TCRAP_Public/080306.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

             Thursday, March 6, 2008, Vol. 9, Issue 47

                          Headlines

A U S T R A L I A

ABC LEARNING: Close To Selling U.S. Assets
AUTOMATION SUPPLIES: Members Opt to Shut Down Firm
ANGAS SECURITIES: S&P Assigns 'B+/B' Issuer Credit Rating
CHRYSLER LLC: Corrects Erroneously Reported US$2.7-Billion Loss
CHRYSLER LLC: Will Appeal Bankruptcy Court's Tooling Decision

CHRYSLER LLC: February 2008 Sales Down 14%, Fleet Sales Reduced
E.S.W. AUSTRALIA: Placed Under Voluntary Liquidation
HUTCHISON TELECOMMUNICATIONS: Launched Aussie's First 3G Network
KU-RING-GAI: Commences Liquidation Proceedings
LIFESTYLE CARE: Placed Under Voluntary Liquidation

MACQUARIE FORTRESS: Suffers AU$35 Million Loss
ORCHARD ADMINISTRATION: Members Resolve to Close Business
RIVERTON GARDENS: Commences Liquidation Proceedings
STOWPORT CONTRACTING: To Declare First Dividend on March 12
STUMPLEE PTY: Members to Hear Wind-Up Report on March 10

STYLE IMPORTS: Creditors to Receive Wind-Up Report on March 14
ZINIFEX: Assures No Job Losses in Century Mine


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

CHINA EASTERN: Strategic Investors Quest Continues
CHINA EASTERN: China National Responds to Proposal Rejection
CHINA MINSHENG: Holds US$10 Million Subprime Investments
CIRCUS HOLDINGS: Creditors Meeting Fixed for March 10
FINESTYLE MARITIME: Members & Creditors' Meeting on April 1

JIANGXI COPPER: To Step Up Smelting to Achieve Production Goal
KENSON PROPERTIES: Members Final General Meeting on March 18
MID-ASIA: Members Meeting Fixed for March 31
PROFIT CENTURY: Creditors Meeting Fixed for March 31
TEXBLOOM LIMITED: Creditors' Proofs of Debt Due on March 31

UNIWAY ASSETS: Creditors' Proofs of Debt Due on March 31
WEALTH DRAGON: Creditors' Proofs of Debt Due on March 29
XINHUA FINANCE: China Works To Settle Row
YAU FUNG TOURS: Members & Creditors' Meeting on March April 1


I N D I A

DECCAN AVIATION: Lists Agenda of March 18 Shareholders Meeting
ESSAR OIL: Unit Bags E&P Block in Vietnam; To Invest US$60 Mil.
HDFC BANK: Shareholders to Consider Centurion Merger on March 27
ICICI BANK: Incurs US$50 Mil. in Investment Losses This Quarter
ICICI BANK: Opens First New York Branch

PRIDE INTERNATIONAL: Earns US$784.3 Million in 2007
PRIDE INTERNATIONAL: Uncovers Evidence of Bribery
QUEBECOR WORLD: Creditors' Committee Taps Mesirow as Advisor
QUEBECOR WORLD: Creditors' Panel Wants Jefferies & Co. as Banker


I N D O N E S I A

ANEKA TAMBANG: 2007 Net Profit Jumps 230% to IDR5.121 Trillion
BEARINGPOINT INC: Bags US$115 Million Contract from U.S. Army
BERAU COAL: Expects Rise in China Coal Exports
GOODYEAR TIRE: Redeems US$650 Million Senior Notes Due 2011
PERUSAHAAN GAS: To Build 3 LNG Receiving Terminals for US1.67BB

PERUSAHAAN LISTRIK: Government Delays Launch of Billing System
TOBA PULP: Hires Dedy Sutanto as President Commissioner
TOBA: Pinnacle Company Completes Tender Offer to Acquire Stake


J A P A N

ALITALIA SPA: Air France-KLM Eyes Stake in Flight & Ground Units
FORD MOTOR CREDIT: R&I Cancels BB- Rating
FORD MOTOR: Discloses Plans to Return to Profitability by 2009
FORD MOTOR: February 2008 Sales Decreases 7% to 196,681
JAPAN AIRLINES: S&P Revises Outlook from Negative to Positive

JAPAN AIRLINES: R&I Says Pref. Shares Issue Has Little Impact


K O R E A

ARROW ELECTRONICS: Appoints Michael Long as President & COO
ARROW ELECTRONICS: Gail Hamilton Joins Board of Directors
BOE HYDIS: PVI To Take Over Production Lines in April
SSANGYONG MOTOR: Prosecutors Investigate Alleged Technology Leak


M A L A Y S I A

AMINVESTMENT BANK: Fitch Puts BB+ Rating on Watch Positive
IDAMAN UNGGUL: Triggers Amended Practice Note 17 Criteria
MANGIUM INDUSTRIES: Shareholders OK Proposed Disposal of Unit
MEGAN MEDIA: Defaults on MYR899.96 Million Banking Facilities
SOLUTIA INC: Posts US$208 Mil. Net Loss for Year Ended Dec. 31

SOLUTIA INC: Provides Status of Adversary Proceedings
SOLUTIA INC: DuPont Disputes Need to Reexamine BDO's Report


N E W  Z E A L A N D

AHCHAIL MULTICULTURAL: Subject to CIR's Wind-Up Petition
EE JAY MARKETERS: Appoints Mark van Rossem as Liquidator
EXPRESS CONSTRUCTION: Taps Fatupaito & McCloy as Liquidators
LLOYD & STEVENSON: Wind-Up Petition Hearing Set for March 12
RSM NEW ZEALAND: Wind-Up Petition Hearing Set for March 27

SS SERVICE: Appoints Fatupaito & McCloy as Liquidators
T EDGECOMBE: Court to Hear Wind-Up Petition on March 17
TANNER PROPERTIES: Faces CIR's Wind-Up Petition
TASMAN CLEANING: Subject to CIR's Wind-Up Petition
VTL GROUP: Reports NZ$14-Mln Loss in 14 Mos. Ended Aug. 31, 2007

VTL GROUP: Schedules Annual Meeting on March 19
WINGSFIELD LIMITED: Creditors' Proofs of Debt Due on May 14


P H I L I P P I N E S

FEDDERS: Court OKs Bidding Procedure of Sale of Units' Assets
PHIL. LONG DISTANCE: Net Profit Up 2% to PHP36 Bil. in 2007


S I N G A P O R E

ATOP HOLDINGS: Commences Liquidation Proceedings
E-FREIGHT CENTRE: Creditors' Proofs of Debt Due on March 30
FLEXTRONICS: To Report 4Q & Fiscal Year 2008 Results on April 29
FLEXTRONICS: To Ramp Up Notebook Production Capacity
HERRENKNECHT PIPE: Creditors' Proofs of Debt Due on March 29

LOONG GUAN: Court Enters Wind-Up Order
STATS CHIPPAC: Seeks Shareholder Approval of Capital Reduction


T H A I L A N D

DAIDOMON GROUP: Seeks Until March 11 To File Rehabilitation Plan
DAIDOMON GROUP: Faces Delisting in Local Stock Exchange
MANAGER MEDIA: May be Delisted from Stock Exchange

* Fitch Says Global Airport Credit Quality May Decline in 2008


                            - - - - -

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


ABC LEARNING: Close To Selling U.S. Assets
------------------------------------------
ABC Learning Centres Ltd. has entered a memorandum of
understanding with Morgan Stanley Private Equity for the sale of
a 60% interest in its U.S. business, reflecting a value of
US$775 million for 100% of the U.S. business.

The transaction will result in cash proceeds on completion of
about AU$750 million with an additional US$30 million payable
after June 30, 2009.

ABC Learning CEO Eddy Groves said, "At a multiple of 14.1 times
EBITDA for the preceding 12-month period ending 31 December
2007, the sale of a 60% interest allows us to realise
significant value from our US business, retain a material
ongoing presence in this important market, and substantially
strengthen our capital structure.

"We continue to believe that the US represents a significant
growth-and-return opportunity for ABC.

"I am delighted that Morgan Stanley Private Equity will become
our strategic partner in the US.

"Morgan Stanley Private Equity shares our vision for the
business and supports the existing management team to deliver
it."

ABC Learning has agreed with Morgan Stanley to exclusively
negotiate final documentation by March 24, 2008, with completion
expected to occur by the end of April.

The parties have also agreed that, conditional on completion of
the sale transaction, Morgan Stanley will also subscribe for
senior notes, convertible at the option of Morgan Stanley into
10% of the fully diluted share capital in ABC (being 11% of
undiluted ordinary share capital).

Pricing terms of the convertible notes, including the conversion
price and the coupon rate, will be agreed, having regard to ABC
Learning's pro-forma credit profile and the option value.

ABC Learning will use the net proceeds from the sale transaction
and the issue of convertible notes to partially repay its senior
debt under its syndicated bank facility.  The company's existing
syndicated bank debt is expected to reduce by AU$750 million.

ABC Learning requires the consent of the majority of its banks
to proceed with the sale transaction.  The company notes that at
no point has it been in breach of its banking covenants, nor are
these initiatives in response to "any pressure or suggestion"
from its banks.

Shares in ABC Learning were reinstated after this announcement.

                   About A.B.C. Learning

A.B.C. Learning Centres Limited provides childcare services and
education.  The company operates in Australia, New Zealand, the
United States and the United Kingdom.  The company's
subsidiaries include A.B.C. Developmental Learning Centres Pty
Ltd, A.B.C. Early Childhood Training College Pty Ltd, Premier
Early Learning Centres Pty Ltd, A.B.C.  Developmental Learning
Centres (NZ) Ltd., A.B.C. New Ideas Pty. Ltd., A.B.C. Land
Holdings (NZ) Limited and Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

As reported by the Troubled Company Reporter - Asia Pacific on
February 29, 2008, the company's Sydney trading last Feb. 26,
plunged 43% after a slump in earnings raised concerns it may
struggle to repay debt.  The drop to AU$2.14 triggered margin
calls on stakes held by some directors.  Consequently, stock
trading was halted as the company entered talks on "indications
of interest" for parts of its business.

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


AUTOMATION SUPPLIES: Members Opt to Shut Down Firm
--------------------------------------------------
Automation Supplies International Pty. Limited's members agreed
on Feb. 5, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Henry Kazar to facilitate the sale of its assets.

The liquidator can be reached at:

          Henry Kazar
          Sims Partners
          Chartered Accountants
          6 Lonsdale Street, Level 1
          Braddon ACT 2612
          Australia

                About Automation Supplies

Automation Supplies International Pty. Limited operates
investment offices.  The company is located at Maddington, in
Western Australia, Australia.


ANGAS SECURITIES: S&P Assigns 'B+/B' Issuer Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services had assigned its 'B+/B'
issuer credit ratings to Angas Securities Ltd., a small, niche
provider of commercial property and development finance in
Australia.  The outlook is stable.

"The strengths of Angas underpinning the ratings are its very
good credit loss record--albeit over a relatively short eight-
year operating history--and its exclusive focus on first-
mortgage lending that has been conducted according to manageable
loan-to-value criteria," Standard & Poor's credit analyst Gavin
Gunning said.  "Furthermore, the company has experienced
acceptable earnings relative to its risk, although its earnings
profile lacks depth and diversity given the company's narrow
focus and short operating history."

The rating is moderated by Angas' capitalization, which is
considered weak on a risk-adjusted and an absolute basis, its
business concentration in the higher-risk property segment, its
undiversified funding profile, and its high concentration in
large lending exposures relative to capital.

"The stable outlook reflects Standard & Poor's expectation that,
in the short-to-medium term, Angas will be able to manage its
asset quality within expectations through a continued good
credit loss record," said Mr. Gunning.

Headline earnings are expected to remain adequate relative to
risk, which should assist Angas' internal generation of capital.
Upward rating momentum is not anticipated in the medium term,
but in the longer term, the ratings may be raised if Angas could
continue to grow loans under management while maintaining a good
credit loss record and improving other financial metrics.
The rating could be lowered if there were to be a deterioration
in asset quality resulting in material net charge-offs, or
should material funding or liquidity difficulties emerge.

                   About Angas Securities

Angas Securities Limited is an Australia-based company whose
activities include raising of funds from the public through the
issue of debenture securities principally for first mortgage
lending, as well as for other investments, including property
investment.  On May 31, 2007, the Company purchased a housing
loan mortgage origination and management business from API
Lifestyle Home Loans Pty Ltd.  The retail mortgage business
operates under the trading name API Home Loans.


CHRYSLER LLC: Corrects Erroneously Reported US$2.7-Billion Loss
---------------------------------------------------------------
Several media outlets have erroneously reported a loss of
approximately US$2.7 billion by Chrysler LLC between
Aug. 4, 2007, and Sept. 30, 2007, the company said.

In fact, the company continued, from an operating earnings
standpoint, Chrysler was profitable during this time period.
Also, Chrysler lost significantly less than what was reported
during the course of the full year.

Chrysler believes any differences are attributable due to U.S.
Generally Accepted Accounting Principles versus International
Financial Reporting Standards accounting rules.  These
differences include pension accounting for the UAW settlement
and restructuring and purchases accounting.

                   Daimler's Annual Report

After Chrysler was taken private by Cerberus Capital Management
LP and has stop making its financial statements public, the
annual report of former parent and 19.9% shareholder Daimler AG
provides a glimpse of Chrysler's loss of EUR1.94 billion or
US$2.94 billion in an eight-week period between Aug. 4 and
Sept. 30, 2007, Edward Taylor and Josee Valcourt of The Wall
Street Journal report.

Daimler also disclosed that it gave Tom LaSorda, who is now
Chrysler's president and vice chairman, a EUR10.4 million bonus
and EUR2.13 million salary as a member of DaimlerChrysler AG
board of directors, the Journal says.

The Wall Street Journal suggests that these figures may spur
disapproval from the United Auto Workers union, which agreed to
a cost-saving deal last year to help Chrysler.

                        About Chrysler

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

                        *     *     *

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


CHRYSLER LLC: Will Appeal Bankruptcy Court's Tooling Decision
-------------------------------------------------------------
Chrysler LLC, Chrysler Motors Company LLC, and Chrysler
Canada Inc., took an appeal under 28 U.S.C. Section 158(a)
before the U.S. District Court for the Eastern District of
Michigan from the orders of the Honorable Phillip Shefferly of
the U.S. Bankruptcy Court for the Eastern District of Michigan
that denies:

   i) the lifting of the automatic stay to allow Chrysler to
      regain possession of tooling located in Plastech
      Engineered Products Inc. and its debtor-affiliates'
      plants; and

  ii) the issuance of a preliminary injunction in connection
      with the proposed recovery of the tooling equipment.

As reported in the Troubled Company Reporter on Feb. 22, 2008,
Judge Shefferly said in a court opinion that the Debtors needed
to keep the tooling equipment to faciliate them in their
reorganization.  The balancing of interests favored Plastech,
the Court said.

The Court affirmed the Debtors' contentions that the automatic
stay applies to both the tooling paid by Chrysler and the
tooling that Chrysler has not paid for.  "Even assuming that the
Debtor has only a possessory interest in the tooling paid for by
Chrysler, that is a sufficient interest by itself to cause the
application of the automatic stay," Judge Shefferly said.

In addition, the Court was convinced that if Chrysler takes
immediate possession of the tooling, the Debtor will not be able
to continue to provide parts uninterrupted to its other major
customers and therefore any prospect of an effective
reorganization will be lost.

                 About Plastech Engineered

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

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

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

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

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.  (Plastech Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                     About Chrysler LLC

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.
S&P said the outlook is negative.


CHRYSLER LLC: February 2008 Sales Down 14%, Fleet Sales Reduced
---------------------------------------------------------------
Chrysler LLC reported total February 2008 sales of 150,093 units
which is 14% below the same period last year.  This includes a
significant reduction in fleet and reflects the company's
ongoing commitment to reduce daily-rental fleet vehicle sales.
All sales figures are reported as unadjusted.

"While the auto industry is experiencing the impact of slow
economic growth, Chrysler LLC February results reflect progress
within each brand," Vice Chairman and President Jim Press said.
"The positive numbers for Dodge cars, the all-new Chrysler Town
& Country and the Jeep(R) Patriot prove our renewed focus on
consumer feedback, such as the demand for good fuel economy, is
resonating-and translating into sales of our New Day Value
Packages.

"While becoming a more agile company, we're developing a more
personalized relationship with our customers and strengthening
collaboration with our dealer partners.  It's the sum total of
their feedback that will guide the evolution of our dynamic
product lineup and really make it a New Day-and a new era-at
Chrysler LLC."

February sales highlight strong core products like the Dodge
Caliber-offering good mileage at a low price.  Increased sales
of Dodge Caliber (up 10%), and Dodge Avenger (up 60%),
demonstrate Chrysler's strong positioning in the all-important
car market, offering customers what they are looking for now
more than ever-vehicles with high quality, great performance and
tremendous value.

Chrysler brand truck sales were led by the Chrysler Town &
Country, which posted sales of 11,952 units for February,
representing a 1% increase versus the same period last year.
Chrysler Aspen sales increased 31% with 2,879 units compared
with February 2007 when sales were 2,202 units.

The all-new Jeep Patriot set a new sales record for the month of
February with 5,195 units sold.  The vehicle is one of
Chrysler's recently introduced models that achieve 28 miles per
gallon or better in highway driving.

Chrysler LLC and its Dealer Advertising Association launched the
New Day Celebration campaign last month in 55 regional markets.
Solid February sales of the 12 vehicles featuring New Day Value
Packages, including the Dodge Caliber, Dodge Avenger, and
Chrysler Sebring-all developed in response to input from
customers and dealers-affirm Chrysler's new direction to listen
intently, move quickly and offer the best value in the American
market.

The all-new 2009 Dodge Journey continues to arrive in showrooms
in March.  Dodge Journey is a global vehicle that meets life's
changing demands by offering five or seven passenger seating and
a choice of four or six cylinder engines.  Dodge Journey arrives
to market with a starting U.S. Manufacturer's Suggested Retail
Price of US$19,985 (including US$625 destination).

The Company finished the month with 436,399 units of inventory,
or a 73-day supply.  Inventory is down by 11% compared with
February 2007 when it was at 492,230 units.

                     About Chrysler LLC

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.
S&P said the outlook is negative.


E.S.W. AUSTRALIA: Placed Under Voluntary Liquidation
----------------------------------------------------
E.S.W. Australia Pty. Ltd.'s members agreed on Feb. 5, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Michael John Morris Smith to
facilitate the sale of its assets.

The liquidator can be reached at:

          Michael John Morris Smith
          Smith Hancock
          88 Phillip Street, Level 4
          Parramatta, New South Wales 2150
          Australia

                  About E.S.W. Australia

E.S.W. Australia Pty Ltd operates miscellaneous retail stores.
The company is located at Coogee, in New South Wales, Australia.


HUTCHISON TELECOMMUNICATIONS: Launched Aussie's First 3G Network
----------------------------------------------------------------
Hutchison Telecommunications (Australia) Limited launched
Australia's first 3G network and service 3.

Services include E-mail, broadband and mobile web.  3 offers
content through its portal Planet 3 including: live and on
demand mobile TV, audio and video music tracks and other
services like news, sport, finance, weather, location-based
classifieds, movie previews, eBay and transport.  The radio
access assets of the 3G network are shared with Telstra through
an infrastructure sharing agreement, with both companies
conducting their retail 3G businesses independently of each
other.

In March 2007, the 3G network was upgraded to HSDPA mobile
broadband standard across Sydney, Campbelltown, Wollongong,
Melbourne, Werribee, Geelong, Frankston, Brisbane and the Gold
Coast, Canberra, Perth and Adelaide.  Also in 2007, Hutchison
launched X-Series -- a new Internet applications suite, handset
range and pricing structure.  Hutchison subscriber base
continues to climb sharply, rising by 22% in the year ended
December 2007.

Headquartered in New South Wales, Australia, Hutchison
Telecommunications (Australia) Limited --
http://www.hutchison.com.au/-- is engaged in the ownership and
operation of wideband code division multiple access (W-CDMA),
third-generation (3G) mobile network (branded 3) across the five
mainland capital cities and national capital, Canberra; the
ownership and operation of a code division multiple access
(CDMA) network (branded Orange) mobile in and around Sydney and
Melbourne, and a national paging and messaging service under the
Orange brand. 3 is part of the global telecommunication
operations of Hutchison Whampoa Limited.  In February 2006,
Hutchison re-branded its CDMA network to 3 CDMA.  3 CDMA
provides customer with voice and basic messaging services.  3
also provides a range of paging, messaging and portable
information services.

The Troubled Company Reporter-Asia Pacific, on Feb. 29, 2008,
included in its "Large Companies With Insolvent Balance Sheets"
Column Hutchison Telecommunication, with US$1443.69 million in
stockholders' equity deficit.

The company recorded a AU$759.4-million net loss for the 2006
fiscal year, compared with a AU$547.3-million loss for 2005.


KU-RING-GAI: Commences Liquidation Proceedings
----------------------------------------------
Ku-Ring-Gai Animal Hospital Pty. Ltd.'s members agreed on
Feb. 6, 2008, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed Mark
Waterhouse to facilitate the sale of its assets.

The liquidator can be reached at:

          Mark Waterhouse
          Einfeld Symonds Vince
          Chartered Accountants
          55 Market Street, Level 18
          Sydney, New South Wales 2000
          Australia

                     About Ku-Ring-Gai

Ku-Ring-Gai Animal Hospital Pty Ltd provides veterinary services
for animal specialties.  The company is located at Turramurra
North, in New South Wales, Australia.


LIFESTYLE CARE: Placed Under Voluntary Liquidation
--------------------------------------------------
Lifestyle Care Providers Pty. Ltd.'s members agreed on
Jan. 14, 2008, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed Robert Eugene
Murphy and David James Hambleton to facilitate the sale of its
assets.

The liquidators can be reached at:

          Robert Eugene Murphy
          David James Hambleton
          R.E. Murphy & Co., Chartered Accountants
          46 Edward Street, Level 9
          Brisbane, Queensland 4000
          Australia

                    About Lifestyle Care

Lifestyle Care Providers Pty. Ltd. provides management services.
The company is located at Shailer Park, in Queensland,
Australia.


MACQUARIE FORTRESS: Suffers AU$35 Million Loss
----------------------------------------------
The Macquarie Fortress Australia Notes Trust has reported a
AU$35 million first-half loss and said there were doubts about
its ability to remain a going concern, Sydney Morning Herald
says.  The listed fund, which is one of three highly geared
Macquarie Fortress funds, posted a AU$35.02 million loss for the
half year ended Dec. 31, 207, compared to an AU$8.4 million
profit in the previous first half.

According to the report, the Fortress funds, including a fund
listed in New Zealand and an unlisted Australian fund, were hurt
by the credit crunch in the US even if they were not directly
invested in US subprime mortgage debt.  The trustee of the
funds, Macquarie Fortress Investments, told Morning Herald that
the price volatility in the locally listed trust's portfolio of
credit investments was not related to defaults.  Instead,
volatility was caused by "supply/demand imbalances" in the
senior loan market as well as recent interest rate cuts in the
US.

"The directors continue to view the trust as a going concern and
the financial report has been prepared on that basis," Macquarie
Fortress said to Morning Herald.  "However, there are material
uncertainties that may raise doubt about the trust's ability to
continue as a going concern.

Macquarie Fortress further told Morning Herald that any
refinancing of the trust's portfolio would result in a
significant increase in funding costs, which would effect
interest payments, "if any", of the Fortress Notes.

The Macquarie Fortress Australia Notes Trust paid interest to
noteholders for the first half of 5.58c per note, up from 5.26c
in the previous corresponding period.

Macquarie Fortress earlier announced that it had breached loan
covenants for the third time this month, forcing it to sell
loans at a loss, Morning Herald says.

Macquarie Fortress Investments Limited is a wholly owned
subsidiary of Macquarie Bank Limited. Macquarie Fortress
Investments Limited is the Trustee of the Macquarie New Zealand
Fortress Notes Trust.  The Trust is engaged in making
investments in unlisted notes issued by a Cayman Island entity,
the return on which is linked to a leveraged portfolio of
the United States dollar denominated senior secured loans.


ORCHARD ADMINISTRATION: Members Resolve to Close Business
---------------------------------------------------------
Orchard Administration Services Pty. Limited's members agreed on
Feb. 5, 2008, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed Henry Kazar to
facilitate the sale of its assets.

The liquidator can be reached at:

          Henry Kazar
          Sims Partners
          Chartered Accountants
          6 Lonsdale Street, Level 1
          Braddon ACT 2612
          Australia

               About Orchard Administration

Orchard Administration Services Pty Limited provides business
services.  The company is located at Maddington, in Western
Australia, Australia.


RIVERTON GARDENS: Commences Liquidation Proceedings
---------------------------------------------------
Riverton Gardens Hotel-Motel (1997) Pty. Ltd.'s members agreed
on Jan. 25, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Angela Ann Gaffney to facilitate the sale of its assets.

The liquidator can be reached at:

          Angela Ann Gaffney
          c/o RSM Bird Cameron
          8 St Georges Terrace, 4th Floor
          Perth, Western Australia 6000
          Australia

                   About Riverton Gardens

Riverton Gardens Hotel-Motel (1997) Pty Ltd operates hotels and
motels.  The company is located at Riverton, in Western
Australia, Australia.


STOWPORT CONTRACTING: To Declare First Dividend on March 12
-----------------------------------------------------------
Stowport Contracting Pty. Ltd. will declare first dividend for
its priority creditors on March 12, 2008.

Priority creditors are required to file their proofs of debt by
March 11, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          R. G. Shoobridge
          Deloitte Touche Tohmatsu
          Chartered Accountants
          22 Elizabeth Street
          Hobart, Tasmania 7000
          Australia
          Telephone:(03) 6237 7000

                 About Stowport Contracting

Stowport Contracting Pty. Ltd. provides business services.  The
company is located at Stowport, in Tasmania, Australia.


STUMPLEE PTY: Members to Hear Wind-Up Report on March 10
--------------------------------------------------------
Robert Caldwell, Stumplee Pty. Ltd.'s appointed estate
liquidator, will meet with the company's members at 10:00 a.m.
on March 10, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Robert Caldwell
          Caldwell Business Partners
          Jetty Village Shopping Centre, Suite 12
          361 Harbour Drive
          Coffs Harbour, New South Wales 2450
          Australia

                     About Stumplee Pty.

Stumplee Pty. Ltd. is a distributor of burls and wood.  The
company is located at Gloucester, in New South Wales, Australia.


STYLE IMPORTS: Creditors to Receive Wind-Up Report on March 14
--------------------------------------------------------------
P. A. Lucas, Style Imports Pty. Ltd.'s appointed estate
liquidator, will meet with the company's members at 11:00 a.m.
on March 14, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          P. A. Lucas
          P. A. Lucas & Co., Chartered Accountants
          100 Edward Street, Level 8
          Brisbane, Queensland
          Australia

                    About Style Imports

Style Imports Pty Ltd provides business services.  The company
is located at Underwood, in Queensland, Australia.


ZINIFEX: Assures No Job Losses in Century Mine
----------------------------------------------
Zinifex Limited told ABC News that there should not be any job
losses at the Century mine in northwest Queensland, Australia,
as a result of its announced merger with Oxiana Limited.  The
friendly deal between the two mining companies will see the new
company as the world's second largest zinc producer, ABC News
says.

Both companies are recommending shareholders support for the
deal, the report says.

The general manager in Century, John Lamb, told ABC News that
1,200 people are employed at the site and the deal will only
mean more opportunities for staff to progress in a larger
company.

"On the operating mines, particularly the big ones like Century,
it's business as usual," Mr. Lamb said to ABC News.  "The merger
for most of our people is unlikely to change their roles at
all."

Mr. Lamb added that Century is Zinifex's largest asset and it
will still be the largest asset in the combined company, ABC
News reports.

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.

                        *     *     *

As reported on Mar 5, 2008, 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.




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


CHINA EASTERN: Strategic Investors Quest Continues
--------------------------------------------------
China Eastern Airlines Corp. will continue seeking strategic
investors to make its air transport business more competitive,
Xinhua News Agency reports.  The airline company is actively
pursuing cooperation opportunities with Shanghai Airlines and
Eva Airways Corp. of Taiwan.

"Our goal remains unchanged.  China Eastern is persistent in
bringing in strategic investors to upgrade corporate management,
improve capital structure and make the company more
competitive," Li Jun, China Eastern's vice-president, told
Xinhua News.  "It's an evitable option that goes in line with
the development trend and requirements of domestic aviation
industry."

China Eastern rejected a wide-ranging alliance proposal from
China National Aviation Corp. (Group) in Feb. 26, a move
analysts said could close the door for an alliance between China
Eastern and Air China, Xinhua News recalls.

Xinhua News also notes that in Jan. 8, China National Aviation
successfully blocked China Eastern's proposed sale of
1.88 billion H shares, or a 24% stake, to Singapore Airlines and
Lentor Investments, a unit of Singapore government investment
arm Temasek Holdings.

The recaptilization of China Eastern has caused widespread
attention and speculation in China and abroad since it signed a
preliminary deal with the Singapore side last September, Xinhua
News says.

                     About China Eastern

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

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

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


CHINA EASTERN: China National Responds to Proposal Rejection
------------------------------------------------------------
After days of silence, China National Aviation Corp. (Group) has
responded to China Eastern Airlines Corp.' rejection of its
offer to buy into the Shanghai-based carrier, Xinhua News Agency
reports.

A China National source told Xinhua News that it has always been
"sincere about the possible establishment of a strategic
partnership" with China Eastern, and "hopes the CEA board to
study the proposal earnestly and consider it prudently."

Earlier reports said that observers believed China Eastern's
rejection could close the door for an alliance between China
Eastern and Air China Ltd., China's largest airlines by fleet
size.

Responding to the rejection, China National said the reason why
the China Eastern board made such a decision was that the two
sides had not yet had the chance to hold wide-ranging and deep
discussions on the bid, Xinhua News relates.

China National invited China Eastern to discuss every detail of
the proposed equity cooperation so as to finalize the related
scheme, Xinhua News says.

A source with the board of China Eastern's listing arm told
Xinhua News that it "is willing to study any sincere bid that
conforms with legal procedures and is better than Singapore
Airlines offer".

But, Xinhua News recalls that in a much earlier statement China
Eastern said, "In the whole process of proposal-making and with
the communications method, China National has never showed any
sincerity and deep and thorough planning for our cooperation".

China National also said to Xinhua News that when it prescribed
its bidding price, it took into consideration China Eastern's
financial status and the possible collaboration effect of the
proposed alliance between the two airlines.

CNAC believed upon the implementation of the proposal, China
Eastern's financial situation would be improved and operation of
both companies would be optimized, Xinhua News reports.

The Hong Kong-based CNAC is the wholly owned subsidiary of China
National Aviation Holding Co., parent of Air China Ltd.

                    About China National

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

                       About Air China

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

                     About China Eastern

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

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

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


CHINA MINSHENG: Holds US$10 Million Subprime Investments
--------------------------------------------------------
China Minsheng Banking Corporation Ltd. said it held US$10
million of securities backed by U.S. subprime loans at the end
of last year, Bloomberg News reports.

The securities, rated A or higher, represented 0.05% of the
company's outstanding bond investments, Bloomberg says, quoting
Minsheng Bank during its annual report.  The impact on full-year
profit was almost "negligible" as interest and payments on the
investments are "normal" and ratings are unchanged.

Minsheng Bank, founded by 59 private investors including pig-
feed tycoon Liu Yonghao, is China's first privately owned bank,
Bloomberg notes.  The bank expects loan growth to slow to 17%
this year from 18% in 2007 as the government clamps down on
lending after identifying overheating and inflation as big
economic risks.

Meanwhile, Lehman Brothers analyst Lucy Feng cut Minsheng Bank's
target price to CNY15.85 from CNY17.36 to reflect lower loan
growth assumptions due to tight monetary policy in 2008,
Bloomberg says.

Minsheng Bank, with 327 outlets in China, plans to add about
60 new branches on the mainland this year and set up
representative offices in Tokyo, London and Singapore within two
years, the bank told Bloomberg.

                    About China Minsheng

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".


CIRCUS HOLDINGS: Creditors Meeting Fixed for March 10
-----------------------------------------------------
The creditors of Circus Holdings Limited will have their
meeting on March 10, 2008, at Room 602, 447 Lockhart Road, in
Hong Kong to hear the liquidator's report on the company's wind-
up proceedings and property disposal.

The liquidator's name and address were not disclosed.


FINESTYLE MARITIME: Members & Creditors' Meeting on April 1
-----------------------------------------------------------
Finestyle Maritime Services Limited will hold a joint meeting
for its members and creditors at 11:00 a.m. on April 1, 2008.
During the meeting, the company's liquidators, Stephen Lui Yiu
Keung and Robert Armor Morris at 18th Floor, Two International
Finance Centre, 8 Finance Street, Central, in Hong Kong, will
provide the attendees with property disposal and winding-up
reports.

The company's liquidators can be reached at:

           Stephen Lui Yiu Keung
           Robert Armor Morris
           18th Floor
           Two International Finance Centre
           8 Finance Street
           Central, Hong Kong


JIANGXI COPPER: To Step Up Smelting to Achieve Production Goal
--------------------------------------------------------------
Jiangxi Copper Co. will speed up smelting to redeem lost output
caused by the harshest winter weather in five decades, Chairman
Li Yihuang told China Knowledge.

Mr. Li said the full-year target was set to produce up to
700,000 tons of copper, up 26% from the previous year, to
satisfy the surging demand in the world's largest copper
consumer, China Knowledge reports.

According to the report, the snow crisis in South China was
estimated to have reduced production of refined copper by as
much as 40,000 tons.  Jiangxi Copper has forced to cut smelting
capacity and close several mines last month due to a lack of
power and transportation delays of raw materials.

In 2007, China totally consumed 4.56 million tons copper,
accounting for 25.2% of the global consumption, China Knowledge
says.

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

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


KENSON PROPERTIES: Members Final General Meeting on March 18
------------------------------------------------------------
The members of Kenson Properties Limited will have their final
general meeting on March 18, 2008, at Rooms 1621-33, 16th Floor,
Sun Hung Kai Centre, 30 Harbour Road, 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:

         Ng Hoi Yue Herman
         Rooms 1621-33, 16th Floor
         Sun Hung Kai Centre
         30 Harbour Road, in Hong Kong


MID-ASIA: Members Meeting Fixed for March 31
--------------------------------------------
The members of Mid-Asia Union Investment Limited will have their
final general meeting on March 31, 2008, at Unit 2006, 20th
Floor, One Pacific Place, 88 Queensway, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators can be reached at:

         Stephen Liu Yiu Keung
         Robert Armor Morris
         Unit 2006, 20th Floor
         One Pacific Place
         88 Queensway, in Hong Kong


PROFIT CENTURY: Creditors Meeting Fixed for March 31
----------------------------------------------------
The creditors of Profit Century Finance No. 2 Limited will have
their final general meeting on March 31, 2008, at 8th Floor,
Gloucester Tower, The Landmark, 15 Queen's Road Central, 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:

         Iain Fegurson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central Hong Kong


TEXBLOOM LIMITED: Creditors' Proofs of Debt Due on March 31
--------------------------------------------------------
The creditors of Texbloom 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. 21, 2008.

The company's liquidators are:

         Au Wing Fai
         Ng Wai Hong
         Rooms 903-908
         9th Floor
         Kai Tak Commercial Building
         317-319 Des Voeux Road Central, Hong Kong


UNIWAY ASSETS: Creditors' Proofs of Debt Due on March 31
--------------------------------------------------------
The creditors of Uniway Assets 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. 18, 2008.

The company's liquidators are:

         Lai Tak Shing Jonathan
         Chan Yuen Bik
         31st Floor, Gloucester Tower
         The Landmark
         11 Pedder Street, Central, Hong Kong


WEALTH DRAGON: Creditors' Proofs of Debt Due on March 29
--------------------------------------------------------
The creditors of Wealth Dragon Trading Limited are required to
file their proofs of debt by March 29, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 15, 2008.

The company's liquidator is:

         Chan Wing Kit
         Flat A, 16th Floor
         United Centre
         95 Queensway, Hong Kong


XINHUA FINANCE: China Works To Settle Row
-----------------------------------------
China will work within World Trade Organization rules to settle
complaints that foreign financial information providers are
being unfairly treated, Shanghai Daily reports.  The European
Union and the U.S. complained to the WTO that foreign
information suppliers like the Reuters Group, Dow Jones and
Bloomberg are unfairly treated in China.

In 2006, China introduced rules requiring foreign data providers
to run their business through the Xinhua news agency, the EU and
the US told Shanghai Daily.  It was against WTO principles that
Xinhua was both the judge and an industry player, they added.

"As a WTO member, China respects the choice of other WTO
members," China's Ministry of Commerce said on its Website.
"China will seriously study the consultation request and deal
with it according to WTO procedures."

Under WTO rules, both sides should try to resolve the complaint
within 60 days, Shanghai Daily notes.  Otherwise, the EU and the
US can ask the WTO to establish an investigative panel.

"Xinhua is a news agency.  Unlike the government, it cannot take
restrictive actions or measures," said Liu Binjie, the director
of China's General Administration of Press and Publications, as
quoted by Shanghai Daily.

                      About the Company

Xinhua Finance Limited is China's premier financial information
and media service provider and is listed on the Mothers Board of
the Tokyo Stock Exchange (symbol: 9399) (OTC ADRs: XHFNY).
Bridging China's financial markets and the world, Xinhua
Finance's proprietary content platform, comprising Indices,
Ratings, Financial News, and Investor Relations, serves
financial institutions, corporations and re-distributors
worldwide.  Through its subsidiary Xinhua Finance Media Limited,
XFL leverages its content across multiple distribution channels
in China including television, radio, newspaper, magazine and
outdoor media.  Founded in November 1999, XFL is headquartered
in Shanghai, with offices and news bureaus spanning 11 countries
worldwide.

                        *     *     *

Moody's Investors Service upgraded Xinhua Finance Limited's
corporate family rating and senior unsecured bond rating to B1
from B2.  This concludes the review for possible upgrade, which
began on March 15, 2007.  Moody's said the outlook for both
ratings is stable.


YAU FUNG TOURS: Members & Creditors' Meeting on March April 1
-------------------------------------------------------------
Yau Fung Tours & Transportation Company Limted will hold a joint
meeting for its members and creditors at 11:00 a.m. and 11:30
respectively, on April 1, 2008.  During the meeting, the
company's liquidator, Leung Mun Yee Ruby at 5th Floor, Ho Lee
Commercial Building, 38-44 D'Aguilar Street, Central, in Hong
Kong, will provide the attendees with property disposal and
winding-up reports.

The company's liquidator can be reached at:

           Leung Mun Yee Ruby
           Ho Lee Commercial Building
           38-44 D'Aguilar Street
           Central, in Hong Kong




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


DECCAN AVIATION: Lists Agenda of March 18 Shareholders Meeting
--------------------------------------------------------------
As previously reported by the Troubled Company Reporter-Asia
Pacific, Deccan Aviation Ltd. scheduled an Extraordinary General
Meeting of its members on March 18, 2008.

Deccan Aviation said that during the meeting, it will seek the
shareholders' approval for further issue of capital, increase in
authorized share capital, and consequential amendments to the
Memorandum of Association.

In an update, Deccan Aviation listed the specific businesses the
shareholders will transact on March 18.  According to the
carrier, the shareholders will consider approving the board of
directors' proposal to:


   -- raise INR1,600 crore through the issuance or allotment of
      securities in the domestic or foreign market.

   -- increase the company's authorized share capital from
      INR150 crore to INR500 crore.

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the INR3.41-
billion loss incurred in FY 2006.


ESSAR OIL: Unit Bags E&P Block in Vietnam; To Invest US$60 Mil.
---------------------------------------------------------------
Essar Oil Ltd.'s proposed subsidiary Essar Exploration &
Production Ltd, Mauritius, has been awarded an Offshore block in
the Song Hong basin, Vietnam, by the Government of Vietnam.  The
block was offered under the recent Licensing Round offering 7
offshore blocks.

Admeasuring approximately 5925 sq km, it is a shallow water
block with average water depth of 60 to 70 meters, Essar Oil
relates.

According to the company, the minimum work program for the block
envisages detailed geological and geophysical studies,
reprocessing of selected existing 2D seismic data, acquisition,
processing and interpretation of fresh 3D seismic of 1000 sq km,
and drilling of two exploratory wells with 3500 m target depth.
The exploration phase is estimated to last five years and the
investment for this program will be approximately US$60 million.


As previously reported by the Troubled Company Reporter-Asia
Pacific, Essar Oil has decided to consolidate its upstream
exploration production activities under the proposed unit.  The
move is aimed at building a strong fully integrated oil company
having upstream, refining, and downstream marketing activities.

Currently, the company is still in the process of consolidating
the activities.  The company says that after the exercise, it
will have eight Oil & Gas blocks and one Coal Bed Methane block.
This includes onshore blocks in Madagascar; an offshore block in
Nigeria; on shore block in Mehsana, Gujarat; a Coal Bed Methane
block in Raniganj, West Bengal; the offshore field Ratna & R
Series and two onshore blocks in Assam.

                       About Essar Oil

Headquartered in Jamnagar, India, Essar Oil Limited --
http://www.essar.com-- is engaged in the exploration,
production and marketing of oil and gas.  The company's
principal activities are to develop, explore, produce, and
refine oil and gas.  Vadinar Power Company Limited is a wholly
owned subsidiary of the company.

On August 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65 billion and INR2 billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


HDFC BANK: Shareholders to Consider Centurion Merger on March 27
----------------------------------------------------------------
HDFC Bank Ltd.'s shareholders will hold an an Extraordinary
General Meeting on March 27, 2008, to consider approving the
proposed merger between the bank and Centurion Bank of Punjab
Ltd.

The Scheme of Amalgamation between the two banks, among others,
proposes for a 1:29 share swap ratio -- one equity share of
INR10 each of HDFC Bank for every 29 shares of INR1 each held in
Centurion Bank of Punjab.

The ratio was determined by by Ernst & Young Pvt. Ltd. and M/s.
Dalal & Shah, Chartered Accountants in their joint valuation
report.  After due diligence, HDFC Bank's board of directors and
that of Centurion Bank reaffirmed the swap ratio .

Shareholders will also consider, at the meeting, approving the
issue , on preferential basis, 2,62,00,220 equity shares and/or
other instruments (e.g., warrants convertible into equity
shares) at INR1,530.13 to:

   -- Housing Development Finance Corporation Ltd.,
   -- HDFC Investments Ltd and/or HDFC Holdings Ltd., and/or
   -- Home Loan Services India Private Ltd.

HDFC Bank's board proposed the preferential issue to maintain
its promoter's shareholding percentage in the bank.

On March 27, the shareholders are also scheduled to give their
accord on the proposed increase of HDFC Bank's Authorised Share
Capital from INR450,00,00,000 divided into 45,00,00,000 equity
share of INR10 each, to INR550,00,00,000 divided into
55,00,00,000 equity shares of INR10 each, ranking pari-passu
with the existing equity shares issued by the bank.

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 22, 2008, Standard & Poor's Ratings Services assigned these
ratings to HDFC Bank's proposed debt issues under the
US$1-billion medium-term notes program:

   -- 'BB+' rating to the lower Tier II subordinated notes to be
       issued; and

   -- 'BB' rating to the upper Tier II subordinated and hybrid
       Tier I notes to be issued.


ICICI BANK: Incurs US$50 Mil. in Investment Losses This Quarter
---------------------------------------------------------------
ICICI Bank Ltd. Joint Managing Director Chanda Kochhar said that
the bank incurred US$50 million of investment losses this
quarter in addition to the US$70 million provided for in the
prior quarter.

According to various reports, the government said ICICI Bank
lost US$264 million on account of the sub-prime crisis.

Bloomberg News quoted  Junior Finance Minister Pawan Kumar
Bansal as saying, '"Following the subprime crisis overseas,
ICICI Bank's overseas operations had reported marked-to-market
losses of [US]$264.34 million on account of its exposure to
credit derivatives and investments as on" Jan. 31, 2008."

The bank doesn't have direct exposure to any sub-prime assets,
moneycontrol.com quoted Ms. Kochnar as saying in reaction to the
statement.  At the current quarter, the bank incurred market-to-
market loss of US$50 million from investments in Indian
corporates, Ms. Kochnar explained.

According to Reuters, the Joint Managing Director further added,
"The rest of the amount that is calculated is actually notional
and not going to hit the profit and loss account."

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                        *     *     *

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


ICICI BANK: Opens First New York Branch
---------------------------------------
ICICI Bank Limited has inaugurated its New York branch in
midtown Manhattan.  This is consequent to the bank's approval
from the U.S. regulators to commence operations as a Federal
branch in New York City.

The New York branch, subject to applicable guidelines, will
offer a suite of banking services including working capital,
acquisition finance, trade service and treasury solutions to
corporates and savings products to qualified individuals.

K. V. Kamath, Managing Director and CEO, ICICI Bank Limited,
said, "India's growth momentum and its trade relationship with
U.S. has reached an inflexion point.  ICICI Bank's entry into
the U.S. market provides it with a great platform to service the
various opportunities arising from this paradigm shift."

Sonjoy Chatterjee, Executive Director, responsible for Corporate
& International Banking, at ICICI Bank Limited said, "The New
York branch completes our strategy to be present across all
major financial centres.  Our initial focus will be on corporate
cross border opportunities and the local banking needs of
Indians coming to work in the U.S.  This is an exciting period
for the Bank as it pursues its aspiration to be a truly
global bank."

The branch is well positioned to channel investment activities
of Indian companies in the U.S. and vice-versa of U.S. companies
in India.  The bank is simultaneously planning to leverage its
presence in New York to significantly ramp up its India based
NRI services to Non-Resident Indians residing in the U.S.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                        *     *     *

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


PRIDE INTERNATIONAL: Earns US$784.3 Million in 2007
---------------------------------------------------
Pride International Inc. reported net income of US$135.0 million
for the three months ended Dec. 31, 2007, compared to net income
of US$68.9 million for the same period in 2006.

Results for the fourth quarter of 2007 included income from
discontinued operations of US$17.3 million primarily
representing three tender-assist rigs that the company agreed to
sell in August 2007 for US$213 million in cash.  The sale of the
three units was completed during the first quarter of 2008.  In
the fourth quarter of 2006, income from discontinued operations
was US$36.9 million.

For the full year of 2007, net income was a record US$784.3
million.  The results reflected a gain of US$268.6 million
resulting from the sale of the company's Latin America Land and
E&P Services segments in August 2007.

Cash flow from operating activities totaled US$685.0 million for
the 12 months ended Dec. 31, 2007, while capital expenditures
were US$656.4 million, including US$315.9 million invested in
two advanced capability, ultra-deepwater drillships currently
under construction.  The company expected capital expenditures
for the 12 months ended Dec. 31, 2008 to be US$995 million, with
an estimated US$610 million relating to the ultra-deepwater
drillship construction projects, including a third project
announced in January 2008.

Total debt at Dec. 31, 2007 was US$1,191.5 million, while net
debt (total debt less cash and cash equivalents of US$890.4
million) was US$301.1 million.

Louis A. Raspino, President and Chief Executive Officer of Pride
International, Inc., stated, "We achieved record financial
performance in 2007, with continued excellent operational
execution and safety results.  Equally important, and specific
to our transition to a pure focus offshore drilling company, we
achieved a number of strategic initiatives during 2007 and early
2008, including the disposal of approximately US$1.3 billion of
non-strategic assets and the addition of three ultra-deepwater
drillships currently under construction, which are expected to
be available in 2010 and 2011.  With the three projects, the
company has now committed approximately US$2.8 billion since
2005 to the expansion of its deepwater presence.  In addition,
we have secured attractive, multi-year contracts on two of our
new drillships.

"We believe our investments in the deepwater market sector are
timely, as we continue to witness exceptional activity levels
with growing evidence that suggests the strong industry demand
for deepwater capacity could remain well beyond 2010.  Since the
beginning of 2008, we have secured or extended contracts for
four rigs representing revenues in excess of US$3.3 billion,
inclusive of performance bonus opportunities, and totaling 22
rig years.  With the recent contract extensions for the
semisubmersible rigs Pride Rio de Janeiro and Pride Portland, we
now have earnings visibility to 2017 and our total backlog of
contracts is approaching a record US$8 billion, before
performance bonus opportunities, representing an estimated 140
percent of our current market capitalization.  This revenue
backlog and the resulting expected cash flow represents a solid
financial base to support further growth initiatives and offers
the company valuable flexibility as we evaluate and execute
strategies that increase shareholder value."

                Offshore Drilling Segment Results

The company's Offshore Drilling Segment reported revenues for
the three months ended December 31, 2007 of US$473.8 million,
compared to US$509.7 million in the third quarter of 2007, while
earnings from operations were US$202.3 million, compared to
US$212.2 million over the same comparative period.  Results for
the quarter were negatively impacted by planned out-of-service
time, repairs and maintenance involving several rigs in the
company's deepwater, midwater and jackup fleets, resulting in a
slight decline in fleet utilization to 72 percent in the fourth
quarter of 2007 from 75 percent in the previous quarter of 2007.
The earnings decline was partially offset by lower operating
costs, which fell to US$242.9 million in the fourth quarter of
2007, from US$250.4 million in the third quarter of 2007.  The
three percent decline was attributable to reduced activity in
both the company's jackup rig fleet, resulting in part from the
mobilizations of two jackup rigs to Mexico from the U.S. Gulf,
and the midwater rig fleet, resulting from shipyard programs on
two rigs.


                    About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2007, Standard & Poor's Ratings Service raised its
corporate credit rating on offshore contract drilling firm Pride
International Inc. to 'BB+' from 'BB'.  At the same time, S&P
raised the rating on the company's unsecured debt to 'BB+' from
'BB-'.  S&P said the outlook is stable.


PRIDE INTERNATIONAL: Uncovers Evidence of Bribery
-------------------------------------------------
Pride International Inc. has found evidence that company
officials, from 2001 through 2005, made improper payments to
government officials of some countries, including Mexico and,
Venezuela, to handle customs, immigration and tax issues,
published reports say.

According to a U.S. Securities and Exchange Commission filing,
the payments were used to clear jack-up rig and equipment
through customs in Mexico and to get extensions on drilling
contracts in Venezuela, Bloomberg News reports.  The Venezuelan
and Mexican payments amounted to less than US$1 million.

Tom Fowler of Houston Chronicle relates that the company also
discovered evidence suggesting that payments totaling less than
US$2 million were directly or indirectly made from 2001 to 2005
to government officials in Saudi Arabia, Kazakhstan, Brazil,
Nigeria, Libya, Angola, and the Republic of the Congo.

Reports say that Pride's management and the audit committee
deemed that senior operations management knew or should have
known the improper payments.  The company's former COO quit his
job in 2006, and will stay as a worker during the investigation
to assist inquiries and answer questions.  Others have been
terminated, resigned, or placed on leave.

The company would likely face fines, and civil and criminal
penalties Civil penalties under anti-bribery provisions; and
fines and sanctions from foreign jurisdictions, reports state.

                  About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2007, Standard & Poor's Ratings Service raised its
corporate credit rating on offshore contract drilling firm Pride
International Inc. to 'BB+' from 'BB'.  At the same time, S&P
raised the rating on the company's unsecured debt to 'BB+' from
'BB-'.  S&P said the outlook is stable.


QUEBECOR WORLD: Creditors' Committee Taps Mesirow as Advisor
------------------------------------------------------------
The Official Committee of Unsecured Creditors in the bankruptcy
case of Quebecor World Inc. and its debtor-affiliates seeks
permission from the U.S. Bankruptcy Court for the Southern
District of New York to retain Mesirow Financial Consulting,
LLC, as its financial advisors, nunc pro tunc to Feb. 1, 2008.

According to Madeleine Fequeire, director of Abitibi-
Consolidated Sales Corp. and co-chairperson of the Committee,
the panel needs assistance in collecting and analyzing financial
and other information in relation to the Debtors' chapter 11
cases.

Mesirow is a financial services firm headquartered in Chicago,
and is a primarily employee-owned, private company with more
than 1,100 employees working across the USA and Puerto Rico.

As financial advisor to the Committee, Mesirow is expected to:

  (a) review reports or filings required by the Court or the
      Office of the United States Trustee, including schedules
      of assets and liabilities, statements of financial affairs
      and monthly operating reports;

  (b) review and analyze legal entity relationships, including
      analyzing issues, which may be raised regarding
      substantive consolidation and accounting for intercompany
      transactions and balances;

  (c) review the Debtors' financial information, including
      analyzing cash receipts and disbursements, financial
      statement items and proposed transactions for which
      Bankruptcy Court approval is sought;

  (d) review and analyze report regarding cash collateral and
      any debtor-in-possession financing arrangements and
      budgets;

  (e) evaluate potential employee retention and severance;

  (f) assist in identifying and implementing potential cost
      containment opportunities;

  (g) assist with identifying and implementing asset
      redeployment opportunities;

  (h) analyze assumption and rejection issues regarding
      executory contracts and leases;

  (i) review and analyze the Debtors' proposed business plans
      and their business and financial condition generally;

  (j) review and critique the Debtors' financial projections
      and assumptions;

  (k) assist in preparing documents necessary for confirmation;

  (1) advise and assist the Committee in negotiations and
      meetings with the Debtors, the bank lenders and other
      stakeholders;

  (m) advise on the tax consequences of proposed plans of
      reorganization;

  (n) assist with the claims resolution procedures, including
      analyses of creditors' claims by type and entity;

  (o) provide litigation consulting services and expert witness
      testimony regarding confirmation issues, avoidance actions
      or other matters; and

  (p) provide any other functions as may be requested by the
      Committee or its counsel to assist the Committee in the
      Debtors' Chapter 11 cases.

Mesirow's current normal and customary hourly rates are:

  Level                                   Hourly Rates
  -----                                   ------------
  Senior Managing Director,
     Managing Director and Director       $650 - $690
  Senior Vice-President                   $550 - $620
  Vice President                          $450 - $520
  Senior Associate                        $350 - $420
  Associate                               $190 - $290
  Paraprofessional                        $150

The Committee wants the Debtors to indemnify Mesirow from
liabilities and claims related to its engagement, except those
arising from the firm's gross negligence and willful misconduct.

Leon Szlezinger, managing director of Mesirow, says that his
firm is a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code, and does not hold or
represent any interest adverse to the Debtors' estates or of any
class of creditors or equity security holders.

The firm can be reached at:

            Leon Szlezinger, Managing Director
            Mesirow Financial Consulting, LLC
            350 North Clark Street
            Chicago, IL 60610
            Tel: (800) 453-0600
            http://www.mesirowfinancial.com/

                    About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

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


QUEBECOR WORLD: Creditors' Panel Wants Jefferies & Co. as Banker
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in the bankruptcy
case of Quebecor World Inc. and its debtor-affiliates seeks
permission from the U.S. Bankruptcy Court for the Southern
District of New York to employ Jefferies & Company, Inc., as its
investment banker, nunc pro tunc to Feb. 5, 2008.

The Committee believes that the services of an investment banker
are necessary and appropriate to enable it to evaluate the
complex financial and economic issues raised by the Debtors'
reorganization proceedings and to effectively fulfill its
statutory duties.  Madeleine Fequeire, director of Abitibi-
Consolidated Sales Corp. and co-chairperson of the Committee,
says that the Committee chose Jefferies because of the firm's
global expertise in providing investment banking services to
debtors and creditors in restructurings and distressed
situations.

Jefferies & Company, Inc., is an investment banking firm with
its principal office located at 520 Madison Avenue, 12th Floor
in New York.  Together with its subsidiaries, Jefferies Group
has approximately 2,500 employees in 30 offices around the
world.

Under an engagement letter dated Feb. 5, 2008, Jefferies is
expected to:

  (a) become familiar with and analyze the Debtors' business,
      business plan operations, assets, strategic plan,
      financial condition and prospects;

  (b) provide a valuation analyses of the Debtors if requested,
      the form of which will be as agreed upon by Jefferies and
      the Committee, and provide expert testimony relating to
      any valuation;

  (c) advise the Committee on the current state of the
      restructuring and capital markets;

  (d) assist and advise the Committee in examining and analyzing
      any potential or proposed strategy for restructuring or
      adjusting the Debtors' outstanding indebtedness or overall
      capital structure, whether pursuant to a plan of
      reorganization, capital raise, M&A transaction, a sale of
      assets or equity under section 363 of the Bankruptcy Code,
      a liquidation, or otherwise, assisting the Committee in
      developing its own strategy for accomplishing a
      restructuring;

  (e) assist and advise the Committee in evaluating and
      analyzing the proposed implementation of any
      restructuring, including the value of the securities, if
      any, that may be issued under any plan of reorganization;
      and

  (f) render other investment banking services as may from time
      to time be agreed upon by the Committee and Jefferies,
      including providing expert testimony on valuation, and
      other expert testimony and investment banking support
      related to DIP and exit financing, M&A and asset sale
      processes.

Jefferies will charge a $150,000 monthly fee.  The firm will
also seek a $3,500,000 transaction fee, which will be earned in
full upon substantial consummation of a chapter 11 plan that is
supported by the Committee.  Jefferies will credit 50% of all
monthly fees paid in excess of $900,000 against the transaction
fee.

Jefferies will seek reimbursement of all out-of-pocket expenses.

The Committee wants the Debtors to indemnify Jefferies from
liabilities and claims related to its engagement, except those
arising from the firm's gross negligence and willful misconduct.

Steven Strom, managing director of Jefferies, says that his firm
is a "disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code, and does not hold or represent
any interest adverse to the Debtors' estates or of any class of
creditors or equity security holders.

The firm can be reached at:

            Steven Strom, Managing Director
            Jefferies & Company, Inc.
            520 Madison Avenue, 12th Floor
            New York, New York 10022
            Tel; (212) 284-2300
            http://www.jefferies.com/

                    About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

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




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


ANEKA TAMBANG: 2007 Net Profit Jumps 230% to IDR5.121 Trillion
--------------------------------------------------------------
PT Aneka Tambang Tbk's 2007 net profit jumped 230% to
IDR5.121 trillion from a year earlier on higher sales, Antara
News reports.

According to the report, the company's sales climbed 1135 to
IDR12.008 trillion in 2007 from IDR5.629 trillion the year
before.

The company's operating profit jumped 168% to IDR4.65 trillion
from IDR1.737 trillion in 2006, the report notes.

In 2007, Antam allocated 40% of its net profit to pay a dividend
of IDR325.58 per share, Antara adds.

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Jan. 17, 2008, Moody's Investors Service has upgraded PT Aneka
Tambang (Persero) Tbk's corporate family rating to Ba3 from B1.
This concludes the review for possible upgrade which commenced
on October 22, 2007.

On Dec. 4, 2006, that Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Indonesian state-owned
miningcompany PT Antam Tbk. to 'B+' from 'B'.  The outlook is
stable.  At the same time, Standard & Poor's also raised to
'B+', from 'B', the rating on the senior unsecured notes issued
by Antam Finance Ltd. and guaranteed by Antam.


BEARINGPOINT INC: Bags US$115 Million Contract from U.S. Army
-------------------------------------------------------------
BearingPoint Inc. has been awarded a contract to support the
U.S. Army Medical Research and Materiel Command (MRMC), along
with eight other firms.  BearingPoint's contract is for
one year with four annual options, and has a maximum first year
value of US$21.7 million and an initial five year ceiling of
US$115 million.

The MRMC's mission is to deliver the best possible medical
solutions to protect, treat and heal U.S. service members.
BearingPoint will support this mission through proven enterprise
resource planning (ERP) and project management competencies
focused on the following areas:

    * medical research and logistics
    * information technology
    * product support
    * scientific and technological assessment support

The majority of the initial contract work will be performed at
Fort Detrick, Md., where MRMC is headquartered.  BearingPoint
currently supports MRMC in a variety of ways including advising
MRMC on how best to meet certain requirements mandated by the
Base Realignment and Closure Commission, and Oracle system
implementations.

"We're proud of our ongoing work for the Army, providing world-
class medical and technology consulting services," said Roger
Foxhall, managing director for BearingPoint's Defense Healthcare
team.  "We have the personnel and the track record to help MRMC
successfully meet its military medical readiness objectives."

Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE: BE)
-- http://www.BearingPoint.com/-- provides of management and
technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America
Dec. 11, 2007, Moody's Investor Service confirmed BearingPoint
Inc.'s B2 corporate family rating and assigned a negative rating
outlook.  The rating agency also downgraded the company's US$250
million Series A Subordinated Convertible Notes to Caa1 from B3
(LGD5, 86%) and US$200 million Series B Subordinated Convertible
Notes to Caa1 from B3 (LGD5, 86%).


BERAU COAL: Expects Rise in China Coal Exports
----------------------------------------------
PT Berau Coal expects to increase it china coal export to due to
surging demand, Dow Jones Newswires reports citing Marketing
Director Michiaki Furusho.

Mr. Furusho told the news agency that the company will produce
about 15 million (metric) tons this year from 12 million tons
(in 2007) and export about 60% of it, same as last year.

Gurdeep Singh of Dow Jones writes that Wang Xianzheng, deputy
director of the State Administration of Work Safety, said China
may see seasonal and regional coal shortages this year, with
coal prices likely to stay at high levels.  His comments add to
concerns that parts of China will suffer blackouts if power
companies can't secure enough supplies to run their plants at
maximum capacity, the same report relates.

China is still recovering from a power crisis after snowstorms
brought down power lines and prevented delivery trucks from
moving coal supplies around the country, the report adds.

                      About Berau Coal

Headquartered in East Kaliman, PT Berau Coal --
http://www.beraucoal.co.id/-- is Indonesia's fifth largest
producer and exporter of thermal coal.  It operates three active
mines at a single site in East Kalimantan.  It has estimated
resources of 654.2 million tons with probable reserves estimated
at 61.6mt and proven mineable reserves of 127.6mt.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 7, 2008, Fitch Ratings has affirmed PT Berau Coal's 'B+'
Long-term foreign and local currency Issuer Default Ratings, and
'A(idn)' National Long-term rating. The Outlooks for all ratings
remain Stable.  At the same time, Fitch affirmed the 'B+' senior
unsecured rating of Berau's US$325 million senior notes due in
2011.

On Dec. 27, 2006, that Standard & Poor's Ratings Services
assigned its 'B' corporate credit rating to PT Berau Coal
(Berau), a coal mining company in Indonesia.  The outlook is
stable.  At the same time, Standard & Poor's assigned its 'B'
rating to the US$325 million guaranteed senior secured notes
issued by Berau's wholly owned subsidiary, Empire Capital
Resources Pte. Ltd.  The notes are unconditionally and
irrevocably guaranteed by Berau.

On Dec. 15, 2006, Moody's Investors Service assigned a final B1
corporate family rating to PT Berau Coal.  At the same time
Moody's assigned a final B1 rating to the US$325 million bonds
issued by Empire Capital Resources Pte Limited and guaranteed by
Berau.  This follows the completion of a US$325 million bond
issuance, consisting of US$100 million five-year amortizing
senior secured floating rate notes and US$225 million five-year
bullet senior secured fixed rate bonds.  Moody's said the rating
outlook is stable.


GOODYEAR TIRE: Redeems US$650 Million Senior Notes Due 2011
-----------------------------------------------------------
The Goodyear Tire & Rubber Company has completed the redemption
of its outstanding US$650 million of senior secured notes due
2011.

The redemption will result, as previously indicated, in
annualized interest expense savings of approximately US$75
million to US$80 million, of which about US$65 million will be
realized in 2008.

"Eliminating this high-cost debt is an important step in our
debt reduction plan," said Goodyear's vice president and
treasurer, Damon J. Audia.  "Since January 2007, we have removed
more than US$3 billion in debt from our balance sheet."

The senior secured notes were comprised of US$450 million of
fixed rate notes, which bore interest at 11.25%, and US$200
million of floating rate notes, which bore interest at LIBOR
plus 825 basis points.

Mr. Audia also confirmed the company's previously announced
intention to repay US$100 million in 6 3/8 % notes when they
mature on March 17, 2008.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear's operations are located in Argentina,
Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica,
Peru, Russia, among others.  Goodyear employs more than 80,000
people worldwide.

                        *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  The ratings still apply to
date.


PERUSAHAAN GAS: To Build 3 LNG Receiving Terminals for US1.67BB
---------------------------------------------------------------
PT Perusahaan Gas Negara is planning to build three liquified
natural gas (LNG) receiving terminals at a combined cost of
US1.67 billion, Antara News reports, citing Company President
Sutikno.

According to the report, the company will build one LNG
receiving terminal in West and East Java, and in North Sumatra's
town of Medan, which will cost approximately US$650 million,
US574 million, and US446 million, respectively.

The West Java terminal, the report relates, will be build in
three stages -- the first stage with a capacity to store 200
million standard cubic feet per day of gas is expected to be
completed in 2012.  The second stage with the same capacity is
expected to be completed in 2018, while the third stage with a
capacity to store 400 mmscfd is expected to be completed in
2024, the same report notes.

Antara reports that the West terminal will be be constructed in
two stages -- the first stage with a capacity to store 200
mmscfd of gas is expected to be completed in 2011 and the second
stage with a capacity of 200 mmscfd would be finalized in 2017.

Moreover, the last terminal in North Sumatra's town of Medan
will have a capacity to store 200 mmscfd of gas, and is expected
to start commercial operations in 2011, pending the completion
of a gas pipeline linking the towns Duri and Medan, the report
says.

Mr. Sutikno told the news agency that the company plans to buy
gas from the Bontang LNG project in East Kalimantan as well as
West Papua's Tangguh LNG project, which will be piped to the
above mentioned LNG receiving terminals.

Sutikno also said PGN expects its gas sales volume to hit 716
mmscfd this year compared to 413 mmscfd at the end of last year,
Antara relates.

Antara recounts that PGN recently secured contracts to purchase
gas from 15 producers, including Pertamina, ConocoPhilips,
Lapindo Brantas, BP Muara Karang, Kodeco, Santos Ltd and Husky
Oil, with a total volume of 1,063.3 mmscfd.  Mr. Sutikno expects
the new contracts to begin supplying gas from 2010, the same
reports adds.

                   About Perusahaan Gas

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk
-- http://www.pgn.co.id/-- is a gas and energy company that is
comprised of two core businesses: distribution and transmission.
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.  The company is 59.4% owned by the
Government of Indonesia.

The Troubled Company Reporter-Asia Pacific reported on
Dec. 26, 2007, that Standard & Poor's Ratings Services has
raised its corporate credit ratings on PT Perusahaan Gas Negara
(Persero) Tbk. to 'BB-' from 'B+'.  The outlook on the rating is
stable.  At the same time, Standard & Poor's has raised the
rating on the senior unsecured debt issued by PGN Euro Finance
2003 Ltd. (guaranteed by PGN) to 'BB-' from 'B+'.

On Jan. 18, 2007, Moody's Investors Service affirmed the Ba2
corporate family rating of PT Perusahaan Gas Negara (Persero)
Tbk.  At the same time, Moody's affirmed the Ba3 debt ratings of
PGN Euro Finance 2003 Ltd, which is guaranteed by PGN.  The
ratings outlook is stable.  This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.


PERUSAHAAN LISTRIK: Government Delays Launch of Billing System
--------------------------------------------------------------
PT Perusahaan Listrik Negara has not implemented the
'progressive rate bill' originally planned to take effect this
month, various reports say.

According to The Post, the Indonesian government ordered the
postponement of the system.  Purnomo Yusgiantoro, energy and
mineral resource minister, said the government has to
familiarize the public first before the official launch, the
same report relates.

Under the new policy, Tempo Interactive explains, electricity
consumers who use above 80% of the standard amount-set by the
government-will be charged a more expensive tariff, 1.6 times
the normal tariff.  However, customers will enjoy 20% discount
of electricity bill if their use is less than 80% of the
standard, Tempo notes.

Mr. Purnomo told Tempo that the policy was aimed at directing
the subsidy to reach the right target.  It is also estimated to
help the government save as much as IDR10 trillion from its fuel
subsidy, The Post relates.

Ika Krismantari of The Post writes that lawmakers were somehow
opposed to the plan, saying it needed further study and approval
from the House before it could be put into effect.  PLN
president director Eddie Widiono, however, was concerned the
delay would impact on the company's financial performance
because of huge amounts of subsidy the company had to bear, The
Post notes.

                 About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero).  The outlook
is stable.  At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.


TOBA PULP: Hires Dedy Sutanto as President Commissioner
------------------------------------------------------
PT Toba Pulp Lestari Tbk appointed Dedy Sutanto as its President
Commissioner replacing Mr. Leonardy Halim, Reuters Investing
Keys reports.

According to the report, the company also hired Roli Arifin as
President Director replacing Mr. Subhash Chander Paruthi.

The company's appointments took effect on February 19, 2008.

PT Toba Pulp Lestari Terbuka's -- http://www.tobapulp.com--
principal activities are the manufacture of pulp and viscose
rayon, the manufacture of all products made up from pulp and
market the products. The group's products are marketed both
internationally and internationally including Asia, the Middle
East, Europe and others. Rayon fiber accounted for 90% of 2000
revenues; chemicals, 9% and pulp, 1%.

Troubled Company Reporter - Asia Pacific reports on February 29,
2008 that Toba Pulp has a shareholders' deficit of US$198.86
million.


TOBA: Pinnacle Company Completes Tender Offer to Acquire Stake
-------------------------------------------------------------
Pinnacle Company Limited has completed the tender offer to
acquire PT Toba Pulp Lestari Tbk's shares, Reuters Investing
Keys reports.

According to the report, Pinnacle Company has acquired
1,244,369,130 shares, or equivalent to 93.8% shareholding.

The shares were purchased at the price of IDR870 per share, the
report adds.

PT Toba Pulp Lestari Terbuka's -- http://www.tobapulp.com--
principal activities are the manufacture of pulp and viscose
rayon, the manufacture of all products made up from pulp and
market the products. The group's products are marketed both
internationally and internationally including Asia, the Middle
East, Europe and others. Rayon fiber accounted for 90% of 2000
revenues; chemicals, 9% and pulp, 1%.

Troubled Company Reporter - Asia Pacific reports on
Feb. 29, 2008 that Toba Pulp has a shareholders' deficit of
US$198.86 million.




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


ALITALIA SPA: Air France-KLM Eyes Stake in Flight & Ground Units
----------------------------------------------------------------
Air France-KLM S.A. plans to present a binding offer for
Alitalia S.p.A.'s AZ Fly unit and a fraction of AZ Servizi,
Thomson Financial reports, citing FILT-CGIL union secretary
general Fabrizio Solari.

Mr. Solaris told Thomson Financial thats Air France is only
interested in AZ Servizi's maintenance and part of its handling
operations.  AZ Fly and AZ Servizi handles Alitalia's flight and
ground operations respectively.

The union official added Air France will seek approval of its
offer from Alitalia's board before presenting it to the finance
ministry, Thomson Financial adds.

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
will 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.


FORD MOTOR CREDIT: R&I Cancels BB- Rating
-----------------------------------------
Rating and Investment Information, Inc., has canceled the BB-
rating of Ford Motor Credit Company, at the firm's request.

Ford Motor Credit Company is the financial services arm of Ford
Motor Company.  Its business activities are concentrated
primarily in the area of automobile loans in support of its
parent company.  The company offers consumer loans and leases to
car buyers, as well as business loans and lines of credit to
dealerships selling Ford Motor Company products.  The firm also
issues commercial paper and other debt instruments on Ford's
behalf.


FORD MOTOR: Discloses Plans to Return to Profitability by 2009
--------------------------------------------------------------
Ford Motor Company disclosed plans to further align its capacity
with demand at four U.S. manufacturing facilities as it works to
return its North American operations to profitability by 2009.

Chicago Assembly Plant and Louisville Assembly Plant will
operate on one shift beginning this summer.  The date for the
shift reduction has not been finalized.  Cleveland Engine Plant
#2 will operate on one shift beginning in late April.
Additionally, Cleveland Engine Plant #1, which has been idled
since May 2007, will resume production in the fourth quarter.
The company had planned to resume production resume this spring.

The change to a one-shift production pattern does not affect
production volume.  Rather, it allows the plants to operate more
efficiently by running continually and reducing "down weeks."
Approximately 2,500 employees will be affected at the three
plants.

"We remain focused on our plan to return the North American
automotive business to profitability," Mark Fields, Ford's
president of The Americas, said.  "These actions are necessary
as we align our capacity and product mix to meet real customer
demand."

Ford is currently offering its U.S. hourly workforce the
opportunity to select from one of 10 retirement and buyout
packages, including special offers that provide money for
education and a new entrepreneurial package that offer employees
interested in starting a business a lump sum payout and family
health insurance coverage.  Ford also enhanced its package
offering for retirement-eligible employees.

"The buyouts and capacity actions are designed to ensure that
our manufacturing facilities are operating in the most efficient
way," Joe Hinrichs, group vice president, Global Manufacturing,
said.  "By adjusting our operating patterns in this way, we can
produce the right volume and avoid down weeks.  The stability in
operations is better for our employees, our suppliers and the
quality of the product."

The Chicago Assembly Plant, opened in 1924, currently builds the
Ford Taurus, Taurus X, Mercury Sable and will be home to the
all-new 2009 Lincoln MKS, which will arrive in dealer showrooms
this summer.  It employs approximately 2,300 workers.  The plant
is slated to receive an additional new product as outlined in
the 2007 UAW-Ford Collective Bargaining Agreement, which expires
in 2011.

Opened in 1955, Louisville Assembly Plant produces the Ford
Explorer, Explorer Sport Trac and Mercury Mountaineer.  It
currently has approximately, 2,200 employees and is slated to
receive an investment in a new body shop and a new product as
outlined in the 2007 UAW-Ford Collective Bargaining Agreement,
which expires in 2011.

Opened in 1955, Cleveland Engine Plant #2 produces the 3.0-liter
engine.  It employs approximately 800 employees.  Cleveland
Engine Plant #1, which opened in 1951, produced the Duratec 3.5-
liter engine until it was temporarily idled in May 2007.
Production of the 3.5-liter continues at Lima Engine Plant.

                      About Ford Motor

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
Feb. 18, 2008, Fitch Ratings affirmed the Issuer Default Ratings
of Ford Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.

As reported in the Troubled Company Reporter-Europe on
Nov. 20, 2007, Moody's Investors Service affirmed the long-term
ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3
senior secured, Caa1 senior unsecured, and B3 probability of
default), but changed the rating outlook to Stable from Negative
and raised the company's Speculative Grade Liquidity rating to
SGL-1 from SGL-3.  Moody's also affirmed Ford Motor Credit
Company's B1 senior unsecured rating, and changed the outlook to
Stable from Negative.  These rating actions follow Ford's
announcement of the details of the newly ratified four-year
labor agreement with the UAW.


FORD MOTOR: February 2008 Sales Decreases 7% to 196,681
-------------------------------------------------------
Total Ford Motor Company sales, including Jaguar, Land Rover,
and Volvo, totaled 196,681, also down 7%.

Ford's new Focus and SYNC are connecting with small car buyers.
Focus retail sales were up 36% in February -- the fourth month
in a row of higher retail sales.

"The new Focus and SYNC arrived at an opportune time," Jim
Farley, Ford's group vice president, Marketing and
Communications, said.  "We needed to raise awareness and
consideration among younger buyers -- and Focus and SYNC are
getting us back in the game."

Buyers age 16-35 account for 32% of retail sales for the 2008
Focus, compared with 28% for the previous model.  Focus is one
of 12 Ford, Lincoln and Mercury models equipped with SYNC, an
affordable, in-car connectivity technology that fully integrates
most Bluetooth-enabled cell phones and MP3 players by voice
activation.

Retail car sales were 4% higher than a year ago paced by the
Focus and the three mid-size sedans -- Ford Fusion, Mercury
Milan, and Lincoln MKZ -- which combined posted a retail sales
increase of 7%.

Crossover utility vehicles continued to see higher sales in
February (up 10%).  Higher sales for the Ford Edge (up 46%) and
Lincoln MKX (up 22%) led the increase in CUVs.

The MKZ and MKX helped Lincoln post higher retail sales in
February (up 2%) although total sales were down 11%, reflecting
lower fleet sales.

Among trucks, sales for Ford's F-Series pickup totaled 52,548,
off 5% from a year ago.  Sales for Ford's compact pickup, the
Ranger, totaled 7,431, up 27%.

Sales for traditional sport utility vehicles continued to
decline in February as combined sales for the Ford Explorer and
Expedition, Mercury Mountaineer, and Lincoln Navigator were 22%
lower than a year ago.

Ford, Lincoln and Mercury sales totaled 185,294, down 7%
compared with a year ago.   Lower daily rental sales (down 20%)
accounted for 60% of the decline.

                 North American Production

In the second quarter 2008, the company plans to produce 730,000
vehicles, a level 10% lower than a year ago when the company
produced 811,000 vehicles.  The reduction reflects the current
economic conditions.

In the first quarter 2008, the company plans to produce 685,000
vehicles, unchanged from the previously announced plan.

                     About Ford Motor

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
Feb. 18, 2008, Fitch Ratings affirmed the Issuer Default Ratings
of Ford Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.

As reported in the Troubled Company Reporter-Europe on
Nov. 20, 2007, Moody's Investors Service affirmed the long-term
ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3
senior secured, Caa1 senior unsecured, and B3 probability of
default), but changed the rating outlook to Stable from Negative
and raised the company's Speculative Grade Liquidity rating to
SGL-1 from SGL-3.  Moody's also affirmed Ford Motor Credit
Company's B1 senior unsecured rating, and changed the outlook to
Stable from Negative.  These rating actions follow Ford's
announcement of the details of the newly ratified four-year
labor agreement with the UAW.


JAPAN AIRLINES: S&P Revises Outlook from Negative to Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services revised to positive from
negative the outlook on its 'B+' long-term corporate credit
ratings on Japan Airlines Corp.  (JAL) and the company's wholly
owned subsidiary, Japan Airlines International Co. Ltd.  The
outlook revision is based on the prospect that JAL will receive
a capital infusion of more than JPY150 billion, which has eased
concern over the company's financing plans over the next two to
three years.  The outlook revision is also based on
increased certainty that progress in structural reforms will
help the company improve its financial profile and stabilize its
cash flow.  At the same time, Standard & Poor's affirmed its
'B+' long-term corporate credit and senior unsecured debt
ratings on both companies.

On Feb. 29, 2008, JAL announced that it will allocate JPY153.5
billion in new shares to third parties, including general
trading companies and the company's main banks.  This
announcement has greatly lowered Standard & Poor's concerns over
the company's creditworthiness, specifically funding
availability for capital investments planned for fiscal 2008
(ending March 31, 2009) and fiscal 2010.  The capital infusion
is also expected to improve the company's relationships with its
main banks.

JAL's cash flow generation is stabilizing.  In November 2007,
the company revised its operating profit for the current fiscal
year to JPY48 billion from JPY35 billion, reflecting a faster
recovery in performance than previously expected.  It is also
increasingly likely that the company will be able to reduce its
personnel costs by JPY50 billion.  The company has made steady
progress in downsizing its fleet and revising flight routes, as
well as increasing the competitiveness of products and services
for higher paying passengers.  In addition, the company plans to
accelerate the pace of debt reductions beyond that previously
planned.  Although escalating fuel costs and fierce competition
are expected to persist, Standard & Poor's has determined that
it will be able to incorporate more strongly into its rating on
JAL prospects for improvement in the company's financial profile
and its cash flow stability.

Standard & Poor's will consider raising its ratings on JAL if
the company can maintain operating safety while continuing to
curb costs, boost the efficiency of its fleet, and enhance the
competitiveness of its services, and this in turn further
stabilizes earnings and raises the likelihood for financial
improvement.  On the other hand, the rating on JAL may come
under downward pressure if sudden changes in the competitive
environment, a large escalation in fuel prices, acts of
terrorism or an epidemic have a significantly detrimental effect
on the business environment.  In either scenario, Standard &
Poor's believes it is likely that the gap between the ratings on
JAL and All Nippon Airways Co. Ltd. (BB+/Stable/--) will narrow,
in contrast to the diverging trend over the past few years.

Ratings List
Outlook Revised /Ratings Affirmed
                                     To                From
Japan Airlines Corp.
Japan Airlines
International Co. Ltd.
Corporate Credit Rating        B+/Positive/--    B+/Negative/--

Ratings Affirmed
Japan Airlines Corp.
Japan Airlines
International Co. Ltd.
Senior Unsecured                   B+

                    About Japan Airlines

Japan Airlines Corporation is a Japan-based holding company that
provides air transport services through its 247 subsidiaries and
87 associated companies.  The company has five business
segments.  The Air Transportation segment is engaged in the
operation of passengers and cargo planes.  The Air
Transportation-Related segment is engaged in the transportation
of passenger sand cargoes, the preparation of in-flight food
catering, the development and maintenance of aircraft and land
equipment, as well as the fueling business.  The Travel Planning
and Marketing segment is involved in the planning and sale of
travel packages.  The Card and Lease segment is engaged in the
provision of financial, card and leasing services.  The Others
segment is involved in businesses related to hotels, resorts,
logistics, wholesale, retail, real estates, printing,
construction, manpower dispatch, as well as information and
communication.  The company has numerous global operating
locations.


JAPAN AIRLINES: R&I Says Pref. Shares Issue Has Little Impact
-------------------------------------------------------------
Japan Airlines Corp. (JAL, Sec. Code:9205, Issuer Rating: BB+)
has announced on Feb. 29 that it will issue preferred shares for
about JPY150 billion, which will be subscribed in mid-March by
its four main banks (Development Bank of Japan, Mizuho Corporate
Bank Ltd., Bank of Tokyo-Mitsubishi UFJ, Ltd. and Sumitomo
Mitsui Banking Corp.), four oil distributors, five major general
trading firms and etc.  The raised fund will be appropriated to
capital investments mainly to purchase state-of-the art
aircrafts.

Consolidated equity ratio of JAL Group remains at 16% as of
December-end 2007.  The preferred shares to be issued will have
no call options, are non-cumulative and non-participating type
and relatively similar to quasi-capital.  The equity capital
ratio is expected to increase by several percents with this
issue.  Disposal loss will incur by replacing fleets
aggressively but the equity capital of JAL as buffer has
increased, though yet to be sufficient. R&I positively evaluates
that this will enhance JAL's financial base.  However, support
from its main financial institutions is already factored into
the current rating.  The proposed capital increase exactly shows
their intention to render support but this will not simply lead
to upgrading.

Under the FY2007-2010 Medium Term Renewal Plan, JAL positions
FY2007 as the last chance for self-turnaround, and has regained
competitiveness by implementing measures steadily such as
lowering the bonus level and revising the retirement benefit-
related systems.  R&I evaluates the Renewal Plan has been
progressing as scheduled so far. Though fuel costs continue to
rise due to soaring crude oil prices, the target profit under
the new FY2008-2010 Medium Term Renewal Plan is higher than the
current target.  JAL intends to achieve this by raising airfare
and further slashing personnel costs through permanent wage cut
and enhancement of productivity.  Though the air transport
segment, primarily international flights are performing well,
R&I considers it most essential for JAL to implement the Plan
and improve its profit dramatically upon evaluating its
creditworthiness.  R&I will also observe how each measure will
be implemented.




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


ARROW ELECTRONICS: Appoints Michael Long as President & COO
-----------------------------------------------------------
Arrow Electronics Inc.'s board of directors has named Michael J.
Long as its president and chief operating officer.  In addition,
the company reported that Mr. Long has been elected to the Arrow
Electronics's board and nominated for re-election at the annual
meeting of shareholders in May 2008.

A 17-year veteran of the company, Mr. Long, 49, will continue to
report to Arrow's Chairman and Chief Executive Officer William
E. Mitchell.  As president and chief operating officer of Arrow,
Mr. Long will be responsible for all of the company's business
operations, including Arrow's Global Components and Enterprise
Computing Solutions groups.

"Mike has proven his abilities and delivered on the strategic
objectives of the company," Mr. Mitchell said.  "He has an
exceptional track record as an operating executive, has been a
powerful contributor to Arrow's growth agenda and has
demonstrated his ability to lead global management teams.  As we
continue to accelerate our strategic and operational
performance, I am delighted that all of Arrow's businesses will
now benefit from Mike's leadership, his focus on driving growth
and his commitment to the development of the best team in the
industry."

Mr. Long previously served as senior vice president of Arrow and
president of the company's global components business.  That
business accounted for US$11.2 billion of the company's US$16
billion total revenues in 2007.

"Arrow is a great company with a tremendous future and
significant growth opportunities," said Mr. Long.  "I am proud
of this recognition and I look forward to working with our
experienced and capable leadership team to deliver value to our
customers, suppliers, and all of our stakeholders around the
world."

Mr. Long has been with Arrow since its 1991 acquisition of
Schweber Electronics, where he held various leadership roles.
In 1994, he served as president of Capstone Electronics, an
Arrow company, and was appointed president of Gates/Arrow
Distributing in 1995. Long then served as president and COO of
Arrow North American Computer Products (now Arrow Enterprise
Computing Solutions), and next as president of the company's
North America and Asia-Pacific components business.

Mr. Long holds a bachelor's degree in business administration
from the University of Wisconsin.  He serves on the board of
AmerisourceBergen, and is a member of the board of trustees of
the Denver Zoo.

                  About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                        *     *     *

Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


ARROW ELECTRONICS: Gail Hamilton Joins Board of Directors
---------------------------------------------------------
Arrow Electronics Inc. has added Gail E. Hamilton, former
executive vice president of Symantec, to the company's board of
directors.  This addition, together with the election of Michael
J. Long, will bring the total number of directors on the board
to 12.

"I am delighted to have Gail join our board. She brings over 20
years of experience growing technology and services businesses
in the enterprise market.  I know Arrow will benefit from her
proven track record of creating value for customers in this
industry," said William E. Mitchell, chairman and chief
executive officer of Arrow Electronics.

Ms. Hamilton formerly served as executive vice president of
global services and support for Symantec, a global leader in
infrastructure software.  Prior to that, she was executive vice
president of Symantec's product delivery, and also served as
senior vice president of the company's Enterprise Solutions
Division.

Before joining Symantec, Ms. Hamilton held leadership positions
at Compaq and Microtec Research after spending 16 years at
Hewlett-Packard in positions of increasing responsibility.

Ms. Hamilton serves on the boards of Open Text Corp. Ixia, and
Surgient, Inc., and was a board member of Washington Group
International before its sale to URS Corporation.  She holds a
master of science in electrical engineering from Stanford and a
bachelor of science in electrical engineering and computer
science from the University of Colorado.

                  About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                        *     *     *

Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


BOE HYDIS: PVI To Take Over Production Lines in April
-----------------------------------------------------
Taiwan-based Prime View International will take over BOE Hydis
Technology Company, Limited's new lines in April if everything
goes according to plan, Digitimes News reports.

As reported by the Troubled Company Reporter - Asia pacific on
Nov. 28, 2007, Prime View will buy BOE Hydis's 95% stake for
KRW260 billion.  BOE Hydis, the TCR-AP related, was looking for
a potential buyer to take up to 100% of the company.

According to Digitimes, despite Prime View processing fewer OEM
orders for LCD modules (LCM) and handset panels due to it being
the low season, capacity at PVI's LCD module plant in Yangzhou,
China is still running at full capacity.  This is  due to
increased orders for own-brand items, Digitimes notes.

                 About BOE Hydis Technology

Headquartered in Seoul, South Korea, BOE Hydis Technology
Company, Limited -- http://www.boehydis.com/-- develops,
manufactures and distributes flat panel display products for a
wide range of applications, including laptop computers, Tablet
PC's, monitors, medical, avionic and car navigation systems.
China's BOE Technology Group Co. acquired the Company from
Korea's Hynix Semiconductor Inc. in 2003.  BOE Hydis is one of
the 10 LCD manufacturers in the world and has over 1,000
employees in China, Germany, Japan, Korea, Singapore, Taiwan,
and the United States.

As reported by the Troubled Company Reporter-Asia Pacific, BOE
Hydis applied for corporate rehabilitation on September 8, 2006,
with the Seoul Central District Court.


SSANGYONG MOTOR: Prosecutors Investigate Alleged Technology Leak
----------------------------------------------------------------
Ssangyong Motor Company is under investigation by prosecutors
over the alleged leak of core technologies, The Korean Times
reports.

According to the same report, a source said Chinese engineers of
the China-based Shanghai Automotive Industry Corporation (SAIC)
had leaked Ssangyong Motor's high-end technologies on hybrid
vehicles to SAIC in 2005.

The source told The Times that the Seoul Central District
Prosecutors' Office received information from the National
Intelligence Service (NIS) in January 2007.  Since then,
prosecutors have closely looked into the company for one year,
he added.

If the questionable transfer was illegal, The Times says,
prosecutors are expected to seek arrest warrants for officials
deemed responsible for the leak of technologies on the
development of hybrid vehicles.  They are investigating whether
they leaked technologies that are not specified by merger
contracts signed in 2004, the report notes.

Ssangyong, the report relates, strongly denied the alleged
inspection into the company wrongdoings. "This is a rumor," Lee
Kyo-hyun, a spokesman for Ssangyong, told The Korea Times.
"Since Ssangyong merged with the Chinese company in 2005, the
story has existed but is not true."

Moreover, Mr. Kyo-hyun explained that the technology transfer
made after 2005 is legal since SAIC bought Ssangyong in late
2004, The Times relates.

Park Si-soo of The Times writes that SAIC bought a 48.9% stake
in then Korea's Ssangyong Motor for US$522 million in October
2004.  "Theoretically, this technology transfer has no legal
problem because the deal was made after Ssangyong had been
acquired by SAIC.", Kim Moon-hee, a lawyer specialized in
intellectual property rights, was quoted by the Times as saying.

                   About Ssangyong Motor

Headquartered in Kyonggi, South Korea, Ssangyong Motor Company
Ltd. -- http://www.smotor.com/-- manufactures and assembles
motor vehicle bodies on purchased basis such as jeep style cars
under the brand names "Korando" and "Musso," minibuses under the
brand name "Istana," special-purpose cars including cement
mixers, trailers, fire-trucks as well as auto parts.  The
Company implemented a five-year debt workout program in 1999
after Ssangyong was separated from Daewoo Group, which was
dissolved under huge debt.

Shanghai Automotive Industry Corp. took over Ssangyong in 2005,
triggering fallen sales and labor unrest.




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


AMINVESTMENT BANK: Fitch Puts BB+ Rating on Watch Positive
----------------------------------------------------------
Fitch Ratings has placed Malaysia's AmInvestment Bank Berhad's
'BB+' long-term foreign currency Issuer Default Rating and 'B'
Short-term IDR on Rating Watch Positive to reflect the ongoing
internal reorganization at the group level that will eventually
see AmInvestment and its sister commercial bank, AmBank (M)
Berhad, operating as key business divisions with a high degree
of operational integration in the group.  AmInvestment's
Individual Rating of 'C/D', Support Rating of '3' and Support
Rating Floor of 'BB' are affirmed.

The RWP should be resolved in the next few months when the
internal reorganisation is due to be completed, and will also
facilitate an expected merging of the IDRs of AmInvestment with
that of AmBank (Long-term IDR: 'BBB-' (Positive Outlook; Short-
term IDR: F3).  This is notwithstanding the continuity of
AmInvestment and AmBank as separate legal entities due to the
need for separate licenses to be held for commercial banking and
investment banking in Malaysia.

The internal reorganisation at the parent holding company, AMMB
Holdings, involves the re-alignment of various operating units
along four key business lines -- commercial banking led by
AmBank, investment banking led by AmInvestment, asset management
and insurance which will combine the other key subsidiaries --
and is aimed at the creation of a universal banking platform to
better compete for market share.  Almost all of AmInvestment's
fund-based assets and liabilities, which comprises the entire
lending portfolio, treasury holdings, deposits and subordinated
debt, will be transferred and consolidated under AmBank, leaving
AmInvestment to focus on corporate advisory, debt capital
market, structured finance and stockbroking businesses in
Malaysia, Singapore and Indonesia.  Aside from achieving a more
streamlined organisation structure, the combined balance sheet
under the commercial bank (enlarged by about 30%) is expected to
enhance AmInvestment's ability to compete for larger deals in
future and improve cross-selling efforts.

AmInvestment, previously AmMerchant Bank, began operations in
1976 and is currently 100%-owned by AMMB Holdings, which in turn
is 19.21% owned by Amcorp, 14.32% by the Australia & New Zealand
Banking Group and 11.30% by Malaysia's Employees Provident Fund.


IDAMAN UNGGUL: Triggers Amended Practice Note 17 Criteria
---------------------------------------------------------
Idaman Unggul Berhad has been classified as an Affected Listed
Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad.

As at December 31, 2007, Idaman Unggul's unaudited shareholders'
fund on consolidated basis was MYR41.204 million.  The company
has triggered PN17's paragraph 2.1 as the consolidated
shareholders' fund has dropped to MYR41.204 million which is
lower than the 25% of the paid-up share capital at MYR101.727
million and minimum issued and paid up capital of MYR60 milion
required under the Listing Requirements.

As an Affected Listed Issuer, the company will be given a time
frame of eight months to submit its plan that is substantive and
falls within the ambit of Section 212 of the Capital Market and
Services Act, 2007 to regularize its financial condition to the
approving authority;

Morover, Idaman Unggul will be required to:

   -- announce its compliance or non-compliance with a
      particular obligation imposed pursuant to the Amended PN17
      on an immediate basis;

   -- announce the status of its Regularization Plan on a
      monthly basis until further notice from Bursa;

   -- appoint a merchant bank or a participating organization
      that may act as a principal adviser under the Securities
      Commission's Guidelines on the Offering of Equity and
      Equity-Link Securities, to make the announcement on the
      details of the Regularization Plan and the time line for
      the complete implementation of the Regularization Plan.

Currently, the company is in the midst of formulating a
Regularization Plan.  Further development will be announced in
due course.

                     About Idaman Unggul

Idaman Unggul Berhad is an investment holding company, whose
principal activity is the provision of corporate, administrative
and management support to its subsidiaries.  The company
operates in two segments: insurance, which includes underwriting
of life insurance and all classes of general insurance business,
and other, which includes investment holding.  Idaman Unggul's
subsidiaries include Tahan Insurance Malaysia Berhad, F.T. Land
Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution Sdn. Bhd. and
Straight Effort Sdn. Bhd.  On July 12, 2006, the company
disposed Advanced Electronics (M) Sdn. Bhd. to Elevale Temasek
Sdn. Bhd.  On July 3, 2006, Tahan Insurance Malaysia Berhad
disposed of its Life Insurance Business to AXA Affin Life
Insurance Berhad. Waikiki Beach Hotel Sdn. Bhd., a wholly owned
subsidiary of Idaman Unggul, was also divested as part of the
Life Insurance Business disposal.  On January 17, 2007, the
company disposed IUB Asset Management Sdn Bhd to Capital
Intelligence Holdings Sdn Bhd.


MANGIUM INDUSTRIES: Shareholders OK Proposed Disposal of Unit
-------------------------------------------------------------
The shareholders of Mangium Industries Bhd. have approved the
proposed disposal of the entire issued and paid-up share capital
of the company's subsidiary, Mangium Plantations Sdn Bhd, to
Global Emerging Markets Forestry Investors LLC for a cash
consideration of US$6.025 million.

The proceeds from the proposed disposal will be utilized to
reduce the borrowings of the company. This forms the first two
steps of the 3 Step Regularization plan of Mangium.

As reported by the Troubled Company Reporter-Asia Pacific on
March 5, 2008, the company was given a time extension of three
months or until May 26, 2008, to submit its regularization plan.

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

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


MEGAN MEDIA: Defaults on MYR899.96 Million Banking Facilities
-------------------------------------------------------------
Megan Media Holdings Berhad and its subsidiaries had defaulted
on MYR899.956 million (principal only) in maturing banking
facilities.

The Group continues to be saddled with debts procured from banks
on the back of its trading business, which Investigative
Accountants have now established as fraudulent.

Measures taken to address the default

   * Following initial meetings with Creditor Banks on
     May 7, 2007, and May 11, 2007, the company is working with
     its Specialist Advisors, Sage 3 Capital Sdn Bhd that
     proposed the appointment of Investigative Accountants to
     investigate what its Advisors viewed as highly suspicious
     and irregular transactions.  Pursuant to those meetings,
     the Creditor Banks proposed the appointment of Ferrier
     Hodgson MH Sdn. Bhd. as Investigative Accountants for the
     Malaysian operations;

   * PricewaterhouseCoopers, who were initially appointed by the
     company as Independent Financial Advisors to MJC in
     Singapore, have recently been appointed as Judicial
     Managers and will have responsibilities for managing and
     conducting investigations into the affairs of MJC in
     Singapore.  This appointment was at the behest of the
     company and its specialist advisors;

   * Ferrier Hodgson has since reported their commercial
     findings to all Malaysian Creditor Banks and the company on
     July 30, 2007;

   * Legal proceedings initiated to recover all amounts lost due
     to the irregularities is on going given the quantum of the
     losses incurred.  In this regard, the company is continuing
     to work with its Legal Counsel and Specialist Advisors;

   * The company has and will continue to adopt a consultative
     approach and has been in discussions with the Creditor
     Banks.  The company, with support from its Specialist
     Advisors, forwarded a formal proposal to the Creditors
     Steering Committee on September 19, 2007, of a
     Comprehensive Debt Restructuring and Regularization Plans;

   * On October 26, 2007, the company presented a revised
     proposal to the Malaysian Creditor Banks with an exposure
     to the company and its subsidiary, Memory Tech Sdn Bhd.
     Further on October 30, 2007, Megan Media presented a formal
     proposal to Singapore Creditor Banks that have a corporate
     guarantee from the company;

   * In addition, the company had appointed OSK Investment Bank
     Berhad on October 29, 2007, to act as the advising merchant
     bank;

   * Further, the Board had announced on November 6, 2007, that
     the High Court of Malaya, Kuala Lumpur has granted the
     company and its wholly owned subsidiary, Memory Tech Sdn
     Bhd a Court Order to undertake a compromise or arrangement
     with its creditors or any class of creditors under Section
     176(1) of the Companies Act 1965.  The Court has further
     granted a Restraining Order under Section 176(10) of the
     Companies Act 1965 for 90 days effective from Nov. 6, 2007,
     until February 3, 2008;

   * Megan Media faced a more challenging business environment
     in late December 2007 and early January 2008.  Further,
     several key management personnel crucial to the debt
     restructuring plans tendered their resignation.  Prior to
     that, the company was on track in meeting its operational
     targets, was able to meet its short term cash flow
     requirements and had sufficient funds to continue its
     operations.

   * The Board deliberated the issues and decided to refer the
     matter to all Creditor Banks and a meeting was convened on
     January 25, 2008.  Following the meeting, several Creditor
     Banks reverted in support of the continuance of the
     Restraining Order but the company was unable to garner the
     requisite majority to obtain an extension of the
     Restraining Order.

As the company is unable to secure the requisite majority
support from Scheme Creditors for the extension of the
Restraining Order or to pursue a scheme of arrangement with
creditor banks, the Board has resolved, in good conscience, that
it will not resist any winding up action initiated by any
creditor.   The Board is of the opinion that the appointment of
a Court appointed Liquidator is imminent and as such decisions
with regard to dealing with the financial condition of the
Company are best pursued by a Liquidator.

Accordingly, the Board has withdrawn the Certificate of Solvency
(dated May 9, 2007) issued to Bursa Malaysia Securities.

As announced by Megan Media on February 26, 2008, the High Court
of Malaya at Kuala Lumpur has made an order for the appointment
of Cho Choo Meng and Mohd Anwar bin Yahya of
PricewaterhouseCoopers Malaysia as Provisional Liquidators of
MTSB on February 26, 2008.

Financial and legal implications in respect of the default
in repayments:

The Creditor Banks have called an event of default and Mayban
Trustees Berhad, acting for the MYR320 million BAIDS
bondholders, have on September 19, 2007, served the company's
wholly owned subsidiary, Memory Tech Sdn Bhd, a winding-up
petition.  The petition will be heard on March 5, 2008.

There is a writ of summons relating to Bank of East Asia
Limited's claim for USD79,500 and SGD2,924,399.98 in outstanding
facilities incurred by MJC for which the company is being sued
as a Corporate Guarantor.  The mention date has been fixed for
April 16, 2008.  Megan Media has since been similarly served
with a writ of summons by KBC Bank N.V., Singapore Branch on
July 20, 2007, for outstanding debts of USD3,007,325.59 incurred
by MJC.  The mention pending settlement date has been fixed for
March 6, 2008.

There are several other creditors who have filed winding up
petitions against the company and its subsidiary which are at
various stages of action.

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

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

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

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


SOLUTIA INC: Posts US$208 Mil. Net Loss for Year Ended Dec. 31
--------------------------------------------------------------
Solutia Inc., disclosed in its annual report for fiscal year
ended Dec. 31, 2007, that it has a net loss of US$208,000,000 on
net sales of US$3,535,000,000, compared with a net income of
US$2,000,000 on net sales of US$2,795,000,000 in 2006, and net
income of US$8,000,000 on net sales of US$2,645,000,000 in 2005.

Solutia held US$173,000,000 in cash at Dec. 31, 2007, compared
to US$150,000,000 in 2006, and US$107,000,000 in 2005.
Solutia's net cash flow was US$23,000,000 in 2007; US$43,000,000
in 2006, and a negative cash flow of US$8,000,000 in 2005.

Deloitte & Touche LLP, the Debtors' auditors, says that the
financial statements have been prepared assuming that the
company will continue as a going concern.  However, the
company's recurring losses from operations, negative working
capital, and shareholders' deficit raise substantial doubt about
its ability to continue as a going concern, Deloitte notes.  The
financial statements do not include adjustments that might
result from the outcome of the uncertainty.

A full-text copy of Solutia's 2007 Annual Report is available
for free at http://ResearchArchives.com/t/s?28b6

As of Dec. 31, 2007, the Debtors' balance sheet showed total
assets of US$2,640,000,000, total current liabilities of
US$1,627,000,000, total liabilities not subject to compromise of
US$2,313,000,000, liabilities subject to compromise of
US$1,922,000,000, and shareholders' deficit of US$1,595,000,000.

Cash and cash equivalents at the end of the year were
US$173,000,000.

                     About Solutia Inc.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan.  Solutia emerged from chapter 11
protection Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No.
120; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,
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.


SOLUTIA INC: Provides Status of Adversary Proceedings
-----------------------------------------------------
Solutia Inc. disclosed in its 2007 annual report on Form 10-K
submitted to the U.S. Securities and Exchange Commission that
due to the size and nature of its business, it is party to
numerous legal proceedings.

According to Rosemary L. Klein, Solutia's senior vice president,
general counsel and secretary, most of these proceedings have
arisen in the ordinary course of business and involve claims for
money damages.

(1) Commitment Parties Adversary Proceeding

On Feb. 6, 2008, the Debtors filed a complaint against
Citigroup Global Markets Inc., Goldman Sachs Credit Partners,
L.P., and Deutsche Bank Securities Inc., to require the lenders
to meet their commitment under the Exit Financing Facility
Commitment Letter that has been approved by the Court.

On February 25, the parties reached an agreement on the terms of
a revised exit financing package, which was approved by the
Court on February 26.  The Debtors' Effective Date is Feb. 28.

(2) JPMorgan Adversary Proceeding

JPMorgan, as indenture trustee for debentures due 2027 and 2037,
filed a complaint against Solutia asserting causes of action
principally seeking declaratory judgment to establish the
validity and priority of the purported security interest of the
holders of the 2027 and 2037 Debentures.  The Court ruled in
favor of Solutia that the 2027/2037 Debentures were properly de-
securitized under the express terms of the Prepetition Indenture
and its related agreements.

JPMorgan, the Ad Hoc Committee of Solutia Noteholders and
individual Noteholders controlling at least US$300 in principal
amount of the 2027/2037 Notes have agreed to stay their appeals
to the Adversary Proceeding in consideration for the
Noteholders' treatment under the the Debtors' confirmed Fifth
Amended Joint Plan of Reorganization.

The Plan provides that the adversary proceeding will be deemed
dismissed and withdrawn with prejudice on the effective date of
the Plan.

(3) Equity Committee Adversary Proceeding

The Official Committee of Equity Security Holders filed a
complaint against, and objections to the proofs of claim filed
by, Pharmacia Corporation and Monsanto Company in the Debtors'
Chapter 11 cases.  The complaint alleged, among other things,
that Solutia's spin off from Pharmacia was a fraudulent transfer
because Pharmacia forced Solutia to assume excessive liabilities
and insufficient assets such that Solutia was destined to fail
from its inception.

The Equity Committee has agreed to stay the adversary proceeding
in consideration for the treatment given to Equity Holders under
the Plan.  The Plan provides that they Adversary Proceeding will
be deemed dismissed and withdrawn with prejudice on the
Effective Date.

(4) BNY Claim

Solutia has filed an objection to the claim of Bank of New York,
as indenture trustee for the 2009 Notes, seeking disallowance of
the portion of the claim that represented original issue
discount that would remain unearned as of the Effective Date.
BNY opposed the disallowance, and further asserted that the
allowed amount of the Claim should include damages arising from,
among other things, Solutia's proposed payment of the Claim
before the stated maturity of the 2009 Notes.

The Court recently approved a settlement with BNY and the 2009
Noteholders, whereby the 2009 Noteholders will receive
US$220,500,000 in cash, plus all accrued but unpaid interest
through the Effective Date.

Ms. Klein relates that Solutia is also party to around 14 legal
proceedings outside the Debtors' Chapter 11 cases.

A full-text copy of Solutia's 2007 Annual Report is available
for free at http://ResearchArchives.com/t/s?28b6

                      About Solutia Inc.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan.  Solutia emerged from chapter 11
protection Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No.
120; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,
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.


SOLUTIA INC: DuPont Disputes Need to Reexamine BDO's Report
-----------------------------------------------------------
E.I. DuPont de Nemours and Company, Inc., questions the intent
of Solutia Inc. and its debtor-affiliates to reexamine the
Aug. 24, 2007 report of their third-party auditor BDO Seidman,
LLP's, relative to DuPont's request for payment of a
US$1,394,718 administrative claim.

The Debtors objected to DuPont's payment request on the basis
that they need to conduct unspecified discovery for unspecified
reasons, Alan L. Hill, Esq., at Phillips Lytle LLP, in New York,
representing DuPont, says.  The Debtors did not set forth any
specific reason why BDO Seidman's report should be reexamined,
he says.

Mr. Hill tells the Court that the third-party audit mechanism is
set forth in the postpetition Second Amendment to the Contract
dated March 1, 2006.  The underlying contract was assumed by the
Debtors during their Chapter 11 cases.  The specific terms of
the third party audit were established by the Debtors pursuant
to a letter dated March 31, 2006.  He asserts that there is no
reason to justify allowing the Debtors a "second bite at the
apple with respect to a contractual provision that they freely
entered into" after the the bankruptcy filing.

Moreover, the BDO Report does exactly what Solutia requested.
It examines each provision of the "Meet or Release Clause" of
the Contract in detail and provides a reason why each required
provision is either met or not met.  The BDO Report concludes
that "Solutia [Inc.] did not comply with the terms of the Meet
or Release Clause of the Contract," Mr. Hill says.

Furthermore, the BDO Report was issued nearly six months ago.
At no time before the filing of DuPont's Motion did the Debtors
take any action to challenge the findings of the audit.  It was
the Debtors' obligation to challenge the report if they thought
it was deficient as a matter of law, and they made no timely
effort to do so, Mr. Hill points out.  Solutia's response
appears to be a delay tactic instead of a bona-fide objection to
the merits of DuPont's claim, he contends.

               Solutia Challenges DuPont's Claims

As reported in the Troubled Company Reporter on Feb. 15, 2008
E.I. DuPont de Nemours and Company, Inc., sought payment of a
US$1,394,718 administrative claim, based on a contract pursuant
to which DuPont sold certain product on an exclusive basis to
Solutia Inc.

Representing the Debtors, Thomas L. Kent, Esq., at Paul,
Hastings, Janofsky & Walker LLP, in New York, stated that
DuPont's Claim is invalid  because DuPont's basis for the Claim
is without merit.  He insisted that Solutia complied with the
requirements of the parties' contract and the second amendment
to that contract is not "null and void."

Until the Debtors have an opportunity to conduct discovery and
have an opportunity to challenge Dupont's Claim, the U.S.
Bankruptcy Court for the Southern District of New York should
not allow it, Mr. Kent asserted.  In the alternative, the
Debtors asked the Court to set a discovery schedule to allow the
Debtors to collect the necessary information to challenge BDO
Seidman's finding.

                       About Solutia Inc.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan.  Solutia emerged from chapter 11
protection Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No.
120; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,
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.  S&P said 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.




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


AHCHAIL MULTICULTURAL: Subject to CIR's Wind-Up Petition
--------------------------------------------------------
The Commissioner of Inland Revenue, on January 16, 2008, filed a
petition to have Ahchail Multicultural Ltd.'s operations wound
up.

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

Ahchail Multicultural'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


EE JAY MARKETERS: Appoints Mark van Rossem as Liquidator
--------------------------------------------------------
On February 14, 2008, Mark van Rossem was appointed liquidator
of EE Jay Marketers Ltd.

Mr. van Rossem is accepting creditors' proofs of debt until
March 20, 2008.

The liquidator can be reached at:

          Mark van Rossem
          TVR Chartered Accountants Limited
          PO Box 8155, Symonds Street
          Auckland
          New Zealand
          Telephone:(09) 373 4634
          Facsimile:(09) 368 1600


EXPRESS CONSTRUCTION: Taps Fatupaito & McCloy as Liquidators
------------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy were appointed
liquidators of Express Construction Limited on Feb. 14, 2008.

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


LLOYD & STEVENSON: Wind-Up Petition Hearing Set for March 12
------------------------------------------------------------
The High Court of Nelson will hear on March 12, 2008, at
10:00 a.m., a petition to have Lloyd & Stevenson Ltd.'s
operations wound up.

The Commissioner of Inland Revenue filed the petition on
Feb. 5, 2008.

The CIR's solicitor is:

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


RSM NEW ZEALAND: Wind-Up Petition Hearing Set for March 27
----------------------------------------------------------
The High Court of Dunedin will hear on March 27, 2008, at
10:00 a.m., a petition to have RSM New Zealand Pty Ltd.'s
operations wound up.

The petition was filed by the Commissioner of Inland Revenue on
January 16, 2008.

The CIR's solicitor is:

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


SS SERVICE: Appoints Fatupaito & McCloy as Liquidators
------------------------------------------------------
On Feb. 14, 2008, Vivian Judith Fatupaito and Colin Thomas
McCloy were appointed liquidators of SS Service Centre 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


T EDGECOMBE: Court to Hear Wind-Up Petition on March 17
-------------------------------------------------------
A petition to have T Edgecombe Horticulture Ltd.'s operations
wound up will be heard before the High Court of Whangarei on
March 17, 2008, at 10:0 a.m.

The Commissioner of Inland Revenue filed the petition on
Jan. 24, 2008.

The CIR's solicitor is:

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


TANNER PROPERTIES: Faces CIR's Wind-Up Petition
-----------------------------------------------
A petition to have Tanner Properties Ltd.'s operations wound up
was filed by the Commissioner of Inland Revenue on
Dec. 21, 2007.

The High Court of Rotorua will hear the petition on
March 10, 2008, at 10:45 a.m.

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


TASMAN CLEANING: Subject to CIR's Wind-Up Petition
--------------------------------------------------
On January 16, 2008, the Commissioner of Inland Revenue filed a
petition to have Tasman Cleaning Ltd.'s operations wound up.

The petition will be heard before the High Court of Nelson on
March 12, 2008.

The CIR's solicitor is:

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


VTL GROUP: Reports NZ$14-Mln Loss in 14 Mos. Ended Aug. 31, 2007
----------------------------------------------------------------
VTL Group Ltd. has filed with the New Zealand Stock Exchange its
financial results for the 14 months ended Aug. 31, 2007.

VTL Group reported a NZ$133 million loss for the 14-month period
ended Aug. 31, 2007, after write-downs and provisions to the
value of NZ$105 million.

These write-downs relate to the impairment in the value of
assets, intangible assets and receivable balances in subsidiary
companies including the write-downs of investments in and
receivables from Service America Group Inc.

The revaluation process adopted reflects the expected realizable
values of the various companies and assets that are in the
process of being sold.

VTL Group Chairman, Gary Stevens said: "The result is clearly
disappointing, however the company's board and management are
working through an orderly process, which included a thorough
review of the company's balance sheet."
He said the company had taken a conservative approach to the re-
valuing of assets.

Mr. Stevens went on to say "The focus of the board and
management is now on protecting the assets of the company and on
generating as much value as possible for the benefit of
stakeholders.  Legal and professional advisers have been engaged
to assist with both the sales and restructuring processes.

This is a difficult time for all our stakeholders and we are
appreciative of the support particularly from management and
staff, and of the Nathans Finance Receivers as we work through
the divestment programme and the restructuring of the company."

With the filing of the results, the stock exchange has lifted
the suspension placed on VTL securities on Nov. 6, 2007.

VTL Group Limited (NZX: VTL) is a global franchisor, with its
franchised brands represented internationally including in
Australasia, North America, UK and Europe.  VTL Group's
franchise model is supported by a complete management system
including its proprietary technology and financing.  The
company's primary growth strategy for 24seven and Shop24(TM)
is based around purchasing quality electronic vending equipment
for 24seven or the manufacturing of its Shop24 units, installing
proprietary control technology and building a network of
franchised owner/operators.

VTL Group Limited has declared itself insolvent.  Its wholly
owned subsidiary, Nathans Finance NZ Ltd went into receivership
in August 2007.


VTL GROUP: Schedules Annual Meeting on March 19
-----------------------------------------------
VTL Group Limited informed the New Zealand Stock Exchange that
it will hold its annual meeting on March 19, 2008.  The time,
venue and business off the annual meeting will be set out in a
notice of meeting, which shareholders will receive at least 10
business days in advance of the meeting.

VTL Group Limited (NZX: VTL) is a global franchisor, with its
franchised brands represented internationally including in
Australasia, North America, UK and Europe.  VTL Group's
franchise model is supported by a complete management system
including its proprietary technology and financing.  The
company's primary growth strategy for 24seven and Shop24(TM)
is based around purchasing quality electronic vending equipment
for 24seven or the manufacturing of its Shop24 units, installing
proprietary control technology and building a network of
franchised owner/operators.

VTL Group Limited has declared itself insolvent.  Its wholly
owned subsidiary, Nathans Finance NZ Ltd went into receivership
in August 2007.


WINGSFIELD LIMITED: Creditors' Proofs of Debt Due on May 14
-----------------------------------------------------------
The creditors of Wingsfield 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 liquidator is:

          Vivian Fatupaito
          c/o PricewaterhouseCoopers
          188 Quay Street, Auckland
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013




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


FEDDERS: Court OKs Bidding Procedure of Sale of Units' Assets
-------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
approved Fedders Corporation and its debtor-affiliates' proposed
bidding procedure for the sale of their Fedders North America
Inc. and Emerson Quite Kool Corporation subsidiaries' assets,
Bloomberg News reports.

A sale hearing will be held on March 12, 2008, at 2:30 p.m., to
consider approval of the Debtors' request.

As reported in the Troubled Company Reporter on Feb. 18, 2008,
under an asset purchase agreement dated Feb. 8, 2008, the
Debtors agreed to sell their assets to Elco Holding Ltd. for
US$13,250,000 in cash, and agreed to pay $337,940 break-up fee
and US$84,485 for reimbursement of out-of-pocket expenses.

On the other hand, the Debtors said that two of their non-
foreign affiliates -- Fedders Air Treatment Research and
Development (Shanghai) Co., Ltd.; and Fedders Shanghai
Corporation - have agreed to sell all of their assets to Electra
Air-Conditioning (Shenzhen) Co., Ltd., for 3,857,368 in
aggregate.

                        Sale Protocol

To participate in the public auction, interested parties must
submit a qualified bid of at least $17,497,000 by 5:00 p.m., on
March 5, 2008.

An auction will be held on March 11, 2008, at 10:00 a.m., at the
offices of Saul Ewing LLP at 222 Delaware Avenue, Suite 1200 in
Wilmington and all biddings will be in increments of $100,000.

Objection to approval must be filed by 5:00 p.m. on
March 5, 2008.

A full-text copy of the Debtors' and Elco Holding agreement is
available for free at: http://ResearchArchives.com/t/s?280f

A full-text copy of Fedders Air and Electra agreement is
available for free at: http://ResearchArchives.com/t/s?2810

A full-text copy of Fedders Shanghai and Electra agreement is
available for free at: http://ResearchArchives.com/t/s?2811

                   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.  When the Debtors filed for protection from
its creditors, it listed total assets of US$186,300,000 and
total debts of US$322,000,000.


PHIL. LONG DISTANCE: Net Profit Up 2% to PHP36 Bil. in 2007
-----------------------------------------------------------
Philippine Long Distance Telephone Company reported unaudited
consolidated net profit of PHP36.0 billion for the year 2007, an
increase of 2% from the PHP35.1 billion net profit reported last
year.

This year's results benefited from a decline in additional
depreciation charges and higher foreign exchange translations
gains, offset by increased provision for taxes and higher asset
impairment charges.  Core net income, net of these exceptional
items, rose to PHP35.2 billion in 2007, 11% over the core net
income of P31.6 billion recorded in 2006.  Consolidated service
revenues increased by 8% to PHP135.5 billion, notwithstanding
the 10% appreciation of the peso which negatively impacted 38%
of the PLDT Group's revenues that are dollar-linked.

Consolidated EBITDA improved by 4% to PHP82.9 billion; EBITDA
margin declined to 61% mainly on account of forex impact on
dollar-linked revenues and certain exceptional expense items.
Core earnings attributable to each common share reached
PHP184 per share, an increase of 9% compared with P169 per share
last year.

The Group's consolidated balance sheet continued to strengthen
with consolidated debt balances down to US$1.6 billion.  Net
debt as at 31st December 2007 stood at US$0.9 billion.  Net debt
to EBITDA and net debt to equity improved to 0.42 times and 0.31
times, respectively.

Consolidated free cash flow remained strong at PHP46.5 billion
in 2007 despite the increases in capital expenditures and
working capital requirements.  Consolidated capital expenditures
increased to PHP25 billion, or 20% higher than 2006 levels, and
were primarily utilized to accelerate the capacity and rollout
of the wireless and broadband network as a result of higher
than anticipated subscriber growth.  Total capital expenditures
for 2007 remained below annual depreciation costs and
represented 18% of service revenues.  Capital expenditures for
the Group are expected to remain at approximately PHP25 billion
in 2008.

Approximately PHP18.3 billion of our cash was utilized to pay
down debt with another PHP28.2 billion used to pay out cash
dividends, excluding the dividends declared earlier.

The Company's Board of Directors, in its meeting on Tuesday,
declared a final dividend of PHP68 per share, fulfilling the
Company's commitment to pay out a minimum ratio of 70% of core
earnings.  In addition, the Board also approved a special
dividend of PHP56 per share.  Added to the previously paid
interim dividend of P60 per share paid in September 2007, total
dividends for the year will amount to PHP184 per share,
representing a payout of substantially 100% of 2007 core
earnings.  This compares with an 85% payout ratio on 2006 core
earnings, which includes a special dividend as well.  Total
dividend payments for 2007 increased by 50% to PHP28.2 billion,
from P18.8 billion in 2006.

"We are extremely pleased that our record earnings and robust
cashflows allow us to declare both a final dividend of P68 per
share as well as a special dividend of P56 per share, bringing
total dividends for 2007 to P184 per share, inclusive of the
interim dividend of P60 per share paid earlier.  This
unprecedented 100% dividend payout of Core EPS, following the
85% payout for 2006, reflects the continued strength of PLDT's
financial position, and affirms our commitment to increase
returns to our shareholders whenever possible", stated Manuel V.
Pangilinan, PLDT Chairman.

Wireless: Setting the Pace

Consolidated wireless service revenues rose to PHP86.5 billion
for the full year 2007, 10% higher than the PHP78.4 billion
realized last year, with cellular subsidiaries, Smart
Communications, Inc., and Pilipino Telephone Corporation
continuing their stellar performances.

Service revenues of PHP22.4 billion in the fourth quarter were
6% higher than the third quarter revenues due to the increased
usage normally associated with the holiday season and 10%
higher than the fourth quarter revenue of PHP20.4 billion
reported in 2006.

Consolidated wireless EBITDA improved by 10% to PHP55.3 billion
in 2007 from PHP50.3 billion in 2006 while EBITDA margins
remained steady at 64% in the face of higher revenues.
The PLDT Group's total cellular subscriber base for the year
grew by 5.9 million to 30 million at year-end.  For the year,
Smart recorded net additions of approximately 3.2 subscribers
while Talk 'N Text added about 2.7 million subscribers to end
2007 with 20.3 million and 9.7 million subscribers,
respectively.  In February 2008, the PLDT Group's cellular
subscriber base surpassed the 31 million mark as Smart and
Piltel added about one million new subscribers in the first two
months of the year.

In 2007, Smart continued to successfully defend its market
leadership by developing innovative voice and text packages that
drive activations, boost usage and strengthen brand equity.

"Smart's continued strong subscriber growth belies the belief
that the Philippines' high penetration rate is indicative of
slowing market demand.  This strong growth is manifested in our
capital expenditure levels as we expanded both capacity and
coverage to accommodate our increasing subscriber base. We are
also gratified with the success of our segmented
approach that allows us to offer customized promotions to
segments of our subscriber base and address their specific
needs, without diluting our overall revenue base," stated
Napoleon L. Nazareno, President and CEO of PLDT and Smart.

Smart's wireless broadband service -- branded SmartBro (ang
broadband ng bayan) -- sustained its excellent performance as
its wireless broadband subscriber base grew 148% to reach
302,000 at the end of 2007, adding approximately 180,000 new
subscribers for the year.

Smart now has 2,780 wireless broadband-enabled base stations
providing high-speed Internet access to over 625 cities and
municipalities all over the Philippines.  Wireless broadband
revenues grew 190% to about PHP2.4 billion in 2007, an
improvement of 190% over the PHP823 million achieved in 2006.
In November 2007, SmartBro enhanced its wireless broadband
portfolio with Plug-It, a service offering instant Internet
access through a portable wireless modem.  Plug-It provides
Internet access in all areas where there is Smart network
coverage.

"By optimizing our various technologies, we have made our
wireless broadband service into another pillar of strength for
Smart to stand on.  Our investment in this space will accelerate
as we seek to solidify our leadership in the overall broadband
space," added Nazareno.

PLDT Fixed Line: Facing the Future

Fixed Line service revenues decreased slightly by 1% to PHP48.6
billion in 2007 from PHP49.2 billion in 2006 as improvements in
data revenues, both from corporate data and residential DSL
services, were offset by the decline in revenues from the local
exchange and ILD services.

Our dollar-linked revenues arising from the local exchange and
ILD businesses were adversely impacted by the 10% appreciation
of the average US dollar/peso exchange rate in 2007.  Fixed
Line revenues would have improved 3% year-on-year if foreign
exchange rates had remained stable.

Retail DSL continued to grow as broadband subscribers nearly
doubled to 264,000 in 2007 from 133,000 at the end of 2006.
PLDT DSL generated PHP4.1 billion in revenues for 2007, up
18% from PHP3.5 billion in 2006, accounting for 54% of the
PLDT's broadband and Internet revenues for the year.

Fixed Line EBITDA in 2007 declined 7% to PHP26.4 billion in line
with the decrease in revenues as impacted already by forex
movement, and by cash costs associated with manpower
rightsizing initiatives.  Consequently, EBITDA margin likewise
declined to 54%.

On December 4, 2007, Piltel and PLDT executed an Asset Sale and
Purchase Agreement covering the sale and purchase of assets
relating to Piltel's fixed line or LEC business. The
sale is still subject to the fulfillment of certain closing
conditions, including the procurement of the requisite
regulatory approvals.

"Our recent organizational changes in our fixed line business
and organization underscore our commitment to match our
financial success with equally exceptional service, organization
and culture.  To this end, we have reorganized ourselves to
ensure that the Fixed Line continues to make the necessary
changes in order to transform our business and our people and
become more customer-centric," declared Nazareno.

ePLDT: Gearing Up for Growth

ePLDT, the Group's information and communications technology
arm, reported service revenues of PHP10.1 billion for 2007, a
59% increase from PHP6.3 billion last year, driven by the
continued growth in the call center business (ePLDT Ventus) and
the consolidation of SPi Technologies, after its acquisition in
July 2006.

Despite their significant growth, ePLDT's revenues were likewise
adversely impacted by the strong appreciation of the peso since
approximately 82% of its service revenues are denominated in
U.S. Dollars.  As a result, ePLDT's EBITDA margin for 2007
declined to 11% compared with 14% in 2006.  ePLDT would have
reported an additional 74% growth in revenues if the peso had
remained stable year-onyear.  ePLDT's revenues now account for
7% of the PLDT Group's consolidated revenues.

Consolidated call center revenues continued to make significant
gains, growing 24% to PHP3.3 billion as a result of increased
capacity utilization and billable hours, for new and existing
clients, and despite the appreciation of the peso.  ePLDT Ventus
now operates nine facilities with combined seats of 6,400.

SPi, on the other hand, generated revenues of P5.3 billion in
2007.  In addition to the Philippines and the USA, SPi has
operations in India and Vietnam.  Consolidated seats total
4,500 of which 80% are located in the Philippines.  SPi was
ranked third globally among the "Leader - Emerging Asian
Markets", sixth in "Best Performing BPO Provider" and ninth
among "Top Leaders in Human Capital Development" in the 2008
Global Outsourcing 100 Survey conducted by Global Services
Magazine and neoIT, an outsourcing advisory firm.

ePLDT core income for 2007 increased by 160% to P 687 million
from PHP264 million in 2006.  "The continuing integration of SPi
and Ventus proceeds apace and has resulted in operating
efficiencies and enhanced processes across both companies which
we anticipate will contribute to improved margins in due course.
We also have high expectations for improving results from our
world-class data center, VITRO, which recently achieved its
ISO27001:2005 and ISO9001:2000 recertification as well as PEZA
accreditation.," said Ray C. Espinosa, ePLDT President and CEO.

PLDT at 80 - Changing Lives

"As we celebrate PLDT's 80th year in the Philippines, we take
pride in PLDT's accomplishments and the positive effect we have
had on the lives of our fellow Filipinos," stated Pangilinan.
"We are determined to make this milestone year even more special
by delivering outstanding results -- we expect to sustain our
strong performance through 2008, our core net income this year
being guided at P37 billion.  We also renew our commitment to
continue investing in our country by providing the needed
infrastructure and value-driven services that make a
difference."

Pangilinan concluded by saying that "As we pursue our strategic
goal of transforming PLDT from an integrated telco into a
customer-centric, multi-media company delivering communications,
information, technology -- especially mobile commerce -- and
entertainment, we have, over several years, initiated a number
of organizational changes that have propelled us to higher
levels of developmental challenges.  These initiatives have
produced unprecedented profits these past years.  Of course, our
overarching goal is to make PLDT a truly world class company --
in terms of profits, customer orientation, and quality of
service".

                         About PLDT

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

                        *     *     *

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

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




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


ATOP HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------
On December 12, 2008, the High Court of Singapore entered an
order to have Atop Holdings Pte. Ltd.'s operations wound up

The petition was filed by Transpac Capital Pte. Ltd.

Atop Holdings's liquidators are:

          Yin Kum Choy
          Mok Wai Seng of
          100 Tras Street #16-01
          Amara Corporate Tower
          Singapore 079027


E-FREIGHT CENTRE: Creditors' Proofs of Debt Due on March 30
-----------------------------------------------------------
The creditors of E-Freight Centre Pte Ltd are required to file
their proofs of debt by March 30, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Teh Kwang Hwee
          c/o 7 Maxwell Road
          MND Complex, #05-07 Annexe B
          Singapore 069111


FLEXTRONICS: To Report 4Q & Fiscal Year 2008 Results on April 29
----------------------------------------------------------------
Flextronics (Nasdaq: FLEX) announced that it will report fourth
quarter and fiscal year ending March 31, 2008 results on
April 29, 2008.

The earnings conference call, hosted by Flextronics's senior
management, will be held at 1:30 p.m. PDT to discuss the
financial results of the company and its future outlook.

The earnings call will be available via the Internet and may be
accessed by logging on to the Company's Web site at
http://www.flextronics.com. A replay of the broadcast will
remain available on the company's Web site after the earnings
call.

Minimum requirements to listen to the broadcast are Microsoft
Windows Media Player software (free download at
http://www.microsoft.com/windows/windowsmedia/download/default.a
sp) and at least a 28.8 Kbps bandwidth connection to the
Internet.

                     About Flextronics

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

                        *     *     *

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

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


FLEXTRONICS: To Ramp Up Notebook Production Capacity
----------------------------------------------------
Flextronics International Ltd. plans a scale expansion project
to ramp up its OEM/ODM production capacity for notebook PCs
after it completes the acquisition Taiwan-based Arima Computer's
notebook unit at the end of March 2008, DigiTimes reports,
citing unknown sources.

According to the report, Arima's current plant in Wujiang, China
has a production capacity of four million notebooks a year,
although the company shipped only 800,000 notebooks in 2007.

However, the report relates, annual production capacity of the
Wujiang plant can be expanded to as high as 10-12 million
notebooks should there be enough orders.

Sources told the news agency that Flextronics definitely has to
ramp up the output of the Wujiang plant in order to reach an
economy of scale.  In addition, Flextronics is also doing a
feasibility study to set up a new notebook plant in southeast
China, India or Vietnam for better logistics deployment, the
report relates.

However, the sources stated that Flextronics has not yet fixed a
timetable for its notebook expansion plan and also has yet to
decide whether to give priority to ramp up output at the Wujiang
plant or to build a new plant, the report adds.

                     About Flextronics

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

                        *     *     *

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

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


HERRENKNECHT PIPE: Creditors' Proofs of Debt Due on March 29
------------------------------------------------------------
Herrenknecht Pipe Jacking Pte. Ltd. requires its creditors to
file their proofs of debt by March 29, 2008, to be included in
the company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way
          #32-00 DBS Building Tower Two
          Singapore 068809


LOONG GUAN: Court Enters Wind-Up Order
--------------------------------------
On February 15, 2008, the High Court of Singapore entered an
order to have Loong Guan Enterprise Pte. Ltd.'s operations wound
up.

The petition against the company was filed by Weidmann Systems
International Ltd.

Loong Guan's liquidator is:

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


STATS CHIPPAC: Seeks Shareholder Approval of Capital Reduction
--------------------------------------------------------------
STATS ChipPAC Ltd. disclosed that it will convene an
extraordinary general meeting of its shareholders on March 17,
2008, to seek shareholders approval of its plan to undertake a
proposed capital reduction exercise, with the intention to
effect a proposed payout of up to $813 million to shareholders
of the company, as stated on Jan. 11, 2008.

                    About STATS ChipPAC

Headquartered in Singapore, STATS ChipPAC Ltd. --
http://www.statschippac.com/en-US/s-- is a service provider of
semiconductor packaging design, bump, probe, assembly, test and
distribution solutions.  It provides a range of semiconductor
packaging and test solutions to a customer base servicing the
computing, communications, consumer, automotive and industrial
markets.  The company's services include packaging services,
test services and pre-production and post-production services.
The services offered by the company are customized to the needs
of its individual customers.  During the year ended Dec. 31,
2006, 73.8% of its net revenues were derived from packaging
services, and 26.2% were derived from test and other services.
In June 2006, STATS ChipPAC Ltd. entered into a strategic joint
venture with CR Logic for the assembly and test of select
products in Wuxi, China, in connection with which it acquired a
25% shareholding in Micro Assembly Technologies Limited with CR
Logic owning a 75% interest.

                          *     *     *

Standard and Poor's Ratings Services assigned a 'BB+' long term
foregin and local issuer credit rating on Jan. 15, 2008.  The
rating still holds to date.




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


DAIDOMON GROUP: Seeks Until March 11 To File Rehabilitation Plan
----------------------------------------------------------------
Daidomon Group PCL said in a filing with the Stock Exchange of
Thailand that is has asked for an extension until March 11 to
file a business rehabilitation plan with the Central Bankruptcy
Court.

The company says that it's currently in the process of examining
details to be included in the plan.

Headquartered in Bangkok, Thailand, Daidomon Group Public Co.
Limited -- http://www.daidomon.co.th/-- operates barbecue and
Japanese food restaurants under the brand name of Daidomon.  The
group's products include barbecue, dessert and drinks, and
bottled sauce.  The company is currently undergoing
rehabilitation.

The Troubled Company Reporter-Asia Pacific reported on
Feb. 16, 2007, that Daidomon Group had total assets of US$12.92
million and a total capital deficiency of US$8.51 million.

The Central Bankruptcy Court of Thailand ordered on
Aug. 29, 2007, for the rehabilitation of the business of
Daidomon, and left it to the company's hand to come up with a
plan that would restructure its business.


DAIDOMON GROUP: Faces Delisting in Local Stock Exchange
-------------------------------------------------------
Daidomon Group PCL stands to lose its listing privileges in the
Stock Exchange of Thailand in accordance with Clause 9(6)(c) of
the Regulations for Delisting of Securities, 199.

According to the SET, Daidomon has received from its auditor a
disclaimer or an adverse opinion on its financial statements for
three consecutive years.

The company must eliminate the causes of possible delisting.  It
can request the SET for removal from being delisted after it
meets all requirements specified in procedures and guidelines
for listed companies if its operations of financial conditions
call for possible delisting and submit its audited yearly
financial statements without conditions regarding flaws in
internal audit, incomplete accounting system, incompliance with
Generally Accepted Accounting Principles (GAAP), a disclaimer of
opinion, or adverse opinion from its auditors.

Headquartered in Bangkok, Thailand, Daidomon Group Public Co.
Limited -- http://www.daidomon.co.th/-- operates barbecue and
Japanese food restaurants under the brand name of Daidomon.  The
group's products include barbecue, dessert and drinks, and
bottled sauce.  The company is currently undergoing
rehabilitation.

The Troubled Company Reporter-Asia Pacific reported on
Feb. 16, 2007, that Daidomon Group had total assets of US$12.92
million and a total capital deficiency of US$8.51 million.

The Central Bankruptcy Court of Thailand ordered on
Aug. 29, 2007, for the rehabilitation of the business of
Daidomon, and left it to the company's hand to come up with a
plan that would restructure its business.


MANAGER MEDIA: May be Delisted from Stock Exchange
--------------------------------------------------
Manager Media Group PCL has received a delisting notice from the
Stock Exchange of Thailand for having received an adverse
opinion from its auditor on its financial results for three
consecutive years.

The company must eliminate the causes of possible delisting.  It
can request the SET for removal from being delisted after it
meets all requirements specified in procedures and guidelines
for listed companies if its operations of financial conditions
call for possible delisting and submit its audited yearly
financial statements without conditions regarding flaws in
internal audit, incomplete accounting system, incompliance with
Generally Accepted Accounting Principles (GAAP), a disclaimer of
opinion, or adverse opinion from its auditors.

                    Going Concern Doubt

Prawit Wipusirikup at RSM Nelson Wheeler Audit Limited, the
company's independent auditors, raised significant doubt on the
company's ability to continue as a going concern, saying that
the company and its subsidiary company is in the process of
business rehabilitation and has built up significant accumulated
losses over the last few years and has suffered recurring losses
from operations.

He adds that as of December 31, 2006, the group's consolidated
current liabilities exceeded its current assets by
THB108.57 million, while the company's current liabilities
exceeded its current assets by THB69.05 million.

He adds further that the consolidated capital deficiency as of
December 31, 2006 was THB368.23 million, and the company's
capital deficiency amounted to THB337.86 million.

Moreover, the group has amended its business rehabilitation
plan, which will be approved by the creditor's meeting.  The
civil court agreed to extend the rehabilitation process until
August 2, 2007.  The ultimate outcome of the debt rehabilitation
process being completed within the timeframe agreed by the court
cannot presently be determined, according to Mr. Prawit.

He explains that the continuing business operations of the group
substantially depends on:

   a) the group's ability to complete the business
      rehabilitation plan within the timeframe set by the court;
      and

   b) the ability of the group to operate successfully in the
      future and generate adequate cash flows from operations.


* Fitch Says Global Airport Credit Quality May Decline in 2008
--------------------------------------------------------------
Fitch Ratings believes that global airport credit quality is
expected to remain stable or decline slightly in 2008,
reflecting changing world economic conditions.  In its '2008
World Airports Outlook' issued Tuesday, Fitch expects a decline
in world demand for air service for the year, with the world
gross domestic product expected to slow in 2008.  As growth
rates differ in individual global markets, the outlook on
individual airport credits varies with some airports well-
nsulated with strong balance sheets and/or a high level of
regulated revenues.  Based on the Fitch report, highly leveraged
transactions are more susceptible to 2008's potential market
volatility.

"With the global economy expected to slow throughout 2008, we
are forecasting weakening global performance for airports
compared to 2007," said Jessica Soltz-Rudd, senior director,
Fitch Ratings.  "While air traffic demand will likely decrease
compared to last year there's a core component that will remain
stable, as air travel remains essential to the global economy."

As air travel demand is correlated to GDP, both regionally and
globally, trends in economic activity influence the capital
needs of airports.  Fitch's forecast states that global economic
prospects have taken a sizable turn for the worse since June
2007.  A deteriorating outlook in the United States and the
effect of the global credit shock will see industrialized
country growth fall back to 1.8%, well below trend on par with
2003.  While monetary policy easing is expected to help, it
won't be effective until the second half of 2008 and into 2009.

Based on economic forecasts, Fitch is projecting reduced demand
globally for air service in 2008; however, due to the essential
nature of air travel, a certain core base of traffic is
expected.  Fitch believes the success and proliferation of the
low-cost carriers over the past few years, the high cost of oil,
and the growth of wealth in certain key emerging markets will
continue to propel demand for airport services in certain
regional and individual airports.

Regional Recaps

In Europe, demand is outstripping capacity at the region's three
dominant hubs; however, middle-tier airports may experience
overcapacity should potential airline mergers occur and
passenger traffic develop less dynamically.  The economic
slowdown and financial market turbulence could have an effect on
Europe's largest planned announced airport privatizations.  The
airport development plans for major Asian countries, especially
for China and India, seem unrealistic, given the global capacity
to design, build and operate airports.  The three largest
airports in Australia are undertaking sizable capital plans to
accommodate growth projected through 2015.

In the United States, the economic outlook is expected to
negatively affect passenger traffic, with volume flat to
slightly down from 2007.  U.S. airline merger discussions and
the reevaluation of some large airport capital plans will be key
focal points for 2008.  In Latin America, interest in airport
privatization remains strong due to the lack of adequate
infrastructure and government resources, as well as favorable
regulatory environments that tend to be more flexible.  The
region's dramatically increased demand for air service has been
matched by supply from low-cost airlines, creating additional
pressure for capital expenditures.

To access Fitch's full airport reports, '2008 World Airports
Outlook' and '2008 U.S. Airport Credit Outlook,' visit the Fitch
web site at http://www.fitchratings.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 ***