery  dates to 2009, nine months behind schedule, the
same report says.

"The risk of procuring from one firm for our next-generation
planes is large. We should procure from more than one," an
unnamed JAL officer told Xinhuanet.

Xinhuanet says that delivery delays would add to the problems
facing JAL, which lost more than JPY63 billion (US$587 million)
in the last two business years, hit particularly hard by high
oil prices because of its ageing fleet.  The airline company is
set on renewing its fleet with smaller but more fuel-efficient
planes.

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                        *     *     *

As reported on Feb. 9, 2007, that Standard & Poor's Ratings
Services affirmed its 'B+' long-term corporate credit and issue
ratings on Japan Airlines Corp. (B+/Negative/--) following the
company's announcement of its new medium-term management plan.
S&P said the outlook on the long-term corporate credit rating is
negative.

As reported on Oct. 10, 2006, that Moody's Investors Service
affirmed its Ba3 long-term debt ratings and issuer ratings for
both Japan Airlines International Co., Ltd and Japan Airlines
Domestic Co., Ltd.  The rating affirmation is in response to the
planned restructuring of the Japan Airlines Corporation group on
Oct. 1, 2006, with the completion of the merger of JAL's two
operating subsidiaries, JAL International and Japan Airlines
Domestic.  JAL International will be the surviving company.
Moody's said the rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


NOMURA ALTERNATIVE: 10 Certificates Acquires Moody's Rating Cuts
----------------------------------------------------------------
Moody's Investors Service downgraded 10 certificates and placed
on review for possible downgrade 3 classes of certificates from
two transactions issued by Nomura Alternative Loan Trust. The
transactions are backed by closed-end second lien loans.

Substantial pool losses over the last few months have continued
to erode credit enhancement available to the mezzanine and
senior certificates. Despite the large amount of write-offs due
to losses, delinquency pipelines have remained high as borrowers
continue to default. The actions reflect Moody's expectation
that the significant delinquency pipelines will have a further
negative impact on the credit support for the senior and
mezzanine certificates.

Complete rating actions are:

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan
Trust, Series 2005-S3

    -- Cl. M-1, Placed on Review for Possible Downgrade,
       currently Aa2

    -- Cl. M-2, Downgraded to Ba3 from A2

    -- Cl. B-1, Downgraded to B3 from Baa1

    -- Cl. B-2, Downgraded to Ca from B3

    -- Cl. B-3, Downgraded to C from Caa2

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan
Trust, Series 2007-S1

    -- Cl. A, Placed on Review for Possible Downgrade, currently
       Aaa

    -- Cl. M-1, Placed on Review for Possible Downgrade,
       currently Aaa

    -- Cl. M-2, Downgraded to Ba1 from Aa2

    -- Cl. M-3, Downgraded to Ba2 from Aa2

    -- Cl. M-4, Downgraded to B1 from Aa3

    -- Cl. M-5, Downgraded to B3 from Baa3

    -- Cl. M-6, Downgraded to Ca from B1

    -- Cl. M-7, Downgraded to C from Caa1


SPANSION INC: Fitch Maintains Issuer Default Rating at 'B-'
-----------------------------------------------------------
Fitch Ratings affirmed Spansion Inc.'s Issuer Default Rating at
'B-' while downgrading these issue-level ratings due to lower
recovery prospects:

  -- US$175 million senior secured revolving credit facility due
     2010 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 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
     market 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 and supported by:

  i) 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 wasUS$1.4 billion and consisted
primarily of:

  i)  approximately US$260 million outstanding under a JPY 48.8
      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

   v) approximately US$80 million of other debt, including
      capital leases.




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


DURA AUTOMOTIVE: Creditor Balks at Confirmation of Chap. 11 Plan
----------------------------------------------------------------
Johnson Electric North America, Inc., asked the U.S. Bankruptcy
Court for the District of Delaware to deny confirmation of Dura
Automotive Systems Inc. and its debtor-affiliates' Joint Plan of
Reorganization.

Charlene D. Davis, Esq., at The Bayard Firm, in Wilmington,
Delaware, says the Plan is unconfirmable because it provides for
the assumption of a contract between with Debtors and Johnson
Electric without proposing to cure the existing default of
US$2,078,859, under the contract.

Failure to cure existing default violates Sections 365(b),
1123(b) and 1123(d) of the Bankruptcy Code, thus rendering the
Plan unconfirmable, Ms. Davis asserts.

Johnson Electric asked that, if the Court confirms the Plan, the
Court should compel the Debtors to pay the US$2,078,859 Cure
Amount.

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

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

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

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

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

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


PHOTRONICS: Moody's Retains B1 Rating; Gives Negative Outlook
----------------------------------------------------------------
Moody's Investors Service affirmed Photronics, Inc.'s B1
corporate family rating, but revised its ratings outlook to
negative from stable.

The outlook revision reflects Moody's concern over Photronics'
liquidity given the pending maturity of the US$150 million
convertible subordinated notes on April 15, 2008.  Although the
company should have the capacity to redeem these notes, the
commensurate reduction in cash and increase in revolving credit
facility borrowings will likely pressure covenant compliance and
diminish the company's financial flexibility at a time when
access to new capital is uncertain.  The outlook revision also
reflects weaker than expected operating performance relative to
Moody's expectations.

The company has experienced significant margin erosion due to
average selling price declines as well as an increased
manufacturing base.  Moody's notes that high capital spending
levels for the U.S. nanofab facility in Boise will likely result
in negative free cash flow for the current fiscal year.

The rating is supported by the potential for improved operating
performance in the remainder of fiscal 2008, the relative
stability of business volumes, and the company's moderate
leverage with debt-to-EBITDA at 2.5 times for the twelve months
ended Jan. 27, 2008; however, Moody's recognizes that a material
portion of the company's earnings and cash flows are derived
from overseas.

These ratings were affirmed:

  -- Corporate Family Rating at B1;

  -- Probability of Default Rating at B1;

  -- US$150 million 2.25% convertible subordinated notes due
     2008 at B3 (LGD5, 83%). Point estimate revised from (LGD5,
     86%).

To the extent Photronics' redeems the full amount of the
convertible subordinated notes, Moody's will withdraw the
company's ratings.

Brookfield, Connecticut-based Photronics, Inc. is a leading
manufacturer of photomasks, which are high precision
photographic quartz plates containing microscopic images of
electronic circuits used to transfer circuit patterns onto
semiconductor wafers and flat panel substrates during front-end
fabrication. Sales for the twelve months ended Jan. 27, 2008
were US$419 million.


TAEYANG METAL: Declares Annual Cash Dividend
--------------------------------------------
Taeyang Metal Industrial Co. Ltd.'s Board of Directors has
declared an annual cash dividend of KRW100 per common share and
KRW150 per preferred share, Reuters Investing Keys repors.

According to the report, the dividend will be payable on
April 10, 2008, to shareholders of record on December 31, 2007.

The total cash dividend amount is KRW405,416,600, the report
adds.

With headquarters and factory in Gyeonggi Province, Korea,
Taeyang Metal Industrial Co., Ltd. --
http://www.taeyangmetal.com/-- is engaged in the provision of
cold-forged automobile products.  The company produces two main
products: cold forging products and fasteners, including
cylinder head bolts, con rod bolts, bearing cap bolts, crank
pulley bolts, tie rod pins, ball studs, plug bolts, fly wheel
bolts, hub bolts and nuts, hex-stud bolts, hexagon socket head
bolts, special bolts and nuts, hose bend screws, self-clinching
screws, pins, stator bolts and refrigerator compressor bolts,
and cold forging products for automobiles, cylinder head bolts,
bearing cap bolts, con rod bolts, pulley lock bolts, hub bolts,
tie bolts, washer assemblies hex bolts, flange bolts and stud
bolts.

Korea Ratings gave the company's commercial papers a B+ rating
on Sept. 22, 2006.


WOORI TECHNOLOGY: Amends Issuance of Fifth Bonds with Warrants
--------------------------------------------------------------
Woori Technology Inc. has made amendments to the issuance of its
fifth bonds with warrants, Reuters Investing Keys reports.

According to the report, the details of the amendments are:

   -- issue size KRW105 million
   -- exercise price of KRW790 per share.

Headquartered in Seoul, Korea, Woori Technology Inc. --
http://www.wooritg.com/-- is a manufacturer specialized in the
provision of electronic equipment.  The company operates its
business through information communication and system divisions.
Its information communication business division provides audio
visual (AV) receivers, set-top boxes (Stubs), board virtual
machine environment (VME), digital versatile disc (DVD) players
and other related products.  Its system business division offers
distributed control systems (DCS), monitoring devices used in
nuclear power plants and power management systems.  In addition,
the company provides robots used in home, cleaning and guiding.

Korea Ratings gave the company's KRW2.20 billion straight bond
private offering a B- rating with a stable outlook.




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

MANGIUM: Subsidiary Receives Writ of Summons from Alliance Bank
---------------------------------------------------------------
Mangium Sawmill Sdn Bhd, a wholly owned subsidiary of Mangium
Industries Bhd has on, February 26, 2008, received a Writ of
Summons together with a Statement of Claim dated from Alliance
Bank Malaysia Berhad.  The Statement of Claim alleges that
Mangium Sawmill had defaulted in repayments of the facilities
granted to it by Alliance.

The claims made by Alliance against Mangium Sawmill are:

   a) the sums of MYR17,720,266.63 and MYR1,903,747.76;

   b) agreed interest on the total outstanding OD facility of
      MYR17,720,266.63 at the rate of 10.25% per annum from
      August 31, 2007, to date of payment;

   c) overdue interest on the total outstanding Bankers
      Acceptance Facility of MYR1,903,747.76 at the rate of
      10.25% per annum from August 31, 2007, to date of payment;

   d) legal costs of recovering the mentioned outstanding sums
      on a solicitor/clients basis; and

   e) other relief that may be deemed fit and proper by the
      Court.

Mangium Sawmill is currently seeking legal advice and will
announce further development on this matter as and when
necessary.

Mangium Industries Berhad's principal activities are the
manufacture and trade of timber and timber related products.
Other activities include provision of printing services,
publisher, printer consultants and advertisers, trading of
alcoholic beverages, general trading of office furniture,
operation and development of the plantation and investment
holding.  Operations of the Group are carried out in Malaysia.

The TCR-AP reported on May 25, 2007, that Mangium Industries, on
May 22, became an affected listed issuer pursuant to the
provisions of Amended Practice Note 17/2005, as its
shareholders' equity on consolidated basis is less than 25% of
its issued and paid-up capital.  As an affected listed issuer,
Mangium is required to formulate and implement a plan to
regularize its financial condition within a timeframe stipulated
by relevant authorities.


MEGAN MEDIA: Court Appoints Provisional Liquidators for Unit
------------------------------------------------------------
The High Court of Malaya at Kuala Lumpur has appointed Cho Choo
Meng and Mohd Anwar bin Yahya of PricewaterhouseCoopers Malaysia
as the Provisional Liquidators of Megan Media Holdings Berhad's
wholly owned subsidiary, Memory Tech Sdn Bhd.

   * Events leading to appointment of Provisional Liquidators

Pursuant to the Trust Deed dated October 11, 2005, as amended by
a Supplementary Trust Deed dated November 9, 2006, between
Mayban Trustees Berhad -- the Petitioner and Memory Tech, these
Bai Bithamin Ajil Islamic Debt Securities was issued by Memory
Tech:

   a) MYR320 million nominal value of primary bonds; and

   b) MYR112.27 million nominal value of non-detachable
      secondary bonds and Hibah Promissory Notes of
      MYR40.56 million.

Following Megan Media's announcements regarding to its inability
to honor maturing banking facilities, Mayban Trustees issued a
Declaration of Event of Default against Memory Tech, as
instructed by the bondholders, on May 30, 2007, followed by a
demand for payment against Megan Media as guarantor, for
MYR436.11 million on June 5, 2007.

Subsequently, the winding-up petition and the Summons in
Chambers for the appointment of Provisional Liquidators were
served on Memory Tech on September 19, 2007.

The company was in continuous discussions with the Creditor
Banks to formulate a restructuring scheme since its first PN1
announcement in May 2007.  In the meeting convened with creditor
banks on January 25, 2008, the majority of creditor banks
present reverted in support of the continuance of the
Restraining Order but the company was unable to garner the
requisite number of support to obtain an extension of the
Restraining Order.

As the company was unable to secure the requisite support from
Scheme Creditors for the extension of the Restraining Order or
to pursue a scheme of arrangement with Creditor Banks, the Board
had resolved, in good conscience, that it will not resist any
winding up action initiated by any creditor.

The hearing of the wind-up petition is fixed for March 5, 2008.

   * Effects in the appointment of Provisional Liquidators

The appointment of Provisional Liquidator has significant impact
on Megan Media's operations as Memory Tech was the sole
manufacturing entity of the Group.  Upon losing control of
Memory Tech, Megan Media will essentially be a listed holding
company with no operating subsidiary, except for Memory Media
Sdn Bhd, which is a trading entity for goods manufactured by
Memory Tech.

Financially, upon losing control of Memory Tech, its financial
results will no longer be consolidated into Megan Media's
accounts.  This is a significant impact as Memory Tech
contributed more than 97% of the Group's revenue as at
April 30, 2007, and more than 93% of the Group's assets are held
under Memory Tech as at April 30, 2007.

Memory Tech is principally engaged in the manufacture and sale
of data storage products like computer diskettes, videocassette
tapes, compact disc recordable and digital versatile disc
recordable.  Its present authorized share capital is
MYR300 million comprising 300 million ordinary shares of MYR1.00
each of which 130 million ordinary shares of MYR1.00 each have
been issued and fully paid up.  Memory Tech's net liabilities as
at April 30, 2007, reached MYR904.49 million.

Megan Media Holdings Berhad's principal activities are
manufacturing and trading data storage media products like
Computer diskettes, video cassette tapes, compact disc
recordable (CD-R's) and digital versatile disc recordable (DVD-
R's).  The Group operates in Malaysia, Singapore and other
countries.

The Troubled Company Reporter-Asia Pacific reported on
June 11, 2007, that the Rating Agency Malaysia downgraded the
long-term rating of Memory Tech Sdn Bhd's MYR320 million Bai
Bithaman Ajil Islamic Debt Securities (2005/2012) ("BaIDS"),
from C3 (with a negative outlook) to D.  The BaIDS carries a
corporate guarantee from MTSB's holding company, Megan Media
Holdings Berhad.

Concurrently, RAM has lifted the Rating Watch (with a negative
outlook) that had been placed on MTSB on May 9, 2007, following
the failure of MTSB and MJC (Singapore) Pte Ltd, another wholly
owned subsidiary of Megan Media, to repay their trade facilities
amounting to MYR47.36 million.

On June 19, 2007, the company was classified as a PN17 company,
and was given eight months to submit a substantive plan to
regularize its financial condition.


SELOGA HOLDINGS: Incurs MYR4.42 Mil. in Qtr. Ended Dec. 31, 2007
----------------------------------------------------------------
Seloga Holdings Berhad incurred a MYR4.42-million net loss on
MYR15.15 million of revenues in the fourth quarter ended
Dec. 31, 2007, as compared to a net loss of MYR1.2 million on
MYR30.39 million of revenues in the same quarter of 2006.

The company's balance sheet as of December 31, 2007, reflected
strained liquidity with current assets of MYR78 million
available to pay MYR83.42 million of current liabilities coming
due within the next 12 months.

Seloga's balance sheet as of end-December also showed total
assets of MYR136.86 million and total liabilities of
MYR109.22 million, resulting in a shareholders' equity of
MYR27.64 million.

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding. Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings. The Group operates predominantly in Malaysia.

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.


SOLUTIA: May Pay US$5,000,000 to Waive Backstop Commitment Pact
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Solutia Inc. and its debtor-subsidiaries to
pay not more than US$5,000,000 to waive conditions to the
backstop commitment agreement relating to the US$2,050,000,000
exit financing funded by Citigroup Global Markets Inc., Goldman
Sachs Credit Partners L.P., and Deutsche Bank Securities Inc.

Under the Backstop Commitment Agreement, investors, comprised of
Highland Crusader Holding Corporation, Merrill Lynch, Pierce,
Fenner and Smith Incorporated; funds managed by Longacre Fund
Management LLC; funds managed by Murray Capital Management,
Inc.; Bear, Stearns & Co., Inc., as an assignee of Southpaw
Asset Management's interest; and UBS Securities LLC, agreed to
backstop Solutia's US$250,000,000 rights offering in exchange
for certain fees and the right to purchase 15% -- or
US$37,500,000 -- of the rights offering.  The Rights Offering is
fully subscribed, but Solutia still needs the Backstop
Investors, or another party, to purchase the 15% interest that
was reserved for the Backstop Investors.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
notes that the Backstop Investors can terminate their obligation
to purchase the 15% stake of the US$250,000,000 loan based on
the occurrence of one of several conditions under the Backstop
Commitment Agreement.  One of the conditions regarding call
protection on the terms loans will not be met under the Exit
Financing, he said.

Because the Exit Financing does not satisfy the condition
regarding the call protection, the Backstop Investors can walk
away from their right and obligation to purchase US$37,500,000
of the Rights Offering that Solutia needs upon emergence, Mr.
Henes explained.

"Accordingly, there is a very good business reason for Solutia
to make aUS$5 million payment to remove this final obstacle to a
successful reorganization," Mr. Henes said.

                     About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc.
(OTCBB:SOLUQ)(NYSE:SOA- WI) -- http://www.solutia.com/-- and
its subsidiaries, engage in the manufacture and sale of
chemical-based materials, which are used in consumer and
industrial applications worldwide.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan.  (Solutia Bankruptcy News, Issue
No. 119; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

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

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


SOLUTIA INC: Resolution of Adversary Proceeding vs. Exit Lenders
----------------------------------------------------------------
Citigroup Global Markets Inc., Goldman Sachs Credit Partners
L.P., Deutsche Bank Securities Inc., and Deutsche Bank Trust
Company Americas objected to Solutia's motion to compel the
deposition of various parties.

William C. Repko, a senior managing director at Evercore Group
LLC, an investment banking boutique, delivered to the Court an
expert report, which concluded, among others, that: "The
judgment expressed by each of the [Exit Lenders] on
Jan. 30, 2008, that an adverse change in the syndication,
financial or capital markets generally since Oct. 25, 2007, had
materially impaired syndication of the Solutia Facilities was,
from the perspective of my experience as a participant in these
markets for more than 25 years, a reasonable judgment."

A full-text copy of Mr. Repko's expert report can be found at:
http://ResearchArchives.com/t/s?2888

Christopher L. Culp, a senior advisor with CompassLexecon, a
consulting firm that applies economic analysis to legal and
regulatory matters, also delivered his own expert report to the
U.S. Bankruptcy Court for the Southern District of New York.
Hired on behalf of Solutia, Mr. Culp said: "I conclude
that the deteriorations in loan, financial, and capital market
conditions leading up to the signing of the Commitment Letter
ultimately trace back to the subprime crisis and the precarious
situation of the leveraged loan market when the crisis struck
in the Summer of 2007.  Current market conditions continue to
reflect, experience, and adjust to 'aftershocks' arising from
the same original subprime quake that was roiling markets three
months ago when the banks executed their Commitment Letter with
Solutia and for several months before."

A full-text copy of Mr. Culp's expert report can be found at:
http://ResearchArchives.com/t/s?2889

Mr. Repko and Mr. Culp also delivered Rebuttal Reports.  A full-
text copy of Mr. Repko's rebuttal report can be found at:
http://ResearchArchives.com/t/s?288a

A full-text copy of Mr. Culp's rebuttal report is at:
http://ResearchArchives.com/t/s?288b

The Banks prepared a pre-trial brief, a copy of which is at:
http://ResearchArchives.com/t/s?288c

Solutia's pre-trial brief can be found at:
http://ResearchArchives.com/t/s?288d

                        *     *     *

The Court held a three-day hearing from Feb. 21-23, 2008, on
Solutia's complaint against Citigroup, Goldman Sachs, and
Deutsche Bank.

Following the close of the evidence and after extensive
discussions, and in view of the risks and uncertainties of the
litigation to both sides, Solutia and the Commitment Parties
agreed to the final terms of Solutia's exit financing, which
included a waiver by the Commitment Parties of the market-based
adverse change condition, certain modified economic terms, and
an agreement by the parties to pay all of their own fees and
costs from the litigation.  The Exit Financing is substantially
consistent with the terms of the Oct. 25, 2007, commitment
letter, which the Court approved on Nov. 20, 2007.  The Exit
Financing is scheduled to close on Feb. 28, 2008.  Upon
funding of the Exit Financing, Solutia will dismiss its lawsuit
against the Commitment Parties with prejudice.

                 Dispute Over Exit Financing

As reported in the Troubled Company Reporter on Jan. 24, 2008,
Solutia Inc. discloses that the effective date of its confirmed
plan of reorganization and its emergence from Chapter 11 will be
delayed from the previously anticipated Jan. 25, 2008 emergence
date.

As previously reported, Solutia's Consensual Plan, which was
confirmed on Nov. 29, 2007, is subject to numerous closing
conditions, including entering into an exit financing facility.
The lead arrangers of Solutia's exit financing -- Citigroup
Global Markets Inc. and certain of its affiliates, Goldman Sachs
Credit Partners L.P., Deutsche Bank Trust Company Americas and
Deutsche Bank Securities Inc. -- informed Solutia yesterday
that, in their view, due to continuing conditions in the credit
markets, they have not been able to complete the exit financing
they committed to on October 25, 2007. The exit financing
consists of a US$1,200,000,000 senior secured term loan
facility, a US$400,000,000 senior secured asset-based revolving
credit facility and US$400,000,000 aggregate principal amount of
senior unsecured notes.

On Feb. 14, 2008, the exit lenders sought a declaratory
judgment, that among other things, their funding obligations are
conditioned upon satisfaction of the "Adverse Market Change
Provision.

D. J. Baker, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in New York, counsel for the Commitment Parties, contends that
Solutia "goes to great lengths to create a smokescreen of
alleged extraneous and irrelevant matters in order to distract
from the fact that the Commitment Letter is a simple contract
with unambiguously clear, concise and enforceable terms and
conditions which have not been satisfied."

                     About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc.
(OTCBB:SOLUQ)(NYSE:SOA- WI) -- http://www.solutia.com/-- and
its subsidiaries, engage in the manufacture and sale of
chemical-based materials, which are used in consumer and
industrial applications worldwide.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan.  (Solutia Bankruptcy News, Issue
No. 119; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

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

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


SOLUTIA INC: Court Approves Non-Material Modifications to Plan
--------------------------------------------------------------
Solutia Inc. and its debtor-subsidiaries sought and obtained the
U.S. Bankruptcy Court for the Southern District of New York's
approval of two "non-material" modifications to their Plan of
Reorganization.

The first modification will provide that Monsanto will waive its
right to be paid its professional fees -- which were capped at
the amount of the allowed fees for the Official Committee of
Unsecured Creditors -- under Section V.B.6 of the Plan in return
for a credit on a dollar-for-dollar basis in the amount that
Monsanto may owe Solutia in 2012 upon its exit from Chocolate
Bayou, i.e., Solutia's chemical manufacturing facility in Alvin,
Texas, under the Chocolate Bayou Settlement.

The second modification will provide a release by the Debtors
for Citigroup Global Markets Inc., Goldman Sachs Credit Partners
L.P., Deutsche Bank Securities Inc., in all of their capacities
under Section X.B.1 of the Plan.  Upon funding of the
US$2,005,000,000 exit financing, Solutia will release its claims
against Citigroup, et al., and dismiss all claims with
prejudice.

Section 1127(b) of the Bankruptcy Code provides in pertinent
part, "the reorganized debtor may modify the plan at any time
after confirmation of the plan and before substantial
consummation of the plan, but may not modify the plan so that
the plan as modified fails to meet the requirements of sections
1122 and 1123 of this title.  The plan as modified under this
subsection becomes the plan only if circumstances warrant the
modification and the court, after notice and a hearing, confirms
the plan as modified, under section 1129 of this title."

                      About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc.
(OTCBB:SOLUQ)(NYSE:SOA- WI) -- http://www.solutia.com/-- and
its subsidiaries, engage in the manufacture and sale of
chemical-based materials, which are used in consumer and
industrial applications worldwide.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan.  (Solutia Bankruptcy News, Issue
No. 119; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

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

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


TECHVENTURE BERHAD: Dec. 31 Balance Sheet Upside-Down by MYR37MM
----------------------------------------------------------------
Techventure Berhad's balance sheet went upside down to
MYR37.06 million after posting total assets of MYR123.59 million
and total liabilities of MYR160.66 million as of Dec. 12, 2007.

The company's balance sheet as of end-December also reflected
strained liquidity with current assets of MYR8.3 million
available to pay MYR160.45 million of current liabilities coming
due within the next 12 months.

Techventure also incurred a net loss of MYR3.62 million on
MYR3.14 million of revenues in the quarter ended Dec. 31, 2007,
compared with the MYR16.15-million net loss on MYR5.63 million
of revenues in the same period of 2006.

Techventure Berhad is based in Selangor, Malaysia. Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products like septic tanks, playground
equipment, traffic barriers, and water tanks. It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported. In
addition, the Group also manufactures ice cream.

The Troubled Company Reporter-Asia Pacific reported on
May 10, 2006, that Bursa Malaysia Securities Berhad has
identified Techventure Berhad as an affected listed issuer
having triggered two of the criteria of the Amended Practice
Note 17 category.

The company fell under the category because:

-- the auditors have expressed a modified opinion with
   emphasis on Techven's going concern status in the latest
   audited accounts for the financial year ended Dec. 31, 2005,
   and

-- there are defaults in payment by Techven and its major
   subsidiaries as announced pursuant to Practice Note
   No. 1 and Techven is unable to provide a solvency
   declaration to Bursa Malaysia Securities Berhad.




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


APPAREL INDEX: Court to Hear Wind-Up Petition on March 12
---------------------------------------------------------
A petition to have The Apparel Index Ltd.'s operations wound up
will be heard before the High Court of Auckland on
March 12, 2008, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
Jan. 9, 2008.

The CIR's solicitor is:

          Michael Kinlim Yan
          c/o Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150, Takapuna
          Auckland
          New Zealand
          Telephone:(09) 984 1514
          Facsimile:(09) 984 3116


BACKSPACE LTD: Undergoes Liquidation Proceedings
------------------------------------------------
Backspace Ltd.'s directors and shareholders agreed on
Feb. 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

CLEAN SEAS: Reports AU$26,000 Net Loss for Half-Year
----------------------------------------------------
Clean Seas Tuna Limited has reported a net loss of AU$26,000 for
the half-year ended Dec. 31, 2007, The Fish Site says.  During
the half year the company completed the acquisition of Clean
Seas Aquaculture Growout Pty. Limited consolidating all Stehr
family aquaculture interests with Clean Seas.

Clean Seas also saw a successful capital raising of AU$36.8
million in Nov. 2007 at AU$1.35 per share through a private
placement and a 1:8 non-renouncable rights issue, the report
says.

                   About Clean Seas Tuna

Port Lincoln, Australia-based Clean Seas Tuna Limited --
http://www.cleanseastuna.com/-- is engaged in the propagation
of Kingfish producing fingerlings for sale, as well as the
growout of Kingfish and Mulloway. In addition, the company is
also constructing an onshore Southern Bluefin Tuna broodstock
facility at Arno Bay.

The Troubled Company Reporter-Asia Pacific's July 10, 2007
distressed bonds column listed Clean Seas Tuna's bond, with a
9.000% coupon and a September 30, 2008 maturity date, and priced


D J & P L ZANDER: Fixes March 15 as Last Day to File Claims
-----------------------------------------------------------
The creditors of D J & P L Zander Ltd. are required to file
their proofs of debt by March 15, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Robert Knyvett
          Accumulus, Chartered Accountants
          109B Main Road
          PO Box 202, Katikati
          New Zealand
          Telephone:(07) 549 0977
          Facsimile:(07) 549 1632


GLOBAL STRATEGY: Subject to CIR's Wind-Up Petition
--------------------------------------------------
On October 29, 2007, the Commissioner of Inland Revenue filed a
petition to have Global Strategy Managers Ltd.'s operations
wound up.

The petition will be heard before the High Court of Auckland on
March 6, 2008, at 10:45 a.m.

The CIR's solicitor is:

          Simon John Eisdell Moore
          Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland
          New Zealand


NORM BENGSTON: Commences Liquidation Proceedings
------------------------------------------------
Norm Bengston Ltd.'s shareholders agreed on Feb. 14, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Roderick Thomas McKenzie at
McKenzie & Partners Limited to facilitate the sale of its
assets.

Creditors are required to file their proofs of debt by
March 21, 2008, to be included in the company's dividend
distribution.

The liquidator can be reached at:

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


ONE BROADCAST: Taps van Delden & Whittfield as Liquidators
----------------------------------------------------------
On February 12, 2008, the shareholders of One Broadcast Ltd.
appointed Boris van Delden and John Trevor Whittfield as the
company's liquidators.

Creditors are required to file their proofs of debt by
March 18, 2008, to be included in the company's dividend
distributon.

The liquidators can be reached at:

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


RIVERPARK LTD: Commences Liquidation Proceedings
------------------------------------------------
Riverpark Ltd.'s directors and shareholders agreed on
Feb. 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


SANCTUARY DEVELOPMENTS: Placed Under Voluntary Liquidation
----------------------------------------------------------
Sanctuary Developments (Portobello Terraces) 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


STEWART ISLAND: Taps Cain & Hollis as Liquidators
-------------------------------------------------
On February 11, 2008, Rhys James Cain and Malcolm Grant Hollis
were tapped liquidators of Stewart Island Investments Ltd.

Messrs. Cain and Hollis require the company's creditors to file
their proofs of debt by March 11, 2008.

The liquidators can be reached at:

          Rhys James Cain
          Malcolm Grant Hollis
          c/o PricewaterhouseCoopers
          119 Armagh Street
          PO Box 13244, Christchurch
          New Zealand
          Telephone:(03) 374 3000
          Facsimile:(03) 374 3001


T & J TE HUNA: Fixes March 13 as Last Day to File Claims
--------------------------------------------------------
T & J Te Huna Contracting Ltd. requires its creditors to file
their proofs of debt by March 13, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Rhys James Cain
          Malcolm Grant Hollis
          c/o PricewaterhouseCoopers
          119 Armagh Street
          PO Box 13244, Christchurch
          New Zealand
          Telephone:(03) 374 3000
          Facsimile:(03) 374 3001




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


GLOBE TELECOM: To Hold Annual Stockholders Meeting on April 1
-------------------------------------------------------------
Globe Telecom, Inc., has scheduled its regular annual
stockholders' meeting on April 1, 2008, at 9:00 a.m., at the
InterContinental Manila in Makati City.

Included in the meeting's agenda is the annual report of
officers, election of directors, and election and fixing the
renumeration of auditors.

Only stockholders of record as of Feb. 19 will be entitled to
vote at the meeting.

Headquartered in Mandaluyong City, Philippines, Globe Telecom,
Inc. -- http://www.globe.com.ph/-- is one of the country's
major telecommunications companies.  It was incorporated on
January 15, 1935 as a traditional provider of telex/telegram and
VSAT services.  Thereon, it diversified its business into a
cellular, landline and international gateway facility services
provider for long distance telephone calls.

The TCR-AP also reported on November 16, 2007 that Fitch Ratings
affirmed Globe Telecom's issuer and instrument ratings including
the BB+ ratings on the company's Long-term foreign currency IDR
and senior unsecured debt instruments.


MANILA MINING: Annual Shareholders Meeting Set on April 22
----------------------------------------------------------
Manila Mining Corporation informed the Philippine Stock Exchange
that it's board of directors has set the annual stockholders
meeting on April 22, 2008, at 3:00 p.m. at The Penensula Manila
in Makati City.

In that regard, Manila Mining will close its stock and transfer
book from March 12, the record date, to the March 24.

The board has fixed March 13 as the deadline for nominations for
independent directors.

                     About Manila Mining

Manila Mining Corporation -- http://www.manilamining.com/-- was
incorporated primarily to carry out the business of mining,
milling, concentrating, converting, smelting, treating,
preparing for market, manufacturing, buying, selling, exchanging
and otherwise producing and dealing in precious and semi-
precious metals, ores, minerals and their by-products.  The
company is an affiliate of Lepanto Consolidated Mining Company.
It started its mining operations in Placer, Surigao del Norte in
1981.  Up until it suspended its mining and milling operations
in July 2001, the company produced gold bullion through a
Carbon-In-Pulp (CIP) Plant.

The company has reported a three-year consecutive net loss of
PHP112.7 million, PHP147.4 million and PHP126.9 million for the
year ended December 31, 2006, 2005 and 2004, respectively.


PHIL. LONG DISTANCE: ePLDT's BPO Unit Ranks High in BPO Survey
--------------------------------------------------------------
SPi, ePLDT Inc.'s business process outsourcing subsidiary, has
been ranked No. 3 in the "Leader, Emerging Asian Markets"
category, No. 6 in "Best Performing BPO Provider" category and
No. 9 in "Leader, Human Capital Development" category in the
2008 Global Services 100 Survey conducted by Global Services
magazine and neoIT, an outsourcing advisory firm.  ePLDT is a
wholly-owned subsidiary of Philippine Long Distance Telephone
Co.

The Global Services 100 is a ranking of the world's top 100
service providers across various BPO and IT sectors, PLDT said
in a press release.  In developing the ranking, Global Services
and neoIT collected third party and participant-provided data to
evaluate and score service providers across four major
categories -- operational excellence, human capital, service
offerings, and client relationships.

According to the release, SPi has consistently been in the Top
10 list of "Best Performing BPO Providers" and "Leaders, Human
Capital Development" since 2005.  This year, SPi not only
maintains its Top 10 ranking in these categories, but it has
also been included in the Top 3 of another category, "Leader,
Emerging Asian Markets".

Reflecting on the latest rankings, Peter Maquera, SPi's
President and CEO, commented, "Being ranked as a top-tier BPO
Provider and a Leader in Human Capital Development for four
consecutive years is confirmation of our unwavering commitment
to grow our people, of our dedication to a strategic partnership
approach with our clients, and of our resolute commitment to
continuous process improvements in everything that we do."

Ray Espinosa, Chairman of SPi, said, "We are proud of SPi for
continuously being included in this prestigious list of leading
global BPO providers.  We are equally pleased to see that SPi
has been included in the "Leader, Emerging Asian Markets" for
the first time.  Our high ranking in this category is a
testament to our ability to compete with other large global
outsourcing companies in terms of scope of service, quality and
cost effectiveness.

The Philippines remains SPi's major hub for its delivery
operations with 12 locations in Manila, Laguna, Cebu, Dumaguete,
Clark and Iloilo and over 7,000 employees nationwide."

                        About ePLDT

ePLDT -- http://www.epldt.com-- is an information and
communications technology company providing enabling
infrastructure and services focusing on next-generation
communications, connectivity and content to corporate clients
and consumers.


                         About SPi

SPi -- http://www.spi-bpo.com-- is a full-service Business
Process Outsourcing solutions provider with offices and
facilities across North America, Europe, and Asia.  SPi has more
than 14,000 employees worldwide delivering a wide range of call
center and knowledge-based outsourcing services to diversified
markets, including Healthcare, Legal, and Publishing.

                         About PLDT

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
=================


JAL TECHNOLOGY: Court to Hear Wind-Up Petition on March 7
---------------------------------------------------------
A petition to have JAL Technology (S) Pte. Ltd.'s operations
wound up will be heard before the High Court of Singapore on
March 7, 2008, at 10:00 a.m.

Seiko Epson Corporation filed the petition on February 1, 2008.

Seiko Epson's solicitors are:

          Messrs. Alban Tay Mahtani & de Silva LLP
          39 Robinson Road
          #07-01 Robinson Point
          Singapore 068911


METSO FIBER: Creditors' Proofs of Debt Due on March 24
------------------------------------------------------
The creditors of Metso Fiber Pte. Ltd. are required to file
their proofs of debt by March 24, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Jacqueline Chan Li Shan
          171 Chin Swee Road
          #08-01 San Centre
          Singapore 169877


SCOTTISH RE: A.M. Best Downgrades FSR to B with Neg. Outlook
------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to B
from B+ and the issuer credit ratings to "bb" from "bbb-" of the
primary operating insurance subsidiaries of Scottish Re Group
Limited. A.M. Best also has downgraded the ICR to "b-"from "bb-"
and the various debt ratings of Scottish Re. The outlook for all
ratings is negative.

These rating actions are based on A.M. Best's opinion that
continuing market deterioration in the subprime mortgage loan
market will result in additional delinquencies and losses and
that the uncertainty surrounding the ultimate impact of
investment write-downs on Scottish Re, its subsidiaries and
special purpose vehicles like Ballantyne Re are not appropriate
for "Secure" FSRs. The rating downgrades also reflect A.M.
Best's concerns with the ongoing pricing, volatility, valuation
and default risk in the mortgage-backed securities market, which
could result in substantial negative impact on the company's
consolidated balance sheet.

A.M. Best notes that Scottish Re remains heavily dependent upon
offshore securitizations for its XXX reserves. While a majority
of Scottish Re's XXX reinsurance structures are bankruptcy
remote, an additional rating concern is the deterioration in the
market value of the underlying collateral, which reduces the
amount available to fund future reserve increases. Large write-
downs on subprime loans held in the SPV's investment portfolio
could potentially deplete the capital held within those
structures. If any deficiency were to develop, Scottish Re's
operating subsidiaries may be required to pledge additional
assets to secure reserve credit outside of the securitization
structure.

Given the increased risk commonly associated with lower rated
companies, A.M. Best has widened the notching for its debt
ratings and downgraded the senior debt.

The FSR has been downgraded to B from B+ and the ICRs to "bb"
from "bbb-" for these subsidiaries of Scottish Re Group Limited:

  -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.;
  -- Scottish Re (U.S.), Inc.;
  -- Scottish Re Life Corporation;
  -- Scottish Re Limited;
  -- Orkney Re, Inc.

The ICR has been downgraded to "b-" from "bb-" for Scottish Re
Group Limited.

These debt ratings have been downgraded:

Scottish Re Group Limited:

  -- to "ccc" from "b" on US$125 million non-cumulative
     preferred shares;

Stingray Pass-thru Trust:

  -- to "bb" from "bbb-"on US$325 million 5.902% senior secured
     pass-thru certificates, due 2012

These indicative ratings for debt securities have been
downgraded:

Scottish Re Group Limited:

  -- to "b-" from "bb-"on senior unsecured debt
  -- to "ccc+" from "b+" on subordinated debt
  -- to "ccc" from "b" on preferred stock
  -- Scottish Holdings Statutory Trust II and III--
  -- to "ccc+" from "b+" on preferred securities

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


SEA CONTAINERS: Court Stretches Plan-Filing Period to April 15
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware further
extended, until April 15, 2008, Sea Containers Ltd. and its
debtor-affiliates' exclusive period to file a plan of
reorganization.

The Court also fixed June 16, 2008, as the deadline for the
Debtors to solicit acceptances of that plan.

As reported in the Troubled Company Reporter on Feb. 18, 2008,
the Debtors told the Court that this will be their last request
for an extension of the Exclusive Periods, in accordance with
Section 1121(d)(2) of the U.S. Bankruptcy Code.

The Debtors related that since filing their last exclusivity
request, they have made substantial progress on the (i) change
of control arbitration, and (ii) treatment of claims arising on
account of the Debtors' pension scheme liabilities.  The Debtors
also hope to engage in discussions with GE to resolve open
disputed issues between them with respect to GE SeaCo.

The Debtors related that they obtained a favorable result in the
change of control arbitration.  The arbitrator ruled in favor of
Sea Containers Ltd. by finding that a change of control did not
occur as a result of the resignation of Jim Sherwood, its
president, chief executive officer, and chairman of the board.

The Debtors also related that they have reached agreement on the
terms of a settlement with the Official Committee of Unsecured
Creditors for Sea Containers Services Ltd. and the Pension
Trustees with respect to the Debtors' pension scheme
liabilities.  The Debtors expect to file a request to approve
the settlement in the near term.

Maintaining exclusivity will allow the Debtors to focus on
obtaining approval of the Pension Settlement, which the Debtors'
view as a prerequisite to filing a Chapter 11 plan.  Failure to
obtain the extension can lead only to unnecessary distraction
and delay in resolving the Debtors' pension scheme liabilities,
a task that must be completed before a viable Plan can be
presented to the Court, the Debtors said.

The Debtors believe that the requested extension will also
facilitate the arrangement of exit financing.

                     About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court previously gave the Debtors until Feb. 20, 2008 to
file a plan of reorganization.


SEPOMS TECHNOLOGY: Wind-Up Petition Hearing Set for March 7
-----------------------------------------------------------
The High Court of Singapore will hear on March 7, 2008, at
10:00 a.m., a petition to have Sepoms Technology Pte. Ltd.'s
operations wound up.

Seiko Epson Corporation filed the petition on January 31, 2008.

Seiko Epsons' solicitors are:

          Messrs. Alban Tay Mahtani & de Silva LLP
          39 Robinson Road
          #07-01 Robinson Point
          Singapore 068911


SOTHEBY'S: Earnings Rise to US$102MM in Quarter Ended Dec. 31
-------------------------------------------------------------
Sotheby's reported results for the fourth quarter and full year
ended Dec. 31, 2007.

The company's net income for the fourth quarter of 2007 was a
record US$102.4 million compared to US$70.3 million for the
prior period, a 46%, or US$32.1 million improvement, due to
growth in auction commission revenues.  These results include a
US$32.2 million, or 49%, increase in salaries and related costs,
due to higher incentive compensation costs attributable to the
strong results for the period well as higher full time salaries.

For the quarter ended Dec. 31, 2007, the company reported record
revenues of US$345.8 million, an US$82.6 million, or 31%,
increase over the prior fourth quarter, due to higher auction
commission revenues.

Net income for the full year 2007 totaled US$213.1 million,
about double the 2006 figure of US$107 million.  These results,
due to the revenue increases mentioned above, are partially
offset by a 30% rise in salaries and related costs from higher
incentive compensation costs due to the exceptional financial
performance for the year well as increased full time salaries
and stock compensation expense over the period.

Total revenues were US$917.7 million which is US$252.9 million,
or 38%, higher than the prior year due to a US$210 million, or
38%, improvement in auction commission revenues.  This increase
in total revenues is attributable to a 51% increase in
Consolidated Sales* which rose to US$6.2 billion in 2007.
Operating income of US$275.8 million was US$78.6 million, or
40%, ahead of the prior year.

Also, general and administrative expenses increased by 22%
partly due to a 33% increase in professional fees and a 28%
increase in travel and entertainment costs over the period.

The company's results for the full year 2007 were significantly
impacted by a one-time benefit of US$20 million related to an
insurance recovery from the key man life insurance policy
covering Robert Noortman, who died unexpectedly in January 2007,
and a US$4.8 million gain on the sale of our former
Billingshurst salesroom property in the United Kingdom,
partially offset by aUS$15 million impairment charge related to
intangible assets and goodwill of Noortman Master Paintings,
B.V.

"2007 was a record year for Sotheby's, significantly exceeding
the company's outstanding performance in 2006," Bill Ruprecht,
president and chief executive officer of Sotheby's, said.

"Over the past five years, the number of clients buying at the
top end of our business has increased by more than 200% and
their geographical diversity has expanded by over 60%," he
added.  "In 2003 our top buyers -- purchasing lots ofUS$500,000
and above -- came from 36 countries; in 2007 they came from 58
countries. Our increased global focus on our top clients is
delivering excellent results -- for our business, for our
clients, our employees and for our shareholders."

The company related that many areas were noteworthy in 2007.
For the first time, Contemporary Art became Sotheby's largest
category with auction sales of US$1.34 billion, an increase of
107% from the prior year.  Sales of Impressionist and Modern Art
rose by 24% to US$1.16 billion.  Emerging markets performed
strongly as well.  Russian Paintings and Works of Art brought
US$190.9 million, a 25% increase from the prior year.

Sales in Asia totaled US$400.7 million, a 41% increase from the
prior year and worldwide sales of Contemporary Asian Art brought
US$140 million, 99% above the prior year level.  Traditional
categories also fared extremely well with Antiquities bringing
US$112.2, million a ten-fold increase from the prior year, due
to the sale of two masterpieces, and Old Master Paintings,
Jewelry, British Paintings, French Furniture and European Works
of Art each experienced over 40% growth in their respective
categories.

                      About Sotheby's

Headquartered in New York City, Sotheby's (NYSE: BID) engages in
art auction, private sales and art-related financing activities.
The company operates in 40 countries, with principal salesrooms
located in New York, London, Hong Kong and Paris.  The company
also regularly conducts auctions in six other salesrooms around
the world.

                        *     *     *

Moody's Investors Service placed Sotheby's long term corporate
family rating and probability of default rating at 'Ba2' in
August 2007.  The ratings still hold to date with stable
outlook.




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


BANK OF AYUDHYA: Prices US$619-Million of Bond Coupons
------------------------------------------------------
Reuters reports that Bank of Ayudhya has told the Securities
and Exchange Commission that it has priced coupons for a bond
issue of up to US$619 million.

The same report states that a three-year issue of up to 6
billion baht would carry a coupon of 4.00 percent and the
four-year tranche of up to 4 billion baht would have a coupon
of 4.25 percent.

Proceeds from the sale will be used to expand the company's
operations.  The subscription will be open from March 6 to 17,
while the issuance will take place on March 18, Reuters says.

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.

It has branches in Hong Kong, Vietnam, Laos, and the Cayman
Islands.

Bank of Ayudhya's subordinated debts carry Fitch Ratings
Services' BB+ rating, effective September 2007.


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

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

AUSTRALIA

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


CHINA AND HONG KONG

Beiya Industrial (Group)
  Co., Ltd                     600705     462.13      -20.57
Cangzhou Chemical Industrial
  Co.Ltd                       600722     379.30       -2.89
China HealthCare Holdings Ltd     673      25.44       -3.37
Chongqing Changjiang River
  Water Transpt                600369      98.87       -0.06
Compass Pacific Holdings Ltd     1188      46.98      -14.92
Datasys Technology
  Holdings Ltd                   8057      14.10       -2.07
Dongxin Electrical Carbon
  Co., Ltd                     600691      34.19       -2.90
Everpride Biopharmaceutical
  Company Limited                8019      14.19       -0.02
Ever Fortune Intl.
  Hldgs. Limited                  875      14.41       -4.03
Fujian Start Computer
  Group Co.Ltd                 600734     114.76      -16.98
Guangzhou Oriental
  Baolong Automotive Co        600988      15.78      -11.11
Guangdong Hualong Groups
  Co., Ltd                     600242      15.23      -46.94
Hisense Kelon Electrical
  Hldngs Co., Ltd                 921     596.71      -94.69
Hans Energy Company Limited       554      85.00       -0.49
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47
Heilongjiang Black Dragon
  Co., Ltd                     600187     113.45      -74.67
Hualing Holdings Limited          382     262.90      -32.17
Huda Technology & Education
  Development Co. Ltd.         600892      17.12       -0.39
Innovo Leisure Recreation
  Holdings Ltd.                   703      13.40       -4.50
Loulan Holdings Limited          8039      11.14       -2.21
Mianyang Gao Xin Industrial
  Dev (Group)                  600139      23.90      -15.65
New City China Development Ltd    456     253.47      -25.03
Orient Power Holdings Ltd.        615     176.86      -64.20
Paladin Ltd.                      495     167.43       -6.23
Plus Holdings Ltd.               1013      18.52       -3.34
Regal Real Estate
  Investment Trust               1881     945.38     -234.68
Sanjiu Yigong Biopharmaceutical
  & Chem                       000403     218.51       -3.48
Shanghai Worldbest
  Pharmaceutical Co.Ltd        600656      66.75      -13.42
Shanghai Xingye Housing
  Co.,Ltd                      600603      16.23      -49.40
Suntek Technology Co., Ltd     600728      49.03      -14.65
Suntime International
  Economic Trading             600084     372.80      -50.59
Taiyuan Tianlong Group Co.
  Ltd                          600234      19.47      -89.51
The First Investment &
  Merchant Co, Ltd             600515      90.66        5.98
Tianjin Marine Shipping
  Co. Ltd                      600751     111.03       -3.59
Tianyi Science & Technology
  Co., Ltd                     600703      45.82      -41.20
Tibet Summit Industry
  Co., Ltd                     600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      23.34      -72.39
Yun Sky Chemical (Int)
  Hldg. Ltd                       663      29.31       -1.13


INDIA

Andrew Yule & Co. Ltd             ANY      81.41      -30.90
Artson Engr.                      ART      10.31       -0.71
Ashima Ltd.                      ASHM      96.57      -42.59
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     185.37     -241.91
Dish TV India Limited            DITV     239.48      -12.62
Elque Polyesters                 ELQP      13.04      -22.66
Ganesh Benzoplst                  GBP      82.16      -38.25
Gujarat Sidhee Cement Ltd.       GSCL      59.44       -0.66
Himachal Futuris                 HMFC     603.36      -13.34
IFB Inds Ltd.                    IFBI      40.50      -70.82
JCT Electronics Ltd.             JCTE     117.60      -50.17
Jenson & Nic Ltd                   JN      14.81      -81.79
JK Synthetics Ltd                 JKS      17.99       -2.61
JOG Engineering                   VMJ      50.08      -10.08
Kalyanpur Cement                 KCEM      38.11      -48.48
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      96.32      -82.81
Modi Rubber Ltd                   MDR      39.76      -24.30
Mysore Cements                    MYC      82.02      -14.57
Panyam Cements                    PYC      17.18      -18.32
Parekh Platinum                  PKPL      59.66      -75.55
Remi Metals Gujarat Ltd.          RMM      45.06      -51.10
Rollatainers Ltd                  RLT      20.68       -3.88
RPG Cables Ltdd                  NRPG      55.40       -3.10
Sandur Manganese & Iron
  Ores Ltd.                      SMIO      32.57       -2.61
Shree Rama Multi Tech Ltd.      NSRMT      71.22      -29.91
Sil Businesse Enterprises Ltd.   SILB      12.46      -19.96
Surat Textile Mills Ltd.         GCTY      15.97       -8.85
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     657.28      -73.89
TVS Electronics                 TVSEL      30.73       -1.57
UB Engineering                   UBE       31.43       -2.86
Usha (India) Ltd.             USHAIN      12.06       -54.51


INDONESIA

Ades Waters Indonesia Tbk        ADES      25.94      -24.09
Argo Pantes Tbk                  ARGO     217.96      -15.70
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Jakarta Kyoei Steel Works Tbk    JKSW      29.30      -39.32
Primarindo Asia Infrastructure
  Tbk                            BIMA      11.56      -22.57
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe Tbk                  SAFE      17.60       -6.99
Teijin Indonesia Fiber
  Corp. Tbk                      TFCO      279.56     -10.58
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
  International Tbk              WICO      43.09      -46.36

JAPAN

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

KOREA

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

MALAYSIA

Boustead Heavy Industries
  Corp. Bhd                      BHIC      57.34     -152.51
FED Furniture                    FFHB      38.27       -5.11
Harvest Court Industries  Bhd    HAR       10.17       -3.85
Lityan Holdings Berhad            LIT      18.84      -23.22
Mangium Industries Bhd           MANG      14.24      -12.15
Megan Media Holdings Berhad      MMHB      40.91     -248.31
PanGlobal Berhad                  PGL     181.15     -125.36
Paxelent Corp                    PAXE      13.16       -4.51
Sunway Infrastructure Berhad      SIB     399.84      -10.08
Sycal Ventures Berhad             SYC      58.76      -85.36
TAP Resources Bhd                 TAP      13.05       -1.33
Techventure Bhd                  TECH      36.31       -6.21
Tenggara Oil Bhd                 TENG      12.87       -0.34
Wembley Industries
  Holdings Bhd                    WMY     125.80     -283.68

PHILIPPINES

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


SINGAPORE

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


TAIWAN

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

THAILAND

Bangkok Rubber PCL                BRC      79.58      -65.24
Bangkok Steel Industry
  Public Co. Ltd                  BSI     378.66     -120.56
Central Paper Industry PCL      CPICO      12.29     -186.37
Circuit Electronic
  Industries PCL               CIRKIT      21.90      -75.21
Daidomon Group PLC              DAIDO      12.92       -8.51
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
  Public Co.                   POMPUI      15.77      -11.32
Living Land Capital PCL            LL      10.65       -3.16
Quality Construction
  Products PCL                   QCON      76.13     -293.83
Safari World Public Company
  Limited                      SAFARI     107.75       -1.98
Sahamitr Pressure Container
  Public Co. Ltd.                SMPC      26.36      -28.88
Siam General Factoring PCL        SGF      30.84       -5.36
Sri Thai Food & Beverage Public
  Company Ltd                     SRI      18.29      -43.37
Thai-Denmark PCL                DMARK      19.57       -3.02


                          *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Azela Jane Taladua, Rousel Elaine Tumanda,
Valerie Udtuhan, Patrick Abing, Tara Eliza Tecarro, Marjorie C.
Sabijon, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.

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