TCRAP_Public/080304.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

             Tuesday, March 4, 2008, Vol. 9, Issue 45

                          Headlines

A U S T R A L I A

AIR NEW ZEALAND: First-Half Profit Up 58% to US$94 Million
ALCOPANEL AUSTRALIA: To Declare Dividend on March 5
ALLCO FINANCE: Chairman & Two Executive Directors Resign
AUTHENTIC VILLAGE: Commences Liquidation Proceedings
BRICK INDUSTRY: Commences Liquidation Proceedings

CEDAR SKI: Members' Final Meeting Set for March 11
COLONIAL INTERNATIONAL: Members' Meeting Slated for March 14
COEUR D'ALENE: Discloses 2007 Exploration Program Results
CYMBIS FINANCE: Fitch Affirms B Issuer Default Rating
GRAEME HANLY: Placed Under Voluntary Wind-Up

J & F MARKETING: Members & Creditors to Meet on March 13
KENDLE INT'L: Net Income Increases to US$18.7 Million in 2007
KENTONVALE PTY: Undergoes Liquidation Proceedings
RED SEAL: Placed Under Voluntary Wind-Up
SECURITY SERVICES: Members Opt to Shut Down Firm

SYMBION HEALTH: Moody's Withdraws Ba1 Issuer Rating
VICTORIAN BOAT: To Declare Priority Dividend on March 26
ZINIFEX: Enters Into AU$12-Bil. Merger Agreement with Oxiana


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

CHINA EASTERN: Regional Airline With AVIC I Approved
HANS ENERGY: Inks Oil Tanker Terminal Project with Taishan City
JIANGXI COPPER: Seeks To Buy 4.2% Stake in Nanchang Bank
PETROLEOS DE VENEZUELA: Court May Rule on Asset Freeze This Week
SHENZHEN SEG: To Implement Share Merger Reform


I N D I A

FIAT SPA: India Plant to Start Linea Line Production in August
GENERAL MOTORS: Idles More Plants as Supplier's UAW Talks Resume
IFCI LTD: 53% of Employees Avail of Voluntary Retirement Scheme
IFCI LTD: Gov't Budget Provides INR433 Crore for Restructuring
MYLAN INC: Books US$1.27-Bil. Loss in Three Mos. Ended Dec. 31

MYLAN INC: J. Dore' Joins as Matrix Labs CEO & Managing Director
MYLAN INC: Forest Labs Will Assume Rights on Hypertension Drug
SHAW GROUP: Unit to Provide Engineering Services in India
TATA MOTORS: Unit to Manufacture Floor Beams for Boeing 787
TATA MOTORS: Reduction in Excise Duties Cues Firm to Cut Prices

* INDIA: Gov't Budget a Political & Fiscal Balance, Moody's Says
* INDIA: Fitch Says Fiscal Improvement in Place


I N D O N E S I A

CA INC: Will USPay $0.04 Per Share Dividend on March 28
GARUDA INDONESIA: Plans to Provide Airline Service to Kendari
KERETA API: To Form Joint Venture with Tambang Batubara
PT INCO: 2007 Net Profit Doubles to US$1.17 Billion
TELKOM INDONESIA: To Cut Telephone Tariffs by 20%


J A P A N

FLOWSERVE CORP: Reports US$255.7 Million Net Income in FY 2007
FLOWSERVE CORP: To Repurchase US$300-Million Common Stock
FORD MOTOR: Navistar Re-Files Breach of Contract Lawsuit
JAPAN AIRLINES: Plans New Share Issuance to Upgrade Planes
JAPAN AIRLINES: Discloses Revival Plan for 2008 to 2010

JAPAN AIRLINES: Moody's Changes Ba3 Rating Outlook to Positive
MITSUBISHI MOTORS: Expands Supply Agreement with Nissan Motor
MITSUBISHI MOTORS: Discloses Step Up 2010 Mid-Term Business Plan
MITSUBISHI MOTORS: Reports January Production, Sales & Export
TOM GROUP: S&P 'BB+' Ratings Remain on Watch Negative


K O R E A

FRESH DEL MONTE: Earns US$179.8 Million in Fiscal Year 2007


M A L A Y S I A

ARK RESOURCES: Dec. 31 Balance Sheet Upside-Down by MYR8.85 Mil.
CNLT (FAR EAST): Incurs MYR13.7MM Net Loss in Qtr. Ended Dec. 31
PAXELENT CORPORATION: SC Rejects Appeal for Revised Revamp Plan
SOLUTIA INC: Judge Beatty OKs Bank of New York Settlement Pact
SOLUTIA INC: Court Approves Bayer & Lanxess Claims Settlement

SOLUTIA: Moody's Designates B2 Rating on US$400 Mil. Facility
WONDERFUL WIRE: Posts MYR9.98 Net Loss in Qtr. Ended Dec. 31


N E W  Z E A L A N D

1208979 LIMITED: Appoints John Michael Gilbert as Liquidator
ARMOUR ROOFING: Taps John Francis Managh as Liquidator
ART APARTMENTS: Creditors' Proofs of Claims Due by March 18
AUCKLAND RESIDENTIAL: Creditors' Proofs of Debt Due on March 18
BLUES CONTRACTING: Commences Liquidation Proceedings

BRIBANC PROPERTY: Fixes March 18 as Last Day to File Claims
DREAM PROPERTY: Court Appoints Levin as Liquidator
MARBLE MAGIC: Creditors' Proofs of Debt Due on March 6
MASTER BUTCHERS: Fixes March 14 as Last Day to File Claims
MICHEL'S PATISSERIE: Wind-Up Petition Hearing Set for March 6

NIPPON MEAT: Shares Place Company Under Voluntary Liquidation
PHOENIX LINNINGS: Court to Hear Wind-Up Petition on March 13
RISQY LTD: ASIC Receives Court Approval for Closure
WANAKA GAS: Subject to CIR's Wind-Up Petition


P H I L I P P I N E S

CHIQUITA BRANDS: To Hold Annual Shareholders' Meeting on May 22


S I N G A P O R E

CD-BIZ DIRECTORIES: Creditors' Proofs of Debt Due on March 14
CROWN HOLDINGS: Discloses Revisions in Tax Valuation Allowance
HIANGKIE INDUSTRIES: Creditors' Meeting Set for March 20
LAZARD LTD: Gets Okay for Additional US$100 Mln Share Repurchase
TRAD TECHNOLOGY: Creditors' Proofs of Debt Due on March 14


S R I  L A N K A

INDUSTRIAL FINANCE: Fitch Cuts Rating to BB-(Ika); Outlook Neg.


T H A I L A N D

TUNTEX (THAILAND): Inks MOU To Sell Assets to Indorama Thailand

* BOND PRICING: For the Week 03 March to 07 March 2008


                            - - - - -

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


AIR NEW ZEALAND: First-Half Profit Up 58% to US$94 Million
----------------------------------------------------------
Air New Zealand Ltd.'s first-half profit increased 58% to US$94
million, compared to the same period last year, amid high fuel
costs and increased competition, The Associated Press reports.
The company's profit before unusual items and tax was up 62% to
US$130 million.

However, The AP relates, the company said that due to oil price
volatility, a forecast for a better full-year result is less
certain.  "Fuel is our largest operational expense and although
we have a hedging program in place designed to protect the
business from short-term volatility in the market, continued
high fuel costs remain a concern," Deputy Chairman Roger France
was quoted by the news agency as saying.

With no easing of oil prices in the near term, the airline's
investment in more fuel-efficient aircraft and decisions on
destinations they fly to will be increasingly important, Mr.
France added.

According to The AP, Chief Executive Rob Fyfe noted that at
current prices, fuel costs in the second half of the company's
financial year will be "substantially higher."  The company was
80% hedged for fuel costs for the second half, the report notes.

For the six-month period Air New Zealand's operating revenue was
up 9.6% at US$1.9 billion, boosted by additional capacity on
both domestic and long-haul services and higher passenger
numbers per flight, The AP relates.

The airline, the report adds, increased long-haul capacity by
9.1% and passenger loads by 5.7%, but this was partly offset by
the strength of the New Zealand dollar.

                   About Air New Zealand

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

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

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


ALCOPANEL AUSTRALIA: To Declare Dividend on March 5
---------------------------------------------------
Alcopanel Australia Pty. Ltd., which is in liquidation, will
declare first and final dividend on March 5, 2008.

Only creditors who were able to file their proofs of debt by
February 27, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          P. Newman
          HLB Mann Judd Chartered Accountants
          160 Queen Street, Level 1
          Melbourne, Victoria 3000
          Australia

                  About Alcopanel Australia

Alcopanel Australia Pty Ltd operates retail nurseries and lawn
and garden supply stores.  The company is located at Mornington,
in Victoria, Australia.


ALLCO FINANCE: Chairman & Two Executive Directors Resign
--------------------------------------------------------
Allco Finance Group's Chairman David Coe stepped down from the
board of directors, Bloomberg News reports.  In addition, Gordon
Fell and David Turnbull also resigned as executive directors.

All three would remain involved with the management of the
group's businesses, while the Board would look for a new
independent chairman, Reuters relates.

Shares in Allco have slumped this year and fell more than 60% on
Feb. 25 2008, on concern over its high debt levels, triggering
problems with its lenders, Reuters says.  Allco told Reuters
that it was in "constructive discussions" with its lenders to
restructure debt.

Reuters also shares that Allco plans to sell some assets as it
tries to meet debt-refinancing deadlines.  The company's market
value has shrunk to just one-tenth of its value last May,
prompting banks to call in loans.

                    About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management. The Company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private
equity and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities. It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.  In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.
The Company is a vendor of Momentum Investment Finance Pty
Limited and Allco Financial Services.  In July 2007, it acquired
Allco Equity Partners Ltd.  In December 2007, it completed the
acquisition of the remaining 79.6% stake of Rubicon Holdings
(Aust) Limited.

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
puttings its operations in the hands of administrators.
According to The Age, Allco board is faced with four problems:

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

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

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

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


AUTHENTIC VILLAGE: Commences Liquidation Proceedings
----------------------------------------------------
The Authentic Village Baker (Toorak) Pty. Ltd.'s creditors
agreed on January 30, 2008, to voluntarily liquidate the
company's business.  In line with this goal, the company has
appointed Brendan John Marchesi at Bent & Cougle Pty. Ltd. to
facilitate the sale of its assets.

The liquidator can be reached at:

          Brendan John Marchesi
          Bent & Cougle Pty Ltd
          Chartered Accountants
          332 St Kilda Road, Level 5
          Melbourne, Victoria 3004
          Australia

                  About Authentic Village

The Authentic Village Baker (Toorak) Pty. Ltd. operates
restaurants.  The company is located at Toorak, in Victoria,
Australia.


BRICK INDUSTRY: Commences Liquidation Proceedings
-------------------------------------------------
Brick Industry Group Training Company Pty. Ltd.'s members agreed
on January 24, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Richard Judson to facilitate the sale of its assets.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty. Ltd.
          P.O. Box 819
          Moorabbin, Victoria 3189
          Australia

                    About Brick Industry

Brick Industry Group Training Company Pty. Ltd. operates
vocational schools.  The company is located at Redfern, in New
South Wales, Australia.


CEDAR SKI: Members' Final Meeting Set for March 11
--------------------------------------------------
Gideon Rathner, Cedar Ski Club Pty. Ltd.'s appointed estate
liquidator, will meet with the company's members at 10:00 a.m.
on March 11, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Gideon Rathner
          5 St Kilda Road
          St. Kilda, Victoria 3182
          Australia

                      About Cedar Ski

Cedar Ski Club Pty. Ltd. operates membership sports and
recreation clubs.  The company is located at Mount Buller, in
Victoria, Australia.


COLONIAL INTERNATIONAL: Members' Meeting Slated for March 14
------------------------------------------------------------
Neil R. Cussen and Simon Cathro, Colonial International Factors
Pty. Limited's appointed estate liquidators, will meet with the
company's members at 10:00 a.m. on March 14, 2008, to provide
them with property disposal and winding-up reports.

The company will also declare dividend on March 5, 2008.
Creditors are required to file their proofs of debt by
March 4, 2008, to be included in the company's dividend
distribution.

As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on Feb. 27, 2007.

The liquidators can be reached at:

          Neil R. Cussen
          Simon Cathro
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

                 About Colonial International

Colonial International Factors Pty Limited is a distributor of
durable goods.  The company is located at Melbourne, in
Victoria, Australia.


COEUR D'ALENE: Discloses 2007 Exploration Program Results
---------------------------------------------------------
Coeur d'Alene Mines Corporation reported significant results
from its US$14.9 million exploration program during 2007.
Coeur's exploration strategy continued to focus on cost-
effectively adding new mineralization at its existing properties
while continuing to expand the company's greenfields
initiatives.

Due to this success and the addition of the Palmarejo Project in
late 2007, the company has increased its 2008 exploration budget
to a record US$27.6 million, with almost a third of that amount
allocated to Palmarejo, where production is expected to commence
next year at annualized levels of approximately 10.4 million
ounces of silver and 115,000 ounces of gold.

Highlights of the 2007 program include:

    * High-grade drill results from Guadalupe Norte at
      Palmarejo, Mexico and from the new Los Bancos target north
      of Guadalupe.

    * Nearly eleven million new silver mineral resource ounces
      defined in two of five new veins discovered in the Cerro
      Bayo District, Chile.

    * Discovery of the new Betty Sur high-grade silver veins in
      the Martha District, Argentina.

    * New silver, gold and base metal mineralization at the
      Rochester mine, Nevada.

    * Favorable results from exploration on the company's
      properties in the Lake Victoria Gold Belt of Tanzania.

"These positive results confirm our ability to continue to grow
the Company through exploration on our large land positions
around our existing mines and development projects," said Dennis
E. Wheeler, Chairman, President and Chief Executive Officer.
"Because of these recent successes and the completion of the
transactions that resulted in the addition of the Palmarejo
project to Coeur, we have increased our exploration program by
over 80% this coming year, with almost a third of the total
targeted for our newly acquired Palmarejo silver and gold
development property, where production will begin within twelve
months, and where our extensive land holdings hold great
potential for additional exploration success."

                          Palmarejo

Drilling in December at the company's newly acquired Palmarejo
project in the state of Chihuahua, Mexico returned positive
results from the Guadalupe zone and also continued to confirm
the prospective nature of the nearby Los Bancos structure.
Palmarejo is under construction with production expected to
begin in the first quarter of 2009.  The site is located in
Mexico's premier silver-gold district in Chihuahua and the
Sierra Madre belt, with land holdings covering more than 12,100
hectares.  A feasibility study is nearing completion to define
the first proven and probable mineral reserve on this large
prospective property.  The company believes the Palmarejo
District holds tremendous exploration potential and has
committed over US$8.3 million in 2008 to discover new mineral
resources and define new mineral reserves.

In recent drilling at Guadalupe, assay results confirmed the
extension of the Guadalupe Norte Clavo, which remains open to
the north and at depth.  Very significant results were received
from several holes - notably TGDH-218D and 222D.  At the Los
Bancos target, located north of Guadalupe, reverse circulation
drill hole LBDH-025, the deepest hole drilled to date,
intercepted a 36.6-meter thick high-grade horizon.  Previous
shallow drilling had intersected anomalous mineralization with
high silver-to-gold ratios, suggesting that this earlier
drilling intersected the veins high in the paleo-epithermal
system and above ore grade mineralization.  Hole 25 confirmed
our geologic model.

Drilling recommenced in January on Guadalupe with two core
drills to tighten the existing drill spacing to upgrade current
inferred and indicated mineral resources to indicated and
measured confidence and further extend the Guadalupe Norte zone.
Drilling will resume at Los Bancos and around the main Palmarejo
area later this quarter.

                     Cerro Bayo (Chile)

At year-end, a total of 16,800 meters of core drilling was
completed in 87 drill holes on the five new ore-bearing
structures discovered in June.  Most of this drilling was
conducted on the Dagny and Fabiola veins where mineralization
has now been defined over a NW-SE strike of 700 meters and a
vertical height of 120 to 150 meters, and remains open for
expansion in the SE direction on both veins.  Mineral resources
estimated from this extensive drilling program on just two of
the five new veins are shown in the following table. They are
now subject to engineering and economic analyses to establish an
initial mineral reserve.  Permitting commenced in the fourth
quarter and development for underground access is expected to
commence in the third quarter of this year.

                     Martha (Argentina)

In the high-grade Martha silver and gold district in southern
Argentina, surface exploration was successful in discovering
mineralization in new structures using detailed stratigraphic,
structural and alteration mapping.  Late in the year, drilling
on one of the new structures - Betty Sur - encountered high-
grade silver mineralization north of the main Martha mine.
Betty Sur, exposed as thin veinlets and faults over an east-west
strike length of over 0.7 km, is very significant due to the
high-grade nature of the mineralization and because it is hosted
in rocks similar to those of the Martha Mine.  Four core holes
were drilled into Betty Sur in 2007 with the following results.

                    Argentina Greenfields

The company conducted an extensive greenfields program in 2007
in Argentina, focused on five new properties in the province of
Santa Cruz.  Late in the year, a program of eight core holes was
completed at the wholly owned Cisne property which borders the
Company's Lejano property northwest of the Martha mine in
western Santa Cruz.

Core length is believed to be true width as mineralization
occurs in sub-horizontal zones.

Very encouraging results were obtained from core holes C-03 and
C-06, which intersected moderate-grade silver mineralization
over significant drill widths.  Additional drilling is planned
in 2008.

                     Rochester (Nevada)

During the last quarter of 2007, a program of trenching and core
drilling was conducted in the bottom of the main Rochester pit,
designed to test the extension of two high-grade vein systems
beyond the pit limits, termed the Pump and Corner structures.

All holes encountered significant precious and base metal
mineralization with particularly encouraging Ag and Au
mineralization intersected in holes 4, 5, 6 and 7.  Additional
exploration is planned for 2008 on the Pump and Corner
structures in the Rochester mine and other structural zones and
vein systems within the district.

                          Tanzania

During the year activities were focused on three project areas:
Kiziba Hill, Saragurwa and Bunda, all located within the Lake
Victoria Gold Belt.  At Kiziba Hill, a property controlled 100%
by the company, which lies west of the Geita gold mine, a drill
program was completed that consisted of 6,100 meters of
reverse circulation drilling and 1,100 meters of core drilling.
The holes were drilled along widely spaced fences across 4
kilometers of strike length.  Gold mineralization occurs in
multiple east-west striking shear zones.  Over 35 drill
intervals with gold mineralization have been intercepted at
Kiziba in these zones.  To date, all drilling has been performed
on fences spaced 400 meters apart in an east-west direction and
70 meter north to south.  In-fill drilling is planned to confirm
mineralization continuity.

Drill hole IDs with KC prefix are core holes and holes with KR
prefix are reverse circulation holes.  True widths are not yet
known.

At Saragurwa, which the company controls under an option
agreement with a private Tanzanian entity, a core-drilling
program was completed during 2007 totaling 2,800 meters.  A
detailed soil-sampling program was carried out in conjunction
with the drill program and a total of 271 samples were
collected.  Gold mineralization is being intercepted and results
from the 2007 soil survey at Saragurwa have identified two
additional parallel zones of anomalous gold with strike lengths
of over one kilometer.

All core holes.  True widths are not yet known.

                    About Coeur d'Alene

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                        *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's Ratings Services B-
rating.


CYMBIS FINANCE: Fitch Affirms B Issuer Default Rating
-----------------------------------------------------
Fitch Ratings has affirmed Cymbis Finance Australia Limited's
long-term foreign currency issuer default rating at B, short-
term foreign currency IDR at B, individual at D, support at 5
and support rating floor at 'No Floor.'  Simultaneously, the
ratings have been removed from rating watch negative and a
negative outlook assigned to the long-term foreign currency IDR.

CFAL's ratings were placed on RWN in November 2007 following the
appointment of receivers to a closely associated NZ finance
company, Capital + Merchant Finance Limited, by the latter's
senior creditor, Fortress Credit Corporation.  Prior to C+M's
failure, the owners of both CFAL and C+M were linked, while
there were also some operational relationships.

In Fitch's opinion, CFAL appears to have withstood the initial
impact of C+M's failure.  However, CFAL's ratings have been
removed from RWN and assigned a Negative Outlook to reflect
comments made by the receiver that it intends to investigate
specific transactions and activities relating to C+M.  The
outcome of these investigations may potentially have a negative
impact on CFAL's ratings and would need to be resolved to the
satisfaction of Fitch in order to revise the Negative Outlook.

CFAL is a privately owned finance company established in August
2004 and is domiciled in Queensland, Australia.  It lends
primarily for property development projects in Queensland,
although it is slowly expanding interstate.


GRAEME HANLY: Placed Under Voluntary Wind-Up
--------------------------------------------
Graeme Hanly Pty. Ltd.'s members agreed on January 29, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Samuel Richwol at O'Keeffe
Walton Richwol to facilitate the sale of its assets.

The liquidator can be reached at:

          Samuel Richwol
          O'Keeffe Walton Richwol
          431 Burke Road
          Glen Iris, Victoria 3146
          Australia
          Telephone:(03) 9822 9823

                     About Graeme Hanly

Graeme Hanly Pty. Ltd., which is also trading as Richardson &
Wrench Taree, is involved with real estate agents and managers.
The company is located at Taree, in New South Wales, Australia.


J & F MARKETING: Members & Creditors to Meet on March 13
--------------------------------------------------------
J & F Marketing Services Pty. Ltd. will hold a final meeting for
its members and creditors at 10:00 a.m. on March 13, 2008.
During the meeting, the company's liquidator, Stan Traianedes at
McLean Delmo Hall Chadwick, will provide the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          Stan Traianedes
          c/o McLean Delmo Hall Chadwick
          Accountants & Business Advisers
          459 Collins Street, Level 12
          Melbourne, Victoria 3000
          Australia

                   About J & F Marketing

J & F Marketing Services Pty. Ltd., which is also trading as
Crackajack Couriers and the Parcel Specialists, provides courier
services except by air.  The company is located at Hallam, in
Victoria, Australia.


KENDLE INT'L: Net Income Increases to US$18.7 Million in 2007
-------------------------------------------------------------
Kendle reported financial results for the fourth quarter and
full year ended Dec. 31, 2007.

Net service revenues for fourth quarter 2007 were approximately
US$104.3 million, an increase of 21 percent over net service
revenues of approximately US$86.4 million for fourth quarter
2006.

Income from operations for fourth quarter 2007 was approximately
US$15.2 million, or 14.6 percent of net service revenues,
compared to a loss of approximately US$1.8 million in fourth
quarter 2006.  Net income was approximately US$6.4 million in
fourth quarter 2007 compared to a loss of US$4.7 million in the
fourth quarter of 2006.  Net service revenues by geographic
region for the fourth quarter of 2007 were 50 percent in North
America, 40 percent in Europe, 6 percent in Latin America and 4
percent in the Asia/Pacific region.  The top five customers
based on net service revenues accounted for 29 percent of net
service revenues for fourth quarter 2007 compared to 26 percent
of net service revenues for fourth quarter 2006.

New business awards were US$174 million for fourth quarter 2007,
which represents a 6 percent increase over the same quarter last
year.  Contract cancellations for the quarter were approximately
US$32 million.  Total business authorizations amounted to US$869
million at Dec. 31, 2007, up 5 percent from Sept. 30, 2007, and
an all-time company high.

"2007 was a year of significant growth for Kendle highlighted by
record backlog and a strong increase in revenues and operating
margin," said Chairperson and Chief Executive Officer, Candace
Kendle, PharmD.  "Demonstrating our continued focus on project
delivery and operational excellence in support of our customers'
clinical development goals, we grew above the market for the
fourth consecutive year.  In particular, our increased scale and
competitiveness in winning and executing megatrials was a
significant contributor to our success and positions us well to
deliver improved earnings and profitability for our shareholders
as we move forward."

Reimbursable out-of-pocket revenues and expenses were
approximately US$50.4 million for fourth quarter 2007 compared
to approximately US$31.7 million in the same quarter a year ago.

Cash flow from operations for fourth quarter of 2007 was
approximately US$23.8 million compared with US$462,000 for the
same period of the prior year. Cash and marketable securities at
Dec. 31, 2007 totaled approximately US$46.4 million, including
US$844,000 of restricted cash, compared with US$22.3 million,
which included US$2.4 million of restricted cash, at Dec. 31,
2006.  Days sales outstanding in accounts receivable were 33
days for fourth quarter 2007, compared with 46 days for the same
period of the prior year, and capital expenditures for fourth
quarter 2007 totaled US$5.4 million, compared with US$2.7
million for the same period of the prior year.

                     Full Year Results

Net service revenues for the year ended Dec. 31, 2007, were
approximately US$397.6 million, an increase of 40 percent over
net service revenues of US$283.5 million for the year ended
Dec. 31, 2006.  Interest expense in the year ended
Dec. 31, 2007, was approximately US$14.9 million, primarily
related to debt incurred to finance the CRLCS acquisition,
compared to interest expense of approximately US$6.8 million in
the year 2006.

Income from operations for the year ended Dec. 31, 2007, was
approximately US$52.8 million, or 13.3 percent of net service
revenues, compared with US$20 million or 7.1 percent of net
service revenues for the same period of the prior year.
Excluding the amortization charge referenced previously,
proforma income from operations for the year ended Dec. 31, 2007
was approximately US$57 million or 14.3 percent of net service
revenues.  Excluding the amortization charge, acquisition-
related expenses and the intangible impairment charge referenced
previously, in the year ended Dec. 31, 2006, proforma income
from operations was US$31.7 million, or 11.2 percent of net
service revenues.  Net income for the year 2007 was
approximately US$18.7 million compared to net income of
approximately US$8.5 million in the year 2006.  Excluding the
amortization of acquired intangibles and the write-off of
deferred financing costs, net income for the year 2007 was
approximately US$24 million.  Excluding the amortization of
acquired intangibles, acquisition-related expenses and
intangible impairment charge in 2006, net income was
approximately US$15.9 million.

Net service revenues by geographic region for the year ended
Dec. 31, 2007, were 50 percent in North America, 42 percent in
Europe, 5 percent in Latin America and 3 percent in the
Asia/Pacific region.  The top five customers based on net
service revenues accounted for 25 percent of net service
revenues for the year 2007 compared to 28 percent of net service
revenues for the year 2006.

Cash flow from operations for the year ended Dec. 31, 2007, was
US$61.9 million, compared with a positive US$17.6 million for
the same period of 2006.  Capital expenditures for the 12-month
period ended Dec. 31, 2007 totaled US$16.2 million, compared
with US$8.8 million for the 12-month period in 2006.

                       2008 Guidance

For the full year 2008, the company is projecting net service
revenues in the range of US$450 to US$460 million and earnings
per share on a GAAP basis of US$1.90 to US$2.07.

                       About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL)
-- http://www.kendle.com/-- is a global clinical research
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions - North America, United
Kingdom, Asia/Pacific, Africa and Latin America including
Brazil.

                        *     *     *

In December 2007, Standard & Poor's Rating Services revised its
outlook on Kendle International Inc. to positive from stable.
S&P also revised its issue rating on the company's amended
US$53.5 million revolver to 'BB' with a recovery rating of '1',
indicating the expectation of very high (90%-100%) recovery of
principal in the event of default.  At the same time, S&P
affirmed all existing ratings, including its 'B+' corporate
credit rating, on the company.


KENTONVALE PTY: Undergoes Liquidation Proceedings
-------------------------------------------------
Kentonvale Pty. Limited's members agreed on January 24, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Richard Judson to facilitate the
sale of its assets.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty. Ltd.
          P.O. Box 819
          Moorabbin, Victoria 3189
          Australia

                   About Kentonvale Pty.

Kentonvale Pty. Limited operates investment offices.  The
company is located at St Kilda, in Victoria, Australia.


RED SEAL: Placed Under Voluntary Wind-Up
----------------------------------------
Red Seal Investments Pty. Ltd.'s members agreed on
Jan. 24, 2008, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed Richard Judson
to facilitate the sale of its assets.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty. Ltd.
          P.O. Box 819
          Moorabbin, Victoria 3189
          Australia

                       About Red Seal

Red Seal Investments Pty. Ltd. operates holding companies.  The
company is located at Hastings, in Victoria, Australia.


SECURITY SERVICES: Members Opt to Shut Down Firm
------------------------------------------------
Security Services (Bendigo) Armoured Car Division Pty. Ltd.'s
members agreed on January 29, 2008, to voluntarily liquidate the
company's business.  In line with this goal, the company has
appointed Stirling L. Horne and Petr Vrsecky to facilitate the
sale of its assets.

The liquidators can be reached at:

          Stirling L. Horne
          Petr Vrsecky
          c/o Draper Dillon
          440 Collins Street, Level 12
          Melbourne, Victoria 3000
          Australia

                   About Security Services

Security Services (Bendigo) Armoured Car Division Pty. Ltd.
provides miscellaneous personal services.  The company is
located at Bendigo, in Victoria, Australia.


SYMBION HEALTH: Moody's Withdraws Ba1 Issuer Rating
---------------------------------------------------
Moody's Investors Service, on March 3, withdrew the Ba1 issuer
rating of Symbion Health Limited.  The rating has been withdrawn
for business reasons.

Symbion Health Ltd, headquartered in Melbourne, is a diversified
Australian domestic health care business.  Most of its earnings
are derived from the provision of pathology and diagnostic
imaging services.  It also manufactures and markets vitamin and
mineral supplements (consumer nutriceuticals).  In addition, it
operates a wholesale medical products distribution network,
focusing on the distribution of prescription drugs to pharmacies
and hospitals.  The company is now majority-owned by Primary
Healthcare Ltd, a listed healthcare company which operates
medical centres, pathology centres and provides health
technology.


VICTORIAN BOAT: To Declare Priority Dividend on March 26
--------------------------------------------------------
Victorian Boat Co. Pty. Ltd., which is in liquidation, will
declare first and final dividend on March 26, 2008.

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

The company's liquidator is:

          Peter Vince
          c/o Ferrier Hodgson
          600 Bourke Street, Level 29
          Melbourne, Victoria 3000
          Australia

                   About Victorian Boat

Victorian Boat Co. Pty. Ltd. operates manufacturing industries.
The company is located at Ringwood, in Victoria, Australia.


ZINIFEX: Enters Into AU$12-Bil. Merger Agreement with Oxiana
------------------------------------------------------------
Oxiana Ltd. and Zinifex Limited agreed to merge to establish
AU$12 billion-mining company, making it the world's second-
largest zinc producer and Australia's third-largest diversified
miner, The Financial Times reports.

After 12 months of intense negotiations, the parties have
reached a deal where gold and copper miner Oxiana will buy zinc
and lead producer Zinifex for AU$6.2 billion (US$5.8 billion),
the FT relates.  Under the deal, which requires approval from
75% of Zinifex shareholders, Oxiana will offer 3.2 of its shares
for each Zinifex share and the new company will be equally owned
by Oxiana and Zinifex shareholders.

"The merged entity would be very well positioned to benefit from
the strength of demand for commodities we see stretching out for
many years," Zinifex Chief Executive Andrew Michelmore told the
FT.  The two companies have largely complementary asset
portfolios and development pipelines.

If the transaction is approved, Mr. Michelmore will head up the
merged company, the same report says.  Owen Hegarty, Oxiana
chief executive, will stay on as a director and run the
integration.

The FT adds that Zinifex directors have unanimously recommended
shareholders vote in favor of the proposed merger, in the
absence of a superior offer, and said they plan to vote all of
the shares they own in favor of the scheme.

However, some fund mangers are concerned the deal is vision-
rather than value-driven, noting that while Oxiana market
capitalization is higher, Zinifex has a much stronger balance
sheet and at AU$1.3 billion its net profit is almost double
Oxiana's, the FT relates.

But Mr. Michelmore assured Financial Times that the size of the
merged group and its growth prospects would ensure long-tem
value for shareholders.  On the other hand, Mr. Hegarty said the
merged group could take on larger projects with greater
geographical diversity.

The new company will have combined earnings before interest,
tax, depreciation and amortisation of AU$1.7 billion and a net
cash balance of AU$1.9 billion, providing a strong platform for
both organic growth and acquisitions, the FT says.

Zinifex's recommended AU$852 million takeover offer for
Australian nickel group Allegiance Mining will not be affected
by the Oxiana proposal, the company told the FT.

                      About Oxiana Ltd.

Oxiana Ltd. is a mining and exploration company.  During the
year ended Dec. 31, 2007, the principal activities of Oxiana
consisted of production of gold and copper cathode at Sepon in
Laos; production of zinc, copper and precious metal concentrates
at Golden Grove in Western Australia; feasibility evaluation of
the Martabe gold project in Indonesia; exploration for further
resources at Sepon, Golden Grove and Prominent Hill; exploration
activities in other parts of Laos, Indonesia, China, Thailand,
Cambodia, Vietnam and Australia, and evaluation of other
exploration and business development opportunities.  It has six
business segments: Sepon Gold operations, Sepon Copper
operations, Oxiana Golden Grove operations, Oxiana Prominent
Hill, Martabe and other, which includes revenues and expenses
associated with general corporate office activities.

                        About Zinifex

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company
also has a zinc smelter in the Netherlands and the United
States.  The company sells a range of zinc metal, lead metal,
and associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Dec. 18, 2007, that Fitch Ratings affirmed Zinifex Limited's
'BB+' long-term foreign currency Issuer Default Rating,
following the announcement of an all cash offer for Allegiance
Mining NL (Allegiance).  Fitch said the outlook is stable




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


CHINA EASTERN: Regional Airline With AVIC I Approved
----------------------------------------------------
China Aviation Industry Corp. I, known as AVIC I, and China
Eastern Airlines Corp. have won approval to set up a new
regional carrier named Xingfu Airline, Irene Shen at Bloomberg
News reports.

China Aviation will own a controlling 60% stake of the regional
venture while China Eastern will hold the rest, Bloomberg says,
citing China's General Administration of Civil Aviation.  Xingfu
Airline will use AVIC I's 60-seat MA60 and the ARJ21, which
accommodates 70 to 110 passengers.

According to the report, the joint venture between the two
state-owned companies underlines the Chinese Government's
efforts to promote Chinese aircraft.  AVIC I's planes will
compete with those made by Brazil's Empresa Brasileira de
Aeronautica SA and Canada's Bombardier, Inc., as China's fleet
is forecast to quadruple to 4,000 planes by 2020.

"The right to make major decisions like aircraft purchasing is
important for AVIC I as a newcomer to the airline industry,"
said Li Lei, a Beijing-based analyst at China Securities Co.
"The regional carrier can also help complete China Eastern's
existing network."

China Eastern, which flies to all of China's major cities, may
be able to start flights to smaller cities in the country with
the new joint venture, Mr. Lei told Bloomberg.

Xingfu Airline will have a registered capital of CNY1 billion
(US$141 million), Bloomberg noted.  AVIC I will invest CNY600
million yuan in cash.

                    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.


HANS ENERGY: Inks Oil Tanker Terminal Project with Taishan City
---------------------------------------------------------------
Hans Energy Company Limited has signed a non-binding framework
agreement with the municipal government of Taishan, a city 100
km. west of Macau, China, to build a terminal on Shangchuan
Island with seven berths capable of handling oil tankers of
30,000 to 300,000 deadweight-tons, China Business News reports.

Mainlander David An, Hans Energy's chairman, plans to build what
he claims to be the Mainland's largest crude oil receiving
terminal and southern China's largest oil storage facilities,
reported the South China Morning Post.

However, it may be difficult for Hans Energy to push the project
forward because its targeted customers and financial backers,
like the China Petroleum and Chemical Corp. (Sinopec), have
already planned their own storage facilities, Business News
says.

While not disclosing the estimated investment cost of the latest
project, Mr. An told Business News that the average land cost in
the Pearl River Delta was RMB150,000 to RMB200,000 per mu, and
that the project would need 4,000 mu of land.

Estimates put the land and storage tanks costs at RMB2.7
billion.  Such an investment may be a tall order for Hans
Energy, which had only HK$212.81 million cash at the end of last
year, Business News opines.

Hans Energy Company Limited, formerly known as Wisdom Venture
Holdings Limited, is involved in the transshipment and storage
facilities and port income.  Other activities include provision
of administrative services and investment holding.  Operations
are carried out in Hong Kong and China.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 14, 2007, Hans Energy has total assets of US$85.00 million
and stockholders' equity deficit of US$0.49 million.


JIANGXI COPPER: Seeks To Buy 4.2% Stake in Nanchang Bank
--------------------------------------------------------
Jiangxi Copper Co. will buy a 4.2% stake in Nanchang City
Commercial Bank for CNY280 million in cash, China Daily reports.

It will buy 100 million new shares to be issued by Nanchang Bank
at CNY2.8 apiece, Jiangxi Copper told the Shanghai Stock
Exchange, as cited by China Daily.  The equity purchase still
needs regulatory approval and would make Jiangxi Copper the
bank's second largest single shareholder.

"Although the stake is small, it demonstrates that Jiangxi
Copper is flush with cash due to rising prices and strong demand
for copper products in the past year," Liu Chao, an analyst at
Xiangcai Qinian Futures Co. in Shanghai, told China Daily.

"Investment by listed companies like Jiangxi Copper will help
inject more capital to finance commercial banks' further
development," Liu Chao of Xiangcai Qinian Futures related to
China Daily.

Experts also told China Daily that the mining company's capital
injection into a commercial bank in the same province will also
benefit the provincial economy.  Nanchang is the capital city of
Jiangxi province.

Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

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


PETROLEOS DE VENEZUELA: Court May Rule on Asset Freeze This Week
----------------------------------------------------------------
John Fordham, Petroleos de Venezuela's legal representative and
head of commercial litigation at law firm Stephenson Harwood,
told Tom Bergin at Reuters that a U.K. court may rule on the
freeze order on the company's assets this week.

As reported in the Troubled Company Reporter-Latin America on
Feb. 26, 2008, Petroleos de Venezuela asked the London High
Court to revoke an injunction freezing the company's US$12-
billion assets.  Petroleos de Venezuela is barred from taking or
disposing of up to US$12 billion in petroleum assets worldwide
after courts in Britain and the U.S. ordered freezing of those
assets.

Reuters relates that the asset-freeze order against Petroleos de
Venezuela was made so that Exxon Mobil Corp. would be able to
extract compensation should it win arbitration it has sought
over the fields.

Petroleos de Venezuela has appealed the asset-freeze order.  A
hearing was scheduled to start on Thursday, Reuters says, citing
Mr. Fordham.

Reuters notes that Petroleos de Venezuela is arguing that the
U.K. court didn't have the authority to award the injunction
because the case involved U.S. and Venezuelan firms.  "The
arbitration would be held in New York, under the auspices of a
unit of the World Bank," Reuters says.

Mr. Fordham told Reuters that a U.K. judge could rule as early
as Friday but was more likely to do so next week.  "He has
allocated two and a half days to hear the case, so if it runs
its course, it will be Thursday afternoon, Friday and Monday,"
the lawyer commented to Reuters.

The judge could even delay his ruling for another week, Reuters
says, citing Mr. Fordham.  "It is an important case for our
freezing order jurisdiction so he might think he needs to give a
considered judgment," Mr. Fordham told Reuters.

Venezuelan Oil Vice Minister Bernard Mommer told Dow Jones
Newswires that the country will find a way to defeat Exxon Mobil
and that the ongoing dispute is "not a big deal for either
party".

"We will not leave London cowing from a loss, because if Exxon
wins it would set a bad legal precedent," Mr. Mommer told
Venezuelan news daily El Universal.

Mr. Mommer told Dow Jones that Exxon Mobil first rejected an
offer as a minority partner in Venezuelan operations because the
new contracts gave no allowance for arbitration overseas.

"I want to reiterate that the disagreement with Exxon wasn't
economic, it was because Exxon didn't want to accept that there
was no arbitration clause included in the new companies," Mr.
Mommer explained to Dow Jones.

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

RUHR OEL GMBH, a German refinery in 50% run by PDVSA.   The
company has a one million-barrel refining capacity per day, of
which around 250,000 belong to the Venezuelan corporation.  The
company also provides the German market with 20% of its by-
products and petrochemicals needs.

PDVSA runs 50 % of this company in association with Veba Oel,
which has four refineries, that makes it the biggest company
refining oil products in Germany. It has a one million-barrel
refining capacity per day, of which around 250,000 belong to the
Venezuelan corporation.  Besides this, RUHR OEL GMBH provides
the German market with 20% of its by-products and petrochemicals
needs.

PDVSA and the Finnish Neste Corporation are partners, with a
share 50% each of the corporation AB NYNAS PETROLEUM, which runs
refineries in Sweden, Belgium and The United Kingdom.

                        *     *     *

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


SHENZHEN SEG: To Implement Share Merger Reform
----------------------------------------------
Shenzhen Seg Samsung Glass Co., Ltd., plans to implement the
share merger reform, in which the company will be using
additional paid-in capital to fund an issue of new shares to
shareholders, China Business News reports.

Business News relates that the tradable shares holders will be
given 3.1605 shares for every 10 shares held.  Two non-tradable
shares holders, which are affiliates of the Samsung Corning
Investment Co. Ltd. and Samsung Corning (Malaysia) SDN BHD, will
be given 0.1758 shares for every 10 shares held.

The reform was delayed due to a difficulty encountered in
determining the price, Business News says.  Shenzhen Seg can
implement this reform plan after domestic and foreign
shareholders finally decided on the share price.  The company
will adopt the standard locking period stated by the regulator
for its share merger reform.

The report notes that Samsung Corning Co. Ltd. is the largest
and also the controlling shareholder of Shenzhen Seg with a
35.46% stake.

Headquartered in Shenzhen, China, Shenzhen Seg Samsung Glass
Co., Ltd. -- http://www.ssg.com.cn/-- is principally engaged in
the manufacture and sale of colored glass substrates for color
televisions and computer display panels.  The company offers its
products under two categories: color picture tube (CPT) glass
substrates, including 20-inch, 21-inch and 25-inch models, and
cathode ray display terminal (CDT) glass substrates, including
14-inch, 15-inch and 17-inch models.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating on October 28, 2005.




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


FIAT SPA: India Plant to Start Linea Line Production in August
--------------------------------------------------------------
Fiat India Chief Executive Officer Rajeev Kapoor said that the
company's Linea family car will start production in August 2008
at its joint venture plant in Ranjangaon, India, Thomson
Financial News reports.

The plant is a 50:50 joint venture between Fiat and Tata Motors
Ltd's and has a 100,000-car and 200,000-engine and transmission
parts manufacturing capacity.

                     About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *

In November 2007, Moody's Investors Service changed the outlook
on Fiat S.p.A. and subsidiaries' Ba3 Corporate Family Rating to
positive from stable and affirmed its Ba3 long-term senior
unsecured ratings as well as the short-term non-Prime rating.

In October 2007, Fitch Ratings affirmed Fiat S.p.A.'s Issuer
Default and senior unsecured ratings at BB- and Short-term
rating at B.

The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating.  The company also carries B short-
term rating.  S&P said the outlook is stable.


GENERAL MOTORS: Idles More Plants as Supplier's UAW Talks Resume
----------------------------------------------------------------
Two more General Motors Corp. plants are likely to shutter this
week as supplier American Axle & Manufacturing Inc. continues to
negotiate with United Auto Workers union workers on strike, Tom
Krisher of The Associated Press reports.

As reported in the Troubled Company Reporter on Feb. 29, 2008,
GM's production of Chevrolet Silverado and GMC Sierra pickups at
the Pontiac Assembly Center, which has 2,500 hourly and salaried
employees, in Michigan, ceased after the first shift Thursday.

On Friday, GM production factories in Flint, Michigan, Fort
Wayne, Indiana, and Oshawa, Ontario, were idled after the second
shift, displacing a total of 9,503 hourly and salaried workers.

A list of impacted facilities is available at:
http://bankrupt.com/misc/GMImpactedPlants_5pm_feb29.pdf

As previously reported, UAW president Ron Gettelfinger and Vice
President James Settles disclosed that members at American Axle
began an unfair labor practices strike at 12:01 a.m. on Feb. 26,
2008, following expiration of a four-year master labor
agreement.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 28, 2008,
Fitch Ratings has affirmed the Issuer Default Rating of General
Motors at 'B', with a Rating Outlook Negative.

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

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


IFCI LTD: 53% of Employees Avail of Voluntary Retirement Scheme
---------------------------------------------------------------
More than half of IFCI Limited's workforce chose to avail of the
Voluntary Retirement Scheme offered by the company to help it
restructure and attract another partner, the Press Trust of
India reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 13, IFCI offered the scheme to its employees to cut costs
and sustain business in the medium term.

"There are about 470 people in IFCI and our current business
size requires not more than 150 people," the Business Standard
quoted IFCI Chief Executive Officer Atul Kumar Rai as saying.
The CEO asserted that the VRS would give space to the company to
redesign the business model.

PTI, citing unnamed sources, said that about 250 of the 470
employees opted for the scheme, which will help IFCI save
INR27 crore.  The scheme, which offer closed on Feb. 29, offered
relief of up to INR15 lakh over and above the normal retirement
benefits.

According to PTI's sources, the rightsizing would cost IFCI
about INR45 crore, but it would not negatively impact the number
of executives in specialized disciplines.

As previously reported in the Troubled Company Reporter-Asia
Pacific, IFCI called off plans to induct a strategic investor
after its board of directors rejected the 26%-stake-sale
proposal submitted by the consortium of Sterlite Industries and
Morgan Stanley Co, saying that the conditional offer is
unacceptable.

IFCI's net profit soared in the three months ended Dec. 31, 2007
-- more than doubled to INR3.19 billion from the INR1.29-billion
profit booked in the corresponding quarter in 2006.

The CEO believes the company will go back into losses unless
they reduce wage costs.  We will be better off if we have right
kind of people," Mr. Rai told the Business Standard.

IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.


IFCI LTD: Gov't Budget Provides INR433 Crore for Restructuring
--------------------------------------------------------------
Finance Minister Palaniappan Chidambaram has made a provision of
INR433 crore in the Government of India's 2008-09 budget for
restructuring old liabilities of IFCI Ltd.'s old liabilities,
media reports say.

According to Reuters, GoI's previous budget (2007/08) made an
allocation of INR1,300 crore and later revised it to
INR100 crore.

IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.


MYLAN INC: Books US$1.27-Bil. Loss in Three Mos. Ended Dec. 31
--------------------------------------------------------------
Mylan Inc. reported its financial results for the three and nine
months ended Dec. 31, 2007, provided an update on its synergy
targets for the Merck Generics acquisition, and disclosed a
number of strategic and operational initiatives.

                    Financial Highlights

   -- Adjusted diluted cash EPS of US$0.11 and US$0.92 for the
      three and nine months ended Dec. 31, 2007, respectively,
      both of which exclude the impact of purchase accounting
      items related to the Matrix acquisition completed in
      January 2007 and the acquisition of Merck Generics
      completed in October 2007, as well as other non-recurring
      items as discussed in detail below;

   -- Total revenues of US$1.16 billion for the three months
      ended Dec. 31, 2007, an increase of US$753.6 million over
      the same prior year period;

   -- Total revenues of US$2.18 billion for the nine months
      ended Dec. 31, 2007, an increase of US$1.05 billion over
      the same prior year period;

   -- On a GAAP basis, a loss per diluted share of US$5.04 and
      US$4.49 for the three and nine months ended Dec. 31, 2007,
      respectively, as a result of purchase accounting
      adjustments including the write-off of US$1.27 billion of
      acquired in-process research and development, which was
      recorded without tax effect.

Mylan's Vice Chairperson and Chief Executive Officer, Robert J.
Coury commented: "The strength of this first quarter as a
consolidated company showcases Merck Generics' contribution to
our growth.  The strong performance of Merck Generics bolstered
the solid nine-month results of the legacy Mylan operations.
Further, these strong results were achieved while tremendous
progress was made, both on the integration and on achieving our
targeted synergies.  Looking forward, we will continue to
execute on our strategies and leverage the additional
opportunities and benefits that we see from the global platform
created by the combination of Mylan, Merck Generics and Matrix."

                       Synergy Update

Mylan confirmed that it expects to realize its stated US$100
million synergy target for the Merck Generics acquisition for
2008 and it is on track to meet or exceed the targeted recurring
annual synergies of US$300 million by the end of 2010, as
outlined by the company during its investor day on Oct. 3, 2007.

To achieve these results, the company announced that it has
initiated the necessary actions within research and development
(R&D) and manufacturing.  The actions are expected to yield 75%
of the overall US$300 million annual synergy target by the end
of 2010.

Chief Operating Officer and Chief Integration Officer, Heather
Bresch said:  "We are well ahead of our implementation schedule.
Our efforts to date extend across all areas of the new combined
company, including strengthening our leadership and
organizational infrastructure, ensuring effective separation
from Merck KGaA, building Mylan's brand equity globally and,
most importantly, realizing value from the New Mylan by
delivering on our synergy targets."

Specific steps being taken to rationalize and optimize our
global manufacturing and research and development platforms
include:

    -- Discontinue manufacturing and R&D at Genpharm in Canada.
       The Commercial Operations, Packaging Unit, Quality
       Control Laboratory, Biopharm Department, Supply Chain
       Functions, and Regulatory Affairs at Genpharm will
       continue operation.

    -- Discontinue manufacturing of non-high potency products at
       Mylan's Puerto Rico location.  High potency manufacturing
       operations will remain and be expanded in Puerto Rico,
       creating a "center of excellence" for high potency
       manufacturing at this facility.

    -- Discontinue R&D activities at Gerard Laboratories in
       Ireland.

    -- Discontinue R&D activities in Spain.

    -- Scale down R&D activities at Generics UK.

Executive Vice President and Head of Global Technical
Operations, Rajiv Malik commented:  "The actions announced today
will allow us to leverage the scale of our expanded global
assets and optimize our operations.  We expect that our new
streamlined, consolidated and integrated R&D and manufacturing
platforms will not only deliver the promised synergies, but also
enable us to even more effectively execute on the growth
strategy for our global business."

                   Strategic Initiatives

Mylan reported a number of key initiatives to enhance its
strategic focus, specifically:

    -- Mylan has reached a definitive agreement with Forest
       Laboratories whereby Mylan will sell its rights to
       Nebivolol, a FDA approved product for the treatment of
       hypertension which is marketed by Forest under the brand
       name Bystolic(TM).  Mylan will receive a one-time cash
       payment of US$370 million and will retain royalties for
       the product through 2010.

    -- Mylan will pursue strategic alternatives for Dey,
       including the potential sale of the business, Mylan's
       specialty pharmaceutical business acquired as part of the
       Merck Generics transaction.  Dey is a leader in the
       nebulized respiratory and severe allergy markets with
       fully integrated capabilities in R&D, manufacturing and
       marketing and sales.

    -- The Board of Directors of Mylan's majority owned
       subsidiary, Matrix Laboratories, has authorized its
       management to explore strategic alternatives for
       Docpharma, its commercial operations in the Benelux
       region (Belgium, the Netherlands and Luxemburg),
       including a potential divestiture of the asset.

    -- Mylan has exercised its option with respect to Merck
       Generics' operations in Central and Eastern Europe,
       including such high-growth markets as Poland, Slovakia,
       Hungary, the Czech Republic and Slovenia.

Mr. Coury added: "After conducting a further review of our
global portfolio of businesses following the completion of the
Merck Generics acquisition, we have decided to pursue several
initiatives that will allow us to leverage the power of our
global generics platform, focus on the successful execution of
our integration, and meet our commitments to de-levering our
balance sheet."

"More specifically, during our recent post-closing review of
Dey, it became clear that the launch of Perforomist(TM), which
occurred concurrently with the closing of the Merck Generics
acquisition, requires a redefined strategic approach.  While Dey
is already in the process of addressing this issue, the delay
will result in slower growth and a longer timeframe to reach
peak sales than was originally anticipated from this product.
While we continue to believe that the Dey business, as a whole,
represents a very exciting opportunity in specialty
pharmaceuticals, we believe that our resources would be better
allocated toward our core generics business.  As a result, we
have decided to consider a sale of Dey," Mr. Coury continued.

The slower than expected launch of Perforomist(TM) is expected
to have approximately a US$0.20 to US$0.25 negative impact on
Mylan's diluted earnings per share in 2008, 2009 and 2010.
Although the company is not in a position to update or revise
guidance at this time, it will do so in conjunction with its
2008 first quarter earnings announcement.

Mr. Coury said: "Notwithstanding the timing issue associated
with the slower uptake of Perforomist(TM), the results of our
initial quarter with Merck Generics continues to give us great
confidence in the growth potential of our core generics business
around the world.  We continue to see strong performance across
our global generics business and we expect that the further
integration of our businesses will result in even greater
potential opportunities for growth going forward."

                  Detailed Financial Summary

Mylan previously had two reportable segments, the "Mylan
Segment" and the "Matrix Segment."  With the acquisition of
Merck Generics, Mylan now has three reportable segments:
Generics Segment, Specialty Segment (or "Specialty") and the
Matrix Segment.  The former Mylan Segment is included within the
Generics Segment. Additionally, certain general and
administrative and research and development expenses not
allocated to the segments, as well as litigation settlements and
non-operating income and expenses, are reported in
Corporate/Other.

Total revenues for the quarter ended Dec. 31, 2007, increased by
188% or US$753.6 million to US$1.16 billion from US$401.8
million in the same prior year period.  Approximately US$793.5
million represents amounts contributed through acquisitions.

Generics Segment revenues are derived from sales in Europe, the
Middle East & Africa (EMEA), North America and Asia Pacific.

Revenues from North America were US$416.3 million for the three
months ended Dec. 31, 2007, compared to US$401.8 million for the
same prior year period, representing an increase of US$14.5
million or 4%.  Revenues of approximately US$54.4 million were
realized in North America as a result of the acquisition of
Merck Generics.

Revenues from EMEA and Asia Pacific, as well as revenues from
the Specialty Segment, were all the result of the acquisition of
Merck Generics.  For EMEA, revenues for the quarter ended
Dec. 31, 2007, were US$373.1 million, the majority of which are
derived from the three largest markets; France, the United
Kingdom and Germany.

Revenues from Asia Pacific were US$170.9 million for the three
months ended Dec. 31, 2007, and were derived from Mylan's newly
acquired operations in Australia, Japan and New Zealand.

For the Specialty Segment, total revenues for the three months
ended Dec. 31, 2007, were US$102.1 million.  The Specialty
Segment consists of the Dey business that focuses on the
development, manufacturing and marketing of specialty
pharmaceuticals in the respiratory and severe allergy markets.

The Matrix Segment reported total revenues of US$107.1 million,
of which US$92.9 million represents sales to third parties.

Gross profit for the three months ended Dec. 31, 2007, was
US$356.1 million and gross margins were 30.8%.  The decrease in
gross margins is due primarily to the effects of purchase
accounting items recorded during the quarter of approximately
US$117.7 million, which consisted primarily of amortization
related to purchased intangible assets and the amortization of
the inventory step-up associated with the acquisition of Merck
Generics.  Excluding such items, gross margins were 41% compared
to 55.9% for the three months ended Dec. 31, 2006.

The company reported a loss from operations of US$1.27 billion
for the three months ended Dec. 31, 2007.  This loss from
operations for the quarter included a US$1.27 billion one-time
charge to write-off acquired in-process research and
development, which is recorded without a tax effect, and
excludes the US$117.7 million of purchase accounting items
discussed above. Excluding these amounts, earnings from
operations would have been US$118.5 million, a decrease of
US$65.1 million from the prior year.

Research and development (R&D) expense for the three months
ended Dec. 31, 2007 was US$80.8 million compared to US$22.9
million in the same prior year period.  R&D expense includes
approximately US$53.9 million related to newly acquired
entities, all of which was incremental to the comparable prior
year period.

The acquisition of Merck Generics and Matrix added US$170
million of incremental selling, general and administrative
(SG&A) expense to the current period.  Excluding this amount,
SG&A expense increased by US$53.1 million or 101% to US$105.7
million compared to US$52.6 million in the comparable prior year
period.  The majority of this increase was realized by Corporate
and Other and is the result of costs, such as professional and
consulting fees, associated with the integration of Merck
Generics, as well as higher payroll and related costs
principally attributable to the build-up of additional corporate
infrastructure as a direct result of the Merck Generics
acquisition.

Interest expense for the current quarter totaled US$133.4
million compared to US$10.5 million for the three months ended
Dec. 31, 2006.  The increase is due to the additional debt
incurred to finance the acquisition of Merck Generics.

Other (expense) income, net was expense of US$43.9 million for
the three months ended Dec. 31, 2007 compared to income of
US$32.4 million in the same prior year period.  The most
significant item in the current period was US$57.2 million
related to the early repayment of certain debt and expensing
certain financing fees, partially offset by other income
attributable to interest and dividends.

For the nine months ended Dec. 31, 2007 total revenues were
US$2.18 billion compared to US$1.12 billion during the
comparable nine-month period of the prior year.  Approximately
US$964.8 million of revenues for the nine-month period were
contributed through acquisitions.

For the nine-months ended Dec. 31, 2007, the Matrix Segment
reported total revenues of US$293.8 million, of which US$264.2
million represented third party sales.  As Mylan began
consolidating the results of Matrix beginning on Jan. 8, 2007,
all of this revenue is incremental to the results of the prior
year.

Gross profit for the nine months ended Dec. 31, 2007, was
US$874.4 million and gross margins were 40.1%. The decrease in
gross margins is due primarily to the effects of purchase
accounting items of approximately US$148.9 million.  Excluding
such items, gross margins were 47% compared to 54.1% for the
nine months ended Dec. 31, 2006.

The loss from operations for the nine months ended Dec. 31, 2007
was US$988.3 million as a result of the purchase accounting
items discussed above and the one-time charge to write-off
acquired in-process research and development.  Excluding these
amounts, earnings from operations would have been US$429.7
million for the nine-month period, a decrease of US$5.7 million
from the prior year.

R&D expense for the nine months ended Dec. 31, 2007, excluding
that incurred by newly acquired entities, was US$74.9 million
compared to US$66.8 million in the same prior year period, an
increase of US$8.1 million or 12%.

SG&A expense, also excluding amounts contributed by new
entities, increased by US$95.1 million or 62% to US$247.9
million compared to US$152.8 million in the comparable prior
year period.  The majority of this increase was realized by
Corporate and Other, and is the result of costs, such as
professional and consulting fees, associated with the
integration of Merck Generics, as well as higher payroll and
related costs principally attributable to the build-up of
additional corporate infrastructure as a direct result of the
Merck Generics acquisition.

Interest expense for the nine months ended Dec. 31, 2007,
totaled US$179.4 million compared to US$31.3 million for the
nine months ended Dec. 31, 2006.  The increase is due to the
additional debt incurred to finance the acquisition of Merck
Generics.

Other income (expense), net was income of US$86.6 million for
the nine months ended Dec. 31, 2007, compared to income of
US$39.8 million in the same prior year period.  The most
significant items in the current period are net foreign exchange
gains consisting mainly of US$85 million on a contract related
to the acquisition of Merck Generics and US$57.2 million of
expense related to the early repayment of certain debt and
expensing certain financing fees as discussed previously, with
the remainder of the other income attributable to interest and
dividends.

                      About Mylan Inc.

Mylan Inc., formerly known as Mylan Laboratories Inc. (NYSE:
MYL), -- http://www.mylan.com/-- is a global pharmaceutical
company with market leading positions in generic
pharmaceuticals, transdermal technology and unit dose packaged
products.  Mylan operates through three principal subsidiaries:
Mylan Pharmaceuticals, a world leader in generic
pharmaceuticals; Mylan Technologies, the largest producer of
generic and branded transdermal patches for the U.S. market; and
UDL Laboratories, the top U.S.-supplier of unit dose
pharmaceuticals.  Mylan also owns a controlling interest in
Matrix Laboratories Limited of India.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Moody's Investors Service assigned B1 ratings to
the new senior secured credit facilities of Mylan Inc.  In
addition, Moody's lowered Mylan's Corporate Family Rating to B1
from Ba1, concluding a rating review for possible downgrade
initiated on May 14, 2007 and lowered the speculative grade
liquidity rating to SGL-2 from SGL-1.


MYLAN INC: J. Dore' Joins as Matrix Labs CEO & Managing Director
----------------------------------------------------------------
Mylan Inc. has appointed Jagdish Viswanath Dore' as Chief
Executive Officer and Managing Director of Matrix Laboratories
Limited.  Mr. Dore' will assume the responsibilities of Rajiv
Malik who became Executive Vice President and Head of Global
Technical Operations for Mylan in October 2007 and has been
serving as interim CEO for Matrix, a majority-owned subsidiary
of Mylan.  Mr. Malik will relocate to the United States in
connection with his employment by Mylan.

Mr. Dore' joins Matrix after a distinguished 29 year career with
Sandoz most recently as Managing Director and India Country
Head.  In this role, Mr. Dore' was responsible for all of
Sandoz's operations in India including global development and
manufacturing; local and export sales; day-to-day operations;
and technical operations in the Asia Pacific region.  He was
previously responsible for business operations in the Asia
Pacific cluster and involved in the startup of Novartis
Enterprises Private Limited (now Sandoz), Novartis Consumer
Health India Private Limited and Master Builders Technology
India Private Limited, India.

Matrix Chairperson and Mylan Vice Chairperson and Chief
Executive Officer, Robert J. Coury said:  "Jagdish's impressive
industry reputation is well known, and I believe he will be a
huge asset to Matrix as it continues to expand its integral role
in support of Mylan's global platform.  I have every confidence
that Jagdish will ensure that Matrix continues its strong growth
and supports Mylan in becoming the world's leading, fully-
integrated generic pharmaceuticals company."

Matrix's Vice Chairperson, N. Prasad commented, "I have known
Jagdish for some time, and I am absolutely delighted that he
will be assuming Rajiv's role as CEO of Matrix.  During his
tenure at Sandoz, Jagdish was responsible for managing the
company's 1,800 employees based in India along with developing a
rapidly growing business across the Asia Pacific region.  He
brings a great deal of experience on a strategic and operational
level that will be invaluable to Matrix as it strengthens its
leadership in active pharmaceutical ingredients (API), further
develops its finished dosage form (FDF) capabilities and
continues to grow its antiretroviral (ARV) business."

Mr. Dore' said:  "Matrix is an established, highly respected and
high-quality company in the pharmaceuticals industry both in
India and world-wide.  Being part of Mylan only enhances it.  I
look forward to leading Matrix into the next phase of its growth
and working with the Mylan and Matrix senior management teams to
further align our organizations and leverage the opportunities
available to us in the global generics market."

Mr. Dore' earned a Bachelor of Technology degree from the Indian
Institute of Technology, Chennai, and a postgraduate degree in
business management from the Xavier Institute in Jamshedpur
specializing in marketing.

                      About Mylan Inc.

Mylan Inc., formerly known as Mylan Laboratories Inc. (NYSE:
MYL), -- http://www.mylan.com/-- is a global pharmaceutical
company with market leading positions in generic
pharmaceuticals, transdermal technology and unit dose packaged
products.  Mylan operates through three principal subsidiaries:
Mylan Pharmaceuticals, a world leader in generic
pharmaceuticals; Mylan Technologies, the largest producer of
generic and branded transdermal patches for the U.S. market; and
UDL Laboratories, the top U.S.-supplier of unit dose
pharmaceuticals.  Mylan also owns a controlling interest in
Matrix Laboratories Limited of India.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Moody's Investors Service assigned B1 ratings to
the new senior secured credit facilities of Mylan Inc.  In
addition, Moody's lowered Mylan's Corporate Family Rating to B1
from Ba1, concluding a rating review for possible downgrade
initiated on May 14, 2007 and lowered the speculative grade
liquidity rating to SGL-2 from SGL-1.


MYLAN INC: Forest Labs Will Assume Rights on Hypertension Drug
--------------------------------------------------------------
Mylan Inc. said that Forest Laboratories Holdings, Ltd., a
wholly owned subsidiary of Forest Laboratories, Inc., has
amended its January 2006 agreement to commercialize, develop and
distribute the novel beta blocker Bystolic(TM) (nebivolol),
which is currently approved in the United States for the
treatment of hypertension.  The companies have agreed that
Forest Laboratories will assume Mylan's commercial rights for
Bystolic in the United States and Canada including, but not
limited to, the elimination of Mylan's option to co-promote the
product.  Forest will be responsible for all future Bystolic
development expenses as well as all sales and marketing expenses
for the product.

Under the terms of this amendment, Forest Laboratories Holdings,
Ltd. (Ireland) will make a one-time cash payment of
US$370 million to Mylan.  Forest Labs will continue to pay the
company its contractual royalties for three years, through
calendar 2010.

Mylan Vice Chairperson and Chief Executive Officer, Robert J.
Coury commented:  "We are very proud of the role Mylan has
played to date in Bystolic's development and commercialization
in the U.S. and believe that today's agreement with Forest is
evidence of the value we have created through this product.
Today's announcement is just one of the many initiatives we have
announced to enhance our strategic focus and ensure we are
ideally positioned to maximize the significant opportunities of
our world leading generics assets."

                       About Bystolic

Bystolic (nebivolol) is a novel beta blocker that was approved
by the FDA in December 2007 and is approved and marketed in more
than 65 countries outside of North America.  Mylan licensed the
U.S. and Canadian rights to Bystolic from Janssen Pharmaceutical
N.V. in 2001, and obtained Janssen's consent to sub-license
Bystolic to Forest Laboratories in those territories in an
initial agreement completed in January 2006.  Bystolic is a
cardio-selective beta-1 blocker, with vasodilation properties
and a favorable tolerability profile. Upon FDA approval,
Bystolic has received five years of marketing exclusivity under
the Hatch Waxman legislation.  In addition there is an issued
U.S. pharmaceutical composition of matter patent that expires in
2021, which may offer additional exclusivity.

                      About Mylan Inc.

Mylan Inc., formerly known as Mylan Laboratories Inc. (NYSE:
MYL), -- http://www.mylan.com/-- is a global pharmaceutical
company with market leading positions in generic
pharmaceuticals, transdermal technology and unit dose packaged
products.  Mylan operates through three principal subsidiaries:
Mylan Pharmaceuticals, a world leader in generic
pharmaceuticals; Mylan Technologies, the largest producer of
generic and branded transdermal patches for the U.S. market; and
UDL Laboratories, the top U.S.-supplier of unit dose
pharmaceuticals.  Mylan also owns a controlling interest in
Matrix Laboratories Limited of India.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Moody's Investors Service assigned B1 ratings to
the new senior secured credit facilities of Mylan Inc.  In
addition, Moody's lowered Mylan's Corporate Family Rating to B1
from Ba1, concluding a rating review for possible downgrade
initiated on May 14, 2007 and lowered the speculative grade
liquidity rating to SGL-2 from SGL-1.


SHAW GROUP: Unit to Provide Engineering Services in India
---------------------------------------------------------
The Shaw Group Inc.'s Energy & Chemicals Group has been selected
by Guru Gobind Singh Refineries Limited to provide technology,
engineering and procurement services for a Deep Catalytic
Cracking unit at the grassroots Punjab Refinery Project in
Punjab, India.  The value of Shaw's contract, which
has been included in the company's previously announced backlog,
was not disclosed.

"Shaw's ability to incorporate Deep Catalytic Cracking
technology into the Punjab Refinery Project will facilitate the
most cost-effective and commercially proven option for the
production of polymer grade propylene from the refining
process," said Lou Pucher, president of Shaw's Energy &
Chemicals Group.

DCC technology, originally developed by SINOPEC Research
Institute of Petroleum Processing (RIPP), is a proprietary
technology for the production of light olefins, particularly
propylene and isobutylene, from a variety of hydrocarbon
feedstock inputs.  As primary building blocks for other
downstream petrochemicals, light olefins produced using DCC
technology are a value-added product of the refining process.

Shaw is the exclusive licensed provider of DCC technology
outside of China, and together with RIPP has licensed 11 DCC
units around the world.  The first DCC complex designed and
engineered by Shaw was successfully commissioned for Thai
Petrochemical Industries in 1997.

GGSRL is a joint venture company between Hindustan Petroleum
Corporation Limited and Mittal Energy Investment Pte Limited.

                      About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.


                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.  In addition,
'BB' senior secured debt rating was affirmed after the US$100
million increase to the company's revolving credit facility.


TATA MOTORS: Unit to Manufacture Floor Beams for Boeing 787
-----------------------------------------------------------
The Boeing Company has entered into an agreement with India-
based TAL Manufacturing Solutions Ltd., a wholly owned
subsidiary of Tata Motors Ltd., for manufacturing structural
components for Boeing's 787 Dreamliner airplane program.

Under the agreement, TAL Manufacturing Solutions will build
floor beams for the 787 using new technology with advanced
titanium and composite materials.  These floor beams will be
used on the 787 Dreamliner and provide for a best-value solution
and significant weight savings.  Financial terms of the
agreement were not disclosed.

"Boeing is proud to welcome Tata into its family of world-class
aerospace suppliers and we are confident that this partnership
will help Boeing and Tata leverage mutual best-value
capabilities" said Carolyn Corvi, vice president and general
manager of Airplane Programs for Boeing Commercial Airplanes.
"This partnership between Boeing and Tata will further increase
the value of the 787 to our customers, helping make it the
world's leading commercial airplane"

The floor beams for the 787 airplane will be produced at TAL's
new facility in Nagpur, India, and then transported to Boeing
partners in Japan, Italy and the United States for further
assembly.

"The production of Boeing's structural components by TAL
indicates technical and manufacturing excellence within the
Group" said Ravi Kant, chairman, TAL and managing director, Tata
Motors Ltd.  "We believe that this agreement has the potential
to develop into a more broad-based alliance that would enable
both organizations to utilize the best and most competitive
resources within themselves and thereby offer greater value to
customers"

"TAL already has an established reputation in state-of-the-art
precision engineering. The agreement with Boeing allows us to
open yet another frontier" said Atam P Arya, managing director,
TAL.  "This would be a turning point for the Indian
manufacturing industry to gain a footprint in the global
aerospace business"

"The Boeing-Tata partnership is strong and growing, and forms an
important part of our ongoing efforts to strengthen both our
presence in India and our strategic relationships with Indian
industry" said Ian Thomas, president, Boeing India.  "We are
pursuing a host of growth and productivity initiatives in India
and remain deeply committed to the success of India's aerospace
sector"

The Boeing 787 Dreamliner, the world's first mostly composite
commercial airplane, will use 20 percent less fuel per passenger
than similarly sized airplanes, produce fewer carbon emissions,
and will have quieter takeoffs and landings.  To date, the 787
has logged more than 855 orders from more than 55 customers
worldwide since program launch in 2004, making the Dreamliner
the most successful commercial airplane launch in history.

Boeing's history in India reaches back more than 60 years,
marked by success in working with airline customers, parts
suppliers, research institutes and others to provide products
and services.  Boeing Commercial Airplanes' annual Current
Market Outlook projects that India will need approximately $86
billion worth of aircraft over the next 20 years.  In December
2003, Boeing established a wholly-owned subsidiary, Boeing
International Corporation India Private Limited (BICIPL), to
support the growing demands of India's aviation, aerospace and
defense industries.

                     About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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

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


TATA MOTORS: Reduction in Excise Duties Cues Firm to Cut Prices
---------------------------------------------------------------
Tata Motors Ltd. will reduce the prices of its small cars and
commercial vehicles (including buses, bus chassis and bus body),
in view of the reduction of excise duties announced in the Union
Budget, a Feb. 29 press release stated.

The new applicable prices, the release said, will be announced
in the next few days, after the company has studied the details
of the policy changes.

According to Reuters, Finance Minister Palaniappan Chidambaram
proposed last Friday to cut excise duties:

   * on small cars, as well as buses and their chasses, to 12%
     from 16%; and

   * on hybrid cars to 14% from 24%.

Tata Motors, however, is still undecided to include in the price
cut the price of the Tata Nano, dubbed as the world's cheapest
car at INR1 lakh (US$2,500), Indo-Asian News Services points
out.

It's too early to say whether this would have a bearing on the
prices of the Nano, IANS quoted a company spokesperson as
saying.

Launched in January this year, the Nano is expected to be sold
in India in October.

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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

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


* INDIA: Gov't Budget a Political & Fiscal Balance, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that India's budget for 2008-2009
tries in the run up to national elections to tenuously balance
short-term political imperatives with long-term developmental
needs, while also trying to be consistent with key fiscal
targets set forth in the "Fiscal Responsibility and Budget
Management Act."

"The budget is also particularly interesting as it marks not
only the last for the Congress-led United Progressive Alliance
government which is serving its final year, but also because it
comes in the terminal year of the FRBMA," says Aninda Mitra, a
Moody's VP/Senior Analyst.  FRBMA was designed to
institutionally underpin an improvement in India's fiscal
fundamentals.

Mitra, who is part of Moody's Sovereign Risk Unit in Singapore,
made his remarks in conjunction with the release of his special
comment on the budget, which was announced on February 29.  His
report is entitled "India's 2008-09 Budget Aims to Balance
Politics and Fiscal Responsibility."

"Additionally, the government does not make a more explicit
provision for the Sixth-Pay Commission's expected hikes of
public sector salaries, nor does it establish a clearer
mechanism or time-frame for transferring above the line -- much
less reducing or eliminating -- sizeable off-budget liabilities
(especially, oil and fertilizer subsidies)," says Mitra.

"As a result, the true extent of fiscal risk is substantially
higher than nominally apparent," says Mitra.

"Nevertheless, despite the budget's populist tone, and its clear
downside risks, Moody's overall view is that continued revenue
buoyancy could still underpin a level of fiscal performance that
is consistent with incremental improvements in debt ratios,"
says Mitra.

Furthermore, the budget's emphasis on poor, less educated rural
dwellers should boost agricultural incomes in a relatively in-
expensive fashion, and at a politically expedient time.

"The projected growth in the central government's budget
expenditure looks extremely conservative, and this could very
well be designed to make headroom for meeting additional
expenses related to the Sixth Pay Commission's public sector
wage recommendations," adds Mitra in his analysis.

"However, it is too soon to conclusively assess the impact
without precisely knowing the full extent of the
recommendations, or incorporating state-level budget impacts,
responses and provisions," he says.

"But what is clear is that in the coming months, on account of
less discretionary control over its employees' salaries, the
central government's credit fundamentals will grow increasingly
dependent on the momentum of GDP growth and the buoyancy of tax
revenues," Mitra says in his report.

The budget's revenue assumptions also remain strong (and actual
out-turns could be stronger), with direct (individual and
corporate) taxes expected to grow sizably, Mitra says.
Meanwhile, the broadening of the service tax base has also
rapidly begun adding to the overall tax take.

Moody's views the annual budget as a key component of its
assessment of the Indian government's fiscal and debt metrics
which are the main drivers of its Ba2 local-currency and Baa3
foreign-currency debt ratings.  Mitra's report can be found at
http://www.moodys.com


* INDIA: Fitch Says Fiscal Improvement in Place
-----------------------------------------------
Fitch Ratings has commented, on the back of India's Union Budget
announcement for 2008/2009 from the Finance Minister, that the
budget suggests the country's fiscal improvement remains firmly
in place. The central government forecasts its revenue deficit
would decline further to 1% of GDP in the coming fiscal year,
from 1.4% in the previous year.  At the same time, its fiscal
deficit is forecast to drop to 2.5% of GDP, from 3.1% in
2007/2008.

The agency notes however that the pace of fiscal improvement is
slower than expected.  In fact, the government missed one of the
targets set out in the Fiscal Responsibility and Budget
Management Act, which targets a zero revenue deficit by
2008/2009.  The government now says it needs an extra year to
achieve its target.  "The Indian government needs to implement
additional measures if it is to meet the FRBMA target in
FY09/10, and to continue catching up on the fiscal front with
its rating peers," said Franklin Poon, Director in Fitch's Asia
Sovereign ratings team.

The government's failure to achieve the revenue deficit target
is partly due to the increase in education, health and social
spending.  For example, education and health expenditures are
expected to increase by 10%-15%, respectively.  The government
is also giving debt waivers to farmers, amounting to INR600
billion (1.3% of GDP).  At the same time, the tax exemption
limit is to be raised to INR150,000.  All these could be seen as
populist measures ahead of the election year in 2009.

The government has not proposed any concrete measures in the
budget to deal with some of the "fiscal stress points."  On off-
budget liabilities like food and oil bonds, while the government
acknowledged the problem in the budget it stopped short of
mentioning corrective accounting actions.  Also, the government
is not going to implement the nationwide Goods and Services Tax
in the coming year, although the central sales tax will be cut
further from 3% to 2%, and the CENVAT to 14% from 16%.  No
measures were announced for expanding the country's narrow tax
base, while the possible impact of the Sixth Pay Commission was
not discussed.

Fitch also notes that India's fiscal indicators are still
lagging behind its peer rating group (sovereigns rated 'BBB-',
'BBB' or 'BBB+').  The country has a higher general government
deficit (5.5% of GDP vs the group median of 1.6% in 2007), a
much heavier interest service burden (25% of revenue vs 7.2%),
and a significantly higher general government debt (77% of GDP
vs 29%).  Despite the nominal high tax rates, India is a low-tax
country and has a narrow tax base (revenues account for 21% of
GDP, lower than the group median of 35%).

Overall, Fitch views the budget as slightly disappointing, on
the back of failure to achieve its zero revenue deficit target
in the coming year (which had already been widely expected), the
introduction of populist measures, as well as lack of concrete
measures to tackle the fiscal stress points. Nevertheless, Fitch
would like to highlight that the country's fiscal improvement is
still firmly in place.  At the same time, its general government
balance, interest service burden, and general government revenue
(which are albeit still worse than its peer rating group) are
slowly converging towards the medians.  In fact, India's rating
strengths include its strong growth story, high domestic savings
rate and very strong external public debt position.




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


CA INC: Will USPay $0.04 Per Share Dividend on March 28
-------------------------------------------------------
CA Inc.'s Board of Directors has declared a regular, quarterly
cash dividend of US$0.04 per share.  The dividend will be paid
on March 28, 2008, to stockholders of record at the close of
business on March 14, 2008.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                        *     *     *

In December 2007, Fitch Ratings affirmed these ratings of CA
Inc.: Issuer Default Rating at 'BB+'; Senior unsecured revolving
credit facility at 'BB+'; and Senior unsecured debt at 'BB+'.

Additionally, Fitch revised the Rating Outlook on CA Inc. to
Stable from Negative.  Fitch's actions affect approximately
US$2.8 billion of total debt, including the company's US$1.0
billion revolving credit facility.


GARUDA INDONESIA: Plans to Provide Airline Service to Kendari
-------------------------------------------------------------
Garuda Indonesia plans to provide airline services from Makassar
to Kendari at least once a day in June at the latest, Antara
News reports.

Andi Ichsan Tahir, Garuda marketing executive, told the news
agency that the airline has conducted a survey to which Kendari
Monginsidi Airport passed the requirements for wide-bodied
planes to land.   Southeast Sulawesi is home to the world's most
beautiful coral coast has also encouraged Garuda to fly to the
province, he added.

Garuda, the report relates, will operate a Boeing 737-300 or
737-400 plane with a capacity of carrying more than 300
passengers to serve the new route.

                  About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 6, 2007, that Garuda, saddled with a debt of around US$750
million including some US$475 million owed to the European
Credit Agency, is in negotiations with creditors to restructure
some of its debt.  The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


KERETA API: To Form Joint Venture with Tambang Batubara
-------------------------------------------------------
PT Tambang Batubara Bukit Asam Tbk President Director Sukrisno
said that the firm plans to form a joint venture with PT Kereta
Api Indonesia to upgrade the infrastructure by improving
stations, coaches, bridges and tracks, Reuters reports.

Mr. Sukrisno told Reuters that both companies will work together
to improve the infrastructure in a bid to raise the company's
annual capacity to transport coal to 20 million tonnes by 2012.

Bukit Asam estimated that upgrading the railway would cost
US$734 million, and could be funded out of cashflow or using
bank loans, the report adds.

                      About Kereta Api

Headquartered in Bandung, West Java, Indonesia's state railway
PT Kereta Api -- http://www.kereta-api.com/-- operates a large
and busy network.  Its 6,000 kilometers of track extend
throughout Java and Sumatra and carry some 200 million
passengers per year.  Since 1999, KAA has operated as a limited
corporation and is currently implementing a strategy for change
designed to make it Indonesia's main choice of transport for all
sectors of Indonesian society.

                        *     *     *

Kereta Api owned up to having stated a IDR5-billion loss in
2005 as profit, although it was unintentional, said KA spokesman
Noor Hamidi.

KA commissioner Hekinus Manao informed the public that several
company liabilities were recorded as assets in its financial
report, which he had refused to sign and thus delayed a
scheduled shareholders' meeting earlier this month.

The TCR-AP previously reported that the Indonesian Government
plans to provide IDR100 billion to Kereta Api as bailout funds.


PT INCO: 2007 Net Profit Doubles to US$1.17 Billion
---------------------------------------------------
PT International Nickel Indonesia's 2007 net profit doubled to
US$1.17 billion from US$513.4 million in the previous year, on
higher prices and production, various reports say.

According to Antara news, the company's sales rose 74% to
US$2.33 billion.  Analysts surveyed by Thomson Financial said
they were expecting net profit of between US$1.06 billion and
US$1.26 billion dollars.  Sales were projected at 2.12-2.49
billion dollars from 1.34 billion.

According to Reuters, the company expects its nickel output to
increase 3% in 2008.

PT Inco's 2007 production increased 7% to 76,748 tonnes, and
its average realized nickel price jumped 63% to US$29,881 per
ton, Reuters relates.

Arief Siregar, Inco president director, said the firm's annual
production of 76,748 tonnes of nickel in matte was the highest
in its history, beating its 2007 target of 74,843 metric tonnes,
Reuters relates.

According to The Jakarta Post, the company has allocated
US$212 million in capital spending for this year, in the hopes
of reaching production of 77,000 to 79,000 metric tons of nickel
in matte.  It also plans to build a new dam and hydroelectric
facility at its Karebbe mining site to increase its power
generating capacity by 90 MW to 365 MW, the report adds.

                       About PT Inco

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

                        *     *     *

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


TELKOM INDONESIA: To Cut Telephone Tariffs by 20%
-------------------------------------------------
PT Telekomunikasi Indonesia Tbk will cut the retail tariff of
all of its services by an average of 20% after the government-
sanctioned reduced cost-based interconnection tariff takes
effect on April 1, 2008, Antara News reports citing Telkom
Enterprises and Wholesale Services Director Arief Yahya.

The report recounts that the government disclosed the
implementation of a new cost-based interconnection tariff that
will reduce 20-40% in cellular phone tariffs and a cut of 5-20%
in fixed-wire tariffs.  The reduction in cellular phone tariffs
was one of the components in deciding the collection tariff for
telecommunication services, the report notes.

Antara explains that interconnection is the connection among
telecommunication operators or termination from different
operators.

Mr. Yahya told the news agency that the tariffs would drop
naturally after the government had imposed the new
interconnection tariff.  The tariff reduction will also be
influenced by competition among operators and subscribers'
demand, making operators competitive, he added.

Telkom had handed the Interconnection Offer List (DPI) to the
government, to serve as reference among operators in deciding
their interconnection tariff, the report adds.

                About PT Telkom Indonesia

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

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

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




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


FLOWSERVE CORP: Reports US$255.7 Million Net Income in FY 2007
--------------------------------------------------------------
Flowserve Corp. earned US$95.9 million for the three months
ended Dec. 31, 2007, compared to US$33.5 million of net income
for the same period in 2006.  For the full year of 2007, the
company reported US$255.7 million of net income compared to
US$115 million in 2006.  Flowserve also posted record full
year and fourth quarter bookings of US$4.32 billion and
US$1.12 billion, respectively, up 19% for both the full year and
the fourth quarter as the company continued to see robust end
markets.

Cash flow from operations increased to US$417 million, up US$254
million or 156% as a result of strong performance and working
capital improvement, including increased advance customer
payments for large project orders.  This strong cash flow
supported, in 2007, the repurchase of 700,000 shares of common
stock for US$45 million, US$32 million of pension plan
contributions, common stock dividends of US$26 million and US$89
million of capital expenditures, which helped support improved
operational capabilities and the company's expanded global
footprint.

Sales increased significantly to US$3.76 billion, up US$702
million or 23%.  This increase includes currency benefits of
approximately US$178 million.  The strong sales growth reflects
broad strength in the company's key markets across the globe, as
well as strong conversion of earlier bookings into shipments.

Gross profit increased to US$1.25 billion, up US$240 million or
24%.  Gross margin increased by 30 basis points to 33.2%. The
increase reflected higher sales volumes, which positively
impacted fixed cost absorption, and the success of the company's
operational excellence initiatives.

SG&A expenses as a percentage of sales improved 280 basis points
to 22.8%.  The improvement was primarily attributable to
leverage from higher sales, leverage of selling resources and
effective ongoing cost containment efforts.  The improvement was
also impacted by a US$6 million gain on the sale of the
company's TKL rail assets in the fourth quarter of 2007, and the
non-recurrence of 2006 stock modification and realignment
charges of US$6 million and US$12 million respectively.  Legal
fees and accrued resolution costs related to the previously
announced foreign subsidiaries' involvement with the United
Nations Oil-for-Food Program of approximately US$11 million in
the first three quarters of 2007 were partially offset by the
net gain from other favorable discrete legal developments in the
fourth quarter of 2007.  SG&A expenses increased to US$857
million, up US$74 million or 10%, while sales increased 23%,
demonstrating the company's effective cost leverage in 2007.

Operating income increased significantly to US$410 million, up
US$170 million or 71%, benefiting from significantly higher
sales, improved gross profit and reduced SG&A expenses as a
percentage of sales.  Operating margin increased 310 basis
points from 7.8% to 10.9%.

                     2007 Fiscal Year

Sales improved significantly to US$1.11 billion, up
US$226 million or 26%.  This increase included currency benefits
of approximately US$69 million.  Increased sales growth
reflected strong conversion of earlier bookings into shipments
in the quarter and strong demand in the oil and gas market.

Gross profit increased to US$366 million, up US$79 million or
28%.  Gross margin increased by 50 basis points to 33.0%.  This
increase reflected higher sales volumes, which positively
impacted fixed cost absorption, and the success of the company's
ongoing operational excellence initiatives.

SG&A expenses as a percentage of sales decreased 470 basis
points to 21.0%.  The improvement was primarily attributed to
leverage from higher sales, as well as ongoing cost containment
efforts.  The improvement included the previously discussed
impact of the sale of TKL rail assets and favorable resolutions
of certain discrete legal matters in the fourth quarter of 2007,
as well as the non-recurrence of approximately US$10 million of
realignment costs in 2006.  In addition, the fourth quarter in
2007 included increased broad-based employee incentive
compensation expenses, due to continued strong company
performance in the quarter, which increased awards under company
incentive plans.  SG&A expenses increased to US$233 million, up
US$6 million or 3%, while sales increased 26%.

Operating income increased significantly to US$137 million, up
US$74 million or 117%, benefiting from significantly higher
sales, improved gross profit and reduced SG&A expenses as a
percentage of sales.  Operating margin increased 520 basis
points from 7.2% to 12.4%.

                        2008 Outlook

"2007 was truly an outstanding year for Flowserve," said Lewis
M. Kling, Flowserve President and Chief Executive Officer.  "We
set out to achieve a number of aggressive goals for the company,
and our team executed extremely well across all fronts.  As we
enter 2008, we continue to see excellent opportunities for the
company.  Our end markets remain strong, and our initiatives to
further improve execution at the company continue to gain
significant traction.  As a result, we reiterate our previous
2008 guidance range for EPS of US$5.10 to US$5.40 and look
forward to another successful year for the company," said
Mr. Kling.

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

                        *     *     *

To date, Flowserve Corporation carried Moody's Investors
Service's corporate family rating at Ba3, bank loan debt rating
at Ba2 and probability of default at B1.


FLOWSERVE CORP: To Repurchase US$300-Million Common Stock
---------------------------------------------------------
Flowserve Corp.'s board of directors has authorized a program to
repurchase up to US$300 million of its outstanding common stock.
Shares may be repurchased from time to time by the company at
its discretion in the open market or through privately
negotiated transactions, depending on prevailing market
conditions, alternative uses of capital and other factors.  The
share repurchase program does not have an expiration date and
may be limited or terminated at any time without notice.  As of
Feb. 26, 2008, the company had 57,324,322 shares outstanding.

The company's board of directors also authorized an increase in
the quarterly cash dividend to US$0.25 per share.  The quarterly
dividend increased from US$0.15 per share, or 67% over the
previous quarterly rate. The declared dividend is payable on
April 9, 2008 to shareholders of record as of the close of
business on March 26, 2008.

"These uses of cash demonstrate our confidence in the company's
ability to deliver strong cash flows in the future, as well as
the sharp focus we have on providing solid returns to our
shareholders," said Lewis Kling, Flowserve President and Chief
Executive Officer.

While Flowserve currently intends to pay regular quarterly
dividends for the foreseeable future, any future dividends will
be reviewed individually and declared by the board at its
discretion, dependent on the board's assessment of the company's
financial condition and business outlook at the applicable time.

                       About Flowserve

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

                        *     *     *

To date, Flowserve Corporation carried Moody's Investors
Service's corporate family rating at Ba3, bank loan debt rating
at Ba2 and probability of default at B1.


FORD MOTOR: Navistar Re-Files Breach of Contract Lawsuit
--------------------------------------------------------
Navistar International Corp. has re-filed a lawsuit against Ford
Motor Co. for violating a diesel engine contract in which Ford
promised that Navistar would be Ford's primary manufacturer and
supplier of V-6 and V-8 diesel engines in North America,
including diesel engines for Ford's F-150 pickup trucks.

The suit, filed in the Circuit Court of Cook County, Illinois,
seeks "at least hundreds of millions of dollars."

Navistar originally sued Ford in June 2007 alleging breach of
the contract.  Cook County Circuit Court Judge Dennis Burke
dismissed that suit to allow for mediation of the dispute by a
third-party.  Navistar and Ford were unable to resolve the
dispute through mediation, so Navistar now has re-filed the
lawsuit.

According to the lawsuit, Ford will introduce a 4.4 liter diesel
engine for production in North America by late 2009 or 2010 or
possibly earlier.  Ford intends to produce the engine itself for
use in the F-150, and possibly other vehicles.  The lawsuit
states that Ford cannot manufacture the engine without violating
its contract with Navistar.  Reportedly, Ford will produce the
engines at a Ford facility in Chihuahua, Mexico.

The lawsuit states that Navistar spent millions of dollars and
devoted years of its employees' time to develop a next
generation diesel engine named "Lion" for use in F-150 pickup
trucks and other vehicles in which Ford had not previously
offered diesel engines.  Ford agreed that Navistar, which has
been the exclusive diesel engine supplier for Ford's heavy-duty
pickup trucks since 1979, would be the manufacturer and supplier
of the new engines for the North American vehicle market.

The lawsuit, filed Feb. 26, 2008, is separate from previously
reported litigation between the two companies.  In 2007, Ford
filed a lawsuit against Navistar involving engine pricing and
warranty claims on Power Stroke diesel engines.  Navistar
counter-sued, stating that pricing was consistent with
contractual agreements, that the warranty claims were entirely
without merit and that Ford has stopped honoring the terms of an
agreement under which the engines were built.  Navistar amended
its counter-suit in May 2007 and asked for in excess of US$2
billion in damages.

                About Navistar International

Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent
company of Navistar Financial Corp. and International Truck and
Engine Corp.  The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company
also provides truck and diesel engine parts and service sold
under the International brand.  A wholly owned subsidiary offers
financing services.  The company has operations in Brazil,
Iceland and India.

                       About Ford Motor

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

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

                        *     *     *

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

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


JAPAN AIRLINES: Plans New Share Issuance to Upgrade Planes
----------------------------------------------------------
Japan Airlines Corp. intends to sell new preferred shares this
month in order to raise about JPY150 billion that will be used
for the upgrade of its fleet, the Asahi Shimbun reports.

The issuance is in line with the airline's JPY379 billion,
three-year plan to buy sixty-five, fuel-efficient aircraft,
published reports say.  There are fourteen companies, which are
expected to buy the new shares, including UBS AG, Mizuho
Corporate Bank Ltd., and Bank of Tokyo.

Asahi Shimbun says that this move is aimed at keeping JAL
competitive with its rival All Nippon Airways Co.

"Selling preferred shares will give the airline a necessary
injection of funds," Osuke Itazaki, an analyst in Tokyo at
Credit Suisse Group, told Bloomberg.  "Since they will need to
pay dividends on the stock it may not be the best thing for
other shareholders in the short-term."

Bloomberg News adds that Asia's "most indebted carrier" will
issue the shares by March 17, where part of the proceeds will be
used to refinance debt.  The airline has JPY28 billion of bonds
that are coming due this year.

                     About Japan Airlines

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.


JAPAN AIRLINES: Discloses Revival Plan for 2008 to 2010
-------------------------------------------------------
The JAL Group has released its Medium Term Revival Plan for
FY2008-2010, the three fiscal years from April 1, 2008, to
March 31, 2011.  Building on corporate restructuring carried out
over the past years, the JAL Group will continue focusing its
energy and resources on the creation of a business foundation
capable of stable growth and profit generation in any
environment.  The Group will gear itself up to take full
advantage of the huge business opportunity presented by airport
expansion in the Tokyo metropolitan area in 2010, which includes
increases in slots at Haneda and Narita airports, and the
internationalization of Haneda Airport.

The FY2008-2010 JAL Group Medium Term Plan continues and expands
on the implementation of core elements outlined in previous
corporate plans, whilst taking into consideration recent changes
in the business environment such as the unabated rise in fuel
prices; concerns of a fall in global demand resulting from the
knock-effects of the sub-prime loan crisis; and fierce
competition expected in the air transportation business both in
Japan and abroad.

The airline group will continue fleet downsizing and renewal by
replacing older aircraft with new mostly medium and small-size
aircraft to increase competitiveness and reduce costs.  To build
a more profit-focused network, it will carry out further route
restructuring by shifting to high profit, high growth routes and
continue increasing the number of flights operated by low
overheads airlines subsidiaries: JALways, JAL Express and J-AIR.
'Premium strategies' aimed at wooing business and top-tier
travelers through product and service enhancement and
development will be expanded.  Another key feature of the plan
will be expanded group-wide cost reform, including increasing by
10% the productivity of the workforce a year ahead of schedule.

Following this pathway has already yielded positive results, as
indicated by JAL Group's upward revision of its forecast
operating income for FY2007, the year ending March 31, 2008.
The Group originally forecast a JPY35 billion income for FY2007,
but this was increased to JPY48 billion when the results for the
first half of the year were announced on November 6, 2007.

As a result of early successes in restructuring its business,
the JAL Group in the FY2008-2010 revival plan has increased its
operating income target for FY2010 to JPY96 billion up from the
JPY88 billion target set in last year's plan.

                 Preferred Share Issuance

Furthermore, it was decided at a JAL Corporation board meeting
to issue to 14 companies approximately JPY150 billion of shares
of preferred stock by means of a third-party allocation.   The
capital generated will be used to bolster the JAL Group's
business restructuring activities outlined in the Medium Term
Revival Plan, helping to speed up, for example, fleet renewal
and product and service quality enhancements.

The FY2008-2010 Medium Term Revival Plan focuses on these six
points:

1. Maintain flight safety

Following on from FY2007, the entire Group will continue
nurturing a safety culture and strengthening its safety
management systems to ensure that the highest levels of flight
safety, the foundation and social responsibility of the JAL
Group, are maintained at all times.

2. Improve Business Profitability

The JAL Group aims to increase profitability in all air
transport business segments through fleet renewal and
downsizing, matching supply better to demand whilst decreasing
costs; concentrating resources on high growth high profit
routes; increasing the operations of low overhead Group
subsidiary airlines JALways, JAL Express and J-AIR; and
employing 'premium strategies' targeted at business and top-tier
travelers.

a) Fleet Strategy: Over the period of the plan, JAL will retire
   46 aircraft from its fleet such as classic-type 747 and MD-81
   aircraft, at the same time as introducing 65 more fuel-
   efficient, mainly small and medium-size aircraft to its fleet
   including the state-of-the-art Boeing 787 Dreamliner.

b) Low Overheads Subsidiary Airline Strategy: JAL will expand
   the use on international and domestic routes of Group
   subsidiary airlines: JALways, JAL Express, J-AIR.  These
   three subsidiary airlines offer the same level of service as
   JAL, but with approximately 10% lower overheads.  JALways
   operates on international routes, primarily leisure and Asia
   business routes.  JAL Express currently serves domestic Japan
   routes, but in FY2009 will start operating 737-800 aircraft
   on international routes, primarily China.  J-AIR operates CRJ
   regional jets in Japan and its operations will expand with
   the introduction of Embraer 170 to the JAL fleet in FY2008.

c) Route Strategy: JAL will concentrate resources on high
   growth, high profit markets, adjust schedules and flight
   frequency to match demand and increase customer convenience
   whilst exploring opportunities in new markets where business
   demand is strong.

d) Premium Strategies: Using effective sales channels, JAL aims
   to maximize revenue by employing premium strategies which
   appeal primarily to high yield business and top-tier
   travelers. Responding to customer feedback and changes in the
   market, the airline group will continue creating products and
   services of the highest quality.

3. Personnel Cost Reduction & Workforce Productivity
    Improvement

In FY2007, JAL initiated a bold review of its work content and
work processes, work form, manpower allocation and restructuring
of affiliated businesses. As this has progressed at a good pace,
JAL expects to achieve its target of a 10% increase in the
productivity of its workforce by the end of FY2008, one year
earlier than originally expected.

4. Additional Personnel Cost Measures

Furthermore, by reviewing the wage system, JAL will continue to
reduce personnel costs - the Group's biggest fixed expense -
resulting in a reduction in costs of 10 billion yen on a yearly
basis.

5. Invest in Human Assets

The JAL Group will strengthen its operational processes and
structure, building a system in which staff can develop a strong
awareness of safety and customer opinion, and are able to
acquire techniques and know-how through training.

6. Global Environmental Measures

For more than 15 years, the JAL Group has been implementing a
variety of measures that are helping group-wide to reduce and
offset the impact its business activities have on the
environment. JAL will continue to fulfill its obligation to the
environment and society. The JAL Group has been investing in
more fuel-efficient aircraft and engines to reduce the CO2
emissions of its fleet; helping to monitor greenhouse gases in
the upper atmosphere with specially developed air-sampling
equipment fitted on aircraft; and has been conducting a wide
range of recycling programs and air and noise pollution
reduction measures, just to name a few of the environmental
activities the Group has been involved in.

                    About Japan Airlines

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.


JAPAN AIRLINES: Moody's Changes Ba3 Rating Outlook to Positive
--------------------------------------------------------------
Moody's Investors Service has changed to positive from stable
the rating outlook for the Ba3 long-term debt rating and issuer
rating on Japan Airlines International Co., Ltd.  The outlook
change reflects Moody's view that JALI is likely to improve its
cash flow generation and strengthen its financial profile over
the intermediate term, despite stagnant airline passenger demand
and ongoing price hikes for aircraft fuel.

Moody's also believes that the JAL group's financial profile is
likely to be improved by its recent announcement of a planned
issuance of new preferred stocks, to raise up to JPY153.5
billion, by the end of March 2008.

JAL group aims at concentrating on individual high-price
passengers to increase the unit revenue.  The group also has
been executing its business strategy of restructuring its
aircraft fleet and route network to reduce overall fixed costs.
Moody's also notes that the group has also raised fuel
surcharges on several occasions, successfully shifting the
burden of more expensive aircraft fuel onto its passengers.

Moody's believes that JAL group's price initiatives have been
facilitated by the company's stable and strong position in the
domestic market, as one of the two oligopolistic airline groups
-- JAL group and All Nippon Airways Co., Ltd. (Baa3).

JAL group's operating profit for the nine months ended December
2007 jumped to JPY82.5 billion from an operating loss of
JPY5.8 billion for the same period of the previous year.  In
Moody's opinion, the group's cost reduction measures taken place
so far has contributed to its reforms of cost structure.

JAL group announced its new business plan on February 29, 2008,
including a capital injection from major creditor banks, trading
companies and oil companies, of up to JPY153.5 billion.  The
group has announced that the new capital is for the purchase of
cost-effective new aircraft for fleet restructuring, and that
cash flow from operation and asset disposals will be used for
debt reduction.  This will contribute to further improve its
cost structure and financial profile over the medium term.

Moody's also notes that the allocation of the new capital to all
the major creditor banks, including government-related financial
institutions, implies that the relationship between JAL group
and the Japanese government remains firm.

Headquartered in Tokyo, Japan Airlines International Co., Ltd.
is the country's largest airline company, fully owned by Japan
Airlines Corporation.


MITSUBISHI MOTORS: Expands Supply Agreement with Nissan Motor
-------------------------------------------------------------
Mitsubishi Motors Corporation and Nissan Motor Co., Ltd.
announced an agreement to expand their original equipment
manufacturing (OEM) supply involving mini-cars.

Nissan and Mitsubishi currently have OEM agreements in Japan,
where Mitsubishi supplies Nissan with mini-cars and small light
commercial vehicles while Nissan supplies light commercial
vehicles to Mitsubishi.

The expanded agreement will add two new scopes of co-operation:

   1. Expanded OEM supply in Japan.  Mitsubishi will supply its
      Pajero Mini SUV to Nissan starting from autumn 2008 on an
      OEM basis.

   2. Explore opportunities for expanded light commercial
      vehicle supply.  Both companies will explore collaboration
      on the development, production and OEM supply of small
      light commercial vehicles for Japan and overseas markets.

Nissan has a proven track record of successful OEM product
exchanges.   These extend across many automakers and into
multiple global markets, each one executed on a win-win basis
for both parties involved.

Mitsubishi aims to improve its productivity and management
efficiencies by growing its OEM business, and will continue to
pursue a win-win strategy between collaborative partners on a
global level.

"A stronger alliance in minicars benefits both Nissan and
Mitsubishi Motors," Kazuhito Sasaki, a senior analyst at Tokai
Tokyo Research Center Co. in Tokyo told Bloomberg News.
"Mitsubishi Motors can get a return on its development costs
while Nissan doesn't have to pay to develop its own minicars."

According to Bloomberg, Japan's drivers are shifting to minicars
due to their fuel efficiency, lower tax rates, and cheaper
insurance.

"Nissan just can't afford to be absent from the minicar market,"
Mr. Sasaki added.

                      About Nissan Motor

The Japanese auto manufacturer's models include Maxima and
Sentra cars, Altima and Infiniti upscale sedans, Frontier
pickups, the 350Z sports car and Xterra and Pathfinder SUVs. In
1999, French automaker Renault took a 37% stake in it, and
installed president and CEO Carlos Ghosn (nicknamed "Le Cost
Killer" based on his talent for turning red ink black) who has
since returned the Company to profitability. Renault now owns
almost 45% of it.

                   About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

As reported on Feb. 25, 2008,  Moody's Investors Service placed
the Ba3 long-term debt ratings of Mitsubishi Motors Corporation
and its supported subsidiaries, Mitsubishi Motors Credit of
America, Inc. and MMC International Finance (Netherlands) B.V.
under review for possible upgrade.  The rating action reflects
MMC's successful implementation of its business strategy, which
involves revitalizing its business in line with its turnaround
plan for FYE 3/2008, the plan's final year.

As reported on Feb. 22, 2008,  Standard & Poor's Ratings
Services placed its 'B' long-term corporate credit and 'B+'
senior unsecured debt ratings on Mitsubishi Motors Corp. on
CreditWatch with positive implications.  This follows the
increased likelihood that the company will achieve most of the
profit targets set forth in its revitalization plan, and the
progress the company has made in optimizing its global
production system following its decision to close its assembly
plant in Australia.


MITSUBISHI MOTORS: Discloses Step Up 2010 Mid-Term Business Plan
----------------------------------------------------------------
Mitsubishi Motors Corporation announced a new mid-term business
plan, called Step Up 2010, for fiscal years 2008 through 2010
(ending March 31, 2011).

   1. Recap of the Mitsubishi Motors Business Revitalization
      Plan

Having announced the Mitsubishi Motors Business Revitalization
Plan on January 28, 2005, the company has been working on
various measures toward revitalization based on the two pillars
of recovering trust and restoring earnings. On the matter of
trust, it has strived to improve employees' awareness,
strengthen its quality management system, and create a
thoroughly customer-centered culture. These achievements have
all received favorable evaluations from the Business Ethics
Committee, an external advisory body to the board of directors
and chaired by Mr. Noboru Matsuda, consisting of experts and
specialists. On the matter of earnings, the company now expects
to achieve its fiscal 2007 target of solid profitability, and
has, through an emphasis on "selection and focus":

      (1) Reduced development of regionally specific vehicles
          and expanded development of global vehicles;
      (2) Rationalized overseas production;
      (3) Strengthened domestic sales networks;
      (4) Expanded collaborative alliances.

   2. Performance targets

      (Units: Thousands of units, 100 million yen)

                              FY2010     FY2007
                              Target  Forecast

      Sales volume(retail)  1,422   1,337
      Net sales             27,600  26,700
      Operating profit          900     800
      Ordinary profit          710     600
      Net profit                500     200

Target sales volume (retail) in fiscal 2010 will be 1,422,000
units, on the back of growing markets such as Russia and
Ukraine, as well as expanded sales in resource-rich areas such
as the Middle East and Latin America. This exceeds by 85,000
units the fiscal 2007 forecast of 1,337,000 units. Increased
sales including an increased percentage of built-up vehicles
will yield sales of 2 trillion, 760 billion yen. In turn, the
company expects 90 billion yen in operating profit, 71 billion
yen in ordinary profit, and 50 billion yen in net profit.


   3. Policy

"Stepping up" from the Revitalization Plan to a new stage in
which the company will build a base for sustainable growth,
Mitsubishi Motors will seek to do the following, through a basic
policy of "bolstering strengths and securing steady profits":

      (1) Provide competitive products in its "focus" markets
          and increase unit volumes

      (2) Ensure steady profits through cost reductions and
          improved profitability in after-sales

      (3) Improve efficiency of its global production operations
          in line with its sales strategy

      (4) R&D for leading-edge environmental technology

      (5) Invest in areas that will provide a base for
          sustainable growth

   4. Business Strategy

      (1) Product strategy
          * Development of global products that reflect both
            financial and environmental responsibility

          * Focus on minicars and small cars, medium-sized cars,
            and SUVs

          * In the area of environmental technology, in addition
            to upgrading its current technologies, the company
            will concentrate on the development of core
            technologies, including emphasis on the development
            of clean diesel engines and the high-efficiency
            automated manual transmission Twin Clutch SST (Sport
            Shift Transmission).

          * Representing the pinnacle of MMC's environmental
            technology, the company will release the next-
            generation electric vehicle i MiEV, which is
            currently under development, ahead of competitors in
            the marketplace.

      (2) New Product Launch Plan

          * Expand number of mid-size platform models
          * Add an SUV based on the one-ton pickup
          * Add small, 'lower-impact' SUV
          * Adapt minicars for overseas use, add global models
          * Bring an electric vehicle to world markets

      (3) Regional strategies

          * Japan

Mitsubishi Motors aims to be operating in the black in its
domestic operations by fiscal 2010, by improving business
efficiency in addition to adhering to a focus on profitable
sales.  It will improve the profitability of new vehicles by
marketing distinctive products, implementing measures to
strengthen sales capabilities across the country while improving
the percentage of dealership sales, and by working to increase
customer satisfaction. It will also improve the efficiency of
its sales network, including by streamlining back-offices.

          * North America

Mitsubishi Motors will further strengthen trust between the
company and its dealers and make concerted efforts with dealers
in providing service to customers, as well as working to improve
the brand image in the mid- to long term. The company will also
expand sales by, for example, marketing the new model of the
Lancer Evolution released in January 2008 and adding a sport
hatchback Lancer model hereafter. Best use will be made of the
local production plant in the U.S. through continued efforts at
overall cost-cutting, including fixed costs, and by expanding
export opportunities.

          * Europe (Western and Central Europe)

In the mature Western European market, Mitsubishi Motors will
address environmental awareness and tightening CO2 emissions
regulations by promoting environmental technologies and compact
vehicles. At the same time, in the expanding Central European
market, it will strive to increase sales with a focus on SUVs.

          * "Focus" markets

In Russia and the Ukraine, Mitsubishi Motors will aim to further
expand sales by increasing the number of its sales outlets,
enhancing its SUV lineup and other measures. It is also
considering possible local production in Russia for the import
tax benefits such an arrangement would offer.
       In the Middle East, a company will be established to
integrate all functions - sales, marketing, parts and after-
sales service; and to strengthen comprehensive sales support.
      In Brazil, new products and variations of SUVs will be
added to local production. The company will also strive to
increase sales by filling out its lineup of full-range (0%-100%
gasoline / bioethanol-compatible) flexible fuel vehicles (FFV).
      In China, the company will strengthen sales networks for
Mitsubishi brand vehicles, including those locally produced by
South East Motor Co., Ltd.
      In India, Mitsubishi Motors will expand sales of locally
produced vehicles including new model SUVs, as well as growing
the sales network.

      (4) Improved Efficiency in Global Production

In addition to transferring production of the Outlander for
Europe from Japan to the European production base, preparations
will be made to bring production of another Europe-bound SUV to
the facility.  In this way, sales opportunities will not be lost
due to overcapacity at production facilities in Japan, paving
the way to an efficient and more profitable production system
responsive to increasing demand in the global market.

      (5) Alliances

Mitsubishi Motors and Nissan Motor have agreed to strengthen
their collaborative operations by adding a minicar model to
their OEM business, and to pursue possible collaboration on
development, production and OEM supply of light commercial
vehicles for the Japanese and overseas markets.  Mitsubishi
Motors will positively promote tie-ups and cooperation in
individual areas deemed to have sufficient merit in respect of
supplementing products and technology and reducing costs.

      (6) Measures to improve profitability

          * Process imrpovement

Mitsubishi Motors will aim to reduce costs by improving its
ability to adjust supply in response to demand, and through
comprehensive inventory management.

          * Strengthening after-sales service in mature markets

Expansion of peripheral businesses, including the promotion of
service products to meet customer needs.

          * Strengthening cost-cutting measures from R&D onward

Mitsubishi Motors will establish a solid procurement foundation
by strengthening internal cooperation among development,
production and procurement departments, enhancing relationships
with parts manufacturers, and by making every effort to achieve
substantial cost reductions from the initial stage of
development.

      (7) Investment in areas that will provide a base for
          sustainable future growth

Capital investment will be focused on: the expanded development
of models based on the mid-sized platform; on reducing
environmental impact through measures such as the new paint
facility at Okazaki; and on increasing production capacity.

R&D expenditures will be concentrated on "distinctively
Mitsubishi" areas such as SUVs and the S-AWC (Super All Wheel
Control) vehicle dynamics control system as well as
environmental technologies.

      (8) Other

          * Continuing and enhancing compliance and CSR
            activities

Placing top priority on corporate social responsibility (CSR),
Mitsubishi Motors seeks, in addition to continuing conventional
compliance and CSR activities, to move toward a prosperous and
sustainable relationship with society. The company announces the
establishment of a Corporate Citizenship Promotion Office as a
first step in that direction.

          * Human resources strategy

Mitsubishi Motors will promote human resource development, the
foundation of any growth strategy, and continue its tradition of
car craftsmanship.

                   About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

As reported on Feb. 25, 2008, Moody's Investors Service placed
the Ba3 long-term debt ratings of Mitsubishi Motors Corporation
and its supported subsidiaries, Mitsubishi Motors Credit of
America, Inc. and MMC International Finance (Netherlands) B.V.
under review for possible upgrade.  The rating action reflects
MMC's successful implementation of its business strategy, which
involves revitalizing its business in line with its turnaround
plan for FYE 3/2008, the plan's final year.

As reported on Feb. 22, 2008, Standard & Poor's Ratings Services
placed its 'B' long-term corporate credit and 'B+' senior
unsecured debt ratings on Mitsubishi Motors Corp. on CreditWatch
with positive implications.  This follows the increased
likelihood that the company will achieve most of the profit
targets set forth in its revitalization plan, and the progress
the company has made in optimizing its global production system
following its decision to close its assembly plant in Australia.


MITSUBISHI MOTORS: Reports January Production, Sales & Export
-------------------------------------------------------------
Mitsubishi Motors Corporation announced global production, as
well as domestic sales and export figures for January 2008.

              Production: Total and in Japan

Total global production came in at 115,805 units, an increase of
7.5 percent over January and marking the 11th consecutive
monthly increase since March last year.  Production volume in
Japan at 72,622 units was up 14.5 percent, the 16th consecutive
month of year-on-year growth and marking a new record for
January since Mitsubishi Motors spun off its truck and bus
operations in 2003.  This growth was driven by a 38.1 percent
increase in output (24,717 units) of the new Lancer for the
Russian, North American, and Middle East and African markets and
by a 24.1 percent increase in output (14,680 units) of the new
Outlander, which is selling briskly in European and Chinese
markets.

                       Sales in Japan

Vehicle sales in Japan in January totaled 15,165 units, a
2.3 percent decrease year-on-year.  Passenger car (registrations
and mini-car) sales of 12,017 units and commercial vehicle sales
of 3,148 units were 1.3 percent up and 13.8 percent down
respectively on the same month last year.  Total registered
vehicle sales were 36.4 percent up year-on-year driven mainly by
the Lancer Evolution X, a new addition to the lineup since this
time last year, by the Galant Fortis and by an encouraging
29 percent increase in sales of models in the Colt series.
Total mini-car sales were 19.3 percent down.

                     Production overseas

Overseas production volume totaled 43,183 units, 2.7 percent
down over January last year and the first decline since August
2007.

                Export Shipments from Japan

Total exports from Japan of 57,364 units were 36 percent up on
January 2007, marking the 15th consecutive month of year-on-year
increases and setting a new record for January since Mitsubishi
Motors spun off its truck and bus operations in 2003.  Exports
to Asia of 2,141 units were 5.5 percent up over the same period
last year thanks mainly to firm sales of the new Outlander in
China, where Hunan Changfeng Motor Co., Ltd. also posted
increased Pajero unit sales over the same period last year.
Exports to Europe of 29,316 units were 102.7 percent up on
January 2007 and a record since the 2003 spin off of the
company's truck and bus operations.  This surge was driven
mainly by firm sales of the new Lancer and new Outlander as well
as by healthy market growth in Russia and the Ukraine.

                   About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

As reported on Feb. 25, 2008, Moody's Investors Service placed
the Ba3 long-term debt ratings of Mitsubishi Motors Corporation
and its supported subsidiaries, Mitsubishi Motors Credit of
America, Inc. and MMC International Finance (Netherlands) B.V.
under review for possible upgrade.  The rating action reflects
MMC's successful implementation of its business strategy, which
involves revitalizing its business in line with its turnaround
plan for FYE 3/2008, the plan's final year.

As reported on Feb. 22, 2008, Standard & Poor's Ratings Services
placed its 'B' long-term corporate credit and 'B+' senior
unsecured debt ratings on Mitsubishi Motors Corp. on CreditWatch
with positive implications.  This follows the increased
likelihood that the company will achieve most of the profit
targets set forth in its revitalization plan, and the progress
the company has made in optimizing its global production system
following its decision to close its assembly plant in Australia.


TOM GROUP: S&P 'BB+' Ratings Remain on Watch Negative
-----------------------------------------------------
Standard & Poor's Ratings Services said that the TOM Group
Ltd.'s ratings will remain on CreditWatch with negative
implications as the company has yet to provide the information
needed to resolve the CreditWatch placement.

Standard & Poor's placed its 'BB+' corporate credit rating on
TOM and the 'BB+' issue rating on US$150 million convertible
bonds due 2008 issued by its subsidiary TOM Holdings Ltd. on
CreditWatch with negative implications on Oct. 22, 2007.

The original CreditWatch actions reflected a significant
weakening in TOM's wireless Internet services business, which
has historically contributed nearly 90% of the company's
revenue.

TOM's wireless revenue has also been affected by the successful
strategic alliances between China Mobile Ltd. (A/Positive/--)
and select mobile phone producers.  The producers have embedded
menus in their handsets that complement China Mobile's best-
selling wireless value-added services.

The CreditWatch status will be resolved after Standard & Poor's:

   -- fully considers the longer-term implications of the recent
      structural changes to the wireless Internet services
      sector;

   -- holds further discussions with TOM's management about its
      competitive response to China Mobile's recent strategic
      initiatives; and

   -- assesses the credit impact of the company's
      current business restructuring.

"The ratings are likely to be lowered unless we are satisfied
that TOM an arrest some of the negative impact of these issues
on its operating performance," said Standard & Poor's credit
analyst Lawrence Lu.

                      About TOM Group

TOM Group Limited is an investment holding company, which has
five business segments: Internet group, publishing group,
outdoor media group, sports group, and television and
entertainment group.  On October 1, 2006 and November 1, 2006,
Tom acquired equity interest of 51% in TOM Ray Advertising
Company Limited and Shanghai TOM Haosheng Advertising Company
Limited.  In September 2007, TOM completed acquisition of TOM
Online Inc.




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


FRESH DEL MONTE: Earns US$179.8 Million in Fiscal Year 2007
-----------------------------------------------------------
Fresh Del Monte Produce Inc. released strong financial and
operating results for the fourth quarter and year ended
Dec. 28, 2007.

Net income for the 2007 fourth quarter increased to US$34.4
million, compared with a net loss of US$58.8 million in the
fourth quarter of 2006.  The increase in net income for the
quarter was driven by improvements in gross profit; reduction in
selling general and administrative expense; gains from favorable
foreign exchange rates; lower asset impairment and other
charges; and the sale of nonperforming assets.  For the full
year, the company reported net income of US$179.8 million,
compared with a net loss of US$142.2 million in 2006.

Results for the fourth quarter of 2007 exclude charges totaling
US$7.3 million from asset impairment, restructuring and other
charges, net, primarily associated with exit activities in the
United Kingdom and Italy.  Full year results include charges
totaling US$9.5 million from asset impairment, restructuring and
other charges, net.

Net sales for the fourth quarter of 2007 increased 15% to
US$848.2 million, compared with US$737.6 million in the prior
year fourth quarter.  The significant increase in net sales was
due to strong sales performance in all of the company's product
segments driven by product price increases in the company's gold
pineapple, canned pineapple and melon product lines; higher
worldwide banana selling prices; increased demand for bananas,
especially in emerging markets; and favorable foreign exchange
rates.  Net sales for the year increased 5% to US$3.4 billion,
compared with US$3.2 billion in 2006.

Gross profit for the fourth quarter of 2007 increased to
US$78.4 million, compared with gross profit of US$57.4 million
in the fourth quarter of 2006.  The US$21.0 million rise in
gross profit for the quarter was driven by higher selling prices
in the Company's major product lines; operational improvements
in key business segments; favorable foreign exchange rates; and
increased sales in the company's Prepared Food business segment,
a direct result of lower canned pineapple supply in the
marketplace.  These gains were partially offset by significantly
higher costs associated with the growing and procurement of
fruit, packaging, labor, fuel and transportation during the
quarter.  Gross profit for the year was US$364.9 million,
compared with gross profit of US$189.4 million in 2006.

"We delivered the best fourth quarter in our history, driven by
the improvements made in our business segments," said Mohammad
Abu-Ghazaleh, Chairman and Chief Executive Officer.  "In spite
of the fact that we experienced dramatic increases in fruit
production, procurement and logistics costs that exceeded
previous record highs, we were still able to remain flexible and
use strategically creative methods to address these factors.  We
focused our sales of fruit to markets with the greatest demand,
focused our fresh-cut line on the highest value products,
capitalized on health and wellness and convenience trends, and
achieved higher selling prices in key product lines.  These
accomplishments were achieved without sacrificing product
quality, freshness and reliability - characteristics associated
with Fresh Del Monte Produce and the Del Monte(R) brand."

Headquartered in the Cayman Islands, Fresh Del Monte Produce
Inc. -- http://www.freshdelmonte.com/-- is one of the world's
leading vertically integrated producers, marketers and
distributors of high-quality fresh and fresh-cut fruit and
vegetables, as well as a leading producer and distributor of
prepared fruit and vegetables, juices, beverages, snacks and
desserts in Europe, the Middle East and Africa.  Fresh Del Monte
markets its products worldwide under the Del Monte(R) brand, a
symbol of product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has offices in Florida in the
U.S., Monte Carlo in Monaco, and Kowloon in Hong Kong.  The
company has operations in Chile, Brazil, France, Philippines,
and Korea.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 22, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Cayman Islands-based Fresh Del Monte Produce
Inc., and removed the rating from CreditWatch, where it was
placed with positive implications on Nov. 1, 2007.  S&P said the
outlook is stable.




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


ARK RESOURCES: Dec. 31 Balance Sheet Upside-Down by MYR8.85 Mil.
----------------------------------------------------------------
ARK Resources Berhad's balance sheet as of December 31, 2007,
went upside down by MYR8.85 million, on total assets of
MYR19.28 million and total liabilities of MYR28.13 million.

The company also posted MYR78.87 million net profit on MYR1.61
million of revenues in the quarter ended December 31, 2007, as
compared to a net loss of MYR29.99 million on MYR2.65 million of
revenues in the same quarter of 2006.

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

On April 24, 2006, Lankhorst was classified as an affected
listed issuer under the Bourse's Practice Note 17/2005.  It was,
therefore, required to submit and implement a plan to regularize
its financial condition category.


CNLT (FAR EAST): Incurs MYR13.7MM Net Loss in Qtr. Ended Dec. 31
----------------------------------------------------------------
CNLT (Far East) Berhad incurred a MYR13.27-million net loss on
MYR981,000 of revenues in the quarter ended December 31, 2007,
as compared to MYR4.14-million net loss on MYR9.01-million of
revenues in the same quarter of 2006.

As of December 31, 2007, the company's balance sheet showed
strained liquidity with MYR8.47 million of current assets
available to pay MYR138.65 million of current liabilities coming
due within the next twelve months.

The company's balance sheet as of end-December 2007 also
reflected MYR149.19 of total assets and MYR161.45 million of
total liabilities resulting to a MYR12.26 million of
shareholders' equity deficit.

Based in Malaysia, CNLT (Far East) Bhd was admitted into the
Amended PN17 listing criteria of the Bursa Malaysia Securities
Bhd as it has triggered Paragraph 2.1(e) of the bourse's listing
requirements:

    (i) Based on the unaudited quarterly results of CNLT for
        the first quarter ended March 31, 2007, as announced
        to Bursa Securities, the shareholders' equity on a
        consolidated basis is less than 50% of the issued and
        paid up capital of the company ; and

   (ii) The auditors of CNLT have expressed a modified opinion
        with emphasis on the Company's going concern in its
        latest audited accounts for the financial year ended
        December 31, 2005.


PAXELENT CORPORATION: SC Rejects Appeal for Revised Revamp Plan
---------------------------------------------------------------
The Securities Commission, through its letter dated
Feb. 28, 2008, rejected Paxelent Corporation Berhad's appeal for
its Proposed Revised Corporate Restructuring Exercise, which
involves:

     (i) Proposed Capital Reorganization;
    (ii) Proposed Debt Settlements;
   (iii) Proposed Acquisition of Valtron;
    (iv) Proposed Rights Issue;
     (v) Proposed Existing ESOS Termination;
    (vi) Proposed New ESOS; and
   (vii) Proposed Amendments to M&A

The decision of the Securities Commission to junk the company's
appeal for its restructuring were based on:

   (a) The future direction of Paxelent is uncertain given that
       there will be no clear driver or dominant shareholder in
       Paxelent after the Proposed Corporate Restructuring
       Exercise.  There will be four dominant shareholders in
       Paxelent and they are not related to each other.  As
       such, this raises concern on the management and future
       control of the Paxelent Group post completion of the
       Proposed Corporate Restructuring Exercise;

   (b) The existing major shareholder, I-Twohearts.com is not
       represented on the Board of Paxelent and the Paxelent
       Group has been run by professionals.  However, these
       professionals/Paxelent's key management have not been
       able to turnaround the company, which had been loss
       making since financial year ended December 31, 1999.
       Paxelent recorded a profit after tax and minority
       interest of MYR18.4 million for FYE2005 mainly due to
       gain on the disposal of its foreign subsidiaries.  The SC
       noted that the FYE2005 would be another loss making year
       with the exclusion of this item;

   (c) Paxelent's Chief Executive Officer, is also the sole
       executive director of another listed company.  This gives
       rise to concern over his ability to give his full-time
       commitment to turnaround the company;

   (d) KOMMS and MMI (the holding company of KOMMS) business
       activities are the core business of the PCB Group and
       moving forward, KOMMS's operations will be PCB Group's
       main earnings driver.  However, despite capturing a
       substantial market size, it is noted that KOMMS had
       recorded a marginal after-tax profit of MYR418,000 in
       FYE2004 and has been making losses since FYE2005.
       Furthermore, KOMMS profit forecast for FYE2007 shows
       that is expects "E-Payment Services" to be a major
       profit contributor when their viability have yet to be
       proven; and

   (e) PCB's waiver application with respect to compliance with
       paragraph 12.07(b)(i) of the Policies and Guidelines on
       Issue/Offer of Securities ("SC Guidelines") is rejected
       based on these grounds:

         (i) The Proposed Acquisition of Dynamar Interests do
             not present any significant synergistic benefits to
             the PCB Group;

        (ii) The Proposed Acquisition of Dynamar Interests do
             not clearly bring such benefits as stipulated under
             Guidance Note 11 of the SC Guidelines; and

       (iii) The Proposed Acquisition of Dynamar Interests would
             only benefit the vendor, namely GL, which will
             become one of the dominant shareholders in PCB
             pursuant to the Proposed Acquisition of Dynamar
             Interests, while the public listed company would
             end-up with only an associate interest in DTCL and
             DCPHK.

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

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

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

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


SOLUTIA INC: Judge Beatty OKs Bank of New York Settlement Pact
--------------------------------------------------------------
The Hon. Prudence C. Beatty of the U.S. Bankruptcy Court for the
Southern District of New York approved Solutia Inc.'s settlement
agreement with holders of Solutia's 11.25% Senior Secured Notes
due July 2009, and the Bank of New York, as successor indenture
trustee for the 2009 Notes.

The Settlement will resolve the disputes that have arisen
between the parties regarding the allowed amount of Claim No.
6210 filed by the Bank of New York on behalf of the Noteholders.
Solutia will pay BNY US$220,500,000 in cash plus all accrued but
unpaid interest on the 2009 Notes through the Effective Date, at
the rate of 11.25% per annum on the face amount of 2009 Notes.
If the effective date of Solutia's reorganization plan occurs
before the Settlement is approved, Solutia will pay about
US$210,000,000 plus accrued unpaid interest through the
Effective Date.

             Committee Wants Settlement Delayed

The Official Committee of Unsecured Creditors asked the Court to
delay approval of the 2009 Settlement, in light of the then
pending high-stakes litigation between the Debtors and their
exit lenders.  It argued that the Debtors must not be married to
a financial arrangement that could preclude restructuring
alternatives that may prove necessary, if the Debtors fail to
resolved their disputes with their exit lenders Citigroup Global
Markets Inc., Goldman Sachs Credit Partners L.P., and Deutsche
Bank Securities Inc.  The Debtors, however, have reached a
settlement with the Exit Lenders.

The Creditors Committee, however, had said the 2009 Settlement,
should it be ripe for adjudication, requires key modifications.
It noted that the 2009 Settlement, as drafted, materially
impairs the Committee's rights with respect to the ultimate
allowance of the 2009 Noteholders' claim in the event that the
2009 Settlement is declared void by the settling parties, or not
approved by the Court.

The Committee previously sought the Court's determination that
the 2009 Noteholders will have received an US$12,200,000 of
postpetition cash interest payments in excess of the amount they
are actually entitled to under Section 506(b) of the Bankruptcy
Code.  The Court denied the determination request, and the
Committee has appealed the Order.  The Committee has also filed
a motion seeking to increase the 2009 Noteholders' disputed
claims reserve under the Plan from US$37,500,000 -- the amount
in excess of US$210,000,000 which BNY believes they are entitled
to -- by US$12,200,000 on account of the Overpayment.

The Committee notes that in the event the 2009 Settlement is
declared void, the parties would return to their pre-settlement
litigation positions.  However, should a distribution have
already been made to the 2009 Noteholders that includes an
amount equal to the Overpayment, the Committee's rights to the
Overpayment would be rendered moot.

The Committee also objected to the provision that provides, if
the 2009 Settlement is declared void or stayed, the Debtors must
establish a reserve funded only with US$37,500,000.  This
provision, according to the Committee, would render the 2009
Settlement moot in the event the Court approves the Reserve
Motion.

Judge Beatty, however, held "The [Debtors' Settlement] Motion is
granted in its entirety and approved in all respects."

No objection to the Settlement has been filed by any holder of
the 2009 Notes.  Accordingly, the Court held that BNY is
authorized to settle the claims on behalf of the holders of the
2009 Notes and will have no liability to any holder of the 2009
Notes as a result of its entry into the Settlement.

              Background to the BoNY Dispute

As reported in the Troubled Company Reporter on May 25, 2006,
the Court denied approval of the Disclosure Statement explaining
the Plan of Reorganization filed by Solutia and its debtor-
affiliates.  BNY is the indenture trustee for the 11.25% Senior
Secured Notes due 2009 issued by Solutia.

BNY complains that as described in the Disclosure Statement, the
Debtors' Plan of Reorganization purports to impair the Senior
Secured Notes, which are designated in Class 3.

On Nov. 1, 2007, the TCR said John K. Cunningham, Esq., at White
& Case LLP, in New York, appeared before the Court on behalf of
Bank of New York, regarding a US$223,000,000 claim by the bank
on account of the 11.25% Senior Secured Notes due 2009 issued by
Solutia Inc. or its predecessor.  Bank of New York serves as
indenture trustee for the Senior Notes.

Judge Beatty told BoNY's counsel, John K. Cunningham, Esq., at
White & Case LLP, "Pigs become hogs and then hogs get
slaughtered.  And then eaten.  What you're going for is so piggy
that you risk getting nothing."

At the hearing, which was held on Oct. 31, 2007, Judge Beatty
urged Solutia to settle its dispute with Bank of New York,
noting that the claim was the biggest hurdle to approval of
Solutia's reorganization plan.

"There are no cases that I have found which remotely approximate
the application of these principles to a case of this financial
magnitude," Judge Beatty stated.  Judge Beatty said if no
settlement is reached she will rule on the matter in about two
weeks.

                     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 expects the outlook to be stable.


SOLUTIA INC: Court Approves Bayer & Lanxess Claims Settlement
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the stipulation signed by Solutia Inc. with LANXESS
Corporation, Bayer AG, Bayer MaterialScience LLC and Bayer
Corporation.

As reported in the Troubled Company Reporter on Feb. 15, 2008,
Bayer acquired Monsanto Company's styrenics business pursuant to
an Asset Purchase Agreement dated Dec. 31, 1995.  Monsanto later
assigned the APA to Solutia Inc. in September 1997, as part of
Solutia's spin off from Monsanto.

Solutia and Bayer were parties to a Resimene Lease and Operating
Agreement dated July 29, 1999.  Solutia terminated the Resimene
Agreement on June 28, 2000, with a termination fee of
US$2,922,300, payable to Bayer in 18 monthly installments.  As
of the bankruptcy filing, Solutia owed US$432,761 to Bayer for
the two remaining installment payments.

Bayer and Monsanto were also parties to an Indian Orchard Lease
and Services Agreement dated Oct. 31, 1995.  The agreement was
assigned to Solutia as part of the Spin Off.  Bayer terminated
the Indian Orchard Agreement, and Solutia agreed to a
termination fee of US$1,191,101, payable by Bayer in 18 monthly
installments.  As of the bankruptcy filing, Bayer owed
US$397,034 for the six remaining installment payments.

As of the bankruptcy filing, Bayer also owed Solutia US$295,771
for certain purchases of adipic acid.

Since the bankruptcy filing, LANXESS Corporation, Bayer AG,
Bayer MaterialScience LLC, and Bayer, have undergone corporate
reorganizations, and as a result, Lanxess currently holds
certain claims of Bayer and MaterialScience.

Solutia objected to several of Bayer/Lanxess Parties Claims for
damages arising under the APA.

Solutia also filed Schedule No. 10115234 for $339,771, for
amounts owed by Solutia to Bayer Polymers LLC, now known as
MaterialScience.

                    Settlement Agreement

Following arm's-length negotiations regarding the resolution and
treatment of the Claims, the parties have agreed, among other
things, that Bayer and Lanxess will be entitled to recoup or
offset US$372,034 against the US$397,034 owed to Solutia for the
Indian Orchard Termination Fee.

Bayer/Lanxess parties will pay Solutia US$320,771, representing
the US$25,000 balance of the Indian Orchard Termination Fee
after giving effect to the Set-Off, plus the US$295,771 owed for
adipic acid purchases.

Also Solutia's Objection will be deemed withdrawn with respect
to the Claims; and upon approval of the Stipulation, Solutia
will be required to reserve the amount of the Allowed Claim in
the Disputed Claims Reserve on account of the Claims.

                      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 expects the outlook to be stable.


SOLUTIA: Moody's Designates B2 Rating on US$400 Mil. Facility
-------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to a US$400
million, unsecured bridge facility of Solutia Inc., a company
headquartered in St. Louis, Missouri.  Moody's also affirmed
Soultia's existing ratings and withdrew its rating on a proposed
senior unsecured note that will be replaced by the bridge
facility.  The ratings outlook is stable.  The ratings assigned
are subject to a complete review by Moody's of the credit
facility, term loan and senior note documents and are also
subject to the transactions being closed in a manner and with
terms that are substantially identical to those that have been
shared with Moody's.

Issuer: Solutia Inc.

Assignments:

  -- Senior Unsecured Bridge Facility, B2 (LGD5, 70%)

Ratings Affirmed:

  -- Corporate Family Rating, B1
  -- Probability of Default Rating, B1
  -- Speculative Grade Liquidity Rating, SGL-3
  -- Senior Secured Bank Credit Facility, Ba1 (LGD2, 16%)
  -- Senior Secured Bank Term Loan, B1 (LGD4, 54%)

Ratings Withdrawn:

  -- Senior Unsecured Note, B2 (LGD4, 69%)

The B1 corporate family rating reflects the company's initially
high leverage and weak credit metrics along with the material
uncertainty surrounding its environmental remediation activities
upon exiting bankruptcy.  An additional concern centers on the
high proportion of Solutia's revenue base that is concentrated
in low margin commodity businesses and a material percentage of
EBITDA that is derived from a single product with concentrated
customers.  Following the refinancing and exit from bankruptcy,
Solutia will be highly leveraged, particularly after adjusting
debt for rent and pensions, which adds roughly $60 million and
US$180 million, respectively.  Moody's projected coverage for
fiscal year 2008 (based on Moody's adjusted debt model), as
measured by EBITDA/Interest, is only 2.1 times while projected
leverage as measured by adjusted Debt/EBITDA is 5.2 times.  In
Moody's model, adjusted debt is estimated at slightly above $1.9
billion and pro forma adjusted debt to book capital would be
just above 62% at Dec. 31, 2007.  Moody's notes that even with
fresh start accounting, tangible net worth is likely to be
negative.

While Moody's recognizes that good progress has been made in the
elimination, classification and/or sharing of environmental,
legal and pension liabilities, there remains a noteworthy level
of uncertainty as to the ultimate scope of these liabilities,
particularly the environmental liabilities.  Moody's believes
that these environmental liabilities are subject to changing
governmental policy and regulations, discovery of unknown
conditions, judicial proceedings, method and extent of
remediation, existence of other potentially responsible parties
and future changes in both measurement and remediation
technologies.

Moody's also has some concerns over Solutia's business profile
as a high percentage of revenues, about 55%, are generated by
the relatively low margin (7%-8% EBITDA) integrated nylon
business, a sector that is going through a fair amount of
turmoil.  Moody's also note that a significant percentage of pro
forma 2007 EBITDA is derived from a single reasonably stable
product line, Crystex(R), that also has a high degree of
customer concentration with the bulk of EBITDA being derived
from tire manufacturers. Positive factors supporting the ratings
include:

  -- strong geographic, product and operational diversity;

  -- sizeable market leadership in the markets Solutia serves;

  -- sizeable revenue base - projected to exceed $3.5 billion
     in 2007;

  -- the reduction in pre-bankruptcy liability exposure in the
     range of US$1.3 billion;

  -- improvement in pro forma revenues and EBITDA over the last
     four years excluding reorganization costs;

  -- the ability to share on a 50/50 basis with Monsanto
     environmental liabilities at certain sites if the costs
     exceed US$325 million.

Moody's views management's track record and actions to
effectively cut costs and to improve Solutia's business profile
during the bankruptcy period as positive factors supporting the
ratings.  Moody's also believes that the acquisition of Flexsys
was a logical and strong strategic fit for the company.  Moody's
believes that a continued focus on efficiencies and maintaining
market share is critical to succeeding in the company's highly
competitive markets, which Moody's expects may face some pricing
pressures in the face of a potentially weaker global market,
particularly in the construction and automotive markets.

The Ba1 rating recognizes that the asset-based credit facilities
are secured by a first lien on inventory and receivables and a
second lien on assets securing the term loan.  The B1 rating on
the term loan recognizes the high proportion of the term loan in
Solutia's capital structure and the limited security provided
the first lien on assets not securing the asset-based credit
facility and the second lien on inventories and receivables.  In
Moody's opinion the collateral package for the term loan may not
adequately cover the loan in a default scenario.  The B2 rating
on the unsecured bridge facility reflects their junior position
in the capital structure and the prospect of limited protection
after the first and second lien lenders have been provided for
in a distressed scenario.

The speculative grade liquidity SGL-3 rating reflects the
company's adequate liquidity and Moody's expectation of
reasonable retained cash flow, in excess of $150 million, for
the fiscal year ending 2008.  The rating is supported by
Solutia's favorable debt maturity profile and flexibility under
the financial covenants for the company's asset backed credit
facility.  A factor limiting the SGL rating is that the only
external source of liquidity is the revolving credit facility,
although the size has been increased from $400 million to $450
million.  Moody's anticipates that this facility will initially
have modest outstandings in 2008.  Revolver borrowings are
dictated by a borrowing base formula.

Solutia's stable outlook considers the strength of its franchise
in terms of its market positions and long-lived customer
relationships.  If operating performance is weaker than
anticipated or material increases in environmental liabilities
were to occur, the outlook or rating could turn negative.  To
the extent that Solutia reduces debt faster than expected, such
that debt/EBITDA metrics improve to less than 4.0 times on a
permanent basis or if environmental liabilities were deemed to
be much improved a positive change in outlook or rating could
occur.


WONDERFUL WIRE: Posts MYR9.98 Net Loss in Qtr. Ended Dec. 31
------------------------------------------------------------
Wonderful Wire & Cable Berhad posted a net loss of MYR9.92
million on MYR8.11 million of revenues in the quarter ended
December 31, 2007, as compared to MYR14.98 million net loss on
MYR16.51 million of revenues in the same quarter of 2006.

As of December 31, 2007, the company's balance sheet showed
strained liquidity with MYR27.66 million of current assets
available to pay MYR73.78 million of current liabilities coming
due within the next twelve months.

The company's balance sheet as of end-December also showed
MYR75.13 million in total assets and MYR81.54 million in total
liabilities, resulting in a shareholders' equity deficit of
MYR6.40 million.

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.




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


1208979 LIMITED: Appoints John Michael Gilbert as Liquidator
------------------------------------------------------------
On February 14, 2008, John Michael Gilbert was appointed
liquidator of 1208979 Limited.

Mr. Gilbert is accepting creditors' proofs of debt until
March 14, 2008.

The liquidator can be reached at:

          John Michael Gilbert
          c/o C & C Strategic Limited
          Ponsonby, Auckland
          New Zealand
          Telephone:(09) 376 7506
          Facsimile:(09) 376 6441


ARMOUR ROOFING: Taps John Francis Managh as Liquidator
------------------------------------------------------
On February 14, 2008, the High Court of Wellington appointed
John Francis Managh as the liquidator of Armour Roofing Ltd.

The liquidator can be reached at:

          John Francis Managh
          50 Tennyson Street
          PO Box 1022, Napier
          New Zealand
          Telephone/Facsimile:(06) 835 6280


ART APARTMENTS: Creditors' Proofs of Claims Due by March 18
-----------------------------------------------------------
The creditors of ART Apartments Limited are required to file
their proofs of debt by March 18, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

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


AUCKLAND RESIDENTIAL: Creditors' Proofs of Debt Due on March 18
---------------------------------------------------------------
Auckland Residential Tenancies Limited, which is in liquidation,
requires its creditors to file their proofs of debt by
March 18, 2008, to be included in the company's dividend
distribution.

The company's liquidators are:

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


BLUES CONTRACTING: Commences Liquidation Proceedings
----------------------------------------------------
Blues Contracting Ltd.'s shareholders agreed on Feb. 11, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Scott Greer to facilitate
the sale of its assets.

Creditors are required to file their proofs of debt by
March 31, 2008, to be included in the company's dividend
distribution.

The liquidator can be reached at:

          Scott Greer
          P.O. Box 2422, Shortland Street
          Auckland
          New Zealand
          Telephone/Facsimile:(09) 526 0748


BRIBANC PROPERTY: Fixes March 18 as Last Day to File Claims
-----------------------------------------------------------
Bribanc Property Group Ltd., which is in liquidation, requires
its creditors to file their proofs of debt by March 18, 2008, to
be included in the company's dividend distribution.

The company's liquidators are:

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


DREAM PROPERTY: Court Appoints Levin as Liquidator
--------------------------------------------------
The High Court of Auckland appointed Henry David Levin and
David Stuart Vance as the liquidators of Dream Property Concepts
Ltd. on February 14, 2008.

Messrs. Levin and Vance are accepting creditors' proofs of debt
until March 20, 2008.

The liquidators can be reached at:

          Henry David Levin
          David Stuart Vance
          c/o PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street
          Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


MARBLE MAGIC: Creditors' Proofs of Debt Due on March 6
------------------------------------------------------
The creditors of Marble Magic Ltd. are required to file their
proofs of debt by March 6, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

          Grant Robert Graham
          Brendon James Gibson
          KordaMentha
          Tower Centre, Level 16
          45 Queen Street
          PO Box 982, Auckland
          New Zealand
          Telephone:(09) 307 7865
          Facsimile:(09) 377 7794


MASTER BUTCHERS: Fixes March 14 as Last Day to File Claims
----------------------------------------------------------
Master Butchers Marlborough Ltd., which is in liquidation, fixes
March 14, 2008, as the last day for its creditors to file their
proofs of debt.

The company's liquidator is:

          John Michael Gilbert
          c/o C & C Strategic Limited
          Ponsonby, Auckland
          New Zealand
          Telephone:(09) 376 7506
          Facsimile:(09) 376 6441


MICHEL'S PATISSERIE: Wind-Up Petition Hearing Set for March 6
-------------------------------------------------------------
A petition to have Michel's Patisserie NZ Ltd.'s operations
wound up will be heard before the High Court of Auckland on
March 6, 2008, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
Oct. 15, 2007.

The CIR's solicitor is:

          Kay S. Morgan
          c/o Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0373
          Facsimile:(07) 959 7614


NIPPON MEAT: Shares Place Company Under Voluntary Liquidation
-------------------------------------------------------------
Nippon Meat Packers New Zealand Ltd.'s shareholders agreed on
February 15, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Douglas Kim Fisher to facilitate the sale of its assets.

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

The company's liquidator is:

          Douglas Kim Fisher
          Auckland
          New Zealand
          Telephone:(09) 630 0491
          Facsimile:(09) 638 6283


PHOENIX LINNINGS: Court to Hear Wind-Up Petition on March 13
------------------------------------------------------------
A petition to have Phoenix Linnings Ltd.'s operations wound up
will be heard before the High Court of Auckland on
March 13, 2008, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
Sept. 10, 2007.

The CIR's solicitor is:

          Kathleena Hemotitaha Smith
          c/o Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150, Takapuna
          Auckland
          New Zealand
          Telephone:(09) 984 1309
          Facsimile:(09) 984 3116


RISQY LTD: ASIC Receives Court Approval for Closure
---------------------------------------------------
The Australian Securities and Investments Commission has
obtained orders from the Supreme Court of Queensland in Brisbane
to close an illegal managed investment scheme involving AU$14.5
million being operated by unregistered New Zealand-based Risqy
Limited, Financial Standard reports.

According to a statement by ASIC, orders were also obtained to
wind-up Risqy and the scheme, with William Fletcher of Bentleys
MRI, Brisbane, the former receiver, being appointed as
liquidator of Risqy, Financial Standard says.

"The winding up orders will allow for an orderly return of
remaininginvestor funds," ASIC said in a statement, as quoted by
Financial Standard.

ASIC commenced the proceedings after 260 Australian investors
predominantly from Queensland raised concerns after paying at
least AU$14.5 million into an unregistered management investment
scheme, Financial Standards says.  These investors believed that
their money would be invested in foreign currency exchange
trading and were promised a return of 4.23% per month --
approximately 64.4% per annum.

ASIC obtained freezing orders over funds remaining in the scheme
in Nov. 2006, as a result of these concerns, to prevent further
operation of the scheme and to protect current investors,
Financial Standard recalls.  A receiver was appointed over those
funds, and the receiver's most recent report indicates that
approximately AU$4.5 million of funds still remain in the
scheme.

In Feb. 29, ASIC officially declared that the scheme was an
unregistered management investment scheme, and obtained further
declarations that Risqy carried on business in Australia without
being registered to do so, Financial Standard reports.

"The law requires that manage investment schemes to be
registered to better protect the interests of people who invest
in those schemes, ASIC executive director of enforcement," Jan
Redfern told Financial Standard.  "This includes ensuring that
basic but vital disclosures are provided to investors so that
informed investment decisions can be made."

"ASIC can and will act against foreign companies which seek to
raise funds, carry on business and promote schemes in Australia
without complying with Australian registration requirements,"
Mr. Redfern stressed to Financial Standard.


WANAKA GAS: Subject to CIR's Wind-Up Petition
---------------------------------------------
On December 24, 2007, the Commissioner of Inland Revenue filed a
petition to have Wanaka Gas Ltd.'s operations wound up.

The petition will be heard before the High Court of Dunedin on
March 27, 2008, at 10:00 a.m.

The CIR's solicitor is:

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




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


CHIQUITA BRANDS: To Hold Annual Shareholders' Meeting on May 22
---------------------------------------------------------------
Chiquita Brands International Inc. will hold its Annual Meeting
of Shareholders on May 22, 2008, at the Hilton Cincinnati
Netherland Plaza.  The record date for determining shareholders
entitled to vote at the meeting will be April 1, 2008.  The
company will mail to shareholders of record in mid-April a
notice of the meeting and related proxy materials.

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2008, Standard & Poor's Ratings Services assigned its
'CCC' senior unsecured rating to Chiquita Brands International
Inc.'s US$200 million convertible senior notes due 2016.  Net
proceeds from the issuance were used to repay a portion of the
US$375 million term loan C (US$132 million outstanding at
Dec. 31, 2007, pro forma for this notes offering) of its senior
secured credit facility.




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


CD-BIZ DIRECTORIES: Creditors' Proofs of Debt Due on March 14
-------------------------------------------------------------
CD-Biz Directories Pte Ltd. requires its creditors to file their
proofs of debt by March 14, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


CROWN HOLDINGS: Discloses Revisions in Tax Valuation Allowance
--------------------------------------------------------------
Crown Holdings Inc. disclosed in a regulatory filing dated
Feb. 27, 2008, that it is correcting the financial information
accompanying its press release announcing the company's
financial results for the quarter and ended Dec. 31, 2007.  The
corrections, which pertain to revisions to its income tax
valuation allowance, had no impact on the company's cash flows
from operating activities.

The revisions amounted to a reduction in tax benefits of
US$22.0 million of which $17.0 million reduced net income and
US$5.0 million reduced additional paid in capital within
shareholders' equity.

As reported in the Troubled Company Reporter on Feb. 7, 2008,
Crown Holdings Inc. reported net income from continuing
operations of US$343.0 million for the fourth quarter ended
Dec. 31, 2007, compared to net income from continuing operations
of US$168.0 million in the fourth quarter of 2006.  For 2007,
the company reported net income from continuing operations of
US$545.0 million, compared to net income from continuing
operations of US$342.0 million in 2006.

As a result of the revisions in the company's income tax
valuation allowance, net income for the quarter ended Dec. 31,
2007, has been adjusted to US$327.0 million, and net income for
2007 has been adjusted to US$528.0 million.  The impact of the
revision on the company's consolidated balance sheet are:

                               As originally
                                 reported        As adjusted
                              --------------    --------------
Other non-current assets    US$  964,000,000  US$  942,000,000
Total assets                   7,001,000,000     6,979,000,000
Shareholders' equity              37,000,000        15,000,000
Total Liabilities and
  shareholders' equity         7,001,000,000     6,979,000,000

                  About Crown Holdings Inc.

Based in Philadelphia, Pennsylvania, Crown Holdings Inc. (NYSE:
CCK) -- http://www.crowncork.com/-- through its affiliated
companies, supplies packaging products to consumer marketing
companies around the world.  In Latin America, the company has
operations in Mexico, and in South and Central America.   The
company also maintains operations in Europe, particularly in the
United Kingdom and France.  In the Asia-Pacific region, the
company has an office in Singapore.  Crown Holdings, Inc.,
through its subsidiaries, is a leading supplier of packaging
products to consumer marketing companies around the world.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 8, 2008,
Standard & Poor's Ratings Services revised its outlook on Crown
Holdings Inc. to positive from stable and affirmed the 'BB-'
corporate credit and other existing ratings.


HIANGKIE INDUSTRIES: Creditors' Meeting Set for March 20
--------------------------------------------------------
The creditors of Hiangkie Industries Pte Ltd, which is in
liquidation, will hold have their meeting on March 20, 2008, at
10:00 a.m.

At the meeting, the creditors will hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Seshadri Rajagopalan
          c/o One Raffles Quay
          North Tower, Level 18
          Singapore 048583


LAZARD LTD: Gets Okay for Additional US$100 Mln Share Repurchase
----------------------------------------------------------------
Lazard Ltd.'s Board of Directors has approved an additional
share repurchase authorization of US$100 million, for purchases
prior to June 30, 2009.  Lazard also has US$32 million under a
previously disclosed authorization.

Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a
preeminent financial advisory and asset management firms, that
operates from 32 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides advice on mergers and
acquisitions, restructuring and capital raising, well as asset
management services to corporations, partnerships, institutions,
governments, and individuals.  The company has locations in
Australia, Brazil, China, France, Germany, India, Japan, Korea
and Singapore.

The company's consolidated balance sheet at Sept. 30, 2007,
showed US$3.51 billion in total assets, US$3.54 billion in total
liabilities, and US$49.0 million minority interest, resulting in
a US$74.5 million total shareholders' deficiency.


TRAD TECHNOLOGY: Creditors' Proofs of Debt Due on March 14
----------------------------------------------------------
The creditors of Trad Technology Construction Pte. Ltd. are
required to file their proofs of debt by March 14, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118




================
S R I  L A N K A
================


INDUSTRIAL FINANCE: Fitch Cuts Rating to BB-(Ika); Outlook Neg.
---------------------------------------------------------------
Fitch Ratings Lanka has downgraded the national long-term rating
of Sri Lanka-based Industrial Finance Limited to 'BB-(lka)' from
'BB+(lka)'.  The outlook is negative.

The rating action reflects the substantial operating losses
recorded by IFL in the six-month period to end-September 2007
(H108), largely due to considerable provisioning for bad and
doubtful debts resulting from operational shortfalls.  The
negative outlook reflects the company's need to meet the Central
Bank of Sri Lanka's minimum capital requirements and the need
for improvements in solvency by way of an equity infusion.

Fitch notes the change of ownership in mid-February 2008, where
private equity firm ASPIC Corporation (Pvt) Ltd. bought out
IFL's major shareholders.  ASPIC currently holds 61% of IFL's
equity and has indicated its commitment to meet the initial
minimum capital requirement of LKR100 million by end-March 2008
(FYE08) via two rights issues, and infuse further equity to meet
the final LKR200 million requirement by the stipulated deadline
of end-July 2008.  The proposed capital infusions, together with
the envisaged operational turnaround and business strategies of
the company would warrant a revision of the Outlook to Stable.

IFL is a small registered finance company (RFC) with an asset
base of LKR600.5 millioin at H108.  It is primarily involved in
the provision of vehicle finance by way of leases and hire
purchase agreements.  The company was established in 1962 by the
Tudawe and de Costa families, who have interests in hospitals,
construction and apparel manufacturing.  ASPIC has interests in
a diverse range of activities including real estate development,
construction, plantation and exports, and also holds 92% of
Central Investments and Finance Limited, a RFC, which it
acquired in 2002.




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


TUNTEX (THAILAND): Inks MOU To Sell Assets to Indorama Thailand
---------------------------------------------------------------
Tuntex (Thailand) PCL has inked a memorandum of understanding
for the sale of its Polyester Fibres and Filaments' businesses
to Indorama Thailand, according to a report from
moneycontrol.com.

"We have signed a memorandum of understanding with Rayong based,
SET listed -- Tuntex (Thailand) PCL to acquire their business
consisting of Polyester fibers and filaments.  This makes a
strategic fit with our existing Thailand based polyester
business in Nakhompathom - Indo Poly Ltd. The revenue from this
segment is thus set to rise from US$131 million currently to
US$600 million in 2010 post a total restructuring exercise," the
company's Chief Executive Officer Aloke Lohia said in a
statement.  "We believe we will emerge as Thailand's premier
Polyester company in Fibers as well, as we have in PET polymers,
and we expect our total polymer production to rise close to 2
million tonnes from 700,000 tonnes in 1997."

Terms of the agreement were not disclosed.

Tuntex Public Company Limited -- http://www.tuntexthailand.com/
-- was incorporated as a public company limited under the Thai
laws.  The company operates in Thailand and its principal
activity is the manufacture of polyester yarn.

The company is currently classified under the Non-Performing
Group of the Stock Exchange of Thailand, and is currently
implementing a rehabilitation plan.

As of end-June 2007, Tuntex recorded total assets of
THB7.91 billion and total liabilities of THB8.40 billion,
resulting in a capital deficit of THB481.35 million.


* BOND PRICING: For the Week 03 March to 07 March 2008
------------------------------------------------------


Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.72
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.90
Allco Hit Ltd                  9.000%  08/17/09     AUD    18.60
Allco Hit Ltd                  9.000%  12/31/10     AUD    23.00
Antares Energy Limited        10.000%  10/31/13     AUD     0.80
Arrow Energy NL               10.000%  03/31/08     AUD     2.15
Babcock & Brown Pty Ltd        8.500%  11/17/09     NZD    13.00
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    12.75
Becton Property Group          9.500%  06/30/10     AUD     0.66
Bounty Industries Limited     10.000%  06/30/10     AUD     0.16
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    11.60
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    14.00
China Century Capital Ltd     12.000%  09/30/10     AUD     0.70
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.45
FGL Finance                    6.250%  03/17/10     AUD     8.98
Fletcher Building Ltd          8.600%  03/15/08     NZD    10.50
Fletcher Building Ltd          7.800%  03/15/09     NZD    10.40
Fletcher Building Ltd          7.550%  03/15/11     NZD    10.00
Heemskirk Consolidated
  Limited                      8.000%  09/30/11     AUD     2.75
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    10.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    12.10
LongReach Group Limited       10.000%  10/31/08     AUD     0.27
Metal Storm Ltd               10.000%  09/01/09     AUD     0.12
Minerals Corp                  9.000%  03/31/08     AUD     0.94
Nylex Limited                 10.000%  12/08/09     AUD     1.87
PPCS Limited                  11.500%  12/15/10     NZD    57.88
Salomon SB Aust                4.250%  02/01/19     USD     6.91
South Canterbury              10.430%  12/15/12     NZD     1.00
Speirs Group Ltd.             13.160%  06/30/49     NZD    60.00
TrustPower Ltd                 8.300%  12/15/08     NZD    10.80
TrustPower Ltd                 8.500%  09/15/12     NZD     9.88
TrustPower Ltd                 8.500%  03/15/14     NZD     8.65

CHINA
-----
CITIC Guoan Information
  Indust. Co., Ltd             1.200%  09/14/13    CNY     73.98
Saic Motor                     0.800%  12/19/13    CNY     74.02

JAPAN
-----
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.14
Nara Prefecture                1.520%  10/31/14     JPY     9.32
NIS Group Co., Ltd.            2.290%  03/23/09     JPY    70.10

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    49.95
Korea Dev. Bank                7.450%  10/31/21     KRW    49.92
Korea Dev. Bank                7.400%  11/02/21     KRW    49.90
Korea Dev. Bank                7.310%  11/08/21     KRW    48.85
Korea Dev. Bank                8.450%  12/15/26     KRW    73.35

MALAYSIA
--------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.07
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.02
Berjaya Land Bhd               5.000%  12/30/09     MYR     5.50
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/16/08     MYR     1.20
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     1.80
EG Industries Berhad           5.000%  06/16/10     MYR     0.30
Greatpac Holdings              2.000%  12/11/08     MYR     0.11
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.54
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.50
Insas Berhad                   8.000%  04/19/09     MYR     0.66
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.31
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.30
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.53
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.40
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.45
Media Prima Bhd                2.000%  07/18/08     MYR     1.59
Mithril Bhd                    8.000%  04/05/09     MYR     0.61
Mithril Bhd                    3.000%  04/05/12     MYR     0.61
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.30
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.22
Pelikan International          3.000%  04/08/10     MYR     1.90
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.80
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.11
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.63
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.57
Southern Steel                 5.500%  07/31/08     MYR     2.21
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.01
Tradewinds Corp.               2.000%  02/08/12     MYR     0.91
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.65
Wah Seong Corp.                3.000%  05/21/12     MYR     6.50
WCT Land Bhd                   3.000%  08/02/09     MYR     4.66
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.65
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.50

SRI LANKA
---------
Sri Lanka Govt                6.850%  04/15/12     LKR     72.69
Sri Lanka Govt                6.850%  10/15/12     LKR     70.90
Sri Lanka Govt                8.500%  01/15/13     LKR     74.63
Sri Lanka Govt                7.500%  08/01/13     LKR     70.47
Sri Lanka Govt                7.500%  11/01/13     LKR     69.37
Sri Lanka Govt                8.500%  02/01/18     LKR     68.86
Sri Lanka Govt                8.500%  07/15/18     LKR     71.14
Sri Lanka Govt                7.500%  08/15/18     LKR     65.78
Sri Lanka Govt                7.000%  10/01/23     LKR     58.03



                         *********


Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.



                          *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                *** End of Transmission ***