TCRAP_Public/080305.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

             Wednesday, March 5, 2008, Vol. 9, Issue 46

                          Headlines

A U S T R A L I A

BUILD CAPITAL: Liquidator to Give Wind-Up Report Today
FOREST PRODUCTS: Members to Receive Wind-Up Report on March 26
GANDA I. T.: Liquidator to Present Wind-Up Report on March 12
GM ACCEPTANCE (AUSTRALIA): Fitch Cuts Long-term IDR to BB
GOLDSMITH FAMILY: Joint Meeting Slated for March 12

NORPAK PTY: Placed Under Voluntary Liquidation
RAFTONY PTY: Members and Creditors to Meet on March 13
RG GROUP: Liquidator to Give Wind-Up Report on March 20
SCOLAROS CONCRETE: Members & Creditors Meeting Set for March 20
SILVER CEDAR: Final Meeting Slated for March 20

TROMBONIST LIMITED: Members and Creditors to Meet on March 14
WATERWISE DISTRIBUTORS: Members & Creditors Meeting on March 5
WLOSSAK PTY: Placed Under Voluntary Liquidation
ZINIFEX: Fitch Puts BB+ IDR on Watch Positive Over Oxiana Merger


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

ASIAN STOCKBROKERS: Creditors' Proofs of Debt Due on March 28
ASIA VIEW: Creditors Meeting Fixed for April 7
ASSCALADE COMMUNICATIONS: Files for Creditor Protection
A.S. WATSON: Commences Liquidation Proceedings
BIO-RAD LABS: Earns US$12.3MM for 2007 4th Quarter Ended Dec. 31

BOMBARDIER INC: S&P Keeps Positive Watch on BB Rating
CHINA MINSHENG: Gets Approval To Buy UCBH Stake for US$95 Mil.
CHINA MINSHENG: Posts CNY6.34 Billion Net Profit in 2007
CHINA MINSHENG: To Sell 3.26% Stake in Haitong Securities
DARRACOTT LIMITED: Commences Liquidation Proceedings

EPIPHANY CAPITAL: Commences Liquidation Proceedings
FUTEC PACKAGING: Commences Liquidation Proceedings
GIAN ANDREA: Commences Liquidation Proceedings
MICHINOKU FINANCE: Commences Liquidation Proceedings
NIHON (HONG KONG): Liquidators Quit Posts

NINGBO BIRD: To Sell 50% Stake in Sagem Joint Venture
RIL SECURITIES: Commences Liquidation Proceedings
SEFAIR BROKERS: Liquidators Quit Post
SERONO HONG KONG: Creditors' Proofs of Debt Due on March 31
TAILOR PLUS: Commences Liquidation Proceedings

TOYOTA TSUSHO: Liquidators Quit Post


I N D I A

DRESSER-RAND: UBS Keeps Neutral Rating on Firm's Shares
FIAT SPA: Government Approves Equal Partnership with Tata Motors
NOVELL INC: Earns US$16.8 Million in Fiscal First Quarter 2008
TATA MOTORS: Likely to Close Sale Deal with Ford in 2nd Qtr.

* INDIA: Moody's Says Structured Finance Market Growth Robust


I N D O N E S I A

ARPENI PRATAMA: To Cut Bond Issue to IDR600 Billion
ARPENI PRATAMA: To Buy Six Bulk Carriers for US$88 Million
BANK CENTRAL ASIA: Fitch Ups Long-Term IDR to BB
BANK INTERNASIONAL: Chinese Banks to Buy Temasek's 55.97% Stake
BANK MANDIRI: Fitch Upgrades Long-Term IDR to BB

BAKRIE SUMATERA: Acquires 37.5% of Menthobi Makmu for IDR500,000
BAKRIE SUMATERA: To Get US$224 Million in Loans
INDAH KIAT: Expects 2008 Revenue to Grow by 10% to 20%
INDAH KIAT: Federal New-York Court Rules Against the Company


J A P A N

ALITALIA SPA: Hikes Net Debt to EUR1.28 Billion in January 2008
BANK OF IKEDA: Fitch Assign BB+ Rating on Subordinated Notes
GMAC LLC: JCR Pares Foreign Currency Long-Term Rating to BB-
HERBALIFE LTD: Canaccord Adams Reaffirms Buy Rating on Firm
JAPAN AIRLINES: Announces Changes in Board Membership

JAL: Expands Code Share Agreements with European Airline Cos.


K O R E A

KOREAN EXPRESS: Kumho-Asiana Inks KRW4.1-Tril. Deal to Buy Stake


M A L A Y S I A

ARK RESOURCES: SC OK's Variation to Principal Terms of RCSLS
ARK RESOURCES: Shareholders Okay All Resolutions During Meeting
LITYAN HOLDINGS: Default Totals MYR27.53 Million as of Feb. 29
LITYAN HOLDINGS: Creates Risk Management Committee
LITYAN HOLDINGS: Dec. 31 Balance Sheet Upside-Down by MYR87 Mil.

MANGIUM INDUSTRIES: Bursa Grants Until May 26 to Submit Plan
MANGIUM INDUSTRIES: Posts MYR3MM Net Loss. in Qtr. Ended Dec. 31
MANGIUM INDUSTRIES: Unit Defaults on MYR17.77MM as of Jan. 31
PANGLOBAL BERHAD: Dec. 31 Balance Sheet Upside-Down by MYR566MM
SOLUTIA INC: S&P Lifts Rating to B+ from D on Bankruptcy Exit

TAP RESOURCES: Securities Agency Junks Appeal for Reform Plan


N E W  Z E A L A N D

ART APARTMENTS: Fixes March 18 as Last Day to File Claims
ART PROPERTIES: Taps Meltzer, Heath & Hayward as Liquidators
BAY MORTGAGE: Wind-Up Petition Hearing Set for March 10
BECROFT LIMITED: Names Meltzer, Heath & Hayward as Liquidators
BLACK LIGHT: Faces Blue Star's Wind-Up Petition

DUCT INSTALLATION: Creditors' Proofs of Debt Due on May 18
GM ACCEPTANCE (NEW ZEALAND): Fitch Pares Long-Term IDR to BB
HFC LIMITED: Requires Creditors to File Claims by May 14
HIGHCLERE DEVELOPMENTS: Subject to CIR's Wind-Up Petition
MAINLY CHAIRS: Appoints Fatupaito & McCloy as Liquidators

SOLIDPI HOLDINGS: Court to Hear Wind-Up Petition on March 10
TE KOROWAI: Court to Hear Wind-Up Petition on March 10


P H I L I P P I N E S

DEL MONTE: Reports US$53.3 Mil. Net Income in Third Quarter 2008
FEDDERS: Wants Exclusive Plan Filing Period Moved to April 14
IPVG CORP: Clarifies Report on Plan to Buy Two Call Center Firms
PHIL TELEGRAPH: Books PHP219.99-Mil. Loss in Qtr. Ended Dec. 31
PRC LLC: Obtains Final Court Okay to Use Cash Collateral

PRC LLC: Gets Final Court Nod on US$30 Million DIP Financing
PRC LLC: Wants to Reject Four Austin & Plantation Pacts
SAN MIGUEL: Discloses Updates to Unit's Planned IPO


S I N G A P O R E

ARMSTRONG WORLD: Completes Strategic Review Following Evaluation
ARMSTRONG WORLD: S&P Changes Outlook to Stable; Holds BB Rating
LI PIN: To Pay Preferential Dividend on March 7
SCOTTISH RE: May Sell Life Reinsurance & Wealth Management Units
SEA CONTAINERS: Wants to Employ Navigant as Consultants

SIN TYE: Pays First and Final Dividend to Preferential Creditors
T.J. CONSTRUCTION: Creditors' Proofs of Debt Due on March 7


T H A I L A N D

PICNIC CORP: Clarifies World Gas Forced Share Transfer

* Upcoming Meetings, Conferences and Seminars


                            - - - - -

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


BUILD CAPITAL: Liquidator to Give Wind-Up Report Today
------------------------------------------------------
Build Capital Pty. Ltd. will hold a joint meeting for its
members and creditors at 10:30 a.m. today.  During the meeting,
the company's liquidator, John Lindholm, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

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

                    About Build Capital

Build Capital Pty. Ltd. is a distributor of durable goods.  The
company is located at Carnegie, in Victoria, Australia.


FOREST PRODUCTS: Members to Receive Wind-Up Report on March 26
--------------------------------------------------------------
Simon A. Wallace-Smith and Timothy B. Norman, Forest Products
Australia Pty. Ltd.'s appointed estate liquidators, will meet
with the company's members at 10:30 a.m. on March 26, 2008, to
provide them with property disposal and winding-up reports.

Forest Products will also declare final dividend on
March 12, 2008.  Only creditors who were able to file their
proofs of debt by March 5, 2008, will be included in the
company's dividend distribution.

The liquidators can be reached at:

          Simon A. Wallace-Smith
          Timothy B. Norman
          c/o Deloitte Touche Tohmatsu
          180 Lonsdale Street
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9208 7000

                  About Forest Products

Forest Products Australia Pty. Ltd. is a distributor of wood
household furnitures.  The company is located at Kew, in
Victoria, Australia.


GANDA I. T.: Liquidator to Present Wind-Up Report on March 12
-------------------------------------------------------------
Ganda I. T. Solutions Pty. Ltd. will hold a joint meeting for
its members and creditors at 9:00 a.m. on March 12, 2008.
During the meeting, the company's liquidator, R. A. Sutcliffe,
will provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          R. A. Sutcliffe
          Ground Floor
          192-198 High Street
          Northcote, Victoria 3070
          Australia
          Telephone:(03) 9482 6277

                     About Ganda I. T.

Ganda I. T. Solutions Pty. Ltd. provides computer related
services.  The company is located at Glen Waverley, in Victoria,
Australia.


GM ACCEPTANCE (AUSTRALIA): Fitch Cuts Long-term IDR to BB
---------------------------------------------------------
Fitch Ratings has downgraded and removed from Rating Watch
Negative the long-term Issuer Default Rating GMAC LLC and
related subsidiaries to 'BB' from 'BB+'.  Fitch has also
affirmed the 'B' short-term ratings.  Fitch originally placed
GMAC on Rating Watch Negative on Nov. 14, 2007.  The Rating
Outlook is Negative.  Approximately US$100 billion of unsecured
debt is affected by this action.

The downgrade of GMAC's LT IDR reflects in part the company's
financial support for its wholly owned subsidiary ResCap, which
generated considerable losses in 2007.  In addition, the
downgrade reflects Fitch's view that some of the operating
momentum, in the form of increased business diversification from
General Motors, that was expected from GMAC's separation from GM
has lessened due to the broad challenges the company is facing.

The Negative Outlook reflects the more challenging economic and
financing environment that GMAC will face throughout 2008.
Fitch believes that while the automotive finance and insurance
businesses produced acceptable results in 2007, this will likely
weaken in 2008 due to increased funding and credit costs, and
lower new car sales. Rising funding cost primarily reflect
weaker execution from securitization transactions, while rising
credit costs reflect Fitch's view that both default frequency
and loss severity will increase in the retail automotive finance
portfolio.

Fitch may downgrade ratings further if automotive credit quality
were to weaken beyond historical averages for GMAC or if GMAC
were to provide additional and material financial support to
ResCap.

Fitch has downgraded these ratings and removed them from Rating
Watch Negative:

   GMAC LLC
   GMAC International Finance B.V.
   GMAC Bank GmbH
   GMAC Canada Ltd.
   General Motors Acceptance Corp. of Canada Ltd.
   General Motors Acceptance Corp. of Australia

    -- Long-term IDR to 'BB' from 'BB+';
    -- Senior debt to 'BB' from 'BB+'.

General Motors Acceptance Corp. (N.Z.) Ltd.

    -- Long-term IDR to 'BB' from 'BB+'.

Fitch has also affirmed these ratings:

   GMAC LLC
   GMAC International Finance B.V.
   GMAC Bank GmbH
   General Motors Acceptance Corp. of Canada Ltd.
   General Motors Acceptance Corp. of Australia
   GMAC Australia (Finance) Ltd.
   General Motors Acceptance Corp. (U.K.) Plc
   General Motors Acceptance Corp. (N.Z.) Ltd.

    -- Short-term IDR 'B';
    -- Short-term debt 'B'.

GMAC Canada Ltd.

    -- Short-term IDR 'B'.


GOLDSMITH FAMILY: Joint Meeting Slated for March 12
---------------------------------------------------
Goldsmith Family Supermarket Pty. Ltd. will hold a joint meeting
for its members and creditors at 9:00 a.m. on March 12, 2008.
During the meeting, the company's liquidator, Robert M. H. Cole
at Robert M. H. Cole & Co. , will provide the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          Robert M. H. Cole
          Robert M. H. Cole & Co
          Chartered Accountants
          6 Moorabool Street
          Geelong, Victoria 3220
          Australia

                  About Goldsmith Family

Goldsmith Family Supermarkets Pty Ltd operates miscellaneous
food stores.  The company is located at Deniliquin, in New South
Wales, Australia.


NORPAK PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Norpak Pty. Ltd. members agreed on January 21, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Glenn A. Crisp at RSM Bird
Cameron to facilitate the sale of its assets.

The liquidator can be reached at:

          Glenn A. Crisp
          c/o RSM Bird Cameron
          525 Collins Street, Level 8
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9286 1800
          Facsimile:(03) 9286 1899

                      About Norpak Pty.

Norpak Pty. Ltd. is a distributor of non-durable goods.  The
company is located at Marrickville, in New South Wales,
Australia.


RAFTONY PTY: Members and Creditors to Meet on March 13
------------------------------------------------------
Raftony Pty. Ltd. will hold a final meeting for its members and
creditors at 9:30 a.m. on March 13, 2008.  During the meeting,
the company's liquidators, Robyn Erskine and Peter Goodin, will
provide the attendees with property disposal and winding-up
reports.

The liquidators can be reached at:

          Robyn Erskine
          Peter Goodin
          Brooke Bird Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East, Victoria 3123
          Australia
          Telephone:(03) 9882 6666

                    About Raftony Pty.

Raftony Pty. Ltd., which is also trading as Raffaele's Classic
Italian Restaurant, operates restaurants.  The company is
located at Lilydale, in Victoria, Australia.


RG GROUP: Liquidator to Give Wind-Up Report on March 20
-------------------------------------------------------
RG Group Pty. Ltd. will hold a final meeting for its members and
creditors at 9:30 a.m. on March 20, 2008.  During the meeting,
the company's liquidator, K. L. Sutherland, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          K. L. Sutherland
          Bent & Cougle Pty Ltd
          Chartered Accountants
          332 St Kilda Road, Level 5
          Melbourne, Victoria 3004
          Australia

                       About RG Group

RG Group Pty. Ltd. is a distributor of furnitures.  The company
is located at East Bentleigh, in Victoria, Australia.


SCOLAROS CONCRETE: Members & Creditors Meeting Set for March 20
---------------------------------------------------------------
Scolaros Concrete Constructions Pty. Ltd. will hold a final
meeting for its members and creditors at 10:15 a.m. on
March 20, 2008.  During the meeting, the company's liquidator,
K. L. Sutherland, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          K. L. Sutherland
          Bent & Cougle Pty Ltd
          Chartered Accountants
          332 St Kilda Road, Level 5
          Melbourne, Victoria 3004
          Australia

                  About Scolaros Concrete

Scolaros Concrete Constructions Pty. Ltd. is involved with
highway and street construction.  The company is located at
Werribee, in Victoria, Australia.


SILVER CEDAR: Final Meeting Slated for March 20
-----------------------------------------------
Silver Cedar Pty. Ltd. will hold a final meeting for its members
and creditors at 11:15 a.m. on March 20, 2008.  During the
meeting, the company's liquidator, K. L. Sutherland, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          K. L. Sutherland
          Bent & Cougle Pty Ltd
          Chartered Accountants
          332 St Kilda Road, Level 5
          Melbourne, Victoria 3004
          Australia

                      About Silver Cedar

Located at Balwyn North, in Victoria, Australia, Silver Cedar
Pty Ltd is an investor relation company.


TROMBONIST LIMITED: Members and Creditors to Meet on March 14
-------------------------------------------------------------
Trombonist Limited will hold a final meeting for its members and
creditors at 11:00 a.m. on March 14, 2008.  During the meeting,
the company's liquidator, Anthony R. Cant at Romanis Cant, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Anthony R. Cant
          Romanis Cant Chartered Accountants
          106 Hardware Street
          Melbourne, Victoria 3000
          Australia

                  About Trombonist Limited

Trombonist Limited, which is also trading as Hooker Cockram
Limited, is a general contractor of industrial buildings and
warehouses.  The company is located at Hawthorn, in Victoria,
Australia.


WATERWISE DISTRIBUTORS: Members & Creditors Meeting on March 5
--------------------------------------------------------------
Waterwise Distributors Pty. Ltd. will hold a joint meeting for
its members and creditors at 9:00 a.m. today, March 5, 2008.
During the meeting, the company's liquidator, Michael Griffin,
will provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Michael Griffin
          Worrells Solvency & Forensic Accountants
          102 Adelaide St., 8th Floor
          Brisbane, Queensland 4000
          Australia
          Telephone:(07) 3225 4383
          Facsimile:(07) 3225 4311
          Web site: http://www.worrells.net.au

                About Waterwise Distributors

Waterwise Distributors Pty. Ltd. is a distributor of pumps and
pumping equipments.  The company is located at Kelvin Grove, in
Queensland, Australia.


WLOSSAK PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
Wlossak Pty. Limited's members agreed on January 22, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Terrence John Rose and Terry
Grant van der Velde to facilitate the sale of its assets.

The liquidators can be reached at:

          Terrence John Rose
          Terry Grant van der Velde
          Garden City Office Park, Building 10
          2404 Logan Road
          Eight Mile Plains
          Queensland 4113
          New Zealand

                     About Wlossak Pty.

Located at Raby Bay, in Queensland, Australia, Wlossak Pty.
Limited is an investor relation company.


ZINIFEX: Fitch Puts BB+ IDR on Watch Positive Over Oxiana Merger
----------------------------------------------------------------
Fitch Ratings has placed Zinifex Limited's 'BB+' long-term
foreign currency Issuer Default Rating on Rating Watch Positive,
following the announcement of a merger proposal with Oxiana
Limited, whereby both companies will own 50% each of a new
company yet to be named.

The rating watch is expected to be resolved within six months by
which time the structure of the merged entity, including its
debt structure, will be clearer.

"Fitch regards the merger as positive for Zinifex's ratings. The
diversification from Zinifex's historic narrow zinc and lead
focus into copper, following the merger with Oxiana, is positive
and follows the imminent acquisition of nickel producer,
Allegiance Mining NL," says Maurice O'Connell, director in
Fitch's corporate team based in Sydney.  "The merged entity will
have a strong balance sheet and credit metrics which will allow
it to expand and diversify further in a manner that is likely
to remain favourable for its credit rating and outlook," added
Maurice O'Connell.

Zinifex, with a market capitalization of AUD5.6 billion, is the
world's third largest zinc producer, supplying approximately 5%
of global zinc concentrate and about 1% of global demand for
lead.  Its major assets are the Century and Rosebery mines.
Zinifex is also in the process of acquiring nickel producer,
Allegiance Mining NL, for approximately AUD860 million.

Oxiana, with a market capitalisation of AUD5.7 billion, is
predominantly a copper, zinc and gold miner with operations both
in Australia and Laos.

The merger will take place via a Scheme of Arrangement whereby
Zinifex shareholders will receive 3.1931 Oxiana shares for each
Zinifex share.

Zinifex has shown very strong cash flow generation in the last
two years as a consequence of buoyant zinc and lead prices.  Its
cash flow was further enhanced by the divestment of its smelting
operations in October 2007, when Zinifex combined its smelting
operations with those of Umicore SA to form Nyrstar NV.  Zinifex
currently has over AUD2.2 billion cash on its balance sheet,
while Oxiana has a low net debt of AUD174 million.  Oxiana is
not rated by Fitch.




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C H I N A &   H O N G  K O N G   &   T A I W A N
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ASIAN STOCKBROKERS: Creditors' Proofs of Debt Due on March 28
-----------------------------------------------------------
The creditors of Asian Stockbroker's Awards Limited are required
to file their proofs of debt by March 28, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 22, 2008.

The company's liquidator is:

         Kenneth Raymond Deayton
         38th Floor, Tower One, Lippo Centre
         89 Queensway
         Hong Kong


ASIA VIEW: Creditors Meeting Fixed for April 7
-----------------------------------------------
The creditors of Asia View Holdings Limited will have their
final general meeting on April 7, 2008, at 1st Floor, 18 Russell
Street, Causeway bay, in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator can be reached at:

          Zhang Yun
          1st Floor, 18 Russell Street
          Causeway Bay
          Hong Kong


ASSCALADE COMMUNICATIONS: Files for Creditor Protection
-------------------------------------------------------
Ascalade Communications Inc. intends to seek protection from
creditors under the Companies' Creditors Arrangement Act with
the British Columbia Supreme Court.

Ascalade's Board of Directors has determined that seeking
creditor protection is in the interests of the company, its
creditors, shareholders, employees, customers and other
stakeholders.  These actions are necessary because of the
Company's inability to fund operations to meet customer demand.
This is as a result of significant operational challenges due to
difficulty hiring and retaining workers, continued labor and
material cost increases, sustained competitive price pressures
and foreign exchange variations impacting the business.

"Following the results of our previously announced operational
and strategic review, our Board of Directors has concluded that
seeking CCAA protection is in the best interest of the Company
and its stakeholders.  In addition, we are exploring the sale in
whole or in part of Ascalade's assets as a key step in executing
our stakeholder value strategy," said John Kim, Ascalade's Lead
Director.  "We anticipate working with our advisors and
interested parties to execute this strategy successfully," he
added.

In conjunction with the application for creditor protection the
Company announced the following updates:

   -- The resignation from the Board of Directors of Mr. Brian
      Barry and Mr. Frankie Li.  The resignations took effect on
      February 29, 2008.

   -- The formation of a Special Committee by the Board of
      Directors for the purpose of exploring restructuring
      alternatives to maximize creditor and shareholder value,
      including transactions involving the sale of all or part
      of the assets of the Company.


   -- The retention of Deloitte & Touche Inc. as asset recovery
      and restructuring advisors and to support management in
      ensuring creditor and shareholder value is maximized.

   -- The formation of an executive project team to manage the
      restructuring process.  Under the leadership of Greg
      Allen, the following executives have been retained to work
      on the restructuring project - Greg Allen, Troy Bullock,
      Eric Ho and Fred Li.

   -- Ascalade Communications Limited, our Hong Kong subsidiary,
      will be preparing to put forward a Scheme of Arrangement
      under the Hong Kong laws for the consideration by its
      creditors.  See below for additional information on
      a Scheme of Arrangement.

   -- We plan to reduce the number of employees in our Canada,
      UK and Hong Kong offices over the next three month period.

Greg Allen, Ascalade's President said: "Today's filing is a
result of the completion of our operational and strategic review
and difficulties in funding operations due to continued
significant operational and business challenges.  Allen added
"The company believes it has valuable assets located throughout
the world and we believe that seeking CCAA protection will allow
the company time to restructure its assets and operations and
find alternatives that are in the best interest of the company's
stakeholders."

The intent of the CCAA filing is to enable Ascalade to continue
its day to day operations for as long as possible or until its
CCAA status changes.  The implications for Ascalade's
shareholders will not be able to be determined until the end of
the restructuring process and will depend on the terms of the
restructuring plan approved by the affected stakeholders.  The
Company does not intend to file, on a timely basis, its annual
financial statements and related regulatory filings.

                  Scheme of Arrangement

A scheme of arrangement is an arrangement entered into between a
company and its creditors or any class of its creditors under
Section 166 of the Companies Ordinance of Hong Kong.   It
becomes legally binding on all creditors, including those voting
against the scheme and those not voting, if the requisite
majority (representing more than 50% in number and also not less
than 75% in value of the claims of creditors who - either in
person or by proxy - attend a meeting of creditors convened with
the leave of the Court) vote in favor of the scheme and the
Court then approves it.   A scheme becomes effective and legally
binding when the order of the Court sanctioning it is filed with
the Registrar of Companies for registration.

                     About Ascalade

Ascalade Communications Inc. is an innovative product company
that designs, develops and manufactures digital wireless and
communication products.  Ascalade products have been distributed
under customers' well-known brand names in over 35 countries and
under 80 regional brands.  Ascalade has design, manufacturing
and distribution facilities in Richmond, British Columbia (head
office), Qingyuan (China), Hong Kong and a sales office in
Hertfordshire, (United Kingdom).


A.S. WATSON: Commences Liquidation Proceedings
----------------------------------------------
A.S. Watson (Trading Hong Kong) Limited's members agreed
February 15, 2008 to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Ying Hing Chui and Chung Miu Yin, Diana to facilitate the sale
of its assets.

The liquidators can be reached at:

         Ying Hing Chui
         Chung Miu Yin, Diana
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


BIO-RAD LABS: Earns US$12.3MM for 2007 4th Quarter Ended Dec. 31
----------------------------------------------------------------
Bio-Rad Laboratories Inc. reported net income for the 2007
fourth quarter was US$12.3 million compared to US$16.6 million
during the fourth quarter of the prior year.  For the full 2007
fiscal year, the company's net income is US$92.9 million,
compared to US$103.2 million net income for 2006.

These results reflect non-cash charges of US$12.9 million, which
includes a one-time charge of US$7.7 million for purchased in-
process R & D, and approximately US$5.2 million in amortization
of intangibles related to DiaMed.  Including the DiaMed
acquisition, fourth-quarter basic earnings from operations were
US$0.46 per share, compared to US$0.63 during the same period
last year.  Fourth-quarter gross margin was 50.8% compared to
54.1% during the same quarter last year.  The lower margin in
the most recent quarter reflects the impact of the DiaMed
acquisition including foregone profit margin and the
amortization of intangibles.

Fourth-quarter revenues were US$459.6 million, up 34% compared
to US$343.0 million reported for the fourth quarter of 2006.
For the full year, sales grew by 14.7% to US$1,461.0 million
compared to US$1,273.9 million in 2006.  Excluding revenue from
the DiaMed acquisition, Bio-Rad sales grew by 9.8%, or 5.2%
after normalizing for the impact of currency effects.  Full-year
gross margin was 54.2% compared to last year's figure of 55.9%.
Revenues, earnings, and gross margin for 2006 were all favorably
impacted by one-time additional revenue of US$11.7 million which
was the result of a licensing settlement agreement reached with
bioMerieux SA in 2006.

This increase was due to a combination of organic growth across
Bio-Rad's two main product areas, the Life Science and Clinical
Diagnostics segments, as well as the addition of DiaMed Holding
AG products to the company's portfolio in the fourth quarter,
which resulted in additional revenue of US$62.0 million and
impacted fourth-quarter and full-year results.  Excluding the
revenue from the DiaMed acquisition, fourth-quarter revenues
were up 15.9%, or 9.0% on a currency-neutral basis, compared to
the same quarter last year.

"Operationally, 2007 was another year of progress for Bio-Rad
and one of investment as we welcomed DiaMed Holding AG into our
organization," Norman Schwartz, Bio-Rad president and chief
executive officer, said.  "As 2008 moves forward, we will
continue to explore opportunities to expand our business and
improve our operational efficiencies."

As of Dec. 31, 2007, the company's balance sheet reflected a
total assets of US$1,971.5 million, total liabilities of
US$999.9 million resulting to a total stockholders' equity of
US$971.6 million.

                 About Bio-Rad Laboratories

Headquartered in Hercules, California, Bio-Rad Laboratories,
Inc. (AMEX: BIO) (AMEX: BIOb) -- http://www.bio-rad.com/-- is a
multinational manufacturer and distributor of life science
research products and clinical diagnostics.  It serves more than
85,000 research and industry customers worldwide through its
global network of operations.  The company employs over 5,000
people globally and had revenues of nearly USUS$1.3 billion in
2006.  Aside from the United State, the company maintains
operations in Bulgaria, Canada, Denmark, Greece, India,
Philippines, Taiwan, and The Netherlands, Brazil, El Salvador,
Mexico and Puerto Rico.

                        *     *     *

Bio-Rad Laboratories continues to carry Moody's Investor's
Service's 'Ba2' corporate family rating and 'Ba3' senior
subordinate debt rating, assigned in July 2003.


BOMBARDIER INC: S&P Keeps Positive Watch on BB Rating
-----------------------------------------------------
Standard & Poor's Ratings Services said its ratings, including
the 'BB' long-term corporate credit rating, on Montreal-based
Bombardier Inc. remain on CreditWatch with positive
implications, pending a review of the company's future business
and financial plans.

S&P placed the ratings on CreditWatch Dec. 3, 2007, following
the company's announcement to repurchase approximately US$1.1
billion of unsecured bonds on Nov. 28, 2007.  The debt reduction
came into effect on Jan. 17, 2008.

"The combination of reduced debt, improved cash flow from all
business segments, and significant backlog should enhance the
company's financial risk profile and improve its credit
measures," said Standard & Poor's credit analyst Greg Pau.

S&P expects adjusted debt to EBITDA to improve to 3.2x for the
year ended Jan. 31, 2008, from 4.6x from the preceding fiscal
year, and funds from operations to debt to increase to 20% from
14%.

In the next few weeks, Standard & Poor's will review the
company's business and financial plans and discuss them with
Bombardier management.  This should allow S&P time to assess the
implications of Bombardier's new business initiatives, including
those related to the progress of its C-series aircraft
development, its medium-term business, and financial risk
profile.  S&P expects to complete the assessment and resolve the
CreditWatch before March 31, 2008.

Headquartered in Canada, Bombardier Inc. (TSE: BBD) --
http://www.bombardier.com/-- is a manufacturer of innovative
transportation solutions, from regional aircraft and business
jets to rail transportation equipment, systems and services.
The company also has offices in the U.S., Northern Ireland,
United Kingdom, Germany, Switzerland, Sweden, Austria, Australia
and China.


CHINA MINSHENG: Gets Approval To Buy UCBH Stake for US$95 Mil.
--------------------------------------------------------------
China Minsheng Banking Corporation Ltd. has received approval
from the China Banking Regulatory Commission to buy a 4.9% stake
in the US-based UCBH Holdings under a US$95 million deal, The
Financial Express reports.  The bank had completed the
remittance approval procedure in China's State Administration of
Foreign Exchange.

According to the report, China Minsheng had said in October last
year that it would pick up a 20% stake in UCBH Holdings, the
holding company of the US-based United Commercial Bank, which
primarily serves the Chinese communities and American companies
doing business in China.  UCBH Holdings said the deal was the
first strategic investment in a banking institution in the US by
a Chinese mainland bank, Financial Express says.

The deal is expected to help the mid-sized Chinese bank to
improve its asset management and develop a full range of
financial services, Financial Express says.

China Minsheng Banking Corporation Ltd's principal activity is
the provision of commercial banking services that include
absorbing public deposits, providing short term, medium term,
and long term loans, making domestic and international
settlement, discounting bills and issuing financial bonds.

On July 16, 2007, the Troubled Company Reporter - Asia
Pacific reported that on July 13, 2007, Fitch Ratings upgraded
China Minsheng Banking Corp.'s individual rating to "D" from
"D/E" while it affirmed its support rating at "4".


CHINA MINSHENG: Posts CNY6.34 Billion Net Profit in 2007
--------------------------------------------------------
China Minsheng Banking Corporation Ltd. posted a net profit of
CNY6.34 billion in 2007 under Chinese accounting standards, up
69% year-on-year, due to higher revenues and reduced costs.  The
lender's operating revenues were up 45% year-on-year at CNY25.3
billion in 2007.

Of the total, net interest income rose 40% to CNY22.6 billion,
while non-net interest income jumped 112% to CNY2.7 billion, the
bank said in a statement.

China Minsheng said it has improved its investment structure and
expanded its intermediate businesses like wealth management and
assets management amid tightened macro-economic controls and the
subprime crisis in the United States.

Earnings per share stood at CNY0.48 in 2007, compared with
CNY0.31 a year earlier.  The cost to income ratio decreased to
46.26% last year from 47.71% a year ago.  The non-performing
loan ratio stood at 1.22% at the end of 2007, against 1.25% at
end-2006, the bank said.

Looking ahead, the company expects to realize a net profit of
CNY9 billion this year with the NPL ratio seen at around 2%.

Deposits are expected to reach CNY796 billion at end-2008 from
CNY671.2 billion end-2007, while loans is projected to hit
CNY651 billion, against CNY555 billion at the end of 2007.

China Minsheng Banking Corporation Ltd's principal activity is
the provision of commercial banking services that include
absorbing public deposits, providing short term, medium term,
and long term loans, making domestic and international
settlement, discounting bills and issuing financial bonds.

On July 16, 2007, the Troubled Company Reporter - Asia
Pacific reported that on July 13, 2007, Fitch Ratings upgraded
China Minsheng Banking Corp.'s individual rating to "D" from
"D/E" while it affirmed its support rating at "4".


CHINA MINSHENG: To Sell 3.26% Stake in Haitong Securities
---------------------------------------------------------
China Minsheng Banking Corporation Ltd. will sell via an auction
a 3.26% stake in Haitong Securities, China's third-largest
listed brokerage, Reuters reports.

Citing Shanghai Securities News, Reuters relates that the deal
could generate a net after-tax gain of CNY3.3 billion for China
Minsheng and that the deal was expected to be booked in the
first half of the year.  The disposal of the stake, which China
Minsheng acquired as a repayment of debt, had been required
under Chinese banking rules, Shanghai Securities News said.

China Minsheng told Reuters that it would auction 134 million
Haitong shares using as a reference point the price of a share
placement last November, which the Shanghai Securities News said
was CNY35.88 each, and based on market conditions.

China Minsheng Banking Corporation Ltd's principal activity is
the provision of commercial banking services that include
absorbing public deposits, providing short term, medium term,
and long term loans, making domestic and international
settlement, discounting bills and issuing financial bonds.

On July 16, 2007, the Troubled Company Reporter - Asia
Pacific reported that on July 13, 2007, Fitch Ratings upgraded
China Minsheng Banking Corp.'s individual rating to "D" from
"D/E" while it affirmed its support rating at "4".


DARRACOTT LIMITED: Commences Liquidation Proceedings
----------------------------------------------------
Darracott Limited's members agreed February 22, 2008 to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Chan Wai Chun, Heather and Wong
Man Ching to facilitate the sale of its assets.

The liquidators can be reached at:

         Chan Wai Chun, Heather
         Wong Man Ching
         Room 1101, 11th Floor
         China Insurance Group Building
         141 Des Voeux Road Central
         Hong Kong


EPIPHANY CAPITAL: Commences Liquidation Proceedings
---------------------------------------------------
Epiphany Capital Managment Limited's members agreed
February 20, 2008 to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Leung Hok Lim and Leong Ting Kwok, David to facilitate the sale
of its assets.

The liquidators can be reached at:

         Leung Hok Lim
         Leong Ting Kwok, David
         26th Floor, Citicorp Centre
         18 Whitfield Road
         Causeway Bay
         Hong Kong


FUTEC PACKAGING: Commences Liquidation Proceedings
--------------------------------------------------
Futec Packaging Limited's members agreed February 22, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Leung Hok Lim and Leong Ting
Kwok, David to facilitate the sale of its assets.

The liquidator can be reached at:

         Leung Hok Lim
         Leong Ting Kwok, David
         26th Floor, Citicorp Centre
         18 Whitfield Road
         Causeway Bay
         Hong Kong


GIAN ANDREA: Commences Liquidation Proceedings
----------------------------------------------
Gian Andrea Campanile Limited's members agreed Feb. 15, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Liu Chi Tan Stephen to
facilitate the sale of its assets.

The liquidator can be reached at:

         Liu Chi Tan Stephen
         Room B, 3rd Floor
         Grand Progress Building
         58 D' Aguilar Street
         Hong Kong


MICHINOKU FINANCE: Commences Liquidation Proceedings
-----------------------------------------------------
Michinoku Finance (Hong Kong) Limited's members agreed
February 15, 2008 to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Rainer Hok Chung Lam and John James Toohey to facilitate the
sale of its assets.

The liquidators can be reached at:

         Rainer Hok Chung Lam
         John James Toohey
         22nd Floor, Prince's Building
         Central, Hong Kong


NIHON (HONG KONG): Liquidators Quit Posts
-----------------------------------------
On February 29, 2008, Lai Kar Yan (Derek) and Darach E. Haughey
stepped down as liquidators for Nihon (Hong Kong) Company
Limited.


NINGBO BIRD: To Sell 50% Stake in Sagem Joint Venture
-----------------------------------------------------
Ningbo Bird Co., Ltd., will sell its 50% joint venture stake to
French partner Sagem for CNY159 million, China Daily reports.

In 2005, Ningbo Bird collaborated with Paris-based Sagem to
build Ningbo Bird Sagem Electronics, China Daily says.  The
joint venture had registered capital of US$25.4 million to
develop and produce cellphones for domestic sales and exports.

The agreed selling price was based on the net asset value of
Ningbo Bird Sagem as of Dec. 31, 2007, Ningbo Bird said in a
statement to the Shanghai Stock Exchange, as intercepted by
China Daily.  An extraordinary shareholders' meeting will be
held on March 17, 2008, to ratify the proposed transaction,
Ningbo Bird added.

"It's just an ordinary capital adjustment for us," said Li
Fujiong, Ningbo Bird's deputy general manager for marketing.
"Our core business won't be affected at all after the sale of
our stake in the joint venture."

Shen Zixin, director of telecom research at Pday Research,
opined to China Daily that it makes sense for Ningbo Bird and
other local cellphone makers to boost their capital base because
he said "the global cellphone manufacturing industry is likely
to slow."

According to China's Ministry of Information Industry, 548
million cellphones were made in China in 2007, up 14% from 2006,
but phone prices have dropped an average 85%.

"It's not only a domestic problem, the industry is facing the
same issue worldwide," Mr. Shen told China Daily.  Chinese
cellphones account for more than 70% of those produced globally,
the Ministry of Information said.

Based in Ningbo, Zhejiang Province, Ningbo Bird Co., Ltd. --
http://www.birdintl.com/main.html-- is principally engaged in
the development, manufacture and sale of mobile communications
products.  The company offers mobile phones and accessories,
communications system equipment, personal digital assistants
(PDAs), office equipment and other electronics products, under
the brand name of Bird.  The company also exports its products
to over 60 countries, including the United States, Mexico,
Argentina, and France, among others.

Xinhua Far East China Ratings gave the company a BB- issuer
credit rating on April 5, 2006.


RIL SECURITIES: Commences Liquidation Proceedings
-------------------------------------------------
Ril Securities Limited's members agreed February 15, 2008 to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Nathalia K M Seng and Susan Y H
Lo to facilitate the sale of its assets.

The liquidators can be reached at:

         Nathalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queens Road East
         Hong Kong


SEFAIR BROKERS: Liquidators Quit Post
-------------------------------------
On February 21, 2008, Ho Hoi Lam and Man Fung Ying stepped down
as liquidators for Sefair Brokers Limited.


SERONO HONG KONG: Creditors' Proofs of Debt Due on March 31
-----------------------------------------------------------
The creditors of Serono Hong Kong Limited are required to file
their proofs of debt by March 31, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 22, 2008.

The company's liquidator is:

         Luk Sai Yan
         12th Floor, Lockhart Road
         Wanchai, Hong Kong


TAILOR PLUS: Commences Liquidation Proceedings
----------------------------------------------
Tailor Plus Company Limited's members agreed February 22, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Ng Kwok Cheung, Bernard to
facilitate the sale of its assets.

The liquidator can be reached at:

         Kwok Cheung, Bernard
         Flat B, 16th Floor
         Empire land Commercial Centre
         81-85 Loackhart Road
         Wanchai, Hong Kong


TOYOTA TSUSHO: Liquidators Quit Post
-------------------------------------
On February 29, 2008, Moriyama Tsunenaga and Murakami Yoshishiro
stepped down as liquidators for Toyota Tsusho (Hong Kong)
Company Limited.




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


DRESSER-RAND: UBS Keeps Neutral Rating on Firm's Shares
-------------------------------------------------------
UBS analysts have kept their "neutral" rating on Dresser-Rand
Group's shares, Newratings.com reports.

Newratings.com relates that the target price for Dresser-Rand's
shares was decreased to US$40 from US$44.

UBS said in a research note that Dresser-Rand's fourth quarter
earnings per share didn't reach estimates and the consensus.

UBS told Newratings.com that the "shortfall was on account of
delayed Aftermarket orders."

The earnings per share estimates for 2008 was decreased to
US$2.00 from US$2.05, Newratings.com states.

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Standard & Poor's Ratings Services assigned its
bank loan and recovery ratings to the US$500 million senior
secured revolving credit facility due 2012 of Dresser-Rand Group
Inc. (BB-/Stable/--).  The 'BB+' rating, and '1' recovery
rating, indicate expectation of very high (90%-100%) recovery in
the event of a payment default.


FIAT SPA: Government Approves Equal Partnership with Tata Motors
----------------------------------------------------------------
Partners Fiat Group Automobiles S.p.A and Tata Motors Ltd.'s
joint venture, Fiat India Automobiles Pvt. Ltd., have been given
permission by the Maharashtra Government to restructure the
present 51:49 equity to an equal partnership with each one
holding a 50:50 share.

Fiat SpA and Tata Motors have committed to invest an estimated
amount of RS4,000 crore to be delivered in phases depending on
the requirements.  The project aims to manufacture cars for the
two companies, Fiat engines and power trains for the local
market and for the global market in the future.

                      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 compay also carries B short-
term rating.  S&P said the outlook is stable.


NOVELL INC: Earns US$16.8 Million in Fiscal First Quarter 2008
--------------------------------------------------------------
Novell Inc.'s net profit increased to US$16.8 million in its
fiscal first quarter 2008 ended Jan. 31, 2008, compared to a
US$19.9 million net loss in the same period last year.

For the quarter, Novell reported net revenue of US$231 million.
This compares to net revenue of US$218 million for the first
fiscal quarter 2007.  Income from operations for the first
fiscal quarter 2008 was US$8 million, compared to a loss from
operations of US$21 million for the first fiscal quarter 2007.
Income from continuing operations in the first fiscal quarter
2008 was US$15 million, or US$0.04 per share.  This compares to
a loss from continuing operations of US$12 million, or US$0.04
loss per share, for the first fiscal quarter 2007.  Foreign
currency exchange rates favorably impacted revenue and
unfavorably impacted operating expenses by US$7 million and did
not materially impact income from operations year-over-year.

On a non-GAAP basis, income from operations for the first fiscal
quarter 2008 was US$24 million.  This compares to non-GAAP loss
from operations of US$1 million in the year-ago quarter.  Non-
GAAP income from continuing operations for the first fiscal
quarter 2008 was US$29 million, or US$0.08 per share.  This
compares to non-GAAP income from continuing operations of US$3
million, or US$0.01 per share, for the first fiscal quarter
2007.

For the first fiscal quarter 2008, Novell reported US$30 million
of revenue from Open Platform Solutions of which US$28 million
was from Linux Platform Products, up 65% year-over-year.
Revenue from Identity and Security Management was US$32 million
of which Identity and Access Management was US$28 million, up
15% year-over-year.  Revenue from Systems and Resource
Management was US$37 million, up 5% year-over-year.  Workgroup
revenue of US$90 million was up 1% year-over-year.

"We are very pleased with our results this quarter.  We
delivered product revenue growth across all business units and
continued expense control this quarter," said Ron Hovsepian,
President and CEO of Novell.  "These results are indicative that
our strategic initiatives are yielding tangible results and that
we are on the right path to achieve long-term, sustainable
profitability."

Cash, cash equivalents, and short-term investments were US$1.8
billion at Jan. 31, 2008, consistent with the year-ago quarter.
Days sales outstanding in accounts receivable was 51 days at the
end of the first fiscal quarter 2008, down from 57 days at the
end of the year-ago quarter.  Total deferred revenue was US$723
million at the end of the first fiscal quarter 2008, down from
US$728 million at the end of the year-ago quarter.  Cash flow
from operations was a negative US$26 million for the first
fiscal quarter 2008, which includes US$31 million in special
interest and restructuring payments.  This compares to cash flow
from operations of US$348 million in the first fiscal quarter
2007 which includes the US$348 million payment from Microsoft
and US$8 million in special interest payments.

As a result of our acquisition of PlateSpin and our first fiscal
quarter 2008 performance, Novell's management issued this
financial guidance for the full fiscal year 2008:

          -- net revenue is expected to be between
             US$940 million and US$970 million exceeding
             previously stated guidance of between
             US$920 million and US$945 million.

          -- Non-GAAP operating margin is expected to be between
             7% and 9%, excluding all acquisition-related
             intangible asset amortization.

Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure
software for the Open Enterprise.  Novell provides desktop to
data center operating systems based on Linux and the software
required to secure and manage mixed IT environments.

The company has offices in Australia, Argentina, Austria,
Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong
Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia,
Netherlands, New Zealand, Norway, Philippines, Poland,
Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan,
Thailand and United Kingdom.

                        *     *     *

Novell Inc.'s subordinated debt carries Moody's Investors
Service's B1 rating.


TATA MOTORS: Likely to Close Sale Deal with Ford in 2nd Qtr.
------------------------------------------------------------
The sale deal between Tata Motors Ltd. and Ford Motor Co. for
the latter's Jaguar and Land Rover units is expected to close in
the second quarter, according to Ford's U.S. Securities and
Exchange Commission annual report filing.

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2008, the announcement of the sale of the two Ford
marque brands to Tata Motors is expected to be made on March 6
or 7.  The transaction is speculated to be at a US$1.5 billion
to US$2 billion range.

According to the Economic Times, both parties are still in talks
over issues relating to supply of engines, platforms and
technologies.

As previously reported in the TCR-AP, Tata Motors and Ford met
with British union leaders, last month, to resolve final details
before drawing up a memorandum of understanding for the sale.
The union is satisfied with Tata Motors assuring them, among
others, of keeping employment in the United Kingdom at its
current level.

Ford committed to sell Jaguar and Land Rover to restructure its
core Automotive operations and build liquidity, the SEC filing
stated.

                     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.


* INDIA: Moody's Says Structured Finance Market Growth Robust
-------------------------------------------------------------
Moody's Investors Service and ICRA Ltd, its Indian affiliate,
say that the Indian structured finance market growth has been
robust as the sector has essentially been unaffected by the
fallout from the sub-prime crisis.

"India remains a domestic market with local issuance more than
doubling to US$14.6 billion in 2007 from US$6.7 billion in
2006," says Moody's Dominique Gribot-Carroz and ICRA's Kalpesh
Gada, the authors of a just-released review and outlook of the
sector.

The vigorous growth of 2007 was dominated by numerous small
deals, each averaging USD37 million, slightly below the USD41
million of 2006, the report says.  The expansion was mainly
driven by single loan CLO and ABS, while there were no public
cross-border deals in 2007.

Gribot-Carroz is an Assistant Vice President with Moody's in
Hong Kong and heads the company's business development
activities for structured finance in Asia, while Gada is Head of
Structured Finance Products for ICRA.

Their joint report looks at a host of issues, including an
analysis of the market's asset classes, the regulatory
environment and ratings performance.

"The growth for 2007 shows that the Indian domestic market was
quite insulated from the global credit environment," says
Gribot-Carroz, adding, "Growth was well sustained in the last
quarters. "

"When explaining the expansion, it must be mentioned that
compared to some of the more advanced Western capital markets,
Indian domestic securitization transactions have far lower
structural complexity," says Gribot-Carroz.  "In addition, the
ratings of securitized debt have been largely stable in India,
and together these factors may have helped retain investor
confidence."

"Looking at the rest of 2008, the prospects for single loan CLO
seems favourable and another year of growth is likely, while
domestic ABS volumes should also grow as a number of players in
retail finance adopt the originate-to-securitize model," says
Gada.

"Implementation of the Basel II framework-which offers the
prospect of capital relief on securitization-could be another
motivating factor for banks to securitize some of their assets,"
says Gada.

Last year also saw several steps by both the Reserve Bank of
India and the Securities and Exchange Board of India towards a
more favourable regulatory environment, although the outcome of
their reforms is still awaited, the report says.

The report, entitled Growth Continues can be found at
http://www.moodys.comand http://www.icraratings.comand is part
of a series on Asian Structured Finance -- 2007 Year in Review
and 2008 Outlook.  The series is divided into 6 reports:

   -- Asian Structured Finance: Will the Year of the Rat be More
      Favorable for Cross-Border Markets?

   -- Structured Finance in South Korea: Growth Driven by CDO

   -- Structured Finance in India: Growth Continues

   -- Structured Finance in Taiwan, China and Hong Kong: Low
      Activity in 2007, Progressive Pickup Expected in 2008

   -- Structured Finance in Southeast Asia: Cautious Environment
      But Growth Seen in Malaysian Domestic Market

   -- Regional Derivatives in Asia: Will 2008 Mirror 2007?




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


ARPENI PRATAMA: To Cut Bond Issue to IDR600 Billion
---------------------------------------------------
PT Arpeni Pratama Ocean Line Tbk has lowered its March bond
offering to IDR600 billion from the initial plan of IDR750
billion, Reuters Investing Keys reports.

Arpeni Pratama plans to use proceeds from the sale to repay debt
and for working capital.

According to Reuters, the company offers the interest rate of
12% for its five-year bonds and 12.5% for its seven-year bonds.

The company, the report relates, has cut the offered bonds as it
has obtained loan offering with the lower interest rate, as much
as 1.5% to 1.7% above London interbank offered rate (Libor).
This gives the offered loan the interest rate of between 4.5%
and 4.75%.

                   About Arpeni Pratama

PT Arpeni Pratama Ocean Line Tbk -- http://www.apol.co.id/-- is
a marine shipping company.  The company's activities include
bulk and liquid transportation services.  Arpeni operates a
fleet of general-purpose specialist, such as their tweendecker
MV Alas, which is designed to transport dry cargoes such as
plywood and agricultural products.

                        *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 30, 2008, Fitch Ratings affirmed the 'BB-' Long-term
foreign and local currency Issuer Default Ratings, and the
'A+(idn)' National Long-term rating of PT Arpeni Pratama Ocean
Line Tbk.  The Outlook on the ratings has been revised to
Negative from Stable.  At the same time, Fitch has affirmed the
'BB-' rating on Arpeni's US$160 million senior notes due 2013.

The TCR-AP also reported on April 24, 2006, that Standard &
Poor's Ratings Services assigned its B+ corporate credit rating
to PT Arpeni, with a stable outlook.  At the same time,
Standard & Poor's assigned its 'B+' rating to the proposed
US$160 million seven-year senior unsecured notes to be issued by
the company.  The company intends to use a part of the net
proceeds -- about US$93 million -- for refinancing existing
debt, and the balance for capital expenditure and vessel
financing.


ARPENI PRATAMA: To Buy Six Bulk Carriers for US$88 Million
----------------------------------------------------------
PT Arpeni Pratama Ocean Line Tbk plans to buy six bulk carriers
at a price of US$88 million in 2008 to meet growing demand for
cargo transport, Reuters Investing Keys reports.

According to the report, the company indicated that the demand
for commodity transport such as coal transport to power plants
is expected to grow in 2008.

The new ships will be used for the transport of nickel, oil and
other mining products, the report adds.

PT Arpeni Pratama Ocean Line Tbk -- http://www.apol.co.id/-- is
a marine shipping company.  The company's activities include
bulk and liquid transportation services.  Arpeni operates a
fleet of general-purpose specialist, such as their tweendecker
MV Alas, which is designed to transport dry cargoes such as
plywood and agricultural products.

                         *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Jan 30, 2008, Fitch Ratings affirmed the 'BB-' Long-term foreign
and local currency Issuer Default Ratings, and the 'A+(idn)'
National Long-term rating of PT Arpeni Pratama Ocean Line Tbk.
The Outlook on the ratings has been revised to Negative from
Stable.  At the same time, Fitch has affirmed the 'BB-' rating
on Arpeni's US$160 million senior notes due 2013.

The TCR-AP also reported on April 24, 2006, that Standard &
Poor's Ratings Services assigned its B+ corporate credit rating
to PT Arpeni.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B+' rating to the proposed
US$160 million seven-year senior unsecured notes to be issued by
the company.  The company intends to use a part of the net
proceeds -- about US$93 million -- for refinancing existing
debt, and the balance for capital expenditure and vessel
financing.


BANK CENTRAL ASIA: Fitch Ups Long-Term IDR to BB
------------------------------------------------
Fitch Ratings has upgraded PT Bank Central Asia Tbk's long-term
issuer default rating to BB with a stable outlook.  At the same
time, Fitch affirmed the company's B short-term issuer default
rating, and AA+(IDN) national long term rating with stable
outlook.


BANK INTERNASIONAL: Chinese Banks to Buy Temasek's 55.97% Stake
---------------------------------------------------------------
Industrial and Commercial Bank of China and China Construction
Bank plan to buy Temasek Holdings' 55.97% stake in Bank
Internasional Indonesia, various reports say.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 28, 2008, Temasek Holdings may decide to sell its
controlling stake in the Bank Internasional, driven by an
Indonesian central-bank policy.  Under Bank Indonesia's single-
presence policy, foreign parties cannot own a controlling stake
in more than one Indonesian bank and must submit statements of
compliance to this rule.  Bank Indonesia set an end-2007
deadline for affected bank owners to decide on how they would
comply with the rule.

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

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

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

XFN-ASIA notes that Bank Internasional's stake is expected to
sell for at least US$1 billion.

According to The Post, Bank Indonesia Director for Research and
Banking Administration Halim Alamsyah confirmed that central
bank had received proposals from the two banks for the shares.
However, they haven't decided anything, and is still studying
the proposals, the report relates.

Mr. Alamsyah, The Post relates, said the central bank had no
reservations about accepting the proposal from the foreign
banks.  However, he said he would have been "glad" if it was a
local bank.

Tempo Interactive recounts that the government earlier gave
state-owned banks the opportunity to buy BII.

Sofyan Djalil, the State-owned enterprises (SOEs) State
Minister, said the interested state-owned banks had to convey
their reasons and analysis to the SOEs Minister, the
Coordinating Minister for the Economy and the Finance Minister
to be discussed further, Tempo adds.

                 About Bank Internasional

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

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

The Troubled Company Reporter-Asia Pacific reported on
March 3, 2008, Fitch Ratings has affirmed PT Bank Internasional
Indonesia Tbk's(BII) long-term foreign currency Issuer Default
Rating at 'BB', following Fullerton Financial Holdings'
announcement of its intentions to pursue the sale of its
interest in BII.  FFH is a wholly owned subsidiary of Temasek
Holdings.

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

  -- The issuer/foreign currency subordinated debt ratings were
     raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
     term deposit rating to B1 from B2

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

On Aug. 15, 2007, that Fitch Ratings affirmed all the ratings of
Bank Internasional as follows:

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

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

  * Individual Rating 'C/D',

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

  * National Rating 'AA-(idn)'.


BANK MANDIRI: Fitch Upgrades Long-Term IDR to BB
------------------------------------------------
Fitch Ratings has upgraded the local currency and long-term
issuer default ratings of PT Bank Mandiri (Persero) Tbk to BB,
with a stable outlook.  At the same time, Fitch affirmed the B
short-term issuer default rating and AA+(IDN) national long term
rating.  Also, Fitch raised the support rating floor to BB-.


BAKRIE SUMATERA: Acquires 37.5% of Menthobi Makmu for IDR500,000
----------------------------------------------------------------
PT Bakrie Sumatera Plantations Tbk has acquired 375 shares in PT
Menthobi Makmur Lestari and the same amount of shares in PT
Menthobi Mitra Lestari at the par value of IDR500,000, Reuters
Investing Keys reports.

After the transaction, the report relates, the company holds
37.5% equity stake each in PT Menthobi Makmur Lestari and PT
Menthobi Mitra Lestari (target companies).

The company's subsiadiary, PT Bakrie Sentosa Persada, holds
62.5% equity stake each in the target companies, the report
adds.

Headquartered in Sumatra, Indonesia, PT Bakrie Sumatera
Plantations Tbk is Indonesia's third largest largest publicly
traded plantation company.  It is 54% owned by PT Bakrie &
Brothers Tbk, and its products include crude palm oil, palm
kernel oil and latex.  It was listed in 1990 on the Jakarta
Stock Exchange.

BSP carries Standard & Poor's Ratings Services' 'B' corporate
credit rating.  The outlook is stable.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 28, 2007, that Standard & Poor's Ratings Services affirmed
its 'B' corporate credit ratings on Indonesia's PT Bakrie
Sumatera Plantations Tbk.  S&P said the outlook is stable.

On Sept. 27, 2007, Moody's Investors Service has changed to
positive from stable the outlook for Bakrie Sumatera Plantations
Tbk's B2 corporate family rating and secured bond rating on its
US$160 million notes.


BAKRIE SUMATERA: To Get US$224 Million in Loans
-----------------------------------------------
PT Bakrie Sumatera Plantations Tbk will get US$224 million in
loans to expand its oil palm plantation, Reuters Investing Keys
reports.

According to the report, the company will sign a loan agreement
at the end of February 2008.

Headquartered in Sumatra, Indonesia, PT Bakrie Sumatera
Plantations Tbk is Indonesia's third largest largest publicly
traded plantation company.  It is 54% owned by PT Bakrie &
Brothers Tbk, and its products include crude palm oil, palm
kernel oil and latex.  It was listed in 1990 on the Jakarta
Stock Exchange.

BSP carries Standard & Poor's Ratings Services' 'B' corporate
credit rating.  The outlook is stable.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 28, 2007, that Standard & Poor's Ratings Services affirmed
its 'B' corporate credit ratings on Indonesia's PT Bakrie
Sumatera Plantations Tbk.  S&P said the outlook is stable.

On Sept. 27, 2007, Moody's Investors Service has changed to
positive from stable the outlook for Bakrie Sumatera Plantations
Tbk's B2 corporate family rating and secured bond rating on its
US$160 million notes.


INDAH KIAT: Expects 2008 Revenue to Grow by 10% to 20%
------------------------------------------------------
PT Indah Kiat Pulp & Paper Tbk expects its fiscal year 2008
revenue to grow by 10% to 20%, Reuters Investing Keys reports.

According to the report, the company said that the target could
be possible if the supply of raw material meets the company's
need.

Headquartered in Jakarta, Indonesia, PT Indah Kiat Pulp & Paper
Tbk is a manufacturing company engaged in the production of
paper and pulp.

Finance Asia said on Nov. 13, 2006, that Indah Kiat, a
subsidiary of Asia Pulp & Paper, had defaulted on US$14 billion
of debt and is "one of the world's largest defaulters, if not
certainly Asia's."  The Widjaja family, the controllers of
Asia Pulp, have been struggling with their creditors since they
ceased all payments on their debt in 2001.

Indonesian ratings company Pefindo gave the company's long-term
debt an idD rating, effective on April 14, 2001.  Additionally,
Reuters reports that Indah Kiat delayed filing its first quarter
2006 financials, and that the company will not pay dividends for
FY2005.


INDAH KIAT: Federal New-York Court Rules Against the Company
------------------------------------------------------------
A federal court in New York City has ruled in favor of the
Export-Import Bank of the United States (Ex-Im Bank) and granted
summary judgment in the bank's civil suit against PT Indah Kiat
Pulp & Paper Tbk and others, Reuters Investing Keys reports.

Ex-Im Bank, the report recounts, filed a civil suit to recover
US$52.43 million from the company claiming that Indah Kiat has
defaulted on the loans granted by Ex-Im Bank. The summary
judgement will be given in March 2008, the report adds.

According to Reuters, The Indah Kiat has decided to appeal
against the summary judgement.

The company and others had invited Ex-Im Bank to participate in
a discussion in an attempt to reach a restructuring solution and
avoid litigation but Ex-Im Bank decided to bring the case to
court, the report notes.

                      About Indah Kiat

Headquartered in Jakarta, Indonesia, PT Indah Kiat Pulp & Paper
Tbk is a manufacturing company engaged in the production of
paper and pulp.

Finance Asia said on Nov. 13, 2006, that Indah Kiat, a
subsidiary of Asia Pulp & Paper, had defaulted on US$14 billion
of debt and is "one of the world's largest defaulters, if not
certainly Asia's."  The Widjaja family, the controllers of
Asia Pulp, have been struggling with their creditors since they
ceased all payments on their debt in 2001.

Indonesian ratings company Pefindo gave the company's long-term
debt an idD rating, effective on April 14, 2001.  Additionally,
Reuters reports that Indah Kiat delayed filing its first quarter
2006 financials, and that the company will not pay dividends for
FY2005.




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


ALITALIA SPA: Hikes Net Debt to EUR1.28 Billion in January 2008
---------------------------------------------------------------
The Alitalia Group's net debt as of Jan. 31, 2008, amounted to
EUR1.28 billion, showing an increase in net indebtedness of
EUR81 million compared to the situation on Dec. 31, 2007, this
trend is due to the typical seasonality of this month's proceeds
and payments, which are substantially in line with Budget
targets.

The net debt of the parent Alitalia S.p.A. including short-term
financial credits for subsidiaries on Jan. 31, 2008, including
short-term financial credits of subsidiaries, amounted to
EUR1.265 billion showing an increase of EUR78 million compared
to net debt as of Dec. 31, 2007.

The Group's cash-to-hand and short-term financial credits as of
Jan. 31, 2008, at the Group level and for Alitalia, amounted to
EUR282 million and EUR297 million respectively (the
corresponding figures on Dec. 31, 2007 were EUR367 million and
EUR379 million).

It should be noted that as of Jan. 31, 2008, there were several
leasing contracts at the Group level (referring almost entirely
to fleet aircraft mostly held by the parent company
amounting to EUR82 million) whose capital share, including lease
closure value, amounted to EUR94 million (of which EUR12 million
represent the current capital share falling due within 12 months
of the reference date, with EUR10 million held by the parent
company).

By comparison, the same figure as of Dec. 31, 2007, amounted to
EUR95 million (of which EUR12 million falling due in the 12
months from the reference date); the corresponding figures for
the parent company on Dec. 31, 2007, amounted to EUR82 million
and EUR10 million respectively.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal.  None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During Jan. 2008, repayments were made of medium/long-term
financing amounting to about EUR3 million.  Regarding debts of a
financial, fiscal and social welfare nature, there were no
outstanding sums or payment irregularities on Jan. 31, 2008,
both for the parent company and for the other companies in the
Group.

As far as debts of a commercial nature are concerned, decisions
are still pending for the petitions filed by Alitalia regarding:

    * an injunction related to supposed different pricing
      policies, issued by a carrier for EUR6 million (two
      decrees);

    * injunction issued by a supplier of on-board movies for
      EUR1.2 million (two decrees);

    * injunction issued by an IT services supplier for
      EUR812,000;

    * injunction issued by an Italian subsidiary of an air
      carrier bankruptcy for EUR288,000;

    * injunction has been issued by a maintenance services
      supplier for EUR492,000;

    * injunction issued by the special manager of a firm for
      presumed debts relating to air ticket sales, for
      EUR3.2 million;

    * injunction issued by a fuel supplier for EUR1 million;

    * injunction issued by an airport management company for
      limited failure to pay handling fees for EUR375,000;

    * injunction issued by three suppliers, for EUR76,000.

There are no other injunction orders or executive actions
undertaken by creditors notified as of Jan. 31, 2008, nor are
there any threats by suppliers to suspend operations.
Furthermore, it should be noted that the Company, in
its ordinary running of the business, constantly focuses on
maintaining commercial relations with its clients and suppliers
that -- absent particular issues or operational distress --
offer enough financial flexibility to support its liquidity.

As reported in the TCR-Europe on Jan. 17, 2008, Alitalia and
Italy have commenced exclusive sale talks with Air France-KLM.
The carriers have until mid-March to reach an agreement, which
would be approved by the government.

                       About Alitalia

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

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

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


BANK OF IKEDA: Fitch Assign BB+ Rating on Subordinated Notes
------------------------------------------------------------
Fitch Ratings has assigned BB+ rating on the Bank of Ikeda's
subordinated notes:

    -- JPY15,000,000,000, due Feb. 23, 2015
    -- JPY15,000,000,000, due Sept. 29, 2016
    -- JPY5,000,000,000, due March 17, 2017

Headquartered in Osaka, The Bank of Ikeda, Ltd. --
http://www.ikedabank.co.jp/-- operates in four main business
segments.  The Banking segment provides banking, loan, stock
investment and currency exchange services through a network of
66 branches and five offices.  The Leasing segment is engaged in
the leasing of industrial machinery, construction machinery,
computers and office equipments, among others.  The Credit
Guarantee segment provides credit guarantee services for housing
loans.

The Card segment is engaged in the credit card-related business.
Other businesses include venture capital business, investment
consulting business, the development and sale of computer
software, as well as the provision of information services.
The Bank of Ikeda has 11 subsidiaries and one associated
company.


GMAC LLC: JCR Pares Foreign Currency Long-Term Rating to BB-
------------------------------------------------------------
Japan Credit Rating Agency has downgraded GMAC LLC foreign
currency long-term senior debts rating to #BB- from #BB+.  The
rating remains under Credit Monitor (Negative).  The downgrade
reflects Residential Capital, LLC (ResCap), GMAC's mortgage
operations' deteriorating earning prospects and difficult
funding environment.  If level of liquidity or equity capital of
ResCap will be substantially weakened, GMAC's rating will be
further downgraded.

1. Although ResCap used to be a substantial contributor to
   GMAC's operating performance in the past, its operation is
   increasingly pressured by recent mortgage market conditions.
   In 2007 ResCap reported a substantial net loss mainly because
   of credit and market related charges and write-downs,
   resulting in US$2.3 billion consolidated annual net loss of
   GMAC.

2. In an increasingly challenging operating environment, JCR
   sees a growing possibility that ResCap should continue to
   record losses in coming quarters.  In this case, ResCap could
   breach its financial covenant which requires it to maintain a
   minimum consolidated tangible net worth of US$5.4 billion.
   The tangible net worth of ResCap at the end of 2007 was
   US$6.0 billion.

3. In recent years, GMAC's auto finance and insurance have been
   performing well.  However, JCR thinks it likely that
   operating environment of auto finance business in North
   America become weaker in the coming quarters.  In addition,
   GMAC's profitability and liquidity will remain under risk due
   to challenging operating environment surrounding ResCap.
   GMAC's borrowing cost is rising recently, mainly reflecting
   market's perceptions of ResCap's deteriorating credit
   standing.

4. Continuation of Credit Monitor (Negative) reflects
   possibility of additional downgrades going forward.  If level
   of liquidity or equity capital of ResCap will be
   substantially weakened, GMAC's rating will be further
   downgraded.


HERBALIFE LTD: Canaccord Adams Reaffirms Buy Rating on Firm
-----------------------------------------------------------
Canaccord Adams analyst Scott Van Winkle has reaffirmed his
"buy" rating on Herbalife Ltd.'s shares, Newratings.com reports.

Newratings.com relates that the one-year target price for
Herbalife's shares was increased to US$57 from US$54.

Mr. Winkle said in a research note that Herbalife's fourth
quarter 2007 results were strong, with revenues and earnings per
share surpassing the consensus.

Mr. Winkle told Newratings.com that Herbalife continues to
benefit from the daily consumption models the company and its
distributors deployed.

According to Newratings.com, Canaccord Adams said that
Herbalife's new selling concept would prop up its long-term
prospects "as it gains traction in other markets, including
South America and China."

Newratings.com says that Herbalife's earnings per estimate for
2008 was increased to US$3.30 from US$3.20.

Meanwhile, Wedbush Morgan analysts have reaffirmed their "buy"
rating on Herbalife's shares and increased the target price to
US$50 from US$47, Newratings.com states.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn.,
Guadalajara, Mexico, and El Salvador.  The company also has
operations in Venezuela.

                        *      *      *

As reported in the Troubled Company Reporter on April 5, 2007,
Standard & Poor's Ratings Services said that its 'BB+' corporate
credit rating on Los Angeles-based Herbalife Ltd. remains on
CreditWatch with negative implications following the company's
announcement that the company's board of directors has rejected
a bid to be acquired by Whitney V L.P.  The board indicated that
although it views Whitney's bid as too low, it would consider an
improved offer.


JAPAN AIRLINES: Announces Changes in Board Membership
-----------------------------------------------------
The Japan Airlines Group has announced changes to the boards of
directors and executive officers of Japan Airlines Corporation
and Japan Airlines International, the Group's main operating
airline for FY2008, the fiscal year ending March 31, 2009.

The JAL Group is currently making consolidated efforts to
restructure its business according to its Medium Term Revival
Plan.  In FY2008, the airline group will continue pushing
forward with the various measures that are already underway and
strive to achieve the targets set. In order to do this, JAL has
decided to reappoint the executive directors who were appointed
last fiscal year, and keep changes down to a minimum.

The changes announced today are effective April 1, although some
of them are subject to the approval of the annual general
meeting of shareholders in late June when proposed new board
members announced can be formally elected.  New executive
officers do not have board-voting rights and their appointments
do not require shareholder approval.

Mr. Haruka Nishimatsu remains as President and CEO of the JAL
Corporation and JAL International. As already announced on
Feb. 8, 2008, Toshiyuki Shinmachi will retire on March 31, 2008,
from his position as board chairman of both companies.  He will
be joined by Mr. Takao Fukuchi who will retire from his post as
Senior Vice President, Cargo and Mail also at the end of March.

The post of JAL chairman will remain vacant, and Mr. Fukuchi
will be replaced by Mr Kunio Hirata.  Promoted to the position
of Senior Vice President, Finance, Accounting, Purchasing will
be Mr. Yoshimasa Kanayama.  Mr. Hirata and Mr. Kanayama will
remain in their current positions of Executive Officer from
April 1, up until their new titles are approved at the annual
general meeting of shareholders.

Promotions within the ranks of the current board of members will
result in President Nishimatsu being supported by two Vice
Presidents, one Senior Managing Director and three Managing
Directors.

A slight change to the power of Senior Executive Officer will
enable the Group to strengthen its corporate governance.

A "Corporate Climate Reform Committee" will be established
chaired by the President with an executive director appointed in
charge.  The committee will carry out activities that will cut
across departments and job types helping to firmly establish
within the Group a corporate culture founded on the pillars of
safety and customer satisfaction.

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.


JAL: Expands Code Share Agreements with European Airline Cos.
-------------------------------------------------------------
Japan Airlines has strengthened its Europe route network by
expanding bilateral code share agreements with Air France and
British Airways.  Through the agreements JAL adds four European
cities to its network: Lyons, Nice, Vienna and Zurich.  As a
result, including code shares, JAL will connect Japan to 24
cities in Europe (as of April 1, 2008).

From March 30, 2008, JAL will be able to place its 'JL' code
number on daily flights operated by Air France between Paris -
Lyon and Paris - Nice.  The flights provide convenient
connections for passengers travelling on services offered by JAL
between Japan and Paris.  Reservations for these new intra-
European code share flights go on sale from February 28, 2008.

JAL currently operates daily flights to France on both the
Tokyo-Paris and Nagoya-Paris routes.  From July 1, 2008 JAL will
increase frequency on the Tokyo-Paris route to 11 flights per
week.  The airline also code shares on flights operated by Air
France between Tokyo - Paris and Osaka - Paris.

At present, JAL passengers flying from Japan to Europe can
connect via Paris to nine cities in Europe using intra-European
code share flights operated by Air France.  This will increase
to 11 cities with the new code share flights.

On February 18, 2008, JAL and British Airways -- both members of
the oneworld alliance -- agreed to code share on flights
operated by British Airways between London - Vienna and London -
Zurich.  The flights provide smooth connections for passengers
travelling on JAL's daily services between Tokyo - London and
Osaka - London.

Since February 12, 2004, JAL has had a code share agreement on
British Airways operated flights between London- Hamburg and
London Stuttgart.

From April 1, 2008, including code shares JAL will connect Japan
to 24 cities in Europe: Amsterdam, Barcelona, Berlin, Budapest,
Copenhagen, Dusseldorf, Frankfurt, Hamburg, Helsinki, London,
Lyons, Madrid, Milan, Moscow, Munich, Nice, Rome, Paris, Prague,
Stockholm, Stuttgart, Vienna, Warsaw and Zurich.

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.




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


KOREAN EXPRESS: Kumho-Asiana Inks KRW4.1-Tril. Deal to Buy Stake
----------------------------------------------------------------
Kumho-Asiana Group, a South Korean transportation conglomerate,
has signed a formal deal to buy a controlling stake in Korea
Express Co. for KRW4.1 trillion, Yonhap News reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2008, Korea Express named Kumho-Asiana through
affiliates Asiana Airlines Ltd. and Daewoo E & C, as the
preferred bidder for a controlling stake in the company.

The TCR-AP noted that Korea Express, which has been under court
receivership since November 2000, plans to find a new owner by
selling new shares equal to 50% of enlarged capital plus one
share.

Kumho-Asiana, the TCRAP noted, won the bid for Korea Express
beating Hanjin Group, STX Group and Hyundai Heavy Industries Co.

For the transaction, Yonhap relates, Korea Express is selling 24
million new shares, equivalent to 60% of its enlarged capital.
Daewoo Engineering & Construction Co., the group's construction
unit, will buy 9.62 million new shares of Korea Express for
KRW1.6 trillion, and Asiana will buy 8.17 million new shares for
KRW1.4 trillion won, Yonhap explains.

The remaining stake will be purchased by partners of Kumho-
Asiana, Yonhap adds.

                  About Korea Express Co.

Headquartered in Seoul, Korea Express Co., Ltd. --
http://www.korex.co.kr/-- provides land and marine
transportation, and logistics services.  The company also
operates stevedoring, distribution, and warehousing businesses
that serve domestic and international customer needs.  Korea
Express transports a variety of products, ranging from consumer
goods to machinery and turbines.  Korea Express also operates
Internet home shopping business.

Korea Express Bank has been under court receivership since June
2001 after it could not service a KRW1.5-trillion debt,
including KRW919 billion owed by then-parent Dong-Ah
Construction Industrial Co.  Korea Express President Lee Kook-
Dong will decide with a Seoul court about when to sell the
company, which has a market value of US$601 million.

In the company's Web site, Mr. Lee said that Korea Express will
strive to end court receivership and improve its liquidity,
maximize sales profit through strengthening of cooperation
between management and labor, and seek continuous development.

Korea Investors Service gave the company a BB rating.




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


ARK RESOURCES: SC OK's Variation to Principal Terms of RCSLS
------------------------------------------------------------
In relation to ARK Resources Berhad's Proposed Debt
Restructuring Exercise, the Securities Commission has approved
the variation to the principal terms and conditions of the
redeemable convertible secured loan stock, where the proposed
Debt Restructuring will involve the proposed issuance of up to
MYR11,034,536 loan stock as compared to the proposed issuance of
up to MYR10,355,311 loan stock that was previously approved.

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.


ARK RESOURCES: Shareholders Okay All Resolutions During Meeting
---------------------------------------------------------------
During the court-convened meeting and extraordinary general
meeting held on February 28, 2008, the shareholders of ARK
Resources Berhad approved all the resolutions passed, which
comprises:

   * Proposed Corporate Restructuring, which involves: and

   -- Proposed Capital Reduction;
   -- Proposed Debt Restructuring;
   -- Proposed Rights Issue; and
   -- Proposed Placement.

   * Proposed Award of Sub-Contract

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.


LITYAN HOLDINGS: Default Totals MYR27.53 Million as of Feb. 29
--------------------------------------------------------------
In a regulatory filing with the Bursa Malaysia Securities Bhd,
Lityan Holdings Berhad disclosed the status of its default to
credit facilities as of February 29, 2008.

As of end-February 2008, Lityan Holdings owes its creditors
MYR27.54 million in aggregate:

                                             Total Principal and
Lender                Type of Facility       Interest in Default
------                ----------------       -------------------
RHB Bank Berhad       Overdraft Facility           MYR322,069.49
                      of MYR225,000/-

RHB Bank Berhad       Overdraft Facility              645,379.47
                      of MYR450,000/-

Bank Islam Malaysia   Letter of Credit             15,752,150.56
Berhad Labuan         Facility/ Murabah
Offshore Branch       Working Capital
(Formerly known as    Financing/ Revolving
Bank Islam (L) Ltd)   Al-Bai-Bithaman-Ajil
                      Facility of US$10-Mil.
                      (Secured)

Bank Islam Malaysia   Revolving Al-Bai-             9,369,628.19
Berhad Labuan         Bithaman-Ajil Facility
Offshore Branch       of US$5 million
                      (secured)

Ambank Berhad         Overdraft Facility            1,420,246.43
                      of MYR1 million           ----------------
                                                MYR27,536,474.14

The three subsidiaries of Lityan, namely Lityan Systems Sdn.
Berhad, Digital Transmission Systems Sdn. Bhd. and Lityan (L)
Incorporated who have defaulted in various credit facilities to
the financial institutions are not major subsidiaries of the
company.

Lityan is in the midst of submitting its Proposed Restructuring
Scheme to the authorities for approval, looking into other
business opportunities within its core activities to address its
PN17 status.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


LITYAN HOLDINGS: Creates Risk Management Committee
--------------------------------------------------
Lityan Holdings Berhad, on February 29, 2008, established a Risk
Management Committee, which composes of:

   * Dato' Syed Sidi Idid bin Syed Abdullah Idid - Chairman;
   * Dato' Mohd Hanafiah bin Omar - Member;
   * Encik Mohamed Ridza bin Mohamed Abdulla - Member; and
   * Encik Adi Azuan bin Abdul Ghani - Member

At the same time, the company has appointed Mr. Abdullah Idid as
the new member of its Audit Committee.  Thus, the company's
Audit Committee now composes of:

   * Encik Mohamed Ridza bin Mohamed Abdulla - Chairman;
   * Dato' Mohd Hanafiah bin Omar - Member;
   * Encik Adi Azuan bin Abdul Ghani - Member; and
   * Dato' Syed Sidi Idid bin Syed Abdullah Idid - Member

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


LITYAN HOLDINGS: Dec. 31 Balance Sheet Upside-Down by MYR87 Mil.
----------------------------------------------------------------
Lityan Holdings Berhad's unaudited balance sheet as of
Dec. 31, 2007, went upside down by MYR87.78 million, on total
assets of MYR77.19 million and total liabilities of MYR164.98
million.

As of December 31, 2007, the company's balance sheet showed
strained liquidity with current assets of MYR48.22 million
available to pay MYR162.22 of current liabilities coming due
within the next twelve months.

For the fourth quarter ended December 31, 2007, the company
posted a net profit of MYR1.85 million on MYR16.44 million of
revenues, as compared with a net loss of MYR9.85 million on
MYR10.70 million of revenues in the same quarter of 2006.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


MANGIUM INDUSTRIES: Bursa Grants Until May 26 to Submit Plan
------------------------------------------------------------
The Bursa Malaysia Securities Berhad had given Mangium
Industries Bhd. a time extension of three months or until
May 26, 2008, to submit its regularization plan to the
Securities Commission and other relevant authorities.

In the event the company submits its regularization plans to the
Approving Authorities within May 26, Bursa Securities will await
the outcome of the company's submission.  But in the event that
the company fails to obtain the approval and appeals against the
decision of the Approving Authorities, Bursa Securities will
await the outcome of the company's appeal.

Moreover, the company's securities will be de-listed from the
Official List of Bursa Securities in the event:

   (i) Mangium fails to obtain approval from the Securities
       Commission in relation to the proposed disposal of a 100%
       equity in Mangium Plantations Sdn. Bhd. by Feb. 29, 2008;

   (ii) the company fails to submit the regularization plans to
        the Approving Authorities for approval within May 26;

  (iii) the company fails to obtain the approval necessary for
        the implementation of its regularization plans and does
        not appeal to the Approving Authorities within the
        timeframe;

   (iv) the company does not succeed in its appeal against the
        decision of the Approving Authorities; or

    (v) Mangium fails to implements its regularization plans
        within the timeframe or extended timeframes stipulated
        by the Approving Authorities.

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

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


MANGIUM INDUSTRIES: Posts MYR3MM Net Loss. in Qtr. Ended Dec. 31
----------------------------------------------------------------
Mangium Industries Berhad reported a MYR3.47-million net loss on
MYR4.63 million of revenues in the fourth quarter ended
Dec. 31, 2007, as compared to a net loss of MYR40.36 million on
MYR86,000 of revenues in the same quarter of 2006.  The loss for
the fourth quarter was mainly due to the lower revenue and the
increase in interest expense.

The company's balance sheet as of December 31, 2007, showed
strained liquidity with current assets of MYR19.79 million
available to pay MYR108.86 million of current liabilities coming
due within the next twelve months.

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

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


MANGIUM INDUSTRIES: Unit Defaults on MYR17.77MM as of Jan. 31
-------------------------------------------------------------
Mangium Industries Bhd.'s wholly owned subsidiary, Mangium
Sawmill Sdn Bhd, defaulted in its repayments on facilities
granted by Standard Chartered Bank Malaysia Berhad and CIMB Bank
Berhad, which are unsecured.  As of January 31, 2008, the amount
default is MYR17,779,472.

The cause of default was due to the unfavorable timber market
and depressed prices for timber and timber related products
throughout Asia since the financial crisis in the year 1997.

To address the default, the company is currently working on
other alternatives since the Proposed Debt Settlement &
Restructuring Scheme was abandoned on February 27, 2007.

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

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


PANGLOBAL BERHAD: Dec. 31 Balance Sheet Upside-Down by MYR566MM
---------------------------------------------------------------
PanGlobal Berhad's balance sheet as of Dec. 31, 2007, went
upside down by MYR566.25 million, on total assets of
MYR591.18 million and total liabilities of MYR1.16 billion.

As of December 31, 2007, PanGlobal's balance sheet showed
strained liquidity with current assets of MYR52.34 million
available to pay MYR1 billion of current liabilities coming due
within the next twelve months.

The company also incurred a net loss of MYR17.20 million on
MYR34.98 million of revenues in the quarter ended Dec. 31, 2007,
as compared to a net loss of MYR75.7 million on MYR42.01 million
of revenues in the same quarter of 2006.

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
Sept. 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme for
implementation.


SOLUTIA INC: S&P Lifts Rating to B+ from D on Bankruptcy Exit
------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.

S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.

"Our rating actions on Solutia factor in recent changes to the
company's financing plan, including the increase of the unrated
asset-backed revolving credit facility to US$450 million from
US$400 million, revised debt pricing, and the decision to fund
the US$400 million bridge loan facility in the company's capital
structure," said Standard & Poor's credit analyst Paul Kurias.

The bridge facility initially existed as a contingency measure.
The facility has an initial maturity of one-year, and will
rollover automatically so long as there is no event of default.

Solutia has utilized proceeds from the term loan, unsecured
bridge loan, the unrated US$450 million asset-backed revolving
credit facility, and a US$250 million rights equity issue to pay
certain creditors following its emergence from bankruptcy,
including creditors at a Belgium-based subsidiary, Solutia
Europe S.A./N.V. (B/Watch Dev/B).  Accordingly, S&P will
withdraw its ratings on Solutia Europe.  Proceeds are also
expected to be used to reduce underfunded levels in
postretirement employee benefit liabilities.

Total adjusted debt, pro forma for the transaction, including
the present value of capitalized operating leases, tax-adjusted
unfunded postretirement employee benefits, and environmental
reserves, is estimated at US$2.2 billion for the fiscal year
ended Dec. 31, 2007.

The ratings reflect Solutia's highly leveraged financial profile
and a business mix that includes a large commodity-oriented
nylon segment, that is somewhat vulnerable to economic and
cyclical downturns and volatility in raw material,
transportation, and energy costs.  These risks are tempered by
meaningful contributions of relatively stable specialty
businesses in the company's portfolio, good market shares in
most businesses, geographic diversity, and an ongoing portfolio
restructuring effort aimed at improving Solutia's cost
competitiveness and profitability.


TAP RESOURCES: Securities Agency Junks Appeal for Reform Plan
-------------------------------------------------------------
In a letter dated February 27, 2008, the Securities Commission
has rejected TAP Resources Berhad's appeal for its restructuring
plan.

The basis of rejection is based on the Securities Commission's
initial rejection letter dated July 4, 2007, which are:

   1) Uncertainty over the future viability of TAP's core
      business;

   2) Uncertainty over the ability of the current management to
      turn around TAP;

   3) Uncertainty over the future direction of TAP arising from
      the possible emergence of new substantial shareholders;
      and

   4) Significant on-going litigations against TAP.

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

TAP's shareholders' equity on a consolidated basis is equal to
or less than 25% of the issued and paid up capital of the
Company and such shareholders equity is less than the minimum
issued and paid up capital as required under paragraph 8.16A (1)
of the Listing Requirements of Bursa Malaysia Securities Berhad
for the nine months financial results ended January 31, 2006 and
a default in payment by TAP and it is unable to provide a
solvency declaration.  Both of these qualify the company to be
classified as a PN17 company.




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


ART APARTMENTS: Fixes March 18 as Last Day to File Claims
---------------------------------------------------------
The creditors of Art Apartments (2006) Ltd. 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
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          New Zealand
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


ART PROPERTIES: Taps Meltzer, Heath & Hayward as Liquidators
------------------------------------------------------------
On February 12, 2008, Jeffrey Philip Meltzer, Arron Leslie Heath
and Lloyd James Hayward were appointed liquidators of Art
Properties Limited.

Messrs. Meltzer, Heath and Hayward are accepting creditors'
proofs of debt until March 18, 2008.

The liquidators can be reached at:

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


BAY MORTGAGE: Wind-Up Petition Hearing Set for March 10
-------------------------------------------------------
A petition to have Bay Mortgage and Insurance Consultants Ltd.'s
operations wound up will be heard before the High Court of
Rotorua on March 10, 2008, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
Dec. 21, 2007.

The CIR's solicitor is:

          R. L. Scott
          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0416
          Facsimile:(07) 959 7614


BECROFT LIMITED: Names Meltzer, Heath & Hayward as Liquidators
--------------------------------------------------------------
Jeffrey Philip Meltzer, Arron Leslie Heath and Lloyd James
Hayward were appointed liquidators of Becroft Limited on
February 12, 2008.

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

The liquidators can be reached at:

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


BLACK LIGHT: Faces Blue Star's Wind-Up Petition
-----------------------------------------------
On September 3, 2007, Blue Star Print Group (New Zealand)
Limited filed a petition to have Black Light Publishing Ltd.'s
operations wound up.

The petition will be heard before the High Court of Auckland on
March 6, 2008.

Blue Star's solicitor is:

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


DUCT INSTALLATION: Creditors' Proofs of Debt Due on May 18
----------------------------------------------------------
Duct Installation & Services Ltd. requires its creditors to file
their proofs of debt by May 18, 2008, to be included in the
company's dividend distribution

The company's liquidators are:

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


GM ACCEPTANCE (NEW ZEALAND): Fitch Pares Long-Term IDR to BB
------------------------------------------------------------
Fitch Ratings has downgraded and removed from Rating Watch
Negative the long-term Issuer Default Rating GMAC LLC and
related subsidiaries to 'BB' from 'BB+'.  Fitch has also
affirmed the 'B' short-term ratings.  Fitch originally placed
GMAC on Rating Watch Negative on Nov. 14, 2007.  The Rating
Outlook is Negative.  Approximately US$100 billion of unsecured
debt is affected by this action.

The downgrade of GMAC's LT IDR reflects in part the company's
financial support for its wholly owned subsidiary ResCap, which
generated considerable losses in 2007.  In addition, the
downgrade reflects Fitch's view that some of the operating
momentum, in the form of increased business diversification from
General Motors, that was expected from GMAC's separation from GM
has lessened due to the broad challenges the company is facing.

The Negative Outlook reflects the more challenging economic and
financing environment that GMAC will face throughout 2008.
Fitch believes that while the automotive finance and insurance
businesses produced acceptable results in 2007, this will likely
weaken in 2008 due to increased funding and credit costs, and
lower new car sales. Rising funding cost primarily reflect
weaker execution from securitization transactions, while rising
credit costs reflect Fitch's view that both default frequency
and loss severity will increase in the retail automotive finance
portfolio.

Fitch may downgrade ratings further if automotive credit quality
were to weaken beyond historical averages for GMAC or if GMAC
were to provide additional and material financial support to
ResCap.

Fitch has downgraded these ratings and removed them from Rating
Watch Negative:

   GMAC LLC
   GMAC International Finance B.V.
   GMAC Bank GmbH
   GMAC Canada Ltd.
   General Motors Acceptance Corp. of Canada Ltd.
   General Motors Acceptance Corp. of Australia

    -- Long-term IDR to 'BB' from 'BB+';
    -- Senior debt to 'BB' from 'BB+'.

General Motors Acceptance Corp. (N.Z.) Ltd.

-- Long-term IDR to 'BB' from 'BB+'.

Fitch has also affirmed these ratings:

   GMAC LLC
   GMAC International Finance B.V.
   GMAC Bank GmbH
   General Motors Acceptance Corp. of Canada Ltd.
   General Motors Acceptance Corp. of Australia
   GMAC Australia (Finance) Ltd.
   General Motors Acceptance Corp. (U.K.) Plc
   General Motors Acceptance Corp. (N.Z.) Ltd.

     -- Short-term IDR 'B';
     -- Short-term debt 'B'.

GMAC Canada Ltd.

   -- Short-term IDR 'B'.


HFC LIMITED: Requires Creditors to File Claims by May 14
--------------------------------------------------------
The creditors of HFC Limited are required to file their proofs
of debt by May 14, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

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


HIGHCLERE DEVELOPMENTS: Subject to CIR's Wind-Up Petition
---------------------------------------------------------
On January 10, 2008, the Commissioner of Inland Revenue filed a
petition to have Highclere Developments Ltd.'s operations wound
up.

The petition will be heard before the High Court of Rotorua on
March 10, 2008.

The CIR's solicitor is:

          R. L. Scott
          c/o Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0416
          Facsimile:(07) 959 7614


MAINLY CHAIRS: Appoints Fatupaito & McCloy as Liquidators
---------------------------------------------------------
On February 14, 2008, Vivian Judith Fatupaito and Colin Thomas
McCloy were tapped liquidators of Mainly Chairs Limited.

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

The liquidators can be reached at:

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


SOLIDPI HOLDINGS: Court to Hear Wind-Up Petition on March 10
------------------------------------------------------------
The High Court of Rotorua will hear on March 10, 2008, at
10:45 a.m., a petition to have Solidpi Holdings Ltd.'s
operations wound up.

The Commissioner of Inland Revenue filed the petition on
Jan. 8, 2008.

The CIR's solicitor is:

          R. L. Scott
          c/o Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0416
          Facsimile:(07) 959 7614


TE KOROWAI: Court to Hear Wind-Up Petition on March 10
------------------------------------------------------
A petition to have Te Korowai o Te Arohanoa Inc.'s operations
wound up will be heard before the High Court of Rotorua on
March 10, 2008, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
Jan. 15, 2008.

The CIR's solicitor is:

          R. L. Scott
          c/o Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0416
          Facsimile:(07) 959 7614




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


DEL MONTE: Reports US$53.3 Mil. Net Income in Third Quarter 2008
----------------------------------------------------------------
Del Monte Foods reported net sales for the third quarter fiscal
2008 of US$1,001.1 million compared to US$907.2 million last
year, an increase of 10.4%.  The company's net income was
US$53.3 million compared to US$45.1 million in the previous
year.  Results for the third quarter fiscal 2008 include US$0.02
of transformation-related expense, as compared to third quarter
fiscal 2007 results, which included US$0.04 of transformation-
related expense, purchase accounting impact, and integration
expense.

"We delivered another quarter of strong top-line performance,
driven by solid volume growth, share performance, and new
product success combined with effective execution," said Richard
G. Wolford, Chairman and CEO of Del Monte Foods.  "However, our
Company continues to experience aggressive cost input increases,
primarily reflecting rapidly accelerating commodity costs as
well as higher fish costs, both of which continue to pressure
earnings.  To combat these pressures, in addition to driving
costs out of the Company, we have since the beginning of fiscal
2008 announced pricing across the vast majority of the business
- including a second pricing action of the fiscal year in our
pet categories and a recent pricing action in fruit. We believe
these pricing actions, combined with our cost reduction
programs, transformation initiatives and innovation execution,
will successfully combat these margin pressures and continue to
build the long-term health of Del Monte.  Importantly, we
continue to expect to create value from our ongoing strong cash
flow."

The 10.4% increase in net sales for the quarter was driven
primarily by volume growth in Consumer Products.  New product
growth and net pricing (primarily from Fall 2006 Fruit and
Spring 2007 Pet pricing actions) also contributed to net sales
growth.

As part of the company's three-year, US$200 million share
repurchase authorization, the company repurchased approximately
5.13 million shares of the Company's common stock for
approximately US$47.5 million during the third quarter.  The
company began purchasing shares under this authorization in mid-
October 2007 and, fiscal year-to-date, has repurchased
approximately 5.37 million shares of the company's common stock
for approximately US$50.0 million.

Based in San Francisco, California, Del Monte Foods Company
(NYSE: DLM) -- http://www.delmonte.com/-- produces and
distributes processed vegetables, fruit and tomato products, and
pet products.  The products are sold under Del Monte, Contadina,
S&W, Starkist, College Inn, 9Lives, Kibbles 'n Bits, Meow Mix,
Milk-Bone, Pup-Peroni, Snausages, Pounce, and Meaty Bone.  The
Group has food-processing plants in South America and has
subsidiaries in Venezuela, Colombia, Ecuador and Peru.  The
production facilities are operated in California, the Midwest,
Washington and Texas, as well as 7 distribution centers.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 3, 2007, Moody's Investors Service affirmed Del Monte Foods
Company's Ba3 corporate family rating, Ba3 probability of
default rating and speculative grade liquidity rating of SGL-2,
following the company's announcement that its board had
authorized the repurchase of up to US$200 million of the
company's stock over the next 36 months.


FEDDERS: Wants Exclusive Plan Filing Period Moved to April 14
-------------------------------------------------------------
Fedders Corp. and its debtor-affiliates ask the United States
Bankruptcy Court for the District of Delaware to further extend
their exclusive periods to:

  a) file a Chapter 11 plan until April 14, 2008; and
  b) solicit acceptances of that plan until June 13, 2008.

The Debtors tell the Court that they need sufficient time to
negotiate an acceptable plan with their creditors and to prepare
adequate financial and non-financial information concerning the
ramifications of any proposed plan for disclosure to creditors.

The Debtors say that they have made substantial progress in
their cases.  The Debtors are devoting most of their time
marketing their assets and negotiating with potential
purchasers.  The Debtors have sold substantially all the assets
of their affiliates, including:

  -- Eubank Coil Company to National Oil Company, United
     Refrigeration Inc., and Tersco Property Management Limited
     for US$2,340,000;

  -- Fedders Addison Company Inc. to Roberts-Gordon LLC for
     US$14,400,000; and

  -- Fedders Islandaire Inc.'s assets to Robert E. Hansen,
     Jr., for US$7.5 million.

In addition, the Debtors are seeking the Court's approval of the
sale of their Fedders North America Inc. and Emerson Quite Kool
Corporation subsidiaries to Elco Holding Ltd. for US$13,250,000.

The Debtors say that the exclusive periods extension request
will provide them enough time to complete Fedders North and
Emerson Quite sale, which they expect to close by end of March
2008.

As reported in the Troubled Company Reporter on Jan. 21, 2008,
the Debtors' exclusive period to file a Chapter 11 plan expired
on Feb. 29, 2008.

A hearing has been set on March 12, 2008, at 4:00 p.m., to
consider the Debtors' request.  Objections must be filed no
later than 11:00 p.m., at March 19, 2008.

                  About Fedders Corporation

Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.  The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.

The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182).  Its debtor-affiliates
filed for separate Chapter 11 cases.  Norman L. Pernick, Esq.,
Irving E. Walker, Esq., and Adam H. Isenberg, Esq., of Saul,
Ewing, Remick & Saul LLP represents the Debtors in their
restructuring efforts.  The Debtors have selected Logan &
Company Inc. as claims and noticing agent.  The Official
Committee of Unsecured Creditors is represented by Brown Rudnick
Berlack Israels LLP.  As of Dec. 31, 2007, the Debtors listed
total assets of US$160 million and total liabilities of US$349
million.  Further, net sales of 2007 were approximately US$132
million.


IPVG CORP: Clarifies Report on Plan to Buy Two Call Center Firms
----------------------------------------------------------------
IPVG Corporation, in a disclosure with the Philippine Stock
Exchange, has clarified a report by the Manila Standard about
the company's plans to acquire a couple of call center firms in
the first six months of the year.

In a Feb. 28 article entitled "IPVG set to buy 2 call center
firms," Manila Standard said that IPVG plans to buy two medium-
sized call center firms within the first half of the year.  IPVG
CEO and President Enrique Gonzalez reportedly told the local
daily that the company is in talks a call center operator in the
country and another within Asia.

According to the PSE filing, however, Mr. Gonzales said that the
article's title is completely out of context. "While we continue
to evaluate call center targets as part of our on-going m & a
activities, we have not reached any agreement (whether verbal or
written) at this point in time, therefore not requiring any
disclosure, Mr. Gonzales explains.

The CEO further added that he remembered commenting, "I am
hoping to close another acquisition within the first half."

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2008, IPVG withdrew its offer to acquire PeopleSupport,
Inc.  IPVG and AO Capital Partners Limited offered to acquire
PeopleSupport at US$P17 per share or at a 35% premium above the
closing price of PeopleSupport stock on Feb. 5, 2008.
PeopleSupport's board of directors, however, refused to agree to
the terms and conditions proposed by IPVG and AO Capital.

IPVG Corporation -- http://www.ipvg.com/-- is engaged in the
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing. IPVG reaches its
customers through collaboration with international corporations
that have proven to be market leaders in their respective
geographic markets and industries.  Its current partners include
Fortune 1000 companies listed on the New York Stock Exchange,
such as Pacific Century Cyberworks Inc. and IDT.  The company
can offer established product and proprietary business knowledge
to the Philippine market by pairing each of its business
subsidiaries with strategic partners.

The TCR-AP reported on May 15, 2007, that the corporation posted
a net loss of PHP102.1 million for the year ended Dec. 31, 2006,
the company's third consecutive annual net loss after
PHP43.0 million in 2005 and PHP6.2 million in 2004.


PHIL TELEGRAPH: Books PHP219.99-Mil. Loss in Qtr. Ended Dec. 31
---------------------------------------------------------------
Philippine Telegraph & Telephone Corp. reported a net loss of
PHP219.99 million in the three months ended Dec. 31, 2007, not
much change from the PHP217.56-million loss booked in the same
three-month period in 2006.

Net loss for the six months ended Dec. 31, 20078, was at
PHP448.59 million up 5% compared to the net loss in the same
period in 2006.  The company attributed the widening loss to,
among others, reduction in revenue.

In Sept.-Dec. 2007 operating revenues aggregated PHP36.75
million, a sudden slide from the PHP63.61 million earned in the
same quarter in 2006.  Operating revenues in the six months
ended Dec. 31, 2007, also dipped -- PHP78.08 million compared to
2006's PHP141.22 million.  According to the company, the
decrease was due to reduced Local Exchange Carrier revenues.
Also contributing to the decrease in revenues were:

   -- lower international long distance usage,

   -- decline in datacom circuit as well as average revenue per
      circuit, and

   -- decline in traditional messaging.

The company, however, managed to lower costs and expenses with
its continuous cost reduction program:

                       Six Mos. Ended         Three Mos. Ended
                     -------------------    -------------------
                     12/31/07   12/31/06    12/31/07   12/31/06
                     --------   --------    --------   --------
Costs & Expenses
(in millions)       PHP131.57  PHP175.58    PHP62.08   PHP82.47

As of Dec. 31, 2007, the company's balance sheet shows assets
totaling PHP7.43 billion, liabilities aggregating PHP2.01
billion resulting in stockholders equity of PHP5.42 billion.
The company's balance sheet shows the company is illiquid with
current assets totaling PHP582.39 million available to pay
PHP1.84 billion in liabilities coming due within the next 12
months.

Makati City-based Philippine Telegraph & Telephone Corp. --
http://www.ptt.com.ph-- has grown through the years to become
the country's dominant record carrier and leading provider of
leased voice and data channels.  It offers the most
comprehensive package of telecom services ranging from telephony
to high-speed voice, data and sophisticated video technologies.

The company operates a nationwide telecommunication network,
which includes more than 400 retail outlets throughout the
country for telegraphy and long distance telephony.

The company has 30,000 post-paid and pre-paid local exchange
carriers subscribers in Region IV which account for over 50% of
revenues.  These are derived from monthly subscription fees and
domestic and international long distance calls albeit under
increasingly ruinous competition.

Philippine Telegraph and Telephone Co. posted a net loss of
PHP429.1 million for the year ended December 31, 2006, as well
as PHP459.7 million for the year ended December 31, 2005.


PRC LLC: Obtains Final Court Okay to Use Cash Collateral
--------------------------------------------------------
The Honorable Martin Glenn of the U.S. Bankruptcy Court for the
Southern District of New York permits, on a final basis, PRC LLC
and its debtor-affiliates to use their prepetition lenders' cash
collateral pursuant to a budget.

A full-text copy of the Initial 13-Week Cash Flow Forecast up to
the week ending April 25, 2008, is available for free at:

             http://researcharchives.com/t/s?28aa

Each 13-week cash flow budget under the DIP Revolving Facility
will, at all times, include and provide for the payment of the
cure payments to Advanced Contact Solutions, Inc., Judge Glenn
ruled.

As adequate protection, the Prepetition Lenders are granted
replacement security interests in and liens on all the
Collateral, subject and subordinate only the DIP Lenders' liens
and the Carve-Out.

To address their working capital needs and fund their
reorganization efforts, the Debtors required the use of cash
collateral of certain secured lenders under:

  -- a US$160,000,000 Amended and Restated First Lien Credit and
     Guaranty Agreement, dated as of Nov. 29, 2006, as
     amended and restated on Dec. 20, 2006; and

  -- a US$67,000,000 Amended and Restated Second Lien Credit and
     Guaranty Agreement, dated as of Nov. 29, 2006, as
     amended and restated on Dec. 20, 2006.

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

In connection with the Credit Agreements, the Debtors granted
liens and executed security agreements in favor of The Royal
Bank of Scotland, PLC, as agent for the Lenders, in
substantially all of the Debtors' assets, including cash
generated by their business and the company's bank accounts.

Philip Goodeve, chief financial officer of PRC, LLC, asserted
that the use of cash collateral will provide the Debtors with
the additional necessary capital with which to operate their
business, pay their employees, maximize value, and successfully
reorganize under Chapter 11.

                       About PRC LLC

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

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

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

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

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

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

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Gets Final Court Nod on US$30 Million DIP Financing
----------------------------------------------------------
The Honorable Martin Glenn of the U.S. Bankruptcy Court for the
Southern District of New York authorized PRC LLC and its debtor-
affiliates, on a final basis, to obtain up to US$30,000,000 in
postpetition financing from The Royal Bank of Scotland plc and
certain lenders pursuant to a Revolving Credit Facility among
the parties.

All objections not otherwise resolved or withdrawn are overruled
on their merits, said Judge Glenn.

The DIP Loan will be utilized to fund working capital and
capital expenditure needs and general corporate purposes of the
Debtors.  A portion of the loan, the Carve-Out, will be used to
pay:

  (a) all fees of the Clerk of the U.S. Bankruptcy Court and the
      Office of the United States Trustee pursuant to Section
      1930 of the Judicial and Judiciary Procedures Order;

  (b) not more than US$50,000, in reasonable fees and expenses
      of a Chapter 7 Trustee in the event of a conversion of the
      Debtors' cases; and

  (c) not more than US$1,000,000 in the aggregate, in allowed
      fees and expenses of professional hired by the Debtors and
      the Official Committee of Unsecured Creditors, after the
      occurrence and during the continuation of an Event of
      Default.

The Court ruled that the amount of issued and outstanding
letters of credit under the Revolving Facility should not exceed
an aggregate of US$4,000,000 at any time.

To secure the DIP financing, the DIP Lenders are granted (i)
priming liens on all property of the Debtors that constitutes
collateral under the First Lien Credit Agreement, which will be
senior in all respects to interests of the Prepetition Lenders;
and (ii) first priority liens on all property of the Debtors
that is not collateral under the First Lien Credit Agreement,
including, but not limited to, all causes of action arising
under Chapter 5 of the Bankruptcy Code.

The Official Committe of Unsecured Creditors may, however, spend
up to US$100,000 of the proceeds of the Revolving Facility or
the Carve-Out to investigate potential claims arising out of or
in connection with the Prepetition Credit Facility, Judge Glenn
ruled.

Pursuant to Section 364(c)(1) of the Bankruptcy Code, all
amounts owing by the Debtors under the Revolving Facility
constitute allowed superpriority administrative expense claims
in the Debtors' cases subject to the Carve-Out, the Court
ordered.

Neither the proceeds of the Revolving Facility nor the Carve-Out
may be used (i) to challenge the amount, validity, perfection or
enforceability of, or assert any counterclaim or offset to the
DIP Loan and Prepetition Credit Facilities; (ii) to challenge
the security interests and liens of the DIP Lenders and the
Prepetition Lenders; or (iii) to litigate against any of the
Prepetition Lenders or DIP Lenders.

The Final DIP Agreement sets forth certain affirmative covenants
of the Debtors, among others that the Debtors (x) must file, no
later than 30 days after the bankruptcy date, a plan of
reorganization consistent with the terms of the Restructuring
Term Sheet filed on the Petition Date and (y) file a disclosure
statement in support of that Plan no later than 30 days after
the date that Plan is filed with the Court.

The Debtors have filed a Joint Plan of Reorganization dated
Feb. 12, 2008.  They are currently asking permission from the
Court to file a disclosure statement for that Plan no later than
March 13, 2008.

The Debtors' DIP Loan Obligations will not be discharged by the
entry of an order confirming a Chapter 11 plan, Judge Glenn
clarified.

Unless accelerated as a result of an Event of Default, the
Revolving Facility will expire and the borrowings will be due
and payable upon the earlier of:

  (i) July 23, 2008;

(ii) the closing date of any sale of the Debtors or all of the
      Debtors' assets that has been approved by the Court; and

(iii) the effective date of a plan of reorganization that has
      been confirmed by the Court.

A full-text copy of the Final DIP Order is available for free
at:

             http://researcharchives.com/t/s?28a9

                       About PRC LLC

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

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

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

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

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

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

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Wants to Reject Four Austin & Plantation Pacts
-------------------------------------------------------
PRC LLC and its debtor-affiliates seek authority from the U.S.
Bankruptcy Court for the Southern District of New York to
reject, effective as of Feb. 29, 2008:

  (i) a lease between PRC LLC and Equastone Austin I, LP, for
      commercial office space located at 9001 IH 35, in Austin,
      Texas;

(ii) an exclusive listing agreement between PRC and Site
      Selection Group LLC for the marketing of the Austin Lease
      to prospective assignees;

(iii) a lease between PRC and Citicorp Vendor Finance, Inc., for
      the use of copy machines in Austin, Texas; and

(iv) a lease and related agreements between PRC, Presidential
      Suites, Ltd., and Crossroads Business Park Associates for
      about 3,388 square feet of commercial office space located
      at 8151 West Peters Road, Suite 3300, in Plantation,
      Florida.

Alfredo R. Perez, Esq., at Weil, Gotshal & Manges LLP, in
Houston, Texas, says that the Agreements represent an
unnecessary expense for the Debtors' estates.

"Rejection of these contracts and leases will assist the
Debtors' reorganization efforts by decreasing their monthly
expenses for properties and equipment that are not a part of
their continuing operations, and will not be utilized as part of
their reorganization efforts," Mr. Perez points out.

The Debtors relate that they are currently winding up their
operations in Austin, and the office being leased will soon be
unoccupied while the leased copy machines had already been
reclaimed by Citicorp.

With respect to the Listing Agreement, the Debtors inform the
Court that they have not been able to realize any value from the
premises because the current rent is either at or above market
rates.

Likewise, the Debtors do not have use for the office space in
Florida, Mr. Perez avers.  It is currently subleased to a third
party, the term of which is about to expire on March 31, 2008.
The sublessee has indicated that it does not need the premises
and the Debtors have been unable to find a replacement tenant.

                        About PRC LLC

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

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

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

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

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

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

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SAN MIGUEL: Discloses Updates to Unit's Planned IPO
---------------------------------------------------
San Miguel Brewery Inc., San Miguel Corp.'s recently spun-off
subsidiary, filed its revised Offering Circular with the
Securities and Exchange Commission and the Philippine Stock
Exchange in preparation for its Initial Public Offering.

Based on the proforma financial statements contained in the
updated Offering Circular, net sales for 2007 rose 8.8% to
PHP44,139 million reflecting volume growth of almost 8%.  Net
income after tax for the same period is reported at PHP8,015
million, up 9.4% from last year.

SMC was earlier reported to be pushing through with the planned
IPO of SMC Inc. as part of its broader plan to list all of the
company's operating units on the exchange.

Headquartered in Manila, Philippines, San Miguel Corporation
-- http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The company
also manufactures glass, metal, plastic, paper and composites
packaging products.

The TCR-AP reported on November 12, 2007, that Moody's affirmed
the Ba2 local currency corporate family rating of San Miguel
Corporation.  This follows the company's announcement that it is
to sell the Tasmanian brewer, J Boag & Son Pty Ltd, for
AU$325 million and the Australia-based dairy and beverage
producer, National Foods Ltd, for AU$2.8 billion.  The rating
outlook remains stable.

The TCR-AP reported on November 14, 2007, that Standard & Poor's
Ratings Services affirmed its 'BB' long-term foreign currency
corporate credit rating on San Miguel Corp.  The outlook remains
negative.  The affirmation comes after San Miguel announced the
sale of its Australian dairy and juice subsidiary National Foods
Ltd. to the Japanese brewer Kirin Holdings Co. Ltd. (AA-/Watch
Neg/--), for AU$2.8 billion.




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


ARMSTRONG WORLD: Completes Strategic Review Following Evaluation
----------------------------------------------------------------
Armstrong World Industries Inc. completed its strategic review,
disclosed in February 2007, after extensive evaluation of
alternatives, including a possible sale of Armstrong World's
individual businesses and the entire company.

Based on market conditions, including continued deterioration in
the U.S. residential housing market and dramatic tightening of
the credit markets, the board of directors concluded that it is
in the best interest of Armstrong and its shareholders to
continue to execute the company's strategic operating plan under
its current structure as a publicly traded company.

The company's projected financial position would allow the
return of US$500 million of capital to shareholders in 2008, and
its credit agreements have been amended to permit this.
Seasonal cash usage is such that the board of directors has
declared a special cash dividend of US$4.50 per common share,
payable on March 31, 2008, to shareholders of record on
March 11, 2008.  This special cash dividend represents an
aggregate payment of approximately US$260 million, leaving
US$240 million available to be returned to shareholders later in
the year if the business performs as expected.

The board of directors based its decision to declare a special
dividend on the substantial amount of cash generated in 2007,
and on expectations that future cash generation will more than
meet the company's needs.

"Armstrong's board of directors thoroughly explored a
comprehensive range of alternatives, weighing the interests of
our shareholders, customers and employees," Michael D. Lockhart,
Armstrong chairman and chief executive officer, said.  "We
believe that Armstrong can continue to create shareholder value
by outperforming our markets with innovative products and
services that deliver value and performance."

Armstrong also stated that the Armstrong World Industries
Asbestos Personal Injury Trust has informed the company's board
of directors that it "supports the board's decision to conclude
the strategic review and pay a special dividend."  The trust
further notified Armstrong that it "currently expects to have
sufficient liquidity to pay claims against the trust for the
foreseeable future and has no present plans to dispose of
company common stock."

                    About Armstrong World

Headquartered in Lancaster, Pennsylvania, Armstrong World
Industries, Inc. (NYSE:AWI) -- http://www.armstrong.com/-- ,
designs, manufactures and sells flooring products and ceiling
systems around the world.  It also designs, manufactures and
sells kitchen and bathroom cabinets.  Its business segments
include resilient flooring, wood flooring, building products and
cabinets.  On Dec. 6, 2000, it filed a voluntary petition for
relief under Chapter 11 of the United States Bankruptcy Code in
the United States Bankruptcy Court.  On Aug. 18, 2006, it
emerged from Chapter 11.  On April 3, 2006, Armstrong World
acquired HomerWood Inc.  On May 1, 2006 it acquired Capella
Engineered Wood LLC, and its parent company, Capella Inc.  On
March 27, 2007, it entered into an agreement to sell the
principal operating companies in its European textile and sports
flooring business segment to Tapijtfabriek H. Desseaux N.V. and
its subsidiaries.  These businesses were classified as
discontinued at Oct. 2, 2006.


ARMSTRONG WORLD: S&P Changes Outlook to Stable; Holds BB Rating
---------------------------------------------------------------
Standard & Poor's Ratings Service revised its outlook on
Armstrong World Industries Inc. to stable from developing.  At
the same time, S&P affirmed the 'BB' corporate credit and 'BBB-'
senior secured ratings on the Lancaster, Pennsylavania-based
company.

"The outlook change reflects Armstrong's announcement that it
has completed its strategic review process and plans to return
US$500 million to shareholders during 2008," said Standard &
Poor's credit analyst Thomas Nadramia.

A US$260 million special cash dividend will be paid on
March 31, 2008, leaving US$240 million available to be returned
to shareholders later in the year if the company performs as
expected.

"The affirmation of the corporate rating considers the company's
sizable liquidity to fund these payments, including over
US$500 million of cash balances at year-end 2007.  Therefore,
the impact on existing credit metrics is expected to be
minimal," Mr. Nadramia said.

He added, "Despite the ongoing challenging residential
construction market, Armstrong's good cash flow characteristics
and position in the ceilings segment should enable it to
maintain a combination of adequate liquidity and credit measures
consistent with the current rating.

"We could revise the outlook to negative if volumes weaken more
than expected or if economic conditions materially hurt
profitability, causing credit measures to deteriorate
significantly from current levels.  We are less likely to revise
the outlook to positive in the near term given the challenging
operating environment.  However, should Armstrong continue to
post improvements to its operating margins and maintain its
strong credit metrics through the current downturn, we could
consider an outlook revision to positive."

Armstrong produces ceiling systems, wood and vinyl flooring, and
cabinets, with 40 manufacturing plants worldwide.


LI PIN: To Pay Preferential Dividend on March 7
-----------------------------------------------
Li Pin Furniture Industries Pte Ltd, which is in liquidation,
will pay its first and final dividend to its preferential
creditors on March 7, 2008.

The company will pay 100% to all received claims.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         RSM Chio Lim
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


SCOTTISH RE: May Sell Life Reinsurance & Wealth Management Units
----------------------------------------------------------------
Scottish Re Group Ltd. told The Royal Gazette that it may sell
its international life reinsurance and wealth management units.

According to The Gazette, Scottish Re wants to cut costs after
suffering mortgage-related losses and a credit rating downgrade.

Scottish Re told The Gazette that it is losing money from
investments tied to subprime and "Alt-A" residential mortgages.

A Jan. 31 downgrade by Standard & Poor's will also make it
harder for the company to compete and to expand its core life
reinsurance business, The Gazette says, citing Scottish Re.

Scottish Re told The Gazette that it will continue concentrating
on its North American life reinsurance business, "through
strategic alliances or other means and cut costs to preserve
capital and liquidity."

Scottish Re said it set up a financial incentive program to keep
"essential" employees, The Gazette adds.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 4, 2008, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B' from
'B+'.   At the same time, it lowered its counterparty credit and
financial strength ratings on Scottish Re's operating companies
to 'BB' from 'BB+' and also lowered the ratings on all these
companies' dependent unwrapped securitized deals by one notch.
In addition, S&P placed the ratings on all these companies on
CreditWatch with negative implications.

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2008, Moody's Investors Service placed Scottish Re
Group Limited's Senior unsecured shelf of (P)Ba3; subordinate
shelf of (P)B1; junior subordinate shelf of (P)B1; preferred
stock of B2; and preferred stock shelf of (P)B2 ratings on
review for downgrade.


SEA CONTAINERS: Wants to Employ Navigant as Consultants
-------------------------------------------------------
The Official Committee of Unsecured Creditors in Sea Containers
Ltd. and its debtor-affiliates Chapter 11 cases seeks authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ Navigant Consulting, Inc., to provide litigation
consulting services, nunc pro tunc to Feb. 15, 2008.

Ronald J. Silverman, Esq., at Bingham McCutchen LLP, in New
York, relates that Navigant Consulting has extensive experience,
knowledge and resources in the actuarial field, and in providing
testimony in court.  He adds that the firm is well-qualified to
serve the SCL Committee in providing litigation consulting
services.

As consultant, Navigant Consulting will:

  (a) advise the SCL Committee with respect to pension claims
      asserted against the Debtors, including the extent and
      validity of the claims and the calculation of claims under
      the so-called "prudent investor" rule and under other
      standards;

  (b) assist and advise the SCL Committee in its consultations
      with the Debtors and the Official Committee of Unsecured
      Creditors of Sea Containers Services Ltd. relative to the
      calculation of pension claims and the development of a
      plan of reorganization;

  (c) provide expert witness testimony, including the
      preparation of an expert report under Rule 7026 of the
      Federal Rules of Bankruptcy Procedure, and appearance for
      deposition or trial;

  (d) attend the meetings of the SCL Committee; and

  (e) perform other services as may be required and are deemed
      to be in the interests of the SCL Committee.

Navigant Consulting will be paid for professional services based
on its standard hourly rates.  Navigant Consulting
professionals, who are expected to be principally responsible
for the matters in the bankruptcy cases, will be paid in their
current hourly rate:

     Designation                  Hourly Rate
     -----------                  -----------
     Paul Braithwaite                US$650
     John Parks                      US$600
     Joseph J. DeVito                US$500
     Robert Hendel                   US$375

Mr. Silverman relates that Navigant Consulting will not seek to
be compensated separately for certain staff, clerical and
resource charges.  The firm, however, will be reimbursed for
charges and expenses.

Joseph DeVito, managing director at Navigant Consulting, assures
the Court that, except as set forth in his declaration, Navigant
Consulting, and its directors and employees do not hold or
represent any interest adverse to the Debtors' bankruptcy
estates or creditors.  He declares that Navigant Consulting is a
"disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.

                    About Sea Containers

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

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

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

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

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

The Court gave the Debtors until April 15, 2008 to file
a plan of reorganization.


SIN TYE: Pays First and Final Dividend to Preferential Creditors
----------------------------------------------------------------
Sin Tye Construction Pte Ltd, which is in liquidation, paid its
first dividend to its creditors on February 22, 2008.

The company paid 100% to all preferential creditors.

The company's liquidator is:

          Goh Ngiap Suan
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336


T.J. CONSTRUCTION: Creditors' Proofs of Debt Due on March 7
-----------------------------------------------------------
T.J. Construction Pte Ltd. requires its creditors to file their
proofs of debt by March 7, 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




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


PICNIC CORP: Clarifies World Gas Forced Share Transfer
------------------------------------------------------
The Stock Exchange of Thailand has asked Picnic Corporation
Public  Co., Ltd. to clarify the forced transfer of World Gas
(Thailand) Co., Ltd. shares within February 29, 2008.

PICNI would like to clarify that the questions No. 3 - 6 raised
by SET on February 20, 2008, which are related to WGT's
financial status, authorized person and opinions of the
authorized person.  However, PICNI has signed a confidentiality
agreement with Asset Million Co., Ltd. as disclosed in PICNI
letter dated on February 25, 2008.  Hence, with this regard, it
is ambiguous whether it will directly and indirectly affect the
confidentiality agreement or not.  In case that PICNI responses
to the questions and violates the confidentiality agreement with
AMC, a lawsuit may be filed against PICNI.

In order to prevent any violation, PICNI has requested for a
written consent from AMC.  PICNI realizes that the
aforementioned information is important and is willing to
cooperate with SET.  Nevertheless, with the aforementioned
limitation, PICNI is unable to provide response in time.  As a
result, PICNI would like to postpone the addition clarification
of the transaction to March 10, 2008.

SET raised the question regarding the petition to enter into the
business reorganization process.  On January 17, 2008, the Board
of Directors resolved to acknowledge that the Managing
Director's decision to enter into the business reorganization
process.  The following are the directors who attended the
meeting:

   1.  Police Lieutenant Colonel Pongthep Lapvisutisin
   2.  Mr. Numpon Ngurnnumchoke
   3.  Mrs. Pawarana Aruntat
   4.  Mr. Uotsathorn Samittalunpa
   5.  Mr. Suthep Akkawuttikrai
   6.  Ms. Sasithorn Wutiroongreungsakul

Mr. Suthep Akkawuttikrai, the managing director, and Ms.
Sasithorn Wutiroongreungsakul, the board member, were the
persons who approved the transaction.  The primary reason that
PICNI has to enter into the business reorganization process is
the creditors have continuously confiscated PICNI's assets and
cash in bank accounts.  If PICNI did not file the petition to
enter into the business reorganization processes, PICNI would
not have enough liquidity to operate and may have to shut down
the operations causing significant loss to shareholders.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********


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 ***